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Posted On:
11-06-2024

Pizza chain Domino's plans to operate 4,000 outlets in four years

Jubilant Foodworks, which operates the master franchise for Dominos in India, plans to double its outlets to 4,000 in the next four years. The pizza chain, currently present in 421 cities, inaugurated its 2,000th outlet in Gurugram on Monday.Even as quick-service restaurants (QSRs) continue to see a slowdown, Dominos remains bullish on the Indian market. “While QSRs have been under pressure globally, we have not passed price increases to consumers and so our sales traffic remains strong. Differentiative value remains very important to us, and hopefully, will help us to continue to win in the market,” Art D’Elia, executive vice-president, international, Domino’s Pizza, told Business Standard. “India is the number one market for Domino’s outside the US. With a very low opening price point, we have been able to democratise pizza and make it more accessible. Hence, we are not just the leading QSR pizza player but also the leading QSR player in the country. This differentiated value is what will fuel our growth in the Indian market,” he added.
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Posted On:
11-06-2024

Bank of India acquires over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City."The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said.Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre. The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected to help develop the GIFT City ecosystem further by enabling and promoting a greater number of use cases within the IFSC. While inaugurating the IFSC Banking Unit at GIFT City last year, the bank had set an ambitious target of touching a business of $ 1 billion in the first year of operation with equal distributions of advances.
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11-06-2024

Airfares can rise further while still being affordable: Akasa Air CEO

Airfares in India are still among the lowest in the world, giving Indian carriers significant headroom to increase them while ensuring they remain affordable, Akasa Air Founder and CEO Vinay Dube said during an interview with Business Standard. When asked if Akasa Air plans to follow IndiGo, which recently announced it would be introducing business class in its planes, he replied, “For the moment, no. Will we have a particular type of seat for 8-10 customers? No.” Moreover, he challenged the characterisation of airlines as solely “low-cost” or “full-service”.
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Posted On:
11-06-2024

World's largest vaccine maker Serum Institute sees demand doubling in 5 yrs

Serum Institute of India Pvt. is expanding its production capacity as it expects sales of life-saving vaccines, including those for malaria and cervical cancer, to double in the next five years. The world’s largest vaccine maker currently has the capacity to produce 3 billion doses of all types of vaccines each year, but only sells about 1.5 billion doses annually. The Pune-based firm is forecasting that will change. “As countries increase their health-care budgets, you’re going to see a huge uptake of vaccines that can prevent a lot of diseases,” Serum’s Chief Executive Officer Adar Poonawalla said in an interview with Bloomberg TV for an upcoming episode of Latitude with Haslinda Amin. “Vaccines have been proven to be the most efficient tool for prevention.” He is particularly bullish about the outlook for the company’s new vaccines for malaria and cervical cancer. It has the capacity to produce 100 million doses of each, he said. Demand for the malaria vaccine is slowly picking up as countries in Africa plan and prepare for its arrival. Serum shipped the first batch of the vaccine, dubbed ‘R21/Matrix-M,’ to Africa in May. It’s the second malaria shot authorized for children in the world, according to a company statement.
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Posted On:
12-06-2024

Bharti Airtel converts $49.87 mn worth of foreign debt bonds into equity

Telecom operator Bharti Airtel has converted $49.87 million worth of foreign debt bonds issued in January 2020 into equity, the company said on Tuesday. Airtel had raised $1,000 million through foreign currency convertible bonds in January 2020 that were convertible into the company's fully-paid up equity shares of Rs 5 each at any time on or after February 27, 2020, and up to the close of business hours on February 7, 2025, at the option of the FCCB holders."We wish to submit that upon receipt of notices for conversion of FCCBs of principal value of $49.87 million from certain FCCBs holder(s), the Special Committee of Directors for Fund Raising has, today i.e. on June 11, 2024, approved the allotment of 6,934,266 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 518 per equity share to such holder(s) of FCCBs," Airtel said in a regulatory filing.The company said that with this transaction, the outstanding principal value of FCCBs listed on the Singapore Exchange Limited stands reduced to $80.60 million.
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