Current Affairs - Business

L&T, through its subsidiary L&T Energy Hydrocarbon (LTEH), secured a major contract worth over ₹15,000 crore from ADNOC Offshore for the Umm Shaif Gas Cap project in Abu Dhabi. The project has a total investment of $6.2 billion and involves Engineering, Procurement, Construction, Installation, and Commissioning (EPCIC) of offshore facilities, along with upgrades to existing infrastructure. LTEH Offshore will act as the lead partner, working with international companies including TotalEnergies, Eni, and China National Petroleum Corp. L&T is a major Indian multinational conglomerate involved in EPC projects and high-tech manufacturing. It is headquartered in Mumbai and was founded in 1938 by two Danish engineers.

REC Limited was designated as the lead financer for the ₹26,850 crore loan facility for the expansion of the Meja Thermal Power Project Stage-II in Prayagraj, Uttar Pradesh. The loan agreement was signed by REC Limited and Power Finance Corporation (PFC) with Meja Urja Nigam Private Limited (MUNPL) on July 31, 2026. The debt facility is funded equally by REC and PFC. The project involves constructing three ultra-supercritical units of 800 MW each, adding a total of 2,400 MW to the state grid. REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power, established in 1969.

NVIDIA is one of the founding members of the Open Secure AI Alliance, a collaborative initiative launched with global technology companies including Microsoft, IBM, Cisco, Dell Technologies, Cloudflare, Red Hat, Hugging Face, Salesforce, SAP, ServiceNow, and the Linux Foundation. The alliance aims to improve AI security by developing standardised tools to detect, investigate, and respond to AI-related cybersecurity threats. It also promotes the sharing of open-weight AI models, curated datasets, and cybersecurity research to enable safe and responsible adoption of artificial intelligence across industries.

Axis Finance Limited (AFL), a wholly owned subsidiary of Axis Bank, launched the in-house digital lending platform 'Axis Finance Drishti' in July 2026. Developed as a Business Rules Engine (BRE), the platform automates and standardises credit decision-making using advanced analytics, statistical scorecards, and multiple data sources for accurate risk assessment. It supports real-time decision-making and Straight-Through Processing (STP), improving lending speed, consistency, and operational efficiency. In its first phase, the platform has been deployed for Personal Loans, Business Loans, Loan Against Property (LAP), and Disha Home Loans, enabling faster and data-driven loan approvals.

Air India signed a Memorandum of Understanding (MoU) with Saudi Arabia's national carrier, Saudia, in July 2026 to strengthen their strategic partnership and expand codeshare connectivity between India and Saudi Arabia. The agreement includes plans to broaden existing codeshare arrangements, assess terminal co-location at selected airports, and explore cooperation between their frequent flyer programmes. The partnership may also extend to Air India Express and Saudi low-cost airline flyadeal. Since its re-acquisition by the Tata Group in 2022, Air India has significantly expanded its global network through numerous codeshare agreements and interline partnerships, enhancing international connectivity for passengers.