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Showing posts with the label Make in India

Foxconn Looks To Invest $5 Bn In India To Establish Manufacturing Hub Foxconn Looks To Invest $5 Bn In India To Establish Manufacturing Hub

Foxconn Is In Talks With State Governments Including Maharashtra, UP, Haryana Foxconn Technology Group is looking to  invest up to $5 Bn in India , to explore the possibility of establishing a manufacturing hub parallel to China. The Indian hub will be instrumental for export to markets across Europe and the US. A top official at the Taiwanese company told TOI that Foxconn will soon ramp up Indian operations in an “exponential manner.”  This move is powered by the implementation of GST, and the imposition of an import duty on mobiles phones . The levy of the duty and the tax combined will discourage sourcing goods  from China and other foreign locations. Last week, the government imposed a 10% customs duty on phones and key parts such as chargers, headsets, batteries and USB cables. This will give an impetus to investments in local manufacturing. The source further added, “India is already high on our priority list, and we now plan to step up investments and business he

Kia to ink pact with Andhra Pradesh govt for setting up manufacturing unit

State officials had worked patiently for over a year to make this happen South Korea’s second largest carmaker,  Kia   Motors, will end its five-year evaluation on India entry when the company signs a memorandum of understanding (MoU) with the   Andhra Pradesh   (AP) government later this month for setting up a factory. State officials had worked patiently for over a year to make this happen. Kia and the AP government have moved swiftly on the follow-up action after a final decision was taken. The state government had issued orders for acquisition of 600 acres for the proposed manufacturing hub just a day after Kia’s team met chief minister N Chandrababu Naidu on April 12. The government proceeded with the acquisition only after Kia officials were satisfied with the site, after making two-three visits to Penukonda in Anantapur district, sources said.  The site is located on national highway around 120 km from Bengaluru. Senior officials of the Andhra industries depar

Andhra govt starts acquisition of 600 acres for Kia Motors facility

Hyundai Motor  Company’s sister concern   Kia Motors   is all set to establish its first Indian manufacturing facility in   Andhra Pradesh   as the state government has initiated the process for   acquisition   of land meant for the company’s operations. Recent reports cited Sri City as the possible location in AP for its close proximity to Tamil Nadu, which is the base for Hyundai Motors’ manufacturing operations and its vendor ecosystem. However, Kia has chosen a place that is closer to Bengaluru city. In its orders issued on Thursday, the AP government has directed the Anantapur district collector to acquire 600 acres in Erramanchi village near Penukonda on the national highway connecting Bengaluru for an “industrial park”. Sources told Business Standard that the acquisition was meant for Kia’s upcoming manufacturing facility. The government has even mentioned the survey numbers of the land having a total extent of 599.38 acres for the acquisition besides fixing

Xiaomi Unveils Second Manufacturing Unit in India in Partnership With Foxconn

Reaffirming its commitment to 'Make in India' after logging $1 billion in revenue in the country last year, Chinese smartphone maker Xiaomi on Monday announced its second manufacturing unit in partnership with Taiwanese electronics major Foxconn in Andhra Pradesh. With the new manufacturing plant also at Sri City, in Andhra Pradesh, more than 95 percent of Xiaomi's smartphones sold in India will be manufactured in the country. Xiaomi will now have a combined production capacity of one phone per second during operational hours. "We are present in 20 markets globally but India tops in terms of volume and is also the fastest growing market for us. All eyes are on this market and we will continue to do what we are doing and provide great after sales service and experience for our users," Manu Jain, Vice President and Managing Director, Xiaomi India, told IANS. The company also launched Rs 5,999 Redmi 4A smartphone powered by Qualcomm Snapdragon 425 proc

Andhra Pradesh Growth Story How State Considerably Improved Its Revenue after Bifurcation

The question is whether the revenue growth will sustain, and how to add the revenue capacity to the state. Following the bifurcation of Andhra Pradesh in 2014, the newly-formed state of Andhra Pradesh comprising coastal Andhra and Rayalseema regions was faced with a major challenge: Hyderabad, the major source of revenue for united AP went to Telangana, and newly-formed AP had to figure out how to generate enough revenue and survive as an independent state. And if the AP budget 2017-18 is anything to go by, CM Chandrababu Naidu and his team seem to have done a good job of improving the revenue.   Before we review the revenue performance of Andhra Pradesh from Budget FY2017–18, it is worth recollecting this statement by Yanamala Ramakrishnudu, the Finance Minister of Andhra Pradesh during the FY 2015–16 Budget Speech. “The State continues to reel under revenue deficit and this deficit continues even after the last year of the award of 14th Finance Commission. Our debt b

