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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102506) | |
22311. Volkswagen eyes comeback with Rs 8,000 crore investment
Make in India / Atmanirbhar
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India
The Times Of India
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- Germany’s Volkswagen group has started to pump in fresh investments to the tune of nearly Rs 8,000 crore for a India fightback, and group company Skoda — that will lead the charge — says it will launch four new cars in the market, taking on models from Maruti, Hyundai and Tata Motors.
- As it expands in India and gets deeper with localisation, Skoda has also said that the government should allow easier import of parts and do away with special tax benefits reserved only for cars under 4 metres.
- Thomas Schaefer, chairman of Skoda’s global board, said the Volkswagen group is eyeing a 5% share of the Indian market by 2025, mainly led by Skoda and VW brands for volumes while luxury ones such as Audi, Porsche and Lamborghini also chipping in (failed in previous target of 20% by 2018).
22312. Glenmark becomes first domestic drug firm to get COVID credit line from IFC
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Mint
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- International Finance Corporation (IFC) on Tuesday said Glenmark Pharmaceuticals has become the first domestic drugmaker to get a USD 40-million (about ₹290 crore) credit-line from its USD 8-billion fast-track COVID-19 facility. The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic.
- IFC's partnership with Glenmark began way back in 2016, supporting its expansion and growing its research and development capacities Glenmark produces generic drugs and active pharmaceutical ingredients, which have applications in oncology, cardiology, and dermatology, as well as respiratory illnesses.
- The World Bank Group lender said the USD 40 million-loan is under its USD 8-billion fast-track COVID-19 facility and will help the Mumbai-based company boost its generic drug production capacity in general and respiratory drugs in particular.
22313. Xiaomi to make smart electric cars, announces around $1.5 billion investment
Make in India / Atmanirbhar
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Investment in Bharat by Bhartiya companies
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India
India Today
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- Xiaomi has officially announced its plans to enter the smart electric automotive segment. The Chinese tech major will be investing a major amount and workforce towards the cause in the coming years.
- Xiaomi has earmarked an investment of CNY 10 billion (around $1.5 billion) for the research and development of electric vehicles. Over the next ten years, it is prepared for an investment reaching up to $10 billion.
- Starting off, Xiaomi’s founder and CEO, Lei Jun, will also serve as the CEO of the new smart electric vehicle business. Jun said that the company has a total of 10,000 people working in research and development as of now. It will add another 5,000 to make its new idea work.
22314. UK-based Neobank ‘Tide’ Forays into India with INR 1000 Cr Investment Plans
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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Inc42
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- The platform had announced India as its first international market in 2020 and it will launch its India services early 2022
- Tide announced today that it will create over 1,000 jobs in the next five years In India, prominent neobanks have raised more than $500 Mn since 2019
- The new jobs will span across roles in product development, software development, marketing, risk-compliance and member support. It also has a business office in Gurugram.
22315. CapitaLand launches ₹2,250 crore logistics fund in India
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Investment in Bharat by Bhartiya companies
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Mint
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- Singapore’s CapitaLand India Logistics Fund II will invest in the development of logistics assets in key warehousing and manufacturing hubs in six big cities and emerging markets such as Coimbatore, Guwahati, Jaipur, Kolkata and Lucknow
- The fund will grow CapitaLand’s current total funds under management (FUM) of $79.2 billion across over 20 private funds and six listed trusts.
- The six projects have a total development potential of over 12 million sq ft of space. Two of the projects are operational with 2.8 million sq ft of space that has been leased.
22316. Amp Energy India raises US$ 100 million from Danish investo
Make in India / Atmanirbhar
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Investment in Bharat by Bhartiya companies
English
India
Business Standard
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- Copenhagen Infrastructure Partners and Amp Energy have signed a US$200 million investment pact with each partner committing to $100 million. The investment will allow Amp Energy to add 1.7 GWp of utility-scale and commercial and industrial renewable energy projects.
- The Amp India and CI NMF partnership aims to develop 1.7 GWp of utility-scale and commercial and industrial renewable energy projects initially.
