Vedanta Resources Raises $1.1 Bn Through a New Dual Tranche Bond Issuance

• Marquee investors from the United States, EMEA and Asia amongst major investors.
• Bonds are expected to be rated ‘B’ by S&P Global and ‘B2’ by Moody’s Ratings
• Moody's upgraded VRL corporate family rating (CFR) to B1 from B2 on back of recent moves.
• VRL has raised $3.1bn in USD bonds since September 2024.

Vedanta Resources has raised $1.1 billion through a new dual tranche issuance in international debt capital markets, the company said in a Singapore exchange filing.

As per the exchange filing, the bond issuance consists of two tranches – a $550mn tranche of 5.5 years tenor at 9.475% interest rate and a $550mn tranche of 8.25 years tenor at 9.850% interest rate. Both tranches garnered strong investor demand with the bonds receiving final orders of $3.4 bn from over 135 accounts, representing an oversubscription of 3.1x, the company said. The net proceeds will be used to prepay VRL’s outstanding bonds and pay any related transaction costs.

The final bonds allocation included 61% from Asia, 30% from EMEA, and 9% from US for the 5.5-Year Tranche and 54% from Asia, 30% from EMEA, and 16% from US for the 8.25-Year Tranche.

Ajay Goel, Chief Financial Officer said

The latest transaction marks the complete refinancing of Vedanta’s restructured bonds. The strong interest in the series of transactions reflects significant investor confidence in the several strategic steps that Vedanta has taken over the last several quarters in terms of delivering record production, cost rationalization and deleveraging.

VRL has refinanced $3.1bn in US dollar bonds since September 2024 through four successive international bond transactions. The total quantum of USD bonds raised by Vedanta marks the largest amount raised by an Indian issuer since 2022. The issuance marks an important step for VRL which has reduced it's debt by $4.6 billion over the past 3 years, bringing it to its lowest level in a decade.

Two major agencies, Moody’s and S&P Global upgraded VRL's and its instruments’ ratings citing recent developments. On January 13, Moody's said it had upgraded VRL’s corporate family rating to B1 from B2 and that on the senior unsecured bonds guaranteed by VRL to B2 from B3, a one notch upgrade, while maintaining a stable outlook. Moody’s has assigned a B2 rating to VRL's proposed senior unsecured bond issuance.

S&P Global too assigned a preliminary rating of ‘B’ on VRL’s senior unsecured notes on January 13. This is one notch upgrade from the current one. It has placed the rating on credit watch positive.

Modi Govt Approves ISRO's New Launch Pad Valued at $480 Mn

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a new and Third Launch Pad (TLP) of Indian Space agency, ISRO, at the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh.

This project is valued at Rs 3,984 crore (US $480 Million) and is expected to be completed within 48 months or 4 years.

The project cost includes the establishment of the Launch Pad and the associated facilities.

Currently, Indian Space Transportation Systems are completely reliant on two launch pads viz. First Launch Pad (FLP) & Second Launch Pad (SLP). FLP was realized 30 years ago for PSLV and continues to provide launch support for PSLV & SSLV.

The Second Launch Pad (SLP) at the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh was established in 2005. It was primarily built to support the Geosynchronous Satellite Launch Vehicle (GSLV) and LVM3 launch vehicles, and it also functions as a standby for the First Launch Pad (FLP).

Key Points of new Third Launch Pad (TLP):

Purpose: The new launch pad will support ISRO's Next Generation Launch Vehicles (NGLV) and serve as a standby for the existing Second Launch Pad.

Capacity Enhancement: This will significantly enhance ISRO's launch capacity, enabling more frequent and complex missions.

Future Missions: The TLP will support upcoming human spaceflight missions and the Bharatiya Antariksh Station (BAS), India's planned space station.

Design: The launch pad will have a universal and adaptable configuration to support various launch vehicles, including the LVM3 vehicles with semicryogenic stages.

This development marks a significant step in strengthening India's space infrastructure and expanding its capabilities in space exploration.

Waste Management Startup WeVOIS Gets ₹ 36 Cr in Series A Round from Negen Capital, Others

Jaipur-based waste management startup, WeVOIS, has raised INR 36 crore (USD 4.2 million) in its Series A funding round of funding, led by Negen Capital and Vyom Wealth (the Polycab family office), with additional participation from Venture Catalysts, SN Capital, Warmup Ventures, Marsshot Ventures (Razorpay Founders’ Fund), and other prominent angel investors.

This funding milestone reinforces WeVOIS’s mission to revolutionize waste management in India and establish the country as a global leader in sustainable waste practices.

Commenting on the funding, Abhishek Gupta, Co-Founder and CEO of WeVOIS, said,

We are thrilled to receive this funding, which will significantly accelerate our mission of creating a cleaner and more sustainable future. Our sanitation partners, who are the backbone of our operations, play a pivotal role in our success. With over 1,500 sanitation workers and partnerships with 20+ municipal bodies, we are building a robust waste collection, recovery, and recycling ecosystem. We aim to establish 100 zero-waste cities in the next five years.

