Sustainability Financial News

P K Mishra has advocated for a strategic vision to expand insurance coverage across diverse sectors and entities. He said ensuring that insurance is not only available but also accessible to the most vulnerable is a key challenge. Mishra was speaking at a National Disaster Management Authority (NDMA) workshop on 'Why Disaster Risk Insurance Matters — Key Concepts and Benefits' on Friday. According to an official statement issued on Saturday, Mishra deliberated about the government's likely role in supporting expansion of insurance coverage.

CBDT) Saturday notified the rules and forms for the taxpayers to avail Vivad se Vishwas 2.0 scheme paving the way for settling disputes pending as on July 22. It has reduced the number of forms and streamlined the process for settlement into a four-step process, unlike the previous scheme.

joint military exercise between the armies of India and the US ended after the closing ceremony of the training activity was held at the Mahajan Field Firing Range on Saturday, officials said. The 20th edition of bilateral drills 'Yudh Abhyas-24' was focused on counterterrorism operations in semi-urban and semi-desert terrain under the United Nations mandate, they said. «The exercise emphasised physical fitness, tactical drills, and the exchange of best practices, techniques, and procedures between the two armies, which was clearly demonstrated during the closing ceremony,» the defence spokesperson said in a release.

alcobev industry serves as a growth catalyst for related sectors like tourism, agriculture, retail and food processing, creating direct and indirect employment opportunities for millions while showcasing the significant potential for global expansion in the spirits segment. Valued at US$52.4 billion, the sector contributes significantly to India's economy, accounting for nearly 2% of the nation’s GDP (FY21). This year, the growing acceptance of the sector was showcased by the participation at the World Food India 2024, organised recently in the capital. During a session on ‘Indian Spirits Brands Going Global: Promotion and Innovation', industry experts discussed the evolution and future of India's alcobev industry. Sanjit Padhi, CEO, International Spirits and Wines Association of India (ISWAI), led the session, and the industry experts shed light on India’s success in producing world-class spirits, particularly single malts, with globally renowned brands leading the charge.

Oravel Stays, the parent company of the travel company Oyo, said it has agreed to acquire G6 Hospitality, a lodging franchisor and parent company of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash transaction. Private equity giant Blackstone said the deal is expected to close before the end of the year, and would include the chain's offshoot hotel brand, Studio 6. «This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6's strong brand recognition, financial profile and network in the US, combined with OYO's entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company which will continue to operate as a separate entity,» said Gautam Swaroop, CEO of Oyo International.

climate change and global success is more likely if affordable solutions are offered, India has said at the United Nations «Summit of the Future». Addressing the summit in New York on Friday, Leela Nandan, secretary in the Union environment ministry, also said that climate change discussions often focus solely on emission reductions, but «we are more likely to succeed if we offer affordable solutions, not simply impose decisions». The Summit of the Future brings together world leaders, policymakers and other stakeholders to discuss global challenges and strengthen multilateral cooperation to tackle emerging threats. Citing an estimate by the International Energy Agency, Nandan said, «If we were to put our actions into the right context in terms of saving energy, saving water, reducing waste, reducing e-waste, adopting sustainable food systems, we would have reduced annual global emissions by 2 billion tons by 2030.»

Modi is scheduled to arrive in the US Saturday for a three-day visit which will begin with the Quad Leaders' Summit hosted by US President Joe Biden in Wilmington, Delaware. The Indian leader will then travel to New York where he will address a mega community event in Long Island on September 22, followed by his address to the UN's Summit of the Future on September 23 before departing for India.

Anna Sebastian Perayil, who worked at the tax consultancy's Pune office for just four months, tragically passed away in July, with allegations pointing to overwhelming work pressure as a contributing factor. In a letter to EY India chairman Rajiv Memani, Anna’s mother described her daughter’s workload as «backbreaking» and suggested it had taken a severe toll on her physical, emotional, and mental health. The incident has sparked widespread discussions on the excessive demands placed on young professionals across various industries.

West Bengal government's social welfare schemes, including Kanyashree and Rupashree, have been instrumental and key drivers for the social upliftment of our state, said Chief of Field Office of UNICEF-West Bengal Monjur Hossain said. He was speaking at the 'Impact East 2024 conclave organised by Confederation of Indian Industries (CII) Eastern Region in Kolkata. Kanyasree, which helped in girl child education is a brainchild of Chief Minister Mamata Banerjee which has received United Nations' recognition.

Adani Total Gas Ltd, the city gas joint venture of Adani group and French energy giant TotalEnergies, on Friday said it has secured USD 375 million funding from global lenders for expansion of its business. «The maiden financing of USD 375 million executed with international lenders include an initial commitment of USD 315 million with accordion feature to enhance the commitments,» the firm said in a statement. Five international lenders participated in the initial financing — BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation.

Copeland, a global player in sustainable climate solutions, will invest Rs 500 crore (US$60 million) in India to expand its manufacturing facility in Atit, Maharashtra, and to construct a new global R&D center in Pune, the company said on Friday. The manufacturing, engineering, and R&D investments in India will expand existing engineering capabilities, increase the production capacity of Copeland's compression solutions, and advance the innovation of sustainable heating, cooling, refrigeration, and industrial solutions. «India is an important growth market for Copeland, and this expansion reaffirms our commitment to both the Indian market and innovation,» said Ross B. Shuster, chief executive officer, of Copeland. «These planned investments will enable us to increase production capacity and reduce lead times for our customers in the region while supporting India's energy and environmental goals.»

