Morning Buzz: Foxconn could start manufacturing EVs in India, Go First flights may take off again from June-end, and more

Foxconn may consider setting up an EV manufacturing facility in India by the year-end Image: Getty Images

Foxconn may set up EV factory in India this year

The maker of Apple iPhone, Foxconn, may consider setting up an EV manufacturing facility in India by the year-end. Reports indicate that representatives from the states of Maharashtra, Telangana, Tamil Nadu and Andhra Pradesh met Foxconn officials on their last visit to India. Foxconn, in its annual report of May, says India will assist with the establishment of a production line to manufacture EVs.
(Economic Times, ET Prime)

Lenskart gets $100 million funding from PE ChrysCapital

PE fund ChrysCapital has invested $100 million in SoftBank-backed eyewear firm Lenskart, through a primary and secondary market purchase. The buzz of this deal has been doing the rounds for a few months now and comes on the back of a $500 million investment from Abu Dhabi Investment Authority (ADIA). Lenskart, whose competition includes Titan Eye Plus and several internet based eyewear brands, is aiming to use to these funds to expand to the Middle East and parts of Asia.
(Economic Times, Hindu Businessline)

Hero MotoCorp, others facing ministry probe

The Ministry of Corporate Affairs (MCA) had earlier this week ordered a probe against Hero MotoCorp over alleged breach of corporate governance norms and questions related to beneficiaries of a ‘linked’ entity. Hero has denied receiving any communication relating to this matter. The aim is to find out true ownership of certain companies which could have promoter interest. The MCA is also considering a probe into Salt Experiences and Management (SEMPL), a closely held company it suspects to be a 'linked entity' of Hero MotoCorp promoters.
(Economic Times, ET Prime)

May trade deficit widens to five-month high

While select segments such as two-wheeler exports are seeing a 2023 high in demand, India’s goods exports fell for the fourth straight month by 10.3 percent year-on-year in May, to $34.98 billion, impacted by petroleum products, gems & jewellery, engineering items, chemicals and readymade garments. This is a clear indication that demand across the global developed markets remains sluggish. Despite several central banks keeping interest rates on hold, there is also talk alongside that interest rates may stay high for longer and not start to climb down quickly.
(Economic Times, Hindu Businessline)

Go First flights may kick off by June-end

The troubled Go First airline may kickstart flights by month-end as it is hopeful of getting approval for a revival plan from the newly appointed interim resolution professional. Go First had filed for voluntary insolvency in May. The lenders are also expected to approve the additional funding sought by the airline. The airline could need an interim funding of Rs200-400 crore to restart operations, which would involve operating around 157 flights.
(Financial Express, Times Now)