Tag: Joint Venture

JSW Group and MG Motor India to commence ₹5,000 crore joint venture on March 20, say sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Homegrown multinational conglomerate JSW Group and Chinese automotive manufacturer SAIC Motor-owned MG Motor India are set to commence their joint venture on March 20, according to sources close to CNBC-TV18.

The partnership aims to scale up its manufacturing and retail footprint in India, with a total investment of around ₹5,000 crore. The companies will unveil their roadmap for manufacturing and sales in India.

In addition to this, private equity investor Everstone Capital has also acquired a stake in MG Motor’s India operations.

Interestingly, MG Motor dealers and company employees could receive up to a 3-5% stake in the joint venture.

However, when asked for a comment, representatives from MG Motor, JSW Group and Everstone Capital declined to respond to CNBC-TV18’s query.

Also Read: JSW joint venture will be finalised within weeks: Rajeev Chaba of MG Motor India

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mitsubishi Corp, TVS Mobility join hands to float JV, will focus on mobility solutions, sales

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Automotive distribution and aftermarket major TVS Mobility has inked a partnership with Japan’s Mitsubishi Corporation to establish a joint venture (JV) that will focus on vehicle mobility solutions. TVS Mobility’s vehicle dealership business will be renamed ‘TVS Vehicle Mobility Solution’ or TVS VMS and Mitsubishi will invest ₹300 crore to pick up a 32% stake in the business.

Japan’s Mitsubishi Corp to enter India’s car sales market through a partnership with TVS. Reports say it will pick up a 32% stake in a new TVS spin-off called TVS vehicle mobility solutions.@JudeSannith24 pic.twitter.com/iPmMVFWB8m

— CNBC-TV18 (@CNBCTV18News) February 19, 2024

“The joint venture between TVS Mobility and Mitsubishi can bring the mobility solutions ecosystem together and allow us to scale up rapidly,” said R Dinesh, Director, TVS Mobility, in an interaction with CNBC-TV18. “Our growth opportunities are huge—the JV will extend to buses, off-road equipment, EVs and even LCVs for last-mile connectivity.”

Mirroring Dinesh’s projections, was the CEO of Mitsubishi Corporation’s automotive and mobility division, Shigeru Wakabayashi.

“India has the world’s third-largest market for new automobiles, with sales topping five million vehicles in 2023, and expected to grow at 6% to 7% in the next few years,” he said in a statement. “Our latest investment in TVS VMS widens Mitsubishi Corporation’s investment coverage through enhanced service capabilities even further.”

The statement added that TVS VMS would aim to develop comprehensive mobility solutions spanning not only after-sales services and multi-brand sales but also a ‘vehicle-as-a-service’ model. TVS Mobility, on its part, is optimistic about rapid revenue growth.

“We will aim for ₹15,000 crore by way of a revenue target in the next three years,” said Dinesh. “We hope to hit $2 billion in revenues in the next three to five years.” He added that these targets were only by way of operational revenues, which would further be augmented by vehicle sales.

While Mitsubishi has existing expertise in off-road equipment and last-mile delivery services, TVS Mobility is confident that the Japanese conglomerate can help it scale up faster and build profits better. “On our part, we bring the digital know-how and digital savviness to the venture,” Dinesh added.

While TVS VMS will firmly focus on the Indian market for now, the scope for global expansion, especially in “neighbouring markets” and markets where Mitsubishi already has a presence, is on the cards. The JV’s focus on digital solutions, connected mobility and EVs could also hold scope for better operational efficiencies.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amber Enterprises CEO predicts robust double-digit growth for wearables and hearables beyond FY25

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amber Enterprises’ India subsidiary ILJIN has initiated a joint venture (JV) with Nexxbase to engage in the production and design of wearable technology. In this partnership, ILJIN will hold a 50 percent ownership stake in the JV, with the remaining 50 percent being owned by Nexxbase.

Nexxbase is known for producing products under the brand name “Noise”.

In an interview with CNBC-TV18, Jasbir Singh, the Chairman and CEO of Amber Enterprises India spoke about the future prospects of the wearable and hearable technology sector.

