Porsche billionaire owners forming platform to invest in defense startups
Porsche Automobil Holding SE, the holding company of the Porsche-Piëch billionaire owner family, said Wednesday it's forming a platform with partners it didn't name to invest in defense startups. The company is dropping a previous requirement that targets need to have not just military but also civilian applications.
'Our aim is to increase our involvement in the defense and defense-related sectors while maintaining our core focus on mobility and industrial technology,' Chairman Hans Dieter Pötsch said. The company also lowered its earnings guidance due to weakness in the auto industry.
Tapping into new sectors may prove lucrative as Europe prepares to unlock hundreds of billions of euros in defense and infrastructure expenditures. Porsche SE announced in March it was considering a third long-term anchor investment in defense or infrastructure, separate from its holdings in VW and Porsche.
Independent of the fund, Porsche SE said it's 'intensively examining' possible defense investments, with a focus on areas such as satellite surveillance, reconnaissance and sensor systems, cybersecurity or logistics and supply systems.
The family's automotive empire has a long history of civil-military activities. Volkswagen operates a joint venture with Rheinmetall AG to make military vehicles, and Porsche SE last year made a double-digit million-euro investment in Munich-based drone manufacturer Quantum Systems.
Ferdinand Porsche, the late founder of the sports-car brand, helped develop tanks for Nazi Germany. He designed the Beetle, used as a basis for military vehicles Volkswagen produced during World War II. The automaker later manufactured the Volkswagen Type 181, also called The Thing, for the West German Army and then for civilian customers in the UK and the US.
Ferdinand's descendants — including his grandsons Ferdinand Alexander Porsche, who designed the 911, and Ferdinand Piëch, a former Volkswagen CEO — formed the basis of the owner family.
Separately on Wednesday, Porsche SE cut its earnings outlook, citing lower profit expectations at Porsche and Volkswagen. The company now expects an adjusted group result after tax of at least €1.6 billion ($1.9 billion), from a minimum of €2.4 billion previously.
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Hindustan Times
an hour ago
- Hindustan Times
Mahindra looks to acquire 350-acre land parcel in Igatpuri in Maharashtra
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First Post
an hour ago
- First Post
The big India factor behind Trump-Putin talks in Alaska
Washington's steep new tariffs on India's Russian oil purchases have unexpectedly emerged as a key bargaining chip in US President Donald Trump's high-stakes Alaska talks with Vladimir Putin How India suddenly became part of the whole equation leading to the Alaska summit between US President Donald Trump and Russian counterpart Vladimir Putin When US President Donald Trump and Russian President Vladimir Putin meet in Alaska to discuss the war in Ukraine, much of the global attention will be on potential shifts in the battlefield and peace negotiations. Yet, behind the scenes, a less obvious factor appears to have influenced the dynamics leading to the meeting. This turns out to be India's role in global oil trade and Washington's decision to target it with steep tariffs. Statements from both Trump and senior US officials in recent days have suggested that punitive measures against India's purchases of Russian oil were part of a calculated bid to pressure Moscow into engaging in talks. STORY CONTINUES BELOW THIS AD Trump's claim: Tariffs as a strategic lever Speaking on Fox Radio's Brian Kilmeade Show, Trump remarked that his recent imposition of steep tariffs on India 'may have played a role' in pushing Putin toward the negotiating table. He reasoned that the secondary tariffs effectively removed India — Russia's second-largest oil customer — from the market. 'Certainly, when you lose your second largest customer and you're probably going to lose your first largest customer, I think that probably has a role,' the US president said. According to Bloomberg, the tariffs, totalling 50 per cent, included a 25 per cent levy on Indian purchases of Russian oil, set to take effect from August 27. Trump suggested that the cumulative effect of these measures had 'impact everywhere,' implying that economic isolation was a strategic tool to bring Russia into dialogue. Secondary tariffs and the Putin equation US Treasury Secretary Scott Bessent reinforced this link in an interview with Bloomberg, observing that Washington had expected Putin to come to the table 'in a more fulsome way' and that the secondary tariffs on India were a piece of that leverage strategy. Bessent indicated that if talks in Alaska did not go well, these measures could be tightened further. Bessent stressed that sanctions and tariffs were flexible — they could be increased, reduced