IlluMyFi

CHENNAI: The Ministry of Trade and Industry, Singapore, on Sunday signed a memorandum of understanding with the Tamil Nadu government to invest 5 billion dollars into sustainability and infrastructure sectors at the third Global Investors Meet (GIM 2024) here. In the sectors of renewable energy, waste management, real estate and logistics, Singapore companies such as CapitaLand Investment, ST Telemedia Global Data Centres (STT GDC), Crayon Data, Lionsbot India have signed MoUs with the GuidanceTN, the investment promotion agency of Tamil Nadu government. "CapitaLand has committed to additional investments in Chennai, to be deployed across business parks, logistics, warehouses and a data centre. Lionsbot, which designs and manufactures automated industrial-scale cleaning robots, will partner with top universities in Tamil Nadu to drive the development of engineering and robotics talent. This includes setting up training laboratories and designing hardware and software courses," said Simon Wong, Singapore High Commissioner to India. "The latest pipeline of collaborative initiatives and associated investments show that Singapore companies are strategically building the breadth and depth of their engagement in Tamil Nadu. This is testament to the strong opportunities and investor friendly policies of the state," said Tan Soon Kim, Deputy CEO, EnterpriseSG. "EnterpriseSG is committed to deepening our support for companies interested in entering the market and helping them capture opportunities alongside Tamil Nadu's ambition to be a 1 trillion dollar economy by 2030," he added. In sync with the massive digital adoption in the country, STT GDC India envisages creating additional data centre capacity of up to 80 MV over multiple phases over the next eight to ten years across suitable locations in the state. With a current workforce of 150 AI-ready employees, Crayon Data aims to further enhance its presence in Chennai and create 150 direct and 350 indirect jobs within the next three years. In addition, Lionsbot will set up a new commercial sales team in India, to capture opportunities in the cleaning sector, starting with Chennai.

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13.01.24 01:44

by dtnext.in

Forex reserves fall sharply by $5.89 bn to $617.3 bn: RBI

NEW DELHI: Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have surged $55.72 billion, as per the RBI. In the previous reporting week ended December 29, the reserves rose $2.759 bn to $623.2 bn, the highest so far this fiscal. In the week before that, the reserves increased $4.471 bn to $620.441. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. In October 2021, the forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last year. Foreign currency assets - the single-largest component of the reserves - declined $4.96 billion to $546.65 billion. Gold reserves also declined $839 million to $47.48 billion during the reporting week, while the Special Drawing Rights were down $67 million to $18.29 billion, the RBI said. Gold reserves also declined $839 million to $47.48 billion during the reporting week.BlurbThe reserves took a hit as the central bank stepped in to defend the rupee amid pressures caused primarily by global developments since last yearBlurbHCCB India CEO said this transfer "ensures the right level of investments can be undertaken in all parts of the business for scale, continuity"