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<ul><li>Bhavish Aggarwal-led <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> has received approval from SEBI for its <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>.</li><li>The EV maker has received approval for an IPO to raise ₹5,500 crore.</li><li>The company filed the <keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword> with SEBI in December 2023.</li></ul> Indian electric two-wheeler maker Ola Electric has received approval from the Securities Exchange Board of India (SEBI) for its <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The Bengaluru-based EV maker <a href="https://www.businessinsider.in/stock-market/news/ola-electric-aims-to-raise-nearly-rs-5800-cr-via-ipo-to-file-drhp/articleshow/105907892.cms">filed</a> the Draft Red Herring Prospectus (DRHP) in December 2023. The Bhavish Aggarwal-led company is looking to raise ₹5,500 crore through a fresh issue of shares. Additionally, the IPO also includes an offer for sale (OFS) component of 9.52 crore shares. The company has also kept an option to raise ₹1,100 crore via pre-IPO placement. As part of OFS, Aggarwal will offload 4.7 crore equity shares, which is around half of the OFS component. Apart from this, companies such as Indus Trust, Kaha Wave Ventures, MacRitchie Investments, Alpine Opportunity Fund, Matrix Partners India Investments, and others will divest some shares. According to the draft papers, out of the funds raised, ₹1,226.4 crore will be used for capital expenditure and ₹800 crore will be used to repay debt. The company will spend around ₹1,6000 crore on research and development and ₹350 crore on growth initiatives. Ola Electric has emerged as the leading electric two-wheeler maker in the country and has been leading the market for a long time now. The company occupies around half of the market share. The company is in the process of building an EV hub in the Krishnagiri and Dharmapuri districts in Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-3-5-million-subscribers-in-april-2024/articleshow/111129665.cms">Reliance Jio and Airtel add nearly 3.5 million subscribers in April 2024</a> <a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms">As Nvidia dethrones Microsoft, check out the world's top 10 most valuable companies</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a>

Ola Electric gets SEBI approval for ₹5,500 crore IPO

<ul><li>Pre-bookings for the <keyword id="10402715" type="UNKNOWN" weightage="20" keywordseo="ola-scooter">Ola Scooter</keyword> are currently underway. You can reserve your unit at ₹499. </li><li>This is the first electric scooter from the ride hailing giant. </li><li>It will launch alongside another upcoming rival, the Simple One electric scooter that promises a range of 240KM. </li></ul>The <keyword id="9297184" type="UNKNOWN" weightage="20" keywordseo="Ola-Electric-Scooter">Ola electric scooter</keyword> is all set to launch on August 15, according to a confirmation by the company’s CEO Bhavish Aggarwal. The company will also reveal the full specifications and availability dates at the event, he added. <div type="twitter" handle="bhash" handlename="Bhavish Aggarwal" image="http://pbs.twimg.com/profile_images/1133256267340713984/UaxcE0fi_normal.jpg" favoritecount="1562" retweetcount="153" status="Thanks to all who have reserved our scooter! Planning a launch event for the Ola Scooter on 15th August. Will sha… https://t.co/vFoJJNJ8ZT" createdat="1627964778000" id="1422413492892495873"></div> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-pre-bookings-start-july-15-at-499/articleshow/84441621.cms">Pre-bookings of the Ola Scooter</a> began on July 15 at ₹499, with the company promoting this via the Ola ride booking app as well. The company revealed that it received over 1 lakh bookings in the first 24 hours, but an updated number is not available at the moment. For context, the Simple One electric scooter is also <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">set to launch</a> on August 15, promising a range of up to 240 kilometres. In addition to this, Aggarwal also showed off a real-life photo of the Ola Scooter. The side profile reveals the front as well, with the alloy wheels rounding up what looks like a compact and well-designed scooter. The company <a href="https://www.businessinsider.in/business/startups/news/ola-electric-has-raised-100-million-in-debt-to-start-producing-its-electric-scooters-soon/articleshow/84338315.cms">raised</a> $100 million debt to kickstart its production of electric scooters. <div type="Article" hostid="261" msid="84164967" title="This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Ola Scooter – everything we know so far" comment="subhead" text="Ola Scooter – everything we know so far">Ola Scooter – everything we know so far</cmsannotation> Not a lot is known about the Ola Scooter in terms of features yet, but the company’s chairman and chief executive officer of Ola, Bhavish Aggarwal, <a href="https://twitter.com/bhash/status/1413725982020706304">revealed</a> some key aspects. <div type="image" title="Ola Electric Scooter colours" msid="84997399" hostid="261" caption="&amp;lt;p&amp;gt;Ola Electric Scooter colours&amp;lt;/p&amp;gt;"></div> According to Aggarwal, the Ola Scooter will offer keyless access – so you can unlock it using the app on your phone. It is likely that there will be an option to use a physical key, too. Another feature that we know of, as of now, is that the Ola Scooter can charge up to 50% in 18 minutes, offering a range of 75 kilometres. Extrapolating from this, it would seem that the total range of the Ola Scooter could be around the 140-150 kilometre mark. It remains to be seen if there will be different driving modes, which will likely impact the overall range as well. When launched, the Ola Scooter will compete with the likes of the Ather 450X, TVS iQube and the new Bajaj Chetak. Apart from this, companies like <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">Simple Energy</a> are also scheduled to launch their electric scooter over the next one month. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/from-ola-to-ather-to-chetak-here-are-the-top-electric-scooters-in-india-in-2021/slidelist/84853814.cms">From Ola to Ather to Chetak, here are the top electric scooters in India in 2021</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-coming-in-ten-different-colours/articleshow/84638709.cms">Ola Scooter will come in ten different colours – check out all the variants and design</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-design-battery-charging-time-and-expected-price-in-india/articleshow/84467839.cms">Ola electric scooter price, design and everything we know so far</a>

