Bharti Airtel has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India). The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor India’s running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. Separately, Bharti Airtel through its subsidiary - Bharti Airtel Services, has acquired a strategic equity stake in Seynse Technologies, a Financial Technology (FinTech) company. Seynse has created the popular digital lending platform ‘Loan Singh’, which enables easy loans for credit-worthy yet under-served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.
Oriental Bank of Commerce (OBC) has signed a corporate agency agreement with general insurance provider Cholamandalam General Insurance Company, for distribution of insurance products. Chola will offer a wide range of non-life insurance products to customers of the Bank through its branches. The insurance products include motor, health, home and travel. The Bank has posted a net loss of Rs 130.01 crore for third quarter ended December 31, 2016 as compared to a net loss of Rs 424.69 crore for the quarter ended December 31, 2015. Total income of the Bank increased by 1.22% at Rs 5415.97 crore for Q3FY17 as compared Rs 5350.48 crore for the corresponding quarter previous year.
SpiceJet has announced flat fares of Rs 777 on the domestic sector to woo more flyers in the lean season. Bookings on this offer are on till February 25 for travel from March 9 to April 13. On Monday, it announced an offer of Rs 250 off on its SpiceMax category, the wider, roomier seats on the front end of its aircraft. The airline, along with its peers, has been offering such discounts. Last week, it introduced a flat 10% discount on flights to Muscat from India. The offer is valid for travel till March 25.
NTPC has commissioned the 115 MW out of 260 MW of Bhadla Solar Power Project of the company. With this, the installed capacity of NTPC’s solar power projects touches 475 MW. The total installed capacity of NTPC on standalone basis has become 41177 MW and that of NTPC group has become 48143 MW.
Cosmo Ferrites has successfully commenced the production of LED lamps and lighting effects on February 22, 2017 at its manufacturing unit located at Noida in Uttar Pradesh. Cosmo Ferrites is the leading manufacturer of soft ferrites in India, one of the leading manufacturers of Manganese Zinc Soft-ferrite from India.
Baba Arts has received an approval for commencement of new business of import, export, wholesale and retail trading of PVC Resin, HDPE, LDPE, PP and all kinds of plastic raw materials and goods. The board of directors at its meeting held on February 22, 2017 has approved for the same.
The US arm of Aurobindo Pharma is recalling 47,040 bottles of Venlafaxine Hydrochloride extended release capsules, manufactured by the Hyderabad-based firm, from the American market. Aurobindo Pharma USA Inc is recalling 47,040 bottles of Venlafaxine Hydrochloride extended release capsules in the strength of 37.5 mg in a nationwide recall in the US. The voluntary ongoing recall is a Class II recall. As per the United States Food and Drug Administration (USFDA) the recall is on account of failed tablet/capsule specifications: some bottles contain punctured, and/or clumped /melted capsules.