AirAsia owner seeks jets for growth but restructuring first priority, CEO says
The Malaysia-based low-cost carrier operates an all-Airbus fleet and is one of Airbus' biggest customers.
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Time of India
23 minutes ago
- Time of India
Altimetrik acquires SLK Software
Bengaluru: Digital engineering solutions company Altimetrik is acquiring Bengaluru-based SLK Software to accelerate its goal of reaching $1 billion in annual revenue. The transaction remains subject to customary closing conditions and is expected to close in the second half of this year. Tired of too many ads? go ad free now Financial details were not disclosed. Founded in 2000, SLK Software is a technology services provider focused on bringing AI, intelligent automation, and analytics together to create tech solutions for customers. This strategic acquisition will enhance the scale of Altimetrik's capabilities, bringing together its AI-first, platform-native engineering model and SLK's full technology services stack. This will further accelerate the journey towards modernising enterprise platforms for its customers. Raj Sundaresan, CEO of Altimetrik, stated, "Our investment in SLK reflects our intention to deepen our commitment to customers who are looking for digital, AI-driven solutions that enable business value creation at unparalleled speed and scale." "This is not a traditional integration. It is a strategic acceleration," said Parth Amin, founder and chairman of SLK Software. "In Altimetrik, we've found a partner who shares our values of customer intimacy, people centricity, and a passion for innovation and agility. " Upon the closing of the transaction, the combined entity will serve a global customer base of over 150 businesses, including Fortune 500 companies. Together, the business will employ over 10,000 professionals globally to support customers.
Time of India
27 minutes ago
- Time of India
Welspun bids the most for Lavasa Corporation; Lodha Developers, Jindal Steel and Power Group in fray, too
Lavasa Corporation, India's first private hill town project, is up for sale again. Creditors aim to recover their dues. Six takeover bids have been submitted, ranging from ₹500 crore to ₹850 crore. Welspun Group placed the highest bid. Other bidders include Ashdan, Pride Purple, Macrotech Developers, DB Corp subsidiary Valor, Jindal Steel and Power Group, and Yogayatan Group. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Lavasa Corporation , once touted as India's first private hill town project, has received six takeover bids-ranging from ₹500 crore to ₹850 crore-as creditors try to sell the debt-laden entity for a second time to recover their dues. The Welspun Group , through a subsidiary, placed the highest bid of ₹850 crore, including ₹150 crore of process costs, documents accessed by ET bidders include Pune-based developers Ashdan and Pride Purple, Macrotech Developers (now Lodha Developers), DB Corp subsidiary Valor, Jindal Steel and Power Group, and Mumbai-based Yogayatan Group. Details accessed by ET show that Ashdan and Pride Purple have placed a combined bid aggregating to ₹843 crore. The payment timelines for the bids are five to nine be sure, most of the bids are conditional to the project receiving environmental clearance from the Maharashtra government-the primary reason it slipped into distress."Only Yogayatan has no preconditions on environmental clearance," a person aware of the details told ET. "Its bid at around ₹800 crore is also strong. Remains to be seen if lenders want to negotiate more."Another person in the know said conditional bids are unacceptable under the National Company Law Tribunal 's debt resolution process. "The committee of creditors (CoC) will have to meet and seek an alternative," the person sent to EY-backed resolution professional Udayraj Patwardhan and process advisor to lender BoB Capital Markets did not elicit any response. Lenders are grappling with litigations on this distressed debt as they try to find a buyer for a second time after junking the previous attempt last year. Even at ₹850 crore, the highest bid received, the total recovery is less than 13% of dues of over ₹6,642 crore, after more than seven years of NCLT had in July 2023 approved a resolution proposal from Darwin Platform Infrastructure (DPIL) submitted in December 2021, offering total payout of ₹1,814 crore to lenders over eight years and promising to deliver fully constructed houses to 837 Mumbai bench of NCLT called off the resolution plan after a full year of hearing in September last year, noting that DPIL failed to make the ₹100-crore upfront payment without any justifiable reasons. Tribunal allowed revival of resolution process and let CoC to exclude the period from July 13, 2021, to January 3, 2022, from resolution process. Lavasa was promoted as India's first privately built and managed city at the turn of the century, targeting rich urban natives from Mumbai and Pune wanting to escape the noise and pollution of cities.
Time of India
38 minutes ago
- Time of India
State launches drone surveys to curb illegal mining, boost revenue
Nagpur: In a major tech-driven reform to curb illegal mining and boost state revenue, the Maharashtra govt on Saturday launched a pilot project in Pune district to conduct drone-based surveys of mining sites using advanced LiDAR technology. The initiative aims to bring accuracy and transparency in measuring minor minerals like murum, sand, and stone extracted across the state. Revenue minister Chandrashekhar Bawankule, who reviewed the project with district officials, said the system will ensure digital mapping, prevent revenue loss, and aid in environmental monitoring. "Mining data on paper often differs from ground reality. Accurate drone mapping will plug this gap and control unauthorised excavation," he told TOI. The LiDAR-based drones will measure excavation volumes with high precision and prepare geo-referenced maps of both active and closed quarries. These will be digitally recorded and serve as base data for future surveys. The system will also enable the govt to develop a web-based interface for real-time inspection and virtual monitoring of all mining sites. The Pune pilot will cover 97 identified quarries. Based on its success, the project will be expanded across other districts in phases. "Districts across the state are witnessing large-scale mineral excavation. This initiative will help maintain environmental balance and increase govt revenue through accurate, tech-based monitoring," said Bawankule in a statement.
