NEWS

Posted On:
08-05-2024

Dixon Technologies' unit partners Nokia to manufacture telecom products

Homegrown Dixon Technologies' subsidiary on Monday entered into an agreement with global telecommunications company Nokia for the development and manufacturing of telecom products. The company's subsidiary -- Dixon Electro Appliances Private Limited (DEAPL) -- has partnered with Nokia Solutions and Networks OY, which is a developer and supplier of sophisticated communications equipment & terminals, accessories and connectivity solutions, the company said in an exchange filing. "This association will give a strong impetus to India's manufacturing competitiveness. There is tremendous scope and potential in the Telecom product market and it's gratifying that Nokia has partnered with Dixon for its Telecom products segment," Atul B. Lall, VC & MD, Dixon Technologies, said in a statement. "We are sure that with their vision and stringent industry-leading processes, combined with our expertise in manufacturing, Nokia's customers are going to have an enriching experience," he added.

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Posted On:
13-05-2024

Renewable energy firm SAEL plans dollar bond sale targeting up to $500 mn

Indian renewable energy firm SAEL Ltd. is planning an inaugural dollar bond sale targeting up to $500 million, according to people familiar with the matter, joining other borrowers to fuel Asia’s hottest high-yield market in five years. The company, which develops sustainable energy projects such as solar plant constructions, aims to launch the debut offering by end of June, with proceeds to be used for business expansion and debt refinancing, the people familiar said. The company is in talks with a group of foreign banks to arrange the bond sale, seeking a tenor in the range of five to seven years, the people added. SAEL’s planned note sale is set to add to a recent issuance boom in Asia and worldwide. Issuers globally rushed to tap the dollar debt market last week on lower borrowing costs and risk-on sentiment. Indian corporates in particular, have led Asian junk dollar bond sales to its first revival in five years, with strong investor appetite. A spokeswoman from SAEL declined to comment when reached by Bloomberg News. The offering also comes amid India’s push to ramp up the renewable energy sector. India aims to nearly triple its clean energy capacity by the end of the decade to decarbonize its fossil fuel-driven economy.

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Posted On:
13-05-2024

With IPO in mind, Flipkart may move domicile from Singapore to India

Walmart-owned e-commerce firm Flipkart is reportedly planning to move its domicile back from Singapore to India, according to industry sources. The company, valued at $33 billion, may provide a significant tax gain for the Indian government, according to a report by The Economic Times (ET). Flipkart Pvt Ltd is a holding company based in Singapore. The firm is intensifying its efforts to achieve profitability as it eyes a valuation of approximately $60 billion at the time of its initial public offering (IPO), now planned for 2025-2026 instead of this year, according to people familiar with the matter. The firm might consider listing in India and other geographies, including the US. Moving domicile to India is linked to eventual IPO plans.The company, which counts Amazon and Reliance's JioMart among its competitors in India's burgeoning e-commerce market, had also contemplated launching an IPO in 2022-2023. However, it had to postpone the plan due to financial considerations and global macroeconomic uncertainty. According to analysts, India's e-tailing sector is poised to experience fivefold growth, surging from $59 billion in 2022 to an estimated $300 billion by 2030, fuelled by value-seeking "mass" consumers. They attribute this to a burgeoning adoption of e-commerce in tier-2 and beyond cities.

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Posted On:
13-05-2024

Before global scrutiny, Indian spice maker MDH faced several US rejections

Popular Indian spice brand MDH, under scrutiny for alleged contamination in some products, has since 2021 seen an average 14.5 per cent of its US shipments rejected due to the presence of bacteria, a Reuters analysis of US regulatory data found. Hong Kong suspended sales last month of three spice blends made by MDH and one by another Indian company, Everest, for apparently containing high levels of a cancer-causing pesticide.Ethylene oxide is unfit for human consumption and a cancer risk with long exposure. The companies have said their products are safe and MDH added it does not use ethylene oxide at any stage of storing, processing, or packing of spices. Authorities in the United States, Australia and India are looking into the matter. Both brands are popular in India and are exported around the world.India is the world's biggest spice producer and is also the largest consumer and exporter of spices. Zion Market Research estimates India's domestic market was worth $10.44 billion in 2022, and the Spices Board said India exported products worth $4 billion during 2022-23. Before the latest scrutiny, products from MDH, a family-run Indian company more than 100 years old, were rejected for sale in the United States due to the presence of salmonella, a bacteria that can lead to gastrointestinal illness.

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Posted On:
13-05-2024

SBI to hire over 15,000 in FY25 to boost operations, expand network

State Bank of India (SBI) is planning to recruit over 15,000 people in 2024-25, increasing the strength of those in the field for marketing. The recruits will be also for deployment in the bank’s operations subsidiary and expanding the branch network. The operations subsidiary — State Bank Operations Support Services — became functional last year. The country’s largest lender is also planning to open 300 branches this financial year, as against 139 opened in 2023-24. SBI Chairman Dinesh Khara said the bank was open to hiring, depending on requirements. The bank itself is in the process of taking on 11,000-12,000 probationary officers across categories this financial year. According to Khara, 85 per cent of the recruits in the category of officers and associate levels would be engineers, though the bank had no bias in their favour. These recruits will first be made conversant with banking operations. After that they will be channelled into various other roles. Some of them will also be deployed in the information technology segment, Khara said in a media interaction after the results for 2023-24.

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