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11th October 2021
Good Morning! 

Happy Monday!!
Mukesh Bhai's just keeps going on and on. He has now joined the $100 billion club. 
He’s worth $100.6 billion, according to the Bloomberg Billionaires Index. This year his wealth has increased by $23.8 billion.
After hearing stories about Mukesh Bhai we are sure he still isn't happy and is looking to overtake all the 10 billionaires ahead of him currently.
 
  MARKETS
 

SENSEX

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NIFTY

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US$

74.99

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GOLD

47,013

+ 0.40%

10-YR

6.32%

+ 5.1 bps

OIL

5,466

+ 1.76%

*As of market close

Corporate

Homecoming Maharaja
JRD Tata with Air India Crew
Image Source:Tata.com

A landmark moment for Indian aviation and the government’s push for privatization of industries - The Tata Group has emerged as the winning bidder for Air India!

A quick history lesson

Air India was actually founded by JRD Tata in 1932 as Tata Airlines. JRD Tata was a pioneer in aviation in India, and he was also the recipient of the first flying licence ever issued to an Indian!

The first flight took off from Karachi's Drigh Road Aerodrome and flew to Mumbai's Juhu Airstrip in October 1932. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, The Air India International was launched with flights to Europe.

But then a few years after independence, the airline was nationalised and became a government entity.

What’s Happening Now?

After many many years of trying, the government has finally managed to sell Air India. And (circle of life stuff) the Tata group is the winning bidder for the company. They will pay Rs 18,000 crores for full ownership of Air India, Air India Express and 50% of AI SATS (a ground handling joint venture). 

This will make the Tata Group the second-largest player in Indian aviation (after Indigo) with ~27% market share, because of their stakes in Vistara and AirAsia as well.

But the work has just begun for the Tata group. Air India was losing Rs 20 crores every day, and had survived so long only because the government kept pumping in money - the airline has received Rs 1.1 lakh crores in gov support since 2009-10.

Let’s hope Tata’s can turn the Maharaja around for good!

M&A

Reliance Making Moves
Solar Panel

At the Reliance Industries AGM in June, Mukesh Bhai had announced big plans for the clean energy sector in India, including investing $10 billion over the next 10 years.

And Reliance Industries Limited (RIL) has taken some concrete steps towards executing this plan. Through a subsidiary of theirs, they’ve acquired 100% of REC Solar Holdings AS (REC Group) from China National Bluestar Group for an Enterprise Value of $771 million.

What is REC Solar? 

REC Solar is one of the world's leading solar cell, panels and polysilicon manufacturers
The company is headquartered in Norway and is known for being very R&D focused. They have developed high efficiency and long life solar panels used at solar power plants to generate electricity. 

REC has over 600 utility and design patents. Their products are also already in use in our part of the world - they have over 500MW of installed capacity in the Indian subcontinent, and even with the wide climate range here, the company claims these panels can last as long as 25 years. 

RIL + REC =?

With their scale and execution capabilities, the addition of REC’s technology will help Reliance set up a state-of-the-art renewable energy tech manufacturing facility in Jamnagar, Gujarat.

It was in Jamnagar that Dhirubhai Ambani launched Reliance’s original old energy business, and that’s where Mukesh Bhai wants to start this new energy stuff as well.

The Jamnagar gigafactories, officially called the Dhirubhai Ambani Green Energy Giga Complex will be a 5,000-acre complex, which will produce various kinds of renewable energy. 

The complex is expected to have an integrated solar photovoltaic module factory for the production of solar energy, an advanced energy storage battery factory for the storage of intermittent energy, an electrolyser factory to produce green hydrogen and a fuel-cell factory to convert hydrogen into motive and stationary power

Wow, those were a lot of scientist-y words! We guess The Gyst of the matter is that Mukesh Bhai is already making moves in the clean energy sector so Adani and co. better get their moves right if they want to stay alive.

Tech

Tech Snippets
Wrap It Up
 

We are really surprised we didn't have another unicorn story this weekend. But there were some interesting things happening in the world of tech.

Chingari Raises

One of the participants in the biggest Tik Tok Clone jeetega contest -- Chingari just raised some money. They have raised $19 million.

Here is why this round of funding is interesting.
Chingari raised this $19 million completely in crypto tokens.
No they haven't raised this round in Bitcoin or ETH but they've in fact raised the round in USDC and Tether. These are called stable coins in the crypto world. The reason they are called stable coins is well cause they are a lot less volatile since they are reportedly backed by US Dollars.

Chingari was doing pretty well also with its Tik Tok like product with them being downloaded 35 million times.

And now it seems like they will be adding a solid crypto element to their app.

They are going to launch their own token called $GARI. This will be built on top of Solana. The primary use of this token is going to be for creator monetization.

We are really intrigued to see how this experiment turns out.

Ather Raises Some More

One of the players in the electric scooter space Ather also just raised Rs 130 cr. They raised this money from the 2 wheeler biggie Hero MotoCorp.

Hero MotoCorp was already an investor in Ather but they've decided to double down.

Ather is planning to use this round to increase charging stations and launch in more cities.

The e-scooter space is getting a bit more competitive for Ather. Ola also just launched theirs. Other startups like Bounce also are looking to launch their own. The current market leader Hero Electric has also been expanding.

PS: Hero Electric isn't owned by MotoCorp. The Hero family is quite big and Hero Electric is owned by the MotoCorp families cousin.

On a Lighter Note

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