Jabalpurtoday

Mon. May 13th, 2024
Forbes 2024
Business/Marketing India

Forbes 2024: Indian Billionaires Break Records on Forbes’ 2024 List with $954 Billion in Combined Wealth

Prateeksha Thakur

New Delhi, 3 April 2024

The 2024 Forbes list of billionaires shows a massive jump in Indian representation. A whopping 200 Indians cracked the list, a significant rise from 169 last year. Collectively, these Indian titans of wealth hold a staggering $954 billion, a 41% increase from the previous year’s total.

Mukesh Ambani Takes the Crown

Leading the pack is Mukesh Ambani, the chairman of Reliance Industries. He soared to the top of the list, becoming the richest person there. His net worth skyrocketed to a staggering $116 billion, making him the first Asian to join the elite $100 billion club. Despite this incredible feat, Ambani remains the ninth richest person globally.

Gautam Adani: The Infrastructure Powerhouse

Following closely behind is Gautam Adani, whose dominance in the infrastructure and commodities sectors propelled him to the second-richest Indian spot. Adani, the founder and chairman of the Adani Group, solidified his position with a fortune of $84 billion, ranking 17th overall on the list.

Savitri Jindal: The Wealthiest Woman in India

Savitri Jindal, the chairperson of Jindal Steel and Power Limited, also saw a significant rise in her wealth. Climbing from sixth to fourth place, her total fortune sits at $33.5 billion. With this, Jindal retains her title as the wealthiest woman in India.

Fresh Faces and Shifting Fortunes

The 2024 Forbes list welcomes a wave of 25 new Indian billionaires, including prominent figures like Renuka Jagtiani, Ramesh Kunhikannan, and Naresh Trehan. However, the list also saw some departures, with Byju Raveendran and Rohiqa Mistry falling out this year.

My Inbox Media
Business/Marketing India

14 Years of My Inbox Media : A Global Tech Leader Trusted by Industry Giants

Prateeksha Thakur

New Delhi, 2 April 2024

My Inbox Media (MiM), a major multinational corporation (MNC) in IT and telecommunications solutions, is celebrating its 14th year of success with a memorable journey. MiM was founded in 2010 by a small team of five in Delhi and has since grown into a global force with over 25,000 clients in 20 countries. Their amazing growth is further demonstrated by a staff of over 100 individuals and nine offices internationally.

MiM’s core mission is to empower businesses. They achieve this by providing custom-tailored IT and communication solutions designed to meet each client’s specific needs. Their expertise extends beyond consulting, with a proven track record of developing over 50 applications to directly address client challenges.

The company boasts a prestigious clientele that includes industry giants like Sony, Etihad, BMW, Titan, Honda, SBI, Lenskart, and many more. This trust is a testament to MiM’s unwavering commitment to innovation and excellence. Under the visionary leadership of Mr. Yusuf Hasan, the company fosters a culture that values “the combination of hope and hard work” as its greatest asset.

Looking ahead, MiM’s sights are set on further expansion. They are actively pursuing opportunities to extend their reach into new countries, solidifying their position as a global leader. This ambition is fueled by a dedicated team that takes immense pride in consistently delivering value to their customers.

“Our client’s needs are at the epicenter of everything that we do,” says a MiM spokesperson. “We believe in leveraging actionable data to curate bespoke strategies that ensure our clients not only achieve their goals but also become leaders in their respective industries.”

MiM’s dedication to continuous growth is evident in their team of expert marketers, designers, and developers. This combined expertise allows them to deliver industry-defining solutions that propel businesses forward.

With a rich legacy of accomplishments and a resolute commitment to the future, My Inbox Media embarks on a path brimming with possibilities. They are poised to conquer new horizons and solidify their presence as a dominant force in the global technological landscape.

Reliance Industries
Business/Marketing India

Reliance Industries Secures 26% Stake in Adani Power Project

Prateeksha Thakur

New Delhi, 29 March 2024

Mukesh Ambani, the world’s richest man, has made a significant investment in the Adani Group, which is led by Gautam Adani, the country’s second wealthiest man. Gautam Adani attended the pre-wedding ceremony of Mukesh Ambani’s younger son, Anant, in Jamnagar earlier this month.

