Tezpur Airport to Suspend Flight Services for Maintenance Works Starting October

New Delhi: The flight services at Tezpur Airport in Assam will be suspended from October 2024 for one and a half years due to extensive maintenance works, a senior official confirmed on Wednesday.

Managed by the Airports Authority of India (AAI), Tezpur Airport will halt passenger flights from October 1, 2024, to March 31, 2026. Tezpur Airport Director G. Shiva Kumar stated that the closure is necessary to resurface the runway and undertake various projects to enhance terminal facilities. This decision was coordinated with the Tezpur Base of the Indian Air Force, which shares the runway for both commercial and fighter aircraft operations.

The Tezpur Air Force Base had previously informed the Tezpur Salonibari Passenger Airport Authority about the maintenance schedule, necessitating the temporary suspension of passenger services. During this period, the authority is exploring the possibility of providing helicopter services from Tezpur to Guwahati, although final arrangements are yet to be made.

Currently, a 90-seater SpiceJet flight operates daily from Tezpur to Kolkata. Additionally, two airlines run daily flights to Kolkata via Guwahati, Pasighat, and Tezpur, offering connectivity to various destinations. The airport, situated on the north bank of the Brahmaputra river, is approximately 12 km from Tezpur town, the capital of Sonitpur district.

Tezpur Airport has a rich history, having been established at Salonibari in 1942. The airport terminal can accommodate a total of 400 passengers at a time, catering to both civilian and military aviation needs. The temporary suspension of services is expected to significantly improve the airport’s infrastructure and passenger experience upon completion of the maintenance works.

Tezpur is known for its strategic importance due to its proximity to the India-China border, making the airport a vital asset for both civilian and military operations. The planned improvements are part of a broader initiative to modernize the airport’s facilities, ensuring safety and efficiency for all its users.

Local residents and travelers are advised to plan their trips accordingly and stay updated with the latest information from the Airports Authority of India and airline operators regarding alternative travel arrangements during the maintenance period.

IREDA in collaboration with SJVN Limited has decided to support the setting up the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has decided to invest in a 900 MW Hydroelectric power project in Nepal. The approximately Rs 290 crore investment will secure IREDA up to 10 percent shareholding in GMR Upper Karnali Hydro Power Limited, Nepal and Karnali Transmission Company Pvt. Ltd., Nepal.

This strategic move, in collaboration with SJVN Limited, aims to support the setting up the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project will proceed subject to approval from the Government of India and other regulatory authorities. The Board of Directors of IREDA in its meeting held yesterday gave in-principle approval for this equity investment.

IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das said, "This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development."

GMR and the Nepal Electricity Authority, Government of Nepal, are the existing shareholders in GMR Upper Karnali Hydro Power Limited, Nepal. The inclusion of IREDA and SJVN Limited in the project underscores a strong regional collaboration aimed at enhancing renewable energy capacity and ensuring energy independence.

At a review meeting, Power Minister Manohar Lal Khattar asked the Damodar Valley Corporation (DVC) to expedite the unbundling of its three business segments to pave the way for corporatization.

New Delhi: The government plans to corporatize the Damodar Valley Corporation (DVC), unbundling it into three entities for generation, transmission, and distribution to enhance operational efficiency. DVC Chairman S. Suresh Kumar stated on Wednesday that during a review meeting, Union Minister for Power Manohar Lal Khattar requested the PSU to hasten the unbundling process of the three segments. Kumar added that the ownership of the PSU will remain with the government even after corporatization.

At the review meeting, Khattar also suggested that the PSU consider raising funds through an Initial Public Offering (IPO) for expansion.

DVC Urged to Expand Renewable Energy Portfolio

During the meeting, Khattar emphasized the importance of DVC increasing its renewable energy portfolio. DVC plans to install an additional capacity of nearly 10,000 MW, bringing its total capacity to approximately 16,700 MW. This will include 3,720 MW of thermal power, 4,000 MW of solar power, and 2,500 MW from a pumped storage project (PSP). The total capital expenditure is estimated to be between Rs 50,000-60,000 crore. Of DVC’s nine thermal and hydro power stations, five are located in Jharkhand, while the rest are in neighboring West Bengal.

According to sources present at the meeting with the Union Minister, DVC raised concerns about grade slippages of coal supplies by Coal India subsidiaries, which affect generation costs and power tariffs, according to a PTI report. “We have also updated certain aspects of the Fuel Supply Agreement of coal to keep pace with demand. We also sought the ministry's assistance in signing Power Purchase Agreements for future capacities and recovering legacy dues,” a source said, declining to be named.

