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The <keyword id="116095" type="General" weightage="20" keywordseo="indian-space-research-organisation" source="Orion">Indian Space Research Organisation</keyword> (<keyword id="6358064" type="General" weightage="80" keywordseo="isro" source="Orion">ISRO</keyword>) successfully fired the high thrust <keyword id="1142" type="General" weightage="100" keywordseo="vikas" source="Orion">Vikas</keyword> engine that would power India's first rocket that would carry humans. According to ISRO, the Vikas engine for the Gaganyaan/human space mission underwent the qualification test for a duration of 25 seconds at the ISRO Propulsion Complex (IPRC), in Mahendragiri, Tamil Nadu. The Indian space agency said, already two engines have undergone tests under nominal operating conditions for a total duration of 480 seconds. The test carried out on Thursday was to verify the robustness of the engine by operating beyond its nominal operating conditions (fuel-oxidiser ratio and chamber pressure). The performance of the engine met the test objectives and the engine parameters were closely matching with the predictions during the entire duration of the test. Further, three more tests are planned for a cumulative duration of 75 seconds under varying operating conditions. Subsequently, another high thrust Vikas engine will undergo a long-duration test for 240 seconds to complete the Vikas engine qualification for <keyword id="7170026" type="General" weightage="20" keywordseo="gaganyaan-programme" source="Orion">Gaganyaan Programme</keyword>, ISRO said. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/scientist-s-somanath-to-take-over-as-new-isro-chairman/articleshow/88867399.cms">Scientist S. Somanath to take over as new ISRO chairman</a> <a href="https://www.businessinsider.in/science/space/news/scientists-discover-giant-gaseous-planet-almost-three-times-more-massive-than-jupiter/articleshow/88890617.cms">Scientists discover giant gaseous planet almost three times larger than Jupiter</a>

ISRO test fires Vikas engine that that will be used in the Gaganyaan space mission

India is flexing its prowess of space technology by embarking on an unprecedented and un-chartered 'stratospheric diplomacy' through a special Rs 450 crore gift for south Asians, according to PTI. India is carving a very unique place in the universe, this week New Delhi will 'gift' a heavyweight bird in the sky to its neighbours through the '<keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> <keyword id="6358065" type="PERSON" weightage="20" keywordseo="Satellite">Satellite</keyword>'. The country is opening its heart out to its neighbours, explains <keyword id="193522" type="ORGANIZATION" weightage="20" keywordseo="External-Affairs-Ministry">External Affairs Ministry</keyword> spokesperson Gopal Baglay, adding "neighbourhood first is now being extended beyond the stratosphere". It seems this 'gift' of a communications satellite for use by neighbours at no cost has no parallels in the space- faring world, all other current regional consortia are commercial for-profit enterprises. Prashant Agarwal, an IIT Kanpur-trained engineer and the point-person in the Ministry of External Affairs piloting the project told the news agency, "Prime Minister <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> has actually extended his slogan '<keyword id="4476385" type="UNKNOWN" weightage="20" keywordseo="sab-ka-saath-sab-ka-vikas">Sab Ka Saath Sab Ka Vikas</keyword>' to India's neighbourhood essentially to service the needs of the poor in South Asia." On May 5, the skies above the island of <keyword id="6355143" type="CITY" weightage="20" keywordseo="Sriharikota">Sriharikota</keyword> on the coast of the Bay of Bengal will be lit up as the Geo-synchronous Satellite Launch Vehicle (GSLV) also called the 'naughty boy of <keyword id="6358064" type="ORGANIZATION" weightage="20" keywordseo="ISRO">ISRO</keyword>' on its 11th mission will carry a message of peace like never before. The nearly 50-m-tall rockthat weighs about 412 tons will carry what is now dubbed as the 'South Asia Satellite' or what the Indian Space Research Organisation (ISRO) still prefers to call GSAT-9. The 2230-kg satellite has been fabricated in three years and is purely a communications satellite costing Rs 235 crore.

