Çelebi Aviation Holding has won the ground handling licence for Hyderabad’s Rajiv Gandhi International Airport (RGIA) for 10 years under a competitive bidding process. Çelebi would be investing $5-6 million and partner RGIA to offer modern and technologically-backed services to over 20 million passengers.
The Mumbai-based digital platform Wealth Trust, which was earlier planning to shut down its shop, has now got a lease of life with Orowealth acquiring the firm. Both Orowealth and Wealth Trust had started offering some premium plans where investors could opt for their advisory services.
The global market for drones and drone powered solutions is expected to cross $100 billion by 2023, and India seems to be on the right track to cash on in this sector. The country’s newly-announced Drone Regulation 1.0 is a step to open up the use of Remotely Piloted Aircraft (RPAs) — commonly known as drones — for commercial activities. The regulations will be enhanced in 2019. The policy, which has been formulated by the Ministry of Civil Aviation has created a huge base for a drone ecosystem in the country. By lifting the blanket ban on activities related to drones, companies will now be able to utilise RPAs for commercial purposes. However, experts have called the existing policy “restrictive in terms of usage, height and weight limits” of drones, which gives “very little leeway for commercial usage”. They believe the government could go on to relax the policy in 2019, which would open a broader gateway for industries to leverage the unmanned aviation vehicle (UAV) technology.
HDFC-led Gruh Finance is set to merge with private sector lender Bandhan Bank. The board of directors of the housing finance company and the private bank, individually approved the merger, which is subject to regulatory and shareholder approvals. Post-merger, the shareholding of Bandhan Financial Holdings in Bandhan Bank would reduce to 61 per cent from 82.3 per cent.
Artificial intelligence (AI) startup Tranzmeo, which is part of NASSCOM 10,000 Startups accelerator programme, has secured an undisclosed pre-seed funding from Hindustan Petroleum Corp. Ltd (HPCL) for its AI-powered product, T-connect OneView. The startup will use the funds to accelerate research and development of its advanced, proprietary technology and product line-up, bolster business development opportunities, and double the headcount over the next one year.
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