The defence ministry has released the draft Defence Production Policy 2018 (DProP 2018) with the ambitious vision of catapulting India into the world’s top five defence producers. With unusual boldness and clarity, DProP 2018 stipulates 13 areas where India must achieve self-reliance by 2025: Manufacturing fighter aircraft, medium lift and utility helicopters, warships, land combat vehicles, autonomous weapon systems, missile systems, gun systems, small arms, ammunition and explosives, surveillance systems, electronic warfare (EW) systems, communication systems, and night fighting enablers. The policy intends to capitalize on India’s information technology strengths to “make India a global leader in cyberspace and AI (artificial intelligence) technologies”.
India largest two-wheeler maker Hero MotoCorp Ltd has raised its stake in its joint venture in Colombia from the existing 51% to 68%. Consequently, the stake held by partner Woven Holdings LLC has declined to 32%. The joint venture, HMCL Colombia SaS, was formed in 2014 and Hero MotoCorp owned a controlling stake through its wholly owned subsidiary, HMCL Netherlands BV, for sale, distribution and marketing of its products in Colombia.
ICICI Securities, the broking subsidiary of country’s largest private sector lender ICICI Bank, has raised about $264 million (Rs.1,718 cr.) from anchor investors ahead of its initial public offering (IPO) that opens on March 22. The company allotted about 33 million shares to 58 anchor investors at a price of Rs.520 per share.
India’s leading sugar firm Balrampur Chini Mills has invested about Rs.37.5 cr. in Mumbai-based startup Auxilo Finserve, an RBI-registered NBFC lender to the education sector, in lieu of a 50 per cent stake. Balrampur Chini is investing through a preferential allotment of shares. The remaining 50 per cent will be held by Enam Holdings’ Akash Bhanshali.
Social Venture firm, Aavishkaar Ventures Management has committed $5.3 million (Rs.35 cr.) in Bengaluru-based packaged foods company, Kottaram Agro Foods from its Aavishkaar Bharat Fund. Kottaram Agro Foods supplies its products to the market under the brand ‘Soulfull’ which brings traditional grains such as millets back to the consumer in modern avatars.
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