CCI approves the acquisition of the 'Plates & Coils Mill Division' of Welspun Corp Limited by Laptev Finance Private Limited

The Competition Commission of India (CCI) approves the acquisition of the 'Plates & Coils Mill Division' of Welspun Corp Limited (Welspun) by Laptev Finance Private Limited (Laptev), under Section 31(1) of the Competition Act, 2002 (Act).

Laptev is in the business of buying, selling, reselling, exporting, importing and trading all kinds of goods, including steel goods.

Welspun is the flagship company of Welspun Group, which is among the largest welded line pipe manufacturing companies in the world.

Welspun's core business is that of manufacturing welded tubes and/or pipes of all sizes of steel, including stainless steel, carbon steel, alloy steel by resistance welding, spiral welding, or longitudinal welding.

The CCI approved the proposed combination under Section 31(1) of the Act.

Union Minister for Rural Development Shri Narendra Singh Tomar inaugurates SARAS IITF2019; Says Women from Self Help Groups play a very crucial role in fulfilment of two goals set by Honorable Prime Minister of Poverty Reduction & Women Empowerment

The Union Minister for Rural Development, Panchayati Raj and Agriculture Shri Narendra Singh Tomar today inaugurated the SARAS IITF Mela 2019 at Pragati Maidan, New Delhi. Addressing the gathering, Shri Tomar congratulated everyone who is participating in the mela and wished them all the best. The Union Minister said that the didis (sisters) from the Self-Help Groups (SHGs) possess a lot of positive energy and will power and the same should be utilized for progress of the nation. Shri Tomar added that the didis are not only improving and progressing their own households and families but also contributing towards progress and development of the nation.

Shri Tomar said that Prime Minister Shri Narendra Modi has stressed on two very important things which are empowerment of women especially through SHGs and removal of poverty from the nation and the didis from SHGs play a very important and crucial role in fulfilment of these two goals. The Union Rural Development Minister further added that the target for a $ 5 trillion economy set by the Honorable Prime Minister will be achieved by growth from all sectors but SHGs will definitely play a significant and remarkable role in this regard. Shri Tomar also said that it is important for men and women to work hand in hand for the growth and development of the nation and the Government is working dedicatedly for improving lives of its citizens especially women and making them financially independent.

The Minister of State for Rural Development Sadhvi Niranjan Jyoti also participated as Special Guest at the event and addressed the gathering. She said that SARAS has been instrumental in increasing the motivation of didis. She said that women from SHGs called didis run their households with the money earned also manage to save for the future which is in itself a remarkable feat. Quoting verses from the 'Ramcharitmanas' Shri Jyoti said these didis give inspiration to other women across the nation to become more independent and progressive.

Secretary, Department of Rural Development Shri Amarjeet Sinha said that SARAS has been able to build a good name for itself in the IITF Mela and people who come to visit the mela also visit the SARAS stalls. He said that lots of didis come to this mela to sell their produce and change their financial status. Shri Sinha said that this positive change in their financial status will help change the face of Rural India and make it more progressive. The Secretary asked the didis from SHGs in the crowd to raise their hands if they are coming to Delhi for the first time and many women did which shown the effectiveness of this event which not only provides an active forum for women from SHGs to earn money but also gain independence and experience which will further help them in marketing their produce and evolve a brand name for themselves eventually.

TAJ opens new hotel in Tirupati

Taj, the Indian Hotels Company's iconic brand, recently opened its new hotel in Tirupati, located in close proximity to the Tirumala Hills.

Tirupati is home to the shrine of Tirumala Venkateswara Temple and is one of the most visited religious sites on earth.

Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer (CEO), The Indian Hotels Company, said, "IHCL has been a pioneer in the religious tourism segment in the country and is delighted to announce the opening of Taj in Tirupati; one of the largest pilgrimage destinations attracting millions of devotees annually."

The Taj Tirupati is inspired by the Dravidian style of architecture and has a unique design evident in its solid lines, open spaces and characteristic curves.

There are 106 spacious rooms and suites available, which are decorated with silk wallpaper and local motifs in the floor carpets. The traditional brass bells are also used at the reception to pay tribute to the local culture.

"Tirupati with its century-old temples has enthralled visitors for years. Taj Tirupati, with its location at the foothills of divinity, offers the perfect place to stay and explore the city," Mr. V K Prasad, General Manager, Taj Tirupati, said.

