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New Delhi: <keyword id="24017188" type="General" weightage="20" keywordseo="Dubai-based-siblings" source="keywords">Dubai-based siblings</keyword> Jainam and Jivika, the owners of <keyword id="23661436" type="General" weightage="20" keywordseo="Jiohotstar" source="keywords">jiohotstar</keyword>.com domain, have decided to transfer it to Reliance "free of cost", resting speculations on social media platforms. The story of the <keyword id="24017189" type="General" weightage="20" keywordseo="internet-domain-name" source="keywords">internet domain name</keyword>, which grabbed a lot of attention on social media platforms in the recent past, ended with "seva and kindness", according to the duo. The unique website ID was said to have been initially registered by a Delhi-based app developer last year amid speculation about the potential merger of <keyword id="19896911" type="General" weightage="100" keywordseo="Reliance-Jio" source="keywords">Reliance Jio</keyword> and <keyword id="20445926" type="General" weightage="20" keywordseo="Disney-Hotstar" source="keywords">Disney Hotstar</keyword>. Last month, the developer came up with the demand for funding his higher studies at the Cambridge University in return of the domain's ownership transfer, days after Reliance Jio and The Walth Disney formally announced the merger of their media businesses. Later, the Dubai-based siblings purchased jiohotstar.com domain from its registered owner. According to industry observers, the domain was sold to Dubai-based siblings after Reliance declined his offer. The siblings now shared an update, saying the Reliance IP Legal team approached them and the duo has decided to pass the ownership to them (Reliance), hoping that it would be "useful for them". "Reliance IP legal team has approached us, and we will be transferring this domain to them, free of cost," they said in a message on the website. "There have been some rumours online suggesting that there is a payment or deal involved, but we want to make it clear -- this is not true," the message said. Moreover, the duo in his video also clarified there is "no pressure from anyone" and denied of having a "deal of any kind". "This is purely a transfer of the domain from our side because we believe it could be useful for them. Whether or not they choose to use it is up to them," the message added. PTI reached out to Reliance for its comment on the development but did not receive any response. In their previous message, the siblings said they had received numerous offers, including some genuine ones offering significant amounts. However, they had said that the domain was not for sale. While announcing the "journey with jiohotstar.com is coming to an end", the duo said they are waiting for a draft from the Reliance legal team for the transfer. "The Reliance IP legal team has contacted us. We have told them that the <keyword id="24017190" type="General" weightage="20" keywordseo="domain-transfer" source="keywords">domain transfer</keyword> will only happen after the agreement is signed. They have asked us to visit Mumbai to sign the agreement," they said, expecting the agreement to be signed soon. "As soon as this happens, we will transfer the domain and this website will come to an end," the message said. Reliance had last week announced completion of the merger of its media assets with the India business of global media giant The Walt Disney, forming a <keyword id="19967298" type="General" weightage="20" keywordseo="joint-venture" source="keywords">joint venture</keyword> worth around Rs 70,352 crore (USD 8.5 billion). The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26,000 crore and will be led by Nita Ambani as its chairperson.

Dubai-based siblings to transfer jiohotstar.com domain to Reliance 'free of cost'

<ul><li>A joint venture between India and Russia has delivered 35,000 <keyword id="22298953" type="General" weightage="100" keywordseo="AK-203-rifles" source="keywords">AK-203 rifles</keyword> to the <keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="153" meta.entityid="Indian Army">Indian Army</keyword>.</li><li>The AK-203 rifles are being produced at the Korwa Ordnance Factory in Amethi.</li><li>The project includes technology transfer and 100% localisation of the AK-203 production.</li></ul> Ahead of Prime Minister Narendra Modi's visit to Russia, Indo-Russian Rifles Private Limited (IRRPL), a joint venture (JV) between India and Russia, has announced the successful delivery of 35,000 AK-203 assault rifles to the Indian Army. The production of these rifles has been deployed in India in full compliance with the <keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make in India</keyword> and <keyword id="20769798" type="General" weightage="20" keywordseo="Atmanirbhar-Bharat-Abhiyaan" source="keywords">Atmanirbhar Bharat Abhiyaan</keyword> programmes. The project includes technology transfer and 100% localisation of the AK-203 production. The Indo-Russian Rifles Private Limited joint venture, co-founded by <keyword id="22300656" type="General" weightage="20" keywordseo="ROSOBORONEXPORT" source="keywords" meta.keywordsubtype="org" meta.entityname="ROSOBORONEXPORT" meta.hostid="153" meta.entityid="ROSOBORONEXPORT">ROSOBORONEXPORT</keyword> on the Russian side, has completed the first phase of the project to produce AK-203 Kalashnikov assault rifles in India. To increase the degree of localisation, all necessary equipment has been shipped to the Korwa Ordnance Factory in Amethi, Uttar Pradesh, and production facilities are now fully equipped, emphasised Alexander Mikheev, Director General of ROSOBORONEXPORT. This made it possible to produce and deliver a batch of 35,000 Kalashnikov assault rifles to the Indian Army within the timeframe agreed with the Ministry of Defence of India, he added. The Kalashnikov AK-203 assault rifle is a version of the AK-200 rifle chambered for the 7.62x39mm cartridge used in the Indian Army. The weapon has the traditional advantages of Kalashnikov assault rifles, which are reliability and ease of maintenance. The Indian government in 2021 had approved the plan to manufacture 5 lakh AK-203 rifles in UP's Amethi. The rifle is intended to replace the INSAS rifle that was inducted over three decades ago. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi prepaid plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms">Motorola Razr 50 Ultra flip phone launched in India for ₹99,999</a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a>

