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sanjay Banga_Soumya Patnaik
Tata Power Will Turn Around Odisha Discoms In Three Years
Tata Power took over four Odisha government-owned power distribution companies in early 2021, confident of turning these around in three years despite pressure from media Moghul and, ruling party MLA Soumya Ranjan Patnaik over the sought tariff hikes. Patnaik filed objection with the Odisha Electricity Regulatory Commission (OERC) over the Tata Power Discoms and Odisha government-owned GRIDCO’s Aggregate Revenue Requirement recommendations to hike power tariffs from the current Rs 296.20 per unit to Rs 385.21, for the financial year 2022-23. The OERC is currently headless after its chairperson and former IAS officer, UN Behera’s tenure ended January 15, 2022. Unless his successor is appointed, the existing quasi-judicial two-member commission is expected to conduct public hearings and pass power tariff orders for the next fiscal.  Sources suggest that the OERC members are not in favour of a tariff hike. However, Tata Power’s business plan has worked out a detailed mapping of the high technical loss areas along with the investment required to reduce the same. Sanjay Banga, President of Tata Power says “magic will happen within the three-year time-frame by when, Odisha will emerge as the best performing discom (towering) over rest of India.”
BSE_003
RBI’s New IPO Rule To Hit HNIs, Grey Market Hard
Currently, IPO subscription in India is skewed to favour the leveraged HNI and subject to a very high degree of money power. Come April 1, 2022, this is set to undergo a major change with the RBI directing that no individual can be lent more than Rs 1 crore to apply for shares in an IPO. The immediate ramifications will be huge. Firstly, the number of times the HNI portion is subscribed will fall sharply from the present 100-800 times to maybe 5-10 times. The present grey market premiums which decide the subscription level will no longer exist at these levels as the subscription will not match. The reverse math will not allow such premiums to remain. The pricing of issues will go through a downward pressure as merchant bankers, promoters and PE Investors will no longer have the luxury to depend on leveraged HNI to back them. The standard practice of every issue opening at a premium of 20-30% of the issue price will simply stop.  What would the new scenario look like? Probably more subdued and balanced. IPO price band would be realistic and listing gains of 10% would be a great number. HNI subscription being in single digit would be the new norm as SEBI would also have notified the new norms of splitting the HNI bucket into two. For retail investors it is a welcome move.
murugappa
Informal Demarcation At Murugappa Group: Replicating TVS Model?
When NS Raghavan, one of the seven co-founders of Infosys, was inducted as the Chairman of the Chennai-based Murugappa group, it took the entire corporate world by surprise. It was hailed as a path-breaking initiative by a family-owned group. Subsequently, the group set up a Murugappa Corporate Board. The ostensible reason for setting it up was to let the myriad group firms be run professionally. In 2020, the corporate board was dismantled.  That has also taken many by surprise. Has the wheel come full circle? Tongues have, in fact, started wagging. Why was the two-decade old group corporate board dismantled after being in existence for two decades? Well, much water appears to have flown under the bridge since its formation many summers ago. The group itself has seen GenNext coming to the fore. Also, the group is under public glare with the daughters of late MV Murugappan alleging discrimination and seeking legal recourse for justice. Though the group comprises four families, there isn’t any complicated cross-holding structure in group firms. If grapevine is to be believed, there seems to be an informal demarcation of business among the varied families within. And, these sources suggest that each of them enjoys operational leeway with little cross-participation of family members in different group boards. Is Murugappa following the TVS model?
RK Damani_N Srinivasan
Will One-Fifth Shareholder Damani Wield Direct Influence Over India Cements’ Promoter Srinivasan?
What does holding one-fifth stake in a company mean to the strategic investor? Wielding major influence on the running of the enterprise? Well, it depends on variable factors. Some investors are just happy to park their funds and, earn rich dividends as income. Others, however, seek a more active role in the running of operational affairs. More than anything else, the nature of the enterprise itself defines the role of a one-fifth shareholder. An equity stake of 21.28%, as on September 30, 2021, made DMart’s founder Radhakishan Damani a significant player in The India Cements business. The promoter group – N Srinivasan family — holds a 28.42% stake in the company. Operating a cement enterprise is no kids’ play. Given the very nature of the operating environment, the cement business makes for a heady cocktail which needs a customised management to run the enterprise. Also, the rough and tumble playground requires a combination of native intelligence and deep marketing mind as sine qua non to safely and securely navigate the playing fields. That is a catch that the Damanis appear to fully understand as also, India Cement’s illustrious history. The indefatigable never-say-die spirit of N Srinivasan at the helm with near-term excitements aplenty will make for a fascinating long-haul story! One thing is for sure, however. It is only headed for more interesting times.
Shaji_Prawns
Kerala’s New World Record: Farmed King-Sized Shrimps Bigger Than Jumbo Prawns
What is the difference between a shrimp and prawn? The simple answer: both belong to different suborders of Decapoda, but are very similar in appearance and the terms are often used interchangeably in commercial farming and wild fisheries. Kings Infra Venture Ltd has gone a step further in dispelling another common notion: that prawns are bigger than shrimp. The Kochi-headquartered company has just created a world record by growing 80-gm L Vannamei shrimps – better known as the whiteleg shrimp – in its pond. These measure 210 mm, against a record of 230 mm in the ocean. Kings Infra – earlier Victory Aqua Farm – is looking at its shrimps attracting a premium in both domestic and international markets by providing sustainability and traceability certifications. This is special because Greenpeace International had added the whiteleg shrimp to its seafood ‘red list’ in 2010 with its risk of being sourced from unsustainable fisheries which contribute to the destruction of vast areas of mangroves. Explaining that the record-breaking growth was achieved in normal earthen ponds by applying proprietary protocols developed by his company’s R&D wing, Chairman & Managing Director Shaji Baby John says: “Being a technology-driven sustainable aquaculture company, we used only antibiotic-free feed, probiotics, and natural supplements including ingredients like curd, jaggery, turmeric, moringa leaves, garlic and tamarind regularly to improve immunity, disease resistance and growth rates.”
Ramkrishna_Mukkavilli_water pump
Hyderabad Company Installs World’s First Atmospheric Water Generator At ONGC’s Offshore Rig
Getting a steady supply of drinking water is a problem not only in the most backward areas of any country, but in modern facilities, too. One such place has been the Mumbai High oil drilling platforms in the Arabian Sea. The offshore oilfield, about 75 metre deep in the water, was discovered in 1974 and the Oil and Natural Gas Corporation (ONGC) pumps up about 12 million metric tonnes (MMt) of oil a year from the 1,659 MMt the oilfield holds. The supply of drinking water for the officials and crew manning the drilling platforms 176 km away from Mumbai, however, has been a logistical challenge since production began in 1976. No longer: Maithri Aquatech, a Hyderabad-headquartered manufacturer of atmospheric water generators, has installed its machines on the oil rigs. “These are the first installations of their kind in the world!” says an excited Ramkrishna Mukkavilli, founder-chairman of Maithri, which has set up four AWGs after winning an ONGC tender. The entire system for these machines – which cost about Rs15 lakh each against the normal ones at Rs10 lakh – had to be specially designed to suit the conditions, Ramkrishna explains. The evaporation coils needed to be strong enough that they wouldn’t get blown away in the high wind velocity of nearly 150-180 kmph, while the entire machine was made of stainless steel to resist seawater corrosion.
eplane
Are Indian Cities Ready For Flying eTaxis?
