Author: Vrushali Sawant

Palestinian Ambassador urges India’s aid amid Israel’s operation in Rafah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Israel is now pushing ahead with its operation into the Palestinian city of Rafah. The Palestinian envoy to India has sought India’s help in providing life-saving medicines, adding that Palestine is running out of essential drugs and called for India’s help.

Palestinian Ambassador Adnan Abu Al-Haija has urged India to send critical medicines for cancer treatment and treating the wounded in Gaza as the war in the strip enters its seventh month.

Hija said, “India has never said no to anything we ask for. Lots of projects has been financed by India still going on in Palestine and they are ready if we ask them. Yesterday they told me before that they will send medicine and other aid to Rafah.”

Also Read: Joe Biden warns he will hold back more weapons if Israel invades Rafah

Speaking to CNBC-TV18, Ambassador Adnan Abu Al-Hija also talked about the immediate impact of Israel’s operation into Rafah on the people of Palestine.

Patients and staff are being forced out of hospitals across the area as the attacks are intensifying, leaving many sick and wounded Palestinians without any treatment.

Heavy fighting between Israeli troops and Palestinian militants on the outskirts of the southern Gaza city of Rafah has left crucial nearby aid crossings inaccessible and driven more than 1,10,000 people to flee north.
With nothing entering through the crossings, food and other supplies were running critically low.

The World Food Program will run out of food for distribution in southern Gaza by Saturday, said Georgios Petropoulos, an official with the UN Office for Coordination of Humanitarian Affairs in Rafah. Aid groups have said fuel will also be depleted soon, forcing hospitals to shut down critical operations and bringing to a halt trucks delivering aid across south and central Gaza.

Also Read: Israel orders Al Jazeera to close its local operation and seizes some equipment from channel

The UN and other agencies have warned for weeks that an Israel assault on Rafah, on the border with Egypt near the main aid entry points, would cripple humanitarian operations and cause a disastrous surge in civilian casualties. More than 1.4 million Palestinians half of Gaza’s population have been sheltering in Rafah, most after fleeing Israel’s offensives elsewhere.

With inputs from PTI

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Global Eye: Biden-Netanyahu ties in focus after Israel ignores US warnings on Rafah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US-Israel ties are under focus after Tel Aviv ignored US warning about Rafah. A panel of experts on CNBC-TV18’s Global Eye hosted by Parikshit Luthra discusses key issues related to the ongoing Israel-Hamas war, the latest stance from the United States, and the wider humanitarian crisis.

Nimrod Goren, President & Founder of Mitvim, and Co-Founder of Diplomeds suggests that the American support for Israel is strong and the latest frustration on the part of the Biden administration is more with Israeli Prime Minister Benjamin Netanyahu.

“It’s more of an issue between Biden and Netanyahu. American support for Israel is strong, has been strong since October 7. But the American administration is very frustrated from the conduct of Prime Minister Netanyahu on multiple issues. It began with the humanitarian issue in Gaza, with the American plans for the day after the war that Netanyahu does not share on issues related to Rafah.”

Goren also pointed out the American desire for a temporary halt in weapon deliveries between Israel and Hamas, despite unsuccessful attempts at brokering such a pause over nearly four months.

Anju Gupta, a Security Analyst & Former DGP pointed at the humanitarian crisis with no end to the fighting visible.

“The war has expanded across the region to the northern part of Israel, to the Red Sea and also targeting of US bases and troops we have seen across Syria, Iraq and Jordan, which have halted in the month of February with some kind of an understanding between the US and Iran. So what we have seen so far is that there is no end to fighting.”

She stated it remains uncertain how long it will take or what efforts will be necessary to effectively address the significant humanitarian crisis resulting from the ongoing expansion of the conflict across the region and the persistent threat posed by Hamas.

