AUGUST 20249ADANI WILMAR TO VENTURE INTO EDIBLE OIL BUSINESSAdani Wilmar plans to invest approximately Rs 600 crore this fiscal year to expand its processing capacities in the edible oil business and launch new food products for both consumers and institutional buyers, according to Managing Director and CEO Angshu Malick. This investment is part of a broader strategy to achieve higher growth in volume terms, and it is in addition to the ongoing expansion programs worth around Rs 3,400 crore aimed at increasing capacities across various business segments.Adani Wilmar, a joint venture between Adani Group and Singapore's Wilmar, needs to reduce its promoters' stake to 75 percent by February next year from the current 88 percent to comply with SEBI's minimum public shareholding requirement of 25 percent. The company's current market capitalization stands at Rs 45,794 crore.Headquartered in Ahmedabad, Adani Wilmar operates in the edible oil, food & FMCG, and industry essentials sectors, with most products sold under the 'Fortune' brand. The company reported a consolidated net profit of Rs 313.20 crore for the first quarter of this fiscal year, compared to a net loss of Rs 78.92 crore in the same period last year. Total income increased to Rs 14,229.87 crore from Rs 12,994.18 crore in the corresponding period of the previous year.In an interview with PTI, Malick highlighted the company's performance in the first quarter of 2024-25, noting a 12 percent growth in volume and a 10 percent growth in value. In the edible oil segment, the company achieved a volume of one million tonnes, representing a 12 percent increase. The food and FMCG business experienced around 40 percent growth in both volume and value terms, with a 19 percent volume growth when excluding rice exports on a government-to-government basis. HONEYWELL INKS LONG-TERM MAINTENANCE AGREEMENT WITH AIR INDIAHoneywell, a worldwide corporation, declared a long-term agreement with Air India, owned by Tata Group, for the upkeep of the Auxiliary Power Units (APUs) for the airline's current and future aircraft. The deal for the post-sale assistance for Honeywell APUs, will assist the airline in decreasing unexpected maintenance expenses and downtime, ultimately guaranteeing a high level of aircraft readiness and fleet availability, as stated by the company listed on Nasdaq.The APU supplies electricity and cooling to an airplane while it is grounded, making it an essential aircraft component. It assists in maintaining passenger comfort and provides air source prior to a pilot initiating the main engines.According to Honeywell, Air India has more than 300 planes in total, made up of a variety of aircraft including over 100 Airbus A320s, 15 Boeing B777s, and a new fleet of 190 B737-8s."We are strengthening our collaboration with Air India and helping in its fleet modernisation efforts, as part of a long-standing commitment to supporting the carrier's innovation and growth objectives," said Ashish Modi, President of Honeywell India."This agreement forms part of our global growth and transformation plans, to help achieve more efficient, reliable operations, with maximised fleet availability, through Honeywell's advanced technology services," said Sisira Kanta Dash, chief technical officer, Air India. TOPSTORIES
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