South Eastern Coalfields Ltd., a unit of state-run Coal India Ltd., has hired banks for an initial public offering in Mumbai that could raise as much as $800 million, according to people familiar with the matter. The coal producer has appointed ICICI Securities Ltd., SBI Capital Markets Ltd., Motilal Oswal Investment Advisors Pvt. and IDBI Capital Markets & Securities Ltd. to advise on the share sale, the people said, asking not to be identified because the information is private. South Eastern Coalfields aims to file a draft prospectus as early as December, the people said. Parent Coal India is expected to sell shares in the proposed offering, they added. Discussions are ongoing and details including the size and timing of the offering could change, the people said. Representatives for Coal India, South Eastern Coalfields and the banks didn't immediately respond to requests for comment. The potential listing would add to Coal India's efforts to take some of its sub...
The Indian Air Force is expected to get deliveries of upgraded Light Combat Aircraft Tejas MK-1A from February next year, and the new variant of the indigenously-built jet will be capable of firing a plethora of weapons, including beyond visual range missiles, the Ministry of Defence said today. As the jet completes seven years in service in the IAF, the ministry said the aircraft and its future variants will form the mainstay of the Indian Air Force (IAF). In February 2021, the ministry sealed a Rs 48,000 crore deal with state-run aerospace major Hindustan Aeronautics Ltd for procurement of 83 Tejas MK-1A jets for the IAF. Tejas is a single-engine multi-role fighter aircraft capable of operating in high-threat air environments. Egypt, Argentina, the US, Australia, Indonesia, Malaysia and the Philippines are among the countries showing keen interest in procuring Tejas aircraft. On Saturday, the Light Combat Aircraft (LCA) will complete seven years of service in the IAF. ...