India-Russia joint venture delivers 35,000 AK-203 rifles to Indian Army

Mumbai (Maharashtra) [India], July 26 (ANI): <keyword id="15323576" type="General" weightage="20" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> Limited (JFS) and BlackRock [NYSE: BLK] on Wednesday announced an agreement to form <keyword id="18155266" type="General" weightage="80" keywordseo="jio-blackrock" source="Orion">Jio BlackRock</keyword>, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India. According to a press release, Jio BlackRock brings BlackRock's deep expertise and talent in investment management, risk management, product excellence, and access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities, and robust execution capabilities. "Together, the partnership will introduce a new player to the Indian market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting an initial investment of US$150 million each in the joint venture", it added <keyword id="4992253" type="General" weightage="50" keywordseo="rachel-lord" source="Orion">Rachel Lord</keyword>, Chair and Head of APAC, BlackRock said, "India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionize India's asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India." Speaking on this transaction, Hitesh Sethia, President and CEO, JFS said, "This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock's deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products. Jio BlackRock will be a truly transformational, customer-centric, and digital-first enterprise with the vision to democratize access to financial investment solutions and deliver financial well-being to the doorstep of every Indian." The joint venture will launch operations post-receipt of regulatory and statutory approvals. The company will have its own management team. BlackRock's purpose is to help more and more people experience financial well-being, the release stated. "As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock", it further stated. Further, the release said, "<keyword id="18155200" type="General" weightage="20" keywordseo="blackrock-india" source="Orion">BlackRock India</keyword> is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions." Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer a broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly, it added. (ANI)

Jio Financial services and BlackRock to form India asset management joint venture

