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Billion-dollar IPO coming! LG Electronics India may raise Rs 11,500 crore; valuation seen around $9 billion – The Times of India

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Billion-dollar IPO coming! LG Electronics India may raise Rs 11,500 crore; valuation seen around  billion – The Times of India


LG Electronics India is reportedly preparing to launch its initial public offering in the week beginning October 6 to raise around Rs 11500 crore ($1.3 billion), a significant cut from its earlier expected valuation of $15 billion, Bloomberg reported citing sources familiar with the matter.The South Korean electronics giant secured regulatory approval for its updated draft red herring prospectus on Thursday and is expected to file the final version early next week, sources told Bloomberg. The revised valuation places the company at roughly $9 billion, down from the earlier projection when the IPO papers were first filed in December.Third billion-dollar IPO this yearThis would mark the third billion-dollar IPO after HDB Financial Services and Hexaware Technologies in a year that has already seen over $10 billion raised through new issues.If completed as planned, LG Electronics India’s share sale will be the third billion-dollar IPO in a year that has already seen more than $10 billion raised through new offerings, Bloomberg noted. The company first filed with the Securities and Exchange Board of India last December to sell a 15% stake, or 101.8 million shares. Approval was granted in March, but the IPO was deferred due to market volatility, which had reduced its valuation to $10.5–$11.5 billion.Separately, LG Electronics India said it will invest about $600 million over the next four years to set up a third manufacturing plant in Andhra Pradesh, reinforcing its expansion in the Indian market, Bloomberg reported. Discussions on the size and timing of the IPO are ongoing and could change.Axis Bank and the Indian units of Morgan Stanley, JPMorgan Chase & Co, BofA Securities Inc., and Citigroup Inc. are advising LG Electronics India on the share sale, according to Bloomberg. A company representative did not immediately respond to Bloomberg’s requests for comment.





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Starmer ‘determined’ to reach a deal over US tariffs on Scotch whisky

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Starmer ‘determined’ to reach a deal over US tariffs on Scotch whisky



Sir Keir Starmer says he is “determined” to reach a deal on US whisky tariffs, but negotiations are ongoing.

The Prime Minister also said the implementation of a trade deal with India would be “very good for whisky in Scotland”.

The sector is concerned about the impact of tariffs – currently levied at 10% – on whisky exported from Scotland to the US.

The Scottish Government is also pushing for the sector to be exempted from tariffs levied by the Trump administration, with First Minister John Swinney flying to Washington DC to meet with the US president in the White House earlier this month. 

In an interview with BBC Scotland political editor Glen Campbell, the Prime Minister said he had raised the topic whisky with President Trump when they met during the state visit to the UK last week.

He said: “I absolutely understand how important it is for Scotland. It is part of our discussions.”

Asked if there is still a chance of a deal, he said: “Yes, and I want to get to the best possible outcome, and I’m determined to do so.

“Obviously, it’s a matter of negotiation. Our teams are discussing that.

“Alongside that, and separately, I want to bring forward the implementation of the India deal – which again for whisky, offers great opportunities.

“Different, of course, to the market in the US, but if we can achieve both of those things, that will be very good for whisky in Scotland.”



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Jaguar Land Rover says some IT systems back online after major cyber attack

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Jaguar Land Rover says some IT systems back online after major cyber attack


Jaguar Land Rover (JLR) has said parts of its IT systems are back online amid a “phased restart” of its operations following a major cyber attack.

The British carmaker has paused production at its UK factories for several weeks after being targeted by hackers.

The company said it is “working to clear a backlog of payments” to suppliers, and has increased its processing capacity for invoicing.

A cyber attack on the carmaker in August forced it to shut down its IT networks and suspend production lines. Factories remain closed until next month at the earliest.

A statement from JLR said: “As part of the controlled, phased restart of our operations, today we have informed colleagues, suppliers and retail partners that sections of our digital estate are now up and running. The foundational work of our recovery programme is firmly underway.”

The government was considering supporting suppliers, with the industry minister, Chris McDonald, saying it should be a cyber security ‘wake-up call’ in a visit earlier in the week (PA)

The company’s centre for supplying parts to distribution centres for retailers in the UK and globally is returning to full operations, JLR confirmed.

The financial system used to process the wholesale of vehicles has also been brought back online, meaning sales and registration are now faster again.

JLR said it is working with cyber security specialists, the UK government’s National Cyber Security Centre (NCSC) and law enforcement.

“Our focus remains on supporting our customers, suppliers, colleagues and our retailers. We fully recognise this is a difficult time for all connected with JLR and we thank everyone for their continued support and patience,” a statement said.

The government has said it was considering intervening to support JLR’s parts suppliers, with concerns growing that some could go bust due to the shutdown of operations, especially small businesses.

The manufacturer is owned by India’s Tata Motors, and builds around 1,000 cars a day across its three factories in Solihull and Wolverhampton in the West Midlands, and Halewood in Merseyside.

