The Business Headlines
From the Consultiger News Desk
WELSPUN ONE LOGISTICS PARKS EXPANDS PRESENCE.
Welspun One has signed an MoU with the Haryana government for multilocation warehousing. The company will develop the available government land parcels by building Grade A warehousing facilities with an investment of Rs 1500 crore. About 5 million sq ft is expected to be developed in this project spread over a period of 3-4 years, in the process creating 4500 jobs. The company is investing Rs 2500 crore in a similar project in Tamil Nadu. Welspun One is capitalising on the rise in demand for warehouses by the e-commerce players operating in Haryana.
BIRLA CELLULOSE'S BREAKTHROUGH IN LYOCELL FIBRES.
Birla Cellulose has found success in its first pilot scale spin of lyocell fibre containing 20% microbial cellulose. The first pilot spin to produce 250 kg of this eco-friendly fibre marks a significant milestone for the fibre's commercial use. The product uses biomass produced from fermentation of food industry waste. The technology allows for large scale lyocell production, using tree-free cellulose & paves the way for next generation alternative sustainable fibre.
SANDVIK COROMANT TO MAKE NEXT GEN CORODRILL 860.
Sandvik Coromant launches solid carbide drill, CoroDrill 860 that offers superior capabilities in drilling steel and improved tool life. The drill aids high-performance drilling in ISO P steels. The CoroDrill 860 with -PM geometry comes with an improved multi-layer PVD (physical vapour deposition) coating. The drill is designed for applications in automotive, engineering, dye and mould and power industries. The tool has been introduced in standard stocked diameters from 3mm to 16mm.
BHARAT FORGE ACQUIRES JS AUTOCAST FOUNDRY.
Bharat Forge is acquiring JS Autocast Foundry India. This will help Bharat Forge expand its industrial sector portfolio and will also give it a manufacturing setup in south India. The acquisition will be done via the subsidiary entity, Bharat Forge Industrial Solutions. JS Auto is a leading supplier of iron castings for the wind, hydraulic, off-highway and automotive applications. As per the company, the acquistion will broaden their industrial offerings. The financials of the acquisition are not available.
INDIA'S FIRST LOW CARBON GREEN ALUMINIUM FROM VEDANTA.
Vedanta has launched its low carbon ‘green’ aluminium brands - Restora (low carbon aluminium) & Restora Ultra (ultra-low carbon aluminium). Vedanta becomes the first major non-ferrous Indian metals producer to manufacture low carbon products with this product. Independent verifications by global firms have been carried out to confirm Restora's 'green' tag. Vedanta aims to meet the global demand for low carbon aluminium with this brand.
MEGA GLOBAL EXPANSION PLANS FOR ZION LIFESCIENCES.
India’s biggest nutraceutical and botanical products player, Zion Lifesciences, is expanding its market to ten more countries this year. The company is exporting herbal and ayurvedic products to markets such as USA, Kenya, UAE, Russia, Uzbekistan, Saudi Arabia, Zambia, South Africa, Iran, and the UK. The producrs are manufactured in Himachal Pradesh, India. These markets have been assessed to be attractive due to the growing interest in these markets for the herbal products from India.
HUNDIA SOLUTIONS (EVM) SET TO INVEST Rs. 5 CRS FOR R&D.
Hundia Infosolutions (EVM India) is investing Rs 5 crs towards R&D for innovation in its IT & Telecom products. This fresh investment will help the company achieve its aim of improving market share in the IT & Telecom sector. The company plans to introduce products in multiple categories such as Gaming Modules, Server Modules, Bluetooth Speakers, TWS audio products, GAN Chargers, Cables & Chargers, etc. The pandemic has seen Hundia grow from being a B2B player to a consumer electronics business. The company employs 200+ people.
NEW EMERSON FACTORY FOR AUTOMATION SOLUTIONS.
Emerson is opening a new integrated manufacturing facility at Chennai's Mahindra World City. The 1.45 lakh sft facility will manufacture industrial-use automation solutions for India and Asian markets. The focus will be on productivity, safety and environmental sustainability. This facility will manufacture fluid control and pneumatics products, including solenoid valves, air preparation units, cylinders, pneumatic valves and manifolds, position monitoring and high-pressure regulators.
TUBE INVESTMENTS ENTERS E-TRACTOR SEGMENT.
Tube Investments (TII) is entering the atttractive segment of electric tractors and the three-wheelers segment. The production is planned to commence in the second half of 2022. TII will first introduce low horsepower tractors to the market around July this year. As per TII, the running cost of its low horsepower e-tractors will be significantly lower than diesel tractors. The company plans to stay out of electric two-wheeler/cars segment. The three-wheelers are expcted to hit the market by August.
VEDANTA - FOXCONN VENTURE FOR SEMICONDUCTORS.
Vedanta and Foxconn have entered into a JV to manufacture semiconductors in India, with Vedanta being a majority owner. The JV has been formed post the PLI scheme introduced by the Indian government wherein an investment of Rs. 76000 crore has beenn targetted over the next 5 years. The locations for the plant are being explored. The amount to be invested by the JV for this project is under wraps. Foxconn is part of the Hon Hai group - the group with more than 40% share in the electronic manufacturing services business.
SIMPLE ENERGY UNVEILS HIGHEST TORQUE MOTOR.
Simple Energy introduces an upgraded motor for its Simple One electric scooter. The new motor offers supperior efficiency and heat management. The newly unveiled motor improves its existing high-spec motor producing 72 Nm of torque - highest in the industry and for a motor that is as small. The small size of the motor gives the scooter space to add a large 4.8 kWh battery pack enhancing its driving range to 200 and more. The motor has been developed in-house in its Hosur plant.
MEGA POWER TRANSMISSION ORDER FOR GODREJ & BOYCE.
Godrej & Boyce Mfg. Co. Ltd announced that one of its business unit has secured power transmission business order orders of over Rs 550 crore. The orders requires setting up of 400kV New AIS substations, 220kV New GIS substations, 220kV Transmission lines & 220kV underground cables. The orders secured strengthens Godrej & Boyce's contribution in the domestic transmission and distribution segment. The company has successfully commissioned several EHV substation projects up to 400kV across India.
100 E-SCOOTERS PER DAY IN THIS JAIPUR FACILITY.
HOP Electric Mobility, Jaipur has launched its facility that can produce 100 e-scooters per day. The state-of-the-art megaplex will manufacture the company's existing models - LEO and LYF. The company will also soon launch high-speed e-bike OXO and upgraded LYF. The company plans to offer customers innovative products and facilities from the new facility. The advanced technology and the government initiatives is helpinh HOP Electric be a part of the massive EV revolution.
TPM EXCELLENCE AWARD TO SUDARAM AUTO'S MYSURU PLANT.
Sundaram Auto has been awarded the coveted Total Productive Maintenance (TPM) Excellence Award by Japan Institute of Plant Maintenance (JIPM) for its Mysuru plant. Only 24 other companies have been presented this award globally. The Mysuru plant’s overall equipment efficiency has improved by 20% in the 2016-2021 period. The lead time to service customers has reduced by half and the defects have reduced by a third, in the above-said period. The efforts have resulted in the reduction of overall manufacturing costs.
L&T TO MANUFACTURE HYDROGEN ELECTROLYSERS.
L&T has signed an MoU with a Norvegian company, HydrogenPro, for the manufacture of Hydrogen Electrolysers in India. As per L&T, the joint venture is in line with the organisation's strategic vision to be present across the green energy value chain. The demand for green hydrogen in India is expected to grow to 2 million MTPA by 2030 and it is estimated that investments of $60 billion is expected in this space. India is working towards achieving 175 GW of renewable energy capacity by 2022 and 500 GW by 2030.
TAMILNADU INCREASING EV CHARGING STATIONS.
Tamilnadu power distribution entity, TANGEDCO, is planning to increase public charging stations (PCS) across the state to meet the growing EV market. The PCS are presently found only in the metro rail stations limiting the usage of EVs only to short distances. As per the GOI directives, charging stations are required to be setup every 25 kms and has sanctioned 651 PCS under the Faster Adoption & Manufaturing of Electric Vehicles (FAME) scheme. Experts suggest setting up the PCS within substations to prevent power fluctuations.
HONEYWELL & NAVIN FLUORINE PARTNERSHIP FOR HFOs.
Honeywell and Navin Fluorine to manufacture Solstice range of hydrofluoroolefins (HFO) of Honeywell in India. The production will start by Q2 2022 at the Gujarat plant of Navin Flourine. These new technology materials neither affect the ozone layer nor harm the environment. They help users lower their carbon footprint. HFOs find applications in blowing agents for foam insulation and refrigeration liquid for chillers. The partnership will help meet the global demand for environmentally friendlier HFOs.
JB CHEM ADDS SANZYME'S BRANDS TO ITS PORTFOLIO.
JB Chemicals is acquiring brands of Sanzyme Pvt Ltd, used in the Indian market, for Rs 628 crore. Sanzyme caters to the probiotics and repriductive health segment. The protfolio includes Sporlac (probiotics brand), Lobun (for kidlney ailments), Oxalo (to decalcify kidney stones). Other brands of Sanzyme that JB Chemicals is acquiring are Pubergen, Nano-leo, Gynogen. Sanzyme is amongst the top five probiotic players in the country and is present in the gasteroenterology, nephrology, urology, gynaecology areas.
BPCL INVESTING Rs. 10K CRORE IN 19 DISTRICTS.