New Delhi, <keyword id="20643931" type="General" weightage="20" keywordseo="tvs-mobility" source="keywords">TVS Mobility</keyword> on Monday said it has formed a joint venture with the Japanese conglomerate Mitsubishi Corporation to establish a comprehensive vehicle mobility ecosystem in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. As part of the collaboration, Mitsubishi Corporation will initially invest Rs 300 crore with both parties committed to support the growth of the joint venture. This investment is intended to propel both the parties' vision in relation to vehicle ownership in passenger cars, commercial vehicles and material handling equipment (MHE), <keyword id="20036540" type="General" weightage="20" keywordseo="tvs" source="keywords">TVS</keyword> Mobility said in a statement. The business model will have the potential to achieve USD 2 billion revenue in the next 3-5 years' time, it added. With this, the dealership business of TVS Mobility will transform into TVS Vehicle Mobility Solution (TVS VMS) offering a complete portfolio of services to its customers. "TVS Mobility, had pioneered the sales, service and distribution of vehicles market through its dealership business in India. This collaboration with MC will enable TVS to provide a range of solutions to the entire vehicle mobility ecosystem," TVS Mobility Director R Dinesh said. After providing integrated and digital platforms for the independent aftermarket, the vehicle mobility business will provide digitally-enabled solutions to customers, be it enterprises, corporates or fleet owners, he added. The partners would also expand partnership with vehicle manufacturers to provide integrated solutions across vehicle sales, operating of vehicles and Vehicle-as-a-Service solutions, Dinesh said. To gain a downstream foothold in the rapidly growing Indian market, Mitsubishi Corporation has been fostering its relationship with TVS Mobility group including the investment in the after-sales services provider TVS Automobile Solutions (TASL), Mitsubishi Corporation CEO of Automotive and Mobility Group <keyword id="20643932" type="General" weightage="20" keywordseo="shigeru-wakabayashi" source="keywords">Shigeru Wakabayashi</keyword> said. "The latest investment in the multi-brand dealer TVS VMS widens company's investment coverage through enhanced service capabilities even further and should propel its aim to develop comprehensive mobility solutions spanning not only after-sales services and multi-brand sales, but also vehicle-as-a-service model, and other automotive operations," he added. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank">Ola Electric cuts prices of scooters to compete with ICE two-wheelers</a><a href="https://www.businessinsider.in/tech/news/fire-boltt-noise-lead-indias-wearable-market-growth-which-sees-a-34-spike/articleshow/107813888.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/fire-boltt-noise-lead-indias-wearable-market-growth-which-sees-a-34-spike/articleshow/107813888.cms" target="_blank">Fire Boltt, Noise lead India’s wearable market growth which sees a 34% spike</a><a href="https://www.businessinsider.in/careers/news/india-incs-wage-bill-growth-halves-in-q3-close-to-decadal-lows/articleshow/107815116.cms" target="_blank"></a> <a href="https://www.businessinsider.in/careers/news/india-incs-wage-bill-growth-halves-in-q3-close-to-decadal-lows/articleshow/107815116.cms" target="_blank">India Inc’s wage bill growth halves in Q3, close to decadal lows</a>

TVS Mobility forms JV with Mitsubishi Corp for comprehensive vehicle mobility ecosystem in India

Integrated manufacturing solutions company <keyword id="6521648" type="General" weightage="50" keywordseo="sanmina-corporation" source="Orion">Sanmina Corporation</keyword> and <keyword id="10849195" type="General" weightage="50" keywordseo="reliance-strategic-business-ventures-limited" source="Orion">Reliance Strategic Business Ventures Limited</keyword> (RSBVL), a wholly-owned subsidiary of <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Limited (RIL), on Tuesday announced the completion of their joint venture transaction. The joint venture will create a world-class electronic manufacturing hub in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, in line with Prime Minister Narendra Modi's 'Make in India' vision. All the manufacturing will take place at <keyword id="315784" type="General" weightage="100" keywordseo="sanmina" source="Orion">Sanmina</keyword>'s 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement. The day-to-day business will continue to be managed by Sanmina's management team in Chennai. The joint venture will prioritise high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, industrial and cleantech, and defence and aerospace. "In addition to supporting Sanmina's current customer base, the joint venture will create a state-of-the-art 'Manufacturing Technology Center of Excellence' that will serve as an incubation center to support the product development and hardware startup ecosystem in India, as well as promote research and innovation of leading-edge technologies," said the companies. Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the communications networks, cloud solutions, industrial, defence, medical and automotive markets. Currently ranking 104th, Reliance is the largest private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Companies' for 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/national-green-tribunal-slaps-telangana-with-a-3800-cr-fine-for-waste-management-failure/articleshow/94636341.cms">National Green Tribunal slaps Telangana with a ₹3,800 cr fine for waste management failure</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

RIL, Sanmina completes JV to build manufacturing hub in India

French energy giant <keyword id="11344358" type="General" weightage="20" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword> has invested USD 300 million in a <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> <keyword id="6373972" type="General" weightage="20" keywordseo="joint-venture" source="Orion">joint venture</keyword> with <keyword id="4343578" type="General" weightage="20" keywordseo="adani-green" source="Orion">Adani Green</keyword> Energy Ltd. In a statement, AGEL said it completed "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects." This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) &amp; under development assets (250 MW) with a blend of both <keyword id="45681" type="General" weightage="20" keywordseo="solar" source="Orion">solar</keyword> and <keyword id="43948" type="General" weightage="20" keywordseo="wind" source="Orion">wind</keyword> power projects in India. "Wth this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030." It added.

