Page 23 - Manufacturing

Jaishankar urges Singapore's biz community to invest in India's chip sector

External Affairs Minister S Jaishankar on Saturday briefed Singapore's business community about the strides taken by India in the field of manufacture of semiconductors and appealed to them to invest in this key sector in the country. Jaishankar spoke about how machines for the manufacture of semiconductors have started coming (to India) and also how India is progressing towards establishing the first three plants for this multi-billion dollar industry. There is a degree of purpose and seriousness as well as investment going into manufacturing that has not been seen for a long time, the Minister told a 300-plus audience, mostly Singapore-based members of the business community. He was answering questions at the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS) after a lecture on his book Why Bharat Matters.' A very productive interaction with leading Singaporean Corporate figures. ... Appreciate their positive feedback on the India growth story,

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Rewari factory blast: Three more succumb to injuries, death toll reaches 10

Three more workers injured in a boiler blast at a spare parts manufacturing facility in Haryana's Rewari last week died on Friday, taking the death toll in the incident to 10, police said. "Two workers died during treatment at PGIMS Hospital, Rohtak while one worker died in Delhi's Safdarjung Hospital. The death toll in the incident has now risen to 10," Dharuhera police station SHO Jagdish Chand said. The blast took place at the manufacturing facility in the Dharuhera industrial area on March 16, leaving 40 workers injured, according to the police. Chief Minister Nayab Singh Saini had on Wednesday met the injured at PGIMS Hospital. Saini had said he had already ordered a magisterial probe into the incident and the government would take appropriate action based on its findings. The police on Sunday had registered a case in connection with the boiler blast. The contractor and others have been booked in the case. The FIR was registered on the basis of a complaint filed by Raj Kumar

Amber group, Resojet form JV to enter washing machine manufacturing biz

Amber group, a homegrown contract manufacturer for HVAC and consumer electronics, on Thursday said it has formed a 50 per cent JV with Resojet, a Radiant Group Company, for manufacturing fully automatic washing machines. This will help Amber group expand its footprint in the consumer durables space, beyond room air conditioners, a joint statement said. An Amber Enterprises spokesperson said, This joint venture is a significant step forward for Amber Enterprises as we continue to expand our presence in the consumer durables market. By partnering with Resojet, we gain access to their expertise in manufacturing washing machines, allowing us to offer a wider range of high-quality products to our customers. "Resojet is excited for this partnership, together we shall bring more value for our customers & also further strengthen groups association for various other consumer electronics & durable products, a Radiant group spokesperson said. Earlier in January, Amber Group had announced

Schneider Electric to invest Rs 3,200 crore to make India manufacturing hub

Energy management and automation major Schneider Electric said it will invest Rs 3,200 crore by 2026 to make India its manufacturing hub for domestic sales as well as exports. Under the plan, Schneider Electric on Thursday inaugurated a facility with Rs 100 crore investment to produce cooling solutions for data centres in Bengaluru. The company will invest Rs 3,200 crore for making India a manufacturing hub for the group, Schneider Electric India President-Greater India Zone and MD & CEO Deepak Sharma told PTI on the sidelines of plant inauguration. As part of this, the company will set up manufacturing facilities for its various products and solutions across India. He also informed that the company is setting up factories in Maharashtra, Karnataka, Gujarat, Telangana, Tamil Nadu, West Bengal, Uttarakhand and Odisha. Presently, the company has 30 factories across India, including the new cooling solutions factory inaugurated on Thursday. Sharma informed that the company is alread

Bharti Airtel, State Bank of India, Zomato on Jefferies hotlist for 5 years

Amber Enterprises, specialising in ACs and components, expects earnings to grow over 36 per cent CAGR from FY24-30 due to the PLI scheme

Global toy majors shifting focus from China to India, exports jumped 239%

Popular brands like Hasbro, Mattel, and Spin Master depend more on India for sourcing

Govt announces Rs 500 crore e-mobility scheme to promote electric vehicles

The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024

PM Modi lays foundation stone of 3 semiconductor projects worth Rs 1.25 trn

The prime minister said the projects will make India a global semiconductor hub

FY24 GDP growth to be closer to 8% on higher activity in industry: CEA

India's real GDP growth in FY24 will be "closer" to 8 per cent on higher activity in industry and services verticals, Chief Economic Advisor V Anantha Nageswaran said on Tuesday. Addressing a conference organised by ARIA (Association of Registered Investment Advisors) virtually, Nageswaran said the growth will be higher than the Ministry of Statistics' estimate of 7.6 per cent, and added that there is much reason to be optimistic in the near term about the prospects in India. "...unless the Q4 GDP numbers fall very significantly from the momentum that we have seen in the first three quarters, the GDP will be closer to 8 per cent rather than 7.6 per cent as the Ministry of Statistics is currently estimating," Nageswaran said. However, he stressed on the need to put heads down and work towards the goal without "succumbing to triumphalism and exuberance". "As a country, we should realize that we are in it for the longer haul, not for the short term," he said, adding that the ...