Varuna, a place that offers local Andhra flavours along with global cuisines is available for the guests to dine in. Foodies who love regional classics have much to celebrate with Chennai's award-winning regional cuisine restaurant - Southern Spice's new outpost at Taj Tirupati.

Shri Amit Shah inaugurates the National Tribal Festival 'Aadi Mahotsav'

Union Minister for Home Affairs, Shri Amit Shah inaugurated the National Tribal Festival 'Aadi Mahotsav', in New Delhi today. Union Minister for Tribal Affairs, Shri Arjun Munda also graced the occasion, among other dignitaries.

Addressing on the event, Shri Shah said that Prime Minister Shri Narendra Modi has seen a vision of the 'Aadi Mahotsav' and developing 'Van Dhan Vikas Kendras', to accelerate the development of tribal people across the country, who reside in 40 per cent of its area and constitute 8 per cent of its population. Over a thousand tribal artisans from 27 states are participating in the event. This platform is helping the tribal artisans, their handicrafts, culture, traditions and food to showcase them in front of the world. Such a platform not only proves to be a vital source of employment to lakhs of tribals, but also gives them recognition and in stills a sense of pride and worthiness in them, he said.

Through this initiative, Home Minister said, Modi government is showing its commitment to safeguard tribal culture and ensure its development in a sustainable manner, as it believes in Pandit Deen Dayal Upadhyay’s philosophy of Antyodaya. Shri Shah said, "I want to assure crores of tribal brethren that the Narendra Modi government is committed to ensure sustainable development and improvement in standard of living of tribals, without disturbing their culture and traditions". He further said that it was first time since independence that, under the government led by Shri Atal Bihari Vajpayee, a separate Ministry was formed for the development of tribals. Such an important thing was neglected by governments in the past, he added.

Remembering Bhagwan Birsa Munda on his birth anniversary, Home Minister said that it was he who gave the first call of a revolution against the British rule in the 'Ulgulan Andolan'. He was the person who showed new horizons to the tribal society with his revolutionary thoughts. In such a short life, he fought for the rights of the tribals and forest dwellers, which is why he came to be known as 'Bhagwan' among them. Talking about recognizing the immense contribution of tribals in fighting the British rule, Shri Shah said that Modi government has built museums worth over Rs 180 crore (US$ 25.75 million) across the country to preserve the contribution of tribal leaders in India's freedom struggle.

Shri Shah called the tribals as the protectors of forests, which in turn are the lungs of the nation. The tribals are still attached to nature as well as maintain their centuries-old culture. Such a coexistence of nature with human culture is best exemplified by the tribal society. Tribals might not have the modern life of luxury and comfort, yet they have the gift of happiness that comes from staying in the lap of nature with harmony, he said. Shri Shah noted that in today's times of climate change, when the whole world is seeing ill effects of global warming, it is the tribals who are a live example for the whole world of how humans can sustainability coexist with nature.

Talking about the schemes of Government of India that are benefiting tribal population, Shri Shah said that Narendra Modi government has given every household gas, electricity, free healthcare till Rs 5 lakh (US$ 7154) and houses with toilets, among others, which are the basic needs of the people. Talking about specific schemes about tribal development, he said that Modi government initiated the concept of the District Mineral Fund, under which proceeds of over Rs 32,000 crore (US$ 4.58 billion), besides budgetary allocations, have been employed in the last 5 years for development of tribal areas, villages and people. Further, an audio-visual digital library consisting of over 10,000 tribal cultural events has been developed by this government to preserve and protect the tribal culture and traditions for future generations, he said.

Talking about the government's push to increase penetration of education in tribal areas, Shri Shah talked about how Modi government has initiated the 'Eklavya' model and increased the funds of Tribal Research institutes across the country. He said that by the 75th year of India's independence, 2022, each block would have a tribal school on Eklavya model. 465 schools have already been constructed, he added.

Observing how the earlier governments have neglected the development of the under privileged sections of the society and how privileged classes have cornered benefits of development, Home Minister said that tribals and dalits have never been the priority of any government earlier, but Modi government is a firm believer that the poor and underprivileged sections have the first right over the resources of the country before anyone else. This government truly believes in Prime Minister Modi's vision of 'Sabka Saath, Sabka Vikas', he said.

Concluding his speech, Shri Shah assured the tribal people across the country that Narendra Modi government is standing like a rock behind the adivasis and would leave no stone unturned in the path of their development.

