The war of words between the Kerala government and Kitex Garments Ltd (KGL) seems to be never ending. The latest flare-up owes its origin to Andhra Pradesh chief minister Chandrababu Naidu’s decision to send his Textile Minister S Savitha to Kerala to woo Kitex to AP. Savitha, who visited KGL’s headquarters at Kizhakkambalam near Kochi, was impressed with the facilities and made a formal invitation to managing director Sabu Jacob to set up a unit at Amaravati, the capital of AP.  The AP offer to set up a new unit comes at a time when Bangladesh, a major textile manufacturer, is facing a political crisis. KGL is the world’s largest maker of cotton and organic cotton ready-to-wear garments for infants and children between 0 – 24 months. The war of words between the ruling LDF government and KGL, began when Jacob decided to float a political party, Twenty-20 in 2015. The party was successful in bagging the Kizhakkambalam and nearby Panchayats from LDF. Twenty-20 transformed the panchayats into a successful model for any panchayat to emulate – 24-hour water, health facilities including insurance, better schools, roads, including grocery shops offering minimum prices etc.  Jacob who presented a Rs 3,500 cr investment proposal at the Ascend Global investment meet organised by Kerala government withdrew the proposal following harassment by the state government through various raids. It was at this juncture that the then Telangana government of K Chandrasekhar Rao rolled out the red carpet. Sabu set up two yarn-to-garments facilities in Hyderabad and Warangal which is expected to generate employment to 50,000 people when fully operational. In fact, the Telangana government showcased the Kitex project as a major achievement at the World Economic Forum, Davos. KGL, part of the diversified Anna Kitex group, is the largest employment generator in Kerala with 11,000 people on its rolls. 

For now, Odisha has missed the opportunity of scripting new history in steel making. ArcelorMittal Nippon Steel India, a JV between ArcelorMittal and Nippon Steel, established in December 2019 after acquiring Essar Steel ambitious plan of setting up 12-MTPA steel plant in Kendrapara, Odisha may not fructify it seems according to knowledgeable sources. Reason: Land acquisition issue. Since March 2021 the Odisha government has been moving at a snail’s pace over land acquisition compared to Andhra Pradesh CM Chandrababu’s proactive approach. AM/NS India shifted its steel investment to neighbouring Andhra Pradesh as it feels very confident in the leadership of the chief minister Naidu who is part of the NDA dispensation. It is learnt that Naidu’s son and IT Minister Nara Lokesh played a pivotal role to persuade Aditya Mittal, Lakshmi Mittal’s son, to move the steel plant to Andhra — with whom he has been engaged since 2018. His constant follow-up with Aditya by guaranteeing him quick land allotment and special status seems to have tilted in Andhra’s favour. Reportedly, AM/NS was forced to take this decision as nothing moved from 2021 between BJD and the current BJP government. AM/NS India is initially establishing 7.3 MTPA steel plant in Anakapalli district, Andhra Pradesh as part of its plans to set up a state-of-the-art integrated steel plant in Rajayyapeta involving an investment of Rs 147,162 crore (Rs 61,780 crore in phase I and Rs 85,382 crore in phase II). Earlier, Sajjan Jindal group JSW’s electric vehicle also shifted out of Odisha to Maharashtra. It’s about time the Majhi government woke up and smelled the coffee. 

A couple of significant developments have taken place in the Chennai corporate world. One, Lakshmi Venu has been elevated as Vice-Chairman of TAFE (Tractors and Farm Equipment Ltd), one of the largest tractor makers in the world. She had been a Director of TAFE, the flagship company of the Amalgamation group. TAFE has been driven by Mallika Srinivasan, mother of Lakshmi Venu. Two, Sudarshan Venu has been appointed the CMD of TVS Motor Company, one of the largest two-wheeler producers in the country. Venu Srinivasan, father of Sudarshan, continues to be the Chairman Emeritus of TVS Motor. Sudarshan and Lakshmi are children of Venu and Mallika Srinivasan. The elevation of Sudarshan and Lakshmi in TVS Motor and TAFE respectively is significant for the way the young ones in the family are guided up the ladder. More importantly, this sort of set the template for succession planning for many in the family business. The erstwhile TVS conglomerate – which comprised four families — saw formal legal separation a few years ago which allowed each family within the TVS conglomerate to go their separate ways. This, in fact, has seen each one of them chalking out independent business strategies. The family arrangement in the erstwhile TVS group took over two decades to arrive at after two families went to court to settle a dispute over the floatation of a competing venture in early ’90s. If grapevine has to go by, the Murugappa group (which like the TVS family comprises many wings), too, is working hard to arrive at a similar family arrangement. Reading against these backdrops, the elevation of Sudarshan and Lakshmi is remarkable for the calibrated manner in which it was done.

Change is the only constant. There are no two views on that. But in this instance, it has brought good tidings to the organisation as a whole. How else could one interpret the latest development? The India Cements (ICL), which has come under the Birla-owned UltraTech Cement, has said that it has successfully completed and stabilised a de-bottlenecking initiative at Banswara Cement Works, Rajasthan. This has resulted in an increased production capacity of 0.3 MTPA. This initiative will result in the company’s grey cement manufacturing capacity increasing to 14.75 MTPA. In 2009, India Cements acquired controlling interest in a listed company — Indo-Zinc Ltd — which later became Trinetra Cement Ltd and a subsidiary of India Cements. In January 2011, Trinetra commissioned its green-field integrated cement plant known as Mahi Cement Plant at Banswara in Rajasthan with a capacity of 1.5 MTPA at a cost of Rs 600 crore. In April 2017, NCLT sanctioned the scheme of amalgamation of Trinetra Cement with India Cements. This resulted in bringing all the cement assets under one roof. Commissioned in January 2011, Banswara Cement Plant was originally set up by the company’s subsidiary Trinetra Cement (merged in 2017) in Banswara district of Rajasthan with a capacity of 1.5 MTPA. With Banswara Plant, India Cements successfully entered the northern and western by launching its popular brand Coromandel Cement riding on the popularity of IPL team CSK and iconic captain MS Dhoni, who is popularly known as Mahi. Well, the turnaround is really happening for India Cements. 

Odisha government’s profit-making Biju Patnaik International Airport (BPIA) at Bhubaneswar is likely to be privatised. The process to privatise the airport, set up in 1962 which handles 4.2 million passengers annually has already started by the Airport Authority of India.  Already the names of Adani, GMR and Zurich Airport Ltd are doing the rounds. But the general thinking is that the Union government may not be particularly inclined towards Adani to avoid a monopoly situation in the country. The tilt is towards Zurich Airport known for its world class management and security controls which is now constructing the new International Airport in Noida near Delhi. There is a strong feeling that Naveen Patnaik’s party, Biju Janata Dal, may oppose the privatisation move. It is understood that whoever wins the bid has to factor in absorbing 60% manpower cost or continue paying salaries till employees’ retirement age. With BPIA being privatised what happens to Puri’s ambitious international airport project backed by the Odisha government? That’s a big question mark as AAI is now fully focussed on how to utilise BPIA’s existing airport space which is not yet fully tapped.

Foreign remittance into India has galloped to $118.7 bn in 2023-24, recording the highest growth ever of 7.6%. In 2022-23, the forex inflow was $111 bn. Remittance from the U.S. has emerged as the biggest at 27.7% followed by the UAE 19.2% and other Gulf countries, as per Reserve Bank of India’s 2025 bulletin. Now, U.S. President Donal Trump is proposing a 5% tax on all international money transfers made by non-US citizens. One key driver for the heavy inflow has been the weakening of Indian rupee vis a vis the dollar. Over the last five years, the U.S. dollar has depreciated from Rs 75.71 to Rs 85.45, a 13% drop in value. This adds more value to every dollar sent to India. Maharashtra has emerged as the highest recipient of forex at 20. 5% followed by Kerala at 19.7%. Interestingly, Kerala which has been a big dependent on remittances from the Gulf countries — UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain today finds the U.S. as the biggest contributor. Incidents like 9/11, Covid-19, extreme weather conditions and obviously depreciating value of the rupee have all contributed to non-resident Indians investing in homes, land, stock market etc back home. According to sources at the International Institute of Migration and Development, remittances from the Gulf may fall in the coming years, while inflows from the U.S., the UK and Canada could rise. There are 45 lakh overseas Indians in the U.S., including 32 lakh PIOs. An international study at the FLAME University, Pune indicates that while students and skilled workers are increasingly heading West, the Gulf will remain important for many. There is a shift in migrant profile: more students, more professionals and more loans are taken to finance migration. This could help maintain strong inflows.