TotalEnergies invests USD 300 million in Adani Energy project

<ul><li>On Wednesday, <keyword id="142901" type="General" weightage="20" keywordseo="saic-motor" source="Orion">SAIC Motor</keyword> and <keyword id="144036" type="General" weightage="20" keywordseo="jsw-group" source="Orion">JSW Group</keyword> made a grand announcement of their joint venture, <keyword id="21026216" type="General" weightage="100" keywordseo="jsw-mg-motor-india" source="Orion">JSW MG Motor India</keyword>.</li><li>The new company will launch its first car during the festive season and is set to launch two cars in 2024.</li><li>The company has claimed that it will launch a new car every three to six months in the country.</li></ul> Mumbai, March 20: Chinese auto giant SAIC Motor and Indian conglomerate JSW Group have partnered to launch a new joint venture, named JSW <keyword id="5287148" type="General" weightage="20" keywordseo="mg-motor" source="Orion">MG Motor</keyword> India. On Wednesday, Sajjan Jindal, the chairman of the JSW Group, announced the JV’s ambitious new plans at an event here. The marque of MG Motor, whose portfolio includes the MG ZS EV, MG Comet, MG Astor and others in India, is owned by SAIC Motor. <cmsannotation type="cmsannotation" annotationid="Leveraging the strengths" comment="subhead" text="Leveraging the strengths">Leveraging the strengths</cmsannotation> The JV is aimed at using SAIC Motor’s expertise in the auto sector and the JSW Group’s manufacturing experience in the country. JSW MG Motor India will produce both electric and internal combustion engine (ICE) vehicles. JSW Group will also bring in the expertise of its group companies, such as JSW Energy to improve its infrastructure in the country. The JSW Group recently received approval from the Competition Commission of India (CCI) to acquire a 35% stake in MG Motor India. Parth Jindal, son of Sajjan Jindal and Sangita Jindal, has been appointed as a member of the steering committee of JSW MG Motor India. <cmsannotation type="cmsannotation" annotationid="A new car every three to six months" comment="subhead" text="A new car every three to six months">A new car every three to six months</cmsannotation> Speaking about the company’s ambitious plans, Sajjan Jindal said that the company will launch a new car every three to six months in the country. The first launch from the company will arrive during the festive season, in October 2024. The company aims to launch two cars in 2024. The first launch from the company is expected to be the MG4, which was showcased at the event in Mumbai on Wednesday. JSW MG Motor India aims to expand its production from the present 1 lakh units per year to three lakh units per year. To achieve this, the company will expand its production capacity at its Halol plant in Gujarat. These cars will be manufactured in India for both domestic consumption and exports. In addition, the company will also set up a new research and development facility in the country, Jindal added. <cmsannotation type="cmsannotation" annotationid="JSW MG Motor India will create a NEV Maruti moment" comment="subhead" text="JSW MG Motor India will create a NEV Maruti moment">JSW MG Motor India will create a NEV Maruti moment</cmsannotation> Speaking about how Maruti dominated the Indian auto market by launching new cars in the 1990s, Sajjan Jindal said that JSW MG Motor India wants to create a Maruti moment for new energy vehicles in the country and lead the segment by 2030. The company has said that it will also foray into the premium vehicles segment in India. It showcased the <keyword id="9206504" type="General" weightage="20" keywordseo="mg-Cyberster" source="Orion">MG Cyberster</keyword> at the event and announced that the car would soon make its India debut. The new JV will also focus on the emerging new energy vehicles (NEVs) in the country. Parth Jindal said that the company plans on capturing 33% of the NEV market by 2030 and aims to sell 1 million EVs in 2030. India will move from its current market of 4 million cars per year to 10 million cars a year, as per Jindal. While MG Motor’s sales in India reported decent growth in February 2024, the company is not among the country’s top five players. The company sold 4,532 vehicles in February 2024. SAIC Motor is a global Fortune 500 company with annual revenues of around US $110 billion, while the JSW Group is one of India’s leading global business conglomerates with US $23 billion in revenues across diversified businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/mobile-number-portability-revamped-to-reduce-sim-swap-frauds-here-are-the-new-rules/articleshow/108613683.cms">Mobile Number Portability revamped to reduce SIM swap frauds – Here are the new rules</a> <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-creta-n-line-enters-indian-market-with-four-variants-starting-at-16-82-lakh/slidelist/108426938.cms">Launch alert: Hyundai Creta N Line enters Indian market with four variants, starting at ₹16.82 lakh</a>

JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months

Adani's joint venture company with Israeli firm Elbit as well as IdeaForge Technology are among the 14 drone companies that have been selected as beneficiaries of the production-linked incentive (<keyword id="53367" type="General" weightage="60" keywordseo="pli" source="Orion">PLI</keyword>) scheme to boost <keyword id="12100363" type="General" weightage="20" keywordseo="drone-manufacturing" source="Orion">drone manufacturing</keyword> in India, the aviation ministry said on Wednesday. Under the <keyword id="8941225" type="General" weightage="100" keywordseo="pli-scheme" source="Orion">PLI scheme</keyword> that was announced last year, the incentive for a manufacturer of drones and drone components will be 20 per cent of the “value addition” made by the company during the next three years. The value addition is calculated as the annual sales revenue from drones and drone components (net of GST) minus the purchase cost (net of GST) of drone and drone components. On Wednesday, the ministry released the names of 14 drone companies selected as beneficiaries of the PLI scheme. Dhaksha Unmanned Systems, IdeaForge Technology, IoTechWorld Aviation, Omnipresent Robot Technologies and Raphe Mphibr are five drone manufacturers selected as beneficiaries, it mentioned. Absolute Composites, Adani-Elbit Advanced Systems India, Adroitec Information Systems, Alpha Design Technologies, Inventgrid India, Paras Aerospace, SASMOS HET Technologies, ZMotion Autonomous Systems and Zuppa Geo Navigation Technologies are nine drone component manufacturers selected for the PLI scheme, it noted. The Ministry of Civil Aviation had on March 10 invited applications from the drone industry for the PLI scheme. The ministry had on September 16, 2021, announced a PLI scheme for drones and drone components with an allocation of Rs 120 crore spread over three financial years. The ministry said on Wednesday: “The list of beneficiaries is likely to be expanded further since some more manufacturers are likely to exceed the eligibility criteria for the full financial year 2021-22." "The final list of PLI beneficiaries is expected to be released by June 30 after detailed scrutiny of their financial results and other specified documents," it mentioned. The ministry said the eligibility criteria for the PLI scheme includes an annual sales turnover of Rs 2 crore for drone companies and Rs 50 lakh for drone components manufacturers; and value addition of over 40 per cent of sales turnover. The PLI scheme came in September 2021 as a follow-through of the liberalised <keyword id="2730972" type="General" weightage="20" keywordseo="drone-rules" source="Orion">Drone Rules</keyword>, 2021, released by the ministry on August 25, 2021. Aviation Minister Jyotiraditya Scindia had on September 16, 2021 said that the Indian drone industry will have a total turnover of up to Rs 15,000 crore by 2026 as the government has given a major boost to the sector with the PLI scheme. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/five-banks-that-offer-cheaper-home-loan-rates-in-india/articleshow/90959872.cms">Five banks that offer cheaper home loan rates in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/indian-livelihoods-turn-less-green-sharp-decline-in-hiring-green-jobs-over-the-last-five-years-compared-to-the-global-average/articleshow/90971775.cms">Indian livelihoods turn less green! Sharp decline in hiring green jobs over the last five years compared to the global average</a>