Jaguar Land Rover paused its production in August after a cyber attack

Jaguar Land Rover paused its production in August after a cyber attack (Getty)

Workers were told to stay home on 1 September, and JLR has not confirmed a return date.

Around 30,000 people are employed at the company’s plants, with a further 100,000 working for employers in the supply chain.

Unions have called for a Covid-style furlough operation for those in the supply chain, but this is not thought to be viable given the scale and the cost. Businesses are also reportedly unwilling to consider a government-backed loan, given the uncertainty they currently face.

Chancellor Rachel Reeves was asked during a ministerial visit if the government was set to step in to help firms in the supply chain.

“We are working very closely with Jaguar Land Rover, but not just with the company but also with the wider supply chain,” Ms Reeves said.

“The focus is both getting the business back up and running as quickly as possible, but also making sure, as a government, we are doing everything we can to stand by the company and the wider supply chain.”



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Delhi’s Economy Gets A Push! GST 2.0 Rate Cuts To Aid MSMEs, Trade And Hospitality

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Delhi’s Economy Gets A Push! GST 2.0 Rate Cuts To Aid MSMEs, Trade And Hospitality


New Delhi: The rollout of GST 2.0 rate cuts is set to bring direct relief to Delhi households by lowering their day-to-day expenses. At the same time, the move is expected to boost the city’s economy, as MSMEs, traders, and the hospitality sector gain from reduced input costs, stronger demand, and improved competitiveness.

Widespread Impact Across Delhi Markets

From Karol Bagh’s automobile and apparel shops to the wholesale trade in Sadar Bazar and Khari Baoli, and from Chawri Bazar’s paper hub to the busy streets of Chandni Chowk, the effects of GST 2.0 will be felt everywhere. Alongside this, lower rates on everyday goods and essential services will ease expenses for households across the city.

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Delhi’s Auto Hubs Powering North India’s Trade

Delhi has long been a key centre for automotive component trading, with markets like Karol Bagh and Kashmere Gate well-known for their wholesale and retail networks. These family-run businesses and MSMEs not only cater to the city’s massive vehicle population but also supply parts across north India and even export to neighbouring countries. In fact, Delhi’s auto hubs alone trade components worth nearly Rs 1,000 crore every month with Bangladesh. As a result, the city plays a crucial role in India’s auto components industry, which recorded a turnover of Rs 6.14 lakh crore in FY24.

GST Cuts to Make Vehicle Maintenance Cheaper

With GST on auto parts reduced from 28 per cent to 18 per cent, the cost of vehicle maintenance for both consumers and mechanics is expected to drop by nearly 7.8 per cent. Lower prices for spare parts will mean smaller service bills, encouraging vehicle owners to replace worn-out components more regularly. This not only saves money but also helps improve safety and efficiency on Delhi’s roads.

As the national capital, Delhi is a major destination for tourists, business travellers and medical tourism. It offers everything from luxury properties to budget stays in Paharganj and Karol Bagh. In 2024, Delhi’s hotel market recorded about 72.9 per cent average occupancy with an average daily rate (ADR) of nearly Rs 10,273.

The new GST rate of 5 per cent for rooms below Rs 7,500 per night directly reduces the cost of staying in Delhi’s hotels. For example, booking a room at Rs 5,000 per night would now attract an additional tax of only  Rs 250 (5 per cent). This makes hotel stays around 6.25 per cent cheaper. These savings accumulate over a multiple-night stay, which will result in higher occupancy rates.

To complement room-rate relief, key kitchen inputs used by hotels, restaurants, cafes, and caterers have also been cut from 18 per cent to 5 per cent. The 13-percentage-point tax reduction on these crucial kitchen supplies will directly lower the input costs for restaurants and hotels.

Delhi-NCR is the top city for hospitality job opportunities, with a 20.37 per cent increase in job postings in 2022-23. A sustained boost in the sector would translate into increased job creation and better earnings for the large workforce employed in Delhi’s hotels and restaurants.

Delhi is also a massive consumer of milk and dairy products. The city is served by an extensive supply network from cooperatives like Mother Dairy and Amul. Delhi employs thousands of workers in milk processing plants (like the Mother Dairy plant in Patparganj) and as delivery agents or vendors in local markets.

Footwear, eco-friendly furniture, beauty and wellness services, and printing-paper packaging all sit in Delhi’s consumer basket while powering its MSME engine. The GST cut on affordable footwear and finished leather, along with furniture, printing & stationery items, will lower final prices and ease working-capital strain for small traders.

GST on items like bamboo, cane, and rattan furniture is now 5 per cent, improving affordability for households and demand certainty for artisans and small retailers. The furniture sector provides employment to thousands in both formal showrooms and informal workshops across Delhi, with major markets in Kirti Nagar and Panchkuian Road. (With IANS Inputs)



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