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Olympian Wrestler Vinesh Phogat joined the Congress and is all set to contest Haryana assembly elections from Julana seat. Famous for missing the silver medal by 100 gm in the Paris Olympics as she had breached the category in which she entered the contest, Vinesh had received a hero’s welcome as soon as she returned to India. She was given a grand welcome at Delhi airport by the Haryana Congress leader Bhupinder Singh Hooda and his son, Deepinder. Her name was finalised as soon as she formally became a member. While wrestler Bajrang Punia has been appointed as working president of All India Kisan Congress. Entry of the wrestling icons, who are both Jats, means consolidation of Jat votes behind the Congress. Former CM Hooda is determined to make a comeback with Jat vote power after 10-year BJP rule in Haryana. Phogat termed her political innings as a new chapter and said that she will continue to work for the rights of other athletes. Referring to the ongoing sexual harassment case against former WFI chief and BJP leader Brij Bhushan Singh, she made it clear that only the Congress had understood “our tears”. “I will work for other athletes so that they don’t have to go through what we went through,” Phogat said. “I could have quit wrestling at Jantar Mantar because the BJP’s IT cell was publicising that we were spent forces. They said I did not want to play in the nationals but I did; they said I did not want to do trials, I did that… They said I could not go to the Olympics but I did… Unfortunately, it was not God’s will,” she said.
Maharashtra BJP president Chandrashekhar Bawankule’s latest allegation against NCP MP Supriya Sule has enraged her supporters. Supriya herself has vehemently refuted the charges and challenged him to produce the evidence to substantiate it. A staunch follower of BJP heavyweights Nitin Gadkari and Devendra Fadnavis, the BJP leader has stunned the state polity with his so-called disclosure. According to Bawankule, she had said, “If Fadnavis comes back to power, we will be nowhere and this will be the last election for Sharad Pawar and Uddhav Thackeray.” Different versions of Supriya’s directions to her party’s spokespersons regarding the coming elections are floating around. The general tenor of the reports is that she has indicated to them to go soft on chief minister Eknath Shinde and avoid any statement on Maratha leader Manoj Jarange but zero in on Fadnavis. Referring to these news stories, Bawankule has attacked Supriya while making his allegation. Taking him to task over his remarks, Supriya has challenged Bawankule to produce proof that she had asked her party spokespersons to hit only Fadnavis. “Show me a video making such a statement,” she has said. Fadnavis and Supriya are the two names which are repeatedly making rounds of the political grapevine as the next CM choice. Hence Bawankule’s advocacy of Fadnavis is hardly surprising. Other major parties in the state have so far kept away from this slanging match.
In the backdrop of the Modi government releasing a Rs 100 coin to mark birth centenary of DMK patriarch M Karunanidhi on August 18 and Defence Minister Rajnath Singh hailing him as “titan” of Indian politics, Tamil Nadu CM MK Stalin has always been anxious to assure his allies in the secular INDIA Bloc that he is not inching close to the BJP. Away in the U.S. since the end of last month along with his wife Durga to pitch for foreign investment in his state, Stalin has been making it a point to enjoy ordinary things like working out at a gym in San Francisco or a bike ride near Lake Michigan in Chicago. His post on X, “Evening’s calm sets the stage for new dreams”, somehow caught the attention of Congress Leader Rahul Gandhi who replied to Stalin’s post with a playful comment, “Brother, when are we cycling together in Chennai?”. Responding to Gandhi, Stalin proposed a leisurely ride to explore the heart of Chennai. “Dear brother @Rahul Gandhi, whenever you’re free, let’s ride and explore the heart of Chennai together! A box of sweets is still pending from my side. After our cycling, let’s enjoy a delicious South Indian lunch with sweets at my home.” Incidentally, Rahul will also be briefly in the U.S. — September 8-10 — to interact with the Indian diaspora as well as key business and academic figures. This will be his first visit to the U.S. since the 2024 Lok Sabha elections, after the Congress made significant gains. His visit precedes PM Modi’s planned appearance at the UN General Assembly later in the month. Gandhi will visit Dallas and Washington DC during his time in the U.S.
Nationalist Congress Party president Sharad Pawar’s choice for the next Maharashtra CM will not be Uddhav Thackeray. This sensational claim made by DCM Devendra Fadnavis has further dented the campaign started by the Shiv Sena leader’s followers to project him as the future chief minister. Pawar and state Congress president Nana Patole have publicly negated Uddhav’s demand to declare the name of the next Maha Vikas Aghadi CM in advance. Both have reiterated that a decision in this regard will be taken at an appropriate time. The Sena (UBT) has maintained a stoic silence ever since on this issue, unlike its practice to react to any development, big or small, instantly. Using the opportunity of his interview taken by a private news channel, Fadnavis ridiculed the efforts being made to project Uddhav as the unanimous MVA leader in Maharashtra. Fadnavis did not mention any other name in this connection but left his remark hanging, so that enough suspense pervades the opposition camp. Pawar himself has added to the guessing game. Though he had claimed that his party would not be in the race for the post, he has now added another rider by stating that the party with the largest number of MLAs will stand the chance. Fadnavis rubbed Uddhav the wrong way by remarking that the three-day recent visit of the Sena leader to Delhi had failed to obtain Sonia Gandhi’s backing to his name for chief ministership. Uddhav’s backlash is awaited.
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.
Amid a series of electoral failures, including a hat-trick of zero wins in major elections, the CPI(M) in Bengal is facing growing internal pressure to reconsider its approach and hire an external political strategist. Alimuddin Street, party’s headquarters, has received feedback that the organization’s current state is “disgraceful” and it must consider “alternatives.” Most political parties – BJP, Cong, TMC, AAP and DMK — have from time to time roped in political strategists/consultants. For instance, the Trinamool Congress’s 2021 victory was largely credited to IPAC, led by Prashant Kishor. Likewise Congress party has benefited from strategic insights provided by Sunil Kanugolu. CPI(M) State Secretary Mohammad Salim stated that though the party cannot afford to hire a professional agency, professionalism must be increased. The party had hoped that its alliance with Congress for the Lok Sabha polls would increase its vote share. Leaders had predicted a three-way contest between Trinamool, BJP, and the Left-Congress combine. However, the reality was a two-way fight between Trinamool and BJP, leaving CPI(M) without a seat, and Congress lost key constituencies like Baharampur, where five-time MP Adhir Chowdhury was defeated by TMC’s Yusuf Pathan. Party insiders have highlighted organizational failures, including an inability to deploy agents in polling stations. Again, in the RG Kar incident relating to rape-murder of doctor, where the CPI(M) youth wing DYFI, led protests in Kolkata, the party failed to mobilize at the district levels. Also, it has alienated women voters in the state by terming the Lakshmi Bhandar scheme as “alms”.
