Apple Suppliers Ink $4.4B Deal In Tamil Nadu, TCS And Other IT Firms Set For Bleak Q3 And More News From The Weekend You Can't Miss

Tamil Nadu Secures Major Investments

India’s Tamil Nadu state has signed investment pacts worth over $4.39 billion with companies like Tata Electronics, Pegatron and Hyundai Motors.

These investments are expected to create thousands of jobs and boost the state’s economy. Tata Electronics committed to investing ₹12080 crore for mobile phone assembly, while Pegatron will invest 1000 crore rupees to expand production. Additionally, Tata Power plans significant investments in the state, including in renewable energy projects.

Hyundai Motors has also committed 6,180 billion rupees, partly for electric vehicle (EV) battery and car manufacturing. The state’s investment summit also saw agreements with Vietnamese EV maker VinFast and Nike shoemaker Hong Fu, further bolstering Tamil Nadu’s position as a major investment hub in India.

India Enhances Pharmaceutical Manufacturing Standards

India has introduced new manufacturing standards for pharmaceutical companies following overseas deaths linked to Indian-made drugs.

The government’s notification requires manufacturers to ensure the quality, safety, and efficacy of their products. Large drugmakers have six months, and small manufacturers have 12 months to comply with these new standards.

Health ministry inspections found that less than a quarter of India’s small drug factories meet WHO standards. The move aims to enhance drug safety and maintain the reputation of India’s $50 billion pharmaceutical industry.

The WHO has linked Indian cough syrups to the deaths of children in several countries, prompting these stringent measures.

IT Companies to Report Soft Q3

Indian IT companies are expected to report a softer third quarter due to higher furloughs impacting revenue growth.

Major companies like Tata Consultancy Services and Infosys are set to declare their Q3 results soon. The IT sector is facing challenges due to increased scrutiny on discretionary spending and cost optimisation by clients.

The demand outlook remains unchanged, with companies continuing to focus on cost-effective solutions. The IT industry is navigating a period of cautious spending, reflecting broader economic trends.

Reliance Industries’ Investment in Tamil Nadu

Reliance Industries plans to invest in renewable energy and green hydrogen in Tamil Nadu.

Mukesh Ambani announced the investment at the Tamil Nadu Global Investors Meet-2024. The investment includes establishing nearly 1,300 retail stores and a significant digital infrastructure through Jio.

The investment is part of Reliance’s commitment to sustainable development and combating climate change. This move aligns with Tamil Nadu’s growth strategy and positions the state as a leader in renewable energy.

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