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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.
It was something that the Congress couldn’t stomach easily. Perhaps the party was surprised that the Raj Kapoor family had chosen to interact with PM Modi. A day after the social media and TV channels were awash with PM Modi’s interaction with members of the Kapoor family, a very senior Congress leader ventured to put out a snarky social media post questioning the meeting. For some odd reason he completely chose to ignore the context of the meeting. “We have been asking PM Modi to visit Manipur. But he has instead found time to meet with Kareena Kapoor.” Soon good sense prevailed and he deleted his crude post. Guess he must have realised that his post was outright offensive. The Kapoor family had called on PM Modi on December 10 to invite him to the legendary actor-filmmaker’s Film Festival. The festival is to commemorate Raj Kapoor’s 100th birth anniversary, an iconic figure in Indian cinema who passed away in 1988. Ten Raj Kapoor films are going to be showcased across 40 cities in 135 cinemas .The Kapoor family, including actors Ranbir Kapoor, Riddhima Kapoor Sahni, Neetu Kapoor, Kareena Kapoor Khan, Alia Bhat and Saif Ali Khan met the PM. “This is a special day for us. We enjoyed the conversation. He spoke to us in a friendly manner. He made all of us feel very comfortable,” said actor Ranbir Kapoor. His cousin actor Kareena Kapoor Khan said that it was her dream to sit next to PM Modi and talk to him. “His energy is so positive and he is truly a global leader.” PM Modi inquired about the third generation of Kapoors — and autographed for Kareena’s children Tim and Jeh. December 14 marks the 100th birth anniversary of Raj Kapoor.
It couldn’t have come at a more inappropriate time than this. The day when the entire national media was riveted on the Parliament debates commemorating 75 years of Constitution of India and newly-elected Wayanad MP Priyanka Vadra Gandhi was making her debut speech in the House. For some odd reason the Telangana Police chose to arrest Telugu star Allu Arjun, protagonist in the Rs 1000-crore plus grosser Pushpa 2: The Rule. He was arrested in connection with the stampede incident at Hyderabad’s Sandhya Theatre, which resulted in the death of a woman. On December 4, a massive crowd gathered at Sandhya Theatre to see Allu Arjun, resulting in a tragic stampede. Revathi, a 39-year-old woman, died due to asphyxiation, and her 8-year-old son was hospitalised. While granting interim bail to Allu Arjun, the Telangana High Court affirmed Arjun’s right to life and liberty, stating that he cannot be deprived of these fundamental rights. While leaders cutting across the political spectrum came out in support of the actor, Telangana BJP leader and Union Minister Bandi Sanjay described the arrest of a National Award-winning actor as having been done to steal the spotlight. “Drama over delivery, diversion over governance — that’s the Telangana Congress government for you!” Arjun’s uncle and Andhra deputy CM Pawan Kalyan rushed to rally support for him. In the meanwhile, it will be interesting to see how Priyanka Vadra herself responds to the ham-handed manner CM Revanth Reddy handled the situation. He had after all managed to divert attention from her debut performance in the Lok Sabha to an avoidable law & order incident in Hyderabad.
To ensure the social welfare schemes reach the intended target group, West Bengal chief West Bengal chief minister Mamata Banerjee has rolled out a robust mechanism to ensure the effective implementation of socio-welfare schemes. This initiative aims to hold government officials accountable for supervising these projects and addressing inefficiencies that have marred progress in recent years. The state finance ministry has issued a notification, followed by the establishment of a dedicated help desk at Navanna to oversee information flow from block and sub-division levels. This initiative, aimed at curbing inefficiency and fraud, will require officials to physically visit project sites instead of submitting progress reports from office desks. The app will feature automatic geo-tagging, ensuring accurate location tracking of officials during field visits. During multiple administrative meetings chaired by CM, officials repeatedly failed to provide accurate updates on the status of ongoing schemes. This incomplete information has not only slowed down critical projects but also caused dissatisfaction among citizens. Officials, from BDOs to District Magistrates, must register using their mobile numbers. Reports will require OTP authentication and must include photographs of on-ground work. The app mandates regular updates, such as reporting issues in road construction, cleanliness, drinking water, and electricity services, along with distinguishing between simple and complex problems. The model draws inspiration from private sector practices, where geo-tagging apps track employee performance. The state’s new app is expected to enforce accountability among officials, address bureaucratic delays, and improve public service delivery.
In a move that may have surprised the Opposition BJP, West Bengal chief minister Mamata Banerjee appointed Radharamn Das, vice president of ISKCON Kolkata,to a 13-member board of trustees for the upcoming Jagannath Dham project in Digha. The temple, set to be a cultural and religious landmark on the shores of the Bay of Bengal, will be inaugurated on Akshay Tritiya on April 30, 2025. The Jagannath Dham Sanskriti Kendra, spanning 20 acres, is being developed under the supervision of HIDCO, an urban planning body under the state government. With an investment of Rs 250 crore, the project aims to replicate the grandeur of the Puri Jagannath Temple and serve as a significant pilgrimage and tourist attraction. This development comes amid ongoing political friction between Didi and BJP’s Opposition leader Suvendu Adhikari. It may be recalled that Nandigram where the temple is being built was the place where he had defeated Didi in the 2021 Assembly elections. Adhikari who is opposing the project on the ground that using public funds to construct religious structures is unconstitutional. He accused Mamata of attempting to win the Hindu vote bank as her minority appeasement has alienated Hindus. Mamata’s decision to include an ISKCON leader is seen as a strategic move, in light of recent attacks on Hindus in Bangladesh and the arrest of an ISKCON monk. Political analysts believe Didi is sending a message of solidarity to the Hindu community while subtly addressing concerns raised by the BJP over her government’s alleged minority appeasement policies.
Devajit Saikia is the Board of Control for Cricket in India’s (BCCI) representative in the International Cricket Council (ICC) as its Director. Saikia, who is the question that is being asked by those not acquainted with the BCCI’s governance structure, especially after the Justice Lodha Committee’s Reforms in Cricket report was accepted by the Supreme Court in 2016 and its Constitution was rewritten thereafter. The ICC Board is the all-powerful body in its Governance structure, and as a convention, the 12 full members of the ICC nominate its Presidents as Directors. Many stalwarts of the BCCI, like Jagmohan Dalmiya, Sharad Pawar, N Srinivasan and Shashank Manohar were on the ICC Board, and after the 2019 election, post the reforms, former India captain and BCCI President Sourav Ganguly was on the ICC Board. Ganguly was succeeded by the BCCI Secretary Jay Shah with the BCCI President Roger Binny as the alternate director in 2022, the same year when the former Assam Ranji Trophy cricketer and legal practitioner Saikia was elected as Jt. Secretary of the BCCI. People in the know attribute Saikia’s rise on the administration side of the game to his association and rapport with Assam’s BJP chief minister Himanta Biswa Sarma. Once it was announced that Jay Shah would take charge as Chair (Independent Director) of the ICC from December 1, 2024, quite a handful of names like Arun Singh Dhumal (former BCCI Treasurer and currently chairman, IPL) and Ashish Shelar (BJP President, Mumbai and BCCI Treasurer) emerged as a potential successor to Shah as BCCI Secretary. Saikia, will remain the BCCI Joint Secretary and perform the duties of the Secretary. But his nomination to the ICC Board has surprised many people.
Veteran leader Sharad Pawar has once again monopolised the centre stage following reports that a top leader of his party has held talks with a prominent BJP Union minister in Delhi. The political grapevine is buzzing with different versions since the meeting is believed to have occurred at industrialist Gautam Adani’s Delhi residence. In fact, Pawar started hitting the headlines on Thursday (Dec 12) morning as the news that his nephew Ajit Pawar and a couple of other NCP (Ajit) leaders had reached the patriarch’s residence. Ajit later said that being a family member, he had greeted his uncle on his birthday and nothing unusual should be read in the visit. Ajit was accompanied by Praful Patel and Sunil Tatkare, both very close to Sharad Pawar till the recent split in the NCP. The name of Adani added grist to the gossip since the industrialist had visited Maharashtra chief minister Devendra Fadnavis just a couple of days ago in Mumbai. The Adani group continues to BE target of Congress leader Rahul Gandhi and Shiv Sena party chief Uddhav Thackeray. In the past too, Adani has been meeting Pawar off and on. The presence of Fadnavis in Delhi on Thursday proved to be another trigger to speculate that the political scene of Maharashtra was likely to undergo another overhaul. Pawar’s hot and cold relationship with Prime Minister Narendra Modi has always remained an intrigue. Hence, his followers are unable to predict which way he can turn.
