Women-led startup funding in India increases to $930 million in 2024

New Delhi, (IANS) The Indian startup ecosystem has seen major changes in the last few years and there has been an unprecedented rise in the participation of women entrepreneurs as the funding of female-led startups increased by over 90 per cent in 2024.

Women entrepreneurs are not only becoming founders and co-founders, but a large number of investors are also investing in women-led startups.

According to the Indian Startup Funding Report 2024 by Inc42, women-led startups raised around $930 million across 136 deals in 2024. This figure was $480 million across 118 deals in 2023, showing a growth of 93.75 per cent year-on-year.

The fintech sector topped the funding received by women-led startups. It had a share of 28.7 per cent or $266.91 million in the total funding. It was followed by the e-commerce sector with a share of 22.8 per cent or $212 million and enterprise tech at third place with a share of 14 per cent or $130 million in total funding.

The fintech sector has received this funding in only 17 deals. Meanwhile, E-commerce has received $212 million in funding in 53 deals.

Apart from this, the share of health tech and cleantech in the total funding was 11 per cent ($ 102.3 million) and 14.1 per cent ($ 130.93 million) respectively.

Additionally, in 2024, a total of 13 new-age companies launched their initial public offerings (IPOs), as startups cumulatively raised more than Rs 29,200 crore from the stock market.

The 13 startups cumulatively raised Rs 29,247 crore from the cash market. Out of this, the fresh issue was nearly Rs 14,672 crore and Rs 14,574 crore Offer for Sale (OFS).

Among these startup IPOs, 10 were mainboard and three were SME IPOs.The startup IPOs include TAC Security, Unicommerce, MobiKwik, TBO Tek, Ixigo, Trust Fintech, FirstCry, Menhood, Awfis, Swiggy, Digit Insurance, Blackbuck and Ola Electric. Women-led startup funding in India increases to $930 million in 2024 | MorungExpress | morungexpress.com

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India Shines at Record-Breaking Gulfood Manufacturing 2024 in Dubai

Gulfood Manufacturing and GulfHost 2024, the world’s largest food and beverage industry event, opened its doors today at the Dubai World Trade Centre, with India’s participation reaching a new high.

The co-located events, which run until November 7, are the biggest editions ever, with nearly 3,000 exhibitors from over 100 countries across 21 halls. The exhibitions will showcase cutting-edge processing, packaging, ingredients, supply chain solutions, and automation technologies from industry leaders.

The Indian pavilion at Gulfood Manufacturing and GulfHost 2024, which opened its doors today, has set a new record with the participation of 198 Indian companies. The event, which runs until November 7 at the Dubai World Trade Centre, is the largest edition ever, with nearly 3,000 exhibitors from over 100 countries across 21 halls.

The Indian contingent, organized by the Spices Board of India and the Engineering Export Promotion Council of India, has brought a diverse array of value-added agro-producers, packaging, and manufacturing companies to the event. This strong presence underscores India’s growing role in the global food and beverage industry. The Indian pavilion was inaugurated today by Shri Satish Kumar Sivan, Consul General of India in Dubai.

The Indian presence at Gulfood Manufacturing and GulfHost 2024 aims to showcase its advancements in food processing technologies and packaging solutions, promote the high quality and diversity of its food products to international markets, strengthen trade ties and create new business opportunities for Indian food manufacturers, attract foreign investments into the Indian food processing sector, and engage in knowledge-sharing with industry experts and promote sustainable manufacturing practices.Key themes highlighted by India at the event include technological innovation, sustainability and eco-friendly practices, diverse and high-quality product portfolios, and investment and partnership opportunities.

To commemorate the 10th anniversary of Gulfood Manufacturing, the event will also host the Gulfood Manufacturing Awards, recognizing the most innovative products and technologies of the past decade that have redefined industry standards and driven sustainable development. India Shines at Record-Breaking Gulfood Manufacturing 2024 in Dubai

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Indian nuclear joint venture gets go-ahead

Representatives from NTPC and NPCIL mark the formation of the Ashvini joint venture (Image: NTPC))

The Indian government has approved the creation of a joint venture between Nuclear Power Corporation of India Limited and National Thermal Power Corporation to construct, own and operate nuclear power plants in India.

Under Indian legislation, only two companies - Nuclear Power Corporation of India Ltd (NPCIL) and Bharatiya Nabhikiya Vidyut Nigam Limited (Bhavini, set up to build and operate fast reactors) - are legally allowed to own and operate nuclear power plants in India, but a 2016 amendment to the 1962 Atomic Energy Act allows public sector joint ventures.

State-owned National Thermal Power Corporation (NTPC) agreed with NPCIL to form a joint venture for nuclear power plant construction as long ago as 2011, and last year signed a supplementary joint venture agreement for the development of six 700 MWe Indian-designed pressurised heavy water reactors (PHWRs), including the four earmarked for construction at Mahi Banswara in the state of Rajasthan. These units are amongst a list of ten PHWRs already accorded administrative approval and financial sanction to be built in "fleet mode".

On 11 September, the government approved the formation of Anushakti Vidhyut Nigam Ltd (Ashvini), a joint venture between NPCIL (51%) and NTPC Ltd (49%). The companies were informed of that decision on 17 September.

In addition, the government has approved the transfer of the project to build four 700 MWe PHWRs at Mahi Banswara from NPCIL to Ashvini.

NTPC said that, in addition to the Mahi Banswara project, "Ashvini shall also pursue other nuclear power projects in different parts of the country".

The government also approved exemption to NPCIL to invest more than INR5 billion (USD59.7 million) and exemption to NTPC to invest more than INR50 billion in a single joint venture or subsidiary company.

"This will enable adequate financing for accelerated nuclear power capacity addition in India," the two companies said.

Welcoming approval for the joint venture, NPCIL and NTPC said: "This will pave the way for pooling of resources from both NTPC and NPCIL, in terms of finances, technology and project expertise, for the rapid expansion of nuclear power productivity in the country to meet the target of net-zero by 2070."

