The recent allocation of Rs. 1,000 crore by the Indian government for a venture fund to support
The recent allocation of Rs. 1,000 crore by the Indian government for a venture fund to support space startups is part of India’s larger strategy to boost its space sector. Since the liberalization of this sector in 2020, India has seen significant growth, with over 200 space tech startups now operating in various capacities, ranging from satellite launches to space exploration technologies
The venture fund is expected to provide crucial capital to these startups, enabling them to scale their operations and compete on a global level. Moreover, the government is encouraging foreign investment by allowing 100% FDI in the space sector, further attracting international interest.
In a similar vein, Biocon Biologics is making strategic financial moves to strengthen its biosimilars division. The company has refinanced $1.1 billion through a combination of senior secured notes and a syndicated loan facility, offering a 6.67% interest rate to global investors
This refinancing provides Biocon with the financial flexibility to advance its biosimilars pipeline, which plays a pivotal role in making affordable medicines accessible globally. The participation of major financial institutions like Citigroup, BofA Securities, and HSBC underscores the confidence in Biocon’s growth potential.
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DRDO conducts successful tests of very-short-range air defence system
The Defence Research and Development Organisation (DRDO) recently conducted successful tests of a Very Short Range Air Defence System (VSHORADS) at the Pokhran Field Firing Range in Rajasthan. These tests, carried out on October 3 and 4, 2024, were aimed at demonstrating the system’s capabilities against high-speed targets. The VSHORADS is a fourth-generation, miniaturized air defense system designed to protect against aerial threats at short ranges.
The trials verified critical performance parameters, including maximum range and altitude for interception. The system’s hit-to-kill capability was tested in various scenarios, covering targets approaching, receding, and crossing at different speeds
This successful demonstration marks a significant step in advancing India’s defense capabilities, ensuring rapid deployment and response to close-range aerial threats.
Biocon Biologics refinancing $1.1 billion in loans
Biocon Biologics recently refinanced $1.1 billion in long-term debt, marking a significant financial move for the company. This refinancing was achieved through the issuance of $800 million in senior secured notes and a new syndicated loan facility. The senior secured notes were offered at an interest rate of 6.67%, which attracted global investors. This marks Biocon Biologics’ debut in the international bond market.
The refinancing provides Biocon Biologics with greater financial flexibility as it pursues its biosimilars business. The funds raised will enable the company to focus on expanding its biosimilars portfolio, which is a core part of its strategy to offer affordable biopharmaceuticals globally. The process was managed by major financial institutions, including BofA Securities, Citigroup, HSBC, Standard Chartered, BNP Paribas, and Mizuho
Banks plan more cloud spending, yet to exhaust existing commitments
Banks are increasingly planning to boost their cloud computing expenditures, despite not having fully utilized their existing commitments. According to a report by Infosys, while many banks intend to invest more in cloud services, they have yet to exhaust nearly half (49%) of their current commitments
This dual trend suggests that while financial institutions recognize the importance of cloud technology for improving efficiency and services, they are still in the process of maximizing their current investments before making further financial commitments. This cautious approach may reflect the complexity and scale of cloud implementations in
Apple to open four more company-owned retail stores in India
Apple is set to expand its presence in India by opening four new company-owned retail stores in major cities: Bengaluru, Pune, Delhi-NCR, and Mumbai. This initiative aims to enhance Apple’s retail footprint in the country, where it currently operates two stores, one each in Delhi and Mumbai
The new stores will not only provide customers with access to Apple’s products but also enhance the overall shopping experience with personalized services and workshops. This expansion comes alongside Apple’s strategy to increase local manufacturing capabilities, as the company seeks to reduce its reliance on Chinese production