Adani Total Gas Ltd (ATGL), the equal joint venture between Adani Group and French energy major Total Energies, has raised Rs 3131 crore ($375 million) from BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, the company said on Friday. The facility will fast-track the capital expenditure program enabling ATGL to rapidly expand its city gas distribution network into its 34 authorized Geographical Areas (GAs) across 13 states, the company said in a regulatory filing, adding that this development agenda shall cater to up to 14% of India’s population covering more than 200 million people. «The maiden financing of $375 million executed with international lenders includes an initial commitment of $315 million with an accordion feature to enhance the commitments,» ATGL said in a press statement.

Everest Fleet has raised $30 million as part of its ongoing $50 million Series C funding round led by the Indian arm of ride-hailing major Uber. The company’s board approved the allotment of 13,726 series C compulsory convertible preference shares, raising Rs 251.7 crore ($30 million), according to regulatory filings sourced from Tofler. The investment will be used to scale Everest Fleet's operations and expand its fleet of clean-energy vehicles, including compressed natural gas (CNG) and electric vehicles (EVs), the company said on Friday.

NASA is seeking innovative solutions for nourishing astronauts on long-duration space missions, particularly those headed to Mars. The agency's Deep Space Food Challenge, initiated in 2021, prompted teams globally to create sustainable food systems for these missions. In the mission, Interstellar Lab emerged as the winner, receiving a $750,000 prize in August for its project, NuCLEUS (NUtritional Closed-Loop Eco-Unit System).

WhiteOak Capital Mutual Fund has launched WhiteOak Capital Digital Bharat Fund, an open-ended equity scheme investing in technology and technology-related companies. The new fund offer or NFO of the scheme is open for subscription and will close on October 4. The primary objective is to provide long-term capital appreciation by investing predominantly in equity and equity-related instruments of technology and technology-related companies.

«The absolute numbers are good. The relative positioning is looking even better with 6.5-7% GDP growth outlook, 12% to 14% corporate EPS growth outlook and that too over a long period of time. So, investors, have really kind of shown a lot of interest, which kind of shows in the numbers that we have been able to pull,» says Mahesh Nandurkar, Jefferies. What is the big understanding of how things are shaping up for the economy and for India Inc? Based on your interactions, both on the record, off the record, inside the conference room, outside the conference room, how is the growth and the earnings picture stacked up? Mahesh Nandurkar: So, I believe that the economic outlook for India is definitely fantastic and the reason why we have that confidence and continue to get that confidence reinforced is when you look at the investment activities in the economy, the fixed capital formation is rising, and it is always investments driven growth is more sustainable, investors like it, it broad bases the market, creates more options and opportunities.

Summit of the Future (SoTF) will take place on 22-23 September, prior to the High Level Week of the United Nations General Assembly (UNGA) in New York. The origin of the SoTF can be traced to the report ‘Our Common Agenda (OCA)’ of the Secretary General submitted to the UNGA in September 2021. One of the recommendations of the OCA was a proposal for a Summit of the Future. PM Narendra Modi will address the SoTF in the forenoon session of 23 September 2024. Bilateral meetings, on the sidelines of the SoTF, will also take place.

Bank of Japan kept interest rates steady on Friday and maintained its view the economy remained on track for a moderate recovery. In a widely expected move, the central bank left unchanged its overnight call rate target at 0.25% by a unanimous vote.

The stage is set, and in a short while from now we will be listening to industry leaders, innovators, policymakers, founders, and thought leaders as they take a long hard look at the startup ecosystem of India with the ‘funding winter’ in hindsight. Are you attending the ET Soonicorns Summit 2024 in Bengaluru today? There is still time to register and attend this revamped and repurposed event, and it will be worth the rush. To register: Click Here This is the third, and first-ever ticketed edition of the summit and has been themed, ‘From Resurgence to Resilience’ with a core messaging or call for startups to ‘Recalibrate. Rebound. Reinvent’—aimed at outlining the future of the Indian startup ecosystem.

Adani Group has emerged as frontrunner in the race to acquire the promoter’s 46.64% stake in ITD Cementation India to bolster its in-house civil engineering capabilities, said people aware of the matter. At current market value, a successful deal would be pegged at 5,888.57 crore ($700 million), inclusive of a fully subscribed open offer that will follow a promoter stake purchase. The infrastructure conglomerate led by Gautam Adani is ramping up its expansive portfolio spanning airports, highways, ports, power plants and real estate projects. Both sides came to an agreement earlier this week and a formal announcement is due soon, said one of the persons.

MB Patil has taken exception to Union Commerce & Industries Minister Piyush Goyal’s comment that “we should aspire to have our own Silicon Valley” wondering if Bengaluru was no longer one. The union minister’s comments were “unwarranted,” as Bengaluru is globally renowned for its technology and startup ecosystem, he told ET. The two ministers sparred on the microblogging site after Goyal’s comments at an event in Delhi on Monday went viral. The union minister put out a clarificatory post on Thursday in response to Patil’s comments. “Silicon Valley in Bengaluru is suffering from the apathy of the State Govt to provide logistics support, quality infrastructure, good roads whereas the Central Govt. continues to support the State even in developing an industrial township in Tumakuru under the Chennai-Bengaluru Industrial Corridor.