Reliance Industries recently made a calculated strategic move by purchasing a sizeable 26% share in a Madhya Pradesh-based power facility that is owned by the Adani Group. At a face value of Rs 10 per share, Reliance is expected to purchase 5 crore equity shares of Mahan Energen Ltd, an Adani Power Ltd subsidiary, per official stock market statements by both businesses. In addition, Reliance has signed a contract to use 500 MW of the plant’s power for internal use, suggesting that the two massive corporations are working together more closely.

Ambani’s Reliance, which operates in oil and gas, retail, and telecommunications, and Adani’s focus on infrastructure sectors such as coal, mining, sea ports, and airports have traditionally kept the two business tycoons apart, with the exception of the clean energy sector, where both have pledged substantial investments. Adani intends to be the world’s biggest renewable energy producer by 2030, while Reliance is building four gigafactories in Jamnagar, Gujarat, focused on fuel cells, batteries, solar panels, and green hydrogen generation.

Adani is also building three gigafactories to produce hydrogen electrolysers, wind turbines, and solar panels. However, possible conflicts exist, such as when Adani Group bid on spectrum for fifth-generation (5G) data and phone services. Adani’s acquisition of 400 MHz of spectrum in the 26 GHz band contradicts Ambani’s strategy, as this band is not designated for usage by public networks.

Business/Marketing

Indian direct selling takes a leap stride, grows at 12%, crosses Rs. 21000 crores : Report

Suditi Raje

The active direct seller number stood at 86 lakhs.

The Northern Region leads in sales and contributes 30% to gross sales.

Wellness continues to top all segments, with cosmetics and personal care in second place.

Maharashtra shares the highest share, with 12% of the gross sales in all states.

New Delhi, March 20, 2024 :

Blooming back with a leap stride, the Indian direct selling industry has registered Year-On-Year (YOY) growth of more than 12%, with the gross industry turnover at Rs 21,282 crore in 2022–23, according to an annual survey report released by the Indian Direct Selling Association (IDSA) here on Wednesday.

The survey, compiled by leading market research company KANTAR, released by Sh. G. Kamala Vardhan Rao, Chief Executive Officer, Food Safety and Standards Authority of India (FSSAI) in a function here. Shri Rao took this opportunity to congratulate IDSA on releasing this report.

According to the report, there has been a comprehensive improvement in all areas of the direct selling industry and the total sales have increased by Rs 2252 crore compared to the year 2021-22 which was partially marred by the pandemic. The average growth (CAGR) of the direct selling business in the four years from the year 2019-20 to 2022-23 has remained at 8.3 percent.

The Northern region continues to take the lead with 30% of turnover, followed by the East with 25%, West 22%, South 15%, and North East 9%. Maharashtra led at the top with 12%, followed by West Bengal and Uttar Pradesh with 10% each among the states, the survey highlights.

Wellness and nutraceutical products remained the preferred segment, accounting for 73.5% and cosmetics and personal care 11.3% of the gross turnover. The industry has recorded an 8.3% CAGR over four years, with the number of active direct sellers reaching around 86 lakhs, from 84 lakh in 2021–22, the survey says. 

   Mr. Vivek Katoch, Chairperson, IDSA, said, “The report showcases an encouraging trend for the direct selling industry in the country. The growth trajectory of the industry has been on a surge over the years. A CAGR of 8.3% is a testament to the fact that direct selling business in the country has made steady growth and is poised to strengthen further in the years to come on the back of a promising regulatory framework by the government for the industry.”

   “I am happy to share that with sustained growth, India has improved its ranking by one step to climb to 11th place in 2022 on the global direct selling map, up from 15th in 2019. We are confident that with the growth exhibited by the latest survey, India will break into the top-5 direct selling markets in the globe much sooner than the earlier estimates,” said Mr. Katoch.

   “Around 86 lakh direct sellers are actively self-employed in the direct selling industry in India. There has been a staggering growth in this area and the business as well that shows the growing trust and confidence in the direct selling business,” said Mr. Harish Pant, Vice Chairman, IDSA.

