News In Brief March 13: JSW Neo Energy, REC-Kerala MoU, Magenta’s NorMinc

JSW Neo Energy Acquires Virya Infrapower Signs Agreement  

JSW Neo Energy Limited (JSWNEL), a subsidiary of JSW Energy, has entered into a Share Purchase Agreement with Virya Infrapower. Under the agreement, JSW Neo Energy would acquire 100% shares of Virya Infrapower Private Limited, i.e., the target company. Consequently, Virya Infrapower Private Limited has become a step-down subsidiary of the company.

Virya Infrapower Private Limited is engaged in the business of development of renewable projects in India and its related activities. Additionally, the transaction is for an enterprise value of Rs. 7.54 crores, subject to approvals.

REC Signs ₹18,360 Cr MoU With Kerala Govt.  For Pump Storage Projects

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, has signed an MoU with the Energy Management Centre (EMC), Government of Kerala, for collaboration and financing of Pumped Storage Projects (PSP) in Kerala. The MoU was signed during the Global Green Hydrogen & Renewable Energy Summit 2025. Under this agreement, REC intends to finance ₹18,360 crore in the PSP segment in Kerala over the next five years.

Magenta Mobility launches NorMinc, An IoT Based Fleet Management Platform 

Magenta has developed and implemented NorMinc, an advanced IoT-powered vehicle management platform designed to transform fleet operations. Named in honor of telemetry pioneers Simon Norah and Alan Minc, NorMinc equips vehicle manufacturers and fleet operators with real-time insights, predictive analytics, and complete operational control, improving fleet efficiency by up to 30%.

Powered by IoT and AI-driven analytics, NorMinc goes beyond traditional fleet tracking to deliver deep operational intelligence. The platform offers real-time monitoring of vehicle location, speed, and condition while leveraging historical trend analysis to optimize fleet performance. Advanced geofencing provides precision control with detailed ingress, egress, and dwell time analytics, ensuring smarter route planning and security.