TN has closed 186 illegal brick kilns along Western Ghats, govt informs Madras HC
Tamil Nadu government on Wednesday informed the Madras High Court that as many as 186 illegal brick kilns situated close to elephant corridors in the Western Ghats have been closed down. The Chief Justice Sanjib Banerjee and Justice Senthilkumar Ramamoorthy, from the First Bench, were hearing a PIL petition from animal activist Muralidharan when...
Tamilnadu Petro to expand at an outlay of Rs 435 crore
City based Tamilnadu Petroproducts Ltd is embarking on capacity expansion for Linear Alkyl Benzene (LAB), moderisation of heavy chemicals division...
Apple to Start Manufacturing iPhone 12 in India: Report
Domestic manufacturing of iPhone 12 is expected to start soon at Taiwanese manufacturer Foxconn's facility in Tamil Nadu. The unit already...
CK Ranganathan to be the new chairman of CII southern Region
CII Southern region has got its new Chairman for the year 2021-22 as CK Ranganathan, Chairman & Managing Director, CavinKare, Chennai
RPP Infra Bags Four New Orders worth Rs 1000 Crore
RPP Infra Projects has bagged four new orders worth Rs 1000 crore. In a regulatory filing, the company informed that it has received letter of acceptance for 4 new projects. The first order is from Tamil Nadu Water Supply and Drainage Board for Rs 131.14 crore. “Jal Jeevan Mission for 2020-21 - CWSS to 442 Habitations in Modakurichi Union in Erode District (Period of completion: 18 months, Trial Run: 6 months and Paid maintenance: 12 months) at a contract Price of Rs 131.14 Crores,” it said. The company has also received...
28 Cracker Manufacturing Units Sealed in Virudunagar
28 cracker manufacturing units in Virudunagar district have been temporarily shut down. Seven inspection teams, including officials from various departments and bodies such as Revenue, Police, Fire and Rescue, Industrial Safety and Petroleum & Explosive Safety Organisation (PESO), suspended licences and temporarily sealed 28 cracker manufacturing units after a round of surprise checks. The crackdown came on the heels of the government ordering a probe into a series of firework accidents, the most recent of which claimed more...
Automotive Sector Growth Stays Strong in February
Automobile sector continued its accelerated growth in February with both passenger vehicles as well as two-wheelers domestic market reporting year-on-year growth. In the passenger vehicle (PV) segment, market leader Maruti Suzuki reported a growth of 8 per cent YoY in its domestic wholesale at 1,44,761 units during the month compared with 1,33,702 units in the corresponding month last year, according to a report by The Hindu BusinessLine. The second largest passenger vehicle maker Hyundai Motro India (HMIL) reported a growth of 29 per...
India is Committed to Port-led Development: PM
During a visit to Coimbatore, Prime Minister Narendra Modi flagged off a host of infrastructure and development projects worth over Rs 12,000 crore for western and southern regions of Tamil Nadu. He said that government is committed to port-led development and that the state is making a major contribution to India's industrial growth. He said one of the basic needs for the industry to grow is a continuous power supply and he was happy to dedicate to the nation two major power projects and lay the foundation...
Xiaomi to Set Up New Mobile Manufacturing Plant in Tamil Nadu
Smartphone maker Xiaomi is going to set up two new plants for mobile phone manufacturing and one for TV manufacturing in India. Operations have already started in one of the two mobile manufacturing plants in Haryana. The second one will be opened in Tamil Nadu. “This means 99 per cent of the company’s smartphones sold in India and 100 per cent of its televisions will now be manufactured within the country,” said Xiaomi India Head and Global Vice President, Manu Jain to Mint. “We would love to see India as an...
Mixed Reactions from Industry to the State's Interim Budget
State’s interim budget has received mixed reactions from industry bodies. While many have hailed the state government for allocating Rs 6,683 crore for the Coimbatore metro rail project, others have pointed towards neglect of southern districts and lack of special schemes for MSMEs. President of Coimbatore District Small Industries Association (CODISSIA) M V Ramesh Babu welcomed the announcement of 62 investment projects worth Rs 39,941 crore, including the Chennai-Kanniyakumari industrial route project and the second phase of road...