DVC has approximately Rs 300-400 crore in legacy dues out of a total of Rs 1,000 crore with the Jharkhand state government. DVC officials sought cooperation from the minister to resolve the financial issues faced by the corporation. The minister assured the company of full support from the government for its expansion plans and for the recovery of its legacy dues.

Ethanol blending with petrol reached a record high of 15.9 percent in June, according to official figures from New Delhi. State-run Oil Marketing Companies (OMCs) blended 63.7 crore litres of ethanol with petrol to achieve this milestone. Government data as of July 1 shows that 14,476 PSU outlets out of a total of 81,963 are now dispensing E20 ethanol-blended MS. The government aims to achieve a 20 percent ethanol blending rate by 2025.

In June, the three state-run oil retailers — Indian Oil Corporation, Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL) — procured 60.9 crore litres of ethanol for blending purposes. From November 2023 to June 2024 (Ethanol Supply Year 2023-24), OMCs procured a total of 401 crore litres of ethanol and blended 414.4 crore litres.

Ethanol blending averaged 12.1 percent in the ethanol supply year 2022-23, 10 percent in 2021-22, and 8.1 percent in 2020-21. A decade ago, the figure stood at just 1.5 percent.

The increased ethanol blending is part of the government’s broader strategy to reduce dependence on imported crude oil, enhance energy security, and address environmental concerns. Ethanol, a renewable biofuel produced primarily from sugarcane and corn, helps reduce greenhouse gas emissions and provides a cleaner alternative to traditional fossil fuels.

In addition to environmental benefits, the ethanol blending programme supports the agricultural sector by providing a stable market for surplus crops. This initiative also aligns with the government’s vision of achieving energy independence and promoting sustainable agricultural practices.

The progress in ethanol blending is significant, considering the logistical and infrastructural challenges involved in transporting and storing ethanol. OMCs have been investing in upgrading infrastructure, including ethanol storage tanks and blending facilities, to ensure the seamless integration of ethanol into the fuel supply chain.

The successful implementation of the ethanol blending programme is also expected to stimulate rural economies by creating job opportunities and enhancing farmers’ income. With the government’s continued support and the concerted efforts of OMCs, India is on track to meet its ambitious target of 20 percent ethanol blending by 2025, contributing to a greener and more sustainable future.

Tata Steel Plans ?10,000 Crore Annual Investment to Boost Production Capacity to 40 Million Tons by 2030

Tata Steel is set to invest approximately ?10,000 crore annually in capital expenditure to expand its production capacity to 40 million tons per annum (mtpa) by 2030, as announced by N Chandrasekaran, Chairman of Tata Sons Limited, at the company’s annual general meeting on Monday.

Chandrasekaran emphasized that Tata Steel is committed to both capacity expansion and transformation towards sustainable steelmaking processes to reduce carbon emissions. The company will continue to deploy effective strategies and advanced technologies to achieve its decarbonization goals.

The Kalinganagar plant is undergoing an expansion from 3 mtpa to 8 mtpa, with plans to increase capacity by an additional 5 mtpa in the third phase, aiming for a total of 13 mtpa. Additionally, the NINL subsidiary, part of the Kalinganagar ecosystem, will expand from 1 mtpa to 5.5 mtpa in the coming years. Tata Steel's new 0.75 mtpa scrap-based low-carbon electric-arc furnace in Ludhiana is expected to commence operations by 2026, contributing to an expanded long product portfolio. The company aims to complete its expansion in the next 8 to 10 years while systematically reducing its debt with excess cash flows, targeting a debt-to-Ebitda ratio below 3.

In its international operations, Tata Steel will continue transforming its sites, with the second blast furnace in the UK likely to close by September due to safety concerns. This will be replaced with electric-arc furnaces through a £1.25 billion investment in partnership with the UK government. Despite the recent change in UK government, discussions regarding Tata Steel UK remain unaffected. The company’s UK plant has been facing significant financial challenges due to aging assets. Tata Steel is also negotiating with the Dutch government for financial and policy support for a major decarbonization plan, which includes replacing one of its two blast furnaces with hydrogen-based direct reduction of iron (DRI) technology.

