Hyundai Motor India Limited IPO PDF - October 7, 2024

WEDNESDAY, 16 OCTOBER 2024 24 pages in 2 sections www.business-standard.com MUMBAI ~14.00 VOLUME XXIX NUMBER 56 THE MARKETS ON TUESDAY chg# Sens...

WEDNESDAY, 16 OCTOBER 2024 24 pages in 2 sections www.business-standard.com MUMBAI ~14.00 VOLUME XXIX NUMBER 56 THE MARKETS ON TUESDAY chg# Sensex 81,820.1  152.9 Nifty 25,057.3  70.6 Nifty Futures* Dollar Euro 25,118.3 ~84.0 ~91.7 p 61.0 ~84.1 ** ~91.9 ** DEBT-FREE TATA SONS HAS 37-DAY STRIKE BY SAMSUNG Brent crude ($/bbl) Gold (10 gm)### 74.2 ## ~75,626.0  74.9 ** ~71.0 FIREPOWER FOR NEWER BIZ WORKERS ENDS, FINALLY *(October) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA. INITIAL PUBLIC OFFER OF EQUITY SHARES ON THE MAIN BOARD OF THE BSE LIMITED (“BSE”) AND THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH THE BSE, “STOCK EXCHANGES”) IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED. HYUNDAI MOTOR INDIA LIMITED (Please scan this QR code to view the RHP) Our Company was incorporated on May 6, 1996 as a public limited company under the Companies Act, 1956, with the name “Hyundai Motor India Limited”, pursuant to a certificate of incorporation granted by the Registrar of Companies, Tamil Nadu (“ROC”) and subsequently, a certificate of commencement of business dated May 10, 1996 was issued to our Company by the Registrar of Companies, Tamil Nadu. For details of changes in the registered office of our Company, see “History and Certain Corporate Matters – Changes in the Registered Office” on page 221 of the red herring prospectus dated October 8, 2024 (“RHP or Red Herring Prospectus”) filed with the ROC. Registered Office: Plot No. H-1, SIPCOT Industrial Park, Irrungattukottai, Sriperumbudur Taluk, Kancheepuram District – 602 105, Tamil Nadu, India; Corporate Office: Plot No. C-11 & C-11 A, City Centre, Urban Estate - 2, Sector 29, Gurugram – 122 001, Haryana, India Contact Person: Divya Venkat, Company Secretary and Compliance Officer; Tel: +91 44 6710 5135; E-mail: [email protected]; Website: www.hyundai.com/in/en; Corporate Identity Number: U29309TN1996PLC035377 OUR PROMOTER: HYUNDAI MOTOR COMPANY INITIAL PUBLIC OFFER OF UP TO 142,194,700 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF HYUNDAI MOTOR INDIA LIMITED (“OUR COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF ₹ [] PER EQUITY SHARE (INCLUDING A PREMIUM OF ₹[] PER EQUITY SHARE) (“OFFER PRICE”) AGGREGATING UP TO ₹ [] MILLION THROUGH AN OFFER FOR SALE (“THE OFFER”) OF UP TO 142,194,700 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH AGGREGATING UP TO ₹ [] MILLION BY HYUNDAI MOTOR COMPANY (“PROMOTER SELLING SHAREHOLDER”) (THE “OFFER FOR SALE” AND SUCH EQUITY SHARES, THE “OFFERED SHARES”). THE OFFER INCLUDES A RESERVATION OF UP TO 778,400 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH, AGGREGATING UP TO ₹ [] MILLION (CONSTITUTING UP TO 0.10% OF THE POST-OFFER PAIDUP EQUITY SHARE CAPITAL, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (“EMPLOYEE RESERVATION PORTION”). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE OFFER AND THE NET OFFER SHALL CONSTITUTE 17.50% AND 17.40% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. DETAILS OF THE SELLING SHAREHOLDER, OFFER FOR SALE AND WEIGHTED AVERAGE COST OF ACQUISITION PER EQUITY SHARE NAME OF THE SELLING SHAREHOLDER TYPE MAXIMUM NUMBER OF OFFERED SHARES AGGREGATE PROCEEDS FROM OFFERED SHARES WEIGHTED AVERAGE COST OF ACQUISITION PER EQUITY SHARE (₹)(1) Hyundai Motor Company (“HMC”) Promoter Selling Shareholder Up to 142,194,700 Equity Shares of face value of ₹ 10 each Up to ₹ [] million 10.00 (1) As certified by Manian & Rao, Chartered Accountants, by way of their certificate dated October 8, 2024. We primarily manufacture and sell four-wheeler passenger vehicles and parts, such as transmissions and engines in India and outside India. Currently our vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs. The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations. QIB Portion: Not more than 50 % of the Net Offer | Non-Institutional Portion: Not less than 15% of the Net Offer | Retail Portion: Not less than 35% of the Net Offer Employee Reservation Portion: Up to 778,400 Equity Shares aggregating up to ₹ [ ] million. PRICE BAND: `1,865 TO `1,960 PER EQUITY SHARE OF FACE VALUE OF `10 EACH. THE FLOOR PRICE IS 186.50 TIMES THE FACE VALUE OF THE EQUITY SHARES AND THE CAP PRICE IS 196.00 TIMES THE FACE VALUE OF THE EQUITY SHARES. THE PRICE TO EARNINGS RATIO (“P/E”) BASED ON DILUTED EPS FOR FINANCIAL YEAR ENDED 2024 FOR THE COMPANY AT THE UPPER END OF THE PRICE BAND IS AS HIGH AS 26.28 TIMES AND AT THE LOWER END OF THE PRICE BAND IS 25.01 TIMES AS COMPARED TO THE AVERAGE INDUSTRY PEER GROUP P/E RATIO OF 23.57 TIMES. BIDS CAN BE MADE FOR A MINIMUM OF 7 EQUITY SHARES AND IN MULTIPLES OF 7 EQUITY SHARES THEREAFTER. A DISCOUNT OF ₹186 PER EQUITY SHARE IS BEING OFFERED TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION. # ASBA # Applications Supported by Blocked Amount (“ASBA”) is a better way of applying to Issues by simply blocking the fund in the bank Simple, Safe, Smart way of Application!!! account. For further details, check section on ASBA. Mandatory in public issues. No cheque will be accepted. In accordance with the recommendation of the Independent Directors of our Company, pursuant to their resolution dated October 8, 2024, the above provided price band is justified based on quantitative factors/ KPIs disclosed in the “Basis for Offer Price” section of the RHP vis-à-vis the weighted average cost of acquisition of primary and secondary transactions , as applicable, disclosed in the “Basis for Offer Price” section on page 118 of the RHP. IN MAKING AN INVESTMENT DECISION AND PURCHASE IN THE OFFER, POTENTIAL INVESTORS MUST RELY ON THE INFORMATION INCLUDED IN THE RED HERRING PROSPECTUS AND THE TERMS OF THE OFFER, INCLUDING THE RISKS INVOLVED AND NOT RELY ON ANY OTHER EXTERNAL SOURCES OF INFORMATION