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...
Alef Aeronautics's flying car has received legal approval to fly from the US Government. The car company announced that it has received a Special Airworthiness Certification from the US Federal Aviation Administration (FAA), according to Aviation law firm Aero Law Center. It is the first time a vehicle of this nature has been certified in the US.
"The FAA is actively working on its policies for electrical vertical takeoff and landing (eVTOL) vehicles, as well as governing interactions between eVTOLs and ground infrastructure," Alef Aeronautics said in a statement.
"Alef's Special Airworthiness Certificate, therefore, limits the locations and purpose for which Alef is permitted to fly," the statement added.
Based in San Mateo, California, the flying car is 100 per cent electric and can carry one or two occupants. The car costs roughly $300,000 as it can fly over stopped traffic and accidents on roadways, reported Fox News.
The company unveiled a full-sized sports car along with two working full-size technology demonstrator cars in October 2022. In January, the company said that over 440 of its vehicles had been pre-ordered "from both individuals and corporate consumers."
According to reports, the company hopes to begin delivering flying cars to customers by the end of 2025.
"Alef is aiming to deliver the first real flying car in history, and to receive so many early pre-orders is an incredible validation of the market potential we're looking to satisfy," Jim Dukhovny, Alef's CEO, said in a statement earlier this year.
According to its website, the flying car is being developed for driving on a "regular urban or rural road." It can be parked in a regular parking space and inside a regular-sized garage.
The car won't go faster than 25 miles per hour on a paved surface as it is a low-speed vehicle. "The assumption is that, if a driver needs a faster route, a driver will use Alef's flight capabilities," Alef states on its website.
from NDTV News- Special https://ift.tt/mb3TqNn
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