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Change is the only constant in the world. It also signals a move forward. In this instance, however, this change has ushered in a complete break from the past. No doubt, the ownership of Kothari Industrial Corporation (KICL), a company founded very many summers ago by the late DC Kothari, has moved on to Rafiq Ahmed a while ago. But there was a sense of continuity with Pradip D Kothari, son of DC, remaining as the Chairman of KICL. A few days ago, however, he stepped down to pave the way for Rafiq Ahmed to become the Executive Chairman of the company. With this, the break is complete. From now onwards, KICL will run on its own sans the DC Kothari family members. Indeed, KICL has padded up for a new innings. Having given a new lease of life to KICL, Rafiq Ahmed is focussing on the way forward. He continues to carry on the legacy of the late DC Kothari. At the same time, he is charting out his own plan to bring the glory of former times back to the Kothari, a celebrated brand once upon a time. The DC Kothari Group, in fact, had grown with the blessings of illustrious names such as R Venkatraman (former President of India), K Kamaraj (chief minister of Tamil Nadu) and the like. Not surprisingly, Rafiq Ahmed has chosen to continue the legacy of the vision envisioned by DC Kothari. Well, the newly-anointed Executive Chairman is on a mission mode. He has put on a blinker to push brand Kothari to its original glory.
The longstanding cultural tradition between India and Bangladesh surrounding International Mother Language Day faced an unexpected disruption this year due to political tensions. Just a year ago, the Vice-Chancellors of Dhaka University and St Xavier’s University, Kolkata were seen together at the historic Shaheed Minar in Dhaka, joined by students from both institutions. However, this year, the event had to be cancelled amid a charged political atmosphere in Bangladesh. The tradition dates back to 2011, during the 150th birth anniversary celebrations of Rabindranath Tagore. That same year, St. Xavier’s University introduced its Bengali Honors course. Since then, a torch, symbolizing linguistic unity, would be lit at Dhaka University’s Shaheed Minar days before February 21st and then carried across various universities in West Bengal, including St. Xavier’s campuses in Raghabpur, Siliguri, and New Town. The final ceremony used to take place at St Xavier’s University in Park Street on February 21st. However, this year, the torch was absent from Kolkata’s observance of the day. Ferdousul Hasan, honorary secretary of St Xavier’s alumni association confirmed the decision not to bring the torch from Dhaka this year due to political tensions. Hasan said the torch lit in Dhaka was taken to various institutions like Loyola College in Chennai, St. Joseph’s in Bengaluru among others. This interruption has underscored the impact of changing political landscapes on the cultural unity between the two Bengals. Even the Deputy High Commission of Bangladesh in Kolkata opted for a low-key, closed-door observance of February 21st this year, reportedly to avoid controversy. Meanwhile, West Bengal government-led celebrations took place at Deshapriya Park.
The labour impasse at the Samsung’s Sriperumbudur facility in Tamil Nadu is attracting increasing attention as both sides aren’t ready to yield from their stated positions. The trigger for the latest industrial dispute was the suspension of three workers of the union which was registered under a court order but has not been recognised by the Samsung management. As the fracas continues, the union leader has alleged that the management has suspended more workers. The suspension of the three union workers, the management claims, was forced as a section of the workers led by these three assembled unannounced and gate crashed to have an audience with officials of the company. The union leader — an outsider belonging to CPI(M)-affiliated CITU, wanted the suspension removed and demanded the management to forthwith stop using contracts labour. This sounds funny. If Samsung can’t use contract labour, how can the union have an outsider as its leader! An oxymoron position by the union leader, it appears! As the stalemate prolongs at Samsung facility, questions have risen over its fallout on the effort of the DMK government in attracting global investment. In the emerging era of artificial intelligence one is unable to fathom the larger implications of such strident position articulated by an outsider-leader.