Tamil Nadu Budget: Fiscal Deficit Widens by 5 Per Cent
State budget for financial year 2021-22 was presented today by deputy Chief Minister and Finance Minister O Panneerselvam. The economic growth of the state has dwindled to 2.02 per cent from the usual 7 per cent. However, the expected growth for the next financial year 2021-22 is at 11.5 per cent. Tamil Nadu's tax revenue declined by 18 per cent, at about Rs 1 trillion in 2020-21 as per the revised budget. In the aggregate, the State-owned tax revenue (SOTR) is expected to be Rs 1.09 trillion in the revised estimates, down 18 per cent...
15 MoUs to be Signed by Chennai Port Trust
Chennai Port Trust (ChPT) is going to sign several MoUs with various agencies at the Maritime India Summit 2021 to be held online from March 2 to 4. Amongst the many pacts, primary ones would be development of a multi-modal logistics park (MMLP) and feasibility to run a ferry service between Chennai and Karaikal in Puducherry. “We plan to sign 15 MoUs with various agencies at the summit,” ChPT chairman P Raveendran said while disclosing some of the salient features of the event to be inaugurated by Prime Minister...
Flipkart Signs MoU with State's Trade Body to Support Small Industries
Looking to serve local artisans, weavers, and craftsmen of the state, e-commerce firm Flipkart has signed an MoU with Tamil Nadu Micro, Small Medium Enterprises Trade and Investment Promotion Bureau. The partnership is a part of the Flipkart 'Samarth' programme that would enable the artisans, weavers, craftsmen and small industries to showcase their products from the house of Flipkart. The trade bureau would support Flipkart with its state- owned affiliated enterprises and undertakings which work with the crafts producers...
Ampere Electric to Open E-mobility Manufacturing Plant in Ranipet
Ampere Electric, the electric vehicle manufacturer, is going to open an e-mobility manufacturing plant in Ranipet. The company has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, proposing to invest Rs 700 crore over 10 years at the manufacturing unit. The company which was acquired by Greaves Cotton two years ago has its proposed plant spread across more than 1.4 million sq.ft. It will be one of the largest state-of-the-art e-mobility manufacturing plants in the country, when commissioned. The press...
Tata Electronics to Open Manufacturing Unit in Krishnagiri
Tata Electronics is going to set up a mobile component manufacturing unit in Krishnagiri. The Tata Group firm has signed a memorandum of understanding (MoU) with the Tamil Nadu government as per which it will invest Rs 4684 crore in the new plant, employing more than 18000 people. This was one of the 28 MoUs the state government has signed with various companies for Rs 28,053 crore that would provide employment to 68,775 people in the state. Tata Sons Chairman Natarajan Chandrasekaran said, “This is a very large project in precision...
CM Announces Industrial and MSME Policies 2021
The new industrial policy 2021 and the MSME policy of the state were announced today by Chief Minister Edappadi K. Palaniswami. The industrial policy aims at achieving an annual growth rate of 15 per cent in the manufacturing sector and attracting investments worth Rs 10 lakh crore. The policy is expected to create employment opportunities for 20 lakh people by 2025, according to a report by The Hindu. It also hopes to increase the contribution of the manufacturing sector to the State’s economy to 30 per cent by 2030. At the same...
Tamil Nadu Evolving as Tank Manufacturing Hub: PM
In his visit to Tamil Nadu, Prime Minister Narendra Modi exhorted the industry to focus on the Atmanirbhar Bharat scheme. During his visit, he inaugurated a number of projects and said that the state is evolving as a Tank manufacturing hub of India. He said, "Today, I am proud to dedicate to the country one more warrior to protect our frontiers. I am proud to handover the indigenously designed and manufactured 'Main Battle Tank Arjun Mark 1A'. It also uses indigenous ammunition. Tamil Nadu is already the leading...
Machinery to be Developed to Utilize Banana Waste
National Research Centre for Banana, Tiruchi, is going to develop a small machinery to extract banana fiber and utilize the sap, central stem and other waste for making various products. The initiative has been launched by the NRCB in partnership with the Indian Institute of Information Technology Design and Manufacturing Kancheepuram (IIITDM Kancheepuram) and Gencrest, an industry partner. They have been brought together at the behest of Mylswamy Annadurai, Vice-President, Tamil Nadu State Council for Science and Technology and Chairman,...