The Chennai-based ePlane Company, which provides electrically-operated air taxis for intra-city commutes, announced last week that it has raised $ 5 million in seed funding. The company, founded by Prof Satyanarayanan Chakravarthy with Pranjal, one of his engineering students at the Indian Institute of Technology, Madras, said it would use the funds to hire top talent, conduct R&D and continue to work for air-worthiness certification for its pollution-free small aircraft. An analysis conducted on the business of urban air mobility and electric vertical take-off and landing aircraft (VETO) by JP Morgan Securities LLC describes the sectors as “nascent, with big potential”. These markets, it says, can change the way people travel – but they are, for the most part, new markets with a lot to prove.  US-based Dr Aravind Melligeri, Chairman & CEO of Aequs Inc which manufactures about 3,000 different types of products at its aerospace facility in Belgavi, Karnataka for aircraft makers and others – was too far ahead of his time for small aeroplanes which he had launched for personal use more than a decade ago. “The winner takes the most in this business,” he says. “When the dust settles in this space, we will have one or two left globally and several in the graveyard.”
Malavika_Hegde
Malavika Hegde Brews A Business Smart Coffee That Pays, Earns Employees' Faith To Turnaround Café Coffee Day
CEO of popular retail chain Café Coffee Day (CCD), Malavika Hegde is in the news for smartly turning around the company after the tragic demise of her husband VG Siddharth in July 2019.  Within three years she pared down the business debt, that stood at a whopping Rs 7200 crore to Rs 1731 crore.  So, how did she succeed?  A top source in the conglomerate’s logistics arm says, “I don’t understand why this question is being asked. Even an Ambani or an Adani, with all the cascading cash flow revenues would find it difficult to pay off such a daunting sum. Something all should know; this gutsy lady didn’t even ask for a haircut. Just conveyed that every rupee would be paid off. She has brought the debt down to 1730 crores (which is nothing short of) a miracle.” Sensible strategies were introduced to monetise non-core businesses, business plans remodelled, tighter integration of fiscal strategy and, above all, the goodwill of the workforce who believed Malavika would pull it off. The daughter of former Karnataka Chief Minister SM Krishna, married into a well-heeled family of plantation owners, Malavika has proved yet again that women are more than capable to correct tail spins, just as efficiently as they manage their families. No doubts there at all.
Pmc_001
Five Year Lockdown Of Depositors' Funds At PMC, May Impact Polls Of The BMC
The beleaguered Punjab and Maharashtra Urban Co-operative Bank’s (PMC Bank) draft amalgamation scheme with Unity Small Finance Bank (transferee bank) may have to be reworked ahead of the upcoming BMC polls. The fly-in-the-ointment pertains to the clause that “no further interest will be payable on interest-bearing deposits of transferor (PMC) bank for a period of five years from the appointed date (of merger). It will be a long wait of five years for innocent depositors to be paid their money in full. PMC Bank’s deposits stood at Rs10,535.45 crore at end of March last year with nearly 50,000 depositors expected to bear the brunt of the current deferred payment scheme. A number of housing societies (read voters) in Mumbai had deposited their funds in the PMC Bank. Even bank employees’ cooperative credit societies were caught in this jam: The RBI Officers’ Co-operative Credit Society with some 3,500 members has FDs of Rs 105 crore while the RBI Staff & Officers Co-operative Credit Society with nearly 8,300 members has Rs 86.50 crore.  Sahakar Bharati, a powerful force in the cooperatives space, has already made clear its discomfort with the scheme as things stand today and sought a relook at the repayment plan for depositors. Will political parties in the BMC polls fray take up the issue now?  Last year, the RBI gave a licence to Centrum Financial Services and BharatPe to set up a small finance bank, Unity Small Finance Bank so the PMC Bank could be amalgamated with it.
CtrlS_Sridhar
Asia’s Largest Gas Insulated Substation Holds Out Promise Of Game Changing In Data Center Industry
Move over Japan and USA, India now has a 300MW gas insulated substation (GIS), which can scale up to 700MW, that ensures full power 24×7 to 10 data centers on the two-million square feet Mumbai campus of CtrlS. Backed by three different sources and diversified paths that power it at all times, the GIS facility will allow businesses to co-locate their high-density IT infrastructure with seamless scalability, customized to growth requirements. The Hyderabad-headquartered data center major, with a campus in Noida too, is in the business of guaranteeing totally safe data hosting to its global clients. The new GIS facility with “very limited” sensitivity to environment and humidity, is corrosion proofed, seismic resistant, operating life longevity of over 50 years and maintenance free for 25 years. It is not only advanced but sustainable, too, possessing LEED Platinum certification and, designed to withstand earthquakes measuring 9 on the Richter scale. “This deployment is our commitment to the industry as we continue to address the growing needs of hyper-scalers, telcos, BFSI, healthcare, gaming and new-age companies,” says CtrlS Datacenters Founder & CEO Sridhar Pinnapureddy. The GIS technology originally started in Japan in the 1960s to save space as against, conventional air-insulated substations. Even in the USA only about 2-5% of new substations constructed are GIS facilities.
ratan tata dr
Ratan Tata’s Biography: Dr Mathew Wins But Who Lost?
For journalists, even authors, high prestige also follows penning the Biography of a national icon. If that doyen is Ratan Tata, Chairman Emeritus of the Tata Group, it is most certainly a reiteration that one has arrived. Many wannabe authors had vied to write Tata’s biography but, being introverted, Tata felt the moment was not opportune then. Now, comes the news of Tata’s authorized biography to be published by Harper & Collins, will be penned by retired IAS officer Dr Thomas Mathew who was additional secretary to the late Indian President, Pranab Mukherjee. Dr Mathew has already written two books – The Winged Wonders Of Rashtrapati Bhavan and Abode Under Dome. But, his nomination to write Tata’s life account surprised many corporate watchers and equally upset at least two hopefuls. Well-known in the national capital’s politico-corporate circles neither got the endorsements for the prestigious writing assignment of a lifetime. The two highly networked Page 3 personalities, in their own rights, have been closely associated with the Tata group in various capacities as advisors and strategists for long.  Clearly, one man’s gain is two men’s lost recognition.
batter
May The Better Batter Win In The Battle Between MTR And iD Fresh
The Bengaluru-headquartered MTR Foods has fired the first salvo in its battle with fellow Bengalurite iD Fresh through an advertisement announcing its distinctive batters for idlis, dosas and even its ‘signature dosa’. “Idli and dosa are not the same. Why is your batter alike?” the advert questions. “Shots fired! How would iD react/respond?” asked a Twitter user. Others are quick to take up cudgels on behalf of one or the other of the two and say “Those who make it at home know there’s no major difference” or, even point out that the real competition for both MTR and iD is from mothers who make batter by themselves at home. One self-proclaimed ‘Delhi-Malayali’ says the convenience and taste of iD is “good enough to keep me loyal” while another asserts that those who love idli and dosa but don’t make it at home wouldn’t be too bothered. Musthafa PC, Co-Founder & CEO of iD Fresh, is unruffled: “We had tried it (separate products). Consumers prefer the same batter for both.” Meanwhile Musthafa has announced that the company has received Rs 507 crore in a Series D round of funding, led by NewQuest Capital Partners, in one of the largest deals in the food start-up space.   Clearly, with such big funding the battle for batter could intensify in the coming days.
Modi_Shaktikanta_2
Can India Inc Afford Regulatory Lapses?
Prime minister, Narendra Modi, states ad nauseam that he wants India Inc to prosper and, therefore, the all-out efforts by his government on the ease-of-doing-business front. For the Reserve Bank of India (RBI) though, it was business-as-usual when it recently “forced” RBL Bank’s renowned boss, Vishwavir Ahuja, to go on leave without citing what went wrong at the private sector bank.  This comes in the wake of fiscal imprudence causing upheavals at several banking institutions over the last five years including Punjab National Bank, the Infrastructure Leasing & Financial Services, Dewan Housing Finance Corporation, YES Bank, and Punjab & Maharashtra Co-operative Bank. These incidents led to considerable financial instability at huge cost to the exchequer. It also distracted the ruling government which had to expend both time and political capital to salvage and set right the mess. This has been the case since the early 1990s — remember Harshad Mehta scam, CRB Capital, Ketan Parekh-Bank of India and Madhavpura Co-operative Bank. Successive Union governments were compelled to launch into respective cleansing acts after the RBI was caught flat-footed on the supervisory front. Surprisingly, no one at RBI was asked to go on leave or lost their jobs because of supervisory lapses. Can India Inc afford regulatory complacency anymore?
