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Larsen & Toubro (L&T) has signed memorandums of understanding (MoUs) with two Norwegian firms to enhance its shipbuilding operations at its Kattupalli facility near Chennai. The agreements, formalized during a delegation visit led by Union Minister Sarbananda Sonowal, include a partnership with Ulstein Design & Solutions, focusing on commercial shipbuilding synergies, and another with DNV, aimed at collaboration across various sectors such as shipbuilding, port infrastructure, and sustainability. L&T's Precision Engineering Systems, which oversees the shipbuilding division, reported an order book of approximately ₹34,000 crore as of March 31, 2025. The Kattupalli facility, equipped with advanced technology for shipbuilding and modular fabrication, has been pivotal in constructing India's first nuclear-powered submarine and continues to support a diverse range of maritime projects, including offshore vessels and high-tech ships for global clients. 
Published: Jun 10 2025, 12 pmeznews.inThe VOC Port Authority's ₹7,056 crore outer harbour project in Thoothukudi has been cancelled for the second time due to a lack of bidders, prompting the removal of the tender from the available list. Initially re-tendered in December 2024 after the first attempt attracted only two disqualified applicants, the project aims to enhance the port's capacity to handle 4 million TEUs (twenty-foot equivalent units) annually through a two-stage development plan. The first stage, costing ₹4,494 crore, focuses on constructing container terminal 1 and necessary infrastructure, while the second stage, at ₹2,561 crore, will develop container terminal 2. The need for an outer harbour has become critical as container ships have grown significantly in size, with current port facilities unable to accommodate vessels exceeding 400 meters in length. A detailed project report emphasizes that mere upgrades to the inner harbour will not suffice to meet future demands.
Published: Jun 11 2025, 6 pmeznews.inThe Shipping Corporation of India (SCI) is set to launch a coastal container shipping service between Kandla port and VOC Port in Thoothukudi, re-routing its existing Middle East India Liner Express (SMILE) service. The new port rotation will include Pipavav, Kandla, Tuticorin, Cochin, and back to Pipavav, with the inaugural ship scheduled to arrive in Thoothukudi on June 16, according to VOC Port Authority sources. This initiative aims to bolster coastal connectivity between Gujarat and Tamil Nadu, facilitating the transport of goods such as raw cotton and chemicals from Gujarat, alongside solar panels, tyres, and machinery spares from Tamil Nadu. Recent discussions led by SCI Chairperson Susanta Kumar Purohit with Rear Admiral Jaswinder Singh (Retd) focused on the service's launch. Meanwhile, SCI's share price on the NSE closed at ₹210.69, reflecting a decline of 2.06 percent.
Published: Jun 11 2025, 6 pmeznews.inIn a landmark decision, the Sikkim High Court has granted SICPA India Private Ltd a refund of over ₹4.37 crore in unutilised input tax credit (ITC) following the closure of its manufacturing unit in Sikkim. The ruling, delivered by Justice Meenakshi Madan Rai, highlights a significant gap in the current goods and services tax (GST) legislation, which does not explicitly allow refunds for business closures under Section 54(3) of the CGST Act. The court noted that while the Act permits refunds in specific scenarios, it does not bar refunds for accumulated ITC due to business closure. This decision, which draws on precedents from the previous indirect tax regime, is expected to set a crucial precedent for companies winding up operations with unutilised ITC. The Revenue Department is anticipated to appeal the ruling in a higher court.
Published: Jun 11 2025, 6 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted an active monsoon, particularly along India's west coast, with heavy rainfall expected over the next four days, benefiting West Madhya Pradesh. Recent reports indicate heavy to very heavy rain has already impacted parts of Telangana, Kerala, and Mahe, as monsoon activity strengthens due to conditions over the Bay of Bengal. The India Meteorological Department (IMD) warns of extremely heavy rainfall in Kerala, Karnataka, Tamil Nadu, and Puducherry starting Saturday, with isolated heavy rain also forecasted for coastal Andhra Pradesh. Meanwhile, a western disturbance is anticipated to affect North-West India from Friday, although a depression in the West Pacific may divert monsoon flows. The US Climate Prediction Centre suggests above-normal rainfall for Central and North-West India next week, while the Madden-Julian Oscillation is not expected to influence the monsoon in the coming weeks.
Published: Jun 11 2025, 6 pmeznews.inThe European Union (EU) has proposed measures to ease India's Quality Control Orders (QCO) as part of ongoing negotiations for a Free Trade Agreement (FTA), including the introduction of online applications and the accreditation of EU Conformity Assessment Bodies (CABs). While the EU aims to streamline certification processes, experts warn that such accreditation could lead to increased foreign interference, particularly from the European Medicines Agency (EMA), complicating compliance for Indian industries already subject to U.S. FDA regulations. The 12th round of negotiations is set to take place in Brussels in July, with preliminary discussions focusing on market access, government procurement, and intellectual property rights. The EU has previously raised concerns at the WTO regarding India's QCOs, which it views as protectionist, while India defends its standards as necessary for improving domestic product quality and preventing sub-standard imports. Both parties hope to finalize the FTA by year-end, despite lingering contentious issues.