Vishwajeet Kadam, who jolted the MVA alliance in the recent Parliamentary polls, is set to ruffle feathers again in the forthcoming Maharashtra assembly elections. Kadam, who backed Congress rebel Vishal Patil to victory over the MVA’s official Sena nominee, now seems to have the backing of the Congress high command this time too. The message was sent loud and clear when Rahul Gandhi flew down on September 5 to unveil his father –Patangrao Kadam’s statue in the presence of the entire top brass of Congress and even NCP (SP) chief Sharad Pawar. The prominent positioning of rebel Vishal Patil MP on the dais at the event, between the state Congress and NCP chief — Nana Patole and Jayant Patil — signalled Vishwajeet’s insistence to have things work his way. The high-profile event estimated to cost over Rs 50 crore, with over 1.5 lakh people housed in a Rs 8 crore canopy spread over 20 acres, was also meant to pitch Vishwajeet for the top slot in state politics. The absence of Uddhav Thackeray from the event clearly signalled that the friction between the Congress and Sena, is here to stay. Currently, of the eight legislative assemblies in Sangli, only two are held with Congress. Another two seats are held with the BJP, which is keen to wrest control of the prosperous sugar belt. The Congress, which has sensed victory in Maharashtra, after emerging with the highest tally among MVA partners in the recent LS polls, is in no mood to relent to their coalition partners’ demands. The NCP has been tamed while the recalcitrant Uddhav is being ignored. The Congress which wants to play the big brother could give Vishwajeet a free hand to chart party’s revival in the state.
Raja Randhir Singh may have triggered a fresh debate on whether administrators’ maximum tenure of 12 years is good for developing sport in India. India’s National Sports Development Code (NSDC) 2011 specifies terms, tenures, age, and cooling-off rules for sports federations. A five-time Olympian, several-time Asian Games participant in the Trap and Skeet shooting event, a gold and bronze medal winner has been an administrator for around four decades at the national and international sports bodies and is all set to become the 44th President of the Olympic Council of Asia wef September 8. In recent interactions, the 77-year-old former member of the International Olympic Committee (IOC) has said that Yoga will become a medal sport from the 2030 Asian Games, but more significantly, he touched upon an essential aspect of the governance structure and strict rules. He believes more than 12 years is needed for administrators at the sports bodies. While the NSC stipulates a 12-year time restriction for national sports federations, the Justice Lodha Committee report that the Supreme Court has endorsed stipulates a maximum period of nine years together at the State and BCCI and with a cooling off period after six years that was initially three years. Being an experienced hand, Raja Randhir may have a point that will only get full support from the BCCI, but the Apex Council of the country believes that sports federations cannot be a fiefdom for an individual or group of people. The BCCI has been lucky to get relief from the Supreme Court on the cooling-off period restriction, but they may hope for further ease in restrictions. Given a chance, both the BCCI and the sports federations would like the cooling-off period and tenure restrictions, junked!
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.
Caste dynamics has political formations of India in a tizzy for the imminent Haryana state assembly elections with the BJP set to also launch a new poll strategy to dampen the Congress dream of a clean sweep in the Nuh belt of the state along with others where the minority vote plays a dominant role. The AAP and Congress vowed to fight solo after the zero-voter verdict their alliance evoked in Delhi’s seven Lok Sabha constituencies, then kissed and yet, to make up. While AAP wants 10 seats, Congress is willing to part with only seven. The SP too wants seats to field candidates in Muslim proliferated constituencies. Congress believes minority votes will accrue to itself, particularly in three assembly constituencies in Nuh region dominated Muslim voters. Only former Congress CM Bhupinder Singh Hooda appears worried over his political future. The BJP too, worried over anti-incumbency, wants to buck the political tide and announced 16 OBC candidates, 13 from Jat community with 17 reserved SC seats. Though the OBC community is the majority voter segment in Haryana, Jat community always holds sway over political affairs be it the Lal clan troika (Bansi Lal, Devi Lal) or the Chautala clan among dominant segments of farmer leaders. The BJP elevated another community leader Kiran Choudhary to the Rajya Sabha and will also accommodate her daughter for state assemblies. Similarly, late Jat leader Ajit Singh’s son Jayant Choudhary was inducted into the NDA alliance for the Haryana assembly. The BJP has topped up its poll plans by clearing a slew of farmer packages in the state before the elections were notified in the state to include most of the crops sown in Haryana under the ambit of its MSP protection.
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.”
To a cheering audience at the recently held 3rd Annual Conclave of Global Chamber of Saraswats Entrepreneurs and Professionals(GCSE) in Goa, Chairman of Saraswat Bank Gautam Thakur announced a lucrative and special loan scheme to support young Saraswat entrepreneurs. Honouring his commitment, Saraswat Bank’s top brass signed a Memorandum of Understanding with GCSE on November 17. Saraswat Bank has initiated an exclusive scheme Loan For Entrepreneurs And Professionals (LEAP) that would provide loans/ OD facility for first generation entrepreneurs from the Saraswat Community at a concessional rate of interest. Founder Director of GCSE Siddharth Sinkar, said, “Not only will LEAP boost the morale of the existing young first generation entrepreneurs for scaling up their businesses. This will also promote the entrepreneurial drive amongst the Saraswat minds.” This facility will be offered only to members of Saraswat Chamber. While GCSE would do the basic due diligence of applications routed through them, the final decision to grant loan will rest with the bank.
Gautam Adani’s story would make for a good Netflix series like Succession. India’s business tycoon Adani is numero uno on all parameters. What makes Adani different and what are his success mantras is well captured by the veteran journalist RN Bhaskar in his book Gautam Adani: Reimagining Business In India And The World. Bhaskar who has been tracking Adanis since 2007 has brought to light information that not many know. Bhaskar writes, “In many ways Gautambhai is destiny’s child. He has escaped accidents, major trading crises and even terrorist attacks (26/11). For instance, in January 1998, much before he became a big industrialist, Gautambhai and Shantilal Patel, an associate, were kidnapped. Adani and Shantilal Patel were abducted at gunpoint after they left Karnavati Club in a car and headed for Mohammadpura Road in Ahmedabad. A scooter reportedly forced the car to stop, and then a group of men came in a van and abducted both men. They were taken to an unknown place in a car before being released, the police chargesheet said.” The case was finally closed after 20 years when an Ahmedabad court in November 2018 acquitted the two main accused – Fazl-ur-Rehman alias Fazlu and Bhogilal Darji alia Mama. Reason for their acquittal was because Adani refused to press charges. “One reason for not pressing charges could be that a large ransom was paid, estimated at $1.5 mn,” says the author.
