RIL arm acquires 85 per cent stake in NowFloats Technologies for Rs 142 lakh

A wholly owned subsidiary of the Mukesh Ambani-controlled Reliance Industries Ltd (RIL), Reliance Strategic Business Ventures Ltd (RSBVL), has acquired an 85 per cent stake in NowFloats Technologies for Rs 141.63 lakh (US$ 0.20 million) in cash.

In order to achieve a certain milestone, RSBVL proposes to make a further investment of up to Rs 75 crore (US$ 10.73 million) in NowFloats. This additional investment is likely to be finished by December 2020, as per the regulatory filing of RIL.

The shareholding of RIL in RSBVL will increase to 89.66 per cent post the additional investment. This will further support the group's digital and new commerce initiatives, it added.

Nowfloats offers SaaS solutions, which is an online business management suite, website promotion and marketing solutions, among others, to Small and Medium Enterprises (SMEs).

Nowfloats had posted a turnover of Rs 32.56 crore (US$ 4.66 million) and a net loss of Rs 43.24 crore (US$ 6.19 million) in the financial year ended March 2019.

47.86 GW of renewable energy capacity installed in last six years

A total of 47.86 GW of renewable energy capacity has been installed in the country during the last six years i.e. March 2014 to October 2019.

The source-wise and state-wise details of the generation of electricity through renewable energy sources during the last five years and current year are given in the Annexure.

The initiatives taken by the Government to explore new and renewable energy sources in the country inter-alia, include the Permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route, Waiver of Inter State Transmission System (ISTS) charges and losses for inter-state sale of solar and wind power for projects to be commissioned up to December, 2022, notification of standard bidding guidelines to enable distribution licensee to procure solar and wind power at competitive rates in cost effective manner, declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2022, launching of New Schemes, such as, PM-KUSUM, solar rooftop phase II, 12000 MW CPSU scheme Phase II, etc.

The Government has set a target of installing 175 GW of renewable energy capacity by the year 2022 which includes 100 GW from solar, 60 GW from wind, 10 GW from Biomass and 5 GW from Small Hydro.

All the major programmes/schemes being implemented by the Ministry have established mechanisms to monitor the implementation of these schemes. The provision, inter-alia, include:

Physical verification by State implementing agency.
Periodic inspection by the officials of Ministry of New and Renewable Energy (MNRE).
Third party evaluation.
This information was provided by Minister of State (IC) New & Renewable Energy, Power and Skill Development and Entrepreneurship Shri R.K. Singh, in written reply to a question in Lok Sabha today.

70 Rail and Road Projects Worth Rs 48,782 Crore Undertaken for Enhancement of Port Connectivity: Shri Mansukh Mandaviya

In a written reply to a question in Lok Sabha today the Minister of State for Shipping (I/C) and Chemical & Fertilizers Shri Mansukh Mandaviya informed that the Government of India has undertaken 55 rail projects worth Rs 45883.2 crore (US$ 6.57 billion) and 15 projects worth Rs 2899 crore (US$ 0.41 billion) for enhancing port connectivity at various Major and Minor ports.

Shri Mandaviya informed that out of 55 rail projects, 15 projects worth Rs. 1048.20 Crore have been completed and 40 projects with a cost of Rs 44785 crore (US$ 6.41 billion) are under implementation. Out of 15 road projects, 10 projects worth Rs 2592 crore (US$ 370.87 million) have been completed and 5 projects amounting to Rs. 307 Crore are under implementation.

He said that an expenditure for 38 rail connectivity projects being undertaken by Ministry of Railways till March,2019 is approx. Rs 16403 crore (US$ 2.35 billion). For 15 road and 17 rail connectivity projects undertaken by Ministry of Road Transport & Highways/ Major Ports, the expenditure in last three FYs is approx. Rs 3204.82 crore (US$ 458.55 million).

Cabinet approves MoU between Central Drugs Standard Control Organization and Saudi Food and Drug Authority

The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved ex-post facto the Memorandum of Understanding between Central Drugs Standard Control Organization (CDSCO) and Saudi Food and Drug Authority in the field of Medical Products Regulation. The MoU was signed on October 29, 2019 during the visit of the Prime Minister Shri Narendra Modi to Saudi Arabia.

