Tata Sons is accelerating the amalgamation of Air India and Vistara to operate as a unified airline by yearend. According to sources, both airlines have contacted the Directorate General of Civil Aviation (DGCA) and commenced merging their operational manuals, along with transferring flight crews between the two carriers.

The conglomerate is undertaking the merger to streamline its aviation operations. As part of that, Air India and Vistara will combine to form a comprehensive full-service airline, while AirAsia India and Air India Express are being integrated to establish a single low-cost carrier. The ET quoted a source saying, “The group is eager to complete the merger as soon as possible as it will unlock synergies and give multiple benefits in running more efficient operations. There are no ifs and buts…” The source further stated that the exact schedule for integration depends on how soon the company will get the approvals from regulatory authorities. Air India expects to receive approval for the merger from the National Company Law Tribunal (NCLT) by next week.

The NCLT’s Chandigarh bench has reserved its decision on the matter. In September 2023, the Competition Commission of India (CCI) granted approval for the merger, enabling the Tata Group to establish a single, full-service carrier. An approval from the NCLT will enable both airlines to commence the integration of their networks, human resources, and fleet deployments.

The source said that both Air India and Vistara operate flights to identical destinations around similar times, utilizing separate resources at airports, such as distinct check-in counters. Sources said that the two airlines possess distinct manuals that necessitate merging, and flying staff from Vistara, such as pilots, will require operator conversion courses lasting approximately 40 days.

The report said that the process will be done gradually, as the airlines aim to avoid grounding flights during the transition. Regarding non-flying staff, Vistara CEO Vinod Kannan mentioned that they can expect clarity regarding their roles by May and June.

PharmEasy, an online pharmacy startup, has raised Rs 1,804 crore ($216 million) in a funding round primarily led by Manipal Education and Medical Group (MEMG), chaired by Ranjan Pai, along with participation from other existing investors. A report by Entrackr indicates that the funding round was completed at a valuation haircut of around 90 per cent, valuing the company at $710 million. Previously, the online drug dispenser had been valued at $5.6 billion in 2021.

The participants in PharmEasy’s latest funding round included MEMG’s family office, which contributed Rs 800 crore, while Prosus, Temasek, and 360 One Portfolios contributed Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital invested a total of Rs 400 crore. Entrackr also reports that the Mumbai-based firm has been attempting to raise Rs 3,500 crore since August 2023 to repay the debt incurred from Goldman Sachs.

In June 2023, PharmEasy defaulted on its loan terms with Goldman Sachs. Around the same period, the company’s valuation was reduced by nearly 50 per cent by its investor, Janus Henderson. This was followed by a further reduction by Neuberger Berman, who cut PharmEasy’s valuation by 21.4 per cent to $4.4 billion as of February 2023.

Pharm Easy was founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia. It was among the startups planning an initial public offering (IPO). However, it postponed its IPO plans after filing the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in November 2021. The listing plan was later withdrawn in August 2022.

Mahindra & Mahindra unveils the XUV 3XO, a compact SUV redefining benchmarks with its bold design, premium features, and high-performance engines.

Mahindra & Mahindra, India’s leading SUV manufacturer, on Monday launched the XUV 3XO, with prices starting from Rs 7.49 lakh, setting new benchmarks in the compact SUV segment. Combining standout design, premium interiors, comfortable ride, cutting-edge technology, thrilling performance and unmatched safety, XUV 3XO was conceptualised at the Mahindra India Design Studio (MIDS) in Mumbai, and engineered and developed at the Mahindra Research Valley (MRV) near Chennai.

The XUV 3XO’s bookings will open online and simultaneously at Mahindra dealerships from May 15, 2024. The deliveries of the XUV 3XO will commence starting from 26 May, 2024. The XUV 3XO represents the world-class capabilities of Mahindra’s global design and engineering team. Built at Mahindra’s state-of-the-art facility in Nashik using advanced manufacturing processes, it offers customers a high-quality SUV that is robust and engineered to last. Veejay Nakra, President – Automotive Division calls the launch of the XUV 3XO, starting at an attractive price of Rs 7.49 lakh as redefining what an SUV can be. The XUV 3XO is designed to cater to a broad spectrum of customers – from those upgrading from a hatchback to their first SUV to luxury seekers looking for high-end features at a competitive price, the XUV 3XO offers a unique blend of innovation, safety, comfort, and performance. Each variant is a strategic response to the nuanced needs of different customer segments, effectively making each variant a disruptor in its segment.

The XUV 3XO introduces a bold, athletic silhouette that commands attention. It features a distinctive front fascia with a piano black finish on the grille and LED headlamps, LED DRLs and LED fog lamps. At the rear, the infinity LED tail lamp emphasises the wide and stable stance of the XUV 3XO. The interiors complement its striking exterior with a blend of premiumness and modernity. Its cabin boasts premium Ivory colour interiors with a Soft touch leatherette dashboard that extends to the door trims, and leatherette seat upholstery to elevate the sense of sophistication. Leather accents on the steering wheel, gear knob, and front armrest further enhance the premium feel. The SUV’s bold wheel arches and large tyres underscore its ruggedness, with the largest tyre outside diameter (OD) in its class, contributing to a formidable stance.