R_Vasudevan
Exiting Hospitality Business Offers No Guarantee For Vascon Engineers Honcho From Union Bank
An advertisement in a newspaper, issued by the Credit Recovery and Legal Service Department of the public-sector Union Bank of India, announces an e-auction of immovable property at Mahalunge in Pune district to recover loans totalling Rs 52.74 crore. The property, around 1.27 hectare, is being auctioned because of borrowings by Viorica (sic) Hotels, which operated the erstwhile Hotel Holiday Inn — now Hotel Ramada – at Hinjewadi on the city’s outskirts. The ad names four personal (which the bank spells ‘personnel’) guarantors and, five corporate guarantors, headed by Vascon Engineers. “We will not be affected by this,” says Vascon founder chairman R Vasudevan, whose son Siddharth is among those named in the notice. “I don’t know why they are still dragging us into it. We got out of the hotel business five years ago, when we sold the property to Maruti Navale, formerly of Singhgad Institutes.” Navale and his Neemco Traders are also named in the notice.  Vascon, which got into the hospitality sector in 2006-07, exited it because, as Vasudevan had explained then, this was a specialised job which did not fit into their specialisation of construction. The company held stakes in three hotels in Pune — Holiday Inn, Hyatt Regency and Golden Suites — and two in Goa, Galaxy Resort and Vista Do Ria.
AD0C6DC8-D5C1-4354-A8B2-34FF15299F7B
IPO Therapy For 84-Year Old Tablets (India): Unlocking True Business Values?
The Indian pharmaceutical industry witnessed many learning curves and has come a long way since the days of controls. Today, the industry wears an entirely transformed look. In the rough and tumble of the modern-day business world, which has to contend with intense competition, only an honourable few have managed to ensure the longevity of their respective businesses. Take the case of Chennai-based company Tablets (India), one of the early pharmaceutical ventures in the country. It was founded in 1938 by Sri Krishna Jhaver, who ventured into the healthcare and pharmaceutical industry and acquired the British-owned Oakley & Bowden Company based out of Chennai. While primarily set up to serve the healthcare needs of British Colonials, it was renamed Tablets (India). It boasts of some well-documented products in the pharmaceutical and nutraceutical segments and is recognized as a pioneer in amino acids and probiotic therapy. A flagship company of the closely-held Jhaver Group, it is managed by accomplished professionals across various functions in the organization. It has five business divisions and three manufacturing facilities. How long could it have remained a family-owned enterprise? Not just that. The owners too, want to unlock value, thereby monetizing a part of their holdings. And what better way than to tap into the capital markets even as IPOs seem to be the flavour of the season.
Gautam thapar
Gautam Thapar: From A Rainmaker To An Economic Offender
Avantha Group promoter Gautam Thapar’s fall, currently lodged at Delhi’s Tihar jail, was swifter than his meteoric rise. A series of events dislodged the 61-year-old industrialist from his pedestal, the latest being a special CBI court denying him bail in an alleged fraud case. Thapar was arrested in August 2021 by the Enforcement Directorate for money laundering following a sale of property in Delhi. The property, mortgaged to Yes Bank against a loan by the Avantha Group, was purchased by another firm at much lower than prevailing market rates. Coincidentally, Yes Bank’s founder Rana Kapoor’s wife was a director on the board of the said firm. What led to Thapar’s fall from grace? A Doon School and, US-based Pratt Institute alumni, he joined the family business Thapar Group in 1980 and is credited with turning around many of the group’s ailing businesses. In 2007, he bought over the family enterprise, rechristening it as the Avantha Group. An over-ambitious Thapar launched into aggressive global acquisitions under Crompton Greaves and the BILT brands, even foraying into the power sector in 2008. All these ventures, however, bombed with accusations of financial fraud and corporate governance issues abounding thereafter. The group companies were taken over by lenders, and the ‘rainmaker’ turned into an economic offender even having “criminal antecedents”.
SAMIL
Pre-Owned Vehicles & Equipment Worth Over Rs 3,000 Crore Sold Via Shriram Automall
Anyone in Mumbai wanting to sell a vehicle is now digitally enabled to exchange his or her vehicle registered in, say, Nagaland but parked on the outskirts of Delhi with a buyer from Bengaluru. This, according to Shriram Automall India Ltd (SAMIL), is thanks to a new cutting-edge system of ‘Phygital’ (Physical plus Digital) solutions, which helps to connect buyers and sellers all over India to exchange their pre-owned vehicles and equipment. The company, which is India’s largest platform for such transactions, used the same system for its latest strategic partner, Daimler India Commercial Vehicles, and exchanged and delivered the first batch of 10 BharatBenz trucks in Manesar (close to Delhi). Such transactions, of over 160,000 vehicles and items of equipment, with more than 4,000 physical events and over 25,000 online events conducted across the platforms, brought SAMIL business worth more than ₹3,000 crore last year – at an average selling price that was 10% higher than in the earlier year. In addition to all this, what Chief Executive Officer Sameer Malhotra is really excited about is that the company is now also certified as a “Great Place to Work”. “This reiterates SAMIL’s focus on achieving business goals while managing work-life balance and building what the Great Place to Work Institute has recognised as a High-Trust & High-Performance Culture,” he says. “This is a proud moment for us.”  
toy_Vikram goel
PM Says Make Toys In India But Where Are The Facilities Industry Asks
Nothing much has happened in the year since Prime Minister Narendra Modi appealed to the Indian toy industry to ‘make in India’ instead of relying on imports, especially from China. After his appeal in February 2021, the industry has been waiting for incentives, but in vain. The only positive development was a month earlier: the introduction of compulsory BIS certification, for both domestically-manufactured and imported toys, with effect from 01 January. This has cut down official imports – but CKD is still permitted – which, say industry spokespersons, allows traders to bring in the entire item in collusion with customs officers who are content to look the other way for a consideration.  “We need more positive action”, says Vikram Goel, CEO of the Mumbai-based Infotech Resources, a manufacturer, exporter, supplier and retailer of hand puppets and soft toys. First, he says, the Government should give them free land to set up manufacturing facilities. It should also provide free space in Indian toy exhibitions and sponsor those abroad. A stall in a Mumbai or Delhi event puts an exhibitor back by Rs11,000 while a trip to Nuremberg for the biggest global exhibition costs about Rs11 lakh plus the fares. “Which small manufacturer can afford that?” he asks.
vikram S kirloskar
Back To Office Not An Option For Many As Companies Give Up Office Space
Even as the corporate world rolls up its sleeves and prepares to get back to offices and tables, not everyone will be able to resume the daily commute. Some companies, including large multinationals, have cut their overheads by giving up their plush leased offices soon after work from home (WFH) became the norm (prevalent). So, the many who have got used to working while lounging comfortably in their pyjamas cannot, even if they – or their families – want to, as they no longer have a workplace to go back to (which they can start going) again. The Bengaluru-headquartered Toyota Kirloskar Motor (TKM), which has its manufacturing facilities at Bidadi on the outskirts of the city, gave up the lease on its corporate office in the city’s posh Vasanth Nagar soon after the pandemic made it impossible for people to get to it. “We have decided to stick to WFH,” said the India-Japan joint venture’s vice chairman and managing director Vikram S Kirloskar. “When we need to have meetings, we can have them in a hotel instead of our own conference room. Anyway, people who need to come in from our other offices stay in a hotel.” Surely, the company is making huge savings by way of rents but are the employees really happy to WFH?