Ola Scooter launch date set for August 15 – here’s everything you need to know

<ul><li><keyword id="10402715" type="UNKNOWN" weightage="20" keywordseo="ola-scooter">Ola Scooter</keyword>, the first electric vehicle from Ola, is now available for pre-booking. </li><li>Interested buyers can book their Ola Scooter by paying a refundable deposit of ₹499 on the company’s website. </li><li><keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword>’s Bhavish Aggarwal says this is the first in a range of electric two-wheelers from the company. </li></ul>Ola Electric has started accepting pre-bookings of its first electric scooter, simply called the Ola Scooter. Starting today (July 15), customers can pre-book their Ola Scooter by paying a refundable deposit of ₹499. Ola says that the customers who pre-book their scooter will get priority delivery. Those interested can head over to <a href="http://olaelectric.com">olaelectric.com</a> to reserve their Ola Scooter now. “India’s EV [electric vehicle] revolution begins today as we open reservations for our electric scooter, the first in our range of upcoming EVs. With its incredible performance, technology and design along with aggressive pricing, it will help accelerate the transition to sustainable mobility,” said Bhavish Aggarwal, the chairman and chief executive officer of Ola. <div type="image" title="Bhavish Aggarwal on Ola Scooter in front of Vidhana Soudha_white logo" msid="84441651" hostid="261" caption="&amp;lt;p&amp;gt;Bhavish Aggarwal on Ola Scooter&amp;lt;/p&amp;gt;"></div> The opening of pre-bookings for the scooter comes close on the heels of Ola Electric <a href="https://www.businessinsider.in/business/startups/news/ola-electric-has-raised-100-million-in-debt-to-start-producing-its-electric-scooters-soon/articleshow/84338315.cms">raising $100 million</a> (approx. ₹740 crore) in the form of debt from Bank of Baroda. <cmsannotation type="cmsannotation" annotationid="‘First in a range of electric two-wheelers’" comment="subhead" text="‘First in a range of electric two-wheelers’">‘First in a range of electric two-wheelers’</cmsannotation> The Ola Scooter won’t be the only electric scooter from the ride hailing giant – the company says this is just the first in a range of Ola electric two-wheelers. It will be manufactured at the Ola FutureFactory in Tamil Nadu. The company says it is working to operationalise a capacity of 2 million vehicles, and intends to hit the full 10 million capacity by next year. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ola-electric-has-raised-100-million-in-debt-to-start-producing-its-electric-scooters-soon/articleshow/84338315.cms">Ola Electric has raised $100 million in debt to start producing its electric scooters soon</a> <a href="https://www.businessinsider.in/business/auto/news/hero-electric-raises-220-crore-to-sell-over-a-million-electric-scooters-a-year/articleshow/84335696.cms">Hero Electric raises ₹220 crore to sell over a million electric scooters a year</a> <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a>

