Top headlines: Morbi death toll at 132; India Inc eyes Dubai for investment

India Inc moves to Dubai in droves as emirate eases ownership rules

Reliance Industries Chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment.

Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership. Read more

Morbi bridge collapse toll mounts to 132; two missing, search continues

The death toll in Morbi suspension bridge collapse rose to 132 on Monday, Gujarat Minister of State for Home Harsh Sanghavi said, adding rescue personnel are looking for two persons believed missing.

The rescue operation is in its last stage in the Machchhu river. It will be over soon, the minister told reporters.

As per the latest information, 132 people lost their lives in the tragedy and two are still missing, the minister said. Read more

No plans to exit Kerala, will hire around 600 people, says Byju's

Byju’s has said it has no plans to exit Kerala and is setting up three centres in the state and hiring around 600 people. The edtech company, which is valued at $22 billion, is targeting to be profitable by March next year.

With this, the total number of Byju’s establishments across the state will be 14 and these are a mix of company offices and tuition centres. The number of employees in the state will increase from 3,000 to 3,600. Read more

Survival of discoms is questionable now: PowerMin to state govts

The Union Ministry of Power has raised questions on the viability of state-owned power distribution companies (discoms) and their mounting loss-and-debt spiral. Even if discoms were to have a tariff hike every year, they would still find it difficult to service their debt obligations, observed the ministry.

This comes at a time when a new Revamped Distribution Sector Scheme for discoms is underway and the Electricity (Amendment) Bill, 2022, has suggested sweeping changes to the power distribution sector. Read more

Time for Made-in-India passenger aircraft, says PM Narendra Modi

Prime Minister Narendra Modi on Sunday said he could foresee that India would soon be manufacturing big passenger aircraft that would proudly bear the words ‘Made in India’. He was speaking at the foundation stone ceremony of the Tata-Airbus C-295 aircraft manufacturing facility in Vadodara, Gujarat. The Rs 22,000-crore project is being seen as a win for Gujarat ahead of assembly elections. Read more