IKEA Eyes Long-Term Plans
Furniture retailer IKEA has said it has taken a long-term view on its investment in India, according to a report.
The copy has spent 1,000 crore rupees over the past two years in creating infrastructure, including land and distribution centres, ahead of opening its first store in the middle of 2018. It opened a facility in Pune recently.
Luxury Carmaker Mulls Investment
Top Italian carmaker Lamborghini is mulling an investment in Maharashtra for its electric vehicles plans, says a report.
The manufacturer of luxury supercars, sports cars and SUVs is planning an investment in the state with a focus on electric vehicles, a senior Maharashtra Industrial Development Corporation official said.
Kia Motors To Advance Plans
Kia Motors is planning to advance the launch of sales operations in India by a couple of months, according to a report.
The Korean carmaker may unveil at least three-four products by 2021 to take its annual sales to 300,000 units. One of the reasons for advancing the launch is the encouraging response that the company got during the recent Auto Expo in Greater Noida.
Mall Retail Space To Surge
The net demand for retail space in shopping malls is expected to rise 81 per cent this year, a report reveals.
This was driven by strong economic trends and higher purchasing power of young population, a JLL India report said. According to the property consultant’s latest estimates, supply may increase 39 per cent during calendar year 2018 in seven major cities – Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Pune and Hyderabad.
Samsung Sets Sales Target
Samsung India is targeting Samsung India of more than $10 billion this calendar year, says a report.
The Korean company had recorded nearly $9 billion in 2017, senior company executives told business partners during a recent global meet. Sales will be driven by smartphones, premium television and appliances like refrigerators and washing machines, which will be the focus areas of the company this year, officials said.
Britannia Plans New Products
Britannia Industries is mulling around 50 new products under its existing as well as new categories by the end of the next fiscal year, according to a report.
The company will launch dairy products and croissants by October-November this year through its joint venture with Greek cakes and confectionery major Chipita.
This is part of its strategy to be a total food company.
GST Impact Positive For Restaurants
The restaurant industry in Mumbai and Bengaluru feels the impact of Goods and Services Tax (GST) has been largely positive, says a report.
But lack of clarity on restaurant industry remains a major hurdle, according to a survey. More than 70 per cent of the restaurant owners in the two cities believed GST is a positive decision for the industry, while 68 per cent businesses felt it will ease compliance since it is backed by technology, said the survey by Grant Thornton India.
Honda Banks On SUVs
Honda Cars India is eyeing compact SUVs and sedans to build volumes in India, reveals a report.
The Japanese carmaker has had limited success in the small car space. A top company official said the company will plan to take 10 per cent of the market share from the current 5.55% in the future and SUVs can play a critical role in achieving that.
EV Battery Facility Planned
Amperia Lithium Battery Manufacturing is planning to invest 1,210 crore rupees to manufacture lithium batteries for electric vehicles.
It will at Gowribidanur in the neighbouring Chikkaballapur district in Karnataka. The firm will be sourcing the technology from Singapore. The land audit for this investment is completed.