Hindustan Zinc Begins Receiving Power from Serentica Renewables

New Delhi: Vedanta Group's Hindustan Zinc Limited announced on Thursday that it has commenced receiving power supply from Serentica Renewables. This renewable energy will be utilized across Hindustan Zinc's operational business units in Rajasthan.

On Global Energy Independence Day, Hindustan Zinc proudly unveiled the initiation of the first phase of renewable energy integration with Serentica Renewables. The company has entered into a significant agreement with Serentica for a round-the-clock supply of 450 MW of power.

Currently, Hindustan Zinc operates with a captive solar power capacity of 40.70 MW, supplemented by conventional fuel sources to meet the rest of its energy needs. The addition of renewable power from Serentica will substantially increase the share of renewables in the company’s overall energy mix, marking a significant advancement in its commitment to sustainability and clean energy. This initiative is expected to annually reduce approximately 0.45 million tonnes of CO2 emissions.

Hindustan Zinc CEO Arun Misra emphasized the importance of this project, stating, “This initiative will not only reduce our reliance on conventional fuels and minimize our environmental footprint but will also significantly contribute to our goal of decarbonizing operations, steering us towards a fully sustainable future.”

Akshay Hiranandani, CEO of Serentica Renewables, highlighted the successful and ahead-of-schedule commissioning of Phase 1 (solar) in Bikaner, stating, “This accomplishment underscores Serentica's dedication to accelerating India’s clean energy transformation.”

Hindustan Zinc Ltd, recognized as the world's second-largest integrated zinc producer and the third-largest silver producer, is taking major strides towards integrating renewable energy into its operations. Serentica Renewables, known for its comprehensive renewable energy solutions, combines solar, wind, energy storage, and balancing technologies to deliver sustainable power solutions.

Jyotiraditya Scindia Highlights Mobile Penetration and 4G Expansion Efforts

New Delhi: Union Communications Minister Jyotiraditya Scindia announced on Thursday that mobile phone penetration in India has reached an impressive 70-80 percent of the population, with approximately 120 crore devices currently in use.

The government's current priority, Scindia noted, is to expand the 4G network coverage across the country. India has made significant strides by developing a 4G stack with indigenous technology, and efforts are underway to extend this coverage to 100 percent of the population.

In addition to his role in communications, Scindia, who also serves as the Union Minister for the Development of North Eastern Region, will embark on a tour of Assam and Meghalaya starting Friday. During this visit, he plans to formulate a strategic development plan for the northeastern states, taking into account their unique strengths and capabilities. Decisions will be made in consultation with the respective state governments.

When asked about the Centre’s approach to addressing the ethnic strife in Manipur, Scindia chose not to provide a direct response but reiterated his commitment to advancing the development of the northeastern region. He highlighted that it has been decided that at least 10 percent of the Gross Budgetary Support (GBS) from Union government departments will be allocated to the development of the northeastern states.

Scindia was also in Indore to participate in the 'Ek Ped Maa Ke Naam' campaign, which is crucial for combating climate change. This nationwide initiative, which began on June 5 and will conclude on July 14, aims to plant saplings across the country, with a target of 51 lakh saplings in Indore alone. Scindia emphasized that this campaign seeks to set a world record for tree planting in India.

RBI Enhances Attractiveness of GIFT IFSC with Expanded LRS Use

New Delhi: The Reserve Bank of India (RBI) has substantially increased the appeal and functionality of the Gujarat International Finance Tec-City (GIFT IFSC) by clarifying the use of the Liberalised Remittance Scheme (LRS) for investments and enabling transactions such as insurance and education loan payments in foreign currency, GIFT City MD and Group CEO Tapan Ray announced on Thursday.

GIFT City, located in Gandhinagar, is envisioned as a premier integrated hub for financial and technological services, not only for India but for the global market. As India’s first International Financial Services Centre (IFSC), GIFT City aims to establish itself as a leading international financial destination.

On Wednesday, the RBI issued a circular that broadens the norms for remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). According to the new guidelines, "authorised persons" are now permitted to facilitate remittances for all allowable purposes under LRS to IFSCs, thereby supporting financial services and products as outlined by the International Financial Services Centres Authority Act, 2019.