Ola Electric kickstarts pre-bookings of its first electric scooter at ₹499

<ul><li>The amount of debt that Indians have taken on has nearly doubled over the past five years. </li><li>Most of the borrowing has been done in the name of buying up more real estate even though it offers the worst returns. </li><li>Gold offers the highest returns yet accounts for only 11% of a household’s total wealth and they borrow against it. </li></ul>The average Indian household has been taking on more debt for nearly half a decade now. In fact, debt has nearly doubled with loans becoming cheaper to pick up over the past five years. This includes everything from <keyword id="35519" type="PERSON" weightage="20" keywordseo="home-loans">home loans</keyword> to vehicle loans — and even <keyword id="185013" type="PERSON" weightage="20" keywordseo="gold-loans">gold loans</keyword>, where gold is given up as collateral in exchange for money. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/3469458"></div>]]></cdata></div> This year alone, loans against gold have increased sharply even as banks are left craving for borrowers. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Company </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;">Growth in gold loans </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;">Muthoot Finance </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;">32% </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;">Manappuram Finance </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;">33.40% </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;">Overall bank credit growth </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;">5.50% </td></tr></tbody></table>*Data as of July-end except for Manappuram, which is as of June-end <keyword id="1912236" type="PERSON" weightage="20" keywordseo="household-debt">Household debt</keyword> is rising but where is the money going? Indians are famous for their love of gold but the biggest chunk of their investment is still real estate. While Indians still have a lot more gold than the average household in peer economies, their investments in real estate also race ahead — funded mostly by home loans. <div type="image" title="Exhibit 18" msid="77757237" hostid="261" caption="&amp;lt;p&amp;gt;Most of the average Indian&amp;#39;s household wealth is stored in real estate&amp;lt;/p&amp;gt;"></div> India outpaces China, Thailand and other countries around the world both in buying gold and property. But, the return of real estate has not even managed to beat the average inflation rate of the last five years. Whereas gold has given better returns than any other asset. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="4" 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;">Returns on various asset classes </td></tr><tr><td colspan="4" 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;">(% of returns from 2008 till...) </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;"> </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;">Till 2014 </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;">Till 2016 </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;">Till 2019 </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;">Real estate </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;">4.9% </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;">4.7% </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;">4.3% </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;">Gold </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;">11.7% </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;">9.5% </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;">10% </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;">Equity </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;">6.8% </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;">5.1% </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;">7.2% </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;">Debt </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;">7.8% </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;">7.7% </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;">7.6% </td></tr></tbody></table> Home loans may be cheap, but they’re harder to pay off Owning property remains an aspiration for the average household in a developing economy like India. However, to buy more real estate, one needs a home loan. And, right now, home loan interest rates are at an all-time low. It makes them attractive but hardly adds to the household net worth. While cheap loans have, to some extent, supported the demand for real estate, they have also kept property prices from falling. So much so that, despite the struggles of the property developers in the last few years, homes have only become less affordable. This affordability ⁠— measured by the amount of EMI compared to the monthly income of a household ⁠— would have only gotten worse in 2020 as the pandemic took away jobs and slashed salaries. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-astrazeneca-covid-19-vaccine-phase-ii-trials-will-begin-in-india-today/articleshow/77757085.cms">Oxford-Astrazeneca COVID-19 Vaccine: Phase II trials will begin in India today</a> <a href="https://www.businessinsider.in/business/startups/news/after-facebook-saregama-deal-sharechat-and-t-series-partner-up-for-a-music-licensing-deal/articleshow/77757088.cms">After Facebook-Saregama deal, Sharechat and T-Series partner up for a music licensing deal</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-plans-to-hire-2000-co-founder-bhavish-aggarwal-says-electric-two-wheeler-launch-soon/articleshow/77755149.cms">Ola Electric plans to hire 2000 — co-founder Bhavish Aggarwal says electric two-wheeler launch soon</a>

Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes

<ul><li>Bansal has just bought a majority stake in CRIDS and has taken over as CEO. </li><li>He had sold his 5.5% stake for $1 billion in <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s sale to Walmart. </li><li>He has gone on to make several <keyword id="6362476" type="UNKNOWN" weightage="20" keywordseo="investments">investments</keyword> in the Indian startup ecosystem.</li></ul>Flipkart founder and former CEO <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is now back as a CEO again. After months of speculation over his next possible venture in the financial services segment, Bansal bought a majority stake in CRIDS and took over as CEO. Bansal exited from Flipkart after its $16 billion acquisition by global retail giant Walmart in 2018. He sold his 5.5% stake for $1 billion. In a note that he released right after his exit from the company he had built for 10 years, Bansal had said that he would spend time on ‘pending projects, gaming and brushing up his coding skills’. While he made personal investments even while running Flipkart, he later founded a firm called BAC Acquisitions. Here's a look at all of his investments since his much-talked about exit from Flipkart. CRIDS Bansal picked up a majority stake in Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS). According to<a href="https://tech.economictimes.indiatimes.com/news/startups/sachin-bansal-invests-rs-740-cr-in-chaitanya-rural-intermediation-development-services/71294091"> ET</a>, the former Flipkart CEO bought a 94% stake in the company. While he took over the role of CEO, Bansal in a statement called it, his ‘entry into financial services’. <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> His first investment after Flipkart and also his biggest, was a $21 million investment into cab hailing unicorn Ola. Bansal’s investment fetched him 70,588 series J preferred shares at a price of ₹21, 250 per share. <keyword id="53189" type="ENTERTAINMENT" weightage="20" keywordseo="boat">boAt</keyword> He also made an offbeat investment in audio brand boAt, via BAC Acquisitions. The brand which is known for its affordable speakers, received ₹20 crores as a part of venture debt. The three-year old boAt has already registered ₹100 crore revenue in FY'18 and is eyeing ₹500 crore in the next couple of years. Piramal Enterprises Bansal invested ₹200 crore in Piramal Enterprises’ debt, and subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> will infuse these new funds into its financial services sector. Ather Energy He has also invested in a Bengaluru-based electric bike startup, Ather Energy. While the amount invested is not known, he led the $51 million round. As an angel investor, Bansal earlier invested $0.5 million in the startup in 2014. The startup claims to be one of India’s first startups to manufacture electric vehicles. In June 2018, the startup’s first bike Ather 450 hit the market. Vogo and Bounce In April 2019, through his firm BAC Acquisitions, Bansal invested in scooter rental startups Vogo and Bounce. He Bansal had pumped in $3 million into each startup. Interestingly, Bansal’s other investment Ola had also pumped in a major $100 million into Vogo. With that, Vogo’s scooters are also listed on Ola for rental. Bounce is also backed by Sequoia Capital and Accel Partners. NBFCS In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two non-banking financial companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director.

Sachin Bansal is now a CEO again. Here’s a look at his investments since his Flipkart exit

