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Mukesh Ambani becomes Asia’s richest person

Reliance Industries Ltd Chairman Mukesh Ambani has surpassed Alibaba Group’s Jack Ma to become Asia’s richest person. According to Bloomberg Billionaires Index, Ambani’s wealth rose to $44.3 billion while Jack Ma’s wealth stood at $44 billion. He is the 18th wealthiest person in the world, according to Forbes. Reliance is India’s largest payer of GST and Income Tax in the private sector.

Ambani gets another 5 years as chairman

Shareholders of Reliance Industries have approved giving Mukesh Ambani another five years as the chairman and managing director of the company. Ambani has been on the board of RIL since 1977 and was elevated as chairman of the company after the death of his father Dhirubhai Ambani in July 2002. Reliance Industries is India’s second most valued firm after Tata Consultancy Services.

Index of Eight Core Industries

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 131.4 in May, 2018, which was 3.6 per cent higher as compared to the index of May 2017. Core industry can be defined as the main industry of the economy.

RIL acquire Radisys Corp for $74 million

Mukesh Ambani-led Reliance Industries (RIL) has entered into definitive agreement to acquire Nasdaq-listed Radisys Corp for $1.72 per share in cash. The deal size works out to be ?510 crore based on current outstanding equity share impact. This acquisition further accelerates Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption.

KVIC adopts Jagatpur for Swachhata Abhiyaan

The Khadi and Village Industries Commission (KVIC) has adopted Jagatpur village in Delhi for its Swachhata Abhiyaan. The sanitation drive by KVIC began with a plantation drive and ended with cleanliness drive along the bank of the Yamuna river. Under KVIC’s Swachhata Mission, the next cleanliness drive will be in Mumbai’s Juhu Beach. The current KVIC Chairman is Vinai Kumar Saxena.

India’s first carbon fibre unit

Reliance Industries Ltd. is investing in setting up India’s first carbon fibre manufacturing unit to cater to aerospace and defence needs. It will also make low-cost and high-volume composite products like modular toilets, homes and composites for windmill blades and rotor blades. Carbon fibre is made by heating lengths of rayon to extremely high temperatures in an oxygen-deprived oven.

India’s first private UAV factory

India’s first private sector unit for manufacturing unmanned air vehicles (UAV) and light bullet proof vehicles (LBPV) will be set up by DCM Shriram Industries Group in Kota. These UAVs and LBPVs are likely to be used by defence and para-military forces in the country. The new defence unit in Kota is being set up under ‘Make in India’ initiative of the union government.

Direct funding facility to VLEs in CSCs

Small Industries Development Bank of India has signed an MoU with Common Service Centres Special Purpose Vehicle for providing financial support to CSCs. SIDBI will extend financial support to Village Level Entrepreneurs of CSCs, with minimum 1 year of operation, under the Direct Financing Window of SIDBI. The MoU aims to bring more citizens under the ambit of financial inclusion.

Centre to double credit guarantee to MSMEs

The Union Government announced that it would double the credit guarantee for 2018-19 under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). This will tackle the trade finance woes of micro, small and medium enterprises (MSMEs). The Ministry of Micro, Small and Medium Enterprises & Small Industries Development Bank of India has established CGTMSE.

SIDBI Ties Up With CSC To Promote MSEs

Small Industries and Development Bank of India (SIDBI) announced a plan to promote micro-enterprises in 115 aspirational districts across the country.It has tied up with Common Service Centre (CSC). The ‘Transformation of Aspirational Districts’ program, which was launched by the prime minister in January, aims to bring about socio-developmental changes in these backward districts.

SIDBI Ties Up with CSC to Promote MSEs in 115 Districts

Small Industries and Development Bank of India (SIDBI) announced a plan to promote micro-enterprises in 115 aspirational districts across the country. It has tied up with Common Service Centre (CSC). The ‘Transformation of Aspirational Districts’ program, which was launched by the prime minister in January 2018, aims to bring about socio-developmental changes in these backward districts which have been chosen from all states of the country. Chairman of SIDBI- Mohammed Mustafa, Founded- 2 April 1990, Headquarter- Lucknow. CSCs are one of the crucial enablers of the Digital India program that are the access points for delivery of various e-governance and business services to citizens in rural and remote areas of the country.

