Latest news with #Industries
Yahoo
17 hours ago
- Business
- Yahoo
Solar panel maker Meyer Burger's German subsidiaries file for insolvency
Swiss solar panel manufacturer Meyer Burger Technology has announced that its German subsidiaries, Meyer Burger (Industries) and Meyer Burger (Germany), have commenced insolvency proceedings. The move comes amidst unsuccessful restructuring efforts to maintain operations at the facilities located in the cities of Bitterfeld-Wolfen and Hohenstein-Ernstthal. The Bitterfeld-Wolfen facility in Saxony-Anhalt employs 331 people in solar cell production. The Hohenstein-Ernstthal in Saxony employs 289 people in mechanical engineering and technology development. Efforts to keep the German facilities operational will continue as part of the insolvency proceedings, in collaboration with a provisional insolvency administrator to be appointed by the court. This development follows a request by the company, based in Thun, Switzerland, for an extension to present its financial results for 2024, against the backdrop of ongoing financing talks aimed at restructuring. Subsidiaries in Switzerland and the US will be retained. Meyer Burger (Switzerland), with 60 employees, will continue its activities, while Meyer Burger (Americas) will exist as a company although it laid off all 282 employees on 29 May 2025 and halted production at its Goodyear, Arizona facility. Solar module production at the Goodyear facility was halted due to funding issues and raw material shortages. The closure of US production, which had an annual capacity of 1.4GW, casts uncertainty on the future of the site. Meyer Burger is still in discussions with an ad hoc group of bondholders regarding the restructuring. This impacts two convertible bonds issued by MBT Systems, guaranteed by Meyer Burger Technology and due in 2027 and 2029. In 2024, Meyer Burger decided to close its solar module production in Freiberg, Germany, from March 2024 in a bid to avoid more losses in Europe. "Solar panel maker Meyer Burger's German subsidiaries file for insolvency" was originally created and published by Power Technology, 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. 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
Business Upturn
18 hours ago
- Business
- Business Upturn
Dubai Retains Global Top Spot for Attracting Greenfield FDI Projects in Cultural and Creative Industries in 2024
Dubai, United Arab Emirates: (Dubai Culture) Dubai has maintained its first place as the world's leading destination for greenfield foreign direct investment (FDI) in the cultural and creative industries (CCI), topping the Financial Times' fDi Markets ranking for the third consecutive year. This press release features multimedia. View the full release here: Results of Foreign Direct Investment in Cultural and Creative Industries for the Year 2024 (Infographic: AETOSWire) The 2024 report, which assessed 233 cities under the 'Creative Industries Cluster' classification, placed Dubai ahead of global hubs such as London and Singapore. During the year, the emirate attracted 971 CCI projects—an 8% increase from 2023—bringing in AED 18.86 billion in capital inflows, up nearly 60% from 2023, and generating 23,517 new jobs, a 9% year-on-year rise. All major CCI subsectors saw stronger performance, with notable growth in advertising and PR, film and media production, gaming, education, and advanced software design. According to the Dubai FDI Monitor, greenfield, wholly-owned ventures made up 76.5% of all projects, while new forms of investment represented 15.4%, reinvestment 5.6%, and mergers & acquisitions (2.4%). Data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics show that the United States accounted for the largest share of capital inflows in 2024, at 23.2%, followed by India (13.4%), the United Kingdom (9.4%), Switzerland (7.6%), and Saudi Arabia (4.8%). India led in both the number of projects (18.8%) and jobs (18.5%), while the UK, US, Germany, Italy, and France also featured prominently across both metrics. Investor confidence continues to be driven by Dubai's pro-business reforms, including Executive Council Resolution 11 of 2025, which enables free zone businesses to operate onshore, expanding commercial flexibility. The city's Zero Government Bureaucracy programme is also reducing red tape across more than 2,000 federal procedures. Combined with strong intellectual property protections and advanced digital infrastructure, these initiatives have helped establish a regulatory framework marked by efficiency, transparency, and ease of doing business. Insights from the 'Creative Dubai: Navigating Tomorrow's Creative Landscape' report illustrate how this ecosystem is scaling with demand, pinpointing investment opportunity hotspots in design, immersive media and AI-driven production. Dubai continues to offer investors access to top-tier talent, competitive setup costs, and strategic connectivity. The 2024 FDI results underscore the city's rise as a global hub for innovation and one of the world's most attractive environments for creative enterprise. *Source: AETOSWire View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
India Gazette
3 days ago
- Business
- India Gazette
Gujarat CM Bhupendra Patel holds meeting with Sweden's Consul General
