commented on E2E also…e2e is the best AI play in India, looking at there current size and market opportunity.
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From the interview today of Seema ambastha https://www.youtube.com/watch?v=4khtwT_uHhg of L&T vyoma, looks like they want to use E2E’s existing GTM ability and existing customer connect to sell GPU capacity L&T is building (atleast some part of it) by leasing it from them first. So need to look at commercials of leasing between the two. So maybe E2E will be able to grow revenues faster via lease route (she said L&T will get 12-14k B300 by dec in chennai) than equity dilution route but as I said for this margins need to be looked at.
But anyways looks like L&T/vyoma will be the biggest story for E2E shareholders in the next 12-24 months to come. Things to see is 1. what are L&T’s plans for corporate arrangement for DC business (Vyoma + E2E)? 2. How long L&T will let E2E grow independently before increasing stake triggering open offer (they have right of first refusal in fund raising, as far as I remember) 3. What will be vyoma size vs E2E size if and when merger happens? Only when investors have clarity on these plans they can project growth of EPS in long term
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