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Swedish autonomous EV trucking company Einride is planning to go public on the NYSE through a SPAC deal with Legato Merger Corp. III valuing it at $1.8 billion. View More
In this articleLEGTFollow your favorite stocksCREATE FREE ACCOUNT The Einride EV freight truck charging station in Lynwood, California, built by Voltera and located close to the Ports of Los Angeles and Long Beach.Einride Autonomous EV freight trucking company Einride is planning to go public on the New York Stock Exchange through a SPAC deal with Legato Merger Corp. III, a blank check company, valuing it at $1.8 billion.The deal is expected to raise $219 million in gross proceeds, with up to an additional $100 million in PIPE capital from institutional investors, with Einride to begin trading during the first half of 2026.In announcing its plans, the Stockholm, Sweden-based company reported a contracted annual recurring revenue base of $65 million and over $800 million in potential long-term ARR.Founded in 2016, Einride has over 25 customers across seven countries, and regulatory permits in the United States and Europe. Its current fleet of approximately 200 electric vehicles is used by customers including GE Appliances and Swedish online pharmacy company Apotea."Today marks a defining moment for Einride and for the future of freight technology," saidRoozbeh Charli, CEO of Einride, in a release. "We've proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers," said Charli, who took over the CEO post from co-founder and previous CEO Robert Falck last May.Einride has made the CNBC Disruptor 50 list for three consecutive years, ranking No. 24 in 2025.Freight trucking in the U.S. and elsewhere, estimated by Einride at a $4.6 trillion market, is both carbon-intensive and inefficient. Einride's technology is designed to reduce emissions at scale and prove electric freight is viable both technologically and economically.PepsiCo is among the companies that has piloted use of Einride freight solutions, in markets including the U.S., Germany, and Memphis, Tennessee. Heineken added EV freight routes between the Netherlands and Germany in 2024, and to Austria. Einride also has plans to deploy 300 electric trucks across Europe by 2030 with Mars. Swedish electric vehicle maker Einride heavy-duty trucks for PepsiCo snack brand Walkers in the U.K.Einride To date, Einride provides freight services for both driver-operated electric trucks and heavy-duty autonomous EV trucks. Its technology can be licensed to third parties, both operational planning AI software and its autonomous driving system.In May of last year, Einride signed a deal with DP World to deploy the largest autonomous EV fleet in the Middle East, at the major UAE port, Jebel Ali, one of the world's largest shipping points.While many of its deals to date are for EV and not autonomous technology, in the U.S. it marked a year of autonomous operations with GE Appliances in 2024, and began autonomous freight shipments with Swedish online pharmacy company Apotea, Europe's first daily autonomous freight trips.The U.S. is the company's second-largest market and it plans to continue to invest in the country to accelerate deployment of its autonomous systems. In all, Einride reports over 1,700 driverless hours in contracted customer operations, over 11 million electric miles driven, and over 350,000 executed shipments."This transaction with Einride aligns with our vision to bring industry-leading, innovative technology to the public markets," said Eric Rosenfeld, chief SPAC officer of Legato, in the release. "Einride's proven customer relationships, regulatory achievements, and technology platform position the Company to be a leader in the transformation of the freight industry."It competes with autonomous trucking companies including Aurora Innovation and fellow Disruptor Waabi, which recently hired Uber Freight CEO and founder Lior Ron as its chief operating officer.According to data from Matthew Kennedy, senior strategist at Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs, Legato Merger III raised $175 million in its February 2024 IPO ($201 million including a deal overallotment). The management team's prior two SPACs produced Algoma Steel, a Canada-based steel producer that closed its merger with Legato I in October 2021, and Southland Holdings, an engineering and construction company that completed its merger with Legato II in Feb 2023. Both stocks are currently trading below their $10 transaction price. "This is not unusual for a de-SPAC, but it does highlight the general risk of holding into the merger that we've seen," Kennedy said.The SPAC market is booming this year, raising nearly 200% more in proceeds than at the same point last year, according to Renaissance Capital data. It is the third-biggest year ever for SPACs, behind 2020 and 2021, measured in deal flow and proceeds, with Kennedy citing an acceleration in retail trading in tech companies, "which are the wheelhouse of SPAC merger activity," he said.Transportation technology, in particular, has been a focus for SPAC mergers, including autonomous driving and electrification. Kennedy noted SPACs in the space have a mixed track record. Recent winners include electric vertical takeoff and landing aircraft company Joby Aviation and EV battery tech company Quantumscape. But there have been a significant number of losers, he added, including EV trucking companies Nikola and Volta, and several EV companies focused on the consumer auto market: Vinfast, Faraday Future, Polestar, Lucid and Canoo.There is another trucking-focused SPAC deal underway between Plus.AI and Churchill Capital Corp IX. watch nowVIDEO3:0203:022024 CNBC Disruptor 50: Einride founder on the future of autonomous truckingWorldwide Exchange Sign up for our weekly, original newsletter that goes beyond the annual Disruptor 50 list, offering a closer look at list-making companies and their innovative founders.
