ONGC, Bharat Forge and Vikas Lifecare to see some action today

27 Jul 2022 Evaluate

Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with Greenko ZeroC (Greenko), to jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia and other derivatives of green hydrogen. This MoU is in line with the National Hydrogen Mission launched by government in making India a global green hydrogen hub. The activities envisaged under this MoU will contribute towards India’s target of producing of 5 million tonnes of Green hydrogen per annum by 2030.

Bharat Forge’s wholly-owned subsidiary-- Kalyani Powertrain (KPL) has incorporated a wholly-owned subsidiary in the name of ‘Electroforge’ (EFL ) on July 25, 2022. EFL will engage in activities related to e-mobility including design, development, manufacture, sales and distribution of electric drive units, electric motors, electric vehicles and certain forged components in the e-mobility sector and cater to the emobility vertical under KPL.

Vikas Lifecare’s subsidiary -- Genesis Gas Solutions (Genesis) has ventured into Commercial Pipeline Contracts with a first ever order from Indian Oil Adani Gas (IOAGPL). Indian Oil Corporation and Adani Total Gas joined hands to form Indian Oil-Adani Gas (IOAGPL). Whereas IOAGPL is laying infrastructure for development of city gas distribution networks to supply the Piped Natural Gas (PNG) to the industrial, commercial and domestic segments and Compressed Natural Gas (CNG) to the transport sector.

Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Bisoprolol Fumarate Tablets USP 5 mg and 10 mg. Bisoprolol Fumarate Tablets are used to treat high blood pressure. They can be used alone or in combination with other high blood pressure medications to lower blood pressure. The drug will be manufactured at the group’s formulation manufacturing facility at, SEZ, Ahmedabad, India and will be distributed by Viona Pharmaceuticals Inc.

Tata Motors has tied up with Indian Bank to facilitate easy financing for its passenger vehicles customers. As part of the partnership, Tata Motors' customers would be able to avail car loans from over 5,700 branches of Indian Bank across the country.

Competition Commission has approved Axis Bank's proposed acquisition of Citi's consumer business in India, one of the largest deals in the country's financial services space. Under the deal worth Rs 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.

Ultramarine & Pigments’ wholly owned Subsidiary--Ultramarine Specialty Chemicals has successfully commissioned the Pigments plant set up at Plot No. 59A, Andhra Pradesh Industrial Infrastructure Corporation (APIIC) Industrial Park, Naidupet, in the state of Andhra Pradesh to manufacture Pigments (1500 MT. capacity). The commercial production of the plant has commenced on July 25, 2022.

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