He expressed optimism regarding the future of wearables and hearables. Singh emphasised that these segments are poised for remarkable expansion in the coming years, and the growth could be in the double digits.

Singh said, “Noise, looking at their history, has been growing in double-digit in the last couple of quarters. So, we expect that they will continue to grow that.”

The wearable technology market has been steadily evolving, with innovations ranging from smartwatches and fitness trackers to augmented reality glasses and health monitoring devices. As technology continues to advance and consumers increasingly embrace these products, Singh’s prediction of sustained double-digit growth becomes increasingly plausible.

Hearables, a subset of wearables that includes products like wireless earbuds and smart headphones, have gained significant traction in recent years. With features such as noise cancellation, voice assistants, and seamless connectivity, hearables have become an integral part of consumers’ daily lives. Singh’s forward-looking perspective suggests that this momentum is expected to persist well into the future.

As traditional product categories mature, companies are actively exploring new avenues for growth. Wearables and hearables represent not only a technological evolution but also an opportunity for businesses to diversify their portfolios and cater to changing consumer preferences.

Furthermore, the ongoing integration of artificial intelligence and health monitoring capabilities into wearable and hearable devices is expected to be a key driver of growth. These technologies offer users personalised experiences and valuable health insights, enhancing the appeal of such products.

As these segments mature and evolve, they are likely to play an increasingly prominent role in the broader landscape of consumer electronics.

For more details, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Steel Strips Wheels signs MoU with Redler Technologies to manufacture EV controllers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Steel Strips Wheels has entered into an agreement with Israel-based electrical power services provider Redler Technologies to set up a joint venture for manufacturing and marketing motion control systems for electric vehicles.

The Joint Venture in India will focus upon the development, manufacture and marketing innovative motion control systems for two, three and four wheeler EVs.

The JV aims to synergise Steel Strips Wheels’ manufacturing capability, large customer access and strong presence in India with Redler’s access to advanced technology. The aim is to bring state-of-the-art technology products under the Make-In-India campaign.

The steel and alloy wheel rims manufacturer achieved a net turnover of Rs 334.4 crore in October 2022, compared to Rs 300.58 crore in the same month last year.

The company stated that the festive retail demand remained fairly strong in every segment during the period and expects the momentum to sustain going ahead. Further, the alloy wheels segment revenue doubled in October 2022, while exports grew 84 percent.

For the September quarter, Steel Strips Wheels’ topline grew nearly 13 percent year-on-year while net profit declined to Rs 54.6 crore from Rs 62.8 crore.

Shares of Steel Strips Wheels are trading 3 percent higher at Rs 162.60.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ESR, GIC form joint venture to invest $600 million in industrial, logistics assets in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ESR Group Ltd and GIC on Thursday announced an 80:20 strategic partnership for a $600 million joint venture to acquire core industrial and logistics assets in India.

The joint venture is an extension of the two companies’ existing partnership in India, which was initiated in 2020. The initial capital pool was dedicated to investing in development and value-add logistics and industrial opportunities across India, the companies said in a statement.

The new joint venture will provide capital that is dedicated to enabling the platform’s inorganic growth and will invest in stablised operational assets across tier 1 and tier 2 cities.

“With an upsurge in the share of organised retail and e-commerce, supported by emerging sectors such as electric vehicles and semiconductors, the industrial and logistics asset class is expected to outperform other real estate and infrastructure asset classes in the medium term,” the statement said.

Jeffrey Shen and Stuart Gibson, ESR Co-founders and Co-CEOs, in a statement, said that capital partner support has been key to the growth of ESR’s new economy real estate platform. “We are excited to work with GIC to capitalise on the strong growth in the logistics sector in India,” they said.

Meanwhile, Abhijit Malkani, the CEO of ESR India, said that the country is at the cusp of a supply chain transformation supported by automation, digitisation, and favourable government policies. “Class-A industrial and logistics developments offer a variety of features to enable increased operational efficiency, which is vital to this shift. With the Core JV platform, we will upgrade the assets as required, and add sustainability elements, to ensure that we offer the same product quality to our customers as we do for products that we develop ourselves,” he said.

