- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are some news related to Indian economy and business for Wednesday, August 2, 2023:
The Enforcement Directorate (ED) of India revealed that approximately Rs 25 crore (£2.37 million) worth of foreign and Indian currencies, gold, diamond jewellery and “incriminating” documents were seized during raids on Hero MotoCorp chairman Pawan Kant Munjal and others. The federal agency raided the residence and offices of the 69-year-old billionaire businessman, the promoter of India’s largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some other entities on Tuesday as part of a money-laundering investigation against them. While the automobile company did not offer an immediate comment, it had said on Tuesday that they were “extending all cooperation” to the ED.
Indian two-wheeler manufacturer Hero MotoCorp on Wednesday increased prices of the new Indian Harley-Davidson motorcycle by Rs 10,500 (£100) days after the Harley chief executive said pre-orders of the new model exceeded the firm’s expectations, Reuters reported. Hero said in a statement that the Harley-Davidson X440 will cost Rs 239,500 (£2,274) and above, with the hike applicable for all its variants. Deliveries are expected to start by October. Harley joined hands with Hero, the world’s biggest motorcycle manufacturer, to develop and sell a range of its own branded bikes in the South Asian nation, beginning with the X440 after exiting and shuttering most of its dealer work in the country in 2020.
Global buyout major KKR on Wednesday said it has acquired a majority stake in pallet pooling platform LEAP India. In a statement, it said the investment builds on macroeconomic tailwinds and logistics is expected to play a critical role in driving India’s growth in the next two-and-half decades. The company, however, did not disclose the financial details of the transaction. The transaction is expected to be completed by next month, subject to customary pre-closing and closing conditions. The platform provides supply-chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance, to the e-commerce, consumer durables, beverages, fast-moving consumer goods and automotive sectors.
International Battery Company has committed to investing $1 billion (£785 million) in the southern Indian state of Karnataka to build a factory that will produce lithium-ion cells, the state government said Tuesday. The American green tech company will acquire 100 acres close to Bengaluru, the state capital and one of India’s major technology hubs, to build its plant, Bloomberg reported. “IBC plans to begin production by 2025,” Gunjan Krishna, commissioner at Karnataka’s industries and commerce department, was quoted as saying by Bloomberg News. “They will be eligible for financial incentives after they start production.” The International Battery Company will kick off small, but is planning to ramp up capacity to 10 gigawatt by 2028, Krishna said, according to the report.
Taiwanese major Foxconn is set to invest $600 million (£471 million) in a couple of projects in the southern Indian state of Karnataka to make casing components for iPhones and chip-making equipment, revealing its growing interest in the South Asian nation as it spreads bets beyond its northern neighbour China, Reuters reported. The report added that some $350 million (£275 million) will go towards setting up the iPhone component facility, which will generate 12,000 employments, while Foxconn will tie up with Applied Materials in a $250 million (£196.3 million) project to make chip-making tools, the state of Karnataka announced in a statement. The state government also said that both projects were inked via so-called letters of intent, meaning the final modalities could see a change.
(With agencies inputs)