On this occasion, about 15 women entrepreneurs who have excelled in the field of direct selling were also honoured. 
Mrs. Aprajita Sarcar, Treasurer, Mr. Rajat Banerji, Secretary and senior dignitaries from the member companies, IDSA, were among the other dignitaries present on the occasion.

Business/Marketing City

Polish Businesses Explore Collaborations in Gurugram

Suditi Raje

Gurugram, March 2nd 2024

A recent event, organized in collaboration with PHD Chambers of Commerce, aimed to foster connections between Polish and Gurugram businesses.

This initiative included the participation of Mr. Tomasz Szypula, Chairman of PTAK WARSAW Expo (Poland), and Mr. Kazimierz Cwikla, Vice President (Head of Development and Expansion).

During the gathering, Gurugram and Polish entrepreneurs engaged in a productive discussion focused on advancing and developing their respective industries. Notably, at the request of Mr. Gunjan Mehta, Chairman of the National Human Welfare Council and founder of the Gurugram Industrial Expo, Polish businesses agreed to sign a Memorandum of Understanding (MoU) with Gurugram’s industrial organizations.

Additionally, a delegation of Gurugram businessmen was invited to visit Poland.Gurugram: A Hub for IndustryMr. Gunjan Mehta emphasized Gurugram’s position as a prominent center for the automotive, IT, and apparel industries. He highlighted that Poland hosts approximately 75 international fairs showcasing these very products annually.

Recognizing the potential for collaboration, Mr. Mehta, who actively engages with businesses in India and abroad, facilitated this meeting to connect Indian exporters and manufacturers with Polish counterparts seeking raw materials for their garment industry.

Meeting Attendees and Significance of the MoUThe gathering featured representatives from various sectors, including entrepreneurs associated with the Udyog Vihar garment sector, Chief Pattern Colonel Raj Singhla, PHDCCI Deputy Secretary General Naveen Seth, Shri Rajneesh, President of the Chambers of Commerce Udyog Vihar Association, Shri AK Kohli, and Col. Raj Singhla.Commenting on the signed MoU, Mr. Gunjan Mehta declared, “This agreement will act as a catalyst for industrial growth in both countries, propelling their economies towards sustained progress.”

Furthermore, he extended an invitation to Gurugram industry leaders to visit Poland as a delegation to gain insights into both nations’ businesses, demand trends, and product and service quality. This initiative, readily accepted by the Polish Chairman of PTAK WARSAW EXPO, underscores the commitment to fostering meaningful collaboration between these two regions.

Business/Marketing

Promises Broken, Future Bleak: Coastal Energen Suffers as Banking System Fails Established Power Player

Suditi Raje

Delhi, 21st February, 2024

Coastal Energen Private Limited (CEPL) faces significant challenges that threaten its operation and ability to serve the state’s power needs. These include non-disbursement of crucial working capital by banks, increased construction costs, delayed loan approvals, retrospective taxes, and the lack of a power purchase agreement for its second unit.

A consortium led by State Bank of India had provided loans to CEPL to establish a 1,200-megawatt thermal power project in Tamil Nadu. Due to delays in fund and a cost overrun, the project cost shot up to Rs 7,870 crore, with a debt of Rs 6,296 crore and equity of Rs 1,574 crore. The original cost was Rs 4,297 crore, with a debt of Rs 3,323 crore.Mutiara & Precious Energy Holdings, the existing promoters of Coastal Energen Pvt Ltd, have already offered a total settlement of ₹5,847 crore, including 15 per cent equity.

With the above settlement offer, the Promoters of Coastal Energen are confident that the SBI-led Consortium will view the offer favourably considering an extremely attractive recovery of 82 per cent and amongst the highest in the country. Despite financial constraints, existing promoters ensured Coastal Energen was well maintained, enabling a good recovery for banks, said the company.

Of the total settlement offered, ₹2,327 crore has already been settled with the State Bank of India (SBI) Consortium, according to a statement from Coastal Energen. It also pointed out that the settlement offered by existing promoters is among the highest in the country.

Due to delays by the bank and a cost over-run, the project cost shot up to ₹7,870 crore (with debt of ₹6,296 crore and equity of ₹1,574 crore) from the original cost of ₹4,297 crore (with debt of ₹3,323 crore and equity of ₹859 crore).