State Bank of India’s Sharad Chandak, Head of UK Region and also the Head of its subsidiary SBI UK has been transferred back to India. Chandak, an old guard at the bank, is currently Chief General Manager in SBI India hierarchy and is likely to be promoted to the Deputy Managing Director’s post of the bank and stationed in Delhi. Talking to shortpost.in Chandak says despite Covid and other odds faced by various banks and businesses at large in the UK, the SBI subsidiary succeeded in giving the parent SBI a dividend of 2.5%. With an Open Banking platform for non-customers of the bank the YoNo App that was launched during his tenure expanded remittance operations to Nepal and soon Sri Lanka operations will commence. To have a wider outreach to areas where bank’s branches do not exist, Chandak with his team has drawn up plans to start “Kiosk banking.” These kiosks are likely to be opened where the footfall is high like the malls. In 2023 Chandak said SBI UK will launch a development finance product that will offer financial support to those in the real estate sector. Sudhir Sharma, CEO (designate) will move into Chandak’s seat. Sanjay Pandey, currently Executive Director and Deputy CEO in the UK also returns to India and his colleague Varsha Bhat who is in the UK will take charge.
In a land where cricket has a mass appeal, it is little wonder that the game has become a connector par excellence. Well, the platinum jubilee celebrations of The India Cements Ltd (ICL) held on November 12 in Chennai saw the Union Home Minister Amit Shah grace the occasion as chief guest. N Srinivasan, vice-chairman & MD of ICL, and Amit Shah have something in common between them. Shah was heading the Gujarat Cricket Association once upon a time. Srinivasan has been a cricket administrator for a very long time – both at the state as well national level. Shah recalled their sports connection and indicated that their relationship required no thanks between them. Shah’s rare presence at a corporate function threw a surprise of a different sort also. Former Deputy Chief Minister of Tamil Nadu, O Panneerselvam was seated on the front row! Is this a signal BJP will go along with AIADMK to fight 2024 general elections? Interestingly, Tamil Chief Minister MK Stalin who is very close to Srini stayed out and instead deputed his Industries Minister Thangam Thennarasu to attend the function. And of course CSK Captain MS Dhoni was also seen hobnobbing with Amit Shah. If optics matter, there is enough to ponder over for everybody.
With oil on the decline, UAE is rolling out the red carpet to attract all kinds of tourists from all round the world. The latest introduction would be an American style Casino at UAE’s sixth largest city, Ras Al Khaimah by 2026. The Wynn Marjan casino cum resort will be located on Dream Island, an unused area of Ras Al Khaimah’s Marjan Island. The integrated resort will come up in a 18,500 sq m area and would be double the size of Wynn’s Las Vegas property. The emirate’s tourism development authority is believed to be writing gaming laws for the casino using Singaporean and US regulations as the base. For this purpose, a new Department of Entertainment and Gaming Regulator has been set up to consider the social, cultural and environmental impact of the emirates. It will also cover issues of licensing, taxation, operational procedures and consumer safeguards, according to Ras Al Khaimah Tourism Development Authority. The proposed casino is expected to be one of the 10th biggest casinos in the world. The biggest casino in Asia is The Venetian at Macau. It is also the second biggest casino in the world with a Venice theme in an area of 51,000 sq m. Wynn Resorts will initially operate the casino on its own for some period of time.
The news that the Aditya Birla Group (ABG) is planning to move into selling branded jewellery has, expectedly, not elicited any reaction from the Tatas which got into the market first with the Tanishq brand. Other players in the jewellery retail business, as well as the umbrella All-India Gem and Jewellery Domestic Council (GJC) which is the industry’s national apex body, are unfazed, too. While ABG’s decision marks a departure from its traditional areas of strength, textiles and cement, it has not even made ripples in the market. Besides Tanishq, the branded jewellery sector already has major players like Reliance, Kalyan, PC and SHUBH. With ABG’s entry, for which the group has earmarked almost Rs5,000 crore, there will be more big-format retail stores for jewellery retail including its in-house brands. “One more joins the stream,” says former GJC chairman Dr C Vinod Hayagriv, who is managing director of C Krishniah Chetty headquartered in Bengaluru. “The more the merrier!” But will it shake up the market? “Doubt it,” says his successor Ashish Pethe, partner in the Mumbai-based Waman Hari Pethe Jewellers. An independent industry report forecasts that future growth in the sector will be led by the development of such large brands.
This is one of the oldest private sector banks in the country. It was incorporated on October 31, 1904. Twenty prominent citizens of Kumbakonam joined together to sign the Memorandum of Association. Initially, it preferred the role of a regional bank and built for itself a place in the delta district Thanjavur. The first branch was opened at Mannargudi in January 1930. It was included in the Second Schedule of Reserve Bank of India Act, 1934, on March 22, 1945. It was originally known as ‘The Kumbakonam Bank Limited’. In April, 1965, two other local banks – The City Forward Bank Limited and Union Bank Limited – were amalgamated with it. Consequently, it was renamed as Kumbakonam City Union Bank Limited. In November 1965, the bank’s first branch in Madras was opened at Thyagaraya Nagar. Its first branch outside Tamil Nadu was opened at Sultanpet in Karnataka in September, 1980. That set the stage for its foray into other states. Its name was changed to City Union Bank in December 1987. Today, it has a deposit base of over Rs. 48,770 core (in the 1st quarter). With a net profit of Rs.225 crore in Q1 FY23, the bank is on a solid ground. Unlike Tamilnad Mercantile Bank, which just went public, the journey of this one has been fairly smooth. Well, longevity lends substance to the brand.
Serious efforts are underway to revise the controversial power generation gas-based project at Dabhol in Ratnagiri district. The Shinde-Fadnavis government in Maharashtra has received positive signals to rejuvenate the project, popularly known as Enron. Presently, there is complete closure of the project since 31 March this year. Union power minister RK Singh recently held a meeting at which the power generation from the project was reportedly discussed. The project was launched by the government of then chief minister Sharad Pawar in 1993-95 with a counter-guarantee by the Government of India. After the Shiv Sena-BJP alliance assumed power in the state in 1995, it scrapped the project then revived it under revised conditionalities. The public sector NTPC is the principal shareholder in Enron. However, the project never fully recovered despite Centre’s efforts since gas supply to it was not adequate. It is now argued that if gas is made available at reasonable rates, power generation can become feasible at cheaper cost. The last per unit cost from the project was Rs.6.50 and the sole consumer was the railways. The railways started purchasing 500 MW of power from this plant on the basis of a subsidy from the Centre from 1 April 2007. The quota dwindled down to about 250 MW due to various reasons. The five-year agreement expired on 31 March this year, finally shutting down the operations.
