Adani's Troubles In Mauritius, Tata Steel's Relief In UK And More: Stories From The Weekend You Can't Miss

Adani Investor Gets Licesnse Suspended

A firm linked to two funds that had invested in Adani Group companies lost its licenses in Mauritius due to violations of anti-money laundering laws. The Financial Services Commission (FSC) of Mauritius revoked the licenses of Emerging India Fund Management, which has connections to key investors in Adani group companies. The FSC’s decision was based on the firm’s failure to maintain appropriate anti-money laundering measures, the Indian Express reported.

Tata Steel Wins UK Aid, Cuts UK Jobs

Tata Steel is set to receive £500 million pounds from the UK government to decarbonise its Welsh site. However, this financial aid might result in the loss of around 3,000 jobs. The funds are part of a restructuring plan to make the company’s UK operations more sustainable. Tata Steel had said for some time that without government help, it would have to pull the shutter on its Port Talbot operations.

Micron’s Expansion in India

Micron Technology plans to establish more semiconductor units in India, electronics and IT minister Rajeev Chandrasekhar has said. The US-based company aims to capitalise on the increasing demand for chips and reduce dependency on Asian manufacturing hubs, Mint reported.

Foxconn’s India Plans

Foxconn, a major supplier for Apple, intends to double its workforce and investment in India within the next year. The Taiwan-based company, known as the world’s largest electronics contract manufacturer, has been expanding its operations in southern India. V Lee, Foxconn’s representative in India, shared this vision on LinkedIn, emphasizing the company’s commitment to growth in the region.

Disclaimer: artificial intelligence was used as a secondary aid in the writing of this article.