Wind turbines in Punniyavalanpuram, Tamil Nadu, India.
Image: Creative Touch Imaging Ltd./NurPhoto via Getty Images
Vedanta to invest $500 million in hi-tech display glass unit
Vedanta Limited is planning to invest close to $500 million in its group company, AvanStrate Inc (ASI), a display glass manufacturer, to strengthen its R&D, product lineup and manufacturing capabilities to tap the growing demand worldwide for advanced display glass solutions. Vedanta acquired a 98 percent stake in ASI earlier this year.
With operations and R&D capabilities in Taiwan, South Korea and Japan, ASI aims to accelerate the development of next-generation glass products designed for advanced packaging and potential applications in the semiconductor, biotechnology, automotive displays, and other high-growth sectors, according to a Vedanta press release on November 11. Additionally, ASI is exploring partnerships to develop hi-tech products in the display glass area.
The global market for specialty glass applications is estimated to be $42 billion and is projected to reach about $60 billion by 2030, according to Vedanta’s release. ASI, with its advanced manufacturing capabilities and strategic partnerships, aims to tap this opportunity.
India’s renewable energy capacity reaches 203 GW in October
India’s total renewable energy installed capacity increased by 24.2 GW (13.5 percent) in a year, reaching 203.18 GW in October 2024 from 178.98 GW in October 2023, according to the latest data from the Ministry of New and Renewable Energy.
Solar and wind energy continue to account for the biggest share in this sector in the country. Including nuclear energy, the total non-fossil fuel capacity rose to 211.36 GW in 2024, compared to 186.46 GW in 2023, according to a press release from the ministry on November 12.
The solar sector saw an increase of 20.1 GW (27.9 percent), growing from 72.02 GW in October 2023 to 92.12 GW in October 2024. The combined total solar capacity, including projects under implementation and tendered, now stands at 250.57 GW, a significant rise from 166.49 GW last year.
Wind energy increased by 7.8 percent, from 44.29 GW in October 2023 to 47.72 GW in 2024. Total capacity in the pipeline for wind projects has now reached 72.35 GW. As of October 2024, large hydro projects contributed 46.93 GW to India’s renewable portfolio, while nuclear power capacity contributed 8.18 GW.
Prosus sees Swiggy investment gain $2 billion: Bloomberg
Prosus NV has gained over $2 billion from its investment in Swiggy ahead of the Indian food delivery company’s IPO debut in India, Bloomberg reported earlier today. Prosus, along with its controlling shareholder Naspers, invested $1.3 billion for a 31 percent stake in Swiggy, which is targeting an $11.3 billion valuation.
The company plans to sell some shares in the IPO, retaining 25 percent of Swiggy. Prosus expects the sale to generate over $500 million in returns. Prosus is best known for being the largest backer of China’s Tencent. Swiggy’s IPO was significantly oversubscribed, with major global investors participating.
India’s food delivery market is currently dominated by Swiggy and its larger listed rival Zomato, but competition is hotting up on the quick delivery front. Swiggy’s Instamart business, for example, offers everything from groceries to kitchenware and even a growing catalogue of apparel and electronic gadgets—all delivered within 15 minutes or so.
Rajeev Misra, co-CEO, exits Softbank Vision Fund
Rajeev Misra is stepping down as co-CEO of SoftBank Investment Advisors, the parent of the $100 billion Vision Fund. Co-CEO Alex Clavel will take over as sole leader, TechCrunch reported on November 12.
Misra, who joined SoftBank in 2014 and helped launch the Vision Fund in 2017, led the world’s largest tech venture capital (VC) fund at its inception, but the fund became notorious for a series of high-profile failures, including investments in WeWork and Katerra, Global Corporate Venturing noted in its report on the news.
Despite some successes, like Coupang, the fund struggled with due diligence and poor returns, leading to scaled-back operations and missed fundraising targets, according to Global Corporate Venturing. Misra, who also announced reduced responsibilities in 2022, will continue to lead his $6 billion One Investment Management fund, backed by Abu Dhabi. Prior to SoftBank, Misra held senior roles at Deutsche Bank and UBS.
HCLT names Arjun Sethi chief growth officer of ‘strategic segments’
HCL Technologies has named Arjun A Sethi as chief growth officer for what the company describes as “strategic segments”. Based in New York, Sethi will focus on winning more business from the public sector in the US, and the multinational private equity industry, India’s third-biggest IT services company said in a press release on November 12. These segments have “a wealth of new opportunities”, chief executive C Vijayakumar said in the release.
Sethi joins the company after a 25-year career at Kearney, a consultancy, where he served as senior partner and vice chair of digital transformation. He has a bachelor’s degree in engineering from Motilal Nehru National Institute of Technology and a post-graduate diploma in management from the Indian Institute of Management, Calcutta.