"We at GIFT IFSC welcome the RBI's recent circular that expands the scope of the LRS," said Tapan Ray. "This pivotal move aligns GIFT IFSC with leading global financial centres, enabling resident investors to utilize our platform for a broader array of international investments and expenses."

Ray further noted that the RBI’s clarification on the use of LRS for foreign currency transactions, including insurance and education loan payments, significantly enhances the attractiveness and functionality of GIFT IFSC. This development is expected to strengthen GIFT IFSC’s position as a prominent international financial services hub.

Narinder Wadhwa, Managing Director at SKI Capital, also commented on the RBI's circular, describing the central bank's decision to permit forex accounts in GIFT City—into which money can be remitted for all purposes allowed under the LRS—as a major advancement in enhancing India’s international financial ecosystem.

GeM Portal Expected to Become World’s Largest Public Procurement Platform

New Delhi: The Government e-Marketplace (GeM) portal, launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments, is poised to become the world's largest public procurement platform by the end of this fiscal year. This follows a remarkable achievement where GeM's procurement figures crossed Rs 1.24 lakh crore in the first quarter of 2024-25.

GeM, which facilitates a wide range of procurement activities, reported a gross merchandise value of Rs 1,24,761 crore by the end of the first quarter. This figure represents an impressive quarter-on-quarter growth of 136 percent compared to the previous year’s Rs 52,670 crore, according to GeM CEO Prashant Kumar Singh.

Currently, South Korea’s KONEPS holds the title of the largest public procurement platform globally, with GeM ranking second, followed by Singapore's GeBIZ. Singh highlighted that at the current growth rate, GeM is set to surpass its competitors and claim the top spot.

During this period, procurement by central ministries, including Central Public Sector Enterprises (CPSEs), surpassed the Rs 1 lakh crore milestone. Notably, ministries of coal, defence, and petroleum and gas emerged as the leading procurers. CPSEs alone accounted for over Rs 91,000 crore of this total, with services procurement exceeding Rs 80,500 crore during the quarter.

In the fiscal year 2023-24, GeM’s procurement volume surpassed Rs 4 lakh crore. To further enhance the platform’s efficiency and outreach, GeM is set to introduce the 'GeM SAHAYAK' program. This initiative aims to create a network of 6,000-7,000 trained and certified Sahayaks, who will assist both potential and existing GeM sellers in navigating the portal and expanding their business opportunities. Buyers will also benefit from these services in terms of bid creation and other value-added functions.

Additionally, GeM has significantly reduced transaction charges for sellers. Under the new revenue policy, sellers/service providers will now be charged only 0.30 percent of the order value (down from 0.45 percent) on orders exceeding Rs 5 lakh, with a cap of Rs 3 lakh compared to the previous Rs 72.50 lakh.

The platform has also introduced 'The Aabhar Collection', a curated selection of over 120 hand-crafted gift items and hampers, including products from the One District One Product (ODOP) and Geographical Indication (GI) categories. Prices range from Rs 500 to Rs 25,000, catering to government buyers for official events and ceremonies.

In a bid to maintain its leadership in public procurement, GeM is preparing to deploy 'GeMAI', a generative AI-based chatbot, in the upcoming quarter. This advanced AI tool is designed to provide nuanced solutions to queries raised by buyers and sellers, leveraging conversational analytics and business intelligence.

With over 1.5 lakh government buyers and more than 62 lakh sellers and service providers, GeM offers a comprehensive range of products and services, including office stationery, automobiles, computers, office furniture, and various services like transportation, logistics, and webcasting. The portal supports transactions for government departments, ministries, public sector units, state governments, and central armed police forces.

Prime Minister Narendra Modi to Consult Economists for Upcoming Budget

New Delhi: Prime Minister Narendra Modi is convening a meeting with leading economists on Thursday to gather their insights and recommendations for the forthcoming Budget. This consultation aims to shape the economic strategy and policies for the next fiscal year.

Union Finance Minister Nirmala Sitharaman is set to present the Budget for 2024-25 in the Lok Sabha on July 23. The meeting will include prominent economists, sectoral experts, and key government officials such as Niti Aayog Vice Chairman Suman Bery, Finance Minister Sitharaman, Planning Minister Rao Inderjit Singh, Chief Economic Advisor V. Anantha Nageswaran, and economists Surjit Bhalla and Ashok Gulati. Veteran banker K.V. Kamath will also be present.