President Joe Biden has made it clear that the US would pause the supply of certain weapons to Israel if the Israeli Defense Forces (IDF) carry out a large-scale invasion of Rafah. This decision reflects concerns about the potential use of these weapons in densely populated areas and the resulting civilian casualties.

Israeli Prime Minister Benjamin Netanyahu has responded to the US warning by vowing to continue the fight alone if necessary. The situation remains tense, with political leaders clashing over decisions that could affect regional stability.

Meanwhile, Israeli and Hamas delegations have left Cairo after inconclusive peace talks. Reports have said Israel has expressed its reservations about the proposed captive release deal and has deemed this round of negotiations over.

Read Here | Israel attacks eastern parts of Rafah, Benjamin Netanyahu vows will fight alone even without help from US

Hamas has rejected the proposal and raised objections on multiple central issues. Hamas added that the ball is now completely in Israel’s court.

Watch the video for full discussion

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Gold market flourishes in 10-20 gram range, 2-5 gram segment faces challenges this Akshaya Tritiya

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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This year has been a volatile one for gold and diamond. Geopolitical concerns and inflation have been some of the key triggers in the market. According to World Gold Council, in first quarter of 2024, India’s total gold demand, including both jewellery and investment, increased to 136.6 tonne, hinting at revival in gold demand.

In anticipation of this auspicious occasion, jewellers are expressing optimism, buoyed by positive indicators on the ground. Speaking to CNBC-TV18, Sachin Jain, Head of India at the World Gold Council, highlighted the remarkable comeback of gold, citing increased foot traffic and bookings across various cities.

Jain added, “While we were preparing on the floors over the last quarter, there was anticipation that with the increased price perhaps only the very low end goods or lighter goods might sell. What ironically we have seen is that a lot of wedding based buying which had to happen this year that segment has really, really propelled. They are completing the buying with the anticipation that the gold price might further go up through the year.”

Jain noted that there has been strong performance in the 10 to 20 gram range. However, he emphasised that the lower end, particularly in the 2 to 5 gram range, has experienced a significant impact.

Read Here | Gold prices near ₹72,000 per 10 grams on Akshaya Tritiya day: Will high rates deter demand?

Suvankar Sen, MD & CEO of Senco Gold & Diamonds, anticipates a modest growth in value compared to the previous year, attributing this optimism to the timing of Akshaya Tritiya aligning with the beginning of May, coinciding with increased disposable incomes for many consumers.

However, Sen acknowledges the challenges posed by soaring gold prices and external factors such as regional elections and adverse weather conditions impacting rural markets.

Dileep Narayanan, Head of Bullion & Treasury at Malabar Group, underscores the enduring significance of auspicious occasions like Akshaya Tritiya in driving gold purchases. Narayanan highlights a consistent demand for gold jewellery alongside investments in gold bars and coins during such propitious moments, underscoring the cultural and financial significance attached to these purchases.

Talking about gold ETFs, Vikram Dhawan, Head-Commodities & Fund Manager, Nippon India Mutual Fund stressed the need for policy reforms, mindset shifts, and regulatory changes to encourage greater adoption of gold ETFs, advocating for the financialization of gold assets. He reasoned that investing in gold ETFs offers a more practical alternative to storing physical gold, aligning with the objectives of wealth creation through capital markets.

Watch this video for more.

Also Read | This brokerage advises investors to buy gold in SIP mode during every dip

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Myelin Foundry CEO outlines global expansion strategy amid $4 million funding round

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Myelin Foundry, an artificial intelligence-based deeptech startup, has raised $4 million. The equity funding was led by SIDBI Venture Capital. Existing investors Endiya Partners, Pratithi Investment Trust and Subh Labh also participated in the funding round.

Gopichand Katragadda, CEO and founder of Myelin Foundry emphasised that a substantial portion of the funding will facilitate both local and global market expansion.

He noted the relocation of co-founder Ganesh Suryanarayanan to the US to bolster the company’s presence there, considering a significant portion of their clientele hails from the US.

