- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, October 6, 2023:
India’s Reliance Retail Ventures led by Mukesh Ambani on Friday said Abu Dhabi Investment Authority would invest Rs 4,966.80 crore (£488.2 million) in the company at a valuation of more than $100 billion (£81.7 billion), Times of India reported. The investment will translate into a stake of 0.59 per cent, Reliance Industries’ retail unit revealed in a regulatory filing. In recent times, Reliance Retail has received investments from private equity company KKR & Co and Qatar Investment Authority.
Indian finance minister Nirmala Sitharman on Friday held a virtual meeting with Spanish vice president Nadia Calvino and International Monetary and Financial Committee chair to discuss the issues pertaining to the International Monetary Fund. She also chaired a meeting with the heads of multilateral development banks (MDBs) and co-conveners of the G20 Independent Expert Group. During the meeting, various issues were discussed on MDBs and the related reforms to better serve the needs of client countries. “The two leaders discussed various issues pertaining to IMF @IMFNews and the upcoming visit to attend the IMF-WB #AnnualMeetings in #Marrakech, Morocco,” the finance ministry said on X.
Kaynes Technology, an integrated electronics manufacturer based in Mumbai, India, is investing Rs 2,800 crore (£275.3 million) for setting up in the southern state of Telangana a semiconductor OSAT (outsourced semiconductor assembly and test) manufacturing and compound semiconductor facility, Times of India reported. The facility is expected to create 2,000 direct employment opportunities. It is likely to be built on a 40-acre land next to the upcoming plant of Taiwanese electronics contract manufacturing company Foxconn in Ranga Reddy district of Telangana, the report added. The facility will be set up by Kaynes Semicon, a subsidiary of Kaynes Technology.
India’s medtech industry is expected to grow four times in the next few years to reach $50 billion (£40.8 billion) by the end of this decade. The 15th edition of Global MedTech Summit 2023, organized by the industry body Confederation of Indian Industry was held in the national capital on Friday, themed ‘Paving the Way for a $50 Billion MedTech Industry by 2030’. Jitendra Singh, minister of state, independent charge, of the ministry of science and technology; earth sciences in his inaugural address highlighted the importance of partnership between the public and private sectors for the medtech Industry to develop.
Following a recent advice from the high court of the southern Indian state of Karnataka to its government to convene a meeting of stakeholders to reconsider timings of schools and working hours, the state’s labour department met on Thursday (5), Moneycontrol reported. At the meeting, chaired by the state’s law commissioner, HN Gopalakrishna, issues such as staggering working hours for industrial units, companies, business and commercial establishments were discussed. Officials of the labour department said they gathered inputs from various stakeholders about the proposal to revise working hours in a bid to alleviate traffic congestion in Bengaluru, the state capital and India’s information technology hub.
(With agencies inputs)