Benefits:

The MoU would facilitate better understanding of the regulatory aspects between the two sides and help in increasing India's export of medical products to Saudi Arabia. It will also enable better coordination in international fora.

Passenger vehicle retail sales up 1 per cent in November: FADA #FADA #Sukumarbalakrishnan

ITC, a diversified conglomerate is targeting up to 20 per cent of the Rs 7,400 crore (US$ 1.06 billion) frozen food market in India in next three years with the company increasing its offering in the category, as per a senior company official.

Recently, the firm has ventured into the frozen food segment under ITC Master Chef brand aiming both retail and food services players. The company also plan to expand its reach to over 30 cities in the retail segment and 100 cities in food services segment during the period.

"Currently, the frozen foods market in India is about Rs 7,400 crore (US$ 1.06 billion) and it is growing at about 17 per cent annually...Our intention is to explode the category. We are doubling our volumes. Our growth rate is about 6-7 times the industry growth," said ITC Chief Executive - Frozen Snacks, Fruits and Vegetables Mr Sachid Madan.

He added that the expansion of the product range will aid in company's progress in the category along with the reason that it is offering freshly frozen food with no added preservatives and can be cooked in multiple ways.

"We are in both (vegetarian and non-vegetarian) segments and we are beyond even chicken. In the categories in the market that we are present, we are aiming at 15-20 per cent share over the next three-odd years as we establish our distribution," Mr Madan said.

ITC will become the third major organised player in the frozen food segment after McCain, which mainly offers in the vegetarian segment and Venky's, which offers in non-vegetarian, he further added. Presently, ITC's market share ranges from 5-15 per cent in the segment depending on outlets and range.

"The market is very small compared to its potential. The idea is if it is growing at 17 per cent how can we accelerate it? When we are growing at 100 per cent, it will definitely grow," he said.

Around 50 different frozen food products were introduced under ITC Master Chef brand by the company consisting of a variety of Indian flavours such as 'Mumbai Vada Pops', 'Rajmah ki Galauti', 'Chicken Galauti', 'Falafel Kebab', 'Achari Beetroot Kebab', among others.

Mr Madan said, "These items are now available in 60 cities under the food service portfolio and 11 cities in retail outlets. In the next three years 60 will go to 100 and beyond and 11 will go to about 30." The focus is on expanding penetration of the category and dispel the myth about frozen foods not being healthy in consumers' mind, he said.

The company is first planning to expand in metros and urban areas for these products and will also made widely available to consumers and food services segment, including restaurants, cafes and pubs across India, including tier II and III cities, he added.

In order to produce these products, ITC has partnered with American firm OSI and is utilising the latter's manufacturing facilities in India. "We are manufacturing in Punjab, Andhra Pradesh and Maharashtra. We are kind of covering most of the places where the markets are," Mr Madan said.

ITC bets big on frozen food segment, eyes 20 per cent market share in 3 years

ITC, a diversified conglomerate is targeting up to 20 per cent of the Rs 7,400 crore (US$ 1.06 billion) frozen food market in India in next three years with the company increasing its offering in the category, as per a senior company official.

Recently, the firm has ventured into the frozen food segment under ITC Master Chef brand aiming both retail and food services players. The company also plan to expand its reach to over 30 cities in the retail segment and 100 cities in food services segment during the period.

"Currently, the frozen foods market in India is about Rs 7,400 crore (US$ 1.06 billion) and it is growing at about 17 per cent annually...Our intention is to explode the category. We are doubling our volumes. Our growth rate is about 6-7 times the industry growth," said ITC Chief Executive - Frozen Snacks, Fruits and Vegetables Mr Sachid Madan.

He added that the expansion of the product range will aid in company's progress in the category along with the reason that it is offering freshly frozen food with no added preservatives and can be cooked in multiple ways.

"We are in both (vegetarian and non-vegetarian) segments and we are beyond even chicken. In the categories in the market that we are present, we are aiming at 15-20 per cent share over the next three-odd years as we establish our distribution," Mr Madan said.

ITC will become the third major organised player in the frozen food segment after McCain, which mainly offers in the vegetarian segment and Venky's, which offers in non-vegetarian, he further added. Presently, ITC's market share ranges from 5-15 per cent in the segment depending on outlets and range.