<ul><li>In Mumbai, almost <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/uber-ola-drivers-on-strike-heres-the-impact-on-different-cities/articleshow/63361106.cms">60,000 cabs are reportedly off the roads</a> in the city today leaving most commuters stranded. </li><li>The companies initially offered huge overhead payouts to them, but now takes approximately 25% cut from each of their trips. </li><li><keyword id="488032" type="PERSON" weightage="20" keywordseo="Maharashtra-Navnirman-Vahatuk-Sena">Maharashtra Navnirman Vahatuk Sena</keyword> has reached out to the police to get the ‘decision makers’ from these companies to meet them and the government, in order to come to an amicable decision </li></ul><keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> and <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> drivers have gone on an indefinite strike starting midnight 18 March, organised by the <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> Navnirman Vahatuk Sena (MNVS). Though the strike is primarily affecting commuters in Mumbai, there have been some instances of cab unavailability in Delhi and Bangalore too. In Mumbai, almost <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/uber-ola-drivers-on-strike-heres-the-impact-on-different-cities/articleshow/63361106.cms">60,000 cabs are reportedly off the roads</a> in the city today leaving most commuters stranded. We spoke to a couple of drivers in Delhi who seemed to be blissfully unaware of the strike and claim they are happy and have 'no problem' with the company. Uber itself says that only Mumbai and Pune have been affected by the strikes and it’s business as usual in other cities. In a statement to the press, an Uber spokesperson said: We regret the disruption caused to our rider and driver community by a small group of individuals. We remain committed to serving the city, ensuring driver partners can continue to access stable earning opportunities, while giving riders a convenient option to get around their city. The Hon’ble Bombay High Court issued an injunction prohibiting unions, their leaders and anybody else from obstructing the activities of Uber driver partners. We welcome this, and hope that it will enable drivers to stay behind the wheel, something many have been telling us they wish to do. We have been listening to our driver partners all along and are committed to ensuring that Uber remains an attractive entrepreneurial opportunity for them. While the authorities have taken steps to ensure minimal disruption to our rider and driver communities, we hope that they will continue to enforce the order passed by the High Court. However, it's no secret that disgruntled cab drivers who bought in on the rosy picture painted by Uber and Ola, promising a lucrative career and a chance to squeeze into the middle class have today realised that it was nothing but a pipe dream. Initially promised earnings over a lakh per month, people from various walks of lives decided to give up their full-time jobs and even land to cash-in on this. However, today these drivers are finding it difficult to scrounge up enough money to pay up the loans taken to buy their cars. But this isn’t the first time we’ve heard this story. Drivers in India have been complaining about reduced incentives and overall earnings from Uber and Ola for a while now. The companies initially offered huge overhead payouts to them, but now takes approximately 25% cut from each of their trips. While both companies still do have some incentives in place, drivers say they are more difficult to achieve and working for Uber and Ola isn’t the “joyride” it once used to be. Examples overseas... When strikes against Uber first broke out in London back in 2016, Uber’s impact on Black Cab drivers’ income was one of the cornerstones of the movement. “Unite, the union that represents many black-cab drivers, claims the government is biased against their trade and claims light-touch regulation will threaten passenger safety as well as drivers’ incomes,” <a href="https://www.theguardian.com/technology/2016/feb/10/black-cab-drivers-uber-protest-london-traffic-standstill">the Guardian</a> wrote at the time. These strikes have become somewhat commonplace and except for one big win for Uber drivers in the UK in November last year, the results, for the drivers at least, have always been wanting. In the UK, a panel ruled that <a href="https://www.usatoday.com/story/news/world/2017/11/10/british-panels-rules-uber-drivers-employees-not-contractors/851388001/">Uber drivers are employees and not contractors</a>, and therefore entitled to basic protections such as minimum wage and vacation pay. In September last year, Uber was <a href="https://www.theguardian.com/technology/2017/sep/22/uber-licence-transport-for-london-tfl">denied the licence to operate by Transport for London</a> (TfL) claiming that the company was not a “fit and proper” operator. Uber’s failure to report ‘serious criminal offences, obtaining medical certificates and driver background checks’ was the main reason behind this decision. This move affected the 40,000 people who worked for Uber, not to mention its 3.5 million users. In 2015, local <a href="https://www.theguardian.com/world/2015/jul/24/rio-de-janeiro-uber-protest-taxis">cab drivers in Rio de Janeiro protested against Uber</a> because they claimed they were the “official” drivers who were strictly regulated and fewer overhead costs gave them a ‘competitive advantage’. In 2016, Uber decided to cease operations in Austin, Texas because it didn’t find it feasible to comply with the regulation to fingerprint and run thorough background checks on all its drivers. In 2014, both Berlin and Hamburg, Germany voted to ban Uber because it did not <a href="https://www.theguardian.com/technology/2014/aug/14/uber-taxi-service-banned-berlin-safety-grounds">‘do enough to protect its passengers from unlicensed drivers’</a>. The common thread of grievance is a predictable trio -- local taxi operators revolting against Uber’s competitive advantage, security concerns based on Uber’s slack regulation over the choice of drivers with regards to proper background checks, and unethical treatment of drivers. All of these complaints have been cited in India as well, but this is the second time such protests have sprung in as many years. Last year, the Sarvodaya Driver Association of Delhi (SDAD) called for a strike in Delhi against Uber and Ola on similar grounds, though the companies escaped unscathed at the time. Taking cues... The current strike in India hopes to achieve similar results. “This time things will be different because they have partnered with us,” says <keyword id="165480" type="PERSON" weightage="20" keywordseo="Sanjay-Naik">Sanjay Naik</keyword>, president of Maharashtra Navnirman Sena's (MNVS) transport wing. He believes that the <a href="http://indianexpress.com/article/india/maharashtra-taxi-rules-discriminates-between-black-and-yellow-cabs-and-app-based-taxi-services-bombay-hc-4780461/">privileges that are mandated by law to the Mumbai Kaali Peeli’ (black-and-yellow) taxi drivers</a> should also be applicable to Ola and Uber cabs so that all drivers can benefit from them. He wants the implementation of the <a href="https://www.thehindubusinessline.com/news/national/some-relief-for-cab-taxi-operators-in-maharashtra/article9921977.ece">BC Khatua Committee’s proposal</a> that includes ‘relaxation of several provisions of the Maharashtra City Taxi Scheme, including lowering the permit fees for all types of cars to a flat ₹10,000 instead of a graded system ranging from ₹75,000 to ₹2.6 lakh under the City Taxi rules.’ He also accused the companies of giving preference to cabs owned by the companies instead of driver-owned cabs. In India, Uber offers to buy cabs that are then passed on to drivers. Drivers effectively work off their debt to the company, by paying a monthly instalment to them. What Naik is insinuating is that Uber gives these drivers more rides than those who register their own cars on the service. What is most interesting, however, is that MNVS hasn’t ruled out going into business for themselves. Naik told us that if things don’t work out, they will consider bringing all the drivers together under one umbrella and take out the middlemen (Ola and Uber). However, for now, the organisation has reached out to the police to get the ‘decision makers’ from these companies to meet them and the government, in order to come to an amicable decision that will not only benefit the drivers monetarily but also implement regulations so that all drivers come under the same law and benefit from it. With the predictable spate of grievances by Uber drivers, commuters and local taxi operators, will Maharashtra take a cue from international events and tighten the leash on the private taxi operators? If it does, will that, in turn, set the precedent for the rest of the country? UPDATE: Ola shared the statement below with us today. “Interest of our driver partners and customer convenience is of paramount importance to us. While, we have seen a slight improvement in our services in Mumbai, however for the situation to improve significantly it is imperative that intimidation of driver partners and vandalism of their cars by vested interests be stopped. New economy companies like us are counting on the police for normalcy to return.”

