UP govt unveils new electronics manufacturing policy to woo investors

The on Tuesday unveiled a new electronics manufacturing policy to become a global electronics hub and attract international investors looking to shift their base to India in the post COVID-19 scenario.

The policy aims at inviting investments of Rs 40,000 crore in five years and creating four lakh direct jobs, an official spokesman said.

Uttar Pradesh Electronics Manufacturing Policy 2017 got tremendous success and it achieved the given target of investment and employment generation in the third year itself.

Noida, Greater Noida and Yamuna Expressway regions have been established as one of the emerging mobile manufacturing hubs in the world which has attracted foreign direct investments from many countries.

The state accounts for more than 60 per cent of all mobile phones manufactured in India.

To further accelerate the electronics ecosystem, the coverage of the new electronics manufacturing policy 2020 has been extended to the entire state from the current electronics manfacturing zones (EMZ) of Noida, Greater Noida and Yamuna Expressway regions.

The incentives proposed in the policy shall be applicable to all units setting up their bases anywhere in

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Embassy to merge assets with IBREL, create one of India’s largest realtors

In a rare merger between a publicly listed developer and a private developer, Bengaluru-based Embassy group and (IBREL) on Tuesday said that the assets of Embassy are being merged with IBREL to create one of the largest real estate in the country.

Under the agreement, 44.9 per cent of the new entity will be owned by Embassy, 26.2 per cent by the existing public and institutional shareholders, 9.8 per cent by existing IBREL promoter group and 19.1 per cent by entities controlled by the Blackstone group and other Embassy institutional investors.

Under the agreement, IBREL’s shares are being valued at Rs 92.5 per share, a 25.7 per cent premium to Tuesday’s closing price. The proposed merger will be achieved through a cashless scheme of amalgamation.

As part of the combination, certain private equity shareholders of Indiabulls Properties, which own the Sky / Sky Forest residential assets, shall swap their shares to NAM Opco, which is a subsidiary of Embassy Group. It will eventually merge into IBREL. NAM shareholders, which is also a subsidiary of Embassy, will get 6.619 shares of IBREL for every 10 shares of

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US Postal Service Says Will Halt Changes Blamed For Delays

The United States Postal Service will hold off of on making changes blamed for slowing down mail delivery until after the November election, Postmaster General Louis DeJoy said on Tuesday.

“There are some longstanding operational initiatives — efforts that predate my arrival at the Postal Service — that have been raised as areas of concern as the nation prepares to hold an election in the midst of a devastating pandemic,” DeJoy said in a statement.

“To avoid even the appearance of any impact on election mail, I am suspending these initiatives until after the election is concluded.”

The postal service has been at the center of a political firestorm in recent days after President Donald Trump said he was opposed to more funding for the cash-strapped agency, which is expected to handle large numbers of mail-in ballots in the November election due to the coronavirus pandemic.

An ally of the president, DeJoy took over as postmaster general in June and presided over the removal of collection boxes and processing equipment as well as cutting overtime, which a union leader told AFP has slowed down delivery times nationwide.

The changes and the president’s statements have led to claims by opposition Democrats

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