fdi

Spacetech startup Spacefields, which designs and builds dual-use rocket propulsion systems, has raised $800,000 (Rs 6.5 crore) in a seed round led by HVB 88 Angels and O2 Angels Network. This is the first round of institutional and external fundraise at the company.The startup – supported by the governments of India, Karnataka, Odisha and incubated at the Indian Institute of Science (IISc), Bengaluru – custom-designs and manufactures turnkey solid rocket propulsion systems for aerospace, defence and space…

Space sector startups involved in satellite manufacturing, launch vehicle operations and component manufacturing are set to gain from the latest amendments to the foreign direct investment (FDI) rules for India’s space sector as they will help them tap global pools of capital to expand local manufacturing and production capacity, firms and experts told ET.Pranav Roach, president, Hughes Network Systems India Ltd, expects the latest FDI announcements to accelerate momentum in the satellite sector, especially in attracting…

The government on Wednesday eased Foreign Direct Investment (FDI) norms in the space sector with an aim to attract overseas players and private companies into the segment. The decision was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM…

The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has disclosed that several international and domestic investors have pledged to inject over $30 billion into Nigeria’s economy. Speaking Friday at a Ministerial Press Briefing organised by the Ministry of Information and National Orientation, Mrs Uzoka-Anite noted that these investments are already underway across various sectors. “The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It…

The government is examining foreign direct investment from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd, sources said. In November 2020, PPSL had applied for licence with the Reserve Bank of India (RBI) to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways. However, in November 2022, RBI rejected PPSL's application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules.…

Former President Olusegun Obasanjo has called for increased bilateral relations between Nigeria and Angola.Mr Obasanjo made the call at the Angola-Nigeria Diplomatic-Business Investment meeting on Saturday in Lagos. Mr Obasanjo, who was a special guest of honour at the event, said the meeting focused on the potential for enhanced collaboration between the two countries. According to him, the meeting also emphasises the need to boost trade volume within Africa, which reflects a commitment to advancing economic…

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The proposed national ecommerce policy being formulated by the commerce and industry ministry is in the final stages and expected to be announced very soon, union minister Piyush Goyal said on Thursday. In August, the Department for Promotion of Industry and Internal Trade (DPIIT) held a detailed discussion with representatives of ecommerce firms and a domestic traders' body on the proposed policy. "It is at the final stages of discussion at the highest level in the government. We hope to come out very soon," the commerce…

Taiwan’s direct foreign investment in India will be eight times more than what it is today in the next five years, Simon Lee, president of Taiwan Chamber of Commerce told ET adding that these investments will mainly be in the electronics and non-leather footwear sectors over the next three years. "The China threat has definitely played a greater role in Taiwan’s changing outlook towards India," Sana Hashmi, a postdoctoral fellow at the Taiwan-Asia Exchange Foundation told ET. "Then some companies are also looking at India…

An inter-ministerial consultation is going on to frame an e-commerce policy which would help in providing a conducive environment for inclusive and harmonious growth of the sector, a top government official said. Secretary in the department for promotion of industry and internal trade (DPIIT) Rajesh Kumar Singh said that broadly the intention is to make the policy work along with the consumer protection rules and not in conflict with each other. The policy aims to prepare strategies for providing a conducive environment…