Twenty-seven-year-old Reema Juffali is all set to shatter the glass ceiling and carve a path for herself as she gears up to get behind the wheels as the first Saudi woman to race in the kingdom.
Juffali is the first women to challenge participants in the male-dominated motor sport.
Until June last year, such feats for women were unimaginable in the ultra-conservative Islamic kingdom. As part of Crown Prince Mohammed bin Salman's wide-ranging liberalisation drive, the world’s only ban on female motorcyclists was overturned.
Juffali, a 27-year-old who made her motoring debut just months after the decades-old ban ended, will compete Friday and Saturday in the Jaguar I-PACE eTROPHY, an all-electric race in Diriyah, close to the capital Riyadh.
Juffali hails from Jeddah and has studied in the United States. She will participate as what organisers call a "VIP" guest driver, becoming the first Saudi woman to race on home soil.
Prince Abdulaziz bin Turki al-Faisal, Saudi Arabia's sports authority chief, has touted it as a "watershed" moment for the kingdom.
"Reema will have thousands cheering her on, as a professional racing driver," the prince told AFP.
Juffali has earlier made appearances in competitive racing at the F4 British Championship and has a year of professional racing experience under her belt.
The AFP report says Juffali grew up watching Formula One and has always had a passion for fast cars.
"Believer - Humanitarian - Habit of Success" Sukumar Balakrishnan is the Founder of JB GROUP, a 500 Crore National Organization with over 150 Direct & 1200 indirect professionals operating from 5 major cities in India. Jayalakshmi Balakrishnan Group, a multi-faceted group venturing into, E- Commerce and Import-Export (INNOKAIZ), Retail and Wholesale (JB MART), Food and Beverages (KRISHNA FOODS ), Real Estate (Constructions on sites, Interior scaping, Facility Management)
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Monday, December 9, 2019
This Guy's Stock Trading Firm Is Worth Rs 5000 Crore, Has More Computer Geeks Than Finance Guys #StockTradingFirm #Sukumarbalakrishnan
When we think of trading stocks, we have quite a few places where we take guidance from to take the right financial step. However, today, another trend is seen more commonly in play -- Data Analytics that is able to give more accurate results. And Alex Gerko has applied this to make is net worth $700 million (according to Bloomberg Billionaires Index).
XTX Market’s Limited, founded by Alex Gerko takes an approach that is far from a conventional person working in financial markets. He acts more like the CEO of an enterprise in Silicon Valley. XTX in 2018 has reported a profit of 117 million GBP -- double than what it earned in 2017. The firm handles over $150 billion trades (including stocks, currencies, fixed income and commodities) every day.
XTX as a company has based its functioning on data analytics that predicts market fluctuations in every condition and acting upon the information at hand. However, what’s more astonishing is the qualification of people working in the enterprise.
XTX Market’s Limited, founded by Alex Gerko takes an approach that is far from a conventional person working in financial markets. He acts more like the CEO of an enterprise in Silicon Valley. XTX in 2018 has reported a profit of 117 million GBP -- double than what it earned in 2017. The firm handles over $150 billion trades (including stocks, currencies, fixed income and commodities) every day.
XTX as a company has based its functioning on data analytics that predicts market fluctuations in every condition and acting upon the information at hand. However, what’s more astonishing is the qualification of people working in the enterprise.
Kohler India to double retail network in next three years #RetailNetwork #Sukumarbalakrishnan
For Kohler Co, the US-based premium sanitaryware brand, India remains one of its three most strategic markets, despite the slowdown, said Mr David Kohler, President and CEO, Kohler Co.
"India have very strong, long term potential and it's demonstrating that year-by-year with one of the highest GDP growth rates in the world. And the country is making progress. So, to me this is a very different market than other markets in the world... So, there's a there's a positive dynamic here," David said in an interview.
Kohler India is planning to double its retail presence in the next three years, with a focus on the top cities. "We have a network of about 500 showrooms in the country today, and we’re interested in really continuing to rapidly expand that, in tier one and tier two cities," David said.
