French automobile conglomerate PSA Peugeot Citroen (also known as the PSA Group), finalized a $12 million deal to acquire Hindustan Motors from parent company the C.K. Birla Group.
Once known as the ‘King of Indian Roads’, the Ambassador car brand is the most iconic car of India. Modeled after the British car Morris Oxford III, this car was first manufactured in 1958, and in 2014 production was shut down.
The PSA Group, which owns the Peugeot, Citroen, and DS Automobile marques, established a partnership with the C.K. Birla Group in January 2017 to enter the Indian automobile market. The joint venture, with a reported initial investment of $112 million, will see the French company set up a factory in Tamil Nadu to manufacture around 1,00,000 vehicles each year, reports Your Story.
February 16, 2017 No Comments
The coal-based Tuticorin Thermal Power Station owned by the government of the southern state of Tamil Nadu, is using a new proprietary solvent developed by the Mumbai-born Carbon Clean Solutions, which converts carbon dioxide from the flue gases to baking soda, a base chemical with a wide range of uses including glass manufacture, sweeteners, detergents and paper products. The company claims that its chemicals will lock up 60,000 tons of CO2 a year.
The Guardian reports that the inventors of the new process are two young chemists at the Indian Institute of Technology, Kharagpur. They failed to find Indian finance and were welcomed instead by the U.K. government, which offered grants and a special entrepreneur status in London.
Carbon Clean’s headquarters are now based in London’s Paddington district. Its CEO, Aniruddha Sharma, said, “So far the ideas for carbon capture have mostly looked at big projects, and the risk is so high they are very expensive to finance. We want to set up small-scale plants that de-risk the technology by making it a completely normal commercial option.”
January 5, 2017 No Comments
Kamuthi, in the southern state of Tamil Nadu in India, now has the world’s largest solar power plant in a single location. With a capacity to produce 648 MW of electricity, the plant covers an area of 4 square miles. The project consists of 380,000 foundations, 2.5 million individual solar modules, 576 inverters, and 154 transformers. Each day, the plant is cleaned by a robotic system that is charged by its own solar panels, Al Jazeera reported.
This solar plant is backed by the Gujarat-based conglomerate Adani Group, and it was constructed in a record time of eight months. The government wants to raise $1 trillion to quadruple its current global solar power to 1 terawatt by 2030, and there are plans to create even bigger solar parks in the state of Andhra Pradesh, says Quartz.
December 14, 2016 No Comments
Michigan-based Henry Ford Health System signed a 20-year technology licensing arrangement with Pearl Human Care Pvt. Ltd., that is putting up a super-specialty hospital in Vellore, in the southern state of Tamil Nadu. The company is also looking at India for similar tie-ups with green and brown field hospital projects.
“We are looking at licensing our technologies to existing hospitals in India. We are also in talks with others in India for licensing tie-ups,” said Marck Coticchia, vice president and Chief Information Officer at Henry Ford health System, who added that the focus will be on bringing high quality healthcare at affordable costs, reports the Economic Times.
October 17, 2016 No Comments
In a study done by the Asia Competitive Institute which is part of the Lee Kuan Yew School of Public Policy, the Indian states of Maharashtra, Gujarat, Delhi NCR, Goa and Andhra Pradesh are rated as the top five of 21 sub-regional economies in ease of doing business in India.
Maharashtra, Delhi NCR, Tamil Nadu, Gujarat and Karnataka, were rated as the most competitive states, as well as states that lead in attracting foreign direct investment accounting for over 50 percent of the total FDI inflow into the country, said Sasidaran Gopalan, research fellow at the institute.
India’s appreciating real effective exchange rates have not significantly affected FDI inflows over the last decade, reports Bloomberg.
“The impact of real exchange rates on FDI in India has been rather negligible so far,” Gopalan pointed out, citing the finding from a recently concluded study by the institute for 2000-2013. The research study, however, also concluded that the volatility in Indian rupee “actually appears to induce more FDI into the country”.
September 17, 2016 No Comments