WeVOIS is spearheading efforts to reduce reliance on virgin resources, minimize greenhouse gas emissions, and reclaim land by diverting waste from landfills. The company is setting up textile waste recycling facilities and bio-CNG plants to convert wet waste into clean energy, exemplifying innovation in sustainable waste management. Building on its proprietary technology powered by the Internet of Things (IoT) and Artificial Intelligence (AI)-driven analytics, WeVOIS is optimizing waste collection, enhancing material flows, reducing carbon emissions, and improving recycling efficiency.

Abhinav Vashistha, Co-Founder and CTO of WeVOIS, highlighted the company’s vision for innovation, stating,

We will use this funding to establish a state-of-the-art Centre of Excellence for advanced waste processing, a first-of-its-kind facility in India. Our prototypes are ready for commercialization, allowing us to reduce waste and its environmental impact drastically. This is a vital step toward positioning India as a global pioneer in waste management technologies.

India generates approximately 62 million tonnes of waste annually, with only 12 million tonnes treated before disposal. This volume is expected to more than double by 2030, underscoring the urgent need for innovative, scalable solutions.

Neil Bahal, Founder of Negen Capital, expressed confidence in WeVOIS’s potential, stating,

The waste management sector has evolved significantly, driven by better regulations and heightened awareness. WeVOIS’s cutting-edge technology is uniquely positioned to address these challenges while creating immense value for investors and communities alike.

With this strategic investment, WeVOIS is poised to scale its operations, expand partnerships, and drive innovation across India. By combining advanced technology with a commitment to sustainability, the company aims to inspire transformative change in the industry while addressing India’s waste management challenges. The funding also marks a significant step toward establishing global benchmarks in waste management practices, paving the way for a cleaner, greener, and more sustainable future.

Bengaluru's JNCASR Scientists Develop Smart Wearable System That Can Detect Stress

Scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) in Bengaluru have developed a novel wearable device that can detect stress.

The device uses a silver wire network on a stretchable material to sense strain and mimic pain perception. This technology adapts its electrical response based on the strain, much like how our bodies respond to repeated pain over time.

A stretchable device that responds to strain much like the human body reacts to pain, emulating adaptive and habituation behaviours to modulate pain responses intelligently.

When this stretchable material is stretched, small gaps appear within the silver network, temporarily breaking the electrical pathway. An electric pulse can then prompt the silver to fill these gaps, reconnecting the network and essentially "remembering" the event. Each time it is stretched and reconnected, the device gradually adjusts its response, much like how our bodies adapt to repeated pain over time. This dynamic process enables the device to mimic memory and adaptation, bringing humans closer to materials that respond intelligently to their environment.

Key Features:

Neuromorphic Device: Inspired by the human nervous system, this device mimics the functions of neurons and synapses

Adaptive Response: The device can sense strain and adjust its response, essentially "remembering" the event each time it is stretched and reconnected.

Potential Applications: This technology could lead to advanced health monitoring systems that provide real-time feedback to doctors or users. It could also improve robotic systems, making them safer and more intuitive to work with humans.

This innovation represents a significant step forward in wearable technology, offering new possibilities for health monitoring and human-machine interactions.

This innovative work is published as a research in the journal Materials Horizons, Royal Society of Chemistry (RSC) could lead to more advanced health monitoring systems that "feel" stress like the human body and adapt in real-time, giving feedback to doctors or users. Such technology could also improve robotic systems, helping machines become safer and more intuitive to work with humans.

ISRO Successfully Docks Two Satellites

The Indian Space Research Organisation (ISRO) has successfully docked two satellites in space as part of its Space Docking Experiment (SpaDeX) mission. This achievement makes India the fourth country to demonstrate this complex capability, following the United States, Russia, and China.

Manoeuvre, which was started today from 15m to 3m hold point completed. Docking initiated with precision, leading to successful spacecraft capture. Retraction completed smoothly, followed by rigidisation for stability.

SpaDeX Docking Update:

SpaDeX satellites holding position at 15m, capturing stunning photos and videos of each other! 🛰️🛰️

#SPADEX #ISRO pic.twitter.com/RICiEVP6qB

— ISRO (@isro) January 12, 2025

Post docking, control of two satellites as a single object is successful. Going forward, the undocking and power transfer checks would follow in coming days.

Key Points:

Mission Launch: The SpaDeX mission was launched on December 30, 2024, using the PSLV C60 rocket.

Satellites: The mission involved two small satellites, SDX01 (Chaser) and SDX02 (Target), each weighing about 220 kg.

Docking Process: The satellites were initially set apart by about 20 km, and over several days, they gradually reduced their distance until they were brought as close as 3 meters. The final docking was successfully completed on January 16, 2025.

Future Missions: This technology will be crucial for future missions, including Chandrayaan-4, which aims to bring lunar samples back to Earth, and the Bharatiya Antariksh Station, India's planned space station.

This milestone is a significant step for India's space exploration capabilities.