India Financial News, May 15, 2023 — International Aircraft Leasing Companies: India Is a Risky Jurisdiction

1. Indian media reported that two Adani Group companies plan to raise up to USD 2.57 billion from the market. Adani Enterprises—the flagship company of the Indian conglomerate—and Adani Transmission announced on Saturday their plans to raise up to USD 2.57 billion from the market, just months after a short-seller report dented investor confidence and depressed share prices. Adani Transmission stated that its board approved a plan to raise up to INR 85 billion (USD 1 billion) from the equity market. In filings submitted to the stock exchanges, Adani Enterprises said its board had approved a plan to raise up to INR 125 billion (USD 1.53 billion) through a similar mechanism. 2. INOX Air Products—the largest industrial and medical gas manufacturer in India—announced plans to invest INR 30 billion across ten locations nationwide by 2025 to meet surging cross-sectoral demand in the industry. Of this total investment, INR 13 billion will be allocated to build two air separation units at Tata Steel’s facility in Odisha, with a combined daily production capacity of 1,800 tonnes of oxygen, nitrogen, and argon. 3. Hero MotoCorp—the largest two-wheeler manufacturer in India—will make waves in the premium segment. The company plans to launch nearly 12 new motorcycles and scooters during the current fiscal year. 4. Bharti Airtel and Reliance Jio are vying for consumer attention through the ongoing Indian Premier League (IPL) T20 cricket tournament. Their strategies differ: Airtel is leveraging the IPL to promote its 5G services, while Jio is using it to raise awareness about its new postpaid plans and the features of its JioDive virtual reality headset. 5. Narendra, CEO and Managing Director of Tata Steel, stated that the company sees ample growth opportunities within its existing facilities to implement an expansion plan targeting 40 million tonnes of annual steel capacity in India by 2030—nearly double its current domestic capacity. He added that the steel giant continues negotiations with the UK government regarding financial arrangements for its UK operations. The company plans to allocate INR 120 billion in capital expenditure toward its Indian business. 6. JSW Infrastructure will invest INR 1.52 billion to expand container handling capacity at the New Mangalore Port Trust. In June 2022, the company inaugurated its first container terminal at the New Mangalore Port Trust in Karnataka, with an annual cargo handling capacity of 240,000 twenty-foot equivalent units (TEUs). 7. To meet robust housing demand, real estate developer Godrej Properties plans to acquire multiple land parcels this fiscal year, with an estimated post-development sales potential of approximately INR 150 billion. In the previous fiscal year, Godrej Properties was highly active in land acquisition, adding 18 new parcels with an estimated post-development sales potential of INR 320 billion. 8. Reliance Jio continues to lead the market in net additions of active users: in February, it added nearly 3.2 million active users—four times more than Bharti Airtel’s addition of 0.8 million. According to data compiled by the Telecom Regulatory Authority of India (TRAI), Vodafone Idea’s active user base continued to decline (by 0.8 million), even as the overall national active user base rose to 1.028 billion. 9. Indian media reported renewed disputes between major technology firms and telecom operators over whether Over-The-Top (OTT) mobile applications—which generate the largest share of data traffic on telecom networks—should bear part of the cost of deploying 5G infrastructure in India. 10. Seven months after Reliance Jio and Bharti Airtel launched 5G services in India, a deadlock persists over providing these services both inside and outside airports—despite several stakeholder meetings. So far, no timeline has been announced for restoring 5G services at airports, nor for replacing aircraft altimeters. Telecom operators say this places them in a difficult position, as they remain unable to deliver 5G services in high-demand areas.

What is the procedure for an Initial Public Offering ("IPO") in India?

2021 was an exceptional year for India’s initial public offering ("IPO") market. The Indian market witnessed several new-age, technology-driven IPOs—including those of Zomato, PolicyBazaar, Nykaa, and Paytm—with strong subscription interest from both retail investors and foreign portfolio investors. An IPO is conducted by a private or state-owned enterprise seeking to raise capital by issuing shares to the public or new investors. Following an IPO, the company gets listed on a stock exchange and becomes a publicly listed company. The IPO process is governed by the legal framework set out in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (commonly referred to as the "ICDR Regulations") and the Listing Agreement. Under these regulations, equity shares must be allocated to three categories of investors in specified proportions: institutional investors (50%), non-institutional investors (15%), and retail investors (35%). Per the above regulations, a company applying for listing must have net worth of at least INR 10 million in each of the preceding three financial years. Typically, an IPO takes approximately seven to eight months to complete—from initiation to listing—depending on the size and complexity of the offering. At the outset of the IPO process, the private company must appoint financial advisors—including investment bankers and underwriters—to act as intermediaries between the company and its prospective investors. Subsequently, legal experts must be appointed to conduct due diligence on the company to ensure comprehensive regulatory compliance. A Draft Red Herring Prospectus ("DRHP")—i.e., a preliminary prospectus—is then prepared jointly by legal and financial experts and submitted to SEBI for review and approval.

India's INOX Air Products files for IPO

1 day ago

India's INOX Air Products has filed for an initial public offering to sell up to 77.2 million shares. The industrial gas manufacturer, a joint venture between Air Products and the INOX Group, operates over 57 locations across India.

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India's INOX Air Products files for IPO

India's INOX Air Products files for IPO

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