Akasa Air's launch of services is likely to be delayed further as the airline is expected to receive its first aircraft only in June or July, according to a senior DGCA official.

The carrier, backed by ace investor Rakesh Jhunjhunwala, initially planned to start operations in June and then postponed the plan to July.

A top airline official said it intends to start services in July.

The Mumbai-based airline, registered as SNV Aviation, received the mandatory no-objection certificate from the civil aviation ministry in October last year.

Bharti Airtel India and South Asia MD and CEO Gopal Vittal on Wednesday said that the 35% cut in the reserve price of 5G spectrum is not adequate and ‘quite disappointing’. However, he did not comment on the company’s strategy for the upcoming auctions.

“While there has been a reduction, it’s not adequate and in that sense quite disappointing. We will not comment on our strategy and approach since it’s dependent on the final reserve price finalised by the government,” Vittal said during an analysts’ call after the company’s January-March earnings, which were declared on Tuesday.

With a flat debut, Life Insurance Corporation of India eroded over 42,500 crore in investor wealth, as a weak listing resulted in its market capitalisation slipping to Rs 5.57 crore in early trade, according to a report in a national daily.

The LIC stock was listed at Rs 867 on the BSE, which is 8.64 percent discount to its IPO price of Rs 949.

LIC has finally been listed on the exchanges and is currently trading 5 percent below its issue price of Rs. 949 per share. However, Retail and LIC policyholders have received a discount of Rs. 45 and Rs. 60 respectively to the issue price and are marginally in the money.

Tesla and SpaceX CEO, Elon Musk is expected to visit Indonesia in November this year as he is wrapping up the operations of its electric car company in India.

Reported first by a news agency, the Indonesian government wishes to make the most of its vast nickel reserves to set up a world-class electric batteries industry. Indonesia's president, Joko ‘Jokowi’ Widodo met Musk at SpaceX’s rocket production facility, Starbase in Boca Chica, Texas over the weekend who then invited the world’s richest man to come to Indonesia.

Jakarta Globe reports that Musk has admitted to being very much interested in Indonesia’s future and that he sees great potential for collaboration of some kind between SpaceX and Tesla. Other factors that have influenced him in looking at the Southeast nation from a different lens are its large popularity and consistent economic growth.

The Adani group has acquired Zurich-based Holcim’s cement business in India for $10.5 billion (about Rs 81,000 crore) in India’s largest ever M&A transaction in the infrastructure and materials space.

Through its subsidiaries, Holcim holds 63.19% in Ambuja Cements Ltd and 54.53% in ACC Ltd (of which 50.05% is held through Ambuja Cements). This is the largest ever acquisition by Adani, which beat the JSW and Aditya Birla groups to the deal.

Holcim’s exit from India follows several high-profile departures of multinational companies, including Ford, General Motors, Harley Davidson, MAN Truck, Hutchison, Etisalat, Fidelity, and Citibank, which sold its retail business recently, and some investment banks.