BPCL has won licences to retail CNG to automobiles and piped natural gas for cooking across six geographical areas. The corporation is investing Rs. 10000 crore over the next half a decade to set up gas distribution network for 19 districts in the allocated geographical locations. BPCL has already won licenses for 17 locations, resulting in a proposed investment of Rs. 22000 crore. The recent licenses were awared in the 11th round of bidding conducted by the Petroleum and Natural Gas Regulator.
TII's BIG PLANS FOR THE CLEAN MOBILITY BUSINESS.
Tube Investments (TII) has acquired about 70% in Cellestial E-Mobility Private Limited for Rs 161 crores. Additionally, TII is setting up a 100% subsidiary with an investment of Rs. 350 crore towards clean mobility initiatives. The company aims to tap the emerging opportunities in the EV segment with these investments. The company plans to manufacture and sell electric three-wheelers - a segment that has been seeing a faster adoption. TII has hired the services of a Korean design company for this business vertical.
GOI INITIATIVE FOR USE OF DRONES IN FARMING.
As per the Govt of India guidelines a grant of upto 10 lakhs would be given for the purchase of drones by farm machinery training & testing institutes. The Farmers Producers Organizations (FPOs) would be eligible to receive grant of up to 75% of the cost of agriculture drone. Additionally, a contingency expenditure of Rs. 6000/hectare would be provided to the implementing agencies prefering to hire drones and of Rs. 3,000/hectare for buying drones. The financial assistance and grants would be available until March 31, 2023.
VIKAS ECHOTECH & AURAPHA JV FOR DEGRADABLE PLASTICS.
Vikas Echotech and Aurapha Private Ltd. form joint venture to produce biodegradable plastics. The company is investing in the development of poly-hydroxy-alkanoates (PHA). Synthesized biopolymers such as the PHAs -- produced from renewable resources -- are bio-degradable. Vikas Ecotech is also looking at producing polybutylene adipate terephthalate (PBAT) and is exploring techology acquistion. Plans are afoot to manufacture carry bags that are eco-friendly. Aurapha is founded by renowned microbiologist Dr. P. Murugan and is based in Tamil Nadu, India.
INDIA-PHILIPINES DEFENCE DEAL FOR BRAHMOS.
India is offering the BrahMos anti-ship missile to Philipines in a deal valued at $374 million. BrahMos is world's fastest supersonic cruise missile - travelling at three times the speed of sound. The weapon system consists of three missile batteries, mobile land-based launchers, training and maintenance & logistical support. Philippines becomes the first country to buy this weapon system from BrahMos Aerospace. BrahMos can can be launched from land, ships, aircraft & submarines.
TATA GROWS DOMESTIC VEHICLE SALES BY 31% IN OCT
Tata Motors grew its business by 31% YoY in total sales. The company sold 67,829 vehicles in October 2021; 52,132 units were sold in October. As for the passenger vehicle sales, Tata sold 33, 925 units in October (a 44% YOY rise). The commercial vehicles business of Tata is also putting up a good show with 33,674 units being sold in Oct 2021; an 18% YOY increase. Tata is launching 21 new commercial vehicles in October - from medium and heavy commercial to small commercial and buses categories.
MANUFACTURING PMI HITS A 8-MONTH HIGH AT 55.9
The India Manufacturing PMI by IHS Markit shows improvement in October as it rose to 55.9 from 53.7 in September. This improvement has been seen for the fourth straight month. The rate of growth has also been encouraging for the October month. India also saw the export orders increase at a fast rate. Price rise for chemicals, oil, plastics, transporation is causing inflation, though. The price of manufatured products only saw a slight increase. Business confidence is showing improvement.
AVIATION COMPONENTS TO BE MANUFACTURED IN TN.
Aerospace Engineers (Salem, Tamil Nadu) has signed a contract with Boeing for manufacturing critical aviation components and parts. The company will be building a new plant at Hosur of size of 125,000 sft and expanding its Salem facility by 50,000 sft. An investment of Rs 150 crore will be made over two years and over 1,000 people will be employed. Aerospace Engineers was founded in 1988 and manufactures high-precision components and parts for the aerospace and defense industry.
HAL & ROLLS-ROYCE DEFENCE SUPPLIES AGREEMENT.
Rolls-Royce and HAL agree to manufacture the parts for Rolls-Royce’s Adour engines, in India. Jaguar fighters and Hawk jet trainers of the Indian Air Force bear the Adour engines. As per the new agreement, HAL will be the key player in the supply chain for the said engines. The collaboration is for supplying spares and MRO (maintenance, repair and overhaul) of Adour Engines. In addition to HAL, Rolls-Royce will have a similar arrangement with couple more manufacturers in India.
FIRST DRONE DELIVERY TODAY, OPENS UP NEW VISTAS.
India delivered its first set of vaccines using drones today, in the state of Telengana. This project named 'medicine from the sky', is the first of its kind project to deliver medicines to remote places using drones. The trial was undertaken by Blue Dart in partnership with Skye Air Mobility. The drones carry 175 vaccines in a temprature-controlled box that will be delivered to a 'within line of sight' location firstly, before trying out this model for 'beyond line of sight' locations.
CIPLA ENTERS BIOSIMILAR SPACE VIA JOINT VENTURE.
Kemwell Biopharma Pvt Ltd will be the venture partner for Cipla to manufacture and sell biosimilars for the international markets. The focus will be on respiratory biosimilars. The JV will benefit from the strengths of the partners in new product development, clinical development, manufacturing & commercialisation. Cost-effective biotherapeutics will be available to patients by this venture. Cipla will be the majority partner with 60% stake in the new entity.
CUSTOM MANUFACTURING PLATFORM RAISES $ 150 MN.
Zetwerk, platform for custom manufacturing, has raised $150 million of equity funding. The funding round was led by D1 Capital Partners (New York). The business is valued at $1.33 billion as per this deal. This platform helps manufacture physical products from digital designs. The money will help improve product/technology and increase global presence. The company has a strong order book of Rs 5,000 crore and will help grow the company 4X this financial year.
Rs. 25000 CR INFUSION BY THIS STEEL MAJOR.
India's top steel producer JSW Steel is investing Rs 25,000 crore to enhance capacity to 37.5 MPTA. Earlier, JSW had invested Rs 48,000 crore (over three years) to increase capacity to 28 MTPA. According to the CMD, Mr Sajjan Jindal the capital will allow JSW to augment the crude steel capacity at Vijayanagar by 7.5 MTPA, enhance & digitise the mining capabilities and infrastructure in Odisha and help set up a state-of-the-art colour-coated facility in J&K.
USD 2.6 BN INVESTMENT PLANS BY THIS GAS COMPANY.
India's Petronet LNG is investing USD 2.6 billion over the next five years to bolster the infrastructure in India. This development will raise the share of gas in the energy mix. Gas contrbutes 6.2% presently and by 2030 it will go upto 15%. Petronet will invest Rs. 8,000 crore to set up 1000 LNG fuel stations. It will further invest Rs. 6,690 crore to expand its Dahej terminal in the West coast. The company will also invest Rs. 4,000 crore to set up 100 compressed bio gas generation plants.
BOROSIL INVESTS Rs. 500 CRORE TO DOUBLE CAPACITY.
Borosil Renewables is doubling its capacity for producing solar panel glass to 900 tons per day from 450 tons per day at present. The company is investing Rs. 500 crore for the capacity expansion at its Baruch plant. Borosil Renewables is the sole domestic manufacturer of solar panel glasses. Borosil manufactures around 600 consumer and laboratory glass products across multiple locations in India. Apart from meeting 40% of India's demand, Borosil India exports 20% of its present solar panel glass capacity.
Rs. 775 CR BUYOUT BY PIRAMAL OF HEMMO.
Piramal Pharma has acquired the Peptide drug manufacturer Hemmo at a cost of Rs 775 crore. Hemmo is a synthetic peptide API manufacturer having R&D capabilities and a world-class GMP manufacturing facility in Navi Mumbai. The acquisition will give access to Piramal to the Peptide manufacturing segment. Post the acquisition Piramal will be richer by 250 plus employees including highly qualified R&D team. Peptide drugs have found use in treatment of cancer, diabetes and obesity.
INDO COUNT IND TO EXPAND CAPACITY, ENHANCE PLANT.
Indo Count Industries is embarking on a Rs. 400 crore expansion plan. The target is to expand the bed linen capacity by 20%. The present capacity is 90 million meters per annum. Post the expansion the capacity will be 108 million meters per annum. The company also will add cut and sew facilities and enhance the capacity for Top of the Bed (TOB) products. The company also plans to enhance the existing plant with compact spinning technology.
GATI TO PUMP IN Rs 100 CR FOR GROWTH PUSH.
Logistics major Gati KWE has planned to invest Rs 100 crore for various infrastructure and technology development projects. The projects will be executed in the upcoming financial year. The goal is to register a 30% YOY growth. The company also started an advanced air freight solution business aimed at the electronics, pharmaceuticals and the auto ancillaries industries. The company is moving towards offering comprehensive multi-modal transport solutions.
BPCL INVESTING Rs. 272 CRORE IN WEST BENGAL.
Bharat Petroleum is investing Rs. 272 crore in two locations in West Bengal. The money will be spent on revamping an oil installation at a cost of Rs 175 crore and laying of a pipeline from Haldia oil jetty to a coastal installation at a cost of Rs 97 crore. BPCL is looking to garner a larger market share in the state of West Bengal of 32% from the 28% presently through this and many other initiatives.
SPUTNIK VACCINE TO BE PRODUCED IN INDIA.
