Business News

With 22% share, Micromax leads the Indian smartphone market for the first time, after upstaging Samsung Electronics.

Encouraged by foreign exchange reserves touching record levels, the Reserve Bank of India has doubled the annual overseas investment ceiling for individuals to $2,50,000.

ITC Limited has acquired ‘Savlon’ and ‘Shower To Shower’ trademarks and other intellectual property from Johnson & Johnson Pte. Ltd, Singapore, primarily for use in India.

The 67-acre plant in Chakan, near Pune, is General Electric’s (GE) first multi-purpose manufacturing facility in India, which will produce a range of products that will include aviation, rail and diesel engines. GE  will use the facility as an export hub, with plans to send half of its output to the conglomerate’s global factories.

Infosys Ltd said has decided to buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million as India’s second-biggest IT outsourcing company bets on new technology to boost growth.

Punit Renjen has been named CEO of Deloitte Global, making him the first person of Indian-origin to head one of the Big Four audit firms.  Deloitte is a global accounting firm, one of the biggest in the world, alongside PWC, EY and KPMG.

Bharat Forge has announced a joint venture with Israel’s Rafael Advanced Defence Systems for manufacturing high-tech defence components.

Pune-based Bharat Forge Limited (BFL) has signed a multi-year contract with Boeing Commercial Airplane to supply titanium forgings for wing components for the next-generation aircraft. Under the agreement, Bharat Forge will begin supplying pre-machined forgings from its facilities in Pune and Baramati to Boeing in the first quarter of 2016. The titanium parts will be heat-treated, shaped in a forging press, and machined by Bharat Forge before being shipped to Boeing Portland for finish machining into components. The components then will be installed in the next-generation 737 and 737 MAX wings at the final assembly plant in Renton, Washington.

The Union Cabinet has approved State-run power producer NTPC Ltd’s plans to set up 15,000 megawatt of grid-connected solar projects, which would be completed in three tranches, namely, 3000 MW under Tranche-l under mechanism of Bundling with Un-allocated Coal based Thermal Power and fixed level tariffs, 5,000 MW under Tranche-ll with some support from government to be decided after getting some experience while implementing Tranche-l and balance 7,000 MW under Tranche-Ill without any financial support from the government.

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