8JUNE 2024TOP STORIESTOYOTA MOTORS TO EXPAND PRE-OWNED BUSINESS ACROSS MAJOR CITIESToyota Kirloskar Motor (TKM) is set to expand its used car business across key cities in India, according to a senior company official. The automaker inaugurated its first company-owned Toyota Used Car Outlet (TUCO) in New Delhi on Friday, branded as Toyota U-Trust.Takashi Takamiya, Vice President of Toyota Kirloskar Motor, highlighted the potential growth in the used car market, noting, "With the Indian used car market projected to grow at a CAGR of 8 percent and currently being 1.3 times the size of the new car market, the sector holds significant growth potential." This expansion in Delhi, along with plans for additional outlets in other major cities, reflects TKM's strategy to create a seamless, transparent, and reliable used car market for customers.TKM initially ventured into the used car business in 2022 with the launch of an outlet in Bengaluru. This new initiative in Delhi marks a significant step in the company's efforts to establish a strong presence in the expanding used car market across India. JSW TO SETUP BATTERY ENERGY STORAGE UNIT IN FATEHGARHJSW Energy has announced the commencement of construction for a 1 gigawatt-hour (GWh) battery energy storage system project at Fatehgarh in Rajasthan. This initiative marks a significant step forward in enhancing grid stability and integrating renewable energy sources.According to a regulatory filing by the company, the project includes two installations, each with a 500 megawatt-hour (MWh) storage capacity, designed for two hours of storage in one cycle. The project will be developed under a Build Own Operate and Transfer (BOOT) mechanism and will be transferred to the off-taker after 12 years. This project was recently secured by the Solar Energy Corporation of India (SECI).Sharad Mahendra, Joint Managing Director and CEO of JSW Energy highlighted the importance of this development, stating, "Our Battery Energy Storage System project represents a crucial advancement in enhancing grid stability and integrating renewable energy sources." The company aims to have the project operational by June 2025.In addition to this project, JSW Energy has signed a Memorandum of Understanding (MoU) with JSW Steel to supply an additional 85,000-90,000 tonnes of green hydrogen annually, along with 720,000 tonnes per annum (TPA) of green oxygen, by 2030.JSW Energy's stock was trading at Rs 630.30, up 0.78percent on the BSE on Monday afternoon, reflecting positive market sentiment following these strategic announcements.
< Page 7 | Page 9 >