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

<ul class="summary-list"><li>Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. </li><li>Other plans to boost India's chipmaking sectors are also progressing slowly.</li></ul>India has big plans to boost its chipmaking industry, but the country is already meeting setbacks.On Monday, Taiwan's Foxconn — best known for being a major parts supplier to Apple — said it's withdrawing from a <a href="https://www.reuters.com/world/india/vedanta-foxconn-sign-mou-with-modis-home-state-20-bln-chip-foray-2022-09-13/" target="_blank" rel="noopener">$19.5 billion joint venture</a> with Indian conglomerate Vedanta without citing a reason for the breakup. The two companies <a href="https://www.foxconn.com/en-us/press-center/events/foxconn-events/740" target="_blank" rel="noopener">signed an agreement in February 2022</a> to form a joint venture, or JV, to manufacture semiconductors in India. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the company, known as Hon Hai Technology Group in Taiwan and China, said in a <a href="https://emops.twse.com.tw/server-java/t05sr01_1_e?&amp;isNew=Y&amp;seq_no=2&amp;spoke_time=222046&amp;spoke_date=20230710&amp;co_id=2317" target="_blank" rel="noopener">Monday statement to the Taiwan Stock Exchange.</a> The JV is now wholly owned by Vedanta, it added.Foxconn said the two companies had worked for over a year to bring "a great semiconductor idea to reality," but have mutually agreed to end the JV, which is now wholly owned by Vedanta. <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">A source familiar with the matter told Reuters</a> that concerns over delays for approvals of incentives contributed to Foxconn's decision to abandon the venture in Gujarat, the home state of Prime Minister Narendra Modi."There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," Foxconn said in a separate Tuesday statement. It added the mutual breakup "is not a negative."Foxconn also said it plans to apply for Indian government incentives for chipmaking projects.Still, the breakup is seen as a setback to Modi's ambition for India to become a key player in the global chip supply chain amid the geopolitical tensions in the Taiwan Straits.India already has an existing chipmaking industry, but Taiwan — which China claims as its territory — produces a vast majority of the world's chips. <a href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10" target="_blank" rel="noopener">Taiwan Semiconductor Manufacturing Company alone makes over half of the world's supply,</a> Insider reported previously. However, India's chip manufacturing expansion plans have been moving slowly.Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo.A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being <a href="https://www.intc.com/news-events/press-releases/detail/1527/intel-to-acquire-tower-semiconductor-for-5-4-billion" target="_blank" rel="noopener">acquired by tech bigwig Intel,</a> <a href="https://www.reuters.com/world/india/india-chip-plan-stalls-after-tower-intel-deal-setback-modi-2023-05-31/" target="_blank" rel="noopener">Reuters reported on June 1.</a>Another $3 billion project by Singapore-based IGSS venture has also been halted because the company wanted to re-submit its application for government incentives, per <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">Reuters.</a>However, it hasn't been all bad news for India's tech ambitions. <a href="https://investors.micron.com/news-releases/news-release-details/micron-announces-new-semiconductor-assembly-and-test-facility" target="_blank" rel="noopener">US chipmaker Micron said last month</a> it plans to invest up to $825 million in a chip testing and packaging unit in India.Rajeev Chandrasekhar, India's minister of state for electronics and IT, <a href="https://twitter.com/Rajeev_GoI/status/1678389567504916480" target="_blank" rel="noopener">tweeted Monday</a> that Foxconn's decision to <a href="https://indianexpress.com/article/business/foxconn-pulls-out-india-chip-jv-vedanta-8823949/" target="_blank" rel="noopener">pull out of its JV Vedanta</a> would have "no impact" on the country's chipmaking goals."To those editorializing abt this decision of Foxconn/Vedanta being a 'blow' to Indias Semicon ambition , I can only say its a bad idea to bet against India under PM Modi," Chandrasekhar tweeted. Vedanta did not immediately respond to a request for comment from Insider.

From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start

<ul><li>American car maker Ford may form a partnership with Indian car maker M&amp;M, Reuters said citing sources.</li><li>India's third-largest car maker M&amp;M is likely to own 51% stake in the venture and Ford may own the rest.</li><li>The two companies came together for the first time in 2017 to build SUVs and electric cars.</li><li>Ford would add 14,000 employees, two plants to M&amp;M and both companies had similar sales in 2018.</li><li>In 2018, Ford's India division swung to profit for the first time in eight years.</li></ul>American car maker Ford's solo drive in India is likely to end. The company may form a joint venture (JV) with the Indian conglomerate, Mahindra &amp; Mahindra, according to a report citing sources from news agency Reuters. Both companies have refused to confirm Reuters' report that said M&amp;M will own 51% stake in the JV, while Ford will own the rest. If this stake sale goes through, this will be a milestone in the history of the Dearborn, Michigan-based company that entered India nearly 25 years ago. "Since its entry in India in 1995, Ford has invested more than US$ 2 billion to expand its manufacturing facilities and sales &amp; service footprint to meet the demand in one of the world's fastest-growing auto markets," according to its website. M&amp;M, on the other hand, is the country's <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/three-launches-help-mm-retain-third-spot-in-passenger-vehicle-sales/articleshow/68770337.cms" data-type="tilCustomLink" target="_blank">third-largest passenger vehicle</a> maker, whose automotive business spans from sports utility vehicles (SUV) to tractors and buses, from heavy engines to electric cars. The company bought over Korean peer Ssangyong in 2011 and an Italian graphic design firm in 2008. However, the country's automobile industry has been reeling under pressure from slowing car sales in recent months. What M&amp;M gets... Most importantly, in 2018, Ford's India division <a href="https://m.economictimes.com/industry/auto/auto-news/ford-motor-india-drives-into-profit-zone-after-eight-years/articleshow/66453826.cms" data-type="tilCustomLink" target="_blank">swung to profit</a> for the first time in eight years. About 85% of the components are locally sourced. Ford has integrated manufacturing facility at Maraimalai Nagar, near Chennai, produces its popular models like Ford EcoSport and Ford Endeavour. It also has, according to the company, a "$1 billion state-of-the-art integrated manufacturing facility in Sanand, Gujarat," which became operational in March 2015. M&amp;M has 16 plants dotted across the country. The annual installed manufacturing capacity is 610,000 engines and 440,000 vehicles. <a data-type="tilCustomLink" target="_blank">Total sales</a> for the year-ended December 2018 were at 265,714 units, just marginally up from a year earlier. In the same time, M&amp;M sold over 250,000 vehicles, including exports. Ford has more than 376 sales and service outlets in 209 cities across India. It will also bring to the table 14,000 employees. The synergies Just like Ford, M&amp;M's top-selling brands are SUVs and that segment is in a tight spot. While the demand is weak, emission norms are scheduled be tightened next year and that would make diesel cars, especially the gas-guzzling SUVs less attractive. Coming together would reduce competition and ease the pressure on the business. The two companies tied up in 2017 to build cars together and the <a href="https://www.livemint.com/Auto/OZIyEUKiu91VH2APzOspjK/Ford-posts-a-profit-in-India-20-years-after-driving-in.html" data-type="tilCustomLink" target="_blank">first model is expected to be out</a> in the financial year ending March 2020. M&amp;M on the other hand has been a pioneer in India's nascent electric car market, a growing space which Ford is absent from. The Mumbai-based company is planning to double its electric vehicle (EV) portfolio in three years. The current EV manufacturing capacity is 5,000 and the <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mm-plans-to-double-its-electric-vehicles-portfolio-in-3-years/articleshow/63089182.cms" data-type="tilCustomLink" target="_blank">firm plans to increase</a> it to 60,000-70,000 in a year. SEE ALSO: <a href="https://www.businessinsider.in/shark-tanks-kevin-harrington-invests-in-retail-store-the-new-shop/articleshow/68796960.cms" data-type="tilCustomLink" target="_blank">Shark Tank’s Kevin Harrington is back in India after 25 years to invest in a pop-up store chain</a>

