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Amazon India to earmark Rs 1,000 crore to boost local manufacturing signs MoU with DPIIT for the purpose

Economic Times

Economic Times · 11m ago

Amazon India to earmark Rs 1,000 crore to boost local manufacturing signs MoU with DPIIT for the purpose

Amazon India has committed $120 million to support startups focused on domestic manufacturing and building global brands from India. The investment is part of Amazon's efforts to boost domestic manufacturing and its memorandum of understanding with the Department for Promotion of Industry and Internal Trade. Additionally, Amazon aims to enable cumulative exports worth $80 billion from India by 2030 and has announced two new capabilities, Amazon Shipping and Amazon Freight, to support businesses and direct-to-consumer brands in India. The e-commerce giant will continue to focus on small and medium businesses and enhancing customer experiences.

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It's raining investments: Pegatron, Tata Electronics, others ink pacts worth over Rs 30,000 cr with Tamil Nadu Govt

Economic Times

Economic Times · 1y ago

It's raining investments: Pegatron, Tata Electronics, others ink pacts worth over Rs 30,000 cr with Tamil Nadu Govt

Tata Electronics is set to sign a memorandum of understanding (MoU) worth ₹12,000 crore with the Tamil Nadu government. The MoU aims to establish an electronic manufacturing cluster in Krishnagiri district, generating employment opportunities for the local population. This initiative is part of the government's efforts to promote electronics manufacturing in India and boost the country's self-reliance in the sector.

TechnoSport to invest Rs 100 crore to set up state-of-the-art activewear manufacturing facility in Odisha

IndianStartupNews

IndianStartupNews · 4m ago

TechnoSport to invest Rs 100 crore to set up state-of-the-art activewear manufacturing facility in Odisha

TechnoSport has partnered with the Government of Odisha to invest Rs 100 crore in establishing an activewear manufacturing facility as per their MoU at Odisha-Tex 2025. This initiative will create over 1,000 jobs and contribute to Odisha's industrial growth and development. Located in a modern industrial estate, the facility will boost exports exceeding $100 million and RPG revenues. With a focus on women workers, it will feature a smart factory using renewable energy and recycling fabric waste.

DPIIT receives 13 applications with Rs 1,914 crore commitment under PLI scheme for white goods

Economic Times

Economic Times · 17d ago

DPIIT receives 13 applications with Rs 1,914 crore commitment under PLI scheme for white goods

The Department for Promotion of Industry and Internal Trade (DPIIT) received 13 applications committing Rs 1,914 crore under the Production Linked Incentive (PLI) scheme for white goods, specifically for air conditioners and LED lights. The fourth round applications include nine for air conditioner components and four for LED components. The PLI scheme, approved in April 2021 with a Rs 6,238 crore outlay, aims to boost domestic manufacturing, increase value-addition, and strengthen India as a global manufacturing hub.

Govt inks pact with Paytm for mentorship, funding opportunities for startups

YourStory

YourStory · 9m ago

Govt inks pact with Paytm for mentorship, funding opportunities for startups

The government, in partnership with Paytm, has signed an MoU to support Indian startups by providing mentorship, infrastructure, market access, and funding. This collaboration aims to boost fintech and manufacturing startups, offering regulatory and compliance guidance through workshops. The initiative, led by DPIIT and Paytm, focuses on nurturing innovation, helping entrepreneurs scale their ventures, and developing financial technology solutions. Paytm's extensive network will aid startups in testing and refining their products.

Private equity firm SKEGEN inks Rs 500 crore MoU with iDEX

Economic Times

Economic Times · 9m ago

Private equity firm SKEGEN inks Rs 500 crore MoU with iDEX

SKEGEN Asset Management signed a Rs 500 crore MoU with the Ministry of Defence's iDEX to boost growth in design, product development, and manufacturing in India. The firm will invest Rs 360 crore in Sagar Defence Engineering and Zeus Numerix to support innovation and IP creation. SKEGEN aims to support companies needing growth capital for expansion. The firm plans further capital raising for Fund II in 2025, managing around Rs 4,000 crore currently.

Mega Networks plans to make AI servers in Maharashtra

Economic Times

Economic Times · 1y ago

Mega Networks plans to make AI servers in Maharashtra

Indian computer hardware company Mega Networks is planning to invest INR 350-400 crore ($47-54 million) to set up a factory in Maharashtra for local manufacturing of artificial intelligence (AI) servers. The company, which has a technology partnership with US chipmaker Intel, expects the AI server manufacturing to significantly boost its revenue, aiming to hit INR 1,000 crore ($135 million) within the next two to three years. Mega Networks has already identified potential orders of around INR 1,000 crore for the servers and plans to increase its employee count from 110 to around 400 over the coming year.

Karnataka Budget: Key points for AI, startup and technology

Economic Times

Economic Times · 8m ago

Karnataka Budget: Key points for AI, startup and technology

The Karnataka government has initiated projects to enhance the state's technology and startup ecosystem, emphasizing artificial intelligence (AI) and electronics manufacturing. Key measures include establishing the Centre for Applied AI with a Rs 50 crore investment for AI R&D. The Local Economy Accelerator Programme (LEAP), with a Rs 1,000 crore grant, aims to support startups beyond Bengaluru, aiming to generate five lakh jobs. Foxconn will receive a Rs 6,970 crore incentive under the Electronics System Design and Manufacturing policy.

Govt approves Rs 417 crore electronics manufacturing cluster in UP; set to create 15,000 jobs - The Economic Times

Economic Times

Economic Times · 5m ago

Govt approves Rs 417 crore electronics manufacturing cluster in UP; set to create 15,000 jobs - The Economic Times

The government has approved a Rs 417 crore electronics manufacturing cluster (EMC 2.0) in Gautam Buddha Nagar, Uttar Pradesh, expected to attract Rs 2,500 crore in investment and create 15,000 jobs. The cluster will support the manufacturing of consumer electronics, automotive and industrial electronics, and more. Located strategically along major expressways and close to key transport hubs, it will offer world-class infrastructure for startups and MSMEs, aiming to boost local manufacturing and innovation.

Karnataka government signs MoUs with two Korean firms

YourStory

YourStory · 1y ago

Karnataka government signs MoUs with two Korean firms

The Karnataka government has signed two MoUs worth Rs 1,040 crore with DN Solutions and EMNI Company Limited in Seoul, South Korea. The strategic partnerships will boost manufacturing, research and development, and battery technology sectors in the state. DN Solutions will invest Rs 1,000 crore in establishing machine manufacturing facilities, a research center, and a technical support center. EMNI Co. Ltd will invest Rs 40 crore in battery technology advancements, particularly focusing on the storage, testing, and recycling of LG Energy Solution's battery cells in Karnataka.

Foxconn to get Rs 6,970 crore incentive for iPhone unit in Bengaluru

Economic Times

Economic Times · 8m ago

Foxconn to get Rs 6,970 crore incentive for iPhone unit in Bengaluru

Foxconn is set to receive a Rs 6,970 crore incentive under Karnataka's ESDM policy as it establishes a mobile phone manufacturing plant in Bengaluru with a Rs 21,911 crore investment. The facility aims to produce 20 million smartphones annually. Additionally, Karnataka's budget introduces LEAP, a Rs 1,000 crore initiative to promote startups and innovation across the state. It includes investments in a PCB park and Quantum Research Park to boost electronics and technology sectors.

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