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SpiceJet kicks off cargo business sale; valuation at Rs 2,500 crore

SpiceJet, India’s second-largest private airline, kicked off the process of hiving off its logistics business to its subsidiary SpiceXpress as it looks to raise much-needed capital. On Tuesday, the company sought its shareholders’ approval to complete the process and to raise up to Rs 2,500 crore via a qualified institutions placement (QIP). It is in talks with multiple private equity investors as it tries to sell shares in the logistics arm to raise money. While sources in the airline had earlier indicated that they value the business at $1 billion, the company on Tuesday pegged it at Rs 2,555.77 crore based on an independent valuation

Govt revises PLI scheme guidelines for white goods

The Department for Promotion of Industry and Internal Trade (DPIIT) revised guidelines for the PLI scheme for white goods, offering some relaxations. It also said that a company availing benefits under scheme, if for any reason fails to make full committed investment and exits midway, will then have to refund the incentives taken along with interest. In addition, the bank guarantee will also be invoked, according to frequently asked questions released by the DPIIT. As far as relaxations are concerned, it has allowed inclusion of more LED components such as resistors, fusers, LED transformers, among others, in the target segments and eligible products. Similarly, pre-qualification criteria can be met on the basis of audited financials for 2020-21.

India, Mexico markets push Walmart international business grow 13% in Q2

US retail giant Walmart saw its operations in markets like India, China and Mexico push its international business growth by 13 per cent in the second quarter ended July 31, with e-commerce continuing to expand its share in the segment. The Bentonville-based company saw its total revenue rising 2.4 per cent to USD 141.0 billion in the second quarter ended July 31, 2021. Its net sales stood at USD 139.8 billion, of which Walmart US accounted for USD 98.1 billion and Sam's Club was at USD 18.6 billion in the said quarter. The revenue of Walmart International - which includes operations in markets like India, China, Japan, Africa, Canada, UK, Mexico, Canada and Chile - stood at USD 23 billion in the second quarter.

HAL inks Rs 5,375-cr contract for supply of engines for Tejas aircraft

In an important step that will galvanise India’s largest ever domestic arms deal – viz. the acquisition of 83 Tejas Mark 1A fighters for Rs 45,696 crore – Hindustan Aeronautics Ltd (HAL) has ordered 99 engines worth US $716 million (Rs 5,375 crores) for the indigenous light combat aircraft (LCA), the Ministry of Defence (MoD) announced on Tuesday. Since it first flew in January 2001, the Tejas LCA has been powered by a single General Electric (GE) F404-IN20 engine. HAL is continuing with that engine for its first 123 fighters. Support services for the engine will also be provided by GE Aviation, USA, as a part of this project.

JSW Infra plans Rs 10k-cr capex by 2025, including investment in logistics

Moving from pure captive cargo player to a sizable third-party port business, JSW Infrastructure plans a capex of Rs 10,000 crore by 2025 which will also include investments in logistics Logistics investment is a natural progression to the port business to strengthen hinterland connectivity. The unlisted company competes with private port players such as Adani Ports, APM Terminals and DP World in the India market. “Through this rail connectivity we are planning to have dedicated rakes, or leased rakes to have volumes increased for us as hinterland connectivity will improve,” said Maheshwari.

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