This upcoming Budget will be the first major economic policy document of the Modi 3.0 government. It is expected to outline a strategic vision for transforming India into a developed nation by 2047. President Droupadi Murmu, in her address to the joint sitting of Parliament last month, emphasized that the government plans to introduce historic measures to accelerate the pace of reforms. She highlighted that the Budget will reflect the government's long-term vision and far-reaching policies.

Finance Minister Sitharaman has been actively engaging with various stakeholders, including economists and industry leaders, to gather diverse perspectives for the Budget. Experts have suggested that the government consider providing tax relief to the common man to stimulate consumption, address inflation concerns, and enhance economic growth.

The Indian economy has demonstrated robust growth, recording a rate of 8.2 percent for the fiscal year 2023-24. Earlier this year, Sitharaman presented an interim Budget for 2024-25 in anticipation of the Lok Sabha elections.

New Delhi: Punjab National Bank (PNB), a leading state-owned financial institution, has recently entered into a strategic partnership with Steel Authority of India (SAIL) to offer a suite of financial products to SAIL employees at preferential rates. This agreement includes home loans, car loans, and education loans, all provided at concessional rates designed to support the financial well-being of SAIL's workforce.

The Memorandum of Understanding (MoU) formalizing this collaboration was signed by Sudhir Dalal, General Manager - Business Acquisition and Relationship Management Division of PNB; Lavika Jain, General Manager - Finance of SAIL; and Bikram Uppal, General Manager - HR of SAIL. The signing ceremony was witnessed by key dignitaries including Bibhu Prasad Mahapatra, Executive Director of PNB; Sunil Agrawal, Chief General Manager of PNB; Mohit Dhawan, General Manager of PNB; Praveen Nigam, Executive Director - Finance of SAIL; and B.S. Popli, Executive Director - HR of SAIL, along with other senior officials from both organizations.

This collaboration underscores PNB’s commitment to expanding its reach within the steel industry while simultaneously enhancing the financial support available to SAIL employees. The bank’s strategic move aims to build stronger relationships with SAIL and reinforce its presence in the sector, offering tailored financial solutions that meet the diverse needs of its employees.

OMCs and Private Sector Oil Retailers to Finalize Long-Term Oil Import Deal with Russia

New Delhi: State-run Oil Marketing Companies (OMCs) and private sector oil retailers are set to discuss the finer details of a long-term oil import agreement with Russia, according to a government source. This development follows the recent agreement between New Delhi and Moscow to explore new long-term oil import contracts during Prime Minister Narendra Modi's visit to Russia.

“Our current crude oil consumption stands at approximately 5.33 million barrels per day (mbpd) and is expected to exceed 6 mbpd. Therefore, India is seeking stable and predictable arrangements for oil supplies,” the source, who requested anonymity, stated.

This announcement comes in the wake of a joint statement released by India and Russia after the Prime Minister’s visit. The statement highlighted the critical role of energy cooperation as a cornerstone of the Special and Privileged Strategic Partnership. It emphasized the continued significance of bilateral trade in energy resources and noted the intention to explore new long-term contracts.

India, which ranks as the third-largest importer and consumer of crude oil globally, is planning to expand its oil refining capacity to 450 million tonnes per annum (MTPA) by 2030. This expansion aims to meet the growing domestic demand and enhance its export capabilities. Following the imposition of sanctions on Russia due to its invasion of Ukraine in 2022, India has emerged as a major buyer of discounted Russian crude oil.

During the Prime Minister’s visit to Moscow, discussions also included the potential for deeper partnerships with Russian energy giants such as Rosneft and other key entities in the Russian energy sector.

Hardeep Singh Puri Announces Formation of Joint Working Group to Review and Revise E&P Policies

New Delhi: Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has announced the establishment of a Joint Working Group (JWG) tasked with reviewing and recommending revisions to Exploration and Production (E&P) policies to further enhance the ease of doing business. The JWG will include representatives from private E&P operators, National Oil Companies, the Ministry of Petroleum and Natural Gas (MoPNG), and the Directorate General of Hydrocarbons (DGH). The group will evaluate current policies, procedures, and their effectiveness, with the aim of suggesting necessary revisions. It is expected to submit its recommendations within eight weeks.

