MAY 20249TESLA FINALIZES CONTRACT WITH TATA TECHNOLOGIES TO SECURE CHIPSPIRAMAL ENTERPRISES INVESTS RS.500 CRORE IN PURAVANKARA GROUPTOPSTORIESTesla's strategic deal with Tata Electronics to procure semiconductor chips for its global operations signifies the electric carmaker's growing interest in India beyond local revenue generation, according to officials familiar with the matter.The agreement, executed quietly a few months ago, positions Tata Electronics as a reliable supplier for top-tier global clients looking to establish a crucial segment of their semiconductor value chain in India.As Tesla eyes entry into India, the world's fastest-growing major automotive market, Elon Musk, the company's CEO, is reportedly scheduled to visit the country this month for a meeting with Prime Minister Narendra Modi. Musk's visit is expected to include announcements of potential investments in India, including commitments to EV manufacturing facilities. Tesla currently holds the title of the world's largest automotive company by market value.Neither Tesla nor Tata Electronics commented on the specifics of the deal, including its value or other details.Ashok Chandak, president of the India Electronics and Semiconductor Association (IESA), highlighted Tesla's move to create a local ecosystem of suppliers for electronics and subsystems, indicating the company's desire to diversify its supply chain beyond any single market. He noted that improving the local sourcing of semiconductors is crucial, as it would enhance the supply chain and increase value addition, particularly for the industrial and automotive sectors. Piramal Group's flagship company, Piramal Enterprises, has made a substantial investment exceeding Rs 500 crore in a portfolio of projects developed by Bengaluru-based real estate developer Puravankara Group, according to three individuals familiar with the matter. This investment encompasses a diverse range of projects, spanning commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavors across various regions in India."The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer," said one of the individuals mentioned above.Among the key projects covered by this investment is the development of commercial properties spread over 800,000 sq ft along Kanakapura Road, a vibrant locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the trend of commercial expansion in Bengaluru, fueled by its status as an IT hub and a thriving business ecosystem.The investment also extends to the development of IVC villaments in Bengaluru, catering to the evolving preferences of homebuyers for innovative and luxurious living spaces. Villaments, a fusion of villas and apartments, offer a unique residential experience, combining the privacy and space of a villa with the amenities and convenience of an apartment complex. Additionally, the investment includes residential properties spread over 1.5 million sq ft in Goa.
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