Uttarakhand’s 2nd mega food park inaugurated

Union Minister for Food Processing Industries inaugurated the second mega food park in Uttarakhand at Mahuakhera Ganj village, Kashipur in Udham Singh Nagar district.The first Mega Food Park in the state located at Haridwar has already become operational. The mega food park would have a central processing centre as well as well as three Primary Processing Centres.

Prabhu given charge of Aviation Ministry

10 : Commerce and Industries Minister Suresh Prabhu given additional charge of the Civil Aviation Ministry. The President, as advised by the Prime Minister, has directed that Suresh Prabhu, Cabinet Minister, shall be assigned the charge of the Ministry of Civil Aviation, in addition to his existing portfolio. Suresh Prabhu was the former Minister of Railways.

1st Mega Food Park Inaugurated In Maharashtra

The first Mega Food Park in the state of Maharashtra, Satara Mega Food Park Pvt. Ltd. at Village Degaon, District Satara was inaugurated by Harsimrat Kaur Badal, Union Minister of Food Processing Industries. This is the 10th Mega Food Park being operationalized in the country. Satara Mega Food Park has been set up in 64 acres of land at a cost of ` 139.30 crore.

India’s first defence „Quad? to be made

The Defence Ministry has started the process to set up the country‘s 1st defence industrial corridor to promote industries manufacturing weapons and military equipment. Quad or quadrilateral corridor will connect Chennai, Hosur, Coimbatore, Salem & Tiruchirappalli. The idea behind setting up defence industrial corridors is to ensure connectivity among various defence industrial units.

Ambani’s Reliance to buy 5% stake in Eros

22 : Mukesh Ambani-led Reliance Industries said it will buy a 5% stake in NYSE-listed Eros International for $48.75 million (over ?316 crore). Separately, the companies also announced a ?1,000-crore fund to produce and acquire Indian films and digital content. Last year, Reliance had purchased 25% stake in media company Balaji Telefilms for ?413 crore.

First ever ‘Khadi Haat’ in Delhi

Marking the 69th Republic Day celebrations, Khadi and Village Industries Commission and New Delhi Municipal Council have launched the first ever ‘Khadi Haat’ in the country.The Khadi Haat was inaugurated on January 25 by Minister of State Giriraj Singh in Connaught Place. In this Khadi Haat, entrepreneurs under PMEGP will get an opportunity to display and sell their exquisite products.

RIL to cross ?6-lakh crore market cap

Reliance Industries became the first Indian company to cross the ?6-lakh crore mark in market capitalisation as its shares touched a 52-week high of ?974.5.RIL shares rose 4.5% to ?971.2 valuing the company at ?6,15,150 crore. RIL is owned 40% by its chairman Mukesh Ambani, making him the richest Indian with personal wealth of $40.7 billion.

Pres. unveils Book on Self-Development

President Ram Nath Kovind unveiled a book on heartfulness techniques and principles titled ‘The Heartfulness Way’.Kamlesh D. Patel is the author of this book. It is the fourth Global Guide of Heartfulness. Joshua Pollock is the second author of this book. It was launched by Commerce and Industries Minister Suresh Prabhu.

South Korea, GCCI Sign MoU

An official delegation from South Korea and the Gujarat Chamber of Commerce and Industry signed a MoU.MoU is for co-operation between industries in Gujarat and the East Asian countries, with a focus on automobile, defence and textile sectors. The South Korean delegation was led by the country’s Consul General in Mumbai, Kim Soungeun.

Defence Innovation Centre in Coimbatore

Defence Minister Nirmala Sitharaman has announced the release of ?20 crore to the Coimbatore District Small Industries Association for setting up a defence innovation centre here.The centre will help the MSME and start-ups engaged in the manufacture of components for the defence sector to conduct tests and trials. India is the third biggest armaments procurement country in the world.

Merger of Dish TV and Videocon d2h

Dish TV has received the final approval from the government for closing its merger with Videocon d2h, the DTH arm of Videocon Industries Ltd.The new entity will called Dish TV Videocon Limited. The combined entity will serve more than 29 million subscribers.Dish TV is currently the market leader with a 24% share followed by Tata Sky with a 23% market share.

