Schneider Electric India to invest Rs 3,200 crore by 2026
Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country. The company will add 12,00,000 square feet of space in nine states: Gujarat, Telangana, Karnataka, West Bengal, Odisha, Tamil Nadu, Maharashtra, Himachal Pradesh, and Uttarakhand.
Schneider Electric aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050. The company is managing over 700 MW of renewable energy power purchase agreements and providing sustainable solutions, including on-site solar installations and the procurement of off-site solar and wind energy.
Schneider Electric India’s Luminous brand is powering 100 million consumer homes through inverters, batteries, and solar energy solutions. The company is also supplying 1.5 million prepaid smart meters to Energy Efficiency Services Ltd (EESL) in Bihar, Haryana, and Uttar Pradesh and plans to continue the rollout of feature-rich smart meters for the projects under the revamped distribution sector scheme (RDSS) scheme.
Schneider Electric India is a subsidiary of French firm Schneider Electric and has 30 active factories in the country. Among these, five smart factories are located at Hyderabad, Bengaluru, and Chennai.
- 22 Sep
OYO Records Strong Growth in Business Travel Segment
OYO, a hospitality tech platform, has recorded strong growth in the business travel segment in the first seven months of 2023. The company has added nearly 2,800 corporate clients and its revenue from business travel has grown by 20%. The growth is being driven by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates. OYO's commitment to providing affordable and reliable accommodation options to businesses of all sizes has made it a preferred choice for businesses across India.
- 22 Sep
Pharma Major Lupin Acquires 5 Legacy Brands from Menarini for Indian Market
Pharma major Lupin Limited has acquired five legacy brands in strategic therapy areas from Menarini for the Indian market. The brands are Piclin, Menoctyl, Sucramal O, Pyridium, and Distaclor. This strategic acquisition is in line with Lupin's goal to broaden its presence in the Indian market and offer a comprehensive range of products. The five brands acquired by Lupin have a range of medicinal properties and are used to treat a variety of conditions, including constipation, irritable bowel syndrome, acidity, stomach ulcer, heartburn, pain, burning, increased urination, and increased urge to urinate.
- 22 Sep
JPMorgan to Add Indian Government Bonds to Benchmark Emerging-Market Index
JPMorgan is adding Indian government bonds to its list of emerging market bonds that it invests in. This is a good thing for India because it means that more foreign investors will be able to buy Indian government bonds. This could bring in billions of dollars of investment into India, which would help the Indian economy grow.
- 21 Sep
Liberty General Insurance Appoints Parag Ved as CEO
Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.
- 21 Sep
Tata Power Renewable Energy Partners with Dugar Power to Accelerate Nepal’s Renewable Energy Initiatives
Tata Power Renewable Energy (TPREL) has partnered with Dugar Power, a subsidiary of Dugar Group, to accelerate Nepal's renewable energy initiatives. The partnership will enable TPREL to enter Nepal's rapidly evolving renewable energy sector and deploy transformative solar technologies to produce a range of energy solutions. The agreement is designed to cater to Nepal's diverse energy requirements, offering scalable solutions from 1 kilowatt (kW) to megawatt (MW) levels.