Category: Business & Economy

** Dr. Reddy’s prices anti-COVID-19 molnupiravir capsules at ₹35 each

Molflu is expected to be available from early next week in pharmacies throughout the country, Dr. Reddy’s said

Pharma major Dr. Reddy’s Laboratories on Tuesday said it would launch molnupiravir capsules 200 mg, the anti-viral drug that India recently granted emergency use authorisation for COVID-19 treatment, at ₹35 each under the brand name Molflu.

Each strip would have 10 capsules. With the recommended dose 800 mg twice a day for five days, the total course of 40 capsules would cost ₹1,400, making it among the most affordable treatment options available to patients, Dr. Reddy’s said.

** Sri Lanka Cabinet clears Trincomalee oil tank farm deal with India

Ashok Leyland has won the bid for providing 500 new buses to Sri Lanka, while the Sri Lanka Police force will procure 750 jeeps from Mahindra and Mahindra

Sri Lanka’s Cabinet has given its nod for a new deal announced by the Energy Minister last week , to jointly develop the Trincomalee oil tank farm with India.

According to a press statement issued by the Department on Government Information, on decisions taken at the first cabinet meeting of the year held on Monday, India and Sri Lanka “have reached an agreement to implement a joint development project” through diplomatic talks.

** ICMR approves India-made kit to detect Omicron

The Indian Council of Medical Research (ICMR) has approved a testing kit for detecting the Omicron variant of the SARS-CoV-2 coronavirus. The kit is manufactured by Tata Medical and Diagnostics and is named OmiSure.

The RT-PCR kit, Omisure, was earlier sent to the ICMR for approval after continued testing. The kit will be used to confirm the Omicron in patients with its S-Gene Target Failure (SGTF) strategy.

** Musk reveals how he hired Ashok Elluswamy as Tesla Autopilot Head

Ashok Elluswamy holds a bachelor’s degree in Electronics and Communication Engineering from the College of Engineering Guindy, Chennai

Elluswamy was actually the first employee to be hired for Tesla’s Autopilot team, with Musk actually using Twitter to ask people to apply for the role back in 2015.

** Launch of portal for unorganised workers key achievement: Labour Ministry

Another major step in 2021 was launch of all-India surveys on migrant workers

While the Union Labour and Employment Ministry launched surveys on unorganised sector workers and started a portal for registering such workers in 2021, welfare schemes for unorganised workers under the labour codes passed by Parliament in 2020 remained an unfulfilled promise.

The four labour codes — on wages, social security, occupational safety and industrial relations — were passed by Parliament in 2019 and 2020. However, they are yet to be implemented as the rules framed under provisions of the codes have not been notified. According to senior officials of the Ministry, the Central rules were ready before the start of financial year 2021-2022, but several States are yet to frame their rules under the codes.

**India-based Tamara Leisure Experiences strengthens its German portfolio with 4th hotel acquisition

 Tamara Leisure Experiences headquartered in Bengaluru, India has added to its German portfolio of hospitality outlets with the recent acquisition of Moxy Bremen at Uberseestadt in Bremen.

This newly acquired hotel is a three-star property with 128 rooms and is situated to the west of Bremen, a city with 570,000 residents. Uberseestadt, where the hotel is located, is the former port area of the Walle district and is currently being built up as a modern mixed-use business and residential space.

** American Association of Engineers of India Origin launches Innovation Center

The hub was inaugurated by Bill Foster, Congressman-IL, together with AAEIO President Gladson Varghese, President-Elect Ajit Pant, Vice President Nitin Maheshwari, and other board members.

** Amara Raja investing €10 million in European electric vehicle battery group

The investment is part of the Energy and Mobility strategy Amara Raja is pursuing to foray into new green technologies and solutions through expansion and investment

Amara Raja Batteries is investing €10 million in InoBat Auto, a European Group focused on research and development in the field of batteries for electric vehicles and production of lithium-ion battery cells as well as tailored and customs cells.

** Reliance New Energy Solar to acquire U.K.’s sodium-ion battery tech firm Faradion

Reliance New Energy Solar Ltd. (RNESL), a wholly owned subsidiary of Reliance Industries Ltd., said it has signed definitive agreements to acquire 100% shareholding in Faradion Ltd. (Faradion) for an enterprise value of GBP 100 million (around ₹1,000 crore).

In addition, RNESL has also agreed to invest GBP 25 million as growth capital to accelerate commercial roll out.

“Based out of Sheffield and Oxford in U.K. and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology,” RIL said in a statement.

** Amid Ladakh standoff, India inaugurates world’s highest motorable road: 5 points

Union defence minister Rajnath Singh on Tuesday inaugurated 24 bridges and three roads built by Border Roads Organisation to strengthen strategic capabilities of India. Among these projects is the Chisumle-Demchok road at Umling La Pass.