The moment Shiv Sena (UBT) dismissed its spokesman Kishore Tiwari from the responsibility, he launched a tirade against the manner in which the party is being run. While going soft on leader Uddhav Thackeray, he has held some top leaders responsible for the Sena’s debacle. The Sena is receiving one jolt after another almost daily due to desertions by its loyal workers and Tiwari’s unbridled outburst is bound to make its challenge graver for the coming local body elections. While Uddhav has tried to inject vigour into the rank and file by declaring his resolve to administer one mega blow to the ruling saffron alliance, Tiwari’s disclosures will force the party to defend its decisions, especially of distributing tickets for the 2024 assembly election. Tiwari has alleged that many of the tickets were ‘sold’ and certain party leaders had amassed a fortune. His main target is party MP Sanjay Raut, whose continuous controversial statements Tiwari has found very objectionable and damaging. Tiwari has criticized other leaders like Subhash Desai, Vinayak Raut and Milind Narvekar, who are closest to Uddhav. He told a news channel that he has revealed just one percent and will expose more and more misdeeds of the party and its leaders. Tiwari has been the Sena protagonist on various Marathi and national news channels. He has vowed to continue to work for the Sena ‘until I am expelled from the party.’
Controversial Maharashtra minister Dhananjay Munde has been down with Bell’s Palsy, which has incapacitated him. But the clamour for his resignation is not likely to subside. Munde has been the bone of contention within the ruling NDA regime due to the several serious allegations levelled against him. Some of his closest aides are behind bars and even his own future is bleak. A staunch supporter of deputy chief minister Ajit Pawar, the nephew of late Gopinath Munde, he has emerged as a formidable OBC leader in the state. Therefore, demands for his removal from the cabinet have been ignored by Pawar. However, the series of exposures with Munde’s alleged connection have landed the Fadnavis government into a tight situation. Munde’s ironclad hold over his home district, Beed, is said to have culminated into various scams and acts of violence. Chief minister Devendra Fadnavis has declared that Pawar will take a decision about Munde, whose illness has complicated the situation. Bell’s palsy is a condition that causes sudden weakness in the muscles on one side of the face. The weakness makes half of the face appear to droop. It can occur at any age though the exact cause for its occurrence is not known. Munde’s absence from the cabinet meetings and from public events had started rumours that he had resigned or had been asked to quit. He himself has so far stoutly denied any such decision. His affliction has temporarily stopped his critics but many of them have declared to continue the campaign against Munde by wishing him a speedy recovery.
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 Thursday — 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 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.
While all of India is understandably going ga-ga over another desi rising to the top of a global company, the people of Pune have particular reason to celebrate: Laxman Narasimhan, the new CEO designate of the U.S. headquartered Starbucks Corporation is an old Puneri. Narasimhan, now based in London, will join Starbucks on October 1, 2022 after relocating to the Seattle area and will work closely with Howard Schultz, interim CEO, before assuming the CEO role and joining the Board of the world’s largest chain of coffeehouses and roastery reserves on April 1, 2023. The first outsider to be tapped to lead the company, he was born in the city of the Peshwas, where he finished his studies and graduated from the COEP (College of Engineering Pune). Twitteratis are asking whether Narasimhan’s ascension will bring a new culture into Starbucks: the midday break. “Starbucks ek te char band rahil” is the most commonly tweeted quip, reflecting the Pune tradition of all shops being closed from 1 pm to 4 pm. Legend has it that the staff of a leading saree shop have asked customers to leave in the middle of making large purchases for weddings. “Come back at 4,” they were told. The rumour got so persistent that another user tweeted that Starbucks had clarified that this would not happen at their stores in the city.
With the public issue of one of the oldest private sector banks in the country oversubscribed, Tamilnad Mercantile Bank (TMB) is set for an historic moment on September 15 as its shares get listed. TMB is, perhaps, among the last of the community-led private banks in the country to get listed. Indeed, TMB has come a long way since the quarrelling Nadar community members sold over 65% stake to the Ruias of the Essar Group in mid-90s. In the face of a strident RBI, the Ruias were forced to palm off TMB shares to serial entrepreneur C Sivasankaran in exchange of cellular licence for the Delhi circle. But Sivasankaran had to face hostility from the Nadar community and had to give in because it became a political issue with warring parties jostled among themselves to woo Nadar community, which is a crucial component of electoral politics in Tamil Nadu. Nearly 33% were bought back by the community members after a deal brokered by the then deputy prime minister LK Advani. After several twists and turns the TMB is on the cusp of making history. That could herald a new beginning for the over century-year-old private sector bank. Even post the public issue, the Nadar community will have controlling stake in the bank – though a distributed manner among members.
