Current Affairs - Business

Mankind Pharma, a major player in the Indian pharmaceutical and consumer healthcare sectors, has acquired Bharat Serums and Vaccines (BSV) from Advent International for Rs 13,600 Crore. This acquisition allows Mankind Pharma to strengthen its portfolio in women's health and fertility drugs and gain access to high-entry barrier products in critical care. The strategic move is set to enhance Mankind Pharma's market position and showcase its commitment to providing quality healthcare products.

Indian Oil Corporation Ltd (IOCL) partnered with the Indian Navy to advance hydrogen and fuel cell technology for heavy-duty e-mobility. As part of this collaboration, IOCL handed over a green hydrogen fuel cell bus to the Indian Navy. This initiative aims to promote the use of hydrogen as a clean energy source in transportation. The Memorandum of Understanding was signed in the presence of key officials, including Admiral Dinesh K Tripathi and S M Vaidya, highlighting the commitment of both entities to innovative and sustainable technologies.

ONGC Videsh Limited (OVL), a subsidiary of ONGC, recently acquired Norwegian firm Equinor’s stakes in Azerbaijan’s offshore Azeri Chirag Gunashli (ACG) oil field and the Baku-Tbilisi-Ceyhan (BTC) pipeline for $60 million. This acquisition increases OVL’s stake in the ACG oil field to 2.95% and in the BTC pipeline to 3.097%, highlighting OVL's strategic investment in international energy assets.

Airbus, in collaboration with Tata, is set to launch India's first H125 helicopter by 2026, with an initial production capacity of 10 units per year. This partnership supports India's Atmanirbhar Bharat initiative, aiming to bolster domestic manufacturing capabilities. Airbus is investing in the Indian aerospace market despite regulatory challenges and views India as a future leader in the commercial helicopter sector, comparable to the United States. This venture signifies a significant step in advancing India's aerospace industry and enhancing self-reliance in defence and aviation.

Bharti Airtel Ltd. was awarded the Taxnet 2.0 project by the Central Board of Direct Taxes (CBDT). This project is intended to provide advanced network connectivity, facility management services, and video conferencing services to the Income Tax Department. Bharti Airtel was selected through an open tender process, and Taxnet 2.0 will enhance the IT department's digital infrastructure by ensuring secure, reliable, and seamless connectivity. The project's key features include enhanced security, higher reliability, and seamless connectivity, all aimed at improving tax services for citizens and businesses.