For Kohler, across the Globe, India is among one of the most interesting and creative markets it serves anywhere, and the company is focussed on the long-term potential here. It launched its second Kohler Experience Centre (KEC) in the country in Mumbai on Friday and is planning to open one more in Bengaluru soon. The first KEC is opened in Delhi. With only around ten KECs globally, India will be the first to have three KECs, he said, emphasising the importance of the Indian market.
Unlike other regular outlets, KECs are "inspiration zones" sprawled over 16,000 sq. ft., meant more for customer engagement than sales, and are not designed like display centres or showrooms.
Kohler has also launched several new product categories in the country like grooming solutions inside bathrooms, water filtration and bathroom furniture and mirrors.
When asked about the consumption slowdown in India, David said "We think, in kind of every major market or in India, there will be ups and downs and in a high growth market like this, you are going to have some volatility here and there and you’ll go through shorter term cycles, but that really doesn't make a difference to us, because we're focussed on the long-term".
"India have very strong, long term potential and it's demonstrating that year-by-year with one of the highest GDP growth rates in the world. And the country is making progress. So, to me this is a very different market than other markets in the world... So, there's a there's a positive dynamic here," David said in an interview.
Kohler India is planning to double its retail presence in the next three years, with a focus on the top cities. "We have a network of about 500 showrooms in the country today, and we’re interested in really continuing to rapidly expand that, in tier one and tier two cities," David said.
For Kohler, across the Globe, India is among one of the most interesting and creative markets it serves anywhere, and the company is focussed on the long-term potential here. It launched its second Kohler Experience Centre (KEC) in the country in Mumbai on Friday and is planning to open one more in Bengaluru soon. The first KEC is opened in Delhi. With only around ten KECs globally, India will be the first to have three KECs, he said, emphasising the importance of the Indian market.
Unlike other regular outlets, KECs are "inspiration zones" sprawled over 16,000 sq. ft., meant more for customer engagement than sales, and are not designed like display centres or showrooms.
Kohler has also launched several new product categories in the country like grooming solutions inside bathrooms, water filtration and bathroom furniture and mirrors.
When asked about the consumption slowdown in India, David said "We think, in kind of every major market or in India, there will be ups and downs and in a high growth market like this, you are going to have some volatility here and there and you’ll go through shorter term cycles, but that really doesn't make a difference to us, because we're focussed on the long-term".
MTPL to set up off-highway tyre facility in Gujarat, invest $107 million #MTPL #Sukumarbalakrishnan
Backed by International Finance Corporation (IFC) through equity and loan, Mahansaria Tyres Private Limited (MTPL) to set up a US$ 107 million facility to manufacture off-highway tyres in Gujarat.
IFC will provide a loan of up to US$ 30 million and it will buy a stake in MTPL for up to US$ 7.74 million.
MTPL is owned by Ashok Mahansaria, Yogesh Mahansaria and Yogesh Investments Private Ltd. (YAIPL), erstwhile sponsors of Balkrishna Industries and Alliance Tyre Group, and it has over 25 years of experience in off-highway tyres used in agriculture and construction industry.
Cost for phase 1 is US$ 107 million, which will involve setting up 40,000 MT capacity. This will be funded by debt of up to US$ 54 million, including IFC's loan, which will have a tenure of 10 years.
Another loan of up to US$ 24 million will be mobilised by IFC on similar terms. This gives the company access to a different fundraising channel including institutional financiers and help it develop a more diversified investor base.
"IFC's investment will provide validation of a greenfield business plan and the growth prospect of the sector. This will send a positive signalling effect to other investors on the soundness of the project and help attract investors for the current and future financing stages," said IFC.
It is estimated by MTPL that exports will account for 70-80 per cent of sales and contribute to India's forex earnings. The project will support value-addition in the domestic rubber production industry and is expected to create 1,500 jobs in the first phase.
