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.