| | NOVEMBER 20238JPMorgan Chase & Co. and Vedanta Group are collaborating to provide advice on business overhaul of the Indian conglomerate that was revealed in September, according to people familiar with the matter, who requested anonymity discussing private matters.This indicates that billionaire Anil Agarwal's energy-to-metals company is making headway towards streamlining the intricate financial system. The organisation is also looking for money to pay back approximately $3 billion in dollar bonds that are due in the next two years. Vedanta declared that the board had given its approval for a change to a pure-play, asset-owner business model, which would ultimately result in the formation of six distinct listed companies. This restructuring is expected to be finished in a matter of months.Vedanta is in advanced talks to raise a $1.25 billion private loan to help satisfy its refinancing needs. A Vedanta representative states, "a demerger of this size and scale needs to go through multiple processes, including stock exchange notifications." "After receiving preliminary regulatory approvals, we are in the process of appointing advisors; this will be finalised in due course". AHyderabad-based facility for outsourced semiconductor assembly and testing (OSAT) with automatic test equipment (ATE) and a reliability testing line is being invested in by Kaynes SemiCon, a 100 percent subsidiary of Kaynes Technology, according to chief executive Raghu Panicker.Reliability testing will have one line, and ATE and OSAT will have thirteen, were the subjects of a groundbreaking ceremony previously. Furthermore, a research and development centre for silicon photonics for co-packaged optics in Mysuru will receive an investment of Rs 83.28 crore from Kaynes SemiCon. The facility, which will hold 13 lines for OSAT and 1 line each for ATE and reliability testing, just had a groundbreaking ceremony.Additionally, parent company Kaynes Technology is investing Rs 750 crore in a bare board printed circuit board manufacturing in Mysuru. According to Panicker, Kaynes Technology, situated in Mysuru, employs 3,500 people and generates Rs 1,665.71 crore in revenue annually.The company, which went public a year ago, was valued at Rs 14,418 crore on the BSE, ending at Rs 2,479.80, an increase of 1.1 percent. Electronics manufacturing services (EMS) company Kaynes, established 38 years ago, has its headquarters in Mysuru, Bengaluru, Chennai, Pune, Manesar, and Parwanoo, and it also has service centres in Mumbai and Kochi. JP MORGAN TO ADVISE VEDANTA ON RESTRUCTURINGKAYNES SEMICON TO RAISES RS 2,850 CRORE IN CHIP PROJECTIN FOCUSIN FOCUS
< Page 7 | Page 9 >