Gland Pharma Ltd has entered into an agreement to produce about 25 crore doses of the Sputnik V covid-19 vaccine. The production will start in the third quarter of FY2021. ‘The Lancet’ had published efficacy data that showed Sputnik to be at 90% levels. After successful technology transfer, Gland Pharma will undertake manufacturing of the drug substance and filling of the drug into vials. The share price of Gland Pharma jumped 3% post the news.
OLA TO BUILD WORLD'S LARGEST E-SCOOTER FACTORY.
Ola Electric is investing Rs 2400 crores to construct a mega factory that will make 10 million scooters annually. This will mean Ola will manufacture 15% of the world's e-scooters. The company is targeting 2022 to launch its factory that will be located in Tamil Nadu. Ola Electric has seen investments from Softbank, Tiger Global, Hyundai, Kia and more. The factory will be powered by 3000 robots. Ola plans to introduce five models of the e-scooter catering to the mass market and the premium markets.
BOSCH UPGRADING INDIA CAMPUS TO AN AIOT CAMPUS.
Bosch India is pumping in Rs 800 crore in its campus in Bengaluru to build a ‘smart campus’. This facility will be converted to an AIoT-enabled campus once upgraded. (Artificial Intelligence of Things) The campus will house about 10,000 employees making it the largest tech center of Bosch outside of Europe and second highest in the world. The facility is 75-acre big and will accommodate Bosch India's multiple entities in India such as Power Tools, Home Appliances, Automotive After Market, etc.
AMAZON TO DELIVER ON MAHINDRA ELECTRIC VEHICLES.
Amazon India is partnering with Mahindra Electric to deliver items to its customers, reinforcing its commitment to the use of electric vehicles in the country. As per the current understanding, Amazon will deploy about one hundred 'Treo Zor' electric vehicles. To start with, seven Indian cities will see these vehicles under the Amazon logo: New Delhi, Lucknow, Indore, Bhopal, Ahmedabad, Bangalore and Hyderabad. Treo Zor powered by advanced Lithium-ion Battery was launched in October last year.
PASSENGER VEHICLE SALES IN JANUARY GROWS 11% YOY.
India sold 2.77 lakh passenger vehicles in January. This is a 11% YOY increase. The two-wheeler segment has seen a 7% YOY growth (14.30 lakh units). The passenger car market saw a drop of slightly more than 1% YOY (1.53 lakh units). The utility vehicles segment saw a significant jump of 37% YOY contributing to the overall growth of 11% YOY (1.12 lakh units). The three wheeler market has sold less than 50% of what it had sold in Jan 2020.
CENTURY PLYBOARDS STARTS VENEER PRODUCTION IN AFRICA.
The African subsidiary of Century Plyboards (India), Century Gabon SUARL has started commercial production of veneer in Gabon, Africa. The plant is built to peel 200 cubic meters of timber per day. The plant will start with manufacturing face veneer & core veneer. Century Plyboards is India's largest seller of plywood and decorative veneers and has its manufacturing unit in Joka, Kolkata in India. The company saw its stock price rise by 3.34% on the back of this news with market cap of 6300 crore.
INDIA'S FIRST GEOTHERMAL FIELD DEVELOPMENT PROJECT.
ONGC will implement India's first geothermal field development project to generate clean energy from the heat emanating from the earth's core. The project will come up in Ladakh and in three phases. Phase-I involves drilling of wells & setting up of a pilot plant. In Phase-II, deeper and lateral exploration will be done. In Phase-III, the plant will be commercial developed. of the geothermal plant. Overall, it is estimated that India could possess about 10 gigawatt (GW) geothermal power potential.
KALPATARU BUYS MAJOR STAKE IN BRAZIL COMPANY.
Kalpataru (KPTL) to acquire 51% stake in Fasttel Engenharia Ltd of Brazil. The purchase value is USD 8.80 million and will be effected through KPTL's subsidiary in Brazil. Fasttel was founded in 1988 and specializes in engineering, procurement and construction (EPC). It also is in the business of setting up of power transmission lines, substation and distribution systems across various voltage ranges. It registered revenues of USD 47 million in 2020 and has been clocking a (last 5 year) CAGR of 25%.
L&T BIDS THE LOWEST FOR UTTARAKHAND RAIL PROJECT.
The heavy civil infrastructure arm of L&T Construction has quoted the lowest for the railway project connecting Rishikesh and Karnaprayag in Uttarakhand. The bid is for about Rs 3,338 crore. The order will be placed by Rail Vikas Nigam Limited (RVNL) and will require the construction of main tunnel, escape tunnel, ballast-less track, bridges and other ancillary works. The railway line passes through tough Himalayan terrain and extremely hard geological conditions.
BEML TO SUPPLY OF HIGH MOBILITY VEHICLES TO INDIAN ARMY.
BEML Limited has received orders from Ministry of Defence, Government of India, for the supply of high mobility vehicles. The order is valued at Rs. 758 crore. The vehicles would help transport armoured fighting vehicles, troops, ammunitions and stores to operational areas. The vehicles will be manufactured at the Palakkad Plant of BEML. Indian Army will receive the vehicles within 12 months as per the order. BEML Limited is a Ministry of Defence (MoD) entity.
GUBBA COLD STORAGE STRENGTHENS NETWORK FOR VACCINE ROLLOUT.
Cold Storages operator Gubba Cold Storage has strengthened its cold-chain network in view of the Covid-19 distribution across India. The company has increased its capacity by 10000 pallets of vaccines. This is across four cold storage centres. Rs 30 crore has been spent on this upgrade. The facilities will have capacities of 3 crore vaccine doses collectively. The cold storage facilities of Gubba are designed to function in three temperature zones - 2-8 degree, 15-20 degree and – 20 degree centigrade.
BAYER INAUGURATES 200 Cr ETHIPROLE PLANT IN GUJARAT
The new manufacturing plant set up at an investment of Rs 200 crore for manufacturing Ethirprole will cater to demand emanating from India, Asia Pacific and Latin America. Ethirprole is used in the Agriculture sector as an insecticide. The plant will manufacture 1500 MT of the product annually. The new plant has come up in the manufacturing site of Bayer at Vapi, Gujarat and houses Bayer’s largest global synthetic pyrethroids facility exporting to US, Brazil, France, Indonesia and Japan.
PIDILITE STRENGTHENS PORTFOLIO WITH ARALDITE BUY.
Pidilite Industries has acquired Huntsman Group’s India business, Huntsman Advanced Materials Solutions (HAMS), for Rs 2100 crore. The acquired company manufactures products like Araldite, Araseal and Karpenter. As per the understanding, Pidilite will also get trademark license to sell Araldite in Middle East, Africa and ASEAN. HAMS posted Rs 400 cr turnover in 2019. The Pidilite scrip saw jump of 4% on the back of the news.
P&G SETS UP Rs. 400 CR FUND FOR MANUFACTURING.
Procter & Gamble (P&G) India is allocating Rs 400 crore to fund local manufacturing and associated areas. This new fund is part of P&G India's 'vGROW' programme meant for collaborating with small businesses, individuals and large organisations. P&G India will work with over 2,300 Indian suppliers under this programme. 95% of P&G’s products in India are manufactured within India. The company also sells India-made products to 120 countries.
Rs 5000 CR PHONE COMPONENT MANUFACTURING UNIT IN TN
Tata Group is investing Rs 5000 crore to setup phone manufacturing unit in Hosur, Tamil Nadu. A new company – Tata Electronics – will be setup for the purpose. The unit is expected to manufacture components for Apple - an official confirmation is awaited. The new unit will have 18000 employees by next year this time, with 90% women workforce. Tamil Nadu recently announced Tamil Nadu Electronics Hardware Manufacturing Policy 2020.
SINGLE LARGEST HYDRO POWER PROJECT TO BE BUILT AT Rs. 1500 CRS.
Patel Engineering has won an order to build 2GW at a cost of worth Rs. 1564.42 crore. The project is located in Arunachal Pradesh and will be the single largest hydro power project in India. The project comprises remaining civil works of a power house complex including the head race tunnel intake structures, tail race channel, etc. with main components. The market responded positively to the news by taking the scrip 17% northwards.
MAJOR MILESTONE ACHIEVED, 4 MN. PASSENGER VEHICLES.
Tata Motors achieved a major milestone of manufacturing 4 million passenger vehicles. Tata started making cars in 1988. The 4 millionth vehicle to roll out from the Tata facility was a Tata Altroz. Tata reached the one million mark in 2006 and three million in 2015. The next one million was touched in the last 5 years. Tata makes passenger vehicles in three plants - the Chikhali plant (Maharshtra), the Sanand plant (Gujarat), and Ranjangaon (Maharashtra).
JSW STEEL SEES DEMAND REVIVAL, BEATS EXPECTATIONS.
The steel major, JSW, has reported its Q2 net sales at Rs 18,662 crore. This is 11.5% YOY increase. The company cites improved realisations, increased demand for coated products and smart product mix leading to the sales growth. JSW clocked average capacity utilisation of 86% in the quarter - up 20% from the YOY percentage and equalling the average utilisation of pre-covid times. The company has commissioned a 1.2 MT wire rod mill recently.
HONDA MOTOR CYCLES EXPORTS ITS 125cc BIKE TO EUROPE.
Honda Motorcycle and Scooter India (HMSI) has started exporting SP125 – its 125cc range – to Europe. The export will be in the form of CKD kits. Honda has exported 2000 kits so far. Honda India exports 18 bike models across 25 global markets in Asia, Middle East, Latin America and now Europe. SP125 is manufactured in the plant in Rajasthan that has a manufacturing capacity of 1.2 million units per annum. SP125 is BS-VI compliant.
