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WeWork India gets Sebi nod for IPO; Embassy Buildcon to sell stake
According to the draft red herring prospectus (DRHP), the company's maiden public issue comprises an offer for sale (OFS) of up to 43.75 million equity shares.
The offer for sale comprises up to 33.45 million equity shares by Embassy Buildcon, the promoter selling shareholder. Additionally, 1 Ariel Way Tenant (investor selling shareholder) will offload up to 10.29 million equity shares.
MUFG Intime India, formerly Link Intime India, is the registrar for the issue. JM Financial, ICICI Securities, Jefferies India, Kotak Mahindra Capital Company, and 360 ONE WAM are the book-running lead managers to the issue.
About WeWork India Management
Launched in 2017, WeWork India Management is a premium flexible workspace operator in India and has been the largest operator by total revenue in the past three financial years, according to the CBRE Report. It provides flexible, high-quality workspaces to customers, which include companies of all sizes. As of June 30, 2024, Grade A properties accounted for approximately 93 per cent of its portfolio.
Embassy Group, one of India's leading real estate developers, owns a majority 73.8 per cent stake in WeWork India. The company has developed over 85 million square feet of commercial real estate and sponsors Embassy REIT - India's first REIT and Asia's largest office REIT by leasable area, according to CBRE.
WeWork India caters to some of the global brands, including Amazon Web Services, JP Morgan, Warner Bros. Discovery, Deutsche Telekom, and Grant Thornton. The company is the exclusive licensee of the WeWork Brand in India.
WeWork India's centres are located in Tier 1 cities in India, including Bengaluru, Mumbai, Pune, Hyderabad, Gurgaon, Noida, Delhi, and Chennai. As of September 30, 2024, WeWork India's portfolio comprised 94,440 desks across 59 operational centres with an aggregate leaseable area for operational centres of 6.48 million square feet.
For the six-month period ended September 30, 2024, the company reported revenue from operations of ₹918.1 crore and net profit of ₹173.6 crore. In the fiscal year 2023-24 (FY24), WeWork India posted a revenue from operations of ₹1,665.1 crore and a net loss of 135.7 crore.
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Indian Express
an hour ago
- Indian Express
Why Trump talk of Pak's ‘massive oil reserves' is hot air — not much else
US President Donald Trump's announcement on Thursday that the Americans will work with Pakistan to develop the latter's 'massive' oil reserves came as a bit of a surprise, as Pakistan is not exactly a country synonymous with oil exploration and production, unlike Saudi Arabia, Iraq, or Venezuela. Far from it, Islamabad depends heavily on energy imports, has dwindling hydrocarbon production, and a rather inconsistent and uninspiring record of oil and gas exploration. There have been a few preliminary studies and reports of potential reserves over the years, but they have remained inconclusive, and the world's oil majors have so far largely steered clear of hydrocarbon exploration in Pakistan. But Trump appears convinced, at least on his own social media platform, that Pakistan is sitting on huge oil reserves. He went to the extent of saying that 'maybe' Pakistan will be 'selling oil to India some day', a remark that many have interpreted as a veiled jibe at New Delhi over its heavy imports of Russian oil, which has surfaced as an irritant in the India-US relationship. The backdrop also features the heightened tension between India and Pakistan following their military conflagration in May due to the Pahalgam terror attack by Pakistan-backed terrorists. Trump has repeatedly claimed that he brokered the ceasefire between the two countries, while India has maintained that there was no mediation by any other third country. To be sure, Pakistan's proven recoverable conventional crude oil reserves are pegged between 234 million and 353 million barrels by various estimates, while India's proven reserves are estimated at 4.8-5 billion barrels, or nearly 14 times of Pakistan's. By proven oil reserves, Pakistan is ranked between 50 and 55 in the world, compared to India's ranking in the early 20s. As for natural gas, OPEC's latest annual statistical bulletin pegs India's proven reserves at 1.15 billion cubic metres (bcm), 2.7 times of Pakistan's 0.43 bcm. Pakistan's oil production is estimated at around 60,000 barrels per day, only about a tenth of India's domestic oil output of over 580,000 barrels per day. Both Pakistan and India are heavily reliant on energy imports to meet their domestic demand, and oil is among the top imports for both countries in value terms. Going by this current data, it is hard to fathom a scenario wherein Pakistan would be in any position to sell oil to India, barring a realisation of Pakistan's hope of some miraculous, fate-altering hydrocarbon discoveries. Theoretically, at least, impossible is nothing, although exploration efforts so far in Pakistan