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A major milestone has emerged for Pakistan’s automobile industry, as ADM Group has announced a $250 million investment for the manufacturing of electric vehicles in Pakistan.
This understanding was reached at a meeting between Minister for Industries and Production Rana Tanveer Hussain and the Chief Executive Officer of the ADM Group in Islamabad today, as reported by the Information Ministry.
The CEO of ADM Group briefed the Minister that charging network stations will be established in the first phase of the project, while manufacturing of the electric vehicles will commence in the second phase.
He informed that an electric vehicle can cover a distance of 300 kilometers on one charge.
The Minister, on the occasion, assured all possible facilitation to attract Foreign Direct Investment.
He said electric vehicles have become a reality due to the focus on green energy and are cheaper than other automobiles.
Ambuja Cement will establish this facility with a 6 MTPA (million tonnes per annum) capacity.
Ambuja Cement Ltd (ACL) on Saturday announced an investment of around Rs 1,600 crore in Bihar to set up a cement grinding unit at Warisaliganj in Nawada district. The Adani Group-owned company will establish this unit with a 6 MTPA (million tonnes per annum) capacity.
The 6 MTPA Warisaliganj cement grinding unit is the first venture in Bihar of ACL, which is aggressively expanding its capacity in the country, according to a statement from the Adani Cement entity.
“The Warisaliganj Cement Grinding Unit, a standalone facility with an overall capacity of 6 MTPA (million tonnes per annum), will be established at an investment of nearly Rs 1,600 crore,” it said.
With this announcement, the billionaire Gautam Adani-led firm has become “the largest investment in the state by a cement industry player”.
“The project will meet the growing infrastructure needs of Bihar, aligning with priorities outlined in the recent Union Budget,” it said.
In the latest Union Budget 2024-25, the Narendra Modi-led government unveiled big-ticket projects for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects, including funding for three expressways, a power plant, heritage corridors and new airports and sports infrastructure.
Finance Minister Nirmala Sitharaman announced Centre’s support for the development of three Expressway projects — Patna-Purnea, Buxar-Bhagalpur, and Bodhgaya, Rajgir, Vaishali and Darbhanga, and an additional two-lane bridge over river Ganga at Buxar.
These four projects will have a total cost of Rs 26,000 crore.
The Adani group firm said it will execute its cement grinding unit project in phases, with the first phase being commissioned by December next year.
“The project will be implemented in three phases with first phase of 2.4 MTPA at an investment of Rs 1,100 crore is targeted to be commissioned by December 2025. Adequate provisioning of land for future expansion is in place, which will be commissioned in due course at much lower capex,” ACL said.
The project will be located in Mosama village, Tehsil Warisaliganj, District Nawada, Bihar and the site is well-connected by road and rail network.
Moreover, this project will contribute “approximately Rs 250 crore per year to the state’s fiscal revenue” and create 250 direct jobs and 1,000 indirect jobs.
Bihar Industrial Area Development Authority (BIADA), the state agency, has already allotted 67.90 acres of land for this cement unit for which environmental clearance has been obtained for work on the site.
Pranav Adani, Managing Director (Agro, Oil & Gas) and Director, Adani Enterprises Limited, said: “We look forward to collaborating with the state government, authorities, and local communities on this and future projects. State government’s support in fast tracking and provisioning of all permits has made this landmark investment possible in short time.” Adani Group is the second largest cement maker. It had recently announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs 10,422 crore, which will add 14 MTPA, taking its capacity to 93 MTPA.
The group aims to achieve a 140 MTPA capacity by FY28 and is aggressively expanding organically through capacity expansion at the existing units and also going for acquisitions. Through Ambuja, it also controls ACC Ltd and acquired MyHome Industries and Sanghi Industries in 2023.
Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal visited Chengdu city in Sichuan, China, and had a comprehensive tour of the Chengdu High Tech Development Zone (CDHT).
According to a press release issued by the Planning Commission on Saturday, the minister also met with Chengdu-based entrepreneurs, businessmen interested in becoming part of Phase-II of the China-Pakistan Economic Corridor (CPEC), and members of the Pakistani diaspora.
During the minister’s tour of CDHT, he was briefed by Chengdu Municipal leaders and zonal officials on the High-Tech Development Zone’s history, development profile, special policies to attract both domestic and foreign investment, and pillar industries.
The CDHT, established in 1988, is one of the first national high-tech zones in China. In 2023, the CDHT realised a zonal GDP of over $43 billion.
Covering an area of 237sq km, the zone includes a financial district, biotechnology city, and a science and technology park, employing more than 750,000 people, and registering over 4,300 enterprises.
The minister thanked the local officials for their briefing and invited them to participate in Pakistan’s development, especially vis-à-vis CPEC Phase-II, and to develop technology parks in Pakistan, sharing their valuable experiences and expertise.
The minister also invited relevant experts to visit Pakistan and engage with authorities and businesses so that meaningful cooperation could take place. This was greeted positively by both the municipal leaders and zonal officials.
During interaction with Chengdu entrepreneurs and businessmen, on invitation by the minister, the businessmen shared their suggestions on how the Pakistani government could further facilitate them in expanding their operations in Pakistan, bring more investment into the country, hire more Pakistanis, and increase foreign exchange earnings.
In the minister’s exchange with the Pakistani diaspora, those present shared their achievements and desire to return to Pakistan and contribute positively, the statement added.
Published in The Express Tribune, June 2nd, 2024.
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MUMBAI: Sweden-based private equity firm EQT has closed a new $1.6 billion Asia-focused fund, and India is expected to get the largest share of capital allotment from it, the company said in response to queries. The PE firm raised more capital than its initial estimated target of $750 million.
EQT plans to bet on the healthcare, financial services and technology sectors in India and the market has bagged two of the fund’s four investments so far.In Dec last year, EQT had acquired a majority stake in Chennai’s Indium Software from existing shareholders . The broader strategy will be to invest in high-growth mid-market companies across Asia. Private markets in the region remain relatively underserved – in 2023 only 9% of the capital raised went to Asia-focused funds. “This dedicated strategy aims to help address this financing gap. The region is the epicentre of global growth, expected to contribute 60% of global GDP by the end of 2024,” EQT said in a statement . Besides India, Japan, Australia and Southeast Asia will be the other areas of focus for the fund.