L&T SUBMITS LOWEST BID FOR THE BULLET TRAIN VIADUCT PROJECT.
L&T is the lowest bidder for the design & construction of the 237 km viaduct for the Mumbai-Ahmedabad high speed rail corridor. This is India’s first high speed train project. Bids were received from Afcons Infrastructure, Tata Projects, NCC Ltd and others. After intense evaluation of the technical bids, commercial bids were opened yesterday. The contract is worth Rs. 24,985 crores. The L&T scrip saw a 3% jump in the trading session following the news break.
ACC NET PROFIT FOR Q3 JUMPS 20% TO Rs 364 CRS.
India’s cement manufacturer ACC posted a net profit of Rs. 364 crore - a 20% Y-O-Y jump for the period July - Sep 2020. The company posted Q3 revenue of Rs 3537.30 crore. A jump in performance is attributed to production efficiencies and cost reductions. The net sales grew by 4 percent (Y-O-Y). Numbers are expected to improve further in the coming quarters due to the government's push for infrastructure development, rural economy revival and a focus affordable housing.
CONSORTIUM GETS NOD FROM CREDITORS OF JET AIRWAYS.
The committee of creditors to Jet Airways have given their approval to the revival proposal given by Kalrock Capital (London) and Murari Lal Jalan (UAE). As per the plan, Jet will continue to operate as a long-haul international airline. The consortium will seek the flight slots allotted to Jet earlier and will strengthen the financial well-being by infusing additional capital with equity to the lenders. The two top lenders are SBI (with 24% exposure) & Yes Bank (with 17%).
IIT-M DEVELOPS ALTERNATIVE TO LITHIUM-ION BATTERIES.
The IIT-Madras team has designed kW-scale Vanadium Redox Flow Battery for energy storage. The battery can be integrated with solar and wind energy sources. This breakthrough will help replace the conventional lithium-ion and lead acid batteries. The active materials are stored outside the battery in liquid state allowing indefinite energy storage. The batteries are optimised for industrial use. India is aiming to use 40% non-fossil fuel for energy generation by 2030.
INDIAN DIALYSIS FIRM TO DOMINATE PHILIPPINES MKT.
NephroPlus is all set to acquire Royal Care Dialysis Centers (RCDC) - an established leading name in the dialysis healthcare segment in the Philippines. NephroPlus aims to expand the network of dialysis centers to 50 in the next 5 years. RCDC currently treats around 400 patients across 6 of its centers. NephroPlus becomes India’s first player in the dialysis healthcare space to enter an overseas market and will introduce its successful expertise & technologies to RCDC.
WIPRO ACQUIRES TOP-END ENGINEERING DESIGN FIRM.
Wipro is acquiring US-based Eximius Design - a leading player in the semiconductor, software and systems design space. This acquisition bolsters Wipro’s capabilities in VLSI, AI, 5G, IIoT, online security. The deal is valued at $80 million. Eximius has 1100 employees with revenue of $35.2 mn (2019) and has design centres in India, US and Malaysia. Wipro will have access to Eximius’ clients in cloud computing, semiconductors, automotive, electronic segments.
JSW ENERGY TO INVEST Rs 6300 CRS IN RENEWABLE ENERGY.
JSW energy to invest Rs. 6300 crores in Tamil Nadu towards renewable energy projects across the state. In total, about 2400 people are expected to be employed. In addition to the JSW MOU, Tamil Nadu government has signed MOUs with 13 other companies. Investments totalling Rs. 10,000 crore is expected to come in and over 7000 jobs generated. Rs. 30,000 plus crores of investment MOUs have been signed by the state government till now, this fiscal.
METHANOL-FROM-COAL PLANTS TO BE SETUP BY COAL INDIA.
Coal India Ltd has invited global bids for setting up plants for the production of methanol from coal. Dankuni Coal Complex in West Bengal, India will host the first plant. More plants will come up in West Bengal, Chhattisgarh, Maharashtra and Jharkhand. Collectively, the projects will require almost 7.5 million tonnes per annum of coal. About 6.76 lakh tonnes of methanol per annum is targeted to be produced from the plants. Methonol will be used to blend with petrol.
LVB RECEIVES NON-BINDING OFFER FROM CLIX.
The stock price of Lakshmi Vilas Bank surged 15% in the back of the news that the Clix Group had offered merger proposal. As per the offer, the PE fIrm of Clix Group will be amalgamated with LVB. Clix will hold in excess of 74% in the merged entity with capital infusion of Rs 1500 – 1700 crore. Clix has also sought for exemption from ‘three-year share sale’ lock-in condition. Clix Group consists of Clix Capital Services, Clix Finance and Clix Housing Finance.
ABB POWER PRODUCTS WINS Rs. 100 CRORE ORDER.
ABB Power Products has won an infrastructure development project to power a new refinery and petrochemical plant. The project is estimated to cost Rs. 100 crore and has been awarded by HPCL Rajasthan Refinery Limited (HRRL). The project is at Barmer, Rajasthan. ABB will install a 220/66-kilovolt (kV) substation, compact gas-insulated switchgear (GIS), automation systems, power transformers ensuring superior, safe and efficient power infrastructure.
INDIA’S FIRST ADVANCED MANUFACTURING HUB IN TAMILNADU.
Tamil Nadu partners with World Economic Forum to establish India’s first advanced manufacturing hub (AMHUB). The effort is being driven by ‘Guidance’ – the nodal investment promotion agency for the state of Tamil Nadu. The hub focuses on bringing together the production ecosystems of the state by sharing the best manufacturing practices, incubating new businesses, new technology adoption and creating new manufacturing growth opportunities.
LARGEST DUCTILE PIPE MAKER EMERGES FROM A MERGER.
The merger of Electrosteel Castings & Srikalahasti Pipes has been approved by the respective boards. The merged entity will become India’s largest manufacturer of ductile iron (DI) pipes. The total DI pipe manufacturing capacity will be 8 lakh tons p.a. (market share of 30%). Electrosteel Castings clocked revenues of about Rs 2500 crores last fiscal & Srikalahasti Pipes booked about Rs 1660 crores. The entities will seek mandatory approvals next.
APPAREL TRAINING CENTRE TO OFFER SKILL TRAINING TO 77 UNITS.
Apparel Training & Design Centre, a training division of Apparel Exporters body, has firmed up skill training courses for 77 textile units in Tamil Nadu. 240 apprentices will be trained in five different 3-month courses that will be followed with 12-month on the job training. This project is funded by the World Bank under its Skills Strengthening for Industrial Value Enhancement (STRIVE) project that has a budget of Rs. 2200 crs & is aimed at MSME productivity.
HIGHEST MANUFACTURING PMI (INDIA) SINCE JANUARY 2012.
The manufacturing sector in India has seen the Purchasing Managers’ Index (PMI) for September rise to 56.8 from 52 posted in August. The further good news is that this is the highest since January 2012. This is a positive indicator for a quicker recovery of the economy. Manufacturing contributes around 15% of the India’s GDP. The manufacturing industry has seen an increase in orders as well as production in September.
RELIANCE RETAIL RECEIVES INVESTMENT FROM SAUDI SOVEREIGN INVESTOR.
Mubadala Investment Company - Abu Dhabi's sovereign investor - is investing Rs 6247 crores in Reliance Retail. Mubadala gets 1.40% stake in the company valuing Reliance Retail at Rs 4.28 lakh crores. This investment follows the additional investment made by Silver Lake of Rs 1875 crores taking their total investment to Rs 9375 crores (2.13% stake). Reliance Retail has also received investment from General Atlantic & KKR.
ROBOTIC CLEANING MACHINES TO BE MANUFACTURED IN INDIA.
Swiss-based global leader in cleaning solutions, Cleanfix Reinigungssysteme AG, will be manufacturing robotic cleaning machines in India via JV with Schevaran Laboratories. The manufacturing plant will be in Schevaran’s Mysore factory. This plant will be the first Cleanfix plant outside of Switzerland. The JV will launch scrubber dryers, wet and dry vacuum cleaners for the Indian market and for exports.
GAIL WINS SUSTAINABIILTY AWARD FROM FROST & SULLIVAN.
GAIL (India) Limited wins the Leaders Award in the Mega Large Business, Process Sector category in the 11th edition of Frost & Sullivan, TERI Sustainability 4.0 Awards 2020. The award is given for sustainable development practices that provides a “measurable and verifiable framework for sustainability”. GAIL is into LPG production and transmission, LNG re-gasification, petrochemicals and city gas and operates 12500 kms of high-pressure gas pipelines.
TATA STEEL STARTS COMMERCIAL MINING.
Tata Steel Mining has started commercial mining from Sukinda Chromite Mine. This Tata Steel company bagged leases for chromite mines at three mines in Odisha - Sukinda, Saruabil and Kamarda. Tata Steel Mining also operates Ferro-chrome plants in Odisha. As per the contract with the government, Tata Steel mining is committed to pay 94% of the sale made to the Odisha government. Tata Steel mines 100% of its iron ore requirements from its captive mines.
MANALI PETROCHEMICALS TO EXPAND PROPYLENE GLYCOL CAPACITY.
Manali Petrochemicals Limited (MPL) to triple its production capacity for Propylene Glycol to 70000 MTPA from the present 22000 MTPA in two phases. The investment outlay is Rs. 150 crores. Once the expansion is completed, Manali Petro will meet most of the 100,000 MTPA domestic demand. Currently 75% of the demand is being met through imports. Propylene Glycol finds application in the pharmaceutical and food sector.