Last month, NTPC - India's largest power company - confirmed it intends to set up a 100% nuclear power subsidiary, called NTPC Nuclear Power Company, with NTPC Chairman and Managing Director Gurdeep Singh saying the utility sees nuclear capacity - including small modular reactors - as central to its plans. Singh said the company is actively looking for locations for nuclear power plants, including in Gujarat, Tamil Nadu, Chhattisgarh, Odisha and Karnataka.

According to a Reuters report in February, government sources said India was planning to invite private firms to invest some USD26 billion in its nuclear energy sector, and is in talks with "at least" five private firms including Reliance Industries, Tata Power, Adani Power and Vedanta Ltd to invest around INR440 billion (USD5.30 billion) each.

Plans are not yet finalised, but the government hopes to use the investments to build 11,000 MWe of new nuclear capacity by 2040, the sources said. The plants would be built and operated by NPCIL, with the investing companies earning revenue from electricity sales from the plants. This hybrid plan would not require any amendment to India's Atomic Energy Act of 1962 - which prohibits private control of nuclear power generation - but would need to be approved by the Department of Atomic Energy, they said.As well as further 700 MWe PHWRs, Indian plans envisage the construction of large reactors from overseas vendors, including further Russian-designed VVER reactors in addition to those already in operation and under construction at Kudankulam in Tamil Nadu. In August 2023, Minister of State Jitendra Singh also told the country's parliament that the government was considering options for small modular reactors, and looking at ways to allow the participation of the private sector and start-ups in such projects. Indian nuclear joint venture gets go-ahead

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EVs can drive Indian automotive industry reach Rs 134 lakh crore by 2047

New Delhi, (IANS): The domestic automotive industry has crossed Rs 20 lakh crore mark in FY24 and has the potential to be worth $1.6 trillion (about Rs 134 lakh crore) by 2047, driven by electric vehicles (EVs), according to industry leaders.

The automotive industry in the country is poised to be one of the key growth engines in towards achieving a $32-trillion GDP by 2047, according to Pawan Goenka, Chairman of IN-SPACe at the Department of Space.

Addressing the Automotive Component Manufacturers Association (ACMA) event in the national capital, he said that the automotive industry has the potential to contribute $1.6 trillion by 2047.

The auto sector also contributes significantly to the direct and indirect employment generation in the country, Goenka further said, adding that the auto industry will contribute more and more to the GDP of the country from the current level of around 6.8 per cent. Over the last two decades or so, the industry has grown by 17 per cent CAGR.

The Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said that the domestic auto industry has identified 50 critical components for local production in order to reduce import dependence.

As most of these items are electrical or electronics, there is a need to develop capabilities and capacities in India for such high tech items, he added.

Aggarwal told the gathering that the Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore in FY24 and is contributing almost 14-15 per cent of the total GST collected in the country.

SIAM, along with ACMA, has voluntarily set targets for increasing localisation. The industry bodies are committed to reduce import content by 60 per cent to 20 per cent by 2025 from the base 2019-20 levels, thereby targeting the reduced reports to the tune of Rs 20,000 to Rs 25,000 crore in five years.

The country has become the third largest passenger vehicle market, the largest two and three wheeler market and third largest commercial vehicle market.As the adoption of EVs increase in the country, the cost of EVs will almost match petrol and diesel vehicles within the next two years, Union Minister for Road Transport and Highways, Nitin Gadkari, earlier said at the event. EVs can drive Indian automotive industry reach Rs 134 lakh crore by 2047 | MorungExpress | morungexpress.com

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India’s pharma exports continue to grow at brisk pace

New Delhi, (IANS): India’s drugs and pharmaceuticals exports are continuing to maintain their steady growth with an 8.36 per cent increase to $2.31 billion during July this year as the country’s cost-effective generic medicines continue to gain popularity in advanced western nations.

The country's drugs and pharmaceuticals exports increased 9.67 per cent year-on-year to $27.9 billion in 2023-24 and the growth is continuing in the current financial year as well.

The US accounts for over 31 per cent of India's total pharma exports, followed by the UK and Netherlands (about 3 per cent each).

Apart from Brazil and South Africa, Ireland and Sweden are new additions to the Indian export market.

India’s pharmaceutical sector’s export share increased to 6.4 per cent in the fiscal year 2023-2024 (FY24) from 5.8 per cent in 2018-2019 (FY19), and an uptick in export value to $27.9 billion from $19.1 billion, according to the latest Economic Survey.

“India’s pharmaceutical sector has strengthened its position on the global stage. The market, currently valued at $50 billion, is the third-largest worldwide by volume. Known as the ‘pharmacy of the world’, India offers approximately 60,000 generic brands across 60 therapeutic categories, contributing 20 per cent to global generic drug exports. Eight of the top 20 global generic companies are based in India,” according to the Economic Survey.

The pharmaceutical industry in India is expected to reach $65 billion by 2024 and to $130 billion by 2030.

The survey pointed out that the sector maintains high compliance standards with 703 United States Food and Drug Administration (US FDA)-approved facilities, 386 European Good Manufacturing Practice (GMP)-compliant plants, and 241 World Health Organisation Good Manufacturing Practice (WHO-GMP)-approved plants.

In December 2023, revised manufacturing rules under Schedule-M were introduced to align with global standards and enhance quality control.

The survey also found that the PLI scheme for medical devices has a beneficial impact, narrowing the gap between imports and exports.

Domestic production now includes computed tomography (CT) scan machines, magnetic resonance imaging (MRI) machines and other medical devices.

The PLI scheme for bulk drugs has approved 48 projects with a committed investment of Rs 3,938.6 crore to bolster local manufacturing.Financial assistance through Pharmexcil, an Export Promotion Council, is also provided under Market Development Assistance and Market Access Initiative Schemes to exporters of pharmaceutical products particularly small and medium size exporters to promote their exports in various countries. India’s pharma exports continue to grow at brisk pace | MorungExpress | morungexpress.com

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Mahindra launches new variant for 'XUV700' starting at Rs 16.89 lakh

New Delhi, May 22 (IANS): Leading SUV manufacturer Mahindra & Mahindra on Wednesday launched a new variant for the XUV700 -- AX5 Select (AX5 S), starting at Rs 16.89 lakh (ex-showroom).

The new AX5 Select variant comes with various features, including a Skyroof, Dual 26.03cm HD Superscreen, Push-Button Start/Stop, and a roomy 7-seater configuration.

