iPhone production resumed in India, know why the plant was closed?

iPhone production resumed in India, know why the plant was closed?

Apple iPhone manufacturing has resumed in India Foxconn Technology, the maker of iPhones in India for Apple, on Monday said it has taken several remedial measures at its Tamil Nadu plant and will gradually bring workers back to the Sriperumbudur factory. The company had to face protests due to the supply of toxic food to the employees, due to which the work of iPhone production was stopped from 18 December.

Resolved complaints

Hon High Technology Group [Foxcon] said in a statement, “We are taking a number of steps to correct the problems faced by employees and enhance the services provided to them in Sriperumbudur. We have taken several measures to ensure that this does not happen again. Not only this, employees will now be able to complain even by keeping their names secret. The company also said that the employees will be called sequentially after their residence is ready and approved. According to sources, after getting the permission of the government and Apple for the employee's residence, work will start in the factory gradually.

More than 15,000 people working

An Apple spokesperson said the Sriperumbudur plant is still under observation. "Over the past several weeks, independent auditors and the Apple team have been working with Foxconn to ensure that comprehensive remedial measures are implemented for employee accommodation and catering facilities in Sriperumbudur," he said. However, the company has not given any timeline for resuming operations. On the other hand, sources said it would take more time to fully commission the plant and workers would be brought back in a phased manner over the next few months. More than 15,000 people were working in the factory.

(with language input)


Adani's IPO size reduced, now plans to raise so much money from the market

Adani's IPO size reduced, now plans to raise so much money from the market

Edible oil company Adani Wilmar Limited (AWL) has reduced the size of its initial public offering (IPO) from Rs 4,500 crore to Rs 3,600 crore. According to a statement, the IPO of Adani Wilmar, a company that sells edible oils under the Fortune brand, is expected to come this month.

AWL is a joint venture company of Ahmedabad-based Adani Group and Singapore-based Wilmar Group. Both have a 50:50 stake in it. The IPO will now involve a fresh issue of equity shares worth Rs 3,600 crore and there will be no sale offer. Earlier, according to the red herring prospectus, Rs 4,500 crore was to be raised under the IPO.

Of the proceeds from the IPO, Rs 1,900 crore will be used for capital expenditure. Rs 1,100 crore will be used to repay debt and Rs 500 crore to finance strategic acquisitions and investments. When contacted for confirmation, a company spokesperson declined to comment.

On the other hand, the port development arm of Sajjan Jindal-led JSW Group on Friday announced raising $400 million through bonds from international investors. The money raised from the issue by JSW Infrastructure will be used to pay off the existing debt of the company and its subsidiaries. This is the company's first issue in the bond markets, according to an official statement.

It added that the seven-year bond was issued with an initial estimate of 5.25 per cent interest, but the company managed to get the final value at 4.95 per cent. The company's executive director and chief financial officer Lalit Singhvi said the bonds will further diversify and strengthen the sources of financing. (with Pti input)

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