Current Affairs - Business

Mahindra & Mahindra Ltd, commonly known as M&M, is gearing up to invest ₹26,000 crore in its automotive business over the next three years. This investment will focus on developing new vehicles and enhancing production capacity, reflecting the company's ambitious growth plans.

PhonePe has partnered with LankaPay to enable UPI payments in Sri Lanka, allowing users to transact at LankaPay QR merchants. This initiative aims to provide a familiar and secure payment method for Indian tourists and business travellers, enhancing their convenience while travelling in Sri Lanka.

Hero MotoCorp, India's leading two-wheeler manufacturer, has partnered with the Open Network for Digital Commerce (ONDC) to enhance digital accessibility for two-wheeler parts and accessories. This collaboration marks a significant step in the industry's digital transformation, offering customers a seamless digital experience for purchasing Hero MotoCorp's products online.

Mahindra & Mahindra Ltd signed an MoU with the Ministry of Skill Development and Entrepreneurship (MSDE) for the 'Drone Didi' Pilot Project, aimed at empowering women in agriculture through drone technology. This collaboration signifies a strategic effort to create new livelihood opportunities and enhance skills in emerging technology sectors, particularly benefiting rural women farmers.

Hinduja Group's IIHL has received approval from IRDAI to acquire Reliance Capital's insurance arms, comprising Reliance General Insurance and Reliance Nippon Life Insurance. This acquisition is part of a substantial resolution plan worth Rs 9,650 crore. The IRDAI approval, obtained on May 10, 2024, is a crucial regulatory milestone, paving the way for the transfer of Reliance Capital's insurance businesses to IIHL and reinforcing the acquisition process.