Ford may enter a joint venture with M&M ending a 25-year old solo ride that cost $2 billion: Report

<ul><li><keyword id="15491" type="General" weightage="100" keywordseo="airtel" source="Orion">Airtel</keyword> has formed a joint venture with <keyword id="340671" type="General" weightage="80" keywordseo="hughes" source="Orion">Hughes</keyword> Communications India Pvt Ltd.</li><li>The entity will offer broadband satellite service in the country.</li><li>Hughes holds 67% stake and Airtel holds 33% stake in the entity.</li></ul>Indian telecom provider Airtel has entered into a joint venture (JV) with Hughes Communications India Pvt Ltd (HCIPL), a provider of broadband satellite networks and services to offer <keyword id="745397" type="General" weightage="20" keywordseo="satellite-broadband" source="Orion">satellite broadband</keyword> services in India. Hughes will hold a 67% stake in the JV and Sunil Mittal-led Airtel will hold a 33% stake. The entity will be known as HCIPL and will combine the Very Small Aperture Terminal (VSAT) business of both the companies, allowing them to offer scalable enterprise networking solutions. <cmsannotation type="cmsannotation" annotationid="What is a VSAT terminal?" comment="subhead" text="What is a VSAT terminal?">What is a VSAT terminal?</cmsannotation> A VSAT terminal is a two-way satellite ground station that is used to transmit and receive data. It is used to provide satellite-based internet and telecom access to individuals and enterprise customers. “We are pleased to commence this joint venture, further delivering on our commitment to serving the growing demand for always-on, always-available network connectivity for enterprise and government customers,” said Partho Banerjee, president, and managing director, HCIPL. The agreement was announced in May 2019 and has finally received statutory approvals, including an approval from the National Company Law Tribunal and the Department of Telecom. The JV has a combined base of over 2 lakh VSATs, making it the largest satellite service operator in the country. This comes at a time when Starlink, Elon Musk’s satellite internet service has received its first <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">setback</a> in the country after its country director and chairman of the board, Sanjay Bhargava, stepped down citing personal reasons. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/elon-musks-starlink-faces-its-first-setback-in-india-even-before-launch/articleshow/88702976.cms">Elon Musk’s Starlink faces its first setback in India even before launch</a> <a href="https://www.businessinsider.in/science/space/news/scientists-piggybacking-on-starlink-satellites-to-break-free-from-gps-dependence/articleshow/86607657.cms">Scientists are piggybacking on internet satellites to break free from GPS dependence</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a>