The travel bug has been let loose in India, as in the rest of the world, like the champagne from a just-uncorked bottle. Flights are full despite the high fares, hotels and resorts everywhere are choc-a-bloc and travel agents are doing brisk business with visa appointments, especially for the US and Europe, being available only months later. A new finding, however, is that all this is not only because of the average person having been allowed out of home after more than two years of having been confined since the Covid-19 pandemic broke out. Many travellers to more soothing climes are businessmen and industrialists. In the salubrious hill station of Madikeri in Coorg district of Karnataka, for instance, scores of tourists are strolling about on guided tours to look at the coffee plantations and the historic 17th-century Madikeri Fort and Omkareshwar temple. A difference this time is that they include a large number from other parts of the country who are getting away from falling sales and profits. “Nothing to do with business here,” says one auto components manufacturer from Maharashtra, who is here with his family. “We are just trying, unsuccessfully, to forget about the impending recession.” The only plus point, he adds, is that Coorg is “a nice place for a holiday, a must-visit destination”.
Reliance Retail is eyeing the Kerala-based hypermarket and electronic store Bismi, owned by the first generation entrepreneur VA Ajmal. Bismi operates 30 electronics and grocery retail chains across Kerala. Each Bismi Hypermarkets which are a combination of food, groceries and electronics operate in premises of 30,000 to 40,000 sq ft. The standalone single format grocery stores occupy 10,000 sq ft. Started in 2003, Bismi generates a business of Rs 750 cr per annum. The company hopes to achieve a turnover of Rs 4000 cr in the next couple of years. On the anvil are 40 plus Bismi Hypermakets and electronic stores in tier-2 cities across the country. Informed sources said that the talks with Reliance Retail are at an advanced stage and should have been concluded by Diwali. The Bismi valuation is the vicinity of Rs 600 crore. However, Ajmal has refused to confirm nor deny the deal. Reliance Retail today operates 2000 brick and mortar grocery stores across India. It also operates JioMart, an e-commerce platform. The Indian retail market is estimated at $ 900 billion.
It is a pioneering enterprise of the independent era. It was born on February 21, 1946 when the World War was over and political freedom was around the country. It made a humble start with a cement factory at Thalaiyuthu, Tamil Nadu, an almost unmapped tiny village in Tirunelveli, which, over the years, grew to become a self-contained township at Sankarnagar. From a modest beginning in 1949 when Sankar Cement made its first appearance in the market, India Cements has grown in stature — from two plants with a capacity of 1.3 million tonnes per annum (MTPA) in 1989 to 10 cement plants with a capacity of 15.55 MTPA in five States. The company stood the test of time to become a strong player in the field. Well, N Srinivasan-led The India Cements has decided to celebrate 75 years of its birth. Why not? After all, the cement industry is by definition cyclical in nature. The celebrations are a testimony to its capacity – nay ability – to manage the cyclicality. The celebrations have been delayed by a year because of Covid-19 pandemic. If grapevine has to go by, Home Minister Amit Shah is likely to be the chief guest at the event, which will be held in Chennai in the first half of next month. Since 1989, Srinivasan has been in command. Looking at its remarkable journey, a big celebration is in order.
With a huge success hosting Commonwealth Games in the City of Birmingham, Mayor Andy Street is set to travel to India between November 6-12 leading a big delegation of business leaders and politicians. Andy’s India trip includes visits to Mumbai, Delhi, Hyderabad and Chennai. Andy’s visit in early November comes at a time when the UK is undergoing a huge political, social and economic turmoil and the Free Trade Agreement that was scheduled during Diwali has been postponed. Thus this mission is expected to build on the on-going negotiations for a new UK-India FTA and will promote opportunities for bilateral trade and investment between India, the West Midlands and the wider UK. During his visit it’s learnt that his delegation will sign various MoUs. Meeting with the Chairman of the ICCR Dr Vinay Sahasrabuddhe has been scheduled in New Delhi and the Birmingham Repertory Theatre will sign a MoU with the ICCR. Andy and Senior representatives from The West Midlands Growth Company (WMGC) and partners including the Foreign, Commonwealth & Development Office (FCDO) will explore business partnerships with CII members, meet Telangana leaders in Hyderabad and visit WE Hub to encourage women entrepreneurship. They have lined-up meetings with the Tata Group, TVS, Mahindra & Mahindra, Switch Mobility, Firstsource, Air India and the Bombay Stock Exchange (BSE).
Corporates usually queue up to greet clients with gift hampers during Diwali. But this one has decided to do a different thing. Shriram AMC (Asset Management Company), a unit of the Shriram group, has launched “Deepti” this Diwali. It’s a financial initiative intended to have a lasting positive impact on the lives of girl children. Through Deepti, AMC will extend its assistance to select girl students who have great visions but struggle for funds to finance them. Shriram AMC had roped in Mumbai-based Katalyst – a non-governmental organization — to implement Deepti. Shriram AMC has identified two sets of beneficiaries under Deepti initiative. The Deepti will benefit college-goers from economically-challenged backgrounds. Katalyst will help Shriram AMC to identify and reach the target group who are good at academics but lack the relevant training and mentorship to face the corporate world. Typically, Shriam is seeking to invest in their training that will eventually help them in the future. The beneficiaries of Deepti in this category would be engineering college students with good academic profiles and a vision for their career paths. Deepti will also benefit school students who come from poor backgrounds. Deepti is a part of the Shriram group’s vision to work for the cause of women empowerment.
The adage that governments should not be in business is turning out to be true as far as the App hailing cab service launched by Kerala’s Left Front government goes. Launched on August 17, Kerala Savari seems to have come a cropper. Over 5000 trips were cancelled. A closer look reveals that 5,141 trips were cancelled by the drivers registered with the app while the user cancellation was only 76. According to officials, drivers tend to go for more attractive deals on other private apps and cancel the rides. The private auto services are charging Rs 55 for a minimum distance with Rs 23.50 being added for every one-half km, which is much higher than the standard rate fixed by the government. The slew of cancellations have eroded the trust of the users at a time when the app is available only in Trivandrum city limits on a pilot basis. However, it failed to take-off due to technical glitches for two weeks. The hiccups raised concern among drivers who enrolled for the taxi app. They also complained of no effective marketing strategies. The CPM has been at the forefront of such foolhardy decisions designed to give its historically militant labour unions a leg up on the employment front. A recent example was the government’s failed attempt to take over the Trivandrum Airport which went to Adani.
BYJU’S, which recently announced the retrenchment of 5% of its 50,000 strong staff in a phased manner, has now gone ahead and shut down its Trivandrum office. The Kerala government’s General Education and Labour Minister, V Sivankutty in a Facebook post has stated “It is alleged that BYJU’S has closed down its Trivandrum office at Technopark, forcing its employees to resign.” More than 170 employees with the Trivandrum unit have told the Minister that they are seeking compensation and pending salaries. Technopark Today, the community media platform, reported that BYJU’S employees were demanding “payment of salary for the month of October 2022 and one-time settlement of salary for the upcoming three months, from November 2022 to January 2023.”Also, “they have demanded encashment of earned leave and full settlement of variable pay as applicable to each employee.” BYJU’S which commands a valuation of $ 22-billion announced a slew of belt tightening measures after posting a loss of Rs 4,588 crore for the fiscal of 2021. Apart from retrenchment of its staff, the company announced that it is optimising its marketing budget, prioritising spends, reducing operational cost and integrating multiple businesses. The company put the blame of its losses in 2020-21 due to the operations at WhiteHat Jr.
