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Business Economy


Punjab govt in talks with Japan to launch EV buses based on quick charge lithium ion batteries

Chandigarh, Dec 2 (UNI) Punjab Government is in talks with Japan to launch Electric Vehicle (EV) buses based on the Japanese model of state-of-the-art quick charge Lithium ion batteries, beginning with a pilot of five buses in the Chandigarh-Patiala.
The government will take forward the discussions on the Japanese EV Corridor during the forthcoming Progressive Punjab Investors Summit 2019, in which Japan External Trade Organization (JETRO), a Japanese government-related organization, is partnering for the country session. JETRO promotes mutually beneficial trade and investment between Japanese organizations and other countries.
A delegation led by the Japanese Ambassador to India will attend the summit, which will also see participation from key stakeholders from Mitsui, SML Isuzu, Mitsubishi and Yanmar, according to Vini Mahajan, Additional Chief Secretary, Investment Promotion and Addtional Chief Secretary, Industries and Commerce, Punjab.
Punjab is also pursuing for a Centre of Excellence in advanced and emerging technologies (i.e AI/IoT) with Ministry of Electronics and Information Technology (MEIT), India envisaged under the umbrella MOU between METI, Japan and MEIT, India, said Vini.
Taking advantage of the favourable industrial and investment climate in the state, and the ease of business promoted by the new industrial policy of the Capt Amarinder Singh government, Japan has undertaken significant investment in the state in recent months, particularly in the automobile sector.
Recently, in August, Ludhiana-based Vardhman Special Steels Ltd received a capital infusion of approximately Rs 500 million from Japan’s Aichi Steel Corp, which acquired 11.4 per cent stake in the Indian Steel major. Vardhman’s Ludhiana plant will supply special steel components to Toyota’s Chennai plant for manufacturing Toyota Automobiles. They will develop special steel grades for automotive companies in India to help fill the gap of providing substitution of steel that is currently being imported.
In September 2018, Sumitomo Corp., which holds over 50 per cent stake in SML ISUZU, invested Rs 200 crore in technology, product development and expanding production capacity to 25,000 units per shift from 15,000 units at its Nawanshahar plant in Punjab.
Other Japanese companies that have invested in Punjab’s automobile industry are Yanmar Holding, which owns over 20 per cent stake in International Tractors Limited (commonly known as Sonalika), the biggest tractor manufacturers in the country. They are now planning to launch new hybrid Tractors in India - Micro Hybrid, Mild Hybrid and Plug-In Hybrid (three variants).
Further, New Swan Technologies, a leading Punjab-based manufacturer of fine blank, metal sheet parts and sub-assemblies, has entered into a technology collaboration with Gunma Seiko for manufacturing of precision Cold forging components for Automotive and General industry.
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Bullion Market closing rates

06 Jun 2020 | 4:52 PM

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Coal India Arm Western Coalfields opens 3 new coal mines

Coal India Arm Western Coalfields opens 3 new coal mines

06 Jun 2020 | 4:21 PM

New Delhi, Jun 6 (UNI) Coal India Subsidiary Western Coalfields Ltd (WCL) opened three new coal mines in Maharashtra and Madhya Pradesh on Saturday having combined annual production capacity of 2.9 million tonnes.

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Silver Lake, co-investors to invest additional  Rs 4,546 80 cr in Jio platforms

Silver Lake, co-investors to invest additional Rs 4,546 80 cr in Jio platforms

06 Jun 2020 | 4:20 PM

Mumbai, Jun 6 (UNI) Reliance Industries Limited and Jio Platforms Limited said that Silver Lake and its co-investors will invest an additional Rs 4,546.80 crore in Jio Platforms, in addition to the Rs 5,655.75 crore of investment by Silver Lake announced on May 4, 2020.

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CII lauds launching of online portal for job vacancies by  CM, welcomes initiative of Labour Dept

CII lauds launching of online portal for job vacancies by CM, welcomes initiative of Labour Dept

06 Jun 2020 | 3:03 PM

Panaji, Jun 6 (UNI) Confederation of Indian Industries (CII) has welcomed the launching of online portal for job vacancies and has also welcomed the initiatives taken by the Labour Department.

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AIBEA will oppose any move to privatize banks by Centre

AIBEA will oppose any move to privatize banks by Centre

06 Jun 2020 | 3:00 PM

Hyderabad, Jun 6 (UNI) In the wake of reports published in a section of media for the past two days about reported move of privatization of some banks and permit more and more private capital in banking sector, All India Bank Employees' Association (AIBEA) on Saturday said it would oppose any move by the Centre in this regard.

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