Current Affairs - Business

Tata Electronics has acquired a 60% stake in Pegatron's iPhone plant in Tamil Nadu, forming a joint venture to strengthen Tata's role as an Apple supplier. This strategic move aligns with Apple's efforts to diversify its supply chain away from China, positioning India as a key manufacturing hub. The partnership will enable Tata to handle day-to-day operations, while Pegatron provides technical support. With this acquisition, Tata emerges as a major player in iPhone manufacturing, rivaling Foxconn, and contributing to India's growing share of global iPhone shipments, expected to reach 20-25% this year.

Following the merger of Air India and Vistara, Singapore Airlines' stake in the new entity will decrease from its original 49% share in Vistara. The reduced stake reflects the combined ownership structure of the unified airline. As a result, Singapore Airlines will now hold a 25.1% stake in the new Air India group, marking a significant development in the aviation industry. This merger aims to strengthen Air India's position in the market and enhance its operational efficiency. The unified carrier will operate under the Air India brand and airline code 'AI'.

Tata Power has taken a significant step towards promoting renewable energy by partnering with Noida International Airport. This collaboration involves a substantial investment of Rs 550 crore, enabling the supply of 10.8 MW of wind power and the development of 13 MW onsite solar power capacity. Tata Power's expertise will ensure the airport's energy needs are met sustainably. Additionally, the company will develop critical utilities and provide operation and maintenance services for 25 years, demonstrating its commitment to long-term sustainability and energy efficiency. This partnership sets a precedent for eco-friendly infrastructure development in India.

Hindalco, a leading aluminium producer, has achieved a remarkable milestone by securing the top position in the 2024 S&P Global Corporate Sustainability Assessment. With an impressive score of 87 points, Hindalco demonstrates excellence in Environmental, Social, and Governance (ESG) factors. The company's commitment to sustainability is evident through its climate strategy, effective waste management, and employee development initiatives. Notably, Hindalco has reduced specific greenhouse gas emissions by 19.54% and recycled 85% of operational waste. As part of the Aditya Birla Group, established in 1958, Hindalco continues to set benchmarks for sustainable practices in the aluminium industry.

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.