CORPORATE news
Dixon starts making 5G millimetre-wave phone for the USA
Ajay Prakash Sawhney, Secretary, Ministry of Electronics & Information Technology, launched the first 5G millimetre-wave phone manufactured by Dixon Technologies at one of its facilities in India. Dixon has started exporting such phones to the United States. The new Orbic Myra 5G UW is the first 5G millimetre-wave product to be produced in India for export to the US. Dixon Technologies is one of the fourteen companies (domestic and international) that have been granted approval under the PLI scheme of government of India for IT hardware manufacturing.
Eveready Industries evaluating installation of Advance Cell Chemistry Project
Battery maker Eveready Industries is looking at scaling up business, both in terms of turnover and profitability, for which it is eyeing opportunities to see which products can be added under its brand in the coming two-three years. “We are evaluating installing the Advance Cell Chemistry Project. We are waiting for the PLI details as it will act as a sweetener. It entails huge capex. However, the project viability will depend on future demand for lithium based batteries,” Exide MD & CEO Subir Chakraborty said on the sidelines of the company’s AGM.
Adani Green Energy completes acquisition of SB Energy
Adani Group’s renewable energy unit Adani Green Energy Ltd (AGEL) has announced that it has completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal at an enterprise valuation of $3.5 billion (`26,000 crore), the largest such acquisition in the renewable energy sector in India. The value-accretive acquisition boosts AGEL’s operational portfolio to 5.4GW and its overall portfolio to 19.8GW, implying a four times growth locked-in.
Causis E-Mobility signs pact for EV manufacture in Maharashtra
The Maharashtra government has signed a pact with Causis EMobility Pvt Ltd to set up an EV manufacturing facility in the state. Under the agreement, Causis E-Mobility Pvt Ltd, a joint venture of the UK based Causis Group, will invest 28 billion rupees in two phases. The state government had unveiled a comprehensive electrical vehicle policy in July 2021 to stimulate the manufacturing of battery electric vehicles in the state.
Tata Group offers to acquire 26% stake in Tejas Networks
Tata Group has made an open offer to acquire up to 26% stake in domestic telecom gear firm Tejas Networks. The offer involves an amount of 10.38 billion rupees, including purchase of approximately ten million equity shares of Tejas Networks at around 258 rupees per share. Tata Sons and its subsidiaries Panatone Finvest and Aka Shastha Technologies are said to be involved in the offer.
RattanIndia forms subsidiary to start drone business in India
RattanIndia has incorporated a wholly owned subsidiary to start UAV drone business in India. Dubbed NeoSky India Limited, the subsidiary will focus on creating drone solutions for diverse industries. RattanIndia had earlier appointed Peeyush Kumar as the head of drone business operations in the country. Kumar was associated with Pixella, a drone company, as CEO before his association with RattanIndia’s NeoSky.