Tech5: Indian space startups to get Rs1,000 crore from Government of India; Biocon Biologics refinances $1.1 billion, and more

Forbes India's daily tech news bulletin with five headlines that caught our attention

By Harichandan Arakali Forbes India Staff

Published: Oct 7, 2024 12:45:26 PM IST

Updated: Oct 7, 2024 01:26:28 PM IST

The Government of India has allocated Rs1,000 crore for a venture fund aimed at bolstering space startups Illustration: Reuters/Dado Ruvic

Government of India allocates Rs1,000 crore venture fund for space startups

The Government of India has allocated Rs1,000 crore for a venture fund aimed at bolstering space startups, Jitendra Singh, Union minister for science and technology, told reporters in Delhi, according to a government statement on October 6. This initiative underscores the government’s commitment to the space sector, identified as a top priority for the current term, according to the statement.

Following the liberalisation of the sector four years ago, India now has more than 200 space tech startup, the minister said in the statement. The government also has the provision for 100 percent foreign direct investment in the sector, it added.

DRDO conducts successful tests of very-short-range air defence system

India’s Defence Research and Development Organisation (DRDO) successfully conducted three flight-tests of the country’s 4th Generation, technically-advanced miniaturised Very Short Range Air Defence System (VSHORADS) at the Pokhran Field Firing Ranges in Rajasthan on October 3 and October 4, according to a Ministry of Defence press release on October 5.

The tests were carried out against high speed targets, demonstrating very critical parameters of maximum range and maximum altitude interception. These development trials showcased repeatability of hit-to-kill capability of the weapon system in various target engagement scenarios covering approaching, receding and crossing modes, according to the release.

Biocon Biologics refinancing $1.1 billion in loans

Biocon Biologics has successfully refinanced $1.1 billion in long-term debt through a debut issuance of $800 million in senior secured notes and a new syndicated facility, the company said in a press release on October 3. The company is offering 6.67 percent interest to investors in the loan, including global funds, according to the company.

The money will give Biocon Biologics a bit more elbow room to pursue its biosimilars strategy. BofA Securities, Citigroup, HSBC, Standard Chartered Bank, BNP PARIBAS and Mizuho ran the fundraising process for the company, which was Biocon Group’s first dollar-based bond issue, according to the press release.

Banks plan more cloud spending, yet to exhaust existing commitments

Banks plan to spend more on cloud computing, but haven’t used up what they have already committed to, according to a new report released by Infosys on October 3. This report is part of the company’s Cloud Radar marketing series on different industries.

Infosys’s marketers surveyed 399 respondents from banks in the company’s biggest markets, including the US, UK, Germany, France, Australia, New Zealand and the Nordic countries. This cohort was part of a larger group of 2,500 respondents from different industries in these markets.

Based on the banking industry respondents, for the year 2023, Infosys found that on the one hand, banks plan on spending more on cloud computing, while on the other, they didn’t exhaust nearly half (49 percent) of their existing commitments to invest in the cloud model.

Apple to open four more company-owned retail stores in India

Apple plans to expand its footprint in India with four new retail stores, TechCrunch reported on October 3. The stores are to come up in Bengaluru, Pune, Delhi-NCR and Mumbai, according to TechCrunch, which cited a statement from Deirdre O’Brien, Apple’s senior vice president of retail.

Apple has two own stores in India, one in Delhi and the other in Mumbai. Concurrently, Apple has begun manufacturing the iPhone 16 lineup, including the Pro models, locally, as it looks to increase manufacturing capacity in India to reduce dependence on China. However, TechCrunch cites a note from JP Morgan analysts, according to which production in India remains slower than anticipated.

Current output was at 10 to 15 percent of total iPhone production, and the analysts project that to increase to 20 to 25 percent by 2027, two years later than originally planned, according to TechCrunch.

How open networks can help companies move from 'Quick Commerce' to 'Quick Commerce Plus'

Photo of the day: ICC Women's T20 World Cup: India maintains upper hand over Pakistan