Nextpower and Abunayyan Holding Form JV ‘Nextpower Arabia’ to Accelerate Solar Manufacturing and Clean Energy Across MENA

Nextpower (Nasdaq: NXT, formerly Nextracker) and Abunayyan Holding today announced the completion of the incorporation of the previously announced joint venture, Nextpower Arabia, headquartered in Riyadh, Kingdom of Saudi Arabia. The new joint venture will accelerate the deployment of utility-scale solar power plants across the Middle East and North Africa (MENA) region, supporting national and regional renewable energy transformation objectives and Net Zero targets.

As part of the new joint venture, the partners also announced a new advanced manufacturing facility in Jeddah, Saudi Arabia. Nextpower Arabia will provide advanced tracker systems, yield management, and control solutions for installation on large-scale solar projects across the MENA region.

The facility is expected to enable total manufacturing and localized supply chain capacity of up to 12 GW per year, supporting the creation of up to 2,000 jobs and development of local engineering and technical talent within the Kingdom. Currently under construction on a 42,000-square-meter site, the production facility is anticipated to open in Q2 of calendar year 2026 and will manufacture Nextpower’s comprehensive portfolio of solar tracking systems, adding up to 600 employees (watch the video).

Khalid Abunayyan, Chairman of Abunayyan Holding, said, “Making energy and water supply readily accessible, sustainable, and affordable is essential to the continued economic and social development of Saudi Arabia and our partners across the region. It is also central to the core values and DNA of Abunayyan Holding. Partnering with Nextpower, a true pioneer in the international solar energy community, strengthens our role in advancing Saudi’s clean energy vision by localizing advanced manufacturing and technologies, building local capacity development, and creating lasting value for generations to come.”

Dan Shugar, founder and CEO of Nextpower, said, “Saudi Arabia is a strategic market for Nextpower as we expand our ability to serve customers across the Middle East. The Kingdom is making significant progress in advancing the energy transition, and we’re proud and honored to support these monumental initiatives with proven solar technology and trusted local partnerships. Abunayyan Group’s regional expertise and alignment with our business focus make them the right partner to help deliver greater value, faster, for customers in the region.”

Turki Al-Amri, Abunayyan Holding CEO and Nextpower Arabia Chairman and CEO, said, “Our manufacturing facility represents the first step in our strategic vision to strengthen and localize the solar supply chain for our partners across the MENA region and enhance collaboration to deliver highly efficient and cost-effective clean energy. By sourcing core materials such as Saudi-produced steel through our strategic partners and manufacturing locally, we are supporting economic diversification and industrial growth that is at the foundation of Saudi Vision 2030.”

About the joint venture

Nextpower Arabia combines the deep regional expertise of Riyadh-based Abunayyan Holding with the global solar technology leadership of Nextpower. Abunayyan Holding brings more than 75 years of experience developing and privatizing the operation of critical water and energy infrastructure across Saudi and the MENA region. The company was a key driver of the consortium behind the founding and growth of several development arms and forming joint ventures that bring leading technology to the region.

U.S.-headquartered Nextpower is a global leader in advanced solar tracking systems and software, with over 150 GW of trackers under fulfilment or operational across more than 45 countries worldwide. This total includes more than 6 GW of solar projects across the Middle East and Africa, such as Phase V of the Mohammed Bin Rashid Al Maktoum Solar Park in the UAE and 3 GW of Saudi landmark projects, including:

• Project: 405 MWp Sakaka Solar Park — the Kingdom’s first utility-scale solar project
• Project: 1,170 MWp Al Kahfah
• Project: 449 MWp Tabarjal
• Project: 450 MWp Sudair

Strategic alignment and market outlook

Nextpower Arabia is well positioned to support the National Renewable Energy Program in the Kingdom of Saudi Arabia, which targets increasing the share of renewables in the country’s energy mix by 2030. Localizing manufacturing in the Kingdom will also support Saudi Arabia’s industrialization and export development plans while helping reduce the cost of clean energy for major projects across the region.

According to the Middle East Solar Industry Association’s (MESIA) recent 2025 Solar Outlook Report, cost competitiveness and improving production efficiencies are accelerating solar adoption and government-backed clean energy strategies, with regional solar capacity projected to exceed 180 GW by 2030.

Investment and capacity building

In support of this growth opportunity, Abunayyan Holding and Nextpower anticipate funding the joint venture with approximately $88 million (approximately 330 million Saudi Riyals) in equity and public and private debt financings over the next two years alone. This capital will facilitate the buildout of the state-of-the-art manufacturing facility and development of highly skilled technical and engineering capabilities with a track record in operational excellence.

About Nextpower

Nextpower™ (Nasdaq: NXT, formerly Nextracker) designs, engineers, and delivers an advanced energy technology platform for solar power plants, innovating across structural, electrical, and digital domains. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer ROI. Building on over a decade of technology and market leadership, the company delivers intelligent power generation systems and services to meet rapidly expanding global electricity demand. Nextpower partners with the world’s leading energy companies to power what’s next.

About Abunayyan Holding

Abunayyan Holding is one of Saudi Arabia’s most established and leading companies in the fields of water, energy, and infrastructure. With a legacy spanning more than 75 years of leadership and innovation, the company provides integrated solutions that contribute to sustaining life and supporting the Kingdom’s national development goals.

The Group comprises a portfolio of strategic subsidiaries covering the full value chain across water, renewable energy, treatment, industrial equipment, and smart infrastructure, serving both local and regional markets in Saudi Arabia and the broader Middle East and North Africa region.

Through its local and international partnerships, Abunayyan Holding plays a key role in localizing technologies and empowering national talent in alignment with the objectives of Saudi Vision 2030 to build a prosperous, sustainable, and innovation-driven economy.

For more information, please visit Abunayyan Holding.

ATGC Biotech and Luxembourg Industries Launch Semiophore™ A 50:50 Indo–Israeli JV for Global Deployment of Novel Pheromone Technologies

• Today’s licensing exchange marks a historic first: the out-licensing of Indian semiochemical technology to Israel, ushering in a new phase of bilateral scientific cooperation in sustainable, climate-smart agriculture.
• Semiophore and its JV Partner, to invest $ 10 million in registrations, marketing and upgrading its facilities. At full maturity, each product is projected to capture USD 75–100 million, supported by large-scale adoption in horticulture and broad-acre row crops.

ATGC Biotech, India’s leading innovator in pheromone and semiochemical based crop protection, based in Genome Valley, Hyderabad, today announced the formal establishment of Semiophore Ltd., a 50:50 Indo–Israeli Joint Venture (JV) with Luxembourg Industries Ltd., Israel.