Airtel and Hughes form joint venture, will offer satellite broadband service in India

<ul class="summary-list"><li><keyword id="6356454" type="UNKNOWN" weightage="60" keywordseo="Standard-Chartered">Standard Chartered</keyword> will launch a cryptocurrency exchange and brokerage joint venture, the UK bank said Wednesday. </li><li>The JV with <keyword id="11370403" type="UNKNOWN" weightage="60" keywordseo="bc-technology-group">BC Technology Group</keyword> is aimed to serve institutional and corporate clients. </li><li>The move by StanChart comes shortly after rival HSBC said it wouldn't offer clients access to cryptocurrencies. </li></ul><a href="https://markets.businessinsider.com/stocks/scbff-stock">Standard Chartered </a>will launch a digital asset exchange and brokerage service, with its announcement Wednesday coming shortly after the head of rival lender <a href="https://markets.businessinsider.com/stocks/hsbc-stock">HSBC</a> saying it would not expand into cryptocurrencies.<keyword id="6157024" type="UNKNOWN" weightage="60" keywordseo="SC-Ventures">SC Ventures</keyword>, a unit of StanChart, will establish the services for institutional investors and corporate clients in the UK and Europe along with BC Technology Group, which runs the cryptocurrency exchange OSL that's licensed in Hong Kong.The joint venture will be based in the UK and is aimed at giving clients access to deep pools of liquidity in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> and other crypto assets."We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class," Alex Manson, head of SC Ventures, said in a statement. The JV could be launched in the fourth quarter of 2021.The move comes as other financial institutions expand into the crypto market whose market capitalization has swelled to $1.7 trillion, although a massive selloff in the space in May pulled the market cap below $2 trillion.Goldman Sachs <a href="https://markets.businessinsider.com/currencies/news/goldman-sachs-new-crypto-trading-team-internal-memo-report-says-2021-5-1030402499">launched a cryptocurrency trading desk</a> and Morgan Stanley became the first major US financial firm to offer access to <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> funds. While StanChart gears up its crypto dealings, HSBC boss Noel Quinn last week said his company had <a href="https://markets.businessinsider.com/currencies/news/bitcoin-hsbc-ceo-volatility-asset-class-noel-quinn-cryptocurrency-2021-5-1030458682">no plans of initiating a crypto desk</a> nor offering cryptocurrencies to clients. "Given the volatility, we are not into bitcoin as an asset class," Quinn told Reuters.SC Ventures in December teamed up with Northern Trust, a wealth management firm based in Chicago, to launch crypto custody service Zodia Custody. The London-based operations, upon regulatory approval, would provide custody services for bitcoin and <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword>, followed by <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a>, <a href="https://markets.businessinsider.com/currencies/ltc-usd">litecoin</a>, and <a href="https://markets.businessinsider.com/currencies/bcc-usd">bitcoin cash</a>.StanChart in 2020 invested in Metaco, a digital asset infrastructure provider, and is working with the Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border fund transfers.Usman Ahmad, the chief information officer of <keyword id="10453299" type="UNKNOWN" weightage="60" keywordseo="BC-group">BC Group</keyword>, will be the CEO of the new joint project with SC Ventures.

You Searched For "JV Ventures" and got 12 results

Dubai-based siblings to transfer jiohotstar.com domain to Reliance 'free of cost'

PTI

India-Russia joint venture delivers 35,000 AK-203 rifles to Indian Army

Sourabh Jain

Jio Financial services and BlackRock to form India asset management joint venture

ANI

TVS Mobility forms JV with Mitsubishi Corp for comprehensive vehicle mobility ecosystem in India

PTI

RIL, Sanmina completes JV to build manufacturing hub in India

IANS

TotalEnergies invests USD 300 million in Adani Energy project

PTI

JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months

Sourabh Jain

Adani JV and IdeaForge among 14 firms shortlisted as beneficiaries for drone PLI scheme

PTI

From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start

Huileng Tan

Ford may enter a joint venture with M&M ending a 25-year old solo ride that cost $2 billion: Report

Sriram Iyer

Airtel and Hughes form joint venture, will offer satellite broadband service in India

Rounak Jain

UK bank Standard Chartered is setting up a cryptocurrency exchange as rival HSBC decides not to offer digital currencies to clients

Carla Mozée

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