Rajya Sabha passed 3,817 Bills in the last 67 years; Held 5,466 sittings since 1952

The first ever effort by the Rajya Sabha secretariat to quantify and analyse the legislative work done by the Upper House since it came into being in 1952 has revealed that the House has passed 3,817 Bills till the end of the last and the 249th session. Of these, 60 Bills had lapsed due to the dissolution of Lok Sabha at various points of time while 63 Bills were deemed to have been passed by the Upper House while two Bills cleared by it are still to be taken up in Lok Sabha. In effect, a total of 3,818 Acts of Parliament have been made since the first general elections in 1952.

A wide range of such statistical summary and other details on various aspects of the functioning of the House are contained in a publication "Rajya Sabha : The Journey since 1952" released by Chairman Shri M.Venkaiah Naidu at a meeting of the leaders of various parties and groups here today. Shri Naidu convened the meeting to seek cooperation of the parties for smooth functioning of the landmark 250th session of Rajya Sabha beginning tomorrow.

The 118 page publication with 29 chapters is a ready reckoner with interesting statistics, details of the first moves and some unique events besides details of major Bills passed by the Rajya Sabha in respect of social change, economic transformation, industrial development, health, education, agriculture, environment, national security and the objectives of 103 Constitution amendments so far made etc.

A glimpse of the content relating to the journey of Rajya Sabha during the last 67 years since its first sitting on 13.5.1952 is furnished below:
Members:

Total members of Rajya Sabha so far including those with more than one term is 2,282 including 208 women and 137 nominated members. Dr. Mahendra Prasad is serving the highest number of 7th term followed by Dr. Manmohan Singh serving 6th term. Dr. Najma Heptulla and late Shri Ram Jethmalani are the other two with six terms each. Shri Ghulam Nabi Azad, Shri A.K.Anthony, Shri Ahmed Patel and Smt. Ambika Soni are into their fifth term while Shri Pranab Mukherjee, late Shri Bhupesh Gupta, Shri Sitaram Kesri, Ms. Sajor Khaparde, Shri B.V.Abdulla Koya were among the 11 members with five terms in the Upper House. Rajya Sabha Chairman Shri Naidu is among the 45 members with four terms each.

The representation of women in Rajya Sabha increased from 15 (6.94 per cent) in 1952 increased to 31(12.76 per cent) in 2014 and is now 26(10.83 per cent) in 2019.

Some unique events relating to Rajya Sabha:

1.Casting vote by the Chair: The first and the only time when a Presiding Officer of Rajya Sabha cast his vote was when the Panel Chairman Shri M.A.Baby did so on 5.8. 1991 when the voting was tied 39-39 on the Statutory Resolution moved by the opposition seeking disapproval of the Code of Criminal Procedure (Amendment) Ordinance resulting in the victory of the opposition in the House.

2.President Rule approved only by Rajya Sabha: It happened only twice in respect of extension of President Rule in Tamilnadu and Nagaland in 1977 and in case of Haryana in 1991 when Lok Sabha was dissolved.

3.Removal of a Judge: The only time Rajya Sabha adopted a motion for removal of a Judge was in respect of Justice Soumitra Sen of Calcutta High Court on 18.8.2011 but he resigned before the motion was taken up in Lok Sabha.

4.Expulsion of members: Rajya Sabha adopted a motion on 15.11.1976 for expulsion of Dr.Subramanian Swamy whose conduct and activities were found by a Committee to be derogatory to the dignity of the House and its members. Dr.Chatrapal Singh was expelled on 23.11.2005 after Ethics Committee found him guilty of accepting money for asking questions. Dr.Swami Sakhsi Ji Maharaj was expelled on 21.3.2006 for irregularities in recommending projects under MPLAD scheme.

5.Suspension of members for the remainder of the session: 7 members viz.,Shri Kamal Akhtar,Shri Veer Pal Singh Yadav, Dr.Ejaz Ali, Shri Sabir Ali, Shri Subhash Prasad Yadav, Shri Amil Alam Khan and Shri Nand Kishore Yadav were on 9.3.2010 suspended for the remainder of the 219th session for willfully obstructing the Business of the House during discussion on women’s reservation bill.

6. Reprimand: Former Member of Rajya Sabha Shri K.K.Tiwari was summoned to the Bar of the House and was reprimanded on 1.6.1990 for a statement published in newspapers the same day that brought the office of Chairman and the House to indignity and contempt.
7. Bill passed by Rajya Sabha but negative by Lok Sabha: The Constitution (Sixty-fourth Amendment) Bill, 1990 seeking to amend Article 356 relating to extension of President's Rule in Punjab.

