The Indian authorities again searched the India unit of a Chinese company, which led to criticism from the Chinese authorities. Amid global supply chain disruption, electronics manufacturers’ ever-growing inventories may become a new pressure.
Vivo India files petition to challenge bank account freeze
After the Enforcement Directorate (ED) of India raided 44 Vivo India locations as part of a money laundering investigation and frozen its bank account, Vivo India filed a petition with the Delhi High Court, saying the ED’s actions damaged its reputation and damage Vivo India’s business. corresponding The economic times. TechCrunch reported that the Chinese Embassy in India has criticized the Indian authorities for frequent investigations into Chinese companies in India.
Consumer electronics companies are under inflationary and destocking pressures
The economic timesciting executives from consumer electronics companies, reported that the industry increased production from July in preparation for the upcoming holiday season, which usually falls between September and November. However, the industry will not increase production until August, the first time in five years. Consumer electronics and home appliances production is at 75-85% of original targets as inventories have built up and consumers are holding back spending due to inflation.
Adani offers 5G spectrum for private network
Corresponding PTIAdani Group, owned by billionaire Gautam Adani, confirmed it would bid for 5G spectrum and build a private network to support its infrastructure business, including airports, ports, logistics, power generation, transmission and distribution.
Tata Motors aims to sell 50,000 electric vehicles in fiscal 2023
Corresponding ReutersTata Group CEO N. Chandrasekaran aims to increase EV sales from 19,105 units in fiscal 2022 to 50,000 in fiscal 2023 and double in fiscal 2024. of EV market share in India.
Tata Power builds mega solar power plant in Tamil Nadu
According to Tata Power’s press release, the company has signed a Memorandum of Understanding with the Government of Tamil Nadu to invest INR 30 billion (US$3.8 billion) to build a 4GW solar cell and 4GW solar cell plant in Tirunelveli. to set up a solar module factory that will create direct or indirect jobs for over 2,000 people. The Tirunelveli plant will integrate bifacial mono PERC technology with n-type tunnel oxide passivated contacts (TOPCON) technology and will be Tata Power’s second plant after the Bangalore plant, which has a module capacity of 635 MW The solar cell and module factory built has a cell output of 500 MW.