"These features, typically associated with higher-end models, make the AX5 Select an excellent choice for customers looking for luxury at a more affordable price point," the company said.

In addition, the new car comes with in-built navigation with native maps, personalised greeting and safety alerts, Amazon Alexa built-in, wireless Android Auto, six speakers with sound staging, and speed-sensitive door locks, among others.

"The AX5 Select variant represents an unparalleled blend of luxury, performance, and affordability, making it the perfect choice for the next generation of achievers," the company stated.

Mahindra continues to innovate with fresh offerings, consistently introducing multiple variants to meet the growing needs of customers.

Among the recent launches, it includes the 7-seater in the MX variant and the limited Blaze edition on the AX7L trim featuring a Blaze Red colour, dual-tone black exterior elements, and an all-black interior with red accents, delivering a bold and unique look.According to the company, the XUV700 has been very well received in Mahindra’s international markets such as South Africa, Australia, Nepal and New Zealand since its launch in 2022, making it a truly global SUV. Mahindra launches new variant for 'XUV700' starting at Rs 16.89 lakh | MorungExpress | morungexpress.com

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India slowly taking export market share from China, study shows

Smartphone with Chinese applications is seen in front of a displayed Indian flag and a “Banned app” sign in this illustration picture taken July 2, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

• 28 February 2024, (Bloomberg) — India is chipping away at China’s dominance in electronics exports in some key markets as manufacturers diversify supply chains away from the world’s factory to other parts of Asia, a new study shows.
• The impact is most pronounced in the UK and US, where geopolitical tensions with China have increased in recent years.
• India’s electronics exports to the US as a ratio of China’s increased to 7.65% in November last year from 2.51% in November 2021, according to London-based Fathom Financial Consulting. In the UK, the share rose to 10% from 4.79%.
• India’s government is luring electronics manufacturers to the country with heavy incentives, such as tax cuts, rebates, easier land acquisition and capital support. The aim is to expand the domestic manufacturing industry in order to export more, and help businesses grow to global scale through partnerships.
• India houses Samsung Electronics Co.’s biggest mobile phone factory, while Apple Inc. makes at least 7% of all its iPhones in India through its contract manufacturer Foxconn Technology Group and Pegatron Corp.
• The rise in electronic exports is “likely the result of Foxconn’s increasing investment in India,” Andrew Harris, an economist at Fathom Financial Consulting, wrote in a note last week.
• India’s progress in gaining market share has been more limited in Europe and Japan, “suggesting a move towards dual supply chains (China plus one) rather than a complete abandonment of China-based production, at least for now,” Harris said. The report shows that India’s electronics exports as a ratio of China’s was 3.38% in Germany and 3.52% globally.
• Indian companies have been touting their role in multinationals’ ‘China plus one’ strategy, which sees manufacturers developing back-up capacity in other countries.India’s rising market share is a boost for Prime Minister Narendra Modi, who has touted his ‘Make in India’ plan as a way of creating jobs, expanding exports and making the economy more self reliant by reducing the need for imports. He’s widely expected to win a third term in office in elections due within a few months. India slowly taking export market share from China, study shows

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India’s festival season to bring some cheer to economy, say economists – Reuters Poll

People shop for gold ornaments at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India, October 22, 2022. REUTERS/Niharika Kulkarni/File Photo

BENGALURU (Reuters) – Indian consumer spending during this year’s festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world’s fastest-growing major economy. The broadly optimistic survey data, taken together with expectations for 6.3% growth this fiscal year and next, suggest even with a dip in inflation, prospects for a Reserve Bank of India interest rate cut are still a long way off. Battered during the pandemic, consumption, which makes up for about 60% of Asia’s third-largest economy has been slow to reach its pre-COVID levels. While consumer spending in the current quarter was predicted to provide some lift to the economy, the overall growth outlook for the year has remained largely unchanged. Nearly 75% of economists, 25 of 33, said spending during this year’s festival season, which lasts from October through December, will be higher compared to last year. Among those, 21 said slightly higher and four said significantly higher. The remaining eight said

People shop for lanterns at a market ahead of the Hindu festival of Diwali in Mumbai, India, October 22, 2022. REUTERS/Niharika Kulkarni/File photo

slightly lower. GDP growth will average 6.3% this fiscal year and next, based on the median forecasts of a wider sample of 63 economists in the Oct. 16-25 survey. The median forecast was almost exactly the same in a September poll, 6.2% and 6.3%, respectively. “Festive demand could be substantial this time, and I think that bodes well for private consumption expenditure in Q4, and I hope it delivers that extra kick it does every year,” said Dhiraj Nim, an economist at ANZ Research. “From a year-on-year growth rate perspective, it may not be a substantial upside so to speak.” Economists generally agree India needs an even higher growth rate to generate enough jobs for millions of young people who enter the workforce every year. The RBI’s bulletin early this year said India needs to grow 7.6% annually for the next 25 years to become a developed nation. No economist in the poll expects India to grow at that rate this year or next. “India’s long-term success will ultimately depend on whether it can create enough adequate jobs to leverage its huge demographic dividend. At the moment, employment is largely concentrated in the low-productivity agricultural sector,” said Alexandra Hermann at Oxford Economics. “In the current services-based model, achieving sustainable and inclusive growth will be challenging, though not inconceivable.” When asked what was India’s potential economic growth rate over the next 2-3 years, economists returned a median range of 6.0%-7.0%. The survey also showed inflation averaging 5.5% this year and 4.8% in 2024, higher than the mid-point of the RBI’s 2-6% target range.The RBI was expected to leave its repo rate unchanged at 6.50% until at least end-June of next year, with the first 25 basis point cut forecast to come in the July-September quarter, poll medians showed.India’s festival season to bring some cheer to economy, say economists – Reuters Poll

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Reliance to invest $122 million in Brookfield JV for data center projects in India

