Reliance, TA'ZIZ to invest $2 bn in petchem unit in Abu Dhabi
Billionaire Mukesh Ambani's Reliance Industries on Tuesday said it will in partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ) invest USD 2 billion in setting up a petrochemical production facility in the UAE.
The oil-to-telecom conglomerate will join the recently-formed TA'ZIZ joint venture of Abu Dhabi state energy giant ADNOC and state holding company ADQ for developing the facility at Ruwais in western Abu Dhabi. Read more.
Govt mandates Air Suvidha portal for international passengers' convenience
In the wake of the Omicron threat, Ministry of Civil Aviation and Ministry of Health & Family Welfare mandated contactless self-declaration at Air Suvidha portal to ensure the smooth passage of international travellers arriving in India.
“The portal was launched in August 2020 and now has been strengthened to accommodate travel guidelines issued on November 30, 2021. This portal, developed by MoCA, aids passengers in providing their details of travel and final stay along with RT-PCR, vaccination status etc,” said Ministry of Civil Aviation on Tuesday. Read more
Spinny enters unicorn club with $283 mn fundraise at $1.8 bn valuation
Used car retailing platform Spinny has raised $283 million in its Series E funding round from new and existing investors. The round was led by Abu Dhabi-based ADQ, Tiger Global and Avenir Growth.
In addition to these investors, the round saw participation from existing investors Feroz Dewan, Arena Holdings and Think Investments. Read more
India is said to consider capital markets regulator for cryptos: Report
India is considering appointing its capital markets regulator to oversee cryptocurrencies, according to people with knowledge of the matter, as authorities look to classify them as financial assets.
Prime Minister Narendra Modi's government, which plans to introduce legislation in the ongoing parliament session, will probably give crypto holders a deadline to declare their assets and meet any new rules, the people said, asking not to be identified as the discussions are private. Read more
Medplus Health's downsized IPO opens Monday at price band of Rs 780-796
Pharmacy chain Medplus Health Services has set a price range of Rs 780-796 per share for its Rs 1,398-crore initial public offering (IPO). The share sale opens on December 13 and closes on December 15. Through the IPO, the Warburg Pincus-backed company is planning to raise Rs 600 crore by issuing fresh equity shares.
The rest Rs 798 crore is an offer for sale (OFS). Among the selling shareholders are Premji Invest's PI Opportunities Fund, which is looking to offload shares worth Rs 623 crore and Natco Pharma which is selling shares worth Rs 10 crore. Read more