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The Week in Brief -Arka and Subham

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Tarun Bajaj takes over as Economic Affairs Secretary

Shri Tarun Bajaj takes over as the new Secretary, Department of Economic Affairs (DEA), here today after superannuation of Shri Atanu Chakraborty on 30.04.2020," the Finance Ministry said in a tweet.

MG Motor retails zero units in April

MG Motor India on Friday said it retailed zero units in April as dealerships remained closed due to the nationwide lock-down to contain corona virus pandemic.The company, which reports only retail sales figures, has recorded zero retail sales for the month of April 2020, as its showrooms were closed due to nationwide lock-down, MG Motor India said in a statement.


PM Modi signals push to attract firms that exit China to India

Prime Minister Narendra Modi on Thursday signalled a major push to boost investments in the country and capture a part of the supply chain that is expected to move out of China as global corporations look to diversify their production base in the aftermath of Covid-19.Modi discussed strategies with his top ministerial colleagues, paving the way for a comprehensive strategy paper to be formally cleared by the cabinet in the coming weeks. The meeting comes days after the PM spoke about . 

Production delay set to hit auto sector's festive sales


Festive-season sales of the Indian auto industry, where some segments saw volumes in FY20 slide to the lowest in a decade, could be hit rather hard if plants don’t resume full production by June.
Industry experts told ET that auto makers are currently budgeting for a phased end to the lockdown while planning output schedules. What’s worrying them are obvious gaps in the supply chain.

Inside a $5.7 bn deal: Corona virus couldn’t logout Facebook & Reliance from “Project Redwood” 

 MUMBAI: “Can I catch up on some sleep just for a few hours,” was the first message Anshuman Thakur typed to a senior colleague around on noon right after he finished a media call with Ajit Mohan, Facebook’s head in India. Thakur, a former telecoms rainmaker at NM-Rothschild-and-Morgan Stanley-turned-head of Strategy and Planning at Reliance, had been up on the phone since 4 am, fine tuning the final raft of documents hours before Facebook announced its strategic $5.7 billion partnership ..

Zuari Agro Chemicals resumes operation of Goa plant.

Leading fertiliser firm Zuari Agro Chemicals Ltd on Thursday said its Goa plant has started operation. In a filing to the BSE, the company said that "NPK-A plant has resumed operation effective April 22." In an earlier intimation to the bourses in March, the company had said that "considering the prevailing unprecedented circumstances caused by the Corona virus (COVID-19) and ongoing advisories by the Goa State Government on complete lock-down, the NPK-A plant of the company is is shut down till further intimation."

Abu Dhabi Sheikh invests $1 billion in top grocer LuLu Group

An investment firm backed by a member of Abu Dhabi’s royal family agreed to buy a stake worth just over $1 billion in LuLu Group International, which runs one of the Middle East’s largest hypermarket chains, according to people familiar with the matter.

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