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Posted On:
13-05-2024

Indian space industry offers tremendous opportunity for private players, says ISRO Chief

ISRO Chairman S Somanath has said the Indian space industry is offering a tremendous opportunity to the private sector in the country as a new area of growth and development. He said the union government envisages the space sector in the country to become a 9 to10 billion dollar industry in the next 5-10 years from the current levels of 2 billion dollars. Somanath was speaking after unveiling the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group, in a function on Saturday, a company release said. He also said that 400 private sector companies have benefited from the technology developed by ISRO for its various missions. Companies like SFO Technologies are well positioned to take further advantage of the new policy init "The Indian space industry is offering a tremendous opportunity for the private sector in the country as a new area of growth and development," the ISRO chief added. Besides planting a sapling at the NeST Hitek Park to mark the occasion, Somanath also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO.
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Posted On:
13-05-2024

Realty firm Shapoorji group seeks more time to clear bondholder payments

Indian realty firm Shapoorji Pallonji Group has sought more time to meet some payment obligations from bondholders of group company Goswami Infratech, according to a letter seen by Reuters on Monday. The company is required to pay around 1,400 crore rupees ($167.62 million) to bondholders of Goswami Infratech when it services the debt of another group company Sterling Investment Corp.In the letter, Goswami Infratech wrote to Axis Trustee Services that Sterling Investment Corp was unable to raise any new debt and a "trigger event is expected to occur on May 26, 2024". In June 2023, Goswami Infratech had raised 14,300 crore rupees through two-year and 10-month bonds at 18.75 per cent yield, and investors included large private credit funds. The Shapoorji group did not respond to a Reuters' email seeking comment.
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Posted On:
13-05-2024

Financial services startup Groww moves domicile to India from the US

Fintech startup Groww has formally moved its domicile back to India from the US through a reverse flip by its parent firm, chief executive officer Lalit Keshre said on Thursday. Groww joins an increasing number of startups planning to move their domiciles to the country. Many Indian startups domiciled abroad are considering shifting their base or reverse-flipping, to India. These include companies engaged in areas such as fintech, e-commerce, stock broking, health care, and edtech. “As of March 2024, Groww has completed its domicile transition back to India. For our customers, we have always been an India-based organisation for all practical purposes since day 1. With this update, the Groww group and its subsidiaries are completely based in India. By the way, today marks the completion of 8 years of Groww. Still, a long way to go,” Keshre posted on microblogging platform X, formerly Twitter. Walmart-backed PhonePe, another major fintech startup moved its domicile from Singapore to India in October 2022. As part of this, it had to go through three steps.
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Posted On:
13-05-2024

Apple's India iPhone exports soar, set to cross Rs 1 trillion mark in FY25

Apple's fiscal year 2025 (FY25) has started with a remarkable surge in iPhone exports from India. Official data reveals that exports of iPhones produced in the country nearly doubled in April, reaching $1.1 billion (Rs 9,000 crore) compared to $580 million a year ago, reported The Economic Times (ET). Analysts note that April typically witnesses subdued export activity globally due to the absence of major festive sales events. Buoyed by this surge, experts anticipate the tech behemoth will breach the Rs 1 trillion export milestone in FY25, solidifying India as its second-largest manufacturing hub for iPhones outside China. Currently, iPhones are exclusively manufactured in India and China, with experts projecting that 14-15 per cent of production has already shifted to India, a figure expected to climb to 26 per cent by 2026.Apple predominantly exports a bulk of its total production from India. In FY24, the company's overall production in India soared to $14 billion (Rs 1.2 trillion), with exports surpassing $10 billion (Rs 85,000 crore). These figures represent the highest achieved by any company in India for a single financial year. To be sure, the export numbers take into account the freight on board (FOB) value at which the device leaves the factory. Retail prices are about 60 per cent higher. Apple operates through three contract manufacturers in India—Foxconn, Wistron, and Pegatron—all beneficiaries of the smartphone production-linked incentive (PLI) scheme.
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Posted On:
13-05-2024

N Chandrasekaran to lead Tata Electronics amid $14 bn semiconductor push

N Chandrasekaran, the chairman of Tata Sons, is set to assume the additional role of chairman at Tata Electronics. This transition comes as Tata Electronics earmarks around $14 billion towards venturing into the semiconductor industry. Chandrasekaran will succeed Banmali Agrawala, who has served in this post for the past few years, pending regulatory approvals. Agrawala, a key figure within Tata Sons, will now take on an advisory role within the group. Chandrasekaran's appointment underscores the strategic significance that the semiconductor business holds for the conglomerate, industry insiders told The Economic Times (ET). His influence was pivotal in convincing Randhir Thakur, a former executive from Intel Foundry Services, to join Tata Electronics as CEO and MD in 2023. Additionally, Srinivas Satya, previously the country president of the semiconductor products group at Applied Materials, was appointed as Tata Electronics' chief supply chain officer and president of the components business earlier this year.These strategic hires, coupled with Chandrasekaran's focused leadership, position Tata Electronics at the forefront of India's electronics manufacturing landscape. The company has bolstered its team by recruiting 50-60 senior-level expatriates with expertise in semiconductor technology, strategic planning, and design.
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