DECEMBER 20238TOP STORIESSPICEJET SECURES RS.1,100 CRORES INVESTMENT FOR 19% STAKEHarihara Mahapatra, a Mumbai-based businessman, and his wife Preeti will invest Rs 1,100 crore in SpiceJet for a 19% stake in the company. According to a detailed funding proposal reviewed by ET, Aries Opportunities Fund will hold 3% and Elara Capital will hold 8% after warrant conversion.Last week, the cash-strapped airline announced that it had received a lifeline in the form of a Rs 2,254 crore investment from a group of funds and high-net-worth individuals through the issuance of up to 130 million convertible warrants and 320.8 million new equity shares.Once shareholders approve the issuance of equity and warrants, promoter Ajay Singh's current shareholding in the airline will fall from 56.49% to at least 38.55%. Singh has pledged 37.9% of his stake to various banks.Hariahara Mahapatra and his wife are promoters of Mahapatra Universal Limited- a Mumbai based group. The website of the company says that they are present in multiple sectors like real estate, infrastructure, consulting, consumer and retail.In 2016, Mahapatra's wife Preeti was fielded as an independent candidate in the Rajya Sabha election with backing from the Bharatiya Janata Party against Congress leader Kapil Sibal.The airline said it will use the aforementioned Rs 2,241.5 crore to pay statutory obligations such as Tax Deducted at Source (TDS), Goods and Services Tax (GST), Provident Fund (PF), etc.; settle past dues with creditors; unground its grounded planes and acquire new aircraft; pay for aviation turbine fuel; pay salaries to employees; and for general corporate purposes. C4V AND HINDALCO TO JOINTLY DEVELOP COMPONENTS FOR LI-ION BATTERIESC4V, a Li-Ion battery technology company based in the United States, has entered into a Memorandum of Understanding (MOU) with Hindalco Industries. The agreement aims to collaborate on the development and provision of battery-grade aluminum foils, Coated Foils, and structural components intended for Li-ion cells. This collaboration seeks to cater to the rapidly expanding market for EV battery materials.Under the Memorandum of Understanding (MoU), Hindalco is set to supply C4V with up to 2,000 tonnes of battery foil within a span of five years. The agreement delineates a strategic roadmap that involves collaborative efforts on materials and joint technology development, aiming to align with the evolving needs of the Indian EV market. This multifaceted strategy promotes local manufacturing and expertise, anticipated to bolster India's self-reliance in EV battery technology. Additionally, Hindalco recently announced the establishment of a 25,000-tonne battery foils manufacturing facility in Odisha.C4V stands as a global frontrunner in advanced energy storage technologies and Gigafactory solutions. Committed to sustainability and innovation, C4V focuses on the development and implementation of cutting-edge technologies and Gigafactories to confront global energy storage challenges. The company's core mission revolves around expediting the transition toward a renewable energy future through its advanced battery chemistry, cell designs, and Gigafactory blueprints.
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