8. Bills passed by Lok Sabha but negatived by Rajya Sabha (5): The Constitution (Twenty-fourth Amendment) Bill, 1970 seeking to terminate privy purses and privileges of former Indian States, The Banking Service Commission (Repeal) Bill, 1977, The Constitution (Sixty-fourth Amendment) Bill, 1989 seeking to insert a new Part IX in the constitution relating to Panchayats, The Constitution (Sixty-fifth Amendment) Bill, 1989 relating to Nagar Panchayats and Municipalities and The Prevention of Terrorism Bill, 2002.

9.Bill reconsidered by Rajya Sabha: Rajya Sabha passed the Parliament (Prevention of Disqualification) Amendment Bill on 17.5.2006 as earlier passed by Lok Sabha but the President referred the same for reconsideration on 30.5.2006. Rajya Sabha reconsidered the same and passed as it was on 27.7.2006 and Lok Sabha passed it four later and was later assented to by the President on 18.8.2006.
10. Bills passed at the joint sittings of both the Houses of Parliament (3):

-The Dowry Prohibition Bill, 1959 was first introduced in and passed by Lok Sabha. Rajya Sabha later insisted on some amendments to which Lok Sabha did not agree. The Bill was passed on 9.5.1961 at a joint sitting.

-The Banking Service Commission (Repeal) Bill, 1978 first introduced in and passed by Lok Sabha was later rejected by Rajya Sabha. It was passed on 16.5.2018 at a joint sitting.

-The Prevention of Terrorism Bill, 2002 passed by Lok Sabha was negatived by Rajya Sabha and was later passed at a joint sitting on 26.3.2002.
Some firsts relating to Rajya Sabha:

First sitting of the House was held on 13.5.1952
First Bill passed: The Indian Tariff (Second Amendment) Bill, 1952
First Bill concerning social change: The Special Marriages Bill, 1952
First Constitution Amendment Bill passed by Rajya Sabha: The Constitution (Second Amendment) Bill, 1953 for readjustment of representation in Lok Sabha by increasing the size of population per constituency.
First Bill on Law and Order: The Preventive Detention (Second Amendment) Bill, 1952
First Bill on imports: The Live-stock Importation (Amendment) Bill, 1953
First media related Bill: The Press (Objectionable Matters) Amendment Bill, 1953
First on reorganization of States: The Andhra State Bill, 1953
First Bill on health education: The All India Institute of Medical Sciences Bill, 1955
First on urban development: The Faridabad Development Corporation Bill, 1955
First on agriculture: The Agriculture Produce (Development and Warehousing Corporations) Bill, 1956
First Bill on all-India services: The All India Services (Amendment) Bill, 1958
First security related Bill: The Armed Forces (Assam and Manipur) Special Powers Bill, 1958
First relating to animals: The Prevention of Cruelty to Animals Bill, 1959
First on corporate takeover: The Jayanti Shipping Company (Taking Over of Management) Bill, 1966
First on pollution: The Prevention of Water Pollution Bill, 1969
First nationalization Bill: The Banking Companies (Acquisition and Transfer of Undertakings) Bill, 1970
First against economic offences: The Economic Offences (Incapability of Limitation) Bill, 1974
First Money Bill deemed to have been passed by Rajya Sabha: The Appropriation (Railways) No.4 Bill, 1978
First Bill referring to terrorism: The Terrorist Affected Areas (Special Courts) Bill, 1984
Bills passed by Lok Sabha and amended by Rajya Sabha : The 120 such Bills include; The Companies Bill, 1953, The UGC Bill, 1954, The Constitution (Forty-fourth Amendment) Bill, 1978, The Chit Funds Bill, 1982, The Prevention of Corruption Bill, 1988, The Prevention of Money Laundering Bill, 2002, The Special Economic Zones Bill, 2005, The Right to Fair Compensation and Transparency in Land Acquisition Bill, 2013, The Lok Pal and Lok Ayuktas Bill, 2016, The National Medical Council Bill, 2019 and The Motor Vehicles (Amendment) Bill, 2019.
The most impactful Bills passed by Rajya Sabha sector-wise since 1952 include:
-The Hindu Marriage and Divorce Bill, 1952, The Hindu Succession Bill, 1954, The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Bill, 2012, The Muslim Women (Protection of Rights on Marriage) Bill, 2019 and the Constitution (One Hundred and Third) Amendment Act, 2019 providing for reservation for the economically weaker sections.
The Companies Bill, 1953 (and of 1956 and 2013), Banks Nationalisation Bill, 1970, Coal Mines Nationalisation Bill, 1973, the Prevention of Money Laundering Bill, 1999, the Fiscal Responsibility and Budget Management Bill, 2003, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, the Constitution Amendment Bill, 2016 introducing GST, The Fugitive Economic Offenders Bill, 2018 and the Insolvency and Bankruptcy Code, 2016.

