Jet Airways appoints Sanjiv Kapoor as CEO
The Jalan-Rock Consortium, the new promoters of Jet Airways, has appointed industry veteran Sanjiv Kapoor as the CEO of Jet Airways. A Wharton-Graduate, Sanjiv Kapoor is currently the President of Oberoi Hotels & Resorts. Sanjiv has over 20 years of experience in the airline industry, having worked with airlines in Asia, Europe, and the US as a part of management. He has worked at Spicejet as Chief Operating Officer and at Vistara as Chief Strategy and Commercial Officer.
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Hero MotoCorp Announces New EV Brand ‘Vida’
Hero MotoCorp, India’s largest two-wheeler manufacturer, has announced the launch of its new Electric Vehicle brand ‘Vida’. Dr. Pawan Munjal, Chairman & CEO, Hero MotoCorp, also announced a US$100 Million Global Sustainability Fund. The fund will aim to establish global partnerships spearheaded by the BML Munjal University (BMU) and Hero MotoCorp. The company states that it will first reveal its platforms, products, and services in 17 weeks, and the first electric vehicle will be officially unveiled on July 1, 2022.
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ISMA revises sugar exports estimate upward to 7.5 MT
The Indian Sugar Mills Association has announced an estimated year-on-year of 15.38% in exports to 7.5 million tonnes (MT). “Considering recent ISO report indicating a global deficit of around 1.93 MT for 2021-22 SS (October – September) and exporters’ interest in buying more Indian sugar, ISMA members agreed that sugar exports will be higher than previously expected”, said ISMA in a release.
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Govt approves Rs 1,523 crore for upgrading IT Infrastructure for CAPFs
The government has sanctioned Rs 1,523 crore for upgrading IT infrastructure and procuring weapons and equipment for different forces in the Central Armed Police Forces (CAPF) like ITBP, SSB, CRPF, BSF, etc.
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ICRA: Indian Aviation sector to report a loss of Rs 26,000 crore this year to reach pre-COVID levels in FY24
The ICRA, a credit rating agency subsidiary of Moody’s, has said in a recent report that the Indian Aviation sector is likely to report a loss of Rs 25,000-26,000 crore this year and that the industry shall reach pre-COVID levels, not before FY24. The report also stated that the industry would require additional funding of Rs.20,000-22,000 crore over FY2022 to FY2024.
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Karnataka Budget 2022: No Tax Hike, Rs 1,000 crore for Mekedatu Project
The Karnataka State Budget 2022 has laid provisions of Rs 1,000 crore for Approved in 2017, the Mekedatu Project aims to store and supply water for drinking purposes for the Bengaluru city and creating a Balancing Reservoir from the River Cauvery. The Tamil Nadu government strongly opposes the project. The state government announced no tax hikes for the year.
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Cool Caps To Launch Rs 11.62 crore IPO on March 10, will list on NSE Emerge
Cool Caps, a company involved in making caps and bottle closures, has announced its Initial Public Offering (IPO). The company proposes to open its IPO of 30,60,000 Equity Shares under the book building process aggregating to Rs. 1,162.80 lakh. Its consolidated profit after tax for the year ended on March 31, 2021, was Rs. 291.72 lakh. Cool Caps’ EBITDA & PAT have grown at a three-year CAGR of 46.19% & 45.99%, respectively.
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Reliance acquires majority stake in an electronic manufacturing company
Reliance Industries has acquired 50.1% in Sanmina SCI for Rs 1,670 crore ($221 million). The remaining stake shall be with the US-based company Samina. The two players have announced a joint venture to create a world-class electronic manufacturing hub in India, sharing the same vision of “Make in India”. Samina has a 100-acre hi-tech manufacturing campus in Chennai, Tamil.
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