Latest news with #JV
Business Times
2 days ago
- Business
- Business Times
Temasek sees 10 times gain with 5.5 billion euro stake sale in Indian JV with Schneider
[SINGAPORE] Temasek Holdings has sold its 35 per cent stake in an Indian joint venture with Schneider Electric to the French company for 5.5 billion euros – 10 times more than what the state investor had initially paid for the shares. The transaction is the 'logical next step' in Schneider's investment focus on India, and full ownership of the JV 'will support speed of decision-making for India as a hub', the company said in a press release on Wednesday (Jul 30). Temasek had bought the 35 per cent stake in the joint venture, called Schneider Electric India, for 530 million euros in 2020, according to Schneider's financial report that year. The JV was created from the combination of Schneider's low voltage and industrial automation products business in India with the electrical and automation unit of Larsen & Toubro. The divestment comes after a Jul 16 Bloomberg report on the potential deal, where Schneider was then said to be in talks to buy Temasek's stake for about US$1 billion. Schneider, whose origins trace back to 1836, specialises in energy management and industrial automation solutions. Temasek has recently indicated that it is looking to back more family-run businesses in India, following its US$1 billion investment into snacks maker Haldiram.
West Australian
2 days ago
- Business
- West Australian
‘Low confidence' in Kwinana as IGO left with no choice but to scrub value off ailing lithium refinery
IGO has determined any value left in a troubled lithium hydroxide train at Kwinana will now need to be written off, with chief executive Ivan Vella declaring outright the miner has little faith in its future. More downtime and equipment failures meant the struggling operation was running at just 35 per cent of its capacity during the quarter and will not meet its targeted production for the year. IGO also had to fork out another $4.5 million in recent months to sustain the refinery, which still copped an even bigger earnings before interest, tax, depreciation and amortisation loss for the period of $28.7m. Mr Vella made it clear on Wednesday the miner was running out of patience with the operation, though it remained unclear in the results whether IGO and its joint venture partner Hong Kong-listed lithium developer Tianqi would make the call to shut up shop. After the dire quarter in Kwinana, IGO said another $70m to $90m would need to be scrubbed from the value of its main lithium production unit, meaning the operation will likely be fully impaired on the books for the full year. It adds to the $525m erased from the value of Train 1 in January, when IGO also called off plans to build a second processing train at the site due to weak lithium prices. 'Despite the strong commitment from the team at site to address operational problems and ongoing issues, IGO has low confidence in the ability of this asset to achieve meaningful, sustained improvement,' the CEO told the market on Wednesday. 'We continue to work with our JV partner to determine the optimal future pathway for the plant.' Greenbushes was yet again IGO's saving grace, with the South West lithium mine making sales of 412,000 tonnes of spodumene concentrate for the period, an improvement of 12 per cent on the prior quarter. Costs and production targets were both within guidance for the full year. More to come.
Time of India
4 days ago
- Business
- Time of India
India set to build US-origin combat drones at home in rare tech transfer deal
India is close to clinching a landmark deal with US-based defence tech firm Shield AI to acquire and locally manufacture its V-BAT combat drones, marking a rare instance of technology transfer in India's defence procurement landscape. As reported by Mint, the deal is part of a $4.5 billion emergency procurement programme initiated shortly after Operation Sindoor. Under the plan, the Defence Ministry is in advanced talks with Shield AI to supply enhanced V-BAT drones to the Indian Air Force (IAF), while simultaneously setting up a domestic production line through a joint venture with JSW Defence, a division of the JSW Group. Explore courses from Top Institutes in Please select course: Select a Course Category CXO Design Thinking MCA Leadership Data Science Others PGDM Technology Data Analytics Management healthcare Degree Digital Marketing Artificial Intelligence Project Management Public Policy Cybersecurity Product Management Finance Healthcare Data Science Skills you'll gain: Technology Strategy & Innovation Emerging Technologies & Digital Transformation Leadership in Technology Management Cybersecurity & Risk Management Duration: 24 Weeks Indian School of Business ISB Chief Technology Officer Starts on Jun 28, 2024 Get Details Skills you'll gain: Digital Strategy Development Expertise Emerging Technologies & Digital Trends Data-driven Decision Making Leadership in the Digital Age Duration: 40 Weeks Indian School of Business ISB Chief Digital Officer Starts on Jun 30, 2024 Get Details Skills you'll gain: Operations Strategy for Business Excellence Organizational Transformation Corporate Communication & Crisis Management Capstone Project Presentation Duration: 11 Months IIM Lucknow Chief Operations Officer Programme Starts on Jun 30, 2024 Get Details The first contract for the IAF is expected to be worth $35 million, the ceiling for emergency procurement contracts. But the broader collaboration goes well beyond acquisition. The companies have inked a $90-million joint venture agreement that includes full transfer of technology (ToT) to JSW, enabling large-scale local manufacturing, assembly, and testing of the V-BAT system in India. As part of the JV, JSW Group will invest $90 million over two years, $65 million of which will be deployed in the first 12 months. This will cover the establishment of a global compliance programme, set up manufacturing facilities, and train local manpower to handle the licensed tech. The plan is not just to meet Indian defence requirements but to make the country a global production hub for the V-BAT, which is already deployed by several international forces including the United States Marine Expeditionary Units. Live Events The V-BAT is a vertical take-off and landing (VTOL) drone with fixed wings and long endurance capabilities. Designed for intelligence, surveillance, and reconnaissance (ISR) missions, it's built for tactical deployments in challenging environments, from special forces operations to front-line support for infantry, armoured, and artillery units. Its patented ducted design allows for a minimal logistics footprint and quick, flexible deployment. If finalised, the deal would mark a significant shift in India's approach to defence acquisitions, moving from outright purchase to co-development and localised production of advanced weapon systems.
