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Hatsun Agro Product Limited (HAP), based in Chennai, has acquired Bhuvaneshwar's Milk Mantra Dairy Pvt Ltd for ₹233 crore, marking its first dairy acquisition in a decade. This strategic move aims to penetrate Eastern markets, particularly Odisha, where Milk Mantra, known for its 'Milky Moo' brand, reported revenues of ₹276 crore for 2023-24. Following the acquisition, Milk Mantra will become a wholly-owned subsidiary of HAP, enhancing the company's presence in the Eastern India dairy sector and complementing its existing operations. HAP's Chairman, RG Chandramogan, noted that this acquisition aligns with the company's goal of expanding into new geographical areas, potentially tapping into markets in North Andhra Pradesh and West Bengal. The Milky Moo brand will join HAP's portfolio, which includes established brands like Arun, IBACO, Hatsun, and Arokya. At the time of reporting, HAP's shares were trading at ₹954.90 on the NSE. 
Published: Jan 21 2025, 1 pmeznews.inGrinson George, Director of the ICAR-Central Marine Fisheries Research Institute (CMFRI), has warned that climate change is significantly altering marine ecosystems, urging stakeholders to adapt for sustainability. He noted that traditional fish species are becoming scarce in certain coastal areas, while new resources are emerging, presenting both opportunities and challenges. CMFRI, a leading marine fisheries research body, is actively assessing fish stocks in India's Exclusive Economic Zone and studying climate change impacts. George highlighted that rising sea surface temperatures and changing ocean currents disrupt plankton populations, which are crucial to the marine food web, leading to broader ecological consequences. He called for innovation and adaptability in fishing practices, suggesting that while some traditional fisheries may decline, new species could be targeted through careful research and sustainable practices. CMFRI is set to celebrate its 78th Foundation Day from February 1 to 3, featuring various community engagement events.
Published: Jan 21 2025, 3 pmeznews.inThe Solvent Extractors’ Association of India (SEA) has called for increased financial backing for the National Mission on Edible Oils (NMEO) to enhance domestic oilseed production and reduce reliance on imports, which currently stand at approximately 160 lakh tonnes valued over ₹1.4 lakh crore. In a pre-Budget memorandum, SEA proposed raising the NMEO budget from ₹10,000 crore to ₹25,000 crore over five years, aiming to cut import dependence from 65% to 25-30% by 2029-30. The memorandum also urged the government to adjust import duties on refined palm oil to protect the domestic refining industry and suggested a uniform duty on all crude edible oils. Additionally, it highlighted the plight of soyabean farmers facing low prices and called for a ₹5,000 crore fund to support them. The SEA emphasized the need for regulatory changes to boost local production and ensure fair pricing for farmers.
Published: Jan 21 2025, 6 pmeznews.inJSW Neo Energy Ltd, a subsidiary of JSW Energy Ltd, has announced plans to acquire 100% of O2 Power Midco Holdings Pte. Ltd. and O2 Energy SG Pte. Ltd., significantly enhancing its renewable energy portfolio in India. The acquisition, which is pending regulatory approvals, will allow JSW to expand its wind and solar power generation capabilities through O2 Power's multiple special purpose vehicles. This strategic move aligns with JSW Energy's goal of achieving 20GW of generation capacity by 2030 and supports India's broader initiative to reach 500GW of non-fossil fuel capacity by the same year. Industry experts believe the deal will not disrupt market competition, as both companies have minimal overlap in operations. As JSW strengthens its position in the renewable sector, this acquisition could set a precedent for future green energy consolidations in India, fostering increased investment in sustainable infrastructure.
Published: Jan 21 2025, 3 pmeznews.inThe Indian government has extended the free import window for tur (red gram) until March 31, 2026, to address a shortfall in domestic production despite favorable monsoon conditions. This decision has sparked discontent among farmers, who fear that increased imports will further depress prices during the harvest season. Currently, market prices for tur have fallen below the minimum support price (MSP), with modal prices in Karnataka ranging from ₹5,600 to ₹7,850 per quintal, down from over ₹10,000 three months ago. The production estimate for tur stands at 35.02 lakh tonnes, which is insufficient to meet the demand of 45 lakh tonnes. In response, the Agriculture Ministry has sanctioned the purchase of over 9.66 lakh tonnes of tur at MSP. Meanwhile, Karnataka has announced an additional support price of ₹450 per quintal to aid local growers, with plans for 400 procurement centers across the state.