During his address at the Urja Varta 2024 conference organized by the DGH, Puri emphasized the critical need to boost exploration efforts and domestic production to reduce the country's reliance on oil and gas imports and fully exploit available reserves.

Currently, only 10 percent of India's sedimentary basin area is under exploration. However, following the forthcoming Open Acreage Licensing Policy (OALP) rounds, this figure is projected to rise to 16 percent by the end of 2024.

India's E&P Sector: A $100 Billion Investment Opportunity by 2030

Puri highlighted that the Exploration and Production (E&P) sector presents investment opportunities worth up to USD 100 billion by 2030. Despite significant progress, only a fraction of the sedimentary basin is explored. With upcoming OALP rounds, exploration acreage is expected to expand significantly. By 2030, India aims to increase its exploration acreage to 1 million square kilometers, focusing on discovering new resources.

Rs 7,500 Crore Investment in New Seismic Data Acquisition

The government is investing Rs 7,500 crores into acquiring new seismic data, including data for the Exclusive Economic Zone (EEZ), financing stratigraphic wells, and conducting aerial surveys in challenging terrains. This investment will enhance the geo-scientific data available for the Kerala-Konkan basin and the Mumbai offshore basin on the West Coast, as well as the Mahanadi and Andaman basins on the East Coast. Additionally, the National Data Repository is being upgraded to a cloud-based system by the DGH, enabling immediate access to seismic, well, and production data.

Enhancing the Ease of Doing Business in E&P

Puri noted that the government has already streamlined 37 approval processes into 18, with 9 processes now eligible for self-certification. However, further reforms are needed. Expanding self-certification to additional processes and reducing delays in approving field development plans and regulatory permissions are crucial as the nation works to decrease import dependency.

The hike is applicable in areas served by two BSES companies - BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL).

Electricity bills in Delhi have gone up since May 1, as power companies have hiked electricity tariffs affecting many households and businesses. The increase in tariffs is evident in the bills that residents are receiving in July.

The hike is applicable in areas served by two BSES companies - BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL).

While Tata Power Delhi Distribution Limited has not increased its rates, BRPL and BYPL have introduced noticeable hikes.

The areas covered by BSES Yamuna Power Limited (BYPL) have seen a tariff hike of 6.15%. This includes parts of East and Central Delhi.

BSES Rajdhani Power Limited (BRPL) has implemented a higher increase of 8.75%. This affects residents in South and West Delhi.

The increase in electricity rates has been made under Power Purchase Adjustment Cost (PPAC). This adjustment is made to cover the costs that power distribution companies incur while purchasing electricity from power generation companies. The higher costs are then passed on to consumers through their electricity bills.

The total Power Purchase Adjustment Cost (PPAC) for Delhi's power distribution companies from May to July 2024 varies.

Delhi power tariff update.

NDMC has the highest total PPAC at 38.75%, followed by TPDDL at 37.88%, BYPL at 37.75%, and BRPL at 35.83%. This includes existing PPAC on past dues and additional current PPAC, with NDMC and TPDDL each adding 8.75% to their existing rates, BYPL adding 6.15%, and BRPL adding 8.75%.

This increase in tariffs will be in effect for three months starting from May 1. After this period, the Delhi Electricity Regulatory Commission (DERC) will review the situation and issue further orders based on petitions from the power companies.

Residents in the affected areas are now facing higher electricity bills. For many, this increase comes as a burden, especially during the summer months when electricity consumption is typically higher due to the use of air conditioning and cooling devices.

It is worth noting that Tata Power Delhi Distribution Limited, which serves other parts of Delhi, has not raised its electricity tariffs. Customers in these areas will not see any change in their electricity bills for now.

The recent hike in electricity tariffs by BRPL and BYPL has resulted in higher bills for many residents in Delhi amid an increase in demand for power supply. While this increase is currently set for three months, future decisions by DERC will determine the long-term impact on electricity costs in the city.

A hacker has leaked nearly 10 billion passwords in what is being described as the largest data breach of its kind, according to a recent report. This leak represents a staggering new entry in the growing list of compromised personal information and credentials circulating on the internet.

