Latest news with #Germany-headquartered
The Hindu
an hour ago
- Automotive
- The Hindu
German firm Festo opens manufacturing plant in Hosur, invests ₹500 crore
Germany-headquartered Festo has inaugurated a state-of-the-art manufacturing plant in Hosur, Tamil Nadu, entailing investments to the tune of ₹500 crore. The plant will initially generate more than 1,000 direct and indirect employment opportunities. There are plans to scale operations and workforce in the coming years. The new plant will focus on the production of advanced pneumatic automation components. This particular facility spans over 75 acres of developed industrial land to serve domestic and global markets with high-precision automation solutions. 'We are immensely proud to celebrate 100 years of Festo by reinforcing our commitment to India through this new facility,' said Thomas Böck, chairman of the management board of Festo. 'This plant not only strengthens our local manufacturing capabilities but also reflects our vision of sustainable growth and technological leadership for the next 100 years.' According to a statement, Festo is strongly positioned in all geographic regions to develop innovative solutions for customers fast and flexibly on site. 'To this end, the company is further expanding its global R&D, global production, and logistics locations, as well as its supply chain. In doing so, Festo is focusing on increasing regionalisation, 'local for local' – also to shorten transport routes and value chains, making them more resilient and minimising emissions,' the statement mentioned. During the Global Investors Meet 2024, the first investors meet of the DMK government, Festo India gave a commitment to establish a greenfield manufacturing facility for pneumatic components in Krishnagiri district with a proposed investment of ₹520 crore, creating over 2,000 jobs. With headquarters in Esslingen am Neckar, Germany, Festo supplies pneumatic and electrical automation technology to 300,000 customers of factory and process automation in over 35 industries. During the year 2024, Festo achieved a turnover of around €3.45 billion.
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First Post
19 hours ago
- Automotive
- First Post
Is China trying to choke Indian auto industry?
Even as China has relaxed its export restrictions on rare earths for other countries, Indian automobile industry has flagged to the government that China has continued to block rare earths' supplies to India. read more Even as China has relaxed its restrictions on the export of rare earths for other countries, it appears to be intentionally blocking supplies to Indian companies. Rare earths and magnets of rare earths are critical for the production of both conventional and electric vehicles. China controls around 90 per cent of 17 elements classified as rare earths. Of these, China has halted the free export of seven minerals entirely and has made licences necessary. STORY CONTINUES BELOW THIS AD The Indian automobile industry has flagged it to the government that China is not issuing licences to Indian companies, according to Mint. Sources in the industry told the newspaper that some foreign automobile companies and manufacturers of parts used in automobiles have been granted licences, but applications of their Indian subsidiaries have either been rejected or put on the backburner. Sources said that 30 Indian companies have applied for rare earths' supplies, but no application has yet been approved and two applications have been rejected. Amid the trade war with the United States, China in April completely halted the export of seven rare earths: dysprosium, gadolinium, lutetium, samarium, scandium, terbium, and yttrium. Beside all cars, these minerals are also used to make semiconductors, medical chemicals, robots, and military hardware. China specifically blocks rare earths' supplies to India: Auto industry Senior executives from Indian auto industry and representatives from auto bodies held a meeting with Kamran Rizvi, the Secretary of the Ministry of Heavy Industries, on May 29, according to Mint. They told Rizvi that even as China is approving rare earth magnet exports to other countries, applications from India have remained stuck, three executives aware of the matter told the newspaper. They said in the meeting the production of conventional as well as electric vehicles could fall as soon as this month if supplies from China do not resume. The newspaper has reported that Germany-headquartered Bosch, Continental Automotive, and Mahle Group have received approvals for their foreign units but their applications from Indian subsidiaries are yet to be accepted. STORY CONTINUES BELOW THIS AD One of the executives told the newspaper that there is no due procedure for the grant of licences and the entire process is arbitrary. 'A supplier's German or US counterpart is getting approvals, but the same supplier's Indian unit is not getting it. There are no written guidelines for applying for a licence. So, something or the other can be missed and they (China) can stop the approval for any flimsy reason,' the executive said. To address the issue, a delegation from Indian auto industry is heading to China, but China has neither fixed a meeting nor granted all delegates visas.
Time of India
4 days ago
- Business
- Time of India
Deutsche Bank elevates Stefan Schaffer as CEO of its India GCC
Germany-headquartered Deutsche Bank has appointed Stefan Schaffer as the new chief executive officer of Deutsche India, its global capability centre (GCC), the bank said in a statement. Schaffer will also be the global chief information officer (CIO) for corporate functions and the head of global technology centres for Deutsche Bank. He takes over from Dilipkumar Khandelwal , who had resigned from the position last month to enter the startup ecosystem. Since January 2023, Schaffer has served as the managing director and head of shared applications and services. 'His initiatives focused on reuse strategies and the development of shared capabilities aligned with the bank's engineering and architecture manifesto—driving simplification and standardisation across the enterprise,' the statement said. Schaffer has spent over five years at the German bank in several senior leadership roles, starting in 2020 as the managing director for central CIO private banking and the head of tech centre in Romania's capital Bucharest. 'With a distinguished global career spanning enterprise technology, start-up innovation, and management consulting, Stefan brings a wealth of experience and a deep understanding of diverse business cultures and complex operational environments,' the statement said adding that the appointment reflects Deutsche Bank's 'ongoing focus on innovation, operational excellence, and underscores the Bank's commitment to India'. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories India has more than 1,760 GCCs employing around 1.9 million, with an average of one to two GCCs being added every week, as per industry body Nasscom's estimates. This is expected to reach 2,200 employing around 2.5-2.8 million by 2029. Multinationals have been promoting their internal talent to boost more leadership roles at their GCCs in India as a government push is focusing on making it easier to operate such centres here. Last week, ET reported that the ministry of electronics and IT has formed an industry-led panel to help boost the growth of GCCs in India by seeking to create the necessary national framework announced in the federal budget. Collectively, GCCs have a revenue base that is already close to a fourth of India's traditional $280-billion-plus technology services outsourcing industry at $64.6 billion. That figure is projected to touch $100 billion by 2030.