The Raj Kapoor family has finally come out together to celebrate the centenary year — 1924-2024 — of the showman of the film industry. Forty two year old Ranbir Kapoor who has been in the film industry for nearly two decades has taken the lead along with his cousin Kunal Kapoor to celebrate Raj Kapoor through his cinema. But was it too late to celebrate RK? Is the newer generation enthusiastic to watch his films? Ranbir Kapoor said, like his wife Alia, the young generation needs to know about the cinema of Raj Kapoor and one hopes he is successful through his stardom and initiative to keep RK’s legacy alive. But, is the film industry or the government really care about saving our heritage or culture, considering the government is calling the film industry as soft power? The hard truth is: why are our studios and banners not surviving be it Filmalaya Studio, Kamalistan Studio and Raj Kamal Studio which has limited work space. Raj Kapoor’s RK Studio, a famous landmark in Chembur along with his bungalow has been sold to Godrej Properties for constructing residential properties. It may be recalled that RK Studio was working on the rentals till the fire destroyed the entire heritage. Luckily film lovers are lucky his films were in the safe custody of NFAI. It is learnt that Ranbir Kapoor who is already a producer wants to turn director. So will he revive the RK Banner? As a part of the centenary celebration the entire RK clan met the Prime Minister Narendra Modi and conspicuous by his absence was Randhir Kapoor as he was not keeping well. In the end one only hopes that Ranbir Kapoor carries the great showman’s legacy forward.
This maverick and marauding scam tainted politician was once the acolyte of Lok Nayak Jayprakash Narayan. Former Bihar chief minister Lalu Prasad Yadav has burnt many bridges in his meteoric rise in politics. A stormy petrel, indicted for five scams, served jail term and is now out on a bail. He is once again in the news for his below-the-belt remark against his bete noire, Bihar chief minister Nitish Kumar who recently announced a Mahila Samvad Yatra to interact directly with women and evaluate the impact of his government’s programme targeted for women. When the media quizzed the RJD supremo Lalu about Nitish Kumar’s Mahila Yatra and his goal of winning all 225 seats in the forthcoming Assembly elections, the unstoppable motor mouth said, “Pahle unko aankh sekhne do” (let them get an eyeful of the women). Lalu is famous for double entendres and pithy talk. This chintzy, low end hit at both Nitish’s party and the women electorate set off a storm. Bihar deputy CM Vijay Kumar Sinha said, “It seems Lalu Prasad has lost his ability to comprehend, doesn’t know what he is saying “. JDU MP from Munger, Rajiv Ranjan Singh said, “Lalu is master of buffoonery”. Public discourse is an amalgam of many such talents. But certainly hitting below the belt and indulging in such loose talk shows the lack of grace and polish.
Shiv Sena leader Uddhav Thackeray’s plans to attend the Winter Session of the Maharashtra legislature beginning from December 16 at Nagpur will prove to be a game changer, his followers feel. Thackeray’s continued distance from the state legislative council proceedings over the past year are discussed by his party members in hushed tones since the aggressive direction needed to corner the BJP-led three-party government somehow lacks as far as his Sena is concerned. Council’s leader of the Opposition Ambadas Danve (of the Sena UBT) lacks the image and articulation which are vital for any LoP to humble the ruling side. Now that the new government led by Devendra Fadnavis has decided to appoint former CM Eknath Shinde as leader of the upper house, Danve’s limitations will be felt more vividly. Thackeray’s intermittent presence in the council ever since he resigned as chief minister in 2022 has been noted more due to his statements outside the house. He has hardly made any worthwhile speech on the floor. Therefore, his plans to remain present for the Winter Session have revived the hopes of his followers, who wish to witness his attacks against the BJP and the Sena led by Shinde. It is being recalled that Thackeray did not attend the recent three-day session of the legislature in Mumbai, held after the assembly elections. According to present indications, Thackeray will reach Nagpur well in time for the week-long session, which will be a stormy affair, focussing on settling political scores.
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.
He is a simple man. He commands respect across the spectrum. He follows Carnatic music. He loves mathematics. He has gone on to establish the Shriram Group which has now become a household name in Tamil Nadu, especially. R Thyagarajan, popularly known as RT, is a visionary. According to him, “all science converges into mathematics and it is now increasingly the language of science.” The Shriram Group is synonymous with RT. Recognising his tall stature, Shriram Group has established the Shriram Group RT Chair in Computational Mechanics at the prestigious Indian Institute of Science (IISc), Bengaluru. The establishment of the Chair is significant for the group, as it reiterates its resolve to make significant contributions to the society through academic excellence and research advancements. The Chair will be awarded to distinguished faculty conducting frontier research in computational mechanics, supporting cutting-edge research across various fields within mechanical, electrical, electronic and computational sciences. The appointed Chair, a distinguished faculty member at the associate or full professor level, will focus on pioneering research that applies computational methods to address real-world challenges. “Areas of research may include the development of novel numerical methods, data-driven modeling of physical phenomena and the exploration of emerging computing paradigms such as quantum computing,” says a note from the Shriram Group. Well, RT the thinker is cut above many.
This one is intended to introduce a sense of transparency in price. Often, good intentions aren’t taken seriously. How else could one view the response of this particular industry? Farmers are upset that the tractor industry has chosen to disregard the stipulation to disclose MRP. The Consortium of Indian Farmers’ Association has sent several missives to the authorities in New Delhi. So far, its efforts have remained in the realm of futility. Non-disclosure of MRP by manufacturers, according to it, is leading to overcharging small farmers. No doubt, New Delhi has issued several directions to the manufacturers in the past. But this has not yielded any positive result. During 2022-23, an estimated 944,000 tractors have been sold. In 2023-24, the number reportedly stood around 874,504. There are over one-and-half-dozen domestic and four multinational companies. The price variation is reported to be between Rs150,000 and Rs175,000, depending on the horse power. The non-disclosure of MRP affects farmers in very many ways. What has upset the association more is the fact that the farm gear makers across the board don’t disclose MRP. A farmer-friendly approach calls for a quick policy decision on MRP disclosure for agriculture machinery. Is Delhi listening?
This one has been in the limelight since the early 90s when the Ruias of the Essar group bought a little over 65% shares, cashing in on the internecine feud between the four promoter groups. When Ruias found resistance to their entry into Tamilnad Mercantile Bank (TMB), they exchanged the shares with the serial entrepreneur C Sivasankaran for telecom licence for Delhi circle. But the going was tough for Sivasankaran too who was forced to return the shares to the Nadar community members, who could buy back only a part of his shares. Subsequently, 43% of the shares were reportedly acquired by a New York-based organisation using various local and foreign firms as fronts. This acquisition has since been disallowed by the Reserve Bank of India which had asked the Enforcement Directorate to probe foreign exchange violations in this case. This lot of shares remains a disputed one. Since then, much water has flown under the bridge, and TMB has also become a listed organisation. Now, TMB is back in the news now for a different reason, though. An unrest is apparently brewing over a new HR (human resources) policy which seeks to introduce the concept of CTC (cost to company). Opposing the move, TMB Employees’ Union, affiliated to AIBEA, has warned the management of industrial action. With key office-bearers of the union placed under suspension, the face-off at TMB appears to be escalating. TMB just can’t be out of the limelight, it appears!
Are we driven to autopilot mode? Encircled by artificial intelligence and social networks, it appears that we are pushed into autopilot mode. What is the way out? Mumbai-based Dwarakanath Soundararajan, who promoted Neurosymfony Technologies Ltd, has hit upon a unique solution. A software engineer with deep expertise in web application development and Machine Learning, he has launched a web app that offers much-needed pause — a space for intentional reflection and cultivating a healthy information diet. He has launched www.sphatika.cloud, a structured spiritual journal and deep-thinking web app. It is designed to help one track his/her life’s goals based on yogic principles, specifically the pancha kosha theory, focusing primarily on the Vijnanamaya kosha — The Wisdom Sheath. The app also encourages cultivation of other koshas through spiritual practices. Designed for individuals seeking personal growth and self-awareness, the app serves both as a tool for structured reflection and a guide for pursuing life’s dreams. Its unique blend of spiritual principles and goal-oriented journaling makes it an ideal companion for those who value introspection while striving to achieve tangible results in their lives. Graduated with a Master of Science in Electrical Engineering from University of Texas at San Antonio, Soundararajan is now focused on creating a social network for spiritual health management.
