JAKARTA (Reuters) – Indonesia’s government is in early discussions with electric vehicles maker Tesla Inc about a potential investment in the Southeast Asia country, a major producer of nickel, an official said.
Indonesia is keen to develop a full supply chain for nickel at home, especially for extracting battery chemicals, making batteries and eventually building EVs.
It has stopped exports of unprocessed nickel ore to support investment in its domestic industries.
Ayodhia Kalake, a senior official at the Coordinating Ministry for Maritime and Investment, said Tesla had reached out to the government informally about a possible venture, but he did not specify what it had in mind.
“It was still an early discussion and was not detailed yet,” Ayodhia said in a statement on Monday.
“We need further discussion with Tesla,” he said, adding that Indonesia has a number of incentives for investment in EVs.
Tesla did not immediately respond to a Reuters email seeking confirmation.
Indonesia last month said it had secured a deal to build a lithium battery plant in the country with South Korean LG Chem Ltd 051910.KS> and China’s Contemporary Amperex Technology Ltd (CATL) 300750.SZ>.
Tesla is looking to ramp up production of trucks and solar projects and its boss Elon Musk earlier this year urged miners to produce more nickel and offered “giant”, long-term contracts if mined “efficiently and in an environmentally sensitive way”.
While EVs are expected to help reduce global carbon emission, activists are concerned that production of EV parts and increased mining may damage the environment.
An Indonesian nickel smelting project being built by China’s Tsingshan Group and partners to produce battery-grade chemicals withdrew a request to dispose of waste in the ocean, a government official said on Friday.
(Reporting by Bernadette Christina Munthe; Writing by Fransiska Nangoy; Editing by Martin Petty)
Organigram going all in on synthetic cannabinoid investment – Stockhouse
OGI made an initial $5 million investment in Hyasynth in September 2018 and the Friday announcement represents the second of three tranches the cannabis producer has the right to make.
As part of the deal, Organigram has the right to purchase potentially all of Hyasynth’s cannabinoid production at a 10% discount to the wholesale market price for a 10-year period.
Several cannabis producers including Organigram, along with Toronto-based Cronos Group (TSX.CRON), have significantly invested in synthetic cannabinoid research as a way to help drive down the cost of chemical compounds contained within the cannabis plant…down to pennies per gram.
For more of the latest info on Cannabis, check out the Cannabis Trending News hub on Stockhouse.
Large federal investment announcement planned for Tecumseh – AM800 (iHeartRadio)
An announcement on the “single largest federal investment in the history of the Town of Tecumseh” is planned for Monday morning.
Windsor-Tecumseh MPP Irek Kusmierczyk and Tecumseh Mayor Gary McNamara plan to reveal details at Tecumseh’s public works yard.
The news conference is planned for 9 a.m.
This is a developing story. More coming.
Kotak Mahindra's Profit Beats Estimates on Investment Gains – BNN
(Bloomberg) — Kotak Mahindra Bank Ltd., India’s third-largest lender by market value, posted second-quarter profit that unexpectedly grew as income from investments rose and expenses dropped.
Net income climbed 27% to 21.8 billion rupees ($295 million) for the three months ended Sept. 30 from a year earlier, the Mumbai-based bank said in a filing Monday. That beat expectations from analysts who expected a profit of 13.4 billion rupees, according to data compiled by Bloomberg.
The lender said it set aside 3.7 billion rupees in provisions during the quarter, compared with 4.1 billion rupees a year earlier. Indian lenders — like others globally — have been stepping up buffers to protect themselves from the financial fallout of the coronavirus pandemic.
Still, Kotak Mahindra’s gross bad loan ratio fell slightly to 2.55% at the end of September, compared with 2.7% three months earlier. The ratio would have stayed at that level if India’s top court hadn’t allowed lenders to continue with a relaxation of rules around bad debt recognition, it said.
Kotak Mahindra, backed by Asia’s richest banker Uday Kotak, is exploring the takeover of smaller Indian rival IndusInd Bank Ltd., people with knowledge of the matter said this week. A deal would cement Kotak Mahindra’s position as one of India’s leading private banks, boosting its assets by about 83%.
A spokesman for Kotak Mahindra declined to comment on the takeover plans, while a representative for IndusInd denied the report.
Kotak Mahindra boosted its balance sheet earlier this year by securing nearly $1 billion in a share sale.
(Updates with details from third paragraph.)
©2020 Bloomberg L.P.
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