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CG Power and Industrial Solutions on Wednesday said it has received approval from the Committee on Foreign Investment in the United States for a USD 36 million deal to acquire the Radio Frequency (RF) components business of Japan-based Renesas Electronics Corporation. "The regulatory approval from the Committee on Foreign Investment in the United States has been obtained on 10th March, 2025 and received by us on 11th March, 2025," a regulatory filing said. Earlier in October, CG Power and Industrial Solutions has inked a pact to acquire the Radio Frequency (RF) components business of Japan-based Renesas Electronics Corporation for a cash consideration of USD 36 million. An asset purchase agreement was executed on October 4, 2024 between CG and Renesas Electronics America Inc, a subsidiary of Renesas, and other affiliated entities of Renesas, that have assets in the RF components business. As per the pact, Murugappa Group firm CG Power will acquire Intellectual Property (IP), tangib
The Indian electronics and electrical industry should look at increasing exports to USD 100 billion over the next 5-7 years, Commerce and Industry Minister Piyush Goyal said on Monday. He said the export volume of electronic goods ranks second in the country against 167th in 2015. In January, the export volume of electronic goods was USD 3 billion. Look at increasing exports to "USD 100 billion in the next 5-7 years", he said at the 16th Edition of ELECRAMA, organised by the Indian Electrical And Electronics Manufacturer's Association (IEEMA) here. The minister also said India's electronic goods industry must work together towards more resilient supply chains, upgrade quality standards and provide high-quality goods and services to the world at competitive rates. He urged the participants to work together to bring competitive advantages to the manufacturing sector. The minister stressed that the industry has a responsibility to ensure that consumers are provided better deals. He
The cloud market and global capability centres (GCC) are among the fast-growing segments of India's digital economy which is expected to drive a fifth of national GDP by 2030, a report by MEITy has said. The report, prepared by the Indian Council for Research on International Economic Relations (ICRIER) and the Ministry of Electronics and Information Technology (MEITy), said India's digital economy was equivalent to Rs 31.64 lakh crore in GDP in 2022-23. While the traditional ICT (Information and Communications Technology) sector remains the largest component of the digital economy, digital platforms and the digitalisation of brick-and-mortar sectors are growing rapidly, the report pointed out. The country's cloud market, which accounted for 1.1-1.2 per cent of the global market in 2020-23, and GCCs (global capability centres) were named some of the fastest-growing segments of the digital economy. "India's digital economy is expected to grow almost twice as fast as the overall ...
Indian firms in the electronics, solar, and electric vehicle (EV) sectors are experiencing delays and disruptions due to China's restrictions on export of key inputs and machinery, economic think tank GTRI said on Thursday. It said the curbs could be China's response to India's restrictions on Chinese investments and visas. "This also signals deeper geopolitical tensions and trade war. We hope India-specific restrictions go away soon as they will also hurt China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He added that while these measures impact India's electronics, solar, and EV sectors, they are also harmful to China's own manufacturing and exports. "Indian firms in electronics, solar, and EV sectors are facing delays and disruptions as China blocks exports of inputs and machinery," it said. India must stay firm against unreasonable demands from China and focus on building local manufacturing capabilities and diversifying supply chains, he ...
The appliances and consumer electronics industry has urged the government to bring a second round of the Production-Linked Incentive (PLI) scheme for high-value components like compressors and motors and rationalise taxes. It has also asked for reductions in tariffs on imports, which will help to make the products competitive in the global market, said industry body Consumer Electronics & Appliances Manufacturers Association (CEAMA). "We, over a period of time, need to reduce the taxes. We need to reduce our tariffs so that our manufacturers can become competitive. We have a large base and we should be manufacturing for the world," said CEAMA President Sunil Vachani. Besides, he also suggested creating large centres of excellence along the coastal areas, "where we can offer plug and play facilities to our MSMEs and offer land at attractive rates to a large corporate". This will help build export competitiveness, Vachani added while speaking at the 45th annual functions of ...
