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UP Investors Summit: PM Modi announces Defence Industrial Corridor; Adani, Ambani, Birla promise to invest trillions

Published

7 years ago

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UP-Investor-Summit-2018

[vc_row][vc_column][vc_column_text]The first day of Uttar Pradesh Investor Summit-2018 got off to a promising start on Wednesday, Feb 21, with a host of big-ticket investment proposals coming to the state.

Prime Minister Narendra Modi spoke of a defence industrial corridor in the Bundelkhand region to bring development in one of the most backward regions of Uttar Pradesh.

“One of the two defence industrial corridors mentioned in the budget, one is proposed in the Bundelkhand region of the State, which will bring an investment of Rs 20,000 crore and generate employment avenues for 2.5 lakh people,” said the PM.

The Uttar Pradesh government has already taken approval from the defence ministry for setting up the corridor, reported Business Standard.

Along with this was state chief minister Yogi Adityanath announcing that his government has signed 1,045 Memorandum of Understanding (MoUs) worth Rs 4.28 trillion, which is almost equivalent to the state annual budget for 2018-19.

The investor summit, inaugurated by the PM, is being attended by at least 5000 people including industry captains from India and abroad, union ministers, chief ministers of states, policy makers and academics, said media reports. President Ram Nath Kovind will attend the valedictory function on Thursday.

The Prime Minister tweeted to say under Chief Minister Yogi Adityanath, “the state’s progress journey has got a strong impetus”.

He said: “Will be in Lucknow today, to take part in the UP Investors Summit, which will showcase the rich potential of UP to attract top quality investment. Under CM @myogiadityanath Ji, the state’s progress journey has got a strong impetus. @InvestInUp”[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]An official statement of the UP government said the investors’ summit has been organised to “further the cause of economic development in the state” and attract investments.

CM Adityanath personally oversaw the preparations for the investors’ summit taking place at Indira Gandhi Pratisthaan in Lucknow . “The government is organising this for the betterment of the public and through this event, UP will get an opportunity to change its image,” said the CM.

Yogi said he would personally monitor every project for its “actual” implementation on the ground.

The first among the big investment announcement was from chairman and founder of Adani Group, Gautam Adani, who promised an aggregate investment of Rs 350 billion over the next five years.

Adani, who heaped praise on both CM Yogi and PM Modi, said his companies have significant presence in Uttar Pradesh and announced creation of 6 00,000 tonne storage capacity, food and agri complex, a solar plant and a multi-disciplinary university.

Reliance Industries chairman Mukesh Ambani Ambani said Reliance Jio would further invest Rs 100 billion (10,000 crore) in the next three years. “Jio has already invested Rs 20,000 crore (Rs 200 billion) in the state. By December 2018, Reliance Jio will be present in every village of Uttar Pradesh,” said Ambani, speaking in a mix of Hindi and English.

Ambani said his company is already providing direct and indirect employment to 40,000 people in the state. “The fresh investment would create employment opportunities for another 100,000 people in the state,” he said.

Kumar Mangalam Birla, chairman of the Aditya Birla Group, who spoke after Adani said his company would commit another Rs 250 billion for the state in the next five years.

Anand Mahindra, chairman of Mahindra Group, said his group can set up a manufacturing unit of electric vehicle if the state government comes up a with a favourable electric vehicle transport policy.

Prime Minister Modi, who spoke at length, asked the Uttar Pradesh government to focus on value addition.

“Uttar Pradesh has values and virtues, but it also needs value addition,” Modi said lauding the new policy ‘One district one product’ of the Yogi government and said that it could prove to be the game changer for the State. The Prime Minister also said that international airports will come up in Jewar and Kushinagar.

He said his government would support Uttar Pradesh’s one-district-one-product policy through various Central schemes, such as Pradhan Mantri Mudra Yojana, Skill Development, Stand Up India and Start-Up India.

He elaborated the success of each Central scheme. For instance, he informed the audience that his government has already provided free gas connections to over 30 million women under the Ujjwala Yojana, apart from constructing toilets and distributing loans under Mudra Yojana. Modi said his government would be setting up a defence industrial corridor in Uttar Pradesh.

Stressing that Uttar Pradesh government has a vast potential, the Prime Minister said that it requires policy, planning, performance to bring progress and both Chief Minister Yogi Adityanath and people of the state are ready to give “super hit” performance.

Terming holding of investor’s summit in Uttar Pradesh and congregation of industrialists from all over as a sign of a big change, Mr. Modi said the Yogi Adityanath government has overcome the previous negativity and shown a ray of hope to people with positive changes.

“Not red tape, but red carpet will welcome investors in Uttar Pradesh,” he said.

Adityanath announced that the state has signed 1,045 pacts worth Rs 4.28 lakh crore on the first day of the summit. “I have recently presented a budget of Rs 4.28 lakh crore and the figure of MOUs signed is the same… We are heading towards a new UP,” the Chief Minister said, adding that he would personally oversee the execution of these projects.

“Law and order situation in the state has been improved in the last 11 months,” he said, adding that this has boosted the confidence of the industrialists who are willing to invest in the state.

The IPS Association chipped in to say in a tweet: Commendable work by the @Uppolice in enhancing sense of security, which will definitely result in increase in investors’ confidence.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]At least 18 Union ministers and 100 speakers are attending the summit in Lucknow. President Ram Nath Kovind will attend the valedictory function on Thursday.

A total of 30 sessions have been planned for the two-day summit, which will be attended by central ministers Rajnath Singh, Nirmala Sitharaman, Ravi Shankar Prasad, Smriti Irani, Piyush Goyal and Dharmendra Pradhan. Industry leaders including Gautam Adani, Mukesh Ambani, Subhash Chandra, N Chandrashekharan, Anand Mahindra, Kumar Mangalam Birla and Shobana Kamineni are scheduled to speak during various sessions. Business leaders from Mauritius, Japan, The Netherlands, Finland, Czech Republic, Thailand and Slovakia are also in Lucknow to participate in Yogi Adityanath’s flagship event.[/vc_column_text][/vc_column][/vc_row]

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

Published

2 weeks ago

on

November 10, 2024

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

Published

4 months ago

on

July 19, 2024

By

The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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PayTm share price slips 2 per cent over SEBI warning

Published

4 months ago

on

July 16, 2024

By

Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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