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India set to ink $700 mn fighter jet engine deal with US soon

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India is expected to sign another large defence contract with the United States (US), this time for $700 million in fighter aircraft engines. Negotiations for the engines that will power the domestic Tejas Light Combat Aircraft are nearly complete (LCA)

The Indian Air Force (IAF) will purchase a total of 83 LCA Mk1A jet engines from General Electric (GE) According to sources, all supply issues have been resolved, and India will shortly place an order for 100 GE 404 engines. The Mk1 model, which is already in service with the IAF, is powered by American engines. They’d be compatible with the most recent version of the indigenous fight. 

India is nearing an agreement with General Electric (GE) to develop an indigenous fighter jet engine for the Advanced Medium Combat Aircraft (AMCA) programme. If the contract goes through, it will be India’s largest defence deal with the US since February 2020, when it ordered Apache attack helicopters and MH-60 Sikorsky Romeo multi-role helicopters from the US. 

India and state-run aerospace company Hindustan Aeronautics Ltd have agreed to buy indigenous LCA Tejas Mk1A fighter planes for Rs. 48,000 crore (HAL) The initiative anticipates a collaboration with either the United Kingdom or France to develop vital engine technology for all future air force fighters. The project has been in the works for two years at India’s Defence Research and Development Organization (DRDO).

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Facebook to rebrand the company ‘Metaverse’

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Facebook is the world’s largest, and arguably most influential, social media platform, with more than 2.8 billion monthly active users and a net worth as of now of $1 trillion.

It’s safe to say that the majority of our lives rely on Facebook. Recently, Facebook, the parent company of Instagram and WhatsApp, hit the headlines when it went dark for six hours, causing havoc all over the world.

According to a report by The Verge, Facebook is planning to rebrand the company with a new name to focus on building the metaverse. Metaverse, as the term suggests, is a virtual-reality space in which users can interact with a computer-generated environment and other users.

According to the report, CEO Mark Zuckerberg will reveal the company’s new name on October 28 at the annual Connect conference, but it could be announced sooner.

Facebook, which aspires to be renowned for more than just social networking, revealed on Sunday that it will hire 10,000 people in Europe over the next five years to help construct the metaverse, which the corporation regards as critical to its long-term success.

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.

Facebook already has more than 10,000 employees who build consumer hardware like AR glasses that Zuckerberg believes will be as ubiquitous as smartphones.

The company wants to be known as much more than a “social media” company, and is promising to change the way humanity interacts.

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One to lookout for: Rakesh Jhunjhunwala invests in a furniture startup!

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Rakesh Jhunjhunwala, often referred to as India’s own Warren Buffett, is an ace investor with a track record of successful investing. Many treat him as a bellwether, and look to him for guidance and inspiration when it comes to navigating the vagaries of the investing landscape. And so, it would be of interest to investors to know that India’s Big Bull has out his money where his mouth is and invested in a furniture-based startup, Arrivae.

What is Aarivae?

Founded in 2017, Arrivae is a customized full home interior solution provider that enables customers to get the house customers want. From designing the finest homes by some of the finest architects and interior designers to material supplied by some of the most credible vendors. It specializes in providing practical solutions for various situations. Arrivae works in four simple steps; meeting the designer, designs made for customers, intelligent manufacturing and lastly concierge services.

Arrivae raised Rs 50 crore in its first round of external funding, backed by ace investor Rakesh Jhunjhunwala. Enam family, Siddharth Yog (Founder, Xander Group), Anand Jain (Chairman, Jai Corp), Harsh Jain (Founder, Dream 11), and Ramesh S. Damani (Chairman, DMart) all participated in the fundraising round.

“At Arrivae, we’re still in the early phases of our plan to build India’s most comprehensive home renovation ecosystem. Partnerships are important to us at Arrivae because they help us build brand confidence in the ecosystem, especially among customers.” said founder Yash Kela.

Kela rounded things off by saying, “All the veterans who have participated in this round will enable more faith in the Arrivae brand.”

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The right pricing will be crucial for the launch of Zydus Cadila’s vaccine.

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The destiny of Zydus Cadila’s Covid vaccine is in doubt, as the vaccine’s price appears to be delaying its introduction into the vaccination program. The business has received emergency use authorization from the FDA to inject its Covid vaccine, ZyCoV-D, to children aged 12 to 18.

Zydus Cadila, located in Ahmedabad, has imported the pharmaJet, a needle-free applicator for painless intradermal vaccine delivery. 

Each jet is responsible for delivering a specific amount of vaccination. 

As a result, a single dose is split into two shots, one for each arm. “It’s an expensive device and hence jacks up the overall price,” a government official said.

Around 20,000 dosages can be administered with the jet injector.

The government has been purchasing Covaxin at 225 per dosage and Covishield, another Covid vaccine developed in India, at 215 per dose.

The price of the Zydus Cadila vaccine, according to Health Secretary Rajesh Bhushan, will be significantly more than that of existing vaccines.

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