With 5G being the flavour of the times, the emphasis on the present day mobile and broadband speed is turning out to be low priority. According to Ookla Speedtest Global Index, the Indian ranking in media mobile network speeds as well as fixed broadband speeds globally has slipped marginally from 117 and 78 respectively to 118 and 79 respectively. However, the median download speed marginally increased from 13.52 Mbps in August to 13.87 mbps in September. In the case of fixed broadband median the average speed also increased from 48.29 Mbps to 48.59 Mbps. For the record, China tops the Speedtest Global Index with Shanghai as the fastest city with a median download speed of 158.63 Mbps for mobile networks. During its trail phase, the Indian 5G networks have generated a download speed of 500 Mbps. The Ookla report also goes on to state that close to 90% of existing Indian mobile owners will shift to 5G as and when it comes about. Reports indicate that it will take from two to three years for 5G to cover the entire country. Till then Indians will have to live with the present download speeds which puts India’s ranking lower than Nepal (115), Pakistan (116) and Sri Lanka (117).
They are a supplemental channel of credit intermediation alongside banks. Over the years, the NBFC (non-banking finance companies) sector has undergone a major metamorphosis in terms of size, complexity and interconnectedness within the financial sector. The RBI has a scale-based regulatory framework to address the risk profiles of NBFCs. This covers a host of issues such as capital requirements, governance standards, prudential norms et al. The dynamics of the NBFC sector changes faster these days. This forces the banking regulator to be on the guard, and tweak the regulation when required. The RBI has now made it difficult for NBFC groups to escape tighter oversight. NBFCs that are part of a common group or are floated by a common set of promoters shall not be viewed on a standalone basis. Henceforth, the total assets of all the NBFCs in a group will be consolidated to determine the threshold for their classification in the Middle Layer. The group may have multiple NBFCs. If the consolidated asset size of the group is ₹1000 crore and above, then each of these companies will be classified as an NBFC in the Middle Layer, and, consequently, regulations as applicable to the Middle Layer shall be applicable to them. These guidelines have come into force from October 1. Is it a regulatory overload or a right move?
Lobbyists play an important role in the political space across the globe. Their services are widely used to influence key decisions. In the world of commerce, they take a different nomenclature. Influencers are setting the game for many big brands. Increasingly brands see influencer-marketing as one of the mainstream forms of digital marketing. The reason is simple. There are over 20 lakh content creators in India. Chennai-based Social Beat launched www.influencer.in, a marketing platform, to help brands create quality content and amplify the reach among the target audience by leveraging verified digital influencers across Instagram, YouTube, Twitter, Linkedin and the like. The platform has just released “The influencer marketing report 2022”. The report expects the influencer marketing industry to grow to Rs 2,500 crore by 2025 from Rs 900 crore in 2021. According to the survey, 61.2% of all brands recognize the power of influencer-marketing to tap into a newer audience pool to boost brand awareness. The survey finds 36.9% of brands rely on Instagram and 20.6% on YouTube for their dedicated influencer-marketing efforts. Facebook continues to be popular, with 18.7% of brands using it. About 50% of marketers indicate that they spend up to 10% of their digital marketing budget on influencers annually. Well, they are the change-driver of a new kind!
They don’t call themselves producers of vehicles any longer. They have now acquired a new term and status. Well, the country is witnessing the arrival of solution providers of mobility kind even as it is headed towards an increasingly greener automobile eco-system. They are coming in assorted formats – start-up, small, medium and big. Well, Nashik-based Revamp Moto is a start-up, and it came on scene in January 2021. Founded by Pritesh Mahajan, Jayesh Tope and Pushkaraj Salunke, Revamp Moto is on a unique journey. All three co-founders had worked on prior entrepreneurial ventures before synergising to form the vision of Revamp Moto. It is on a mission to design and produce an electric two-wheeler to enable enterprising micro-entrepreneurs to conduct business “on the go”. Revamp is working on adaptable and sustainable mobility solutions that are safe and affordable for the micro-entrepreneurs. The objective is to come out with a two-wheeler that is simpler for street hawkers, delivery agents, milkmen, vegetable sellers and others. Essentially, it calls for providing them flexibility to quickly modify their vehicles to their needs. This should allow users to switch between use cases of the vehicle in a matter of minutes. Revamp Moto is looking to build an adaptable electric two-wheeler that is modular, reliable, and connected. Whole new options are emerging in EV space, it appears.
Kerala-based GenRobotics, which introduced Bandicoot, the robotic scavenger, is now getting into robot-assisted gait training solutions. Called G-Gaiter derived from the word Gait (manner of walking), it helps to speed up rehabilitation of paraplegic patients. The product is assembled with the world’s first Pneumatic Leg Orthosis Technology-G Plot. It is designed to maximise muscle strength, range of joint motion and gait function of paraplegic patients. G-Gaiter aims to make a difference in the lives of millions of people by assisting them in the recovery of paraplegic conditions caused by spinal cord injuries, stroke, Parkinson’s, multiple sclerosis, cerebral palsy, accidents, war injuries sustained by soldiers etc. Unlike the conventional method, G-Gaiter provides an AI-powered natural gait pattern which helps to reduce therapy load and enables efficient and effective recovery. The tagline says it all “Run back to walking”. Genrobotics, which came to limelight for introducing Bandicoot, a robotic machine which cleans any type of manholes, is backed by marquee investors like Anand Mahindra, Zoho Corporation, Rajan Anandan, Unicorn India Ventures and SEA Funds.
The smart city concept is gaining increasing ground across the globe. Is it that easy to develop a smart city? Of course, it isn’t. Yet, the focus on creating smart cities is now acknowledged by policy-makers and city planners alike. What does it take to make a city smart? Well, it involves assorted actions. Ask Delhi-born Vaibhav Ghadiok, a pioneer in the field of robotics and AI (artificial intelligence) with multiple inventions and patents to his name. His latest invention has applications in building smarter cities, modernizing and optimizing traffic management that will have an impact on millions of people. He has architected perhaps the world’s first autonomous traffic management platform at Hayden AI (Silicon Valley, CA, US), which he co-founded and is an Executive VP of Engineering. The main objective of this platform is to clear bus lanes from illegally parked vehicles so that riders can reach their destinations more quickly, smoothly and safely. Significantly enough Hayden AI has landed a contract with New York City’s Metropolitan Transportation Authority (MTA) to install 500 interior-mounted automated bus lane enforcement (ABLE) AI-powered camera systems. Can such automated traffic management be adopted in cities like New Delhi, Mumbai and Chennai to improve bus speed and make vehicle traffic safer? Ghadiok should ponder, perhaps.