India’s space diplomacy is making ripples all across the globe and this is the man to be thanked for

Pune, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword> is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing <keyword id="20201280" type="General" weightage="20" keywordseo="bajaj-group" source="keywords">Bajaj Group</keyword>'s commitment of Rs 5,000 crore towards <keyword id="19916939" type="General" weightage="20" keywordseo="corporate-social-responsibility" source="keywords">Corporate Social Responsibility</keyword> (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that <keyword id="20050188" type="General" weightage="20" keywordseo="pulsar" source="keywords">Pulsar</keyword> launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the <keyword id="21052740" type="General" weightage="20" keywordseo="bajaj-family" source="keywords">Bajaj Family</keyword>'s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The <keyword id="21051165" type="General" weightage="20" keywordseo="jamnalal-bajaj-foundation" source="keywords">Jamnalal Bajaj Foundation</keyword>, Jankidevi Bajaj Gram Vikas Sanstha, and the <keyword id="21052739" type="General" weightage="20" keywordseo="kamalnayan-bajaj-hospital" source="keywords">Kamalnayan Bajaj Hospital</keyword>, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and Mukand Ltd. "Launching the Bajaj Engineering Skills Training (<keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">BEST</keyword>) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group," Rajiv Bajaj said. "You do not change the world by sloganeering. Saying Make in India does not change the world; saying Aatmanirbhar does not change the world; saying vocal for local does not change the world; saying Viksit bharat does not change the world. "Words would not change the world, unless you have the skills to put those words into action. It would certainly not change the world by saying I will spend tens of thousand of crores of rupees on CSR or that I want to touch billions of lives," he added. Speaking at the event Sanjiv Bajaj, Chairman &amp; Managing Director, Bajaj Finserv, said, "Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent." With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added.

Bajaj Auto working on CNG bike, to hit road in June: MD

<ul><li>The <keyword id="116095" type="General" weightage="50" keywordseo="indian-space-research-organisation" source="Orion">Indian Space Research Organisation</keyword> (<keyword id="6358064" type="General" weightage="100" keywordseo="isro" source="Orion">ISRO</keyword>) has announced a free online course.</li><li>The course is aimed at educating students about various aspects of space science and technology.</li><li>Here’s everything you need to know about the free online course from ISRO.</li></ul>The Indian Space Research Organisation (ISRO) has announced a free online course for students, named as “Overview of Space Science and Technology” which is aimed at providing information about various aspects of space science and technology. The free online course is available for both Indian and foreign students and is being conducted by the <keyword id="165681" type="General" weightage="50" keywordseo="indian-institute-of-remote-sensing" source="Orion">Indian Institute of Remote Sensing</keyword> (IIRS) as part of the Massive Open Online Course (MOOC). <cmsannotation type="cmsannotation" annotationid="Who can apply for the free online course from ISRO?" comment="subhead" text="Who can apply for the free online course from ISRO?">Who can apply for the free online course from ISRO?</cmsannotation> The online course from ISRO is available for both Indian and foreign students above the age of 10 years. <cmsannotation type="cmsannotation" annotationid="How to apply?" comment="subhead" text="How to apply?">How to apply?</cmsannotation> To apply for the online course, students need to visit the IIRS <a href="https://isat.iirs.gov.in/mooc.php">website</a> and register themselves. The students will then receive credentials on their email, allowing them to attend the sessions. <cmsannotation type="cmsannotation" annotationid="Everything you need to know about the course" comment="subhead" text="Everything you need to know about the course">Everything you need to know about the course</cmsannotation> The course will begin on June 6, 2022, and go on till July 5, 2022. It is a 10-hour course and students will be able to view the online videos in English. The course can be watched multiple times and a quiz will be conducted once the student has watched the videos. <cmsannotation type="cmsannotation" annotationid="Who will conduct the sessions?" comment="subhead" text="Who will conduct the sessions?">Who will conduct the sessions?</cmsannotation> The online course will be conducted by eminent space scientists from the country. <cmsannotation type="cmsannotation" annotationid="Will you get a certificate?" comment="subhead" text="Will you get a certificate?">Will you get a certificate?</cmsannotation> Students who have a 70% attendance and have scored a minimum of 60% in the quiz will be eligible to get a certificate from IIRS ISRO. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/isro-to-chalk-out-plans-to-increase-number-of-launches-satellite-manufacturing/articleshow/90255221.cms">ISRO to chalk out plans to increase number of launches, satellite manufacturing</a> <a href="https://www.businessinsider.in/business/startups/news/skyroot-has-raised-over-4-million-in-a-round-led-by-googles-earliest-backers/articleshow/89147628.cms">Indian spacetech startup Skyroot has raised over $4 million in a round led by one of Google’s earliest backers</a> <a href="https://www.businessinsider.in/science/space/news/isro-test-fires-vikas-engine-that-that-will-be-used-in-the-gaganyaan-space-mission/articleshow/89035563.cms">ISRO test fires Vikas engine that that will be used in the Gaganyaan space mission</a>