UCO, Allahabad Bank sell Jai Balaji loan

UCO Bank & Allahabad Bank have sold their entire loan exposure to Jai Balaji Industries to Edelweiss Asset Reconstruction, ahead of a deadline to begin bankruptcy proceedings.Jai Balaji is one of 29 NPA accounts in the second defaulter list prepared by the Reserve Bank of India.The purchase of these loans will make Edelweiss ARC one of the largest creditors to the company.

Telangana announces WE-Hub for women

Telangana Minister for IT and Industries KT Rama Rao stated that 3 initiatives for women entrepreneurs including setting up ‘We-Hub’ on the lines of T-Hub and also to create Rs 15 crore fund.T-Hub is a partnership between the government of Telangana with three of India’s premier academic institutes and key private sector leaders.The WE-Hub will be funded under the Atal Innovation Mission.

Crisil, Sidbi tie up to launch CriSidEx

Rating firm Crisil and Small Industries Development Bank of India (SIDBI) have signed a MoU to launch CriSidEx, a sentiment Index for Micro, Small and Medium Enterprises (MSME). This index will provide insights into employment, business environment, and foreign trade trends in the MSME sector. The sample of the survey will have representation based on size, geography and nature of the business.

SIDBI revamps portal for easy access

Small Industries Development Bank of India (SIDBI) has revamped its portal udyamimitra.in with enhanced features. It is done to provide easy access to credit and hand-holding services for micro small medium enterprises (MSME). The portal brings transparency and competition among lenders and removes the need to approach several banks individually.

RIL becomes world’s 3rd largest

Reliance Industries has jumped 5 places to rank as world’s 3rd-biggest energy company behind Russian gas firm Gazrpom & German utility E.ON, according to Platts Top 250 Global Energy Company Rankings. Reliance, the owner of world’s biggest refinery complex, was ranked at 7th position last year. Russia’s Gazprom snagged the number 1 spot, ending ExxonMobil’s 12-year reign at top of the list.

IDBI Bank sells 1% stake in Sidbi

IDBI Bank has sold 1% stake in Small Industries Development Bank of India for an undisclosed amount in a bid to mobilise funds by exiting non-core business. The bank sold 53,19,220 shares constituting 1% of paid up capital of Sidbi. Sidbi was originally 100% owned by IDBI, when it was a term lending institution. Later it divested 51% stake in favour of govt owned banks & insurance companies.

HDFC Bank pips TCS

HDFC Bank has pipped Tata Consultancy Services to become the 2nd most valued company in terms of market capitalisation. The bank’s market value stood at Rs. 4,71,323 crore compared with TCS’ Rs. 4,70,780.75 crore. HDFC Bank’s share have increased by 53% this year on quarter-after-quarter strong results. Reliance Industries with market capitalisation of Rs. 5,33,070 stood at the top of the list

50 new green-fuel stations in 3 years

Gurugram district administration has decided to sanction 50 new green-fuel stations in Millennium City in next 3 years to control rising air pollution. The initiative has been taken after considering that the city has several factories & industries. The Haryana City Gas Distribution, an authorised dealer to sell CNG in Gurgaon, has been given the responsibility to construct the 50 stations.

Boost to Army’s air power

Indian Army will finally get an advanced medium-range surface to air missile system by 2020 which will be able to shoot down ballistic missiles, fighter jets & attack helicopters from a range of around 70 km. The missile system will be produced by DRDO in collaboration with the Israel Aerospace Industries. The current version of MRSAM is operational with the Indian Air Force and the Navy.

Out of top 10 most valued companies

Infosys, India’s 2nd largest software services firm, lost its place in the list of country’s 10 most valued companies in terms of market capitalization. Fall in market capitalization comes after its CEO & MD Vishal Sikka resigned. Standing at a market cap of Rs2 trillion, Infosys now ranks at 11th position & has been replaced in top 10 by IOC. Reliance Industries is the most valued company.

