Jio Financial Services and BlackRock Inc.announced the incorporation of two joint venture companies—Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited.
The move comes after in-principle approvals received by both companies to enter India’s mutual fund industry.
Jio Financial has invested Rs 82.9 crore for a 50 percent stake in both companies, that is Rs 82.5 crore for Jio BlackRock Asset Management and Rs 40 lakh for Jio BlackRock Trustee.
The companies, receiving their incorporation certificates from the Ministry of Corporate Affairs on October 28, will focus on mutual fund operations subject to regulatory approvals.
The first “Make in India” C295 transport aircraft is set to roll out of the newly built Vadodara facility, inaugurated by Prime Minister Narendra Modi and Spain’s Prime Minister Pedro Sanchez, in September 2026.
This plant will create 10000 jobs across the country and will also see 18000 components of this military aircraft --- except aircraft engines --- being manufactured indigeniously.
India has become the largest customer for the C295, acquiring 56 aircraft. The C295 ‘Make in India’ programme will produce more than 85 percent of the structural,
And final assembly of 40 aircraft and manufacture 13,000 detail parts in India. For this, 21 special processes have been certified, and 37 India-based suppliers from the private and public sectors have been onboarded.
The inauguration comes three years after the Indian Air Force (IAF) formalised the acquisition of 56 Airbus C295 aircraft to replace its legacy AVRO fleet.
As per the contract, 40 units will be manufactured and assembled in partnership with TASL at this FAL, while 16 will be delivered to the IAF in ‘fly-away’ condition from Airbus’ final assembly line in Seville, Spain. To date, six aircraft have already been delivered.
Jio Financial Services, the non-banking financial company (NBFC), announced that customers can now buy digital gold by investing in SmartGold through the JioFinance app. Customers can start investing in digital gold anytime, with a minimum amount of Rs 10.
Further, “customers can also choose flexible options to buy SmartGold in denominations of rupees or grams.
They also have the option of directly purchasing gold coins from the digital platform and having them delivered to their doorstep.
The underlying asset—24-karat physical gold equivalent to a customer’s investment in SmartGold—will be procured and stored in insured vaults.
Additionally, customers can view live gold market prices on the JioFinance app, ensuring transparency at all times.
Customers can redeem their SmartGold units for cash or physical gold anytime they wish. The delivery of physical gold is available for holdings of 0.5 gm and above, in denominations of 0.5 gm, 1 gm, 2 gm, 5 gm, and 10 gm.
The NBFC recently launched the JioFinance app, offering a range of services, including loans, savings accounts, Unified Payments Interface (UPI) bill payments, recharges, digital insurance, financial tracking and management tools, and more. The digital savings account from Jio Payments Bank Ltd (JPBL), which can be opened digitally in under five minutes.
Provides a secure bank account with biometric authentication and a physical debit card.
The JioFinance app also gives customers an aggregate view of their holdings across different bank accounts and mutual fund holdings, enabling better financial management. Additionally, the JioFinance app offers 24 insurance plans, covering a comprehensive suite of life, health, etc.
Reliance Industries announced that Reliance New Energy Limited (RNEL), its wholly owned subsidiary, has completed the acquisition of the remaining 8% equity share in Faradion Limited, a leading sodium-ion battery technology company.
Currently, RNEL holds 92.01% equity stake in Faradion Limited.
With this recent acquisition, RNEL will now have full ownership of Faradion Limited, making it a wholly-owned subsidiary under its umbrella. This move further solidifies RNEL's position in the energy sector and demonstrates Reliance Industries' commitment to investing in innovative technologies.
Faradion, headquartered in Sheffield and Oxford, UK.
Tata Power Renewable Energy Ltd has partnered with IndusInd Bank to offer financing options to Micro and Small Enterprises (MSEs) for solar installations.
This alliance will provide MSEs with collateral-free solar financing, by offering loans ranging from Rs 10 lakh to Rs 2 crore, Tata Power Renewable Energy said.
These loans, contingent on the bank's credit approval, require a 20 per cent margin and come with competitive interest rates, offering terms of up to 7 years, the company said.