naveen_lakshmi
With Five Steel Giants’ Big Investments Odisha To Emerge As India’s Steel Capital
Odisha Chief Minister Naveen Patnaik is leaving no stone unturned to transform his state. And, the results appear to be showing.  It is reliably learnt that five steel giants have finalized mega investments in Odisha namely: Posco, ArcelorMittal, Tata Steel, Jindal Steel and JSW. While Posco has evinced an interest to invest once again, steel magnate Lakshmi Mittal’s ArcelorMittal has secured approval from the Patnaik government to set up a 24 MTPA greenfield integrated steel project at Kendrapara district. Similarly, Tata Steel will expand its Kalinga Nagar capacity from 3 MTPA to 8 MTPA; while Jindal Steel & Power will up its Anugul plant capacity from 6 MTPA to 25.2 MTPA. This will make JSPL’s Anugul plant the world’s largest single location steel plant. JSW, which acquired Bhushan Power & Steel plant located at Jharsuguda, will also ramp up capacity from 5 MTPA to 15 MTPA while the Rungta Mines’ Karakhendra plant capacity goes up from 0.53 MTPA to 3 MTPA.  If all goes as planned, Odisha will become the ‘Steel Capital’ of the country, driving national economic growth through steel production. The state had a mere 2 MTPA steel production capacity in 2000 compared to its steel production of 30 MTPA today and, plans to further increase it to 100 MTPA by 2030. Clearly, Odisha is setting the pace of development for India.
spark capital
One More First For Chennai: Avendus Picks Stake In Spark Capital
Suddenly, Chennai has turned into hyper city. The listing of SaaS (software-as-a-service) firm Freshworks on Nasdaq, eliciting record bids by a little known Latent View Analytics and the attraction of huge funding by an obscure Ram Charan Company has pitch-forked the usually docile business world of Chennai into the national limelight. Is Chennai getting a new sense of importance? Not really, if one were to take a deep dip down memory lane. This part of the world has been a trend-setter in very many ways. The first corporate film company (GV Films), THE first corporate hospital (Apollo), First Leasing Company, first time-share company (Sterling Holiday), first corporate education company (Triveni Academy), first hostile takeover (Cumi acquiring Wendt India in the early 90s) – you have all of them sprout from this Dravidian land. In that way, this is a hotspot for innovation and experimentation. And, the financial services business has a strong root here. Not surprising that this Mumbai-based financial services company has developed a Spark to put its Capital into this. Avendus must be mega pleased to discover this mid-market investment bank Spark Capital in Chennai. A Spark will do Avendus a world of good in terms of its ability to provide research-oriented insight and solutions to clients’ requirements. This one is indeed a Spark(ling) move by Avendus!
leena Nair
The Jasmine Trail: Leena Nair To Lead Chanel As CEO
Two unrelated exclusive news headlines and, yet they are mutually correlated. Fifty-two-year-old India-born, XLRI Gold medallist from Sangli in Maharashtra, Leena Nair is handpicked to head French haute couture fashion perfume brand Chanel, come January 2022. In unrelated news, prices of the Jasmine flower soared to Rs 4000 per kilogram in Madurai, the Jasmine capital of India, after rains cut down supplies. The Jasmine flower with a geographical identity (GI) Tag of its own is world-famous by itself and till recently supplies were exclusively exported to Chanel in France that has since started growing its own special Jasmine flower stalks in Grasse. The Chanel’s flagship ‘Chanel 5’ perfume registers a sale every 30 seconds. Launched in 1910 by the stormy Gabrielle Coco Chanel, who also gave it the unforgettable tagline – The Scent of a woman. India’s Jasmine flower is coveted on all festive occasions. As Chief Human Resources Officer at Unilever Nair led a 150,000 strong corporate. At Chanel, with an equally formidable history she intends to take the iconic, $12.3 billion company to newer heights of aspiration. The Jasmine suppliers of Madurai may still expand production and marketing strategy to cater to this exclusive brand again after erratic supplies from India led Chanel to growing its own special bud in Grasse, France – the perfume capital of the world.
MRC
Pune-Based Maritime Research Centre Pitches For National Deep Sea Policy
The Pune-based Maritime Research Centre (MRC) has achieved a milestone by submitting an interim report on a proposed national capacity- and capability-building policy to bring about effective Underwater Domain Awareness (UDA). This is a ‘whole-of-nation’ approach to bring all the stakeholders in UDA together, feels the founder-director of MRC, Dr (Cdr) Arnab Das, who presented it to NITI Aayog CEO Amitabh Kant in Delhi last week. Kant is understood to have appreciated MRA’s continued efforts in taking the UDA framework forward. The project had started with a presentation to the NITI Aayog Vice Chairman Dr Rajiv Kumar and four Advisors.  Cdr Das also had the opportunity to meet Milinda Moragoda, High Commissioner of Sri Lanka to India, and brief him on the UDA framework and its importance for Indo-Sri Lanka relationships. The increasing maritime activities in the Indian Ocean Region lead to higher noise levels, affecting marine species that use sound for multiple biologically critical functions like foraging, navigation, communication and finding mates. The sensing of the undersea domain for threats, resources and activities, making sense of the data generated for security strategies, conservation plans and resource utilisation plans are vital; and the MRC is keen to play a major role in this critical national and regional initiative.
gogreen
Will The Govt’s Go Green Expedition Boost The Marine Sector?
Sustainable energy is big on the Indian government’s agenda, from harnessing wind for the county’s energy needs to making it the primary source of energy for fishing vessels and the processing of marine products. Meetings with top government functionaries from Dr KV Subramanian, Chief Economic Advisor, to Fisheries Minister Parshottam Rupala demonstrated to wind energy evangelist Dr PKC Bose that the country is striving for excellence through renewable energy. Senator Bose, Vice Chairman & Managing Director of the Bengaluru-based Enercon Windenergy, a subsidiary of Germany’s Enercon Group, was in Delhi recently meeting top echelons of the government. They discussed India’s renewable energy sector — especially wind energy, its immense potential, untapped offshore market, policies and regulatory constraints as well as the challenges ahead. Their talks also covered the entire ecosystem consisting of energy, environment and economy, as well as energy economics – economic development and cost of energy under different market conditions, regulations, taxation and subsidies for renewable energy. The government functionaries, who articulated the relationship between energy, environment and economy for building a sustainable and net zero in India by 2070, gave all assurances to work in this direction. Renewable energy minister RK Singh’s commitment to achieve 100 GW wind energy by 2030 and his assurance of all support to the stakeholders was also ‘highly motivating’.
amul
Padhega India Tabhi Toh Badhega America: Amul’s Buttery Tweet Kicks Off Meme Storm On Twitter’s Indian Origin CEO
Made in India is definitely the flavour of choice for many a tech company when the CEO is chosen to lead uber successful tech brands. The podium of honour is filling up regularly, and fast with youthful, young incumbents, Made in India. Parag Agrawal is the latest to join this roll of honour, heading Twitter at 37, an IIT, Bombay alumnus, succeeding co-founder Jack Dorsey surely a class act to follow and build on. While numerous memes and encomiums sprouted thick and fast, Amul‘s celebratory ad garnered super attention. The ad showed Parag at his computer on which perched a Tweety Bird, and the blurb, Wholetweet toast to Agravault. Amul’s topical and buttery creatives are not entirely new to the public. The former Sheriff of Mumbai, late Nana Chudasama and his succinct banners (Above Talk Of The Town) on Marine Drive’s Soona Mahal was literally that in the 70s and 80s –talked about and debated. We Indians have a tolerable sense of humour too, and memes of Parag Agarwal elicited titters about Agrawal Sweets to Agrawal Tweets. Many a Tamilian wit has joked about the Alphabet CEO, Sundar as India’s “pichai” (largesse) to America, Nadella as our Sathya hi Shiv Hai! Another YouTuber takes this more seriously… “Make in India talent and technology to export to the US.” Hold the xsplit vcam torrent flag high guys and girls, India has download game maker studio 2 full crack super talent.