Company inks agreement to buy out its joint venture partner’s stake in Tata BlueScope Steel for ?1,100 crore View More
Tata Steel is closely watching policy changes in the EU and UK. The company aims to prioritize and optimize its spending on decarbonization. This will ensure the investments are affordable for all stakeholders. Tata Steel reported a decline in UK EBITDA due to subdued prices. The Netherlands EBITDA saw an increase. View More
Tata Steel is closely monitoring policy developments in the EU and UK to prioritise and optimise the decarbonisation capex spend such that it is affordable to all stakeholders, a company executive said on Wednesday. As the steel producer declared its Q2 earnings, Koushik Chatterjee, Executive Director and Chief Financial Officer said, "We are closely monitoring policy developments in EU and UK and will look to prioritise, optimise and sequence the decarbonisation capex spend such that it is affordable to all stakeholders." The company reported a qoq decline of £24 million in UK EBITDA due to subdued prices on account of UK safeguard quotas exceeding prevalent demand. The Netherlands EBITDA was higher by €28 million QoQ, as Tata Steel made progress on restoring competitiveness in the overseas market. "We remain focused on volume growth in India, strengthening our raw material linkages and optimising capital allocation," Chatterjee said. Commenting on the same, T V Narendran, Chief Executive Officer & Managing Director, said, "We remain focused on transitioning our UK and Netherlands businesses to economically and environmentally viable operations," adding that the company signed a non-binding Joint Letter of Intent with the Government of Netherlands and Province of North-Holland on an integrated health measures and decarbonisation project. Live Events Tata Steel spent Rs 3,250 towards capital expenditure in Q2 and Rs 7,079 crores during the first half of FY26. The company also announced that it executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel Private Limited on November 12. "This is in line with our objective to grow the downstream portfolio . Following the acquisition, TBSPL will become a 100% subsidiary of Tata Steel," the CFO said. Tata Steel Q2 results: Tata Steel reported a 272% jump in its consolidated Q2 net profit at Rs 3,102 crore versus Rs 833 crore in the year-ago period. The company's revenue from operations in the quarter under review stood at Rs 58,689 crore, which was up 9% over Rs 53,904 crore in the corresponding quarter of the last financial year. The company's profit after tax (PAT) increased by 49% on a quarter-on-quarter basis compared to Rs 2,077 crore in Q1 FY26, while the revenue rose 10% versus Rs 53,178 crore reported in the April-June quarter of FY26. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Despite global challenges such as tariffs, geopolitical tensions, and elevated steel exports, Tata Steel delivered a resilient performance, says MD and CEO T.V. Narendran View More
The NCLT has reserved its order on Vedanta's proposed demerger after hearing arguments. The Ministry of Petroleum and Natural Gas raised concerns over financial risks and alleged misrepresentation of hydrocarbon assets. Vedanta's counsel stated compliance with norms and SEBI's clearance of the revised plan. View More
Mumbai: The National Company Law Tribunal (NCLT) on Wednesday briefly heard the Vedanta demerger matter and reserved its order. The newly-constituted bench of NCLT heard the application filed by Vedanta seeking regulatory clearances on the proposed demerger of the company under Section 230-232 of the Companies Act. However, the counsel representing the Ministry of Petroleum and Natural Gas (MoPnG) cited concerns over the potential financial risks post-demerger of Vedanta and alleged misrepresentation of hydrocarbon assets and insufficient disclosure of liabilities by the metal and mining conglomerate. The ministry's counsel said that MoPnG also wants disclosures on the concealment of facts that includes showing the exploration blocks as Vedanta's assets and details of the loan taken on the basis of those assets, among others. In response, Vedanta's counsel said that the company has already complied with all the required norms. Live Events He also informed the tribunal that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues. Meanwhile, a Vedanta spokesperson said, "The company remains committed to the proposed demerger, which aims to create independent, sector-specific entities across aluminium, oil and gas, power, and iron and steel." Vedanta had filed a