As compared to developed markets such as EU and North America, OHT has a small presence India. The size of OHT segment globally is still relatively small as it accounts for only about 10 per cent of the overall tyre industry. At present, value brands have around 30 per cent share in the global market. Half of this market share is held by Indian players.
The Indian OHT market is price sensitive due to low farm income. As a result, the product range in India is not as specialized as in the EU and North America, where more application specific solutions are available.
Indian players such as MTPL stand to gain by producing more products in the value brand segment of OHT tyres, given that conversion costs in India are lower than in any other manufacturing bases. This project will demonstrate the competitiveness of Indian players in the global market and increase the overall share of Indian value brands, said IFC.
IFC will provide a loan of up to US$ 30 million and it will buy a stake in MTPL for up to US$ 7.74 million.
MTPL is owned by Ashok Mahansaria, Yogesh Mahansaria and Yogesh Investments Private Ltd. (YAIPL), erstwhile sponsors of Balkrishna Industries and Alliance Tyre Group, and it has over 25 years of experience in off-highway tyres used in agriculture and construction industry.
Cost for phase 1 is US$ 107 million, which will involve setting up 40,000 MT capacity. This will be funded by debt of up to US$ 54 million, including IFC's loan, which will have a tenure of 10 years.
Another loan of up to US$ 24 million will be mobilised by IFC on similar terms. This gives the company access to a different fundraising channel including institutional financiers and help it develop a more diversified investor base.
"IFC's investment will provide validation of a greenfield business plan and the growth prospect of the sector. This will send a positive signalling effect to other investors on the soundness of the project and help attract investors for the current and future financing stages," said IFC.
It is estimated by MTPL that exports will account for 70-80 per cent of sales and contribute to India's forex earnings. The project will support value-addition in the domestic rubber production industry and is expected to create 1,500 jobs in the first phase.
As compared to developed markets such as EU and North America, OHT has a small presence India. The size of OHT segment globally is still relatively small as it accounts for only about 10 per cent of the overall tyre industry. At present, value brands have around 30 per cent share in the global market. Half of this market share is held by Indian players.
The Indian OHT market is price sensitive due to low farm income. As a result, the product range in India is not as specialized as in the EU and North America, where more application specific solutions are available.
Indian players such as MTPL stand to gain by producing more products in the value brand segment of OHT tyres, given that conversion costs in India are lower than in any other manufacturing bases. This project will demonstrate the competitiveness of Indian players in the global market and increase the overall share of Indian value brands, said IFC.
Sunday, December 8, 2019
CSIR Developed Anti-Diabetes Medicine #CSIR #Sukumarbalakrishnan
The diabetic population in the country is close to hitting the alarming mark of 69.9 million by 2025, which denotes that the country is expected to witness an increase of 266%.
Council of Scientific and Industrial Research (CSIR), through its constituent laboratories namely CSIR-Central Institute of Medicinal & Aromatic Plants (CSIR-CIMAP), Lucknow; and CSIR-National Botanical Research Institute (CSIR-NBRI), Lucknow developed scientifically validated herbal product NBRMAP-DB as anti-diabetic formulation and the knowhow for the product was licensed to M/s AIMIL Pharma Ltd., Delhi who are manufacturing and marketing it as BGR-34, across the country.
M/s AIMIL Pharmaceuticals, the licensee carried out the clinical study of BGR-34 and the trial was registered in clinical trial registry of India (Registration number: CTRI/2016/11/007476). Further, the formulation has shown therapeutic efficacy for treating newly diagnosed type 2 diabetes, as found in independent clinical trials conducted at Banaras Hindu University (BHU), Varanasi.
