National Aluminium Company Limited (Nalco) and NTPC Ltd have entered into an MoU to form a joint venture namely NTPC-Nalco Power Company (NNPC) for developing power projects and other business collaborations in India.

The JV plans to set up its first power plant at Gajamara (Odisha) with a capacity of 2,400 MW (3X800 MW), at an estimated investment of Rs 14,000 crore. The proposed super critical power plant will supply uninterrupted power to Nalco’s smelter at Angul. The process for acquisition of 1,600 acres of land in Gajamara has already commenced.

NEW DELHI: Renuka Talwar, daughter of DLF Chairman KP Singh, has acquired a bungalow on Prithviraj Road for Rs 435 crore in one of the biggest deals for a property in Lutyens' Delhi, according to people with knowledge of the matter.

The seller was Kamal Taneja, managing director of real estate developer TDI Infracorp. Located on a 4,925 sq metre plot, the bungalow has a builtup area of around 1,189 square metre and was sold for Rs 8.8 lakh per sq m. Based on current circle rates, its value is around Rs 383 crore.

Mumbai, Dec. 18: The rise in digital transactions following demonetisation has had a positive impact on SBI Buddy, the 19-month-old e-wallet from the country's largest bank.

The number of transactions has increased almost four times, with daily transaction at around 80,000. During the period ended September, the product had more than five million registrations.

Falling for the fourth straight session, the benchmark BSE Sensex surrendered another 82 points to quote at 26,406.99 in early trade today on sustained selling by investors and funds amid weak Asian cues. The 30-share barometer was down 82.04 points, or 0.31%, to 26,406.99 in early trade, with sectoral indices led by consumer durables, auto, realty and banking trading lower.

Having set a target of Rs 1 lakh crore revenue from its FMCG business by 2030, diversified ITC is looking to create "world-class Indian brands" by leveraging on its enterprise strengths.

Buoyed by the successful launches of brands such as Classmates, Sunfeast and Aashirvaad, which are now Rs 1,000 crore-Rs 3,000 crore labels, the company is looking to expand footprints in existing as well as new categories, such as fresh fruits, vegetables and sea foods businesses, to meet the "audacious" goal that it has set for itself.

The Enforcement Directorate (ED) has registered a money laundering case in the alleged forging of a customer's identity to conduct huge illegal transactions in an Axis Bank branch in Noida for conversion of black funds into white post demonetization. The individual, identified as N Paswan, in his complaint filed with the police has claimed that his identity has been forged and a current and a savings account were opened in his name in the said branch which were allegedly used to launder crores of rupees post demonetization.

New Delhi: Moderate fog cover was on Saturday witnessed in the national capital, leading to delay in 52 rail services and re-scheduling of 12 others.

Flight operations at Indira Gandhi International Airport though were normal, airport officials said.

Having already exhausted a Rs 5,000 crore limit to issue 'masala bonds', mortgage major HDFC on Saturday said the Reserve Bank has granted it permission to raise another Rs 3,000 crore from the newly emerging route.

"We have approval from the RBI to raise more money. I think, we have approval for Rs 3,000 crores. But, we will wait and watch," its vice chairman and chief executive Keki Mistry told reporters in Mumbai.

Mumbai: The Indian rupee on Friday closed marginally higher against the US dollar.

The rupee closed at 67.77 per US dollar—up 0.09% from its previous close of 67.84. The home currency opened at 67.81 a dollar and touched a high and a low of 67.74 and 67.87 respectively. So far this year, it has fallen 2.4%.

Mumbai: To encourage digital transactions, the Reserve Bank of India (RBI) on Friday decided to slash merchant discount rate (MDR) charges on payments made through debit cards and do away with levies on small transactions through mobile phones and Internet from 1 January to 31 March.

The MDR for debit card payments, including for payments made to government, will be capped at 0.25% for transactions up to Rs1,000 and 0.5% between Rs1,000-2,000, RBI said in a notification.

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