Business & Finance

ADNOC Distribution to install solar panels on service stations – EQ Mag

May 13, 2023 Anand Gupta

ADX-listed fuel retailer aims to reduce carbon intensity in its operations by 25 per cent by 2030 UAE fuel and convenience retailer ADNOC Distribution announced on Thursday that it signed an agreement with Emerge, a joint venture of EDF and Masdar, to power its service stations nationwide with solar energy as part of its plan […]

Business & Finance

InCore Semiconductors raises USD 3 million – EQ Mag

May 13, 2023 Anand Gupta

New Delhi : InCore Semiconductors has raised USD 3 million (over Rs 24 crore) in a funding round from Sequoia Capital India, marking the venture capital firm’s second semiconductor investment this year, according to a statement on Friday. InCore Semiconductors is building RISC-V processor cores in India, and the latest investment was announced at IT […]

Business & Finance

Torrent Power incorporates wholly-owned subsidiary TU14 to carry biz in power sector – EQ Mag

May 13, 2023 Anand Gupta

Torrent Power has incorporated its wholly-owned subsidiary Torrent Urja 14 Pvt. Ltd. (TU14) to carry out businesses, including power generation, transmission, distribution and trading. “TU14 is incorporated with object to carry on the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy […]

A view shows Ambuja Cement bags, to be carried to a construction site, in a load carrier in Ahmedabad

Business & Finance

Adani-owned Ambuja Cements to expand production capacity by 14 million tonnes – EQ Mag

May 13, 2023 Anand Gupta

BENGALURU : Adani Group-owned Ambuja Cements Ltd said on Friday it would expand its blended cement production capacity by 14 million metric tonnes, as part of a previously announced plan to double capacity over five years. Ambuja placed orders to expand clinker capacity by 8 million tonnes at two units that would operate on green […]

Will support Zambian govt in green energy transition goals Vedanta

Business & Finance

Vedanta net profit falls 57%; plans USD 1.7 bn capex across businesses – EQ Mag

May 13, 2023 Anand Gupta

Consolidated net profit of Rs 3,132 crore in January-March is compared with Rs 7,261 crore net earning in the same period a year back, according to a stock exchange filing by the company. Mining giant Vedanta on Friday reported 57 per cent drop in March quarter net profit on weakness in aluminium business and write-offs. […]

Business & Finance

IndiGrid to acquire Virescent Renewable Energy Trust for up to Rs 4,000 cr – EQ Mag

May 13, 2023 Anand Gupta

The IndiGrid executed a unit purchase agreement on May 12, 2023, for the acquisition of 100 per cent of the units of Virescent Renewable Energy Trust (VRET), in one or more tranches, from the unitholders of VRET. Infrastructure investment trust India Grid Trust (IndiGrid) on Friday said it has signed a share purchase agreement for […]

Business & Finance

Emirates establishes a sustainability fund worth US$200 million – EQ Mag

May 12, 2023 Anand Gupta

Emirates has pledged to invest $200m over the next three years into research and development projects aimed at reducing the carbon footprint of the aviation industry. The Dubai-based airline said the funds would be used to contribute to practical solutions for the long-term sustainability of the sector, and that it would seek partnerships with leading […]

Business & Finance

Siemens Energy signs $200 mln deal with Brazil’s Eletrobras to upgrade transmission line – EQ Mag

May 12, 2023 Anand Gupta

SAO PAULO : Siemens Energy has signed a $200 million deal with Brazil’s Eletrobras to modernize a key electricity transmission line that runs from the gigantic Itaipu hydroelectric plant, a Siemens executive told Reuters. The project, worth some 1 billion reais ($199.87 million) and expected to be completed by 2026, will upgrade over 800 kilometers […]

Business & Finance

Masdar and IRENA to collaborate on setting a roadmap to triple global renewable energy capacity by 2030 – EQ Mag

May 12, 2023 Anand Gupta

MoU expected to generate knowledge that provides a global baseline for renewable energy Signed on the sidelines of the first-of-its-kind UAE Climate Tech Forum Collaboration between IRENA and Masdar will highlight global renewable energy targets for 2030 and outline challenges and recommendations for action ahead of COP28 ABU DHABI, UAE : Abu Dhabi Future Energy […]

Hyundai to invest $7.4 bln in U.S. by 2025, with electric cars in focus

Business & Finance

South Korea’s Hyundai to invest $2.45 billion in India – EQ Mag

May 12, 2023 Anand Gupta

CHENNAI : South Korea’s Hyundai Motor Co said on Thursday it will invest 200 billion rupees ($2.45 billion) in the Indian state of Tamil Nadu over the next 10 years to beef up electric vehicle production in the world’s most populous country. Tamil Nadu’s Chennai, dubbed the Detroit of Asia, is a hub for automobile […]