FEBRUARY 20248TOP STORIESPOWER GRID CORPORATION BOARD APPROVES ELECTRICITY TRANSMISSION PROJECTSMITSUBISHI ENTERS INDIAN MARKET BY STAKE ACQUISITION IN TVS MOBILITYOn Monday, the state-owned Power Grid Corporation announced that its board had approved an investment of around Rs 656 crore for the implementation of electricity transmission projects across the country. In a filing to the Bombay Stock Exchange, it was stated that the Board of Directors and the Committee of Directors on Investment on Projects, in their respective meetings held on February 18, 2024, have given investment approvals.As per the filing, the Board of Directors has approved the implementation of Unified Load Dispatch and Communication (ULDC) Phase-III (SCADA/EMS Upgradation Project -Northern Region SLDCs) at an estimated cost of Rs 514.66 crore. The commissioning schedule for this project is November 15, 2025.The Committee of Directors on Investment on Projects has approved the augmentation of 765/400 kV, 1500 MVA transformer (4th) at Bhiwani at an estimated cost of Rs 141.09 crore. This project is scheduled to be commissioned by May 5, 2025. Mitsubishi Corporation, a Japanese giant, is planning to enter the Indian car sales market this summer. They are set to acquire a stake of more than 30% in car dealership TVS Mobility, according to a report by Nikkei Asia. The investment from Mitsubishi is expected to be between 5 billion and 10 billion yen ($33 million to $66 million), but it is contingent upon obtaining regulatory approval. Once the approval is granted, Mitsubishi plans to deploy its employees to collaborate with the dealership.Mitsubishi's strategic move is to collaborate with TVS Mobility, a significant player in India's car sales sector. As per the agreement, TVS Mobility will spin off its car sales business, and Mitsubishi will secure more than 30% interest in the new entity. The newly formed company plans to establish exclusive stores for each car brand. Leveraging TVS Mobility's existing network of around 150 outlets, the venture is poised to become one of India's largest independent car dealerships.India is the world's third-largest market for new car sales, but Japanese automakers have seen limited participation except for Suzuki Motor. Mitsubishi aims to enhance its presence in the market by selling both Japanese and local car brands through the newly formed company. The dealership's initial focus will be on expanding sales of Honda cars, a brand already handled by TVS Mobility. Mitsubishi will lead negotiations with Japanese automakers to diversify the range of Japanese car brands and models in the lineup. The dealership will also offer electric vehicles, aligning with Mitsubishi's belief that this will contribute to the wider adoption of EVs in India.
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