ISRO announces free online course for students above 10 years – eligibility, how to apply and everything you need to know

<ul><li>Stocks related to rail sector like Titagarh wagons, Texmac, Rail Vikas Nigam have been rallying in the last one month on expectation of significant hike in budget for railways.</li><li>In the last year’s budget, finance minister Nirmala Sitharaman had announced ₹1.10 lakh crore for railways.</li><li>As of November 2021, 61% of the budgeted amount had been spent.</li></ul>The government’s efforts towards infrastructure development is expected to continue aggressively in this <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> as well. Railway is among the core infrastructure assets for the country and all eyes are on the budget allocation towards it. In the last year’s budget, India’s Finance Minister Nirmala Sitharaman had announced ₹1.10 lakh crore for railways for FY 2021-22. As of November 2021, 61% of the budgeted amount had been spent. Further, it is expected that the government would allocate ₹1.3 lakh crore for railways under the national infrastructure pipeline from expected capital expenditure of ₹7 lakh crore for FY23. <a href="https://www.livemint.com/budget/expectations/railways-likely-to-get-a-booster-shot-in-union-budget-11642530605223.html">Reportedly</a>, the government is planning to raise the fund allocation to ₹2.5 lakh crore for railways. Since the government has reportedly suffered a loss of ₹26,338 crore last year due to COVID-19, thus it may increase train fares as well. The expectations of strong funds coming into the railway sector have led to huge buying in shares of some railway companies. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Railway companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last one month’s stock price change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Texmaco Rail &amp; Engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titagarh Wagons </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+29% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rail Vikas Nigam </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RITES </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4% </td></tr></tbody></table>Railway sector includes the government’s ambitious projects like high-speed rail including bullet trains and analysts expect special allocation to these segments in the upcoming budget. “The government should provide some dedicated allocations towards these projects (bullet trains, sagar mala, smart cities, inland waterways developments) in the budget,” said analysts at KR Choksey. Analysts believe Indian railways require an estimated ₹50 trillion between 2018-2030 to strengthen its infrastructure, electrification and signaling process. “We expect capital expenditure allocation for railways to be increased substantially,” said analysts at KR Choksey. In the FY22 budget, the government had increased the <keyword id="12026484" type="General" weightage="20" keywordseo="railway-budget" source="Orion">railway budget</keyword> by 52%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Railway budget in last few years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.10 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹72,220 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,972 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹55,140 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45,230 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/looking-to-buy-new-age-tech-stocks-like-zomato-heres-what-experts-are-suggesting/articleshow/89165999.cms">Tempted to buy new age tech stocks — Zomato, Paytm, Nykaa? Here’s what experts are suggesting</a>

Railway stocks have been buzzing for the last one month on expectation of significant budget allocation