It is now turning out to be a full-blown legal face-off between the Chennai-based Tractors and Farm Equipment (TAFE) and its American partner AGCO over the ownership rights of Massey Ferguson in India. In a fresh twist to the escalating tension between the two, TAFE is understood to have got a favourable interim order from the Madras High Court. TAFE had filed a civil suit before the Madras High Court against Massey Ferguson Corporation, a subsidiary of AGCO, claiming that the said trademarks are distinctive of TAFE in India and exclusively owned by it. It had sought the Madras High Court to declare that TAFE owns the Massey Ferguson brand/trademarks in India. It had also sought interim injunctions restraining Massey Ferguson Corporation and their representatives from interfering with TAFE’s exclusive use of the MF brands/trademarks in any manner and from representing themselves as the owner/proprietor/rights holder etc of the Massey Ferguson brands / trademarks pending disposal of the suit. Both sides standing steadfastly on their stated positions, the issue is attracting considerable attention. Far from being a dispute between two partners, the imbroglio has assumed a lot of implications for cross-border investment between the two countries.
Women’s safety is an often-spoken subject. Yet, the assault on women finds constant notice in the media. Has there been a practical way to end this? Not really. But, this UAE-based organization is coming out with a unique campaign. In a first of its kind initiative, Secure Cam, a security surveillance and IT solutions provider, will be launching the “Secure Our City” campaign. A novel effort, this will see Secure Cam organize a charter flight by 100 women from various walks of life at the Chennai International Airport. The DGCA has reportedly approved the in-flight introduction of the “Secure Our City” campaign on December 10. The flight will take off at 11:35 am and return at 13:05 pm. Ostensibly, the flight is intended to raise awareness of women’s safety. Rijoy Thomas, Chairman and CEO, is of the view that an unconventional launch method will spread the message to a wider audience effectively. An opportunity will be given to women from various BPL social groups to take a plane. As a part of the campaign, Secure Cam plans to provide free installation of security surveillance systems (CCTV) for more than 10,000) buildings across a city. Chennai will be the first city, and the firm plans to cover five cities in all. To begin with, Secure Cam will be honouring 100 women by offering complimentary CCTV installations. One small step towards a giant effort, it appears.
The Maharashtra government’s appointment of 283 Bachelor of Ayurvedic Medicine and Surgery (BAMS) doctors as Medical Officers has been set aside by the Maharashtra Administrative Tribunal (MAT) for not factoring in their Covid-19 public service to society – they were supposed to get additional marks. MAT ordered the state on October 10 to refrain from assigning postings to 283 shortlisted BAMS MOs. The CM Eknath Shinde government was keen to project a pro-jobs initiative on the eve of state assembly elections (to be) scheduled in November 2024. However, the MAT stayed these postings over the lack of due procedure followed while selecting the best candidates for the MO posts. Advocate Gaurav Deshpande, who secured the stay for 24 candidates out of 22,000 odd who applied says, “The written examinations conducted in two sessions last month by IPBS (Indian Banking and Public Services) did not factor in the aspect of normalization of the marking system.” As per the JD for the posts the good doctors would be eligible for enhancement in final scores (out of 200 marks) for every year of public service experience they possessed (to a maximum of five marks). The erstwhile MVA government has emphasized upon the doctors who volunteered for Covid-19 duties at the height of the pandemic terming them as medical ‘Yodhyas’ (warriors). Only, on October 5, 2024, the results of the written examinations were officially announced when these medical warriors were left out without gaining due weightage of enhanced marks that they truly deserved. Just before the 2024 Lok Sabha also 14,000 (legal) notaries were appointed in a similar ad-hoc manner for votes that faced no legal challenge though.
The ongoing industrial dispute at the Samsung facility along the Chennai-Bengaluru National Highway is drawing quite an attention. Since it is spearheaded by the Left-affiliated CITU (Centre for Indian Trade Union), the face-off at Samsung has elicited an extraordinary interest both at the state and national levels. The reasons are not far to seek. After all, the CITU is backed by a Left party, which is in alliance with the ruling DMK in Tamil Nadu. With New Delhi giving an advisory to the Stalin government to resolve the Samsung imbroglio quickly, the multi-dimension to the face-off is not missed. The Stalin regime, in the meanwhile, managed to cobble together a tri-party pact between the State Government, management and the non-striking workers on issues such as salary hike and others. The leaders of the CITU have, however, insisted that the union must be recognised. Even as they remain steadfast on this demand, the CITU union has reportedly sounded out the CITU-affiliated workers in Chennai and other areas to donate funds to support the cause of striking workers at Samsung. This advisory on fund mobilisation has become a topic of intense discussion among the labour community in the Chennai region. Coming as it did at an inopportune time when there is a concerted effort to make India the manufacturing hub in the wake of a fast-changing global geo-political dynamics, the Samsung fracas seems to have an upsetting impact.
In a globalised environment, business is not just about buying and selling. It is also not just about demand and supply. It is much more than all these. It’s a tool to push geo-political influence. Is there a foreign hand in the labour face-off at Samsung plant near Chennai? The Left union represented by CITU is spearheading an industrial action at the Samsung plant, demanding the recognition of its union among other things. In the midst of the face-off with the management, New Delhi has advised the Tamil Nadu Government to amicably resolve the labour imbroglio at Samsung. Post pandemic and especially in the wake of constant border skirmishes with Beijing, New Delhi has been making constant effort to pare dependence on Chinese products. Mobile devices especially of the Chinese make are sought to be controlled in the marketplace. Viewed against this backdrop, the industrial action at Samsung is viewed with more than cursory interest. And, the CITU entry into Samsung has raised considerable disquiet among the administration at different levels. Also, it coincides at a time when New Delhi is working hard to woo global investment in the wake of China plus one strategy adopted by nation states. The advisory to the State Government on Samsung assumes significance if one reads it in the context of CITU and its well-known leanings.
With the creator economy in India experiencing significant growth, driven by a multitude of platforms and an expanding community of tech-savvy individuals, influencer-marketing has proved to be the fulcrum for brands to succeed. The influencer-marketing industry is expected to grow by 25% annually. Influencer.in, a well-known influencer platform in the country in association with Social Beat, has just come out with Influencer Marketing Report 2024, its fourth edition. Significantly enough, the report finds the rise of mid-tier influencers. While Instagram has emerged the top choice for both creators and brands, LinkedIn appears to have a low adoption rate among creators at 4.4%. This is in sharp contrast to a 19.5% adoption rate by brands, which use LinkedIn for influencer marketing. Brands have now to go that extra bit to onboard creators to this platform, especially those capable of delivering professional content. The report has articulated the need for brands to recognize the underutilization of YouTube Shorts, with 75% of creators using short-form content for engagement. Today, over 40% of brands spend more on influencer-marketing. Yet, budgetary constraints limit the partnership between the creators and brands. “There is a need for brands to move beyond transactional relationships, recognize the power of creators and empower them with creative freedom,” the report said. If this has to happen, the creators have to align with brand objectives while showcasing their unique value proposition for more authentic and engaging campaigns. The key for a rewarding relationship between creators and brands lies in being adaptable, innovative and aligned with the values of an increasingly discerning audience, according to the report. Together, as Helen Keller said, they can do so much!
Over 60 years of partnership is a rarity in the corporate world, especially if it is one between an Indian company and an American firm. Both have holdings in each other. But their relationship appears to be coming apart now. The alliance between Tractors and Farm Equipment (TAFE), an Amalgamation group company, and AGCO Corporation of the U.S. has hit a nasty bump. The trigger for widening chasm between the two was the decision in April of AGCO – nay the management led by its Chairman and CEO – to terminate commercial agreements including the one on licensing the Massey Ferguson brand with TAFE. The Chennai firm quickly got a stay on this from a commercial court. AGCO on Monday (Sep 30) confirmed the termination. This forced TAFE to file a contempt petition in the Chennai commercial court. Separately, it has moved the Madras High Court, asserting its ownership right to Massey Ferguson brand. TAFEs hold a little over 16% stake in AGCO, the management is pushing back the Indian investor to secure its own interest. With agency capitalism on the rise in the American corporate world, the beneficial shareholders are a marginalized lot in the U.S. The fracas between the two must be read in the context of the “standstill pact” with TAFE. That pact – in vogue for several years – was extended for a year in April this year. That pact allows for freezing of TAFE holdings. Is there a link between the termination move and the standstill pact? Is the termination row with TAFE just a diversionary tactic by AGCO management to sweep under the carpet the nagging governance issues? Is this a case of simply checking the rise of Indian multinationals?
