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The intitial turn out for India’s opening ICC Champions Trophy match at the Dubai International Stadium (DIS) was a far cry from the spectators who showed up for India’s home series matches against England recently. It was full house in Nagpur and Cuttack, and around 60000 at the Narendra Modi Stadium in Ahmedabad for the third ODI. The men in blue are a big draw anywhere in the world but on Friday — which is not a holiday here — there were not many takers, most of them having saved Dirhams for the India-Pakistan group match on Sunday, which is a weekend holiday. The DIS can hold between 25000 and 30000 people and by the time Mohammed Shami and Harshit Rana struck blows in the first 10 balls of the match — after Bangladesh chose to bat winning the toss — one could see empty seats at the Stadium. The venue which has a canopy like roof and gives a ring of fire like visual as dusk settles in, has become a popular venue in the UAE — the other two being the Sharjah Cricket Stadium and the Shaikh Zayed Cricket Stadium in Abu Dhabi. Tickets are priced as low as 250 AED and it goes up to a high of 12500 AED for the Grand Lounge at the DIS. The ticketing arrangements have been done by the host Pakistan Cricket Board and Emirates Cricket Board and much of the gate receipts should be going to Pakistan’s kitty. Wickets were falling in a heap in the first hour of the match as India gained the upperhand and the only disappointing aspect was skipper Rohit Sharma spilling a catch at slip to deny left arm spinner Axar Patel, a hat-trick.
In a week’s time, that’s next Sunday on February 23, the world of cricket would swing to the passions reflected across India and Pakistan in the ICC Champions Trophy. The clash between the arch rivals in cricket will be a sell out with every seat at the Dubai International Stadium, where the expatriates will shell out thousands of Dirhams and create an electrifying atmosphere. Seventeen months ago, a near full house at the Narendra Modi Stadium rooted for the Rohit Sharma-led Indian team against Pakistan in the ICC World Cup. India which won that match was the host of the World Cup and Pakistan travelled to Ahmedabad for the marquee event. The Pakistan Cricket board (PCB) being the host of the ICC Champions Trophy, believed India would travel across the border to give the local fans — either in Lahore or Karachi — a real experience of a high-octane tension filled match, but the BCCI, not allowed by the government of India, refused to send its team to Pakistan — citing security concerns — and India’s group matches were scheduled in Dubai. An India-Pakistan contest in any sport is an extraordinary event by itself, but one between the cricketers of the two countries is truly uplifting to the millions of fans of the country that wins the contest. Eight years ago Pakistan downed India by 180 runs in the Champions Trophy final at ‘The Oval’ in London. Pakistan holds a 3-2 edge in the Champions Trophy and 73-57 edge overall in ODIs, but it’s 2-0 for India in Dubai with Rohit Sharma totalling 317 runs in five matches with a high of an unbeaten 111 against Pakistan in the 2018 Asia Cup.
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.
Nine years after the Left Democratic Front (LDF) headed by Pinarayi Vijayan blocked the then ruling UDF’s plan to allow private universities into Kerala, the LDF has had a change of heart. “The government’s latest decision is in sync with changing times,” says Higher Education Minister, R Bindu. Any agency which has experience and credibility can apply to set up a University provided it deposits Rs 25 crore as corpus money and also has the requisite land as per regulatory agency. In case the proposed Private University is a multi-campus varsity, then at least 10 acres of land is required. The government’s move is to ensure that Malayali students remain in Kerala. As per a joint study by Gulati Institute of Finance and Taxation (GIFT) and Centre for Development Studies (CDS), nearly 50.8% of Malayali students migrate to neighbouring Karnataka alone for higher studies. Though the government has indicated that the new policy has attracted many institutions/universities, it is too early to predict how things will play out due to certain stiff parameters included in the proposal. They include 40% seat reservation for permanent residents of Kerala and that SC/ST students have to be provided scholarships and fee concessions. The LDF government has also indicated that its nominees — Higher Education Secretary and another Department Secretary should be nominated in the Private University’s governing council. And if this is not enough intervention, the state government will have a nominee as member of the University’s executive council and three nominees in the academic council. It will also comply with directions of regulatory agencies regarding appointment of Vice Chancellors and faculty members. Initial indications are that the Azim Premji University and another Gulf-based institution with the blessings of the promoter of Lulu hyper-market chain, M A Yusuff Ali, have indicated their interest.
The Union Home Ministry’s decision to grant actor-politician Vijay, the chief of the Tamilaga Vettri Kazhagam (TVK), ‘Y’ category security in Tamil Nadu has stirred the political pot. Sources said while the security was accorded after an internal security audit by the Intelligence Bureau, it has prompted a sharp reaction from the AIADMK, which suspected that the BJP would use the security cover to get the newbie politician to its side at a time when it is planning a grand alliance with TVK and the Congress for next year’s assembly elections. It may seem the Centre’s security decision is being over analysed. But sources say the Congress is already under pressure from AIADMK to change its TN president ahead of the assembly polls as he is being viewed as too close to the DMK, post Erode assembly by-elections. Meanwhile, it is felt Vijay may accept the security cover as it will be helpful in managing the crowd during his public engagement as a politician. AIADMK functionaries however are unconvinced that the Centre’s decision was merely a security decision. Strongly backing the Centre’s decision to give Vijay ‘Y’ security cover, TN BJP chief K Annamalai pointed out that the Central government had given CRPF security to Opposition leader Edappadi K Palaniswami, regardless of whether the AIADMK was in alliance with the BJP or not. He pointed out that similarly the central government had given ‘Y’ security to Vijay. “The reason that Vijay is not able to meet the public is because of the huge crowds.” He also wanted to know why the DMK government in the state had not come forward to give Vijay this sort of security.
The recent release of Chaava, featuring Vicky Kaushal and Rashmika Mandanna, has ignited significant discussions around the intersection of art and political scrutiny in India. While the film has garnered considerable buzz and attention at the box office, it has also faced backlash from various political groups, often dubbed as the “moral police.” This scrutiny particularly intensified around a promotional song featuring a traditional lezim dance that depicted the historical figure Sambhaji Maharaj in a manner some deemed inappropriate. Critics argued that the portrayal of the king dancing was historically inaccurate and disrespectful, prompting Maharashtra Minister Uday Samant to advocate for a review by historians to preserve the dignity of the Sambhaji Maharaj. In response to this pressure, director Laxman Utekar met with political leader Raj Thackeray and ultimately decided to remove the contentious scene. This incident reflects a growing trend where political entities feel entitled to intervene in Bollywood productions, raising concerns about the freedom of expression for artists. This pattern is not new; previous controversies, such as the uproar over the song “Besharam Rang” from Pathaan and the backlash against the song “Malhari” from Jodha Akbar which faced criticism for its use of the phrase “Vaat Laavli,” underscore the inconsistent responses from the industry and authorities. Sanjay Leela Bhansali, known for his grand historical narratives, has frequently found himself at odds with political outfits, from Jodha Akbar to Padmaavat to Gangubai Kathiawadi. This trend illustrates a troubling reality where the creative landscape is increasingly shaped by political agendas, often at the expense of artistic integrity and historical representation. As the lines between art and politics blur, it raises critical questions about the future of creative freedom in India.
In Tamil Nadu, the Dravidian major AIADMK is going through a minor crisis of confidence with a senior member in Sengottaiyan staying away from an event that felicitated the party chief Edappadi K Palaniswami (EPS). The former minister explained it away saying he was told there would be no portraits of party founder MGR and his protégé J Jayalalithaa at the venue and the party explained it away by saying the event was by a federation of farmers. The minor misunderstanding alone is not, however, what the leader and former chief minister EPS is facing. He is deprecated as the ‘dubbing voice’ of the BJP by TN chief minister MK Stalin and assailed every day by those who he had forced out of the party like TTV Dhinakaran of the Sasikala clan. While Palaniswami may be forced to accept that to go with the BJP in the Assembly elections of 2026 could be the only option given the scattered vote share of the Opposition, he is being offered an olive branch by the ousted former chief minister O Panneerselvam (OPS) who now senses an opportunity to call for unifying all forces so the party may regain the strength of old and be a force to be reckoned with in the state. OPS is now saying he is willing to patch up and return even with EPS as chief. provided fair elections are held soon with all party members allowed to vote for their chief. Meanwhile, word has come in that political advisers are saying that only a front against the ruling DMK with AIADMK, BJP and Vijay’s fledgling TVK could fancy its chances of downing the ruling party.