Indian drivers may finally be taking cues from global movements against on-demand cab services

Cab aggregators like <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> and <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> have become an essential part of our lives for just the sheer amount of convenience they provide. Except for the surge-pricing which is a mild inconvenience for us, our lives have become much simpler with these on-demand cars. 
 Every state government has been dealing with the continuous strikes by the kali- peeli taxi unions and auto rickshaw <keyword id="44435" type="ORGANIZATION" weightage="20" keywordseo="drivers">drivers</keyword>. <keyword id="13126" type="COMPANY" weightage="100" keywordseo="Maharashtra">Maharashtra</keyword> government had released the draft for Maharashtra City Taxi Rules, 2016, to regulate app-based operators but these rules are detrimental to the ecosystem itself. 
 
<a href="http://www.businessinsider.in/Now-you-can-list-your-car-for-rent-and-get-paid-for-it/articleshow/55154351.cms">ALSO READ: Now, you can list your car for rent when it's not in use and get paid for it</a> 
 
According to the guidelines, an application for grant or renewal of a license for a taxi will cost INR 1,00,000 and on top of that the license itself will cost INR 25,000 for cars up to engine capacity of 1,400 CC and for higher capacity engines typically sedans, the license will cost INR 2,61,000! Between Ola and Uber there are about 20,000-40,000 cars plying in the state, and about half of them are sedans according to Ola. 
 