Earlier this year, approximately 12 terabytes of data were leaked online, including nearly 26 billion digital records stolen from major platforms such as LinkedIn, Twitter, Weibo, and Tencent. Now, Cyber News reports that a user known as ‘ObamaCare’ has released a dataset titled ‘RockYou2024’ on a popular hacking forum. This dataset contains an astonishing 9,948,575,739 unique passwords and was posted on the forum this Thursday.

This isn't the first time ‘ObamaCare’ has been involved in such high-profile leaks. Previous releases from this user include an employee database from the law firm Simmons & Simmons, leads from the online casino AskGamblers, and applications from Rowan College at New Jersey.

‘RockYou2024’ Dataset Compiled Over Many Years

The Cyber News researchers who examined the dataset noted that it was compiled over more than a decade. This dataset is the third installment in a series, following the ‘RockYou2021’ dataset, which contained around 8.4 billion stolen passwords. The newly released dataset adds approximately 1.5 billion more passwords to this already extensive collection. The 2021 dataset itself was built upon a previous dataset released in 2009, which included tens of millions of user passwords for social media accounts.

Potential Threats from Leaked Passwords

Leaked passwords from such datasets can pose severe risks, including credential stuffing and brute force attacks. Credential stuffing involves using stolen passwords from one account to access other accounts, exploiting the common practice of reusing passwords across multiple platforms. Brute force attacks involve systematically guessing passwords through trial and error until the correct one is found.

Researchers from Cyber News warn that the vast ‘RockYou2024’ database could be used to target a wide range of services, from online platforms to offline services, internet-facing cameras, and industrial hardware. When combined with other leaked databases containing user email addresses and additional credentials, this dataset could contribute to a cascade of data breaches, financial fraud, and identity thefts.

New Delhi: On Wednesday, Lieutenant General M. V. Suchindra Kumar, the Northern Army Commander, undertook a significant visit to forward areas along the Line of Control (LoC) in Ladakh, underscoring the importance of maintaining high readiness for future challenges.

During his visit, General Kumar also paid his respects at the Kargil War Memorial in Drass, honoring the valor and sacrifices of those who lost their lives during Operation Vijay. His tribute at the memorial highlighted the enduring legacy and bravery of the soldiers who defended the nation during the Kargil conflict.

The Army Commander, accompanied by the General Officer Commanding (GOC) of the Fire and Fury Corps, conducted a comprehensive review of the operational preparedness of the units stationed along the LoC. This review was part of an ongoing effort to ensure that the "Forever in Operations" division remains vigilant and well-equipped to handle any emerging challenges.

Lt Gen Kumar commended the troops for their exemplary professionalism and dedication. He emphasized the need for continuous vigilance and adaptability to address the evolving security environment effectively.

In addition to his visit to the operational areas, General Kumar engaged with formation commanders and soldiers stationed in the Batalik sector of the Kargil region. His interactions with the personnel were aimed at boosting morale and reinforcing the importance of readiness and resilience in the face of potential threats.

The visit reflects the Northern Army Command's commitment to maintaining a robust defensive posture and preparing for any future exigencies along the LoC.

Minister of State for Defence Sanjay Seth Launches Second Edition of GRSE Accelerated Innovation Nurturing Scheme (GAINS) in Kolkata

New Delhi: Following the remarkable success of its inaugural initiative, Garden Reach Shipbuilders and Engineers (GRSE) Ltd has launched the second edition of the GRSE Accelerated Innovation Nurturing Scheme (GAINS) in Kolkata. The announcement was made by Sanjay Seth, Minister of State (MoS) for Defence, on Wednesday.

The GRSE Accelerated Innovation Nurturing Scheme (GAINS) is a national open challenge designed to stimulate and support MSMEs and startups in developing innovative solutions that GRSE may integrate for advancing technology in shipbuilding. This initiative aligns with the Government of India's ‘Make in India’ and ‘Start-up India’ policies, aiming to harness the potential of the MSME and startup ecosystems to tackle current and emerging challenges in ship design and construction while promoting self-reliance.

The inaugural GAINS in 2023 drew participation from across the nation. Following Stage I, six proposals were selected for a detailed evaluation in Stage II. The selected innovators received up to Rs 5 lakh each to cover the costs of preparing detailed project reports. These reports and presentations underwent further scrutiny, resulting in two winners being chosen. One winner, an MSME, is developing an AI-based Material Code Generation and Management System, while the other, a startup, is working on robots for ship exterior painting. Both winners have been assured sufficient funding by GRSE to develop their prototypes.

