Tag: Business

TPG, a US-based private equity firm, is planning to cut its stake in RR Kabel through an IPO. The IPO price band is set at Rs 935-1035 per share, which is nearly four times that of TPG's initial investment. If TPG sells all of its shares in the IPO, it could potentially quadruple its investment returns. The IPO is scheduled to open for subscription on September 13 and will close on September 15.

Indian shrimp production is set to decline by 15-20% in the current fiscal year due to a sharp fall in global prices and sluggish exports. The decline in production is being attributed to a number of factors, including a glut in the global shrimp market, economic problems in major importing countries, and increased competition from other shrimp producers. The aquaculture farmers are stocking less in their farms due to the drop in prices, and the seafood export target of $9.1 billion for the current fiscal year appears far-fetched. However, the passing of the Coastal Aquaculture Authority (Amendment) Bill 2023 has come as a huge boost to the seafood sector, and the industry hopes that the passage of the bill will help to boost the growth of the seafood sector in India.

Indorama Ventures, a global chemical company, is investing USD 150 million in three PET recycling plants in India. The plants are expected to start commercial production in 2026. The recycled PET from the plants will supplement Indorama Ventures' current 800,000 tonne/year PET production for the Indian and export markets. Indorama Ventures CEO Aloke Lohia said the investment is in line with the company's commitment to sustainability and its goal of reducing the use of fossil fuels in the production of new products.

Capital A, the parent company of AirAsia, is bullish on the Indian market and is looking to expand its operations in the country. The company has already sold its Indian airline subsidiary to Tata Group, but it is still working with the conglomerate and hopes to do more business with them.

IRB Infrastructure Developers' toll collection grew 24% in August, driven by the company's newly acquired Hyderabad ORR project. The company expects the toll revenue to pick up pace in the coming months, in view of the forthcoming festival season and the likely commencement of toll collection on its newly bagged Samakhiyali Santalpur BOT project in Gujarat.