scheme of arrangement before NCLT Mumbai bench covering four group companies - Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel - along with their shareholders and creditors. The Ministry of Petroleum and Natural Gas had objected to Vedanta's proposed demerger. Capital markets regulator SEBI had earlier sought details on the proposed base metals carve-out. That particular carve-out is no longer part of the current plan, after Vedanta revised its original blueprint. Initially, the company had outlined a plan to split into six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. The revised scheme, however, retains the base metals business within the parent company. The demerger was proposed to streamline operations, improve management focus, and unlock shareholder value. In March 2025, the deadline for completing the demerger was extended to September 30, 2025, due to pending approvals from the NCLT and other government bodies. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The ET Make in India SME Regional Summit is a series of nationwide, on-ground events designed to bring together MSMEs, policymakers, enablers, and key industry professionals. View More
Madurai , the city that never sleeps, was abuzz with energy during the ET Make in India SME Regional Summit held on November 7. The event showcased the city’s vibrant small and medium enterprises (SMEs) and their innovations across various sectors, including food processing, textiles , rubber, flowers, and more. Next up was a chat with S. Ganesan, GM, District Industries Centre, Madurai, and R. Senthilkumar, Senior Branch Manager, National Small Industries Corporation (NSIC), Madurai. They discussed how government initiatives and policies are working together to empower MSMEs in the region. Ganesan noted that Madurai’s central location, with a strong network across the southern districts, gives it a strategic advantage. “There is a significant opportunity here for micro-enterprises to grow, driven by our agro-based resources and thriving industrial ecosystem,” he said. ET OnlineS Ganesan, GM, District Industries Centre, Madurai, and R. Senthilkumar, Senior Branch Manager, NSIC, Madurai discussed how government initiatives are working together to empower MSMEs in the region. Elaborating further, he said there are more than 60 rice mills and numerous flour mills in and around Madurai. “The city is also famous for its rubber-based products and automobile components,” he added. During the discussion, R. Senthilkumar highlighted several services offered by NSIC, including assistance with raw materials, support for tender participation with EMD exemptions, and extensive subsidies for attending international trade fairs—sometimes up to 90% for SC/ST entrepreneurs. “With schemes like the Single Point Registration Scheme (SPRS), small units can participate in government tenders without paying earnest money deposits. We also offer support with steel, aluminium, and wax procurements at subsidised rates,” he said. Register here for the Kochi summit Live Events The session was followed by a fireside chat with S. Dinakaran, General Manager, The New India Assurance Co. Ltd, on the topic, ‘Safeguarding Success: The Essential Role of Business Insurance for MSME Resilience and Growth.’ Speaking about the mindset related to insurance, Dinakar said that most MSMEs take insurance only for the sake of compliance for banks. “This mindset needs to change,” he emphasised. ET OnlineS. Dinakaran, General Manager, The New India Assurance Co. Ltd, spoke on ‘Safeguarding Success: The Essential Role of Business Insurance for MSME Resilience and Growth.’ Following this, experts and industry leaders came together for an exciting panel discussion on the topic, ‘Beyond the temples: Madurai’s rise as a modern hub for businesses.’ Balasubramaniam T., Executive Director/Managing Partner, Sree Rajasekar Spinning Mills (P) Ltd, said that Madurai and textiles have a long history. “We have been supplying yarn, fabric, and thread that power apparel hubs since the 1930s,” he said. Speaking about the evolving food industry, Arulsujanesh GK, Managing Director, Annapoorna Sweets, noted that the biggest shift since the Covid-19 pandemic has been in consumer food preferences. Lockdowns turned everyone into “full-time scrollers,” he said, adding that social media reels have reshaped how people perceive taste. “Five years ago, it was easier. Now customer expectations have tripled. People ask for sushi next to bun parotta ,” he said, emphasising that fusion cuisine must retain its Indian essence. “The aim must be to modernise presentation but preserve the soul and taste,” he stated. ET OnlineExperts and industry leaders came together for an exciting panel discussion on the topic, ‘Beyond the temples: Madurai’s rise as a modern hub for businesses.’ Vichitra Rajasingh, CEO of Bell Hospitality, emphasised that people have high expectations for fusion. “There is confusion between fashion and authenticity—our job is to fusion the authentic taste,” she said. Discussing the MSME ecosystem in the region, V. Senthilkumar, President, Madurai District Tiny & Small Scale Industries Association (MADITSSIA), highlighted that the primary challenge faced by MSMEs is the lack of technological capability and knowledge to fulfil statutory requirements. “Loans taking 3-6 months kill working capital; we need time-bound credit processing and pragmatic insurance thresholds,” he said. This was followed by a business story session on Sri Kaliswari Fireworks Private Limited with its Director, Shanmuga Nataraj. Detailing the history of the company, Natraj said that fireworks is entirely a handmade industry. “We have around 7,000 workers working right now in Kaliswari,” he stated, adding that the industry has immense potential for employment generation. ET OnlineA business story session on Sri Kaliswari Fireworks Private Limited with its Director, Shanmuga Nataraj detailed the history of the company. After his insightful discussion, the last session of the day featured S Suneeth, General Manager, Credit Solutions, Chennai, IDBI Bank . He delivered a presentation highlighting the organisation’s initiatives, outreach, and tools empowering MSMEs. This concluded the ET Make in India SME Regional Summit in Madurai, showcasing how MSMEs can leverage their strengths and counter the challenges in an effective manner. The summit served as a key platform for bringing industry experts together and offering networking opportunities to a host of small businesses in the city. The summit was conducted by Economictimes.com with IDBI Bank as the Banking & Lending Partner and The New India Assurance Co. Ltd as the General (Non-Life) Insurance Partner. The programme is supported by the Ministry of Micro, Small and Medium Enterprises. The series now heads to Kochi on November 21 for another round of conversations, discussions, and learning. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
Tata Steel’s consolidated net profit is expected to surge 41% to ?2,926 crore against ?834 crore reported in the year-ago period, according to leading analysts View More
The transaction, which could be finalized this quarter, would give JFE a 50% stake in the subsidiary and help billionaire Sajjan Jindal-led JSW pare debt or fund expansion plans, according to the executive who spoke on condition of anonymity. View More
The Senate Agriculture Committee released a draft of its part of a crypto market structure bill, which could help advance the U.S. digital assets industry. View More
The U.S. Capitol is shown the morning after the Senate passed legislation to reopen the federal government on Nov. 11, 2025 on Capitol Hill in Washington, DC.Win McNamee | Getty Images The Senate Agriculture Committee has released a draft of its portion of a much-awaited digital assets market structure bill â a critical step toward accelerating institutional and retail adoption of cryptocurrencies. Unveiled on Monday by Agriculture Chair John Boozman, R-Ark., and Sen. Cory Booker, D-N.J., the bipartisan discussion draft lays the groundwork for creating guardrails for the crypto industry in the U.S. It also establishes guidelines for institutions that want to work with digital assets, from bitcoin and ether to tokenized financial instruments."This is the most consequential roadmap for how an institution is going to integrate digital assets into their business," Cody Carbone, CEO of crypto trade association Digital Chamber, told CNBC. "It's like the best possible step-by-step of what type of compliance rules requirements they would need to follow to work with crypto."Here are five key takeaways from the discussion draft. 1. Grants favorable regulatory status to some cryptocurrencies The text classifies some of the largest digital assets by market capitalization such as bitcoin and ether as "digital commodities," placing them under the Commodity Futures Trading Commission's purview.  