1. SpiceJet: Bidding for Air India?
Through a special purpose vehicle (SPV) with US-based funds, SpiceJet promoter Ajay Singh is arranging a $1 billion war chest to bid for Air India. In the SPV, Singh will reportedly hold a minimum of 26 percent, and the US funds are likely to contribute around $700 million to it. Singh’s SpiceJet’s cargo business equity and planned hive-off along with shares in SpiceJet would be used as security. As per a report mentioned in The Economic Times, Singh aims to raise about $300 million from that equity.
The government has set a deadline for August third week to submit financial bids for Air India’s entire shareholding in the airline. The budget airline informed stock exchanges on June 30, subject to shareholder approval, to turn its cargo business into a separate entity. SpiceJet has a stake in Air India Express and 50 percent in cargo and ground handling venture with Singapore’s SATS, which would form part of the sale. Air India has a debt of Rs 37,000 crores, been put up for sale, and proceeds from the sale would be parked in an asset holding company owned by the government.
2. This man builds an EV cycle that travels 50 km in just one unit current.
Fuel prices have been busting the charts almost every day, and it is high time for humans to switch to electric vehicles. But currently, they are expensive and are not in full production. Coming as a solution to most people, 33-year-old S. Baskaran took his time to build an electric cycle. This cycle can travel up to 50 kilometers with just one unit of current.
The special thing about this electric cycle is that it only cost S. Baskaran Rsm 20,000 to build this marvel.
What is even amazing is that once the battery is down and you are in the middle of the road, you can simply pedal, and that will charge the battery again. This is a vehicle that sparks future excitement and past nostalgia at the same time.
S. Baskaran lost his job during the pandemic and has been focusing on agriculture. He is a mechanical engineer. He bought an old electric cycle for Rs. 2,000 and needed some parts to revamp it worth Rs. 18,000.
3. Lamborghini India riding on V shape sales recovery in 2021.
As reported by company officials, luxury sports car maker Lamborghini is looking at an upward trend in sales, riding on a V-shaped recovery in demand post-Covid-19 related disruptions. The company, which sells a range of super-luxury cars priced between Rs 3.15 crore and Rs 6.33 crore, is looking to beat its earlier best sales number recorded in 2019 when it sold a total of 52 units.
Lamborghini India is looking at building the market positively to incredible opportunities in terms of growth, especially in the super-luxury segment, as the size of the segment still has a lot of scopes to grow. Officials report that they are witnessing over 20 percent growth in its business in 2021 compared to 2019. The positive vaccination drive has helped towards the growth. Though there is a strong forecast of the third wave of Covid, the impact on human lives will be less due to the vaccinations. Is -,.
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