SV_Narasaiah
Global Major Atlas Copco Buys Out Bengaluru-Based Co’s Pumps Business
Global air compressor giant Atlas Copco, which has been on a buying spree over the last few years to take over major vacuum companies around the world, has just signed a sale and purchase agreement to buy out a Bengaluru-based company’s pumps business. The Indian arm of the $11-billion Swedish giant will, however, continue to use the latter’s HHV brand – which is a well-established and very strong one in the vacuum business – for the next three years. HHV Pumps was a 30% partner in a joint venture with a group of private individuals who were ex-CEOs of the century-old pumps manufacturer Edwards, which is now part of the Stockholm-headquartered Atlas Copco. Other vacuum pump companies that have been acquired include the 170-year-old Leybold and the comparatively young US-based Brooks Automation, which was established in Chelmsford, Massachusetts in 1978. HHV, founded in 1965 by SV Narasaiah (1924 -2021) as Hind High Vacuum Company Pvt Ltd, got a good deal, while the Swedish giant will gain a big foothold in the Indian market. The sale is expected to be completed in the first week of January 2022.
shriram_star health
Chennai Inc Transforming Into India Inc: How's The Josh?
What’s in a name? Everything, some will say. So what, some will argue. At least in the Dravidian land of Tamil Nadu, the name and personality still count. With the business landscape undergoing rapid metamorphosis by the day, the conventional wisdom of placing faith on name and personality, however, is wrought with risk. If proof is required, you have. Take the case of the Shriram group and Star Health, the country’s first private sector stand-alone health insurance company. The Shriram group has long ceased to be a Chennai conglomerate. Known largely for truck financing, Shriram is also known for its chit business. Founded by R Thyagarajan (popularly known as RT), the group has since changed a lot. Today, it is driven from Mumbai by the Piramals. Not many know that the Shriram of today does not really belong to the city of Chennai. Star Health, too, is known by its founder V Jagannathan, an insurance industry veteran. That states such as AP and TN rolled out health cover for the citizens largely due to his connection was well known. Star too has changed. Once the IPO is over, Star will be vastly different. Perhaps the people of Chennai can’t really claim Shriram and Star to be their own!
welspun
Welspun To Invest Around Rs 2500 Crore To Build Warehouses In Tamil Nadu
Welspun One Logistics Parks, a pan-India integrated fund, development and asset management platform, a part of the $3.5 billion Welspun Group, has signed an MoU with Guidance, the Government of Tamil Nadu’s nodal agency, for investment promotion and single window facilitation. This is towards setting up warehousing facilities across Tamil Nadu. The projects will be executed by Welspun One Logistics Parks and will bring direct investments of around Rs 2,500 crore to the State. Under this MoU, a total of six projects have been proposed in the prime warehousing micro-markets like Hosur, Sriperumbudur and Tiruvallur; totalling a development potential of around 8 million sqft, to be built across a span of five years. Considering the tangible social and economic benefits that the investments entail, the state government has assured support in streamlining the approval processes and single-window clearances for Welspun-initiated projects to facilitate the overall ease of doing business. The Welspun group company, in turn, is determined to provide high-impact sustainable warehousing solutions by incorporating green infrastructure and an industry-led technology approach.
cement_comp
India Cements Sees ‘Macho’ Rivals Rush In Tamil Nadu As Cement Prices Move North
Why is everybody eyeing the cement industry? N Srinivasan, the vice-chairman and managing director of The India Cements has an interesting take on this. The industry has something “macho” about it. That is an irresistible attraction, he says. To be sure, the cement scene in Tamil Nadu at least heads for some exciting turns. It is a market where the price is holding up – and often heads north – despite excess capacity. Surely, this can’t go unnoticed by enterprising minds. Dalmia and Ultratech have already gotten into action mode. Dalmia is planning grinding units in Coimbatore, Chingleput, and Virudhunagar districts. Well, it already has cement plants at Dalmiapuram in Trichy and Ariyalur. Ultratech, on the other hand, has a grinding unit at Arakkonam and a cement plant in Reddipalayam (acquired from Dharani several summers ago. It is now planning expansion by putting up grinding units at Karur, Tuticorin, and Ranipet. These two have indeed chosen strategic locations for their proposed grinding facilities. Their move is bound to intensify action on the ground. Product innovation and savvy marketing could hold the key for the players in this part of the world to secure their position and expand in a market that is set for intense competition. Surely, CSK and Dhoni could come in handy for India Cements in the unfolding cement turf!
CSK_chennai
Tamil Nadu Politics Heat Up As India Cements & CSK Celebrate IPL Victory With Stalin
The yellow jersey, nay CSK (Chennai Super Kings), has deeply embedded itself in the heart and mind of fans across the canvass. Ipso facto, that has also become an easy target. A trip down memory lane would reveal how the CSK matches were shifted out of Chennai over the Cauvery river water dispute with neighbouring Karnataka. That a sporting event was forced out of Chennai told a tale of its own for the world investing community. Such episodes during the previous regime had had its fall-out on the investor sentiment. So much so, Tamil Nadu lost the AK47 project of the Russian company to Uttar Pradesh. Much water has flowed since then. Nothing much, however, appears to have been learnt. It is now the turn of the main Opposition in Tamil Nadu – the AIADMK – to use CSK to take a dig at the Stalin government. Using the proverbial “fiddling while Rome was burning” analogy, a top AIADMK functionary questioned Stalin’s participation in the India Cements’ function to celebrate IPL cup victory of CSK in the just-concluded edition. When the rains have engulfed the state, how could Stalin participate in a celebratory event? Life is not about this or that. It is all about this and that. Is it cricket to indulge in such diatribe?
saint_gobain
Saint Gobain’s Rs 2,500-Cr Bet On India To Target Booming Work From Home Segment
 Covid has changed the world upside down for many. The distance between the home and the office has, in many cases, simply shrunk drastically. One part of the house has become a regular office. And, this has thrown new business opportunities. The housing sector at least is witnessing a demand re-jig.  Safety and WFH (work-from-home) compulsions are forcing home-buyers to opt for bigger flats. Sensing this, French glass maker Saint-Gobain has trained its focus on providing downstream solutions in India. Towards this it has chalked out an ambitious capex plan of Rs 2,500 crore. It has already set up a separate business unit for home solutions to satiate the emerging needs of home buyers. And, it is promising to offer customized solutions for every individual client. This calls for a sense of agility and spirit of entrepreneurship. To be sure, a highly technology-oriented and end-to-end digitized independent entity is now anchoring Saint Gobain’s foray into this downstream exercise. A game-changing initiative, this move reflects a new strategy in thinking for this predominantly material manufacturer. The end-user-focussed unit has already hired over 300 people with diverse skill sets to grab a reasonable share in the $25 billion home solution pie. End-user, nay home-buyer, terrain isn’t going to be an easy nut to crack. But Saint-Gobain has chosen to do so. India is shining for this French group, it appears.
infosys
BP And Infosys To Help Businesses Unlock Infrastructure’s Energy Efficiency
BP, a global integrated energy company, and Infosys, a global leader in next-generation digital services and consulting, have agreed to develop and pilot an energy as a service (EaaS) solution, which will aim to help businesses improve the energy efficiency of infrastructure, and help meet their decarbonisation goals. Infosys and BP intend to co-develop a digital platform that can collect data from multiple energy assets and use artificial intelligence to optimise the energy supply and demand for power, heat, cooling and EV charging. The companies will pilot the digital platform at the Infosys Pune Development Centre – in an environment that replicates a small city, where energy is generated, stored, and consumed at multiple points. Once the pilot is successful, they aim to roll this model out across other Infosys campuses in India, and with some clients, to help manage energy and help reduce emissions. In addition, the companies have agreed to collaborate on integrating solar energy production into the campus’ energy system. Energy that is generated through this integration, will be monitored and optimised by the digital platform and can be stored or redirected to the building power supply, heating and cooling systems, and also to an EV charging infrastructure.