"The market is very small compared to its potential. The idea is if it is growing at 17 per cent how can we accelerate it? When we are growing at 100 per cent, it will definitely grow," he said.

Around 50 different frozen food products were introduced under ITC Master Chef brand by the company consisting of a variety of Indian flavours such as 'Mumbai Vada Pops', 'Rajmah ki Galauti', 'Chicken Galauti', 'Falafel Kebab', 'Achari Beetroot Kebab', among others.

Mr Madan said, "These items are now available in 60 cities under the food service portfolio and 11 cities in retail outlets. In the next three years 60 will go to 100 and beyond and 11 will go to about 30." The focus is on expanding penetration of the category and dispel the myth about frozen foods not being healthy in consumers' mind, he said.

The company is first planning to expand in metros and urban areas for these products and will also made widely available to consumers and food services segment, including restaurants, cafes and pubs across India, including tier II and III cities, he added.

In order to produce these products, ITC has partnered with American firm OSI and is utilising the latter's manufacturing facilities in India. "We are manufacturing in Punjab, Andhra Pradesh and Maharashtra. We are kind of covering most of the places where the markets are," Mr Madan said.

PSLV successfully launches RISAT-2BR1 and nine commercial satellites in its fiftieth flight #PSLV #Sukumarbalakrishnan

India's Polar Satellite Launch Vehicle, in its fiftieth flight (PSLV-C48), successfully launched RISAT-2BR1 along with nine commercial satellites from Satish Dhawan Space Centre (SDSC) SHAR, Sriharikota, today.

PSLV-C48 lifted-off at 1525 Hrs (IST) from the First Launch Pad. After 16 minutes and 23 seconds, RISAT-2BR1 was successfully injected into an orbit of
576 km. Subsequently, nine commercial satellites were injected into their intended orbits. After separation, the two solar arrays of RISAT-2BR1 were deployed automatically and the ISRO Telemetry Tracking and Command Network at Bengaluru assumed control of the satellite. In the coming days, the satellite will be brought to its final operational configuration.

"Today we achieved an important milestone in the history of PSLV by successfully launching its 50th mission" Chairman, ISRO, Dr. K. Sivan declared. A book titled 'PSLV@ 50' was released by Dr. Sivan on this occasion. He further added that this versatile launcher has lifted off 52.7 tonne into space, of which 17% belongs to customer satellites.

RISAT-2BR1 is a radar imaging earth observation satellite weighing about 628 kg. The satellite will provide services in the field of Agriculture, Forestry and Disaster Management. The mission life of RISAT-2BR1 is 5 years.

Dr. Sivan appreciated the efforts of the launch vehicle and satellite teams for realizing this mission in a short span of time.

The nine customer satellites of Israel, Italy, Japan and USA were precisely injected into their designated orbits. These satellites were launched under a commercial arrangement with New Space India Limited (NSIL).

PSLV-C48 is the 2nd flight of PSLV in 'QL' configuration (with 4 solid strap-on motors). Besides being the 50th launch of PSLV, today's launch was also the 75thlaunch vehicle mission from SDSC SHAR, Sriharikota.

Per Capita Steel Consumption in the Country

Government has brought National Steel Policy (NSP), 2017 which envisages steel per capita steel consumption to increase up to 160 kg. by 2030-31. In this direction, efforts have been made to promote steel usage by inserting new GFR rules 136(i)(iii) to consider life cycle cost analysis in Government projects for steel intensive structures, holding workshops, collaborative branding campaigns namely 'Ispati-Irada', push for Capital Goods manufacturing in the country and Steel Clusters near the steel plants. Also, Government's 'Make-in-India' initiative for manufacturing sector and schemes for building & construction sector such as Rural and Urban Housing Schemes, and infrastructure development sector provided impetus to the demand and consumption of steel in the country. The per capita consumption of steel has increased from 57.6 kg to 74.1 kg during the last five years. Further, Government's plan of an investment of Rs 100 lakh crore (US$ 1.43 trillion) for infrastructure development in the next five years will boost the demand and per capita steel consumption in the country.

Domestically Manufactured Iron & Steel Products Procurement (DMI&SP) Policy of the Government mandates to provide preference to domestically manufactured steel products both from public and private sector in Government procurement. There is no proposal to announce incentive policies for PSUs to procure domestic steel.

