Mahindra Group on Thursday announced that it has tied up with Ontario Teachers' Pension Plan Board to capitalise on renewables in India. Under the agreement, Ontario Teachers' will acquire a 30 per cent stake in Mahindra Susten Pvt Lts for Rs 2,371 crore. Then, Mahindra Group and Ontario Teachers' will jointly explore the sale of an additional 9.99 per cent in Mahindra Susten.

Under the agreement, the companies will also establish an Infrastructure Investment Trust (InvIT) comprising renewable power assets of Mahindra Susten with an operation capacity of 1.54 GWp.

Adani Green Energy Ltd on Thursday announced that its subsidiary, Adani Saur Urja, has incorporated its wholly-owned subsidiary, Adani Renewable Energy Fifty One Ltd. Its other subsidiary, Adani Renewable Energy Holding Nine Ltd, has also incorporated Adani Renewable Energy Fifty Five Limited.

"The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sell, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy," the company said in an announcement on Thursday.

Standard and Poor’s (S&P) Global Ratings has downgraded Vedanta Resources Ltd’s long-term issuer rating and bonds from "CCC" to "CC" on a potential transaction involving extension of the maturities of three dollar denominated bonds amounting yo $3.2 billion. "CC" ndicates highly vulnerable status.

"We view Vedanta Resources' proposed liability management exercise involving three of its US dollar-denominated bonds totalling $3.2 billion as a distressed transaction under our criteria," S&P said in a statement.

During the Black Friday and Cyber Monday (BFCM) shopping events held globally between November 17-27, Indian exporters on Amazon Global Selling saw more than 80 per cent business growth compared to business as usual (11-day period starting October 20th) and over 25 per cent growth compared to the same period last year.

Coming right after the festive season in India, the BFCM sale has traditionally been a key sales period for Indian exporters, and the BFCM'23 shopping event provided a spike in business for thousands of exporters on Amazon Global Selling.

Walmart-owned online fashion retailer Myntra registered a record high of 60 million monthly active users this festive season. Driven by a growing customer base, with differentiated offerings for Gen Z, and a robust portfolio of international fashion and beauty brands, the platform solidified its position in the premium and mass premium segments, growing faster than the market.

Backed by a tech-led experience and a choice of 2,300,000 styles, the platform recorded 75 million new app users in 2023, with its loyal customer base growing by 100 per cent year-over-year in the last 18 months.

The Parliament witnessed a major security breach on Wednesday when two unidentified men jumped from the visitor's gallery of the Lok Sabha with what looked like gas canisters. The House was adjourned following this breach. The incident happened when Khagen Murmu, a BJP member of Parliament from Maldaha (West Bengal), was speaking in the Lok Sabha.

Adhir Ranjan Chowdhury, leader of Congress in Lok Sabha, said that the men hurled something like a gas canister which emitted a gas inside the House.

Electrical equipment manufacturer HPL Electric and Power Ltd on Wednesday announced that it has won smart meter orders worth Rs 545 crore from various customers.

HPL Electric and Power produces a diverse range of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, and caters to consumer and institutional customers in the electrical equipment industry.

Union minister Sarbananda Sonowal said on Wednesday that the North East has become a "powerhouse of India's growth" under Prime Minister Narendra Modi's leadership.

Addressing a press conference, the former Assam chief minister said Modi has delivered more than his guarantees for the region during his over nine years at the helm during which "peace and security" have been restored in the region which faced decades of "neglect" under the Congress' rule.

Impact investment firm Omidyar Network India, which has a dual-chequebook investment model, is exiting India after a decade of operations, reported TechCrunch.

"Over the last decade, Omidyar Network India has played a critical role in building the impact investment sector, especially focused on the Next Half Billion. We are proud of our work in this space, which is now attracting larger pools of capital from local venture capital or impact investors and domestic philanthropists than ever before.

Aditya Birla Group’s Hindalco Industries said on Tuesday it will invest Rs 800 crore to set up a battery aluminium foil plant in Odisha as it evaluates opportunities in the electric mobility value chain.

The 25,000-tonne plant will be commissioned by July 2025. “The company is investing Rs 800 crore to build a new plant near Sambalpur in Odisha that will initially produce 25,000 tonnes of the resilient product which forms the backbone of Lithium-ion and Sodium-ion cells,” said the company in a statement.

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