ESR India Ltd is a part of the ESR Group and is a developer and manager of industrial and logistics real estate.

Also Read: India needs to grab the growth opportunity available over the next 20-25 years: HSBC

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Recliner business just a step in the four-wheeler seating segment with Tachi-S: Uno Minda

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian auto parts maker Uno Minda had in September announced a joint venture with Japanese firm Tachi-S Company to manufacture and market seat recliners for four-wheeler passenger vehicles in the country.

Uno Minda is already present in the automotive seating systems for two-wheeler and commercial vehicles. The joint venture will help expand the company’s product offering in this space in the four-wheeler passenger vehicle segment as well.

“We are currently in the two-wheeler seating, CV seating and off-road, but we are not there in the passenger car segment. Now what it does is while Tachi-S has a full seating for passenger car business across the globe,” Sunil Bohra, Group CFO, Uno Minda, said in a conversation with CNBC-TV18.

Uno Minda has 51 percent stake in the joint venture while Tachi-S will have the remaining stake, the company had earlier said.

In the first phase, the JV will offer various products, including recliners, with the intention of expanding into other seating mechanisms, seat frames and complete seating assembly, the company stated in a statement.

“The current JV is primarily for recliner business, which is mechanisms for recliner business, it’s just a step in the four-wheeler seating segment,” Bohra said. “In time, our intention is to get gradually into a full seat mechanism which we will work in the next couple of years along with our joint venture partner.”

Calling the joint venture with Tachi-S a “landmark transaction”, Bohra said, that revenue from the joint venture will start flowing in from March 2024.

Also Read: Here’s what TCS bosses said on margin guidance and plans of hiring more | Q&A

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IndianOil, L&T and ReNew to form JV for development of Green Hydrogen Business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corporation (IOC), Larsen & Toubro (L&T), and ReNew Power on Monday announced a joint venture (JV) to develop the nascent green hydrogen sector in India to enable decarbonisation push.

The tripartite venture brings together the strong credentials of L&T executing engineering, procurement, and construction projects, and IOC’s expertise in petroleum refining along with its presence across the energy spectrum, the companies said in a filing. ReNew Power will bring in its expertise in offering and developing utility-scale renewable energy solutions.

IOC and L&T have also signed a binding term sheet to form a JV with equity participation to manufacture and sell electrolysers, which use electricity to split water into hydrogen and oxygen and are used to produce green hydrogen.

Speaking about the joint venture,  SN Subrahmanyan, CEO and MD, L&T, said, “India plans to rapidly march ahead in its decarbonisation efforts and production of green hydrogen is key in this endeavour.”

“We consider this partnership as a significant step in India’s quest for alternative energy. These JVs aim to enable the nation’s ‘Aatmanirbhar Bharat’ mission to rapidly build, expand and bring in economies of scale to make green hydrogen a cost-effective energy carrier and a chemical feedstock for many sectors,” Subrahmanyan said.

IOC chairman Shrikant Madhav Vaidya said the company was committed to powering India’s drive towards carbon neutrality by leveraging the power of green hydrogen.

“IOC is forging this alliance to realise India’s green hydrogen aspirations, which is in sync with the Prime Minister’s vision of making India a green hydrogen generation and export hub,” Vaidya said.

“To start with, this partnership will focus on green hydrogen projects at our Mathura and Panipat refineries. Alongside, other green hydrogen projects in India will also be evaluated. While the usage of hydrogen in the mobility sector will take its due time, the refineries will be the pivot around which India’s green hydrogen revolution will materialise substantially,” Vaidya said.

Also Read | All you need to know about National Hydrogen Policy (first phase)

Sumant Sinha, chairman and CEO of ReNew Power, said ReNew looks forward to working with L&T and IOC to build the green hydrogen business in India in alignment with the government’ broader strategic climate goals for 2030 and 2070.

