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Empowered group approves sale of Pawan Hans to Star 9 at Rs 211cr

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The Alternative Mechanism, committee empowered by the CCEA, has approved the highest bid of Star 9 Mobility Private Ltd for sale of entire government’s 51 per cent of shareholding of Pawan Hans Limited (PHL) and transfer of management control.

PHL is a joint venture of Government of India (GoI) and ONGC providing helicopter and aero mobility services. GoI holds 51 per cent of the shares in the company and ONGC holds the balance 49 per cent .

This is the fourth iterations with request for EOI — Expression of Interest, invited on December 8, 2020.

Seven EoIs were received and four interested bidders were shortlisted as qualified bidders. After detailed due diligence, the qualified bidders were invited to submit financial bids. Three financial bids were received.

As per extant procedure, the Reserve Price for sale of 51 per cent shareholding of PHL was fixed at Rs 199.92 crore, on the basis of valuation carried out by experts includes transaction adviser and asset valuer.

Thereafter, the three bids were opened in the presence of the bidders.

All three bids were found to be valid. M/s Star9 Mobility Private Ltd, a consortium of M/s Big Charter Private Limited, M/s Maharaja Aviation Private Limited and M/s Almas Global Opportunity Fund SPC; emerged as the highest bidder quoting Rs 211.14 crore, which was above the Reserve Price.

The other two bids were for Rs 181.05 crore and Rs 153.15 crore. Following due deliberations, the financial bid of M/s Star9 Mobility Private Limited has been accepted by the government.

CCEA had approved the strategic disinvestment of entire GoI stake in PHL in October, 2016. The transaction had been attempted thrice in the past. In the first round, the Preliminary Information Memorandum (PIM) was issued on October 13, 2017 seeking Expressions of Interest (EOI).

The strategic disinvestment transaction was implemented through an open, competitive bidding process supported by a multi-layered consultative decision making mechanism involving Inter Ministerial Group, Core Group of Secretaries on Disinvestment and the empowered Alternative Mechanism.

The transaction now moves to the concluding stage. The next steps are issuing of the Letter of Award, signing of the Share Purchase Agreement and closing of the transaction.

PHL has been incurring losses in the last three years (FY-19, FY-20 and FY-21). The company has a fleet of 42 helicopters with 41 of them owned by the company.

The owned helicopters have an average age of over 20 years and three-fourths of them are presently not being manufactured by the original equipment manufacturer.

With this privatization, it is expected that the strategic buyer will revitalize the company by replacing the aging fleet through infusion of fresh capital and improve the performance of the company.

The Committee comprised Nitin Gadkari, Union Minister for Road Transport and Highways, Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, and Jyotiraditya Scindia, Union Minister of Civil Aviation.

ONGC which holds remaining 49 per cent has earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as GoI.

Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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