Kerala start-up Greenikk, has set up the country’s first full-stack supply chain connecting banana cultivators, traders and exporters on a single platform. Greenikk has built Enabled Centres (ECs) in major producing agri-belts in Kerala, Tamil Nadu and Karnataka. These ECs provide farmers with finance, seeds, crop advisory, insurance coverage, agri inputs including weather tips and market connect. It is covering the entire gamut of production and marketing both within the country and outside. Following its initial success, Greenikk plans to set up similar ECs in Andhra Pradesh, Telangana and the rest of the country. On the selection of bananas, the promoters Fariq Noushad and Pervin Jacob said that “After working with banana farmers, dealers and buyers, we realised that it has the maximum potential among all fruits grown in India, if linked to a strong and reliable value chain that would scale up exports.” India accounts for 25% of the world’s banana production at 32.6 million tonnes in a land area of 9.6 hectares with 10 million stakeholders. Greenikk also helps to convert stems of the post-harvest banana plants into natural fibre and re-purpose the other left overs as manure and poultry feed to ensure supplementary income for the farmers and curb pollution.
Krsnaa Diagnostics Ltd, one of the fastest growing players in the diagnostics space, plans to launch 600 diagnostics centres across India. With this, the Pune headquartered diagnostics player, with a pan-India presence, will strengthen its footprint across Maharashtra, Himachal Pradesh, Punjab, West Bengal, and Rajasthan, spreading across metros, Tier 2 and Tier 3 cities. The centres will be equipped to offer specialised services in precision medicine, genetics, genomics, and molecular diagnostics, along with the routine investigations of biochemistry and serology. The Rs 500-crore company (listed on BSE and NSE) started its journey in 2011 with two radiology centres and is present today in 16 states with 2000-plus centres across India. It has differentiated itself not only by offering quality services in radiology and pathology, but has also focused on the public-private partnership (PPP) segment, where it serves underpenetrated and underserved areas by collaborating with private healthcare providers, including corporate hospitals and trust hospitals.
Star India Pvt Ltd, the company that runs sports and entertainment channels, has renewed its lease agreement for the next 9 years at a monthly rental of Rs 5.91 crore. Star operates from Urmi Estate, located very close to Lower Parel station, Mumbai. Lower Parel has emerged as the new Central Business District. It may be recalled that Lower Parel was once synonymous with textile mills, and the area had several mills and chawls housing mill workers and their families. Now, these mills and the chawls have made way for swanky apartments and commercial complexes. According to documents provided by CRE Matrix, a real estate data analytics firm, the renewal was signed on October 3, 2022 between Star and Keshav & Co. It has paid a security deposit of Rs 93.48 crore. The details include, office premises 27th to 36th Floor, 37th Floor, Sports floor 6,7,23,24 and 26th floor in Urmi Estate Building Tower A. Ground Floor Lobby, Meeting room & Studio area on the ground floor, Mail Room SRM. And this includes a terrace on the 8th floor. Star will have access to 650 parking spaces of which 500 are for four wheelers and 150 for two wheelers. The rent escalation is 4.5% at the end of every 12 months. By arrangement with squarefeatindia.com.
Do you stay in the jurisdiction of Kalyan Dombivali Municipal Corporation (KDMC)? Then this news is of utmost importance to you. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has put out a list of 52 projects which are either suspended, kept in abeyance or deregistered. MahaRERA took this decision after KDMC filed a complaint against several developers for allegedly forging documents that they had permissions, whereas no such permission was issued. It is mandatory that every project registered with MahaRERA should have all the permissions required to carry out constructions from the planning authority. In this case the planning authority is KDMC for all the 52 projects which are now deregistered. As per the RERA Act, 2016, all real estate projects are to be registered with the RERA in respective states. In Maharashtra, on registration of a project with MahaRERA, the projects are provided with a certificate and a number. Every developer who wishes to sell a project in Maharashtra has to have this number, even to advertise, they need this number, any project that hasn’t been completed and not received an OC, they need to register with MahaRERA. The watchdog’s job is to save the homebuyers from frauds. Buyers before investing in any new project in Maharashtra, should visit MahaRERA’s website and check the details before investing. By arrangement with squarefeatindia.com
Apollo Hospitals is diversifying into the ayurveda business. The hospital chain has acquired a 60% stake in AyurVAID, a pioneering chain of new generation Ayurveda hospitals, for a consideration of Rs 26. 4 crore. Cochin headquartered AyurVaid, operates nine hospitals and clinics across India. The hospitals are located at Kochi, Gurugram, Uttarakhand and Bengaluru. Bulk of Apollo’s investment will go towards upgrading existing facilities, setting up new centres, strengthening enterprise platforms and digital health initiatives. AyurVaid, which has set up new generation ayurveda hospitals with around 150 beds, specialises in applying Ayurveda to solve modern health problems. “We believe there is immense scope to deliver evidence-based integrated medicine, combining allopathic and traditional models, to improve outcomes and quality of life of our patients,” according to Pratap C Reddy, Chairman, Apollo Hospitals. Elaborating on the acquisition, he said that it is a transformational journey which will lead to the evolution of care models In India and around the world. Apollo hopes that its investment will push the turnover of AyurVAID from Rs 15 to Rs 100 crore in three years’ time.
Is having a famous surname boon or bane? Ask the Hyderabad-registered Electronics Mart India Ltd (EMIL), a leading consumer durables and electronics retailer. It is facing a court battle on this front. It was originally set up as a proprietorship firm under the banner of Bajaj Electronics in 1980 over the years it became a public limited company with the present name but sells goods under the brand name Bajaj Electronics. But they are not connected with the famous Bajaj conglomerate. Bajaj Electricals Ltd (BEL) have filed a suit against EMIL, its promoters and Astha Bajaj, director of EMIL, alleging infringement of the trademark “BAJAJ ELECTRICALS”. In the suit, BEL has prayed for a perpetual order to restrain EMIL, its directors, subsidiaries and other associated persons or entities from infringing and passing off its said registered trademarks by manufacturing, marketing, selling and/or dealing in any products bearing the said trademark or using any name/mark containing the word “BAJAJ” for any goods/products or service/ business activity including on any e-commerce/online platform, except for using the trade mark/trading name “BAJAJ ELECTRONICS” for the electronic retail business/retail stores in the State of Andhra Pradesh and Telangana, alone. The suit and interim application are currently pending before the Bombay High Court. If the legal proceedings are not decided in EMIL’s favour, then it may not be able to use the trademark “BAJAJ ELECTRONICS” outside the states of Andhra Pradesh & Telangana. By arrangement with https://investlive.net/
Imagine being 22, and working as an intern at Tesla’s Palo Alto facility and getting Indian food fix every day. For intern Surya Krishna from south India that by itself is a high point. When the company chose Dosa by DOSA , co-founded by Anjan Mitra and Emily Gilels whose passion for “sharing the cultural and culinary diversity of India with the world “ brought Emily the Michelin rating, the Tesla employees lucked out. DOSA was founded in San Francisco in 2005, inspired by the savory, fermented South Indian dosa. Over the years, DOSA grew to four Bay Area restaurants with 12 consecutive years of Michelin awards under its belt. Dosa by DOSA was later founded in 2017 to share the brand’s favorite, regionally-inspired food and beverages with the rest of America. It is easily the best in terms of convenience. Indian techie invasion brought a tandem culinary revolution to the Bay Area workplace. A global desi thrives anywhere, but his desi cravings for home style food is now on a global footing. Dosa by DOSA which marries Indian flavours and food with revolutionary packaging, logistics and promotion has made the brand a runaway success. Tesla is the pioneer on the cusp of an energy revolution. Partnering with Dosa by DOSA, Tesla has captivated techies decoding the algorithm…the way to their head is through good spicy Indian food.
