BUSINESS
Modi meets Foxconn chief, hails manufacturing plans for India
"Glad to meet Mr. Young Liu, Chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors," Modi said in a tweet. The Taiwan-based company is also planning to set up an EV manufacturing plant in India. Foxconn's EV manufacturing arm, Foxtron, is planning to set up manufacturing plants at various locations in southeast Asia, including India.
Uber dismisses claim that it planned to exit Indian market
Bloomberg reported that the US-based company explored selling the India business, but "suspended discussions after tech startup valuations cratered." In a statement shared with IANS, an Uber spokesperson said the company never explored exiting India -- not even for a minute -- and the report is "categorically false." "India is as important to Uber today as it was when we launched nine years ago.
Misinformation on private 5G networks not beneficial for digital India: BIF
"We submit that the premise of this objection is incorrect. The Telecom Regulatory Authority of India (TRAI) recommendations had appropriately specified the international best practices of a number of countries, including Germany, Finland, the UK, France, Sweden, South Korea, Hong Kong, Malaysia, Australia, Czech Republic, Japan, Taiwan, France, etc.," read the letter.
Tata Nexon EV catches fire, company probing thermal incident
The EV car fire incident was reported from Vasai West (near Panchvati hotel) in Mumbai late on Wednesday, and the video of the Tata Nexon EV engulfed in fire went viral on social media. The company said in a statement that a detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media.
AI adoption to add $500 bn to India's GDP by 2025: Nasscom
The AI adoption in four key sectors BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive can contribute 60 per cent of the total $ 500 billion opportunity, according to "AI Adoption Index" Nasscom, EY and Microsoft, EXL and Capgemini. Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023.
ITC records 3x growth in e-commerce sales as compared to pre-pandemic levels
In its recently released annual report, the company revealed that it collaborated with leading e-commerce platforms on all aspects of operations, including category development, marketing, and supply chain and customer acquisition. This was augmented by the development of exclusive and relevant pack assortments, driving digital-first brands, and enabling platform discoverability through jointly curated campaigns.
Indian auto ancillaries are changing gears towards EVs, future technologies
He also said many of the players in the $46 billion (FY21) industry are also supplying to non-auto sectors like defence, railways and aerospace. "About 60 per cent of our members are ready to supply components for EVs and the remaining 40 per cent will be ready next year. EV is an opportunity for Indian auto component makers. Electrification is happening by government regulation and consumer demand," Sunjay J Kapur, President, ACMA, told IANS.
Chaayos raises $53 million to expand stores, hire talent
The latest round saw participation from existing investors Elevation Capital, Tiger Global and Think Investments. Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across six cities and plans to add 100 more by the end of this year. "The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of Indian society over decades to come," said Saluja, Founder and CEO.
European countries turn back to coal as sanctions on Russian energy backfire
Germany, Austria, Poland, the Netherlands and Greece are among the first European nations to reopen coal power plants or take measures to support coal power, underlining the importance of energy supply security in the upcoming winter, Xinhua news agency reported. The European Commission noted on Monday that "some of the existing coal capacities might be used longer than initially expected" because of the new energy landscape in Europe.
Indian drone start-up Garuda Aerospace to set up plant in Malaysia
"We have decided to set up a drone production facility in Malaysia with a production capacity of about 50 drones per day. We will be importing the components from India and other countries," Agnishwar Jayaprakash, Founder & CEO of Garuda Aerospace, told IANS. The city-based company has tied up with with HiiLSE Global Sdn Bhd (HiiLSE Drones), a drone start-up in Malaysia.
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