The project’s Unit 1 of 600 MW is tied up with Tangedco under a 15-year Power Purchase Agreement. Unit 2 faced difficulties in getting long-term PPAs, and consequently, the company couldn’t service its obligations under the credit facilities provided by the lenders.

A consortium led by State Bank of India had provided loans to CEPL to establish a 1,200-megawatt thermal power project in Tamil Nadu.

In February 2022, the National Company Law Tribunal admitted an application by SBI against CEPL to initiate the CIRP. The company is promoted by Coal & Oil Group through Mutiara Energy Holdings Ltd., Mauritius, and Precious Energy Holdings Ltd., a Dubai-based energy conglomerate.

Despite these hurdles, Coastal has demonstrated its commitment to resolving its financial challenges. It has collected Rs.2600 crore from TANGEDCO and settled over 50% of its outstanding dues, even without access to necessary working capital. Additionally, the company secured investments totaling Rs.150 crore from its promoter and achieved an average turnover of Rs.1700 crore since 2017.

Coastal offers a One-Time Settlement (OTS) plan to its lenders, presenting a significantly better alternative than any potential liquidation outcome. The company urges the tribunal to consider its ongoing operations, its past efforts, and its commitment to securing future funding to ensure a positive resolution for all stakeholders.

Business/Marketing India

Olectra Greentech announces Q2 Results, net profit jumps 150 percent

Bureau jabalpur today

New Delhi, 05th Nov, 2023 :

India’s leading electric vehicles manufacturer Olectra Greentech Limited (OGL), has announced its Q2 and half-year consolidated financial results ending September 30, 2023. The Board of Directors, in its meeting held on Saturday, officially approved these remarkable achievements.

During the quarter under report, Olectra delivered 154 electric vehicles, against the 111 delivered in 2022-23, an increase of 39 percent. The revenue for Q2 FY 23-24 stood at Rs 307.16 crore, up by 73%.

This significant revenue growth was recorded due to the increase in deliveries. The company has delivered over 1437 electric vehicles till date. The strong demand continues with the total number of bus orders on hand standing at 8,208 units.

The company’s EBITDA in Q2 FY23-24 reached an impressive Rs 45.06 crore, marking a substantial 72% increase compared to the previous year.

The PBT has surged to Rs 26.57 crore, a remarkable 141% increase from the previous fiscal year’s Rs 11.03 crore. The PAT stands at Rs. 18.58 crore, compared to Rs 7.42 crore in the previous fiscal year up by 150%.

The company reported Earnings Per Share (EPS) of Rs 4.40 for the half year ended September 30, 2023, compared to Rs 2.95 for the previous half year ending September 30, 2022.

Performance Highlights of H1-half year:

The revenue for H1 FY23-24 was Rs 523.18 crore, up by14%. The company’s EBITDA in H1 reached an impressive Rs 86.57 crore, marking a substantial 33% increase compared to the previous year.

The PBT surged to Rs 51.83 crore, a remarkable 53% increase from the previous fiscal year’s Rs 33.92 crore. The PAT stands at Rs 36.65 crore, up by 52%, compared to the previous fiscal year’s Rs 24.10 crore.

Commenting on the results, Olectra Greentech Limited CMD Mr K. V. Pradeep said: “We are pleased to report strong growth in our consolidated revenue and profitability for the Q2 and H1 FY23-24. Our focus continues on increasing our manufacturing capacity and enhancing our technology capabilities. We also have a strong order book.”

The construction works of the Seetarampur factory that is coming up over 150 acres is racing ahead. With this factory our production capacity will further increase, he added.

Delhi Politics

Dr. Udit Raj’s Door-to-Door Campaign Gathers Momentum in North West Delhi

Delhi Politics

Dr. Udit Raj’s Campaign Gains Momentum, BJP Scrambles to Respond with Star Campaigners

India Rajasthan

Bikaner House organises condolence meet to mourne death of retired officer Shri Yaduvendra Mathur of the Rajasthan Cadre of the Indian Administrative Service

Delhi Politics

North West Lok Sabha Seat: Congress State President Devendra Yadav assesses Dr. Udit Raj’s seat, expresses satisfaction over preparations