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Mumbai’s Top Five Realty Players To Join Hands For MHADA’s Biggest Redevelopment Project
Mumbai’s top five realty players may come together to redevelop 6.2 million sqft in to house 5,300 tenants at Motilal Nagar in Goregaon West, according to a leading real estate website, Squarefeatindia. This is one of the biggest redevelopment projects of the Maharashtra Housing and Area Development Authority (MHADA), a nodal agency that focuses on affordable housing in the state.  According to the website on November 15, a pre-bid meeting was held between the five realty players and MHADA team at its headquarters in Bandra. All the five players have evinced interest to develop this huge parcel of land.  All the five real estate companies which participated are major players in the country and have capabilities to execute large scale projects. One player is involved in redeveloping BDD Chawls in Worli, the other is a front runner for the Dharavi redevelopment project while the third player has been doing MHADA’s affordable housing projects for years now. The deadline to complete the project is 84 months after the players win the bid. The technical bid will open on December 14.
Mukesh_modi_adani
Ambani & Adani’s Green Investments Seen Boosting Modi India’s Climate Leadership
At the G20 climate summit held in Glasgow, Prime Minister Narendra Modi must have felt like Midas, reincarnated. Heads I win, tails you lose. This last chance for reigning in global warming saw a new phase of tu tu mein mein. And this blame game and tug of opinion between the have nations and have nots couldn’t have been better articulated than what Andy Mukherjee, columnist and analyst wrote for Bloomberg: “The real action is happening in NW Gujarat, not Glasgow.” Modi has two of the most ambitious, richest and dedicated fighters in the corporate world, racing for supremacy – Mukesh Ambani, 64 and Gautam Adani, 59. Like quick change Houdini, Ambani (with world’s biggest refining complex at Jamnagar spewing emissions) has already committed investments worth $36 billion in four sunrise domains: solar panels, batteries, green hydrogen and fuel cells. Adani had a head start with his coal powered plants (not seen cool by environment guardians); his 360 degree turn is for a 20,000 MW gigantic integrated solar wind and hybrid electricity empire. The hydrogen generation units will take off like the proverbial balloons, decarbonising India’s fuel needs for the future. Now is it crystal clear, Modi wins any which way. It just means custom making certain policies for the Atlas corporations. Is anyone complaining?
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WB Govt’s Rs 15K-Cr Tajpur Port Raises Competition For Tata’s Odisha Port
The competition for survival has already begun with the West Bengal government setting up the Rs 15,000-crore greenfield Tajpur port project in the state — positioned next door to Tata Steel’s Rs 5,000-crore Subarnarekha port project at Chaumukh in Balasore district in Odisha. The Odisha government is moving fast. According to K Sudarshan Chakravarty, Collector and District Magistrate, Balasore: “The assignment of providing over 1,000 acres to Tata’s port project will be completed by November 2021.” With regard to the rail and road corridor, and land requirement of 197 acres, 40 acres have already been acquired. Tatas will begin project work sometime in January 2022. As for Tajpur port in WB, sources say that when commissioned this will be a major monopoly port in eastern India, accommodating Cape size vessels. Tajpur port has the backing of Port of Singapore, DP World and other big consortium and conglomerates who have expressed interest in the deep sea port project. Major business groups from W Bengal like Rashmi Group, Shyam Steel, Super Steel and companies from Kharagpur, Asansol, have shown interest to support Tajpur port project, especially steel and coke logistics business. Construction of Tajpur port will begin by mid-2023 soon. Sources say that the Tata Group which is now focussing on its prized Air India acquisition may go slow on the Odisha port project for now. When contacted, Tatas declined to comment.
harsha viji_sundaram
How Sundaram Finance Strikes The Right Chord With Its Investors
What is in a name? Reputation. When this TVS firm wanted to stop accepting deposits, there was a huge public outcry. If you don’t, where will we go? That was the reaction of senior citizens then. For Chenniates, Sundaram Finance Ltd (SFL) has been a part and parcel of their life. SFL and Chennai are inseparably entwined. SFL has been hosting the annual Mylapore festival for very many years now. And, it has been holding a mikeless concert every first Sunday of a month for over a decade now at the Nageswara Park to provide kids a platform to demonstrate their skills. Covid-19 however has changed everything. In the new normal social distancing world, SFL has its job cut out. It is on a mission mode. It wants people to get fully vaccinated. It has launched a music video ‘Oosingo’, composed by singer Anirudh Ravichander and written by lyricist Arivarasu Kalainesan. Celebrity-influencers too figure in the video. “We are in the last mile in our fight against Covid,” says Harsha Viji, executive vice-chairman of SFL. Well, this TVS company has the experience in providing last-mile connectivity in the vehicle finance segment too. It has budgeted Rs 10 crore for the public service programme. Trust, thy name is SFL.
ipl_twitter
Do New IPL Teams Make Business Sense?
Indian Premier League (IPL), an estimated $7 billion property, became richer by close to $1.5 billion as the bids for two new teams touched Rs 12,715 crore. Kolkata-based Sanjiv Goenka, who had owned the Pune IPL team for two years, bid a phenomenal Rs 7,090 crore and chose the AB Vajpayee stadium in Lucknow as his team’s base while CVC Capital, a US firm which was running Formula 1 racing till recently, got India’s biggest stadium in Ahmedabad. Annually, the new team bids would fetch an additional Rs 1,200 crore to BCCI for next 10 years. But does shelling out so much money as a team’s franchise fee make business sense? Goenka thinks so, though industry estimates put prospective losses at around Rs 350 crore per year for the Lucknow franchise even if the team gets Rs 350 crore from the IPL central pool. IPL figures show that teams are currently earning around Rs 200 crore a year from central pool, Rs 100 crore from gate collection besides sponsorship and merchandising. The profitability prospects for the teams are likely to brighten with the next IPL media rights auction – and they could be big winners in the valuation game with individual IP teams rated as high as $1 billion. But, experts hold that the new teams may have to withstand losses even if the future share of central pool revenues is higher when the new IPL bidding cycle for media rights kick in.
dabur fem
Lessons Learnt From Dabur’s Karwachauth Ad: Don’t Mess With Our Culture
This Karwachauth saw more than the moon through the sieve of tradition. It saw the trampling of a tradition. Dabur aired this in-your-face ad about a lesbian couple, their beautifying for the sacred Karwachauth, when married women fast the whole day (Nirjal) for the longevity of the spouse. Dabur planned to sneak in a Fem ad, and also legitimise this relationship by presumably the mother of the gay partner. She is shown handing over costly sarees and jewellery, and blessing to the one who is the “wife spouse”! When netizens reacted with revulsion, Dabur withdrew the ad with an apology. However advanced sexual preferences are in the closet, there are certain mores you don’t trample on with impunity. Bhavesh Talreja, founder of Mobile Advertising platform, Global Media said, “All companies live and thrive under a political system….” Interestingly, a plea about same sex marriage had come up for hearing in the Delhi High Court…. timing, timing is everything. Tushar Mehta, Solicitor General of India, argued that same sex marriages cannot be brought under the umbrella of the Hindu Marriage Act. The Government’s stand is that marriage is permissible only between a biological man and woman. Karwachauth is a premium event in the calendar of marketers, who must acknowledge that the society is still not ready for such woke gyan and experiments. Dabur seems to have got the message: don’t mess with our culture!
