This apart, to further increase capacities, Bharat Biotech has partnered with Indian Immunologicals (IIL) to manufacture the drug substance for Covaxin. The technology transfer process is underway and IIL has the 'capabilities and expertise' to manufacture the inactivated viral vaccines at commercial scale.
'However, we have seen weakness in our active pharmaceutical ingredients business.'
After several unsuccessful attempts to enter the Indian market, Europe's largest car manufacturer Volkswagen has finalised its plans for a manufacturing plant in Pune at an investment of Rs 2,450 crore ($530 million).
Larsen & Toubro (L&T) will aim to invest $3-4 billion in green hydrogen projects, along with its joint venture (JV) partners, said a senior executive from the company. These investments are planned over three to five years, depending on cost economics. The engineering conglomerate is also in talks to acquire the Nuclear Power Corporation of India's (NPCIL's) share in one of its forging JV companies for a consideration of Rs. 100-150 crore. "We are considering investments worth $3-$4 billion in the green hydrogen space, in collaboration with partners," said S N Subrahmanyan, chief executive officer and managing director of the company.
Traction for its specialty portfolio, a strong showing in the domestic market, and better regulatory compliance are positives for the country's largest pharmaceutical (pharma) company, Sun Pharmaceutical Industries. Given the triggers, some brokerages have increased their earnings per share estimates and target price for 2024-25 (FY25). This should sustain the momentum for the stock, which has been one of the major pharma gainers in 2023-24 (FY24), rising 57 per cent. It is currently trading at Rs 1,547 per share.
BPL Telecom, the first Indian company to manufacturer cell phones, on Wednesday announced the all India launch of a series of GSM models and said it was in talks with Intel India to manufacture hi-fi handsets on contract basis for the US market.
Mumbai-based pharma major Lupin will invest over Rs 200 crore (Rs 2 billion) this year to create additional manufacturing capacities.
While the manufacturing facility would be located in the Jawahar Pharma City, a pharma special economic zone near Visakhapatnam, the R&D facility would be set up in the phase 3 biotech park near Hyderabad.
GE India is embarking on a major localisation drive under which 60-70 per cent of the products that it sells will be manufactured in the country in the next five years. At present, the localisation is about 10 to 20 per cent.
Essar Steel aims to participate in the indigenisation of products used in naval defence
Foxconn Technology Group will invest $210 million to build an Apple production line in October in east China's Jiangsu province, local officials said.
The country's drug companies have attracted the highest number of enforcements from the American drug regulator in 2013, a year that has seen the US Food and Drug Administration turning stricter to ensure compliance levels and quality of medicines.
Work to begin after that on corrective measures to meet US regulator's requirements.
Trouble began at the manufacturing facilities of Foxconn situated at Sriperumbudur near Chennai after it decided to suspend production from December 22, 2014. Fearing job losses the employees have been resorting to agitations since then.
Battling tough business conditions, Nokia's latest move would be in addition to restructuring plans unveiled in April that would affect as many as 7,000 jobs globally.
The new facility was completed within 13 months and is among the fastest green-field projects to be created. Spread across an area of 100 acres of land and with independent assembly facilities for passenger cars and commercial vehicles, the infrastructure can address future expansion, underscoring the long-term growth plans of the company in India.
Utility vehicle and tractor maker Mahindra and Mahindra on Tuesday said it plans to set up a manufacturing base in Brazil.
Mahindra & Mahindra is planning to invest Rs 250 crore (Rs 2.50 billion) in the aerospace business. It plans to set up component and aircraft manufacturing facilities in India, Mahindra Group vice chairman & managing director Anand Mahindra said in Bengaluru.
In what could close the doors for import of Chinese equipment in power transmission, state-run Power Grid Corporation is making it mandatory for suppliers to have manufacturing facilities in India within three years. The company's board is likely to approve the proposal in its meeting on July 2.
The new mantra was to align Apple's ambition with the government's, focusing on Modi's favourite themes of Make in India, employment generation and India as a high-tech export hub.
India will be one of the key centres for design and development of the A350 aircraft, European aircraft manufacturer Airbus' answer to the Boeing 787 Dreamliner.
This follows a widespread criticism of its pricing policy as it sold Covaxin to the central government at Rs 150 per dose.
The United States carmaker Ford on Thursday said it will invest Rs 4,000 crore (Rs 40 billion) to set up its second manufacturing facility in India with an initial installed capacity of 2.4 lakh (240,000) units annually.
Earth moving and construction equipment company JCB India Ltd commenced the manufacture of three new heavy machines at its facility in Talegaon near Pune to meet the growing demands for the domestic market and the export market.
International Finance Corporation, the private equity arm of the World Bank, will invest $22.5 million (Rs 91.71 crore) in a subsidiary of Moser Baer, a manufacturer of optical storage discs.
Nokia shut down has also resulted in the loss of job for over 12,000, who were indirectly employed by the company.
Raymond's subsidiary Ring Plus Aqua Ltd, signed the joint venture agreement with AJ Rose for the facility that would manufacture sheet metal components, the company informed the Bombay Stock Exchange.
Automobile giant General Motors will invest Rs 1,000 to Rs 1,200 crore (Rs 10-12 billion) to set up a power train (engine and gear box) manufacturing facility at its Talegaon Plant near Pune.
Renault-Nissan Automotive India Private Ltd (RNAIPL) on Wednesday appointed Kou Kimura as chief executive officer and managing director for its Chennai manufacturing facility with effect from April 1.
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The locally produced top-end model S 500 will be priced at Rs 1.39 crore or Rs 13.9 million (ex-showroom, Delhi) and will be rolled out from the manufacturing facility in Chakan, Pune, Mercedes-Benz India said in a statement, adding that this strategic move will help to cater to the increasing demand.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
The engineering and construction (E&C) sector delivered an excellent performance in the last two financial years (FY2021-22 or FY22 and FY23's nine-months) and there's reason to believe that FY24 will also see outperformance. The sector has emerged from the pandemic with stronger balance sheets and more rational cost structures. It has a big order book and it should see new order flows accelerate in FY24.
Margaret A Hamburg, the first commissioner of the US Food and Drug Administration (US FDA) to visit India officially, will meet heads of major domestic pharma companies such as Ranbaxy, Wockhardt, Cadila Healthcare and Lupin in New Delhi.
Ranbaxy Laboratories Ltd on Thursday said it will sell off its manufacturing unit in Ireland as it consolidates production activity for Europe and the CIS countries, at the plant of recently acquired Terapia in Romania.
Banglaore-based personal computer manufacturer Acer India (Pvt) Ltd will soon export PCs to Bangladesh and is exploring other neighbouring markets for shipping IT products.
Talking to reporters at Tiruchirapalli on Wednesday, Raj Kamal Rao, member (mechanical) Railway Board, said the joint ventures were for passenger coach manufacturing facility at Rae Bareilly in Uttar Pradesh, a diesel locomotive manufacturing unit at Madora in Bihar and for production of electric locomotives at Modepura in Bihar. The railway was in the process of producing stainless steel goods wagons instead of the mild steel ones, he said.
US firm Mylan NV received a stern warning from the FDA in August for faulty manufacturing practices at three of its India drugmaking plants.
