India economy & business news in brief for Oct 19: Tata mulls $1b infusion into super app to improve digital business
Representational Image (Photo by FABRICE COFFRINI/AFP/Getty Images)
HERE are news in brief related to Indian economy and business for Thursday, October 19, 2023:
India’s Tata Group is considering capital infusion worth $1 billion (£822 million) into its super app Tata Neu to better its digital business, Bloomberg reported on Thursday, citing informed sources. Tata may provide the capital next year, the report added. It said talks were underway and details of the deal could undergo change. Tata Neu was launched in April last year and offers products ranging from apparel to airline tickets. It aims to compete with a fast-growing market dominated by Amazon.com and Walmart’s Flipkart. The Tata Group, a salt-to-software conglomerate had injected $2 billion (£1.6 billion) earlier this year to help the online platform strengthen its digital offerings, address technical glitches and meet any new spending needs.
Max Fashion, a Dubai-based international retail chain, has planned to open more than 90 new stores in north India by the end of the current financial year and has five new stores in the immediate pipeline, Times of India reported. Sailendra Nath, Max Fashion India GM — Retail Operation said the company’s expansion plans reflect its commitment “to bringing affordable style to more communities and connecting with its customers on a personal level”. The brand recently launched a new collection for the festive season that has kicked off in India and Pallavi Pandey, vice president and head of marketing, said at the launch event that they hoped the customers would be thrilled with the offerings.
Indian prime minister Narendra Modi on Thursday said the state governments need to expand the scope of skill development programmes for the youth so that they will help the country become self-reliant. Speaking after inaugurating 511 Pramod Mahajan Gramin Kaushalya Vikas Kendras in Maharashtra through video link, he said the state governments should focus on designing skill development programmes in such a way that they will help the country grow. The Gramin Kaushalya Vikas Kendras (rural skill development centres), named after late Pramod Mahajan, a former Indian minister from the Bharatiya Janata Party, are being established across 34 rural districts of Maharashtra, as per an official statement.
Internet major Google will make the Pixel series of smartphones in India, starting with Pixel 8, and plans to roll out the India-made devices in 2024, a senior company official said on Thursday. The tech titan outlined its manufacturing plans at the annual Google for India event that also saw other key announcements for this market while CEO Sundar Pichai in a post on X said that Google is committed to being a trusted partner in the country’s digital growth story. Google senior vice president for devices and services Rick Osterloh said the company will partner with international contract manufacturers to make the phones in India. “We will start manufacturing Google Pixel series smartphones in India,” Osterloh said at the event in the national capital.
Adani Energy Solutions Limited (AESL) has successfully commissioned the massive Warora Kurnool Transmission (WKTL) project, spanning extensive 1,756 circuit kilometres across the states of Maharashtra, Telangana and Andhra Pradesh. According to the AESL, this endeavour strengthens the national grid, facilitating a seamless flow of 4500 MW of power between the Western and Southern regions, while also fortifying the Southern region’s grid for efficient integration of renewable energy sources. The inception of Warora Kurnool Transmission Limited (WKTL) in April 2015 aimed to establish an additional inter-regional alternating current link for import into the Southern region, it said.
ASICS Corporation announces that ASICS Ventures Corporation will host a pitch event with the theme of “Ideas for collaboration with ASICS India Private Limited (AIN)”, with Indian startups, said a news release provided by NewsVoir. The programme name is “ASICS Innovation Pitch in India”, and ASICS Ventures and AIN will play a central role in managing the program. In addition, this event is powered by GHV Accelerator, India’s leading startup accelerator. This is the sixth programme for startups by ASICS, following the TENKAN-TENTM, held twice in Europe and the ASICS Accelerator Program, held three times in Japan. This is the first such program in India. India is the largest population in the world, and the Indian athletic footwear market is experiencing a surge in demand driven by the country’s growing health consciousness and fitness culture.
(With agency inputs)