“ReNew is well poised to complement the capabilities of our partners. The timing for these proposed JVs is excellent as they will help support the government of India’s recently-announced green hydrogen policy to boost India Inc’s decarbonisation journey,” Sinha said.

The planned JVs aim to enable India’s transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.

In February, the government notified the first phase of green hydrogen policy aimed at boosting the production of green hydrogen and green ammonia. With the ever-increasing oil and gas import bills for countries like India, green hydrogen can help provide crucial energy security by reducing the overall dependence on imported fossil fuels.

Also Read | Green hydrogen push: Govt plans Rs 15,000 crore PLI scheme for electrolyser manufacturing

While nearly all hydrogen produced in India today is grey, it is estimated that the demand for hydrogen will be 12 MMT by 2030 and around 40 percent of the element produced in the country (around 5 MMT) will be green, as per the draft National Hydrogen Mission guidelines.

By 2050, nearly 80 percent of India’s hydrogen is projected to be ‘green’ — produced by renewable electricity and electrolysis. Green hydrogen may become the most competitive route for hydrogen production by around 2030.

This may be driven by potential cost declines in key production technologies and clean energy technologies such as solar PV and wind turbines.

Today, hydrogen is mainly used in the refining, steel and fertiliser sectors, which will focus on the JVs’ initial efforts. The country’s refining sector consumes approximately 2 MMT of grey hydrogen every year, with IndianOil owning one of the largest shares of its refining output.

To help decarbonise the Indian industry, the new green hydrogen policy provides for the waiver of inter state transmission charges for a period of 25 years and a banking provision of up to 30 days, which will help reduce the cost of green hydrogen significantly. This will, therefore, push the replacement of grey hydrogen with green. The Ministry of Power has also provided a single -window-clearance portal for all clearances and open access on priority to green hydrogen projects.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Brookfield to buy 51% stake from Bharti Enterprises as part of join venture deal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharti Enterprises on Friday announced that the company and Brookfield have entered into a join venture agreement for four high quality properties — Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon)
and Pavillion Mall (Ludhiana) — totalling to 3.3 million square feet.

As part of the joint venture, a Brookfield private real estate fund will purchase 51 percent stake from Bharti Enterprises, which will retain a 49 percent stake.

The enterprise value for the transaction is Rs 5,000 crore.

While Brookfield will manage the properties going forward, Bharti will continue with economic interest in the properties.

“We are pleased to have entered into a JV with Brookfield for our four marquee assets in North India. We remain confident on the commercial realty segment as India’s economy offers exciting growth opportunities ahead and
will continue to invest meaningfully to scale up our assets,” said Harjeet Kohli, Group Director, Bharti Enterprises.

Ankur Gupta, Managing Partner, Head of Real Estate – India and Middle East and Country Head – India, Brookfield, said, “We are very pleased with this partnership with Bharti and look forward to furthering the positioning of these premium assets. Today tenants have a heightened appreciation of the positive impact workspaces can have on employee well-being and we see tremendous opportunities for well managed commercial real estate due to this transformation.”

Worldmark Aerocity is one of the leading best-in-class mixed-use properties of 1.43 million sqft in Delhi NCR. Airtel Center is a 7,00,000 sqft corporate facility located in North Gurgaon while Worldmark 65 is another
more than 7,00,000 sqft newly built mixed-use asset in South Gurgaon.

In India, Brookfield owns and operates 47 million sqft of commercial real estate assets in six gateway markets including a large presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.

Bharti Realty will continue to own and operate its remaining commercial assets including approximately 10 million sqft of upcoming development in Delhi Aerocity.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Industries, Sanmina Corp form electronic manufacturing joint venture in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Ltd (RIL) and Sanmina Corporation announced on Thursday the entities would establish an electronic manufacturing joint venture in India through investment in the San Jose-based firm’s Indian unit, Sanmina SCI India.

Reliance Strategic Business Ventures Ltd, a subsidiary of RIL, will hold a 50.1 percent equity stake in the joint venture and the rest will be held by Sanmina. The RIL subsidiary will invest up to Rs 1,670 crore in new shares in Sanmina’s existing Indian entity.

