OYO begins discussions with banks for IPO
New Delhi: Global travel tech platform OYO has started discussions with bankers for a fresh attempt at IPO, targeting a listing in the last quarter of the current financial year, sources said.Preliminary discussions with investment banks have indicated a potential valuation range of USD 6-7 billion for the public offering. The company started informal discussions last month and is now calling for pitches, according to a person familiar with the development. "The company is engaging with both Indian and international banking institutions with plans to potentially file theHP documents between Aug-Sept this year. It is yet to decide whether to file with FY25 financial results or wait till the Q1 FY26 financials are audited and ready for filing," sources told PTI. A crucial round of discussions with the company's board and with its key shareholder, SoftBank's representatives, is scheduled for June in London. "The Board and all shareholders, including SoftBank, are keen for the company to actively evaluate filing an IPO application in the near future due to the swift business turnaround with an estimated Rs 620 crore net profit in FY25," said a source close to the development.
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Indian Express
17 minutes ago
- Indian Express
Defence equipment, oil, cars: Where India could lower tariffs to reach deal with US
With US trade negotiators set to reach India Thursday for a two-day visit, the India-US trade deal negotiations are entering their final stage and could soon see Delhi opening its market and lowering tariffs on a range of American products – from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocal tariffs and improved access to the US market for India's labour-intensive sectors such as textile and leather products. The White House said Tuesday that the US had asked countries to make their best offers on trade negotiations by Wednesday, as the July 8 deadline for reciprocal tariffs is just five weeks away. 'I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House spokesperson Karoline Leavitt said. Improving market access for US exports such as oil, armaments, soybeans, corn, whisky and automobiles could help address Washington's concerns over its goods trade deficit with India and high tariff barriers. US Secretary of Commerce Howard Lutnick said Tuesday that the US aimed to bring back advanced manufacturing and bridge the trade deficit by increasing exports to India, adding that both sides had 'found a place that really works' for them. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest and sourcing more from the US could also significantly help bridge the goods trade gap, as India's refining capacity has been increasing alongside oil import dependency, which surged to 90 per cent in April 2025. India's oil import mix has already undergone a significant shift since the Ukraine war, with Russia emerging as the top supplier, replacing Iraq and Saudi Arabia. Official trade data showed that India had already stepped up oil purchases from the US. India's import of crude oil from the US jumped 11.49 per cent to $63 billion in March 2025 compared to the previous year. India has had long standing defence ties with Russia, owing to its reliability during times when Western countries imposed sanctions. However, the US now appears to be leveraging its position as the world's largest market to boost defence equipment exports to India and reduce Delhi's dependence on Russia. Speaking at the US-India Strategic Partnership Forum (USISPF) in Washington DC, Lutnick said: 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia.' He said India is already 'addressing' this issue. According to the Stockholm International Peace Research Institute (SIPRI), the largest share of India's arms imports between 2020 and 2024 still came from Russia at about 36 per cent. However, this was significantly lower than the 55 per cent recorded in 2015-19 and 72 per cent in 2010-14. SIPRI's report released in March suggested that India has increased domestic manufacturing and is shifting its arms supply relations towards Western suppliers – most notably France, Israel and the US – at a time when Russia is prioritising domestic production amid the ongoing Ukraine war. US arms exports grew by 21 per cent between 2015-19 and 2020-24. The US share of global arms exports rose from 35 per cent to 43 per cent – nearly equal to the combined total of the next eight largest exporters, according to SIPRI. From high tariffs on agricultural imports to restrictions on genetically modified (GM) seeds and products, the US has criticised several Indian trade policies that have limited US exports. Under the new trade agreements, the US is seeking increased market access for its agricultural products, especially soya and corn – two of its top export items to China. Amid the likelihood of a protracted trade tussle with China, the US deal with India is likely to ensure greater market access for these two products. Additionally, the US may also secure improved access for its apples. A NITI Aayog working paper in May stated that India could offer some concessions on 'soybean oil imports' to reduce the trade imbalance, without harming domestic production. India is the largest importer of edible oil globally, and the US has a surplus of soybean exports. 'We should also explore the option of importing soybean seed and using it for extracting oil in coastal areas, then selling the oil in the domestic market and exporting the meal, for which there is adequate overseas demand. This will avoid genetically modified (GM) feed entering the Indian market,' the paper, authored by Senior Adviser at NITI Aayog Raka Saxena and Member Ramesh Chand, said. 'Similarly, corn may be imported for ethanol blending, and its by-products – like Distiller's Dried Grains with Solubles (DDGS) – can be entirely exported to avoid GM feed in the country. US corn is cheaper and can be used to meet India's biofuel targets without disrupting local food and feed markets,' it said. Notably, soybeans and corn are among the top exports of US to China and according to a Reuters report, US soybean exports could drop 20 per cent and prices may plunge if the US-China trade dispute remains unresolved. If the trade agreement with the UK is any indication, India is likely to open its highly protected automobile and alcoholic beverage sectors to the US, its largest trade partner. Even before negotiations with the US began, India slashed duties on bourbon whisky to 50 per cent from the earlier 150 per cent. Bourbon whisky is primarily produced in the US, with about 95 per cent made in Kentucky. Under the UK deal, India cut tariffs on automotive imports from over 100 per cent to 10 per cent – although the reduction is phased over 10 to 15 years. A similar, if not more favourable, deal could be offered to the US. President Donald Trump had previously stated that high tariffs in India made it difficult for companies like Harley-Davidson to operate in the country.