“Many of our customers today are US customers. So we have already entered into the US market. And with that presence, we will scale up our revenues globally. When I say locally, it’s also going into AsiaPac. So significant strengthening of the sales team is also where we will be deploying the findings.”

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Unified API platform, Knit, which offers a plug-and-play integrations platform for software as a service (SaaS) companies to help them build and maintain integrations with other SaaS tools has raised $1 million in a seed funding round led by Endiya Partners, along with participation from Axilor Ventures and Angel Investors.

It will use the funds to enhance its product capabilities and incorporate gen AI technologies as well as to aid its expansion efforts globally. In an interview to CNBC-TV18, Gaurav Bhawnani, co-founder of Knit spoke about the company’s fund allocation plan.

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Plane, an open-source project management platform, has secured $4 million in seed round funding from OSS Capital. This investment will fuel the company’s community growth and compete in the enterprise segment. The startup which is headquartered in Delaware and India, was founded in 2022. Speaking to CNBC-TV18, Vamsi Kurama, co-founder and CEO of Plane discussed their fund allocation plans.

Watch this video for more.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Proximus CEO forecasts 90% of companies’ dependency on its platform within 2-3 years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Enterprise communications firm Proximus Group has completed the acquisition of a majority stake in Route Mobile. The deal was announced in July of last year but was consummated 2 days ago.

This is one of the largest deals seen in the communication vertical. Guillaume Boutin, CEO of Proximus believes 90% of companies will need its platform in the next 2-3 years.

Speaking to CNBC-TV18, Boutin said, “Vision is to serve on the market opportunity. The need for interactions between enterprises and end-users is going to explode in the coming years. 90% of the of the companies will need our platforms in the next two to three years. So in terms of market demand, just our ability to capture the existing market trend is going to be the key of the success of the Route Mobile and Proximus Group as a company.”

Route Mobile has signed a deal with Proximus Opal, the holding company of Telesign and a subsidiary of the Proximus Group, under which the promoters of Route Mobile will divest their entire 57.56% shareholding. Additionally, Route Mobile founders will reinvest for a 14.5% stake in Proximus Opal.

Rajdip Gupta, MD and Group CEO of Route Mobile, echoed Boutin’s optimism, stating, “We are very bullish about our growth and our overall combined target is $2 billion and 15% EBITDA target, which we have two to three years down the line.”

Gupta further added, the aspiration of achieving a $1 billion revenue mark by FY27 is not merely a dream but a reality. He said, “I have a very clear plan how to achieve that and 15% margin is definitely a target for the group and that is a target for me as well.”

In Q4FY24, this Mumbai-based enterprise communications firm on May 6, reported an 8.6% year-on-year (YoY) drop in net profit at ₹95.2 crore. The company’s revenue from operations increased 0.8% to ₹1,017 crore against ₹1,008.7 crore in the corresponding period of the preceding fiscal. The EBITDA margin stood at 12.3%.

Discussing the synergies resulting from this partnership, Gupta highlighted the strategic advantages. He pointed out that with numerous over-the-top (OTT) players primarily headquartered in the US, the consolidation of their companies enable direct engagement with customers in markets where previous barriers existed.

Leveraging Telesign’s capabilities, Gupta emphasised the ability to onboard customers in regions such as India or other firewall-protected markets. These strategic initiatives aim to merge teams and exploit synergies effectively, with Gupta expressing confidence in achieving realistic targets and a positive outlook towards future endeavours.

The company, which has a market capitalisation of ₹8,996.03 crore, has seen its shares gain 11% over the last year.

Also Read | Route Mobile expects $100 million revenue from Vodafone Idea deal

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Interview: SBI has ₹4 lakh crore worth of loan proposals in pipeline, says Chairman Dinesh Khara

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The State Bank of India (SBI) announced its financial results for the fourth quarter on Thursday, May 9. The state-owned lender’s profits rose by 24% over the previous year, far above street estimates.