ONGC board approves HPCL takeover

The board of ONGC has given ‘in-principle’ approval to acquire the government’s 51.11% stake in Hindustan Petroleum Corporation. HPCL will become a subsidiary of ONGC and will remain a listed company post the acquisition. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC’s portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.

Govt slaps $264 mn penalty on RIL, BP

Govt has imposed a penalty of $264 million on Reliance Industries & its partners for producing less than targeted natural gas from eastern offshore KG—D6 fields in 2015-16. Total penalty now for missing target during 6 years stands at $3.02 billion PSC allows RIL & its partners BP Plc & Niko Resources to deduct all capital & operating expenses from sale of gas before sharing profit with govt

SIDBI starts merchant banking operations

Small Industries Development Bank of India has started full-fledged merchant banking operations to benefit micro, small and medium enterprises. The initiative is aimed at enhancing the access of MSMEs to the capital markets, including the SME Trading Platform and Institutional Trading Platform. This will prove beneficial to the SME exchange as well as investors seeking liquidity or exit.

Eurofins to buy Advinus from Tatas

Tata group has agreed to sell its pharmaceuticals and biotech research unit Advinus Therapeutics to Eurofins Scientific. Advinus was started by the Tata group in 2005 as a research outsourcing company. The group through Tata Sons, Tata Industries and Rallis India controlled Advinus. Advinus has submitted over 50 end-to-end investigational new drug applications to global regulators.

Food for armed forces in high-altitude

DRDO has developed nutritious & protein-rich food for armed forces deployed in high-altitude & snowbound areas. Major food products developed by DRDO include chicken biscuits, protein-rich mutton bar, tulsi bar among others. There is no food production unit in DRDO. However after developing these products production technologies have been transferred to various industries for bulk production

Bonus issue after 12 years

Reliance Industries has announced 1 bonus share for every share held — the first such issue after 12 years, and a dividend of Rs. 13 a share. Announcing the 1:1 bonus share, RIL Chairman and Managing Director Mukesh Ambani said this is the country’s largest bonus issue. As many as 39 companies have this year announced bonus shares. Indian Oil Corp had announced a 1:1 bonus issue last month.

Indian Army and DRDO sign pact

Defence Research and Development Organisation has signed a pact with the Army for developing a medium-range surface to air missile. The missile will be produced by the DRDO in collaboration with the Israel Aerospace Industries. The missile will be capable of engaging multiple aerial targets at a range of more than 50 kms. It is also capable of shooting down ballistic missiles and aircraft.

Cabinet approves sale of stake in HPCL

Union Cabinet has given its nod for the sale of govt’s 51.11% stake in HPCL to ONGC for Rs. 30,000 crore. HPCL will however not be merged with ONGC. It will remain a separate entity and operate as ONGC’s subsidiary. HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC’s portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.

IOC becomes India’s most profitable PSU

Indian Oil Corp has overtaken Oil and Natural Gas Corp to become India’s most profitable state owned company. IOC posted 70% jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017. While ONGC posted Rs 17,900 crore net profit, making IOC the most profitable PSU. Reliance Industries retained the crown of being India’s most profitable company for 3rd year in a row.

IAI signs $630 million deal with India.

The Israel Aerospace Industries has signed a $630 million deal with the Indian state-owned aerospace and defense company Bharat Electronics Limited. As part of the deal, the IAI will provide BEL with the naval version of the aerial defense system Barak 8 for four Indian Navy ships. The deal was part of the “Make in India” initiative, BEL will be used as the main contractor for the project.

Automotive testing track launched.

Union Heavy Industries & Public Enterprises Minister Anant G. Geete formally inaugurated the test track facility at Oragadam for automotive firms in Chennai. The facility is developed by The Global Automotive Research Centre. It has 5 different types of test track namely high speed track, gradient or hill track, External noise track, Braking surface track & steering pad.

Indian Coir Sector grows high

The export of Coir and Coir products from the country has touched an all time high of 2282 crore rupees by value and 9.57 Metric Tones in quantity during 2016-17. This was reported by minister Giriraj Singh. The Coir Board of India promotes development of coir industries in India. It is based in Kochi and Alappuzha.