ABOUT THE OFFER AVAILABLE IN ANY MANNER. In relation to price band, potential Investors should only refer to the price band advertisement for the Offer and should not rely on any media articles/reports in relation to the valuation of the Company as these are not endorsed, published or confirmed either by the Company or by the BRLMs. RISK TO INVESTORS (For details refer to section titled “Risk Factors” on page 34 of the RHP.) 1. Dependency on HMC: We depend on HMC, our Promoter, for our operations, including for parts Any increase in the royalty fee payable by our Company to HMC under the Royalty Agreement, and materials (such as engines and transmission assembly) and research and development. including up to and exceeding the limits of 5% of the annual consolidated turnover of our We have entered into and may continue to enter into related party transactions with HMC Company as prescribed under the SEBI Listing Regulations, could adversely impact our and companies within the Hyundai Motor Group that may involve conflicts of interest, which profitability metrics, including our earnings per share. could adversely impact our business. Any adverse change in our relationship with HMC and 5. Special Dividend to HMC: Our ability to utilise our internal accruals and cash and bank balances the companies in the Hyundai Motor Group could have an adverse impact on our business, to invest in the business has been reduced and have been adversely impacted on account of reputation, financial condition, and results of operations. the special dividend aggregating to ₹ 107,824.20 million paid to HMC, our Promoter, in March 2. Risk regarding conflict of interest: Two of our Group Companies, Kia Corporation and Kia India 2024. As a result, we may need to borrow and incur borrowing costs which could impact our Private Limited, are in a similar line of business as us which may involve conflict of interests, profitability, key financial ratios and results of operations. which could adversely impact our business. Further, our Promoter, Hyundai Motor Company 6. Risk regarding parts and materials consumed: We source parts such as trims, engines and (“HMC”), including certain companies in the Hyundai Motor Group, are engaged in businesses transmissions, and materials such as steel for our manufacturing operations from a combination which may be similar to ours. While exercising their rights as our shareholder, HMC may consider of domestic and foreign suppliers of the total purchase of parts and materials in Fiscal 2024, we the interest of all their subsidiaries and affiliates, which may not align with our interests. sourced 78.04% from India and 21.96% from outside India. 3. Dependency on Mobis India Limited (“Mobis”): We depend primarily on our Group Company, 7. Dependency on Suppliers: We depend on a limited number of suppliers for the procurement of (being a subsidiary of Hyundai Mobis Co., Ltd. which is specialised in after-sale parts business parts and materials required for our manufacturing operations. The table below highlights the for HMC Group Companies), to supply spare parts for after sale services to us and our dealers. percentage of supplies sourced from our top-five suppliers, top-10 suppliers, related parties and Further, we also depend on Mobis to supply modular parts to us that we use in the manufacturing suppliers in India and Korea for the periods indicated: process of passenger vehicles and parts and constituted 17.91% of our total parts and materials supplied in the three months ended June 30, 2024. Any failure by Mobis to supply these parts Three months Fiscal Particulars ended June 30, could adversely impact our business. Further, Mobis may engage in transactions with us and 2024 2023 2024 2023 2022 other HMC Group Companies that may give rise to conflict situations. Top-five suppliers as a % of total costs to purchase of 42.61% 46.58% 43.73% 44.01% 41.05% 4. Royalty Agreement with HMC: We have entered into the Royalty Agreement with HMC pursuant parts and materials (1) to which we are required to pay an amount to HMC equal to 3.5% of our sales revenue (which is Top-10 suppliers as a % of total costs to purchase of 57.98% 61.08% 58.37% 58.81% 55.05% to be determined as set forth the Royalty Agreement), arising from the sale of passenger vehicles parts and materials(2) or parts. Termination of the Royalty Agreement could adversely impact our business and results % of parts and materials sourced from related parties 37.14% 39.51% 38.28% 33.98% 34.60% of operations. The following table provides the royalty expenses paid to HMC, pursuant to the % of parts and materials sourced from India 80.97% 74.35% 78.04% 80.11% 82.45% Royalty Agreement and erstwhile royalty arrangements, for the periods indicated: % of parts and materials sourced from South Korea 14.20% 21.18% 16.60% 16.81% 14.06% Three months Fiscal % of parts and materials sourced from other than ended June 30, 4.83% 4.47% 5.36% 3.08% 3.49% India and South Korea 2024 2023 2024 2023 2022 (1) Three of our top-five suppliers during the three months ended June 30, 2024 and 2023 and Fiscals 2024 and 2023 Royalty expense (₹ millions) 4,769.70 3,802.71 15,584.42 14,386.98 11,008.13 Royalty expense as a percentage of and two of our top-five suppliers during Fiscal 2022 are from related parties. revenue from operations (%) 2.75 2.29 2.23 2.39 2.32 (2) Five of our top-10 suppliers during the three months ended June 30, 2024 and Fiscal 2024 and four of our top-10 suppliers during the three months ended June 30, 2023 and Fiscals 2023 and 2022 are from related parties. 