REC Receives RBI Nod for GIFT City Subsidiary

GP Eco to raise Rs.350 million via IPO; expand solar operations

GP Eco Solutions India Limited (GPES), a prominent player in the solar energy sector, has unveiled its intention to raise between ?300 million and ?350 million through an initial public offering (IPO) on NSE Emerge. The primary objective of the IPO is to fortify GPES's expansion initiatives and subsidiary operations. Specifically, ?124.5 million is earmarked for working capital and expansion endeavours, while ?760 million will be allocated to establish a new solar inverter assembly facility in Noida.

Deepak Pandey, MD, GPES, elaborated on the IPO's purpose, stating, "GP Eco Solar intend..

LIC Housing Finance net profit dips 9.14% in Q4 of FY24; Rs 10.8206 bn

LIC Housing Finance disclosed a 9.14 % decline in its net consolidated profit for the quarter ending March 31, 2024. Its profit after tax reached Rs 10.8206 billion in Q4 FY24, down from Rs 11.9088 billion in the corresponding period of the previous fiscal, as per the company's filing with BSE. The net consolidated total income for Q4 FY24 amounted to Rs 69.4861 billion, marking an 8.04% increase from Rs 64.3123 billion in the same quarter last year.

Tribhuwan Adhikari, MD & CEO said, "Our focus on reduction in NPA and control over cost of funds have enabled us to close the year with a..

Reliance Sells REC Solar Norway to Elkem for $22 Million

Reliance Industries Ltd announced on Thursday the completion of the sale of its subsidiary, REC Solar Norway AS, to Oslo-listed Elkem ASA for approximately USD 22 million. REC Norway, a wholly-owned unit of REC Solar Holdings, specializes in manufacturing kerf-based polysilicon in Scandinavia.

This divestment follows Reliance's acquisition of REC Solar Holdings in October 2021 for an enterprise value of USD 771 million. The acquisition was a strategic move by the Indian conglomerate to expand its footprint in the alternative energy sector.

The sale agreement, which was finalize..

TVS Motor Unveils Electric Two-Wheeler

TVS Motor Company, a leading two-wheeler manufacturer in India, has unveiled its latest addition to the electric vehicle segment with the launch of the TVS iQube Electric in Bengaluru. This move marks the company's foray into the burgeoning electric vehicle market, aligning with the global shift towards sustainable mobility solutions.

The TVS iQube Electric promises to redefine urban commuting with its advanced technology and eco-friendly features. Boasting a sleek design and compact structure, the electric scooter is tailored to meet the evolving needs of urban commuters, offering a s..

Chinese EV Giant Leapmotor Eyes Indian Market

Chinese electric vehicle (EV) manufacturer Leapmotor is poised to make a significant entry into the Indian market in the third quarter of the 2024-25 fiscal year. With India rapidly transitioning towards electric mobility, Leapmotor's arrival could mark a pivotal moment in the country's automotive industry.

Leapmotor's decision to venture into India underscores the growing appeal of the country as a lucrative market for EV manufacturers worldwide. As one of the world's largest automotive markets, India presents immense opportunities for companies looking to capitalise on the increasing..