FACILITIES
IMF reaches agreement with Pakistan for $7 billion extended fund facility
The International Monetary Fund announced on Friday that it has reached a staff-level agreement with Pakistan for a $7 billion, 37-month loan program. The program aims to promote stability and inclusive growth in the crisis-stricken South Asian nation.
Air India crew members wait without accommodation at Hyderabad; airline says will take action for lapse
Air India faced criticism after failing to secure accommodation for cabin crew members upon landing in Hyderabad. The crew spent hours searching for a hotel and finally settled in substandard lodging at the airline's training facility. An Air India spokesperson acknowledged the lapse, emphasizing their commitment to staff well-being and promising corrective action.
Plans afoot to boost lighthouse tourism in India: Union minister Sarbananda Sonowal
Sarbananda Sonowal chaired a meeting to promote lighthouse tourism, focusing on Vizhinjam Lighthouse. PM Modi endorsed a Light and Sound show, facilities for elderly and specially abled, and battery-operated cars under MIV 2030. PM dedicated 75 lighthouses in February discussed on Mann Ki Baat. The initiative highlights cultural heritage, economic development, and stakeholder collaboration.
Three major defence testing facilities to be launched in Uttar Pradesh
Uttar Pradesh is set to enhance its defence and space technology infrastructure with three new projects under the Defence Testing Infrastructure Scheme (DTIS). Located in Kanpur and Lucknow, these projects will address critical shortcomings in defence testing. Funded by the Union and state governments, they aim to boost indigenous defence production, with significant investments from MIDHANI, BEL, and HAL. The initiative supports advanced R&D, quality assurance, and the self-reliance mission.
SBI loan against mutual funds: How to avail, interest rate, processing fee
State Bank of India (SBI) launches an online loan facility against mutual fund (MF) units via Internet Banking (INB) and the YONO App. The new loan facility is extended at attractive interest rates to mutual fund schemes of all Asset Management Companies (AMCs) registered with CAMS.
RBI permits banks to use ratings of Brickwork Ratings subject to conditions
The Reserve Bank of India (RBI) has lifted restrictions on banks using ratings from Brickwork Ratings India Private Limited, two years after forbidding fresh ratings due to regulatory concerns. Banks can now utilize Brickwork Ratings' assessments for calculating risk weights for capital adequacy purposes, subject to certain conditions. These include limitations on new rating mandates for bank loans not exceeding Rs 250 crore, and surveillance requirements for existing ratings, especially for larger facilities. The RBI's decision marks a reevaluation of Brickwork Ratings' status and its role in the banking sector's risk assessment framework.
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Ashiana housing to double its annual senior living housing sales
Ashiana Housing, a listed real estate developer, is aiming to double its annual senior living housing sales to 1,000 units within four years. This comes in response to the post-Covid surge in demand, which has already increased their sales from 200 units to 450–500 units per year. The company reported a revenue of Rs 1,800 crore in FY 2023–24, a 50% increase from the previous year, and is targeting Rs 2,000 crore for the current financial year.
Railways to build 10,000 non-AC coaches over next two fiscal years
The Indian Railways announced it will manufacture 10,000 non-AC coaches over the next two fiscal years to enhance facilities for common railway passengers. The overall count of non-AC coaches will be increased by 22% in this period, the Northern Railway confirmed in a statement.
Iran expands ballistic missile facilities, reveals new satellite images
Recent satellite imagery reveals Iran's significant expansion of ballistic missile facilities at the Modarres and Khojir sites near Tehran. Confirmed by Iranian officials and analyzed by experts, this development involves over 30 new buildings and increased drone manufacturing. The expansion follows Iran's agreement to supply missiles to Russia for its war against Ukraine, raising strategic concerns for the US and Israel. Iran's missile and drone supplies to allied groups further intensify regional tensions.
At the Paris Olympics, it will no longer be personal for Ukraine's athletes. This time, it's war
Ukraine's haul of 11 medals at the 2016 Rio Games was its smallest as an independent nation and it tumbled to a low of 22nd in the country rankings. Ukraine recovered to 16th at the pandemic-delayed Olympics in Tokyo in 2021 but just one of its 19 medals was gold - another new low.
Godrej Electricals commissions 12.5 MWp rooftop solar project in MP
On Monday, Godrej & Boyce's business unit Godrej Electricals & Electronics announced the commissioning of a 12.5 MWp rooftop solar project for a textile facility in Madhya Pradesh. The project, spread over 1 million square feet of manufacturing sheds, is one of the three largest rooftop solar installations in India and the first in the state. It aims to provide green energy to the textile facility, leading to an estimated annual saving of 17 million kWh of power.
Samsung R&D Institute-Bangalore renews office lease for 5 years
Samsung Research and Development Institute India-Bangalore (SRI-B) has renewed its lease for 420,000 square feet of office space in Bengaluru with Bagmane Developers. This lease renewal is set for a duration of five years, beginning in June this year, with a lock-in period until April 2027.
India-Russia JV delivers 35,000AK-203 rifles in first phase
Indo-Russian Rifles in Amethi delivered 35,000 AK-203 rifles to the Indian Army. The Korwa Ordnance Factory began production after its 2019 inauguration and a ₹5,124 crore technology transfer. It will supply paramilitary, police forces, and enable exports to friendly nations, complying with Make in India and Atmanirbhar Bharat policies.