have yielded very limited success. Then what is the source of this hypothesis of Pakistan sitting on 'massive' oil reserves that Islamabad, and now Trump, appear to be proposing? The basis of this premature assessment might lie in a decade-old report. In 2015, the US Energy Information Administration (EIA) released a report that estimated around 9.1 billion barrels of 'technically recoverable' shale oil resources in Pakistan based on available data and technical analysis, but without any exploratory effort. The same report had pegged India's technically recoverable shale oil resources at 3.8 billion barrels. These estimates, however, cannot be equated to proven reserves, which rests two rungs higher on the ladder of hydrocarbon resource recoverability. In fact, only a fraction of such technically recoverable estimates might eventually be produced, if at all, according to experts. Technically recoverable resources mean the oil and gas that can theoretically be produced based on current technology, industry practice, and geologic knowledge. A much smaller subset of these are what are known as 'economically recoverable resources', or oil and gas that could be produced without incurring a loss. Again, not all of these estimated economically recoverable resources may actually be produced due to various technical and economic considerations. A much smaller subset of these resources is what are known as proven or proved reserves—'the most certain oil and gas resource category'. 'Proved reserves are volumes of oil and natural gas that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions,' the EIA said in that 2015 report. Notably, the American agency also stated that the recoverability of shale oil was quite low—ranging from 3 per cent to 7 per cent of the oil in-place with exceptional cases being as high as 10 per cent or as low as 1 per cent. Suddenly, the 9.1-billion-barrel technically recoverable resource estimate doesn't appear as big. Also, given that all the assessments were based largely on available geological data and without any real exploratory data or exploration effort, it is anybody's guess how much shale oil production may actually be economically viable and feasible for Pakistan. While nothing can be ruled out from the realm of possibility, experts believe that it is highly improbable that Islamabad will win an oil lottery big enough to offset its own oil imports and then be left with excess volumes to export to India, the world's third-largest consumer of crude oil. A few reports of hydrocarbon discoveries have appeared in the Pakistani press over the past couple of years, but there is little data available in the public domain to back those claims made by officials in that country's establishment. And again, much of the claims are reported to have been based in surveys and studies, and without any significant exploratory effort. It is also worth noting that hydrocarbon exploration itself is an extremely expensive and long-gestation endeavour that could last multiple years, which is usually followed by another years-long development phase, before commercial production can start. For Pakistan, this would mean a significant lead time before any of its potential oil reserves can be tapped into, apart from billions of dollars' worth of investments that its fragile economy may not be able to afford. Perhaps that is where one or more of the American oil majors might come in with their deep pockets.
The Print
5 hours ago
- The Print
More rhetoric than reality? What are ‘massive' Pakistani oil reserves Trump has promised to develop
Pakistan spends billions on energy imports and subsidies—which together account for 25 percent of its GDP, the highest in South Asia—while circular energy sector debt exceeds almost $13 billion and the local market gets distorted by fuel smuggling from Iran. Pakistani officials claim these could place the country among the top four in the world in terms of total reserves, but there has hardly been any progress in developing them owing to security concerns, lack of investment, high extraction costs, the requirement of advanced technology and bureaucratic hurdles. New Delhi: Donald Trump Thursday announced that the United States has struck a new trade deal with Pakistan. Its focus: developing the country's oil reserves. The comments come amid the claimed discovery of a series of oil and gas reserves in Pakistan over the past few months, including in Sindh, Khyber Pakhtunkhwa and at offshore locations. In a late-night post Thursday on his social media platform Truth Social, Trump wrote: 'We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. 