The exchange of licensing agreements was held at the Valedictory Session of the First International Science & Technology (S&T) Clusters Conference in New Delhi. The announcement was made in the presence of Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, Dr. Parvinder Maini, Scientific Secretary, Office of the PSA, Mr. Vishal Choudhary, Office of the PSA and His Excellency Mr. Fares Saeb, Deputy Ambassador of Israel to India, , along with senior dignitaries, delegates, and international S&T cluster representatives. The JV ceremony was attended by global delegates from over 38 countries; the event marked a new chapter in Indo-Israeli collaboration on climate-smart agriculture.

The Semiophore JV is being fully financed by its partners, with a cumulative investment of USD 10 million by Semiophore, Luxembourg Industries, and ATGC Biotech towards infrastructure in India and Israel and regulatory registrations for 18 Indian-developed semiochemical and pheromone technologies across Israel, Brazil, Australia, and Africa, supported by advanced manufacturing and distribution. These 18 licensed products together address a multi-billion-dollar global market opportunity.

Under the JV agreement, ATGC will contribute IP, technology, know-how, regulatory dossiers, capex and R&D leadership, while Luxembourg invests in capex, regulatory, Marketing and manufacturing costs.

Semiophore JV marks a milestone in global pheromone technology, bringing a new class of competitive attraction and insect behavior modifying systems that use minimal pheromone chemistry enabled by advanced material-science integrated delivery platforms. These controlled-release technologies overcome decades-old limitations of pheromone pest management once scientifically proven but commercially inaccessible by providing season-long, water-free, precision point-source application that is pollinator-safe, residue-free, and capable of substantially reducing insecticide dependence while lowering CO₂e, water, and plastic footprints.

Through this Indo–Israeli partnership, 18 advanced semiochemical technologies including mating disruption, attract-and-kill, aggregation, and anti-aggregation systems will be scaled to address a multi-billion-dollar global opportunity across crops such as grapes, apples, citrus, almonds, tomatoes, cotton, corn, cabbage, cauliflower, and avocados. This collaboration establishes a new global category in sustainable, export-compliant, climate-resilient agriculture and represents a decisive shift from chemical dependence to behaviour-based, biology-led crop protection, positioning India and Israel as leaders shaping the future of environmentally responsible farming worldwide.
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Statement by H.E. Mr. Fares Saeb, Deputy Ambassador of Israel to India “Israel and India share a strong partnership in agriculture and technology. Today’s licensing exchange represents an important step toward expanding sustainable, environmentally safe crop protection. The establishment of Semiophore exemplifies the growing global relevance of Indo–Israeli innovation, and we congratulate both partners on this milestone.”

Statement by Mr. Uri Rubinstein, Agriculture Attaché, MASHAV: “ATGC Biotech has been a consistent and active participant in our training programs, Centers of Excellence, and capacity-building efforts across India. Their work aligns with our shared goal of strengthening farmer livelihoods through sustainable and innovative agricultural practices. The creation of Semiophore Ltd. represents a meaningful extension of Indo–Israel cooperation in advanced agriculture, and we look forward to continued collaboration.”

Dr. Rajesh S. Gokhale, Secretary, Department of Biotechnology (DBT), Government of India, said, Dr. Rajesh S. Gokhale, Secretary, Department of Biotechnology (DBT), Government of India, said: “DBT is pleased to note the establishment of Semiophore Ltd., the Indo–Israeli Joint Venture between ATGC Biotech and Luxembourg Industries. This milestone showcases the strength of India’s biotechnology ecosystem and demonstrates how long-term public investment in science can translate into globally deployable technologies.

Through DBT-supported programs at JNCASR and NBAIR, and with complementary support from BIRAC to ATGC Biotech, India has been able to develop advanced semiochemical and pheromone-based crop protection platforms. These innovations reflect our commitment to sustainable agriculture, reduced chemical usage, and environmentally responsible pest management.

It is particularly encouraging that, for the first time, technology developed through Indian science and supported by DBT and BIRAC will now be manufactured and distributed in Israel through the Semiophore joint venture. This represents a meaningful step in Indo–Israeli scientific collaboration and a strong example of how India’s bioeconomy is creating global impact.

Speaking on behalf of the ATGC leadership team, Prof Arjula R Reddy, Rolando Alegria CEO, Dr VB Reddy ED, Dr. Markandeya Gorantla, Chairman & Managing Director, ATGC Biotech, said: “This is a defining moment for India’s bioeconomy and for the global semiochemical industry. For the first time, Indian-developed semiochemical technologies will be manufactured and commercialized in Israel, marking a new chapter in Indo–Israeli scientific and industrial cooperation. Through Semiophore, India and Israel are jointly shaping the future of sustainable, behaviour-based crop protection with advanced material-science–enabled delivery systems that use minimal pheromone chemistry to achieve season-long performance. The JV will begin initial commercial batches in 2026 and scale to full capacity in 2027, subject to regulatory approvals.

This partnership will generate high-value jobs in both countries. In Israel, it will expand opportunities in manufacturing, quality control, agronomy, and entomology while accelerating tech-driven exports. Together with Luxembourg Industries, we are creating a globally competitive platform that positions India and Israel at the forefront of sustainable, residue-free, climate-resilient agriculture.”

Mr. Moshik Fish, CEO, Luxembourg Industries & Director, Semiophore Ltd., said, The Semiophore partnership brings together India’s scientific strengths and Israel’s agricultural expertise. We are delighted to deploy India’s next-generation pheromone technologies across Israeli agriculture.

About Pheromone Technologies and Semiochemical Technology: Pheromone technologies use natural chemical signals to control pest behavior, while semiochemical technologies involve a broader range of chemical signals to influence interactions between different species for pest management. Both pheromone and semiochemical technologies offer a more sustainable and environmentally friendly approach to pest management by targeting specific pests without harming beneficial insects, pollinators, or the surrounding ecosystem. 

About Semiophore Ltd.: Semiophore Ltd. is a 50:50 Indo–Israeli Joint Venture formed by ATGC Biotech Pvt. Ltd. and Luxembourg Industries Ltd., dedicated to global commercialization of pheromone- and semiochemical-based crop protection technologies. 

About ATGC Biotech Pvt. Ltd.: Founded in 2011 in Genome Valley, Hyderabad, ATGC Biotech is India’s only commercial manufacturer of pheromones and a global pioneer in ultra-low-dose, bio-manufactured crop protection powered by synthetic biology, whole-cell biotransformation, and advanced material science. ATGC holds 26+ patents, collaborates across 20+ countries, and has validated its technologies across 200,000+ acres. ATGC is recognized as a case study by the World Economic Forum, PSA to PMO, Indian Academy of Sciences, USDA, DBT–BIRAC, DST, and ICAR for its contributions to climate-smart, sustainable agriculture.

ATGC is the creator of CREMIT™, the world’s first 5-gram, month-long, zero-water pheromone platform, and the pioneer of “Insect Family Planning” for precision mating disruption. The company is based in Genome Valley, Hyderabad. www.atgc.in

IndusInd International & Invesco JV Creates India’s 16th Largest Asset Manager with ₹1.48 Lakh Crore AUM

IndusInd International Holdings Limited (“IIHL”), the promoter of IndusInd Bank, and Invesco Ltd. (“Invesco”) announced today that they have completed the formation of their asset management joint venture (“JV”) following IIHL’s acquisition of a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all regulatory approvals and closing conditions. With Invesco retaining the balance 40% stake, both IIHL and Invesco will hold joint sponsor status under the regulatory framework.

As of September 2025, IAMI is the 16th largest domestic asset manager in India with combined onshore and offshore (through advisory) average assets under management of INR 148,358 crores for the quarter ending September 2025 and a presence in 40 cities across the country.

Both partners contribute their respective strengths to the venture, with Invesco offering its global investment management expertise and product range, while IIHL will support, through its promoted entity and subsidiaries, a robust distribution network comprising over 11,000 touchpoints across India and serving a customer base of 45 million. IIHL will also deploy the reach of several associate entities of its global shareholders that offer synergistic business operations to widen the customer base by another 50 million.

There will be no change in IAMI’s focus on investment excellence and exceptional client service. The JV will continue to operate under the same management led by Saurabh Nanavati, with the same disciplined and research-driven investment philosophy and processes that have been central to its investment offerings since 2008, ensuring strong continuity for investors, distributors, and other stakeholders.

Mr. Ashok Hinduja, Chairman, IIHL, said, “At IIHL, we are very enthused with this JV with Invesco, to augment our para banking portfolio by including Asset Management, and be a global financial (BFSI) powerhouse by 2030. This is the most opportune time, when India, on the back of rising income levels, favourable demographics, offers enormous investment prospects to all Indians, the diaspora included. We will endeavour to reach the last home, last investor transparently and efficiently and live up to investors' expectation that mutual fund sahi hai. ”

Mr. Andrew Lo, Chief Executive Officer, Asia Pacific at Invesco, said: “Our India business has seen solid growth in the last nine years. We now look forward to the partnership with IIHL to further expand our distribution capability in the domestic market. As always, our focus will remain squarely on industry-leading investment offerings and service for our India clients with compelling global and domestic investment capabilities.”

Speaking on the announcement, Mr. Saurabh Nanavati, CEO, Invesco Asset Management (India) said: "We are pleased to announce the completion of this strategic transaction. This joint venture represents the coming together of Invesco’s global expertise in asset management and IIHL, facilitating its deep local market presence. Together, we aim to strengthen our reach and expand distribution, especially in Tier 2 and Tier 3 towns, thereby making quality investment solutions available to a wider set of investors across India. We also aim to increase our presence and offerings through GIFT City, SIFs, Passive Products and Digital channels.”

Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as legal advisors to IIHL & Invesco, respectively.

Founded in 1993 under the visionary leadership of the late Shri S.P. Hinduja and his three brothers, IIHL is an investment holding Company well-regulated by the Financial Services Commission, Mauritius, under a Global Business License and is governed by the Board of Directors. Its investment portfolio under various Regulatory jurisdictions comprises Banking Services (IndusInd Bank, IIHL Bank & Trust Limited- Bahamas), Capital Market Assets (Afrinex Exchange Limited, Mauritius, with a cumulative listing of $13.5bn of underlying securities). Recently, it acquired the Insurance Businesses (Life, Non-Life, and Health) along with the Securities business of Reliance Capital Ltd to augment its portfolio.

IAMI began operations in India in late 2008 with the acquisition of Lotus India Asset Management Company and has since grown to serve over 2.9. million retail investor folios and over 48,000 empanelled distributors, with over 70% of its AUM in equity and equity-oriented assets. Invesco also operates an enterprise centre in Hyderabad employing more than 1,700 staff across a range of global support functions, including information technology, investment operations, finance, compliance, and human resources.

About IndusInd International Holdings Limited (www.indusindinternational.com)

Originally versed in the banking sector, IndusInd has, over the years, invested in a wide range of financial services across several jurisdictions. With a USD 1.2 bn net asset value as of September 2025, IIHL is dedicated to value creation for its global shareholders by maintaining this dynamic growth through ongoing investment and acquisition of high-value assets. IIHL’s vision is to be a Global Financial Services Institution with a commitment to excellence in international orientation, innovation, speed, and strict compliance with the principles of good corporate governance.

About Invesco Asset Management (India) Private Limited

Invesco Asset Management (India) is one of the leading asset management companies in India. With over INR 148,358 crores of average assets under management for the quarter ending September 2025 across Mutual funds, PMS and Offshore Advisory, we serve the investment needs of individual investors, corporates and institutions through mutual funds and sub-advised portfolios. Our expertise extends across equity, fixed income and alternative asset classes, where we offer the complete range of funds designed to suit investment needs. IAMI’s aim is to provide top-class financial care, impeccable service and best-in-class investment products. For more details, visit: www.invescomutualfund.com

About Invesco Ltd.

Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Reliance and Meta Forge ~$97M AI Alliance to Accelerate India’s Enterprise Intelligence

In a bold move to reshape India’s AI landscape, Reliance Industries Ltd (RIL) has announced a ₹855 crore ( about $96.96 million USD) joint venture with Meta Platforms Inc., aimed at delivering scalable, enterprise-grade artificial intelligence solutions across sectors.

The announcement was made during the 48th Annual General Meeting of Reliance, where Chairman Mukesh Ambani unveiled a suite of AI initiatives designed to democratize intelligence for every Indian business.

Strategic Partnership: Meta’s Llama Meets Reliance’s Scale

The joint venture will leverage Meta’s open-source Llama models and combine them with Reliance’s deep domain expertise in telecom, retail, energy, and manufacturing.

• Full-stack Platform-as-a-Service (PaaS) for Indian enterprises
• Pre-configured AI tools for sales, customer engagement, IT operations, and finance
• Sector-specific solutions for retail, telecom, energy, and manufacturing

“We will democratize AI for every Indian organization — from ambitious SMBs to corporates.”
— Mukesh Ambani

“With Reliance’s reach and scale, we can bring AI to every corner of India.”
— Mark Zuckerberg

Investment & Ownership

• Total Investment: ₹855 crore (~$100 million)
• Ownership Split:
  • Reliance: 70%
  • Meta: 30%
• Independent operation with a mandate to build sovereign AI infrastructure

AI Infrastructure: Jamnagar Cloud Region

The JV complements Reliance’s newly announced Google Cloud region in Jamnagar:

• Hosts Google’s AI hypercomputer
• Runs entirely on Reliance’s green energy
• Provides secure, scalable environments for generative AI development

National Impact

This partnership aligns with India’s broader AI ambitions, including the ₹10,370 crore IndiaAI Mission:

• Empowers startups, SMBs, and corporates with affordable AI tools
• Accelerates digital transformation across key industries
• Supports India’s push for sovereign, ethical AI infrastructure

What’s Next

• First suite of AI services expected by early 2026
• Pilot programs underway in retail and telecom
• Analysts see this as a pivotal moment in India’s tech evolution

Adani Subsidiary Kutch Copper Completes Formation of JV with Praneetha Ventures

Adani Enterprises' subsidiary, Kutch Copper Limited (KCL), has officially formed a joint venture with Praneetha Ventures Private Limited, named Praneetha Ecocables Limited (PEL).

Registered with the Registrar of Companies in Ahmedabad, the PEL was incorporated on March 19, 2025, and will focus on manufacturing, marketing, and distributing metal products, cables, and wires. Both KCL and Praneetha Ventures hold equal stakes in the venture, with an authorized capital of ₹10 lakh.

The joint venture will specialize in the manufacturing, marketing, and distribution of metal products, cables, and wires.

This move aligns with Kutch Copper's strategy to expand its presence in the metal and cable manufacturing sector. The joint venture is registered with the Registrar of Companies in Ahmedabad.

Both KCL and Praneetha Ventures hold equal stakes in PEL, with an authorized and paid-up capital of ₹10 lakh, divided into 1,00,000 equity shares of ₹10 each.

Earlier in January this year, Kutch Copper joined the International Copper Association (ICA), a not-for-profit trade association representing half the world's copper production, with 33 members across six continents.

Kutch Copper Limited (KCL) is a subsidiary of Adani Enterprises, playing a significant role in India's copper industry. It operates a massive copper complex in Mundra, Gujarat, with an annual capacity of 1 million tonnes, making it the world's largest single-location copper plant. This facility focuses on producing high-quality copper cathodes and rods, along with by-products like gold, silver, and sulfuric acid.

Praneetha Ventures, established in 2020, is a private limited company specializing in consulting services for the trading industry. The company has built a reputation for providing expert guidance and strategic insights to its clients. Recently, it has been diversifying its portfolio by venturing into new business areas, including green manufacturing and sustainable solutions.

This new JV is expected to leverage the strengths of both KCL and Praneetha Ventures, contributing to the growth of the metal and cable industry in India.

Firefly Networks, A Wi-Fi JV of Airtel & Vodafone Idea (Vi) Sold to iBus Network and Infrastructure

Bharti Airtel and Vodafone Idea (Vi) have sold their entire stakes in their joint venture, Firefly Networks, to iBus Network and Infrastructure for ₹9 crore.

Key Points:

Stake Sale: Both Airtel and Vodafone Idea sold their 50% stakes in Firefly Networks for ₹4.5 crore each.

Firefly Networks: Firefly Networks was a joint venture between Bharti Airtel and Vodafone Idea (Vi), established in 2014 to provide high-speed Wi-Fi infrastructure across India. The JV was setup to counter Reliance Jio. It aimed provide high-speed Wi-Fi infrastructure in urban centers, targeting locations like malls, hospitals, and educational institutions.

Projects: Firefly Networks worked on high-profile projects, including deploying Wi-Fi services in New Delhi Municipal Council (NDMC) areas.

iBus Network: The buyer, iBus Network and Infrastructure, specializes in delivering in-building solutions and last-mile connectivity. They act as a neutral infrastructure provider for telecom operators.

Deal Closure: The deal is expected to close within 30 business days from the date of execution of the agreement.

Financial Impact:

Airtel's Disclosure: Firefly contributed 0.0065% to Airtel’s turnover and 0.0007% to its net worth in FY24.

Vodafone Idea's Disclosure: Firefly added ₹5.5 crore to Vodafone Idea’s losses during the same period.

This transaction marks the end of a joint venture that began with ambitions to challenge other major players like Reliance Jio in the domestic Wi-Fi market.

Adani Entering Petrochemical Business Through New JV with Thailand's Indorama Resources

The Adani Group has partnered with Thailand's Indorama Resources Ltd to enter the petrochemical sector. This collaboration has led to the formation of a joint venture called Valor Petrochemicals Ltd (VPL), with both companies holding equal stakes of 50%.

The new JV is aimed at establishing a refinery and petrochemical complex in India.

The JV company, Valor Petrochemicals Ltd, is formed by Adani Petrochemicals Ltd (a subsidiary of Adani Enterprises Ltd) and Indorama Resources Ltd. With this, Adani Group aims to become a major player in India's petrochemical sector.

Key Details:

Project Location: The 000 project is a 2 million tonnes PVC plant in Mundra, Gujarat.

• Phases:
• Phase I: Development of a 1 million tonnes PVC plant by 2026.
• Phase II: Development of an additional 1 million tonnes PVC plant by early 2027.

The plant will incorporate wind and solar power plants to meet its electricity needs.

Additionally, the JV also plans to develop a 3.2 million tonne Purified Terephthalic Acid (PTA) plant in Maharashtra.

Investment: The total cost of the project is estimated to be around Rs 35,000 crore (approximately USD 4 billion).

Future Expansion: Potential for additional projects in the Mundra region.

Sustainability: The plant will incorporate renewable energy solutions, including wind and solar power, to meet its electricity needs.

This partnership marks a significant step for Adani Group as it expands into the petrochemical industry, aiming to become a major player in India's petrochemical sector.

Indorama Resources' expertise and global reach make it a valuable partner in the petrochemical industry.

Indorama Resources Ltd is a global leader in the production of essential materials, including polymers, fibers, and yarns. It produce a wide range of products, including polyolefins, PET resins, fibers, yarns, polyester, cotton fiber, spandex, spun yarn, and medical gloves.

Indorama Ventures has several production facilities in Thailand, producing integrated polyester products, fibers, and other petrochemicals. The company operates in multiple countries, including the United States, Europe, and Africa, with facilities producing various petrochemical products.

China's Haier Group to Set Up India JV with JSW Group With Investment of Rs 1,000 Crore

Haier Group, a leading Chinese appliances manufacturer, is planning to set up a joint venture (JV) with India's JSW Group with an investment of ₹1,000 crore. This proposal has been submitted to the Indian government for approval, as it falls under Press Note 3 of 2020, which requires mandatory government approval for investments from countries sharing land borders with India.

The JV aims to tap into the growing demand for home appliances and consumer electronics in India, where Haier already has a significant presence.

Haier operates through its subsidiary, Haier Appliances India, which has two manufacturing units in Pune and Greater Noida.

According to media reports, the third-largest appliances company in India after LG and Samsung, Haier Group is also willing to part-away majority stake to JSW Group.

This collaboration is expected to boost manufacturing capacity and expand Haier's reach in the Indian market, which is the third largest for Haier Group globally after China and the US.

Apart from the recent joint venture with Haier Group, JSW Group has also partnered with another Chinese company, SAIC Motor.

In November 2023, JSW Group acquired a 35% stake in MG Motor India, a subsidiary of SAIC Motor, for ₹5,000 crore. This joint venture, named JSW MG Motor India Private Ltd, aims to expand MG Motor India's production capacity from 1 lakh units to 3 lakh units per annum.

Late last month, JSW Steel, in collaboration with Japan's JFE Steel, announced a JV to acquire thyssenkrupp Electrical Steel India, which is one of the first manufacturers of electrical steel in India.

Volkswagen in Talks With Mahindra for Joint Venture

German car maker Volkswagen (VW) is reportedly in preliminary talks with Mahindra and Mahindra (M&M) to scale up their supply agreement on components for a joint venture.

In February, the two companies signed a supply agreement covering components of VW's vehicle platform for M&M's purpose-built electric platform called INGLO. The deal includes certain electric components and unified cells, with the first electric SUV on the INGLO platform set to launch later this year.

It is to be noted that, as per media reports, the Volkswagen Group is currently in talks to sell its stake in its India business to a local partner. Despite having invested over $2 billion USD, Volkswagen has faced challenges in the Indian market, which is highly cost-sensitive.

The German carmaker is now focusing on developing new products for India, where "over-engineered" vehicles have struggled to gain traction. Klaus Zellmer, global CEO of Skoda Auto, emphasized the importance of finding the right partner for a true collaboration, including shared engineering, sales, and procurement competence. While Zellmer did not reveal the potential partner, Mahindra is rumored to be a front-runner.

VW's India business has faced challenges due to premium pricing and poor brand recall, while M&M has well-defined plans for the electric vehicle segment. The joint venture could be a strategic move for both companies as they explore opportunities in the Indian market.

Besides the potential joint venture with Mahindra and Mahindra in India, Volkswagen has been actively engaged in other collaborations globally. Volkswagen recently resolved to invest initially $1 billion USD in Rivian Automotive, Inc., and intends to establish a joint venture in the area of E/E architecture for electric vehicles. The joint venture would allow Volkswagen access to Rivian's current E/E architecture technology. 

In China, Volkswagen has three joint ventures — SAIC Volkswagen, FWA-Volkswagen, and JAC Volkswagen. These ventures produce Volkswagen Group brand models for the Chinese market. 

Volkswagen has also partnered with companies like Umicore, 24M Technologies, and Vulcan Energy Resources to enhance electric vehicle production and technology.

Additionally, Volkswagen plans to take a 60% stake in a $2 billion tech joint venture with China's Horizon Robotics to further develop software and technology.

Tata's JLR Forms JV with China's Chery to Produce Electric Vehicles (EVs) for the Chinese Market

Jaguar Land Rover (JLR), a wholly owned subsidiary of Tata Motors, has partnered with Chery Automobile Company (Chery) to create a 50/50 joint venture called CJLR. This collaboration aims to strengthen CJLR's product offerings for the next era of electrification in China. Under this new licensing agreement, the CJLR Joint Venture will produce an advanced portfolio of electric vehicles based on Chery's EV architecture, exclusively under the Freelander brand.

This marks the beginning of a strategic phase for CJLR, with Freelander becoming a brand reborn under license from JLR. The vehicles will be designed collaboratively by Chery and JLR's Creative teams, positioning them in the rapidly growing China mainstream New Energy Vehicle (NEV) market.

Additionally, Tata Motors' electric vehicle arm, TPEM, has also partnered with JLR to develop the "Avinya" series of premium pure electric vehicles using JLR's Electrified Modular Architecture platform.

The Freelander brand is being revived under the CJLR Joint Venture (a collaboration between Chery and Jaguar Land Rover) for the Chinese market. The new Freelander electric vehicles will be designed collaboratively by Chery and JLR's Creative teams.

The Freelander EVs will exist alongside CJLR's current models, marking a new chapter for the joint venture. These electric Freelanders will be sold through a separate dealer network within China, with the potential for future global exports.

This JV positions the auto companies competitively within the booming Chinese electric vehicle market.
The Freelander brand has an interesting history. Originally, it was associated with Land Rover, a British luxury SUV manufacturer, before getting acquired by Tata Group. The Land Rover Freelander was a compact SUV produced from 1997 to 2014.

The Land Rover Freelander was introduced in 1997 as Land Rover's entry-level model. It was positioned below the larger Discovery and Range Rover models. The Freelander was popular for its practicality, versatility, and comfortable ride. It came with various engine options, including petrol and diesel variants. Features included hill descent control, terrain response system, and a panoramic sunroof.

The Freelander paved the way for Land Rover's compact SUV lineup. In 2015, Land Rover replaced the Freelander with the Discovery Sport, which continued the compact SUV legacy.

As mentioned earlier, the Freelander brand is being revived under the CJLR Joint Venture (a collaboration between Chery and Jaguar Land Rover) for the China market.

Chery, a Chinese automaker, has made a significant development in recent years. Ranked as China's No. 8 automaker by sales volume in 2022, Chery is now eyeing European markets. It joins other Chinese automakers like BYD, Xpeng, and Nio in expanding beyond China as competition intensifies

In first quarter of this year, the Geely Group (which owns brands like Volvo and Lotus) became the first Chinese carmaker to enter the global top 10 sales chart. Geely secured the 10th spot, surpassing Germany's Mercedes-Benz Group and BMW. Its sales volume increased by 27% year-over-year.

Other Chinese companies are also catching up. BYD, Changan Automobile, Chery Automobile, and SAIC Motor all secured places in the global top 20 sales chart during the same period.

Chery's global brands include Chery itself, Exeed (a luxury brand competing with Audi, BMW, and Mercedes-Benz), Omoda, and Jetour. These brands offer electric, plug-in hybrid, and internal combustion power trains.

Moreover, Chery has also explored entering the U.S. market multiple times. While assembling cars in the U.S. has been challenging for Chinese automakers due to complexities, Chery continues to consider it.

Founded in 1997, Chery is relatively new compared to some other Chinese automakers. Its main products include passenger cars, SUVs, and commercial vehicles. Chery started exporting cars in 2001 but still has a limited global presence.

Intel and Apollo to Form JV Related to Intel’s Fab 34 in Ireland, Apollo to Lead $11 Bn Investment in the JV

Intel’s New Fab in Ireland Begins High-Volume Production of Intel 4 Technology

Intel Corporation and Apollo have reached an agreement to form a joint venture related to Intel's Fab 34 in Ireland. Under this agreement, Apollo-managed funds and affiliates will invest $11 billion to acquire a 49% equity interest in the joint venture entity.

The joint venture will have rights to manufacture wafers at Fab 34 to support long-term demand for Intel’s products and provide capacity for Intel Foundry customers. Intel will retain a 51% controlling interest and full ownership and operational control of Fab 34 and its assets.

This move is part of Intel's Semiconductor Co-Investment Program (SCIP), which is an element of Intel’s Smart Capital strategy. SCIP aims to create financial flexibility to accelerate Intel's strategy, including investing in its global manufacturing operations, while maintaining a strong balance sheet.

Fab 34 is Intel’s leading-edge high-volume manufacturing (HVM) facility located in Leixlip, Ireland, designed for wafers using the Intel 4 and Intel 3 process technologies. Intel has invested a total of $18.4 billion in Fab 34 to date.

This transaction is expected to enhance Intel's balance sheet with capital at a cost below Intel’s cost of equity and is anticipated to be treated as equity-like from a ratings perspective. The agreement with Apollo is seen as a strategic move to give Intel additional flexibility to execute its strategy as it invests to create a resilient and sustainable semiconductor supply chain.

Fab 34 in Ireland

Production tools fill the cleanroom of Fab 34, the newest Intel manufacturing facility in Ireland. On Sept.  29, 2023, Intel announced that the factory in Leixlip, Ireland, was in high-volume production of computer chips using Intel 4 technology. (Credit: Intel Corporation)

Fab 34 plays a critical role in sustaining and augmenting the semiconductor supply chain across Europe, which is essential for the region's technological independence and economic security.

Fab 34 is a significant development in the semiconductor industry for several reasons. It houses some of the most complex manufacturing technology in the world, which is crucial for advancing global semiconductor manufacturing.

The creation of Fab 34 represents a €17 billion investment by Intel and, once fully operational, it will employ 1,600 new full- time staff, bringing Intel's total employment in Ireland to 6,500. This underscores the facility's role in boosting the local economy and job market.

Intel 4 Technology

Intel 4 Technology represents a significant leap forward in semiconductor manufacturing, marking a new era for Intel's process nodes.

Intel 4 is the first Intel process to incorporate Extreme Ultraviolet (EUV) lithography, which allows for the creation of smaller and more complex chip designs. The new process node offers a 20% performance improvement over previous generations, which is a substantial increase in computing power.

The technology includes new core architectures like Redwood Cove (P-core) and Crestmont (E- core), which are expected to bring generational IPC (Instructions Per Cycle) gains and improved power efficiency.

Intel 4 Technology is a cornerstone of Intel's roadmap, enabling the company to push the boundaries of what's possible in computing.

Reliance and Disney Form $8.5 Bn JV to Merge Respective Digital Streaming and TV Assets in India

Reliance and Disney Announce Strategic Joint Venture to Bring Together the Most Compelling and Engaging Entertainment Brands in India

• Companies to merge respective digital streaming and television assets in India to create a world class leader across entertainment and sports
• Reliance to invest ₹11,500 crore in the Joint Venture Disney to provide Content License to the Joint Venture

Reliance Industries Limited (“RIL”), Viacom 18 Media Private Limited (“Viacom18”) and The Walt Disney Company (NYSE:DIS) (“Disney”), on Wednesday, announced the signing of binding definitive agreements to form a joint venture (“JV”) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court- approved scheme of arrangement.

In addition, RIL has agreed to invest at closing ₹11,500 crore (~US$ 1.4 billion) into the JV for its growth strategy. The post-money basis transaction values the JV at Rs 70,352 crore ($8.5 billion), not including any synergies.

The transaction values the JV at ₹70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney.

Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.

Mrs. Nita M. Ambani will be the Chairperson of the JV, with Mr. Uday Shankar as Vice Chairperson providing strategic guidance to the JV.

The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world. 

The JV will seek to lead the digital transformation of the media and entertainment industry in India and offer consumers high-quality and comprehensive content offerings anytime and anywhere. The combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India will allow the JV to offer more appealing domestic and global entertainment content and sports livestreaming services, while delivering an innovative and convenient digital entertainment experience at affordable prices. With the addition of Disney’s acclaimed films and shows to Viacom18’s renowned productions and sports offerings, the JV will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally.

The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer.

Speaking about the JV, Mr. Mukesh D Ambani, Chairman & Managing Director of Reliance Industries, said, “This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”

Mr. Bob Iger, CEO of The Walt Disney Company, said, “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long- term value for the company. Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”

Mr. Uday Shankar, Co-founder of Bodhi Tree Systems, said, “We are privileged to be enhancing our relationship with Reliance to now also include Disney, a global leader in media & entertainment. All of us are committed to delivering exceptional value to our audiences, advertisers, and partners. This joint venture is poised to shape the future of entertainment in India and accelerate the Hon’ble Prime Minister’s vision of making Digital India a global exemplar.”

The transaction is subject to regulatory, shareholder and other customary approvals and is expected to be completed in the last quarter of Calendar Year 2024 or first quarter of Calendar Year 2025.

Goldman Sachs is acting as financial and valuation advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co and Shardul Amarchand Mangaldas & Co are acting as legal counsels to RIL and Viacom18 on the transaction. Ernst & Young has provided an independent valuation to RIL and Viacom18, while HSBC India acting as financial advisor has provided a Fairness Opinion to Viacom18.

The Raine Group is acting as lead financial advisor to Disney on the transaction. Citi is acting as a financial advisor to Disney. Cleary Gottlieb served as lead outside counsel to Disney and Covington & Burling and AZB served as legal counsels to Disney on the transaction. BDO has provided an independent valuation to SIPL. 

About Reliance Industries Limited

Reliance is India’s largest private sector company, with a consolidated revenue of Rs 9,74,864 crore (US$118.6 billion), cash profit Rs 1,25,951 crore (US$ 15.3 billion) and net profit of Rs 73,670 crore (US$9.0 billion) for the year ended March 31, 2023. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.

Currently ranked 88th, Reliance is the largest private sector company from India to be featured in Fortune’s Global 500 list of ‘World’s Largest Companies’ for 2023. The company stands 45th in the Forbes Global 2000 rankings of 'World’s Largest Public Companies' for 2023, the highest among Indian companies. Reliance is the top-ranked Indian company and the only one in the top 100 on Forbes' 'World's Best Employers' 2023 list. Additionally, it is featured among LinkedIn’s 'Top Companies 2023: The 25 Best Workplaces To Grow Your Career In India."

About Viacom 18 Media Private Limited

Viacom18 Media Pvt. Ltd. is one of India’s fastest growing entertainment networks and a house of iconic brands that offers multi-platform, multi-generational and multicultural brand experiences. Viacom18 defines entertainment in India by touching the lives of people through its properties on air, online, on ground, in cinemas and merchandise. Its portfolio of 40 channels across general entertainment, movies, sports, youth, music and kids genres delights the consumers across the country with its eclectic mix of programming. JioCinema, Viacom18’s OTT platform, is one of India’s leading streaming services and most popular destination for live sports. Viacom18 Studios has successfully produced and distributed iconic Hindi films and clutter-breaking regional films for over 13 years in India.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three core business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenues of $88.89 billion in its Fiscal Year 2023.

