By BNE News Desk / May 18, 2024

Guwahati: AIC-SMU Technology Business Incubator (AIC-SMUTBI) hosted a Founders Connect on May 16 enabling entrepreneurs from the Northeast to collaborate, connect, and consolidate. 

"The gathering brought together stakeholders, government officials, mentors, industry leaders, academia, and startups, fostering knowledge exchange and connections", said an official release.

The event was graced by the presence of K. K. Singh, joint secretary of the Ministry of Information Technology and Electronics (MEITY), and Vishwas Shrivastava, scientist at MEITY. Additionally, representatives from O2 Himalaya, Urjjah EV, Akumen Artificial Intelligence, Nibiaa Devices, Makaiko, Prakritiko, Maity Ghar, Studio Zeyma, Crafted Fibers, Craft and Clay, Syangbo’s Food and Living Beverages, Gladiolus Language Nectar, Puzzle Craft, Denzong Waters, IBC and more were present during the event.

The Founders Connect program allowed startups to network with co-founders and discuss a way forward, creating a strong foundation for mutually beneficial market connects and shared experiences through active group discussions and participation. Various startups demonstrated their products and services.

Singh informed the startup founders of the importance of Intellectual Property Right (IPR) protection of the innovation being created and the potential for Northeastern states working in the development and application of new technologies.

Attended by more than 30 startups across the Northeast and North Bengal region, AIC-SMUTBI aims to be a bridge between government entities and startups while further refining business models and helping in scaling business ventures. AIC-SMUTBI was set up as one of the 100 world-class incubators envisioned by the AIM, NITI Aayog. The incubator nurtures and incubates early-stage entrepreneurial ventures based on technology and innovation by providing infrastructure, mentorship, resources, and networking opportunities to help budding entrepreneurs turn their ideas into successful businesses.

ALSO READ: OYO withdraws DRHP, plans to refile long-awaited IPO after refinancing

By BNE News Desk / May 18, 2024

New Delhi: OYO, the global travel tech behemoth funded by Softbank, is set to resubmit its highly anticipated Initial Public Offering (IPO) application as refinancing efforts reach completion.

Notably, efforts are underway to raise up to $450 through the issue of dollar bonds, with JP Morgan leading the refinancing initiative at an estimated annual interest rate of 9-10 percent.

In preparation for this financial restructuring, OYO has begun the process of withdrawing its current draft red herring prospectus (DRHP), which was submitted to market regulator SEBI. The corporation wants to resubmit an updated version of the DRHP once the bond offering is completed.

In November, OYO's parent firm, Oravel Stays Ltd, paid off a major portion of its debt of Rs 1,620 crore through a repurchase process. The repurchase includes repurchasing 30 percent of its outstanding Term Loan B of $660 million. The move reduced its outstanding loan amount to approximately $450.

A source close to the company's IPO ambitions told PTI that the refinancing will result in major changes to OYO's financial accounts. As a result, it will be required to modify its regulatory filings in accordance with current regulations. According to the source, the refinancing will lengthen the payback timetable to five years, compared to the remaining TLB installment due in 2026.

The bond offering would drastically reduce the current effective interest rate of 14 percent on its existing $450 Term Loan B (TLB) facility.

ALSO READ: Gail secures 14-year LNG carrier charter to enhance gas transportation capacity

By BNE News Desk / May 18, 2024

New Delhi: GAIL (India) Ltd, a state-owned gas utility, has contracted a liquefied natural gas (LNG) carrier from the NYSE-listed 'Cool' or 14 years to supplement its transportation capacity to meet India's expanding gas needs.

The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to extend the charter by two additional years beyond the firm fourteen-year period. This contract, specifically for a newly-built LNG carrier, is a significant boost to GAIL's existing fleet of four LNG carriers.

The LNG tanker will be used to ferry extra super-chilled fuel from the United States, where the company has signed a contract to purchase 2.5 million tonnes per annum (MTPA) of LNG from Sabine Pass Liquefaction LLC commencing in February 2018. Additionally, It has also booked 2.3 MTPA of capacity at the Cove Point LNG liquefaction project in the US.

Last year, GAIL hired an LNG carrier from Mitsui OSK Lines, a Japanese shipping business. This was the second MOL Group LNG vessel to service GAIL. The first vessel, called GAIL Bhuwan, was chartered in 2021. The second vessel, taken in December 2023, was called GAIL Urja. GAIL has a global LNG portfolio of around 14 MTPA and uses ships to bring that gas to India.

in response to the time charter agreement with CoolCo, S Bairagi, Executive Director (Marketing Shipping & International LNG) at GAIL, emphasized the company's eagerness to acquire the LNG carrier. Meanwhile, Richard Tyrrell, CEO of CoolCo, highlighted the advanced technology and exceptional economic and environmental performance of the newbuild LNG carrier. Tyrrell emphasized that this partnership reinforces GAIL's capability to transport clean-burning LNG efficiently and cost-effectively for years.

ALSO READ: Bandhan Bank’s Q4 net profit plummets 94 percent  to Rs 54.6 crore

By BNE News Desk / May 18, 2024

New Delhi: Bandhan Bank reported a 94 percent decline in net profit to Rs 54.6 crore in the January-March quarter of fiscal 2023-24 (Q4FY24), compared to 808.3 crore in the same period last year. According to reports, the decrease was due to additional provisions and a technical loan write-off.

During the quarter, provisions and contingencies totaled Rs 1704.3 crore compared to Rs 734.8 crore in the same quarter last year.

The bank stated that as a precautionary move and in compliance with its policy, it had technically wiped down debts totaling Rs 3852 crore.

In the fourth quarter of FY24, revenues increased by 16 percent to Rs 2,086 crore, up from Rs 2,471 crore the previous year. Bandhan Bank's board recommended a fifteen percent dividend at Rs 1.5 per equity share for FY24. 

The bank’s managing director and chief executive officer Chandra Shekhar Ghosh explained that the write-off was on an old portfolio of 2019-20, 2020-21 and partly 2021-22.

The bank's net revenue was Rs 3560 crore, up from Rs 3,010 crore in the fourth quarter of FY23.

The bank said this month that Chandra Sekhar Ghosh, who has led the bank for nearly a decade, would retire at the end of his current tenure on July 9.

When asked about the status of the search for the bank's next managing director and CEO, he stated that the process was ongoing.

During Q4FY24, the bank's deposit book increased by twenty-five percent over the same quarter the previous year. The overall deposit book now stands at one point three five trillion rupees, with advances at one point two five trillion rupees.

ALSO READ: 'Hope Northeast plays more cricket': Rajasthan Royals Chairperson to BNE