1 lakh fine for dumping e-waste in Ganga

The National Green Tribunal has announced that anyone found dumping electronic waste (e-waste) on the banks of river Ramganga would have to pay Rs one lakh as environment compensation. Huge quantity of hazardous e-waste generated from various industries in powder form is being disposed on the bank of river Ramganga in Moradabad. The compensation would vary from Rs 50,000 to ` 1 lakh.

4th National Standards Conclave

Department of Commerce, Government of India in collaboration with Confederation of Indian Industry, Bureau of Indian Standards and the National Accreditation Board for Certification Bodies and other knowledge partners is organizing the 4th National Standards Conclave. It will be organized in New Delhi from May 1-2. The objective of the Conclave is to bring awareness and prepare Industries.

Most valued companies add ` 32,394 cr

Four of 10 most valued listed companies together added ` 32,394.14 crore in market valuation. HDFC Bank and Reliance Industries (RIL) gained the most. TCS stood at number one position in the domestic mcap chart followed by RIL, HDFC Bank, ITC, HDFC, ONGC, SBI, Infosys, IOC and HUL.

Subsidy for mild hybrid vehicles removed

The Union Ministry of Heavy Industries and Public Enterprises has withdrawn subsidy given to mild hybrid vehicles under FAME India scheme. A mild hybrid vehicle has an electric motor, which on its own cannot run a vehicle but assists normal engine by using recovered energy stored in a battery and helps save fuel. FAME India was launched in 2015 to promote eco-friendly cars.

Plastic waste by industries

The Union Environment Ministry notifies new Plastic Waste Management Rules to curb over 6,000 tonnes of uncollected Plastic waste generated daily by industries.

Japan invest in Iran’s Industries

Japan lifts sanctions on Iran, falling in line with major world powers. The move will allow Japanese companies to pursue investment in Iran’s oil and gas industry.

RIL Reclaims Tag of Most Profitable Indian Firm

Reliance Industries regained its status as the most profitable Indian company after posting an 8.5 per cent rise in consolidated net profit for the March quarter. The operator of the world’s biggest refining complex reported a net profit Rs 6,381 crore for the three months to March, 2015. RIL had lost its crown as India’s most profitable firm to outsourcing giant TCS in the December quarter. TCS, which announced its March quarter numbers , reported a net profit of around Rs 5,900 crore (including one-time bonus for employees).

Clemson University honoured Ratan Tata with Doctorate of Automotive Engineering

Ratan Tata was honoured an honorary Doctorate of Automotive Engineering by the Clemson University at the South Carolina Automotive Summit. He was awarded for his contributions to the global automotive industry. Ratan Tata is the ex-chairman of the Tata Group. He was named Chairman of Tata Industries In 1981, where he was responsible for transforming it into a group strategy think tank and a promoter of new ventures in high technology businesses. Ratan Tata serves on the board of directors of Alcoa and Mondelez.

Aditya Birla Chemicals to merge with Grasim Industries

The Board of Directors of Grasim Industries Limited on 11 February 2015 approved the proposed merger of Aditya Birla Chemicals (India) Limited (ABCIL) with Grasim. The proposed scheme is subject to approval of the high court and regulatory authorities.
•Grasim is a leading manufacturer of caustic soda in India, with an installed capacity of 452500 tonnes per annum. Its plants are located at Nagda in Madhya Pradesh and at Vilayat in Gujarat.
•Aditya Birla Chemicals (India) Limited (ABCIL) is a leading manufacturer of bulk and specialty chemicals and viscose filament yarn. The business is spread across multiple manufacturing locations in four countries namely India, Thailand, Germany and China.

State Ranks second in Industrial Growth

Strongly denying that manufacturers were leaving Tamil Nadu and moving to other States, Tamil Nadu Industries Minister P. Thangamani on Dec. 5 said the State ranked second in GDP output after Maharashtra and that its growth rate of 7.94 per cent this year was more than the national growth rate of 4.94 per cent. The number of factories in 2013 was 40,354, while in 2014 it was 42,000, which showed that the number of factories was increasing. In the year 2011, under DMK rule, the number of employed persons was 84,21,000 but this had risen to 1.6 crore in the last three years under the AIADMK regime, proving that job opportunities were rising.

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