Manufacturing Financial News

global companies for the revised production-linked incentive (PLI) scheme for IT hardware, a top official said. Alkesh Kumar Sharma, secretary, ministry of electronics and information technology (MeitY), said the deadline for applications is August 30, which will not be extended. «We have received 58 applications for IT hardware PLI so far, from both global and local companies,» Sharma said at an industry event Monday. He added all major companies have applied for the scheme. The deadline for the revised PLI scheme was extended for the second time in July, after stakeholders sought more time to file the paperwork. The revised scheme has a financial outlay of ₹17,000 crore, more than doubling the incentives given in the previous version of the scheme. The scheme intends to attract global IT hardware brands such as Apple, Dell, HP and others to set up their manufacturing base in India. The revised scheme not only asks for brands to start assembling IT hardware products such as laptops, desktops, tablets, all-in-one PCs and ultra small form factor PCs, but also includes a localisation schedule to incentivise manufacturing of components such as printed circuit boards, memory modules and more, for which participants will be eligible to receive additional incentives. The applications come with the government imposing import curbs on laptops, tablets and servers, citing national security reasons.

Mint Sustainability Summit. “Electric is part of the solution, so is ICE (internal combustion engine) with better emission technology, and so is hydrogen.

MUMBAI : Mukesh Ambani-led Reliance Industries Ltd (RIL) is looking to collaborate with large international wind equipment manufacturers to set up its ambitious wind energy business. On Monday, while addressing the 46th annual general meeting, Ambani unveiled the group’s renewable energy roadmap. As part of its strategy to transition from fossil fuels to new energy, RIL will expedite the development of its green energy giga manufacturing complex in Jamnagar, Gujarat.

renewable energy capacity in the past few years, a shortage of solar modules continues to cast a cloud over the sectors’ growth prospects, said stakeholders at the Mint Sustainability Summit 2023. Speaking at a panel discussion on ‘The Future of Clean Energy in India: A 500GW Vision’, Mohit Bhargava, CEO, NTPC Green Energy noted that domestic solar module manufacturing capacity is now close to 20-25 GW, but the supply chain is still dependent on Chinese imports for products like cells and wafers. He added that given the concerns on continuing imports, the Centre has rolled out the second phase of the production linked incentive scheme for solar modules, which would support the entire value chain from cells to modules.

climate change. But the funding available to them is $46 billion. How does one fill this gap? In a panel discussion on financing the green transition at the Mint Sustainability Summit, Nawal Saini, MD, Brookfield Renewable Power & Transition Group, said there was a need to deepen the bond markets and make available long-term fixed-rate capital.

NEW DELHI : ChatGPT has made waves across the world since entering the public discourse last year; but for the hard-nosed judges combing through law and jurisprudence, the large language model is not grown up enough. Not just yet. The artificial-intelligence (AI) platform made an unexpected entry into commercial litigation, with French luxury footwear maker Christian Louboutin citing the platform’s responses as evidence in an intellectual-property case before the Delhi high court.

New Delhi: Circular business models can unlock revenue potential of $7 billion by 2035, according to a joint report by India Cellular & Electronics Association (ICEA) and Accenture issued Monday. A total of six circular business models, including circular design, repair, and resell, can reshape the electronics sector, driving economic growth and boosting resilience. "The projected market size for these circular models is valued at $13 billion by 2035.

Soaring technology costs of 20 per cent in the past year are making it harder for Australia to roll out projects to reach its 2030 climate targets on the pathway to net zero by 2050.

Dalmia Bharat group is set to acquire Birla Tyres after creditors approved their resolution plan that proposes partial repayment of ₹1,100 crore of bank loans of the BK Birla group company undergoing insolvency proceedings at the National Company Law Tribunal (NCLT), according to sources aware of the matter. The resolution offer made by Dalmia Bharat Refractories was cleared by over 75% of creditors of Birla Tyres, well past the two-thirds majority threshold mandated under the Insolvency and Bankruptcy Code for approval of revival plans of stressed companies.Axis Bank leads the group of creditors. Voting on the resolution plan concluded last week.ET had first reported on August 19 that Dalmia Bharat had submitted a revised plan for Birla Tyres. The resolution proposes to repay around ₹300 crore of Birla Tyres' debt.