Tamil Nadu Has Conducive Environment for Industrial Growth: FICCI State Council
In its annual meeting, FICCI Tamil Nadu State Council discussed the ease of doing business factor in the state. V Kavitha Dutt, Chairperson, FICCI Tamilnadu and joint MD, The KCP Ltd., said that despite the pandemic the State has been able to attract multiple foreign investments worth thousands of crores and the recent steps taken by the government has created a favourable ambience for industrial growth. K Pandiarajan, Minister for Tamil Language, Tamil Culture and Archaeology, released the FICCI Tamilnadu annual report and delivered the...
CM Inaugurates Rs 368 Crore Projects in a Boost to Medical Infra
With an aim of giving a boost to medical infrastructure, Tamil Nadu government has inaugurated new buildings at several medical college hospitals in the state. The chief minister K Palaniswami has laid the foundation stones for new buildings at various medical college hospitals across the state. He laid the foundation stone for buildings at the Government Kilpauk Medical College Hospital (KMC), Chennai, Government Rajaji Medical College Hospital, Madurai and Coimbatore government medical college hospital at a total cost of Rs 368.2 crore,...
Sri Lanka Wind and Solar Energy Projects Near Tamil Nadu Coast Awarded to Chinese Firm
The contract to set up hybrid wind and solar energy projects on three Sri Lankan islands has been awarded to a Chinese company Sinosar-Etechwin. The islands are located off the northern Jaffna peninsula 45 km from Rameswaram in Tamil Nadu. The Sri Lankan weekly Sunday Times reported that the US $12 million project was awarded to Sinosar-Etechwin, and will be implemented as a joint venture with the state-owned Ceylon Electricity Board as part of the Sri Lankan government’s Supporting Electricity Supply Reliability Improvement...
Ather Energy Starts Manufacturing EV Scooters in Hosur Plant
Electric vehicles startup backed by Hero MotoCorp – Ather Energy has kicked off manufacturing in its new scooter plant in Hosur. The plant has been started with an investment of Rs 630 crore. The plant spreads over 400,000 sq. ft and it will manufacture electric scooters along with lithium-ion batteries. Tamil Nadu's nodal agency for investment promotion tweeted a picture of the plant rolling out scooters. The company has signed an agreement with the Tamil Nadu government to invest Rs 635.4 crore in the plan that will create...
Pegatron to Set Up its Manufacturing Unit in Chennai
Taiwanese electronics major Pegatron Corporation has selected Chennai for setting up its first production unit in India. The company which is one of the largest contract manufacturers of Apple Inc will be setting up its unit in an industrial park outside Chennai. The company will invest Rs 1,100 crore to manufacture or assemble high-end Apple iPhones at the new unit, which is likely to begin production by the end of this year or early next year. After being in talks with various states, including Karnataka, Pegatron Corporation finalized...
State Council of FICCI Appoints GSK Velu as Chairman
Tamil Nadu State Council of the Federation of Indian Chambers of Commerce and Industry (FICCI) has appointed Dr G S K Velu as its chairperson. Dr. Velu is a healthcare entrepreneur. Currently, he is the chairman & managing director at Neuberg Diagnostics, a global pathology brand operating in India, the UAE and South Africa and chairman & managing director at Trivitron Healthcare, a prominent medical technology company. Velu, who co-chaired the FICCI Tamil Nadu State Council till now, said, "I am thankful...
Union Budget: Tamil Nadu to Get a Multi-purpose Seaweed Park
Budget 2021 has proposed a multi-purpose seaweed park to be set up in Tamil Nadu as part of promoting seaweed cultivation. Finance minister Nirmala Sitharaman said in her budget speech that seaweed farming is an emerging sector with potential to transform the lives of coastal communities and will provide large employment and additional income. Welcoming the initiative, A Gopalakrishnan, Director, Central Marine Fisheries Research Institute, said the proposed park could be a multi-purpose hub for a variety of economic activities related to...
Indian Oil to Set Up New Refinery in Nagapattinam
Indian Oil Corp is going to build a new refinery in Tamil Nadu for Rs 31,500 crore. The refinery will have the capacity of churning out 9 million tonnes of oil in a year. It will be set up on a 618-acre land which is owned by Chennai Petroleum Corp (CPCL) in Nagapattinam. The development will take place by a joint venture between Indian Oil and CPCL. “The refinery will be developed by a joint venture in which Indian Oil and CPCL will own 25 per cent equity each while the balance 50 per cent stake will be given away to...
