Foxconn decided to postpone its Indian subsidiary's IPO plan due to current market conditions. Google's business in India may be negatively impacted after being fined by the country's antitrust regulator for anti-competitive practices.
Foxconn postpones Bharat FIH's IPO plan
According to Sina, Foxconn's FIH said it would delay its IPO plan for its Indian business Bharat FIH until the stock market condition improves. FIH said the company does not guarantee whether or when the spin-off and IPO plan will proceed.
Lava reportedly to create JV with China-based Huaqin
According to a letter from Lava seen by Bloomberg and unnamed sources, Lava is in advanced talks with Huaqin to create an electronics manufacturing venture to compete with competitors such as Foxconn in India and win contracts from the US and Chinese customers for research and development, design, and manufacturing of electronics products.
India's antitrust watchdog fines Google US$162 million
The Competition Commission of India fined Google US$161.9 million on October 20 for abusing its dominant position in markets, such as online search, app market, and mobile OS, in India. The commission ordered Google not to deny access to its Play Services APIs and monetary and other incentives to vendors, TechCrunch reports.
Ola Electric unveils electric two-wheeler for mass market
The Economic Times reported that Ola Electric unveiled a new variant of its electric two-wheeler S1 series, the INR79,999 (US$969) Ola S1 Air, which is cheaper than its previous models, S1 and S1 Pro.
Reliance launches low-cost notebook for web-surfing
Indian Express reported that Reliance has forayed into the notebook market by launching a INR15,799 (US$191.4) JioBook, which is powered by its JioOS, Snapdragon 665 SoC, and Adreno 610 GPU. The JioBook has only 2GB of RAM and expandable storage of up to 128GB.