Iron Ore Futures Prices Rise Amid Stimulus Hopes

Iron ore futures prices rose on Monday, buoyed by growing speculation that China, the top consumer, will unveil additional stimulus measures during its third plenum this week, following disappointing economic data. The September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended the daytime session 1.03% higher at 834 yuan ($114.83) per metric ton. Similarly, the August iron ore benchmark on the Singapore Exchange increased by 0.69% to $108.75 per ton.

China’s economy showed signs of slowdown in the second quarter, with growth of 4.7% from April to June, falling short of the 5.1% forecast by analysts and down from the previous quarter’s 5.3%. This slowdown is attributed to a prolonged property downturn and job insecurity affecting domestic demand, heightening expectations for further stimulus from Beijing.

The latest economic data, including a smaller-than-expected increase in Chinese bank lending and record-low money gauges, have intensified the anticipation of additional policy support. The third plenum, which commenced on Monday, is expected to focus on promoting advanced manufacturing, addressing the property crisis, and boosting domestic consumption.

Supporting the prices of iron ore and other steelmaking ingredients is the robust demand in the near term. China produced an average of about 3.05 million tons of crude steel per day in June, the highest level since April 2023. Other steelmaking commodities on the DCE also saw gains, with coking coal and coke rising by 0.9% and 2.3%, respectively.

Steel benchmarks on the Shanghai Futures Exchange trended upward, with rebar increasing by 0.9%, hot-rolled coil gaining 0.8%, and stainless steel edging up by nearly 0.4%. Wire rod, however, saw a slight decline of 0.4%.

Citi analysts predict that the government will introduce another round of property-supporting measures following a meeting of the Politburo, expected in late July.

Net direct tax collection grew 19.54 percent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates

New Delhi: Net direct tax collection grew 19.54 percent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates.

The first instalment of advance tax, which was due on June 15, rose 27.34 percent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.

The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday.

Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore.

Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 percent higher than refunds issued during the same period in the previous year.

For April-July 11, gross collection of direct taxes (before adjusting for refunds) stood at Rs 6.45 lakh crore compared to Rs 5.23 lakh crore in the year-ago period, showing a growth of 23.24 percent.

For full fiscal year, the interim budget has pegged direct tax collection at Rs 21.99 lakh crore.

RLDA has announced an invitation for bids to lease a vacant land parcel in Dharmavaram, located in the Sri Sathya Sai district of Andhra Pradesh

New Delhi: The Rail Land Development Authority (RLDA), a statutory body under Indian Railways, has announced an invitation for bids to lease a vacant land parcel in Dharmavaram, located in the Sri Sathya Sai district of Andhra Pradesh. The 3.5-acre land parcel, approximately 14,164.50 square meters, is situated along Station Road and will be leased for 45 years. The reserve price for the land is set at Rs 9.10 crore, with a Built-Up Area (BUA) of 26,770.91 square meters available for development.

Dharmavaram is the gateway for pilgrim traffic visiting the famous Sathya Sai Prashanti Nilayam at Puttaparthi, around 40 km away.

The land parcel benefits from excellent connectivity. It is located on Station Road, adjacent to the Chennai-Anantapur Highway (NH-716), making it accessible from all parts of the city. The site is connected to Dharmavaram Railway Station, which falls under the South Central Railway Zone, by a 15-meter-wide road. The jurisdiction of the Ananthapuramu Hindupur Urban Development Authority (AHUDA) covers the site, and it is also well connected to the nearby APSRTC Bus Stand of Dharmavaram. The nearest airports are in Bengaluru (159 km) and Kadapa, Andhra Pradesh (153 km).

Interested bidders can submit their e-bids until July 17, 2024, up to 15:00 hrs.

Highlighting the potential of the site, Vice Chairman of RLDA Manoj Garg commented, "Dharmavaram, known as the 'Silk City of Andhra Pradesh,' is renowned for its cotton and silk weaving industries. The proposed lease of this strategically located land parcel near the Dharmavaram Railway Station, a major transit point for the Sri Sathya Sai district, offers significant development opportunities due to its excellent connectivity. Being a major train junction in Andhra Pradesh, the location near the station area provides immense real estate investment potential."

The RLDA's invitation for bids presents a prime opportunity for commercial development in a key area of Andhra Pradesh, leveraging Dharmavaram's strategic location and connectivity.