Business Upturn
23-07-2025
- Business
- Business Upturn
Angel One and LivWell to form JV for digital-first life insurance company in India
Angel One, one of India's top FinTech platforms, has announced its plan to form a joint venture (JV) with LivWell to launch a next-generation, digital-first life insurance company. Backed by a capital infusion of ₹400 crore, the new venture will be co-promoted by Angel One Ltd (26%) and LivWell Holding Company PTE Ltd (74%), subject to regulatory approvals. This strategic alliance aims to redefine how Indians access life insurance—leveraging technology, trust, and transparency. India remains significantly underinsured, with protection gaps of over 83%, particularly among younger earners aged 26–35. The JV seeks to tackle this challenge by offering affordable, personalized, and protection-led insurance products built on seamless digital infrastructure. The proposed company will operate on a tech-first architecture, using AI-driven automation and data personalization to simplify life insurance. The goal: to make insurance more relevant, affordable, and aligned with modern lifestyles. The leadership team includes industry veterans such as Wilf Blackburn, ex-Regional CEO of Prudential Asia, who is expected to chair the venture, and Nikhil Verma, former Deputy CEO of Aviva Vietnam, as the CEO. LivWell is supported by Olympus Capital, a prominent Asia-focused private equity firm with $2.6 billion invested across companies like HDFC Bank, CreditAccess Grameen, and Utkarsh SFB. With India aiming for 'Insurance for All by 2047', this digital-first insurer is poised to tap into a massive, underserved market. By combining Angel One's digital expertise with LivWell's insurance pedigree, the JV is set to reshape life insurance access for millions of Indians. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Times
23-07-2025
- Automotive
- Business Times
BYD's Pakistan JV sees government support as critical for EVs
[KARACHI] BYD's joint venture (JV) in Pakistan sees government support for electric vehicles (EVs) as key to the success of its plan to start local production next year, according to a company executive. China's leading carmaker agreed last year to manufacture and distribute vehicles in Pakistan as part of a partnership with Mega Motor Company, a subsidiary of Hub Power, Pakistan's largest independent electricity producer. 'I'm coming as an investor looking at the next 20 years,' Danish Khaliq, vice-president for strategy and sales for the joint venture, told Bloomberg on the sidelines of a briefing in Karachi. 'So there should be a policy that supports me,' he said, adding that Pakistan's effort to spur development of the auto industry 'needs to be consistent and it needs to be sustainable'. Those policies include a target by Prime Minister Shehbaz Sharif's government to boost EVs to 30 per cent of total sales, imports and production in five years, and a pledge to reduce electricity prices at EV charging stations. Khaliq said BYD has seen strong demand for its imported models as the JV prepares to roll out locally assembled plug-in hybrid and electric cars from its factory, the first in the region. He spoke on Tuesday at a briefing ahead of the launch of BYD's plug-in hybrid Shark 6 pickup in Pakistan. The plant will be set up near Karachi's Port Qasim area and begin output in the first half of 2026, Bloomberg has reported. It's located near vehicle assembly facilities of other automobile companies, including local units of Toyota Motor, Suzuki Motor and Kia. More than half a dozen auto companies, led by Chinese brands, have launched EV models in Pakistan since last year. BYD is looking to the country to help it continue to grow even as its monthly sales have stagnated recently in China. BLOOMBERG
