CORPORATE NEWS snippets
Samsung Electronics’ executives quizzed over duty evasion
At least three senior executives of Samsung Electronics have been questioned by the Directorate of Revenue Intelligence (DRI) in India. These executives were questioned over possible customs duty evasion on imports of network equipment. DRI was examining whether the South Korea based tech giant was misusing the free-trade agreement (FTA). India’s FTA with South Korea makes import of network and mobile radio communications duty-free.
Is Tata entering the semiconductor space?
Tata, one of the biggest corporate houses of India, might be gearing up to enter the semiconductor space in the country. The corporate house might enter the vertical via the Outsourced Semiconductor Assembly and Test (OSAT) route. Raja Manickam, the founder of Tessolve Semiconductors, has joined Tata as CEO of its OSAT unit. Manickam is known to be the brains behind Tessolve Semiconductors. He had founded the same in 2003. It was in 2016 that the company was acquired by Hero Electronix.
SpaceX looking to collaborate with Indian companies
Elon Musk’s SpaceX has plans to collaborate with Indian companies in order to locally manufacture satellite communications equipment in the country. The company, at the moment, is preparing to launch its high-speed Starlink satellite broadband service in India. It is expected that SpaceX will introduce the service early next year. The equipment that SpaceX might be looking to manufacture locally in the country includes antenna systems and user terminal devices.
Ola Electric signs $100 million debt-financing deal with bank
Ola Electric and Bank of Baroda have signed the largest longterm debt financing agreement in Indian EV industry. The 10-year debt of US$100 million is towards the funding and financial closure of Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had announced last December that it would be investing 24 billion rupees for setting up Phase 1 of the factory.
Tata power teams up with HPCL to set up EV charging stations
Tata Power has signed an agreement with Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Oil & Gas Public Sector undertaking, to provide end-to-end EV charging stations at HPCL’s retail outlets (petrol pumps) in multiple cities and major highways across the country. The charging would be enabled with the Tata Power EZ charge mobile platform.
TVS Motors to invest 10 billion rupees on EV vertical
Homegrown auto giant TVS Motor Company is reportedly investing ten billion rupees to manufacture electric vehicles (EVs) under a separate vertical. The company is readying a complete portfolio of two- and three-wheelers in the range of 5-25kW, all of which will be in the market within 24 months. The company is also developing integrated vehicle architecture with a critical backend manufacturing of battery and other critical parts managed in-house.
Dixon-Bharti JV to invest over two billion to manufacture CPEs
Homegrown electronics manufacturer Dixon Technologies is applying for the telecom equipment manufacturing productionlinked incentive (PLI) scheme through a joint venture that it has formed with conglomerate Bharti Enterprises and will invest 2 to 2.5 billion rupees for the same. In April, Dixon and Bharti had announced that they signed an agreement to form a joint venture that would file applications for the PLI scheme.
Schneider announces big investment in Luminous
Schneider Electric plans to infuse 3.5 billion to 4 billion rupees in its Indian subsidiary Luminous Power Technologies. The investments will be used to pursue growth plans of Luminous, which entail doubling the battery and inverter production capacity, generating new employment opportunities, and ramping up its solar business. A significant part of the investment will be focused on Luminous’ solar business, its fastest-growing segment, from which it expects to get 40 percent of the company’s sales by 2025.
Bharti to invest more in OneWeb, secures $2.4 billion in funding
Bharti-backed satellite communications company OneWeb has secured further funding on the anniversary of the successful bid by the UK government and Bharti Global to purchase OneWeb from US Chapter 11 to bring its total funding to $2.4 billion. OneWeb has completed its transformation with the exercise of a call option by Bharti to invest an additional $500 million into the company.
Samsung sets up display manufacturing unit in Noida
South Korean electronics major Samsung Electronics has completed the construction of a display manufacturing unit in Uttar Pradesh’s Noida. The unit was shifted from China to the state. In December last year, Samsung had revealed that it would invest 48.25 billion rupees to relocate its mobile and IT display production unit from China to Uttar Pradesh. This, according to the state government, is likely to generate 1,500 direct employments and scores of indirect jobs in the state.