Current Affairs - Business

Oil and Natural Gas Corporation (ONGC) has joined forces with NTPC Limited to create a 50:50 joint venture, driving India's green energy future. Through their respective green subsidiaries, ONGC Green Energy Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), the partnership aims to accelerate renewable energy growth in solar, wind, green hydrogen, and sustainable fuels. This collaboration, approved by DIPAM and NITI Aayog, marks a significant step in achieving India's renewable and new energy goals. The joint venture will explore diverse opportunities, including energy storage, green molecules, e-mobility, and carbon credits, solidifying ONGC's commitment to sustainable energy innovation.

Coal India Limited's 50th Foundation Day celebrations highlighted its significant contribution to India's energy sector. The company's mascot, "Angara," symbolizes strength and resilience, reflecting the crucial role coal miners play. As the largest coal-producing company in the world, Coal India Limited has been instrumental in meeting India's energy demands. The launch of the Strategy Report on Coal and Lignite Exploration and the Mine Closure Portal underscores the company's commitment to sustainable and responsible mining practices. This milestone reinforces Coal India Limited's position as a vital component of India's energy infrastructure.

GAIL (India) Limited and VERBIO India have signed an MoU to develop projects that convert agricultural residue into compressed biogas (CBG). This partnership focuses on creating clean energy while reducing greenhouse gas emissions and supporting rural income by utilizing agricultural waste. The initiative aligns with India's climate objectives and aims to enhance renewable bioenergy production across the country. Additionally, GAIL and VERBIO will explore forming a joint venture and conducting feasibility studies to establish new greenfield CBG plants in India.

Nvidia has recently overtaken Apple to become the world's most valuable company, reaching a market value of $3.53 trillion, slightly above Apple's $3.52 trillion. This significant shift in market value is attributed to the remarkable surge in Nvidia's stock price, driven by the increasing demand for its advanced supercomputing AI chips. Nvidia's rise to the top reflects the growing importance of artificial intelligence and technology in the current market landscape, as the valuations of major tech firms continue to fluctuate closely, highlighting a highly competitive environment among industry leaders.

Airbus recently inaugurated its India and South Asia Headquarters and Training Centre in the National Capital Region (NCR), signifying a substantial investment in India's aerospace sector. This state-of-the-art facility, equipped with A320 simulators, aims to train up to 800 pilots and 200 technicians annually, supporting India's growing aviation needs. Airbus CEO Michael Schoellhorn emphasized the importance of this centre as the core of Airbus’s mission in India, aligning with the country's aviation expansion plans and Airbus's ongoing collaborations with Indian aerospace entities, including partnerships with Air India and future development projects in Bengaluru.