EV Battery Maker Grinntech Opens New Plant in Chennai
Grinntech, a specialist in production of Lithium-Ion batteries for EVs and energy storage systems has announced the inauguration of its larger manufacturing plant. The facility has been constructed on a one-acre plot located in Chennai’s Ambattur Industrial Estate. The plant will have the capacity to produce 400 MWh per year of Lithium-Ion batteries suitable for 2-wheelers, 3-wheelers, farm tractors, and light vehicles. In October 2020, Grinntech had executed an MoU with the Government of Tamil Nadu involving an investment of Rs....
BharatNet Project to be Launched by November in the State
Under the BharatNet project, the state government will launch TamilNet by November. The project is expected to link more than 17000 villages through high-speed broadband connectivity. It will open up a host of opportunities in rural areas, said State IT Secretary Hans Raj Verma. “Our next wave of champions will come from tier-2, -3 and small villages. Once we give them the connectivity, they are on par with us,” said Verma at the three-day FinTERACT 2020 conference. The event envisages attracting FinTech start-ups and...
Battery Storage Systems Become as Viable as New Coal Power Plants in the State
The much awaited breakthrough of storing renewable energy with cost efficiency finally seems to be happening. According to a Climate Trends and JMK Research report, renewable energy along with battery storage in Tamil Nadu is cost competitive with new coal power plants. It added that the cost of energy for a hybrid renewable energy battery storage system in Tamil Nadu would be Rs 4.97 per kilowatt hour (kWh) in 2021. The report studied a hypothetical RE-storage system for the analysis. ...
Industry Bodies Demand Corrective Measures
Industry bodies have requested Chief Minister Edappadi K. Palaniswami to take measures to support their respective industries. From easier clearance of projects to removal of cess and allocation of more budgets, they have placed several demands to the chief minister. The Joint Council of Industrial Associations of Coimbatore sought single window clearance online for industries that want to get building plan approval. The 6 per cent interest subvention provided to MSMEs should be extended and collateral free loans...
Ola and Siemens Partner to Build EV Manufacturing Facility
Vying for a share in the high potential market of electric vehicles, Ola has partnered with Siemens to build its upcoming EV manufacturing facility in the state. The announcement comes on the heels of Ola’s Memorandum of Understanding (MoU) with the Tamil Nadu government to invest nearly Rs 2,400 crore towards building this facility. The company claims that the factory which will generate almost 10,000 jobs with an initial capacity of two million units a year will be the largest scooter manufacturing facility in the world. The...
Textile Industry Bodies Seek Measures for Increased Production of Man-made Fibre Textiles
Leaders of textile industry associations had a meeting with the Parliamentary Standing Committee on Labour seeking measures towards increasing the production of man-made fibre (MMF) textiles in the country. National Committee on Textiles and Clothing (NCTC) released a statement saying the committee visited some of the industries in Coimbatore and Tiruppur too. The officials from the Union Ministry of Textiles explained the schemes and recommendations made by the Ministry to enhance the global competitiveness of the Indian...
TNCCI Urges State Government to Consider Making Madurai the Second Capital
To explore the viability of making Madurai the second capital of the state, Tamil Nadu Chamber of Commerce and Industry (TNCCI) has requested the state to form a high-level advisory committee comprising experts from various fields. In a statement, its president N. Jegatheesan said that such a panel should be formed before the Assembly elections with the view to promote industrial development of southern districts. Most of the headquarters of public sector departments are located in Chennai. New entrepreneurs from southern districts such...
IPO of Indigo Paints to Open for Public Subscription on Jan 20
IPO of Indigo Paints will open for public subscription on January 20. The Sequoia Capital-backed company has said it has fixed a price band of Rs 1,488-1,490 a share for its initial share-sale. The IPO comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital, through its two funds - SCI Investments IV and SCI Investments V - and promoter Hemant Jalan. The three-day initial public offering (IPO) will conclude on January 22. The anchor...
Krishnapatnam node in CBIC Gets 2140 acre Startup Area
Krishnapatnam node in the Chennai-Bangalore Industrial Corridor (CBIC) is going to get a startup area of around 2140 acres which will be built with a purpose of attracting investments. While the Andhra Pradesh government is looking to transform Krishnapatnam into an industrial hub backed by the seaport there, Tamil Nadu and Karnataka governments will be focusing on Ponneri and Tumkur nodes. The three projects have recently been sanctioned by the Department for Promotion of Industry & Internal Trade. According to official sources,...
