VinFast to invest $2 bln to set up an integrated EV manufacturing hub in India
VinFast, an electric vehicle manufacturer from Vietnam, plans to invest $2 billion dollars in India, but first a couple of other headlines that caught my attention. Japanese media and tech giant Sony Corp. is planning to call off the merger of its Indian unit with Zee Entertainment, more than two years after the deal was announced, over a disagreement on who will lead the $10 billion entity, Reuters reports, citing a Bloomberg News report from Monday that’s behind a paywall. Sony plans to file a termination notice before the extended Jan. 20 deadline to close the merger, while discussions between Sony and Zee were still ongoing. Wipro's lawsuit against former chief financial officer Jatin Dalal with respect to a non-compete clause in his employment contract was referred to arbitration by the Bengaluru City Civil Court in a hearing on January 3, Moneycontrol reports. The court's decision, thereby, allows the admission of a counter petition moved by Dalal, who’s joined Wipro’s larger rival Cognizant Technology Solutions, according to Moneycontrol. One thing today In one thing today, VinFast, an electric vehicle manufacturer from Vietnam, plans to invest up to $2 billion, to set up an EV plant in India’s southern state of Tamil Nadu, the company said in a press release on Jan. 6, coinciding with the state’s global investor summit. Vinfast, plans to invest $500 million in the first phase of the Project, spanning five years from the commencement date, later this year. The India expansion will help VinFast to seize growth opportunities in the world’s most populous nation and rapidly expanding EV market, the company said in the release. This initiative forms a crucial part of VinFast’s strategy to establish a strong presence in vital markets and strengthen its supply chain for global expansion, the company said. The integrated EV manufacturing facility is to be set up in Thoothukudi, in Tamil Nadu. It is envisioned as evolving into a first-class electric vehicle production hub in the region, with an annual capacity of up to 150,000 units. Construction of the plant is anticipated to begin in 2024. The project is expected to generate between 3,000 and 3,500 jobs, according to VinFast. VinFast also expects to set up a nationwide dealership network in India.