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LG Electronics adds Axis Capital for $1.5b Mumbai IPO

TCN Bureau
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LG Electronics adds Axis Capital for $1.5b Mumbai IPO

India emerges as a hotspot for equity fundraising, attracting keen interest from global investors eager to capitalise on country’s robust economic growth.

LG Electronics has enlisted Axis Capital Ltd to aid in the arrangement of a potential initial public offering (IPO) for its Indian subsidiary.

The strategic decision underscores the South Korean conglomerate’s commitment to expanding its footprint in one of the world’s most lucrative markets.

Sources familiar with the particulars of the IPO, who preferred to remain anonymous, indicate that LG Electronics is moving forward with plans for a share sale in Mumbai.

The inclusion of Axis Capital Ltd. among a list of prominent banks, including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley, reflects LG’s multifaceted approach to fundraising.

Reports suggest that the IPO could occur as early as next year, with LG aiming to secure between $1 billion and $1.5 billion, potentially valuing LG Electronics India Pvt Ltd. at approximately $13 billion.

Increasing confidence

India has emerged as a hotspot for equity fundraising, attracting keen interest from global investors eager to capitalise on the country’s robust economic growth.

According to Bloomberg’s data, around $49 billion has been garnered through IPOs and secondary offerings in India this year, accounting for roughly one−third of the total amount raised in Asia.

Notably, Hyundai Motor India Ltd.′s recent $3.3 billion share sale set a record for the largest IPO in the country, further exemplifying the thriving landscape of Indian capital markets.

As LG Electronics navigates this complex financial terrain, it joins a growing roster of companies, including Swiggy Ltd., HDB Financial Services Ltd., and Carraro SpA, all of which are pursuing listings in India.

The trend not only highlights the attractiveness of the Indian market for international corporations but also reflects the increasing confidence of investors in the region’s economic potential.

US orders TSMC to stop advanced chip exports to China

Naushad K. Cherrayil
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US orders TSMC to stop advanced chip exports to China
  • The implications for innovation, collaboration, and trade relations between the US and China will undoubtedly unfold in the coming months.
  • Clampdown not only to impact Huawei but also a broader spectrum of companies within China that depend on advanced chips for their technological development.

The decision by the United States to impose export restrictions on Taiwan Semiconductor Manufacturing Company (TSMC) reflects a significant escalation in the ongoing technological and geopolitical tensions between the US and China.

Effective from Monday, TSMC has been directed to halt shipments of advanced chips—specifically those with designs of 7 nanometres or more—that are critical for artificial intelligence (AI) applications to Chinese customers.

The move follows a concerning incident in which a TSMC chip was discovered in a Huawei AI processor, prompting scrutiny of compliance with export controls.

Earlier this month, the US had imposed a $500,000 penalty on New York-based GlobalFoundries for shipping chips without authorisation to an affiliate of blacklisted Chinese chipmaker SMIC.

Proactive stance

The US Department of Commerce’s communication to TSMC illustrates a strategic effort to safeguard American technological superiority and national security. With Huawei already on a restricted trade list, any exports that could bolster its AI capabilities are likely to be denied.

The measure seeks to prevent advanced technologies from being utilised by entities that may pose a threat to US interests, particularly in the realm of AI, which is becoming increasingly pivotal in global technological competition.

The implications of this clampdown extend beyond Huawei alone, affecting a broader spectrum of companies within China that depend on advanced chips for their technological development.

The proactive stance of the US government aims to assess and mitigate the risk of diversion of these critical components to companies such as Huawei, thus asserting control over the flow of sensitive technology.

TSMC, known for its robust manufacturing capabilities and adherence to regulations, has acknowledged the communication from the Commerce Department and has begun notifying affected clients of the shipment suspension.

The scenario underscores the delicate balance that semiconductor manufacturers must navigate between compliance and business interests, particularly when operating within the highly competitive and politically charged arena of global technology.

Haier’s stake sale in India business garners strong interest

Mohammed Fahad
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Haier’s stake sale in India business garners strong interest
  • Selling a stake between 25% and 49% in its Indian operations could provide Haier with the necessary resources to enhance its competitive edge.

Chinese household appliance manufacturer Haier Smart Home Co has garnered significant attention from prominent investment firms, including Temasek Holdings Pte and GIC Pte, regarding a potential minority stake acquisition in its Indian subsidiary, Haier Appliances (India) Pvt.