In the fast-evolving environment, the winning strategy is defined by smartness. How else could one describe this move by Tractors and Farm Equipment (TAFE).  The Chennai-based tractor company has been engaged in a legal row with its U.S. Partner AGCO Corporation. Both have cross-holding in each other. TAFE is the largest shareholder in AGCO. They have been partners for over six decades. Yet, AGCO has chosen to raise an avoidable dispute with TAFE over the ownership of Massey Ferguson brand. The U.S. company, it may be recalled, confirmed the termination of its commercial agreement with TAFE. Even as the dispute has taken a legal route, TAFE is understood to have decided that it would not nominate its representative to the board of AGCO. TAFE, being the largest single shareholder with over 16% stake, has the right to have a nominee on the board of AGCO. But, it has chosen not to have its nominee on the board. Well, this should give the Chennai-based tractor company quite an elbow-room to chalk out an independent course in the marketplace. How will this strategy play out? One has to wait and watch. In the meanwhile, TAFE has voluntarily agreed to extend its `standstill commitment’ till June this year. The agreement essentially is about freezing TAFE holding in AGCO. The termination of the commercial agreement with TAFE is interpreted as a move by the U.S. firm to force TAFE to sign a permanent `standstill agreement’. In a new normal environment, Indian firms aren’t shying away. Indeed, they are out to establish their multi-national aspiration.

Dinesh Beedi Workers’ Co-operative Society, an institution born out of a labour movement in Kerala in 1969, is struggling to keep its core business of beedi making afloat. The Kannur-based society which used to employ 42,000 women workers, today has only 2000 workers. As part of its survival strategy, many branches are being merged in Azhikode and Kannur into a single entity. During the best of its time, Dinesh had 16 branches under which 82 small scale units existed. Supporting the beedi manufacturing cause were 18 primary societies spread over Kannur and Kasargod generating a turnover of Rs 60 crore. Interestingly, working at Dinesh Beedi was considered as good as a government job, according to a beedi worker Savithri PV Dinesh used to pay Rs 50 for every 1000 beedis rolled. Today the competition is paying Rs 75 for 1000 beedis. Things took a turn for the worse in 1990 after increased health awareness, ban on tobacco promotion, smoking ban at public places, beedi being considered inferior and easy availability of cheaper brands from West Bengal and Tamil Nadu. Foreseeing an alarming future, the primary co-operative board of directors — all of whom were beedi rollers, chalked out an expansive diversification with the launch of Dinesh Foods in 1997. This was followed by Dinesh Information Technology Systems, Dinesh Umbrella, Dinesh Auditorium, 2001, Dinesh Apparels 2007 and Cafe Dinesh 2015. Almost all the beedi rollers who lost their jobs, found employment in garments and umbrellas making units, running cafes and upgrading their skills to IT. The diversifications are taking shape but it will take time to make up the loss of Rs 60 crore turnover from beedi rolling. 

Vizhinjam International Seaport, the country’s first deep water transhipment port is Kerala’s gift to the nation. The first phase of 3,000 metre breakwater and 800 metre container berthing facility has been set up at a cost of Rs 8,867 crore. The Kerala government has pumped in Rs 5,595 crore, partner Adani invested Rs 2,454 crore while the Centre, a measly Rs 800 crore by way of viability gap funding. The loan is repayable from future dividends. It is learnt that Adani group will invest another Rs 2,000 crore during the second and third phase of the project. It is estimated that the nation loses $220 million per annum for want of a transhipment port. In another estimate, the loss can be pinpointed to $ 100 per container. While in the first phase, Vizhinjam Seaport will handle one million twenty foot equivalent units (TEUs), on completion in 2028, the capacity would be 5 million TEUs. For Kerala, the port could end up as a major employment generator. For starters, the port has employed 755 people so far. While 67% of the workforce is from Kerala, 57% are from Thiruvananthapuram district. Notably, 35% of those employed are residents from the immediate vicinity of the port, thereby keeping the government’s promise of local job generation. Indications are that once the port is at full stream, it is expected to create a ripple effect in Thiruvananthapuram where there will be a surge in employment opportunities for dock workers and logistics personnel to transport, warehousing and ancillary service providers. And also, local economics is expected to increase demand for goods, housing, retail etc.

In a short span of four years, Sairaj Dhond, the brain behind Wakao Foods, a jackfruit-based vegan food company, has made waves in the food industry. This Goa-based company, launched in 2021, is India’s first plant-based product company. It has made successful business out of jackfruit, considered to be one of the most wasted fruits in the country. With jackfruit the company is offering ready-to-cook and ready-to-eat products which are 100% natural, without any artificial colouring, chemicals or preservatives. His range of offerings like Teriyaki Jack, Butter Jack, BBQ Jack, and Jack Burger Patty found easy takers as it was nutritious and delicious. Interestingly, the food needs no refrigeration and has a shelf life of nearly a year. His products are available in the USA, Singapore, Dubai and the Netherlands. Now, emboldened by this success he is now exploring the UK market. UK’s MH12 Foods which runs an e-commerce retail platform has expressed keen interest for a tie up. Dhond will soon begin manufacturing Jackfruit flour. With demand on the rise, the company which already operates a plant in Kerala is setting up a new plant at Kudal in Maharashtra.  It recently introduced the ready-to-eat Jackfruit Biryani that is delivered through Zepto in India. Dhond, it is learnt, dabbled his hands in one too many things, before he found his life calling in the food industry.

Kerala Tourism is introducing cruise tourism across the state’s coastline. The initiative aims to launch cruise routes that connect major and minor tourist destinations in Kerala. The government backed plan offers tourists a chance to explore and experience the state from a different perspective. According to an official of the tourism department, the state is shifting from destination-based tourism to experimental tourism. The plan is to start cruise operations from seven ports in the state — Vizhinjam, Kochi, Alappuzha, Kollam, Beypore, Neendakara and Kayamkulam. Kerala has been facing competition from other tropical countries which offers almost everything it has, the official said. The game plan is to offer a more immersive and memorable travel experience, he added. Private operators will operate vessels with varying seating capacity, cabins and other luxury amenities, says N S Pillai, Chairman, of Kerala Maritime Board, which will be overall supervisor of the project. The operations would be inter-state, inter-district and in the long run linking Goa and Bengaluru. With the operations of the Vizhinjam International Port gaining momentum, plans are afoot to integrate the cruise tourism project with broader port developments. Interestingly, even before the green signal had been given for the internal cruise project, the state government at a cabinet meeting yesterday, approved the sale of liquor on boats cruising across the Kerala coast for a license fee of Rs 50,000. 

The Odisha High Court has issued a stay order on the National Human Rights Commission (NHRC) proceedings pertaining to the alleged suicide of a Nepalese girl student at KIIT University. This effectively means that HC has temporarily suspended the NHRC’s March 27 order which held KIIT accountable to the suicide incident. KIIT moved HC stating it was not given an opportunity to be heard. One of the KIIT directors told shortpost.in it had to move the Odisha High Court because of victimisation. Justice SK Panigrahi at Odisha High Court while hearing KIIT petition emphasised the adherence to the principles of natural justice in quasi-judicial proceedings. The HC has issued notice to NHRC to respond by April 26 with the next hearing date scheduled for April 29. It may be recalled that KIIT University’s move, asking Nepali students to go back, was a diplomatic embarrassment for India as our country enjoys a good relationship with Nepal. In all this drama being played the general question everybody is asking: Will the deceased Nepali girl student ever get justice?

