Page 20 - Manufacturing

Eyeing $1 bn revenue, Happiest Minds revamps organisational structure

Each new industry group will be led by a head who will frame the strategy, business plan, go-to-market, sales, domain capability, and overall customer and people experience

Companies expected to dole out 10% average salary hike this year: Survey

Companies in India are expected to dole out an average of 10 per cent salary increase this year, with automobile, manufacturing and engineering sectors anticipated to witness the highest hikes, says a survey. In 2023, the average salary hike was 9.5 per cent, according to consultancy firm Mercer's Total Remuneration Survey (TRS) released on Tuesday. "This trend showcases India's strong economic performance and its growing appeal as a hub for innovation and talent. Employees in the automobile, manufacturing & engineering and life sciences in India are projected to see the highest salary increment increases, highlighting the competitive nature of these sectors," it said. The survey, conducted between May and August 2023, gathered data from 1,474 companies, covering more than 6,000 job roles and representing more than 21 lakh employees. It focused on salary trends across various industries, with individual performance, organisation performance and position in salary range being the ..

Kalyani Steels signs MoU with Odisha govt to set up manufacturing unit

Kalyani Steel Ltd on Friday signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities, the company said in a statement. Chief Minister Naveen Patnaik said the collaboration will harness opportunities for the state to emerge as a high-skill job creator. By welcoming Kalyani Steels' project, including a titanium metal and alloy mill, an aerospace components facility, and an integrated automotive component unit, Odisha marks its grand entry into a highly advanced and precision manufacturing sector," he said. Patnaik also said the project is a "perfect match for our aspirations for creating an ecosystem conducive to new-age industries". The chief minister also said the project would catalyze the growth of micro, small and medium enterprises (MSMEs),

Alstom starts production of trainsets for fourth phase of Delhi Metro

Awarded in November 2022, the order aims to deliver 52 train sets, each comprising six cars, the French multinational rolling stock manufacturer said in a statement

Boeing replaces head of 737 Max program two months after midair blowout

Ed Clark, who helped ramp up 737 production in the aftermath of the Covid-19 pandemic, is stepping down immediately after nearly 18 years at Boeing, the company said Wednesday

Space leasing for light manufacturing activities rises 23% in 2023: C&W

Leasing of industrial space for light manufacturing activities rose 23 per cent last year to 15.9 million square feet across eight major cities due to favourable government policies, according to Cushman & Wakefield. The leasing of industrial space stood at 12.91 million square feet in the calendar year 2022. Real estate consultant Cushman & Wakefield (C&W) on Thursday released its annual Logistics and Industrial report (L&I) report, which showed that Pune and Chennai accounted for 53 per cent and 24 per cent of the total leasing of industrial space in 2023 across eight major cities. "The growth in industrial leasing indicates that manufacturing is on an uptrend on the back of healthy capacity utilization, implementation of business plans by domestic firms and incentivization of investments by multinationals through favourable government policies such as the multi-sector PLI scheme," the consultant said. Industrial sheds available for lease primarily cater to light ...

India amends policy, allows 100% FDI in manufacture of satellite components

74% FDI has been permitted for satellite manufacturing and operation, satellite data products, and ground segments and user segments

Policy stability important for semiconductor industry to flourish: Micron

Micron is investing the $825 million over the two phases of the project and will create up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years

Mass production of LCD displays can start in India in 18-24 months: Innolux

A joint venture of diversified group Vedanta and Taiwan-based Innolux can begin mass production of LCD displays in India in 18-24 months after receiving government approval, a senior official of Innolux said. Vedanta has formed a joint venture with Innolux as a technology partner to set up a display screen manufacturing unit at an estimated cost of USD 3-4 billion in the country. The JV has submitted the proposal with the Ministry of Electronics and IT (Meity) under the programme for semiconductor and display fab ecosystem for incentives. Innolux President and COO, James Yang, who has an experience of project rollout, told PTI in an interview that the JV can begin the first phase of mass production of LCD displays within 24 months. "Once we decide to go, in 18 to 24 months, we can finish the first phase and start the mass production. Phase 2 might take another 6 to 9 months," Yang said. Innolux owns 14 TFT-LCD fabs and 3 touch sensor fabs in Jhunan and Tainan, Taiwan, with product