Maharashtra keeps proving that there are no permanent friends or enemies in politics. So, the BJP which had launched a vociferous diatribe against Ajit Pawar’s Dhananjay Munde in Beed through its local legislator Suresh Dhas there, suddenly mediated a peace meet between them signalling de-escalations in political tensions on that front. Maharashtra reeled in a shock when Dhas admitted to dropping in to check up on Munde’s health following a surgery after spending weeks accusing his aides of extortion and murder. Uddhav too has started warming up to BJP chief minister Devendra Fadnavis prompting talks of a BJP-Sena alliance after calling each other names like Fadtus and Kadtus to each other. Fadnavis though met up with his cousin Raj Thackeray sparking talks of BJP aligning with him. Uddhav’s bete noire Eknath Shinde, on the other hand, displayed signs of warming up to Sharad Pawar. Sharad Pawar played a masterstroke by publicly felicitating Shinde, praising him and clearly dropping out Uddhav Thackeray from his books like a hot potato. Shinde these days is already having an upper hand with Operation Tiger; he intends to poach Uddhav’s three MPs. Ajit Pawar has already started attending events with the senior Pawar on the dais sparking talks of both the NCP factions warming up to each other. Amidst all these shifts and readjustments, probably to gear up for the forthcoming local body polls, the Congress is the only party which finds itself left lonely to nurse its wounds all alone.
The silent war for supremacy claims between Rajini and Vijay’s fans has been smouldering for a few years now. Vijay has conquered that top slot in box office status which Rajini and Kamal shared. Who is the highest paid actor is the bone of contention…obviously the commercial success of Vijay’s formula padded high-octane films is hard to ignore, harder not to acknowledge it. Recently, it took an ugly turn when the X (formerly Twitter) handle of Rajini fan clubs carried an unsavoury threat to Vijay. The plan was to chuck rotten eggs at Vijay in his political meetings. The rotten eggs were to be sourced at bulk rates from Namakkal. This audio caused a major flutter and Rajini’s PR mouthpiece condemned the plan. “A genuine fan of our Thalaivar would never think of such base actions. Mutual respect for fans is what we profess. Don’t make cinema a divisive force”. Another distasteful event had preceded this one on February 7 when Ajith’s long-awaited Vidaamuyarchi hit the screens. Suddenly at the Nellai’s Ram theatre, a bunch of diehard Vijay fans and newly minted party acolytes came, waving TVK flags and matching swag to impress the crowd about their leader. A few Ajith fans caught hold of the enthusiasts and thrashed them, saying you want to watch a movie, do so without pomp and flag fare. Even when celebrity stars don’t resort to cheap publicity, the fan clubs bring a bad reputation. And when cine glitz transforms into politics, the stakes are higher.
Aadav Arjuna, son in law of lottery king Santiago Martin, convinced poll strategist and founder of Jan Suraaj Prashant Kishor to meet actor Vijay at his Neelankarai residence. During the meeting, it is learnt, Kishor talked about forging an omnibus alliance in Tamil Nadu – Vijay’s Tamilaga Vettri Kazhagam (TVK), AIADMK and the BJP. The meeting that lasted over two hours left the media and watchers agog with curiosity and questions. TVK commands 20% of the votes in TN, a figure that Prashant is said to have spoken about to mainline media as well as podcasters. “My two-hour meeting has set 2000 kites flying with their own versions,” said Prashant. It was said that Prashant who visited Vijay as a friend has spelt out the dos and don’ts. He has set out three commandments. First suggestion, his exhortation to TVK and Vijay build up the party to reach every nook and corner. Cinema can only go so far in providing optics. The second commandment, TVK was recently started and does not have enough time to build a full-scale infrastructure in the short time before 2026 hustings. It is not possible to stand alone and hope to fight elections without the support of a strong alliance. The third one is seen as most strategic. In 2017 DMK was almost reborn after a 10-year Vanvas but it had seamlessly worked with alliances that stood the test of time. So instead of fighting a monolith coalition, try to wean away the unhappy B Listers. For now, Kishor has just thrown the bait …it was obvious that TVK and Vijay were working, planning and converting every chance into an opportunity. And now with the Centre’s Y security status accorded to Vijay, he is already in the chosen list.
Irony! Kerala’s Left Front Govt In Talks With Tatas, Adanis To Bail Out Kannur International Airport
It is rare that the fortunes of an airport are tied to an airline. One of the big casualties of Go First’s insolvency is Kerala’s second public-private airport, Kannur International Airport Ltd (KIAL). Set up at a cost of Rs 2500 crore in 2018, the airport which has attracted over 20 million passengers is today defaulting on salaries and all infrastructure payments. In fact, things have turned worse in the last two months, with the airport defaulting on interest payments on borrowings which have now risen to Rs 1200 crore. Go First used to operate 240 flights per month from KIAL to domestic and international destinations. These operations earned it a revenue of Rs 5 crore every month. Also, KIAL was used by Go First as a major parking bay for its fleet of aircraft. The airlines which operate from KIAL today are Air India Express and Indigo, which do only four or five flights per day. The Kerala chief minister Pinarayi Vijayan is worried that the airport could turn out to be another white elephant. It is believed that his government has approached the Tatas and Adanis to bail out KIAL. This is ironic, as the same Pinarayi government had vehemently opposed the privatisation of Trivandrum International to Adani. Critics say that Vijayan will go to any extent to save KIAL, as it is in the backyard of all the top Kerala CPM leaders.
For decades business houses in Tamil Nadu have kept the business out of bounds for women members. That thinking is slowly changing. Now, the corporate world in this Dravidian land is turning gender-agnostic. With the four groups in the larger TVS family quietly going their separate ways legally, the yester-year hurdle (somewhat perceived, though) has disappeared for the womenfolk in their families. Suresh Krishna’s daughters are running the show in Sundram Fasteners. Venu Srinivasan’s daughter is also firmly in the family business. Of course, Mallika Srinivasan is driving the Amalgamation group. The iconic Apollo Hospitals is managed by Pratap Reddy’s daughters. N Srinivasan’s daughter Rupa Gurunath is well entrenched in The India Cements. Cavinkare has seen C K Ranganathan’s daughter too is getting into her father’s business. The Sengol fame Vummidi Bangaru Jewellers has already welcomed a fifth generation (four daughters) into the business. Perhaps the Murugappa group is an exception at the moment where one of the women members of the family –Valli Arunachalam — is engaged in a bitter legal wrangle with others over the denial of her right to get her due in the business of the group. Incidentally, it was the eldest daughter who alerted her father and MD of Pricol Vikram Mohan to the raid by Minda on his company! Well, women power has truly come to party in the family business.
They have immense pride in identifying themselves as manufacturing jewellers. They are the fourth generation entrepreneurs. Their four girl children have also gotten into the business. Founded in 1900, this iconic brand from the city of Chennai has come under the national focus when the Vummidis were traced to be the maker of “Sengol” that the Adeenams had gifted to Pandit Nehru to symbolise the transfer of power from the British. The Modi Sarkar has now installed that “Sengol” near the Speaker’s seat in the new Parliament. The installation of “Sengol” in the new Parliament is a defining moment for the owners of Vummidi Bangaru Jewellers. The “Sengol” installation in its wake has cast on Brand Vummidi an additional responsibility. Yet, it has pushed the brand equity of Vummidi to a new level. It is an ideal time for the owners to spread out into the globe. Steps are already on in this direction. If one were to go by Amarendran Vummidi, Managing Partner, Vummidi Banguru Jewellers (VBJ) will spread wings to the U.S. and set up a store in Dallas very soon. There is a significant presence of the Indian diaspora in that part of America. The American foray will be through a newly-floated Indian subsidiary, Amarendran reveals.
The travel boom set off by the end of the Covid-19 pandemic is seeing action in every mode of transport, from roads to rail and, of course, flights. But while the Indian Railways are using the opportunity to push the new Vande Bharat Expresses with premium facilities and premium prices, a number of small airlines are still trying to find their bearings after the sector nosedived during the pandemic. One entrepreneur who is waiting to take off is Manoj Chacko, former vice-president of the now-defunct Kingfisher Airlines. Chacko, CEO of the recently registered Fly91, from India’s telephone dialling code, has seen it all. Air Deccan, the forerunner in the field that made flying affordable to all, took off well but made the mistake of going in for Airbus aircraft too early. “They should have stuck to the ATR with which they began,” he says. “Introducing a mixed fleet compelled them to compete in a different space.” Kingfisher’s acquisition of Deccan was a “big mistake”, says Chacko, who quit soon after. “Vijay Mallya called me back after three years, but too much water had already flowed under the bridge by then.” Flying to Hubli, Kolhapur and smaller places was not an issue, but the attempt to go international was the killer, he says. His new airline, headquartered in Goa, will operate small 76-seater aircraft from October 2023, with a plan to go national gradually in about five years. “We’ll be playing a test match, and aim to replace short rail journeys of 10 to 12 hours,” he explains, adding: “We won’t get into the ‘cheapest fare’ race: our fares will compare with those for the railways’ 2nd-class AC. We will pay salaries comparable to, say Indigo but keep a low-cost structure with neutral distribution channels and a consumer-friendly booking app.” Happy flying!
