In the past week, the business world has witnessed several significant developments. Renowned business houses have actively pursued the advantage of the consumer market by introducing cost-friendly products. Simultaneously, other businesses have been focused on raising capital to support their expansion plans.
In addition, the business world has also seen several companies being fined by regulators for various violations.
Reliance launches Jio Bharat – Affordable 4G Feature Phone for Indian Users
Reliance Jio, the digital division of Indian billionaire Mukesh Ambani, has introduced a new 4G feature phone called Jio Bharat. Priced at 999 rupees ($12.19), this phone offers various internet services such as digital payments with UPI, streaming through JioCinema and JioSaavn.
Image Credits: CNBC TV-18
It is specifically designed for 250 million users in India who are still using 2G networks and wish to upgrade to 4G at an affordable price. Jio Bharat also provides inexpensive tariff plans, starting from 123 rupees ($1.5) per month for 14GB of data and unlimited voice calls.
The phone will be manufactured in India and made available to other phone makers who want to utilize the Jio Bharat Platform. Starting on July 7, the phone will be offered to consumers as part of a beta trial to ensure scalability.
Adani Green Energy to Raise $1.6 Billion through QIP for Expansion Plans
Adani Green Energy Ltd (AGEL), a renewable energy firm owned by the Adani Group, has announced its intention to raise Rs 12,300 crore ($1.6 billion) through a qualified institutional placement (QIP) of equity shares. This move comes as part of the company’s strategy to bounce back from allegations of fraud and manipulation made by a US short-seller in January.
The funds raised will be used to support AGEL’s expansion plans, which involve developing solar and wind power projects in India and other countries. AGEL is among the world’s largest renewable energy companies, with a portfolio of 25 GW of operational and under-construction projects.
This QIP initiative follows similar fundraising efforts by two other Adani Group companies, Adani Enterprises and Adani Transmission are aiming to raise Rs 12,500 crore and Rs 8,500 crore respectively. Additionally, the group has sold shares worth Rs 23,711 crore in four companies to US-based GQG Partners.
Flipkart Partners with Axis Bank to Offer Instant Loans
Flipkart, India’s leading e-commerce platform, has launched a customer lending service in partnership with Axis Bank. The service allows customers to borrow up to Rs 5 lakh ($6,100) with no document submission and a 30-second approval time.
The service is aimed at boosting sales by offering easy and affordable financing options to customers who want to buy products online. Flipkart’s customer lending service is part of its financial services portfolio, which also includes a ‘buy now, pay later’ option and a co-branded credit card.
The service is also part of Flipkart’s comeback strategy after facing allegations of fraud and manipulation by a US short-seller in January. Flipkart’s customer lending service competes with PhonePe, a former subsidiary that spun off from the company last year. PhonePe also offers personal loans and other financial products to its users.
Chinese EV battery market SVOLT Expands with First Plant in Thailand
Chinese battery manufacturer SVOLT, a spin-off from Great Wall Motor, has begun constructing its first plant in Southeast Asia, specifically in Thailand. The facility, situated in Chonburi province, is scheduled to be completed in early 2024.
Once operational, it will have the capacity to produce 60,000 battery modules and packs annually for electric vehicles (EVs). SVOLT aims to tap into the growing EV market in Thailand and the broader region, taking advantage of the Thai government’s goal of making 30 percent of the country’s vehicle production electric by 2030.
Additionally, SVOLT plans to collaborate with local partners to explore energy storage and battery recycling opportunities.
