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Posted On:
09-08-2024

Ola IPO set to make Bhavish Aggarwal one of world's youngest billionaires

Just two years ago, Bhavish Aggarwal was facing one of his biggest tests. A video on social media showed an Ola Electric Mobility Ltd. vehicle bursting into flames in the Indian city of Pune, raising doubts about whether his bet on the world’s biggest e-scooter factory would ultimately pay off.The outspoken founder, who’s drawn parallels to Elon Musk, bounced back. Now, the company’s public listing is set to cement his position as one of the world’s youngest billionaires. Aggarwal, 38, will add $1.2 billion to his wealth if his SoftBank Group Corp.-backed Ola Electric lists Friday in Mumbai at the lowest end of the price band at Rs 72 ($0.86) a share, giving the entrepreneur a net worth of $2.3 billion, according to the Bloomberg Billionaires Index. Ola Electric did not immediately respond to requests for comment on Aggarwal’s net worth. Despite being yet to turn a profit since it was founded in Bengaluru in 2017, Ola Electric is among the many electric vehicle-linked firms looking at India’s public market to raise money, tapping into the craze for alternative fuels in one of the busiest countries for new share offerings. The firm made a net loss of Rs 1,470 crore in the financial year ended March 2023, its offer document shows.
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Posted On:
10-08-2024

BSNL to roll out 4G, 5G-ready over-the-air, universal SIM platform

State-run telecom firm Bharat Sanchar Nigam Ltd will roll out 4G and 5G compatible over-the-air (OTA) and Universal SIM (USIM) platform which will enable subscribers to choose their mobile numbers as well as replace SIMs without geographical restrictions. BSNL said that the platform, developed in collaboration with Pyro Holdings, was inaugurated in Chandigarh, with a disaster recovery site in Trichy. "The new 4G and 5G compatible platform is designed to serve all BSNL customers across the country, offering unparalleled connectivity and service quality," BSNL said on Friday. "The introduction of this platform coincides with BSNL's ongoing network upgrades to 4G and 5G, positioning the company at the forefront of telecommunications innovation. This milestone represents a significant step in BSNL's efforts to bridge the digital divide and empower citizens in rural and remote areas, ensuring equitable access to advanced telecommunications services," the statement said. The over-the-air (OTA) and Universal SIM (USIM) platform provides BSNL mobile subscribers with the flexibility to choose mobile numbers on the fly and enables SIM replacement without geographical restrictions, the statement said.
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Posted On:
10-08-2024

Kirin-backed Indian brewer B9 Beverages seeks more clout with new factory

An Indian craft brewer backed by Japan’s Kirin Holdings Co. wants to overtake entrenched global brands by building a $70 million beer factory and raising fresh funds ahead of a public listing in 2026. B9 Beverages Ltd is building a new brewing facility in the north Indian state of Uttar Pradesh, which, once completed, will become India’s biggest beer factory and expand production, founder and Chief Executive Officer Ankur Jain said in an interview. The company currently leases six brewing units and sells an equivalent of 8 million cases of beer a year. The New Delhi-based company has also appointed investment bank Morgan Stanley to lead another round of fundraising ahead of the IPO. “2023 was a very tough year for us because we underwent a very drastic transformation in our sales operations, supply chain, financial checks and balances,” Jain said. “It was a deliberate decision that caused a slowdown, but we are a much stronger company today.”
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Posted On:
10-08-2024

US FDA approves first nasal spray from ARS Pharmaceuticals' for allergies

The US Food and Drug Administration has approved ARS Pharmaceuticals' nasal spray as the first needle-free emergency treatment for potentially fatal allergic reactions, the regulator said on Friday. The spray, which will be sold under the brand name neffy, is seen as an alternative to EpiPen and other autoinjectors like Kaleo's Auvi-Q that are filled with epinephrine, a life-saving drug used by people at risk of anaphylaxis and other allergic reactions. Anaphylaxis is a severe, life-threatening allergic reaction that typically involves multiple parts of the body and is considered a medical emergency. Neffy, a single-dose nasal spray administered into one nostril, was approved for use in adult and pediatric patients who weigh at least 30 kilograms. "Some people, particularly children, may delay or avoid treatment due to fear of injections," said Kelly Stone, an associate director at the FDA's Center for Drug Evaluation and Research, adding that the availability of the nasal spray may reduce barriers to rapid treatment.
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Posted On:
13-08-2024

Jindal Stainless to manufacture high-end stainless steel for BrahMos

Jindal Stainless on Monday said it will manufacture customised stainless steel and speciality low-alloy steel sheets for defence projects of BrahMos Aerospace. The company will also supply steel plates from its Hisar plant in Haryana, it said in a statement. Jindal Stainless has been accredited by BrahMos Aerospace Pvt Ltd as a qualified vendor for the manufacturing and supply of steel sheets and plates, it added. JSL MD Abhyuday Jindal said, "We envision an India that is completely Atmanirbhar in its defence requirement. In line with this vision, we are enhancing our capabilities to meet and exceed the stringent conditions for such critical applications. Contributing to the strengthening of our country's defence standing is a matter of passion and pride for us". Previously, Jindal Stainless has supplied materials for key projects under the DRDO and Isro, including India's lunar mission Chandrayaan, PSLV, GSLV Mk3, nuclear submarine missile system, missile canisters for various missile programmes, and exhaust units in rockets. The company recently developed and supplied 3 mm special alloy steel sheets for the Supersonic Missile-Assisted Release of Torpedo (SMART) system.
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