Net interest income (NII) inched up by more than 3% year-on-year, while asset quality improved, and advances in deposit growth were positive as well.

Speaking to CNBC-TV18, Chairman Dinesh Kumar Khara stated he expects growth in advances to continue.

He added that SBI has ₹4 lakh crore worth of loan proposals in the pipeline.

Khara also discussed the bank’s stance on RBI’s draft project financing rules.

Here are the edited excerpts:

Q: SBI’s advances growth looks strong, at 5% sequentially. What target do you have for FY25 considering your pipeline, both in the private and government sectors?

A: We anticipate similar trends in advances growth, around 16%, across corporate, SME, retail, and agriculture sectors. The GDP growth outlook supports this confidence. Capacity utilisation has improved to 35%, and working capital facilities have increased by over 10%. Additionally, our unavailed term loans decreased to about 18%. These factors, coupled with a pipeline of ₹4 lakh crore worth of proposals, indicate promising growth for the current financial year.

Q: Your capital adequacy stands at 14.28%, comfortable for a ₹37 lakh crore book. What growth rates can this level of capital support, and when might you consider raising equity?

A: With our current capital adequacy, we can support a growth of up to 20%, equivalent to ₹7 trillion. However, we’ll monitor capital requirements closely, ensuring our Return on Equity (ROE) exceeds loan book growth. We plan to raise tier-I capital this year and may consider further capital raise if needed, though profit plough-back remains a viable option.

Q: Deposits have grown by over 11% year-on-year this quarter. Do you expect this growth rate to continue?

A: Term deposits grew by about 16%, largely due to increased interest rates introduced in October. We anticipate sustained deposit growth and aim to enhance it further through strategic actions in savings and current accounts.

Q: Despite the size of your book, gross slippage remains relatively low. Where do these slippages originate, and do you foresee improvement in FY25?

A: Slippages mainly stem from agriculture and SME sectors. Of the ₹3,886 crore slippages in the last quarter, we’ve already recovered over ₹886 crore. We aim to maintain tight control on slippages going forward.

Q: You closed the year with recoveries and upgrades exceeding ₹11,400 crores. What are your expectations for FY25, especially regarding recovery from large accounts?

A: FY25 may see a slight reduction in recoveries due to fewer high-value accounts in our NPAs and AUCA book. However, we’ll leverage all resources to maximize recovery efforts.

Q: Considering the current deposit cost plateau, do you foresee maintaining or expanding current margin levels?

A: Market uncertainties necessitate cautious underwriting to ensure asset quality. While I refrain from over-committing, our focus remains on prudent management to sustain or enhance margin levels.

Q: Regarding RBI’s draft proposals on project finances, what impact do you foresee on SBI, especially in terms of additional provisioning?

A: The 5% increase in general provisions, if implemented, will likely be phased over three years, providing adequate adjustment time. While the discussion is ongoing, we’re not overly concerned about its impact.

Q: Some stakeholders suggest these guidelines might affect sentiment around project financing. What’s your view on RBI’s approach?

A: Lenders must account for risk premiums adequately to avoid adverse outcomes. Mindful pricing should mitigate concerns surrounding project financing.

Q: You mentioned areas of improvement for SBI. Can you elaborate on these and what to expect for FY25?

A: Efforts to strengthen the CASA ratio are underway, focusing on supporting savings and current accounts. Initial progress is promising, and we aim to harness the collective energy of our branch network to drive deposit growth.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

D2C companies big bet on omnichannel route to grow their business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s retail market presently stands at a staggering $1 trillion, representing almost a third of the nation’s GDP. Projections indicate that 2030 this value is expected to exceed $2 trillion.

A report by Accel, Fireside and Redseer predicts that 90% of consumption will continue to occur offline. Surprisingly, online penetration will only increase marginally from 7% to approximately 10% by the decade’s end.

