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Air India & Tata Advanced Systems to invest ₹2,300 crore in Karnataka

Thehindubusinessline

Thehindubusinessline · 1y ago

Air India & Tata Advanced Systems to invest ₹2,300 crore in Karnataka

Air India, Tata Advanced Systems, and the Government of Karnataka have signed a Memorandum of Understanding for a ₹2,300 crore investment to develop the aerospace and defense sector in the state. Air India will establish maintenance, repair, and overhaul (MRO) facilities at Bengaluru airport, creating over 1,200 skilled jobs. Tata Advanced Systems will invest in an aircraft modification MRO facility, gun manufacturing, and R&D, generating around 450 employment opportunities. The collaboration aims to boost the aerospace industry and contribute to Karnataka's economic growth.

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Tata Group companies sign up with Karnataka for investments of Rs 2,300 crore

Economic Times

Economic Times · 1y ago

Tata Group companies sign up with Karnataka for investments of Rs 2,300 crore

Tata Group companies Air India and Tata Advanced Systems have signed an MoU with the Karnataka government, proposing an investment of Rs 2,300 crore on various projects. Air India plans to establish a maintenance, repair & overhaul facility, making Bengaluru its MRO hub in south India and creating 1,200 jobs. Tata Advanced Systems has three planned projects, including a gun manufacturing facility and an aerospace and defence research and development center. These projects are expected to add 450 jobs.

Air India and Tata Advanced Systems commits Rs 2,300 crore investment in Karnataka

IndianStartupNews

IndianStartupNews · 1y ago

Air India and Tata Advanced Systems commits Rs 2,300 crore investment in Karnataka

Tata Group's Air India and Tata Advanced Systems Ltd (TASL) have committed to investing Rs 2,300 crore in Karnataka's aerospace and defence sector. The partnership aims to create 1,650 direct jobs and boost the state's economic development. Air India plans to establish a Maintenance, Repair, and Overhaul (MRO) facility at Bengaluru airport, while Tata Advanced Systems will launch three projects in Karnataka. The investment is expected to strengthen the aerospace ecosystem and benefit over 200 small and medium enterprises in the state.

Premji, Pai family offices eye Akasa; Temasek weighs India JV exit

VCCircle

VCCircle · 1y ago

Premji, Pai family offices eye Akasa; Temasek weighs India JV exit

Premji Invest and Claypond Capital are reportedly in advanced discussions to invest $125 million in Akasa Air, an Indian airline. The investment would value the airline at over $350 million, marking a significant increase from its previous valuation. Akasa Air is a joint venture between AirAsia and Tata Sons, and the new investment is expected to support its growth plans in the Indian market. This development comes as Temasek Holdings considers exiting its Indian joint venture with GMR Airports due to financial and operational challenges.

Dassault Strikes Landmark Fighter Jet Deal with Tata for Made-in-India Boost

StartupTalky

StartupTalky · 2m ago

Dassault Strikes Landmark Fighter Jet Deal with Tata for Made-in-India Boost

Dassault Aviation has partnered with Tata Advanced Systems Limited (TASL) to boost India's defense manufacturing industry through a landmark deal for producing fighter jets, notably Rafales, domestically. This collaboration, a strategic move to meet a future Indian Air Force requirement for 114 multi-role aircraft, could transform global defense markets. The Hyderabad production line aims to deliver two fuselages monthly by 2028, significantly enhancing India's aerospace capabilities.

Foxconn infuses Rs 1,200 crore in Karnataka unit

Economic Times

Economic Times · 1y ago

Foxconn infuses Rs 1,200 crore in Karnataka unit

Foxconn has invested Rs 1,200 crore (USD 144 million) into its Karnataka-based subsidiary, Foxconn Hon Hai Technology India Mega Development Pvt Ltd. The investment was made through Foxconn's Singapore-based arm, which purchased over 120.35 crore stocks of the Indian subsidiary. Foxconn is also planning to invest Rs 25,000 crore to establish a large manufacturing plant in Karnataka, creating 40,000 jobs. This plant will become the second-largest Foxconn facility after its unit in China. So far, Foxconn Singapore has invested over Rs 13,800 crore in the Karnataka unit.

Tata Sons to invest $1 billion more in digital arm

Economic Times

Economic Times · 1y ago

Tata Sons to invest $1 billion more in digital arm

Tata Sons plans to invest $1 billion in Tata Digital over the next few years. The investment comes as Tata Digital reviews its digital strategy with the appointment of a new CEO and puts a pause on external fundraising for its ecommerce entity, Tata Neu. Tata Digital has already received over $2 billion in funding from Tata Sons for Neu, and the company will focus on execution and scale before seeking external investors. The superapp is integrating Air India and will prioritize scaling its fintech vertical. Profitability and addressing customer complaints are key areas of focus.

Tata Sons holds first board meet after Air India plane crash

Economic Times

Economic Times · 2m ago

Tata Sons holds first board meet after Air India plane crash

Tata Sons held a board meeting following the tragic Air India plane crash, with Chairman N Chandrasekaran updating leaders on the incident and relief efforts. The Tata group, along with its majority shareholder Tata Trusts, committed to further aid efforts for those affected. Condolences were offered for the victims, and a compensation of Rs 1 crore for the kin of each deceased person was announced. Chandrasekaran now manages Air India's daily operations directly.

Karnataka: Cabinet committee clears sops for three semiconductor projects

Economic Times

Economic Times · 3m ago

Karnataka: Cabinet committee clears sops for three semiconductor projects

The Karnataka cabinet subcommittee, led by Chief Minister Siddaramaiah, approved incentives for investments by Applied Materials, Lam Research, and Bharat Semi Systems to bolster the state's semiconductor industry. The projects include an R&D Fab by Applied Materials in Bengaluru, two units by Lam Research for advanced semiconductor technologies, and a design manufacturing facility by Bharat Semi Systems in Mysuru. These initiatives aim to make Karnataka a global semiconductor hub, creating over 3,500 jobs.

Fab toolmaker Tokyo Electron eyeing India ops to build linkages

Economic Times

Economic Times · 5m ago

Fab toolmaker Tokyo Electron eyeing India ops to build linkages

Tokyo Electron is considering establishing a manufacturing presence in India, aligning with the country's rising semiconductor ambitions. While immediate localization isn't a priority, Tokyo Electron aims to eventually develop part of its supply chain in India. This interest follows Lam Research's significant investment in Karnataka and Applied Materials' advanced AI technology development center in Chennai. Tokyo Electron seeks collaboration with Indian players, focusing on supporting Tata Electronics' semiconductor fab in Dholera, foreseeing India as a pivotal investment destination.

Singapore Airlines to invest additional Rs 3,195 Cr in Air India post-Vistara merger

YourStory

YourStory · 9m ago

Singapore Airlines to invest additional Rs 3,195 Cr in Air India post-Vistara merger

Singapore Airlines will invest an additional Rs 3,194.5 crore in Air India post-merger with Vistara. The merger, expected to be completed in November 2024, will give Singapore Airlines a 25.1% stake in the enlarged Air India. The merger will consolidate the Indian aviation industry and strengthen Singapore Airlines' presence in the Indian market. Additionally, Air India and Singapore Airlines have expanded their codeshare agreement, adding more cities to their network.

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