Business News Live: Adani Electricity to build two transmission lines in Mumbai for Rs 2,000 crore

Adani Electricity to build two transmission lines in Mumbai for Rs 2,000 crore

Adani Electricity, an Adani Group company, is investing over Rs 2,000 crore to build two new transmission lines in the city with an aim to strengthen its network in Mumbai. A company official gave this information. He said that this is a step towards making the city more green by 2027 by getting 60 percent of the electricity required from renewable energy. These two new transmission lines include the 84 ckm Kharghar (in Navi Mumbai) Vikhroli line and the Thane-Aarey Colony line in the north-eastern suburb of the megalopolis. Vikhroli line will be ready by 2025. The company was successful last week in securing a loan of Rs 1,700 crore from international lenders through the projects of its parent company Adani Transmission.

porter expects 60 percent turnover to grow to rs 3,000 crore in the current financial year

Uttam Digga, co-founder of logistics service startup Porter, said the company is expecting a 60 per cent growth in turnover in the current financial year to around Rs 3,000 crore. Uttam Digga said the ventures- Tiger Global and LightRock-backed startup are expected to be operationally profitable by December 2024. He said that we are continuing to grow at the rate of 60 to 70 percent on an annual basis and I think this will continue for the coming one or two years. In this financial year, it is expected that Porter will grow by 60 percent and the company will earn a revenue of about Rs 3,000 crore. Presently porter provides services like transporting household goods from one place to another. The company has also recently started courier service. The company is currently providing its services in 19 cities.

Indian market shows decline in proopening amid global cues

Amid weakness in the global market, the preopening of the Indian market was weak today. The BSE Sensex was trading at a level of 63,926.53, down 68.68 points, or 0.11 per cent. At the same time, NIFTY was trading around 19353.70 with a gain of 43.55 points i.e. 0.23 percent. Earlier on Friday also weakness was seen in the Indian market.

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