Gandhinagar (Gujarat) [India], May 30 (ANI): Chief Minister Bhupendra Patel held a meeting with the Consul General of Sweden (based in Mumbai) Sven Ostberg, along with representatives from around eleven Swedish companies and industrial leaders. This meeting was organised to strengthen the Investor Facilitation Mechanism, which promotes investments and collaborations across various sectors between the Government of Gujarat and Sweden. During the discussion, Chief Minister Bhupendra Patel highlighted that Gujarat continues to derive substantial benefits from the visionary leadership of Prime Minister Narendra Modi. He stated that Gujarat, under the guidance of the Prime Minister, has emerged as a policy-driven and proactive governance model, becoming the first choice for investors from India and abroad. He mentioned that Gujarat provides such an encouraging, peaceful atmosphere and robust infrastructure that once people come to Gujarat for industrial investment, they do not consider any other place for investment. CM outlined how Gujarat has assumed a leadership role under the guidance of the Prime Minister in key areas such as renewable energy and green growth. He assured the Swedish investors of the State Government's full support and cooperation in these sectors, along with the timely and appropriate resolution of all matters, whether minor or significant. The Swedish industry leaders expressed their gratitude to CM Patel for the support extended by the State Government and conveyed their expectation that such dynamic cooperation would continue in the future as well. Consul General Sven Ostberg stated that approximately 60 Swedish industries and companies currently operate in Gujarat across various sectors, providing employment opportunities to nearly 11,000 individuals. He further noted that Swedish companies are actively contributing to Prime Minister Shri Narendra Modi's vision of 'Make in India, Made for the World,' and reiterated this point during his interaction with the Chief Minister. The meeting was attended by Additional Chief Secretary Manoj Kumar Das; Principal Secretary of Industries Mamta Verma; Commissioner of Industries P. Swaroop; Secretary Dr Vikrant Pandey, and other senior officials. (ANI)
India Today
6 days ago
- Automotive
- India Today
Belrise Industries share price: Stock lists below expectations with 11% premium
Belrise Industries made its stock market debut on Wednesday, but the listing was not as strong as many investors had hoped. While the shares opened with a gain, the listing premium was lower than what was expected from the grey market company's shares listed at Rs 100 on the BSE, which is an 11.11% rise over the issue price of Rs 90. On the NSE, the stock started trading at Rs 98.50, which is a gain of 9.44%. Though this shows a positive start, it is lower than the estimated 21% to 23% premium that the grey market had suggested before the Industries had fixed its IPO price band between Rs 85 and Rs 90 per share. The IPO was open for bidding from May 21 to May 23. The company raised Rs 2,150 crore through the public issue by offering 23,88,88,888 equity of the stock listing, the company's shares were trading at a grey market premium (GMP) of Rs 20 to Rs 21 per share. On the last day of the IPO bidding, the GMP had gone up to around Rs 28, showing that there were high expectations for a strong the lower-than-expected listing price, the IPO had received very strong interest from investors. It was oversubscribed 41.30 times, with about 25.35 lakh applications. In total, bids worth around Rs 65,920 crore were the categories, qualified institutional buyers showed the most interest, subscribing to the issue 108.35 times. Non-institutional investors subscribed 38.33 times, while retail investors subscribed 4.22 Industries, founded in 1988 and based in Waluj, Maharashtra, makes parts for the automobile sector. The company supplies automotive components such as sheet metal parts, casting parts, plastic components, suspension systems, and mirror systems. These are used in two-wheelers, three-wheelers, and company's strong base in the automobile supply chain and its wide product range have helped it gain a good position in the market. However, the listing price shows that investor mood can still change based on other market IPO was managed by SBI Capital Markets, HSBC Securities & Capital Markets, Axis Capital, and Jefferies India. MUFG Intime India was the registrar for the brokerage firms gave a positive view on the IPO based on the company's business and growth The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
India Today
6 days ago
- Automotive
- India Today
Belrise Industries listing: Will the stock make strong market debut? Check GMP
Shares of Belrise Industries will make their debut on Wednesday after having seen bidding over 40 times, indicating strong interest from investors. The allotment for Belrise Industries was completed on Monday, May 26, and investors who have received the shares will be hoping for a bumper debut for the public issue. The company planned to raise Rs 2,150 crore through the IPO, which was entirely a fresh issue of 23.89 crore equity Industries IPO received a good response from all types of investors. By the end of the three-day bidding period on May 23, it was subscribed 43.14 times. The retail category was subscribed 4.52 times, while qualified institutional buyers (QIBs) booked 112.63 times the shares reserved for them. Non-institutional investors (NIIs) showed solid interest too, with a subscription of 40.58 price band for the IPO was set between Rs 85 and Rs 90 per DATE AND GMPThe grey market premium (GMP) has fallen after increasing in the past few days. As of the morning of May 28, the last reported GMP for Belrise Industries IPO was Rs the upper price band at Rs 90, the estimated listing price is around Rs 111 per share. This means the shares could list at a premium of about 23.33% over the issue price, depending on market Industries, formerly known as Badve Engineering, was established in 1988. The company is a key supplier of automotive components in India. It manufactures sheet metal parts, casting components, polymer products, suspension systems, and mirror assemblies. These parts are used in two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles. advertisement