Naidu lays foundation for VEM Aerocity in West Godavari district

20 more small units will come up in the vicinity, he says Chief Minister N. Chandrababu Naidu on Saturday laid foundation stone for the construction of the defence spare parts manufacturing company, VEM Aerocity, at Vatluru in Pedapadu mandal in West Godavari district. He went round the photo exhibition arranged by the VEM company executives and interacted with the students. A Skill Development Centre had been proposed in the company to provide training for the youth. Job generation Addressing a meeting later, Mr. Naidu said the government had sanctioned 350 acres for the project, which could generate about 7,500 jobs once the construction of the company was completed. The Government of India listed the VEM Aerocity under A-Category and 20 more small units would come up in the vicinity, he said. Stressing that the government was giving priority for setting up industries and industrial corridors, the Chief Minister said jobs cannot be created without industries and

How to start an industry in Andhra Pradesh

Preparation of Project Report : For the line of activity chosen by the Entrepreneur, a Technically feasible Economically viable Industrial Project Profile/Report is to be prepared . The Entrepreneur may seek the assistance from State Govt. agencies like DIC, APSFC; Central Govt. agencies like MSME-Development Institute (Formerly Small Industries Service Institute-SISI), NSIC etc. Finance : The Entrepreneur may preferably obtain the consent of a financing agency such as APSFC or any Commercial Bank for the required loan amount. Registration : To set up a Micro/Small / Medium Enterprise, the Entrepreneur has to file Entrepreneur’s Memorandum Part -I (online at with concerned District Industries Centre of the District & obtain Acknowledgement. To set up a Large Enterprise ; the Entrepreneur has to file Industrial Entrepreneur’s Memorandum Part -A with Secretariat for Industrial Assistance, Department of Industrial Polic

ONGC to invest Rs78,000 crore in KG basin, signs deal with Andhra Pradesh

As per the deal, the Andhra Pradesh government will assist ONGC in taking over land and in obtaining other statutory clearance New Delhi:   State-owned explorer Oil and Natural Gas Corp. Ltd (ONGC) said on Saturday it will invest Rs78,000 crore in the Krishna Godavari basin for producing hydrocarbons and has signed an agreement with the Andhra Pradesh government for smooth execution of the projects. ONGC has been pursuing exploration in the basin and had last March announced a $5 billion (Rs34,000 crore) investment over the next three years in two of its fields there after the central government earlier that month announced a liberal pricing formula for natural gas from deep sea blocks. The investment figure announced on Saturday is for the entire basin. The agreement with Andhra Pradesh to “take forward all critical exploration and production activities in the state” was signed on the sidelines of the Partnership Summit, 2017 jointly organized by the state government and ind

Andhra Pradesh investment summit sees 665 MoUs worth over Rs10.5 trillion

The Andhra Pradesh summit has exceeded expectations of the earlier estimated Rs7 trillion of investments, which CM Naidu described as having done ‘big business’ Visakhapatnam:   Andhra Pradesh chief minister N.Chandrababu Naidu on Saturday announced that the two-day AP-CII Partnership Summit saw the signing of 665 memorandums of understanding (MoUs) worth Rs10.54 trillion, and with the potential to provide employment to 22.34 lakh people. The summit has exceeded expectations of the earlier estimated Rs7 trillion of investments, which Naidu described as having done “big business”. Some of the big ticket investments include 14 MoUs by AP Infrastructure and Township Development Corporation amounting to Rs40,660 crore, 62 MoUs by AP Capital Region & Development Authority valued at Rs1,24,532 crore, 66 MoUs by Economic Development Board worth Rs3,62,662 crore. Energy and industry sectors received over Rs2 trillion investments each with roads and buildings raking in Rs73,970

Why It's Easier Than Ever To Enter India's Home Market Now

It's evident that new launches and sales of residential projects took a hit as a result of demonetization in India. The National Capital Region (NCR) was the most affected - demand contracted 29% and supply was down 73%. Launches in the Mumbai Metropolitan Region (MMR) plunged 53% and sales were down 26%, according to a report by Knight Frank. Deals have come to a standstill as both buyers and sellers wait for clarity. Source: Knight Frank Research Before demonetization, however, there had been consolidation in the real estate sector. Driven by stagnant property prices over the past two years and interest rates cuts, home sales across top eight cities in the country in September 2016 jumped 15%  year-on-year . Sales were dominated by the MMR and NCR. Phase of consolidation Last year, Quikr acquired real estate portal CommonFloor for  $200 million  and Sequoia-backed Grabhouse, making a foray into the managed property rental business. CommonFloor, which cou