Latest news with #MIC
Hans India
9 hours ago
- Business
- Hans India
MIC Electronics Signs Strategic MOU with Singapore-Based Neo Semi SG to Explore Entry into Semiconductor & AI Energy Sectors
MIC Electronics Limited (BSE: 532850 | NSE: MICEL), a public-listed company with a strong legacy in smart infrastructure and electronics manufacturing, has signed a preliminary, non-binding Memorandum of Understanding (MOU) with Neo Semi SG Pte. Ltd., a Singapore-based deep-tech platform company. This strategic collaboration signals MIC's entry into fast-evolving, innovation-led sectors including semiconductor IP, AI-driven energy logistics, and circular electronics. Speaking on the announcement, Rakshit Mathur, CEO of MIC Electronics, said, 'This MOU is not just a strategic move, it is a commitment to India's future. By aligning with Neo Semi's deep-tech capabilities and global IP-led platforms, MIC aims to lead the next phase of smart and sustainable technology manufacturing in India. This is in step with India's ambitions to emerge as a global semiconductor and energy innovation powerhouse, and we are proud to be playing a catalytic role in that journey.' The MOU comes at a time when India is accelerating its push toward self-reliance in electronics and renewable energy under flagship initiatives such as Make in India and Aatma Nirbhar Bharat. MIC's move is aligned with the national agenda to strengthen indigenous capabilities in high-technology domains and foster a future-ready manufacturing ecosystem. Through this partnership, MIC aims to tap into next-generation technologies that promote digital inclusion, sustainability, and global competitiveness. Neo Semi SG operates across Singapore, the UAE, India, and the U.S., and is focused on advanced semiconductor IP development through global tech collaborations, AI-powered clean energy logistics, and circular electronics via sustainable recommerce platforms. According to industry estimates, these sectors present a combined global opportunity of over USD 50 billion by FY28. The proposed collaboration seeks to combine Neo Semi's innovation engine and global IP platforms with MIC's execution strength, robust public-sector delivery experience, and its 100,000 sq. ft. certified manufacturing base. Together, the two entities aspire to create a unique Indo-global platform for rapid go-to-market deployment of scalable, ESG-compliant technologies. Under the terms of the MOU, MIC Electronics will have exclusive negotiation rights for 90 days. During this period, both parties will engage in detailed due diligence, financial evaluation, and explore the structuring of definitive agreements. The MOU is non-binding in nature, except for clauses relating to confidentiality and exclusivity. Any future transaction will be subject to board approvals, regulatory consents, and the successful execution of binding agreements. This disclosure is being made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Investors are advised that the current MOU should not be construed as a firm commitment or assurance of a completed acquisition.
Malaysiakini
15 hours ago
- Politics
- Malaysiakini
MIC ropes in Zamri Vinoth to outflank DAP in Indian issues row
MIC and DAP are locked in a war of words over allegations that the Madani government has failed to address the plight of the Indian community. Escalating the row, MIC Youth chief K Arvind enlisted controversial Muslim preacher Zamri Vinoth to spotlight what he called DAP's ineffectiveness.
New Straits Times
3 days ago
- Politics
- New Straits Times
Zahid to MIC: Stay in BN, face challenges together
RAUB: MIC has a promising future in Barisan Nasional (BN) and should remain in the coalition to face future challenges together, said BN chairman Datuk Seri Dr Ahmad Zahid Hamidi. Zahid said MIC, an influential party that champions the interests of the Indian community, has never been sidelined and should not leave BN and the unity government.