The Central of Research in Ayurveda Sciences (CCRAS), and autonomous body under Ministry of AYUSH has been engaged in extending research-oriented Ayurveda based on integrative health care services for the management of Madhumeha which is Diabetes Mellitus. The following are the core activities
1. CCRAS in collaboration with Directorate General of Health Services, Ministry of Health & Family Welfare has implemented and executed a programme viz. Integration of AYUSH (Ayurveda) component with NPCDCS(National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular diseases & Stroke ) programme in the identified districts of 3 states viz. Bhilwara (Rajasthan), Surendranagar (Gujarat) and Gaya (Bihar) to cater health care services and to reduce the burden of NCDs including Diabetes by combining the strength of Ayurveda and Yoga. The programme was launched during 2016 and continuing in 3 districts viz. Bhilwara (Rajasthan), Surendranagar (Gujarat) and Gaya (Bihar). The aforesaid programme is now successfully functional in 52 centres (49 CHCs and 3 District Hospitals) of the all 3 identified districts, through AYUSH-NPCDCS Clinic/Lifestyle modification Clinics, established for prevention and management of selected NCDs by Ayurvedic intervention, Lifestyle modifications and Yoga Advice.
2. CCRAS had developed the AYUSH82 formulation for diabetes through scientific process of drug development and commercialized through National Research Development Corporation (NRDC) for wider public utility.
3. Generation of evidences on efficacy & safety of classical Ayurveda formulation on Diabetes Mellitus. CCRAS has done efficacy and safety on formulations viz. Nishamalki churna, Saptvinsti Gugullu, Yasad bhasm, Guduchi churna, Chandraprabha vati, Haridra churna anmd Gokshuradi Gugullu.
4. CCRAS has published the documents viz. Protocol on Prevention and Management for Diabetes Mellitus and compendium on research articles on Diabetes Mellitus which are made available in the public domain for benefit of practitioner's, physician and researchers.
This information was given by the Minister of State (Independent Charge) for AYUSH, Shri Shripad Yesso Naik in written reply to a question in Lok Sabha today.
Council of Scientific and Industrial Research (CSIR), through its constituent laboratories namely CSIR-Central Institute of Medicinal & Aromatic Plants (CSIR-CIMAP), Lucknow; and CSIR-National Botanical Research Institute (CSIR-NBRI), Lucknow developed scientifically validated herbal product NBRMAP-DB as anti-diabetic formulation and the knowhow for the product was licensed to M/s AIMIL Pharma Ltd., Delhi who are manufacturing and marketing it as BGR-34, across the country.
M/s AIMIL Pharmaceuticals, the licensee carried out the clinical study of BGR-34 and the trial was registered in clinical trial registry of India (Registration number: CTRI/2016/11/007476). Further, the formulation has shown therapeutic efficacy for treating newly diagnosed type 2 diabetes, as found in independent clinical trials conducted at Banaras Hindu University (BHU), Varanasi.
The Central of Research in Ayurveda Sciences (CCRAS), and autonomous body under Ministry of AYUSH has been engaged in extending research-oriented Ayurveda based on integrative health care services for the management of Madhumeha which is Diabetes Mellitus. The following are the core activities
1. CCRAS in collaboration with Directorate General of Health Services, Ministry of Health & Family Welfare has implemented and executed a programme viz. Integration of AYUSH (Ayurveda) component with NPCDCS(National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular diseases & Stroke ) programme in the identified districts of 3 states viz. Bhilwara (Rajasthan), Surendranagar (Gujarat) and Gaya (Bihar) to cater health care services and to reduce the burden of NCDs including Diabetes by combining the strength of Ayurveda and Yoga. The programme was launched during 2016 and continuing in 3 districts viz. Bhilwara (Rajasthan), Surendranagar (Gujarat) and Gaya (Bihar). The aforesaid programme is now successfully functional in 52 centres (49 CHCs and 3 District Hospitals) of the all 3 identified districts, through AYUSH-NPCDCS Clinic/Lifestyle modification Clinics, established for prevention and management of selected NCDs by Ayurvedic intervention, Lifestyle modifications and Yoga Advice.