Nihar letter
ICAI President’s Call To Adopt Hindi Upsets Tamil Nadu CAs
ICAI President Nihar N Jambusaria has stirred a hornet’s nest. In a signed message published in the October issue of The Chartered Accountant journal, he exhorted the members of India’s apex body for chartered accountants to adopt Hindi in their work and interactions with other stakeholders. For him, Hindi is a rajbhasha (official language). And, he wants his fellow CAs to promote Hindi. His appeal has virtually kicked up a row with many senior CAs, especially in the state of Tamil Nadu, warning the ICAI chief of the adverse fall-out of his action. Should ICAI be promoting a language? Or, should it be guiding the CA fraternity as a whole? The debate has already picked up steam on social media. Predictably, his move has drawn political reaction as well. A sitting MP from Madurai, S Venkatesan, has taken to Twitter to condemn the ICAI chief. “May be it (Hindi) is your mother tongue but not for all,” he tweeted. He has already dashed off a letter to ICAI, opposing the move. “Tamil Nadu would resist imposition (of Hindi),” Venkatesan asserted. The CA fraternity in Tamil Nadu is seething in anger. ICAI could live without such controversy. And, Jambusaria could have avoided playing to galleries (on September 14 being marked as Hindi Diwas). He reportedly clarified: “It (Hindi) is a choice… If you want to write in whatever language you want, there is no restriction on anybody.”
csk champs
CSK Is Sport And Never A Business For Us, Says India Cements’ N Srinivasan
Indian Premier League (IPL) has proved to be a heady mix of sports, entertainment, and business. Not surprisingly, there is quite an interest around it. Sanjiv Goenka-led RPSG group is new franchisee for Lucknow and PE player CVC Capital for Ahmedabad. Indeed, the sport has changed. Is it cricket? Well, the debate has been on for a long while now. But N Srinivasan, the indefatigable former boss of Board of Control for Cricket in India, has a different take on his IPL team. “We look at CSK (Chennai Super Kings) as a pure sport,” says Srinivasan, who is the vice-chairman and MD of ICL (India Cements Ltd). ICL owned the IPL franchise team CSK from inception in 2008 till 2014, when the ownership was transferred to Chennai Super Kings Ltd. “CSK is a sport and never a business for us,” he makes it clear. Srinivasan is the fulcrum around both ICL and CSK. “I think my personality has rubbed off in CSK,” he says. Both at ICL and BCCI, he had endured the worst. “A less strong person would have wilted,” he feels. “Our reaction to victory and loss is the same. When we win we are happy in our heart. We don’t need to go out and blow the trumpet,” he said. Indeed, CSK will remain an inseparable part of Srinivasan.
elon musk_dan taylor_heisenberg media
Elon Musk All Set To Be The World’s First Trillionaire Via SpaceX Led Satellite Broadband
The electric car maker and space enthusiast Elon Musk is on course to become the world’s first trillionaire. Analysts at investment banks are going gaga over the prospect of a trillionaire on earth as Tesla raced to a record quarter with revenues of $13.8 billion and profits of $3.7 billion despite a global chip shortage cramping car production. The potential of Musk’s rocket company SpaceX places Musk in pole position for gathering wealth to a stupendous trillion dollars. Thanks to its surging share price which went up by 18% just this year, Tesla is still the main driver behind Musk’s wealth whereas SpaceX comprises only around 17% of his $241.4bn fortune, according to Bloomberg’s Billionaire Index. While SpaceX comprises multiple different companies, from earth observation and space infrastructure to deep-space exploration and other industries, his satellite communications business Starlink is behind a $200-billion valuation estimate. It is almost like Star Wars now as satellite broadband market players are launching satellite constellations that will blanket the earth with high-speed connections. Tomorrow’s broadband is likely to come down to earth from satellites, replacing expensive optic fibre cable laying. The race for number one ranking on the personal wealth index is loaded in favour of Musk who has made so many sunrise industries viable, most of all the Tesla electric car that the world laughed at when it made its debut.
banga_tata
Tata Power Firms Up Rs 5,000-Cr Investment In Odisha To Fix Frequent Power Cuts
After being pulled up by Odisha Assembly Speaker Suryanarayan Patra for frequent power cuts, the Tata Power has got into the act to ensure uninterrupted and quality power supply through its four distribution companies in the state. The company has firmed up ambitious investment plans. According to Sanjay Banga, President (T&D), Tata Power, the company will spend Rs 1,200-1,500 crore for each Discom in the next five years (around Rs 5,000 crore for four discoms). The capex for 2021-22 has already been finalized and submitted to the OERC. Most of the Capex budget will go for reliability improvement, loss reduction and technology upgradation. In the coming winter of 2021, TPC will go in for planned outages – a new initiative to work upon preventive maintenance. Banga says from March 2022 onwards, TPC customers in Odisha will experience better power supply connection with fewer trippings as Tata Power will spend Rs 300 crore towards preventive maintenance to address summer season reliability. “Odisha power reliability will be as good as Mumbai and Delhi sometime in 2023,” Banga added. It is learnt that the power networks, which have structural weakness as experienced in Odisha due to redundancy of single-source supply, will be changed to multiple-source power supply assurance. This will ensure reliable power. Tata Power has 51% stake in the Odisha entity with management control and the state-owned GRIDCO has 49% equity stake.
khushinagar airport
Swanky Kushinagar Airport A Big Boost To UP’s Buddhist Tourism
In a major boost to UP tourism, Prime Minister Narendra Modi is all set to open Kushinagar International Airport on October 20. Kushinagar is of significance to Buddhists all over the world as it is here that Lord Buddha is believed to have attained Mahaparinirvana after his death (2500 BE). It is famous for the Reclining Buddha image inside the Parinirvana Stupa. Prime Minister will participate in an event, organized to mark Abhidhamma Day. The day symbolises the end of three-month rainy retreat – Varshavaas or Vassa – for the Buddhist Monks, during which they stay at one place in vihara & monastery and pray.  The event will also be attended by eminent Monks from Sri Lanka, Thailand, Myanmar, South Korea, Nepal, Bhutan and Cambodia, as well as Ambassadors of various countries. The inauguration of Kushinagar International Airport will be marked by the landing of flight from Colombo, Sri Lanka. Led by Namal Rajapaksa, son of Prime Minister Mahinda Rajapaksa, the Lankan delegation of over 100 Buddhist monks and dignitaries, including the 12-member Holy Relic entourage, is bringing the Holy Buddha Relics for Exposition. Built at an estimated cost of Rs 260 crore, the Kushinagar International Airport will facilitate domestic and international pilgrims to visit the Mahaparinirvana-sthal of Lord Buddha. The airport will also serve nearby districts of Uttar Pradesh and Bihar.
cement_csk
N Srinivasan Turns To High-Performance Dhoni-CSK To Craft New Brand Strategy For India Cements
Sankar Cement and Coromandel Cement of India Cements have been part of some of the country’s iconic structures. Sankar Cement is associated with the building of Idukki Dam in Kerala, Pamban Bridge in Tamil Nadu and Swami Vivekananda Rock Memorial in Kanyakumari. Infosys Building in Bengaluru and Rajiv Gandhi International Sports Stadium in Hyderabad were built with Coromandel cement. Well, Sankar and Coromandel are trusted brands in the cement industry for many summers and belong to 75-year-old India Cements Ltd (ICL), a leader in south India. With such history behind it, the ICL management, led by N Srinivasan, vice chairman & MD, is now engaged in the process of reconfiguring the brand strategy. The time appears to have arrived now. With the Chennai Super Kings having a dream run in the ongoing edition of the Indian Premier League (IPL), team ICL chose to celebrate Platinum jubilee of the company with Captain Cool Dhoni & his boys and the dealers in a live engagement. This is perhaps the first and unique exercise to leverage CSK to promote India Cements, which is the principal sponsor of Chennai Super Kings. The focus now is on creating a distinct and strong corporate brand identity for India Cements. Iconic cement brands are to be promoted around this corporate brand among dealers and influencers. Well, the pitch is clear indeed!
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Apple’s Private Relay Upholds Privacy – Even For The Underworld
In what could be dangerous for police forces, Apple has launched encrypted browsing at the touch of a switch on its iPhones, iPads, laptops and desktop computers. It is called the Private Relay feature and criminals could have a free run on it with law enforcement rendered helpless in tracking them. Broadband and mobile companies may be unable to assist police investigations into dangerous suspects like terrorists or child abusers. Hitherto, criminals had to be extremely computer savvy to use the DarkNet to carry out their nefarious activities. With all Apple devices giving people encrypted protection, it could be a virtual invitation for the criminally minded to use them with the anonymity they seek in working the Internet.  As technology improves to offer the hiding of digital footprints, investigating authorities might struggle even if Apple is offering to “respond productively” to any police requests for information. When people browse the web, their browser takes them directly to the website they seek, leaving a digital footprint with their broadband or mobile operator. Apple’s Private Relay service uses technology similar to the “dark web”, to ping people’s traffic between different servers so no one entity can see where they have been. Even Apple will not be able to see who you are either and what sites you are visiting.
