As the hyperbole around the US presidential elections builds up, 'India Global Business' tracks some of India's recent expansion drive in the country.Mahindra eyes mobility scooter firm
Mahindra Partners, the private equity and venture capital arm of the Mahindra Group, recently announced that it has completed a new round of funding in Scoot Networks, a San Francisco based urban mobility solutions provider, along with Vision Ridge Capital and other investors.Anand Mahindra, chairman of Mahindra Group, said: "We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting - parking, congestion, and pollution."Scoot Networks provides electric, smartphone-activated motor scooters to people on a rental basis.Michael Keating, founder & CEO, Scoot Networks, said: “We are proving that electric transportation can be both affordable and profitable. We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors.”The financing coincided with Scoot Networks buying 500 Mahindra Genze electric scooters.Swelect to build solar factory in US
Swelect Energy Systems Ltd, an India-based sustainable energy solutions company, has decided to provide new jobs by setting up photovoltaic (PV) panels in Halifax County of North Carolina.Swelect will create 155 jobs in the county over the next five years and will invest over $4.7 million in a manufacturing facility and an adjacent solar farm.The firm will be looking to hire operators, quality control specialists, logistics personnel and others, with annual salaries to average at least $30,419, in line with current average pay in Halifax.R. Chellepan, SWELECT's managing director, said: “Our partnership with North Carolina and Halifax County presents the opportunity for SWELECT to leverage 30 years of world class experience in solar manufacturing. We are delighted that our products will be 'Made in the USA'.”The One North Carolina Fund has facilitated a performance grant for this of up to $600,000. In order to receive the funds, the company is required to meet job creation and investment targets.Granules India bags US pharma rights
Granules Pharmaceuticals Inc (GPI), wholly owned subsidiary of Granules India, has acquired the exclusive rights from US pharma firm Windlas LLC to market and distribute four products in the US.Granules will be responsible for the marketing and distribution of the products in the US, subject to final approval by the USFDA. US pharma Windlas will receive milestone payments and share of the profits from sales.Krishna Prasad Chigurupati, chairman and managing director, Granules India Ltd, said: "The product in-licensing is a strategic move to accelerate our business expansion plans in the US by fostering long-term partnerships."US pharma Windlas is a JV between USpharma Ltd and Windlas Healthcare Private Limited. US pharma specialises in research, development and manufacturing of high-barrier generic pharmaceuticals.A Granules India statement said: "US pharma Windlas through its subsidiaries holds Abbreviated New Drug Application (ANDA) for Fingolimod, Prasugrel, Dronedarone and Lurasidone. US pharma Windlas believes to be a first applicant to file ANDAs containing paragraph IV certifications for three of these products."