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. "The confidence that the IAF reposes in the Tejas is borne by its order for 83 LCA MK-1A," the ministry said.
The ministry said the LCA MK-1A will have "updated avionics as well as an active electronically steered radar, updated electronic warfare suite and a beyond visual range missile capability."
"The new variant will be capable of firing a plethora of weapons from increased stand-off ranges. Many of these weapons will be of indigenous origin. The LCA MK-1A will see a substantial increase in the overall indigenous content of the aircraft," the ministry said.
It said the deliveries of the aircraft are expected to commence in February 2024.
Tejas has been designed to undertake the air defence, maritime reconnaissance and strike roles.
The ministry said Tejas offers carefree handling and enhanced manoeuvrability, and that this capability is further enhanced with its multi-mode airborne radar, helmet mounted display, self-protection suite and laser designation pod.
The first IAF squadron to induct the Tejas was No 45 squadron, the 'Flying Daggers'.
Over the years, the squadron progressed from Vampires to Gnats and then onto the MiG-21 Bisos, before being equipped with its current steed.
Each of the aircraft flown by the Flying Daggers has been manufactured in India -- either under license production or having been designed and developed in India.
In May 2020, No 18 Squadron became the second IAF unit to operate the Tejas.
The IAF has showcased India's indigenous aerospace capabilities by displaying the aircraft at various international events, including at Dubai Air Show in 2021, Sri Lanka Air Force anniversary celebrations in 2021, Singapore Air Show last year and Aero India Shows from 2017 to 2023.
Whilst it had already participated in exercises with foreign air forces domestically, the exercise Desert Flag in the United Arab Emirates in March was the Tejas' maiden exercise on foreign soil.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
from NDTV News- Special https://ift.tt/fQ4PFTC
Comments
Post a Comment