Foxconn's India Unit to Go Public
Foxconn Technology Group, the major Apple phone assembling company is planning to launch initial public offer for its Indian unit. It is hoping to raise Rs 5000 crore through the IPO. The company will launch the IPO once it consolidates its group entities in India, according to a report by Livemint. Taiwanese contract manufacturer, whose main listed arm is Hon Hai Precision Industry Co is keen on expanding in India since early 2019. Foxconn, that makes smartphones in India through its subsidiaries, plans to invest up to $1 billion over...
Swedish Manufacturer Autoliv to Set Up Plant in Cheyyar
Sweden based fortune 500 company, Autoliv Inc is going to set up its manufacturing plant in Tamil Nadu at an investment of Rs 100 crore. The company has bought land for the plant at Cheyyar to make air-bags. The project is expected to create jobs for over 400 people. Autoliv Inc. develops, manufactures and markets air-bags, seat belts and steering wheels. Statistically, more than three air-bags or seat belts from Autoliv have been delivered to every vehicle produced globally during the past 10 years. According to a report by The...
Trichy to Ramp Up Green Energy Production Under Smart City Mission
Trichy Corporation is going to expand the green energy production facility under the smart cities mission. The corporation’s decision comes at a time when the phase I of its solar power park at Panjappur on the Trichy-Madurai national highway is almost complete. The proposal for phase II expansion has been approved by mission’s board at a cost of Rs 37.5 crore. While the existing solar power park has a capacity to generate 2.4MW power, phased II will have 7.2 MW capacity. It will come up at about 3 to 5 kilometres...
Union Health Minister Will Visit Chennai to Assess Vaccination Preparation
Union Health Minister Harsh Vardhan is going to visit Chennai to assess the preparations done and the infrastructure created in the State for the administration of the COVID-19 vaccine, Tamil Nadu Health Minister C. Vijayabaskar said. Vardhan would also inspect cold chains, regional centres and the Tamil Nadu Government Multi-Super-Speciality Hospital at the Omandurar Government Estate, and the preparatory works taken up at these places. Vardhan would also meet Chief Minister Edappadi K. Palaniswami and hold discussions with him,...
Daimler India Plans to Increase the Ratio of Women in its Workforce
Daimler India Commercial Vehicles (DICV) plans to increase the number of female workers in its workforce in Tamil Nadu plant to take the ratio to at least 20 per cent by 2022. The commercial vehicle major has hired 46 women for shop floor operations as part of the first stage of its ‘DiveIN’ (diversity & inclusive) initiative. The new employees have been deployed across key function areas on the shop floor, including engine & transmission, cab trim, quality management, cabin-in-white and paint shop. ...
Tamil Nadu to Sign Two MoUs in Electronics Manufacturing
Tamil Nadu is likely to sign two major MoUs in the electronics manufacturing segment in January. The state is expected to formalize agreements with Taiwan-based Pegatron and Tata Electronics around Pongal festival to facilitate establishing units to manufacture Apple products. The Taiwan-based Pegatron is the second largest manufacturer of Apple products and has chosen Mahindra City as the site for its proposed plant in India. It is likely to invest around Rs 1,200 crore in the first phase to employ about 14,000 people. A subsequent phase...
Resolution of IL&FS Tamil Nadu Power Company Approved by PFS
PTC India Financial services (PFS) has decided to resolve one of its stressed loan accounts in the thermal-based segment - IL&FS Tamil Nadu Power Company Limited. The Coal-based Thermal Power Project is based at Cuddalore, in Tamil Nadu. As per RBI circular dated June 7, 2019 and directives of National Company Law Appellate Tribunal (NCLAT), following resolution has been approved by PFS in line with lead lender Punjab National Bank (PNB), the company said. "Post approval of the said resolution plan from NCLT/NCLAT, the loan...
Tamil Nadu Secured Rs 66000 Crore Investment in 2020 Despite Lockdown
Despite the debilitating impact of COVID-19 induced lockdown in 2020 that severely affected many businesses, Tamil Nadu managed to close large deals in various sectors, living up to its image of a favorable investment destination. With the government stepping up its efforts to attract investments by forming committees under state Chief Secretary K Shanmugham and former RBI Governor C Rangarajan, Tamil Nadu managed to bag huge investments in 2020. The state Industries Department said the government signed 80 memoranda of understanding...