The States Reorganisation Bill, 1956, The North-Eastern Council Bill, 1969, The National Capital Region Planning Board Bill, 1985, The Constitution 73rd and 74th Amendment Acts, 1992 providing for direct elections to Panchayats and Municipal bodies with one third reservation for women and The Jammu and Kashmir Reorganisation Bill, 2019.

The National Bank for Agriculture and Rural Development Bill, 1981, The Agricultural and Processed Food Products Export Development Authority Bill, 1985 and The National Dairy Development Board Bill, 1987.

The All India Institute of Medical Sciences Bill, 1955, The Pre-Natal Diagnostic Techniques (Regulation and Prevention of Misuse) Bill, 1991, The Transplantation of Human Organs (Amendment) Bill, 2011 and the National Medical Commission Bill, 2019

The University Grants Commission Bill, 1954 and the Right of Children to Free and Compulsory Education Bill, 2009.

The Wildlife (Protection) Bill, 1972, The Forest (Conservation) Bill, 1980, The Environment (Protection) Bill, 1986, The Compensatory Afforestation Bill, 2016.

The Unlawful Activities (Prevention) Bill, 1967, The Maintenance of Internal Security Bill, 1971, The National Security Bill, 1980, The Terrorists and Disruptive Activities (Prevention) Bill, 1985, The Prevention of Terrorism Bill, 2002, The National Investigation Agency Bill, 2008 and The Unlawful Activities (Prevention) Amendment Bill, 2019.

Other impactful Bills passed by Rajya Sabha include; The Official Languages Bill, 1963, The Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Bill, 1980, The Consumer Protection Bill, 1986, The Prasar Bharati (Broadcasting Corporation of India) Bill, 1989, The Places of Worship (Special Provisions) Bill, 1991, The Acquisition of Certain Areas at Ayodhya Bill, 1993, The Cable Television Networks (Regulation) Bill, 1995, The Electricity Regulatory Commission Bill, 1998, The Information Technology Bill, 2000, The Right to Information Bill, 2005, The National Rural Employment Guarantee Bill, 2005, The Lok Pal and Lok Ayuktas Bill, 2013, The Aadhar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Bill, 2016 and the Motor Vehicles (Amendment) Bill, 2019.

In his foreword to the publication, Chairman Shri Venkaiah Naidu said; "Indeed, Rajya Sabha has all through been a lively and sagacious institution. It should continue to function with even greater vigor and zeal towards fulfilling the aspirations of the people, especially, the younger ones. Still, some missed opportunities may not be ruled out. We need to learn from the experience of the last 67 years and strive to make our Parliament even more effective towards building a New India which compares favorably with the better placed in the comity of the nations. Time is the essence in doing so and for making up for the missed opportunities.

Home Minister launches winter-grade diesel suitable for extreme winters

Union Home Minister Shri Amit Shah presided over a function to launch a special winter-grade diesel, developed by Indian Oil Corporation (Indian Oil), for the high-altitude regions of Ladakh through a video-link here today. Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel, and Shri Jamyang Tsering Namgyal, MP of Ladakh were also present on the occasion.

Motorists in high-altitude sectors like Ladakh, Kargil, Kaza and Keylong face the problem of freezing of diesel in their vehicles when winter temperatures drop to as low as -30o Celsius. Indian Oil has come up with an innovative solution to this problem by introducing a special winter-grade diesel with a low pour-point of -33o Celsius, which does not lose its fluidity function even in extreme winter conditions.

Speaking on the occasion, Shri Amit Shah congratulated the people of Ladakh for getting their long-pending demand fulfilled, by getting Union Territory status for Ladakh. The new status will accelerate the pace of holistic development of the region and bring prosperity to the people at par with the rest of India.

