Mumbai-based mining company Vedanta Ltd., and Taiwan's Foxconn signed an agreement with the government of India's western state of Gujarat to set up a $20 billion semiconductor project. Foxconn already has significant operations in India, including the assembly of Apple iPhones. Vedanta obtained financial and non-financial subsidies including on capital...
Biden Finally Calls China’s Xi, after Modi
President Joe Biden waited until the eve of the Chinese Lunar Year shutdown and celebration to schedule and complete a conversation with Xi Jinping of China. What was noted prominently in India was that the conversaton with Prime Minister Narendra Modi happened first. On the American side it is important...
ONGC raises US$ 300 million under ECB route
The Oil and Natural Gas Corporation (ONGC) has raised $300 million under the External Commercial Borrowing route for meeting its capital expenditure needs. "The bonds will bear a coupon of 3.375 per cent and will mature in 2029. This is the tightest coupon for 10 year or longer tenor offering...
Foxconn Moves Production of iPhones to India
Terry Gou, chairman of Foxconn Technology Group said that his company will mass produce iPhones in India this year. "In the future we will play a very important role in India’s smartphone industry," he said at an event in Taiwan. "We have moved our production lines there." India is now...
Foxconn to Start Trial Production of Latest iPhones in India
Taiwan-based Foxconn Technology Group will start trial production of iPhone X range devices in its factory on the outskirts of India's southern city of Chennai. Production of its phones in India will allow Apple to avoid import duties of 20 percent and also meet the 30 percent local sourcing rule...
Pegatron to Move Some Apple Manufacturing to India
Apple's contract manufacturing firm, Taiwan-based Pegatron Corporation is planning to to open production plants in three new countries: India, Vietnam, and Indonesia. This move comes after Foxconn, one of the primary contract manufacturers for Apple revealed its plans to expand outside China. I had written about this last month. Pegatron...