8. Dependency on sale of non-EV passenger vehicles: A significant portion of our sales volumes are derived from the sale of non-EV passenger vehicles, and there is no assurance that we will be able to adopt our EV strategy successfully and cost-efficiently or at all. The following table provides a breakdown of our sales volumes by powertrain for the periods indicated: Three months ended June 30, Fiscal 2024 2023 2024 2023 2022 Particulars % of total domestic % of total domestic % of total domestic % of total domestic % of total domestic Units passenger vehicle Units passenger vehicle Units passenger vehicle Units passenger vehicle Units passenger vehicle sales volumes sales volumes sales volumes sales volumes sales volumes Domestic sales volume by powertrain 149,455 100.00% 148,303 100.00% 614,721 100.00% 567,546 100.00% 481,500 100.00% ICE (without CNG) 132,338 88.55% 132,634 89.43% 542,234 88.21% 506,249 89.20% 437,637 90.89% CNG 17,000 11.37% 15,061 10.16% 70,367 11.45% 60,322 10.63% 43,732 9.08% EV 117 0.08% 608 0.41% 2,120 0.34% 975 0.17% 131 0.03% 9. Risk regarding evolving customer demands: Our success depends on our and HMC’s ability to identify market trends, including technological trends, and meet evolving customer demands, while maintaining or improving our profitability. If we are unable to do so, our sales volumes, business and results of operations would be adversely affected. 10. Dependency on HMC for Exports: Our global operations involve challenges and risks that could increase our costs, adversely affect our results of operations and require increased time and attention from our management. Further, we primarily depend on HMC for our exports business and revenue generated from our exports sales constitutes 22.34% and 23.70% of our revenue from operations in Fiscal 2024 and in the three months ended June 30, 2024, and also need their prior permission for exports, including regarding the model and jurisdiction of our exports. Any failure or delay by HMC or us in accessing the export markets could have a material adverse effect on our results of operations and prospects. Continued on next page... 2 COMMERCIAL > MUMBAI | WEDNESDAY, 16 OCTOBER 2024 1...continued from previous page. 11. Risk regarding manufacturing capacity: We currently manufacture our passenger vehicles and is `10 per Equity Share and the offer price at upper end of the price band is `1,960 per Equity parts only at the Chennai Manufacturing Plants. Our manufacturing plants currently operate at Share. high capacity utilisation levels. For Fiscal 2024 our capacity utilisation was 97.10% and we may Our Company will not receive any proceeds from the Offer for Sale. not be able to meet additional demand for our products until we are able to increase our capacity The Price to Earnings ratio based on diluted EPS for financial year ended 2024 for the by operationalising Talegaon manufacturing plant which is expected to commence commercial Company at the upper end of the Price band is as high as 26.28 times as compared to the operations partly in the second half of Fiscal 2026. Further, if we underestimate or overestimate average industry peer group PE ratio of 23.57 times. the demand for our products, the capacity utilisation of our manufacturing plants may be under- utilised or over-utilised, respectively, which could adversely affect our manufacturing schedules Weighted Average Return on Net Worth for Financial Year ended 2024, 2023 and 2022 is 39.11%. and related costs. The five Book Running Lead Managers associated with the Offer have handled 35 public 12. Dependency on SUV: We substantially depend on the sales of our SUV models in India.The below issues in the past three Financial Years, out of which 5 issues closed below the issue price on table sets forth the domestic sales volumes of SUVs and the percentage of our total domestic the listing date: sales volumes for the periods indicated: Total Public Issues closed below IPO Name of the BRLMs Three months Issues price on listing date Fiscal ended June 30, Kotak Mahindra Capital Company Limited* 13 2 2024 2023 2024 2023 2022 Citigroup Global Markets India Private Limited* 3 - Domestic Sales Volume of SUVs (units) 100,745 83,642 388,725 301,681 250,430 HSBC Securities and Capital Markets (India) - - Private Limited* % of Total Domestic Sales Volume (%) 67.41% 56.40% 63.24% 53.16% 52.01% J.P. Morgan India Private Limited* 1 - 13. Market Risk: The Offer Price of our Equity Shares and our price-to-earnings ratio may not be Morgan Stanley India Company Private Limited* 1 - indicative of the trading price of our Equity Shares upon listing on the Stock Exchanges Common issues of above BRLMs 17 3 subsequent to the Offer and, as a result, you may lose a significant part or all of your investment. Total 35 5 Ratio vis-à-vis Floor Ratio vis-à-vis Cap *Issues handled where there were no common BRLMs. Particulars Price of `1,865 Price of `1,960 (In multiples, unless otherwise specified) Weighted average cost of acquisition of all shares transacted in the three years, 18 months Market capitalization to Revenue from operations 2.17 2.28 and one year preceding the date of the Red Herring Prospectus: Price-to-earnings ratio 25.01 26.28 Weighted average Cap Price is ‘X’ times the Range of acquisition Notes: Market capitalization has been computed as the product of number of shares outstanding as on the date of RHP Period cost of weighted average cost of price: lowest price - with the floor price or cap price, as applicable. acquisition (in ₹) acquisition highest price (in ₹) Revenue from Operations are for the Financial Year ended March 31, 2024. Last one year Nil* Nil* Nil* P/E Ratio has been computed based on the floor price or cap price, as applicable, divided by the Diluted EPS for the Last 18 months Nil* Nil* Nil* financial year ended 2024. * * Last three years Nil Nil Nil* 14. Other Risks: *Share transfers have taken place among the shareholders holding equity shares on behalf of and as nominees of The weighted average cost of acquisition of Equity Shares for Promoter Selling Shareholder our Promoter. BID/OFFER PERIOD BID/OFFER OPEN BID/OFFER CLOSES ON: THURSDAY, OCTOBER 17, 2024* *UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date. An indicative timetable in respect of the Offer is set out below: Revision/Cancelled of Bids Submission of Bids (other than Bids from Anchor Investors): Only between 10.00 a.m. and up to 4.00 p.m. IST on Upward Revision of Bids by QIBs and Non-Institutional Bidders categories# Bid/ Offer Closing Date Bid/Offer Period (except the Bid/Offer Closing Date) Upward or downward Revision of Bids or cancellation of Bids by RIBs and Eligible Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. IST Only between 10.00 a.m. and up to 5.00 p.m. IST Employees Bidding in the Employee Reservation Portion Bid/Offer Closing Date* Submission of electronic applications (online ASBA through 3-in-1 accounts) for Only between 10.00 a.m. and up to 5.00 p.m. IST Event Indicative Date RIBs, Eligible Employees Bidding in the Employee Reservation Portion Submission of electronic application (bank ASBA through online channels like Bid/Offer Closing Date Thursday, October 17, 2024 internet banking, mobile banking and syndicate ASBA applications through UPI Only between 10.00 a.m. and up to 4.00 p.m. IST Finalisation of Basis of Allotment with the Designated Stock Exchange On or about Friday, October 18, 2024 Initiation of refunds (if any, for Anchor Investors)/unblocking of funds from ASBA Account On or about Monday, October 21, 2024 as a payment mechanism where Bid Amount is up to ₹0.50 million) Credit of Equity Shares to depository accounts On or about Monday, October 21, 2024 Submission of electronic applications (syndicate nonretail, non-individual Only between 10.00 a.m. and up to 3.00 p.m. IST Commencement of trading of the Equity Shares on the Stock Exchanges On or about Tuesday, October 22, 2024 applications of QIBs and NIIs) Submission of physical applications (syndicate nonretail, non-individual *UPI mandate end time shall be 5:00 p.m. on the Bid/ Offer Closing Date. Only between 10.00 a.m. and up to 1.00 p.m. IST applications where Bid Amount is more than ₹0.50 million) # QIBs and Non-Institutional Bidders can neither revise their bids downwards nor cancel/withdraw their bids. THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON MAIN BOARD PLATFORM OF NSE AND BSE. UPl-Now available in ASBA for all individual investors applying in public issues where the application amount is up to `500,000, applying through Registered Brokers, Syndicate, CDPs & RTAs. Retail Individual Bidders and Non-Institutional Bidders also have the option to submit the application directly to the ASBA Bank (SCSBs) or to use the facility of linked online trading, demat and bank account. Investors are required to ensure that the bank account used for bidding is linked to their PAN. Bidders must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification dated February 13, 2020 and read with press releases dated June 25, 2021 read with press release September 17, 2021, and CBDT circular no. 7 of 2022, dated March 30, 2022 read with press release dated March 28, 2023 and any subsequent press releases in this regard. ASBA has to be availed by all the investors except Anchor Investors. UPI may be availed by retail individual investors. For details on the ASBA and UPI process, please refer to the details given in the ASBA Form and abridged prospectus and also please refer to the section “Offer Procedure” on page 407 of the RHP. The process is also available on the website of Association of Investment Bankers of India (“AIBI”) and Stock Exchanges and in the General Information Document. The Bid Cum Application Form and the Abridged Prospectus can be downloaded from the websites of the Stock Exchanges and can be obtained from the list of banks that is displayed on the website of SEBI at www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 and https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43, respectively as updated from time to time. For the list of UPI apps and banks live on IPO, please refer to the link: www.sebi.gov.in. UPI Bidders Bidding using the UPI Mechanism may apply through the SCSBs and mobile applications whose names appear on the website of SEBI, as updated from time to time. HDFC Bank Limited and ICICI Bank Limited have been appointed as the Sponsor Banks for the Offer, in accordance with the requirements of SEBI circular dated November 1, 2018 as amended. For Offer related queries, please contact the Book Running Lead Manager (“BRLM”) on its email ID as mentioned below. For UPI related queries, investors can contact NPCI at the toll free number: 18001201740 and mail Id: [email protected]. In case of any revision in the Price Band, the Bid/Offer Period shall be extended for at least three additional Working Days after such revision Any delay resulting from failure to update the Demographic Details would be at the Bidders’/Applicants’ sole risk. Investors must ensure of the Price Band, subject to the total Bid/Offer Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar that their PAN is linked with Aadhaar and are in compliance with Central Board of Direct Taxes notification dated February 13, 2020 and unforeseen circumstances, our Company, may in consultation with the BRLMs, for reasons to be recorded in writing, extend the Bid/Offer read with press releases dated June 25, 2021 read with press release September 17, 2021, and CBDT circular no. 7 of 2022, dated March 30, Period for a minimum of one Working Day, subject to the Bid/Offer Period not exceeding 10 Working Days. Any revision in the Price Band, and 2022 read with press release dated March 28, 2023 and any subsequent press releases in this regard. the revised Bid/Offer Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges by issuing a public notice and CONTENTS OF THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY AS REGARDS ITS OBJECTS: For information on the main objects of also by indicating the change on the respective websites of the BRLMs and at the terminals of the Members of the Syndicate and by intimation the Company, please see the section “History and Certain Corporate Matters” on page 221 of the RHP. The Memorandum of Association of the to the Designated Intermediaries and the Sponsor Banks, as applicable. Company is a material document for inspection in relation to the Offer. For further details, please see the section titled “Material Contracts and The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Documents for Inspection” on page 460 of the RHP. Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of LIABILITY OF THE MEMBERS OF OUR COMPANY: Limited by shares. the SEBI ICDR Regulations wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified AMOUNT OF SHARE CAPITAL OF OUR COMPANY AND CAPITAL STRUCTURE: As on the date of the RHP, the authorised share capital of our Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Company is `14,000,000,000 divided into 1,400,000,000 Equity Shares of face value `10 each. The issued, subscribed and paid-up share Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by our Company, in consultation with the BRLMs, in capital of our Company is `8,125,411,000 divided into 812,541,100 Equity Shares of face value of `10 each. For details, please see the section accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, titled “Capital Structure” beginning on page 107 of the RHP. subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual NAMES OF SIGNATORIES TO THE MEMORANDUM OF ASSOCIATION OF OUR COMPANY AND THE NUMBER OF EQUITY SHARES SUBSCRIBED Funds, subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation BY THEM: The initial signatories to the Memorandum of Association are Hyundai Motor Company and nominees of Hyundai Motor Company, i.e., M G Chung, B J Park, H W Baik, N M Kim, Y S Kim and B J Lee. For details of the share capital history and capital structure of our Company, on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above please see the section entitled “Capital Structure” beginning on page 107 of the RHP. the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Investors (“Non-Institutional Category”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more LISTING: The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters each dated August 16, 2024, than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an respectively. For the purposes of the Offer, NSE shall be the Designated Stock Exchange. A signed copy of the Red Herring Prospectus has been application size of more than ₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Category may be filed and the Prospectus shall be filed with the RoC in accordance with Section 26(4) of the Companies Act. For details of the material contracts allocated to Bidders in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid and documents available for inspection from the date of the Red Herring Prospectus up to the Bid/Offer Closing Date, see “Material Contracts Bids being received at or above the Offer Price. Further, not less than 35% of the Net Offer shall be available for allocation to Retail Individual and Documents for Inspection” beginning on page 460 of the RHP. Investors (“Retail Category”), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the DISCLAIMER CLAUSE OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): SEBI only gives its observations on the Offer documents Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation and this does not constitute approval of either the Offer or the specified securities or the Offer document. The investors are advised to refer to Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) shall mandatorily participate page 379 of the RHP for the full text of the disclaimer clause of SEBI. in this Offer only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank DISCLAIMER CLAUSE OF NSE (DESIGNATED STOCK EXCHANGE): It is to be distinctly understood that the permission given by NSE should account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter)) in which the Bid Amount will be blocked by the Self not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Anchor completeness of any of the contents of the Offer Document. The investors are advised to refer to page 384 of the RHP for the full text of the Investor Portion through the ASBA process. For details, see “Offer Procedure” beginning on page 407 of the RHP. disclaimer clause of NSE. Bidders/Applicants should ensure that DP ID, PAN, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) are correctly filled in DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed the Bid cum Application Form. The DP ID, PAN and Client ID provided in the Bid cum Application Form should match with the DP ID, PAN, that the RHP has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the RHP. The Client ID available in the Depository database, otherwise, the Bid cum Application Form is liable to be rejected. Bidders/Applicants should investors are advised to refer to page 384 of the RHP for the full text of the disclaimer clause of BSE. ensure that the beneficiary account provided in the Bid cum Application Form is active. Bidders/Applicants should note that on the basis of GENERAL RISKS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this the PAN, DP ID, Client ID and UPI ID (for RIBs bidding through the UPI mechanism) as provided in the Bid cum Application Form, the Bidder/ Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking Applicant may be deemed to have authorised the Depositories to provide to the Registrar to the Offer, any requested Demographic Details an investment decision in this Offer. For taking an investment decision, investors must rely on their own examination of the Issuer and the Offer, of the Bidder/Applicant as available on the records of the depositories. These Demographic Details may be used, among other things, for including the risks involved. The Equity Shares have not been recommended or approved by SEBI, nor does SEBI guarantee the accuracy or giving Allotment Advice or unblocking of ASBA