A seven-year-old company whose revenue is only Rs 10 crore and bottom line is just Rs 54 lakh against a capital base of more than Rs 18 crore is asking for an IPO premium of Rs 60 crore! Still worse, market regulators, despite the group’s murky past, has allowed the promoter to sell at Rs 103 a share which was acquired by him at just Rs 10 in 2021. Pune-registered but Ahmedabad-headquartered Pace E-Commerce Ventures Ltd is entering the capital market with an initial public offer of Rs 66.53 crore. Incorporated in 2015, Pace E-Commerce Ventures offers children’s furniture, bedding, housewares and essentials. It may be recalled that between 1989 and 1993, Gandhi brothers Navinchandra, Dharnendra and Bhupendra floated public issues under the banners Dharnendra Ice-cream, Fly Up Fashions and Dharnendra Agro Food. Few years after their public issues, not only they performed miserably on the operation front but also failed to comply with the listing guidelines which resulted in compulsory delisting of the shares by the stock exchange. In fact, Group flagship Dharnendra Ice-cream was suspended by BSE for 13 years and was eventually delisted by the exchange in 2016. But, that has not stopped the generation-next of the Gandhis from tapping the capital market. By arrangement with https://investlive.net/
Ashok Patni IPS (Retd.) C B Sharma IAS (Retd.) and Brigadier Atul Mishra (Retd.) are on a mission mode. They have formed an informal group comprising mostly senior citizens from across the country to take on public issues. Former diplomats, journalists, social and consumer activists form part of this group. They have now moved IRDA (Insurance Regulation and Development Authority) seeking its immediate intervention to right a wrong that is causing serious hardship to common citizens. They are peeved that the insurance companies are using a notification issued during the Pandemic to deny crores of common citizens physical copies of their policies. The non-issuance of physical copies have come in the way of quicker settlement of their claims. This specific appeal comes in the wake of numerous insured policyholders, especially those living in the rural belt and in remote areas of the Tier-III towns, encountering extreme difficulties in getting their claim benefits from the respective insurance companies. The insurance companies, it is alleged, are taking advantage of an IRDA circular dated March 23, 2020. The circular was issued following the spread of Covid-19. Now that the Covid situation has eased, there is no reason why the policy-holders should not get physical copies of their policies. After all, the ecosystem for a paperless solution is far from fully developed.
Vedanta-Foxconn’s proposed $22-billion joint venture project in India for an integrated display and semiconductor fabrication ecosystem has kicked off a controversy over a sudden change in the project location from Maharashtra to Gujarat. Significantly, the location change came just three months before the Gujarat assembly election. Both Foxconn and Vedanta’s Anil Agarwal have long experience in dealing with political powers in host countries. During Donald Trump’s presidency in the US, Foxconn planned a $10-bn unit in Wisconsin. The project was announced by Trump himself at the White House in 2017, boasting of it as an example of his ‘America First’ agenda to revive technology manufacturing in the US. However, within months of Trump’s defeat Foxconn drastically pruned the project! The planned investment was reduced to merely $672 million, slashing the number of new jobs from originally promised 13,000 to 1,454. However, it is difficult to understand why Foxconn, the 22nd ranked Fortune Global 500 company needs the shoulder of Anil Agarwal’s Vedanta to enter India when the government allows up to 100% foreign holding in this hi-tech sector. Could there be a political reason on Foxconn’s part to tie-up with Vedanta to ensure best incentive deals from a BJP-governed state? Or, is there an understanding on Vedanta’s part to exit in favour of Foxconn after the project gets started? Time alone can tell the future of the project.
Markets regulator SEBI has kept in abeyance the “issuance of observations” with regard to the IPO of Go Digit General Insurance Ltd which had filed draft papers for the IPO on August 17. Go Digit’s proposed IPO consists of a fresh issue of Rs 1,250 crore from the company and an offer for sale of 109,445,561 shares from four shareholders, including the promoter. Though promoted by Kamesh Goyal, former CEO of Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance Company, Go Digit, which counts cricketer Virat Kohli and his wife, Bollywood actor Anushka Sharma among its investors, is largely controlled by the Fairfax Group owned by Canadian person of Indian origin, Prem Watsa, who was awarded the fourth highest civilian award of India, Padma Shri, in 2020. SEBI has not disclosed the reason for withholding the issuance of observations on Go Digit IPO. However, a close scrutiny of the IPO draft papers reveals that the company is yet to obtain IRDAI’s clearance on certain matter related to the promoter-company. Currently, almost the entire promoter holding (83.65%) of the issuer company is held by Go Digit Infoworks Services Private Ltd (GDISPL). While Kamesh Goyal and his Oben Ventures LLP together hold 54.75% of GDISPL’s tiny equity capital of Rs 1.02 crore, Mauritius-registered FAL Corporation of the Fairfax group has a minority stake of 45.25%. By arrangement with https.//investlive.net/
Australia is the latest country to woo Indian students in a big way. In order to avoid competition with traditional destinations, like the US, UK, Canada and Ireland, Australia is offering unique courses to attract Indian students. Skill oriented courses are the ones being targeted to Indian students. Also the Study Australia programme gives enough weightage to enhancing employability skills. After Covid, the Aussie government has gone all out to launch a marketing campaign to attract more students to the 40-odd Universities there. According to Vik Singh, Program Director, Digital Education Hub, Australian Trade & Investment Commission, of the 260,000 international students studying in various Universities in Australia, 130,000 are from India. The students who go the Australia do not go for the conventional courses. The courses most in demand are those related to sports, healthcare nursing and aged care, he added. The post-study work opportunities being offered has now been made more attractive for Indian students. The Aussie government recently increased the post-study work rights from two years to four years for students pursuing select bachelor degrees. Three years to five years for select post-graduate degrees and four to six year for select PhDs. And it has also made available scholarships at the national and institutional levels. Australia intends to offer world class education, strong career pathways and unmatched lifestyle for students.