Happy days are here again for Anil Ambani. Some of his company’s stocks are northbound. For instance, Reliance Power and Reliance Infra stocks are in surging mode. Reason: Reliance Infra’s debt has been reduced by almost 87.6% to Rs 475 crore from earlier Rs 3,831 crore. Its share price shot up by 80.53% giving an impressive returns of nearly 50% in the last 12 months. Ditto, Reliance Power. Its share price is also on the rise after the company fully settled Rs 3,872.04 crore corporate guarantee outstanding debt obligation of Vidarbha Industries Power. With this kind of positive development Reliance Infra share price has jumped by 7% trading at Rs 252.15. Anil Ambani has also made a one-time settlement with Edelweiss ARC — its NCD debts have reduced from Rs 3,800 crore to around Rs 470 crore. It is also learnt that Anil Ambani has also fully repaid LIC, ICICI Bank and Union Bank. Market sources say Reliance Infra is likely to get Rs 1,100 crore equity infusion from its promoter Anil Ambani and Rs 1,910 crore from two Mumbai-based investment firms. There is also a strong rumour that Blackstone executive Mathew Cyriac through Florintree Innovation and equity investor Nilesh Shah may invest Rs 1200 crore via Fortuna Financial & Equity Services for a minority stake. It is understood that the Board has approved Rs 6,000 crore fundraising plan of which Rs 3,014 crore fund will be raised through allotment of share issue to institutionalized buyers.
The corporate world in the city of Chennai is ever exciting. Yet, the industrial groups in Chennai are always dubbed as conservatives. This is far from the truth, however. This company from the Murugappa group was, perhaps, among the first in the post-liberalisation era to daringly make an open offer to acquire Wendt India in early 90s. Much water has flown under the bridge since then. Today, each constituent of the Murugappa group is chalking out its own aggressive growth path. September 16, 2024 was a hectic day for Carborundum Universal Limited (CUMI), a leading materials sciences engineering solutions provider headed by MM Murugappan. It announced a couple of deals. First, it said it had entered into a Purchase Agreement for acquiring 100% membership interest in Silicon Carbide Products Inc through a special purpose vehicle at an enterprise value of around Rs 56 crore. SCP specialises in producing high quality Nitride Bonded Silicon Carbide (NBSiC) products. It has also announced a deal with Amplus Energy Solutions PTE Limited, Singapore, and Grian Energy Private Limited (GEPL) to invest Rs 8 crore in GEPL having its registered office at Okhla Industrial Phase, aggregating to 4.19% in its equity capital for accessing the contracted capacity of around 10 MW in the captive power plant of GEPL. This particular investment is expected to aid CUMI source clean green energy, thereby reducing the carbon footprint. Trust CUMI to stay contemporary!
The Chennai-headquartered Shriram Group has become a bone of contention between NCLT and IRDA. One of the largest financial services companies in the country underwent a series of reorganization in the not-so-distant past. Ostensibly, the objective was to un-clutter its cross-holdings to usher in a simplified structure. By doing so, it sought to consolidate its focus on its core business. The restructuring process also involved two group companies — Shriram Life Insurance Company Ltd and Shriram General Insurance Company Ltd. As part of the process, the separate investments of Shriram Capital in these two insurance ventures were demerged into two SPVs (special purpose vehicles) – Shriram LI Holdings and Shriram GI Holdings. These investments were described as businesses while setting in motion the demerger process. This was done mainly to address the taxation angle. Within a year or so of the formation of these two SPVs, a move was initiated to amalgamate these two with the Shriram Life Insurance Company Ltd and Shriram General Insurance Company Ltd. The NCLT in Jaipur (where Shriram General is headquartered) and NCLT in Hyderabad (where Shriram Life is headquartered) heard these cases for approval. Insurance regulator IRDA raised objections to the amalgamation at Jaipur NCLT. The IRDA insisted that it had sole powers to approve since the merger related to the insurance entity. The Jaipur NCLT, however, declared that a merger of a non-insurance company with the insurance firm falls within the purview of the Companies Act, and, hence, IRDA has no power. The NCLT Jaipur suggested that only transfer of shares would come under the Insurance Act. In this instance, the amalgamation will result in the issue of fresh shares only. Hence, the NCLT Jaipur is convinced that fresh share issue comes under its purview only. The amalgamation move, no doubt, has the NCLT nod. But the NCLT Jaipur order has a lot to ponder over for the IRDA. Consequent to the NCLT Jaipur...
Six decades have gone by since it was incorporated in 1959 as a company with charitable objects under Section 25 of the Companies Act, 1956 (now Section 8, Companies Act, 2013). Ostensibly, it was set up with the object to promote the spread of knowledge across assorted areas – such as politics, culture, art, history, sports and the like – and disseminate news to the general public both about Indian and foreign affairs. United News Of India (UNI) is a multilingual news agency. Once upon a time, it was one of the largest news agencies in India with several hundred subscribers across the length and breadth of the country. Today, it is a shadow of its past. Struggling to survive, UNI has now come under the IBC (Insolvency and Bankruptcy Code) resolution process. A process to invite resolution was initiated in August last year. However, based on a decision taken by the Committee of Creditors, a “Round 2” of the entire Resolution Process for inviting EOI (Expression of Interest) for submission of Plans has been now initiated. With just about 175 employees and revenue of less than Rs 7 crore, this once iconic news agency is on the verge of extinction. With the whole media industry going through tough times, UNI is hoping for a light at the end of the tunnel. Will the resolution process throw up a Good Samaritan? Fingers are crossed, indeed.
Now that N Srinivasan-headed India Cements has changed hands, the focus is clearly on what will happen to Chennai Super Kings Ltd. Once a division of India Cements, CSK was spun off into an independent entity following the conflict of interest issue. Post-India Cements sale, the focus obviously has turned to CSK. Where is it heading? Well, Srinivasan and his family have now consolidated their holding in CSK. They have increased their stake in CSK to nearly 42% from just above 28% in March 2023. The promoters now hold 158,016,303 shares. They had 86,726,373 shares in March 2023. The equity share has a face value of Rs 0.10 (ten paise). CSK Ltd. is the owner of the Chennai franchise of the IPL (Indian Premier League) T-20 cricket team. With the player auction for the upcoming IPL season coming up soon, the consolidation of holdings by the Srinivasan family in CSK reflects the commitment and passion of the promoter group to the cause of cricket. Not surprisingly, the board of CSK has decided to elevate K Viswanathan, popularly known as Kasi, a close loyalist of Srinivasan, as the managing director for a three-year term. Well, the context may have changed following the sale of India Cements. Srinivasan and Co, nevertheless, is focussed like a blinkered-horse on furthering the cause of cricket.
In the wake of the horrific rape-murder of a trainee doctor at RG Kar Medical College and Hospital, Kolkata has been rocked by widespread protests. This disturbing incident has had a profound impact on the business landscape, leading to a significant decline in consumer activity. From the traditional pottery artisans of Kumortuli to the bustling marketing hubs, sweetmeat shops, and restaurants, the city’s economic pulse has noticeably weakened. The usual pre-Puja rush, which begins usually at this time, is notably absent and instead of shopping bags, people are holding placards demanding justice. The usually bustling Kumortuli, the heart of Durga idol creation in Kolkata, has fallen into an unusual quiet this year unlike previous years. Karthik Pal, Secretary of the Kumartuli Potters Association, attributed this change to the recent tragic incident, stating that the usual influx of enthusiastic photographers, young people with cameras, crowding the place even on weekends, has dwindled. Further, there has been less number of buyers for the upcoming Ganesh Chaturthi and Vishwakarma Puja this month. The food and restaurant businesses have seen a decline of 15% in August and if protest continues September could losses of upto 30% says Sagar Daryani, All India Vice President of the National Restaurant Association of India. Dhiman Das, state president of the traders’ organization Mishi Udyog and director of KC Das & Sons, said that from Vishwakarma Puja to Diwali, the profit from this period sustains businesses for the rest of the year. However, if the agitation continues, the industry is fearing a 70% drop in business.
Tatas, Birlas, Wipro and many other business houses have done it – acquiring brands/companies abroad and making the country proud. Joining this prestigious list is the Chandigarh-based KDDL, a pioneer in watch dials, which has acquired 92% stake in a Swiss company which owns the iconic brand Favre Leuba. Favre Leuba, established in 1737, was a popular luxury brand in India too. A whole generation in the 60s, 70s, 80s grew wearing this brand. The watchmaker headquartered in Grenchen, Switzerland is the second oldest watch brand in the world, with Blancpain being the oldest. The iconic Favre Leuba brand was relaunched on August 29, this year at the decentralised event, Geneva Watch Days. KDDL founded by Yash Saboo is a pioneering manufacturer and supplier of watch dials, hands and indexes to top end global watch brands. Its subsidiary Ethos Watches is India’s largest chain of luxury watch boutiques with more than 60 stores selling over 60 premium luxury watch brands. KDDL had bought Favre Leubra from Titan a few years back. Making a comeback, Favre Leuba has ambitious and exciting plans for the Indian market. The company plans to offer affordable and yet high value watches with a strong vintage inspiration specifically from the 1960’s when the brand was known for their robustness and functionality. The brand is looking to unveil 22 references across three distinct collections – Deep Blue, Sea Sky and Chief.