Account or for other correspondence(s) related to the Offer. Bidders/Applicants are advised adequacy of the contents of the Red Herring Prospectus. Specific attention of the investors is invited to “Risk Factors” beginning on page 34 to update any changes to their Demographic Details as available in the records of the Depository Participant to ensure accuracy of records. of the RHP. COMPANY SECRETARY AND COMPLIANCE BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER OFFICER Divya Venkat Plot No. H-1, SIPCOT Industrial Park Irrungattukottai, Sriperumbudur Taluk Kancheepuram District - 602 105 Kotak Mahindra Capital Company Citigroup Global Markets India Private HSBC Securities and Capital J.P. Morgan India Private Limited Morgan Stanley India Company KFin Technologies Limited Tamil Nadu, India Limited Limited Markets (India) Private Limited J.P. Morgan Tower, Off CST Road, Private Limited Selenium Tower B, Plot No.31-32 Tel: +91 44 6710 5135 27BKC, 1st Floor, Plot No. C – 27 ”G” 1202, 12th Floor, First International 52/60, Mahatma Gandhi Road, Fort Kalina, Santacruz East, 18F, Tower 2, One World Centre Gachibowli, Financial District E-mail: [email protected] Block, Bandra Kurla Complex Financial Center, G – Block Bandra Mumbai 400 001, Maharashtra, India Mumbai 400 098, Plot 841, Senapati Bapat Marg Nanakramguda, Serilingampally Bandra (East), Mumbai 400 051 Kurla Complex, Bandra (East) Tel: +91 22 6864 1289 Maharashtra, India Mumbai 400 013 Hyderabad 500 032 Investors can contact our Company Secretary Maharashtra, India Mumbai 400 098, Maharashtra, India E-mail: [email protected] Tel: +91 22 6157 3000 Maharashtra, India Telangana, India and Compliance Officer, the BRLMs or the Tel: +91 22 4336 0000 Tel: +91 22 6175 9999 Investor grievance e-mail: E-mail: [email protected] Tel: +91 22 6118 1000 Tel: +91 40 6716 2222/ 1800 309 Registrar to the Offer in case of any pre-Offer E-mail: [email protected] E-mail: [email protected] [email protected] Investor grievance e-mail: E-mail: hmil_ipo@morganstanley. 4001 or post-Offer related problems, such as non- Investor grievance e-mail: Investor grievance e-mail: investors. Website: https://www.business. investorsmb.jpmipl@jpmorgan. com E-mail: [email protected] receipt of letters of Allotment, non-credit [email protected] [email protected] hsbc.co.in/en-gb/regulations/hsbc- com Investor grievance e-mail: investors_ Investor grievance e-mail: of Allotted Equity Shares in the respective Website: https://investmentbank. Website: www.online.citibank.co.in/ securities-and-capital-market Website: www.jpmipl.com [email protected] [email protected] beneficiary account, non-receipt of refund kotak.com rhtm/citigroupglobalscreen1.htm Contact person: Rachit Rajgaria/ Contact person: Saarthak Soni/ Website: www.morganstanley.com Website: www.kfintech.com orders or non-receipt of funds by electronic Contact person: Ganesh Rane Contact person: Karishma Asrani/ Harshit Tayal Vidit Jain Contact person: Honi Joshi/ Keyur Contact person: M Murali Krishna mode, etc. For all Offer-related queries and SEBI Registration No.: Vaibhav Gupta SEBI Registration No.: SEBI Registration No.: Thakar SEBI Registration No.: for redressal of complaints, Investors may also INM000008704 SEBI Registration No.: INM000010718 INM000010353 INM000002970 SEBI Registration No.: INM000011203 INR000000221 write to the BRLMs. Availability of the RHP: Investors are advised to refer to the RHP and the “Risk Factors” Markets India Private Limited, Tel: +91 22 6175 9999, HSBC Securities and Capital Markets Securities Limited, Sharekhan Ltd., SMC Global Securities Ltd., Viren M Shah, YES Securities beginning on page 34 of the RHP, before applying in the Offer. A copy of the RHP is available (India) Private Limited, Tel: +91 22 6864 1289, J.P. Morgan India Private Limited, Tel: +91 22 6157 (India) Limited. on website of SEBI at www.sebi.gov.in and is available on the websites of the BRLMs, i.e. Kotak 3000 and Morgan Stanley India Company Private Limited, Tel: +91 22 6118 1000 at the select Syndicate member: Kotak Securities Limited Mahindra Capital Company Limited at https://investmentbank.kotak.com, Citigroup Global locations of the Sub-Syndicate Members (as given below), SCSBs, Registered Brokers, RTAs Escrow Collection Banks: HDFC Bank Limited and ICICI Bank Limited Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1. and CDPs participating in the Offer. ASBA Forms will also be available on the websites of NSE Refund Bank: ICICI Bank Limited htm, HSBC Securities and Capital Markets (India) Private Limited at https://www.business. and BSE and the Designated Branches of SCSBs, the list of which is available at websites of hsbc.co.in/en-gb/regulations/hsbc-securities-and-capital-market, J.P. Morgan India Private the Stock Exchanges and SEBI. Public Offer Account Bank: Kotak Mahindra Bank Limited Limited at www.jpmipl.com and Morgan Stanley India Company Private Limited at www. Sub-syndicate members: Almondz Global Securities Ltd., Amrapali Capital & Finance Sponsor Banks: HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited and morganstanley.com, respectively. Services Ltd., Anand Rathi Share & Stock Brokers Ltd., Asit C. Mehta Investment Interrmediates Axis Bank Limited Availability of the Abridged Prospectus: A copy of the abridged prospectus shall be Ltd., Axis Capital Limited, Centrum Broking Limited, Citigroup Global Markets India Private UPI: UPI Bidders can also bid through UPI Mechanism. available on the website of the Company, BRLMs and the Registrar to the Offer at www. Limited, Dalal & Broacha Stock Broking Private Limited, HDFC Securities Limited, HSBC All capitalized terms used herein and not specifically defined shall have the same meaning hyundai.com/in/en, https://investmentbank.kotak.com, www.online.citibank.co.in/rhtm/ Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IDBI Capital as ascribed to them in the