So is the era of click-and-order fading in the face of brick-and-mortar’s long-standing reign? Not at all, asserts the report. It’s not about “online versus offline” but rather a shift towards “online and offline,” where the shopping journey—uniquely Indian — is characterised by a mix of traditional values and modern conveniences.

A prime example of this model in action is seen in omnichannel jewellery brands like BlueStone or CaratLane. Customers discover designs online and then evaluate fit and comfort in-store.

This new market expects you to be where the consumer is. The leaders of India’s D2C revolution — Nykaa, Mamaearth, Lenskart, FirstCry — have embraced this concept and are leading by example.

From fast fashion to pet care and smart mattress makers, D2C startups that raised funding in 2023 and 2024 have all outlined a strategic offline expansion roadmap. And now they must walk a more agile, flexible, and responsive journey than their predecessors. And at what cost? What is the playbook for taking your business offline in many cases these young companies are competing with legacy brands and conglomerates. And importantly at a time when we have seen the focus on profitability – how much cash burn is kosher?

To discuss this, CNBC-TV18, spoke to Prashanth Prakash, Partner at Accel, Kanwaljit Singh, Managing Partner and Founder of Fireside Ventures, and Gaurav Singh Kushwaha, Founder & CEO, Bluestone.

Watch this video for more.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exclusive | Congress leader Shashi Tharoor: Opposition’s message puts voters’ well-being at center stage

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Senior Congress leader and MP from Kerala’s Thiruvananthapuram Shashi Tharoor is optimistic on the Congress Party-led INDIA bloc’s prospects in the ongoing Lok Sabha elections. Tharoor cited waning enthusiasm among traditional BJP supporters and a surge in voter turnout favouring the Congress in key constituencies.

So far, voting has been conducted in 283 Lok Sabha seats in three phases. The voter turnout in the third phase was 64.4%.

Ahead of the fourth phase of voting May 13, a fresh controversy has erupted after senior Congress leader Sam Pitroda’s remarks. Tharoor stated, “I think it’s a completely trivial issue. If an elder sitting in Chicago, gives a personal opinion in a podcast aimed at Americans to simplify the issues for the audience there, how on earth is it relevant for an election in India, number one.”

Additionally, he criticised the clumsy analogy used by Pitroda, emphasising the importance of respectful discourse and the celebration of diversity. Tharoor also condemned any racial undertones in the remarks, asserting that they are unnecessary and constitute racist stereotyping.

He said that Prime Minister Modi’s campaign shows desperation, as the BJP sees the writing on the wall. Tharoor mentioned, “PM Modi naming those two individuals who are distinguished for their closeness to him and his government and accusing them of supporting the Congress Party is surprising. It indicates PM Modi’s desperation as he sees the writing on the wall in this election. Rahul Gandhi was right to suggest an inquiry by CBI and ED into the finances and dealings of this gentleman with the Congress Party and other parties to uncover the truth.”

He continued by expressing his belief that the prevailing narrative among voters nationwide, including in the Hindi Belt states, suggests that PM Modi has attempted to divide with his Hindutva rhetoric.

The overarching message resonating with voters is that this election concerns them—the common people. It’s about their well-being, their issues, and whether they have prospered or suffered under Modi’s rule. Tharoor believes this straightforward questioning is emerging prominently in their campaigns.

When asked about the change that would come if the opposition secures more seats, Tharoor explained, “On the economic front, we have spelled it out in our manifesto. We believe in the concept of social justice summarised in ‘Paanch Nyay’. We will implement these programs quickly after coming to power to ensure welfare benefits reach the most vulnerable, excluded people who need them.”

The ‘Paanch Nyay’ or five pillars of justice in the Congress manifesto included the ‘Yuva Nyay’, ‘Naari Nyay’, ‘Kisaan Nyay’, ‘Shramik Nyay’ and ‘Hissedari Nyay’.