Coimbatore is an unlikely venue for a corporate contest. That’s why this one has come as a surprise. The out-of-blue equity buying in Coimbatore-based Pricol by its rival Minda Corporation Ltd a few months ago has stunned the traditional industrial groups in the city, which was once hailed as the Manchester of India. Minda bought a little over 15.7% shares in Pricol for Rs 400 crore. What emboldened Minda to embark on such a hostile raid on a traditional industrial establishment in Tamil Nadu? There could be several reasons for this. The Pricol family structure, perhaps, tempted Minda to have a go at this Coimbatore-based company. The battle is truly on now with the Pricol family doing everything – legally and strategically – to stop the raider on its track. The imbroglio arising out of this hostile takeover has already landed in courts. The Pricol-Minda battle takes one back to former times when non-resident Indians Swraj Paul and Manu Chhabria exploited a change in the rule for NRI investment in Indian companies to raid Escorts and L&T. That they did not eventually succeed is a different matter. But Pauls and Chhabrias have taught a lesson or two to India Inc. If Minda has to be stopped, Pricol owners have to solidify their equity position. The economics of ownership has indeed become dizzy.
A drive-in theatre provides a viewing experience of a relaxed kind. This one perhaps was the first one to come up in the city of Chennai. Located on the ECR (the East Coast Road (ECR), one of the loveliest stretches on the national highway leading up to the Union Territory of Puducherry, this one was a favourite destination for many a cinema lover. For, it gave them the comfort of a relaxing environment and a unique movie-watching chance. Prarthana Drive-in Theatre on the ECR had for long provided young and old alike an entertaining space to unwind even while serving them sumptuously. All good things will have come to an end. So did Prarthana. The owners downed shutters on it sometime in 2021 due to administrative reasons. Founded way back in the early 90s, this drive-in theatre will disappear altogether from ECR. Reports suggest that the land which housed Prarthana has changed hands. A leading construction company in Chennai is believed to have decided to build a high-rise residential complex in the space that measures around 25 acres. Post-Pandemic, there has been a flurry of activities around land acquisition by residential real estate developers. Chennai has already seen many iconic theatres disappear. Prarthana is the latest one to enter this list!
State governments – cutting across party affiliations – jostle with each other to attract global investment. Of late, the competition has become intense among them to woo investors from across the border. Copious flow of capital from the international investing community is often seen as an endorsement of positive policies pursued by them. Tamil Nadu chief minister M K Stalin is gearing up to hold a Global Investors’ Meet (GIM) in January. This will be the first Global Investors Meet for the Stalin-led government. The previous two investor meets took place in 2015 and 2019 when the AIADMK was in power. Chief Minister Stalin has indicated that the upcoming Global Investors’ Meet will play host to investors from over 100 countries. The State machinery is sparing no effort to make the summit an extraordinary showpiece. Expectedly, the DMK government has decided to appoint a global management consultant. The Stalin regime has reportedly roped in Boston Consulting Group to make the upcoming GIM a grand success. Sometime ago, the Tamil Nadu Government issued a Request For Proposal for the ‘Selection of Global Management Consultant’ as a knowledge partner for the Global Investors’ Meet 2024. The knowledge partner will work with the stakeholders across the canvas to effectively articulate the focus fields to the international investing community. Will Boston bring a big boost to the TN GIM?
Numbers can’t just be wished away. Often, they give a clue or two to a decisive interpretation. A cursory reading of the FDI (foreign direct investment) equity inflows into the country has thrown up a revealing fact. In FY21-22, India recorded the highest ever annual FDI inflow of $ 83.57 billion. The Department for Promotion of Industry and Internal Trade (DPIIT) indeed comes out with data on FDI inflows across the districts in the country. A reading of the data for the last 11 quarters clearly suggests that there is a concentration of the FDI flow into a few districts. Surprisingly enough, two districts from Tamil Nadu figure among the top 10 which were consistent in terms of attracting FDI. The two districts are Chennai and Kanchipuram. They managed to attract over Rs. 500 crore FDI in nine out of eleven quarters. These two neighbouring districts in Tamil Nadu house some of the top-notch manufacturing industries. In fact, the Chennai-Kanchipuram stretch is an iconic one. Many big boys such as Hyundai, Saint Gobain and the like dot this stretch. That these two districts have been consistently getting FDI must make the political leadership sit up and ponder. Should it not facilitate an ecosystem that allows for equitable distribution of FDI flow across the state?
The latest news is that Pradeep Bhardwaj, Senior Strategy Director & Head of Industry Standards, Syniverse has been appointed by His Majesty the King as the High Sheriff in the historic rural county of Wiltshire in England. Bhardwaj is the first person of Indian origin, and the first Hindu to be appointed to this high office. Pradeep brings in a huge honour not just for himself but for the entire diaspora from the Indian sub-continent. With the presence of Hindu Chaplain from Leeds Krishnakant Atre at the ceremony Bhardwaj wrote history. The High Sheriff is the Sovereign’s representative in the county for matters of law and order. It is a direct appointment of the Sovereign by Royal Warrant and is the oldest secular Office in the United Kingdom after the Crown, dating back to the Saxon times in the 10th century, more than 1,000 years ago. High Sheriffs play an active role in upholding the principal parts of the Constitution i.e. members of the Royal family when visiting the County. Pradeep is recognised to have brought many firsts to India — first public email service, first public internet service, first Electronic Data Interchange service and setting up mobile and international telecom services in the island nation of Seychelles. Pradeep works very closely with the competitive telecom giants in India.
The $128 billion Tata Group with 29 listed companies, has decided to rejig their real estate business. The new thinking of the management is to focus only on developing commercial properties and move out of housing development space. According to an informed source, Tatas, like other major corporations, are finding it difficult to manage consumer expectations in the residential property space; this business needs an owner driven approach with personal skin in the game to handle the daily challenges as well as managing individual consumer’s expectations. As part of the group’s restructuring process, the Tata group has already brought Tata Projects, Tata Consulting Engineers, Tata Realty and Infrastructure, and Tata Housing under a single umbrella in order to create a larger infrastructure vertical. It has integrated its real estate development entity, Tata Housing Development Company – a 100% subsidiary of Tata Sons – with Tata Realty and Infrastructure. Reportedly, the group is also looking to invest Rs 1200 crores in acquiring land parcels outright and through joint ventures in major cities across the country for commercial development.
Quietly, a lot of things are happening at this once upon a time iconic industrial conglomerate from the city of Chennai. A new management is already in place. And it is silently working to recapture the old image of this highly respected brand. For sure, the D C Kothari-promoted Kothari Industrial Corporation Ltd (KICL) isn’t going to vacate the fertiliser field though it has chosen to palm off its loss-making SSP (single super phosphate) plant at Ennore near Chennai on a slump sale basis. No doubt that would help the KICL management clean up debt. The sale move is a sensible one. But the new management under the leadership of Dr J Rafiq Ahmed is drawing up a different game plan for its fertiliser business. Well, the KICL is toying with the idea of establishing a new Single Super Phosphate (SSP) manufacturing unit at Thoothukudi, a port city in southern Tamil Nadu. The facility – whose contours are at drawing boards – however, will have the latest technology. It will come up on government-leased land. Ever since Ahmed took charge of the affairs of KICL, he has been on a mission mode. Under his stewardship KICL has made a foray into drone production. Also, the D C Kothari group is also now in the process of setting up Phoenix Kothari Footwear Park Tamil Nadu at Eraiyur in Perambalur district. Well, Kothari brand still commands huge pull.
FSN E-Commerce Ventures, popularly known by its listed name Nykaa, promoted by the high profile banker couple Falguni and Sanjay Nayar tapped the capital market in October 2021 with a public issue of Rs 5,352 cr. More than 475 lakh shares of Re 1 each were offered at an exorbitant price of Rs 1125 per share. The company which moved into black on the eve of IPO, saw its issue subscribed more than 45 times! Retail investors’ portion attracted around 11 times subscription, HNIs 111 times and QIBs 92 times. Thus, the Rs 5,352 cr issue attracted bidding for a whopping amount of Rs 244,495 cr!. Effectively, Nykaa, a decade old and yet to earn profits, asked for a market cap of Rs 53, 200 cr while highly rated MNCs like P&G and Colgate commanded a lesser market cap of about Rs 47,000 cr and Rs 42,500 cr respectively. The public float was a grand success. However, the gullible public did not realize that shares allotted to Anchor investors were locked-in only for 30 days. Nykaa listed on November 10, 2021 at a premium of 78% over the offer price and scaled Rs 2248 yielding 99.8% return. At the end of the one year lock-in period, the stock price went below the IPO rate inflicting 13% capital loss on the IPO investors. Sensing deep trouble, the management quickly declared a bumper 5 for 1 bonus issue which could temporarily arrest the price slide. Even though the top line is attractively growing, the company’s current bottom line (annualized) gives an abysmal EPS of 9 paise on Re 1 paid-up share. By arrangement with https://investlive.net.
