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Amazon reveals 20% stake in US EV-maker Rivian ahead of its IPO

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3 years ago

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Amazon reveals 20% stake in US EV-maker Rivian ahead of its IPO

Amazon disclosed on Friday that it owns a 20% stake in Rivian, an electric car manufacturer that applied for an IPO earlier this month. The documents show that as of September 30, the e-commerce giant held equity investments, including Rivian preferred stock, which represented approximately 20% of the ownership interest. The “book value” of this holding is US$3.8 billion, higher than the US$2.7 billion as of December 31, 2020.

The disclosure appeared in a regulatory document, providing new insights into Rivian’s future relationship with Amazon. According to the electric car manufacturer’s initial public offering, Amazon has invested $1.345 billion in Rivian. Amazon also recently purchased $490 million worth of convertible notes on Rivian. According to certain pricing regulations, these notes will be converted into Class A shares after the IPO.

Amazon is not only an investor in Rivian; it is also a customer. In September 2019, Rivian reached an agreement with Amazon to produce 100,000 electric delivery vehicles. Rivian revealed earlier this month that it expects to deliver at least 10 cars in December 2021. All trucks (the remaining 99,990) will be delivered in 2025.

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When Rivian’s IPO applications fell for the first time, it was clear that Amazon was an important part of the Rivian world. For example, in the Rivian S-1 document, there are 81 mentions of Amazon.

This is due to Amazon’s dual identity as an investor and a customer. At the time, Amazon seemed to own at least 5% of Rivian, although the final figure has not yet been announced. Amazon’s disclosures indicate that its holdings are much larger.

News Source : TE

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SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad

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2 months ago

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November 6, 2024

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SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad

SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.

SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.

In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.

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Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.

“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.

“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.

SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.

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On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.

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