GMA Network
5 days ago
- Business
- GMA Network
A look back at Maharlika Fund two years later
Once hailed as a key economic priority of President Ferdinand 'Bongbong' Marcos Jr., the Maharlika Investment Fund (MIF) was a key point in his 2023 State of the Nation Address (SONA), only to be noticeably missing in his 2024 speech, raising questions about its progress. The Philippines' first sovereign wealth fund was signed into law in July 2023 through Republic Act No. 11954, establishing the Maharlika Investment Corporation (MIC)—the state-run entity tasked with managing the fund and investing government assets to generate additional public revenue. 'For strategic financing, some of the nation's high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden,' Marcos said in his SONA in 2023. 'In pooling a small fraction of the considerable but underutilized government funds, the Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program. The gains from the Fund shall be reinvested into the country's economic well-being,' he added. Under the law, the MIC was granted an authorized capital stock of P500 billion, with P375 billion in common shares available for subscription by the national government, its agencies or instrumentalities, government-owned and -controlled corporations (GOCCs), and government financial institutions (GFIs). In November 2023, Rafael Consing — former executive director of the Office of the Presidential Adviser for Investment and Economic Affairs — was appointed as MIC president and chief executive officer. First moves After being skipped in the 2024 SONA, the MIC has made a handful of developments. With just days before the President makes a report to the nation next Monday, July 28, GMA News Online looked at what the MIC has accomplished so far. In January 2025, the MIC made its first investment by acquiring a 20% stake in Synergy Grid and Development Philippines Inc. (SGP), gaining two board seats in the company and another two in the National Grid Corporation of the Philippines (NGCP). A month later the MIC signed a memorandum of understanding (MOU) with Thai conglomerate Charoen Pokphand Group Co. Ltd. (CP Group) that would provide for the establishment of a private equity fund with a capital target of up to $1 billion. 'This partnership will lay the groundwork for a multi-sectoral investment initiative that will drive long-term economic growth while reinforcing the Philippines' position as a premier investment destination,' Consing said in February. Under the agreement, a steering committee would drive project selection, fund structuring, and investor engagement, with the first capital close expected within the next nine to 12 months. Key investment areas include agri-food modernization, digital and e-commerce expansion, and sustainable energy and infrastructure. That same month, the MIC inked another agreement — a $76.4-million bridge loan facility to Makilala Mining Company Inc. (MMCI), the Philippine affiliate of Australia-based Celsius Resources Limited that operates copper and gold projects in the country. 'Our investment decision reflects a shared commitment to the sustainable, inclusive, and regenerative development of the MCB Project,' Consing said. The loan is intended to finance early-stage development works for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB) in Kalinga. This includes updating MMCI's front-end engineering design (FEED), constructing a main access road in collaboration with the Kalinga Provincial Government, and funding skills-based training for the indigenous community. Under the agreement, the facility will be split into two tranches — the first will be available nine months from signing, and the second subject to the completion of the FEED and an updated feasibility study, up to 24 months from signing. The loan carries a 12.5% fixed interest rate compounded quarterly, and gives MIC a right of first offer on any sale or transfer of MMCI's assets and/or shares. In May, the MIC then said it was in preliminary talks with Dubai Ports World to pursue logistics development projects in the Philippines, with an internal study underway to determine how much investments are needed for local port development. Most recently, this July, the MIC signed an MOU with the Department of Information and Communications Technology (DICT) to invest in 'critical digital infrastructure projects' aimed at delivering long-term returns and supporting inclusive growth across geographically isolated and disadvantaged areas (GIDAs). 'By prioritizing digital infrastructure today, we are not only enabling inclusive growth and innovation but also securing opportunities for future generations of Filipinos. Maharlika is proud to play a key role in shaping a more connected, future-ready Philippines,' Consing said. While these developments mark a starting point for the MIC, the agency has yet to announce additional deals. Investment process According to the MIC, its due diligence process to evaluate and select investments includes economic assessment on the broader economic impact and alignment with strategic goals, along with financial assessment on the viability and potential returns of the investment. It also takes into account operational assessment of the feasibility and management capabilities of the investment, sustainability assessment on the environmental and social impact, and legal assessment on compliance with legal and regulatory requirements. Investment proposals are initially reviewed by the Investment Committee, before being presented to the Board for final approval. At the helm of these decisions is the MIC Board, composed of representatives from both the government and the private sector. It is currently chaired by Finance Secretary Ralph Rector and vice-chaired by MIC president and CEO Consing. It counts as members Land Bank of the Philippines president and CEO Ma. Lynette Ortiz, Development Bank of the Philippines president and CEO Michael de Jesus, and independent directors Stephen Anthony CuUnjieng, German Lichauco II, and Roman Felipe Reyes. Moving forward, investors and stakeholders are awaiting whether it will reclaim a spot in Marcos' SONA on July 28, or continue to operate in the background.—BM/LDF/NB, GMA Integrated News
Malaysiakini
6 days ago
- Politics
- Malaysiakini
Indian MPs unite, slam AGC's decision on Muslim preachers
Four Indian MPs from MIC, DAP, and PKR have strongly criticised the Attorney-General's Chambers (AGC) over its decision not to prosecute Muslim preachers Zamri Vinoth and Firdaus Wong. In a rare show of unity, MIC deputy president and Tapah MP M Saravanan, Klang MP V Ganabatirau (DAP), along with PKR MPs P Prabakaran (Batu) and S Kesavan (Sungai Siput), held a joint press conference in Parliament to express their dissatisfaction. The MPs rejected the AGC's explanation of...
