Current Affairs - Business

The Hinduja Group's firm, IndusInd International Holdings Ltd (IIHL), has received approval from the Department for Promotion of Industry and Internal Trade (DPIIT) to acquire Reliance Capital for ₹10,000 crore. This approval marks a significant milestone in the resolution of Reliance Capital's financial troubles, which had led to the RBI's intervention in 2021. The acquisition is expected to be completed by January 31, 2025.

Tata Power has partnered with Druk Green Power Corporation Ltd to develop at least 5,000 MW of clean energy generation capacity in Bhutan, harnessing the country's vast hydropower potential. This strategic collaboration contributes to regional energy security and sustainability, aligning with Bhutan's vision to diversify its energy portfolio. The project includes 4,500 MW of hydropower and 500 MW of solar power capacity, demonstrating Tata Power's commitment to renewable energy and sustainable development in the region. This partnership strengthens India-Bhutan energy cooperation and promotes eco-friendly growth.

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.