Greenfield Nodes Approved by Cabinet to Shore Up Chennai Bengaluru Industrial Corridor
The upcoming Chennai Bengaluru Industrial Corridor Project has received a major boost as the Cabinet Committee on Economic Affairs has approved proposals for construction of industrial corridor nodes at Krishnapatnam Industrial Area in Andhra Pradesh and Tumakuru Industrial Area in Karnataka. Chaired by Prime Minister Narendra Modi, the committee has given nod to the projects, in which Krishnapatnam project will have an estimated cost of Rs. 2,139.44 crore and Tumakuru project an estimated cost of Rs. 1,701.81 crore. Envisioned...
Speed Trial of Vistadome Tourist Coaches Completed by Indian Railway
Indian Railways’ Integral Coach Factory in Chennai has successfully completed the 180 kmph trial run of the new Vistadome tourist coaches, minister of railways Piyush Goyal said. Goyal shared pictures on Twitter of the luxurious coach, manufactured by the factory in Chennai. “Ending the Year on a Great Note: Indian Railways’ successfully completed 180 kmph speed trial of new design Vistadome tourist coach. These coaches will make train journeys memorable for the passengers and give further boost to tourism,” Goyal...
Sterlite to Boost Fibre Optic Cable Production with an Investment of Rs 300 crore
To meet the increasing demand for fibre optic cable, digital technology company Sterlite Technologies (STL) plans to invest Rs 300-crore to boost its production capacity, a top executive of the company said. "Optic-fibre cable holds a major share of telcos’ overall digital infrastructure investment. The demand is likely to grow to 20.08 million fibre kilometers by 2021 and 24.48 million fibre kilometres by 2022," Anand Agarwal, Sterlite Technologies Limited (STL) Group Chief Executive said, citing a London-based business...
Rural Dairy Farmers in the State to Get 25,000 Shelters for Cows and Goats
Lending a helping hand to the dairy farmers from rural areas, Tamil Nadu government has decided to build 25,000 cow and goat shelters for them. The project will cost Rs 431 crore and will be undertaken by Rural Development and Panchayat Raj (RDPR). Out of the 25,000 beneficiaries, 40 per cent are from scheduled castes. "The whole expense of the development of the shelters would be endured by the centre and will be actualized through the Village Panchayats. The work will be done through Mahatma...
NGT asks Centre to Carry out Safety Audit of Thermal Power Stations
Exercising caution after learning from the boiler blast at Neyveli Lignite Power Plant in Tamil Nadu, the National Green Tribunal has directed the Centre to undertake safety audit of thermal power stations throughout the country within six months in order to avoid incidents arising out of the leakage of hazardous gases. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel passed the order after taking note of a report submitted by a committee constituted by it. According to the report, the cause of the incident is...
Mahindra Logistics and 1Bridge Join Hands to Enable Last Mile Delivery in Rural India
To enable last mile delivery in rural parts of the country, Mahindra Logistics has partnered with Bengaluru-based social enterprise and largest village commerce network, 1Bridge. Mahindra Logistics has signed a memorandum of understanding (MoU) with 1Bridge to this effect, the company has said. Under the tie-up, over the next three years, the two partners look to build last-mile delivery capability covering over 1,00,000 villages in the country, Mahindra Logistics Ltd (MLL) said in a release. The two partners have commenced pilot projects...
State Government Urges People to Not Panic Over Mutated Covid-19 Strain
State government has urged people to remain calm and not panic over the mutated strain of Covid-19 that has been reported in the UK. State Health Secretary Radhakrishnan said necessary precautions are being taken to contain the pandemic and people should follow social distancing norms. Radhakrishnan said nearly 70,000 RT-PCR tests are carried out every day in Tamil Nadu. Talking about the passenger from London who tested positive for Covid-19, he said the person had travelled from London to Chennai via New Delhi. He said the person is...