“As a result of the investment, the joint venture will be capitalised with over $200 million of cash to fund growth,” according to a joint statement. The transaction is expected to close no later than September 2022 subject to regulatory and other approvals.

Akash Ambani, director, Reliance Jio, said the group was delighted to work with Sanmina (which has 40 years of advanced manufacturing experience) to access the significant market opportunity for high-tech manufacturing in India.

“For both growth and security, it is essential for India to be more self-reliant in electronics manufacturing in telecom, information technology, data centres, Cloud, 5G, new energy, and other industries as we chart our path in the new digital economy. Through this partnership, we plan to boost innovation and talent in India, meeting both Indian and global demand,” Akash Ambani said.

Nasdaq-listed Sanmina provides end-to-end manufacturing solutions and supports original equipment manufacturers (OEMs) primarily in the communications networks, Cloud solutions, industrial, defence, medical, and automotive markets.

The JV’s day-to-day business will continue to be managed by Sanmina’s existing management team in Chennai, which “will be seamless from an employee and customer perspective”. Sanmina’s Chennai plant is among companies eligible for India’s production linked incentive (PLI) scheme for telecom products and networks. Sanmina’s Indian entity earned about Rs 12.3 billion in revenues in FY21.

The joint venture will prioritise high technology infrastructure hardware for growth markets, and across industries such as communications networking, medical and healthcare systems, industrial and cleantech, and defence and aerospace, the Mukesh Ambani-led oil-to-retail-to-telecom conglomerate said in an exchange filing.

The joint venture will create a state-of-the-art “manufacturing technology centre of excellence” that will serve as an incubation centre to support product development and hardware startup ecosystem in India, as well as promote research and innovation of leading-edge technologies, according to the statement.

Initially, all manufacturing will take place at Sanmina’s 100-acre campus in Chennai. The site could be expanded to support growth and new manufacturing sites in India could be opened over time, based on business needs, according to the statement.

“We are excited to partner with Reliance to build the premier integrated manufacturing solutions company in India,” said Jure Sola, chairman and chief executive of Sanmina. “This joint venture will serve both domestic and export markets and represents a major milestone in the Indian government’s ‘Make in India’ initiative.”

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jio Platforms, SES form JV to deliver satellite-based broadband services across India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jio Platforms, the digital arm of Reliance Industries Ltd (RIL) and SES, a leading global satellite-based content connectivity solutions provider, on Monday announced the establishment of a joint venture — Jio Space Technology Ltd — to deliver the next generation scalable and affordable broadband services in India leveraging statellite technology.

Jio Platforms and SES will own 51 percent and 49 percent equity stake in the JV respectively. The joint venture will use multi-orbit space networks that is a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul and retail customers across the length and breadth of India and neighbouring regions, the release added.

“While we continue to expand our fibre-based connectivity and FTTH business and invest in 5G, this new joint venture with SES will further accelerate the growth of multigigabit broadband. With additional coverage and capacity offered by satellite communications services, Jio will be able to connect the remotest towns and villages, enterprises, government establishments, and consumers to the new Digital India. We are excited about this new journey combining our massive reach and customer base with SES’s innovative leadership and expertise in the satellite industry,” Akash Ambani, Director of Jio, said in a company release.

ALSO READ | Jio Platforms buys 25% stake in Two Platforms Inc for $15 million

The joint venture will be the vehicle for providing SES’s satellite data and connectivity services in India, except for certain international aeronautical and maritime customers who may be served by SES, the release added. It will have availability of up to 100 Gbps capacity from SES and will leverage Jio’s premiere position and sales reach in India to unlock this market opportunity, it further added.

“This joint venture with JPL is a great example of how SES can complement even the most extensive terrestrial networks to deliver high-quality connectivity, and positively affect the lives of hundreds of millions of people. We look forward to this joint venture whereby we can play a role in promoting digital inclusion in India,” Steve Collar, CEO of SES, said.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow