Morning buzz: Foxconn plans India EV hub, Deloitte resigns as Adani Ports auditor, and more

Foxconn is looking at tapping the Indian domestic market as its third global EV base Image: Tyrone Siu / Reuters
 

Foxconn plans India EV Hub  

Foxconn is looking at tapping the Indian domestic market as its third global EV base as it looks to capture 5 percent of the worldwide market for global sales in 2025. It has already acquired plants in Ohio, USA, and Thailand. As of now, the company only assembled commercial EVs and buses but plans to enter the passenger EV market soon. It is exploring plans to set up in Telangana or Tamil Nadu.  
(Business Standard)
 
 

Baba Kalyani denies Hikal settlement  

The Kalyani group has accused the Hiremath family of making inaccurate disclosures with regard to the family settlement at Hikal. BF Investment and Kalyani Investment Company informed the exchanges that they are not party to any settlement. The Hiremath family has filed a case against the Kalyani family seeking their transfer of their Hikal shares in favour of the Hiremath family.  
(Business Standard, Financial Express)
 
 

Deloitte issues qualified opinion on Adani Ports accounts, resigns as auditor

An EPC firm owes Rs 2,457 crore to Adani Ports. This wasn’t disclosed as a related party transaction with a fellow subsidiary, said Deloitte while issuing a qualified opinion on the accounts of Adani Ports and Special Economic Zones. These were among the allegations made by short-seller Hindenberg. Deloitte has also submitted its resignation to the board and the board appointed MSKA and Associates as auditors.  
(Financial Express, Mint, Economic Times)  
 

Inbound remittances rise 26 percent to $112.5 billion  

Surging demand for professionals post pandemic saw remittances into India surge 26 percent to $112.5 billion. This surge comes even as FDI across borders has slowed to $70.97 billion in FY23 from $84.8 billion. Private remittances to India provided a boost in stabilising the current account in FY23 as merchandise exports slowed.  
(Indian Express, Mint)