Encouraged by this success, GRSE has launched GAINS-2024, anticipating a higher number of participants this year. As with GAINS-2023, this year's participants will focus on themes such as Artificial Intelligence (AI), Renewable/Green Energy & Energy Efficiency, and Overall Efficiency Enhancement. The scheme is aimed at creating rapid, innovative solutions to position GRSE as a future-ready shipyard.

Minister Seth commended GRSE’s commitment to technological advancement, emphasizing that this initiative not only underscores the innovative efforts made by GRSE in strengthening the nation’s maritime capabilities but also celebrates the launch of GAINS-2024. He praised the initiative as a significant step under the ‘Make in India’ and ‘Start-up India’ programs, reflecting India's progress towards becoming a world-class defense industry with enhanced self-reliance.

GRSE CMD Cmde PR Hari highlighted that new technology adoption is a critical focus area for the shipyard and expressed confidence that GAINS-2024 will substantially contribute to this goal. He extended his best wishes to the innovative Indian startups participating in the scheme, hoping their efforts will significantly advance the nation’s defense capabilities.

The launch event was attended by GRSE's CMD Cmde PR Hari, IN (Retd); Director (Finance) RK Dash; Director (Shipbuilding) Cdr Shantanu Bose, IN (Retd); Director (Personnel) DIG Subrato Ghosh, ICG (Retd); Independent Directors Sanjay Dattatraya Panse and Sanjeeb Mohanty; CVO Abhishek Ranjan (IOFS); and Emeritus Professor Dr OP Sha from the Department of Ocean Engineering & Naval Architecture, IIT Kharagpur, among other senior officials from GRSE and representatives from Indian startups.

Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to the formation of six firms and unlocking of massive value
 

New Delhi: Vedanta Chairman Anil Agarwal on Wednesday said that the company is going ahead with the proposed demerger of its businesses that will lead to formation of six firms and the unlocking of massive value. The company has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies.

Addressing shareholders during the 59th Annual General Meeting, the Chairman said, "We are going ahead with the demerger of our businesses, which will lead to the creation of 6 strong companies, each a Vedanta in its own right. This will unlock massive value."

Each demerged entity, he said, will plan its own course but follow Vedanta's core values, its enterprising spirit and global leadership.

"As we stand on the brink of an amazing transformation, our josh is high," Agarwal said, adding, "the demerger will lend speed to our journey."

Each entity will have more independence with regard to capital allocation and their growth strategies, the chairman said and added that investors will have the freedom to invest in the industries of their choice, broadening the overall investor base for Vedanta assets.

"For every one share of Vedanta Ltd that shareholders currently own, they will additionally receive one share of each of the five newly listed companies," he said.

Today 70 percent of Vedanta's top line comes from critical minerals of the future, he said, adding that the company is committed to produce these metals and minerals sustainably.

The company, Agarwal said, had invested over USD 35 billion in India and remains committed to growth.

"This year, we actively engaged in rapid expansion efforts -- the new 1.5 MTPA (million tonnes per annum) expansion at our alumina refinery in Lanjigarh, operationalising the Bicholim mine in Goa, commencing production at our Jaya oilfield in Gujarat. We also acquired the Athena and Meenakshi power plants in FY24 doubling our merchant power capacity to 5 GW," he said.

As of now, the company has over 50 projects under execution with high potential for increasing volume, business integration, and enhancing the range of value-added products across businesses.

"Our investment in growth projects is substantial, amounting to approximately USD 8 billion. These include our aluminium smelter, our alumina refinery, a copper smelter in Saudi Arabia, investment in new oil and gas blocks, and expansion of our steel and iron ore businesses.

"These projects have already begun to contribute to our top and bottom lines. With this investment and the efforts of our team, which includes over 100 expatriates and global experts, we are well-positioned to meet our EBITDA target of 10 billion dollar in the near future," he explained.

Vedanta had in September last year announced the demerger of metals, power, aluminium, and oil and gas businesses to unlock potential value. After the exercise, six independent verticals -- Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited -- will be created.