FILE PHOTO: Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/File Photo

BENGALURU -India’s Reliance Industries said on Monday it would invest up to 10 billion Indian rupees ($122.24 million) in building data centers in the country along with Canada-based Brookfield Infrastructure. The announcement comes at a time when data center capacity in India is expected to rise exponentially as more people go online. Reliance will initially invest about 3.78 billion rupees in units of Mercury Holdings SG Pte, which is a joint venture (JV) between Brookfield Infrastructure and U.S.-based real estate investment trust Digital Realty. The JV is currently building data centers in Chennai and Mumbai. The Mukesh Ambani-owned company has committed to invest the remaining 6.22 billion rupees in equity and debt securities of the JV’s units, when needed. Reliance will hold a 33.33% stake in each of the Indian units of the JV and become an equal partner, it said, adding that the venture will be branded as Digital Connexion. India’s data centers market is expected to grow 40% a year and draw $5 billion in investments by 2025 according to a report from investment bank Avendus Capital. Indian data center space is also heating up with Reliance’s entry as Adani Enterprises’ JV had already raised $213 million to fund under-construction data centers.($1 = 81.8060 Indian rupees)Reliance to invest $122 million in Brookfield JV for data center projects in India

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Tata Motors showcases new electric SUV concept Curvv

• Tata Motors on Wednesday (6 April) showcased its electric SUV concept – Curvv that will feature a more dynamic design and offer an extended range. The electric motor propelling Tata Curvv will have a higher power rating as well, in comparison to Nexon EV.
• 
• As per speculations, Curvv will have a larger 40 kWh battery option (long-range version), along with a few additional features, while the existing 30.2 kWh battery option will remain on sale.
• Tata Curvv will get two IC engine options as well, expected to be a 1.5-litre diesel engine and a 1.5-litre petrol engine. The petrol mill will be a four-cylinder version of the brand’s three-cylinder turbo-petrol engine, which is available on Nexon and Altroz. This new powerplant is expected to generate around 160 PS of peak power. The diesel engine of Curvv will likely be an updated version of the carmaker’s existing 1.5L oil-burner, which also does duty on Altroz and Nexon. Tata Motors will offer both manual and automatic gearbox options here. However, it should be noted that the EV version will go on sale first, and the IC engine version will launch later.
• Conceptualised to offer practicality and elegance, all whilst exuding dynamism and unmatched road presence, the Curvv is expected to storm the market within the next two years. This concept will introduce India to a unique, edgy and sporty coupe body style, which in the past has only been prevalent in the high end luxury segment.
• The concept Curvv in its production ready avatar will first enter the market as an extension of the company’s ever evolving electric vehicle (EV) portfolio, which will subsequently be followed by its Internal Combustion Engine (ICE) counterpart.
• “Our ongoing business turnaround is history in the making. From record sales to upping our market share game, the last fiscal has been nothing but magical for us. We not only emerged as the No 1 SUV player with an array of products in our portfolio, we also continued to supercharge our growth in the EV space with our highest ever annual EV sales - going up by 353 per cent vs FY21,” Shailesh Chandra, managing director, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, said while speaking at the event.
• “With a robust SUV DNA at its core, and a plethora of new age materials, features and interfaces, we are confident that this coupe concept will redefine mainstream SUV design. Furthermore, with the concept Curvv, we now enter the Generation 2 EV architecture, which will further enhance the adoption of EVs in India by overcoming the current barriers. With this new architecture, we will strengthen the key pillars of Range, Performance and Technology, while retaining Safety and Reliability as hygiene offerings,” he added.
• Tata Motors claims that the Generation 2 EV architecture will be advanced, flexible and capable of offering multi-powertrain options. Products on this architecture will be crafted to deliver a higher range while retaining the credibility and reliability standards set by the Generation 1 products powered by Ziptron.“The concept Curvv in its production version will provide customers with unprecedented versatility of use while giving rise to a new breed of vehicles in India that provides its users with a true lifestyle mobility solution to enjoy – a vehicle that combines functional attributes without compromising its premium aesthetic,” says the company.Tata Motors showcases new electric SUV concept Curvv

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Foxconn, STMicro to collaborate for semiconductor factory in India

• Foxconn Technology Group is partnering with STMicroelectronics NV to jointly pursue the establishment of a semiconductor manufacturing facility in India. They are actively seeking government support to expand their presence in the South Asian nation.
• 
• Sources report that Taiwan’s Foxconn and the Franco-Italian company STMicroelectronics are in the process of seeking government assistance for the development of a 40-nanometer chip manufacturing facility. They have requested anonymity since the plan has not been made public.
• These advanced chips are used in various devices, including automobiles, cameras, printers, and a diverse range of other machinery.
• This development follows the collapse of Foxconn’s plans for collaboration with billionaire Anil Agarwal’s Vedanta Resources Ltd. after a year of limited progress. By joining forces with STMicro, contract manufacturer Foxconn is relying on the experience of an innovator in the semiconductor industry to facilitate its expansion into the Indian semiconductor business.
• The previous unsuccessful endeavor by Foxconn with metals company Vedanta serves as a reminder of the challenges associated with establishing new semiconductor plants. These giant complexes involve several billion-dollar investments and demand highly specialized knowledge for operation. Neither Foxconn nor Vedanta possessed enough prior experience in chip manufacturing, and their joint venture encountered setbacks due to delays in securing a partner with readily available chip technology and obtaining approvals for state subsidies.
• The government in New Delhi has reportedly requested additional information from Foxconn, primarily recognized as Apple Inc.’s primary assembly partner, regarding its collaboration with STMicro.
• Meanwhile, Foxconn is said to be engaged in discussions with some other firms possessing chip manufacturing expertise, according to one of the sources.
• Spokespersons from both Foxconn and STMicro declined to make any comments on a possible partnership.
• 
• India, much like other nations such as the United States, is actively working to increase its semiconductor production capabilities, to reduce its dependence on costly imports and its reliance on Taiwan and China. The Indian government has pledged $10 billion to attract semiconductor manufacturers, and the government has promised to cover half the cost of the plant.
• This initiative has encouraged US memory chip company Micron Technology Inc. to announce a $2.75 billion assembly and testing facility in the state of Gujarat.
• Any semiconductor project, including Foxconn’s, will be required to provide transparency, which should contain the existence of firm, legally binding agreements with a technology partner for production. Furthermore, these disclosures should outline the financing strategy for both equity and debt arrangements. Applicants are also expected to disclose the specific semiconductor types they intend to manufacture and identify their target audience.Other semiconductor companies industry with investment plans for India include Advanced Micro Devices Inc. and equipment manufacturer Applied Materials Inc. Both have intentions to invest $400 million each in research and development (R&D) and engineering facilities in Bengaluru, southern India. Foxconn, STMicro to collaborate for semiconductor factory in India