2. CCRAS had developed the AYUSH82 formulation for diabetes through scientific process of drug development and commercialized through National Research Development Corporation (NRDC) for wider public utility.
3. Generation of evidences on efficacy & safety of classical Ayurveda formulation on Diabetes Mellitus. CCRAS has done efficacy and safety on formulations viz. Nishamalki churna, Saptvinsti Gugullu, Yasad bhasm, Guduchi churna, Chandraprabha vati, Haridra churna anmd Gokshuradi Gugullu.
4. CCRAS has published the documents viz. Protocol on Prevention and Management for Diabetes Mellitus and compendium on research articles on Diabetes Mellitus which are made available in the public domain for benefit of practitioner's, physician and researchers.
This information was given by the Minister of State (Independent Charge) for AYUSH, Shri Shripad Yesso Naik in written reply to a question in Lok Sabha today.
Thursday, December 5, 2019
CarDekho closes $70 mn funding round from top investors in China, Europe #Sukumarbalakrishnan
CarDekho, an auto-tech company, has raised US$ 70 million in a Series D round, led by Ping An's Global Voyager Fund, which has made its maiden investment in India with this deal. Sunley House Capital Management, a subsidiary of global private equity firm Advent International, and existing investors - Sequoia India and Hillhouse, were other investors. CarDekho has secured a cumulative funding of more than US$ 250 million, including the latest round, till date.
Ping An, which is based in China and is one of the world's largest financial services companies, holds majority stake in Autohome, which is the China's largest auto portal. Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.
The company said that these funds will be used to strengthen its transaction businesses and expand its international footprint. CarDekho recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi. The first was Indonesia, where it started operations in 2016 under the brand name OTO.com, which has since become the number one new auto portal in the country.
The company claims all car and motorcycle manufacturers engage with CarDekho and that it accounts for 15-30 per cent of some of its partners' sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42 per cent of the retail sales happening through their counters.
In addition, the company also works in collaboration with more than 10 financial institutions and 18 insurance companies across the country to facilitate used-car financing and insurance to provide a seamless experience for both buyers and sellers.
The company recently announced its H1 results for 2019-20. The overall revenue of the company achieved a YoY growth of 92 per cent over the first half of the last fiscal year and stood at US$ 28 million. The company's new auto business segment posted a significant growth at 30 per cent amidst the slowdown in new auto sales across India. Its insurance and warranty business grew 525 per cent. The used-car and financial services businesses grew by 120 per cent and 135 per cent, respectively.
"With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country," said Mr Amit Jain, CEO and co-founder, CarDekho.
"Auto services are a core component of Ping An's 'finance + ecosystem' strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers' needs," said Mr Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. "The Global Voyager Fund’s stake in CarDekho represents Ping An's first venture investment in India, and we are delighted to partner with an organisation of CarDekho's caliber."
The RainMaker Group acted as the sole financial advisor to the company.
Ping An, which is based in China and is one of the world's largest financial services companies, holds majority stake in Autohome, which is the China's largest auto portal. Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.
The company said that these funds will be used to strengthen its transaction businesses and expand its international footprint. CarDekho recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi. The first was Indonesia, where it started operations in 2016 under the brand name OTO.com, which has since become the number one new auto portal in the country.
The company claims all car and motorcycle manufacturers engage with CarDekho and that it accounts for 15-30 per cent of some of its partners' sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42 per cent of the retail sales happening through their counters.
In addition, the company also works in collaboration with more than 10 financial institutions and 18 insurance companies across the country to facilitate used-car financing and insurance to provide a seamless experience for both buyers and sellers.
The company recently announced its H1 results for 2019-20. The overall revenue of the company achieved a YoY growth of 92 per cent over the first half of the last fiscal year and stood at US$ 28 million. The company's new auto business segment posted a significant growth at 30 per cent amidst the slowdown in new auto sales across India. Its insurance and warranty business grew 525 per cent. The used-car and financial services businesses grew by 120 per cent and 135 per cent, respectively.