Tamil Nadu Among Five States Allowed to Borrow Additional Rs 16000 Crore
Tamil Nadu is among the five states permitted by Finance Ministry to borrow an additional Rs 16,728 crore following completion of stipulated reforms for 'Ease of Doing Business'. Telangana, Andhra Pradesh, Karnataka and Madhya Pradesh are the other states which have been permitted to borrow the extra amount. The government had in May decided to link grant of additional borrowing permission to states with reforms undertaken by them to facilitate ease of doing business. The prerequisite reforms to achieve ‘Ease of Doing...
Exporters Urge Textile Mills to Continue Cotton Yarn Supply
Expressing concern over the possibility of discontinuation of supply of cotton yarn, Tirupur Exporters Association (TEA) has urged the spinning mills to continue supply of cotton yarn as stoppage of supply would affect garment units. In a letter to the chairmen of three mills associations, TEA president Raja M Shanamugham said the garment sector is facing stiff competition in the global market and operating with wafer-thin margin. During this crisis, he said, the stoppage of yarn supply would hit the sector. He said TEA members have been...
BHELSIA Urges Central Government to Form Committee to Reactivate State's MSME Sector
Amid rising concerns over lackluster performance of the MSME sector, BHEL Small Industries Association (BHELSIA) has urged the Central government to form a high level committee involving ministries of MSME, heavy industry, finance and defence, and representatives of industry bodies to re-activate the sector. A team led by its president Rajappa Rajkumar met the Union Minister for MSME and Transport Nitin Gadkari for the second time in two months and submitted a petition seeking formation of such a committee to arrive at suitable policies...
Ola to Invest Rs 2400 Crore for Electric Scooter Manufacturing Plant in Hosur
Ola Group, through its subsidiary Ola Electric, is going to makean investment of Rs 2,400 crore to set up an electric scooter manufacturing plant inHosur. The company has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for a factory with an initial annual capacity of 2 million units. “This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world class products that will cater to global markets,” said Bhavish...
FDI Increased By 16 Percent In April-August Compared To Last Year
According to the Commerce and Industry Ministry, India has received 16 percent higher Foreign Direct Investment (FDI) during April-August period this year compared to the same period last year. In the first five months of financial year 2019-20, India had received FDI worth $23.35 billion, which has increased to $27.1 billion this year. As per the ministry, the total FDI, which includes reinvested earnings, has increased by 13 percent to $35.73 billion. "It is the highest ever for the first 5 months of a financial year and 13 percent...
World Leader In Coal Gasification To Invest $5-10 Billion In India
The US based world leader in coal gasification, Air Products and Chemicals is going to invest $5-10 billion over the next five years in coal gasification projects in India. Air Products will build, own and operate multiple world-class coal gasification complexes in India, partner with coal suppliers like Coal India to get the feedstock, and supply industrial gases to end customers. To begin with, the company is looking at a $2-billion investment, similar to the one Air Products recently announced to set up in Indonesia, according to a...
Agrochemical Sector To Register 12-14% Increase In Revenue: Report
Agrochemical sector is expected to grow by 12-14 per cent with a turnaround in domestic agriculture output and surge in exports, according to a CRISIL report. Domestic revenue, which accounts for almost half of the sector’s revenue, will grow at 10-12 per cent this fiscal as compared with 6-8 per cent growth last fiscal, said the report. “Higher area under cultivation and 4 per cent increase in minimum support prices during kharif season for key crops such as paddy, cotton, groundnut, soybean and bajra (66 per cent of domestic...
Coal India To Invest In Solar Projects To Power Its Mining Operation
Looking to reduce the cost of power consumption for its mining operations, Coal India is going to invest Rs 5,650 crore by March 2024 to build 14 solar projects that will help power its mining operations and cut costs. The company will fund nearly two-thirds of its plan to construct rooftop and ground-mounted solar power projects with a capacity of 3,000 megawatts (MW). Its decision comes after being mandated by the coal ministry to become a net zero carbon company. Solar power initiative is a part of CIL’s diversification plans, the...
Tata Group Pumps In $50 Million In AirAsia India: Report
To keep afloat its joint venture with AirAsia Group Berhad, Tata Group is going to infuse $50 million in AirAsia India as emergency funding. The Malaysian partner however has stopped funding Indian operations and expressed intentions of leaving the market. The $50 million funding will be a mix of debt and equity that may push Tata Group’s stake in the business above the present 51 percent, sources told Mint. “The Tata group will remain invested in AirAsia India though it may seek out a suitable partner to invest in the airline...