The Home Minister said that the Government of India has initiated a number of development projects for the UT of Ladakh, in the areas of power, solar energy, education and tourism with an estimated investment of Rs 50,000 crore (US$ 7.15 billion). He further said that, keeping in view the special development requirement of the region, the Government of India has made a provision that the budget allocation for the UT of Ladakh will remain non-lapsable, so as to enable the local administration to make full use of these funds as per their development needs. The Home Minister assured the people of UT of Ladakh that they will witness a fast pace of growth and development of the region under the decisive leadership of Hon'ble Prime Minister, Shri Narendra Modi.

Expressing his happiness at Indian Oil's customer-driven approach,Shri Dharmendra Pradhan said that today is an important day for the people of Ladakh region as they will now get uninterrupted supply of special winter-grade diesel, which will help reduce the hardships faced by the local people for transportation and mobility during the harsh winter months. This will further facilitate the local economy as well as tourism of the region. Shri Pradhan expressed his gratitude to the Home Minister for launching the special winter-grade diesel and facilitating ease of living for the Ladakh region.

Shri Pradhan reassured that the UT of Ladakh will have all-round development under the visionary leadership of Hon'ble Prime Minister Shri Narendra Modi and people-centric welfare initiatives of Home Minister Shri Amit Shah.

The Home Minister and Petroleum Minister complimented the Indian Oil Team for devising solutions to help cater to the energy needs of the consumers in various parts of the country.

Draft industrial policy targets US$ 1 trillion gross value addition in manufacturing by 2025

An initial draft industrial policy has been prepared by the Department for Promotion of Industry and Internal Trade (DPIIT) which has set a target to raise value addition in the manufacturing sector to US$ 1 trillion by 2025, an official said.

The idea is to develop globally competitive business enterprises that can further create opportunities for employment and sustainable livelihoods.
It requires establishing such industries that are equipped with innovation, technology; financially viable and environment friendly; and whose benefits are shared by all sections of the society, the official added.

In order to seek the views of different ministries and departments the initial draft policy is being circulated. The policy would work in tandem with the Skill India Mission to enhance employability of future workforce, and with the foreign trade policy to enhance India's share in global merchandise exports.

The policy will ensure that incentive regime for industry is competitive by balancing the implementation of macro fiscal and monetary policies.

It will also work to restore investments into industry and manufacturing with a balanced focus on both quantity and quality of investments.

The draft has also suggested a detailed implementation mechanism of the policy under which it has recommended setting up of a national industrial competitiveness council and a steering committee.

Some new suggestions were made after it was sent to the cabinet by the department. Now these changes have been addressed by DPIIT and the new industrial policy is ready. This is the third industrial policy after the ones released in 1956 and 1991.

It will replace the industrial policy of 1991 which was prepared in the backdrop of the balance of payments crisis.

Sachin Bansal puts Rs 888 crore in investment vehicle, renames it Navi Tech

Mr. Sachin Bansal, the co-founder of Flipkart, invested around Rs 888.50 crore (US$ 123 million) in Navi Technologies, which was set up as BAC Acquisitions in December 2018. The details were revealed by the company filings.

The documents from the Registrar of Companies sourced through Tofler revealed that Mr. Bansal bought 68.3 million shares at Rs 130 apiece over two tranches in October where 11.5 million shares were bought with cash (approximately Rs 150 crore (US$ 21.46 million)), which comes as fresh investment in the company. The rest were issued against financial securities, according to the documents.

"The funds have been infused in Navi Technologies to enable the company to scout for growth opportunities, organic and inorganic, in the broad financial sector space. With funds in the balance sheet, Navi Technologies will be able to move quickly to capture opportunities as they arise," said a spokesperson of Mr. Sachin Bansal.

This comes after Mr. Bansal leading a microfinance which he bought earlier.

In September, he announced his second innings as an entrepreneur by purchasing majority shares in Chaitanya Rural Intermediation Development Services, which runs the microfinance institution, Chaitanya India Fin Credit. The company is 10 years old and headquartered in Bengaluru.

Mr. Bansal has invested US$ 104 million for over 90 per cent ownership in Chaitanya India, the company which provide loans to low-income borrowers for vehicle finance, housing loans, small business loans, and education loans. Mr. Bansal holds the position of chief executive officer.

Mr. Bansal has been an active investor in the start-up ecosystem even after exiting Flipkart in May 2018.