Published: Jan 21 2025, 4 pmeznews.inA recent survey by Twid, a prominent rewards-based payment network, reveals that e-commerce is the preferred method for redeeming rewards, with 90% of users opting for online shopping. The survey, which included over 1,200 participants—61% of whom were millennials—found that 66% of respondents believe rewards programs significantly influence their purchasing decisions. Key preferences highlighted include earning points for discounts (80%) and cashback offers (66%), with 65% of consumers seeking greater variety in redemption options. Additionally, over 75% expressed a desire for a unified rewards platform to consolidate points from various sources. Rishi Batra, COO of Twid, noted the importance of delivering instant rewards, which their Pay With Rewards solution aims to achieve by integrating rewards at checkout. Twid's network, which has access to a points pool valued at $2.2 billion, collaborates with major brands and merchants across India, following a successful $12 million Series-A funding round led by Rakuten Capital and Google.
Published: Jan 21 2025, 2 pmeznews.inIndia's electric bus sector is experiencing significant growth, with public transport authorities ordering over 20,000 e-buses, bolstered by government initiatives and enhanced manufacturing capabilities, according to India Ratings and Research (Ind-Ra). As of December 2024, more than 10,000 e-buses have been deployed, thanks to programs like FAME I and II and PM-eBus Sewa, which collectively allocate ₹282.16 billion. However, timely payments from public transport authorities remain a critical challenge. The proposed ₹3,435 crore Payment Security Fund aims to ensure financial sustainability for e-bus projects, while mechanisms like the Payment Security Mechanism (PSM) are expected to improve project bankability. Private sector adoption, particularly through leasing models, could further stimulate demand, helping operators manage high upfront costs. Expanding heavy-duty public charging infrastructure is also essential for operational flexibility, as the sector prepares for increased production and deployment in the coming years.
Published: Jan 21 2025, 1 pmeznews.inThe Indian government has extended its duty-free import policy for tur (arhar/red gram) until March 31, 2026, as part of efforts to stabilize prices and enhance domestic availability. The Directorate General of Foreign Trade announced this extension, which was initially set to expire in March 2025. Current estimates indicate tur production will reach approximately 35.02 lakh tonnes, a 2.5% increase from last year's 34.17 lakh tonnes. As harvesting progresses in key states like Karnataka and Maharashtra, mandi prices have fallen below the minimum support price (MSP) of ₹7,550 per quintal for the kharif 2024 season. The government is also monitoring the prices of other pulses, with expectations of good production for chana and masur due to favorable conditions. Recent measures, including the sale of various dals under the Bharat brand, have successfully reduced the Consumer Price Index (CPI) for pulses inflation from 19.54% in January 2024 to 3.83% in December 2024.
Published: Jan 21 2025, 10 ameznews.inIn the December quarter of 2024, domestic rubber prices stabilized, yet international prices continued to rise, prompting tyre manufacturers to consider further price hikes in Q4 FY25 to safeguard their profit margins. Industry analysts predict that the ongoing demand coupled with restricted supply will keep natural rubber prices elevated, potentially tripling the market deficit in 2024 due to reduced tappable areas and lower yields. CEAT, a major tyre maker, reported a 46.4% drop in Q3 profits, attributing this to soaring raw material costs, and plans additional price increases across various segments. Experts highlight that global supply chain disruptions are exacerbating the volatility of raw material prices, although initiatives like INROAD aim to enhance local rubber production. Credit rating agency ICRA forecasts a moderation in domestic tyre volume growth to 4-6% in FY2025, with revenues expected to rise by 5-7%, but margins may decline by 200-300 basis points due to high rubber and crude prices.
Published: Jan 21 2025, 9 ameznews.inInfrastructure firm PNC Infratech has secured in-principle approvals from the National Highways Authority of India (NHAI) to transfer its 100% stake in two subsidiaries involved in the Bundelkhand and Khajuraho road projects to the KKR-backed Highways Infrastructure Trust. This development positions the PNC-KKR deal for closure by the end of March 2025, as PNC works to meet the necessary conditions. Key conditions precedent (CPs) include obtaining change in control approvals from highway authorities and no objection certificates (NOCs) from project lenders. PNC has received approvals for eight of the twelve highway assets, with two more expected by January 2025. The company anticipates completing the transactions for ten assets by the end of the financial year, representing 85% of the deal's total value, which is pegged at ₹9,006 crore. The remaining two assets are expected to close by the first half of FY26.
Published: Jan 21 2025, 9 am
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