Ashesh Jani, Co-founder of Ribbon App that offers multi-currency accounts and wallets for 32 currencies, recently flew into London to meet K Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA) and Dipesh Shah, Head of Development of Financial Market & International Affairs. The IFSCA is located at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. The meeting facilitated by the Indian High Commissioner Vikram Doraiswami was to explore the possibility of Jani setting up operations in the GIFT City. Ribbon, whose tagline is: ‘Account Before You Fly’, offers a range of services that is tailored for Indian students and professionals relocating to the UK.  Seeing the huge potential in the domestic market, Jani is keen to set up an Indian office to do domestic business. Ribbon offers multi currency accounts and wallets with an embedded payments marketplace, and access to deposits, FX, Crypto and equity trading platforms.  Its AI-powered app is designed to offer a hyper-personalised experience to its users. What probably attracts Ribbon to invest in India is the competitive tax environment that GIFT City offers.

Kothari Industrial Corporation Ltd (KICL) has a Qatar connection. A company belonging to the Royal family of Qatar has invested in KICL picking up, in the process, a 10% stake in the Chennai-based firm. KICL is now solidifying its ties with Qatar.  The Chennai company has set up a Kickers fashion store at Doha in Qatar. Kickers is a French footwear and apparel brand which was bought in 2007 by the Royer Group. The store opened on March 26. KICL has a long-term licensing pact to market Kickers brand in India and a few other countries. The Doha store signals the desire of KICL to firmly establish its footprint in the global retail market. The store is housed at a prestigious mall of Qatar. The collaboration with the Royer Group of France for Kickers brand has already seen KICL establish a mall in Chennai. With a rich legacy, KICL is making a strong comeback to regain its yesteryear glory. Rafiq Ahmed, the new owner of KICL, has laid out an ambitious plan to open 100 exclusive Kickers stores across India. KICL turnaround under Rafiq Ahmed has already seen its shares back on bourses. Since its relisting early last year, there has been an upward drive for the KICL share. Today, the market capitalization of KICL is inching close to Rs 1500 crore. Well, KICL is on a fast-lane and keen to go places, it appears.

Savoury and sweet maker Haldirams run by the Agrawal family has been in the news for quite some time now. Recently, it sold a 10% stake to Singapore Temasek Holdings at a valuation of $10 bn. Besides, the Delhi and Nagpur arms are being merged to form a new entity Haldiram Foods & Snacks which may be listed soon. The latest news from Blighty is that Haldiram Nagpur has picked up a 20% stake in the UK-based fast food chain Shree Krishna Vada Pav (SKVP) run by two young entrepreneurs Subodh Joshi and Sujay Sohoni. Started in 2010 from a small sublet space on the high street of a suburban district of West London in Hounslow, the duo was the first to give vada pav a commercial status in the UK. It seems vada pav has tickled the palate of not only the Indian diaspora but also Britishers. In the last 15 years, SKVP, which has 70-plus Maharashtrian snacks, have sprung up in 18 locations across England, and with Haldiram they plan to increase the number to 30 in 2025 and double it by 2030 so as to have a presence in all cities in the UK. Plans are afoot to enter into other countries in Europe. Haldiram will appoint two members on the SKVP Board to offer its expertise, guidance and share the knowledge of its distribution and supply chain. Haldiram products including locally manufactured sweets will also find space on SKVP aisles.

A public notice a few days ago in a leading English newspaper by Crompton Greaves Consumer Electronics has set tongues wagging. The notice obviously is intended to put at rest confusion over the identity of the owner of a particular logo. Asserting that the company “only uses the logo/house mark Crompton as part of its corporate identity and business,” the company made it clear that it “has got no association, connection, reference or affiliation with CG logo or the company which owns the logo”. “Crompton does not associate with any of the products being sold or marketed bearing the aforesaid CG logo or warranty claims/liabilities which arise out of such incorrect association,” it further said, warning the general public, trade and others.  A trip down memory lane will put the whole issue in perspective. In 2017, the Crompton Greaves Ltd name was changed to CG Power Industrial Solutions Ltd. The products of CG Power had been marketed under the CG logo, while the consumer products under the erstwhile B2C segment of the company were marketed as “Crompton’ or “Crompton Greaves”. Pursuant to the demerger of the consumer business into a separate entity, namely, Crompton Greaves Consumer Electricals Ltd (CGCEL), CG Power and CGCEL had agreed to transfer the trademarks associated with the consumer products business — “Crompton” and “Crompton Greaves” — to CGCEL and, consequently, discontinue the use of trademark “Crompton” and “Crompton Greaves” in the corporate name of CG Power. In 2020, Murugappa Group-led Tube Investments of India Ltd picked 56% stake in CG Power for around Rs 700 crore. CG Power under the Tube Investment has been a stellar turnaround story. With CG Power and CG brand hogging headlines, Crompton Greaves is caught in a huge discomfort.  Not surprisingly, it has prompted Crompton Greaves to promote its original Crompton brand. Logos can also...

Industrialist Gautam Adani’s 90-minute late night Saturday meeting (Mar 15) with Maharashtra chief minister Devendra Fadnavis has raised many an eyebrow. The meeting at ‘Sagar’ bungalow of the CM is considered meaningful since the Adani Group has only recently bagged a huge redevelopment contract in north Mumbai’s Goregaon suburb. The project to redevelop Motilal Nagar colony at a cost of Rs 36,000 crore is among the largest in the metropolis. The group has been under attack by the political opposition of the Fadnavis government in connection ever since it won the prestigious Dharavi redevelopment project. Allegations are made that the ruling saffron coalition is giving away Mumbai to Adani on a platter. Not deterred, Adani has maintained contacts with the Nationalist Congress party founder Sharad Pawar and Fadnavis. Both have had meetings on a couple of occasions during the past few months. The Saturday meeting began around 11 pm and ended after midnight. The 143-acre land parcel is in Goregaon, a stronghold of the BJP. Adani’s name was embroiled in the Hindenburg controversy last year. At the time, Pawar had defended the industrialist stoutly. The result was that the demand to appoint a joint parliamentary committee proved to be stillborn. Similarly, Pawar’s visit to Adani’s office and residence in Ahmedabad had attracted vast media attention. Earlier, Pawar and Adani had inaugurated a factory in Sanand in Gujarat. Except for a token protest, the Opposition Maha Vikas Aghadi has remained aloof so far about Adani.

Residents of Manchester or the Indian diaspora in the UK are euphoric for two reasons. The first is the inauguration of a special Indian consulate in Manchester on March 8 by external affairs minister Dr S Jaishankar. Second, is the announcement by IndiGo airlines of a direct flight to India from Manchester. Dr Jaishankar gave away the secret that both these decisions were an “ask by Angela Rayner” Deputy Prime Minister of the UK – a staunch labour leader from Manchester. Direct flight was a long-standing demand of Indian Mancunians (residents of Manchester). In return, Jaishankar has asked Rayner to open UK universities, tie-up with Indian educational institutions. Indigo’s decision to operate Manchester-India direct flight came as a shock and surprise to the aviation industry. Though the destination in India has not been announced, sources say that IndiGo could fly to the new airport in Navi Mumbai. This is because IndiGo is building a huge hub at the Navi Mumbai airport and it makes sense to fly their newly acquired wide-bodied aircraft from Norso to Navi Mumbai.  It may be recalled that last year the Tata-controlled Air India too had announced direct flight between Manchester and India but decided to put it in cold storage and focus on the U.S. sector. It is learnt that on this North America sector — San Francisco and New York – Air India is providing Premium economy seats and there is a good response. Industry experts are asking why British Airways did not think of the Manchester-India flight. IndiGo drew up special plans to operate from Navi Mumbai as Emirates does in Dubai. IndiGo may start the operations from July 2025 to coincide with the Navi Mumbai airport becoming operational. Rahul Laud, Manchester

From the word go the Puri Jagannath International airport seems to be an on-off project. For starters there were no bidders followed by land and environmental clearance issues and finally the big question raised was about its viability as it was close to Bhubaneswar airport. Now, highly placed sources say that the Odisha government is keen to get the airport operational on a priority basis. Towards this, the government has ensured that the project will not face any hurdles from the environment ministry. The state’s chief secretary Manoj Ahuja while addressing the third High Powered Committee has made it clear that Puri International Airport is a priority for the Odisha government as well as the Centre. The new airport can help bolster regional and international connectivity thereby giving fillip to tourism vis a vis economic growth. As regards project viability efforts are being made by ensuring viability gap funding. This greenfield airport project will be spread over 1,164 acres. Immediately the Odisha government is going ahead to acquire 221 acres of land which falls under Brahmagiri Tehsil. The villagers will be fairly compensated for land acquired. But there are doubting Thomases who feel that this public-private partnership project will not see the light of the day. Their argument is that the greenfield airport may not prove to be viable as the close-by Bhubaneswar airport already attracts 4.9 million passengers and it is expanding to make provision for 16 million passengers in the next five years. But it has the constraints of not being able to increase its runway.