'We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling oil to India some day!' While details of the US-Pakistan energy agreement remain unclear, Islamabad has indicated that the deal includes tariff relief, earlier pegged at 29 percent in reverse tariffs, for Pakistani exports and support in developing its fossil fuel infrastructure. The US, likely through a private oil major, could assist Pakistan in tapping its reported offshore and shale energy potential. Also Read: Trump announces 25% tariffs for India, will impose additional penalties for purchase of Russian oil 'Technically recoverable vs economically viable' According to experts, when Trump claims the US would help Pakistan tap its 'massive oil reserves,' he may be referring to the US Energy Information Administration's (EIA) estimate of Pakistan's technically recoverable oil resources, totalling nearly 9 billion barrels. 'Technically recoverable reserves are not always economically viable to extract, meaning they may not qualify as true reserves. High extraction costs could explain why Pakistan has historically relied heavily on imported fossil fuels to meet its energy needs,' Pakistani economist Javed Hassan told ThePrint. He added that Trump's 'erratic' posts suggest a desperation to secure a deal with India. Trump's announcement coincided with him criticising India's continued purchase of Russian oil, calling New Delhi's economy 'dead' over its refusal to open key agricultural markets to American exports. 'Contrary to what appears to be the case superficially, looks like India is holding out for a better deal. And maybe winning,' Hassan wrote on X. 'Wishful thinking' No official document of the Trump-backed deal with Pakistan has yet been made public yet. Pakistan's Finance Minister Muhammad Aurangzeb is currently in Washington. As of 2016, Pakistan held 353.5 million barrels of proven oil reserves, which is just a fraction of India's 4.8 billion barrels. But newer claimed discoveries, particularly offshore and in Sindh and Khyber Pakhtunkhwa provinces, have rekindled hopes in Pakistan. In June, Pakistan's state-owned Oil & Gas Development Company Limited (OGDCL) reported a new reserve in Sindh, with a potential to yield 6.4 million cubic feet of gas and 55 barrels per day of condensate from the Faakir-1 well. A similar relatively recent discovery in Lakki Marwat is producing 2.114 million cubic feet of gas and 74 barrels of oil daily since last year. Another field in Attock, Punjab, was reported to have similar reserves. OGDCL last year also confirmed a significant find in Sindh. In September last year, Pakistan's Oil and Gas Regulatory Authority (OGRA) said a major three-year survey, conducted with the help of a 'friendly country', confirmed the presence of large oil and gas reserves in the country's territorial waters. Still, production figures remain modest, and international oil companies have shown little enthusiasm. A 2023 auction of 18 offshore blocks attracted no bids for 15 of them. Moreover, despite these discoveries, experts warn that tapping these reserves could cost around $5 billion and take four to five years just to begin offshore extraction. Speaking to the local media, former energy minister Mohammad Ali Arif said Pakistan has an estimated 235 trillion cubic feet of gas, yet extracting just 10 percent over the next decade could require up to $30 billion. Arif cautioned that it is 'wishful thinking until the prospects for the reserves are analysed and the drilling process begins'. Security issues and political instability have also made international companies hesitant to invest. China and Turkey are the only countries to have shown any interest. An April deal signed with Turkey's state-run Turkish Petroleum Corporation aims to explore Pakistan's offshore resources, but larger global interest remains limited. In March last year, a suicide attack killed five Chinese engineers in Khyber Pakhtunkhwa, part of a wider series of insurgent attacks on foreign interests, particularly those under the China-Pakistan Economic Corridor (CPEC). Pakistani officials say that the security burden, often borne by the state, drives up costs and deters global firms. 'In areas where companies search for oil and gas, they have to spend a significant amount to maintain security for their employees and assets,' Petroleum Minister Musadik Malik told the Pakistani parliament in July last year. Shale: The untapped jackpot Pakistan has among the highest untapped shale oil and gas resources in the world. It ranks 19th among 41 countries with shale reserves, holding an estimated 105 trillion cubic feet (tcf) of recoverable shale gas and 9 billion barrels of shale oil. Most of these resources are found in the Lower Indus Basin, covering parts of Sindh, southern Punjab, and eastern Balochistan. Pakistan also has 35–70 tcf of tight gas (gas trapped in dense rock), ranking 30th globally in that category. Globally, shale reserves are vast and make up about 32 percent of the world's natural gas and 10 percent of its crude oil. For Pakistan, these reserves represent a major opportunity to reduce reliance on imported gas. But extracting shale gas requires advanced and costly methods like hydraulic fracturing (fracking) and horizontal drilling. These techniques are widely used in countries like the US and the UK, but they are still new and challenging in Pakistan due to high costs, limited expertise, and environmental concerns. Moreover, a shale pilot project launched in 2020 with