According to a source, the Government is considering the option of handing over operations of MTNL to BSNL through an agreement

New Delhi: The Government is considering the option of handing over operations of Mahanagar Telephone Nigam Ltd (MTNL) to Bharat Sanchar Nigam Limited (BSNL) through an agreement, instead of pursuing a merger route, a source privy to the development said. A final call on this is likely to be taken in a month's time.

The source said the option of handing over debt-laden MTNL's operations to BSNL through an agreement is being looked into. The source said that given MTNL's high debt, a merger with BSNL was not a favourable option.

Once the decision is taken, the proposal would be placed before the Committee of Secretaries, and thereafter taken to the Cabinet.

Amid mounting financial woes, MTNL this week informed in a statutory filing that it is unable to make interest payment to certain bondholders "due to insufficient funds."

"The second semi annual interest with regard to 7.59 percent MTNL's bond series...is due on July 20, 2024. As per the structured payment mechanism of Tripartite agreement (TPA) signed among MTNL, Department of Telecom and Beacon Trusteeship Ltd, MTNL has to fund the semi-annual interest into the Escrow account with adequate amount 10 days before the due date," it said.

In view of the provisions of TPA, it is informed that due to insufficient funds, MTNL could not fund the Escrow account with adequate amount, the corporation said in the BSE filing.

While MTNL offers services in Delhi and Mumbai, BSNL runs all India operations (except Delhi and Mumbai).

Even as private telcos like Reliance Jio and Bharti Airtel have scaled their subscriber tally in past months capitalising on Indian users' massive appetite for data and voice services, the customer base of MTNL has been dwindling - from just 4.66 million (wireless and wireline) in January-March 2023 to 4.1 million a year later.

MTNL's losses mounted to Rs 3,267.5 crore in FY'24 from Rs 2,915.1 crore in FY'23. Revenue from operations in last fiscal year was Rs 798.56 crore, down 14.6 percent from a year ago.

Coal India said it has taken steps to ease e-auction norms like lowering the earnest money and enhancing the quantity of the dry fuel on offer

New Delhi: Maharatna coal behemoth Coal India Limited (CIL) on Friday said it has taken steps to ease e-auction norms like lowering the earnest money and enhancing the quantity of the dry fuel on offer. The company is also planning to tweak its auction and allocation methodology, as it aims to encourage increased participation. "CIL has taken steps to ease the norms in e-auctions like lowering the earnest money deposit (EMD) and ramping up the quantities offered under the auction hammer," the PSU said in a statement.

The coal behemoth has asked all its arms barring Northern Coalfields Ltd, to spike up their offer quantity under e-auction to 40 per cent of their respective total production for the second and third quarters of this financial year.

At present, Coal India operates only a single window mode agnostic e-auction scheme, where consumers can opt their own preferred mode of transport of coal. "The company is also planning a revamp of its auction and allocation methodology under its electronic window," the statement said.

A concept note has been circulated to seek the feedback of the e-auction bidders. Among others, some of the changes contemplated are a three-hour auction window replacing the earlier long-drawn process; allowing the consumers to change their mode of transport from rail to road post bidding without additional premium; allowing a single bidder to place a maximum of four bids against each basket which earlier was restricted to one bid.

The move to lower earnest money deposit in e-auctions by more than a third from Rs 500 per tonne of coal to Rs 150 per tonne aims at encouraging increased participation. With more cash availability at their disposal consumers could switch over to more auctions with the same capital.

Though the PSU is already supplying improved quantities of coal as is evident by its loading, the company intends to step in to meet any latent demand as well. The rake loading on an average was 316.7/day in the current fiscal year with a jump of 40 rakes/day over the same period last year, it said.

Generally, coal is supplied to consumers at notified prices. Reserve price in e-auction means the price that is arrived at, after adding on a certain percentage to notified price of coal.

Now, subsidiaries have been given flexibility to fix their reserve prices taking into account different factors like local demand-supply scenarios from different sources, optimize various modes of loading particularly road mode available with the coal company, coal stock at mine and level of booking in earlier-e-auction.

The search for Indian Oil Chairman intensifies as 60 applications received

New Delhi: The Search-cum-Selection Committee (SCSC) established by the government to select a Chairman for India’s largest Oil Marketing Company (OMC), Indian Oil Corporation (IOC), has received 60 applications, according to reliable sources reported by PSU Watch. The pool of applicants includes not only current and former directors and executive directors from Indian Oil but also senior officials from various Public Sector Undertakings (PSUs) such as Oil & Natural Gas Corporation (ONGC), NMDC Limited, Coal India Limited (CIL), CONCOR, Hindustan Petroleum Corporation Limited (HPCL), GAIL (India) Limited, Indradhanush Gas Grid Limited (IGGL), Chennai Petroleum Corporation Limited (CPCL), and Bharat Petroleum Corporation Limited (BPCL).