or made indefinite. He also referenced the 'Russian shadow fleet' of tankers operating globally, suggesting that Washington might intensify enforcement against them. His broader point was that the tariffs on India were not simply about trade disputes but about geopolitical positioning, particularly when paired with pressure on European allies to adopt similar measures. India's energy trade with US and Russia The tariffs came despite a notable shift in India's energy imports in Washington's favour. According to official figures, Indian oil and gas imports from the US surged 51 per cent between January and June this year, a report in The Statesman said. LNG imports from the US nearly doubled year-on-year, rising to $2.46 billion in 2024–25 from $1.41 billion in the previous financial year. In February, Prime Minister Narendra Modi had assured that India would increase its energy imports from the US to $25 billion in 2025, up from $15 billion in 2024, specifically to help reduce America's trade deficit — a stated goal of Trump's trade policy. This commitment was followed by discussions between Indian state-owned oil companies and US suppliers for long-term purchase agreements. India's defence: Policy consistency and price math From New Delhi's perspective, its purchases of Russian oil have been consistent with both domestic needs and the parameters of US-led policy. Indian officials have repeatedly noted that they only buy Russian crude below the price cap imposed by G7 nations — a mechanism designed by Western powers themselves to keep global oil prices stable while limiting Moscow's revenue. India has also pointed out that Washington still continues to import certain commodities from Russia, including fertilisers, chemicals, uranium and palladium. Moreover, New Delhi has emphasised that energy import diversification — including a growing share from the US — is part of a broader national strategy to reduce dependence on any single source, including Russia. STORY CONTINUES BELOW THIS AD Strategic ties beyond trade India's Ministry of External Affairs has characterised the targeting of Indian imports as 'unjustified and unreasonable', a Bloomberg report said. India has repeatedly reiterated that its US relations are 'multi-layered' and rest on strategic and geopolitical foundations beyond trade disputes. In a briefing to the Parliamentary Standing Committee on External Affairs, the government confirmed there was no change to the planned sixth round of India–US talks, which could eventually lead to a trade agreement. This diplomatic posture appears aimed at preserving the broader bilateral relationship even while contesting the fairness of the tariffs. New Delhi's position underscores that it sees Washington as a long-term partner, even if short-term disputes flare. Alaska summit: Leverage in action The Alaska meeting between Trump and Putin is set against this backdrop of trade friction and strategic manoeuvering. Trump has publicly said he believes Putin is now convinced to 'make a deal' and suggested the talks could lead to a second meeting involving Ukrainian President Volodymyr Zelenskyy. In his remarks, Trump envisioned such a follow-up as the venue for deeper negotiations on 'boundaries, lands, etc.' although he avoided explicitly describing it as 'divvying things up'. Trump acknowledged the risk of failure, estimating a 25 per cent chance that the first meeting might not be successful. Nevertheless, he cast the Alaska talks as setting up a 'chess game' in which the initial moves — including the India tariffs — were designed to create maximum negotiating leverage. The China factor While India has been singled out in recent days, China remains Russia's largest oil buyer. Asked about Beijing's role, Bessent avoided direct commentary but reiterated that Trump was adept at creating leverage and keeping 'all options on the table.' He recalled a moment at the G7 summit in Canada when he floated the idea of a 200 per cent secondary tariff on China and observed that other leaders quickly shifted the conversation — a sign, perhaps, of reluctance among allies to adopt such aggressive measures. Bessent's comments suggested that the administration sees secondary tariffs not just as punitive trade measures but as tools for orchestrating broader geopolitical pressure. By targeting India — a country with significant oil trade with Russia but also deepening ties with the US — Washington may be testing both its ability to influence Moscow and the resilience of its partnership with New Delhi. India's balancing act For India, the challenge lies in maintaining strategic autonomy while handling intensifying pressure from both Washington and Moscow. The country has long positioned itself as a balancing power, purchasing arms and energy from Russia while cultivating defence and technology partnerships with the US. Indian has been careful to point out that the country's energy security depends on stable, affordable supplies, which