India will on Tuesday launch two indigenously built frontline warships, marking a significant development for the military. Prime Minister Narendra Modi will address the silver jubilee celebrations of TRAI, the country’s telecom regulator. Life Insurance Corporation will list its shares at the stock exchanges after a blockbuster initial public offering. The Indian embassy in Kyiv, the capital of war-torn Ukraine, is all set to reopen.
Here are the top five developments for May 17.
Defence Minister Rajnath Singh will, on Tuesday, launch two indigenously-built frontline warships of the Indian Navy. The inauguration will take place at the Mazagon Docks in Mumbai.
The two warships, that are to be launched, are called Surat and Udaygiri. Surat, named after the bustling port city in Gujarat, is the fourth and final of stealth destroyers under the Project 15B program. Udaygiri, on the other hand, is named after a mountain range in Andhra Pradesh. It is the third of Project 17A frigates.
Prime Minister Narendra Modi will address a program marking the 25th-anniversary celebrations of the Telecom Regulatory Authority of India (TRAI) at 11 am on Tuesday. The PM will attend the program through video conferencing.
According to a press release from the Prime Minister's Office, he will also release a postal stamp to commemorate the occasion. Modi will also launch a 5G Test Bed at the program. The project, developed by eight institutes led by IIT-Madras, cost more than Rs. 220 crore.
State-owned Life Insurance Corporation (LIC) is set to list its shares on stock exchanges on Tuesday. The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
LIC's highly-anticipated initial public offering (IPO), which lasted from May 4 to May 9, was subscribed 2.95 times. Through the IPO, the government sold a 3.5% stake in the country's largest insurer. After the listing, LIC is set to become the fifth-largest company in India valued over Rs. 6 lakh crore.
Paradeep Phosphates, a top fertilizer maker in the private sector, will launch its IPO on Tuesday. The price band for the offer has been fixed between Rs. 39-42 per equity share with the face value of Rs. 10 each. The offer subscription closes on May 19, and the company aims to collect Rs. 1,500 crore through it.
Set up in December 1981, Paradeep Phosphates is mainly engaged in the manufacturing, trading, distribution, and sale of various fertilizers, and ranks as the second-largest private manufacturer of non-urea fertilizers and Di-Ammonium Phosphates.
Indian embassy in Kyiv to reopen
The Indian embassy in the Ukrainian capital Kyiv will reopen on Tuesday, weeks after its operations were shifted overseas due to Russia's offensive against its neighbour.
On March 13, the Indian embassy relocated to Warsaw in Poland in the wake of Russia's invasion of Ukraine, which began on February 24. More than a dozen nations have since decided to reopen their embassies in Ukraine.