Tamil Nadu leads in current headlines. Yes, F4 is what you are thinking. The first family has come a long way from the modest roots of Thiruvarur. Today Stalin Jr is conducting a car race event…you’ve come a long way, baby. But intel reports are pointing out that Bangladesh illegals too have come a long way to escape strife ridden country, seek jobs and livelihood and perhaps turn TN into a state like Kashmir? The Assam CM Himanta Biswa Sarma has warned TN authorities about this increasing penetration by illegals with fake IDs like Aadhaar cards and others. The Dibrugarh to Trivandrum train via Coimbatore brings job seekers and migrant workers, and it is easy to “vanish” in the crowded industrial and knitwear centres of the hinterland. A labour hungry knitwear industry gobbles up labour. According to KM Subramanian, Tiruppur Exporters Association, “TN textile industry is one of the largest…so illegals head job prospecting head straight to Tiruppur and Karur with fake documents”. About 8 lakh people are employed in the knitwear sector, with 2.5 lakhs from North India. Even 20,000 workers can be absorbed at any given time. The penny dropped with frequent visits of chief Ajit Doval to TN. His latest meeting with Governor RN Ravi has catapulted this security issue to high levels. Is this frequent visit by Doval, a signal that Governor Ravi may get an extension?
Quarter century is indeed a cause for celebration. Why not? For, it has come a long way and is now seeking to carve out a new identity for itself. With a portfolio of close to 50 projects spanning over 24.4 million square feet, primarily in Bengaluru, and Chennai, and Kolkata, Shriram Properties is gearing up to pursue a new path. Many in Southern India often relate this to the indomitable spirit of R Thyagarajan, the founder of the Shriram Group. An iconic name in Tamil Nadu, especially, the Shriram group has gone on to hit national headlines with a series of reorganisation. Today, the group is prominently known in the financial services space. As it gears up to chalk out a hectic growth path, Shriram Properties is ready to step out of the shadows of the Shriram group. Founder Thyagarajan is ever ready to acknowledge the fact Shriram Properties is largely the creation of Murali Malayappan, its Chairman and Managing Director. As Murali is preparing to take control of the company, Shriram Properties has chosen to have its own logo. This signals its first step towards having an independent identity. Yet, claims to be a part of the Shriram groups in its advertisements. Yet, the logo change signals the transition away from the Shriram group for this company conceived and nurtured largely by Murali. Shriram Properties, perhaps, is among the earliest organised players to get into the realty field. As he tries to lay a new road for Shriram Properties, Murali has a definite task on hand.
Despite the fact Tata Power invested Rs 4,245 crore in infrastructure development and network upgradation in Odisha, there was a sudden protest-march from farmers in Western Odisha’s Bargarh district. The protesting farmers led by Saheed Madho Singh Regional Farmers’ Organisation dumped over 3,000 smart power meters in Tata Power’s office alleging that their electricity bills are inflated and are disproportionate to their actual usage. It seems farmers who were earlier getting monthly bills of around Rs 500 per month and this number has gone up anywhere between Rs 2,000 and Rs 3,000 today. Also, there are allegations that farmers have been asked to pay arrears anywhere from Rs 50,000 to Rs 4 lakh. Besides, faulty billing farmers are complaining of frequent power cuts and low voltage as well. Tata Power Western Odisha Distribution CEO Praveen Kumar Verma, however said the smart meters are accurate in measuring the readings. He has assured the farmers their concerns would be addressed including replacement of old cables, voltage fluctuations and power cuts.
Vidal TPA is one of the leading health services management firms and amongst the world’s largest third-party administrators. It has a huge presence in India with over 35 million members and 12,000+ empanelled service providers such as hospitals, diagnostic labs and clinicians. Every year, it processes approximately one million claims and 800,000 pre-authorization requests. It claims that it is an early technology adopter. It reportedly oversees the well-being of over 180 million lives across India, spanning 28 states and 800 cities. It has over 40 offices nation-wide. A change appears to have happened at Vidal TPA. This has, perhaps, forced public sector New India Assurance Ltd to discontinue the services of Vidal TPA with effect from 1st October, 2024 from its Retail Health Insurance Policies. “We have made necessary modifications in our system,” said New India Assurance in a communication to its policy-holders. Surprisingly enough, New India Assurance hasn’t given any reason for discontinuing the services of Vidal TPA. However, grapevine tells us that Vidal TPA has changed hands, and reportedly come under the fold of a competing private entity. Well, the discontinuance of Vidal has put many policy-holders of New India Insurance in a spot of bother. Hopefully, the New India Assurance will quickly put in place a new arrangement without any inconvenience to the policy-
The Reserve Bank of India Governor Shaktikanta Das seems to be on a roll. For the second consecutive year, the 67-year old Das has been ranked as the top central banker globally by the US-based Global Finance magazine. The RBI tweeted, “Happy to announce that for the 2nd consecutive year, RBI Governor @DasShaktikanta has been rated ‘A ‘, in the Global Finance Central Banker Report Cards 2024.” Prime Minister Narendra Modi congratulated him. Mahindra Group chairman, Anand Mahindra tweeted saying “Shakti has won a gold medal in the Central Bank Olympics” and added “his parents have named him suitably.” Das has emerged as one of India’s most effective RBI Governors bagging the international rating recognition. Sources say, this recognition is a silent rebuttal to Doubting Thomases who compared Das with past RBI Governors who were economists like Raghuram Rajan and Urjit Patel against Das’s history specialisation and his unassuming personality. But, Das has quietly walked the talk. The recent global recognition essentially means Das’s strategy has outperformed his peers. The report card said Governor Das achieved this through his domain knowledge, originality, creativity, tenacity in handling India’s inflation control, economic growth, currency stability, interest rate management. Being a seasoned bureaucrat — he was Economic Affairs Secretary, Revenue Secretary before he became a regulator — he did not fall into the usual trap of challenging the government of the day. He quietly let his work speak and the market has always given him thumbs up. His term ends in December 2024 and speculations are rife whether he will get a second extension.
The informal economy in India was estimated at 25.9% in FY16. This has come down to 23.7% in FY23, according to a report by SBI. In absolute terms, about Rs 26 lakh crore was formalised between FY16 and FY23. India has indeed been the number one country in the world in terms of digitalization. Today, street vendors in tier-3 and -4 cities too are using BHIM, PayTM, GPay and the like. Yet,a number of unorganized sectors are still making payments via cash. What is surprising, however, is that the so-called elite professionals comprising doctors, lawyers and chartered accountants continue to take recourse to cash transactions. The hospital market in India is expected to achieve a revenue of $ 126 billion in 2024, according to Statista market research. This number is anticipated to touch $162 billion by 2029.It is expected to grow annually at 5%. Doctors’ consultancy fees are usually received in cash. The consultancy fee ranges from 10 to 25%. Estimates suggest that the doctors’ consultancy fees work out to $ 12 billion. There are elite professionals such as advocates, chartered accountants and the like who too have a cash component to their receivables. There are also other professionals in the informal sector such as plumbers, electricians et al who are paid in cash. The electrical and plumbing services market is nearly $ 5 billion and expected to grow 25% in 5 years. A fourth of the economy is still outside the formal system. What will be the efficacy of policies pursued by the Reserve Bank based on three-fourth of the data? Insufficient numbers aside, the quality of data hasn’t done much to help the cause of RBI. Many governors of the past have complained about this. Well, the solution lies in fast-tracking the formalisation.
The hospital acquisitions of Blackstone, a private equity firm, is getting bigger by the day. Blackstone gained controlling stakes in two South Indian hospital chains– Hyderabad’s CARE Hospitals and KIMS (Kerala Institute of Medical Science) in May 2023 for an investment of Rs 8300 crore. The combined entity under the CARE brand name has emerged as the fourth largest hospital group in India. Now, Blackstone is believed to have struck an all share deal with Aster DM Healthcare to merge their hospital entities under the brand name — Aster DM Quality Care Pvt Ltd. The merger, reported to be in the ratio of 50:50 is between Aster Healthcare and CARE Hospitals. The promoters are expected to approach the National Company Law Tribunal soon. The deal is subject to clearance from the Competition Commission of India. The deal, which would be a share swap agreement, will see the Azad Moopen family’s 42% in Aster DM diluted in the joint entity and Blackstone’s increased. Aster Healthcare is today valued at Rs 19,068 crore and CARE at Rs 16,800 crore. The merger would place the new entity as a major hospital chain with Aster having 5000 beds capacity and CARE another 5000 beds. Apollo Hospital is the biggest hospital chain in this segment. Dr Azad Moopen, chairman of Aster is expected to head the new entity as executive chairman with a professional management team running the day-to-day affairs.