The current push from both the Indian and UK governments to expand their engagement on defence, aerospace and homeland security has seen an intensity of engagement between the two countries that is unprecedented since Independence. A recent meeting with the UK’s national security advisor, on the sidelines of a meeting in London for cooperation in the defence industry, showed the ‘huge’ respect India now commands from the world. The delegation met three UK ministers including the minister for defence procurement, besides the national security advisor and many senior bureaucrats. Says a ‘happy and proud’ Shekhar Sardessai, Executive Vice Chairman & Managing Director of the Goa-based Kineco Ltd and Kineco Kaman Composites, who was part of the delegation: “I have seen how we were treated 10 years back as an insignificant country. The same people are now keen to woo India as a partner. All credit to what our government has done in the past few years to build a formidable position for our country.” Other business leaders agree. “Great!” says Senator Dr PKC Bose, Vice Chairman & Managing Director of the Bengaluru-based Enercon Windenergy, a subsidiary of Germany’s Enercon Group. “It’s India’s time.”
Environmental issues continue to dog the upcoming Navi Mumbai International Airport being built by Adani Airports. As the project secures extension of Environmental Clearance to allow Adani to complete the project, green groups are up in arms against what they called misleading Environmental Impact Assessment (EIA) report submitted by the company. The EIA quotes exhaustively the research report by the BNHS which called for protecting and conserving at least five major wetlands as migratory bird destinations. The State-government owned city planner CIDCO would take steps to implement these suggestions. Moreover, the controversial golf course planned by CIDCO filling two wetlands – NRI and TS Chanakya – was cancelled, the EIA said. But the ground reality is totally contradictory as the wetlands continue to be under attack, green groups Save Navi Mumbai Environment and NatConnect Foundation have complained to the Union Ministry of Environment, Forest and Climate Control. One wetland at Bhendkhal, has been completely buried, another one at Belpada majorly landfilled and a third – Panje – often goes dry as the intertidal water flow to it is blocked by “vested interests”, the greens said. The golf course plan is still alive as the project proponent has recently obtained Coastal Regulation Zone clearance. The tragic part is that CIDCO refuses to accept the existence of the wetlands identified by BNHS as well as the State Mangrove Cell, Nandakumar Pawar of NGO Sagar Shakti said.
Generally Rs 10 paid-up stock that carries a dividend of 1725% (Rs 172.50 per share) would have commanded a price of not less than Rs 2000. Taparia Tools, which earned more than Rs 200 per share from its operations and distributed Rs 172.50 as dividend for fiscal 2022, was quoted on March 20, 2023 at just Rs 10.50. At this price the dividend yield works out to 1643%! The company has now proposed a first interim dividend of 775% as against 700% first interim last year which indicates that in all probability current year’s yield may shoot up beyond 1700%! The Nasik-based Taparia Tools Ltd has been manufacturing hand tools in technical collaboration with a Swedish company since 1969. Its financials have been very impressive with topline growing from Rs 475 cr in FY20 to Rs 670 cr in FY22. In FY23 it is expected to touch Rs 750 cr. Likewise net profit more than doubled from Rs 30 cr to Rs 65 cr during the same period and expected to exceed Rs 75 cr in FY23. Why is the stock quoting so low? It has a small equity base of Rs 3.04 cr with promoters holding 69.73%, directors & relatives 13.72%, two corporate bodies 10.56% and 229 shareholders 3.84%. In the last 21 years, TTL was traded only on 39 days. In the first three months of 2023, the stock has been traded for 5 days. By arrangement with https://investlive.net/.
The USI Atma Nirbhar Bharat Initiative (USI-ANBI) has given new meaning has been given to the work of the United Service Institution (USI) of India in furtherance of its avowed objective of “furtherance of knowledge in the art, science and literature in the interest of national security”. Such initiatives bring defence industry players in contact with the Services departments dealing with procurement and indigenisation. In July 2022, for example, it had a panel discussion (PD) with Aditya Birla Securities Ltd on the impact of the geopolitical situation on global and India’s financial markets, followed by one with Microsoft on cybersecurity, where the apex cybersecurity officials were brought in. Start-ups are allowed to register and asked to join when there is a round table discussion (RTD), seminar or closed-door meeting on the issue relevant to them. USI of India is a strategic think tank with a wealth of retired officials from Services, IAS, IPS and IFS, explains Major General Dr Pawan Anand, AVSM (Retd), Distinguished Fellow and Head of USI-ANBI. “It is a great brand!” he says. “We are now planning on foreign industry offerings too at our RTDs.” Obviously, India’s role on the global stage continues to grow in its presidency of the G-20 which it took over in December last year.
Sometime ago, this one did an out-of-the box innovation to reward long-time loyalist-employees. This Chennai-based high-end product engineering company distributed 100 Maruti cars to staffers who have served the company for over five years. Now, it has come out with yet another innovative idea. With tech giants such as Google, Zoom and the like dishing out pink slips, Ideas2IT has decided to play Good Samaritan. It has now launched perhaps the country’s first proprietary up-skilling program. The idea is to help tech professionals bounce back from the adversity of recession and layoffs! “Pledge2Propel”, a career enhancement initiative, is primarily intended to help tech professionals affected by the economic slowdown and layoffs. This initiative aims to provide all the support they need to re-group and pursue new opportunities by means of up-skilling or venturing into entrepreneurship while prioritizing their mental health. To be sure, this initiative does not promise or guarantee a job. Along with IdeaRX, a HealthTech start-up, Ideas2IT hopes to help the laid-off professionals to navigate the psychological and professional challenges and guide them to reach a secure terrain. “With this association, we intend to transform the lives of many tech professionals through empathy, inspiration and empowerment,” says Gayathri, CEO of Ideas2IT. This non-profit program is available for free to all affected tech professionals across the globe. A twice-blessed initiative, indeed.
Laissez-faire is a policy of minimum governmental interference in the economic affairs of individuals and society. This freedom is the fulcrum around the real competitive world. Yet, we have a Competitive Commission. This does not, however, prevent competitive cooperation in the business world. If proof was required, it is available in plenty in the Indian business world. Every December, car makers – one by one – come out with announcements of impending price hikes. One can easily sense a collective design in their individual action. This kind of cooperative competition has now spread to new-age entities. Online food ordering and delivery platforms Zomato and Swiggy are highly popular in India. No doubt, they are in a competing space. These new-age organizations often give a go by to the much acclaimed dictum `profitable growth’. Faced with the reality, Zomato and Swiggy appear to have struck an informal cooperation. So much so, you can now see a Zomato boy delivering an order placed with Swiggy! This kind of order diversion appears to be quite usual these days. None would like to lose out on business due to lack of network. Indeed, it is a sensible way to optimize each other’s network. Of course, they share their commission. Well, the survival instinct is at work indeed.
From a peak of Rs 24.33 tn (Rs 2,433,000 cr) last year Adani group’s market capitalization has already nose-dived more than 70% to Rs 7.16 tn (Rs 716,000 cr). Is this the end of the slide, or is it going to fall further? A close study of the Adani group stocks reveals that, in the first decade during which the group had just one listed company, Adani’s P/E multiples were in single digit which was far below the market average. In the second decade, when the group started unlocking the value of its closely-held companies, the discounting vastly improved. In the third decade, when the count of the group’s listed entities increased from 3 to 10, the P/E multiples shot up to three digits which were many times more than the market average. The current slide has corrected the group’s P/E from 147X to 43X. However, this is still far higher than the current market composite P/E of 25X. At the current market composite P/E, the Adani group’s market cap should be about Rs 4.2 tn (Rs 420,000 cr). In other words, the group’s market cap may possibly contract another 40% (about Rs 300,000 cr) under the present circumstances. By arrangement with https://investlive.net/.
The Bengaluru-based FreshToHome now has the financial backing of Amazon. Through its India-focused Smbhav Venture Fund, Amazon has made $104 mn series D funding. The 2015 incubated FreshToHome sells fresh fish and meat to consumers in South Asia and Middle East. FreshToHome would be a right fit for Amazon, which of late has expanded to the grocery and fresh category leveraging on its logistics infrastructure in South Asia. During its first phase of funding two years back, FreshToHome, raised $121 mn from Investment of Corporation of Dubai, IronPillar, Ascent Capital and US Government’s DFC. FreshToHome is one of the largest players in the $ 100 billion Indian fish and meat market. The size of the market indicates that India is not just a vegetarian country. FreshToHome plans to change the existing market set-up, run on age-old systems. The company proposes to bring in better efficiency by first streamlining the sourcing infrastructure of meat and fish. This will be backed by improved quality of produce and delivery time by using its own processing plants and vast supply chain network. “Customers ordering fish from Delhi to Dubai on a Monday, get their purchases delivered the latest by the next day,” says Shan Kadavil, co-founder and CEO of FreshToHome. The company today serves over 4,000 fishers and farmers and millions of customers in over 160 cities in India and UAE.