In addition to PSUs, candidates from Reliance Industries Limited (RIL) and HDFC Bank are also among the applicants, alongside entrepreneurs and academics. This diverse list reflects a broad spectrum of backgrounds.

The search for the next Chairman of Indian Oil has gained momentum with the current Chairman, SM Vaidya, set to complete his tenure on August 31. Notable names among the applicants include IOC Director (HR) Rashmi Govil, IOC Director (Planning & Business Development) Sujoy Choudhury, IOC Director (Finance) Anuj Jain, IOC Director (Marketing) Satish Kumar Vaduguri, IOC Director (Pipelines) Senthil Kumar, IOC Director (R&D) Alok Sharma, CPCL MD Arvind Kumar, HPCL Director (Marketing) Amit Garg, GAIL Director (Projects) Deepak Gupta, GAIL Director (BD) Rajeev Kumar Singhal, IGGL CEO Ajit Kumar Thakur, BPCL Director (Marketing) Sukhmal Kumar Jain, and BPCL Director (Refineries) Sanjay Khanna.

The government initiated the search process for the Indian Oil Chairman position in June after the Public Enterprises Selection Board (PESB) was unable to identify a suitable candidate. The SCSC was formed, and applications were solicited from engineers, chartered accountants, and cost accountants with postgraduate management degrees from leading institutions, and at least five years of experience in leadership roles, by July 3. The age limit was set at not more than 58 years for internal candidates and 57 years for external candidates, with a retirement age of 60 years. This restriction precluded Vaidya, who would turn 61 in August, from reapplying.

The three-member SCSC, which is led by the PESB Chairperson and includes the Oil Secretary and former HPCL Chairman MK Surana, is tasked with the selection process.

Tata Consultancy Services Ltd. Reports 3.2% Decline in Net Profit; Revenue Growth and Operational Performance Show Resilience

New Delhi: Tata Consultancy Services Ltd. (TCS) has reported a net profit of ?12,040 crore for the recent quarter, reflecting a 3.2% decline compared to the March quarter. This figure was slightly above the ?11,989 crore estimate provided by analysts in a CNBC-TV18 poll.

In terms of revenue, TCS achieved a growth of 2.2% in rupee terms, reaching ?62,613 crore. This figure, though slightly below the ?62,170 crore estimate from the CNBC-TV18 poll, indicates a solid performance. Revenue in US Dollar terms increased by 2.7% compared to the March quarter, amounting to $7.5 billion, which surpassed the CNBC-TV18 poll estimate of $7.4 billion.

When measured in constant currency terms, TCS reported a revenue growth of 2.2% sequentially, exceeding the CNBC-TV18 poll estimate of 1.5%.

TCS CEO & MD, K Krithivasan, highlighted the company's strategic initiatives, stating, “We continue to expand our client relationships, develop new capabilities in emerging technologies, and invest in innovation, including the establishment of a new AI-focused TCS PacePort™ in France, an IoT lab in the US, and the expansion of our delivery centers in Latin America, Canada, and Europe.”

During the quarter, TCS secured deals worth $8.3 billion. Although this is lower than the $13.2 billion recorded in the March quarter and the $10.2 billion won in the same quarter last year, it demonstrates a strong pipeline of opportunities.

The company’s EBIT (Earnings Before Interest and Tax) of ?15,442 crore exceeded the ?15,262 crore estimate, despite a 3% decline from the previous quarter. The EBIT margin narrowed by 130 basis points to 24.7% from 26% in the previous quarter, slightly surpassing the CNBC-TV18 estimate of 24.5%. This margin contraction was attributed to the annual wage hike.

CFO Samir Seksaria acknowledged the challenges posed by the wage hike but emphasized the company's robust operational performance. “We remain focused on making the right investments in R&I and talent, strengthening our superior return ratios, and creating long-term value for our stakeholders,” Seksaria said.

In addition, TCS has announced an interim dividend of ?10 per share, with the record date set for July 20, 2024.

