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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

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

<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

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

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

New Delhi, May 19 () Fiat India Automobiles Pvt Ltd (FIAPL) on Tuesday said Ranjangaon-based manufacturing facility, co-owned by it and Tata Motors, has resumed operations. The plant is a 50:50 joint venture between Fiat Chrysler Automobiles (FCA) India and Tata Motors. FIAPL's management has developed and implemented a comprehensive programme of safety measures to protect over 3,000 direct and indirect employees, their families and surrounding communities from the spread and transmission of COVID-19, the automaker said in a statement. The company, which manufactures passenger vehicles and powertrains in the plant, has implemented layers of protection, including cleaning, disinfecting and social distancing, it added. "We have restarted operations with a lean workforce. Our absolute priority is the protection of employees, ensuring we provide them with a work environment that maintains the highest standards of safety, health and hygiene," FIAPL President Ravi Gogia said. The company's responsibility is also to educate them on a regimen they should follow after work hours so that their families are also protected, he added. "We have also activated our supply chain which is vital to ensuring smooth and efficient operations. Our aim is to gradually step-up with assured supplies and a careful increase in the density of our working," Gogia said. MSS BAL

Fiat, Tata Motors JV plant resumes operations at Ranjangaon

New Delhi, May 18 () Tata Consumer Products Ltd (TCPL) on Monday said it will acquire the stake of PeopsiCo in their joint venture NourishCo Beverages. The size of the deal was not disclosed by the company. The move is an effort by the Tata Group firm to widen its portfolio in the growing food and beverages space, TCPL said in a statement. NourishCo, a 50:50 joint venture of TCPL and PepsiCo, operates in the healthy hydration space and has brands like Himalayan mineral water, Tata Gluco Plus and Tata Water Plus."This move is consistent with Tata Consumer's focus on wideningits portfolio in the food and beverages space. These brands have been crafting their growth models which are now ready for deployment on a wider scale," TCPL said in a statement. NourishCo was formed in 2010 as a joint venture between Tata Global Beverages (now TCPL) and PepsiCo India. TCPL intends to use its sizeable resources, the capabilities acquired and the brands it now has , to give "wings to its ambition in the value added liquid refreshment beverages space" in India, it said."This decision has been made after extensive deliberation between the JV partners and we feel this will bring in greater focus to the NourishCo Business. The liquid beverages category has exciting growth potential and this move will help us strengthen and widen our presence in it," TCPL MD &amp; CEO Sunil D'Souza said. Over the years, NourishCo has built a capable team and a network of distributors,co-packers and vendors. "We will look to scale up these capabilities further and build a differentiated position in this segment. We would like to thank PepsiCo for their partnership and support to the JV so far. This has been instrumental in helping build a strong foundation for the NourishCo business," he added. After merging the consumer products business of Tata Chemicals with Tata Global Beverages, the new entity was renamed TCPL and now owns brands like TATA Salt, TATA Tea, Tetley, Eight O' clock and Himalayan Water. KRH ANUANU

Tata to buy out PepsiCo's stake in JV NourishCo Beverages

<ul class="summary-list"><li><keyword id="11906893" type="UNKNOWN" weightage="60" keywordseo="ant-group" source="Orion">Ant Group</keyword> is poised to create a credit score JV with Chinese state-backed partners, Reuters reported</li><li>This move could enable the Alibaba-owned fintech giant to proceed with its blockbuster IPO, abandoned in November.</li><li>Chinese regulators had turned up the pressure and ordered Ant Group to restructure before going public. </li></ul>Ant Group's $35 billion initial public offering could be back on the table, now that the fintech is poised to create a joint venture with a group of Chinese government-backed firms, Reuters reported Wednesday.The partners intend to establish the joint venture, a provider of personal credit scores, as early as October, three people told Reuters, according to the <a href="https://www.reuters.com/technology/exclusive-chinese-state-firms-take-big-stake-ants-credit-scoring-jv-sources-2021-09-01/">report</a>. Four companies are set to take a stake in the JV alongside Ant Group, three of them state-backed. The move could put Ant Group, the tech affiliate of <keyword id="12003804" type="UNKNOWN" weightage="60" keywordseo="jack-ma" source="Orion">Jack Ma</keyword>'s <keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword>, in a position to comply with Beijing's wishes and so put it on course to revive its dual IPO.Financial authorities blocked Ant Group's highly anticipated IPO on the Shanghai and Hong Kong stock exchanges in November, saying the Chinese financial-services company might <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11">no longer meet disclosure requirements</a>. The listing aimed to raise $34.5 billion and would have valued Ant Group at more than $313 billion.In April, Chinese regulators ordered Ant Group, the tech affiliate of Jack Ma's Alibaba, to restructure before it could be allowed to go public. It was told to change parts of its business and to <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">return to its roots</a> as a payments services provider.The planned JV could address some of the requirements regulators have set for Ant Group, which owns China's largest digital payments platform <keyword id="12003803" type="UNKNOWN" weightage="60" keywordseo="alipay" source="Orion">Alipay</keyword>. It would also give Beijing some access to the vast amounts of personal data held by the fintech.The JV will collect, manage and analyze consumer data to give a score to a customer's credit standing. Under its new structure, the firm would deal Ant Group's business data operations in a way that would make regulatory control for authorities easier, according to the Reuters report. The fintech's booming micro-lending business would be scrutinized more closely, it said. Ant Group received official approval to develop a consumer finance business with state-backed minority shareholders in June. It will have a 35% stake in the JV, as will state-backed Zhejiang Tourism Investment Group, Reuters reported. Two other state investors will hold 5% each, bringing the Beijing-backed firms to a total of 45%. The single non-government-linked partner would control around 7%. Ant Group had not responded to Insider's request for comment at time of publication. China has stepped up regulations for tech and other key sectors this year to increase its grip on growing industries. The country's <a href="https://markets.businessinsider.com/news/stocks/china-tech-regulation-crackdown-tougher-legislation-key-industries-2021-8?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">five-year plan</a> set out in August targets tech innovation, monopolies, internet finance and big data as industries that should expect tighter rules. The regulatory crackdown has sent Chinese tech stocks tumbling, including shares in Ant Group parent company Alibaba. At the end of the trading day in Hong Kong on Wednesday, Alibaba shares had fallen 0.18% to 165.20 Hong Kong dollars ($21.24). Its New York traded shares were last up by 3.83% as of 10:52 am E.T.