Now, as taxi-aggregators are just a platform, these costs, if implemented will be transferred to drivers and then, ultimately consumers. <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> caught up with two Ola drivers to find out how this will affect their already dwindling livelihoods. 
 <keyword id="3836339" type="UNKNOWN" weightage="20" keywordseo="jia-ul-haq">Jia-Ul-Haq</keyword>, a car operator said- ‘While Ola has given us a lot of employment, our salaries have been decreasing, year-on-year. The new guidelines will leave us with nothing and close to the brink of poverty. We are already paying for auto loans, car insurance and this will make sure that we don’t even get the INR 20,000, which we earn right now.’ 
 <keyword id="1194067" type="PERSON" weightage="20" keywordseo="Mohammed-Nazim">Mohammed Nazim</keyword> who works with four Ola drivers said,’ Where is the development in this? It is all about the inconvenience. The cost will be ultimately transferred to the customers otherwise these charges will put us further into debt.’ 
 
Pranay Jivrajka, COO, Ola talked to us to talk about an alternative scheme which is very inclusive in nature and enables and gives an opportunity for aggregators to bring all forms of mobility on the platform. This also allows the traditional cabs to join. 

	 
	He said ‘If a driver has to buy a vehicle, he saves up INR 40-70,000 right now to get the car on road, but permit costs are projected to get as high as INR 3.5 lakh. <a href="http://www.businessinsider.in/A-survey-reveals-60-of-employed-Indians-aspire-to-be-entrepreneurs/articleshow/55152360.cms">It will be quite difficult for a driver to turn into an entrepreneur.</a> No one gives loans on permits fees. This will drastically impact the growth of supply and therefore growth of industry.’ 
	 
	All of this, in the financial capital of India, where the taxi unions <a href="http://www.businessinsider.in/Nazara-is-creating-mobile-games-for-cricketers-like-Virat-Kohli-and-Sachin-Tendulkar/articleshow/55371180.cms">seem to be running the show, instead of their vehicles.</a>

EXCLUSIVE: Your Uber, Ola rides could get much more expensive if it were up to the Maharashtra government

Just take a random ride on any of the cab aggregators <keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> or <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword>’s platform and you would find the story quite similar. Most of the driver partners earning their living from these cars are finding it hard to make ends meet. And they blame Uber and Ola for this. Initially during the launch phase, just like any other brands, both these cab aggregators publicized about lakhs of money that people can make driving a car. Now you can’t blame Uber too much on this. These drivers actually earned quite handsome, sometime reaching lakhs. And as expected, their lifestyle needs also increased. 
 
Everything seemed hunky-dory until this year when both the cab aggregators, having acquired enough business, switched to a lower incentive mode. While the passengers were made to pay more (for hatchback cars tariff goes up after 20 km), the drivers’ earnings started falling, so much so that many have faltered on paying EMIs to the banks for their new cars. 
 
What’s saddening is that stopping of incentive happened too sudden. Before the drivers even realized, they are already in debt having debts to pay. 
 
President of Uber India, Amit Jain interpreted it saying, “As our business has grown over three years in India, we are seeing sustainable earning opportunities for driver partners... with a 60 per cent year-on-year increase in driver signups in January 2017.” 
Having successfully disrupted the urban transport scenario in India, Ola now has its presence in 102 cities of India with 5 lakh vehicles and 5.5 lakh drivers. And its rival Uber has presence in 29 cities with 4 lakh cars registered on the platform. 
 
Carrying on with protests wasn’t a feasible solution for the drivers as they have to pay for EMIs of the cars and other family expenses.

Are Ola and Uber actually trying
to prove “poor people should never think big”?

