Top headlines: Bharat Biotech’s Covaxin off trial, IDBI Bank out of PCA
Covid-19 vaccine: Bharat Biotech’s Covaxin goes off clinical trial mode
Bharat Biotech’s Covaxin on Wednesday got the nod from the subject expert committee (SEC), an independent panel set up by the Drugs Controller General of India (DCGI) to advise it, for a restricted emergency use of the Covid-19 vaccine. Covaxin was granted restricted use approval in ‘clinical trial mode’ in January by the DCGI. At that time, the phase 3 trial on 25,800 volunteers was underway. Read more
RBI takes IDBI Bank out of PCA framework after lender improves finances
Private lender IDBI Bank is out of prompt corrective action (PCA) after improving its finances and credit profile, the Reserve Bank of India (RBI) said on Wednesday. This eases the rules for the lender to expand business. This also sets the stage for strategic divestment by the Government of India, which holds 45.48 per cent stake. Read more
BJP, Sena spar over Saudi Aramco’s $44-billion refinery project
Oil and gas giant Saudi Aramco’s $44-billion refinery project at Nanar in Ratnagiri has become a bone of contention between the Maharashtra government and the Centre, with the Shiv Sena opposing the project and the Modi government pushing to expedite it. Read more
India undeterred by Cairn, will defend stand in arbitration row: Sources
India is confident that it can strongly defend its interests if Cairn Energy starts proceedings to enforce a $1.4 billion arbitration award it has won against the country, said official sources on Wednesday, reacting after the company told New Delhi it is identifying for seizure assets belonging to the Indian government in 160 countries. Read more
Adani group set to centre airport business around Mumbai & Ahmedabad
Adani Airports is planning to centre its airport business around Mumbai and Ahmedabad by developing them as gateway airports, feeding them with traffic from other airports in the company’s portfolio. The Ahmedabad-based conglomerate — with investments in logistics, transportation, utilities and energy — intends to spend Rs 35,000 crore in the airport business in the next five years. Read more
Parliament passes Arbitration Amendment Bill to protect taxpayer money
Parliament on Wednesday approved a Bill to amend the arbitration law that would ensure all stakeholders get a chance to seek an unconditional stay on enforcement of arbitral awards where an agreement is “induced by fraud or corruption”. The Arbitration and Conciliation (Amendment) Bill, 2021, was passed by voice vote in the Rajya Sabha. The Bill was passed in the Lok Sabha on February 12.
It will replace an Ordinance issued on November 4, 2020. Read more
Say cheese: Amul to start making buffalo mozzarella, invest Rs 200 crore
India’s largest dairy cooperative, Amul, has submitted a plan to the government, aiming to turn the country into a global hub for the export of mozzarella cheese made from buffalo milk, which is sold at a hefty premium around the world. Mozzarella cheese is one of the products identified by the government for support under its Rs 10,900 crore production-linked incentive scheme (PLI), to give a massive push to food processing exports. Read more
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