"With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country," said Mr Amit Jain, CEO and co-founder, CarDekho.
"Auto services are a core component of Ping An's 'finance + ecosystem' strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers' needs," said Mr Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. "The Global Voyager Fund’s stake in CarDekho represents Ping An's first venture investment in India, and we are delighted to partner with an organisation of CarDekho's caliber."
The RainMaker Group acted as the sole financial advisor to the company.
CSIR signs MoU with KVIC on promotion of honey production Khadi outlets to also display CSIR products #Sukumarbalakrishnan
The Council of Scientific & Industrial Research (CSIR) has entered into a Memorandum of Understanding (MoU) with the Khadi and Village Industries Commission (KVIC) to leverage the expertise available in CSIR with the effort of KVIC for promotion of honey production and also to enable wider outreach of the CSIR technologies and products. The MoU will help formalize the working relationship between the two organizations in areas such as honey testing, promotion of Honey Mission alongside the CSIR Aroma Mission and the proposed CSIR Floriculture Mission. It will also explore enlisting of CSIR licensees in the KVIC network, display of CSIR technology products at important KVIC outlets such that CSIR products can reach to wider audience.
The MoU was signed by Dr. Shekhar C. Mande, Secretary, Department for Scientific & Industrial Research and Director General, CSIR and Shri Vinai Kumar Saxena, Chairman, KVIC here yesterday.
CSIR has over the years, been pursuing R&D in various sectors and has developed a portfolio of processes, technologies and products in these sectors. In the agriculture and nutrition sector, the focus has been in development of technologies and products pertaining to medicinal and aromatic plants, floriculture and food processing.
Amongst its various activities aimed at the development of Khadi and other village industries in rural areas, the KVIC is implementing Honey Mission for introducing and popularizing modern beekeeping in the rural areas.
The MoU was signed by Dr. Shekhar C. Mande, Secretary, Department for Scientific & Industrial Research and Director General, CSIR and Shri Vinai Kumar Saxena, Chairman, KVIC here yesterday.
CSIR has over the years, been pursuing R&D in various sectors and has developed a portfolio of processes, technologies and products in these sectors. In the agriculture and nutrition sector, the focus has been in development of technologies and products pertaining to medicinal and aromatic plants, floriculture and food processing.
Amongst its various activities aimed at the development of Khadi and other village industries in rural areas, the KVIC is implementing Honey Mission for introducing and popularizing modern beekeeping in the rural areas.
Setting up of Jute Manufacturing Unit to promote Jute #Sukumarbalakrishnan
The government is trying to promote jute manufacturing units by 100% mandatory packaging of food grains procured by State Procurement Agencies/FCI in jute bags.
The production of jute goods over the last few years by the jute mills has remained consistent. During the year 2017-18 and 2018-19, approximately 1,200 Thousand MT of raw jute per year was consumed by the mills to meet the demand of jute products, the details of which are as under:
mber of measures have been taken by the Government to modernise the jute mills established in the country, the details of which are as follows:
I. The Government has implemented Incentive Scheme for Acquisition of Plants and Machinery (ISAPM) to facilitate modernization in existing and new jute mills and for up-gradation of technology in existing jute mills. An incentive of 20% of the cost of machinery for jute mill and 30% for Jute Diversified Products (JDP) - MSME units is considered for reimbursement under the scheme, subject to a maximum of Rs 2.50 crore (US$ 0.36 million) per unit. Under this scheme, a subsidy amounting to Rs 49.71 crore (US$ 7.11 million) has been disbursed to Jute mills and JDP units during the period 2014-15 to 2018-19.
II. A Scheme for Research and Development for the textile industry including jute with a total outlay of Rs 80.00 crore (US$ 11.45 million) has been launched in 2015 by the Government for promotion of Research & Development, technology transfer and dissemination activities in textile sector including jute.
This information was given by the Union Minister of Textiles, Ms Smriti Zubin Irani, in written reply in the Rajya Sabha on 5th December.