CHEMCON SPECIALITY CHEMICALS IPO OVER-SUBSCRIBED 149 TIMES.
The manufacturer of specialised chemical products, Chemcon Speciality Chemical has received a bumper response for its Rs 318 cr IPO. The offering was subscribed by 149 times. The public offer received bids for 97.64 crore shares against the issue size of 65.59 lakh shares. Chemcon plans to use the fund received to meet its capital expenditure and working capital requirements. Chemcon enjoys dominance in HMDS manufacturing in India & is the 3rd largest globally.
RELIANCE RETAIL GETS $755 MN. INVESTMENT FROM KKR.
Private equity major KKR will invest $755.09 million in Reliance Ventures. The enterprise gets a valuation of Rs. 4.21 trillion. KKR will receive a 1.28% stake in Retail Ventures Ltd as per this valuation. This transaction follows the investment of $1.02 billion by Silver Lake earlier this month. KKR has invested $1.5 billion in Reliance Jio in May this year - the biggest investment in Asia by KKR. This news saw an increase in share value of Reliance by 2.9% when the markets opened.
HINDALCO & HCL SIGN MOU FOR COPPER CONCENTRATE SALES.
Hindalco Industries to purchase and sell copper concentrate mined by Hindustan Copper (HCL). The MOU signed helps reduce import dependence for India and maximises the use of locally mined copper concentrate for domestic refined copper production. HCL is the sole mining company for copper concentrate in India. As per the understanding, about 60% of HCL’s copper concentrate production will be picked up by Hindalco for refined copper production.
FDI LIMIT IN DEFENCE SECTOR INCREASED TO 74% BY INDIA.
The government of India has enhanced the foreign direct investment (FDI) limit in the defence sector manufacturing from the existing 49% to the revised 74% under automatic route and beyond 74% through the government route. The investments will still be subject to scrutiny for National Security reasons. The Indian government’s decision comes in the wake of the self-reliance - Aatmanirbhar Bharat - pledge of the nation across the board including defence sector.
ASHOK LEYLAND TO SUPPLY 1400 FUEL DISTRIBUTION TRUCKS.
Ashok Leyland has received a mega truck order from Procure Box a logistics start up. The order is for 1,400 intermediate commercial vehicles (ICVs) for fuel distribution. The vehicles will be put to use across 750 districts of the country. The order will be executed in the next 6 months. The value of the deal is not disclosed by neither of the companies. This purchase puts Procure Box as the largest player in the segment fuel bowsing and gas cylinder logistics in India.
ALLIANCE TYRE TO INVEST Rs 1200 CRS IN VIZAG PLANT.
Off-highway tyre manufacturer Alliance Tire Group (ATG) is setting up its third factory in Vizag, India with an investment of Rs. 1,240 crores. The factory will add over 20,000 tonnes per annum capacity to the 2.3 lakh tonne annual production from two India factories. The plant will be commissioned in Q1/2023. The plant will employ 600 people. ATG has one factory in Dahej, Gujarat another at Tirunelveli, Tamil Nadu where it also has the R&D centre.
INDIA TO BUILD WORLD'S FIRST CNG TERMINAL.
India will soon have the world’s first compressed natural gas (CNG) terminal. This will come up at Bhavnagar in the state of Gujarat. An amount of Rs 1900 crores has been sanctioned by the state government for the project. The terminal will have a capacity of 15 lakh tonnes per annum. The project is being developed by a consortium of developers - Padmanabh Mafatlal Group, a Netherlands company and others. The first phase will require Rs. 1300 crores of investment.
STRIDES PHARMA TO INVEST IN STERISCIENCE PHARMA.
Pharma company Strides Pharma Science will invest Rs 135 crores over the next two years in SteriScience Pharma Pvt Ltd for a 54% stake. SteriScience will be lead Strides sterile injectables business, globally. SteriScience will require an investment of Rs 400 crores to achieve breakeven within two years. SteriScience also has a JV with Brooks Laboratories for building the carbapenem business with integrated manufacturing.
INDIA ANNOUNCES PACKAGE FOR GLOBAL MANUFACTURERS.
The Government of Indian is planning to offer incentives totalling USD 23 billion to attract global companies to set up their manufacturing plants in India. The package will extend production-linked incentives to auto, solar panel, specialty steel to consumer appliance, textile, food processing and specialised pharma manufacturers. Details of the programme are to be finalised and approval from the union cabinet to be obtained.
RASHTRIYA CHEMICALS STARTS METHANOL MANUFACTURING.
Rashtriya Chemicals and Fertilizers Ltd (RCF), a public sector undertaking has started production of Methanol at their Trombay Unit in Mumbai. RCF has the capacity to produce 88000 MTPA of methanol. RCF will stop importing methanol post their plant going on stream. Methanol finds application in pharma, pesticides industries. RCF has been ramping up its production of its fertilizer, SUPHALA 15:15:15, from 1500 MT per day to 2200 MT per day.
MAHINDRA ELECTRIC LAUNCHES MESMA 48 PLATFORM FOR EVs.
Mahindra Electric Mobility has launched its Scalable Modular Architecture (MESMA) 48 platform. This platform offers voltage systems of range 44v to 96v and has till date powered over 11000 electric vehicles on the Indian roads. The platform can help electrify a range of vehicles including three wheelers and compact cars. MESMA is India's first electric architecture with all India manufactured components except the battery cells.
US-BASED PE FIRM INVESTS Rs. 7500 crs IN RELIANCE RETAIL.
Silver Lake, the private equity firm that also invested in Jio is investing Rs 7500 crores in Reliance Retail Ventures Ltd (RRVL) for a stake of 1.75% in the company. Reliance Retail is being valued at Rs 4.21 lakh crore in this deal. Reliance Retail operates 12000 crore outlets across India with 640 million outlets. Reliance Retail launched Jio Mart succesfully despite the Covid times. Silver Lake has invested in Alibaba, Twitter, Airbnb, Dell and many more.
TATA STEEL'S PRODUCTION RECOVERS TO 100%.
The production level at Tata Steel has touched 100 per cent. The company has registered the growth due to demand picking up in the rural market and good monsoon. Most producers were down to 50% in the first quarter due to the lock down. (Tata Steel’s capacity is 20.6 MTPA.) Tata Steel has seen increase in sales due to government purchase from oil and gas, water conveyance and railways sectors.
GODREJ AGROVET WINS AWARD FOR SUSTAINABLE INITIATIVES.
The Godrej Agrovet Oil Palm Plantation (OPP) plant (in Andhra Pradesh, India) has been presented with ‘Excellent Energy Efficient Unit’ award. The award was given at the 21st National Award for Excellence in Energy Management 2020. About 99% of the plant's energy comes from renewable sources. The plant sends no waste to the landfills. All organic waste from the palm fruit bunches are either processed mostly reused in the plant boiler as fuel.
PITTI ENGINEERING'S Rs. 250 CRS CAPACITY EXPANSION.
Pitti Engineering is looking at adding resources in precision engineering and is investing Rs. 250 crores towards expanding its current capacity. The funds will be utilised for growing capacity from to 46,000 MTPA (from 36,000) for sheet metal components and its machining capability from to 405,600 hours (from 247,600 hours). Pitti has orders of Rs. 550 crores from Indian Railways as well companies in data farms, consumer durables and renewable energy.
MAHINDRA GOES IN FOR ISRAEL CO TIE UP FOR EVs.
Mahindra and Israel's REE Automotive have signed a MOU for development and production of electric vehicles for commercial use. The vehicles will be sold globally. REE Automotive is strong in platform technology that allows integration of powertrain, suspension and steering components in the arch of a vehicle wheel. Mahindra will contribute by way of design, engineering, sourcing capability and manufacturing.
WIPRO IMPLEMENTS BLOCKCHAIN FOR LNG TRADING PLATFORM.
Wipro Ltd. has implemented blockchain technology for a small scale liquefied natural gas (LNG) trading platform. This is for their Germany-based client, Uniper Global Commodities. Its subsidiary Liqvis GmbH will also benefit from this technology for their LNG for trucks business. The new platform allows peer-to-peer order and supply placement, delivery of goods, validation of the goods and bill settlement.
AMPLUS SOLAR FIRST TO TRADE ON INDIAN ELECTRICITY EXCHANGE.
Amplus Solar became the first solar power generator on 20 August to sell renewable electricity in the Green-Term Ahead Market (GTAM) on the Indian Electricity Exchange (IEX). GTAM provides means to renewable power producers to sell energy for buyers to meet their renewable energy purchase obligations. IEX launched GTAM on its platform on 17 August paving the way also for transparency in price discovery.
CPCL TO COMMISSION PROJECTS WORTH Rs 2208 CRS THIS FY.
CPCL plans to commission two big projects with investments of Rs. 2,208 crore in the current financial year. The company has completed the BS-VI DHDT project revamping scaling from earlier 1.8 million MTPA to 2.4 million MTPA in November 2019. The pre-commissioning work has started and the mechanical completion is planned to conclude this quarter. The new sulphur recovery block is expected to be completed by end of 2020-21.
BHEL TO SUPPLY BATTERY ENERGY STORAGE SYSTEMS.
BHEL has been awarded contract by The Energy and Resource Institute (TERI) for Battery Energy Storage Systems (BESS). The contract requires BHEL to set up a cumulative 410 kWh BESS in National Capital Territory (NCT) of Delhi. BHEL will be responsible for design, supply, testing, installation and commissioning. BHEL will also undertake maintenance for a period of 5 years. The contract will be executed by BHEL's Electronic Division.