For the full interview, watch this video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Big Deal | A deep dive into development finance institutions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In this recent episode of Big Deal, CNBC-TV18’s Nisha Poddar had an insightful conversation with Neha Grover, South Asia Head—PE Funds at The International Finance Corporation (IFC) and Srini Nagarajan, MD & Head of Asia of British Internal Investment. They shed light on the significant role of Development Finance Institutions (DFIs) in India and their focus on impactful investments.

DFIs are large global institutions that play a vital role in financing projects with the potential to make a positive impact.

Nagarajan emphasised that while India is now a recognised destination for investment globally, there’s still a need for DFIs to act as catalysts. They stimulate private capital to invest in projects that may seem risky for commercial investors at present.

Nagarajan highlighted two key aspects of DFI operations in India. Firstly, they aim to mobilise funds where there’s a scarcity of private finance. Secondly, they operate within a sophisticated framework that prioritises factors like productivity, sustainability, and inclusion.

He added, “One thing very critical is we are very sensitive to crowding out private capital, we invest where there isn’t a ready supply of private finance to bring about a positive economic and environmental change.”

Grover added to this perspective by emphasising the role of DFIs in fostering the country’s ecosystem across various sectors and timelines. They aim to support businesses, contribute to job creation, and promote climate initiatives.

Grover emphasised that besides capital, DFIs provide expertise and international benchmarks, instilling confidence in private investors to participate.

Both experts agreed that DFIs need to constantly reassess their strategies to ensure they remain additive to private capital and inclusive in their approach. They must be willing to take greater risks to achieve their developmental impact goals effectively.

Watch this video for more

Also Read | British International Investment eyes underserved, innovative lending firms for impact investing

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Maruti Suzuki expects to export 30,000 Swift cars annually, says MD Hisashi Takeuchi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Maruti Suzuki, India’s leading automobile manufacturer, has raised the stakes in the hatchback segment with the unveiling of its fourth-generation New Swift. Priced at over ₹6.49 lakh, the new Swift promises not only a refreshed design but also a brand-new engine, set to invigorate the hatchback market in India.

The auto major hopes to revitalise the hatchback segment in India. Apart from styling updates, the new version of Swift will have a new 3-cylinder motor giving the model a brand new engine. The fourth-gen Swift has already hit international markets like Japan and the UK.

Hisashi Takeuchi, the Managing Director of Maruti Suzuki, in an exclusive interview with CNBC-TV18, expressed his optimism about the prospects of the new Swift, particularly in terms of exports.

“This new Swift is also very important for the export market and from India, we have been exporting lot of Swift. Our export volume is growing in a rapid pace and this Swift we are expecting to sell annually more than 30,000 units for export market.”

Takeuchi emphasised the crucial role of the hatchback segment in India’s evolving automotive landscape. “With a growing number of new car buyers entering the market, especially those transitioning from motorcycles to cars, we believe that the hatchback segment will remain pivotal,” he stated. “Hence, the introduction of this latest iteration of the Swift is strategically important for us.”

Read Here | Maruti Suzuki says the all new Swift offers 14% better mileage — check prices and features

Looking ahead, Takeuchi projected a revival in the hatchback segment within the next three to four years and emphasised the importance of maintaining a significant market share until then.

Partho Banerjee, Head of Sales at Maruti Suzuki, echoed Takeuchi’s sentiments regarding the potential of the premium hatchback segment. “Last year, the premium hatch segment witnessed sales of close to 7 lakh vehicles, and we expect this figure to grow to 1 million cars by 2030.”

Banerjee said. “In this scenario, the Swift is poised to play a major role in shaping the future of the premium hatchback segment.”

The conversation also touched upon Maruti Suzuki’s foray into electric and hybrid vehicles. Takeuchi revealed plans for the global unveiling and production commencement of the company’s first electric vehicle within the current financial year.

Additionally, Maruti Suzuki aims to incorporate hybrid technology into more models as part of its long-term strategy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow