Samsung to Expand in India with $760 Million Investment

Samsung announced an investment of $763 million in India to expand its plant at Noida in the northern state of Uttar Pradesh, where it manufactures smartphones, refrigerators, and TVs.

Android Authority reports that the company added an additional 35 acres of land adjacent to the current facility to double the production capacity of both mobile phones and refrigerators. The new site was inaugurated with a ground-breaking ceremony and traditional puja (prayer) in the presence of officials from the Indian government along with JK Shin, CEO, Samsung Electronics Co. Ltd. and HC Hong, President & CEO, Samsung Southwest Asia.

Ground breaking of new Samsung Facility

Hong said, “This new investment is a testament to our continuing commitment to ‘Make in India’ and to Uttar Pradesh, which has been our partner right from the day Samsung’s journey in India began.”

Once the factory is fully operational, it will be able to produce approximately 10 million smartphones every month. Samsung in India is set to make Noida the manufacturing hub and also starting exporting from the plant to U.S.A., and Europe by 2020.

 

June 12, 2017   No Comments

Jubilant Pharma Expected to Buy American Pharma Company

Noida, India-based Jubilant Life Sciences‘ subsidiary Jubilant Pharma will negotiate a potential acquisition of a specialty business in the U.S., subject to due diligence, satisfactory agreements, and final approval of Jubilant Life Sciences.

A vial of medicine for injection

 

BusinessLine reports on a company filing at the Bombay Stock Exchange that says, “the proposed acquisition is a niche, profitable specialty pharma business with a strategic fit and is expected to provide a competitive edge for Jubilant Life Sciences’ existing business, if it materializes.”

June 11, 2017   No Comments

India’s Motherson Sumi Expands Internationally

Noida, India-based auto component maker Motherson Sumi Systems consolidated net profit stood at $108.81 million in the quarter ending March 31, 2017, a better-than-expected 20 percent growth. Motherson Sumi’s net sales outside India rose over 14 percent to 94.76 billion rupees (GB Please convert to USD)

CFO of Motherson Sumi Systems, G. N. Gauba told Press Trust of India, “We have earmarked $300 million capex for the current fiscal. The investment will mainly go into the upcoming nine manufacturing plants across the world.”  The company will set up three plants in India, three in Hungary, one each at South Korea, Mexico and the United States, he added.
Auto parts from Motherson Sumi Systems
Currently, the company operates over 180 facilities across the globe catering to various automobile OEMs including Mercedes- Benz, Audi, Toyota, Ford and Suzuki, reports the Economic Times. It has set a target of achieving a turnover of  $18 billion by 2020 through global expansion.

May 22, 2017   No Comments

India’s Motherson Sumi Acquires Finland’s Automotive company

Noida, India-based automotive component firm Motherson Sumi Systems, a joint venture between its parent Samvardhana Motherson Group and Sumitomo Wiring Systems of Japan, acquired Finland’s PKC Group Plc for about $609 million.

“We are very happy to announce that we have successfully acquired 93.75 per cent shareholding in the PKC Group, which has significant market presence in the American and European markets with major growth plans in China,” chairman Vivek Chaand Sehgal of Motherson Sumi said in a statement. The acquisition will expand the company’s footprint significantly in the commercial vehicle segment.

Headquartered in Helsinki, Finland, PKC is a global tier 1 supplier of wiring harness and associated components to original equipment manufacturers in the heavy and medium duty commercial vehicles and locomotive segments across North America, Europe, Brazil and China, reports Livemint.

Motherson Wiring Harness

Motherson Wiring Harness

 

April 3, 2017   No Comments

India’s HCL Technologies to Provide IT for Volvo Ocean Race

The Volvo Ocean Race owned by Volvo Cars and the Volvo Group hosts a round-the-world yacht race once every three years. This race is often described as the longest and toughest professional sporting event in the world, sailing’s toughest team challenge, and one of the sport’s Big Three events, along with the Olympics and Americas Cup.

HCL Campus in Noida

Noida, India-based HCL Technolgies is the official IT services provider, developing and delivering IT solutions for the 2017-18 edition of the 45,000 nautical mile race around the world. The IT infrastructure will form the backbone of Volvo Ocean Race’s streaming and TV production, and  will include vital features such as inter-site connectivity at the race’s global stopovers, digital content delivery, mobile data centers and infrastructure with full redundancy, Wi-Fi networks, and multimedia facilities for media centers and race offices, reports the Economic Times.

Volvo Ocean Race CEO Mark Turner said, “The upcoming edition of the Volvo Ocean Race will be more digitally focused than ever before. Building the complex IT infrastructure that we use for this around the world is a huge challenge, and we’re confident that this partnership with HCL Technologies will allow us to provide fans, media and stakeholders with a more connected experience than ever before.”

March 22, 2017   No Comments