Belden expands operations in India with Phase II of its Pune plant
Belden Incorporated, a leading global supplier of network infrastructure and digitalisation solutions, has marked a significant milestone in its operations in India, with the expansion of its manufacturing facility in Chakan, Pune. This expansion adds to the existing footprint by 19,000 square metres and represents a substantial investment of approximately $40 million (Rs 3.3 billion), reaffirming Belden’s commitment to meeting the region’s burgeoning demand.
The expansion will substantially increase Belden’s production capabilities, allowing the company to meet the rising demands for network and data solutions. With this investment, Belden aims to strengthen its foothold in both domestic and foreign markets. Phase II of the Chakan plant will serve as a hub for delivering high quality products for network infrastructure solutions worldwide.
The expansion of the current manufacturing plant aligns seamlessly with Belden’s substantial investments and capabilities showcased at their Customer Innovation Centre and research and development/engineering facilities in India. It underscores the company’s commitment to excellence, quality and continuous innovation in delivering market-leading solutions.
ONGC Videsh incorporates wholly owned subsidiary in GIFT City
The Navratna company, Oil and Natural Gas Corporation [ONGC] Videsh Limited (OVL) has incorporated a wholly owned subsidiary, OVL Overseas IFSC Limited (OOIL) in GIFT City, Gujarat. This GIFT City entity will function as the Global Treasury Centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step down subsidiaries) spread across 15 countries. Given the business-friendly regulatory environment in GIFT City, OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million metric tonnes of oil and oil equivalent by 2040 from overseas assets.
With India’s first International Financial Services Centre (IFSC) at GIFT City now operational, it will give an option to Indian and overseas multinationals to shift their overseas investments onshore. OOIL will, thus, act as the ONGC Group’s gateway to the world for its overseas ventures and investments.
DP World signs MoUs with Gujarat government to strengthen logistics in India
DP World has signed multiple MoUs worth Rs 250 billion with the Gujarat government, covering the development of new ports, terminals and economic zones, strengthening its commitment to supporting trade in a growing Indian state.
The MoUs, signed at Gandhinagar during the Vibrant Gujarat Global Summit 2024, highlight the state’s prowess as a role model of development and the growth engine of the nation, while leveraging its logistics and maritime infrastructure.
DP World Group chairman and chief executive officer, Sultan Ahmed bin Sulayem exchanged MoUs relating to potential investments in Gujarat with M.K. Das, additional chief secretary, Gujarat government, in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, president of the United Arab Emirates and Prime Minister Narendra Modi as a part of the summit in Gandhinagar.
These MoUs underscore DP World’s commitment to facilitating trade in Gujarat by developing multipurpose deep draught ports in South Gujarat and around the western coast of Gujarat towards Kutch, special economic zones in Jamnagar and Kutch, Gati Shakti Cargo Terminals and private freight stations at Dahej, Vadodara, Rajkot, Bedi and Morbi.
DP World has also signed an MoU with the Gujarat Maritime Board to jointly identify opportunities to develop additional ports along the Gujarat coast.
MGL announces incorporation of Mahanagar LNG Private Limited
Mahanagar Gas Limited (MGL), one of the largest city gas distribution companies in India, announced the incorporation of Mahanagar LNG Private Limited, its joint venture with Baidyanath LNG Private Limited, the first company to set up liquefied natural gas (LNG) retailing outlets in India. The joint venture company will focus on developing LNG infrastructure, catering to the increasing demand for clean and sustainable energy solutions for the long-haul and close-loop transportation segments, which will result in the decarbonisation of the trucking industry.
The partnership between the two companies aims to help long-haul heavy-duty vehicles replace diesel with LNG, reducing carbon emissions and increasing fuel efficiency. Foraying into the adjacent areas, the joint venture aims to set up six LNG stations in Maharashtra in the first phase and subsequently expand its footprint pan-India.