The city of Chennai is known for a robust ecosystem that fosters family business. Traditional family businesses are dime a dozen in this part of the world. They have contributed enormously for the development of Tamil Nadu, in particular, and the country as a whole. Formidable business groups such as TVS, Murugappas, Amalgamation, Sanmar, India Cements, Ramco, Rane, Apollo, the Hindu and the like have all become iconic names in Chennai. An amalgamation of events – opening up of the economy, expansion of families, intense competition et al – has brought tough challenges to the family businesses. Not surprisingly, a wind of change is sweeping the Chennai business families. The Chennai corporate world was caught by surprise when TVS Sundram Fasteners Pvt Ltd, which had 48.36% stake in Suresh Krishna–headed Sundram Fasteners, sold 32,95,500 shares of Re 1 each at a whopping Rs 1,381 apiece. Post the dilution, TVS Sundram Fasteners will hold 46.79% in Sundram Fasteners. The dilution was ostensibly to help one of daughters of Suresh Krishna to raise funds for a new venture. Observers see in the dilution a kind of `family arrangement’ that has sort of provided some sort of an exit window to a family member in the business. Not long ago, there was a similar `family arrangement’ which saw a “non–compete family arrangement” between Venu Srinivasan, his wife Mallika Srinivasan and their kids. Much earlier, the Murugappa group inked a `family arrangement’ with one of the female members of the group – Valli Arunachalam – who had gone public, demanding either a role in the business or fair compensation. It took several decades for the four families that formed part of the larger TVS group to go their separate ways legally. The TVS model for `family arrangement’ appears to be a useful guide for many `family arrangements’ that are increasingly likely in the new–normal family business environment. Maybe, the Murugappas and Apollo have a lot to ponder over.
A consolidation of hectic kind is sweeping the Indian cement field with the Adanis and UltraTech Cement of Aditya Birla Group engaging in a no–holds–barred acquisition binge. The cement industry, perhaps, is moving away from distributed production to concentrated production. The churning is indeed a part of a dynamic process. The change, however, pushes the system down the memory lane, it appears. In former times, the IT industry had a lot of ERP companies such as Oracle, JD Edwards, Peoplesoft, BaaN, SAP and the like. Similarly, the CRM space had plenty of players like Vantive, Seibel et al. In the first decade of this century, a shift had happened in ERP space. Peoplesoft first took over JD Edwards. Then, Oracle acquired Peoplesoft. Later, Oracle came out with a blended ERP which had the features of Peoplesoft and JD Edwards. SAP, in the meanwhile, had taken over Siebel CRM. The competition now is between two giants –– Oracle and SAP. This is a far cry from the days when the ERP space had a host of small as well as big players. Indeed, change is the name of the game. Forget the adage “small is beautiful”. Big is the in thing today. How will the emerging new normal play out in the larger economy? Well, time alone will answer this.
Winds of change are visible here. And, this change must bring a world of good to this organisation, which had almost slipped into oblivion. Kothari Industrial Corporation (KICL) is turning over a new leaf with a fresh management team. It has put the organization firmly back on track. A non-leather footwear park at the backward district of Tamil Nadu is already under way. With focus fixed on beefing up domestic production, this new team has gone at an hectic pace in putting together multiple alliances to make the upcoming park a role model for the country. Managing Director Jinnah Rafiq Ahmed is consumed by a passion to bring the past glory back to this once iconic organisation in the Dravidian land. Under his captaincy, KICL has already returned to the stock market following the re-listing of its shares. Right now, Jinnah Rafiq Ahmed is leading the KICL management with a deep sense of ownership! As he gets into a mission mode, KICL has just inked an alliance with OTB Industria e Comercio de Componentes e Technologia Ltda, (OTB) Franca of Brazil to set up a joint venture company to manufacture and market invisible pens and innovative solutions for shoe components. The joint venture will also explore the possibility of making UV (ultra violet) lights, which will help in identifying the marking. For the joint venture – Kothari OTB India Limited – the complete technology will come from the Brazilian partner. The Indian partner will hold majority shares in the joint venture. Jinnah Rafiq Ahmed is determined to use KICL as a fulcrum to provide jobs to women in backward areas of Tamil Nadu.
In the modern business world, they play a critical role. The entire community of stakeholders in a corporate entity look for their views. Much of the decisions – of stakeholders across the canvass – are often guided by their views. The ratings of the raters are critical in the emerging business environment, which is increasingly turning riskier due to very many imponderables. Their rating can decisively impact – either way – the growth and development of any entity. Well, rating agency CARE has put the ratings assigned to the bank facilities of The India Cements on rating watch with positive implications. The CARE move comes close on the heels of the N Srinivasan-led promoters selling their stake to Aditya Birla Group-owned UltraTech Cement. No doubt, the stake sale has happened. But the operating environment remains what it was prior to the sale of sake by the promoters. A formal change of ownership will have to wait for clearances from assorted regulatory and other entities. CARE has taken a proactive view already. Sources say, CARE has removed the non-cooperation clause as non-applicable. It has indicated that it will review the ratings once all clearances are in place. India Cements has bounced back to profit track with Rs 57.45 crore net profit in the first quarter ended June 2024 against Rs 74.87 crore loss reported in the same period last year. Net profit is due to profit from sale of Parli Grinding unit to UltraTech. The ratings could cut both ways. That’s why care has to be exercised while giving a rating. This time around CARE has given a positive spin on India Cements, which has come under Birlas.
The advent of the Internet and the growth of digital space in its wake has turned everything topsy-turvy. The media world, especially, has undergone an unimaginable metamorphosis. The way news is consumed these days has ensured that the print version of the media world struggles for ever. If that is so for dailies, the predicament of the magazines is unimaginable. Not just the consumption behaviour has changed. The speed of the information dissemination has increased manifold. All these have left a big question mark on the sustainability of the print media of assorted kinds. This one has been in existence for over half-a-century. After the demise of its founder late S Viswanathan, this Chennai-based business publication is set to disappear into the pages of history. Promoters have announced that September 2024 will be the last issue of the Industrial Economist, which has always focussed on the growth and development of the corporate world, especially, in the south. An industrious person with a blinkered-horse like focus, the late Viswanathan tried his best to rejuvenate the Industrial Economist which was launched in 1968. The changing media landscape, rising costs and declining advertising revenue have all conspired to consign Industrial Economist to history. Very many summers ago, Chennai saw the shutters down on the iconic English evening newspaper, The Mail.
What’s in a name? What’s in a brand? All these can just disappear. As time goes by, all these can fall by the wayside. How else can one view the happenings in the corporate world of Tamil Nadu? In the early 90s, one of the brightest jewels of the Chennai industrial world — Enfield – changed hands. Promoted by S Viswanathan and his family, Bullet-maker Enfield was sold to the Eicher group. Viswanathan & his ilk had to give up Enfield due to a combination of issues including scalability. Today, the Eicher group has taken Enfield to a new height globally. A few days ago, another big name in Tamil Nadu – The India Cements – was sold to the Aditya Birla Group UltraTech Cement. That sale of India Cements by N Srinivasan and his family reflects the challenges of a family-owned business. There is a similarity between Enfield and India Cements in their sale. The promoters – either by choice or circumstances — had chosen to quit. What is of significance is the fact that both have changed hands due to a sale process. This is in contrast to management changes that are happening elsewhere in the Indian corporate world. There are many such these days and happen due to corporate insolvency resolution actions. The change of guard both at Enfield and India Cements pose new challenges to family-owned businesses in Tamil Nadu. Change is the sign of not just development but also maturity, it appears.