About Star India

With a television network that reaches more than 700 million viewers in nine different languages every month and a streaming platform (Disney+ Hotstar) that has transformed the way India consumes entertainment, Disney Star is a leading media & entertainment company in the country. The organization’s entertainment portfolio, which generates more than 20,000 hours of original content every year, cuts across general entertainment, sports, films, infotainment, kids and lifestyle content. With leadership positions in every segment it occupies, Disney Star has been redefining the media landscape for more than 30 years now, anchored on the three pillars of storytelling, innovation and an unwavering focus on delivering to the expectations of our audiences.

About Bodhi Tree Systems

Bodhi Tree Systems is a strategic investor in consumer technology opportunities in Southeast Asia, with a particular focus on India. The entity is a platform of James Murdoch's Lupa Systems and Uday Shankar and was established in 2021 to explore and invest in Southeast Asia and the Middle East. In addition to media, Bodhi Tree expects to invest in other consumer technology sectors that represent significant opportunities but suffer from a lack of capital and innovation – including healthcare and education. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.

Softbank Corp with SKT, Deutsche Telekom and Others Forming JV Company To Develop LLMs Specifically for Telcos

SKT, Deutsche Telekom, e&, Singtel, and SoftBank Corp. Announce Plan to Establish a Joint Venture

• Joint Venture Company to develop Large Language Models (LLM) specifically for telecommunications companies
• Joint Venture Company to be established within this year
• Initial fine-tuning of models takes place

SK Telecom (“SKT”), Deutsche Telekom, e& Group, Singtel and SoftBank Corp., on Monday, held the inaugural meeting of the Global Telco AI Alliance (GTAA) at MWC Barcelona 2024 and announced their plans to establish a joint venture.

The meeting was attended by SK’s Chairman Chey Tae-won, SKT’s CEO Ryu Young-sang, Deutsche Telekom’s CEO Tim Höttges and DT’s Board Member for Technology & Innovation, Claudia Nemat, e& Group’s Group CEO Hatem Dowidar, Singtel Group’s CEO Yuen Kuan Moon, and SoftBank’s CISO Tadashi Iida.

Through the Joint Venture Company, the five companies plan to develop Large Language Models (LLMs) specifically tailored to the needs of telecommunications companies (telcos). The LLMs will be designed to help telcos improve their customer interactions via digital assistants and chatbots.

The goal is to develop multilingual LLMs optimized for languages including Korean, English, German, Arabic and Japanese, with plans for additional languages to be agreed among the founding members.

The joint venture plans to focus on deploying innovative AI applications tailored to the needs of the Global AI Telco Alliance members in their respective markets, enabling them to reach a global customer base of approximately 1.3 billion across 50 countries. Deutsche Telekom boasts about 250 million subscribers across 12 countries, including Germany and the U.S. The e& Group has 169 million subscribers in 16 countries across the Middle East, Asia, and Africa, while the Singtel Group has 770 million subscribers in 21 countries, including Australia, India, and Indonesia.

The Joint Venture Company will be established within this year.

Earlier this month, the GSMA and IBM announced the collaboration to support the adoption and skills of generative AI in the telecom industry through the launch of GSMA Advance's AI Training program and the GSMA Foundry Generative AI program

Compared to general LLMs, telco-specific LLMs are more attuned to the telecommunications domain and better at understanding user intent. By making it easier for telcos to deploy high-quality generative AI models swiftly and efficiently, telco-specific LLMs are expected to help accelerate AI transformation of various telco business and services, including customer service.

The LLMs are currently being optimized. Telcos’ customer service data is used to fine-tune the model for telco-specific questions. This is because tariff and contract models, information on special hardware such as the router, for example (e.g. How do I do a reset?) are rarely found in the general training data of the large models. But it's exactly this content that a telco bot needs to know. So that it is able to understand, summarize and respond to these specific concerns.

This targeted training ensures the LLM understands the unique language and needs of telecom operators, paving the way for enhanced, personalized, and efficient customer experiences.

“We as telcos need to develop tailored LLM for the telco industry to make telco operations more efficient, which is a low-hanging fruit. Our ultimate goal is to discover new business models by redefining relationships with customers. The Global Telco AI Alliance brings synergy to its members by allowing them to achieve more by working as a team,” said Ryu Young-sang, CEO of SKT.

"We want our customers to experience the best possible service. AI helps us do that. Already today, more than 100,000 customer service dialogs a month in Germany are handled by Generative AI. By integrating telco-specific large language models, our 'Frag Magenta' chatbot becomes even more human-centric: AI personalizes conversations between customers and chatbots. And our joint venture brings Europe and Asia closer together,” said Claudia Nemat, Board Member Deutsche Telekom for Technology and Innovation.

“This is a monumental step for e& and for the Telco industry at large. From streamlining customer support interactions to enabling personalised recommendations, this multi-lingual LLM will revolutionise how businesses engage with customers”, said Dena Almansoori, Group Chief AI and Data Officer, e& group. “In collaboration with our Global AI Telco Alliance partners, we look forward to shaping both the present and future of customer engagement and setting new standards for efficiency and innovation across the telecommunications landscape to better serve our customers and create meaningful impact."

"This promises to be a game changer not just for us at Singtel but for any telecom company out there looking to lift their customer experience beyond limited automated responses and generic chatbot interactions. This multi-lingual LLM tailored for telcos will greatly expand chatbot capabilities with relevant responses to customers’ technical queries, freeing up service agents to deal with more complex customer issues and we intend to deploy this across the Singtel Group. With leading telcos from three different continents working on this innovative model, this unprecedented effort to scale AI development for the telecom industry would not have been possible had we all decided to go it alone,” said Yuen Kuan Moon, Group Chief Executive Officer, Singtel.

“Through a powerful alliance with industry leaders, we embark on a mission to revolutionize global communication, elevate service quality, and ignite a new era of technological innovation powered by AI. Together, we have the power to shape the future of telecommunications, empowering communities worldwide with seamless connectivity and boundless opportunities,” said Hideyuki Tsukuda, Executive Vice President & CTO of SoftBank Corp.

Adani Green Completes the 1,050 MW JV With TotalEnergies, Raises $300 Mn

• Adani Green Energy Limited (AGEL) completed the transfer of 1,050 MW renewable portfolio to a JV between AGEL and TotalEnergies
• AGEL contributed the mix of operational (300 MW), under construction (500 MW) and under development assets (250 MW) and TotalEnergies has made equity investment of USD 300 million

Adani Green Energy Limited (AGEL) today announced the completion of the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects.

This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power projects in India.

With this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL’s target of 45 GW capacity by 2030.

Earlier this week, AGEL announced the execution of power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.

Infosys and Temasek Extend Digital JV for 5 Years

Indian technology & IT services major, Infosys, has announced a five-year extension of its successful joint venture collaboration with Singapore based Temasek, a global investment firm. Infosys Compaz (“iCompaz”), the Infosys-Temasek joint venture (JV) company, has collaborated with large corporations in Southeast Asia on their digital transformation journeys, leveraging its deep technology expertise across cloud, data and analytics, cybersecurity, digital, artificial intelligence (AI) and automation, among others.

