by admin | May 25, 2021 | Business, Investing, Large Enterprise
Bengaluru, (IANS) German technologies, products, solutions and services company Freudenberg was on Thursday upbeat on Indian operations with plans to invest Rs 100 crore in Mysore.
“Our main focus areas are automotive, construction, food and pharma,” said Freudenberg regional representative Jorg Matthias Grossmann.
Aimed at upgrading and expanding manufacturing and R&D facilities, Freudenberg invested Rs 68 crore in 2015.
Major chunk of the investments were concentrated on the production site, labs and warehouse of the company’s chemical factory in Mysore.
Specialty lubricating oils, greases, pastes, aerosols and release agents under the name of Chem-Trend, OKS and KlAber Lubrication brands are some of its products.
Freudenberg Sealing Technologies has also expressed its commitment to India.
The German company has been operating in India since 2001 through the joint venture Sigma Freudenberg NOK in Mohali, and a new plant was erected in February 2015 at Basma, with 2,000 employees to produce seals for Indian and overseas market.
“These two major investments with a total amount of more than Rs. 290 crore in the past few years underscore our long-term commitment to India. Together with our partners, we will expand our presence and continue to invest in India,” said Grosmann.
“At our sites in Mysore, Pune and Mohali, the R&D facilities develop products tailored to the needs of our local customers. It is part of our group strategy to make globally developed innovations suitable for regional use,” he said.
The company’s Indian sales increased by 3.7 per cent from Rs 1,497 crore in 2014 to Rs 1,553 crore in 2015.
“We have completed another year of profitable and sustainable growth. And our companies in India will continue to grow, much faster than in most other regions of the world,” said Grossman.
Freudenberg established four R&D centres, 14 production sites and employed 2,800 full time associates at 50 locations in India.
by admin | May 25, 2021 | Corporate, Corporate Buzz, Investing
Bengaluru, (IANS) A Karnataka government panel on Wednesday approved investment proposals by biotech major Biocon Ltd. and beverages firm Pepsico for setting up their new production facilities in the state.
“The state high level clearance committee has approved Biocon’s Rs.1,060-crore proposal to set up a new plant for manufacturing injectable monoclonal antibodies at Jagani near Bengaluru,” said an official statement here.
The panel, chaired by state chief minister Siddaramaiah, also cleared the Rs.590-crore proposals of Peposico India Holdings Ltd to set up a bottling and processing plant for its soft drinks and snacks at Nanjanaugud in Mysuru district, about 200km from here.
Biocon’s new facility will generate 750 jobs and Pepsico’s plant 900 jobs when commissioned.
The panel also approved Rs.561-crore proposal of Manyata Promoters Ltd. to expand its IT park, convention centre and related infrastructure facilities at Thanisandra in the city’s northern suburb. The project is estimated to provide jobs for 7,170 people when completed and occupied.
by admin | May 25, 2021 | Business, Large Enterprise
New Delhi (IANS) Union Minister Suresh Prabhakar Prabhu on Tuesday said the Indian railways system suffers from lack of investment which has hampered its growth.
Railway Minister Prabhu, who spoke at the inauguration event of Comrade Umraomal Purohit Memorial Research Centre here, compared the under-investment situation in the Indian railways with that of the Amtrak railway system of the US.
Prabhu pointed out that studies have shown that Amtrak got “derailed” due to lack of timely investment.
“Similarly, there was lot of concern in India that not enough investment was made into the Indian railway system over the years, hampering its expansion and modernisation,” Prabhu was quoted in a railway ministry statement.
Further Prabhu said that the government’s decision to enhance investments into the sector will save Indian railways from under-investment.
“Now the tempo of investment is continuing and more and more funds will continue to be invested in the railways in the years to come,” the minister said.
“Secondly, we are focusing on brining in best technology to ensure fully safe railway operations. We are also concentrating on more investment in research and development.”
by admin | May 25, 2021 | Investing
Union Minister for Finance, Corporate Affairs and Information & Broadcasting Arun Jaitley addressing at “Celebration of a Historic Milestone” function of National Security Depositary Limited (NSDL), in Mumbai
Abu Dhabi:(IANS) Finance Minister Arun Jaitley on Tuesday invited sovereign wealth funds of the United Arab Emirates to invest in India’s National Infrastructure and Investment Fund (NIIF), assuring it would provide good returns.
“It’s a great opportunity for the UAE sovereign wealth funds and pension funds to make best use of it (NIIF) and make big investments in India,” Jaitley said, according to a statement by India’s finance ministry.
The Abu Dhabi Investment Authority (ADIA) has shown keen interest in making investment on NIIF, it said.
The government had in July approved the creation of the NIIF with a corpus of Rs.20,000 crore for development of infrastructure projects, including the stalled ones.
It decided last week that a governing council headed by the finance minister will oversee the activities of the NIIF. Jaitley is the chairman of the six-member council, while the economic affairs secretary will function as the council’s secretary.
Jaitley met with ADIA Managing Director Sheikh Hamed Bin Jayed Al Nahyan and Chairman, Abu Dhabi Crown Prince Court, where investment in various sectors including infrastructure were discussed.
Sheikh Nahyan said his officials will be visiting India on November 19 to discuss the matter further.
He also said ADIA was interested in investing for establishing strategic oil reserves at Mangaluru port in Karnataka.
During the meeting, Jaitley mentioned the reforms taken recently by the government for attracting foreign investment in various sectors as a result of which FDI has increased by 40 percent during the current year over the previous year, the statement said.
Jaitley is on a two-day visit to the UAE to acquaint the investors there about the various investment opportunities in India.
by admin | May 25, 2021 | Muslim World
Shaikh Abdullah bin Zayed Al Nahyan, UAE Foreign Minister
New Delhi:(IANS)External Affairs Minister Sushma Swaraj and the UAE’s Foreign Minister will on Thursday chair the Joint Commission Meeting on Technical and Economical Cooperation here during which steps to boost bilateral trade, investment and cooperation in various sectors will be discussed.
The UAE minister’s visit comes days after Prime Minister Narendra Modi’s visit to the Gulf country, in the first prime ministerial visit in 34 years.
Sheikh Abdullah, who arrives on Thursday, is leading a large delegation of officials and captains of industry for the meeting. After the joint commission meeting with Sushma Swaraj, he will call on Modi. He departs on Friday.
The joint commission meeting, the 11th in a series, will discuss a variety of bilateral issues, including trade, investment and cooperation in new areas including defence production, infrastructure, security, counter-terrorism, energy security and medium and small enterprises.
Other issues to be taken up are scientific collaboration in the areas of space and renewable energy, sustainable development, environment, arid agriculture, desert ecology, urban development and advanced healthcare.
India and the UAE have historically enjoyed close and friendly relations marked by high-level visits, commercial exchanges and people-to-people contacts, said an official statement.
Geographical proximity, historical trade links, cultural affinities and growing cooperation in key areas of mutual interest, including, energy security, trade and investment, infrastructure development projects, petrochemicals, education and culture continue to strengthen and deepen this relationship, it added.
It noted that the recent visit of Modi to the UAE “redefined our bilateral relationship and elevated it to a strategic partnership”.
The forthcoming Joint Commission Meeting is expected to take the multifaceted bilateral relations to new heights, it added.