Journeying from Kolkata to London might not raise many eyebrows, but doing it entirely by car certainly will. This extraordinary adventure has been meticulously organized by anesthesiologist Dr Debanjali Ray and businessman Kaushik Roy. The 64-day expedition, spanning an impressive 18,000 km, is set to begin on August 24 and conclude on October 25 and joining them on this ambitious journey are 15 travel enthusiasts. It is a journey of the Old Silk Route — the Sindhu Civilisation — that will see them traversing through 23 different countries across minor Asia and Europe. The adventurous route will traverse through Nepal, China, Kyrgyzstan, Uzbekistan, Turkmenistan, Iran, Armenia, Georgia, Turkey, Greece, Bulgaria, Serbia, Hungary, Czechia, Poland, Slovakia, Germany, Switzerland, Liechtenstein, Austria, and France before reaching the final destination in London. As part of a cultural exchange, the team will be collecting water from major rivers such as the Ganga, Brahmaputra, Indus, and Yangtze on their way to London. This collected water will be used in the ritual observance of Durga Puja. Interestingly, this expedition is a tribute to the former Kolkata-London bus service, which was once the longest bus route in the world. Operating from 1957 until the 1970s, this historic bus service had a journey duration of approximately 50 days (NOT 132 DAYS??). By completing their journey in 64 days, the Ray-Roy duo not only honours this historical landmark but also establishes a new one. And they will end their long drive by partaking at the Thames Durga Puja Parade Carnival in London.
These two have been an inseparable part of his life. He is not just passionate about them. He has gone deeply into them. He lives these two. And, he breathes them as well. The two Cs — cement and cricket — have largely influenced the personality in him. A sense of toughness defines the man. Yet, he wears a sporty exterior. A combination of factors have conspired to goad the indefatigable N Srinivasan to let go of the cement business. It’s a tough call to quit. But he has reluctantly renounced the cement business. But he keeps his love for cricket intact. He may have sold his dear India Cements to Aditya Birla Group-owned UltraTech Cement. But he appears to have ring-fenced the league-level cricket teams supported by India Cements for decades. If grapevine has to go by, the league-level cricket teams are reportedly brought under the wings of Chennai Super Kings (CSK), which is the Chennai franchise owner of the IPL (Indian Premier League) team. Still, there could be some cricketing issues. The sale pact with UltraTech is perfect cricket, it appears.
If winter comes, can spring be far behind? If UltraTech Cement arrives, can the Adanis stay away? Well, the Aditya Birla Group-owned UltraTech Cement has just re-laid the industrial landscape in Tamil Nadu by buying out the indomitable N Srinivasan in The India Cements Ltd (ICL). Is this the beginning of a new order in the Southern cement field? All of a sudden, the game is getting redefined. In a fragmented south side story, the opportunities appear to be quite a lot. Not surprisingly, every little player in this part of the world pales into insignificance – reduced to the level of a small scale industry (in terms of capacity and financial muscle) – when compared to the Adanis and the Birlas of Ultratech. Adanis have just recently acquired Hyderabad-based Penna Cements. With Ultratech making its advances in the Dravidian land, Adanis have reportedly upped their ante and are looking around aggressively for cement assets. There are legacy names in this part of the world with good pedigree. When the competition takes an intense format, the playground becomes a vicious turner. When the name of the game is big, the focus is increasingly turning out to be on capacity building. What’s in a name? What’s in a brand? Everything can get consigned to the pages of history when the big game arrives!
After 75 years, The India Cements Ltd (ICL) has changed hands. The indefatigable vice-chairman & MD N Srinivasan has finally called it quits and sold his family holdings to the Aditya Birla Group-owned flagship company UltraTech Cement. At the end of the day, he was a reluctant seller having got into a pincer-like situation by a combination of physical, economic and financial factors. An aging Srinivasan and aging plants have pushed ICL, whose birth could be traced to the pre-Independence era, into the hands of UltraTech. It may not be easy for Srinivasan -– who breathes cement -– to let go of ICL. No doubt, Srinivasan and his family are richly rewarded for their renunciation of ICL. Yet, he must be silently suffering the pain of parting ICL. Significantly enough, he has managed to ring-fence Chennai Super Kings (CSK), the largely successful IPL (Indian Premier League) cricket team. As an independent unlisted company, it is now largely owned by him and his family. CSK has not only gone from strength to strength but also spread its wings across the globe. A passionate patron of Cricket and cricketer, Srinivasan and his ilk could now focus fully on the game like a blinkered-horse. Franchise-based sport is proving to be the future across the globe. Significantly enough, Ultratech will get ICL only since Srinivasan and his family have ring-fenced India Cements Capital as well. Indeed, a fresh innings has begun for Srinivasan and his family.
Remember Ramesh Vangal. Once upon a time, he was the face of Pepsi in India. In fact, he led PepsiCo’s landmark entry into India in the early 1990s.This was widely considered as a pioneer in India’s opening of FDI. Post-Pepsi, the arc light, however, continued to be on Vangal as he formed an alliance with Suresh Kalpathi, the founder of SSI Ltd. Vangal also got into a cobweb when his company, Katara Holdings Ltd (KHL) Mauritius, bought into Tamilnad Mercantile Bank (TMB), which was mired in controversy when internecine quarrels among promoter groups led to the shares slipping into non-Nadar hands. With funding facilitation from Standard Chartered Bank (Mauritius), KHL struck a complex deal in 2007 to acquire TMB shares. But the Enforcement Directorate found Stanchart guilty of violating Foreign Exchange Management Act in this particular transaction. Stanchart took the legal route to retrieve its money from KHL. The Supreme Court of Mauritius has since ordered the liquidation of KHL. Significantly enough, Vangal’s KHL holds over 53% stake in BSE-listed Kerala Ayurveda Ltd, a pioneer in providing Holistic Healing and Wellness Solutions. The official liquidator of KHL has informed Kerala Ayurveda that since he now has the custody and control of the shares held by KHL in the company, no trades are to be allowed on this stake without his authorization. The arc light is still focused on Vangal, it appears.
In Tamil Nadu, the month of Aadi (sacred month between Jul 17 and Aug 16) holds a distinct hysterical attraction for both buyers and sellers. Retailers advertise the most attractive discounts and buyers just cannot resist those drool worthy offers. But why Aadi month? For those familiar with religion and rituals, Aadi is not an auspicious time for weddings and family events. You may be surprised to know that newly-weds are not encouraged to cohabit ….a strange social custom with strong roots in superstition. Yet, Aadi is considered super auspicious for staunch devotion. Every day in the Tamil calendar has a deep religious significance. How did retail hysteria find its place in Aadi? Business and religion have coexisted profitably for ages…as religion has enabled the need to buy numerous products to appease the Gods, especially Ma Durga …offering dozens of glass bangles and sarees to the Goddess, simultaneously gifting to women devotees churning up demand for gifts galore that are sold at irresistible prices. Retailers are happy when the crowds stampede. Buyers use this opportunity of rock bottom prices to stock up for future gifting, weddings and events. Results: inventory flies out. The iconic store Chennai Silks opened Aadi sales this year with its full page ad featuring a “madisar model” draped in a nine yards saree. Religion, business and politics mesh here…the Dravidian ideology though consistently mocking Brahmin culture, is not averse to borrowing symbols of this culture to boost business. Ideology, religion, business everything has its place.
What’s in IT? Well, IT (information technology) makes an organisation efficient. Is it really so? Ask S Aruldass, managing director of the Chennai-based EAFS which was established in 1992. The company is a leading IT-Enabled Infrastructure & Engineering solution provider and project specialist in the design and building of Data centers & Network Solutions. Over eight summers have gone by and yet, this Chennai-based entrepreneur is at his wit’s end to recover the money for the services rendered by his company to Bengaluru-based IT major Wipro. After selling off his multi-cuisine restaurant (Noodle Kings), he founded EAFS to provide power and control solutions to corporations. It isn’t easy to be an MSME (micro, small and medium enterprise) organisation. He is acutely aware of this. But, he hasn’t bargained for an IT giant like Wipro to delay payment for services rendered several years ago! Constant churning of people in Wipro has only worsened his predicament. The IT age appears to have pushed the inter-personal relationship to a faceless computer interface. This is indeed causing avoidable hurt for smaller ones like EAFS. Non-receipt of payment, however, does not entitle EAFS to hold back on GST payments. The cumulative weight caused by non-receipt of payment from Wipro has cast a huge burden on him and his company. What is small for some may prove to be big for some others. Is Wipro listening?
