Joseph Tsai, the current executive vice-chairman, will rise to the chairman's position, while e-commerce executive Eddie Yong will replace Daniel Zhang as chief executive officer (CEO) of Alibaba.

With the core business focused on basmati and non-basmati rice, corn, sugar, chicken, and meat products, the company has earlier penetrated key markets across Middle East, China and select European nations.

Srinivas Reddy's insightful remarks on the growth potential of the defence business highlight the tremendous opportunities lying ahead. With the sector expected to expand from 4.35 percent to 15 percent, companies should gear up to leverage this growth by securing defence licenses and partnering with key procurers. The defence industry's upward trajectory is poised to contribute to the nation's self-reliance goals while driving economic growth and job creation. As the defence sector gains traction, companies must stay agile and innovative to carve out their niche and thrive in this evolving landscape.

The company plans to set up a non-captive gigafactory involving a substantial investment of approximately Rs 8,000 crore. The investment will be made on land, plant and machinery and building