Fiat Chrysler and Foxconn plan Chinese electric vehicle joint venture
Italian-American automaker Fiat Chrysler and the parent of iPhone assembler Foxconn are planning to set up a joint venture to build electric cars and develop internet-connected vehicles. Fiat Chrysler is looking to make up ground in the battery-powered vehicle space and is set to launch its first full-electric model - the 500 small car - this year.
Govt may unveil Rs 36 K-cr plan to get more phones made in India
Indian Cellular & Electronics Association, which has Apple, Foxconn, Xiaomi ...
Foxconn not to set up Maharashtra unit: Subhash Desai
Industries minister Subhash Desai on Monday said that Foxconn, the world’s biggest cont...
SoftBank in talks to sell stake in Indian renewable energy venture
The group is looking at a partner that can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world.
Foxconn awaits export duty clarity for expansion in India
iPhone maker Foxconn said that it may look at extending its manufacturing capabilities to make more ecosystem devices in India for domestic and global needs and is currently awaiting clarity from the govt on the Remission of Duties or Taxes on Export Products scheme, which will allow the company to drive ‘mobile plus’ capacity.
Foxconn reopens Indian manufacturing unit as Asian smartphone demand grows
The contract manufacturer is expanding into Tamil Nadu even as it runs operations in Andhra Pradesh; 20,000 jobs likely to be created
SoftBank closes $231 million investment in Lenskart
The deal is also the second bet by SoftBank on a vertical ecommerce business with a sizeable offline presence. The world’s largest tech investor had, last year, pumped $150 million into baby products retailer FirstCry, which also runs brick-and-mortar stores.
India proposes incentives to woo Apple, Samsung suppliers
India is mulling a plan to offer interest subsidy on local borrowing by mobile handset manufacturers.
Reduction of handset export incentives to 2 per cent will lead to massive job losses: ICEA
ICEA said discussions have been going around between the industry and the government for the past three months to replace the Merchandise Exports from India Scheme with a WTO-compliant scheme but the Director General of Foreign Trade surprisingly notified downward revision of the export incentive.
Premium phone cos seek Rs 4,000 cap on customs duty
The basic custom duty of 20% is instead causing an annual loss of Rs 2,500 crore to the exchequer due to rampant smuggling of these devices that is also destabilising the business of Indian retailers who stock these phones, an association of manufacturers said in a letter to the Department for Promotion of Industry and Internal Trade.
Top phone makers seek assurance on export incentives
While India has appealed against the ruling before WTO’s Appellate Body last week, MEIS is set to be replaced with Remission of Duties or Taxes on Export Products (RoDTEP) from January 1, 2020, as announced by the finance ministry last month.
Many units in Nokia Telecom SEZ may reopen by March 2020
Last week, Finnish company Salcomp, acquired by Chinese firm Lingyi iTech, sealed a deal to buy the one million sq ft Nokia factory inside the SEZ. Salcomp had also recently purchased the 300,000 sq ft unit of Lite-on Mobile factory inside the special economic zone. Salcomp India managing director Sasikumar Gendham said most companies are adopting a “China Plus One” strategy.
Apple supplier Salcomp buys Nokia’s Chennai factory, once a Make in India poster child
The factory is expected to generate employment for close to 10,000 people, besides a $2-bn export boost.
EV firm Ather to set up vehicle, lithium-ion battery factory in Tamil Nadu
The investment to be committed by Ather would be Rs around Rs 635 crore and estimated to create 4300 jobs. A mail has been sent to Ather with queries about the period over which the investments would be committed.
Xiaomi seeks incentives to boost exports, seeks clarity on proposed rules
Xiaomi, which has partnered Foxconn to manufacture smartphones in India at two facilities in Sriperumbudur (Tamil Nadu) and Sri City (Andhra Pradesh), has also started exporting small volumes of devices to Nepal and Bangladesh.
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