in turn require flexibility in sourcing. This approach has allowed India to take advantage of discounted Russian oil in recent years without breaching Western sanctions regimes. STORY CONTINUES BELOW THIS AD At the same time, the expansion of US energy imports has been a deliberate effort to strengthen economic ties with Washington — a point New Delhi may quietly expect to weigh in its favour as tariff disputes unfold. Potential fallout if talks fail If the Alaska talks do not yield progress, Bessent's warning that tariffs could rise further could put India in a more difficult position. Additional measures might target other sectors of Indian trade or tighten restrictions on energy transactions, potentially disrupting existing contracts with both Russian and US suppliers. Such escalation could also test India's willingness to continue aligning with US positions on issues like the Indo-Pacific security framework or technology cooperation. While New Delhi has stressed the independence of its foreign policy, sustained economic pressure from Washington might force more overt recalibrations. A calculated gamble by Washington From Washington's perspective, linking the India tariffs to the Putin talks is a calculated gamble. The move risks alienating a strategic partner, but it also highlights a willingness to use every available lever to influence Moscow's calculus on Ukraine. Trump's framing — that losing India as a buyer would significantly hurt Russia — rests on the assumption that the economic impact will translate into political flexibility. Whether this proves true depends not only on the outcome of the Alaska summit but also on Moscow's ability to redirect its exports to other markets, particularly China. If Russia can compensate for lost Indian purchases through alternative buyers, the pressure may be blunted. India as an unintended fulcrum As Trump and Putin sit down in Alaska, India's role in the global oil trade has unexpectedly become a key element of US strategy. Tariffs ostensibly aimed at trade imbalances have been repurposed into geopolitical bargaining chips, with Washington betting that squeezing Moscow's second-largest oil customer will hasten movement toward a negotiated settlement in Ukraine. For India, this development highlights both its growing importance in global energy markets and the risks of being caught in the crossfire of great-power rivalry. While New Delhi continues to emphasise the strategic breadth of its partnership with Washington, it is clear that economic measures tied to third-party conflicts can quickly complicate even the most carefully managed bilateral ties. 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India.com
an hour ago
- India.com
This company shares in focus as company forms JV with Taiwan-based firm
ओमांश इंटरप्राइजेज लिमिटेड का शेयर बना रहा मालामाल Shares of Pavna Industries Limited will be in focus when markets open on Monday as the company has informed exchanges that it has formed a joined venture with with Taiwan-based SmartChip Microelectronic Corporation. The company said that the new joint venture company will make electronic components for the automobile industry and others. 'The proposed Joint Venture (JV) Company to carry on the business of inter alia making electronic components for the automobile industry (ICE & EV) and for other industries like hardware for cupboard/door locks etc. in residential/commercial industries, aero, medical etc.,' the company said in the filing. As per the information share, the proposed shareholding structure for the joint venture underscores Pavna Industries Limited's significant control, with the company holding a majority stake of 80 per cent. The Taiwan-based company will own the remaining 20 per cent. The authorised and paid-up capital of the company shall be Rs 5,00,000 divided into 50,000 equity shares of Rs 10 each. 'The Equity Shares of proposed Joint Venture Company will be subscribed at a price of Rs. 10/- each by Pavna Industries Limited and Smartchip Mircoelectronic Corporation,' it further stated. The counter ended in the red in the last trading session, falling 2.03 per cent to Rs 410.35 compared to the previous close of Rs 418.85. This is part of a larger trend in the stock's performance. The 52-week high of the stock is Rs 759.55, hit on October 14, 2024, and the 52-week low is Rs 295.20. These figures provide a broader perspective on the stock's performance, indicating its potential for growth and the level of risk associated with it. According to the BSE Analytics, the stock has delivered a return of 86 per cent in two years. However, it has corrected 21 per cent in one year and 69 per cent so far this year. Earlier, benchmark stock indices Sensex and Nifty ended flat in a highly volatile trade on Thursday. Extending gains to the second day, the 30-share BSE Sensex climbed 57.75 points or 0.07 per cent to settle at 80,597.66. The 50-share NSE Nifty rose by 11.95 points or 0.05 per cent to 24,631.30.