It was in September 2018 when Infosys announced the formation of a JV called 'Infosys Compaz' (iCompaz) with Temasek, with a goal to strengthen its workforce foot print in Southeast Asia. Infosys has a 60% stake in iCompaz while Temasek holds 40% stake.

The extension underscores iCompaz’s commitment to growing its presence in Singapore and the broader Southeast Asian market. The region is one of the fastest-growing economies in the world and is a key market for growth. iCompaz.

Infosys has collaborated with Temasek on its technology transformation initiatives such as deploying new digital architecture, data applications and security infrastructure.

The announcement also deepens the commitment that Infosys had made in 2018, to invest in advanced technologies and capability-building, with the aim of delivering high-quality professional services and supporting the growth and development of its workforce.

iCompaz is powered by Infosys’ deep capabilities in business innovation through Infosys Cobalt, a set of services, solutions and platforms for enterprises to accelerate their cloud journey. Leveraging Infosys Topaz, an AI-first set of services, solutions and platforms using generative AI technologies, iCompaz will enable clients to create value from unprecedented innovations, pervasive efficiencies, and connected ecosystems.

Rao Baskara, Chief Technology Officer, Temasek, said, “We look forward to extending our collaboration and the next phase of growth of iCompaz as it continues to provide quality digital services to companies in Southeast Asia. This engagement also enhances Temasek’s capabilities, and enables us to harness the potential that digital transformation brings.”

Manohar Atreya, CEO, Infosys Compaz, said, "iCompaz has proven its expertise in the sphere of large-scale digital and IT transformation. We are delighted to extend this collaboration with Temasek, as we continue to leverage the global scale and depth of Infosys in intelligent AI platforms and data solutions, to help clients navigate their next journey in business transformation.”

Last month, Infosys joined hands with technology giant Microsoft and semiconductor major NVIDIA, with the aim to help enterprises worldwide, drive productivity gains with generative AI applications and solutions.

Earlier this month, Infosys announced the launch of Infosys Cobalt Airline Cloud (ICAC) a first-of-its-kind industry cloud offering designed for commercial airlines to help them accelerate their digital transformation journey. 

Jio Financial Services and BlackRock Form JV to Enter India’s Asset Management Space with Digital-First Approach

• Jio BlackRock combines Jio Financial Services’ knowledge and resources and BlackRock’s scale and investment expertise to deliver affordable, innovative investment solutions to millions of investors in India.
• Partnership aims to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.

Jio Financial Services Limited (JFS) and BlackRock [NYSE: BLK] today announced an agreement to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities. Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.

Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.

We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”

Speaking on this transaction, Mr Hitesh Sethia, President and CEO, JFS, said: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products.

Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”

The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About BlackRock India

BlackRock India is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions.

About Jio Financial Services Limited

Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly.

Elopak and GLS Announce $35 Mn Sustainable Packaging Joint Venture ‘GLS Elopak’ in India

Elopak and GLS have joined hands to deliver sustainable packaging solutions to consumers across India

GLS and Elopak are pleased to announce their collaboration for a long-term strategic partnership to augment the sustainable packaging solutions industry in India. This joint venture will leverage the respective expertise, assets and networks of GLS and Elopak to capitalize on the significant consumer demand in India.

With each party helming 50% of the joint venture, the newly formed company, GLS Elopak, headquartered at Gurugram in Haryana, India will facilitate and undertake the manufacturing and distribution of superlative, sustainable and safe packaging solutions, designed to ensure the safety and easy accessibility of liquid food to consumers across the globe. The company will cater to both fresh and aseptic segments with an industry-agnostic approach including sectors like dairy, plant-based drinks, juice, water and liquor.

There has been a paradigm shift in the demand for environmentally friendly packaging which had catapulted brands to take make more informed decisions and work towards finding and adopting sustainable packaging solutions. Aided by the pandemic, the need for a more environmentally safe packaging has accelerated exponentially. With its manufacturing base at Rewari in Haryana, India, GLS Elopak will be the only producer of fibre-based packaging for liquid food in the Haryana area. Their proximity to the capital will help them roll out products on priority. The product range comprises Roll-Fed aseptic cartons under the brand “ALPAK” in varied sizes, along with end-to-end service support, to customers. Going forward, the company will introduce Pure-Pak® fresh cartons, Pure-Pak® aseptic cartons and complementary solutions.

At its core, the collaboration is built on the companies’ shared commitment to sustainability and innovation in packaging solutions. Commenting on the partnership GLS Director, Arpit Goyal shared, “This partnership aligns with our vision and mission to move towards a sustainable future with Eco-friendly solutions. We are elated to announce this venture with Elopak. We strongly believe that the capabilities and synergies between the two organizations and the shared vision will accelerate the growth of sustainable liquid packaging solutions in India.”

Mr. Finn M. Tørjesen - Executive Vice President, Mr. Arpit Goyal – Director at GLS Group and Board of Director at GLS India with Mr. Bjarke Ravn-Christensen – Director for Elopak

 
Thomas Körmendi, CEO at ELOPAK states, “Partnering with GLS to deliver innovative packaging solutions for our consumers is the right step towards a better future. We aim to provide the very best program and strategies to conceive, design, and build the next generation of sustainable, liquid packaging solutions. India is the world’s biggest milk market, with bounteous growth potential. Together with GLS, there is an opportunity for us to be at the forefront of offering innovative and sustainable packaging solutions to this industry that are safe for both the product and the environment.”

One of the key targets of GLS ELOPAK is to add value and contribute to the world’s strive towards sustainability. With India’s growth potential and location advantages, this need for alternative packaging solutions, especially in the fresh milk and water segment will be successfully furnished.

GLS Group, established in 1994, is a multi-business conglomerate with businesses in various industries such as Flexible Packaging, Liquid packaging, Inks, Adhesives, Aluminum Foils, Blown Films, BOPET Films and Warehousing. GLS Group, over the years, has emerged as one of India’s largest and most-integrated packaging organizations. For decades now, GLS Group has focused on finding better solutions to contribute toward a sustainable and greener future.

For more information, visit www.glsind.com.

Elopak is a leading global supplier of carton packaging and filling equipment. The company’s iconic Pure-Pak® cartons are made using renewable, recyclable and sustainably sourced materials, providing a natural and convenient alternative to plastic bottles that fits within a low carbon circular economy.

Founded in Norway in 1957, Elopak was listed on the Oslo Stock Exchange in 2021. Today it employs 2,700 people and sells more than 14 billion cartons annually across more than 70 countries. Elopak is a UN Global Compact participant with a platinum EcoVadis rating and has been carbon neutral since 2016.

For more information, go to elopak.com or follow us @Pure_Pak on Twitter and @Elopak on LinkedIn.