News Broadcasting
UTV IPO post-September; 12 m. shares at Rs 5 on offer
MUMBAI: 2004 looks to be turning into the year for media public offerings. After Aaj Tak and NDTV, it is the turn of UTV promoter Ronnie Screwvala, who has finally fixed the time-line for his much delayed public issue.
UTV’s IPO is expected to happen anytime between September and November, according to a company statement issued a short while ago. 12 million shares of Rs 5 par value is what will be on offer in the issue, the prospectus for which will be filed with the Securities and Exchange Bureau of India (Sebi) within the next three weeks. Of this 12 million, 6 Million will be fresh offer.
When asked how much he expected to raise from the public issue, Screwvala said it would depend on the market response. He however, added that the IPO would at the very least mop up Rs 1 billion.
Paving the way for the public issue as it were, Screwvala today announced that he has concluded the buy back of shares from News Corp (Star) as well as partly from leading Canadian investment fund manager CDPQ. The buyback will consolidate Screwvala’s shareholding, pre-IPO, to 54 per cent in holding company UTV Software Communications Limited.
CDPQ, which invested fresh equity of 9.6 million shares in UTV over two-and-a-half years ago, had initiated a scaling down of all its investments in Asia last year, according to the statement issued by UTV. Screwvala has therefore signed an agreement with CDPQ to buy back 3.6 million shares. The remaining 6 million CDPQ shares will be offered for sale in the forthcoming IPO.
CDPQ currently holds a 31 per cent stake in UTV, which will go down to 21 per cent following the buyback and further down to zero on completion of the public issue process, Screwvala said.
As for Star, Screwvala will be buying back 4.54 million shares, which represents a 15 per cent stake in UTV.
On the completion of these two transactions, Screwvala’s consolidated holding in UTV will move up to 54 per cent, pre-IPO. When queried as to what the buybacks represented in cash outflow terms, he declined to offer any numbers.
Commenting on the deal, he says, “In my original shareholder’s agreement with News Corp, I had an option to buy back shares pre-IPO and I have exercised that option to increase and consolidate my shareholding.” He adds, “UTV and Star share a multiple strategic relationship in television content, in movie co-productions, in Vijay TV and more recently in the distribution alliance for our kids channel Hungama TV, and we will continue to build on these strategic relationships.”
News Broadcasting
Induction cooktop demand spikes 30× amid LPG supply concerns
Supply worries linked to West Asia tensions push households and restaurants to turn to electric cooking alternatives
MUMBAI: As geopolitical tensions in West Asia ripple through global energy supply chains, the familiar blue flame in Indian kitchens is facing an unexpected challenger: electricity.
What began as concerns over the availability of liquefied petroleum gas (LPG) has quickly evolved into a technology-driven shift in cooking habits. Households across India are increasingly turning to induction cooktops and other electric appliances, initially as a backup but now, for many, a necessity.
A sudden surge in demand
Recent data from quick-commerce and grocery platform BigBasket highlights the scale of the shift. According to Seshu Kumar Tirumala, the company’s chief buying and merchandising officer, demand for induction cooktops has risen dramatically.
“Induction cooktops have seen a significant surge in demand, recording a fivefold jump on 10 March and a thirtyfold spike on 11 March,” Tirumala said.
The increase stands out sharply when compared with broader kitchen appliance trends. Most appliance categories are growing within 10 per cent of their typical demand levels, while induction cooktops have witnessed explosive growth as households rush to secure an alternative cooking option.
Major e-commerce platforms including Amazon and Flipkart have reported rising searches and orders for induction stoves. Quick-commerce apps such as Blinkit and Zepto have also witnessed stock shortages in major metropolitan areas including Delhi, Mumbai and Bengaluru.
What was once considered a convenient appliance for hostels, small kitchens or occasional use has suddenly become an essential addition in many homes.
A crisis thousands of miles away
The trigger for this shift lies far beyond India’s kitchens.
Escalating conflict in the Middle East has disrupted shipping routes through the Strait of Hormuz, one of the world’s most critical energy corridors. Nearly 85 to 90 per cent of India’s LPG imports pass through this narrow waterway, making the country particularly vulnerable to supply disruptions.
The ripple effects have been swift.
India currently meets roughly 60 per cent of its LPG demand through imports, and tightening global supply has already begun to affect domestic availability and prices.
Earlier this month, the price of domestic LPG cylinders increased by Rs 60, while commercial cylinders rose by more than Rs 114.
To discourage panic buying and hoarding, the government has also extended the mandatory waiting period between domestic refill bookings from 21 days to 25 days.
Restaurants feel the pressure
The strain is not limited to households. Restaurants, hotels and roadside eateries are also grappling with supply constraints as commercial LPG availability tightens under restrictions imposed through the Essential Commodities Act.
In cities such as Bengaluru and Chennai, restaurant associations report that commercial LPG availability has dropped by as much as 75 per cent, forcing many establishments to rethink their kitchen operations.
Some restaurants have reduced menu offerings, while others are rapidly installing high-efficiency induction systems, creating hybrid kitchens where electricity now shares the workload with gas.
For smaller eateries and roadside dhabas, the shift is less about sustainability and more about survival.
A potential structural shift
The government has maintained that there is no nationwide LPG crisis and has directed refineries to increase production to stabilise supply.
Nevertheless, the developments of March 2026 may already be triggering a longer-term behavioural shift.
For decades, LPG has been the backbone of cooking in Indian households. However, recent disruptions have highlighted the risks of relying on a single fuel source.
Increasingly, households appear to be hedging against uncertainty by adopting electric cooking options to guard against price volatility and delivery delays.
If the current trend continues, the induction cooktop, once viewed as a niche appliance, could emerge as a quiet symbol of India’s evolving kitchen economy.
