Participation of private players in space to help sector: Kawa’s Kris Nair


The Central government’s announcement on creating a level playing field for the private sector in the space sector is an excellent step towards increasing the nation’s influence in the global space industry, said Kris Nair, CEO of space technology startup Kawa Space.

Companies like Kawa Space, that are focused on building critical infrastructure for space will benefit immensely by the announcements made by the Finance Minister on Saturday.

“Space is hard. The relaxed norms help companies like ours to collaborate across boundaries in creating the next generation space systems — from India, for the world,” he said. Paytm founder Vijay Shekhar Sharma invested in Kawa Space in Pre-series A funding, earlier.

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As India becomes more and more self-reliant in the dual use of space, young startups like Kawa Space now have an opportunity to collaborate with the nation, and build products and services to help the nation, especially in the advancement of science and space.

Most of the space startups in India are collaborating closely with the civilian space agency and other organisations within the government to help

General Atlantic picks up 1.34% stake in Jio Platforms for Rs 6,598 crore


Reliance Industries (RIL) on Sunday announced selling 1.34 per cent stake in its digital services subsidiary, Jio Platforms, to private equity (PE) firm for Rs 6,598.38 crore to accelerate consumer business and cut debt.

This is the fourth such stake sale within a month and it values Jio Platforms at Rs 4.91 trillion on an equity basis and Rs 5.16 trillion on an enterprise-value basis. So far, RIL has raised Rs 67,194.75 crore by selling 14.8 per cent in Jio.

While its legacy petrochemical business is facing pressure, Mukesh Ambani-controlled RIL is stitching deals with marquee investors, including Facebook, Silver Lake, and Vista Equity Partners, and expanding service offers to grow its digital business and trim debt.

Alongside the Jio stake sale, RIL is hoping to raise Rs 53,125 crore in the country’s biggest-ever rights issue. As of March 2020, RIL’s gross debt stood at Rs 3.36 trillion and net debt stood at Rs 1.61 trillion. These deleveraging initiatives, along with the proposed stake sale to Saudi oil giant Aramco, will help the company to become net debt-free by March 2021.

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Economy May Need Vaccine For Full Recovery


The world’s top economy may not see a full recovery without a vaccine to treat COVID-19, Federal Reserve Chair Jerome Powell said Sunday.

After more than 30 million jobs were destroyed, as businesses were shuttered nationwide, the central bank chief warned it may take time to return to normal.

“I think you’ll see the economy recover steadily through the second half of this year,” Powell said in an interview with the CBS news program “60 Minutes,” part of which was broadcast Sunday morning.

But “it’s going to take a while for us to get back,” he said. “It could stretch through the end of next year. We really don’t know.”

Asked about the need for a vaccine to treat the illness and put a stop to the coronavirus pandemic, Powell stressed the importance of consumers to the economy.

“For the economy to fully recover, people will have to be fully confident and that may have to await the arrival of a vaccine,” he said.

The Fed rushed in even before the economic lockdowns were fully in place, slashing the benchmark lending rate and pumping trillions of dollars into the financial system and into lending programs to support corporations, small- and

See-saw ASX up 1.4% as miners shine



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