<ul><li><keyword id="7694" type="PERSON" weightage="20" keywordseo="Sanjay-Gupta">Sanjay Gupta</keyword> is the new country manager and vice president of sales and operations for <keyword id="45395" type="CITY" weightage="20" keywordseo="Google-India">Google India</keyword>.</li><li>His appointment comes after Rajan Anandan, the VP for Google South East Asia and India, resigned in April.</li><li>Gupta is leaving his Star and <keyword id="149162" type="COMPANY" weightage="20" keywordseo="Disney-India">Disney India</keyword>’s managing director position to lead Google.</li></ul>Google India has snagged Disney India’s former head, Sanjay Gupta as its new country manager and VP of sales and operations. “I am delighted to take on the challenge of leading and shaping Google’s charter in India. It is an exciting opportunity to leverage the power of technology to solve some of India’s unique challenges and make Internet an engine of economic growth for people and communities,” said Gupta. Gupta will take over his role at Google early next year. Rajan Anandan, the VP for Google South East Asia and India, resigned in April this year. Anandan was replaced by Vikas Agnihotri, country director of sales who took on the role of Google India’s interim MD. Gupta had earlier worked with top companies like Hindustan Unilever and Bharti Airtel. His most recent stint was as the MD of Star and Disney India, where he also led the digital evolution of Hotstar. The IIM Kolkata-graduate was also an alumnus of Delhi College of Engineering. “We are excited to combine Sanjay’s expertise, experience and leadership with our teams and build further on our existing efforts in this highly dynamic, competitive and exciting digital economy, looking to build a more helpful and inclusive Internet for everyone in India,” Scott Beaumont, President of APAC, Google said.

Google India will now be led by former Star and Disney India head Sanjay Gupta

New Delhi, Dec 10 () The government is aware of the problems faced by exporters and efforts are being taken to boost exports, including to emerging markets through preferential and free trade agreements, Union Minister Hardeep Singh Puri said on Tuesday.
Addressing an event organised by Engineering Export Promotion Council (EEPC), the minister said he had a meeting with member exporters from EEPC India in August, based on which a short and medium-term strategy for enhancing engineering shipments has been formulated.
"Efforts are also being undertaken to increase our exports to emerging markets of Africa, Latin America through PTAs/FTAs (preferential/free trade agreements)," the Minister of State for Commerce said.
In essence, we are trying to provide whatever support you, as exporters, need from the government, Puri said.
Based on feedback from EEPC India, non tariff barriers for engineering sector have been identified, including the list of countries where test reports of the Central Power Research Institute are not accepted, he noted.
"These have been shared with the concerned territorial divisions of the Department for taking them up bilaterally with the concerned country/region, for resolving the issues expeditiously," the minister said.
Outlining the measures taken by the government to enhance exports, the minister said a fully electronic refund module for quick and automated ITC (income tax credit) online refund system is now in place, and the remission of duties for taxes on export products (RoDTEP) scheme, which will replace the Merchandise Exports from India Scheme (MEIS), has already been announced.
We are framing a new scheme known as NIRVIK to provide higher insurance coverage to banks on their export credit to Export Credit Guarantee Corporation (ECGC), Puri said.
The scheme NIRVIK (Niryat Rin Vikas Yojana) will provide more comfort to banks to lend to exporters.
He also observed that action is being initiated to establish accredited labs to International Organisation of Legal Metrology either through Petroleum and Explosives Safety Organisation (PESO) or any other certifying agency for facilitating export of measuring equipments. RSN BAL

Efforts being made to boost exports: Minister

18 movies with valuable entrepreneurial lessons: From 'Startup.com' to 'Becoming Warren Buffett'

The entire list and a brief profile of 'Delhi ke nirmata'⁠— the makers of Delhi felicitated at Kejriwal's oath taking ceremony