Air India’s mega aircraft order is expected to spell doom for the air-transit business from India. Also, the major beneficiaries till date, Emirates, Qatar and Etihad Airways will have to rework their strategies like Singapore Airlines, British Airways and Gulf Air did when the Gulf airlines took over the India transit business. Air India’s order for 40 Airbus A350s, 20 Boeing 787s and 10 Boeing 777 -9s wide-bodied aircraft will see it offering multiple daily direct flights to all premium destinations in USA, Europe and Canada. Air India plans to have daily flights from Mumbai, Delhi and Bengaluru to major U.S. cities, EU capitals, Australia and Canada to start with. The Gulf-based airlines have been fleecing Indian travellers transiting through Dubai, Doha and Abu Dhabi, to USA and Europe with huge fares during the peak season. The trips are often camouflaged with free stopovers, lodging and site-seeing trips. Air India’s planned direct flights to USA and Europe should see the fares drop by as much as 30% to 40%. And more importantly, the flying time saved would be four to five hours plus stop over time which is a minimum of two hours. Gulf airlines will now have to rework their India strategies by cutting fares and reducing the number of connections. Some of them may look to tie-up/acquire one of the Indian domestic carriers. As things stand, Qatar Airways was in talks with Indigo and SpiceJet. Experts feel the weaker ones like SpiceJet and Go First could be the first to be approached.
Its financials have been strong all the while. Yet, this over 100-year-old private bank has consistently hit the headlines for all wrong reasons. After many twists and turns caused by internecine quarrels among promoter groups belonging to the Nadar community, Tamilnad Mercantile Bank (TMB) finally made its maiden foray into the capital market on September 5 last year. A new Managing Director S Krishnan took over the bank a day prior to its IPO. Krishnan has his job cut out. Having come out with good Q3 numbers – first quarter results since it went public in September last, Krishnan is on a mission to take TMB pan-India and make it a much more efficient bank to compete effectively with its peers in the industry. He is now toying with the idea of going for a business process re-engineering (BPR). TMB is looking to engage the services of an external consultant to come out with a detailed report on BPR, and recommend solutions for the bank on the way forward. The BPR initiative is intended to bring about a rethinking in the way TMB does its work. The objective is simple: to improve customer service, cut operational cost and become efficient. The BPR could focus on the analysis and design of workflows and business processes within the organisation. It’s transition time at TMB!
Time was when Chennai airport was just workhorse functional, fliers comparing it to the glittering breathtaking Changi, and feeling second class. Frequent construction for cosmetic renovation was always knocking the fliers’ rush. Suddenly this not so glamorous poor cousin airport has emerged as an attractive, talked about airport. Parking bays, arrival and departure bays, all spruced up. But it is the mint new AeroHub adjoining the airport with an umbilical aero bridge that is now raved about. Even before the mall has come up, PVR cinemas have thrown open a razzle dazzle multiplex of 5 screens to showcase favourite films, all on the fly. Delayed flights, overnight transfers, waiting for technical glitch to resume your flight will turn into a fun experience as you walk across the bridge, drink, dine and dawdle over the latest film. The foyer decor, seating for 1150 people, Dolby sound , reclining seats, ample legroom, crystal clear projection on 5 screens , with Audi2 and Audi4 offering luxe viewing will definitely take the pain out of flying . Not just fliers, but outsiders are also welcome to come, drop a load of money on the peripheral attractions. Tamilians may appear stodgy and serious…but finally what they present in terms of entertainment and deluxe experience reminds one of Rajini’s dialogues, ”Naan lateaa vandalum latestaa varuven “ (I may be late, but I am the latest).
India is a cricket-crazy country. The IPL (Indian Premier League), which followed immediately after M S Dhoni-led Men in Blue winning the World Cup in Mumbai, has now become one of the largest annual sporting events in the country. From this year we will have a women’s premier league as well. The cricket mania is now really expanding. Industry body CII is now gearing up to hold Indian Corporate Cricket League (ICCL). It is a national-level initiative of the industry body. This will be a pan-India exercise, done at the behest of the Sports Ministry. It will happen across India in each state. At state-level, it will have a round-robin format. The Tennis Ball cricket will have T-10 matches at state-level in round-robin format. Post-qualifying round, it will take the T-20 format. The CII is reported to have commissioned the services of an event management organization, which will be entrusted with the job of providing end-to-end logistic and related support facilities for the conduct of the ICCL across the country. CII is hoping for a participation of 25 teams in each state in the round-robin level. If grapevine has to go by, the Union Sports Ministry is reportedly keen that this kind of a pan-India corporate initiative is spread to other sports such as kabbadi and the likes. Sports at long lost is given its importance. That’s a welcome sign, indeed.
This seems to be the global trend — banning the manufacture, sale and use of single-use plastic items like plates, cups, straws, trays and polystyrene. In India too it has been banned but some states like Maharashtra under pressure from the business fraternity have relaxed it. The latest news comes from New York. The extra but convenient plastic cutlery, chopsticks and sauce packets that restaurants throw in your takeout bag may soon disappear for good as New York City’s City Council has just passed a bill that would bar eateries and food delivery services from providing this accouterment unless specifically requested. Those businesses that keep including these items regularly, would be subject to civil penalties but warnings, instead of a monetary penalty, would be given for any violation occurring before July 1, 2024. The hope is to cut down on single-use plastic that can’t be recycled and ends up in landfills and take away the financial burden of purchasing these items from small businesses. Every year, more than 320 million tons of plastic are consumed globally, with 95% of plastic only used once and 14% for recycling. By arrangement with tfninternational.com.
Kashmir valley is witnessing heavy snowfall as a result all flights to and from Srinagar airport have been cancelled. Even the national highway has been shut. As per the latest reports, heavy snowfall has been witnessed across the valley while rain has been lashing the Jammu division. Reportedly, 5 inch snow had accumulated in Srinagar city till Monday morning, whereas other popular tourist places, like Gulmarg, Sonamarg, Pahalgam received more than 1-3 ft of fresh snowfall. Realising the problems faced by tourists, the Directorate General of Civil Aviation (DGCA) has amended its Civil Aviation Requirement (CAR) rules on facilities to be provided by airlines to passengers due to cancellation of flights, denied boarding, and delays in flights. It added that the amendment will allow passengers, who are downgraded involuntarily and are carried in a class lower than that for which the ticket he purchased, to get reimbursements online. The DGCA proposed that airlines need to refund the full value of such tickets, including taxes, and that the said passenger will be flown free of cost in the next available class. The reimbursement will differ between 30-75% in case of international ticket downgrade. By arrangement with tfninternational.com.
A social economic forum, this one was founded in 2017. This triple B forum is headquartered in Mysore, it has 19 chapters and claims to have a membership of over a thousand spread across the Southern states of India. They operated under a trust model. The trust acts as ‘head and shoulder’ for all chapters. It is to assist, support and monitor their engagements. The trust is intended to bring under a common fold all brahmin business entrepreneurs. The objective is to mutually share and refer businesses among the members. The Forum for Business By Brahmins – BBB Trust is a community-based entity. This is not a business body by itself, though. It will work for business promotion and otherwise wellness of each individual in each chapter and community at large. Growing together is the chosen mantra. The objective is to build a strong global platform which will create growth opportunities for businessmen in the community. Also, it is intended to work for the improvement of the quality of life of the people in the community The BBB Forum has three chapters in Chennai. Well, it is planning to host its two-day annual conference in Chennai on February 4. The conference is expected to facilitate information sharing, relationship building, business leads and the like. A unity mantra to grow, it appears.
They say time flies. How true! Today is our #SecondAnniversary. Two years back at the height of Covid-19 Pandemic when lockdown was the way of life we took a leap of faith and launched Short Post (Jan 28, 2021), the first-of-its-kind website in the country that focuses on Authentic Gossip. The Oxymoron is deliberate. Well, the response has been quite encouraging. That’s what has kept us going. Till date we have posted close to 2000 stories in the areas of Politics, Business, Entertainment and Sports. Each insightful story of around 225 words has been contributed by Senior Editors. There is a sense of satisfaction of creating a new segment in the market – authentic gossip — and in the process creating a brand (in a limited sense), creating demand (readers) and creating supply (writers). Well known advertisers — IDFC FIRST Bank, ICICI Lombard – supported us. And that really boosted our confidence. Thank you!
So here we are raring to go. But, when I look at the media landscape the disruption is indeed fast and furious. Technology is playing a very big role in how content will be consumed. In the past, we have seen how social media has disrupted the media world. Now, everybody is saying the same thing about ChatGPT. It has reached 1 million users in five days. Its scorching pace of growth is indeed frightening and will disrupt the media industry big time. My limited argument is can it do investigative stories, write gossip items using the digital world ecosystem. Unlikely. Clearly, the original content has to be created first — only then can ChatGPT do the magic. That’s what we promise to do – focus on original content.
Before I sign off, I am reminded of an old advertisement of the early sixties: “Avis is only No.2 in rent a cars. So we try harder”. Likewise I can say, we are two years old and we are trying even harder to be relevant to you readers.