He along with his Indian Institute of Technology-Delhi (IIT-D) batchmate Ankit Agarwal set up BAC Acquisitions, with aim to invest in start-ups through a mix of equity and debt. According to the company filings of Navi Technologies there are three directors: Sachin Bansal, Ankit Agarwal, and Shubham Shrivastava.

The debt investment in various ventures like Vogo, Bounce, and Kissht, and financing firms Altica Capital and Indostar Capital Finance were made through BAC (now Navi Technologies). The biggest bet is Ola, where an investment of US$ 100 million was committed in January.

The equity investment made is around US$ 25 million, whereas the rest is structured debt. Ather Energy, the electric scooter start-up, is another substantial investment where he has invested around US$ 35 million. There are over a dozen angel investments from his time at Flipkart and beyond.

Mr. Bansal, along with Flipkart's other co-founder Binny Bansal, recently invested in a recently announced endowment fund of IIT-D where they have committed 50 per cent of Rs 250 crore, which is the size of the fund.

Mr. Binny has also made a slew of start-up bets recently, including Mobikon, Acko Insurance, Niramai, among others.

Last Year, around US$ 1 billion were earned by Mr. Bansal from selling his shares in Flipkart, which was acquired by US retail giant Walmart Inc at a valuation US$ 20 million. Since then, he has been investing this capital in funding new ventures.

Presently, Navi Technologies is Bansal's primary investment vehicle. According to company filings, in the first four months of operations in 2018-19, it made Rs 16.7 crore (US$ 2.39 million) in revenue and Rs 1.93 crore in profit.

The Competition Commission of India (CCI) approves the acquisition of shareholdings in Mumbai International Airport Limited (MIAL) by Adani Properties Private Limited (APPL) from Bid Services Division (Mauritius) Limited (BSDA) and ACSA Global Limited (ACSA), under Section 31(1) of the Competition Act, 2002 (Act)

The Competition Commission of India (CCI) approves the acquisition of shareholdings in Mumbai International Airport Limited (MIAL) by Adani Properties Private Limited (APPL) from Bid Services Division (Mauritius) Limited (BSDA) and ACSA Global Limited (ACSA), under Section 31(1) of the Competition Act, 2002 (Act)

The proposed combination relates to acquisition of 23.5 percent equity stake of MIAL by APPL from BSDA and ACSA. APPL proposes to acquire 13.5 percent equity shares of MIAL from BSDA and 10 percent equity shares of MIAL from ACSA.

The acquirer i.e. APPL is a member of the Adani Group which is a diversified infrastructure conglomerate. APPL is engaged in let-out and/or leasing of immovable properties and wholesale trading of commodities. APPL has various subsidiaries, associates and joint venture companies/ entities, which are into real estate business, financial services, generation of power using renewable sources of energy and LPG terminal setup.

The target i.e. MIAL, a public company registered at Mumbai, is engaged in operating, maintaining, developing, designing, constructing, upgrading, modernising, financing and managing the Chhatrapati Shivaji International Airport (CSIA) at Mumbai. Its services include activities incidental to air transportation such as operation of terminal, airway facilities, etc.

The Commission approved the proposed combination under Section 31(1) of the Act.

MMTC Revenue from exports increased by 384%

Metals and Minerals Trading Corporation of India (MMTC) declared its financial results for the half year ended on 30th September 2019. The company has achieved revenue from operations of Rs 13176 crore (US$ 1.89 billion) as against the revenue from operations of Rs 12511 crore (US$ 1.79 billion) during the corresponding period last year registering a growth of 5 per cent over the same period last year.

MMTC has posted a net profit of Rs 43.28 crore (US$ 6.19 million) during the period as compared to the net profit of Rs 41.62 crore (US$ 5.96 million) during the same period last year registering an increase of 4 per cent over the same period last year.

Revenue from exports increased by 384 per cent to Rs 862 crore (US$ 124 million) as compared to Rs 178 crore (US$ 25.47 million) during the corresponding period last year.

Revenue from imports increased by 25 per cent to Rs 10756 crore (US$ 1.54 billion) as compared to Rs 8619 crore (US$ 1.23 billion) during the corresponding period last year.

Other income increased by 105 per cent to Rs 21 crore (US$ 3 million) as compared to Rs 10 crore (US$ 1.43 million) during the corresponding period last year.

These achievements have been made inspite of adverse global market scenario and by overall reduction in overheads and other costs.