IPL fever has already gripped the city of Chennai. And, the ever-popular CSK (Chennai Super Kings) is out to do everything to woo its fans. Always darling of fans, CSK is out to strengthen its bonds with its fans. For a second successive year, Chennai Super Kings joined hands with Metropolitan Transport Corporation (Chennai) Limited (MTC) for TATA IPL 2025. Ostensibly, this tie-up is intended to improve fan convenience. Fans with tickets for Chennai Super Kings’ home matches can travel in MTC buses (non-AC) for free from three hours prior to the start of the match. The match tickets will double up as the travel tickets. “The partnership comes as a part of Chennai Super Kings’ commitment to creating a seamless and fan-friendly experience, ensuring that supporters can enjoy the match day excitement from the moment they leave their homes,” said KS Viswanathan, Managing Director, Chennai Super Kings. “We encourage fans to use public transport and enjoy Chennai Super Kings’ matches in Chepauk. With approximately 8,000 fans using the bus services from different parts of the city each game in 2024, we expect larger support from fans to use public transport.” Chennai Super Kings are set to play their first match in Chepauk on March 23 against Mumbai Indians. (By Special Arrangement With Industrial Economist)

They may have gone their separate ways. That has not stopped them from finding themselves in news pages. A quiet consolidation is happening around different constituents of the erstwhile TVS Group. Latest action is coming from Gopal Srinivasan (brother of Venu Srinivasan)-led branch of the erstwhile TVS Group. TVS Investments Private Ltd and TVS Electronics are to amalgamate, signalling a consolidation.  The National Company Law Tribunal (NCLT) has initiated the merger process by directing the company to seek the shareholders’ approval. TVS Investments is a holding company of TVS Electronics. In March last year, three listed companies of Venu Srinivasan group — TVS Motor Company, TVS Holdings Ltd and Sundaram Clayton Ltd — had filed identical communication with the stock exchanges on an arrangement between family members — Venu Srinivasan, his wife Mallika, their son Sudarshan and daughter Lakshmi. Though it was a non-compete pact between them, it signalled succession planning.  In the middle of last month, Sundaram–Clayton announced that its board has approved a proposal to sell its aluminium die-casting business at its Hosur plant in Tamil Nadu to third-party purchasers.  Post family separation, myriad branches within the larger erstwhile TVS are charting their own business strategies. Indeed, each one is unleashing a new energy. Lots more to look out for in the coming days, it appears.

Staying lean is the new mantra. None could dispute it. Still, it has given rise to a sense of distrust. Well, the National Confederation of Bank of India Staff Unions (NCBISU) has not taken kindly to this one move by the public sector banks. It has expressed strong opposition to the recent decision of public sector banks to recruit apprentices instead of conducting regular permanent recruitment. In a circular issued on March 1, NCBISU has pointed out that several public sector banks have recently started hiring apprentices under the Apprentices Act, 1961. Following this trend, Bank of India has also announced the engagement of 400 apprentices across the country. It sees in this move a step towards contractual employment, which could weaken job security and affect the rights of regular employees. The union believes that this decision will have serious negative implications for employees and the banking sector as a whole. Significantly enough, the engagement of apprentices is limited to just one year. What happens after one year?  The union believes that this arrangement offers no real career prospects to the apprentices and could result in exploitation of young workers who seek long-term employment opportunities in the banking sector. Questions have also been raised about the suitability of apprenticeships in the banking sector. Who will be responsible for training these apprentices? Well, the issue of contract workers (disguised in different nomenclature) is turning out to be a hot subject.

Disruption or disruptor are terms used in connection with the startup ecosystem. Take for example the way the cab business got disrupted by the ride hailing apps or the food delivery apps that disrupted the way you ordered food. These companies were well funded and they began their early part of the journey by burning loads of money and gaining relevance in the marketplace. Switching into time and the first time something different than a startup player becoming a disruptor happened was when Kumar Mangalam Birla through Grasim announced his entry into the decorative paints industry through Opus paints. With the start of its 4th factory in Karnataka, he is already the second largest in terms of capacity in the decorative paints industry. It is expected that this paints division would have a turnover of Rs 8000-10,000 crore in three years’ time. Asian Paints which reported a revenue of Rs 35,000 crore for the year ended March 2024 saw its market cap fall by more than 40% after Opus entered the fray and well before it has become a sizable player in terms of size and market share. Recently, Kumar Mangalam Birla did the same thing in the cement sector. One of his group companies, UltraTech Cement announced its plans to enter the cables industry with an investment of Rs 1,800 crore for setting up a cable plant. The two key raw materials for this are copper and aluminium, of which Hindalco Industries, a group company, is one of the top two producers. This mere announcement shook the incumbents and the top players cumulatively lost a market cap of over Rs 50,000 crore in a single day. 

One more season of the highly popular Indian Premier League (IPL) is just around the corner. Post the auction some time ago, every team will take up the field with a reorganised bunch of players. The excitement around IPL has already begun to pick up. Like in the past, the Mahendra Singh Dhoni factor is still adding additional flavour to the entire tournament. Though he is not the skipper, Dhoni is firmly in the cockpit guiding the CSK (Chennai Super Kings). This time around, all eyes are all the more on Dhoni. The reasons aren’t far to seek. For one, the CSK czar N Srinivasan is pushing past 80. For another, the CSK is now completely disconnected from The India Cements Ltd (ICL) now that the Birla-owned UltraTech Cement has taken it over. Indeed, much water has flown under the bridge since the last IPL season. As CSK is stepping into a new IPL year, quite a guessing game is already on as to the road ahead for the darling team of cricket fans. Significantly enough, CSK has now been courted by one of the oldest private sector banks in Tamil Nadu, City Union Bank. These two well-known brands in this part of the world — one a classical and the other a contemporary — have come together to facilitate the launch of a co-branded credit card.  Surely, that must be a win-win for both these iconic brands from Tamil Nadu. Sports, banking and technology could prove to be a perfect amalgam to showcase the strength and foster the trust of these to lovable brands.

Days after West Bengal chief minister Mamata Banerjee made it public about her discussions with Tata Sons Chairman N Chandrasekaran of launching direct flights from Kolkata to Europe at the Bengal Global Business Summit comes the news that Kolkata is set to lose its Air India base. The airline, it seems, is withdrawing operations from the city, citing insufficient demand for business and first-class seats, a move reminiscent of British Airways’ exit 16 years ago. While economy class sees steady demand, the lack of high-paying passengers has made Kolkata an unviable base for Air India. From March 31, the airline’s flights will be replaced by Air India Express, the Tata Group’s low-cost subsidiary, which operates an all-economy-class model. Once a crucial hub for Indian Airlines, Kolkata’s role in Air India’s operations has gradually declined. Pilots stationed in the city must now either resign and join Air India Express or relocate. Of approximately 150 pilots, some have moved to IndiGo or shifted to other cities, while 50–60 have opted for Air India Express. Tata Group is repositioning Air India as an international brand, focusing premium operations on major hubs while shifting domestic routes to Air India Express. Similar transitions are expected in Chennai and Hyderabad. Industry experts argue that if the investments announced at the Bengal Global Business Summit materialises, then demand for premium-class travel may eventually rise. Currently, Air India operates 26 flights daily from Kolkata, all of which will cease after March 31. 

