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MARKETS

Markets: Amidst heightened volatility fueled by the US Fed and RBI's tempered expectations of early rate cuts, Indian equity markets concluded the week lower. Analysts anticipate continued market turbulence, with the last leg of Q3 FY24 earnings releases and the revelation of January inflation figures in India and the US.

BUSINESS

JSW Group to make ₹40,000 Crore Investment in Odisha for EV Facilities

What happened

JSW Group has made a groundbreaking move with a ₹40,000 crore investment in Odisha, targeting the establishment of an integrated electric vehicle (EV) and EV battery manufacturing project.
The deal was signed over the weekend, marking the company's strategic entry into the state amidst fierce competition from other regions.

• Following its joint venture announcement with SAIC Motor Corp. Ltd, this initiative aligns with the company's broader goal of venturing into electric vehicle production. 

• The ambitious project includes a 50 GWH EV battery plant, commercial e-vehicles, passenger electric cars, auto components, lithium refinery, copper smelter, and related manufacturing units. 

Why it matters

The move set to electrify Odisha's economic landscape also holds the key to unlocking unprecedented growth and job opportunities. 

• This substantial investment is set to create a significant economic impact, generating a projected 11,000 jobs—4,000 in Cuttack and 7,000 in Pradip. 

• The project's ripple effect is expected to extend to ancillary and support services, catalysing MSME development and opening avenues in the auto component supply chain and services sector.

• Notably, the integrated complex will house the world's largest single-location electric vehicle and component manufacturing project.

JSW's partnership with the Odisha government will speak of the state's investment-friendly climate and its strategic push toward becoming a leader in India's EV and green technology sectors. 

Zoom out

JSW's investment in Odisha signifies a significant leap towards sustainable growth and innovation in the electric vehicle sector. The company's strategic vision aligns with the state's initiatives, creating a win-win situation for all stakeholders. As Odisha rises in the EV arena, this collaboration paves the way for innovation-led industrial growth and job creation in the region.

BIG MONEY MOVES

Cabinet approves six multi-track projects of Indian Railways worth 12K crores

PM Modi, heading the Cabinet Committee on Economic Affairs, has greenlit six Railways projects, totalling approximately ₹12,343 crore , fully funded by the Central Government. These multi-track initiatives aim to enhance rail operations, ease congestion, and boost infrastructure development across busy sections of Indian Railways.

Aligned with the vision for a self-reliant New India, these projects span 18 districts in Rajasthan, Assam, Telangana, Gujarat, Andhra Pradesh, and Nagaland, extending the railway network by 1020 km.

Tata Sons commits $1 billion boost to its digital arm

Tata Sons is set to inject $1 billion into Tata Digital, the conglomerate’s digital arm, over the next few years, pausing external fundraising for Tata Neu. Recently appointed CEO Naveen Tahilyani aims to enhance operational efficiency and scale up the business.

Tata Sons has already invested $2 billion in Neu, focusing on internal growth before seeking external investors. The move aligns with the trend of prioritising profitability in the current business landscape.

BUSINESS

IPO-Bound Ola Electric Bags PLI Certification 

What happened

Ola Electric is cruising on its IPO journey, and guess what? They just earned a shiny new badge – the Domestic Value Addition (DVA) certification for their S1 Pro (Gen-2) scooter. It's like getting a gold star from the Ministry of Heavy Industries under the Production-Linked Incentive (PLI) scheme.

Earlier, Ola's S1 Air scooter secured the inaugural DVA certification in January, making the company eligible for government subsidies over the next five years.

Why it matters

The PLI certification underscores Ola Electric's prowess in vertically integrated manufacturing, propelling India's shift towards eco-friendly mobility . This move aligns with the government's automotive PLI scheme, fostering localized supply chains, domestic manufacturing, and economies of scale. 

• Ola Electric stands to gain incentives ranging from 13% to 18% of the determined sales value (DSV) of their products for five years, starting from the financial year 2023-24.

• With Ola Electric eyeing a ₹5,500 crore IPO, the company plans to utilize the funds for strategic purposes. This includes expanding the Ola Gigafactory's cell manufacturing subsidiary, settling debts, investing in research and development, and supporting organic growth. 

Zoom out

As Ola Electric charges towards its IPO, the PLI certification adds another feather to its cap, solidifying its position in the evolving electric vehicle landscape.

Furthermore, the company has set aside ₹1226 crore for capacity expansion plans committed to robust and sustainable growth, aligning with the national agenda for clean and efficient mobility.

BIG PICTURE

📱  Xiaomi urges confidence-building measures amid supplier apprehensions

Xiaomi, dominating India's smartphone market with an 18% share, revealed in a letter that its component suppliers are wary of setting up operations in India due to increased government scrutiny of Chinese companies. The letter, responding to an IT ministry query, suggests India provide manufacturing incentives and reduce import tariffs for specific smartphone components. Xiaomi, assembling phones in India with local and imported components, highlights the need for "confidence building" measures to address supplier concerns. 

😐️  Intel makes a statement on India’s semiconductor future

Intel India’s MD, Santosh Viswanathan, confirmed that the tech giant currently has no immediate plans to establish a semiconductor fabrication unit in India. The focus is on supporting ecosystem players under the production-linked incentive (PLI) scheme to boost electronics manufacturing, fostering job creation. Viswanathan highlighted considerations like proximity to clients, supply chain, target markets, shipping rates, and geopolitical stability, emphasizing the complexity and substantial capital required for leading-edge fabs, ranging from $10-20 billion .

BUSINESS

GX and Acme Join Forces to Revolutionize Green Hydrogen and Ammonia Market in India

What happened

Acme Group and Indian Gas Exchange (IGX) just did the ultimate energy high-five by signing a Memorandum of Understanding (MoU) to give the green hydrogen and ammonia market in India a serious boost. 

Acme Group, boasting a robust portfolio exceeding 5GW of renewable-energy capacity in operation and various stages of implementation, is set to leverage its prowess in the green hydrogen and ammonia arena. In synergy with IGX, a key player in establishing liquid tradeable markets for natural gas, the collaboration aims to pioneer a physical trading market for green molecules. 

Why it matters

The MoU spans the entire green hydrogen and ammonia value chain, encompassing production, logistics, supply, and application usage. Rajesh Kumar Mediratta, MD and CEO of IGX, emphasized the joint effort to devise innovative strategies, accelerate adoption, foster economic growth, and advance energy security. 

• The goal is to create a short-term tradeable market, drawing from the collective knowledge and experience in developing similar solutions for the natural gas sector.

• Acme Group's impressive track record includes constructing the world's first green ammonia plant in Bikaner, Rajasthan, in 2021.

• The company is actively pursuing green hydrogen and ammonia projects in India, Oman, and the US, aspiring to reach a portfolio of 10 million metric tonnes per annum (MMTPA) of green ammonia or equivalent hydrogen and derivatives by 2032

With offices and representatives spanning Japan, the Middle East, Europe, and the US, Acme Group is strategically positioned for global marketing and supply of green hydrogen and its derivatives. 

Zoom out

The collaboration between Acme Group and IGX signals a transformative leap towards sustainable energy solutions in India. With a strategic focus on creating a dynamic and transparent market, the partnership aims to reshape the landscape of green hydrogen and ammonia, setting the stage for a cleaner and more sustainable energy future. 

MIRCH MASALA

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