RHP. citigroupglobalscreen1.htm, https://www.business.hsbc.co.in/en-gb/regulations/hsbc- Markets & Securities Limited, IIFL Securities Ltd., JM Financial Services Limited, Jobanputra securities-and-capital-market, www.jpmipl.com, www.morganstanley.com and www. Fiscal Services Private Limited, J.P. Morgan India Private Limite, KJMC Capital Market For HYUNDAI MOTOR INDIA LIMITED kfintech.com, respectively. Services Limited, LKP Securities Limited, Motilal Oswal Securities Limited, Morgan Stanley On behalf of the Board of Directors Availability of Bid-cum-Application Forms: Bid-cum-Application Forms can be obtained India Company Private Limited, Nuvama Wealth and Investment Limited (Edelweiss Broking Sd/- from the Corporate Office of the Company, Hyundai Motor India Limited, Tel: +91 44 6710 5135 Limited), Prabhudas Lilladher Pvt. Ltd., Pravin Ratilal Share & Stock Brokers Limited, Religare Place: Chennai, Tamil Nadu Divya Venkat the BRLMs: Kotak Mahindra Capital Company Limited, Tel: +91 22 4336 0000, Citigroup Global Securites Limited, Rikhav Securities Limited, RR Equity Brokers Private Limited, SBIcap Date: October 15, 2024 Company Secretary and Compliance Officer HYUNDAI MOTOR INDIA LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the red herring prospectus dated October 8, 2024 (“RHP”) with the Registrar of Companies, Tamil Nadu at Chennai (“RoC”) on October 8, 2024. The RHP shall be available on the website of SEBI at www.sebi.gov.in, on the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.hyundai.com/in/en and on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited and Morgan Stanley India Company Private Limited at https://investmentbank.kotak.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, https://www.business.hsbc.co.in/engb/regulations/hsbc-securities-and- capital-market, www.jpmipl.com and www.morganstanley.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled ‘Risk Factors’ on page 34 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision. This announcement is not an offer of securities for sale in the United States or elsewhere. This announcement has been prepared for publication in India only and is not for publication or distribution, directly or indirectly, in or into the United States. The Equity Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state law of the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or any state law of the United States. There will be no public offering of the Equity Shares in the United States. Adfactors WEDNESDAY, 16 OCTOBER 2024 24 pages in 2 sections www.business-standard.com MUMBAI ~14.00 VOLUME XXIX NUMBER 56 THE MARKETS ON TUESDAY chg# Sensex 81,820.1  152.9 Nifty 25,057.3  70.6 ECONOMY & PUBLIC AFFAIRS P4 Nifty Futures* Dollar Euro 25,118.3 ~84.0 ~91.7 p 61.0 ~84.1 ** ~91.9 ** FRESH VS OFS: HYUNDAI IPO INFLATION MAY ALIGN WITH Brent crude ($/bbl) Gold (10 gm)### 74.2 ## ~75,626.0  74.9 ** ~71.0 TO UP END ’24 SKEW TARGET IN FY26: RBI DY GUV *(October) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E 4 COMMERCIAL > MUMBAI | WEDNESDAY, 16 OCTOBER 2024 1 WEDNESDAY, 16 OCTOBER 2024 24 pages in 2 sections www.business-standard.com MUMBAI ~14.00 VOLUME XXIX NUMBER 56 THE MARKETS ON TUESDAY chg# Sensex 81,820.1  152.9 Nifty 25,057.3  70.6 Nifty Futures* 25,118.3 p 61.0 BACK P12 WORLD P8 Dollar Euro Brent crude ($/bbl) ~84.0 ~91.7 73.3 ## ~84.1 ** ~91.9 ** 74.9 ** INDIA SIGNS $4 BILLION DEAL TO JAISHANKAR ARRIVES IN Gold (10 gm)### ~75,626.0  *(October) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ~71.0 PROCURE 31 US PREDATOR DRONES PAK TO ATTEND SCO MEET ### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM E D ABA D, B ENG AL URU, B HOP AL , B HUB ANE SW AR, CHA NDI GAR H, C HENN AI , HY DE R A B AD , K OC HI , K OL K AT A, L U C K N O W , MU MB A I, N E W D E L HI AN D P U N E MAHA TO VOTE ON NOV 20, J’KHAND IN TWO PHASES The Assembly polls in Fresh vs OFS: Hyundai Debt-free Tata Sons has firepower for newer biz IPO to upend ’24 skew Maharashtra will be held in a single phase on November 20, while Jharkhand polls will be held in two phases on KRISHNA KANT Mumbai, 15 October TATA SONS: CHANGING November 13 and 20, the Election Commission of India announced on Share of fundraising SCENARIO Tuesday. The votes for the two states will be via fresh issuances so FRESH WAVE IPO mobilisation (~ cr) Fresh Total Fresh fundraise Tata Sons is a debt-free company on a net basis for the first time in 18 years. Low debt, high investment counted on November 23. “There are 9.63 Share of fundraising fundraise as % of total The Tata group’s main holding and pro- crore eligible voters in Maharashtra, while the number of eligible voters in Jharkhand is far is highest in 12 yrs via fresh issue is above 2012 4,431 6,835 65 moter company reported a gross debt of ~363.2 crore at the end of March this year, down 50% for the first time 2013 328 1,284 26 2.6 crore,” Chief Election Commissioner Rajiv SUNDAR SETHURAMAN since 2012 sharply from ~22,176 crore at the end of FY23. Kumar said at a press conference in New Mumbai, 15 October 2014 499 1,201 42 Against this, the company reported cash Delhi on Tuesday. 10 > 2015 6,540 13,614 48 and equivalents worth ~3,042 crore at the end T he initial public offering 2016 9,176 26,494 35 of FY24, up from ~1,534 crore a year ago. This (IPO) landscape in India is 2017 11,680 67,147 17 translated into a negative net debt of ~2,679.2 ECONOMY & PUBLIC AFFAIRS P4 set to witness a change 2018 7,444 30,959 24 crore. 2019 2,960 12,362 24 Extreme poverty in India fell because of Hyundai Motor India Limited’s (HMIL’s) mega issue. 