Published: Jun 11 2025, 5 pmeznews.inIn a pioneering initiative, the Tata Cornell Institute for Agriculture and Nutrition (TCI) and Preservation and Proliferation of Rural Resources and Nature (PRAN) have launched Bihar's first agrivoltaics site in Nawada, Gaya district. This innovative project integrates agriculture with solar power, allowing farmers to cultivate shade-tolerant crops beneath solar panels while generating electricity. The 20-kilowatt solar array powers a grain mill and micro-irrigation systems, enabling farmers to grow crops during dry seasons with reduced water usage through drip and sprinkler systems. TCI Director Prabhu Pingali emphasized the project's potential to lower greenhouse gas emissions and enhance productivity. As part of TCI's Zero-Hunger, Zero-Carbon Food Systems project, researchers will monitor the site to assess its impact on irrigation, crop production, and farmer incomes, with hopes of expanding agrivoltaics across India. The initiative aims to empower farmers to cultivate high-value crops, ultimately improving their livelihoods.
Published: Jun 11 2025, 5 pmeznews.inJindal Rice Mills has unveiled its new consumer brand, Nourifyme, which features a selection of fortified rice, including fortified Basmati rice and fortified wheat atta (flour). The launch took place in Chandigarh during an event focused on advancing fortified rice in Punjab, where White Spoon Fortified Basmati Rice, developed by Anand Agro Industries, was also introduced. The initiative highlights Nourifyme's collaboration with global nonprofit TechnoServe, part of the Millers for Nutrition – Asia program. Punjab's Minister of Industry & Commerce, Tarunpreet Singh Sond, underscored the government's commitment to food fortification as a national priority. Shubham Mishra, Food Fortification Manager at Millers for Nutrition India, emphasized the need for innovative partnerships to combat malnutrition. Nourifyme products will be distributed through key retail channels, with plans for expansion across northern and eastern India, aiming to establish itself as a trusted brand for fortified staples.
Published: Jun 11 2025, 5 pmeznews.inThe Rubber Board has launched a sensitisation programme in Kochi aimed at educating rubber product manufacturers about the European Union's upcoming regulations on deforestation-free products (EUDR), set to take effect on January 1, 2026. The initiative, attended by 70 participants, including representatives from tyre manufacturing companies, focuses on essential practices such as supply chain mapping, traceability systems, and geo-mapping of plantations. Under the EUDR, operators and traders must demonstrate that their products do not originate from deforested land post-December 31, 2020, and comply with local laws. As rubber products are included in the EUDR's scope, the Board is prioritising geo-mapping efforts to assist exporters in obtaining the necessary Due Diligence Certificates for their non-rubber products destined for EU markets. Manufacturers are urged to participate in these programmes to ensure compliance with the new regulations.
Published: Jun 11 2025, 3 pmeznews.inPower Minister Manohar Lal is set to engage with stakeholders to expedite the implementation of market coupling in India's power exchanges, following initial consultations. Market coupling aims to unify the pricing mechanism across the Indian Energy Exchange (IEX), Power Exchange of India (PXIL), and Hindustan Power Exchange (HPX), facilitating a uniform market clearing price for the Day Ahead Market (DAM) and Real-Time Market (RTM). While stakeholders generally support the initiative for enhancing competition and reducing transaction costs, concerns have been raised about potential market disruptions due to the integration of various inputs. The Central Electricity Regulatory Commission (CERC) has previously highlighted the need for a compelling case for market coupling, its implications for technological innovation, and the potential role of a third-party market coupling operator to ensure impartiality. The discussions are part of broader efforts to optimize transmission infrastructure and maximize economic surplus in the power sector.
Published: Jun 11 2025, 2 pmeznews.inIn the past decade, India's single specialty healthcare segment has garnered over $3.7 billion in private equity investments, representing more than 35% of total hospital investments, according to Avendus Capital. Currently valued at $4 billion, the market is projected to reach $9 billion by 2028, growing at approximately 24%. The report highlights strong fundamentals, including EBITDA margins exceeding 20% and return on capital employed above 30%, as key drivers of this growth. While established specialties like IVF and oncology have attracted the majority of investments, emerging fields such as dental and skin care are gaining traction due to demand-supply gaps. The market capitalization of listed single specialty chains is expected to rise from $3.9 billion to $18 billion by FY30, fueled by new listings and consolidation efforts. Experts suggest that growth will increasingly shift towards Tier 2 and beyond markets, indicating a significant structural shift in India's healthcare landscape.
Published: Jun 11 2025, 1 pm
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