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Tata Consumer Products engages in discussions to acquire majority 51% stake in Haldiram's

• The consumer division of the Tata Group has begun negotiations to acquire a minimum of 51% ownership in the well-known Indian snack food manufacturer, Haldiram’s.
• 
• If the negotiations are successfully finalized, this agreement would position the Indian conglomerate in direct competition with Pepsi and billionaire Mukesh Ambani’s Reliance Retail.
• Haldiram’s, a renowned name in Indian households, is reportedly in discussions with private equity firms, including Bain Capital, regarding the potential sale of a 10% stake, as per their statements.
• Haldiram’s is an Indian multinational corporation specializing in sweets, snacks, and restaurants, with its headquarters situated in Noida. The company operates manufacturing facilities in diverse locations, including Nagpur, New Delhi, Gurgaon, Hooghly, Rudrapur, and Noida.
• In addition to its manufacturing operations, Haldiram’s maintains an extensive network of retail stores and a variety of restaurants located in Pune, Nagpur, Raipur, Kolkata, Noida, and Delhi.
• Haldiram’s, a family-run enterprise, can trace its roots to a small shop established in 1937 in Bikaner in what is today Rajasthan state1937. It The firm has gained widespread recognition for its crispy ‘bhujia’ snack, available for as low as Rs.10, rupees and widely distributed through local mom-and-pop stores as well as supermarkets.
• Haldiram’s snacks are also available in international markets, including Singapore and the United States.
• Additionally, tThe company operates approximately 150 restaurants, offering a diverse range of local cuisine, sweets, and Western dishes.
• Tata Consumer Products is an Indian company specializing in fast-moving consumer goods and is a subsidiary of the Tata Group. While its registered office is situated in Kolkata, its corporate headquarters is based situated in Mumbai. The company holds the distinction of being is the world’s second-largest producer and distributor of tea, and it is also a significant player in the coffee industry.
• 
• Tata Consumer Products is the owner of the UK tea brand Tetley and a strategic partner of Starbucks in India.
• According to some sources, Tata’s intention is to acquire more than 51%, but they have communicated to Haldiram’s that the latter’s ir proposed terms are considerably high.
• Reports indicate that Haldiram’s is reported to have has set a valuation of $10 billion for the stake sought by Tata Consumer Products.
• The prospective acquisition presents an enticing opportunity for Tata, as Tata Consumer is primarily known as a tea company, whereas Haldiram’s holds a significant presence in the consumer sector and commands a substantial market share.
• Haldiram’s holds approximately a 13% share of India’s $6.2 billion savory snack market, as reported by Euromonitor International.
• Whether this deal will happen or collapse will depend on the determination of both parties. Meanwhile, Haldiram’s CEO, Krishan Kumar Chutani, and Bain Capital declined to offer any comments.Haldiram’s has also officially denied any reports of negotiations with Tata Consumer Products. Tata Consumer Products engages in discussions to acquire majority 51% stake in Haldiram's

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M&M aims to double exports in 3 years with new OJA platform

• By Aniket Gupta:  Mahindra & Mahindra (M&M), the leader among India’s tractor industry companies, has set its sights on a remarkable goal. It aims to double its exports from India within the next three years.
• This ambitious plan will gain momentum from the introduction of its innovative platform, OJA, which was recently unveiled in Cape Town, South Africa.
• Mahindra Tractors is a part of the group’s farm equipment division of the $19.4-billion Mahindra Group, and the flagship unit of the division.
• During the year ended 31 March 2023, the Mahindra Group exported 18,104 tractors. Hemant Sikka, president of the farm equipment segment, aims for a substantial leap, aspiring to raise this figure to 36,000 tractors by fiscal 2025-26.
• With the introduction of the OJA lineup, M&M is embarking on an expansion into a dozen new markets. This initiative includes the establishment of a new office in Thailand, which will serve as a strategic base for accessing the ASEAN markets.
• The company's sights are set on European markets as well, with special focus on countries renowned for vine cultivation, such as Germany, Italy, and Spain. Sikka emphasized that M&M currently lacks a footprint in both regions, ASEAN and Europe.
• What about the American market? Growth there has been slow, but Sikka anticipates this is a temporary situation.
• In Brazil, M&M has already achieved a remarkable feat by increasing its market share from 3.5 per cent to an impressive 7.2 per cent in the past two years.
• Distinct sub-platforms
• Comprising four distinct sub-platforms — sub-compact, compact, small utility, and large utility — the OJA platform is a comprehensive family. At present, the sub-compact tractor range is earmarked exclusively for international markets and will not be offered in India. Special attention will be paid to the American market, according to Sikka.
• However, Sikka has noted that if there is a demand for the sub-compact category within India, its introduction in India too would be considered.
• Beginning in January 2024, M&M is set to initiate the export of the sub-compact series within the OJA tractor range. On the other hand, the introduction of the expansive utility platform is reserved for a later timeframe, anticipated around the fiscal year 2025-26. This forthcoming platform is created to serve both the domestic Indian market and international export markets. 
• What about pricing? The Mahindra OJA 27 HP tractor will be priced at Rs 5.64 lakh, and the OJA 40 HP tractor at Rs 7.35 lakh.
• Production of the OJA range will happen at M&M's Zaheerabad facility in Telangana, which has a total annual manufacturing capacity of 100,000 tractors.
• Sikka notes that the tractor industry has maintained a consistent compound annual growth rate (CAGR) of approximately 7 percent over several years. In contrast, in the horticulture segment, tractors are experiencing a faster, double-digit growth rate.
• The OJA series is a dedicated range of tractors tailored for specific uses, finding utility in both horticulture and paddy cultivation. Sikka explains that paddy farming need to be lighter as the presence of water makes heavier tractors vulnerable to sinking in the fields.In an unveiling event on Tuesday, 15 August 2023, M&M introduced three distinct OJA offerings spanning a weight range of 700 kg to 2000 kg and containing power capacities ranging from 20 horsepower to 40 horsepower. Source: https://www.domain-b.com/