The draft offer document of Inox Green Energy Services Ltd (IGESL) has a peculiar disclosure. The company has listed five people as Key Managerial Personnel. Of these, two are the whole-time directors namely Manoj Shambhu Dixit and Mukesh Manglik. The other three are `consultants’ hired without remuneration! Strangely, none of the Inox-Jain family members, promoters of the Inox Group, are on the board of IGESL. Promoter-family member Devansh Jain is named as one of the consultants along with Kailash Lal Tarachandani and Jitendra Mohananey. Devansh Jain is a whole-time director of Inox Wind, Kailash Lal Tarachandani is CEO and Jitendra Mohananey is senior vice-president of Inox Wind. The 2012-incorporated IGESL proposes to float an IPO of Rs 740 crore. Though loss-making with an accumulated deficit of Rs 367 crore, the company has managed to raise a huge share premium amount of Rs 920 crore based on which it may even ask the IPO investors to shell out hefty premium. But, is the management capable of rewarding the investing public? The track record of the parent company, Inox Wind would surely advise caution. In the so-called `disclosure era’, the dismal performance of Inox Wind under the same management should have been the main risk factor that the market regulator should have insisted on for the benefit of the prospective investors of Inox Green. By arrangement with https://investlive.net/
There has been a mad scramble among Indian automobile companies to get on to the EV bandwagon. But Toyota Motors, the world’s top car maker, is treading a different path to attract new Indian auto buyers. Toyota has taken the hybrid route. Twenty years back, Toyota introduced hybrid cars through the Prius brand. Today hybrids have given way to EVs led by Tesla. . But Toyota does not think Indian consumers are ready for it due to infrastructure and charging bottle-necks. In fact after the launch of Toyota Hyrider and Maruti’s Grand Vitara comes the news of Honda’s entry with City Hybrid. According to Takuya Tsumura, CEO, Honda Cars India, “ EVs may be picking pace but Honda believes that strong hybrids are currently the best bet for India as they are practical and worry free given the state of charging infrastructure.” Hybrids combine the power of petrol engines and the fuel savings of electric motors to give you lower emission without waiting for the battery to be recharged. Hybrids are environment friendly, require less maintenance and get a higher resale value but compared to EVs they have less power, higher upfront cost and high repair cost. Toyota feels that the Indian market is just not ready for the latest offerings in the international market but Korean makers like Hyundai are offering the best of technologies and latest gizmos to attract Indian buyers.
A squat factory building looks incongruous on the drive up the hill road from Kochi to the holiday town of Munnar. It is Eastern Spices, a company that Kerala entrepreneur ME Meeran set up half a century ago to make and market a range of condiments. His son Navas Meeran, now Chairman of the renamed Group Meeran, has just launched a new product, tea bags in three flavours under the brand Eastea. “For over a century, the packaged tea business has remained more or less static even as lifestyles and consumption patterns have changed,” says Navas Meeran. “We plan to introduce a range of packaged tea offerings in the upmarket segment including flavoured tea and teas that cater to the wellness segment, as well as a cold brew.” The new products in ginger and cardamom flavours alongside green tea and a black Assam blend, will be followed by others across different segments. Indian consumers’ online exposure has made it easier to introduce new tea offerings, unlike in the past when innovations in the consumer market in the West would take years to be introduced in the Indian market. What Meerans describe as a strategy to shake up the traditional packaged tea segment looks set to ginger up the tea market in India and the Gulf where the Group’s spices are sold. Group Meeran also markets Jackfruit365, a dietary supplement to help control diabetes.
Thrissur based Dhanlaxmi Bank has always been in the news for the wrong reasons — labour/union strife, mis-management and hostile takeovers. The Delhi-based diversified group, Dhanvarsha Group, has made an Rs 300 crore unsolicited bid. The group has offered Rs 11.85 per share as against the market price of Rs 12.45. The bank is not new to takeover bids. ICICI Bank, Kotak Mahindra Bank, Axis Bank and HDFC Bank have all eyed Dhanlaxmi Bank but seem to have faltered at the altar. The first hostile bid was made during its public issue in 1996. Ind Global and the Concept group, both involved in the public issue, intended to acquire controlling stake of the bank. This failed once the media got wind of their interest. To tied-over its problems, the then promoter, R Kalyanaraman (Goodnight Mohan) brought in the Bangalore-based Raja Mohan Rao, who owned JT Mobile. Rao also entered through the back door when the bank’s 2002 public issue bombed. Rao then picked up 37 % stake for Rs 20 crore thereby making him the single largest shareholder ever. By then the RBI changed the rules of the game. No private entity could hold more than 40% in a bank and the voting right for each individual/company was restricted to 10% only. The bank, started in 1927, has Kerala’s two top businessmen, Yusuf Ali (4.9 %) and Ravi Pillai (4.4%) as shareholders.
TRENDS & VIEWS
Editor’s Note: Big Punch In Small Pack
It is the Third Anniversary of Short Post and as a news media startup launched during the Covid-19 pandemic it certainly feels better than good to find ourselves where we are today. Here, I must cite the unstinted support of our seasoned contributors, all senior editors in the country, who brought a great degree of maturity and sagacity to the Short Post newsroom. But for them, our tagline “Authentic Gossip”, an Oxymoron, would not have matured viably. Our user numbers may be small but our stories have created the desired impact among people who matter — decision makers and influencers. We offer a big punch in a small pack and Short Post with its 225-word stories has been punching above its weight category. Having posted close to 3,000 stories in the last 36 months, Short Post, I feel, is an idea whose time has come.
And this is vindicated by our two marquee advertisers – IDFC FIRST Bank and ICICI Lombard. Both believed in our story and have supported us from Day one. A big thank you to both.
If you look at the media landscape – print, TV and digital — it is a mixed bag. There are job losses as some outfits have closed down while a lucky few were bailed out by large corporate houses. Yes, there is a lot of action in the digital space. However, the entry of corporate houses has raised the question of independence of news media outfits. Sadly, there are just a handful of independent media outfits in the country that are highly respected for their neutrality. At Short Post, our credo is not to take sides, prejudge issues or be biased but, informing readers of behind-the-scenes happenings. In essence, Short Post strives to be a neutral editorial platform — neither anti-establishment nor pro-establishment.
As I said last year, disruptions in the media world are moving at a fast and furious pace. Technology is playing a very big role in how content is generated and consumed. But, we are neither alarmed nor perturbed as it is all a part of the evolution process. What gives us comfort is that AI is unable to create original gossipy content. And that is the news arena where we have achieved a distinction.