Business & Economy – Page 25

** HAL-Israel sign MoU for conversion civil aircraft into Multi Mission Tanker Transport Aircraft

In a move aimed at bolstering the ‘Make in India’ campaign, HAL has entered into a MoU with Israel Aerospace Industries (IAI) to convert Civil (Passenger) aircraft to Multi Mission Tanker Transport (MMTT) aircraft in India.

The move will provide India’s defence ecosystem with new capabilities and cost effective solutions in the market. The MoU will facilitate HAL and IAI’s decades’ long expertise in developing, manufacturing and producing leading defence platforms.

The scope of MoU also covers “passenger to freighter aircraft” conversion along with MMTT conversions.

A formal Memorandum of Understanding (MoU) was signed in Delhi by D Maiti, CEO (MiG Complex), HAL and Yaacov Berkovitz, Vice President and General Manager, Aviation Group, IAI in the presence of Chandraker Bharati, JS (Aero), Ministry of Defence, Goveernment of India.

“We are glad to join hands with our long standing partner IAI in this venture of MMTT conversion business which is one of the strategic diversification avenues identified by HAL”, said R Madhavan, CMD, HAL.

** Rare Forest Produce At Your Doorstep

The COVID pandemic has played havoc in the lives of forest dwellers and they have lost access to the local markets where they could sell rare and exquisite forest produce.

However, an initiative by the Federation of Large Area Multipurpose Societies (LAMPS) has come to the aid of tribals residing in forest regions.

The initiative has enabled them to sell agriculture and forest produce to cities like Mysuru in a mobile vehicle. LAMPS procures products from the tribals and sells in cities thereby giving a fair share of income for their produce. A mobile vehicle has been refurbished for this purpose and the vehicle will market the products at doorsteps.

The initiative, launched yesterday in Mysuru, ensures that tribals get a fair value and earn their livelihood. The core objective of LAMPS is to encourage the tribal communities to enhance their financial status by carrying out livelihood activities.

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** Karnataka emerges as top seller of renewable energy under Green Term Ahead Market

Karnataka ranks first in renewable rich States with 15 GW of installed capacity base and another 9 GW of green capacity being under implementation

Karnataka distribution companies (discoms) have become the top seller of renewable energy under the Green Term Ahead Market (GTAM) at the Indian Energy Exchange Limited (IEX).

Power Company of Karnataka Limited (PCKL) has a market share of 74% on the sell side in IEX GTAM market since its inception, selling 2.67 billion units (BU) out of 3.6 BU on the exchange till January, 2022, IEX officials said, adding that Karnataka is now also leveraging the recently commenced Green Day Ahead Market (GDAM) for sale of its surplus renewable power.

HAL scales new peak, sees revenue of over Rs 24K crore

Aerospace giant Hindustan Aeronautics Ltd (HAL) has recorded the highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ending March 31, 2022, registering a 6 % revenue growth over the previous financial year. The corresponding figure for the previous year stood at Rs 22,755 crore.

“Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year”, said R Madhavan, Chairman & Managing Director, HAL.

HAL achieved record revenue with the production of 44 new helicopters/aircraft, 84 new engines, overhauled 203 aircraft/helicopters and 478 engines.

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** MotoManipal wins first place in Electric Bike Design contest

The bike designed by the team is driven by a 2kW brushless DC motor

Aryan Singh, team leader and a third-year mechanical engineering student said that regular and effective communication between the team members ensured that everyone was on the same page.

** MAHE to organise TEDxMAHE on April 3

TEDxMAHE offers a platform to present the concept of TED – Ideas Worth spreading. The theme for this edition is ‘Journey to Eureka’, which captures a sequence of events leading to that glorious epiphany where all the sacrifices make sense.

The sixth edition will be inaugurated by MAHE Pro-Chancellor Dr H S Ballal at the Gangubai Hangal Auditorium in Manipal on Sunday.

** BEL achieves record turnover of ₹15,000 crore in FY22

In fiscal 2021-22, BEL secured orders worth around ₹18,000 crore while its order book as of April 1, 2022, stood around ₹57,000 crore

Bharat Electronics (BEL) has achieved a turnover of ₹15,000 crore (provisional & unaudited) during the financial year 2021-22, against the previous year’s turnover of ₹13,818 crore despite challenges posed by the COVID-19 pandemic and global shortage of semi-conductors.

BEL Chairman & Managing Director Anandi Ramalingam said the company is all set to increase its global footprint by making all-out efforts to tap new markets. “BEL will continue to explore new growth opportunities through diversification, capability enhancement, competitiveness and modernisation,’‘ she added.

** Bosch picks up stake in Bengaluru start-up

This investment would enhance Bosch’s role in the mobility landscape through offerings on digital platforms in personalised and connected mobility

Bosch Limited, a provider of technology and services in the mobility ecosystem, has acquired a 14% stake in Zeliot Connected Services, a Bengaluru-based B2B start-up.

This investment would enhance Bosch’s role in the mobility landscape through offerings on digital platforms in personalised and connected mobility.

The combination of Bosch’s Mobility Marketplace and Zeliot’s micro services platform would create a one-stop shop for new-age mobility players and improve the vehicle ownership experience.

** ‘Make In India’ Initiative: RBI Governor Opens Bank Note Ink Unit In Mysuru

Mysore/Mysuru:

Reserve Bank of India (RBI) Governor Shaktikanta Das was on a visit to Mysuru on Mar. 28 where he dedicated ‘Varnika,’ the Ink Manufacturing Unit of Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), to the nation.

BRBNMPL has set up ‘Varnika’ with an annual ink manufacturing capacity of 1,500 MT to enhance the security of bank notes.

It is a boost to the ‘Make in India’ initiative.

It ensures that the entire requirement of bank note printing inks is produced in-house.

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** ABB opens its largest innovation centre globally in Bengaluru

The centre will roll out solutions supported by next-level AI, ML, data analytics, 3D and digital wins, Multiphysics modeling & IIoT tech

ABB, a technology company, inaugurated a new and expanded R&D and engineering facility named ABB Innovation Center (AIC), in Bengaluru on March 30.

This facility is one of ABB’s largest globally, and serves as the backbone for technology developments to accelerate innovation. It will employ 2,500 diverse technologists, including engineers, principal and data scientists, architects, domain and analytics specialists, programmers, and developers.