Time was when industry wage settlements were watched with quite an expectation from stakeholders across the canvass. Much water has flowed under the bridge since then. The economic context may have transformed significantly post the liberalisation. But this industry has been a role model in putting in place a consensual wage ecosystem. The cement industry has seen eight such settlements in the past. A little trip down memory lane will reveal how N Srinivasan, MD & Vice-Chairman of The India Cements Ltd, has been a fulcrum in hammering out an amicable wage accord. The industry is due for a fresh wage arrangement following the expiry of the accord in April this year. Indeed, the talks were held for two days some time ago in Chennai. But the discussions remained inconclusive. This time around, the unions – six in all – are insisting that the issue of temporary workers be resolved first before deliberating on a fresh wage pact. Only 18% of the workforce in the cement industry is permanent employees. The rest are temporary workers. Given this, the unions are worried over this increasing trend in the industry. Similar pay for similar jobs is what the unions are demanding now irrespective of the permanent or temporary tag attached to a workman. Rising cost pressures and demand instability are giving a new dimension to the IR (industrial relation) scene in the cement industry, it appears.
This is an unusual story of an Indian promoter selling his company to a MNC and buying back the same company from another MNC. In 1997, on the eve of ABS Industries’ Silver Jubilee, promoter Rakesh Agrawal sold his stake to Bayer AG which rechristened it as Bayer ABS Ltd. Now, in 2022, on the eve of the same company’s Golden Jubilee, Agrawal has bought back the same company now known as INEOS Styrolution India Limited (ISIL), controlled by a MNC — INEOS Styrolution — by paying Rs 645 crore for 61.19% stake. The parent company INEOS Styrolution, a global leader in styrenics, recently announced that it had entered into an agreement for the sale of its entire shareholding in ISIL to Shiva Performance Materials (SPM) – part of the Vadodara-based Shiva Group. Incidentally, the promoter-chairman of Shiva Group is Rakesh Agrawal. But, what’s surprising is MNC selling its stake to the original promoter at less than one-third the peak price? How did MNC agree for a price of Rs 600 for a stock which was quoting above that price for the last 20 months? Since the current market price of the stock is hovering above Rs 900, no retail investor is expected to tender their shares. Hence, the open offer has become meaningless. Clearly, this below-the-market-price transaction has hit the small investor’s hard and the deal warrants market regulators’ attention. By arrangement with https://investlive.net/.
The EdTech industry which was booming during the Covid-19 pandemic as parents and students preferred online classes, is now battling for its very own survival. Some are laying off employees, opening offline centres, offering discounts and restructuring their businesses. Byju’s has laid off 500 employees and Vedanta 425. Unacademy has stopped offering complimentary snacks and meals across offices. The economic slowdown is also leading to funding problems. Byju’s which announced raising $ 800 million in March 2022, is yet to receive $ 250 million from two of its investors. Abu Dhabi’s Sovereign Wealth Fund and Qatar Investment Authority are willing to invest but at 40-50% discount. A PwC India report says that funding for EdTech companies has declined 50% in the second quarter of 2022. The funding is now phase-based which is target and revenue driven. The downhill run started once kids started going to school and parents not renewing EdTech services. This has prompted Byju’s, Unacademy, Vendantu, Physicswallah, Eruditus, Lead etc to open offline tuition centres to attract students. The problem was that the industry focused only on growth and not stability, says an industry expert. The EdTech companies have now realised that 360 degree attention is required. The sector needs to communicate clearly so as to ensure students are not misled. More transparency and clarity are required on courses and cost factors.