a $30-million budget has yet to produce gas. Bureaucratic hurdles and alleged mismanagement have been blamed for the delay, with the project head now projecting production only by 2029. In 2013, as global interest in shale gas grew, an Italian company reportedly offered to supply shale gas to Pakistan at $9 per MMBTU (Metric Million British Thermal Units). Instead of exploring this opportunity or developing its own shale resources, Pakistan's Ministry of Petroleum signed a long-term liquefied natural gas (LNG) deal with a country in the Middle East. That decision, according to experts, focused on short-term gains and ultimately damaged Pakistan's energy sector. But there are other issues as well. Pakistan's energy sector is mired in a circular debt exceeding $13 billion, while $1 billion worth of fuel is reportedly smuggled in from Iran, further distorting the domestic market. Moreover, Pakistan's energy import bill reached $17.5 billion in 2023 and is projected to climb to $31 billion by 2030. The country imports 85 percent of its oil, 29 percent of its natural gas, and 50 percent of its LPG. It also spends 2.6 percent of its GDP on energy subsidies which is the highest in South Asia. 'It remains to be seen whether US assistance can alter this dynamic or if Trump's promise is more rhetoric than reality,' Hassan concluded. (Edited by Ajeet Tiwari) Also Read: In 18th sanctions package against Russia, EU targets Rosneft's India refinery, cuts price cap on crude
Mint
6 hours ago
- Mint
Starlink gets licence for satellite internet in India, confirms Jyotiraditya Scindia
Elon Musk-led Starlink has received approval to roll out satellite-based internet services in India, with the Department of Telecommunications granting the company a Unified Licence, Union Telecom Minister Jyotiraditya Scindia confirmed on Thursday. The announcement, made on the eve of the 30th anniversary of India's first cellular call in 1995, signals a significant step in the country's satellite communication (satcom) plans. Scindia stated that frameworks for spectrum allocation and gateway installation are now in place to ensure a smooth rollout of services. Starlink joins other players in the satcom space such as Bharti Group-backed Eutelsat OneWeb and Jio SES, both of which are also awaiting spectrum allocation to commence operations. Highlighting developments in India's telecom sector over the past decade, the minister shared data outlining the expansion of connectivity and digital infrastructure. According to Scindia, internet subscriptions in the country have increased by nearly 286 per cent to reach 970 million users, while telephone connections now stand at 1.2 billion. He also noted that broadband usage has grown over 1,450 per cent since 2014, rising from 60 million to 944 million connections. The cost of mobile data has declined by over 96 per cent, now averaging ₹ 8.9 per GB. The government also reported operational improvements at BSNL, which has returned to profitability after nearly two decades. BSNL posted net profits of ₹ 262 crore and ₹ 280 crore in consecutive financial years, with over 83,000 4G sites installed, most running on domestically developed technology. India's 5G rollout was another focal point, with coverage extended to 99.6 per cent of districts. The country has installed approximately 4.74 lakh 5G towers and now counts over 300 million 5G users. With average monthly per capita usage at 32 GB, India reportedly leads globally in 5G data consumption. The minister added that India is among the top six nations in terms of 6G patent filings and has launched 100 6G Use Case Labs. Under the Production Linked Incentive (PLI) scheme, telecom manufacturing investments have reached ₹ 4,305 crore, generating sales of over ₹ 85,000 crore and creating more than 28,000 jobs. Foreign direct investment in the sector has nearly tripled, growing from $282 million to $710 million. Industry leaders also commented on the 30-year milestone of mobile services in India. SP Kochhar, Director General of the Cellular Operators Association of India (COAI), said that the country now hosts over 1.2 billion telecom subscribers, with data usage per individual exceeding 21 GB per month. He observed that while the sector began with 2G, it now offers 5G access to over 99 per cent of Indian districts. HFCL Managing Director Mahendra Nahata reflected on the sector's evolution, stating that India's transition from basic mobile infrastructure to rapid 5G deployment has positioned the country to influence the development of 6G standards globally. Paritosh Prajapati, CEO of telecom gear maker GX Group, said that India's telecom sector stands at a turning point in its journey towards technological self-reliance. He emphasised that government initiatives, including the PLI scheme, are enabling domestic innovation and manufacturing in telecom. The licensing of Starlink comes as India attempts to boost internet access in rural and remote areas through satellite technology, further integrating digital connectivity into its broader development goals.
