RPP Infra Projects JV receives order worth ₹232 crore

NEW DELHI: RPP Infra Projects on Tuesday said its joint venture firm has bagged an order worth ₹231.77 crore. RPP-RK, a joint venture (JV) firm, has received a new work order for ₹231.77 crore from the highways department for Chennai Kanyakumari

Industrial Corridor Projects, RPP Infra Projects said in a regulatory filing.

SAN FRANCISCO: Softbank Group Corp.’s Vision Fund sold about $2 billion in Uber Technologies Inc. stock after a rally in the ride-hailing giant’s shares, signalling it may cash in more gains from the sector in the future.

An affiliate of the investment fund called SB Cayman 2 sold 38 million shares on January 7 at an average price of $53.46, according to a filing with the US Securities & Exchange Commission. Softbank still holds about 184.2 million shares, according to the filing, worth about $10 billion at current prices.

Softbank founder Masayoshi Son was an aggressive investor in the ride-hailing sector, taking major stakes in Uber, China’s Didi Chuxing, India’s Ola and Southeast Asia’s Grab.

Those wagers looked in jeopardy when Uber stumbled after its 2019 initial public offering and the coronavirus pandemic slammed demand.

But Uber shares more than tripled from their low in March of last year, as capital markets surged. Now Didi, the largest investment in Softbank’s portfolio, is also considering an IPO in the second half of this year, Bloomberg has reported.

“Softbank Vision Fund may pave the way for Didi Chuxing’s IPO after selling Uber shares,” Anthea Lai, Bloomberg Intelligence analyst, wrote in a research note. “As it reportedly owns about 20% of the Chinese company, paring down exposure to Uber could help relieve concerns by (Chinese cab hailing firm) Didi’s prospective investors about Softbank’s heavy influence in the ridesharing sector and potential conflict of interest.”