Change is the only constant in the world. It also signals a move forward. In this instance, however, this change has ushered in a complete break from the past. No doubt, the ownership of Kothari Industrial Corporation (KICL), a company founded very many summers ago by the late DC Kothari, has moved on to Rafiq Ahmed a while ago. But there was a sense of continuity with Pradip D Kothari, son of DC, remaining as the Chairman of KICL. A few days ago, however, he stepped down to pave the way for Rafiq Ahmed to become the Executive Chairman of the company. With this, the break is complete. From now onwards, KICL will run on its own sans the DC Kothari family members. Indeed, KICL has padded up for a new innings. Having given a new lease of life to KICL, Rafiq Ahmed is focussing on the way forward. He continues to carry on the legacy of the late DC Kothari. At the same time, he is charting out his own plan to bring the glory of former times back to the Kothari, a celebrated brand once upon a time. The DC Kothari Group, in fact, had grown with the blessings of illustrious names such as R Venkatraman (former President of India), K Kamaraj (chief minister of Tamil Nadu) and the like. Not surprisingly, Rafiq Ahmed has chosen to continue the legacy of the vision envisioned by DC Kothari. Well, the newly-anointed Executive Chairman is on a mission mode. He has put on a blinker to push brand Kothari to its original glory.

The labour impasse at the Samsung’s Sriperumbudur facility in Tamil Nadu is attracting increasing attention as both sides aren’t ready to yield from their stated positions. The trigger for the latest industrial dispute was the suspension of three workers of the union which was registered under a court order but has not been recognised by the Samsung management. As the fracas continues, the union leader has alleged that the management has suspended more workers. The suspension of the three union workers, the management claims, was forced as a section of the workers led by these three assembled unannounced and gate crashed to have an audience with officials of the company. The union leader — an outsider belonging to CPI(M)-affiliated CITU, wanted the suspension removed and demanded the management to forthwith stop using contracts labour. This sounds funny. If Samsung can’t use contract labour, how can the union have an outsider as its leader! An oxymoron position by the union leader, it appears! As the stalemate prolongs at Samsung facility, questions have risen over its fallout on the effort of the DMK government in attracting global investment. In the emerging era of artificial intelligence one is unable to fathom the larger implications of such strident position articulated by an outsider-leader.

Maharashtra’s Gadchiroli district seems to be on the radar of corporate India. Two big projects, an iron ore, and a steel plant, involving huge investment is expected to transform this naxal-infested belt forever. Sajjan Jindal promoted JSW Group is setting up a 25 million tonne steel plant – world’s largest — by investing Rs 1 trillion over next seven to eight years. Helping the steel plant with regular supply of iron ore is B Prabhakaran-promoted Thriveni Sainik Mining. This company is a prominent player in the coal mining sector with a capacity to deliver 15 MTPA of coal. Coming to iron ore, Thriveni has entered into an agreement with Mukesh Gupta-promoted Lloyds Metals and Energy as Lloyds was granted a 50-year iron ore mining lease in 2007 for 348 hectares at Surajgarh Village. This area is known to have a major iron ore reserve. It may be recalled that Gupta was a high-profile businessman in the nineties running a clutch of companies from steel to real estate to pharma. Thriveni which got into play in 2021 after being appointed MDO or Mine Developer and Operator has already produced over 3 MTPA and plans to produce 25 MTPA iron ore. Sometimes back, Thriveni Group was in the news not because its promoter Prabhakaran was arrested over his role in a mining scam but, because the Union minister of Railways Ashwini Vaishnaw before entering politics was a director in Prabhakaran-promoted iron ore company Thriveni Pellets Pvt Ltd set up in 2019. 

India incorporated, particularly the Pharma and IT sectors (H1 B visas), can heave a collective sigh of relief and thank Prime Minister Narendra Modi for averting a (trading) tariff war with the USA. Highly placed sources say Trump’s high praise for his Indian counterpart was the outcome of consistent backroom parleys over several months by NSA Ajit Doval, External Affairs Minister Dr S Jaishankar for phenomenal and strategic business growth between the two nations the trajectory of which would be impacted adversely if tariffs were imposed upon India. “Reciprocal tariffs are unlikely for Indian exports from pharma sector ($7.55 bn in 2023), pearls/precious stones/metals/coins ($10.17 bn in 2023) and electrical and electronic equipment ($9.89 bn) like exporters of goods and (IT) services to America. India secured an exemption due to the exemplary foresight of PM Modi and his business acumen that seeks to propel India to reach the $5 trillion target even as early as 2028,” the source reveals. Unfair news media constantly compares the Indian economy with the USA and China although both are $20 trillion plus economies, the source adds. Indian exports witnessed steady incremental growth since 2015 ($40.3 bn), 2016 ($42 bn), 2017 ($46 bn), 2018 ($51.7 bn), 2019 ($54.3 bn), 2021 ($71.5 bn), 2022 ($80.2 bn), 2023 ($75.8 bn) with the exemption of the Covid-19 pandemic fallout impacting exports in 2020 of $49.3 bn. recording namaste. More importantly, India seeks to reduce its annual business imports from China sounds like sweet music for the U.S. president Trump.

Vizhinjam Seaport in Thiruvananthapuram is fast emerging as a key link between Asia and Europe with Mediterranean Shipping Company (MSC), the world’s largest container shipping company by fleet size and cargo capacity, announcing its plans to make it a port of call. MSC’s Jade service, which connects Asia and Europe will now include a stop at Vizhinjam before continuing to the Mediterranean. This move would bring larger vessels with capacities ranging from 23,000 to 24,000 TEUs (twenty-foot equivalent units). to dock at the port boosting its prospects. Since its inception in July 2024, Vizhinjam Seaport has handled 144 ships and 2,90,000 containers, showcasing the port’s increasing capacity and operational efficiency. Smaller MSC vessels have been primary contributors to its growth. This port has seen a steady rise in MSC ship calls. “We plan to increase the number of calls to 48 a month immediately, with a medium-term goal of reaching 60 calls per month. The projection will lead to having two MSC ships calling a Vizhinjam every day,” according to a MSC spokesman. Also, Vizhinjam International Transhipment Deepwater Multipurpose Seaport, Thiruvananthapuram, is replicating the success of Adani-run Mundra Port, Gujarat, by setting up a SEZ that will foster an industrial eco-system and port-led development. According to Harikrishnan Sundaram, head of container business at Adani Ports, the development of Vizhinjam Port has exceeded initial expectations by handling one million (TEUs) in its first year itself, an Indian record.  To sustain this growth Adani Ports plan to develop essential infrastructure including SEZs, logistics hubs and warehouses. He drew parallels with Jebel Ali Port which successfully created an eco-system supporting the UAE’s economic development.

Non-government privately operated Indian agencies, in the sphere of education, healthcare, infrastructure and governance as well as undisclosed Indian nationals received huge financial outlays from USAID under the Biden administration in the USA. Allegations that USAID was a front for American governments of the past to undermine, engineer coups to change the political leadership across the globe have emerged now. USAID played during the Ukraine Maidan uprising of 2014, for instance, with leaked phone call conversations from February 2014 between the U.S. Ambassador Geoffrey Pyatt and Victoria Nuland (Assistant Secretary of State, European and Eurasian Affairs) exposed American efforts to dislodge then Ukraine President to install U.S. preferential candidate (read Vladimir Zelensky) through a regime change operation. Similarly, high fund allocations to Indian entities including Gurugram-based Priyanka India Pvt Ltd ($238,560), SF&B INC ($18,989), Jefferson Consulting Group LLP ($129,477), New Delhi based Impact Investors Council ($ 14,567), Techno Relief (Overseas) India Pvt Ltd ($226,670), People’s Science Institute ($176,037) based out of Dehradun in Uttarakhand, Boland India E ($267,393) by USAID are under the lens. More intriguing is the huge fund allocations made under the head of miscellaneous foreign awardees (from India) distinct tranches ($4732; $16,750; $16, 200) besides several payouts to undisclosed American entities with allegedly close India ties ($783,736; $15,823; $188,100; $176,665; $218,084; $214,103; $237,271.51; $368,466; $324,686; $529,142.98). Actor Sonam Kapoor’s husband’s firm as also Tata Communications (formerly VSNL) were also similarly funded $18,906 by USAID as now revealed. Indian agencies are keen to know the nature of inputs provided by these social sector agencies to the government for policy formulation.

