Morning Buzz: Tesla to start India imports, Toyota to set up third plant in India, and more

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

By Samar Srivastava Forbes India Staff

Published: Nov 22, 2023 09:43:05 AM IST

Updated: Nov 22, 2023 10:12:27 AM IST

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Image: Shutterstock

Tesla to start India imports from next year

The government is close to announcing an agreement that would allow Tesla to ship cars to India from next year and set up a manufacturing plant in two years. Tesla would have to commit to an investment of $2 billion and purchases of auto parts of $15 billion from India. It would also make some batteries in India.

(Business Standard)

Toyota plans to set up third plant in India

Toyota plans to invest Rs 3300 crore to build its third manufacturing facility and has signed a memorandum of understanding to build a 100,000 vehicle a year plant. The new plant would be within its existing Bidadi facility. The new plant will start production in 2026.

(Economic Times, Mint, Financial Express)

Byju’s gets Rs 9,362 crore demand from enforcement directorate

The Enforcement Directorate has issued a Rs 9,362 crore demand to Byju’s for violations of the Foreign Exchange Management Act. This comes as the company failed to submit documents against advance remittances and for delaying filing documents for foreign investment received in the company. The company said it has not received any communication from the Enforcement Directorate.

(Mint)

Jindal Power will not bid for GoFirst

Jindal Power, which was the only company that had submitted a bid for GoFirst, has decided not to go ahead with the bid. The company is said to have put in a bid mainly to check the financials of the airline and to get access to data. The deadline for bids is also unlikely to be accepted. The next step is likely to be winding up of the airline.

(Times of India, Economic Times)