This provision removes a major blocker to digital asset adoption for institutional fiduciaries, Juan Leon, an analyst at crypto-focused asset manager Bitwise, told CNBC."Compliance and risk departments will finally have a federal statute to point to," Leon said. "This shifts the internal conversation ⦠[and] it provides the legal certainty required to move assets into a formal, strategic allocation."It will also create "a starkly bifurcated market" consisting of regulated and unregulated tokens, with the former class of assets seeing "a massive influx of institutional capital, deep liquidity and a robust derivatives ecosystem." 2. Requires crypto firms to segregate funds and manage conflicts of interest The draft calls for crypto companies to "establish governance, personnel, and financial resource separation among affiliated entities that perform distinct regulated functions."Bitwise's Leon interprets the provision as a challenge to the "all-in-one" business model that is common among crypto exchanges. According to those models, an exchange, broker, custodian, and proprietary trading desk are all wrapped up into one entity. In other words, digital asset firms could be required to keep their various businesses separated like traditional financial companies, according to Leon. The change would serve as "a foundational pillar for institutional adoption." 3. Gives the CFTC more power to regulate digital assets The text gives more power to the CFTC, empowering it to work in tandem with the Securities and Exchange Commission to issue joint rulemaking on crypto-related matters."There's a lot more power or authority delegated to the CFTC to have jurisdiction over this industry," Carbone said. The shift comes after the SEC for years served as the main regulator of digital assets, after it edged out the CFTC to gain authority over the industry. 4. Allows the CFTC to collect fees The draft calls for regulated entities to pay fees to the CFTC. Those fees would go toward registering digital commodity exchanges, brokers and dealers, in addition to conducting oversight of regulated entities and carrying out education and outreach. 5. Establishes listing standards for tokens The text calls for crypto exchanges to only permit trading of digital commodities that are "not readily susceptible to manipulation."It's a provision that could reduce the number of "rug pulls" and other scams that are still common in some parts of the crypto industry, with the goal of establishing standards and building confidence in the market. What's next? The Senate Agriculture Committee's discussion draft is far from final, but it does offer critical insights into the direction of efforts to pass crypto-friendly regulations in the U.S., according to Carbone."It's not final, it's not done, but this gives a good sense of where Congress is going and what the final rules may be," Carbone said. The committee will likely spend the next few weeks getting feedback on their draft, meaning it may be "almost impossible to get [a final version of this part of the bill] done by the end of the year," he added.However, that period will give lawmakers time to offer more concrete guidance on several issues that are bracketed â or not yet finalized â in the discussion draft. Those include provisions on anti-money laundering rules and regulations specific to decentralized finance players.Several crypto players plan to work in tandem with lawmakers to help iron out those details, among others. "We've long said crypto is a bipartisan issue, and this draft from Chairman Boozman and Senator Booker reflects that," Moonpay President Keith Grossman told CNBC. "It's critical that legislation distinguishes between centralized intermediaries and decentralized systems, and we look forward to working with the Committee to get it right."The discussion draft is only one piece of larger legislative efforts to overhaul regulations for the crypto industry, according to Carbone. Ultimately, the text will be combined with the Senate Banking Committee's draft on the digital assets market structure in a bid to create one comprehensive bill.And although lawmakers are nowhere near the finish line in that process, crypto firms are finding other ways to work with regulators and other authorities to meaningfully advance their industry, Grayscale Investments Chief Legal Officer Craig Salm told CNBC."In the absence of comprehensive legislation, we've still seen meaningful progress on the regulatory front," Salm said, adding that the SEC, Internal Revenue Service and Treasury Department have recently provided guidance around staking in crypto exchange-traded products. "That said, thoughtful legislation will be critical to solidifying the foundation of the digital asset industry in the U.S. and unlocking even greater value for investors and consumers."