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Apple set to scale up production India, employ 5 lakh people in next 3 years
Livemint
ยท
1y ago
Medial
Apple is set to expand its production in India and is expected to hire around 500,000 employees from the country over the next three years. The company plans to increase its production by five times to reach about $40 billion in the next four to five years. Apple had a successful year in India, achieving its highest revenue and doubling its iPhone exports from the country. Additionally, Apple is focusing on sustainability by investing in rooftop solar projects to power its offices and stores in India.
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Apple informs suppliers it will source iPhone 16 batteries from India
Livemint
ยท
1y ago
Medial
Apple has informed its suppliers that it plans to source batteries for the upcoming iPhone 16 from factories in India, according to a report from Financial Times. This move follows Apple's recent efforts to diversify its supply chain and relocate production outside of China. Analysts suggest that this strategic shift towards India could enhance Apple's ties with the Indian government and positively impact iPhone sales in the Indian market. Apple is also reportedly planning to scale up production in India to over $40 billion in the next 4-5 years.
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Apple To Employ 5 Lakh People In 3 Years In India
Inc42
ยท
1y ago
Medial
Apple is reportedly shifting at least half of its supply chain from China to India, aiming to employ around 500,000 people directly over the next three years. The company already manufactures 14% of its flagship devices in India and plans to ramp up local value addition from its Indian suppliers. Apple is also planning to offer residential facilities for factory workers in line with its existing industrial housing models in China and Vietnam. With its growth in India, Apple recorded revenue of INR 49.3K Cr in the fiscal year 2022-23, a 48% increase from the previous year.
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Gautam Adani has a new $5 billion business idea in mind | Company Business News
Livemint
ยท
9m ago
Medial
The Adani Group is set to invest $5 billion in India's metals business, expanding its reach beyond the cement sector. The conglomerate plans to focus on mining, refining, and production of copper, iron and steel, and aluminium over the next 3-5 years. This move will challenge existing players in the industry such as Vedanta, Hindalco Industries, and Tata Group. Adani aims to leverage its synergies with its renewable energy, transmission, logistics, ports, and infrastructure businesses to create an end-to-end ecosystem and control production costs. The company's investment in metals will support its green energy goals and reduce dependence on imports.
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Apple To Start Manufacturing iPhone 16 Pro, Pro Max Models In India This Year
Inc42
ยท
1y ago
Medial
Apple has announced plans to manufacture the iPhone 16 Pro and Pro Max models in India for the first time. Starting this fiscal year, Foxconn's facility in Tamil Nadu will handle the production, beginning with the "new product introduction" process. This move aligns with Apple's goal of manufacturing 25% of all iPhones in India within the next 3-4 years, up from the current 14%.
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Foxconn receives Karnataka approval for additional investment of Rs. 13,911 crore in State
Economic Times
ยท
1y ago
Medial
Foxconn Hon Hai Technology India Mega Development Private Ltd has received approval from the Karnataka government to invest an additional Rs 13,911 crore in Bengaluru Rural district. This is in addition to the previous approval of Rs 8,000 crore. The manufacturing facility is being set up near Kempegowda International Airport and is expected to generate over one lakh employment opportunities within the state in the next ten years. The move is part of Foxconn's strategy to diversify production away from China.
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GetVantage launches AI-powered GrowthSahay, commits Rs 500 crore for MSME financing
Economic Times
ยท
6m ago
Medial
GetVantage, a fintech firm, introduced GrowthSahay, an AI-driven platform offering unsecured, non-dilutive working capital financing for MSMEs, ranging from Rs 1 lakh to Rs 1 crore. Targeting GST-registered MSMEs, it operates digitally and quickly, providing funding based on cash flows. The initiative aims to double credit access for MSMEs in India over the next 3โ5 years, aligning with the governmentโs mission to strengthen this sector and support the country's economic growth to a $5 trillion economy.
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OpenAI may run out of money in next 12 months: Report
Inshorts
ยท
1y ago
Medial
OpenAI is set to suffer a loss of up to $5 billion (around โน42,000 crore) this year, The Information reported. This may lead to the ChatGPT-creator running out of money and needing to raise fresh funds in the next 12 months, the report added. The Sam Altman-led startup was reportedly last valued at $80 billion (around โน6.7 lakh crore).
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Adani Group plans $3-billion push for new clean-energy business
Livemint
ยท
1y ago
Medial
Indian conglomerate, the Adani Group, is planning to invest INR 25,000-27,500 crore ($3 billion) in building its first pumped-storage hydropower (PSH) facility. Adani Green aims to establish 5 GW of PSH capacity in the next five years and eventually increase it to 25 GW, which will take the group's total green-energy capability to 70 GW. The PSH generation facilities will be set up in Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana. PSH is gaining popularity among power companies as it is capable of supplying electricity consistently, unlike solar and wind energy.
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USโ Corning to build Rs 1,000-crore gorilla glass facility in Tamil Nadu
Economic Times
ยท
1y ago
Medial
Corning Inc., the key supplier of gorilla glass to Apple, is planning to invest Rs 1,000 crore in setting up a manufacturing facility in Tamil Nadu, India. The facility will be located in Pillaipakkam and employ around 300 people. This move marks the expansion of Apple's ecosystem and the growing presence of electronic component manufacturers in India. Corning has chosen Tamil Nadu over Telangana due to the state's electronics ecosystem and proximity to other Apple suppliers. The facility is expected to be operational within a year.
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EMO Energy Bags $6.2 Million to Boost Energy Solutions for 2W, 3W Vehicles
OutlookIndia
ยท
7m ago
Medial
EMO Energy, a Bengaluru-based energy-tech startup, raised $6.2 million in a Series A funding round led by Subhkam Ventures and existing investor Transition VC. The startup aims to employ the funds to scale its energy solutions for two and three-wheelers, targeting over 100,000 vehicles in the next two years. EMO Energy also plans to enhance R&D for its proprietary battery software and expand its team to meet growing operational demands.
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