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Lenovo Launches AI-Powered Server Manufacturing in Lenovo Launches AI-Powered Server Manufacturing in India

Lenovo has launched its manufacturing unit for AI-powered servers in India.

The plant, located in Puducherry, will manufacture 50,000 enterprise AI servers and 2,400 high-end GPU units annually.

Over 60% of production is set for export across the Asia-Pacific region. 

The plant will manufacture five key offerings: three rack-mounted enterprise AI servers and two flagship 8-way GPU servers.

Lenovo has also set up an AI-led R&D lab in #Bengaluru, focusing on future server designs, developments, and technical initiatives.

Lenovo established manufacturing in India nearly two decades ago and began #Motorola R&D about a decade ago.
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#OverNexus #BusinessNews #Lenovo #AI #GPU #TechRevolution
Flink, a Berlin-based quick-commerce startup, has Flink, a Berlin-based quick-commerce startup, has raised $150 million to expand in #Germany and the #Netherlands in #partnership with Just Eat Takeaway.
 
The funding, totaling $115 million in #equity and $35 million in #debt, comes from a mix of new and existing #investors.

The company's #founder and managing director, Oliver Merkel, stated that the investment will enable further expansion, improve operational efficiency, and deliver fast, reliable service.

Flink's valuation is under $1 billion, a significant increase from its previous round of funding, which raised over $1.5 billion. 

The company's recent acquisition of #Cajoo in 2022 was seen as a saving-face move for the French startup.
 
Flink is now focusing on Germany and the Netherlands, expecting a gross revenue of $600 million in 2024 in the two countries, up 20% compared to 2023. 

The startup has 146 hubs in the two countries and plans to open 30 more locations in the next year.
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#OverNexus #BusinessNews #flink #QuickCommerce #startup #BusinessExpansion #DarkStores
Zydus Lifesciences to Acquire Sterling Biotech's ' Zydus Lifesciences to Acquire Sterling Biotech's 'Target Business'

Zydus Lifesciences Ltd plans to acquire Sterling Biotech's 'Target Business' for a pre-agreed sum of Rs 84 crore.

The acquisition follows Zydus's acquisition of a 50% stake in Sterling Biotech Ltd in August.

The board approved a business transfer agreement to purchase the active pharmaceutical ingredients (API) business of SBL on a going concern basis, slump sale basis, without assigning values to individual assets and liabilities.

The 'Target Business' includes a portfolio of fermentation-based API products like Lovastatin, Daunorubicin, Doxorubicin, and Epirubicin.

The acquisition is a strategic fit for Zydus due to its fermentation-based product portfolio and manufacturing facility at Masar, near Vadodara, #Gujarat.

The acquisition is expected to be completed by December 31, 2024.
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#OverNexus #BusinessNews #zyduslifesciences #sterlingbiotech #Acquisition #pharmaceuticals #fermentation #API
India's Commerce and Industry Minister Piyush Goya India's Commerce and Industry Minister Piyush Goyal Proposes New Startup Township

Commerce and Industry Minister Piyush Goyal proposes a 500-acre township dedicated to startups to establish a new Silicon Valley in India.

The National Industrial Corridor Development Corporation (NICDC) will oversee the project.

Goyal aims to create an ecosystem where incubators exist and ideas can be landed from distant places.

He suggests a non-profit entity like Invest India to consolidate startup initiatives.
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#OverNexus #BusinessNews #PiyushGoyal #startupindia #Township #siliconvalley #ecosystem #incubator #NetworkingOpportunity
Universal Music Group's Annual Core Profit Growth Universal Music Group's Annual Core Profit Growth and Compound Annual Revenue Growth

Universal Music Group (UMG) anticipates annual core profit growth of over 10% through 2028.

This growth is attributed to higher subscription revenue, expanded partnerships, and an increased fan base of artists like Taylor Swift, BTS, and Drake.

The company also anticipates compound annual revenue growth of 7% in the period.

The forecast surpasses the consensus outlook for 6.1% annual revenue growth and 8.8% annual adjusted #EBITDA growth.

