AUGUST 20249CHARLES SCHWAB OPTS HYDERABAD FOR ITS MAIDEN TECH DEVELOPMENT CENTERCharles Schwab, a major player in global financial services, has chosen Hyderabad as the site for its first Technology Development Center in India. This important decision underscores Hyderabad's emerging role in the international tech sector.The choice follows successful talks between Chief Minister A. Revanth Reddy, IT Minister Sridhar Babu Duddhilla, and top Schwab executives Dennis Howard and Rama Bokka at Schwab's headquarters in Dallas. Both the Chief Minister and IT Minister have promised to assist Schwab with the necessary procedures to set up their center in Hyderabad, ensuring quick access to local talent for a fast-tracked launch.Schwab's leadership has expressed strong optimism and gratitude for the state government's proactive support, viewing it as a promising sign of a successful collaboration. The company is now waiting for final approvals to reveal more details about the center and to send a team to India to establish the Schwab Technology Development Center in Hyderabad officially. This move highlights Hyderabad's growing importance as a key destination for global technology development. COAL INDIA & GAIL TO ESTABLISH SYNTHETIC NATURAL GAS PLANTCoal India Ltd and GAIL (India) Ltd have entered into an agreement to establish a coal-to-synthetic natural gas plant using surface coal gasification technology in the Raniganj area of West Bengal. This plant is set to have a capacity of 633.6 million Nm3 per hour, requiring 1.9 million tonnes of coal annually, according to a statement from the coal ministry.This collaboration between the two state-owned enterprises is part of the National Coal Gasification Mission, which aims to utilize the chemical properties of coal more effectively. The coal ministry, in conjunction with the power and oil ministries, facilitated this joint venture agreement.Synthetic natural gas, primarily composed of methane, is used as a feedstock for producing chemicals and fertilizers. The new plant will secure raw materials and reduce the country's dependency on natural gas imports.Previously, ET reported that the coal ministry was actively promoting the development of coal gasification projects. While India's current coal production meets demand, the expected increase in production at commercial coal mines is anticipated to boost supply in the coming years. TOPSTORIESAUGUST 20249
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