Forbes India 15th Anniversary Special

Morning buzz: Tesla and Google's plans for India, Air India's mega aircraft order, and more

Here are the top business headlines this morning to get your day started

Salil Panchal
Published: Jun 21, 2023 09:44:47 AM IST
Updated: Jun 21, 2023 10:10:31 AM IST

Morning buzz: Tesla and Google's plans for India, Air India's mega aircraft order, and moreIndia has approved a $2.7 billion plan by Micron Technology to set up a semiconductor testing and packaging unit in Gujarat Image: Shutterstock

India approves $2.7 billion Micron chip testing plant

India has approved a $2.7 billion plan by Micron Technology to set up a semiconductor testing and packaging unit, the clearance for which came just ahead of Prime Minister Narendra Modi’s ongoing visit to the US. The plant is to be set up in Gujarat. The investment, which is likely to give a boost to the semiconductor industry in India, also aligns with the broader move of the Biden administration wanting US companies to reduce their risks of dealing with China.
(Reuters, Mint, Hindustan Times)

Air India finalises massive orders for aircraft

Air India, the Tata-owned airline, has signed up two separate orders—of 250 aircraft with Airbus and another 220 with Boeing—as part of the new owners’ aggressive plans to invest in new fleet and improve service, to regain its lost market share from private airliners on both domestic and international routes. This comes just a day after budget carrier IndiGo placed a record order to buy 500 A320 aircrafts from Airbus. 
(Reuters, Yahoo Finance, Times of India)
 

Tesla confirms coming to India ‘soon’

Tesla CEO Elon Musk has confirmed that the electric carmaker is looking to invest in India "as soon as humanly possible." This came after Musk met Modi in New York, during the latter’s ongoing US trip. Musk has also said he intends to visit the country in the coming year. It marks a significant development, considering that discussions with the company were on in the past, without concrete moves.
(Reuters, NDTV, Mint, Economic Times, Business Today)
 

Google may start smartphone production in India

Google is in talks with multiple manufacturers to move some production of the Pixel phone to India. The likely candidates bidding to assemble Pixel phones in India include Foxconn (BharatFIH), Lava and Dixon Technologies. Google has not been successful with the sales of its high-end smartphones in India. It follows recent moves of Foxconn (maker of iPhone) to start a manufacturing facility in India and Samsung’s decision to strengthen its India presence further. 
(Bloomberg, Reuters, Yahoo Finance, Hindu Businessline)
 

Piramal Enterprises to exit Shriram Finance

Piramal Enterprises will be exiting Shriram Finance by selling its entire 8.34 percent holding in the company through block deals. Piramal Enterprises had a stake in various Shriram group companies between 2013-2019, including Shriram Transport, Shriram Capital and Shriram City Union. After the merger of various of Shriram Group’s entities into Shriram Finance, Piramal Enterprises decided to make this exit, without being able to completely leverage Shriram Group’s strengths into their own financial services business. 
(Times of India, CNBC TV18, Financial Express)