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Indian government imposes restrictions on laptop and PC imports to boost local manufacturing

In a move to promote domestic production in the electronics sector and especially curbing imports from China, the Indian government has imposed immediate restrictions on importing laptops, tablets, and personal computers falling under the HSN 8741 category. The restrictions, as per a government notification, will allow the import of these items only against a valid license, signaling a major shift in the existing regulations that previously allowed companies to import laptops freely. However, it is important to note that the new restrictions will not apply to imports under the baggage rules. This means that individuals travelling to India can still bring personal laptops and tablets without needing a license. The decision is considered a direct support for the government's recent programme, known as the production-linked incentive (PLI) scheme, which aims to encourage the manufacturing of IT hardware in the country. The government's decision comes amid a steep increase in imports of electronic goods, laptops, and computers in recent years. In the second quarter of this year (April-June), the import of electronic goods experienced a big hike, reaching $6.96 billion against $4.73 billion in the corresponding period of the previous year. A significant portion, approximately half, of these restricted items, were shipped from China. And that is seen as further ground for the new restrictions, given that the relationship between India and China has experienced strains since border clashes in 2020. Data indicates that India's imports of personal computers and laptops from China dropped 23.1 percent in the fiscal year 2022–23, amounting to $4.10 billion, compared to $5.34 billion in 2021–22. There was a steep upswing in the imports of PCs and laptops from China. They were up 44.7% to $3.52 billion in 2020-21 and rose 51.5% to $5.34 billion in 2021-22. And that is what seems to have triggered the government’s reaction. The reaction of Ali Akhtar Jafri, former director of the electronics industry body MAIT, was that the essence of the initiative is to encourage manufacturing to relocate to India. He said that it's not merely a gentle nudge, but a robust push.

While the measure is intended to encourage local production, industry executives have raised concerns about prolonged wait times for each new model's launch due to the licensing regime. Major foreign players in the Indian market for laptops and computers, such as Dell, Acer, Samsung, Panasonic, Apple, Lenovo, and HP, have been taken aback by the sudden imposition of licensing requirements. Laptop makers were already anticipating government measures to reduce reliance on imports and promote local production, but the immediate implementation of licensing seems to have caught the industry off-guard. Tech firms are now engaging with the Indian government to understand the licensing process and so as to expedite the acquisition of licenses, especially as India's festival shopping season and back-to-school period approach. The need for licenses makes things more difficult for manufacturers, who are already facing an excess of products worldwide and struggling to increase sales. This may lead to delayed product launches in India or even shortages in a market that relies heavily on imports.Will the government move boost local manufacturing and by reducing imports remains to be seen. Manufacturers and consumers alike are keeping their fingers crossed. Source: https://www.domain-b.com/

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Air India signs deal to acquire 250 Airbus aircraft

Air India and Airbus on Tuesday announced a historic deal, under which the Tata Group airline will acquire 250 aircraft, including 40 A350 wide-body and 210 A320neo narrow-body planes, from Airbus. Prime Minister Narendra Modi called it a "landmark event" and said it not only reflects upon the deepening ties of India and France, but also shows the success of India's aviation sector.

Announcing the "historic" partnership on Tuesday, Tata Sons chairman N Chandrasekaran said his company has "signed letter of intent to acquire 250 Airbus aircraft" from Airbus. As part of the deal, Air India will buy 250 Airbus planes, including 40 A350 wide-body and 210 A320neo narrow-body planes, Chandrasekaran said.

"We also have significant options to increase the fleet order once we grow...we are working for bigger partnerships. One of the ambitions for this country is to bring in commercial aircraft manufacturing in the future," the Tata Sons chairman stated.

During a virtual event being attended by Prime Minister Narendra Modi and French President Emmanuel Macron, among others, Chandrasekaran said the wide-body planes will be used for ultra-long haul flights.

PM Modi called it a "landmark" agreement and said it not only reflects upon the deepening ties of India and France, but also shows the success of India's aviation sector.

Emphasising that the number of airports in India increased from 74 to 147, PM Modi said India is "becoming the third largest market in the aviation sector". He added that in the next 15 years, India would need more than 2,000 aircraft.

"Many new opportunities are opening up in aerospace manufacturing under India's 'Make in India-Make for the World' vision," the prime minister added.

He explained to investors the opportunities India offers in the aviation industry. "India can become the hub of MROs (Maintenance, Repair and Operations). Today, all global aviation companies are present in India, so I request everyone to avail the opportunity," he said.

Meanwhile, Macron said Airbus has been contributing to the outstanding development of India. "There's a deep commitment in France, provided the state-of-the-art and most efficient technology available to India, and to be part of the made-in-India strategy," he said while addressing the virtual meet.

Since acquiring loss-making Air India from the government in January 2022, Tata Group has been taking various measures to revive the carrier.

Air India, earlier under the ownership of the government, had acquired new aircraft more than 17 years ago.

The airline's last order was for 111 planes — 68 from Boeing and 43 from Airbus — and that deal was worth $10.8 billion. The order was placed in 2005.

On 27 January, when the Tata Group completed the first year of taking over Air India, the airline said it was "finalising a historic order of new aircraft to power future growth.The airline has put in place a roadmap under Vihaan.AI for transformation over the next five years and has taken various measures, including committing $400 million to refurbish the interiors of its entire wide-body fleet. Source: https://www.domain-b.com/

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RIL Q2 net almost static at Rs15,512 cr

Reliance Industries Ltd (RIL) has reported a net profit of Rs15,512 crore ($1.9 billion), for the fiscal second quarter which was slightly (0.2 per cent) higher compared to the comparable quarter of the previous year.

Gross revenue for the quarter was Rs253,497 crore ($31.2 billion), which was 32.4 per cent higher year-on-year. EBITDA (excluding impact of special additional excise duty (SAED) related costs of Rs4,039 crore) for the quarter was higher by 27.8 per cent at Rs38,702 crore ($4.8 billion).

EBITDA (including impact of SAED related costs of Rs4,039 crore) for the quarter was higher by 14.5 per cent at Rs34,663 crore ($4.3 billion).