India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

The <keyword id="20070916" type="General" weightage="20" keywordseo="GMR-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="GMR Group" meta.hostid="261" meta.entityid="GMR Group">GMR Group</keyword>, co-owners of <keyword id="20150498" type="General" weightage="20" keywordseo="IPL-franchise" source="keywords">IPL franchise</keyword> <keyword id="19907060" type="General" weightage="20" keywordseo="Delhi-Capitals" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi Capitals" meta.hostid="261" meta.entityid="Delhi Capitals">Delhi Capitals</keyword>, has agreed to a deal with <keyword id="22638160" type="General" weightage="20" keywordseo="English-county-team" source="keywords">English county team</keyword> <keyword id="22436824" type="General" weightage="20" keywordseo="Hampshire" source="keywords" meta.keywordsubtype="org" meta.entityname="Hampshire" meta.hostid="261" meta.entityid="Hampshire">Hampshire</keyword> to buy its major shares worth 120 million pounds (approximately Rs 1278 crore). Hence, Hampshire will become the first county side to be owned by an overseas entity, as the GMR Group will now have control over 51 per cent of the team's shares. "The Delhi part-owners are understood to have beaten a second bid from rival Indian Premier League franchise Lucknow Super Giants with an offer which values Hampshire at £120 million, although that price includes the club's debts of around £60 million," the Telegraph reported. Additionally, the GMR Group will also take control of the Utilita Bowl (cricket stadium at Hampshire), the Hilton hotel and a golf course at the same venue. Apart from being the co-owners of the Capitals, the GMR Group also has equal stakes in Dubai Capitals, the ILT20 side in the UAE, and Seattle Orcas, the Major League Cricket outfit in the USA. The England and Wales Cricket Board (ECB), the Hampshire club officials and the new owners are expected to make an official announcement soon about the deal. Besides the significant investment, the take over could also open up the possibility of Hampshire gaining access to some of Delhi Capitals' young players for domestic tournaments such as the Hundred. However, at present, the Board of Control for Cricket in India (BCCI) does not permit active Indian cricketers to play in overseas tournaments. In another significant development, Yorkshire, another English county side, has reopened their talks with Rajasthan Royals for a possible takeover of the Headingley based club. However, this would require a consent from 6000 Yorkshire members through a ballot. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Delhi Capitals owners agree to buy major share in Hampshire takeover

Mining conglomerate <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> Ltd on Tuesday reported 36.5 per cent rise in consolidated net profit at Rs 3,606 crore for June quarter FY25 due to improved margins and robust cost reduction across all operations. The company had posted a net profit of Rs 2,640 crore in the year-ago period. Income rose to Rs 36,698 crore over Rs 34,279 crore in the year-ago period, according to an exchange filing. Vedanta said in a statement that the proposed demerger of its businesses is on track and it has already filed the demerger scheme with NCLT after getting a nod from secured creditors. The company said that its board has approved a capex investment of USD 270 million for its oil and gas business. "The strategic priority for the Cairn Oil &amp; Gas business is to augment reserves and increase near term volume through infill wells and enhanced oil recovery. In order to deliver this, the Board has approved capex investment (net) of USD 270 million across fields in the Rajasthan block for drilling wells and construction of surface facility for ASP ( Alkaline Surfactant Polymer) injection," the company said in a separate filing. Vedanta Executive Director Arun Misra said that the company has delivered a strong start to the year, with exceptional EBITDA improvement of 47 per cent and PAT improvement by 54 per cent year-over-year on the back of improved margins, and robust cost reduction across all operations. "Our aluminium and zinc divisions continue to outperform industry benchmarks, consistently ranking in the top quartiles and deciles of the global cost curve. These achievements are a direct result of our strategic focus on cost, as reflected in a 20 per cent year-over-year reduction in overall cost," he said. The company's growth projects are well on track and it remains committed to commission the majority of these projects in FY25. "Moving ahead, our focus on operational efficiency, sustained expansion, and ESG excellence will guide our journey. With this dedication, we are confident in our ability to create substantial shareholder value in the year ahead," he added. Last month, the mining conglomerate raised Rs 8,500 crore (over USD 1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share. Company's CFO Ajay Goel said, "The overwhelming response to the Vedanta's... QIP...underscores investors' huge confidence. The proceeds from the QIP will be further instrumental in deleveraging the balance sheet and reduction of finance costs. We have received all the requisite approvals and have filed the demerger scheme with the National Company Law Tribunal (NCLT) taking our demerger a step closer to reality." The company's gross debt stood at Rs 78,016 crore as on June 30, 2024. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, the UAE, Korea, Taiwan and Japan with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminium, power and glass substrate. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Vedanta Q1 profit surges 37% to ₹3,606 crore on improved margins

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. 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You Searched For "ola debt" and got 12 results

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