Brand

Brand

Ikea to double India sourcing to $667 million as rollout nears

Ikea Group will double sourcing from India to 600 million euros ($667 million) as the retailer opens its first domestic outlet next year in a nation pegged to grow into the world’s third-largest consumer market.
The retailer, which broke ground on Thursday for a store in the financial capital Mumbai, is sticking to its goal of opening 25 outlets by 2025 in India despite trouble acquiring land, Juvencio Maetzu, chief executive officer of Ikea India, said in an interview. Its first store is set to open in Hyderabad early next year followed by more in Mumbai, Bangalore and New Delhi.

Paytm raises $1.4b from SoftBank

Japanese conglomerate SoftBank has pumped in $1.4 billion (over Rs 9,079 crore) in Indian digital payments platform, Paytm. The funding will help Paytm to expand its soon-to-be launched payments bank operations as well as grow its user base and introduce more financial products for consumers.
"In line with the Indian government's vision to promote digital inclusion, we are committed to transforming the lives of hundreds of millions of Indian consumers and merchants by providing them digital access to a broad array of financial services, including mobile payments,"

General Motors to stop selling cars in India, to focus on exports

American automobile giant General Motors will stop selling its Chevrolet cars in India by the end of this year.
The decision comes after battling unsuccessfully for two decades in the world’s most fiercely competitive car market.
But the world’s third largest carmaker will continue to manufacture and export cars from the country. The decision was announced as part of a series of restructuring from the Detroit automaker on Thursday, dealing a significant blow to India’s strategy of encouraging domestic manufacturing.

Volvo Cars to set up assembly unit in India

Buoyed by increasing sales in the competitive luxury car market, Swedish luxury car maker Volvo Cars will start a car assembly factory in India even as it gargets 25 per cent year-on-year sales growth in Asia’s third biggest economy.
“With sales volumes growing in India, it makes good business to set up a local assembly factory here,” Tom von Bonsdorff, managing director at Volvo Auto India told Financial Chronicle.

GM to stop selling cars in India but not pulling out

General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world's most competitive markets where it has less than a one percent share of passenger car sales.

The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India's strategy of encouraging domestic manufacturing.

Volvo says new generation of diesel engines could be the last

Swedish carmaker Volvo’s latest generation of diesel engines could be its last as the cost of reducing emissions of nitrogen oxide is becoming too much, Chief Executive Hakan Samuelsson was quoted as saying on Wednesday.
“From today’s perspective, we will not develop any more new generation diesel engines,” Samuelsson told German's Frankfurter Allgemeine Zeitung in an interview.
However, a Volvo Cars spokesman said on Wednesday Samuelsson had been discussing options rather than a firm plan to stop the further development of diesel engines.

Apple to start India production of iPhone this month

Apple Inc will begin the initial production of a “small number” of ‘iPhone SE’ in its Bangalore plant and will start shipping to domestic customers this month, the US tech giant said on Wednesday.
“We are beginning initial production of a small number of iPhone SE in Bangalore. IPhone SE is the most popular and powerful phone with a four-inch display in the world and we’ll begin shipping to domestic customers this month,” Apple said.
The Karnataka government had in February announced Apple Inc’s proposal to commence initial manufacturing operations in Bangalore.

Drugmakers need more time to meet international standards: industry group

India's big drugmakers will need at least five more years to improve their manufacturing standards and data reliability to a level demanded by international regulators, said a senior industry
official.
The lengthy timeline is a concern not only in India but around the world, as India's pharmaceutical firms supply a third of the drugs sold in the United States and a large percentage in other countries.

AI books bad; business as usual won’t help, says aviation minister

Civil Aviation Minister Ashok Gajapathi Raju has said Air India’s books are “bad”, and “business as usual” is not going to help it, but the Government wants the airline to survive. AI is grappling with “legacy” issues, he added.
The minister’s remarks came against the backdrop of Air India CMD Ashwani Lohani stating in a Facebook post earlier this week that the massive debt on Air India’s books is the root-cause of all its woes. Lohani termed the over Rs 48,000 crore debt as “insurmountable” and blamed the policies of the erstwhile UPA government for its precarious finances.

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