Cash profit for the quarter was higher by 15.4 per cent at Rs27,614 crore ($3.4 billion). EPS for the quarter, however, was 3.3 per cent lower at Rs20.2 per share.

RIL reported standalone net profit of Rs6,915 crore ($850 million) for the quarter ended 30 September 2022, which was lower by 25.1 per cent compared to the corresponding quarter of the previous fiscal.

Cash profit for the quarter was lower by 8.9 per cent at Rs10,688 crore ($1.3 billion).

Gross revenue for the quarter was 34.5 per cent higher at Rs146,310 crore ($18.0 billion).

EBITDA (excluding impact of SAED related costs of Rs4,039 crore) for the quarter was 19.9 per cent higher at Rs19,361 crore ($2.4 billion).

EBITDA (including impact of SAED related costs of Rs4,039 crore) for the quarter was 5.1 per cent lower at Rs15,322 crore ($1.9 billion).

Exports for the quarter rose 57.5 per cent to Rs86,382 crore ($10.6 billion).

Reliance Jio Infocomm Limited, a subsidiary of the company, acquired spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands in the auctions conducted by the Department of Telecommunications. The acquisition of the right to use this spectrum will enable Jio to build the world’s most advanced 5G network and further strengthen India’s global leadership in wireless broadband connectivity, the company stated in a release.

Jio’s 5G network will enable the next generation of digital solutions that will accelerate India’s AI-driven march towards becoming a $5+ trillion economy, it added.

Jio has announced the beta trial of its 5G services, for Jio users in 4 cities – Mumbai, Delhi, Kolkata and Varanasi – after successful demonstration at the India Mobile Congress, 2022.

Jio said the roll-out of 5G services will speed up India’s transformation into a Digital Society. This connectivity and technology will help improve access to education, health care, agriculture, skill development, small, medium and large enterprises, IoT, smart homes and gaming, impacting 1.4 billion Indians.

Jio Platforms Limited, a subsidiary of the company, and Meta announced the launch of the first-ever end-to-end shopping experience on WhatsApp, where consumers can shop from JioMart right within their WhatsApp chat. A global first, JioMart on WhatsApp will enable users in India, including those who have never shopped online before, to seamlessly browse through JioMart’s entire grocery catalogue, add items to cart, and make the payment to complete the purchase – all without leaving the WhatsApp chat.

Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the company, and Sanmina Corporation (Sanmina), announced the completion of a previously announced joint venture transaction. The joint venture will create a world-class electronic manufacturing hub in India, in line with the Prime Minister's “Make in India” vision. The joint venture will prioritise high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, industrial and cleantech, and defence and aerospace.

Reliance New Energy Limited (RNEL), a wholly owned subsidiary of the company, in vested inCaelux Corporation, a Pasadena, California, US based company engaged in the development of perovskite-based solar technology. RNEL has invested $12 million to acquire 20 per cent stake in Caelux. This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the US, for expediting commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology.

The company also acquired majority stake in SenseHawk Inc for a total transaction value of $32 million, including funding for future growth, commercial rollout of products, and R&D.

SenseHawk is a California-based developer of software-based management tools for the solar energy generation industry and helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.

Jio Platforms Ltd (JPL) reported consolidated net profit of Rs4,729 crore ($581 million) for the quarter, which was higher by 26.9 per cent. Cash profit for the quarter was 33.6 per cent higher at Rs10,966 crore ($1.3 billion).

Gross revenue for the quarter was 22.8 per cent higher at Rs28,506 crore ($3.5 billion). EBITDA was up 29.2 per cent at Rs12,011 crore ($1.5 billion).

Total customer base of the company as of 30 September 2022 stoo at 427.6 million while average revenue per user (ARPU) during the quarter stood at Rs177.2 per month.

Total data traffic increased by 22.7 per cent to 28.2 billion GB during the quarter.

Reliance Retail reported a 36 per cent jump in its net profit for the quarter at Rs2,305 crore ($ 283 million).

Gross revenue for the quarter was higher by 42.9 per cent at Rs64,920 crore ($8.0 billion). EBITDA for the quarter was up 51.2 per cent at Rs4,404 crore ($541 million). Cash profit for the quarter was higher by 45.0 per cent at Rs3,324 crore ($409 million).

During the quarter Reliance Retail opened 795 new stores, taking the total number of operational physical stores to 16,617 – with total area of 54.5 million sq feet, compared to 37.3 million sq feet in the corresponding quarter of the previous financial year.

“I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter. We saw consistent net subscriber additions and higher engagement in digital services segment. Jio has announced beta trial for its standalone 5G services and is making rapid progress for an ambitious and the fastest ever roll out of True 5G on pan-India basis. Our Retail business delivered record performance with strong revival in footfalls, store additions and digital integration. Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points,” Mukesh D Ambani, chairman and managing director of Reliance Industries Limited, said.

Ambani attributed the underperformance of RIL’s oil-to-chemicals (O2C) business to subdued demand and weak margin environment across downstream chemical products. Transportation fuel margins were, however, better than last year but significantly lower sequentially. Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market, he added. Source: https://www.domain-b.com/

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Japan-India joint working group on ICT calls for increased cooperation

The 7th Japan-India ICT Joint Working Group meeting, held on 13 May 2022 on a virtual platform, emphasised the need for growing cooperation under the India-Japan Digital Partnership with a view to enhancing digital economy through promotion of joint projects for digital transformation, support to provide opportunities for Indian IT professionals to work in Japan and Japanese companies, and collaboration made in the area of IoT, AI and other emerging technologies.

The JWG discussions were focused on enhancing further cooperation in various fields like 5G, Open RAN, Telecom Network Security, submarine cable systems, and Quantum Communications.

India and Japan share a common vision of a peaceful, stable and prosperous world and this has now taken the shape of “Special Strategic and Global Partnership”. This year 2022 is the 70th Anniversary of India Japan diplomatic relations and India is also entering Amrit Kaal, the 25 year long lead up to `India @100’. ICT being the key driver of development provides a massive opportunity for cooperation between both countries to build a robust foundation for the present and future world.

