US-based semiconductor Micron Technology is planning to invest Rs750bn ($9.15bn) in a facility in Gujarat — a state along India’s west coast that just last year welcomed a $19.5bn chip plant from Vedanta and Foxconn.
A senior Gujarat government official told The Times of India on January 30 that discussions with Micron were at an advanced stage, with an announcement expected in the coming weeks.
“The company will soon announce setting up a manufacturing facility for data storage devices along with assembly, testing, marking and packaging, here,” the unnamed government source said.
A Micron spokesperson told fDi that the firm is still assessing its investment options and cannot yet confirm or deny the report. fDi Markets data shows the firm has invested only twice before in India, with a total capital expenditure of $74m.
Record-breaking gas and oil spending
Norway has had a “record-breaking year” for gas and oil project approvals, after the government rolled out a temporary tax regime and investors fought to close the gap in gas supply left by Russia’s invasion of Ukraine, research from Rystad Energy shows.
A report from Norwegian research company Rystad Energy said on January 25 that “a staggering 35 projects (were) greenlit in the last two and a half years”, with projected development spending expected to “skyrocket” to $42.7bn.
Norway implemented a temporary tax regime during a 2020 market downturn to attract oil investment, though simultaneously trying to green its economy.
“The outcome of this tax break is three-fold: increased investment on the Norwegian continental shelf; increased tax receipts when production starts; and increased supply to Europe at a critical time,” said Rystad analyst Mathias Schioldborg. “Norway will need to consider if this regime is a one-off to attract investment, or if lessons can be learned for the future.”
IHC extends Adani financial lifeline
Abu Dhabi’s fast-growing International Holding Company (IHC) has announced plans to invest Dh1.4bn ($381m) into Adani Enterprises, which accounts for 16% of the ongoing $2.4bn equity sale meant to shore up the finances of the struggling Indian conglomerate.
The IHC will channel the funds via its subsidiary Green Transmission Investment Holding, it said in a release on January 30.
Almost $70bn was wiped off the market value of Indian billionaire Gautam Adani’s business empire, after a scathing report by US-based short seller Hindenburg Research that levelled accusations of market manipulation and accounting fraud.
The funding from IHC, which is controlled by Sheikh Tahnoon Bin Zayed Al Nahyan and has grown dramatically but silently over the past three years, follows a $2bn deal with Mr Adani’s companies last year.
CEO Syed Basar Shueb said the IHC had “confidence and belief” in Adani Enterprises’ fundamentals. “We see a strong potential for growth from a long-term perspective and added value to our shareholders.”