CNBC-TV18 which cited sources. The decision comes as the financially constrained airline secured urgent funding of ₹100 crore from lenders to meet some immediate expenses. The report added that Go First plans to use the ₹100 crore funding to pay parking and airport costs, employees' salaries, insurance premiums, aircraft maintenance, repair, and statutory dues.

Suvendu Adhikari on Monday demanded resignation of Chief Minister Mamata Banerjee over law & order situation in connection with the explosion in North 24 Parganas district's Duttapukur yesterday, with the death toll touching nine till date. Meanwhile, West Bengal BJP Member of Legislative Assembly (MLAs) brought an adjournment motion against illegal explosion in Duttapukur, which did not go for discussion, following which BJP walked out of the state assembly. “Adjournment motion was brought by our MLAs. The West Bengal Chief Minister should have come to the assembly to give an action taken report but he did not have time for it.

It's getting harder to find new, cheap cars, according to auto experts.

NEW DELHI : Leading global and domestic manufacturers have shown interest in the new production linked incentive or PLI scheme for IT hardware, said ministry of electronics and information technology secretary Alkesh Kumar Sharma. “About 58 registrations have taken place. The response has been good.

NEW DELHI : Indian Medical Association (IMA) president Dr Sharad Agarwal has raised concerns over the quality of generic medicine made in India. In an interview, he also raised concerns on restrictions placed on doctors attending medical conferences, saying educational conferences are only a discussion forum about advancements in medicine. His remarks come amid a controversy on a National Medical Commission (NMC) regulations, now put on hold by the health ministry.

BRICS countries, which was held in South Africa, received unprecedented international attention. Some commentators even invoked the Bandung conference of 1955, where leaders of India, China, Indonesia, Egypt and Yugoslavia launched the non-aligned movement (NAM). It seemed as though another generation of leaders, this time from Brazil, Russia, India, China and South Africa, were building an alternative to the US-dominated global order.

Mukesh Ambani said his Reliance Industries Ltd. will expand into wind power equipment with the help of more established firms to boost the conglomerate’s suite of clean energy products. Reliance will partner with “global leaders” in the renewable technology to offer cost-efficient turbines, Ambani told shareholders Monday at the company’s annual general meeting.

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National Career Service (NCS) portal of the ministry of labour and employment has registered more than one million active vacancies in August, 2023, both from the public and private sector, paving the way for greater employment opportunities for India’s youth, the ministry said on Monday. This is the highest in the current fiscal with the number of vacancies in May at 0.56 million and 0.76 million each in June and July. Further, the ministry foresees an increase in employment opportunities with an expected surge in demand during the upcoming festive season, leading to a new high in active vacancies in the NCS portal. The vacancies on NCS Portal are mobilized through direct reporting by the employers on the portal and API integration with various private job- portals. “Out of the one million active vacancies, about one third vacancies are notified for the selection of freshers, which would facilitate many young candidates to get employment opportunity just after their education,” the labour ministry said. A significant number of vacancies registered on NCS are for technical support executives, sales executives, data entry operators, logistics executives, software engineers and maintenance engineer, among others. According to the ministry, 51% of the active vacancies have been reported in the finance & insurance sector followed by 13% from the transport and storage sector.

Electric Vehicle maker, Mullen (NASDAQ:MULN) announced Monday a multiunit vehicle purchase order made by NRTC Automation Group for the initial purchase of three all-electric commercial Class 3 Mullen trucks. Delivery of the vehicles is scheduled to begin in the 4Q of 2023.

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. «Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D,» Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses.

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