There has always been a great race among the Indian States to attract investors – global and local. So, it was not surprising to see West Bengal chief minister Mamata Banerjee going all out to woo investors for the Bengal Global Business Summit held on February 5-6. Full page ads were splashed across all mainline and financial dailies for several days. With who’s who of the corporate world gracing the occasion, the Bengal government said it has signed investment proposals worth Rs 440,595 crore. Marketing maven Suhel Seth, tweeted, “you may disagree with her politics but no Chief Minister has tried so hard to garner investments into West Bengal as she has.” But BJP’s IT Head Amit Malviya was not so charitable. He wrote on X, Mamata Banerjee and her advisor, Dr. Amit Mitra, have once again launched their elaborate sham—the Bengal Global Business Summit (BGBS). This grand spectacle, filled with lofty claims and fraudulent promises, is designed to deceive Bengal’s population into believing in an illusion of economic revival. It is a mirage of prosperity, fuelled by exaggerated yet hollow proclamations of astronomical investments.” He asked: Why, despite promises of Rs 3.42 lakh crore in 2022 and Rs 3.76 lakh crore in 2023, have 98.82% and 97.21% of these investments, respectively, failed to materialize? Why is there a glaring absence of verifiable official data to substantiate the claims of a 50.27% implementation rate of investment proposals and the creation of 28 lakh jobs between 2015 and 2019? Why has Bengal received only 0.7% of the total FDI inflows—amounting to just ₹12,827 crore between October 2019 and June 2024…while Gujarat, Maharashtra, and Karnataka command 16%, 31%, and 21% of FDIs, respectively?

What goes out seems to return to the same place. Well, how else could one view the unfolding scenario. Reports suggest that Aditya Birla Group-owned UltraTech Cement is in advanced talks to acquire Heidelberg Cement India. Heidelberg Cement India is the subsidiary of HeidelbergCement Group, Germany. It entered India in 2006 with the acquisition of erstwhile Mysore Cement, Cochin Cement and a JV with Indorama Cement. The company has plants at Damoh (MP), Jhansi (UP), and Ammasandra (Karnataka). If this acquisition happens, UltraTech may get Zuari Cements as well, which is a part of the Heidelberg Group. In such an eventuality, the Sitapuram plant of Zuari will also come under UltraTech. The Sitapuram plant was once with The India Cements (ICL). The India Cements got the Sitapuram plant as a bonus when it acquired Raasi Cement many years ago. Subsequently, India Cements sold the Sitapuram plant to Zuari to raise funds. The Parli grinding unit of India Cements, it may be recalled, was acquired by UltraTech. Since UltraTech has taken over India Cements, the Parli grinding unit has technically returned to its original place (since India Cements has now become a subsidiary of UltraTech). Well, the world is small after all.  And, the world is indeed round!

After all the hype over the low-cost DeepSeek artificial intelligence from China that seemed to be threatening the earlier model, doubts have begun to surface, at least in India, about its ability to continue posing a challenge to ChatGPT in the long term. The new app, which became the most-downloaded free app on the iOS App Store in the U.S. a fortnight after its launch on 10 January 2025, resulted in a steep fall in the share price of the more established Nvidia. While various users and reviewers have hailed it as a harbinger of the “global AI space race”, experts here are raising the old question of the longevity and reliability of anything made in China, especially when it is priced at a fraction of others in the same space. Says one leading infotech player, expressing the opinion of many in the field: “Like any data from China, nobody knows the real cost — it may be a whole lot higher than those incurred by Open AI.” Drawing a parallel with renewable energy, this expert points to a record 11 Gw of wind turbines commissioned years ago with turbines in almost all remote areas but no connection to the grid. “Renowned global consultants based in China whom I have met, always take any data from the Chinese government or otherwise from China with a pound of salt,” he adds. “It is perhaps disruptive news to pull the U.S. down. Let’s wait and see.” The Chinese company, established in Hangzhou, Zhejiang in 2023, is owned and funded by Chinese hedge fund High-Flyer, which develops open-source large language models (LLMs).

Ashesh Jani, Co-founder & CEO of the Gibraltar-based Ribbon Plc, is on Cloud Nine. Naturally. His venture has got the green signal from the UK Financial authorities to launch Ribbon App in the UK market. It was launched in Gibraltar first. The App is tailored for students and professionals relocating to the UK. Ribbon offers multi-currency accounts and wallets for 32 currencies. Jani had chosen Gibraltar which is widely recognized as the “Gateway to the UK” in financial services, but its global business advantages extend well beyond the UK. In particular, Indian businesses seeking to enter the UK market (or elsewhere) find Gibraltar an ideal location for establishing a holding company or trust structure. Ribbon’s AI-powered technology is designed to offer a hyper-personalised experience to its users. The financial services super-app is loaded with features including multi-currency accounts, an embedded payments marketplace, and access to deposits, FX, Crypto & Equity trading platforms. Jani has picked his former ICICI Bank colleague in London, Manish Vaid to head marketing operations. Before becoming an entrepreneur, Jani worked at ICICI Bank as the Head of Overseas Markets & Alternate Channels –Retail, SME, and Private Banking — in the UK and Europe. After completing his MMS in Marketing & Finance from the University of Mumbai started his professional career with Vodafone and then moved to Tata Internet Services.

This one hit national headlines in December 2021 when it attracted a $ 4.1 billion investment from the American fund TFCC International. Such a massive investment into this little known Chennai-based group became the talk of the town. This one was able to attract such a huge investment because of its technology prowess. This enables it to convert un-segregated waste into energy without leaving behind any toxic residue. Ram Charan group has since been doing quiet work in the field of waste management and inked a pact with Bhilai Steel Plant and others for waste management and converting them into value added products and fuel. In the wake of urbanisation and population growth, waste management assumes criticality for municipalities especially. Ram Charan is pursuing a blinkered-horse like approach to sort out this issue. Significantly enough, it has run a successful pilot project for municipal waste conversion in Andhra Pradesh Chief Minister Chandrababu Naidu constituency Kuppam. Following this, the Naidu government is reportedly toying with the idea of extending association with Ram Charan group across the whole Andhra Pradesh. The residue sludge is converted into a syrup which is then used as a fertilizer for agricultural purposes. The carbon-rich syrup is found to aid crop growth. Well, Naidu appears to be on a mission mode, and has found in Ram Charan a good partner.

Odisha chief minister Mohan Charan Majhi is always compared to Naveen Patnaik, the former chief minister, a tall leader who ran the state under a tight leash for 24 years and in the process has put his signature everywhere. So, at the recently concluded Utkarsh Odisha — Make in Odisha event attended by India’s industry stalwarts and foreign investors everyone was asking, will the Majhi government surpass Naveen Patnaik’s Make in Odisha record of Rs10.5 lakh crore investment in 2022? Majhi’s government seems to be in a much stronger position. As per CM, his government has received 3 times more investment than his expectations. The numbers now stand at Rs 16.73 lakh crore backed by 595 initial proposals spanning across 20 sectors. This includes chemicals, petrochemicals, textiles, mining, metallurgy, renewable energy, tourism, food processing, IT/ ITeS and others. As on date, Majhi seems to have had a good knock. However, much depends on how fast the Odisha government converts those investment intentions to firm investment plans. Government sources say this positive situation will now set the speed ball rolling in Majhi’s favour creating new investment milestones.

At a time when most magazines and newspapers have literally gone out of circulation, two well established magazines are making a comeback. The Chennai-based Industrial Economist launched way back in 1968 is back in a new avatar. It is learnt that the family members of the founder, late S Viswanathan, have graciously agreed to allow the Chennai-based Kothari Industrial Corporation Ltd (KICL), the flagship company of DC Kothari Group, to continue the publication of Industrial Economist in digital and print formats under a licensing agreement. Being a listed company, KICL has informed the stock exchange of its new forays. Likewise, the Mumbai-based Society Achievers and Society Interiors, once upon a time part of the late media tycoon Nari Hira’s stable, has been acquired by Ashok Dhamankar’s Magnate Publishing Pvt Ltd. Dhamankar who held top position at Nari Hira’s outfit Magna Publishing for over three decades, deems it opportune to get back into print. It’s already in the digital space. In the case of Industrial Economist, the website is up. Soon, Industrial Economist magazine will reappear in a rejuvenated format. The core philosophy will remain the same. The focus will be on development issues and capturing ground-level happenings across business, commerce, industry and the economy. The emphasis will also be on highlighting the achievements of the Tamil Nadu economy and enterprises and celebrating the milestones. Ideally, IE will try to function as a think-tank for policy makers, industry bodies, researchers and others by providing credible information and data for their reference. Already two senior editors have been roped in to get the magazine back into circulation. Hope these two magazines have a salutary effect – to see relaunches of many more magazines and newspapers.