Yahoo
7 days ago
- Business
- Yahoo
Mondelez sues Aldi over packaging design claims
Mondelez International is suing the Germany-headquartered discount food retailer Aldi over its packaging designs on snacks that it alleges mimic its own. The US-based snacks and confectionery giant filed the lawsuit at a court in Illinois on Tuesday (27 May), seeking damages and a permanent injunction to block Aldi from using the packaging. Mondelez said in its complaint that Aldi's private-label product packaging "blatantly copies and trades upon the valuable reputation and goodwill Mondelez has developed in its longstanding, highly distinctive, and well-known trade dress for numerous of its cookie and cracker snack products". Aldi declined to comment on the proceedings and claims when contacted by Just Food. Mondelez maintains that the designs are "likely to deceive and confuseconsumers and dilute the distinctive quality of Mondelez's unique product packaging, and if not stopped, threaten to irreparably harm Mondelēz and its valuable brands". It said it had previously contacted Aldi "on numerous occasions" about "confusingly similar packaging" and that Aldi had discontinued the "infringing products in response to Mondelez's objections". Mondelez added: "Defendant discontinued and/or changed certain of these infringing products in response to Mondelez's objections. However, defendant has continued its pattern and practice of selling products in packaging which infringes the trade dress of numerous Mondelez products." In the filing, Mondelez provides images of its allegedly infringed products alongside another column headed "Infringing Aldi Trade Dress" with images of the Aldi brands in similar packaging. The Mondelez brands are Oreo Cookies, Wheat Thins Original, Nutter Butter, Chips Ahoy!, Nilla Wafers and Ritz Crackers and Original Premium Saltine Crackers. They sit opposite Aldi's Original Chocolate Sandwich Cookies With Vanilla Filling, Thin Wheat Original Crackers, Peanut Butter Crème Filled Cookies, Chocolate Chip Cookies, Vanilla Wafers, Golden Round Crackers and Original Saltine Crackers. Price increases made for a difficult first quarter for Mondelez, which saw prices in Europe go up 13.4%. Volumes suffered in the three months to 31 March across all of Mondelez's markets, even though price increases were still being implemented in Europe, Brazil and India in April, May and June, the company said in April. Pricing put in place in the first quarter was 6.6%, with a negative 3.5% impact on volume/mix. "Mondelez sues Aldi over packaging design claims" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Effettua l'accesso per consultare il tuo portafoglio
Yahoo
29-05-2025
- Business
- Yahoo
Deutsche Bank Extends IBM Partnership to Enhance Technology Infrastructure
Deutsche Bank Aktiengesellschaft (NYSE:DB) has extended its alliance with IBM (NYSE:IBM) as it seeks to optimize its operations. The agreement, announced on May 28, 2025, allows the German banking conglomerate to utilize IBM's extensive software portfolio. A business owner discussing commercial business loans with a bank representative. The partnership allows the banking giant to leverage IBM's business and IT automation tools. Others include watsonx AI portfolio and hybrid cloud solutions. This way, the bank can phase out outdated systems, improve return on investment, and enhance customer service. According to Dominic Schulz, Deutsche Bank IBM global managing director, access to IBM's software suite will enable Deutsche Bank to 'analyze its data more deeply, simplify complex business processes, and drive IT automation.' Deutsche Bank and IBM have a longstanding relationship. Before the current partnership, the two companies collaborated to launch Deutsche Bank Labs in 2015. These labs aimed to foster innovation in financial technology (Fintech) by evaluating startups and developing new technologies. In 2017, Deutsche Bank was part of a group that partnered with IBM on a blockchain-based shared Know Your Customer (KYC) proof-of-concept. The current collaboration builds on Deutsche Bank's recent AI initiatives. For instance, the firm revealed a partnership with Singapore-based finaXai on May 26, 2025, to transform tokenized funds servicing. Both partnerships indicate deliberate steps by the bank to leverage cutting-edge technologies to enhance its operations. Deutsche Bank AG (NYSE:DB) is a Germany-headquartered global investment bank and financial services company. It operates in four main segments: Corporate Bank (for financing and transaction banking services), Investment Bank (for risk management, advisory, and capital markets solutions), Private Bank (for serving individual clients with banking and wealth management services), and Asset Management (for investment solutions through its DWS Group). While we acknowledge the potential of Deutsche Bank AG (NYSE:DB) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DB and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