The country’s fastest growing business house of the day, Ahmedabad-based Adani Group, is reportedly entering into the cement business by acquiring two major companies of the Indian cement industry from world’s second largest cement producer, Holcim of Switzerland. The deal is worth more than Rs 50,181 crore. Strangely, none of the India-based Adani Group companies is involved in the acquisition process. Interestingly, the net worth of the so called acquirer of the two large Indian cement conglomerates at the end of fiscal 2022 was less than Rs 20 lakh! To acquire Ambuja Cements Ltd (ACL) and ACC Ltd (ACCL), Adanis have adopted a complex route. The main face of the group, Gautam Adani, does not come into the picture. The takeover process is executed via elder sibling, Vinod Adani, a citizen of Cyprus, a resident of Dubai and Singapore and a director of dozens of companies & trusts spread across many tax havens like Mauritius and British Virgin Islands (BVI). The acquirer of ACL/ACCL is the Mauritius-registered Endeavour Trade and Investment Ltd which is 100% owned by another Mauritius-based company, Xcent Trade and Investment Ltd, which is again 100% owned by Acropolis Trade and Investment Ltd which too is a Mauritius incorporated company. Acropolis Trade is held 100% by Adani Global Investment DMCC, a UAE incorporated company. Adani Global is held 100% by AR Global Holding Ltd, a BVI incorporated company. AR Global is held 100% by another BVI incorporated company Amulya Resources Holding Ltd which is held 100% by Amulya Resources Family Trust, a BVI incorporated trust. By arrangement with https://investlive.net/.
Cutting down on its huge losses was cited as the reason for introducing private buses into the fleet of Mumbai’s public transportation provider — the Brihanmumbai Electric Supply and Transport (BEST) undertaking in 2019. Three years down the line, despite almost half of the fleet of Mumbai’s popular road transport system being operated by private wet leased buses today, the BEST continues to bleed reporting annual losses to the tune of Rs 2,110 crore as per its 2022-23 budget. “Currently, of the total fleet size of 3613 buses, about 1794 or 48.4 % are private buses. The losses continue to be stable despite support of Rs 4300 crore provided by its parent body, the Brihanmumbai Municipal Corporation (BMC) over the past three years,” says Hussain Indorewalla, an architectural professor, who as co-convener of the Aamchi Mumbai Aamchi BEST, an advocacy group is working to save BEST. Activists like him believe that there is a systematic campaign to run down the BEST to push commuters towards the Metro network. While the BEST has a daily footfall of 30 lakh passengers, the metro is struggling to attract commuters. The BEST has already stopped buying new buses and almost all of its ventures, including the project to get 900 AC double decker electric buses and have an entirely electric fleet by 2027 are based on the wet lease model.
The Indian toy business is turning traditional. This festival season look out for Lagori games, spinning tops and Gilly-Danda from Funskool. Check out Hasbro’s Monopoly which has Indian cities and locations in Tamil, Malayalam, Telugu and Kannada. Also, Shumee Toys is lining up Janmashtami picture collections and board games on Ramayana and Indian fables this Diwali. The industry owes its new outlook to the hike in import duty from 20% to 60% and introduction of BIS trademark certification. This ensured that low quality imported toys especially from China took a hit. The $ 1-billion Indian Toy industry is no longer a small business, it is set to double by 2025, according to the FICCI-KPMG report. This is still considered minuscule going by the world business which is set to touch the $ 230.64 billion by 2028 from $ 141.08 billion in 2021. Today the unorganised sector has cornered about 90% of the $1 billion Indian toy market. And BIS has issued 800 licences to toy makers. This has resulted in a wave of innovation among desi toy makers. The new products reflect Indian culture and popular themes from various regions of India. The spike in business has also seen big players like Reliance Brands takeover UK toy retailer Hamleys, and pick up 40% in Italian toy maker Plastic Legno SPA’s manufacturing business in India.