Analysts anticipate a capital markets day to discuss strategies to revive slowing #subscriber and streaming growth.

The company's second-quarter subscription revenue growth slowed to 6.9% from 12.5% in Q1, missing the 11.1% estimate.
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#OverNexus #BusinessNews #universalmusicgroup #revenuegrowth #subscriptionservice #partnership #artist #taylorswift #BTSジン #drake
Indian IT Major Wipro to Offer Salary Hikes Starti Indian IT Major Wipro to Offer Salary Hikes Starting September 2024

Wipro Ltd, an Indian IT company, is set to implement salary hikes for employees starting September 2024.

Top performers are expected to receive an average increase of 8%, an improvement from last year's 6% increase.

The hikes are in response to concerns over a global slowdown in the technology sector.

Wipro is the second major Indian IT company to announce salary increases, following Tata Consultancy Services.

Around 75% of Wipro's 200,000 offshore employees will see an average increase of 8%, while those stationed at client sites are expected to receive a 3% increase.

The hikes are seen as a step towards boosting employee morale and ensuring retention.

Wipro's employee costs for the year ending March 2024 amounted to Rs 549 billion ($6.6 billion), accounting for 61% of its full-year revenue of $10.8 billion.
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#OverNexus #BusinessNews #Wipro #Salary #employeesupport #salaryincrease #IndustryChallenges #september2024 #offshore
Table Space Acquires 5 Lakh sq ft Office Space in Table Space Acquires 5 Lakh sq ft Office Space in Bengaluru

Table Space, a flexible workspace provider, has bought 5 lakh sq ft office space in #Bengaluru for around Rs 500 crore.

Real estate consultant CBRE facilitated the deal.

The #acquisition is the second of Table Space's assets in the brand's portfolio.

Bengaluru is the company's most mature and vital market, contributing 46% to overall revenue.

Table Space, founded in 2017, has built over 9.5 million square feet of custom workspaces across 7 cities in #India

The demand for flexible workspace has risen significantly post-COVID #pandemic, with corporations #leasing space from flexible space providers to reduce capex and manage office space.
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#OverNexus #TableSpace #officespacerental #realestate #businessnews #startuplife #capex
Rapido to Transition Bicycle-Taxi Service to Elect Rapido to Transition Bicycle-Taxi Service to Electric Fleet in Delhi

Rapido, a ride-hailing unicorn, plans to transition its bike-taxi service in #Delhi to an entirely electric fleet within the next year.

The move aligns with Delhi's #EV policy and aligns with the company's strategy to transition to 100% electric in some cities.

Rapido is collaborating with original equipment manufacturers and fleet operators and operates its own electric vehicle fleet in #Bengaluru’s three-wheeler auto sector.

The company is expanding into the quick commerce sector, focusing on hyperlocal deliveries.

Rapido, founded in 2015, has created over seven million jobs and recently secured $200 million in funding from WestBridge Capital.
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#OverNexus #BusinessNews #rapido #electricbike #unicornstartups #OEM #electricvehiclesarethefuture #funding #QuickCommerce #threewheelerbusiness
Titan-owned watch company Helios partners with Ita Titan-owned watch company Helios partners with Italian watchmaker U-Boat to introduce 41 premium watches to India.
• The partnership is expected to be available at 11 stores across key metro cities like #Delhi, #Mumbai, #Bengaluru, #Hyderabad, and #Kolkata.
• The Indian watch market is estimated to be around Rs 18,000 crore, with a strong urbanization trend and a projected growth in the middle and upper middle class.
• Helios, with 45 brands in the fashion and semi-luxury category, recorded a 35% growth last year.
• With the addition of U-Boat, Helios anticipates a growth of over 45% in the coming years.
• The slowdown in the big Asian luxury market, #China, is a factor aiding the growth of the Indian premium and luxury retail sector.
• This is the third such partnership Helios has announced this year.
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#OverNexus #BusinessNews #Titan #helios #UBOATWatch #premiumwatches #urbanisation #middleclasslife #asia

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