According to sources, around 600 non-flying staff of Air India and Vistara are likely to be impacted by the two airlines' mega-merger

New Delhi: Around 600 non-flying staff of Air India and Vistara are likely to be impacted by the two airlines' mega-merger, and efforts will be made to provide job opportunities to the affected employees within Air India group and Tata companies, sources said on Wednesday.

Tata Group-owned loss-making full-service carriers -- Air India and Vistara -- together have more than 23,000 employees.

Sources in the know told PTI that the merger is expected to impact around 600 employees from the two airlines.

Efforts will be made to provide employment opportunities for the affected people at Air India as well as the Tata groups. Those who cannot be accommodated in both groups will be provided a voluntary separation scheme package, they added.

Further, the sources said the process is still progressing and the exact number of impacted staff will be known after completion of the merger, which is expected in late September or early October.

There was no comment from Air India.

The fitment exercise -- which involves the evaluation of the roles and responsibilities of staff of both airlines -- in the run-up to the merger has been going on for the past few months. The exercise takes into account an individual's prior experience, performance and other factors.

The sources said the fitment process is being conducted in a fair and transparent manner. Various aspects, including that the airline group is becoming more of a technology-driven organisation, have been taken into consideration.

According to sources, there will be no impact in terms of jobs for cabin crew and pilots.

On May 12, Air India CEO and MD Campbell Wilson, along with Vistara CEO Vinod Kannan, held a one-and-a-half-hour-long town hall meeting with the employees of both carriers about the proposed merger.

At that time, both Wilson and Kannan also assured that the fitment or assignment of existing employees into the new structure was being done based on merit and competency.

The plans for fleet expansion, network growth and enhanced service over the next few years have also been taken into consideration while deciding on the organisation structure.

The merger, which will create one of the biggest airline groups, was announced in November 2022. Once the deal is complete, Singapore Airlines will have a 25.1 per cent stake in Air India. Vistara is a joint venture between Singapore Airlines and Tata Group.

About the merger, Vinod Kannan, in January, said, "We want to make sure that everyone in Vistara does have a role (in the merged entity). It is not a merger for cost-cutting or efficiencies, it is a merger for growth".

In June, the National Company Law Tribunal (NCLT) cleared the merger, and in March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal.

Earlier in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions.

Since Tata Group took over the reins of Air India in January 2022, more than 9,000 people, including cabin crew, have been hired.

As part of consolidating its airline business, Tata Group is also merging Air India Express and AIX Connect (formerly AirAsia India).

The harmonisation of operating manuals across all Tata Group airlines has been completed.

State Bank of India (SBI) Raises Rs 10,000 Crore Through Infrastructure Bonds

New Delhi: The State Bank of India (SBI) on Wednesday announced a successful raise of Rs 10,000 crore through the issuance of infrastructure bonds. This latest issuance is part of SBI's ongoing strategy to enhance its long-term resources dedicated to funding infrastructure and affordable housing projects.

The funds raised will be utilized to strengthen the bank’s capacity to support infrastructure development and affordable housing initiatives, thereby contributing significantly to these critical sectors. The bonds issued carry a coupon rate of 7.36 percent, payable annually over a 15-year tenor, matching the rate of the previous issuance.

The recent bond issuance follows a similar move made about two weeks ago, during which SBI had also raised Rs 10,000 crore through infrastructure bonds. In that instance, the bank had initially aimed to raise Rs 5,000 crore but ended up collecting Rs 10,000 crore due to substantial investor interest and the exercise of the greenshoe option.

The latest issue saw overwhelming demand, with the offering being oversubscribed by a factor of 3.6 times. The bank received bids totaling over Rs 18,145 crore, underscoring strong market confidence in SBI's financial stability and its infrastructure financing capabilities.

SBI Chairman Dinesh Khara remarked that this issuance is pivotal in developing a robust long-term bond curve and serves as a model to encourage other banks to issue bonds with extended tenors. "The successful completion of this bond issue highlights the market's trust in our financial strategy and supports our objective of bolstering long-term funding sources for essential infrastructure and housing projects," Khara added.

With this new issuance, SBI’s total outstanding long-term bonds now stands at Rs 59,718 crore, reflecting the bank's commitment to securing substantial resources for its strategic financial initiatives.