Tata Power Renewable Energy CEO & MD- Deepesh Nanda
Three Chinese astronauts, including a woman, made a smooth entry into the orbiting space station after the successful launch of their spaceship to man the station for the next six months.
The three astronauts of China's Shenzhou-19 spaceflight mission have entered the Tiangong space station and met with another astronaut trio starting a new round of in-orbit crew handover.
Earlier, the spaceship Shenzhou-19 carrying the three astronauts successfully docked with the space station combination. The spaceship made a fast, automated rendezvous and docking with the front port of the space station's core module Tianhe at 11 after which the three astronauts entered it.
The Shenzhou-19 crew consists of mission commander Cai Xuzhe, and astronauts Song Lingdong and Wang Haoze. Wang is currently China's only female space engineer and the third Chinese woman participating in a crewed spaceflight mission
It is currently the only country to have a space station.
Indian Railways today signed a Memorandum of Understanding (MoU) with the Federal Department of the Environment, Transport and Communications of the Swiss Confederation to enhance technical cooperation between the two nations. The MoU renewed and formalized through video-conferencing, received approval from the Ministry of Railways and the Ministry of External Affairs.
This MoU will provide comprehensive framework for collaboration to the Indian Railways in various areas, including technology sharing, track maintenance, management and construction. This MoU is also aligning with our government's commitment to modernizing Indian Railways.
The original MoU, signed on August 31, 2017, was valid for five years.
Before the signing of the MoU, a Joint Working Group (JWG) was formed to facilitate collaboration between representatives of Indian Railways and Swiss Railways. The JWG convened two meetings to explore various key areas of cooperation, with sessions taking place on October 21, 2019 and August 30, 2022.
World Thrift Day is celebrated on October 31 globally and on October 30 in India. It is a day dedicated to highlighting the value of saving money and financial security.
The term ‘thrift’ refers to using resources carefully and wisely so that they are not exhausted all at once. People should be educated on the need and the various ways of saving.
The primary aim of this day is to emphasise the significance of money saving thrifty spending, and achieving financial security. Many children grow up unaware of how to take care of their financial matters as they have their families or others to do so on their behalf.
HDFC Standard Life Insurance Company Ltd bought shares of PNB Housing Finance worth Rs 90 crore via an open market transaction. According to data from the BSE, HDFC Standard Life acquired over 10 lakh shares, amounting to a 0.4 per cent stake in PNB Housing Finance, at an average price of Rs 900 per share.
The transaction also saw foreign investor Asia Opportunities V (Mauritius) Ltd reduce its stake in PNB Housing Finance by selling shares at the same price. This sale brought Asia Opportunities V’s stake down to 0.94 per cent from 1.34 per cent.
World Stroke Day is observed annually on October 29 to raise awareness about stroke prevention, treatment, and the significant impacts strokes have on individuals and communities. This day, led by organisations like the World Stroke Organisation, aims to improve understanding of strokes, their warning signs, and how lifestyle changes can reduce risk.
The Competition Commission of India has approved the acquisition of additional share capital of Agilus Diagnostics Limited (Agilus) by Fortis Healthcare Limited (FHL)
The Proposed Combination involves the acquisition of an additional 31.52% share capital of Agilus by FHL. Post the Proposed Combination, the shareholding of FHL in Agilus will increase from 57.68% to 89.2%.
FHL is primarily engaged in providing integrated healthcare delivery services such as medicare, healthcare, diagnostics and its businesses include managing and operating a network of multi-specialty hospitals and providing preventive healthcare and diagnostics services. The diagnostics services business of FHL is being undertaken primarily through Agilus.
The Competition Commission of India has approved the proposed combination involving acquisition of additional shareholding in Thoughtworks Holding, Inc. by AP Funds and Temasek.
Tasmania Midco LLC (Acquirer) is an SPV indirectly wholly-owned by the Apax Partners LLP (AP).
AP is a limited liability partnership incorporated under the laws of United Kingdom and the parent of a number of entities which provide investment advisory services to private equity funds investing in a range of industry sectors.
Nevado Investments Pte. Ltd. (Nevado) is a limited company incorporated in Singapore.