The impressive ground clearance, calibrated approach and departure angles, and best-in-class water wading depth amplify the XUV 3XO’s SUVness factor. Complementing these features are the segment leading R17 diamond cut alloy wheels, which further accentuate its authoritative presence. The XUV 3XO is powered by a lineup of world-class Turbo engines designed for exhilarating performance and superior efficiency. Both the mStallion TGDi and the Turbo Diesel engines churn out best-in-class power and torque of 96 kW (130 PS) & 230 Nm and 85.8 kW (117 PS) & 300 Nm respectively.

Additionally, the mStallion TGDi clocks 0-60 km/h in 4.5 s while offering a segment best fuel efficiency of 20.1 km/l* with manual transmission. Built on a durable, well-tested platform, it is engineered to meet the highest global safety standards, including the B-NCAP and meets the benchmarks established by the XUV700.

With superior drivetrain options, robust Level 2 ADAS features, a comprehensive suite of safety equipment, and advanced technological enhancements, the XUV 3XO is crafted to deliver a driving experience that’s exhilarating, secure, and ahead of its class. The XUV 3XO has been designed, developed, and engineered to meet rigorous global standards, ensuring that it delivers exceptional quality and performance to our customers.

Adani Total Gas on Tuesday reported 71 per cent increase in consolidated net profit at Rs 167.96 crore for the fourth quarter of financial year 2023-24 from Rs 97.91 crore a year ago. For the quarter the company achieved 49 per cent increase in EBIDTA at Rs 305 crore and revenue from operations at Rs 1,257 crore. In terms of operations, the overall volume was up by 20 per cent yoy in Q4 FY24 and the CNG network increases to 547 stations inclusive of 108 DODO/ CODO stations, the company said, announcing its performance for the full year (FY24) and quarter ended 31 March 2024.

Operational highlights for FY24 on standalone basis includes increase in CNG stations to 547, addition of 91 new CNG stations, 8.20 lakh total PNG home and 1.16 lakh new households on PNG network. Industrial and commercial connections increased to 8,331 with the company adding 896 new consumers. The company completed 12,023 Inch km of steel pipeline.

The CNG volume increased by 21 per cent yoy on account of network expansion across multiple Gas.With recovery of PNG Industrial volume and addition of new PNG connection in domestic and commercial segments, PNG volume has increased by 5 per cent yoy.

Although the combined CNG and PNG volume was at 865 MMSCM with a yoy increase of 15 per cent, revenue from operations has increased by 3 per cent yoy.

Currently, the vacancy level stands at 13.8 percent, which may improve further in the second half of 2024 owing to the growing prominence of ‘Back to Office’ mandates, the report added.

Office real estate in India did well in the first quarter of 2024, increasing to 13.40 million sq ft from 11.85 million sq ft in the in the same quarter of last year, as per the latest office market report from Vestian, a US-headquartered workplace solutions firm. During the January– March 2024 quarter, the office market showcased a 13 percent increase in absorption.

However, the absorption declined by 31 percent on a quarterly basis. The southern cities of Bengaluru, Chennai, and Hyderabad accounted for 61 percent of the pan-India absorption in the first quarter of 2024, increasing their share from 54 percent a year earlier, the Vestian report said. Absorption more than doubled within a year in Chennai and Mumbai, whereas it increased by 51 percent in Hyderabad. All the other cities witnessed a decline over the same period a year earlier.

Moreover, the IT-ITeS sector dominated absorption with a 47 percent share, followed by the BFSI sector with an 11 percent share. Flexible spaces garnered interest from large conglomerates post-pandemic, accounting for 8 percent of the pan-India absorption in 2024. Shrinivas Rao, FRICS CEO, Vestian, said, ‘Return to Office’ mandates are likely to renew demand for office spaces across the country and may drive the next wave of growth amid global headwinds. “2024 started on a positive note as major office markets in India witnessed sustained absorption activities,” Rao added.

Further, new completions of projects followed the same trend and witnessed an annual increase of 26 percent, reaching 10.8 million sq ft in the first quarter. However, new completions declined by 27 percent over the previous quarter. While Bengaluru dominated new completions with 3.7 million sq ft, Hyderabad reported nearly 2.5 million sq ft of supply during the first quarter of 2024.

Currently, the vacancy level stands at 13.8 per cent, which may improve further in the second half of 2024 owing to the growing prominence of ‘Back to Office’ mandates, the report added. Rao further added, “Domestic investors are bullish about India’s growth story and may contribute significantly to the future growth of office spaces in India.