While underlining the recent developments in telecom sector, additional secretary (telecom) stated that India 4G LTE telecom stack has been tested by CDOTTata Consultancy Services – Tejas Network consortium and is available for rollout in India. The 5G Federated Test bed has been set up in 8 research institutions in India at an estimated cost of $35 million.

Additional Secretary in the Department of Telecommunications V L Kantha Rao and vice minister for policy coordination (international affairs), Japan, Sasaki YUJI, co-chaired the meeting. Senior representatives from both governments and other non-governmental stakeholders from Industry, R&D and Academia attended the meeting. The participants of 7th JWG meeting included government officials, industry and academia stakeholders from India and Japan. The meeting deliberated on the best practices and experience on Open RAN, Massive MIMO, Quantum Communications, Connected Cars, 5G Use cases and 6G Innovation. The 7th JWG agreed to enhance cooperation in these areas under the framework of Memorandum of Cooperation (MoC) between India and Japan. Source: https://www.domain-b.com/

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Vedanta-Foxconn to set up $20 bn chip factory in Gujarat

Metals to oil conglomerate Vedanta Ltd and Taiwan's Foxconn on Tuesday signed a memorandum of understanding (MoU) with the government of Gujarat, Prime Minister Narendra Modi's home state, to set up a $20 billion (Rs1.54 lakh crore) semiconductor project. The facility consisting of a semiconductor production plant, a display fab unit, and a semiconductor assembling and testing unit, to be set up near Ahmedabad, will be eligible for government subsidies, including on capital expenditure and electricity. 

The plants, which will be set up on a 1000-acre land, will start production in two years, reports quoting Vedanta chairman Anil Agarwal said.

Gujarat chief minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with neighbouring Maharashtra.

Vedanta, which is looking to diversify into chip manufacturing, will finance the project while Foxconn will provide the technology.

The central government has agreed to increase incentives beyond an initial $10 billion proposed for investments in semiconductor manufacturing, as it aims to become a key player in the global supply chain for chips.

Semiconductor chips, or microchips, are essential inputs of many digital consumer products - from cars to mobile phones and ATM cards. The Indian semiconductor market was valued at $27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19 per cent to reach $64 billion in 2026.

A massive shortage in the semiconductor supply chain last year affected many industries, including electronics and automotive, as none of these chips is manufactured in India.

To cut dependence on imports from nations like Taiwan and China, the government brought a fiscal incentive scheme for manufacturing semiconductors in the country. Vedanta-Foxconn is one of the successful applicants for the Production Linked Incentive (PLI) scheme for semiconductors.Besides Vedanta’s Gujarat facility, an international consortium ISMC and Singapore-based IGSS Ventures are setting up plants in the southern states Karnataka and Tamil Nadu, respectively. Source: u

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CCI clears Adani Port's acquisition of 89.6% equity of Gangavaram Port

• The Competition Commission of India (CCI) has approved the acquisition of 89.6 per cent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).
• APSEZ is an integrated port infrastructure services provider currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. APSEZ manages the complete logistics chain (ie, from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling internal transport, storage and handling, processing and final evacuation by road or rail).
• GPL owns, develops and operates the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on `build-own-operate-transfer’ basis with government of Andhra Pradesh for a concession period of 30 years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).CCI said it would issue a detailed order in due course. Source: https://www.domain-b.com/

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Tata Motors launches 31-tonne 3-axle 6x2 truck, Signa 3118.T

• Tata Motors, India’s largest commercial vehicle manufacturer, on Tuesday launched its latest offering in M&HCV segment – the Tata Signa 3118.T – the country’s first 3-axle 6×2 (10 wheeler) rigid truck with 31 tonnes Gross Vehicle Weight (GVW).
• With a 3,500 kg higher certified payload than the corresponding 28-tonne GVW rigid truck and equivalent cost of operations with similar fuel, tyre and maintenance cost of a 28-tonne truck, this product is conceived to significantly enhance the net operating profit for its customers by nearly 45 per cent over a 28-tonne truck.
• The Tata Signa 3118.T offers a unique blend of value proposition in terms of both, revenue and operating cost, for its customers, says Tata Motors.
• “The incremental investment on the Signa 3118.T, over the corresponding 28-tonne truck, can be recovered in less than one year of operations and followed by years of incremental earnings,” it adds.
• “The Signa 3118.T is a landmark in Tata Motors’ journey towards customer excellence. The model is evidence of unmatched customer-focused engineering and unique value positioning by Tata Motors. Value features like fuel economy switch, gear shift advisor, ICGT brakes, Fleet Edge telematics system with inbuilt anti-fuel theft, reverse parking assistance perfectly complement the pioneering vehicle design exceeding the expectations of the new-age customer,” Rajesh Kaul, vice president, sales and marketing, commercial vehicle business unit, Tata Motors, said.
• “The Lx version also comes with air conditioning and unitised wheel bearings. This model expands the array of choice for customers seeking to enhance their profitability through revenue growth model,” he adds.
• The Tata Signa 3118.T, with its 12.5-tonne dual tyre lift axle configuration, can operate at 31-tonne GVW with the lift axle down and at 18.5-tonne GVW with the lift axle up, offering a large band of operating payload for various application needs. The lift axle is beneficial for tanker customers yielding higher fuel economy in empty returns.
• It is ideally suitable for all types of tanker applications – petroleum, oil and lubricants (POL), chemicals, bitumen, edible oil, milk and water, as well industrial good such as packed LPG cylinders, lubricants, agricultural products etc. The Signa 3118.T is certified by Petroleum & Explosives Safety Organisation (PESO) for 25KL POL tanker, which is 2KL higher than the highest allowed capacity on a 10-wheeler, 28-tonne GVW truck, says Tata Motors.
• The Tata 3118.T comes in 24-feet and 32-feet load spans in Signa avatar with Lx, Cx versions, and a cowl variant. Powered by the Cummins BS6 engine, developing 186hp of power and 850Nm of torque, the Tata Signa 3118.T is mated to the G950 6 speed transmission and heavy-duty axles.
• Under Tata Motors’ Sampoorna Seva 2.0 a bouquet of value added services and standard driveline warranty of 6 years/6-lakh kilometres, the Tata Signa 3118.T will be launched in phases across states and markets. Source: https://www.domain-b.com/

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