More than 180 contracts valued over Rs 1,96,000 crore (US$ 28.04 billion) signed with Indian Defence Industry since 2014 #Sukumarbalakrishnan
The Ministry of Defence has signed more than 180 contracts valued at over Rs 1,96,000 crore (US$ 28.04 billion) with the Indian Industry since 2014 while a few are in the pipeline to be signed in near future.
A contract for manufacture of Frigates under Project P 17A was signed in February 2015 with Mazagon Dockyards Limited (MDL), Mumbai valued at Rs 45,000 crore (US$ 6.44 billion) while 02 Frigates under Project P1135.6 are slated to be manufactured by Goa Shipyard Limited (GSL) under a contract signed in Oct 2018 valued at Rs 14,100 crore (US$ 2.02 billion). Further, contracts for manufacture of 41 Advanced Light Helicopters for Indian Air Force (IAF) and 32 ALH for Indian Navy (IN) have been signed with Hindustan Aeronautics Limited (HAL) in March 2017 and Dec 2017 with a combined value of Rs 14,100 crore (US$ 2.02 billion). This is in addition to procurement of 14 Dornier 228 aircrafts from M/s HAL valued at Rs. 1100 crore (US$ 157.39 million) through a contract signed in February 2015.
Seven Squadrons of Akash Missile System are being procured from BEL through a contract of October 2019 valued at Rs 6,300 crore (US$ 901.42 million) as also the Integrated Advanced Command and Control System (IACCS) Nodes valuing Rs 7,900 crore (US$ 1.13 billion). OFB has been tasked to supply 464 T-90S/SK tanks worth Rs 19,100 crore (US$ 2.73 billion) for which indent has been placed on it by the Ministry as recently as November 2019. Also 100 Nos. of 155x52mm cal Self-Propelled Guns are being procured under the 'Make in India' initiative of the government from M/s L&T valued at Rs 4,300 crore (US$ 615.25 million). Also Contract for Modernization of Airfield Infrastructure (MAFI) to be executed through Indian vendors is under final stages of contracting.
Further, Services have also placed a number of contracts on the Private Sector vendors like Titagarh Wagons Ltd, Force Motors Pvt Ltd, Tata Power SED, Tech Mahindra Ltd, Tata Motor Ltd, Ashok Leyland Ltd, Bharat Forge Ltd, MKU Ltd, SMPP Delhi, Alpha Design for items like 1000 Tons Fuel Barges, Light Strike Vehicles, Portable Diver Detection Sonar (PDDS), RFID based SMART Card, 6x6 and 8x8 High Mobility Vehicle with Material Handling Crane, Dual Technology Mine Detector, Ballistic Helmet, Bullet Proof Jacket (BPJ) and Integrated Gunnery.
Three of the cases viz. P-75(I) Submarines, Naval Utility Helicopters (NUH) and 114 Fighter Jets for IAF, shown as stuck in the long-winded procedures are the cases which are being progressed under SP Model (a procurement procedure, which in itself has been promulgated in May 2017 as part of DPP-2016). However, even the cases under SP model have been processed expeditiously as evident from the fact that the responses to EOIs (Expression of Interest) have been received in respect of P-75(I) and NUH cases and are under final stages of selection while SQRs are being finalized in respect of 114 Fighter Aircrafts case.
In addition, under Make-II, 44 projects have been given approval. Under Innovations for Defence Excellence (iDEX). Forty plus startups are working in new technology-related products. Make-II and iDEX reflect new level of active engagement with industry where not only manufacturing but technology development for defence is being taken up.