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RBI Turns To Ace Finance Pros From South To Turn Around NBFCs
When things are going down, this regulator too decides to head south! Well, the RBI, yet again, has chosen to look for talents in the south to reset a couple of recalcitrant NBFCs. This time around, the RBI has brought in two stalwarts from the south to assist the newly-appointed administrator of Srei Infrastructure Finance and Srei Equipment Finance. The boards of these two were superseded by the RBI on October 4, 2021. R Subramaniakumar, administrator of Dewan Housing Finance Corporation (DHFL), and TT Srinivasaraghavan, former MD, Sundaram Finance, have been included in the three-member advisory committee to help Rajneesh Sharma, ex-Chief General Manager, Bank of Baroda, as the administrator of these two companies. Since November 2019, Subramaniakumar, former MD & CEO Indian Overseas Bank, has been an administrator of DHFL. After many twists and turns, the debt resolution plan submitted by Piramal Group for DHFL has been finally approved by the National Company Law Tribunal. Subramaniakumar, in fact, was driving IOB during its critical phase. A few days ago, IOB came out of the Prompt Corrective Action framework. IOB was placed under PCA in 2015. Srinivasaraghavan is a highly respected personality in the NBFC world. And he piloted Sundaram Finance for many years with a sense of dedication and unalloyed commitment. The south has a nice side to its story after all.
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Rising Shareholder Activism Keeping Promoters On The Hook
Shareholder activism has been gaining currency and managements have to think twice before proposing resolutions to be approved and voted by shareholders. SEBI is also ensuring that it becomes difficult for promoters to push anything just because of their majority stake. For every negative vote, you now need three positive votes to approve the resolution. In some cases, the promoter is not allowed to vote and the minority shareholders decide the outcome. Readers would recall that Eicher Motor shareholders rejected a pay hike to Sidharth Lal, its MD & CEO. Similarly, IDFC shareholders rejected the reappointment of Vinod Rai as independent director. In the case of Zee Entertainment, two directors stepped down on the eve of the AGM as proxy advisors had asked the shareholders to vote them out. Meanwhile, the company which announced a non-binding agreement sale to Sony Entertainment has been directed by NCLT Mumbai bench to consider shareholder Invesco’s request for EGM to oust MD Punit Goenka. Jindal Steel & Power wants its shareholders to approve payment of one-time remuneration to its four independent directors. Proxy holders are advising shareholders to oppose the same as it violates terms of an independent director. Further an investor has rejected the reappointment of Shallu Jindal, wife of Naveen Jindal and a director on the board of the company for nine years. Indeed, it is a tough time for promoters.
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Tiruppur Entrepreneur Spins Branding Around Mahatma Gandhi’s 100th Dhoti Anniversary
Technocrat KR Nagarajan, Founder CEO of Tiruppur-based Ramraj Cotton, is the quintessential serendipitous entrepreneur. The story of how this simple but canny and savvy man turned a failed investment into one of the most visible brands is the stuff B School case studies are made of. In the last three decades, he has created a strong brand equity out of the simple dhoti that it has now become fashionable, at least in the south, to be seen wearing dazzling white dhoti and shirts. Those who had some reservations wearing a dhoti got it over when they saw Congress heavyweight Harvard educated P Chidambaram quelling many a fashion baiter with his majestic dhoti walks in Parliament. Ramraj Cotton which makes dhotis, shirts, inner wears may soon cross the Rs 1,000-crore turnover mark. The company has had film stars endorsing its brand, the latest brand ambassador being Rana Dagubatti. Nagarajan has always been looking for innovative ways to promote his brand from time to time. And he found one on September 22, 2021. On that day, Tamil Nadu’s dailies carried Ramraj Cotton ad with Mahatma Gandhi’s photo. The ad said: “This day, 100 years back for the first time in Madurai. The Mahatma made Dhoti the ‘Attire of His Identity’. Ramraj celebrates the occasion & salutes the Mahatma.” Bang for the buck one would say.
ambuja
Kolkata Tycoon Harshvardhan Neotia Buys Mumbai Property At Worli Raheja Artesia
The 60-storeyed Raheja Artesia tower located at Mumbai’s tony address Worli Sea Face developed by K Raheja Corp seems to be attracting who’s who of the corporate world. The latest to join the list of illustrious buyers is the Kolkata-based industrialist Harshavardhan Neotia of AmbujaNeotia Group, according to Square Feat India, a leading real estate news website. Neotia, who is responsible for landmark projects in and around Kolkata, has, along with his daughter Paroma, bought 3,064 square ft property along with three car parks for Rs 23.89 crore. This project has been attracting any number of HNI buyers. HDFC Securities MD & CEO Dhiraj Relli and wife Archana forked out Rs 30.31 crore to buy an apartment. HDFC’s MD & CEO Keki Mistry paid Rs 41.23 crore and Smita D Parekh, wife of HDFC Chairman Deepak Parekh, paid Rs 50 crore. What makes it very reassuring for buyers is that the developer of this prestigious property, Raheja’s family, have bought three duplexes comprising 18 flats and 42 car parking spaces for Rs 427.81 crore. Effectively, Chandru Raheja, Chairman of K Raheja and his two sons Ravi and Neel, have bought five floors between them.
tata_air india
Why Tatas Did Not Bid For Jet Airways?
Tata Sons’ bid for debt-laden national carrier Air India has much to do with its legacy, mostly linked to the group’s patriarch JRD Tata, than just being a business decision. But why did Tatas turn a Nelsons’ eye to Jet Airways, another beleaguered carrier which got all approvals overnight by the Civil Aviation to start operations from January 2022? That’s one topic on which many articles and books have been written on over the years. Even the movie Udaan (Soorarai Pottru in Tamil) had a passing reference. The story goes, in 1997, the then civil aviation minister CM Ibrahim scuttled Tata group’s plan to start an airline jointly with Singapore Airlines (SIA). This was allegedly to support Naresh Goyal’s Jet Airways. The blocking of its application by the minister surprised Ratan Tata as he was about to close the deal with SIA. Perhaps, that bitter experience may have kept the Tatas from bidding for Jet Airways, insiders say. The group already holds stakes in two carriers – 83.67% in AirAsia India and 51% in Tata SIA Airlines (operating as Vistara) – and the acquisition of Air India will help the group to dominate the skies. The group pioneered India’s aviation with Tata Air Service in 1932 which became Air India in 1953 after it was nationalised. If Tatas win Air India then the wheel would have come full circle.
mumbai skyline_004
Trend Reversal: NRIs Investing In Realty For Self-Use Vs Reselling
The general perception is that NRIs buy properties in India more for investment and less for self-use.  Not anymore, according to Square Feat India, a leading website focusing on India’s real estate sector. In a significant trend reversal post-Covid-19, a much higher percentage of NRI respondents in the latest CII-ANAROCK Consumer Sentiment survey are scouting for properties for self-use, notes the portal. At least 53% of NRI respondents who will buy properties in India in the coming months buy for end-use, 47% for investment for investment. The pre-Covid survey in H1 2019 put this figure at 32% for self-use and 68% for investment. So what’s changing this trend? One major factor influencing this change is that many NRIs are keen to return to India amid the pandemic uncertainties and dwindling job prospects globally. Interestingly, the website says the top seven cities – Bengaluru, Pune, Chennai, MMR, NCR, Hyderabad and Kolkata — are where the NRIs are mainly focused. Here once again 48% of NRIs preferred 3BHKs, 28% 2BHKs while 24% preferred 4BHKs. That NRIs are coming back and buying properties certainly augurs well for the country’s real estate sector badly hit by Covid-19.

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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.