Sridhar Kalyanasundaram, an independent director of private sector lender Dhanlaxmi Bank, has resigned from the board with effect from September 16. In his resignation letter, Kalyanasundaram has raised issues like factionalism in the board, his differences regarding rights issue and the alleged 'lack of in depth banking knowledge' in other members. This comes after Ravindran Pillai, head of RP Group, who holds 9.99 per cent stake in the bank (largest shareholder), came out with a special notice for removal of Kalyanasundaram.
In the coming months, globally as well as in India, rice might remain a hot potato.
To come up with first EV by 2025, expects market to grow two to three-fold in the next ten years.
The Centre on Wednesday scrapped the mandatory human safety tests for electric vehicle (EV) batteries required to qualify for incentives under various government schemes. The ministry of heavy industries, in its fresh guidelines, has made compliance with the ministry of road transport and highways (MoRTH's) prevailing EV battery testing standards the only requirement to get incentives under the Centre's various incentive schemes.
The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market at Rs 15-20 lakh, a source close to the development said.
The successful launch of Aditya-L1 - the country's maiden mission to study the Sun - is expected to garner increased investor interest in the Indian space sector and trigger more funding for private players. Several private sector players, including Larsen & Toubro (L&T), MTAR Technologies, and Ananth Technologies, have played a pivotal role in the Indian Space Research Organisation's (Isro's) solar observatory mission. Aditya-L1 on Saturday set off on a 125-day journey on a PSLV-C57 rocket, in its attempt to study various elements relating to the nearest star from the halo orbit around Lagrange point 1 (L1) of the Sun-Earth system, which is about 1.5 million km from Earth.
Coupang, a prominent online retail giant headquartered in the United States (US), is gearing up to establish a cutting-edge technology centre in India, aiming to hire several dozen skilled professionals by the end of the year, Business Standard has learnt. The intended expansion involves the recruitment of software engineers across various domains, underscoring Coupang's commitment to extend its global reach. The Indian team will support the company's global technology team, sources said.
Korean automaker Hyundai Motor Group (HMG) is vigorously aiming to establish a robust presence in India's electric vehicle (EV) segment through the introduction of new models and the establishment of charging stations under Hyundai Motor India (HMIL) and Kia India. Euisun Chung, executive chairman of HMG, who is currently visiting India, urged both companies to deliver products that not only meet but exceed customer expectations on time, thus driving the achievement of these growth targets. The group is strategically working to elevate Kia's market share from the current 6.7 per cent to an impressive 10 per cent in India in the near future.
French carmaker Citroen will launch its C3 Aircross Sport Utility Vehicle (SUV) in India by October, and is betting big on exports from India to markets like South Africa, ASEAN (Association of Southeast Asian Nations) and Nepal, a top company executive told Business Standard. Citroen, which sold 6,000 units through Citron C3 and C5 Aircross SUV, is likely to double its sales during the current year, as it has already sold 6,000 units of Citron C3 and eC3 electric vehicles during the first six months. "We are going to start bookings for the C3 Aircross SUV in September and launch it in October. Price will be at the heart of the midsize SUV market," said Saurabh Vatsa, Citroen India branch head.
'We hear about Chanda Mama from our childhood.' 'I am excited by the idea of seeing it with my eyes.'
Taiwan-based Hon Hai Technology Group, the subsidiary of Foxconn Industrial Internet (Fii), is in talks with the Tamil Nadu government to invest around $200 million to set up an electronic components unit in the state. According to a Reuters report, FII, which makes communication, mobile network and cloud computing equipment, has shared the plan with the Tamil Nadu state officials. Business Standard had reported last week that Fii's chief executive officer (CEO) Brand Cheng met Tamil Nadu Chief Minister M K Stalin and Minister for Industries, Investment Promotion and Commerce TRB Rajaa.
Only three countries (United States, Russia and China) have successfully landed spacecraft on the airless lunar surface.
'This may open up doors for private players in India to collaborate with global players in commercial missions.'
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
'We will test the waters, ferret out information through our business correspondents, and only then open a branch'
'Instead of ACs, the government should do something to increase our salary.'
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
Prime Minister Narendra Modi's state visit to the US is expected to see discussion on India's possible entry into a US-led global alliance on critical minerals, officials told Business Standard. In June last year, the US, the European Union, and other G7 partners launched the Minerals Security Partnership to ensure that China did not further strengthen its grip on supplies of critical minerals the world over. Various ministries, including the Ministry of Finance, have communicated to the Ministry of External Affairs to explore the possibility of India joining the partnership, officials said.
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