There is a huge potential to increase bilateral investments between Japan and India, says Tomio Isogai, director of the Kansai Japan-India Cultural Society. Agreeing with the Japanese government-run Japan External Trade Organization (JETRO) on the crying need to increase the number of SMEs in India. Quoting JETRO India’s Chief Director General Takashi Suzuki, he says this is definitely necessary because small and medium enterprises (SMEs) here account for only one in five of the over 1400 Japanese companies that operate in India. The corresponding figure in China, ASEAN and Bangladesh is between 40% and 60%. This “abysmally low” presence of Japanese companies here, Suzuki has said, is “a very unique element” of the business relationship between the two countries. Indian companies in the fields of healthcare, elderly care and social care related services have major opportunities in Japan, while green hydrogen and the renewable energy sector also offer big scope. Isogai, a veteran in both Japan and India, spent 37 years in Japan’s Sharp Corporation and is a former managing director of the erstwhile Kalyani Sharp in Pune. He is currently a freelance advisor to the Hyderabad Management Association. Companies in both countries have already unveiled manufacturing plans, they point out.
After a two-year Covid-induced hiatus, the Leather Fashion Show is back. Chennai is gearing up to host the India International Leather Fair next week, and the Fashion Show, as was in the past, will form a crucial component of this. This time around, the show will showcase products that are made out of recycled leather. For the first time perhaps, lifestyle car brands such as Porsche and BMW have chosen to mark their presence at the Leather Fashion Show. Such shows are often intended to woo high net worth customers. These high net worth people are the potential buyers of fancy high-end cars. Well, Porsche and BMW are finding the Fashion Show a useful platform to touch-base with their potential clients. It is unusual for these esoteric automobile brands to put their cars in a public area. A Fashion Show of international standard followed by dinner at a high-end venue like the ITC Grand Chola is an opportunity that these car majors aren’t willing to miss. They are more than happy to display their high-end cars in the Fashion Show. The association of such global car makers surely will add credence to the profile of the leather industry in India. And, the presence of various Miss India title-holders will add further spice to the upcoming Leather Fashion Show in Chennai.
Uttar Pradesh government’s top level bureaucrats led by the state’s Finance Minister & Minister for Parliamentary Affairs, Suresh Kumar Khanna are visiting the United Kingdom to woo global investors. On January 28 Jan, Dr Shashank Vikram, IFS who is the Consul General of India in Birmingham will be hosting “a high profile” gathering of investors to meet the minister and top officials. Birmingham which coincidentally is recognised as the “Engine” of UK economy inspired by James Watt will play host to strengthen ties between the UK and Uttar Pradesh. UP minister Khanna’s visit is primarily to woo investors for the UP’s Global Investors Summit to be held shortly in his state. It is learnt that Khanna and his core team along with Dr Vikram have identified a roadmap and strategies to be followed to enhance trade and economic ties between the UK and UP. Khanna is ambitious with his plans as UP’s vision is to become a $1 trillion economy. Towards this objective the state government has provided a single window clearance for 25 sectors it has opened up for the global investors. With the BJP government elected for the second time in UP, there is political stability. But, the moot point will these roadshows in the UK following the USA earlier, encourage global entrepreneurs to UP?
The Gulf-incubated GEMS Education, run by second generation entrepreneur, Sunny Varkey, is on the lookout for a long term partner, failing which it will go for an IPO. The $ 6 billion valued GEMS, is the largest non-Government operator of private kindergarten-to-grade-12 schools in the world, teaching 140,000 students from 175 countries. Morgan Stanley and Goldman Sachs have been given the mandate to find a long term partner for GEMS by mid-2023. The hunt for a partner follows private equity firm CVC’s decision to exit its over 30% stake in the world’s largest private school operator. According to informed sources, ADQ (Abu Dhabi Developmental Holding Co) and real estate developer Alder have shown interest in GEMS. Sunny Varkey, who started in the healthcare business, later moved to run GEMS started by his parents. Varkey in a recent interview stated that he has no plans to relinquish majority stake in the company. In fact, he stated that he would prefer long term partners like sovereign wealth funds, infrastructure funds or even pension funds. And if the current exercise to find a long term partner fails, then the group will have no option but to go in for an IPO.
The extended western suburbs of Mumbai – the city’s most populous stretch — gets fully covered by the Metro network from January 20 onwards. Providing seamless connectivity on an entirely elevated network of 35 km of lines with 30 platforms at the cost of Rs 13,000 crore, has been presented as a solution against the congested Western Express Highway and its parallel running New Link Road. Completing the project was challenging, says SVR Srinivas, metropolitan commissioner of the Mumbai Metropolitan Region Development Authority (MMRDA), the city’s planning body, as it meant carrying out major part of the works at night due to heavy traffic congestion. There were challenges in air as well — the Andheri (W) station had to be raised to 22 metres above ground to cross over the existing Metro line 1 lines beneath. This line is estimated to see a footfall of 3-4 lakhs passengers daily soon. This is the second network that is fully operational; the first Ghatkopar-Versova line is already providing much needed relief with its East-West connectivity. While the metro network huffed and chuffed in its initial stages thanks to opposition from residents and environmentalists, it has picked up much speed since then to move towards its target of achieving 337 km with 200 stations by 2030 to service 7 lakhs passengers per day.
Tamil Nadu chief minister M K Stalin wants to fulfil the DMK’s election manifesto promises and prepare the ground for 2024 Lok Sabha elections. More significantly, he needs to project his intention to create and save jobs. The shutdown of Ford Maraimalai Nagar plant remains a vexing issue. It had accumulated losses of over $2 bn. Recently, Tata Group’s Chairman N Chandrasekaran along with Tata Motors Executive Director Girish Wagh visited Stalin’s camp office. Also part of the meeting were Tamil Nadu chief secretary, ministers Thangam Thennarasu and Udhayanidhi Stalin. It was a courtesy call but it is clear that the Tamil Nadu government has been feverishly looking for a new owner to take over Ford Chennai plant. It may be recalled that Tatas have already bought over Ford’s Sanand plant in Gujarat. So buying Ford’s Maraimalai Nagar plant seems a logical conclusion. Both these plants can crank up Tata’s EV capacity. Currently, with significant bookings for Nexon EV, and Tiago. Tatas are able to meet only 50 % of the demand. The Ford Chennai plant has a number of hidden assets — its erstwhile vendor team supplied 40% of their captive production, the trained workforce can be retrained and logistics support of the Port is one of the biggest advantages. Tatas have taken a lead in EV, and if this acquisition happens then Chennai could emerge as an EV hub.
On the heels of the Indian Information & Broadcasting Ministry setting up a Task Force for the promotion of animation, visual effects, gaming and comics (AVGC), the Singapore-based Gamepay has made plans for a launch in this country by the end of 2023. “We see a big opportunity in India so that gamers can be rewarded and incentivised for the time they play games,” says Gamepay’s founder-director Daniel Santos. “We also see gaming as one of the fastest-growing sectors and we want to make an impact to Indian GDP by playing an active role in its growth.” Rolling out the project involves establishing a chain of investors and game partners, whom he has invited through a series of social-media posts: “Anyone interested in gaming and tech, pls message me,” says the entrepreneur, originally a Brazilian who had earlier floated another game, Chickey Chik, on his platform. Gamepay, described as “the ultimate gaming destination to incentivise gamers”, is an avenue for gamers to vibe and create a community across various game genres, as well as a platform for listing and promoting games. With more than three billion people worldwide spending time playing online games and Web 3 gaming activity accounting for almost 1.3 million unique active wallets (UAWs), Santos is in a win-win situation, which he is offering to share with his Indian partners, making money from subscriptions, advertisements, and transaction and service fees.
The Lamborghini group is looking at opportunities to invest in Kerala in the areas of luxury flats, apartment complexes and boutique hotels. Tonino Lamborghini, son of the legendary Italian businessman, Ferruccio Lamborghini, is currently in Kerala enjoying the backwaters, cuisines and ayurvedic spas. He also found time to meet the Kerala Industries Minister P Rajeev to identify areas of investment and tax holidays. The group is also interested in partnering with local businesses and also exploring manufacturing opportunities for some of its products. Despite hiving off its famous luxury car business to the Volkswagen group, the Lamborghini family still retains the brand name. The Lamborghini brand has under its belt a line of luxury products like watches, mobile phones, sunglasses, perfumes, bags, clothings and boutique hotels. The group is also looking at partnering with Indian companies to help their brands enter the worldwide market. Tonino also expressed a desire to set up an electric car manufacturing unit. To start off, he felt golf carts would be an ideal area to enter. Tonino is visiting Kerala with his partner, Angela Kriegar and Usman Rehman, MD of Times World group and brand ambassador of the Lamborghini brand in Dubai.
