(1) RIL’s MET city to host four Japanese firms
Four Japanese companies will be housed in the integrated industrial township being built by Model Economic Township Ltd. (MET City), a wholly owned subsidiary of Reliance Industries Ltd. (RIL), near Gurugram, Haryana.
One of these Japanese companies and producer of medical devices, Nihon Kohden, would be building the biggest manufacturing facility in India. Other companies being housed include Panasonic, Denso, and T-Suzuki.
RIL’s township to house 4 Japanese firms – The Hindu
(2) Dedicated industrial park for Taiwanese firms may soon be a reality in TS
Industries and IT Minister K.T. Rama met with a group from Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA) and Taipei Economic and Cultural Center (TECC) to address a variety of issues, including trade and economic cooperation and cultural exchange initiatives. The delegation from Taiwan was led by Taiwan Representative to India Bau-Shuan Ger and Chairman of TEEMA Richard Lee.
The Minister sought to highlight how a specific industrial park for Taiwanese companies could be developed in the State by the government, in collaboration with industry and trade organisations of Taiwan. Telangana was highlighted, particularly the TS-iPASS system of time-bound clearances for investors to launch their businesses.
Mr. Rao outlined the steps taken by the government to increase both the level of business-friendliness and the environment that existed in the State for investors. He encouraged MSMEs and startups from Taiwan to collaborate with Hyderabad-based T-Works Hardware Prototyping and Design Center and T-Hub, an incubator for technology entrepreneurs.
Dedicated industrial park for Taiwanese firms on the cards in TS – The Hindu
(3) Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India
According to government sources, Apple supplier Foxconn intends to quadruple the workforce at its iPhone manufacturing in India over the course of two years, indicating a production shift as it deals with disruptions in China.
Apple’s sales prognosis for the busy year-end holiday season has been dampened as a result of with tight virus restrictions at its Zhengzhou plant, which caused Apple to lower its forecast for shipments of the premium iPhone 14 models this week.
According to the sources, Taiwan-based Foxconn now intends to increase the workforce at its plant in southern India to 70,000 by hiring 53,000 more workers over the next two years.
Apple supplier Foxconn plans to quadruple workforce at India plant: Report | Mint (livemint.com)
(4) ‘Semiconductor project aims to create a complete ecosystem’: Vedanta’s Anil Agarwal at HLTS 2022
At the Hindustan Times Leadership Summit 2022, Vedanta Resources Limited Chairman Anil Agarwal provided Foxconn with information regarding the mega semiconductor project. Each state will be able to manufacture its own cellphones and TVs, according to him, and the project’s goal is to build an entire ecosystem by generating necessary raw materials.
On September 14, a joint venture between Vedanta and Foxconn and the Gujarat government signed a Memorandum of Understanding (MoU) to invest 1.54 lakh crore to build the plant there. Over 100,000 employment will be created in Gujarat, according to the corporations’ claims about the JV project.
(5) The merger of L&T Infotech and Mindtree creates India’s fifth-largest IT company
On Monday, Larsen & Toubro Infotech (LTI) and Mindtree, two IT companies, announced that shareholders and regulatory authorities had given their permission for their merger. According to the current market capitalization, the combined business, LTIMindtree, is currently India’s fifth-largest provider of IT services.
For every 100 shares of Mindtree that are owned by shareholders, 73 shares of LTI will be distributed as part of the merger. The parent firm of the merged entity, L&T, will hold 68.73% of its shares. According to a BSE filing, November 24 has been designated as the record date for determining Mindtree stockholders who are eligible to receive equity shares of LTI.
When LTI and Mindtree announced their intention to merge in May 2022, the company’s launch date was set for November 14.
LTIMindtree would thereby move up to the fifth-largest position in terms of market capitalization among Indian IT services providers. With approximately 90,000 people dispersed across more than 30 countries and five continents, LTIMindtree, a scaled-up IT services provider, has a client base of more than 750 top global corporations from all major industrial verticals.