Aiming to boost local manufacturing, Raj govt set to announce ODOP policy

The ODOP aims to accelerate economic development within each district by harnessing the potential of local specialities

PLI schemes will get India get investments in chip manufacturing: US

Visiting US Assistant Secretary for Commerce calls for ecosystem that encourages startups in both countries to collaborate

After 17 yrs of toil, India is finally ready for tryst with semiconductors

With the Cabinet pressing on with the semicon mission by clearing three landmark projects, India is poised to join the elite club that dominates the global fab scenario

Stone Sapphire India to invest Rs 1,000 cr in homewares plant in Baroda

Toys and stationery manufacturer Stone Sapphire India will invest Rs 1,000 crore to set up a manufacturing facility for homewares like glassware, sippers, dinnerware etc, in Baroda.. Talking with PTI, Stone Sapphire India Pvt. Ltd. (SSPL) Chairman Vick Rana said that homeware products available in India are either for the lower class or very high-end for the elite and leave a huge vacuum for middle-class consumers. "Our work on new plant and capacity expansion has already begun in Baroda which is focused on the homeware segment. We are investing Rs.1000 crore on this expansion," Rana said. The Baroda plant will manufacture small kitchen appliances, metal cookware, and drinkware. This will help increase not just the production capacity for the Indian market but also increase exports by at least 50 per cent, thereby making products in India for the world, he stated.. Rana further said this expansion will help the company increase its turnover to Rs 1,000 crore by 2025-26 from Rs 250

MSMEs need to be future ready, foster development, says CII president

CII conference highlights MSMEs' future readiness and role in eastern region's development

Govt exempts certain exporting units from quality control orders

The government on Friday exempted advance authorisation holders and export-oriented units (EOUs) from mandatory quality control orders for imported goods that are used as inputs for exports. It said that the exemption will be with pre-import conditions, and those inputs will be utilised in the manufacturing of the export products. "Enabling provisions are made for exempting inputs imported by Advance Authorisation holders and EOUs from mandatory Quality Control Orders (QCOs)," the Directorate General of Foreign Trade (DGFT) said in a notification. The unutilised material will be destroyed in the presence of jurisdictional GST/customs authorities, it added. Mandatory QCOs help curb the import of sub-standard products, prevent unfair trade practices and ensure the safety and well-being of consumers as well as the environment. QCOs are applicable for products domestically manufactured as well as imported. Every manufacturing unit in and outside India has to comply with these orders i

'Mobile exports to grow to $50-60 bn, electronics sector to employ 2.5 mn'

Mobile phone exports from India will grow more than five-fold to USD 50-60 billion in the coming time from about USD 11 billion last year, Union IT and Communications Minister Ashwini Vaishnaw said on Wednesday. While speaking at a fintech event, the minister said employment in the electronics manufacturing sector will increase from about 10 lakh at present to 25 lakh in the coming days. He said that 10 years ago India imported 98 per cent of mobile phones and at present 99 per cent of the devices are made in India. "(Mobile phones worth) USD 11 billion were exported last year. In the coming days, you will see exports to the tune of USD 50-60 billion. 10 lakh people work in electronics manufacturing. In the coming days, 25 lakh people will work in electronics manufacturing," Vaishnaw said while sharing a presentation on India's growth story. He said India will become the third largest economy by 2027 while it was ranked 11th in 2014. A report published by Jefferies Equity Research

Industry collaborative effort between India, US aims to strengthen ties

An industry-driven collaborative effort between the US and India aims to catalyse deeper connectivity, broader integration and better access, and inclusivity in innovation ecosystems in both the countries, according to an official statement issued on Wednesday. US-India Business Council (USIBC), in partnership with the Confederation of Indian Industry (CII), hosted the second Track 1.5 round of the US-India Innovation Handshake on Wednesday. It is an industry-driven collaborative effort between the US and India to promote innovation and foster development of critical and emerging technologies, the statement said. "The handshake aims to catalyse deeper connectivity, broader integration, and better access and inclusivity in America's and India's innovation ecosystems, from academia and research institutions to government and industry cooperation," it said. Sanjiv, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Indian Ministry of Commerce and Industr

CCI clears Ring Plus Aqua's 59% stake buy in Maini Precision Products

Fair trade regulator CCI on Wednesday said it has granted approval to Ring Plus Aqua Ltd's proposed acquisition of a 59.25 per cent stake in Maini Precision Products Ltd. Maini Precision Products Ltd (MPPL) is engaged in the manufacturing of precision products for different industries and manufacturers. "The proposed combination inter-alia envisages the acquisition of 59.25 per cent shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Ltd in JK Talabot Ltd by a wholly-owned subsidiary of Raymond Ltd (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the new company," CCI said in a release. Raymond Ltd and its subsidiaries are engaged in the manufacture and sale of textiles, lifestyle products, branded apparel, hardware and tools, certain automotive parts, and real estate. The Competition Commission of India (CCI) said it has cleared the proposed deal on Wednesday. JK Files is a wholly-owned subsidiary

Jupiter Wagons secures manufacturing order worth Rs 957 crore from Railways

Jupiter Wagons on Wednesday said it has secured an order of about Rs 957 crore from the Railways for the manufacture and supply of 2,237 wagons. The offer letter has been received from the Ministry of Railways, the wagon manufacturer said in an exchange filing. "Ministry of Railways (Railway Board) vide its letter dated March 6 has placed an offer to the company for manufacture and supply of 2,237 numbers of BOSM wagons for a contract value of Rs 956,87,67,500," the company said. West Bengal-based Jupiter Wagons manufactures all types of railway wagons and accessories. The company also manufactures containers, commercial vehicle load bodies and commercial electric vehicles. Jupiter Wagons shares dropped by 4.21 per cent to settle at Rs 361.90.