The world’s oldest public transport service provider, Mumbai’s BEST undertaking’s plan to ramp up its comfortable air- conditioned travel option for last denominator citizens has ended in abject failure. The target 10,000 zero pollution EV buses by 2024 for Mumbai city, that Prime Minister Narendra Modi wants to transform into the international Fin-tech capital has not materialized. BJP’s Maharashtra executive committee member Mahendra Jain has written to the PMO and Maha CMO seeking a high-level enquiry into reasons for the failure seeking full accountability over holding Mumbai city’s progress to ransom. Maharashtra CM Devendra Fadnavis shunted out BEST GM Anil Diggikar in December 2024 itself, appointed Harshvardhan Kamble as the next IAS incumbent. Kamble was shunted out too and the BEST is headless. PM Modi provided Rs 450 crore, lying unutilized in BEST’s bank account, under the National Clean Air Programme. BEST admits to having only 3100 EV buses as of January 2025, devastating the PM’s dream. Global tenders floated by BEST in 2021 and Olectra group, a part of Megha Engineering and Infrastructures Ltd (MEIL) quoted the lowest L1 value @ 49 per km for supplying 2100 EV buses within a maximum of 18 months-time while Ashok Leyland’s Switch Mobility quoted the L1 value for supplying 200 double decker EV buses.  After tenders were opened, litigation held up the process till November 2022, finally settled by Bombay High Court. But what happened thereafter? Till January 2025 MEIL only provided wet lease services of 275 single decker buses out of 2100 promised while Swift Mobility provided less than 60 of 200 double decker EVs till date.

What’s in a name? Who cares for longevity? Time just sweeps everything aside. Well, the year just went by was significant for this iconic name in the city of Chennai. N Srinivasan-owned The India Cements Ltd (ICL) has changed hands. And, the Birlas have become the new owner of the company. No doubt, change is the only constant in this world. But this change was totally unanticipated. At the employee-level, this change has come as a bolt from the ICL blue. Srinivasan has always been known to be a caring and employee-friendly owner. To be sure, the entire ICL team rallied around him through thick and thin. That bonding with his employees stood Srinivasan out in this highly competitive cement business. But he had little choice but to ship out. It was a bold call from an aging owner. To quit or hold on. That was a tough decision to make. In the end, Srinivasan chose to go out. It requires an extraordinary courage to give up something you were passionate about and something you nurtured all along with sweat and toil. In the end, he chose to call time so that the organisation could continue and become robust. One can debate until the cows come home as to what caused this change. As the new owners – UltraTech Cement — take charge at ICL, speculations are rife. Will the new owner keep the identity of ICL? Will ICL remain a Chennai company? Well, imaginations are running amok at the moment. One thing is sure, however. For Chenniates, it is hard to see ICL slipping into a new hand.

Gold is all about safety and it appears that presently the geo-political situation seems to be at status-quo with a possibility that things may improve. Customs duty is something which can spook prices but with the cut in duties earlier this year, even that event is currently ruled out. Rupee depreciation has happened over the last few months, but further sharp downside may be difficult. Sensex is a reflection of the economy and though we seem to be having a tough time it’s still at a level where we are better than most large economies. Other than crude oil and edible oil, we are a fairly self-consuming country. Markets have done well with the Sensex gaining about 10% in the year to hover around 78,000 points while gold rose by 22% to Rs 76,000. This includes the gains on account of the reduction in customs duty. Knowing our humongous capacity for buying and storing gold, to expect that prices would move by another 31% in calendar year 2025 and touch the Rs100,000 mark look most unlikely. In the same breath, expecting Sensex to move 26% and touch 100,000 points either is also tough. Foreign Portfolio Investment or FPI selling, valuations at elevated levels even though they have softened is still expecting too much. I believe the expectation that the race to touch 1 lakh for gold or 100,000 points for Sensex is unlikely to happen in the coming 12 months. Both gold and Sensex are more likely to touch the 1-lakh mark in the calendar year 2026. Is there a tilt towards one of the two? Yes. The shine and lure of gold is much more than equity even though over the last four years equity investors have grown over four times. 

Change is the law of the Universe. Well, a change has happened at The India Cements Ltd (ICL) on Christmas day. The indefatigable N Srinivasan finally called time and moved out the lock, stock and barrel of an organisation which he had captained so passionately for many years. UltraTech Cement, part of the Aditya Birla Group, is the new owner of ICL. Truly, an era has come to a grinding halt at ICL. Significantly enough, a few days from now – January 3, to be precise – Srinivasan will be completing 80 years of age. The sale of ICL to UltraTech as he steps into the twilight of his life is a reflection of the changing time and consequences of hard reality on the ground. One can debate the sale compulsion until the cows come home. Once upon a time, Srinivasan was the unquestioned Czar of the southern cement industry. Not just that.  He successfully spearheaded the industry wage pact time and again with effortless ease. Why did he give up ICL? Maybe he failed to go for modernisation of ICL plants. Maybe his love for cricket had dissipated his energy and diverted his focus away from ICL. As age takes a toll on him, the competition between the two biggies in the field – Adani and UltraTech – came in handy for him to sign off ICL on a reasonably better note. History will remember this man from the founding family for the fighter in him. What belonged to him yesterday, however, belongs to UltraTech today. A lesson from Bhagavad Gita!

Kolkata’s bustling winter markets, once a vibrant hub of Afghan and Kashmiri traders, are now grappling with a decline in traditional businesses. For decades, these traders have enriched the city’s seasonal economy with their exquisite dry fruits, handcrafted garments, and winter essentials. However, the changing tides of commerce, marked by the rise of e-commerce and increased costs, threaten to erode their livelihoods. Kashmiri vendors, particularly those from Budgaon, have been an integral part of Kolkata’s winter landscape for generations. From November to March, they bring a colourful array of shawls, blankets, and sweaters, woven with intricate patterns and warmth. But the bustling markets of yore are now a distant memory. Regular to Kolkata market, one of the Afghan traders, Rahmat Khan mentioned that he had been to the city for past three decades and the business was booming in contrast to the present day situation when it’s a constant struggle to make ends meet. Younger generations of Kashmiri traders are increasingly hesitant to carry on the family legacy. The convenience of online shopping has shifted consumer preferences, leaving traditional vendors struggling to compete. Afghan traders, known for their premium dry fruits, have fared slightly better due to consistent demand, they too face significant challenges but rising operational costs are eating into their profits.

This serial “multi-dimensional entrepreneur” never ceases to excite. This first-generation foreigner of Indian origin holding Seychelles citizenship has strong roots in Tamil Nadu with most of his ilks living in Chennai.  Well, C Sivasankaran is his name. From launching affordable Siva Computers a few decades ago to his aborted bid to acquire Tamilnad Mercantile Bank (TMB) and his foray into telecom field with the floatation of Aircel (now defunct, of course), Siva, as is popularly known, has managed to keep the arclight focussed permanently on him. Controversies are nothing new to him. So are court cases. A Look Out Circular issued by the Central Bureau of Investigation (CBI) in connection with alleged financial fraud has forced him to stay put in India. Being a mentor of AIWO Ltd., he insists that he has to visit abroad every month to deliver wellness services to clients. But his persistent efforts to get this LOC revoked proved futile. Finally, the Madras High Court gave him a reprieve. On Friday (Dec 20), the Madras High Court allowed him to go abroad by providing for temporary suspension of LOC. It has set some stringent terms, though. The HC allowed him to travel abroad to balance concerns of the prosecution side and constitutional rights. His travel to Seychelles, however, is prohibited since India does not have an extradition treaty with that country. Well, Siva can never be out of focus!