The interest highlights the growing appeal of the Indian market for foreign investors, particularly in sectors poised for expansion.

According to sources familiar with the discussions, additional firms, such as the Abu Dhabi sovereign wealth fund Mubadala Investment Co., are also contemplating participation in this investment opportunity.

The estimated valuation of Haier’s Indian assets ranges from $4 billion to $5 billion, underscoring the company’s robust position within the market. Haier’s collaboration with Citigroup Inc. to explore this potential transaction indicates a strategic approach to leveraging its assets while inviting external capital to fuel further growth.

Despite the preliminary nature of these discussions, the possibility of selling a stake between 25 per cent and 49 per cent in its Indian operations could provide Haier with the necessary resources to enhance its competitive edge.

The company has reported impressive sales growth exceeding 25 per cent in the first half of the year, attributed to substantial long-term investments across its value chain.

The growth trajectory, coupled with an expanding retail network that has enabled Haier to capture over 20 per cent market share, positions the company favorably for future endeavours.

AI and IoT startups play key role in reshaping urban environments in MEA

Ana Mary Joseph
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AI and IoT startups play key role in reshaping urban environments in MEA
  • Address pressing issues such as disaster preparedness, traffic and transportation safety, energy efficiency and resource management, and community security through innovative technologies.

Startups in the Middle East and Africa (MEA) region are leveraging technologies such as AI and IoT to transform the outdated infrastructure and turn the region into a hub for smart city development.

“They are addressing pressing issues such as disaster preparedness, traffic and transportation safety, energy efficiency and resource management, and community security through innovative technologies,” Tejal Hartalkar, Senior Disruptive Tech Analyst at GlobalData, said.

Moroever, he said that the rising number of smart city projects is fueled by strong government backing and the need for innovative urban solutions, especially in areas such as energy efficiency, water conservation and secure infrastructure.

Startups are tackling urban challenges through advanced solutions such as intelligent traffic systems, smart water management, and community crime reporting.

“These innovations optimise resource usage, enhance urban safety, and promote sustainable practices, supporting MEA cities in their transition to resilient, future-ready smart environments,” Hartalkar said.

By integrating digital solutions, he said that they [startups] enable cities to operate more efficiently, ensuring real-time data insights for better urban management.

Despite facing obstacles like cybersecurity threats, funding limitations, and challenges in scaling AI and IoT infrastructure, he added that they are finding ways to drive meaningful progress.

“From enhancing urban infrastructure to building smart grids and improving transportation systems, these innovations aim to provide scalable and adaptable solutions to the growing urbanisation needs in the region.”

Key startups offering smart solutions:

Sadeem Technology: The Saudi Arabia-based startup offers real-time flood and stormwater monitoring solutions. Its AI-powered platform integrates data from sensors to help cities manage infrastructure more efficiently and enhance disaster preparedness.

Cognitive Technologies: The UAE-based startup provides IoT-based automation solutions for community development, specialising in AI-driven cybersecurity, fraud detection, and compliance.

NoTraffic: The Israeli startup provides AI-powered traffic management systems that optimise traffic flow in real-time. Its platform integrates with the existing traffic signals and uses AI to prioritize emergency vehicles and manage congestion, contributing to smoother city transportation systems.

Hazen.ai: The Saudi Arabia-based startup offers AI and computer vision solutions for traffic enforcement and management, focusing on the real-time detection of dangerous driving behaviors to reduce accidents.

Sensgreen:  The UAE-based startup offers an IoT-enabled platform for smart building management, optimizing indoor environments to reduce energy consumption and improve air quality.

AION Innovations: The Egyptian startup offers IoT systems and sensor technologies to automate and control home appliances based on schedules, weather conditions and location.

Brightmerge: The Israeli startup provides an AI-based platform to optimise renewable energy microgrids. Its solutions offer real-time data analytics, facilitating efficient energy management and the integration of renewable sources.

Hydrologistics Africa: The South African startup  offers smart water management solutions for real-time monitoring of water flow, quality, and distribution through IoT devices.

Schneider Electric becomes ransomware victim for third time

Mohammed Fahad
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Schneider Electric becomes ransomware victim for third time
  • Hackers say that the ransom amount could be halved if the CEO publicly acknowledged the breach.

Schneider Electric, a prominent French multinational corporation specialising in energy management, has garnered attention again due to a significant cybersecurity breach.