The much-awaited Vizhinjam International Seaport, India’s first deep-water container transhipment port began trial runs with Mothership- San Fernando, a Maersk line vessel berthing at the port with 1930 containers. Once fully operational, the turnaround time of the port is expected to be less than a day (0.9 day), which is better than the U.S. (1.5 days), UAE (1.1 days) and Singapore (1 day). One of the major attractions of the port is its proximity to international shipping routes and its deep draft. Global shipping majors prefer ports with an 18 metre or more draft. Vizhinjam has a 20 meters draft, while neighbouring ports like Cochin and Thoothukudi have insufficient draft of 14.5 m and 14.2 m respectively. The Vizhinjam Port, once fully operational, will be competing with some of the major ports in this region — Colombo, Singapore, Port Klang and even Dubai. While the projected handling capacity of the Vizhinjam Seaport in the first phase would be One million (TEUs) Twenty foot equivalent units, Singapore does 36.8 million (TEUs) and Colombo 6.85 million (TEUs) as per 2020 figures. Work on the Vizhinjam Port started in 2015 under a public-private development plan. For this purpose, the Kerala Government entered into a concession agreement with Adani Vizhinjam Port Pvt Ltd. Out of the total investment of Rs 8,867 crore, the Central Government has allocated Rs 5,595 crore and State Government Rs 818 crore. The port hopes to be fully operational by October 2024.
Chennai is changing. More precisely, the heart of Chennai is undergoing a major metamorphosis. Yester-year iconic industrial and commercial properties are giving way to new skyscrapers, high-end luxury flats and shopping malls in the heart of Chennai. What spurs the change? There are opportunities aplenty for redevelopment now. The increased FSI (floor space index), the Metro Rail projects, myriad road bridges connecting central business corridors across Chennai, the rising demand from HNIs (high network individuals) and NextGen family members of the business group have all combined to liven up the real estate scene in the heart of the city of Chennai. Some of the iconic properties in Chennai are going through a re-development process. Crowne Plaza in Adyar, TVS property on Mount Road, President Hotel on RK Salai and Shanthi Theatre on Mount Road, among others, are now undergoing a metamorphosis. The Brigade group has now announced the development of a new landmark – Brigade Icon – on Mount Road in Chennai. It is now developing the property it had acquired from one of the wings of erstwhile TVS group into a residential complex. In the evolving Chennai landscape, owners of old properties find it prudent to relocate their businesses to IT and newer corridors. Indeed, the change is happening at a faster pace in Chennai.
Air Kerala, the long standing demand of Malayalees, is finally taking shape. The brainchild of two UAE entrepreneurs, Afi Ahmed and Ayub Kallada, Air Kerala will be the first regional airline originating from Cochin. The airline which is registered under the name, Zettfly Aviation, has received the NOC from India’s Civil Aviation Ministry to operate scheduled commuter air transport services for three years. With NOC in hand, the promoters will now have to obtain an Air Operator’s Certificate. The next step also involves zeroing on the right type of aircraft. Initially, Air Kerala plans to buy/lease ATR 72-600 model aircraft to connect tier-II and tier-III cities. The intention is finally to graduate to tier-I cities and expand to international routes. For this, the airline will have to expand operations over a period of three years with an expanded fleet including wide-bodied Jets. Air Kerala has been the dream-child of the Kerala Government since 2005, to operate a low cost air service offering economical fares to expats. Last year, Afi Ahmed, one of the promoters who owns Smart Travels, bought the domain name airkerala.com for a whopping Dh 1 million. The promoters plan an initial investment of DH 1.1 billion. Zettfly Aviation’s board comprises Afi Ahmed, Ayub Kallada and Kanika Goyal all having expertise in the aviation field.
In a country of over a hundred crore people, job creation must be the principal objective. Viewed from that perspective, the Make In India campaign of Prime Minister Narendra Modi must be welcomed whole-heartedly. Generating a slogan is a lot easier. Making it a reality, however, is a tough proposition. There are so many hurdles in the way for making the Make In India pitch a reality. It can become so only if all arms of the government – both at the Centre and at state level – work in complete coordination with each other. This ambitious non-leather footwear project in Perambalur district of Tamil Nadu promoted by the Kothari group is facing a peculiar problem. The technology partners — those setting up units in the non-leather footwear park — are unable to get fly in technical experts from China to India. Their presence is critical to get these units off the block quickly. Notwithstanding recommendations from assorted agencies, the authorities concerned are yet to clear Chinese technicians’ visas. Issues of minor nature like this can jeopardise the Make In India focus. Border skirmishes notwithstanding, bilateral trade between India and China in FY23 stood at $ 113.83 billion. As of 2022-23, China was India’s third-largest trading partner. Well, New Delhi must find ways to remove the glitches coming in the way of the Make In India campaign.
The deal street is abuzz with the news that the former HDFC executive Satrajit Bhattacharya is close to acquiring a Mumbai-based mid-sized housing finance company. People in the know of the deal, say it is perhaps one of the biggest acquisition deals by a start-up in recent times. Bhattacharya is expected to make a public announcement soon of his acquisition as well as the launch of Weaver Services. Ever since the 54-year old Satrajit quit his high profile job from HDFC, the country’s premier housing finance company, he has been on the radar of I-bankers and Executive Search firms with a job offer. But he was keen to become an employer not an employee. As soon the cooling period was over Satrajit made his entrepreneurial plans of getting into affordable housing finance space public. Being an M & A specialist, his strategy to hit the ground running by acquiring a housing finance company seems to have attracted well known PE players. It is learnt that they are willing to bankroll him for more acquisitions. Satrajit’s entry into the housing finance space seems well-timed given the fact that the government is keen to address the massive housing shortage in India –estimated at around 10 crore units — with the bulk of the shortage being in the lower income segments.
He knows inside out of cement. He breathes cement, and is passionate about his organisation. He is also acutely aware of the fast-changing dynamics in the cement industry. All along, he has run the cement business in a co-existing system. Initially, he worked with the Chemplast group as a co-promoter. Subsequently, he carried on with the Radhakishan Damani of DMart fame as passive investors. With the Damanis selling their stake to Aditya Birla Group company UltraTech Cement, N Srinivasan has to co-exist with the Birlas now. Is there a definite method to the latest twist? The way things are panning out, it appears a win-win for all the three players. Damani has cashed out happily. Birlas have gained more than a toe-hold into The India Cements, which has a legacy going back to pre-Independence days. Birlas have, for now at least, chosen to stop at the level of financial investor. Given the tall stature of Srinivasan and also considering his age, Birlas have taken a wise course. For Srinivasan, the situation is not new and yet new in a way. This time, he has to co-exist with a financial investor who is also a cement maker. For stakeholders across the canvas, this could be a welcome development. After all, Birlas have a rich background in terms of culture and values. That bodes well for India Cements. What lends credence to the emerging new setting was the unreported informal confabulations at India Cements a few days prior to the sale of stake by Damani in the open market to UltraTech people. The current arrangement seems perfect given the fact that both Srinivasan’s daughter and granddaughter are passionate about driving the cricket franchise Chennai Super Kings. Interestingly, for Birlas there is a Tamil Nadu connection, Kumar Mangalam Birla’s mother Rajashree was born in Madurai. She went to St Joseph’s Convent School and Fatima College. After her marriage to Aditya Birla she moved to Kolkata.
TRENDS & VIEWS
Editor’s Note: Big Punch In Small Pack
It is the Third Anniversary of Short Post and as a news media startup launched during the Covid-19 pandemic it certainly feels better than good to find ourselves where we are today. Here, I must cite the unstinted support of our seasoned contributors, all senior editors in the country, who brought a great degree of maturity and sagacity to the Short Post newsroom. But for them, our tagline “Authentic Gossip”, an Oxymoron, would not have matured viably. Our user numbers may be small but our stories have created the desired impact among people who matter — decision makers and influencers. We offer a big punch in a small pack and Short Post with its 225-word stories has been punching above its weight category. Having posted close to 3,000 stories in the last 36 months, Short Post, I feel, is an idea whose time has come.
And this is vindicated by our two marquee advertisers – IDFC FIRST Bank and ICICI Lombard. Both believed in our story and have supported us from Day one. A big thank you to both.
If you look at the media landscape – print, TV and digital — it is a mixed bag. There are job losses as some outfits have closed down while a lucky few were bailed out by large corporate houses. Yes, there is a lot of action in the digital space. However, the entry of corporate houses has raised the question of independence of news media outfits. Sadly, there are just a handful of independent media outfits in the country that are highly respected for their neutrality. At Short Post, our credo is not to take sides, prejudge issues or be biased but, informing readers of behind-the-scenes happenings. In essence, Short Post strives to be a neutral editorial platform — neither anti-establishment nor pro-establishment.
As I said last year, disruptions in the media world are moving at a fast and furious pace. Technology is playing a very big role in how content is generated and consumed. But, we are neither alarmed nor perturbed as it is all a part of the evolution process. What gives us comfort is that AI is unable to create original gossipy content. And that is the news arena where we have achieved a distinction.