2020 3,531 26,613 13 At its peak, Tata Sons had an outstanding debt of ~31,603 crore at the end of March 2020 70% in 34 years: World Bank So far this year, primary share 2021 43,329 118,723 36 and a net debt-to-equity ratio of 0.56. Extreme poverty in India at $2.15 a day stood sales have commanded the IPO 2022 17,659 59,302 30 A combination of a debt-free balance sheet at 129 million in 2024, down from 431 million space, accounting for 52 per cent of and a steadily growing dividend income from Surging net worth (~ Crore) 2023 20,663 49,436 42 in 1990, the World Bank said in a latest total issuances — the highest share 2024 33,772 64,761 52 group listed companies such as Tata report. The report said that there are more since 2012. However, HMIL’s entirely Note: 2024 data as on Oct 14; Doesn't include Hyundai IPO Source: PRIME Database Consultancy Services, Tata Motors, Titan, and people living below the poverty line in 2024 secondary share sale, worth ~27,870 Tata Consumer provides financial firepower to in India than in 1990, primarily driven by crore, signals a reversal. Tata Sons to scale up investment in new ven- ‘population growth’. Following HMIL’s offering, the tures or step up dividend payouts. Last time primary share sale component in India’s biggest IPO bought 18% on Day 1 when Tata Sons was debt-free on a net basis in 2024’s IPO activity is expected to Hyundai Motor India’s public offer, which is India’s biggest ever initial FY06, it was followed by a string of large cross- drop to 36.5 per cent. Despite this public offering (IPO), garnered 18 per cent subscription on Tuesday, border acquisitions, which transformed the TAKE TWO decline, experts maintain that the the opening day of the issue. The IPO received bids for 17.81 million shares group. INSTITUTIONS RULE: robust fundraising of over ~33,772 — three fourths of which came from retail investors — as against 99.77 Historically, there is a high correlation THIS YEAR’S ECONOMICS crore via fresh share sales reflects million on offer. between the Tata Sons balance sheet leverage NOBEL PRIZE continued strong demand for ratio and the pace of its equity investment in Why Colonial Origins of growth capital. BIG IPOS WEIGH ON MARKET PERFORMANCE II, 1 various ventures. Sources: Capitaline, compiled by BS Research Bureau, Business Standard calculations Comparative Development is “In the past few years, capital A low leverage ratio, such as in 2005-06 and Nobel-worthy. expenditure has largely been driven 2014-15, has been followed by a spurt in Tata ARVIND SUBRAMANIAN writes 11 > by the government. Private players porate sector has increased. This markets at SBI Capital Markets. Sons’ equity investment in various listed and haven’t participated as much. Over year, companies in the manufactur- A company can raise funds unlisted ventures. (See the adjoining charts.) PLAN TO CREATE 500K the past 10 years, capex by the pri- ing and infrastructure sectors are through an IPO either by issuing For example, at the end of March 2006, Tata P3 MANUFACTURING vate sector has been relatively sub- hitting the markets,” said Deepak fresh shares, selling existing shares, Sons had reported a gross debt of ~2,316 crore JOBS IN 5 YEARS, dued, but with the economy now Kaushik, executive vice-president or a combination of both. and cash and equivalents worth ~2,471 crore. SAYS CHANDRA COMPANIES P3 looking up, fresh capex by the cor- and group head of equity capital Turn to Page 10 > Turn to Page 5 > Ola Electric’s ‘BOSS’ sale boosts sales in Oct Under regulatory scanner, Bengaluru ITU-WTSA AND INDIA MOBILE CONGRESS 2024 KICK OFF NEW DELHI-OTTAWA DIPLOMATIC TIES CRUMBLE P5 based Ola Electric has witnessed an uptick in its sales, after facing a decline over the Canadian FDI has ‘Not worried about past few months. The daily average sales rose to 1,154 units in October, according to PM bats for global digital tech framework more than doubled trade, investment’ VAHAN data from the Ministry of Road Transport and Highways. since Covid The dramatic escalation of Canada’s foreign direct diplomatic tensions COMPANIES P2 “TIME HAS COME investment (FDI) into India doubled after the pandemic between India and Canada is unlikely to hurt trade and ‘India’s goal should be to WHEN GLOBAL years even as India’s own investment ties between the INSTITUTIONS HAVE investments into Canada show two nations, a senior have 10-plus fabs by 2030’ TO ACCEPT THE signs of slackening in recent government official said. AJIT MANOCHA, president and chief executive years. The cumulative equity FDI “The situation isn’t worrying officer of Semiconductor IMPORTANCE OF A inflows from Canada rose to $3.9 so far,” the official said. Equipment and Materials RULE-BASED billion in March 2024. International shares insights on India’s new strategy to FRAMEWORK FOR > STUDENTS EYE GREENER PASTURES establish itself as a major DIGITAL force in the semiconductor industry with Surajeet TECHNOLOGY” Das Gupta NARENDRA MODI, Prime Minister ECONOMY & PUBLIC AFFAIRS P4 UAE to probe India concerns > REPORT ON PAGE 2 on silver import compliance The United Arab Emirates (UAE) has agreed to Prime Minister Narendra Modi flanked by (from left, front row) Kumar Mangalam Birla, chairman, Aditya Birla look into India’s concerns over compliance Group; Akash Ambani, chairman, Reliance Jio; Chandra Sekhar Pemmasani, MoS for communications; to rules related to the import of silver Jyotiraditya Scindia, Cabinet minister for communications; Neeraj Mittal, DoT secretary; and Sunil Bharti products, platinum alloy and dry dates, the Mittal, chairman, Bharti Enterprises, besides others at the inauguration of the International commerce department said on Tuesday. Telecommunication Union-WTSA and India Mobile Congress in New Delhi, on Tuesday PHOTO: PTI > PAGE 2 Auction versus administered between traditional telcos and satellite ECONOMY & PUBLIC AFFAIRS P4 allocation of satellite spectrum came communication providers. He said the FM to start US-Mexico Mittal’s satcom into the spotlight at the inaugural government should ensure all satellite visit from today remark starts session of the India Mobile Congress in New Delhi on Tuesday. Bharti communication providers abide by the same legal conditions that Finance Minister Nirmala Sitharaman would attend the annual meeting of the