The Rs 1000-crore Kolkata based Luxmi Group owned by the Chatterjees has been producing some of the world’s most coveted teas for over 100 years now. The group which owns Darjeeling’s prestigious and elite Makaibari tea estates are intensely focusing on the global markets for tea, and other lines of businesses. Neelabha Chatterjee, younger son of Dipankar and grandson of PC Chatterjee has decided to settle in the UK. He went as a student at Cranfield and chose not to return family’s tea estates. He has set up LUK Hospitalities which owns two branded hotels in Birmingham. Besides, he is all set to launch American style burgers, wings and shakes in the West Midlands region called ‘Brrgrrr’. The Kolkata-based Chatterjees have diversified into carpets, furniture in India and now hospitality in the UK. The third generation is strengthening the group’s presence in different sectors. In India, Neelabha’s brother Rudra who is handling the family’s traditional tea business is eyeing the global tea retail markets. To start with, it will be the USA. Besides, he plans to expand hand-woven carpets brand Obeetee and furniture brand Manor and Mews with its atelier in London and manufacturing units in Europe and Jaipur. The Chatterjees came into limelight when Prime Minister Narendra Modi presented a packet of Silver Imperial brand from Makaibari to the late Queen Elizabeth when he visited the UK in 2015.
An effort is being made to revive trams in Kolkata city in this era of climate change. Known for its heritage value, trams made their maiden journey way back in 1873, as horse drawn carriages. Today, Kolkata is the only city in the continent operating trams. The revival of trams is part of the action plan under the National Clean Air Programme (NCAP) for Kolkata. Several urban transportation experts and activists, along with NGOs, attended the discussion and made it clear that mindset and lack of political will have hindered sustaining trams in Kolkata and not the availability of funds. They pointed out how eco-friendly trams play a key role in transportation in most global cities. “If the government wants, it can explore the option of using NCAP funds and funds for electric vehicles, as the tram is the mother of electric vehicles,” explains Anumita Roy Choudhary, air pollution expert from the Centre for Science & Environment (CSE), Delhi. At present, only 10 trams ply on two routes in the city, as against 185 trams on 37 routes a decade back. Is the state government listening?
Uttarakhand may soon have an international airport. The state government is set to submit a proposal to the Union civil aviation ministry for setting up an international airport for which it has already identified two locations measuring 1,200 hectares and 1,100 hectares. A pre-feasibility for upgrading the Pantnagar airport, located near the Jim Corbett Park, to an international airport is also said to be ready. The BJP government is making a pitch that an international airport is needed in the state, considering its spiritual, historical and strategic importance. Better connectivity will boost tourism and bring in the revenue that the hill state needs.
What is the common consequence of Covid-19 and the Ukraine war? To be sure, they have redefined the international trade dynamics. The much celebrated policy of globalisation has started yielding ground to the protectionist policies of former times. Is it good? Is it setting the clock back? Well, a clear answer is difficult to fathom at the moment. One thing, however, is sure. Things are seemingly heading this way. How else could one view this? Well, the Federation of Tamil Sangams of North America (FeTNA) is launching the FeTNA International Tamil Entrepreneurs Network (FiTEN)! FeTNA is a not-for-profit organisation founded in 1988. In association with Tamil Nadu Start-up and Innovation Mission (StartupTN), FiTEN is organising the first Global Tamil Start-up Investors’ Summit in Chennai. It is ostensibly intended to benefit and promote start-ups and global Tamil investors. The one-day summit will be held on January 9 at The Leela Palace in Chennai. The objective of holding this summit by FiTEN is to share knowledge, debate the latest trends and bring together the global Tamil entrepreneur ecosystem. Chief Minister of Tamil Nadu, M K Stalin, will be the chief guest. While the proposed summit is hailed by some, still others feel uncomfortable about it. Reason: regional chauvinism/parochialism is not healthy. It may be recalled that Saraswat Brahmin entrepreneurs from across the globe had organised a conclave in Goa in September 2022.
Shriram Finance Ltd (SFL) is born out of a composite scheme of merger and amalgamation of Shriram Capital (erstwhile holding company), Shriram Transport, Shriram City Union Finance and others. Today, they are all consigned to the pages of history. The newly-born SFL, as a consequence, has become the largest retail NBFC in the country. Shriram Financial Ventures (Chennai) Private Ltd., Shriram Ownership Trust, Shriram Value Services Ltd. and Sanlam Life Insurance Ltd are the promoters of SFL holding 25.24% of its equity. Shriram Financial Ventures (Chennai) Private Ltd. is controlled by Shriram Ownership Trust (60%) and Sanlam (40%). Grapevine has it that Shriram Financial Ventures (Chennai) Private Ltd will undergo a name change soon. In all likelihood, it will be re-named as Shriram Capital! With the advent of SFL, there appears to be a lot more clarity on the ownership front. Interestingly enough, Shriram Ownership Trust has emerged as the identifiable owner of the Shriram group. This is a perpetual trust. The members – comprising eligible employees – exit the trust upon reaching the age of 60, and are cashed out over a period of eight years thereafter. In a way, this perpetual trust will have a dynamic composition of members (with new additions and subtractions). A four-member board of management will run the trust. A unique thing about this trust – which is the ultimate holding company of the group – is that it is filled with eligible employees! Is there a parallel in the Indian corporate world where the employees are the owners of the group!
It’s rare that the Chief Minister of a State goes out of his way to torpedo an expansion plan. That’s what’s happening in the case of Trivandrum Airport which needs to expand and extend its 3.1 km runway to meet the International Civil Aviation Organisations (ICAO) specifications. For expansion, an additional 18.5 acres of land adjoining the present airport has already been earmarked. Out of this, 16 acres are government land and the balance in private hands. The Adanis, who operate the airport, have been after Kerala chief minister Pinarayi Vijayan for the release of land. Pinarayi seems to be sitting on the proposal. ICAO has given Trivandrum airport time till December 2023 or lose its International airport status. This will mean stoppage of all international flights to and from Kerala’s first international airport built on land given by the Travancore Maharaja. The airport operates 120 international flights per week. Pinarayi’s ire follows the State government’s failure in its bid to take over Trivandrum airport from AAI. Two of Kerala’s greenfield airports — Kochi and Kannur — are run by the private sector with the State Government being the principal shareholder. Despite being world class, Pinarayi’s home town airport at Kannur is struggling for want of traffic and passengers. If the CM hopes that by blocking Trivandrum airport’s expansion Kannur could benefit, then he is totally off the mark going by the distance between the two places.
The first G20 Finance and Central Bank Deputies (FCBD) meeting held in Bengaluru (Dec 13-15) was to prepare an effective forum for global economic discourse. This meeting marks the start of discussions on the Finance Track agenda under the Indian G20 Presidency and is hosted by the Ministry of Finance and the RBI. Co-chaired by Department of Economic Affairs Secretary Ajay Seth and RBI Deputy Governor Dr Michael D Patra, their counterparts from G20 member countries, and representatives from international organisations participated in the meeting. Through a series of nearly 40 meetings that will be held in several locations across the country, the Finance Track India will champion the cause of the “Global South”, promoting “oneness”, and lead in pushing for a collaborative action. The G20 Finance Track, led by Finance Ministers and Central Bank Governors of G20 countries, will focus on economic and financial issues to “provide an effective forum for global economic discourse and policy coordination”. The First Finance Ministers and Central Bank Governors meeting will be held during February 23-25, 2023 in Bengaluru. In the Bengaluru meeting, discussions will focus on the agenda for the Finance Track under the Indian G20 Presidency. This includes reorienting international financial institutions to meet the shared global challenges of the 21st century, financing cities of tomorrow, managing global debt vulnerabilities, advancing financial inclusion, financing for climate action and a globally coordinated approach to advancing the international taxation agenda.
Lethargy and indecision often define any appointment in a government-run organisation. Ipso facto, none expects any quick action from an enterprise that is vested with the power to pick right people to fill up board slots in government-controlled organisations. This perception is changing now. Coming events often cast their shadows before them. Perhaps the change was set in motion when the government for the first time chose to anoint a woman as the head the Public Enterprises Selection Board (PESB). With the induction of Mallika Srinivasan, head of tractor-maker TAFE, as the Chairman in April last year, PESB is moving with a sense of purpose and clarity of thought. It isn’t just recommending names to fill slots in public sector organisations. It has gone beyond to provide incisive inputs. The idea, it appears, is to help build a robust board that is adequately populated to take quick decisions based on the evolving dynamics. The recent appointments at ONGC are a classic case. Though a new Chairman has been announced, it has been decided to dispense with the position of MD. The creation of a new position of Director (Strategy and Corporate Affairs) is seen in the context of providing flexibility to decide on emerging opportunities in the fast-changing dynamic business environment. PESB is now looking at selection in a holistic way. Well, that’s the way to go.
This one puts faith in innovation. Out-of-the-box thinking is the need of the day for business enterprises to not just grow but to also to stand out from the crowd. This Coimbatore-based mattress company is out on a mission: to promote the power of fresh thinking in the sleep solution space. The Rs 103-crore 10-year-old Repose Mattress Pvt Ltd is concerned that people take sleep for granted. That causes a lot of mental and physical health issues. Right mattress is not just a matter of luxury and comfort. Repose is convinced that the right mattress is vital for healthy living. Early this year, it introduced a smart grid mattress with patented technology from Japan. It has in its portfolio Song-Bird pillow — a memory foam pillow with in-built speakers into which music devices can be plugged into for a novel experience. It also has a Locker mattress – claimed to be the country’s first mattress with an in-built secret locker that can safely store items of value. This 400-plus employee company pines to become a pan-India player. Repose has roped in dance sensation and film star Prabhu Deva as its brand ambassador. Riding on his fan following across the country, Repose aims to aggressively get into the mind space of consumers across the country. Putting faith in a new sleep order, it appears.