The incident, linked to the HellCat ransomware gang, has underscored the vulnerabilities even major corporate entities face in the increasingly perilous landscape of cyber threats.

The attackers claimed to have exfiltrated over 40GB of critical data, including sensitive user information and project details, by exploiting a weakness in Schneider Electric’s Atlassian Jira system.

The breach marks the third notable cyberattack on Schneider Electric within a mere year and a half, following significant incidents attributed to the Cactus ransomware group and the Cl0p group in previous years.

As Schneider Electric stands among the Fortune Global 500, valued at approximately $145 billion, the implications of these repeated attacks are profound.

They not only jeopardise the integrity of sensitive data but also threaten the company’s reputation and stakeholder trust.

Unique tactics

On November 2nd, HellCat publicly threatened the company with a ransom demand of $125,000, intriguingly specified in “baguettes,” a nod to Schneider’s French heritage.

The situation escalated when another cybercriminal, operating under the alias ‘grep,’ taunted the firm on social media, indicating that, despite Schneider’s efforts to secure its systems, the attackers maintained access to vital infrastructures.

The revelation not only raises questions about the efficacy of the company’s cybersecurity measures but also highlights the brazen nature of modern cybercriminals.

Schneider Electric confirmed the breach to medias, asserting that while external attackers had gained access to their internal project execution tracking platform, the company’s core services and product offerings remained unaffected.

Nevertheless, the threat posed by HellCat became more pronounced as the group suggested that the ransom amount could be halved if the CEO publicly acknowledged the breach, further indicating the unique tactics employed by ransomware groups to manipulate corporate responses and draw attention to their threats.

Saudi Arabia gears up to challenge UAE in AI landscape

Ana Mary Joseph
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Saudi Arabia gears up to challenge UAE in AI landscape
  • Initiative is designed not only to attract significant foreign investments but also to cultivate local talent and encourage international tech companies to enhance their presence within the Kingdom.
  • By fostering collaborations with established tech companies, Saudi Arabia seeks to leverage its capital and infrastructure capabilities to amplify its AI landscape.

Saudi Arabia is embarking on an ambitious initiative, dubbed “Project Transcendence,” poised to transform the Kingdom into a leading hub for artificial intelligence (AI).

With an estimated backing of $100 billion, the state-driven endeavour aims to rival the technological advancements of neighbouring countries like the United Arab Emirates, Bloomberg reported.

The initiative underscores Saudi Arabia’s commitment to diversifying its economy under the Vision 2030 framework, which seeks to reduce dependence on fossil fuels and explore new revenue sources.

Central to Project Transcendence is the establishment of a robust infrastructure encompassing data centers, startups, and various resources tailored to foster AI development.

The initiative is designed not only to attract significant foreign investments but also to cultivate local talent and encourage international tech companies to enhance their presence within the Kingdom.

Bridging the gap

The strategic move aligns with previous efforts such as the Public Investment Fund’s (PIF) backing of Alat, a fund focused on sustainable manufacturing, showcasing the Kingdom’s resolve in leveraging large-scale investments for technological advancements.

A pivotal collaboration with Alphabet aims to catalyse this ambition, with plans to allocate between $5 billion and $10 billion toward establishing a state-of-the-art AI hub.

The partnership will focus on developing Arabic language AI models, thus enhancing inclusivity in global AI discourse. This underscores Saudi Arabia’s vision of bridging its technological expertise gap with leading nations such as the United States and China.

Moreover, the overarching goal of Project Transcendence is not merely to create regional competition but also to establish a national champion in AI, potentially on par with established conglomerates like Abu Dhabi’s G42.

Collaborations

By fostering collaborations with established tech companies, Saudi Arabia seeks to leverage its capital and infrastructure capabilities to amplify its AI landscape.

At the recent Future Investment Initiative summit, PIF signed a deal with Google Cloud to establish a new AI hub near Dammam.

Yasir Al Rumayyan, Governor of PIF, emphasised the Kingdom’s potential as a prime location for global tech partnerships, highlighting the PIF’s commitment to fostering an AI-friendly ecosystem through investments in human capital and technology.

He articulated the nation’s aspirations to emerge as a global leader in artificial intelligence (AI) within the next five years.

The PIF’s strategies, underscored by a potential partnership with a leading venture capital firm to establish an AI fund, signify a proactive approach toward harnessing the economic potential of AI, with possible investments reaching up to $40 billion.

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