Mumbai-based Ashu Thakur who heads Ashu Thakur & Associates, a law firm, has been flitting in and out of London for the past few months to help two of her key clients close the deal. It may be recalled that the Mumbai-based Restaurateur Riyaaz Amlani was keen to sell his stake in Mumbai-based French restaurants Slink & Bardot, and Soufflé S’il Vous Plaît back to his partner Alexis Gielbaum and Nick Harrison. Now, there has been a change of heart. Amlani, CEO of Impresario Entertainment & Hospitality and President of National Restaurant Association of India, is keen to stay invested and Thakur seems to be working on the finer points in light of the new development. The other deal Ashu worked closely on was the signing of the JV between the French designer Maximiliano Modesti’s Les Ateliers 2M and Asian Paints. The JV between two firms Asian Paints and Modesti saw the launch of brand INK in India. The collection comprising six distinct patterns combines techniques of screen-printing, block printing and embroidery. According to Amit Syngle, MD & CEO of Asian Paints, this collaboration will help the customers provide a complete portfolio of home décor products and services. Clearly, Ashu is on a roll.
In the new world of competition, one has to keep running to stay where you are. Well, this realization has forced many to think out-of-box. What comes out of this new thinking? Fresh alliances of unusual kinds appear to be the order of the day. This Chennai-based two-wheeler major has just inked a partnership with a start-up promoted by the Formula 1 driver Narain Karthikeyan. TVS Motor Company is picking up over 48% stake in a start-up promoted by Karthikeyan. NKars Mobility Millennial Solutions Private Limited (NMMSPL) is a pre-owned two-wheeler platform. TVS Motor will invest Rs 85.41 crore to get 48.27% stake in NMMSPL by way of primary and secondary investments. Founded in April 2020, NMMSPL runs a digital platform ‘DriveX’ which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model. The coming together of Narain Karthikeyan and TVS Motor indicates a tale or two. For one, this signals a convergence in the mindsets of GenNext. Perhaps Narain Karthikeyan and Sudarshan Venu, MD of TVS Motor, have lots in common in terms of thinking and approach. For another, the pre-owned two-wheeler segment is also seeing a significant shift away from the unorganised and moving towards the organized field. Well, the race for two-wheeler share is heading for an interesting phase.
In the fast unfolding dynamic environment, the key to success lies in the quick reconfiguration of the thought-process. A legacy mindset often proves to be a stumbling block to embrace any new idea. This is no rocket science for anybody to comprehend. An expert, nevertheless, can play the change-agent with finesse. Well, this is what this consulting firm Circular Angle is now doing at one of the top cement companies in India. Circular Angle, a decade old consulting firm which provides consultancy services to some of the big names in the corporate world suggested a few tweaks in the way India Cements sells its cement. This has seen this Chennai-based company slowly changing over to communication-oriented applications and making products for each application. This is reaping dividends at the ground level as seen from the success that the recently-launched CSK brand of cement is showing in the marketplace. The beneficial impact of the engagement with Circular Angle is now being sought to be extended to other areas of India Cements. From implementing new business strategies to ultra-efficient work processes, Circular Angle is ready to tackle any challenge and put its clients on the path to success. Well, a make-over is definitely happening to make this cement major a modern company.
The family enterprises are a dime a dozen in the city of Chennai. All of them have made a significant impact on the industrial landscape of Tamil Nadu. TVS, Murugappa, Rane, Chemplast and Apollo group have made enormous contributions to not just the economy of Tamil Nadu but the nation as a whole. With families expanding – through induction of new members via marriage – the dynamics of their management has changed. And, the metamorphosis has introduced fresh implications in the management of these family-run enterprises. The TVS – comprising four wings – has recently gone in for a legal separation. Coming as it did after internecine quarrels – that at times took legal overtones – the smooth formal legal separation in the TVS conglomerate is looked upon by other groups which too are experiencing some pressure or the other within. For the first time perhaps, the Indian Institute of Management, Kozhikode, has come out with a comprehensive case study on “Splitting the century-old TVS Group – The Family Arrangement”. It’s a comprehensive effort, chronicling the history of the tension within the larger TVS empire, one of India’s oldest and prominent family business groups with more than 110 years of history. The study dwells on the framework for the split and highlights the governance issues in its wake. An insightful exercise in education indeed!
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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.