Business
Billion-dollar IPO coming! LG Electronics India may raise Rs 11,500 crore; valuation seen around $9 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.
PUNE: Finance minister Nirmala Sitharaman on Thursday called upon banks and financial institutions with strong balance sheets to step up lending for public infrastructure, industry and the MSME sector.Addressing the Foundation Day event of Bank of Maharashtra, Sitharaman highlighted the critical role of banks amid growing global uncertainty. “The global environment has become increasingly unpredictable. The extent to which countries are affected depends on their exposure to these shocks and how well-prepared they are.”FM said despite the turbulence in the global economy, India showed resilience, supported by strong economic fundamentals and improved sovereign ratings from international agencies. She emphasised that India’s robust response to global challenges was not coincidental but driven by solid domestic demand and the inherent strength of its economy.Sitharaman also stressed the need for public sector banks to maintain professional management and a customer-centric approach. “Every complaint must be seen as an opportunity to improve, innovate and reinforce trust in the minds of the customers. Grievance redressal must go hand in hand with root cause analysis, systemic corrections in products, processes and conduct, besides a commitment to ensure the complaints do not recur.”At the event, department of financial services secretary M Nagaraju said the credit extended by banks to micro, small and medium enterprises (MSMEs) would aid in their expansion, helping them cope with financial stress in distressed sectors. “Govt has been laying great emphasis on providing more capital to MSMEs. But banks should also provide more capital to the MSMEs, both for expansion and recovery from stress, if there is any,” he said.
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.”
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 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.
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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Step up lending for public infra, MSMEs: FM Sitharaman to banks – The Times of India
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