Current Affairs - Business

ADNOC Gas and Indian Oil Corporation have finalized a 14-year agreement for the supply of up to 1.2 million tonnes of LNG annually, starting in 2026. The deal, valued between $7 billion and $9 billion, is part of India's broader strategy to increase gas usage to 15% of its energy mix by 2030. The LNG will be sourced from ADNOC Gas's Das Island facility, which has been operational for years and has delivered over 3,500 LNG cargoes since its inception.

ONGC has signed a Memorandum of Understanding (MoU) with Tata Power Renewable Energy Ltd to collaborate on Battery Energy Storage Systems (BESS). The partnership aims to improve grid stability, integrate renewable energy sources, and support India’s clean energy target of 500 GW by 2030. Additionally, ONGC has set a goal to achieve 10 GW of renewable capacity by 2030, which aligns with its broader objective of reaching net-zero carbon emissions by 2038. This collaboration strengthens efforts to transition toward sustainable energy solutions.

Reliance Consumer Products Ltd (RCPL) introduced 'Spinner,' a new sports drink co-created with cricket legend Muttiah Muralitharan. The drink is priced at ₹10 for 150 ml and is available in Lemon, Orange, and Nitro Blue flavours. To enhance its brand presence, Spinner has partnered with IPL teams like MI, GT, PBKS, SRH, and LSG. RCPL aims to build a $1 billion sports beverage market within the next three years, positioning Spinner as a key player in the segment.

Zomato has rebranded itself as "Eternal" to reflect its broader business scope beyond food delivery. The company now integrates four key verticals: Zomato (food delivery), Blinkit (quick commerce), District (live events), and Hyperpure (kitchen supplies). Founder Deepinder Goyal emphasized Blinkit's rapid growth as a major factor behind the rebranding. The move signifies Zomato’s strategic shift towards quick commerce and diversification, aligning with market trends and investor interests in expanding beyond traditional food delivery services.

Zepto, India's quick commerce startup, secured the second position globally in the food and drink app category, surpassing major brands like KFC and Domino’s, according to Sensor Tower. McDonald’s ranked first, while Zepto’s competitors, Blinkit, Zomato, and Swiggy, also made it into the top 10. Zepto experienced a 300% growth in downloads in the latter half of 2024, driven by strategic innovations such as the "Buy Now, Pay Later" feature. This milestone highlights the rapid expansion of India’s quick commerce sector, with increasing consumer adoption of fast delivery services.