Any reduction in the customs duty on smartphone parts in the forthcoming budget will harm India's developing component ecosystem, discourage investment, increase imports, and make local firms uncompetitive, potentially resulting in job losses, think tank GTRI said on Tuesday. India's smartphone industry is a 'Make in India' success story, with 2023-24 production reaching USD 49.2 billion and exports at USD 15.6 billion, making smartphones the fourth-largest export after diesel, aviation fuel, and polished diamonds. However, a few industry groups are pushing for further import tariff cuts on smartphone components in the Union Budget for FY26. The Global Trade Research Initiative (GTRI) warns that this could harm India's growing local manufacturing ecosystem and long-term ambitions in electronics. "Instead of cutting tariffs, GTRI recommends setting up component hubs near ports to reduce import delays and warehousing costs. This approach, used by countries like Vietnam and China, wou
The appliances and consumer electronics industry expects 10-15 per cent growth in 2025 on the back of premiumisation trend, which is driven by rising incomes, changing preferences towards energy-efficient, and connected products with innovative features such as AI and increasing desire for global quality products. The year 2024 was transformative for the industry, in which it bounced back despite challenges such as rising raw material costs, price hikes, and supply chain disruptions, and displayed resilience by embracing technology and innovation. The industry, which contributes 0.6 per cent of the GDP, is witnessing a transformative shift towards premiumisation, increasing the average sale price (ASP), driven by rising income, and young demography with changing preferences. Besides, factors such as a growing economy, urbanisation, real estate growth, and increasing penetration into smaller markets like tier-III cities and further, will also help the industry grow. "Looking ahead,
Electronics and Computer Software Export Promotion Council (ESC) has batted for further calibration of Design Linked Incentive (DLI) scheme to make it more broad-based and impact-oriented. The industry body has made a strong pitch for incentives to promote R&D and innovation in capital-intensive electronics hardware sector during a recent interaction with Finance Minister Nirmala Sitharaman, a release said on Sunday. ESC has also sought additional income tax reduction for Indian corporates spending over 3 per cent of their turnover to advance R&D and filing patents/designs in India. "In an exclusive interaction with Finance Minister Nirmala Sitharaman and other senior officials of the Ministry of Finance recently, the...export promotion council...said that a well-calibrated incentive system designed to empower industry players could motivate nascent industry units to move in the R&D value chain in cutting-edge technology domains like AI, IoT, telecom, and embedded ...
Appliances and consumer electronic maker Samsung India is planning a comeback into the residential air-conditioner market, which witnessed unprecedented sales growth in summer this year. The company is planning to launch over a dozen models of inverter ACs for its 2025 lineup in the next few weeks, expanding the total number of stock-keeping units (SKUs) to 15-16, an industry insider told PTI. Its room air conditioner (RAC) will have Samsung's DNA of smart features such as its propriety Bespoke AI solutions, targeting consumers looking to buy premium ACs and extra features, he said. A decade back, Samsung was the second-largest player in the RAC segment, having over 15 per cent market share in the 2014-15 fiscal year. However, Samsung lost steam in the segment after the company diverted its resources and energy to high-growth areas such as mobile phones, smart TVs, LED displays, etc. The Indian appliances market is witnessing a trend of premiumisation, where consumers are picking u
India's tablet PC market grew 46 per cent annually in the July-September quarter of this year and Apple's iPad led the segment with 34 per cent share, market research firm CyberMedia Research (CMR) said on Wednesday. According to the report, tablets in the price range of Rs 20,000-30,000 saw a significant 108 per cent YoY increase, highlighting a shift towards premium devices. "Tablet PC India Market Report Review for the third quarter of 2024: the Indian tablet market experienced a remarkable 46 per cent Year-on-Year (YoY) growth, and an impressive 79 per cent Quarter-on-Quarter (QoQ) growth in the third quarter of 2024. This surge is primarily driven by the rapid adoption of 5G tablets and a wave of premiumization in the market," the report said. Apple led the Indian tablet market with a commanding 34 per cent share and a robust 95 per cent year-over-year (YoY) growth. "The new Apple iPad 10 Series contributed to 60 per cent of Apple's shipments, underpinning Apple's strong momen
French consumer electronics brand Thomson, through its brand licensee Super Plastronics Pvt Ltd (SPPL), on Thursday announced its foray into the Indian audio market with the launch of soundbars here. Thomson, which is already present here in the TV and other appliances segments, also has plans to expand its play into the audio segment by launching more products in the soundbar and entering into the larger speaker and party speakers segment, SPPL CEO Avneet Singh Marwah said. As part of SPPL, it has invested Rs 50 crore to set up a new manufacturing unit at its existing Noida plant, which will produce half a million units in a year, he added. "We are aiming to have a 10 per cent market share of the audio segment in the online channels," Marwah said. According to Marwah, the Indian audio market is experiencing rapid growth. Sales of products such as soundbars have increased after a rise in sales of 4K smart TVs and the growing consumption of OTT content. "Now 85 per cent of customer