The Print
39 minutes ago
- The Print
French trade minister meets Piyush Goyal, says France one of India's best economic partners
'With my Indian counterpart Piyush Goyal, I reaffirmed a conviction: France is one of India's best economic partners… Reforms, stability, innovation, access to EU and India markets: there's everything to strengthen our bilateral relationship,' Saint-Martin stated in a post on X. The minister highlighted the potential to further strengthen bilateral ties through 'reforms, stability, innovation, and enhanced market access to the EU and Indian markets.' Paris : French Foreign Trade Minister Laurent Saint-Martin on Tuesday reaffirmed the 'conviction' that France is one of 'India's best economic partners' after his meeting with Union Commerce and Industry Minister Piyush Goyal in Paris. Following his meeting with Goyal, Saint-Martin also expressed optimism about the ongoing India-EU Free Trade Agreement (FTA) negotiations, anticipating a possible agreement in the coming weeks or months. 'It's important to demonstrate that we believe in free trade, not trade wars,' he stressed. 'Minister Goyal arrived with a strong business delegation – over 50 companies, which is significant. At a time when global trade is facing challenges, we believe it's crucial for India and France to strengthen their ties… The European Union and India are progressing toward a Free Trade Agreement, and as a member of the European Commission, we fully support this… I'm optimistic that we could see an agreement in the coming weeks or months… It's important to demonstrate that we believe in free trade, not trade wars,' the French Minister told reporters. He emphasised the importance of fostering deeper cross-border trade and investments between the two nations. 'At the same time, we must foster deeper bilateral relations between France and India, which means enhancing cross-investments, more cross-border trade… All the friendship that President Macron and PM Modi have will, of course, help our bilateral relations to go deeper now,' he added. Earlier on Monday, the Union Minister held a productive meeting with French Minister of Economy, Finance, and Industrial and Digital Sovereignty, Eric Lombard, focusing on deepening the India-France economic partnership with an emphasis on trade, investments, and technology cooperation. The discussions, which took place during Goyal's three-day official visit to France, also reviewed the progress of the India-EU Free Trade Agreement (FTA) negotiations, signalling a strong intent to bolster bilateral ties amidst a shared commitment to innovation and economic growth. 'Held a productive meeting with Eric Lombard, French Minister of Economy, Finance, and Industrial and Digital Sovereignty. Exchanged views on deepening our economic partnership, enhancing trade & investments with a special focus on technology and innovation across key sectors. Also discussed the progress of the India-EU FTA negotiations. Looking forward to stronger India-France economic ties,' Goyal said in a post on X. He also expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European Union (EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs. Goyal also held a series of high-level meetings in Paris with top French CEOs to explore new opportunities for India's growth across key sectors such as renewable energy, automobile manufacturing, electric vehicles (EVs), and consumer products. The minister commenced his three-day official visit to Paris on Sunday as part of his ongoing visit to France and Italy from 1 to 5 June 2025. This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content Also read: US, India to give preferential access to each other's businesses, says Piyush Goyal
Time of India
40 minutes ago
- Time of India
Defence testing lab to come up at Sidco estate in Trichy
1 2 Trichy: Tamil Nadu Industrial Development Corporation (Tidco) has finalised a 1.4 acre site inside Thuvakudi Small Industries development Corporation (Sidco) industrial estate near NIT Trichy to develop Advancing Mechanical & Material Defence Testing lab at an outlay of Rs 50 crore. The integrated testing facility will function under public-private collaboration involving major public sector companies including BEML and HAL to engage in high-end testing and certification of materials for aerospace and defence companies in the state. Proposed under Defence Testing Infrastructure Scheme (DTIS), the lab, named System Testing and Research in Advanced Material (STREAM) foundation, will have comprehensive infrastructure comprising at least 40 testing machinery on 13,000 square feet floor space. As the state govt already has a built-up space of 3,000 square feet in Thuvakudi Sidco complex, Tidco has simultaneously launched procurement procedures to buy material testing equipment while expanding the built-up space. "The aerospace and defence testing lab will decentralize the investment and boost Tamil Nadu's leadership in defence and aerospace sector. Since Trichy as a node of the defence industrial corridor has an established ecosystem for metal fabrication, the lab will be a game changer," Wing Commander P Madhusoodhanan, vice-president, (aerospace and defence), Tidco, told TOI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo As the aerospace and defence sector requires high quality standards, lack of a comprehensive material testing facility in Trichy was so far discouraging industries from exploring new business areas. Once the facility becomes operational, testing requirements will be satisfied locally, said Tidco officials. "The material testing lab in Thuvakudi is set to play an important role in the state's industrial ecosystem. Skill development service for workers will be provided at the lab. Volume of production done by local companies will certainly increase. Initially, around 30-40 people will be employed in the testing lab," Angayasamy Subbiah, managing partner, Vaidheswaran industries, an industry partner of the proposed STREAM Lab, said. The proposed common testing facility will provide quality certification and validation services for local industries to manufacture products for major defence and aerospace companies. "Not only defence and aerospace, even ancillary units of Bhel Trichy will benefit since material grade and quality testing is a key component in manufacturing," N Kanagasabapathy, coordinator, Bhel small-scale industries (Bhelsia), said. The integrated testing lab is set to become operational by December. Tidco said that the lab will run as a non-profit company, generating revenue only to sustain the operations and maintenance.
