Daily News - Friday, 26 July 2024
Green finance taxonomy to set standards, says DEA secretary Seth (mint)
India's finance ministry is developing a climate finance taxonomy to classify climate finance, which will enhance the global presentation of Indian standards and facilitate capital for climate adaptation and mitigation, aligning with the Paris Agreement goals. Ajay Seth, secretary of the finance ministry's Department of Economic Affairs, emphasized that these standards will address investment and usage-related issues, ensuring appropriate disclosures and decision-making. Additionally, Seth highlighted ongoing efforts to improve India's sovereign credit ratings by showcasing the country's economic strength and maintaining fiscal policy space to handle future crises.
M’rashtra tops electric bus count, Delhi next (mint)
Maharashtra leads in electric bus numbers with 2,111, followed closely by Delhi with 2,011, according to data from the Ministry of Road Transport and Highways. Karnataka leads in hybrid buses with 84 and has 1,195 electric buses, while Gujarat has 895 electric buses. This data comes as the Ministry of Heavy Industries prepares to transition from the current Electric Mobility Production Scheme to FAME-III, which will feature a ₹10,000 crore budget with ₹2,000 crore allocated for charging infrastructure development.
Budget Announcements may Give Wings to Aircraft Engine Maintenance Biz (The Economic Times)
India's budget proposal to extend the export period for goods imported for repairs from six months to one year and to increase the re-import period for MRO goods under warranty from three to five years has encouraged Safran to establish a $150 million MRO unit in Hyderabad, set to be operational by 2025. This, along with a uniform 5% GST on aircraft and engine parts, is expected to provide significant flexibility and a major boost to the MRO ecosystem in India, benefiting companies like Safran and creating new opportunities in engine overhaul and component repair. Additionally, Canadian aerospace company Magellan is exploring a partnership with Aequs to develop an aircraft engine MRO facility in Karnataka, indicating growing interest from global players in India's MRO market.
India drone tech sector set to soar, says Reliance firm Asteria (The Hindu)
Asteria Aerospace reports that India's drone technology sector has been growing at a 40% CAGR over the past three years and is expected to expand further with government liberalization and increasing enterprise adoption in various industries. Supported by a ₹120 crore investment from Reliance Industries for a 75% equity stake, Asteria Aerospace has deployed 650 drones and holds 42 patents, utilizing drones for applications such as GIS, construction, oil and gas, agriculture, and infrastructure. The drones offer significant time and cost savings, particularly in surveying, mapping, and crop health assessment, achieving a 95% accuracy in plant stand counting.
Mankind Pharma to buy Bharat Serums for ₹13,630 cr (The Indian Express)
Mankind Pharma Limited has agreed to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International for ₹13,630 crore, with the transaction expected to close within 3-4 months pending regulatory approvals. This acquisition positions Mankind Pharma as a leader in the Indian women's health and fertility drug market and grants access to high entry barrier products in critical care, supported by BSV's complex R&D tech platforms. BSV, which reported ₹1,723 crore in revenue for FY24 with a 20% y-o-y growth, has grown at a 21% revenue CAGR over the past three years and operates in over 50 countries through its six subsidiaries.
