Auto manufacturers in India, such as Ashok Leyland and Tata Motors, are ramping up their production of electric buses to accelerate the country’s shift to cleaner transport. Ashok Leyland is constructing a manufacturing plant with a capacity of 2,500 vehicles, while Tata Motors aims to deploy 3,300 e-buses by fiscal 2025. The lack of financing and charging infrastructure are significant roadblocks. To overcome this, India is collaborating with the US to establish a payment-security fund. Switching to e-buses in India’s major cities is crucial to combat pollution and improve public transport.
Standard Chartered Bank and Cerberus Capital are set to underwrite a $1.25 billion financing deal for Vedanta Resources. Standard Chartered Bank will cover $950 million, while Cerberus Capital will cover the remaining $300 million. Other credit investors may join the deal as Standard Chartered Bank plans to distribute its share of the loan.
After a successful IPO, shares of state-owned IREDA will be listed with a premium of Rs 11. The public offer was subscribed 38.8 times, with institutional investors showing massive interest. Prashant Tapse of Mehta Equities believes that the premium is justified due to IREDA’s leading position in renewable energy financing and advisory services, and the potential upgradation to a Navratna company.
Deutsche Bank is expanding its financing business in Asia in order to increase its revenue in the region. The bank has created new roles, including the Head of Financial Sponsor Financing for Asia, which will be taken on by Rahul Chawla. Chawla, currently the co-head of investment banking coverage in India, will relocate to Singapore for the role. The bank is also working with a search firm to hire more people for financing roles in the region. Additionally, the bank has promoted Apoorv Madhup to the position of Head of India Financing and Sameer Gupta to head Southeast Asia for debt capital management.
