As Sri Lanka is engulfed by its economic crisis, the new destination for Indian auto companies seems to be Bangladesh which is on the brink of a major economic boom, spurring auto majors to look eastwards.

SEMIKRON and Danfoss Silicon Power announced a merger to create a joint business specialised in power electronics focusing on power semiconductor modules.

The Adani Group said that it has signed a non-binding Memorandum of Understanding with Nasdaq-listed Ballard Power Systems.

Indian goods worth as much as $26 billion, which are currently taxed at 5% by the UAE, will be allowed at zero duty once the free trade agreement (FTA) with Abu Dhabi comes into force by May.

In defence sector, 68% of the capital procurement budget will be earmarked for domestic industry in 2022-23, up from 58% in 2021-22. Defence R&D will be opened up for industry, start-ups and academia with 25% of defence R&D budget earmarked.

The domestic auto components industry may see a revenue growth of 15-17 % this fiscal and 10-12% in the next financial year on the back of recovery in automobile sales, according to a report.

Pune-headquartered Kinetic Green Energy & Power Solutions has teamed up with China-based electric vehicle giant Aima Technology Group to co-design and develop electric two-wheelers for India.

Reliance New Energy Solar Ltd (RNESL), subsidiary of Reliance Industries Ltd (Reliance), has signed agreements to acquire 100% shareholding in Faradion Limited (Faradion) for a value of Pound 100 million.

French auto giant Renault and Japanese carmakers Nissan Motor and Mitsubishi Motors Corp are soon going to work together to develop electric vehicles.