Norms issued for funding of testing facilities, infra for National Green Hydrogen Mission
The Ministry of New and Renewable Energy has released guidelines to fund testing facilities and infrastructure for the National Green Hydrogen Mission, aiming to develop standards and regulatory frameworks. The initiative will address gaps in existing testing facilities for green hydrogen and its derivatives, and support the establishment and enhancement of new testing facilities to ensure safe operations. With a budget of Rs 200 crore until 2025-26, the scheme is part of the Rs 19,744 crore allocated for the mission, with the National Institute of Solar Energy overseeing implementation.
Foxconn’s Bharat FIH is facing turbulence due to top-level exits
Foxconn group company Bharat FIH is in a rough spot, with three of its independent directors having exited its board in the past three months. Interglobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan have resigned. Sources cited the company’s lack of direction as the main reason for the resignations.
Bharat FIH plans factory reset on board, order woes
Foxconn group's Bharat FIH is facing challenges as it loses key directors and considers closing its Sri City facility due to reduced orders from Xiaomi, its main client. The company's dependence on Xiaomi has led to a decline, with industry watchers noting a lack of diversification. Bharat FIH struggles to pivot to other sectors and compete with PLI benefits offered to competitors like Dixon.
Warning letter: USFDA pulls up Sun Pharma for manufacturing issues at Dadra facility
"Your firm failed to clean, maintain, and, as appropriate for the nature of the drug, sanitise and/or sterilise equipment and utensils at appropriate intervals to prevent malfunctions or contamination that would alter the safety, identity, strength, quality, or purity of the drug product beyond the official or other established requirements," the USFDA said.
Mahindra & Mahindra selects ABB technology for new EV paint facility
M&M partners with ABB using PixelPaint tech to offer precise finish application without disrupting production line for personalization options on new EVs, marking a significant advancement in the automotive industry.
MoU signed to set up 3 testing facilities in Chennai under Defence Testing Infra Scheme
The Ministry of Defence revolutionizes defence infrastructure with state-of-the-art facilities in Chennai. With a massive investment of Rs 400 crore under the DTIS scheme, led by Defence Minister Rajnath Singh, the MoU exchange in New Delhi sets the stage for cutting-edge testing facilities. Keltron, Bharat Electronics Limited, and India Optel Limited spearhead the initiative towards self-reliance in defence technology.
Rafale’s India operations get a strategic push; Dassault establishes maintenance facility near Jewar Airport
Dassault Aviation is advancing plans to establish a Maintenance, Repair, and Overhaul (MRO) facility near Jewar International Airport for India’s Mirage 2000 and Rafale fighters. This move supports India's aspiration to locally manufacture the latest Rafale versions under the "Make in India" initiative. Engine maker Safran SA also intends to set up an MRO facility for Rafale engines in Hyderabad, aiming for operations by 2025 and potential local production of M-88 engines. These developments are crucial as India seeks to bolster its defense capabilities amidst regional security challenges, including from China's expanding military presence.
Natural Environment Solutions enters Indian data centre industry with 5 MW facility in Pune
Natural Environment Solutions Pvt Ltd (NES) on Tuesday announced its foray into the Indian data centre industry with a 5 MW facility in Pune and said it plans to scale up to over 100 MW of data centre capacity across the country in the next three years. ' NES will set up the 5 MW capacity data centre in Hinjewadi, Pune.
Karnataka losing out in manufacturing race; CXO churn in startups
New-age companies are choosing to set up manufacturing facilities in neighboring states like Maharashtra and Tamil Nadu, bypassing Karnataka. More on this in today's ETtech Morning Dispatch.
Asian Paints doubles production capacity at Mysuru plant for Rs 1,3o5 crore investment
Asian Paints is investing heavily to expand production capacity at various plants. The company is doubling capacity at the Mysuru plant and increasing capacities at Ankleshwar, Kasna, and Khandala. Additionally, a new water-based manufacturing facility in Madhya Pradesh is underway. CRISIL Ratings forecasts a significant growth in the organized paints sector. Aditya Birla Group's new brand, Birla Opus, targets to secure the position of the second-largest player in the market.
Warehouse operators take shine to solar power, rework logistics
The move towards renewable energy is not just a response to global environmental concerns but also a strategic business decision for many warehouse operators seeking to reduce operational costs and enhance sustainability.
The T20 World Cup was a milestone for cricket's global ambitions
With the decision to increase the size of the tournament to 20 teams and to play part of the group stage in the USA, the International Cricket Council (ICC) saw this World Cup as a vehicle for expansion of the sport's popularity. More teams from emerging cricket nations were given a chance to perform on the global stage and Americans were offered the opportunity to engage with a sport far from their mainstream.
India's healthcare in critical condition: 4 out of 5 public health centers below par, reveals new Govt report
A recent Indian government self-assessment reveals that most public health facilities, including district hospitals and primary centers, fall short of essential standards. Only 20% meet benchmarks for infrastructure and resources, with 42% scoring below 50%. Initiatives aim to bring 70,000 facilities to standard within 100 days, backed by inspections and funding under the National Health Mission. This highlights urgent reforms needed to enhance healthcare nationwide, promising better services and equity in healthcare delivery.
Master plan of Rs 424 crore for upgrading facilities at Badrinath temple: Uttarakhand CM Dhami
On Saturday, Uttarakhand Chief Minister Pushkar Singh Dhami announced a master plan worth Rs 424 crore for upgrading facilities at the Badrinath temple. The initiative aims to enhance pilgrimage experiences while balancing environmental sustainability and economic growth.
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