Talent retention is a tough art. It is tougher still in the modern business world. Ipso facto, business enterprises have to think out of box to retain the talent. Ideas2IT and Kissflow are software companies in Chennai. They were trend setters in a way for employee recognition and retention. Sometime ago, Ideas2IT and Kissflow rewarded talent at the workplace in a unique way, giving ‘moving property’ to recognise these contributions. While Ideas2IT gifted 100 cars to 100 employees “for their constant support and unparalleled contributions to the company’s success and growth,” Kissflow gifted luxury BMW cars to its senior leadership team. Five senior executives of Kissflow were given the new 5 series BMW cars. Real estate developer Casagrand has hit upon a different route to keep its folks happy. It has chosen to take 700 of its employees for a 7-day long trip to Switzerland. The entire trip cost which includes air tickets, accommodation, sight-seeing, meals et al will be borne by Casagrand. It calls it the ‘Big Bonanza’. Each employee who has contributed her/his best effort to the company is rewarded with a trip abroad along with two months’ salary as bonus! Casagrand claims that it had arranged similar outings to its deserving employees earlier, too. Is this a sustainable formula for an enterprise to ensure that talent won’t move out?
There is an estimated shortfall of 12,000 doctors and 50,000 nurses in the UK. To meet this shortfall the country is exploring various avenues. Thus, between September and November 2022 two MoUs were signed between the British Association of Physicians of Indian Origin (BAPIO) and BAPIO Training Academy (BTA) UK and Bengaluru-based hospitals – Gleneagles and Vydehi Superspeciality (formerly Mallya hospital). This tie-up demonstrates the fact that the vast Indian medical community that serves the National Health Service (NHS) in the UK has been an active and conscientious supporter of the NHS system. The tie-ups are with the aim of developing and providing world-class training and exchange programs for doctors and nurses in India to meet the growing demands of effective and safe delivery of emergencies. BAPIO with its Education Academy in the UK has actively geared up its resources to mitigate the current crisis faced by the NHS system. Chandru Iyer, Deputy High Commissioner UK in Bengaluru says, “Such tie ups will enhance collaborative training avenues for Indian medical students and professionals in the UK.” According to Prof Parag Singhal, Executive Director- BTA and National Secretary, BAPIO this training initiative is designed specially to help International doctors gain experience at core and higher levels in UK hospitals. The BTA Indo-UK Training Programme has been developed in partnership with University of South Wales and Kingsway Hospitals.
Aadhaar linkage has always been a hot subject of political debate in the country. The DMK government led by M K Stalin has chosen to make it mandatory for the power consumers – of common kind – to link their Aadhaar numbers. The move must help it weed out bogus connections. What has surprised many, however, is that not much time has been given to the power users to do this. Power consumers who tried to pay their bi-monthly bills are directed to a separate site for Aadhaar linkage. Unless linked to Aadhaar, the system does not allow them to pay their bills. What has irked the power users is that they are unable to execute the action as the system trips more often than not. Also, there is a lot of confusion. What if a person has more than one house and hence more than one power connection? What about power used for common facilities in a residential apartment? The government says that for commercial use, no Aadhaar linkage is required. How will the power used for common facilities in a residential apartment be considered? How will the poor – who don’t have a computer facility in their home – get this linkage done? The Tamil Nadu government will do well to create an e-seva facility to sort out the very many glitches coming in the way of Aadhaar linkage?
India is emerging as a popular tourist and business destination against the backdrop of the Free Trade Agreement between India and UK to be signed soon. The MICE industry is flourishing with several business delegations travelling to India not just to Tier 1 but to Tier 2 and Tier 3 cities. West Midlands Mayor Andy Street who led the West Midlands, UK delegation to India, did not confine his visit to New Delhi but travelled to Mumbai, Hyderabad, and Bengaluru. He played Kabbadi and has promised to host the World Kabbadi tournament in Birmingham in 2024. Global Tech Advocates hosted their global meet with the Tech India Advocates led by British citizens Ani Kaprekar, Af Malhotra and Nilesh Gopali. The 40-plus delegates visited Bengaluru, Hubballi (Hubli), and Deshpande’s Tech Foundation. The global organisation TiE will host their annual summit in Telangana. About 3000 entrepreneurs are expected to attend. Bill Gates, N R Narayana Murthy, Gautam Adani, Telangana Minister K T Rama Rao are expected to take part in the summit. At the recently held World Travel Market in London, Arvind Singh, Secretary, Ministry of Tourism, Govt of India and Rakesh Kumar Verma, Additional Secretary, Ministry of Tourism stated that “India is gearing up for the G20 Presidency to start from December 1, 2022. India is expected to host over 200 meetings across 55 cities in the country.”
The familiar battle ground again haunts Odisha just like successful opposition to the National Test Range at Baliapal in 1980’s. The villagers at Gopalpur and its neighbouring six panchayats fearing impact of pollution have collectively decided not to allow Smartchem Technologies Ltd to set up a 377 KTPA ammonium nitrate plant at Tata Steel Industrial Park. Smartchem Technologies is a 100% subsidiary of Deepak Fertilisers & Petrochemicals. The villagers are asking what guarantee the company can give to assure that there will be no accidents at SEZ Gopalpur. There are examples galore worldwide of explosions because of poor storage and handling of ammonium nitrate. According to locals, the company has done very little to educate the local people about the robustness of their hazard handling process and thereby allay their fears. Though the government promoting chemicals is part of industrial development strategy, villagers are determined not to allow hazardous chemicals in their area and are asking to replace it with environmentally-friendly industries instead. With assembly elections due in 2024 the Odisha government headed by Naveen Patnaik may not want to take a chance and is trying to find the middle path in the best interest of all stakeholders. Surely, for Petrochem major Deepak Fertiliser which was ready to invest Rs 2200 crore via its subsidiary this is a temporary setback.
The Indian Direct Selling Association (IDSA), the apex body of companies like Amway, Herbalife, Tupperware, is going through bad times. Not due to regulatory issues and being badmouthed for being multi-level marketing rackets, as its members were branded in the past, but because of another factor that has generated a lot of hype and interest among entrepreneurs looking to make astronomical returns on their investments. With Bitcoin exchanges having mushroomed, and many of them having vanished after collecting money from investors, the cryptocurrency – touted as “the new oil – has lured many of the players’ younger elements away from direct selling. The impact of the Bitcoin frenzy is particularly severe in the direct selling, which is based on a self-entrepreneurial business model, leading many top leaders in the industry to brainstorm strategies to retain their sales field force in training which they have invested heavily. Emerging industries, like food, cab hailing services and e-commerce marketplaces, as well as direct selling and FMCG, which have adopted an aggregator business model using gig workers for last-mile delivery, are experiencing attrition. Industry leaders have also expressed concern about Bitcoin exchanges propagating their businesses as MLM. “We are all over the place,” says an IDSA official who doesn’t want to be named. “Sales have taken a hit because of Bitcoins – the lure of making quick money is attracting the youth.”
TRENDS & VIEWS
Editor’s Note: Short Post Noticed By People Who Matter
Four years have zipped by and we are crossing another milestone on 31st January 2025 – it’s our 4th Anniversary. It feels good.
Looking back at the 1460 days, I must say Short Post has made its mark with people who matter via 4000 stories published in the areas of politics, business, entertainment and sports. All made possible by the unflinching commitment and dedication of our senior editors, most of whom have been part of this journey from Day One.
Small pack, big impact is in essence the story of Short Post which was launched at the height of the Covid-19 pandemic in 2021. It shows our conviction. In all humility, I can say, we have created a new niche in the news segment space like Hindustan Unilever which created a new segment, when it launched CloseUp Gel.
Yes, we have created a brand (in a limited sense), created demand (readers) and created supply (senior journalists). But we are facing teething problems like all start-ups. What makes us happy and confident is the recognition of our efforts. For instance, we have an arrangement with the OPEN Magazine, part of the $4.5 billion Kolkata-based Sanjiv Goenka-RPG Group. This arrangement sees around 10 Short Post stories posted on OPEN Magazine website every week. This arrangement is testimony that our content has been well received! Also, I may add that the Maharashtra government has recognised Short Post and has allowed our senior editor to cover the Assembly sessions. Ditto: Odisha.
Our goal is to ensure that Short Post becomes a habit. I would like people to keep checking their smartphones to know the latest Authentic Gossip. As regards AI and the fear of it disrupting all businesses including media. On that, personally, I have no such fear as I am confident AI cannot smell news particularly Authentic Gossip. That’s the place we are well entrenched.