Ant Group's $35 billion IPO could be back in play because it plans a JV with China-backed firms, report says

Mumbai, Jan 30 () Bengaluru-based realty player RMZ Corp on Thursday said it has formed a joint venture of USD 1 billion (around Rs 7,100 crore) with Tokyo-headquartered Mitsui Fudosan (Asia) for developing commercial projects across India.
 The investment by Mitsui Fudosan (Asia), a subsidiary of Mitsui Fudosan, marks its foray in the Indian real estate market.
 "The 50:50 joint venture of USD 1 billion has been forged to augment RMZ Corps' future of space landscape in the country with a focus on cities like Mumbai and Delhi NCR along with Bengaluru," the company said in a statement.
 To begin with, the joint venture will develop 3.5 million sq ft office space 'RMZ Ecoworld 30' in Bengaluru. The first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022.
 This venture is in line with the company's vision of developing 85 million sqft of assets under management, the company said.
 RMZ currently has 67 million sqft of real estate assets across cities including Bengaluru, Mumbai, NCR, Chennai, Hyderabad and Pune.
 "RMZ Corp continues to expand its distribution channels and national footprint. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan," RMZ Corporate Chairman Manoj Menda said.
 Commenting on the partnership, Mitsui Fudosan Executive Managing Officer Akihiko Funaoka said, "We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. This partnership is in line with Mitsui Fudosan Group's strategy to achieve exponential growth of our global business."
 Mitsui Fudosan (Asia) MD Tetsuya Matsufuji said Ecoworld 30 marks its first collaboration with RMZ Corp, as it looks forward to enhancing its portfolio in India.
 "Mitsui Fudosan, along with RMZ Corp is looking to redefine commercial assets that are bolstered with technology, well curated ecologically and sustainability conscious spaces," Matsufuji added. PSK MR
MR

RMZ Corp forms JV with Japanese firm for commercial projects

Mumbai, Apr 1 () Auto components maker Minda Industries on Wednesday said its board has approved Rs 33.5 crore investment in TG Minda and the proceeds will bed utilised to consolidate the business of the joint venture entity.TG Minda is a 49.9 per cent JV between the company's parent firm UNO Minda and Toyoda Gosei, Japan (TG)."Board of Minda Industries Ltd. has approved an investment of Rs 33.5 crore in TG Minda, a 49.9% joint venture of UNO Minda and Toyoda Gosei, Japan (TG). "The proceeds of the investment will be used to consolidate the business of TG in India by transferring the shares of Toyoda Gosei South India Ltd. (TG SIN) to TG Minda," a release said.TG SIN is a 95 per cent subsidiary of Toyoda Gosei (TG) and engaged in the business of interior and exterior plastic moulded components for automotive application.Consolidation of TG SIN will result in several synergies such as optimal production system, flexible supply chain, complementary product lines and customer synergies, the company said.The transaction is subjected to regulatory approvals, it added, adding the transaction is expected to be completed by September 2020."UNO Minda Group is focused on maximising its content/kit value across the vehicle segments and this is a step forward in this direction. We have strengthened our relationship with Toyoda Gosei further, with this investment," said N K Minda, Chairman &amp; Managing Director, Minda Industries Ltd.TG SIN reported a turnover of Rs 377 crore in FY2019, according to the company. IASSHW MRMR

Minda Industries to invest Rs 33.5 cr in JV firm

<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

New Delhi, May 2 () Maruti Suzuki India on Saturday said its car seat manufacturing joint venture, Krishna Maruti Ltd, has handed over the first batch of 5 lakh units of triple-ply face masks to Gujarat administration at Gandhinagar. Krishna Maruti, the joint venture between Maruti Suzuki and Krishna Group, had committed to donating 10 lakh triple-ply masks to Gujarat government. The mask was developed by engineers of Maruti Suzuki and Krishna Group with almost hourly monitoring by Maruti Suzuki management and active support by Department of Textiles, Government of India and was finally approved by SITRA laboratory. Speaking on the initiative, Krishna Group Chairman Ashok Kapur said, "We have committed 1 million masks each to Haryana and Gujarat governments." "I am also planning to import some machines and produce N-95 masks. All important safety and physical distancing guidelines were observed while manufacturing these masks at our facilities to ensure the safety of all the staff."Krishna group has its manufacturing plant next to Suzuki Motor Gujarat (SMG) plant at Hansalpur. SMG, which is a subsidiary of a Suzuki Motor Corp, manufactures cars on a contract basis for Maruti Suzuki India Ltd. RKL MRMR

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