BHARAT FIH
Tech-first brokers hit a snag; Foxconn’s Bharat FIH in trouble
Happy Thursday! Online stock brokers, who used low fees to attract customers, now face an uncertain future with Sebi’s new rules. More on this in today’s ETtech Morning Dispatch.
Foxconn’s Bharat FIH is facing turbulence due to top-level exits
Foxconn group company Bharat FIH is in a rough spot, with three of its independent directors having exited its board in the past three months. Interglobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan have resigned. Sources cited the company’s lack of direction as the main reason for the resignations.
Bharat FIH plans factory reset on board, order woes
Foxconn group's Bharat FIH is facing challenges as it loses key directors and considers closing its Sri City facility due to reduced orders from Xiaomi, its main client. The company's dependence on Xiaomi has led to a decline, with industry watchers noting a lack of diversification. Bharat FIH struggles to pivot to other sectors and compete with PLI benefits offered to competitors like Dixon.
Foxconn’s Bharat FIH looks beyond Xiaomi to offset slump
Bharat FIH diversifies beyond Xiaomi orders at Chennai campus to explore EVs, telecom equipment, and TVs. Leveraging Make in India initiative with PLI benefits, the company aims to support GOI's localization plans and expand capacity based on customer demand.
Big-ticket funding deals in focus; Good Glamm's JV with Serena Williams
Industry executives view this as a notable uptick after the prolonged downturn in funding for technology ventures in India since 2021. While there is a considerable revival in large-size deals, the interest is largely in select good assets which have withstood post-pandemic challenges and continued to grow despite cutting down burn.
Labour's love lost?
Hostels for 60,000 workers are being built in Tamil Nadu's Sriperumbudur as Bharat FIH and other contract manufacturers, such as Foxconn International's India unit, Pegatron, and Tata Electronics, aim to expand iPhone manufacturing in India. The rise in domestic mobile phones and electronics production in India has been fueled by the PLI scheme, resulting in $15 billion worth of exports from April to October 2023. However, the contract labor regime in India has faced worker-led disruptions and concerns of exploitation.
Foxconn arm in India is set to lose its country head Foulger
Foxconn Technology Group is losing its long-time executive, Josh Foulger, who will leave the company after nine years. Foulger, a three-decade veteran in the electronics industry, has helped Taiwanese contract manufacturer Foxconn and its customers, including Xiaomi Corp., expand in India. He worked closely with Xiaomi's former India boss Manu Jain to assemble Xiaomi smartphones in local Foxconn factories.
Fintechs’ lending businesses under stress; banks leverage Bharat Billpay
In a pointer to tough times ahead, fintechs are finding credit lines for small-ticket unsecured loans drying up following a recent central bank diktat.
Foxconn's subsidiary Bharat FIH to pump Rs 400 crore in Indian arm Rising Stars
The capital infusion in Rising Stars Hi Tech is seen as a "long-term investment for working capital and general corporate purposes."
Google’s mega Pixel plan: Talks on with companies to make in India
On Thursday, Alphabet Inc’s chief executive Sundar Pichai announced that his company’s first made-in-India Pixel devices will be rolled out in early 2024, providing a significant boost to the country’s ambitions to emerge as a global electronics manufacturing hub.
High-quality World Cup extravaganza promises to transform hockey into a spectator sport
For years, lack of proper marketing initiatives meant hockey remained a poor cousin to cricket, failing to protect its players and to draw in the crowds. The world cup has changed much of that. Fantastic infrastructure along with fan engagement initiatives have brought the players closer to fans. And, quality television coverage has boosted the viewership as well.
Getting nod for IPOs could take longer as Sebi turns more vigilant
Investment bankers and primary market watchers said the Securities and Exchange Board of India (Sebi) has tightened checks on IPO-bound companies after investors lost money in some of last year's public offers, delaying approvals to launch issues.
Maker of Xiaomi and Nokia phones Bharat FIH gets nod for Rs 5,000 cr IPO
"While we have historically been able to finance our capital expenditure through equity contributions from the promoter selling shareholder, Wonderful Stars, this may not be the case once we are a publicly-listed company. We will have to finance our future growth from internal accruals and through external debt financing and equity fund raising," the company said in its DRHP.
Bharat FIH gets Sebi nod to float IPO
Separately, market regulator SEBI has also sought clarifications from Lava Mobiles for its Rs 1500 crore IPO. The Noida-based smartphone brand and contract manufacturer had filed the draft prospectus in September 2021 that stated a fresh issue of equity shares worth Rs 500 crore, and an offer for sale component of 43,727,603 equity shares.
Foxconn's Bharat FIH gets Sebi nod to float Rs 5,000 cr IPO
The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draft Red Herring Prospectus (DRHP).
Ather ties up with Foxconn-unit Bharat FIH for sourcing EV components
These include printed circuit board (PCB) assemblies for battery management systems, dashboard assembly, peripheral controlling units and drive control modules, as per a statement from the company. The entire supply chain and logistics for these components will be managed by Bharat FIH and it has already begun manufacturing these.
Ather Energy ties up with Foxconn group arm for supply of key components
As part of this partnership, Bharat FIH will be offering a host of manufacturing services that include printed circuit board (PCB) assemblies for battery management systems, dashboard assembly, peripheral controlling units and drive control modules.
Xiaomi India says actively working to localise manufacturing of wearables and hearables
"The initiatives aimed at driving innovation and manufacturing are a great impetus towards aiding the boom of the electronics and telecom industry of the country - helping promote economic growth, create jobs," a company spokesperson said in a statement.
Foxconn's India unit Bharat FIH files DRHP for Rs 5,004 cr IPO
"The board is pleased to announce that the company proposes to spin-off and separately list BFIH, its Indian subsidiary, which is the largest electronics manufacturing services provider in India by share of EMS market revenue, on BSE and NSE, which are the two main stock exchanges in India," as per a statement filed by parent FIH on the Hong Kong Stock Exchange on Wednesday.
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