Morning Buzz: Ola Electric's delayed IPO gets steam, government to review PLI scheme, and more

Here are the top business headlines this morning, to get your day started

By Salil Panchal Forbes India Staff

Published: Jun 12, 2023 09:27:54 AM IST

Updated: Jun 12, 2023 09:33:50 AM IST

Full Bio

Image: Niharika Kulkarni/NurPhoto via Getty Images

Lenders replace GoFirst’s key bankruptcy officials

Lenders to bankrupt airline GoFirst are aiming to take full control of the resolution process at the National Company Law Tribunal (NCLT), by replacing officials who were appointed by the company. The Committee-of-Creditors – which replaced the interim resolution profession and process advisor, is expected to file for more changes in the course of this week.

(Economic Times)

Government to review PLI scheme to sort out teething issues

India’s thrust towards manufacturing through the production-linked incentive (PLI) scheme was thought to be a game changer. But flaws in the implementation and manner in which incentives are given are ambiguous. Now, to review and resolve matters across all 14 ministries, the government will hold a first-of-its-kind review and seek feedback to resolve noticeable issues which the companies could be facing. The meeting will be held on June 27.

(Business Standard)

Government misses FY23 asset monitisation planned target

The government’s asset monitisation plan has fallen 18 percent below the targeted Rs1.62 trillion, wherein ministries, such as railways, road transport, power, and telecom failed to meet its targets. For 2023-24, a Cabinet secretary-headed panel earlier this month restated the Rs1.79-trillion target as set by the NITI Aayog, according to people aware of the matter.

(Business Standard)

Weather station at every village panchayat, to ensure standardised rainfall, temperature data

The government is to soon announce a plan under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to set up weather stations, one each in every panchayat. There will be 1.75 lakh weather stations functional in next two years without any capital expenditure, according to this proposed plan. The panchayat-level weather stations are expected to provide rainfall, temperature, humidity, wind and frost related data.

(Hindu BusinessLine)

Ola Electric’s delayed IPO gets steam

Mobility startup Ola's founder and CEO Bhavish Aggarwal will kick off meeting with investors as it plans to take Ola Electric public. Meetings in Singapore, US and the UK are planned for in the next two weeks to meeting investors, including BlackRock, Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price. Ola Electric could raise up to $1 billion via the Initial Public Offering (IPO) route likely by the end of this year or early 2024.

(Reuters, Moneycontrol)