Apple will start assembling the iPhone 15 at its facility in Tamil Nadu.
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Apple to start assembling iPhone 15 in Tamil Nadu
Weeks after they started shipping from China, Apple will start assembling the iPhone 15 at its facility in Tamil Nadu. Last year, Apple assembled 7 percent of its global phone volume in India. The new iPhone is likely to be launched on September 12 and the scale-up will be based on the availability of components in India. (The Times of India, Mint)
GQG acquires 8.1 percent in Adani Power
GQG Partners has invested Rs8,710 crore for an 8.1 percent stake in Adani Power. This was the largest single buyer trade in Indian markets. This comes a few days after Deloitte quit as auditor of Adani Ports. With this, the Adani Group has raised a total of Rs39,000 crore since March, and has managed to recoup about half of the market cap it lost post the Hindenburg report. (Economic Times, Business Standard, Mint)
Cabinet approves Rs57,000 crore for electric bus rollout .
The Cabinet has approved a Rs57,000 crore plan to promote public-private partnerships, and purchases of 10,000 e-buses for 169 Tier II and III cities. The scheme will include a Rs20,000 crore viability gap funding from the centre. In addition, the Cabinet also approved Rs35,000 crore to be spent on railway projects that will include increasing the track network. (Financial Express, Economic Times)
Burmans raise stake in Religare Enterprises
The Burman family acquired a 7.5 percent stake in Religare through open market transactions. The shares were acquired for Rs534 crore, and take their stake in the company to 21.5 percent. The shares were acquired through three associate companies—Puran Associates, Vic Enterprises and MB Finmart. They were sold by Singapore-based Investment Opportunities V Pte. The family also owns a controlling stake in Everyday Industries. (Mint, Financial Express)