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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.