Walmart Inc launches supplier development programme in India #WalmartInc #Sukumarbalakrishnan

Walmart Inc, US-based retail major launched a supplier development programme in India with the goal to train 50,000 small and medium entrepreneurs empowering them to scale up and take part in global supply chains.

The initiative is known as Walmart Vriddhi Supplier Development Program, that will set up around 25 institutes strategically near manufacturing clusters across the country with an aim to train these 50,000 micro, small and medium-sized enterprises (MSME) in the next five years, the company added. The first such institute is likely to be open in March 2020.

India is already among the top five sourcing markets for the retail giant globally, and the new initiative is part of its long-term commitments to the country.

Ms Judith McKenna, President and Chief Executive Officer of Walmart International, said, “Today, our Cash & Carry stores source 95 per cent of what they sell from India...India is a top-five sourcing market for Walmart today, with a global sourcing hub in Bangalore that already sources Indian products for 14 markets around the world. “

“The Walmart Vriddhi Program will connect the network of supplier development communities we have already today in Flipkart and Best Price, using their learnings to help develop powerful curriculum and expand and accelerate the work even further and faster. With training and support, we can provide new and unique opportunities for MSME growth, both domestically and abroad,” she added.

The Walmart Vriddhi institutes would directly provide training to MSME and allow them to become part of the domestic and international supply chains of Walmart and Flipkart as well as other players.

“Uniquely, this is an open platform designed not for Walmart but for the best interests of those the program will serve.,” Ms McKenna pointed out, adding that this will be a pan-India initiative. Although, the company did not provide any specifics on investments being made on setting up these institutes.

Walmart, in 2018, acquired 77 per cent stake in Flipkart, the country’s leading online e-commerce platform, which also operates Myntra, Jabong and PhonePe.

EEPC celebrates 50th year of Engineering Exports Awards #EEPC #Sukumarbalakrishnan

Minister of State for Commerce and Industry and Minister of State Independent Charge of Civil Aviation and Housing and Urban Affairs, Hardeep Singh Puri, gave away the Engineering Export Promotion Awards (EEPC) for the year 2017-18 at a function in New Delhi today. Speaking on this occasion he congratulated the EEPC for reaching a record high exports of US$ 76 billion in 2017-18 and US$ 87 billion in 2018-19. He hoped that by next year India’s engineering exports will reach the target of US$ 1 trillion.

This year EEPC celebrates and completes 50 years of rewarding exporters and 111 winners were given national awards for 2017-18 across 8 categories in over 32 product panels. This year, for the first time, Quality Control of India (QCI) has been invited to evaluate EEPC member companies and EEPC India-QCI Quality awards were given away to 7 winners.

Hardeep Singh Puri congratulated EEPC for completing 50 years of rewarding exporters and also complemented 111 winners who received national awards today. He urged the engineering sector, that employs 40 lakh workers, to get abreast with global engineering standards and adopt new technology to upgrade their core efficiency and improve their competency and achieve cost competitiveness. He exhorted the engineering industries to establish smart factories for optimum use of land, labour and capital.

The MoS further said that since fifty-five percent of EEPC members are MSMEs, they must also strategize to upgrade their technology and production profile in order to enter the global value chain.

Hardeep Singh Puri informed the gathering about all the measures taken by the Government of India and the Department of Commerce and the Directorate General of Foreign Trade (DGFT) to simplify, bring in greater transparency in the export procedures and enhanced credit and insurance to exporters. The DGFT has put in place a fully electronic refund module and an online filing and issuance of preferential certificate of origin. A web portal of industrial schemes of different Ministries of the Government of India is also available to the engineering industries and the NIRVIK scheme has been announced to ensure enhanced loan availability for exporters.

Minister of State Hardeep Singh Puri urged exporters to tap emerging markets like Africa, the CIS countries, countries of Latin America and the GCC and Mexico and thereby ensure that by 2025 India’s engineering exports will reach a target of USD 200 billion.

Chairman EEPC, Ravi Sehgal also addressed the gathering. On this occasion Additional Secretary, Department of Commerce, Bhupinder Singh Bhalla, representatives of industry and the award winners were present.