JUNE 20249TOP STORIESRUSSIA TO BUILD NUCLEAR POWER PLANTS IN INDIARussia has expressed its readiness to significantly expand cooperation with India in the area of atomic energy, including constructing high-capacity nuclear power units at a new site in India. Ajit Kumar Mohanty, the Secretary of India's Department of Atomic Energy, met with Alexey Likhachev, the Director General of Rosatom State Atomic Energy Corporation of Russia, on Thursday to discuss furthering nuclear energy cooperation between the two countries.According to a statement by Rosatom, officials from both sides visited the Pilot Demonstration Energy Complex (PDEC) in Seversk, Tomsk region, Russia. During this visit, they engaged in comprehensive discussions on the prospective areas of Russian-Indian cooperation in the nuclear sector. Likhachev emphasized Russia's readiness for a serious expansion of cooperation with India in the peaceful use of nuclear energy. This expansion includes the serial construction of Russian-designed high-capacity nuclear power units at a new site in India, implementing land-based and floating low-power generation projects, collaborating in the nuclear fuel cycle area, and exploring non-power applications of nuclear technologies. However, Rosatom did not specify the type of nuclear power reactors planned for the new site in India.Last week, India's External Affairs Minister S. Jaishankar mentioned that India is looking for additional sites for Russian nuclear reactors. Russia and India are currently collaborating on constructing six 1,000 MW nuclear reactors at Kudankulam in Tamil Nadu, two of which have already been commissioned. JIO FINANCIAL SERVICES AWAITING APPROVAL FOR JIO LEASING ACQUISITIONJio Financial Services (JFS) is seeking shareholder approval for its subsidiary, Jio Leasing Services, to acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries. This move is part of JFS's strategy to enter the device leasing business, according to a postal ballot notice.The proposed acquisition involves telecom equipment and devices, such as routers and cell phones, which will be sourced from Reliance Industries' retail division. Jio Leasing Services plans to lease this equipment to customers of Reliance Jio Infocomm, the telecommunications arm of Reliance Industries. The products to be leased include AirFiber Wi-Fi services, phones, and laptops, enhancing the range of services offered to Jio Infocomm's customer base.Entering the device-rental market, Jio Financial will compete with established players like Hewlett Packard and Lenovo. This initiative aligns with JFS's broader strategy to diversify its offerings and capitalize on the growing demand for device rentals in the telecommunications sector.The voting on the proposed acquisition will conclude on June 22, and the deal is expected to be finalized and implemented in the financial years 2025 and 2026. This strategic move highlights JFS's ambition to expand its portfolio and leverage the extensive customer base of Reliance Jio Infocomm, providing cost-effective solutions for customers while generating recurring revenue streams for the company.
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