Good news for footwear enthusiasts in Chennai. The city will host the first Kickers store. Following a 30-year licensing deal with Royer Group of France, Kothari Industrial Corporation Ltd (KICL) is gearing up to set up its maiden Kickers store in Chennai tomorrow. The timing could not have been better for KICL, which has come under a new owner in Rafiq Ahmed and got relisted on the bourses. The opening of the Kickers store in Chennai comes within days of a significant development in the annals of KICL. A Qatar company belonging to the Royal family has just been cleared by the board of KICL to pick up a 10% stake in the Chennai company. Qatar-based F J Global Investment is owned by Falah Jassim J.M.AL-Thani, who is a director of Doha Bank and was also the founder of Qatar Airways. He was also a minister in the Qatar Government. This is a significant boost to KICL under Rafiq Ahmend, who has gone on a mission to revive the KICL and bring the iconic Kothari brand back to yester-year glory. The investment from a company owned by Qatar Royal family is seen positively by industry circles in Tamil Nadu, which is going the extra mile to woo foreign investment into the state. Significantly enough, KICL has also embarked on a consolidation move with the board approving a proposal to buy 30% stake held by Rafiq Ahmed in Phoenix Kothari Footwear Ltd, a joint venture that is setting up a non-leather footwear park in backward Perambalur district of Tamil Nadu. Well, things appear to fall in place for KICL as it seeks to make a strong comeback and regain its past glory.

According to a recent report by CBRE, an American commercial space and investment firm, Chennai ranks #3 after Bengaluru #1 and Hyderabad # 2. The report titled: TN, The Next Frontier For Global Corporations says, a whopping 12-13 million sq ft of premium office space is set to be added to Chennai’s existing plush offices by 2025 and 2026. For global money to flow in, the report says the GCC index is critical. Tamil Nadu has developed many Global Capability Centres. Chennai boasts of over 250 such GCC’s currently and the plans to hit 460 by 2030. The most developed GCC centres are on OMR, Mount Poonamallee and PT Road accounting for 92% of the commercial leasing space.  Chennai has grown from 1.4 million sq ft ready to move in office & commercial space in 2022 to 2.3 million sq ft in just nine months of 2024. American firms accounted for 67% of this GCC capability. At the global summit meeting held in Chennai some time back, the Tamil Nadu chief minister MK Stalin said that his government’s aim is to become a $1 trillion economy by 2030. Now with a strong focus on developing AI capability, both as learning/teaching and application. TN at $ 300 billion is all set to turn into a South Indian Tiger economy, a status held by Hong Kong, UAE.

This one is a well-known name in South India and a popular one at that. And, it has come out with a unique campaign. Well, it has launched a year-long Diwali-to-Diwali campaign. Christened “Your Happy Nest,” this campaign will see Good Home, a brand of the consumer product division of TTK Healthcare, embark on an innovative initiative to inculcate the culture of a clean home environment. Good Home is a Rs 100-crore plus brand, and one of the fastest growing brands in the TTK Healthcare portfolio. Under the “Your Happy Nest“ campaign, Good Home will clean one orphanage/old age home every week until next Diwali, using its cleaning and home care product range to deliver “clean, hygienic and fragrant homes.” To begin with, it has launched a campaign in a home for elderly ladies – Parivartan Mahila Sanstha – in Dombivali East in Thane district of Maharashtra and also in a children’s home – Udavum Nanbargal in Alathur in Thiruvallur district of Tamil Nadu. Good Home will provide the selected centres a year-long supply of cleaning and air care products and provide tips on maintaining cleanliness. The “Your Happy Nest” campaign will soon move to other states. The objective is to uplift these chosen homes and bring comfort and happiness to the residents. Well, they also serve who make the homes sweet!

It’s a drivetrain solution provider for windmills and industry applications. Every one out of three drive train products installed across the globe bears the brand name of this one. Truly, this German major has traversed quite a long way and undergone a major metamorphosis in the process. One-and-a-quarter-century-old Bocholt-headquartered Flender has significant presence in India. Not surprisingly, the top management team of Flender was in Chennai a few days ago. The presence of the top honchos was more to reiterate the commitment of Flender to India. After all, it has been in India since 1961. It now has three production sites — one each at Kharagpur (WB), Chennai (TN) and Walajabad (TN). Around 10% of its nearly 9,000 skilled personnel across the globe are housed in India. And, it has been putting more money into this country since 2020. Why not? For one, India is the right choice for all those who are looking for the China Plus One option in the post-Covid era. For another, the focus world-over is now increasingly on sustainable development. The robust ecosystem — the presence of assorted turbine makers and a well-evolved supply chain — according to its India CEO Vinod Shetty, is ideal suited for Flender to aspire for a bigger role in driving energy transition in the country. Indeed, Flender is quietly expanding its India operations for a bigger role in its global game plan.

It was a public-private partnership to provide water services on commercial terms. It was touted as one of the largest private investments in urban infrastructure in India. New Tirupur Area Development Corporation Ltd. (NTADCL) was incorporated in 1995 as a special purpose vehicle to improve potable water and sewerage infrastructure in Tiruppur through an integrated water supply and sewerage project. In 2000, Tamil Nadu Water Investment Company Ltd (TWIC) was formed as a promoter company to route all investments into NTADCL. The Tamil Nadu government owns a 46% stake in TWIC and IL&FS 54%. TWIC holds a 28.72% stake in NTADCL. Overall, the Tamil Nadu government owns 38.32% stake in NTADCL and IL&FS 25.88%. In 2003, Aidqua Holdings (Mauritius), Inc invested ₹90 crore in NTADCL for a shareholding of 27%. Post a corporate debt restructuring (CDR) in 2012, its stake came down to 15%. Aidqua has challenged the CDR before the Supreme Court and the case has been pending since then. In the meanwhile, NTADCL wanted Aidquo to disclose the details of significant beneficial owners (SBO), who exercise control in Aidqua. This was objected to by Aidqua. The National Company Law Tribunal (NCLT), Chennai, has now directed Aidqua to disclose details of beneficial owners. The concept of SBO was introduced in India with the objective to curb illegitimate activities and identify the natural persons controlling a corporate entity. An amended Companies Act provides for the disclosure of beneficial owners in a corporate entity. Well, the NCLT ruling could prove significant in the context of changing dynamics in the corporate world.

The first phase of Rs 2203 crore Odisha’s Puri International Airport, a public-private partnership initiative which was supposed to start five months ago is delayed for a number of reasons. First, it is learnt that the state government is yet to collate 221 acres of private land for the airport project. Second, the three potential bidders Adani Airports, Fairfax and GMR group, who first expressed serious interest in the project did not bid for it on June 4. Reason: It seems the airport’s business viability model is not clear to the investors. Upon checking the ground situation the bidders found that its business model did not guarantee handsome returns. Besides, sources say, for a greenfield international airport at Puri there are no base case traffic numbers to start with, so quantifying investment return for the Puri airport project is an issue. Also, bidders were not comfortable with the Puri competing with next door Biju Patnaik International Airport, Bhubaneshwar.  Aviation experts say traffic volume success lies in de-bottlenecking Bhubaneswar airport and progressively expanding passenger traffic at Puri airport to make it commercially viable. Contrary to this view, a source from the aviation sector said “A few days back the Union Civil Aviation Minister Kinjarapu Rammohan Naidu declined permission to build a new terminal at Bhubaneswar airport thereby indicating that they are keen to develop the Puri project.” Industry watchers say in spite of Lord Jagannath temple attraction there is no immediate commercial viability for two airports — Bhubaneswar-Puri — to co-exist within a distance of 60 km radius unless the Union government makes a provision for viability gap funding.

Looks like the Odisha chief minister Mohan Charan Majhi is on a mission mode to attract big investment into his state. Majhi’s target is to secure a total investment of Rs 5 lakh crore in five years. He had already secured Rs 45,000 crore when his government completed 100 days in September 2024. Now, he has managed to convince South Korea steel major Posco to re-enter India via a joint venture with Sajjan Jindal’s JSW. It may be recalled that the Posco project was mired in red tape and was hanging fire that finally led the Korean major to pull out from Odisha. Now with 50:50 JV with JSW the chief minister has promised iron ore mine allotment for its 5 lakh MTPA Integrated steel plant at Keonjhar which also happens to be the hometown of the CM. Apart from this, both Posco and JSW will also be exploring synergies in battery manufacturing for the EV market and also renewable energy options to sustainably power the new steel plant. Analysts now view the JSW-Posco collaboration as a new power play and a win-win strategy bringing in fusion between JSW’s manufacturing expertise and Posco’s advance steel making technology supported by India’s growing market backed by the Odisha government. It is still early days now, sources say at JSW but a detailed stepwise action plan will surely evolve through a work-in-progress schedule.