IIT DELHI TO SETUP COBOTICS RESEARCH HUB.
The Indian Government has sanctioned Rs. 170 crores to IIT Delhi to set up a technology innovation hub for research in Cobotics. The hub will undertake research in medical robotics, agriculture, disaster management, defense and smart manufacturing. IIT Delhi will be working with other universities within India and internationally (from Japan, Korea, USA, UK and more) and with several private companies in this connection.
SYNERGY GROUP AND NORDEN LAUNCH TANKER VENTURE.
Synergy Group & DS NORDEN have created a joint venture - Norden Synergy Ship Management (NSSM) - that would handle the technical management of NORDEN's tanker vessels. This 50:50 venture will manage NORDEN's current fleet by providing technical, crewing, training and technological services. The JV will benefit from Synergy's IIoT platform service, SMARTShip for fleet efficiency.
ESTER FILMTECH TO INVEST Rs. 1350 CRS IN POLYESTER PLANT.
Ester Filmtech has announced the setting up of polyester film manufacturing unit at Chandanvelly, Telangana. The capital outlay for the first of the three phases is Rs 500 (of Rs. 1350 crs total) crores to conclude by Q3/2022. The unit will have 800 employees and about 40% of the production is for the exports market. Ester Filmtech is a subsidiary of Ester Industries that manufactures oriented films, engineering plastics and specialty.
EVAGE BUILDS INDIA'S FIRST EXOSKELETON STRUCTURES.
India's startup mobility player, EVage mobility has come up with India's first 'Exoskeleton Structure' for automobiles. This innovation provides a common platform that will enable the production of different vehicle categories - vans, SUVs, trucks, etc. EVage's team includes aeronautical engineers for the cutting-edge tech knowhow. The company's first vehicle is a utility van that has completed a test drive of over 100,000 kms.
INSECTICIDES INDIA TO INVEST Rs. 1BN ON CAPEX.
The manufacturer of agro-chemical products, Insecticides (India) Ltd. is investing Rs. 1 bilion in the next two years towards capex projects. The years towards capex projects. The invesments will go towards setting up SEZ, synthesis facilities and backward integration plants. The investment is in line with the 'Make In India' scheme. For Q1/FY21, the business recorded a revenue increase by 14.29% and sales registered Rs 409.59 crore.
TATA MOTORS LAUNCHES INDIA'S BIGGEST TIPPER TRUCK
Tata Motors has launched India's biggest multi-axle tipper truck. Called 'The Signa 4825.TK', the truck is priced at Rs. 52.81 lakhs and weighs 47.5 tonnes. The loading box is of 29 cubic metre size. The truck is powered by a 6.7-litre BS6 engine which is mated to a G1150 9-speed gearbox, with 430mm dia organic clutch. The market for this vehicles is the cargo handling & construction industry.
ULTRA TECH CEMENTS PLANS CAPEX OF RS 1500 CRS IN FY21.
The Aditya Birla group company, Ultra Tech Cement plans to spend Rs. 1500 crores this financial year. This investment will go towards expansion projects. The production will increase to 118 mtpa post the expansion. The green power capacity will be enhanced to 185 MW and the solar & wind power will stand at 350 MW after the exercise. The company has seen its net debt go down by Rs. 2209 crore in April-June quarter.
TEJAS NETWORKS GETS ORDER FROM L&T WORTH Rs 66 CRS.
L&T Construction has placed an order with Tejas Networks to supply its GPON-based fibre-broadband products & high-performance metro ethernet switches for defence use. The order value is Rs. 66 crores and the supplies from Tejas have commenced this quarter. For Tejas this order is a prestigious project for the Indian defence sector. It further bolsters its credibility as it has earlier also supplied equipments to Indian Air force and Navy.
MURUGAPPA COMPANY TAKES CONTROL OF CG POWER.
Tube Investments, a Murugappa group company, acquires controlling stake in CG Power & Industrial Solutions. The transaction is worth $93.4 million (70 crs). CG power was in the news last year for financial misappropriation that involved its employees. CG Power was established in 1937 and manufactures electric transformers, switchgear, circuit breakers, control gear and power automation products.
PRE-OWNED CARS PLATFORM SPINNY BUYS RIVAL CO TRUEBIL
Online platform for pre-owned cars, Spinny has bought 100% stake of the smaller rival Truebil. Both these startups are well funded by VC firms. Spinny has the backing of Fundamentum Partnership (Nandan Nilakeni associated), SAIF Partners and Accel. While Truebil counts Kalaari Capital, Inventus Capital, Kae Capital, Shunwei Capital (China) and Tekton Ventures (US), as its investors. Spinny and Truebil were both founded in 2015.
PRAJ IND. AND ARAI SIGN MOU TO DEVELOP ADVANCED BIOFUELS.
Praj Industries has signed an MoU with Automotive Research Association of India (ARAI) to work on advanced biofuels for the transportation industry. This association will promote the use of biofuels such as in internal combustion engines. ARAI has been working actively on alternative fuels, green & sustainable mobility. Biofuels are derived from feedstock agri residue, molasses, cane syrup etc.
SRF BOARD APPROVES Rs. 315 CRS NEW CHLOROMETHANE PLANT.
SRF to set up a new chloromethane factory in Dahej, Gujarat at Rs 315 crores. The new facility that will produce 100,000 MT per annum is expected to go into production from January 2022. The investment will be raised from internal accruals and will also have a debt component. The present capacity for SRF for chloromethane is 95,000 MT per annum.
JSW BUYS GMR POWER PLANT IN ODISHA FOR Rs. 5321 CRORES.
JSW Energy Limited has finalised its acquistion of GMR Energy's GMR Kamalanga Energy thermal power plant located in Odisha. The power generation capacity of this plant is 1050 MW. With this deal the total power generation capacity of JSW Energy will rise to 5609 MW. JSW Energy's presence will increase in eastern India and will help diversify its fuel mix. The transaction will require mandatory government approvals.
INDIAN OIL - TOTAL JOIN HANDS TO MAKE TOP GRADE BITUMEN.
Indian Oil has formed an equal stake joint-venture with France's Total to manufacture bitumen derivatives and speciality products of the highest quality to cater to the road building industry. The JV will set up manufacturing facilities across the country and could also explore South Asian markets for further growth. Starting with the Jodhpur plant of Total, the JV will set up six other plants in other parts of India at an investment of Rs. 226 crores.
Rs. 10K CRORE INCENTIVE SCHEME FOR PHARMA SECTOR.
India has announced a production-linked incentive (PLI) scheme for the pharma industry. This is to encourage the manufacturing of pharma-related raw materials within India. Three mega bulk drug parks are to be developed as well. The incentives will be extended for 6 years starting FY21 and will be help green field projects. The total outlay is expected to be around Rs 10,000 crores.
ABB BAGS LARGEST AUTOMATION ORDER.
The Indian subsidiary of the Swiss engineering giant, ABB India, has won the order to implement Process Automation and Safety System projects for Deccan Fine Chemicals. ABB claims this to be the India largest automation project in the Agro-chemical industry. The value of the deal has not ben revealed by the entities concerned.
TATA COMMUNICATIONS GETS SAUDIA ARABIA LICENSE
The license permits Tata Communications to provide service as Internet Service Provider (ISP) and also extend related telecom services to individuals and companies in the kingdom of Saudi Arabia. Tata will now be designated as a local licensed service provider, a change from being a foreign carrier earlier. Around 30% of the world's Internet routes travel over Tata Communications network.
INFY WINS MULTI-YEAR DEAL WORTH $1.5 BN.
Vanguard, an investment firm based in the US has awarded Infosys a multi-year contract of $1.5 bn. This is the biggest deal that Infosys has secured. The previous high value contract was the one awarded by Verizon for a value of below $1bn. The markets responded positively to the Infosys stock in view of this deal.
TN GOVT SIGNS MOUs WORTH Rs. 10399 CRS
The Tamil Nadu government has signed eight MOUs aggregating to Rs. 10,399 crores of proposed investments. The MoUs are expected to create 13,500 jobs and cuts across multiple industries -- solar cells and modules manufacturing, air compressors, iron foundry, data centre, etc. The MoUs have been signed with Vikram Solar, Yotta Infrastructure (of Hiranandani), Elgi Equipments, Aquasub and others.
RENEW POWER ENTERS SOLAR CELL PRODUCTION
ReNew Power is India’s foremost renewable power generation company and is promoted by Goldman Sachs. ReNew Power has announced its foray into manufacturing of solar cells and modules. The investment will be about Rs 1,500 crores for its 2GW manufacturing facility. The strategy will help ReNew in backward integration and establish superior control over the supply chain.
GOOGLE INVESTS IN JIO, $4.5 BN DEAL.
Google has made the largest investment in India thus far. After securing investments from Facebook, Intel, Silver Oak and other PE funds, Jio platforms today announced the deal with Google. Google will get a stake of 7.7% in the company. With this deal, Jio platforms’ valuation is Rs. 4.36 lakh crores. Reliance Industries recently crossed Rs. 12 million in terms of market capitalisation - the first Indian company to do so.
WIPRO TO ACQUIRE BRAZIL COMPANY
Wipro Techologies will acquire Brazil-based IT Services firm, IVIA Servios de Informtica Ltd. The deal is valued at $22.4 million and is expected to close by September this year. IVIA has 722 employees and has registered revenues of $13.5 mn. in the last fiscal. IVIA has clients from financial services, transportation, retail, healthcare and manufacturing industries.
