Tech5: Indian space startups will receive Rs 1,000 crore from Indian government; Biocon Biologics refinances $1.1 billion and more

The Indian government has allocated Rs 1,000 crore for a venture fund to support space startups Image: Reuters/Dado Ruvic

The Indian government is allocating a venture capital fund worth Rs 1,000 crore for space startups

The Indian government has allocated Rs 1,000 crore for a venture fund to support space startups, according to a government statement on October 6, Jitendra Singh, Union minister of science and technology, told reporters in Delhi. This initiative underlines the government’s commitment in line with the declaration for the space sector, recognized as the highest priority of the current term.

The minister said in a statement that after liberalization of the sector four years ago, there are now over 200 space technology startups in India. He added that the government also envisages 100% foreign direct investment in this sector.

DRDO is successfully testing the Very Short Range Air Defense System

India’s Defense Research and Development Organization (DRDO) successfully conducted three flight tests of the fourth generation high-tech miniaturized Very Short Range Air Defense System (VSHORADS) at Pokhran Field Fire Range in Rajasthan on October 3 and 4, according to a press release Ministry of Defense of October 5.

Tests were conducted against high-velocity targets, demonstrating the very critical parameters of maximum range and interception at maximum altitude. According to the release, these development trials demonstrated the repeatability of the weapon system’s ability to kill a target in a variety of target attack scenarios, including approaching, receding and crossing target modes.

Biocon Biologics refinances $1.1 billion in loans

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

The money will give Biocon Biologics a little more room to pursue its biosimilar strategy. According to a press release, BofA Securities, Citigroup, HSBC, Standard Chartered Bank, BNP PARIBAS and Mizuho led the fundraising process for the company, which was Biocon Group’s first dollar bond issuance.

Banks are planning to spend more on the cloud, but they are not yet exhausting their existing liabilities

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

Infosys marketers interviewed 399 respondents from banks in the company’s largest markets, including: in the USA, Great Britain, Germany, France, Australia, New Zealand and the Nordic countries. This cohort was part of a larger group of 2,500 respondents from a variety of industries in these markets.

Based on respondents from the banking industry, Infosys found that for 2023, banks, on the one hand, plan to spend more on cloud computing, but on the other hand, they have not exhausted almost half (49%) of their existing commitments in the field of cloud computing. invest in the cloud model.

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

As TechCrunch reported on October 3, Apple plans to expand its presence in India with four new retail stores. According to TechCrunch, which cites a statement by Deirdre O’Brien, the stores are expected to appear in Bengaluru, Pune, Delhi-NCR and Mumbai, Apple’s senior vice president of retail.

Apple has two of its own stores in India, one in Delhi and the other in Mumbai. At the same time, Apple has started local production of iPhone 16, including Pro models, in a bid to increase production capacity in India and reduce dependence on China. However, TechCrunch cites a note from JP Morgan analysts that shows that production in India remains slower than expected.

According to TechCrunch, current production accounts for 10 to 15 percent of total iPhone production, and analysts predict it will increase to 20 to 25 percent by 2027, two years later than originally planned.