A contract for manufacture of Frigates under Project P 17A was signed in February 2015 with Mazagon Dockyards Limited (MDL), Mumbai valued at Rs 45,000 crore (US$ 6.44 billion) while 02 Frigates under Project P1135.6 are slated to be manufactured by Goa Shipyard Limited (GSL) under a contract signed in Oct 2018 valued at Rs 14,100 crore (US$ 2.02 billion). Further, contracts for manufacture of 41 Advanced Light Helicopters for Indian Air Force (IAF) and 32 ALH for Indian Navy (IN) have been signed with Hindustan Aeronautics Limited (HAL) in March 2017 and Dec 2017 with a combined value of Rs 14,100 crore (US$ 2.02 billion). This is in addition to procurement of 14 Dornier 228 aircrafts from M/s HAL valued at Rs. 1100 crore (US$ 157.39 million) through a contract signed in February 2015.
Seven Squadrons of Akash Missile System are being procured from BEL through a contract of October 2019 valued at Rs 6,300 crore (US$ 901.42 million) as also the Integrated Advanced Command and Control System (IACCS) Nodes valuing Rs 7,900 crore (US$ 1.13 billion). OFB has been tasked to supply 464 T-90S/SK tanks worth Rs 19,100 crore (US$ 2.73 billion) for which indent has been placed on it by the Ministry as recently as November 2019. Also 100 Nos. of 155x52mm cal Self-Propelled Guns are being procured under the 'Make in India' initiative of the government from M/s L&T valued at Rs 4,300 crore (US$ 615.25 million). Also Contract for Modernization of Airfield Infrastructure (MAFI) to be executed through Indian vendors is under final stages of contracting.
Further, Services have also placed a number of contracts on the Private Sector vendors like Titagarh Wagons Ltd, Force Motors Pvt Ltd, Tata Power SED, Tech Mahindra Ltd, Tata Motor Ltd, Ashok Leyland Ltd, Bharat Forge Ltd, MKU Ltd, SMPP Delhi, Alpha Design for items like 1000 Tons Fuel Barges, Light Strike Vehicles, Portable Diver Detection Sonar (PDDS), RFID based SMART Card, 6x6 and 8x8 High Mobility Vehicle with Material Handling Crane, Dual Technology Mine Detector, Ballistic Helmet, Bullet Proof Jacket (BPJ) and Integrated Gunnery.
Three of the cases viz. P-75(I) Submarines, Naval Utility Helicopters (NUH) and 114 Fighter Jets for IAF, shown as stuck in the long-winded procedures are the cases which are being progressed under SP Model (a procurement procedure, which in itself has been promulgated in May 2017 as part of DPP-2016). However, even the cases under SP model have been processed expeditiously as evident from the fact that the responses to EOIs (Expression of Interest) have been received in respect of P-75(I) and NUH cases and are under final stages of selection while SQRs are being finalized in respect of 114 Fighter Aircrafts case.
In addition, under Make-II, 44 projects have been given approval. Under Innovations for Defence Excellence (iDEX). Forty plus startups are working in new technology-related products. Make-II and iDEX reflect new level of active engagement with industry where not only manufacturing but technology development for defence is being taken up.
Forex reserves hit a new high of $451 billion as of Dec 3: RBI governor #Sukumarbalakrishnan
As of 3rd December 2019, Foreign exchange reserves continued the upward journey growing to a new high of US$ 451.7 billion, Reserve Bank governor Mr Shaktikanta Das said on Thursday.
The governor added that since beginning of the current financial year, the forex kitty has gained by US$ 38.8 billion as of December 3 which is the largest in recent year.
In the week ending on 22nd November 2019, the total reserves rose by US$ 347 million to reach US$ 448.596 billion, as per the last reported number by the RBI.
For last few months the reserves have been continuously surging to new highs every week and crossed the US$ 450 billion mark for the first time.
The governor added that since beginning of the current financial year, the forex kitty has gained by US$ 38.8 billion as of December 3 which is the largest in recent year.
In the week ending on 22nd November 2019, the total reserves rose by US$ 347 million to reach US$ 448.596 billion, as per the last reported number by the RBI.
For last few months the reserves have been continuously surging to new highs every week and crossed the US$ 450 billion mark for the first time.
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