BP PAYS $1 BILLION FOR 49% STAKE IN RIL-BP JV.
Reliance has received $ 1 billion from BP for a stake of 49% in the retail and aviation fuel joint venture, Reliance BP Mobility. Reliance Industries will hold the balance 51% stake. The business will carry the brand name ‘Jio-BP’. The existing retail outlets of Reliance will operate under this name. Apart from selling fuel, the outlets will also carry BP’s Castrol range of products.
IOC'S GREEN FUEL UNIT GOES ON STREAM.
The first compressed-biogas (CBG) plant has been set up in Namakkal, TN, India. This is part of the Rs 450 cr project to supply green fuel in the state across multiple CBG plants. Set up by a JV between Indian Oil Corporation and Oiltanking GmbH of Germany, the Namakkal plant will produce 15 tons of CBG per day for vehicles (through five CBG stations) and two factories.
Rs 1 LAKH CRORE FUND FOR AGRI INFRA: INDIA
India has set up a new agri-infra fund. The fund will provide medium to long term debt funding to agri projects in post-harvest infrastructure and community farming assets. This will be done through interest subvention and financial support. The fund will cater to start-ups, agri-tech businesses and farmer groups. The duration of the fund will be for 10 years - ending in 2029.
AYE FIN. RAISES DEBT FUNDING OF Rs 125 CRs.
Aye Finance - an online lending startup - has raised debt funding of Rs 125 crores from Invest in Vision, a German investment firm. Earlier Aye had raised an equity round of Rs 210 crore from CapitalG - an existing investor. Aye Finance was started in 2014 and has released over Rs 3,000 crore as loan to over 200,000 micro enterprises.
OIL PSUs HANDLING 859 BIG PROJECTS.
The Indian oil companies of the public sector are currently working on 859 projects. The total value of the projects is estimated to be Rs 3.57 lakh crores - over several years. The projects cut across the entire hydrocarbon value chain of refinery, exploration, distribution management, production tech and more. The projects will require 3.5 crore man-days of employment in the current financial year.
INTEL INVESTMENT IN JIO OF $235 MN.
Intel is investing in Jio for a 0.39 per cent stake. This investment of $235 mn. (Rs 1894 crs) will be the 12th investment that Jio has attracted globally in the last three months. Jio has raised $15.5 bn so far. With this deal, the enterprise value of Jio stands at $65 bn. Jio has become a global brand with the entry of names like Facebook, Intel & Silver Lake.
HALDIA PETRO BUYS US FIRM FOR $2.7BN.
Haldia Petrochemicals has acquired Lummus Technology of US for $2.7 billion. This is a joint acquisition in partnership with Rhone Capital. Haldia will hold 57% stake in the company. Lummus owns over 130 proprietary technologies in petrochemicals, refining, gas processing & coal gasification. The company has 3400+ patents and trademarks in its name.
CARLYLE TO BUY 25% IN AIRTEL SUBSIDIARY.
An investment of $235 million is being made by Carlyle in the data center business of Airtel, Nxtra Data Ltd. The company is being valued at $1.2bn and Carlyle’s stake will be 25%, once the deal is formalised. Nxtra Data is building large data centres across India and will use the investment to grow its infrastructure rapidly.
$1BN MASTERCARD INVESTMENT IN INDIA.
Global digital payments player, Mastercard, has committed to invest $1 billion in the Indian market over the next 5 years. The money will go into building technology for digital payments, setting up the infrastructure and for developing innovative solutions in the payments space. Mastercard has 2500 employees in India - the largest for the company outside of the US.
INDIA OPENS SPACE TO PRIVATE PLAYERS.
India has opened the field of Space to private entities. Indian National Space Promotion and Authorization Centre (IN-SPACe) - newly created - will be the facilitating body. IN-SPACe will formulate policies for use of Space infrastructure by private companies. ISRO will continue to focus on R&D, space missions and human space flight programmes.
BIOCON: MARKETING PACT FOR SINGAPORE.
Biocon has tied up with DKSH for marketing, sales & distribution of seven of Biocon’s generic products in Singapore and Thailand. The arrangement allows DKSH to register & commercialise the formulations under the Biocon’s brand. The tie-up will give patients access to affordable medication for chronic diseases and expand the target market for the company.
L&T SIGNS MOU WITH NYSE-LISTED CO.
L&T Hydrocarbon has signed an MoU with KBR, a New York Stock Exchange-listed business. The understanding is to build modular process plants for the refinery and petrochemicals projects in India, South East Asia, Mid-east and Africa. KBR is a US-based company and is a major player in Construction, Procurement and Engineering.
DEBT-FREE RELIANCE, BEFORE SCHEDULE.
Mukesh Ambani has declared that Reliance Industries is debt-free. The company raised Rs. 168 lakh crores in two months. In a press statement released moments ago, the Chairman has said, “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021â€
AIRTEL ACQUIRES STAKE IN EDTECH CO.
Bharati Airtel has acquired 10% stake in an edtech company, Lattu Media Pvt Ltd. This is the fourth investment by Airtel in a new generation company after Al-tech startup Voicezen, fitness-focused startup Spectacom Global Pvt. Ltd & tech company Vahan Inc. The financial details of the transaction are awaited.
LAKSHMI VILAS BANK - INVESTOR FOUND.
The troubled private bank, LVB, may have found an investor. The investment proposal has come from Clix Capital, promoted by Promod Bhasin. Clix plans to invest about Rs 2300 crs for a 45% stake, if all goes well. RBI has restricted the bank from new lending due to a sharp rise in NPAs, insufficient liquidity & negative return on assets for two consecutive years.
ARCELLOR-MITTAL'S INR 2000 CR INVESTMENT.
The state of Odisha is the target of ArcellorMittal's next big investment. The world's largest steel maker has already begun work on two large projects with an investment outlay of Rs 2000 crores ($283 mn.). As per the statement from CMO, ArcellorMittal is expanding its pellet plant capacity from 6MTPA to 12 MTPA.
ANAND MAHINDRA INVESTS IN STARTUP.
Chairperson of the Mahindra group, Anand Mahindra, has invested $1 million in Hapramp -a technology startup. Hapramp's flagship social media application, GoSocial, secured the deal for the India-based entity. GoSocial rewards media creators for posting and engaging with the users. The company was founded in 2018.
CIPLA BUYS STAKE IN A TECH COMPANY.
Cipla pharmaceuticals will acquire a 21.8 per cent stake in pharma-focussed online app player, GoApptiv. The total cost of the acquisition is As 9 crs (in two tranches). GoApptiv offers solutions for patient support and healthcare data analytics as well as for sales management, online marketing and channel management.
ADANI WINS UNIQUE INR 45K CR CONTRACT. GROWTH.
Solar Energy Corpn of India has awarded a manufacturing linked solar power project contract to Adani Green Energy. Adani will develop 8 GW of solar power project and wil also build manufacturing capacity for solar cell and modules. The project value is Rs. 45,000 crore and 400,000 jobs will be created.
L&T WINS TELANGANA GOVT INR 5K CONTRACT. GROWTH.
The contract for a major irrigation project in Telengana has been awarded to L&T by the state government. The contract is worth Rs. 5000 crores. It will require the construction of a 1263 meter long barrage, 65 radial gates and other related civil works. The project will be executed within two years.
HCL TECH TO ACQUIRE CISCO BUSINESS UNIT.
IT biggie HCL Technologies Ltd. is acquiring a self-optimising network technology business owned by Cisco Systems. The all-cash transaction is worth $50 million (Rs. 378 crores). This buy will help HCL expand its presence in the telecom sector especially with the introduction of 5G. The merger is planned to conclude by 2021.
DAILMLER TO INVEST INR 2K CRS ON GROWTH.
Daimler India Commercial Vehicles is investing Rs. 2277 crores to expand their commercial vehicle production in Orgadam, Tamil Nadu, India. Daimler expects to employ 400 more employees on expansion. The company has invested Rs. 5500 crores earlier on the project and exports vehicles to over 50 countries from this plant.
OLA ACQUIRES DUTCH E-SCOOTER PLAYER.
Etergo is an Amsterdam-based electric scooter manufacturer. Ola will acquire this company and will start manufacturing electric scooters later this year. The market launch is planned for 2021. While the company (Eterga) is valued at around 84 million euros, the price that Ola has paid has not been made public.
SATELLITE TECH TO OFFER 5G NETWORK.
Vestaspace Technology - a nano, small satellite manufacturer in India - plans to launch 35+ satellites (constellations) by 2021. This would power their 5G network capabilities. The satellite-based technology is seen as an alternative to the fibre network technology. Vestaspace Technology has been working with ISRO, NASA and other space agencies.
R-JIO & KKR SEAL ASIA'S BIGGEST DEAL
KKR a major PE player has invested $1.5 billion in Reliance's Jio Platforms. This deal is seen as the biggest deal in Asia and will give an equity stake of 2.23% to KKR in Jio. Jio has raised $10.4 billion within a month, starting with the much in the news Facebook-RJio deal. The enterprise value of Jio Platforms now stands at Rs. 5.16 trillion.
BAJAJ BIKES ENTER THAILAND MARKET.
Bajaj Auto is entering the Thailand market with its top of the line premium brands by July 2020. The company will introduce its sports category brands, Dominar & Pulsar NS. Bajaj exported 47% of the bikes manufactured by them in FY20. The company is targetting the ASEAN market for its next wave of growth.
