It’s a wrap: News this week (Feb 17 – Feb 23)

There have been multiple developments this week on the tech front. From acquisitions of the week to space FDI policy amendment, this is the list of the most important developments for a quick catch-up:

Intel Foundry partners with IT services cos

On Thursday, HCL Technologies (HCLTech) announced that it is expanding its longstanding collaboration with Intel Foundry to co-develop customized silicon solutions for semiconductor manufacturers, system Original Equipment Manufacturers (OEMs), and cloud services providers to enhance foundry services.

Just the previous day, Wipro announced a similar partnership with Intel Foundry to boost chip design innovation. As a key Design Services and Alliance Partner, Wipro will work closely with Intel Foundry to accelerate the development of Intel’s advanced process nodes, including the Intel18A process node.  

Acquisitions of the week

On Tuesday, Tech Mahindra announced acquisition of a 100% stake in Philippines-based Orchid Cybertech Services through its wholly-owned subsidiary for $3.27 million. It has about 2,950 full time employees and for the fiscal ended on July 31, 2023, the company registered a turnover of $37.3 million. 
Further, on Friday, Business Process Management (BPM) services provider One Point One Solutions Limited is expanding its global footprint through a majority stake acquisition in ITCube, an IT/BPM services company headquartered in Pune and Cincinnati, Ohio. According to One Point One Solutions, the acquisition will enable the company to expand its current verticals, including healthcare and IT services offerings.

Toughest market: Uber CEO on India

India is one of the toughest markets for Uber. Dara Khosrowshahi, Uber chief executive officer who is in India, said in a fireside chat with Nandan Nilekani in Bengaluru, “Indian audience is so demanding, but doesn’t want to pay.” Khosrowshahi added that succeeding in such a difficult market gives Uber the confidence to venture any other market.

On the sidelines of the chat between Khosrowshahi and Nilekani, ride hailing service Uber announced signing of a memorandum of understanding with Open Network for Digital Commerce (ONDC). This MoU aims to explore an integration with the network to expand the range of mobility offerings on the Uber app.
Space FDI policy amendment

Late in the day on February 21, the Union Cabinet approved the amendment to the foreign direct investment (FDI) policy on the space setcor. "Under the amended FDI policy, 100% FDI is allowed in space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space," the government said.

Further, the press release said that the satellite sub sector is now divided into three different activities with defined limits for foreign investments.