RenewSys to set up PV modules, cell manufacturing units in Telangana

RenewSys India Pvt Ltd on Monday signed an MoU with the Telangana government for setting up multiple PV modules and PV Cell manufacturing units in the state with a phased investment of around Rs 6,000 crores. RenewSys is a company headquartered in Singapore and it has set up integrated manufacturing facility of solar PV modules and its key components Encapsulants, Backsheets, and PV cells, an official release said. With the signing of the MoU, the company has committed to make a phased investment of around Rs 6,000 crores generating direct employment for over 11,000 people over the next five years and to further expand its operations in Telangana, it said. The MoU was signed in the presence of state IT and Industries Minister D Sridhar Babu in the factory premises at Fab City in Maheshwaram on city outskirts. As per the MoU, RenewSys will be setting up solar PV modules, solar PV cells manufacturing units and Aluminum plant between FY 24 and FY 28, the release said. RenewSys India

NIIF commits Rs 207 cr to Amicus for tech-enabled manufacturing, healthcare

National Investment and Infrastructure Fund Ltd (NIIF) on Monday announced a commitment of Rs 207 crore to private equity firm Amicus Capital for supporting tech-enabled speciality manufacturing, healthcare and financial services firms. NIIF Fund of Funds-I, the first fund under its private markets business (PMF-I), has made the commitment to Amicus Capital Partners India Fund II. With a target size of USD 200 million, Amicus Capital Fund II expects to support businesses that leverage technology to scale, early in their growth journey, across sectors such as speciality manufacturing, technology & business services, healthcare, financial services and other sectors, a joint statement said. Founded in 2016, Amicus Capital is an emerging fund manager with a strong track record in the early growth segment, it said. PMF-I backs established and emerging fund managers who have demonstrated a strong track record, an institutional mindset and a commitment to follow high standards of ...

6x rise in demand for women apprentices in manufacturing sector: TeamLease

Auto, electronics sectors have become gender-agnostic in apprentices' recruitment for the shop floor: TeamLease

Pernod Ricard's H1FY24 sales in Indian mkt up 4%, expects high growth in H2

French spirit maker Pernod Ricard has reported a 4 per growth in sales in the Indian market during the first half of the current financial year. The company, which follows July to June fiscal year, has witnessed a "strong market demand for spirits" in India, according to the latest earnings statement from Pernod Ricard. Moreover, a "strong growth" is expected in the second half (January to June 24) from India, which is the second largest market globally for Pernod Ricard after the US. Its international brands Jameson, Absolut and The Glenlivet reported a "very strong growth" in the Indian market during the period, the company said. Besides, its Indian whisky portfolio Seagram's which includes IMFL (Indian-made foreign liquor) brands such as Blenders Pride, Imperial Blue and Royal Stag also reported over 4 per cent growth in sales, Pernod Ricard added. The company had an "acceleration in Q2 net sales against easing comparables", according to the earnings statement. Globally in the

Sam Altman seeks US govt nod for AI chip manufacturing venture: Report

OpenAI did not respond to a request for comment, while the Department of Commerce declined to comment on "individual conversations"

Meerut Metro sets example of India's world class building prowess: Puri

Union Minister Hardeep Singh Puri on Friday hailed indigenously designed metro train set for the Meerut section of the Delhi-Ghaziabad-Meerut corridor as an example of India's capability to build finest infrastructure. The first look of the Meerut Metro train set was unveiled on Friday and was handed over to National Capital Region Transport Corporation at Savli, Gujarat. Addressing the event virtually, Puri said, "Establishing a robust public transportation system in metropolitan cities is a fundamental aspect of our vision for India's urban rejuvenation. Since 2014, the government has laid emphasis on improving the quality of services offered to urban dwellers." The minister added, "The indigenously designed and manufactured MRTS train set for the Meerut section of the Delhi-Ghaziabad-Meerut corridor demonstrates our capabilities of building world-class infrastructure." Puri said that from 248 km of operational metro lines in 2014, India's metro network has increased to 905 km so

Manufacture or service: Must we choose?

This debate is futile in India's development journey

Deeper reforms

PLI alone will not bring in investment

IT ministry fears losing out to China, Vietnam in smartphone exports race

Lower tariffs on components is key to India's ambitions to attract smartphone manufacturers

Manufacturing sentiment remains upbeat in Q3, Q4 for FY24: Ficci survey

The survey found that 85 per cent of respondents in the current fourth quarter of the financial year 2023-24 are expecting a higher number of orders compared to 73 per cent in the previous quarter

PLI scheme's progress slows in key sectors, affecting manufacturing goals

Even as the investment exceeded the government's estimate in the previous financial year, progress was not uniform across all schemes