COIR GEOTEXTILE FOR RURAL ROADS.
The Govt of India has approved the use of Coir Geotextiles for the construction of rural roads. Going by specific technology guidelines on road construction, it is estimated that about 1674 kms - across seven states - will be constructed using Coir Geotextiles. This will require one crore square meters of coir at an estimated value of Rs 70 crs.
RPG GROUP BOOKS INR 1200 CRS ORDER.
The flagship company of RPG Group, KEC International has bagged multiple infrastructure projects worth Rs. 1203 crores. The infrastructure projects are in the area of power (transmission & distribution), industrial civil works, residential works and cables. The projects will be executed in India, Bangladesh, Africa & Americas.
FASTEST LOCOMOTIVE OPERATIONALISED.
The Indian Railways has put into operations the world's fastest locomotive. This machine is capable of running at a speed of 12,000 HP and is designed to carry heavy consignments. This powerful electric locomotive is being manufactured by French company Alstom - under the Make in India programme - along with Madhepura Electric Locomotives under a 3.5bn euro agreement.
4 SLURRY PROJECTS TO BE DEVELOPED.
The Steel Ministry, GOI, is developing four slurry pipeline projects costing Rs. 8225 crs. The project will be executed in partnership with the private sector and is likely to conclude in 2025. A slurry pipeline stretches over long distances and transports ores such as coal, iron and mining waste.
REMDESIVIR TO BE MADE BY JUBILANT.
Jubilant Life Sciences, India has entered into a non-exclusive licensing agreement with Gilead Sciences, USA to manufacture Remdesivir - a potential Covid-19 drug. The drug will be made available in India and 127 countries. The drug will be introduced in the Indian market after clinical trials and regulatory approvals.
TATA POWER SIGNS DEAL WITH MOD.
Tata Power's defence division, Strategic Engineering Division has been awarded a contract worth Rs. 1200 crores by Ministry of Defence. The contract is for Tata Power's arm to modernise the airfield infrastructure of Indian Airforce, Navy and Coast Guard over a four-year period. 37 airfields will be covered under this contract.
CARLYLE TO INVEST INR 1800 CRORES.
Carlyle Group, a PE firm, has agreed to take majority stake in SeQuent Scientific, an India based company that is into animal healthcare. This investment - expected to be INR 1800 crs - will give Carlyle Group 74% ownership of the company, to start with. SeQuent will leverage Carlyle Group's healthcare knowledge to become a global player.
IDFC FIRST BANK GETS $26.4MN.
Private Equity giant Warbug Pincus has invested an additional $26.4 Mn (INR 200 crores) in IDFC First Bank. The investment ensures that the PE firm's stake remains close to 10% in the bank. This investment is Warbug Pincus' second investment in India this year. They previously committed to invest $150 million in Apollo tyres.
POLYCAB BUYS OUT PARTNER IN RYKER.
Ryker Base Limited was a joint venture between Polycab and Singapore-based, Trafigura until recently. Each entity owning 50% in the business. Polycab has now bought 50 percent stake of Trafigura for $ 4mn. (Rs. 30 crores) making Ryker a wholly-owned subsidiary of Polycab. Polycab is backed by International Finance Corp. (World Bank's investment arm.
JINDAL REGISTERS GROWTH OF 109%.
Jindal Steel & Power achieved a month-on-month growth in exports of 109% this April. The company exported 2.48 lakh metric tons of steel and related products. The exports contributed 74% of the company's total sales. The company's share price rose by 2.40% to INR 87.50 in the back of this announcement.
R-JIO IS WORTH $65 BILLION NOW.
About 15 days back, Facebook invested in Reliance Jio for a 10% stake. The amount invested was $5.7bn. A day back, a private equity firm, Silver Lake invested $748 million. This for a stake of 1.2%. The investment makes Reliance Jio worth $65 billion. That's a growth in valuation by 12.5%. Silver Lake has invested Alibaba and Dell.
INDIA: 3RD BIG SOLAR MARKET.
India installed 7.3 GW of solar power in 2019. India has 23.7 GW projects under development and 31.5 GW of tenders pending auction. (This is as per a study by Mercom Communications India) India is now the third largest solar power market globally and is led by Mahindra & L&T in this space.
SEQUOIA FUNDS FITNESS STARTUP.
Surge, Sequoia Capital India's funding programme for early stage startups, has invested USD 2mn. in pre-series A funding. Fittr is a market place for fitness coaching. It offers training tools and diet plans and live fitness classes with experts. Presently Fittr has 200 certifiied coaches on its platform. Founded in 2016, Fittr has 850,000 members who are registered.
BEML BAGS DEAL WORTH RS. 398 CRS.
Coal India has awarded a contract to BEML to supply seven 150-T and eight 205E-T dump trucks. The deal worth Rs. 398 crs includes the supply of spare parts for eight years. The trucks to be supplied meet eco-friendly emission norms and come with the state of the art fuel management system. The trucks have ben designed and developed by BEML.
USFDA APPROVAL FOR ZYDUS DRUG.
Zydus Cadila has received a go-ahead from the US drug regulator to market its cancer drug, Erlotinnib. The drug will be manufactured at Zydus Cadila's drug formulation manufacturing unit in Ahmedabad located in the SEZ. The Erlotinib tablets are given for the treatment of lung cancer and pancreatic cancer.
TCS TO BUILD S/W FOR ISRAEL BANKS.
Israel's finance minsitry has engaged TCS to build a banking service bureau. TCS would create a shared digital banking operations platform for any startup bank to benefit from. This agreement will lead to creating Israel's first fully digital bank. This bank will have no physical branches but will offer all the services offered by traditional banks.
NALCO AWARED MINING LEASE.
The Odisha state government has awarded the mining lease of Utkal-D coal block, spread over an area of 301.28 hectares to NALCO. The annual capacity is expected to be at 2 million tonne initially. The reserve is estimated at 101.68 mn tonne. The period of lease is 30 years. This lease will give a boost to NALCO that requires continuous access to coal.
TVS BUYS UK’S ICONIC BIKE BRAND
TVS Motors has acquired 100% stake in UK's iconic sporting motorcycle company Norton Motorcycles. This all cash deal is valued at USD 20 Mn. The Norton brand of motorcycles was founded in 1898 and the deal is expected to help TVS Motors mark their international presence in a big way through this brand.
NTPC AWARDS INR 1750 CRS DEAL.
Vikram solar, Kolkata has bagged a contract to build 300 MW solar plant project worth INR 1750 crores. The solar plant wil be spread across 1,500 acres in Rajasthan and will be ready in 18 months. Vikram Solar has installed several large projects. Some of them are APGENCO's 200 MW (in AP), NTPC's 130 MW (in Rajasthan), GIPCL's 80 MW (in Gujarat) and NTPC's 225 MW (in UP).
L&T WINS DEAL FOR MASS TRANSIT.
A division of L&T Construction has been awarded a contract to build Rapid Transit System from NCR Transport Corporation. The contract is worth about INR 2500 crs. (as per news reports). The project is to build a dedicated, high speed, high capacity rail line in Delhi - Ghaziabad - Meerut corridor. The design speed will be 180 kmph and average operational speed will be 100 kmph.
CIPLA INHALER GETS US FDA NOD.
Cipla has received the approval for its generic inhaler from the US Food & Drug Administration. The inhaler helps treat acute cases of bronchospasm/asthma. The approval is expected to shore up Cipla's top line by USD 60 Mn. Limited competition in the US market will help in selling large volumes. The company's share price rose by 15% in the back of this news.
SWEDEN ROAD ELECTRIFIED.
Sweden introduces world's first electrified road that helps charge electric cars. Two tracks laid on the road tranfer electric impulses that charge the batteries of electric vehicles on the go. Power is transmitted from the tracks through a movable arm that is connected to the bottom of the vehicle. As an experiment 2kms of the tracks has been laid.
TOTAL INVESTS IN ADANI SOLAR BIZ.
Adani Green Energy has received investment of Rs. 3707 cr from French oil major Total SA, for a 50% stake in the joint venture. Adani Green Energy houses 2.148 GW solar projects operating across 11 states in India. The company aims to achieve 25 GW by 2025 making them the largest player in the solar energy space in the world.
FACEBOOK-R JIO DEAL IN THE OFFING.
Facebook is in talks with Mukesh Ambani-owned Reliance Jio to pick up a stake in the company. It is predicted that Jio would offer 10% of ownership to Facebook. Reliance Jio is valued at $60 billion and has a subscriber base of 370 million. A 10% stake would make this Facebook-Jio deal worth $6 billion.
TVS SUPPLY CHAIN GETS A $100 MN PARTNER.
Gateway Partners, a PE firm based in Singapore, has entered TVS Supply Chain as a strategic partner with a stake worth $100 Mn. TVS Supply Chain is one of the largest third party logistics and supply chain player. This strategic association is expected to help increase the global footprint for the company.
YES BANK RATINGS UPGRADED BY MOODY'S.
Moody's has assigned positive outlook to YES Bank. The investments coming in from banking consortium led by SBI paving the way for this upgrade. The morotorium on banking transactions has been lifted completely. The fundamentals of the bank are expected to improve drastically and that would help the price of the scrip as well.
TESLA ASSEMBLES ONE MILLION CARS.
Tesla is the first Electric Vehicle manufacturer to achieve the milestone of one million cars in just 12 years time. Roadster launched in 2008 was their first model - one that also went to the space. Tesla manufactures 40,000 new cars a month. This is a significant landmark for all us since the EVs are the future.