New Delhi, May 4 () Following footsteps of Facebook, Silver Lake Partners - the world's largest tech investor - on Monday agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in billionaire Mukesh Ambani's digital unit that houses India's youngest but biggest telecom firm. The investment in Jio Platforms is at a 12.5 per cent premium to the Facebook's USD 5.7 billion (Rs 43,574 crore) investment for a 9.99 per cent stake in the firm. The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at its oil-to-telecom conglomerate, Reliance Industries Ltd (RIL). "Silver Lake will invest Rs 5,655.75 crore into Jio Platforms," Reliance said in a statement. "This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020." Jio Platforms is a subsidiary of RIL. Facebook had bought a 9.99 per cent stake in Jio Platforms for USD 5.7 billion (Rs 43,574 crore) at an enterprise value of Rs 4.62 lakh crore. Strategic and financial investors are to form 20 per cent of Jio Platforms -- half of this has already been picked by Facebook. Silver Lake is one of the investors for the remaining and more such investments are likely. Ambani, 63, chairman and managing director of RIL, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, Silver Lake investment, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December. "Jio Platforms, a wholly-owned subsidiary of RIL, is a next-generation technology company building a digital society for India by bringing together Jio's leading digital apps, digital ecosystems, and India's #1 high-speed connectivity platform under one umbrella," the statement said. "Reliance Jio Infocomm Ltd, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms," it added. With around USD 40 billion in combined assets under management and committed capital, Silver Lake is the global leader in large-scale technology investing. Its investments include Airbnb, Alibaba, Ant Financial, Alphabet's Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders. At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore. Of the outstanding debt, Rs 2,62,000 crore is on RIL books and Rs 23,000 crore is with Jio. As part of debt reduction plans, the company expects to complete a capital raising programme totalling Rs 1.04 lakh crore by June. This includes the rights offering of one share for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. Also included is the Rs 43,574 crore from the Facebook-Jio Platforms deal and Rs 7,000 crore from the sale of 49 per cent stake in fuel retailing venture to UK's BP plc. Commenting on the deal, Vikas Halan, Senior Vice President, Corporate Finance, Moody's Investors Service, said "Silver Lake's investment in Jio Platforms further illustrates RIL ability and willingness to monetize its digital services business and reinforces the company's commitment to achieve a zero net debt position by March 31, 2021." Investment by Silver Lake is priced at a premium to recently announced investment by Facebook Inc and establishes another pricing benchmark for Jio Platforms, he said adding the deal was credit positive as it enhances RIL's already strong financial flexibility. Including the recently announced rights issue and investments by Silver Lake and Facebook Inc, RIL has announced initiatives that could reduce net debt by about USD 13.6 billion from reported net debt of USD 21.4 billion as on March 31, 2020, he added. "In the wake of the severe economic disruptions caused by the COVID-19 pandemic, globally and especially within India, this partnership with one of the most renowned tech-investors globally, Silver Lake, has special significance," Reliance statement said. This is the first sizable investment by Silver Lake in India. Ambani said: "I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. "Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society's transformation." Commenting on the investment, Egon Durban, Silver Lake Co-CEO and Managing Partner, said, "Jio Platforms is one of the world's most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. "They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous, and we are honoured and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission." The transaction is subject to regulatory and other customary approvals. Morgan Stanley acted as financial advisor to Reliance Industries and AZB &amp; Partners and Davis Polk &amp; Wardwell acted as legal counsels. MBI ANZ DRR

Silver Lake follows Facebook, to invest Rs 5,656 cr in Ambani's Jio Platforms

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://commons.wikimedia.org/wiki/File:Syringe_Needle_IV.jpg">Wikimedia Commons</a></div></div></div>Two top executives at Alexion Pharmaceuticals have left the company.Alexion, a company that makes treatments for rare diseases, said on Monday that Chief Executive David Hallal had resigned, effective immediately, and named board member David Brennan as interim CEO.The company also said Chief Financial Officer Vikas Sinha left to pursue other opportunities, effective immediately, and would be succeeded by David Anderson, who was earlier CFO at Honeywell International Inc.The departures come at a moment of "great corporate strength and momentum," Alexion chairman Dr. Leonard Bell said in a call Monday. The company has not released its third-quarter 10-Q. The company said it expects to file that by January 2017. Alexion had disclosed last month that it was investigating allegations made by a former employee regarding sales practices involving its flagship and costly blood disorder drug Soliris.The company said on Monday the investigation had not identified any facts that require Alexion to update its previously reported historical results at this point in time.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div>(Reuters reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila) <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mars-travel-humans-space-robots-2016-12">A space engineer explains why humans will never go past Mars</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5ydDNkeDolT817K1dkos8SwZhR2Itdth" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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