The former teacher is seeking funding to finance the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, according to the people.
The planned fund raising, which one of the sources said will close within two months, is an indication that investors may be starting to get more comfortable with Indian technology company valuations after the poor market performance in 2022 of some high-flying startups and amid a global tech sector rout.
San Diego-based General Atomics Aeronautical Systems (GA-ASI), a subsidiary of General Atomics, said its partnership with Bharat Forge Ltd will result in significant capability-building for both companies and provide an impetus to the Indian large, unmanned aircraft industry.
The authority will identify violations of building bylaws and town planning rules and then issue notices for their removal.
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