- The portfolio comprises 900 MWp in late-stage projects (solar PV and hybrid wind-solar PV) and an additional 800 MWp of projects in earlier stages of development.
22317. Amazon India partners with Eastern Railways to set up kiosk in Sealdah
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
The Economic Times
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- American e-tail This follows after the successful pilot of pickup kiosks in four railway stations across Mumbai in 2019. In a media release, Amazon said with a daily customer footfall of lakhs of people, this initiative will provide a secure and convenient delivery option for it’s customers in the region. Those who want to pick up their packages while commuting to work, home or even on vacation.
- Customers can select this point as a pickup location on the checkout page of their order while shopping on the marketplace, it said. These learnings have helped us build our partnership with Eastern Railways to provide another pickup option for customers in Kolkata as well," said Prakash Rochlani, director – Amazon Logistics, Amazon India
- Amazon India said this partnership with Eastern Railways will enable the company to boost its delivery network in Kolkata and assure convenience-led purchasing experience for customers.
22318. Amazon India to include 10,000 EVs in delivery fleet by 2025
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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The Economic Times
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- American e-tail giant Amazon had announced investment of $1 billion for digitising small and medium businesses, and creation of one million jobs by 2025. E-commerce major Amazon India’s fleet of delivery vehicles in the country will include 10,000 EVs by 2025. Amazon's rival, Flipkart had in June last year said it aims to replace 40 per cent of its delivery vans with electric vehicles (EVs) by March this year. The Walmart-owned company has deployed EVs in cities like Delhi, Hyderabad and Bengaluru`
- Amazon piloted electric vehicles in several cities across India in 2019 and is now expanding this initiative across the country. The fleet of 10,000 EVs - including three-wheeler and four-wheeler vehicles - has been designed and manufactured by original equipment manufacturers (OEMs) in India In 2020, these vehicles will operate in over 20 cities of India - Delhi NCR, Bangalore, Hyderabad, Ahmedabad, Pune, Nagpur and Coimbatore, among others.
- These EVs are in addition to the global commitment of one lakh EVs in the delivery fleet by 2030 announced in the Climate Pledge signed by Amazon. Amazon India had announced its plan to eliminate single-use plastic in its packaging from its fulfilment centres by June 2020.
22319. Rs 1,800cr to spice up NRG’s pizza, e-vehicle run in India
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
The Times Of India
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- For US based entrepreneur, Nandish Patel, 35, who holds franchise of Little Caesars in the US, it was an opportunity he had been long waiting for – to take his business to India by selling his favourite pizzas. Last month, the Pennsylvania-headquartered Phoenix Nexus, where Patel is the founder CEO, launched Little Caesars in India with the first outlet opening in Ahmedabad.
- Phoenix Nexus, which bagged the India franchisee for Gujarat and Maharashtra, plans to roll out about 250 outlets within the next five years by employing 5,000 people in these two states before expanding pan-India.
- The annual turnover of the Patel’s US business includes construction and real estate, is soon going to touch USD 100 million (approx. Rs 700 crore), he adds. Phoenix Nexus presently employs over 1,000 people in India and the US. The company is in the process of lining up capital of about Rs 1,800 crore for expansion in the Indian market over the next decade. “I want to create more than 30,000 direct and indirect jobs in India over the next decade by investing in different business verticals,” he says. Phoenix Nexus is planning business acquisitions both in India and the US. He foresees potential in businesses of e-mobility, biodegradable corrosion solutions and corporate gifting, among others.
22320. Amazon announces $25 million coronavirus relief fund to help delivery partners in India
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
The Statesman
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- E-commerce giant Amazon has come up with a $25 million relief fund that will be used to support associates part of its delivery programmes in India, who are struggling due to the lockdown caused due to the coronavirus pandemic.
- The Amazon Relief Fund for the associates who are part of company’s Delivery Service Partner Programme, Amazon Flex programme and trucking partners, a statement said.“This fund can be utilised by qualifying individuals who have been quarantined or diagnosed with COVID-19.
- While Amazon hopes none of the associates who are working hard to deliver essentials to customers is affected by hardship, the fund is there to support them financially with the help of a grant,” it added.