Market expert Prakash Diwan commented on TCS’s earnings, stating, “We approached TCS's earnings with cautious expectations, anticipating some EBITDA softness due to wage hikes and utilization levels. However, the results suggest that the situation is not as adverse as anticipated. With a potential build-up in utilization levels, the next quarter might see even stronger performance, possibly leading to a favorable rerating and stock upgrades.”

Shares of TCS ended the trading day unchanged at ?3,902.

Government Appoints Sandeep Kumar as Director (Finance) at Power Finance Corporation Limited

New Delhi: The Government of India has appointed Sandeep Kumar as Director (Finance) at Power Finance Corporation Limited (PFC), effective July 11, 2024. This significant appointment follows his tenure as Executive Director (Finance) at PFC, a role he has held since January 1, 2020. Kumar also continues to serve as the Chief Financial Officer (CFO) of the corporation.

With over 34 years of distinguished experience in the power and financial sectors, Kumar brings a wealth of expertise to his new role. He holds a Bachelor's degree in Commerce (Honours) and is a Fellow Member of the Institute of Chartered Accountants of India. His career is marked by a consistent demonstration of financial acumen, contributing substantially to PFC's success and profitability.

Kumar is renowned for his exemplary leadership skills, particularly in managing cross-functional teams and fostering innovation to enhance customer and employee experiences. His extensive experience encompasses various aspects of finance, including fund mobilization, cash management, asset-liability management, lending operations, stressed asset management, policy formulation, tax planning, financial accounting, and management control systems.

Throughout his career at PFC, Kumar has played a pivotal role in managing the corporation’s non-capex loan portfolio and executing critical government schemes such as the Liquidity Infusion Scheme (LIS) and the Liquidity Provisioning Scheme (LPS). His efforts have been instrumental in advancing PFC’s Environmental, Social, and Governance (ESG) initiatives. Notably, Kumar led the successful implementation of the Rs 1.12 trillion Liquidity Infusion Scheme for the power distribution sector, a major initiative under the Government of India's Atmanirbhar Bharat program.

Sandeep Kumar’s appointment as Director (Finance) is expected to further strengthen PFC’s financial strategies and contribute significantly to the corporation’s ongoing growth and stability. His extensive background and proven track record make him well-suited to drive PFC's financial operations and strategic initiatives forward.

Vedanta Limited to Raise Up to ?1,000 Crore Through Debenture Issuance

New Delhi: Vedanta Limited, a prominent mining conglomerate, announced on Thursday its plans to raise up to ?1,000 crore through the issuance of non-convertible debentures (NCDs).

In a regulatory filing, the company stated that its board of directors has approved the issuance of 100,000 secured, rated, listed, redeemable non-convertible debentures, each with a face value of ?1,00,000, totaling ?1,000 crore. The debentures will be offered on a private placement basis.

"The duly constituted committee of directors has sanctioned the allotment of these debentures, which are expected to bolster the company's financial position and support its ongoing and future projects," the filing read.

Vedanta Limited, a subsidiary of Vedanta Resources Limited, stands as one of the world's leading natural resources companies. The conglomerate operates across multiple continents, including India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan, and Japan. Its extensive operations span various sectors, including oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrates. Additionally, Vedanta is making strides into emerging fields such as semiconductors and display glass.

The funds raised through this debenture issuance are anticipated to provide significant capital for the company's expansion plans and enhance its operational capabilities across its diverse portfolio.

Air India Unveils Real-Time Baggage Tracking for Enhanced Passenger Convenience

New Delhi: Air India has launched a real-time baggage tracking feature on its website and mobile application, aiming to enhance passenger convenience and address concerns about lost and delayed baggage.

The Tata Group-owned carrier announced on Thursday that it is now among a select group of airlines worldwide offering this advanced service directly to passengers, eliminating the need for intervention from airline staff. This feature provides passengers with the ability to track their baggage in real time, offering transparency and peace of mind throughout their journey.

With this new feature, passengers can access detailed information about their baggage, including its current location and arrival status. The tracking system covers all critical baggage touchpoints where technology is available, such as during check-in, security clearance, aircraft loading, transfers, and arrival at the baggage claim area.

"The introduction of real-time baggage tracking reflects our commitment to improving the passenger experience and addressing the common concerns related to baggage handling," said an Air India spokesperson. "Our goal is to provide a seamless and stress-free travel experience, ensuring that passengers have up-to-date information about their baggage at every step of their journey."

This initiative positions Air India as a leader in leveraging technology to enhance operational efficiency and customer service in the aviation industry.