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NEWS

Posted On:
31-08-2024

ONGC Videsh in talks with Russia, US to regain control of projects

ONGC Videsh Limited (OVL) is in an advanced stage of discussions with the United States, Venezuela, and Russia to take back control of its stuck projects in Venezuela and Russia, the company's senior management said on Friday. The overseas arm of domestic state-owned exploration and production company ONGC, OVL has applied for a specific licence from the US authorities to get back operatorship of its projects in sanctions-hit Venezuela. It is also seeking to pay Russia for its share of a key fund in Russian roubles to take back control of the Sakhalin-1 field. "We are in advanced stages of discussions with the US State Department and Office of Foreign Assets Control (OFAC) to receive a licence to exempt it from sanctions and work in Venezuela using US entities and the US dollar," OVL managing director and chief executive officer Rajarshi Gupta said. He was speaking at a press conference after ONGC held its annual general meeting here. OVL had acquired a 40 per cent stake in the San Cristobal Field in Venezuela in 2008. Venezuelan state-owned PDVSA holds the remaining stake. OVL has said its dividends of about $600 million from the project are owed to it.
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Posted On:
31-08-2024

Google Pay launches UPI Circle, other features at Global Fintech Fest 2024

Google Pay today announced six additional features for its users on the concluding day of the Global Fintech Fest (GFF) 2024. These features, to be available later this year, include UPI Circle on Google Pay, UPI Vouchers or eRupi, ClickPay QR scan for bill payments, prepaid utilities payment, Tap & Pay with RuPay cards, and Autopay for UPI Lite. UPI Circle on Google Pay is a feature designed to help users make digital payments without needing to link their own bank account. Under the UPI Circle feature, Google Pay is offering two options. First, a user can give partial delegation. In this, a user retains full control and approves each payment request initiated by their secondary user, said the company in a blog. One can also choose the option of full delegation. A user can set a monthly limit of up to Rs 15,000, allowing their secondary users to make payments independently within that limit. UPI Vouchers allow users to pay digitally by giving them a prepaid voucher linked to their mobile number. Beneficiaries of these vouchers will be able to use any supporting UPI app, including Google Pay, to pay for all their supported merchant transactions without even linking their bank account on UPI.
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Posted On:
02-09-2024

Tata Consumer Products completes merger of three subsidiaries in India

FMCG maker Tata Consumer Products Ltd (TCPL) has merged its three wholly-owned subsidiaries after getting approval from NCLT and other regulatory clearances. TCPL has merged its wholly-owned subsidiaries Tata Consumer Soulfull Pvt Ltd, NourishCo Beverages Ltd, and Tata SmartFoodz Ltd with the company, according to a statement from Tata Group FMCG arm. "We wish to inform you that the conditions outlined under Clause 17 of the Scheme, including the filing of certified copies of the order with the Registrar of Companies, of the respective companies, in Form INC-28, have been duly completed. Accordingly, in terms of the Scheme, the effective date of the scheme (of merger) is September 1, 2024," the company said in a regulatory filing. This is in line with the company's focus on simplifying and streamlining the business. This consolidation of legal entity structure will unlock efficiencies and synergies, it added. "There is no change in the operating structure for these business units and they will continue to stay focused on the following portfolios - millet based products, ready-to-drink products and ready-to-cook/ ready-to-eat products. These product portfolios are part of the growth businesses for Tata Consumer Products," it said.
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Posted On:
02-09-2024

Godrej Properties wins bid for 2 plots in Gurugram, eyes Rs 3400 cr revenue

Realty firm Godrej Properties has won bid for two residential plots in Gurugram costing Rs 515 crore and will develop luxury homes worth Rs 3,400 crore on these land parcels. In a regulatory filing on Monday, Godrej Properties informed that it has "emerged as the highest bidder and has secured the Letter of Intent to develop two group housing plots at premium locations in Gurugram through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP)". The combined bid value for both plots is Rs 515 crore, it added. The plot measuring 3.6 acres is located in the prestigious Golf Course Road micro-market whereas the plot measuring 1.97 acres is strategically located in Sector 39 with proximity to NH 48. "The land parcels together will offer a development potential of over 1 million square feet and an estimated revenue potential of over Rs 3,400 crore comprising luxury residential apartments of varied configurations," Godrej Properties said. In the last fiscal, Godrej Properties Ltd had bought two prime parcels of 5.15 acres and 2.76 acres in Golf Course Road micro-market from HSVP at auction and plans to launch both these projects during this fiscal.
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Posted On:
02-09-2024

Biocon subsidiary gets USFDA nod for generic drug for chronic heart failure

Biotechnology firm Biocon said its subsidiary has received approval from the US health regulator to market a generic medication to treat chronic heart failure. Biocon Pharma has received approval of its ANDA for Sacubitril/Valsartan Tablets, in 24 mg/26 mg, 49 mg/51 mg and 97 mg/103 mg strengths, from the US Food and Drug Administration (USFDA), the company said in a regulatory filing. Sacubitril and valsartan combination is used to treat chronic heart failure in adults to help reduce the risk of death and hospitalisation. The medicine is also used to treat paediatric patients over the age of one year. The approval further adds to Biocon's portfolio of vertically integrated, complex drug products, the company said.
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