Prime Minister, on the occasion of World Youth Skills Day, exhorts Youth to Skill, Reskill and Upskill

In his message to the Digital Skills Conclave held today on the occasion of the World Youth Skills Day and the fifth anniversary of ‘Skill India’ mission, the Prime Minister exhorted the youth to skill, reskill and upskill in order to remain relevant in the rapidly changing business environment and market conditions. He congratulated the youth of the country on the occasion and said the world belongs to the youth due to their ability to acquire new skills all the time.

He stated that the Skill India Mission launched five years back on the same day has led to creation of a vast infrastructure for skilling, reskilling and upskilling and enhancing opportunities to access employment both locally and globally. It has led to hundreds of PM Kaushal Kendras being set up across the country and increase in the capacity of the ITI ecosystem. Due to these concerted efforts, more than five crore youth have been skilled in the last five years. Referring to  the portal launched recently for mapping the skilled employees and employers, he stated that this would help the skilled workers, including the migrant workers who have returned to their homes, to access jobs easily and the employers to contact skilled employees at the click of a mouse. He emphasized that the skills of migrant workers would also help in changing the local economy.

He described skills as a gift which we can give to ourselves and added that skills are timeless, unique, a treasure trove and a means by which one can not only become employable but also help in leading a satisfying life. He said that a natural attraction to acquire new skills provides new energy and encouragement in one’s life. Skills are not only a means to a livelihood but also a reason to feel lively and energetic in our daily routine.

The Prime Minster also brought out the distinction between ‘knowledge’ and ‘skills’ in his address. He illustrated this with an example – that knowing how a cycle runs is ‘knowledge’ while actually being able to ride a cycle was a ‘skill’. It is important for the youth to realize the difference between the two and their different contexts and implications. With an example from carpentry, he explained the nuances between skilling, reskilling, and upskilling.

He further highlighted the potential of the country to capitalize on the skilling opportunities available in the country. He gave the example of the healthcare sector where Indian skilled manpower can supplement the global demand. He stressed the need to map this demand and align Indian standards with those of other countries. Similarly, he suggested that the Indian youth with a long maritime tradition can contribute as expert sailors to merchant navies across the world due to the growing demand in this sector.

The World Youth Skills Day, which is celebrated every year on 15th of July, was celebrated in virtual mode this year. Minister of Skill Development & Entrepreneurship, Dr Mahendra Nath Pandey, Minister of State of Skill Development & Entrepreneurship, Shri R.K.Singh, and Group Chairman, Larsen & Toubro Ltd., Shri A.M.Naik addressed the conclave. All stakeholders of the system, including the extensive network of trainees going into lakhs, participated in the conclave.

India turns net exporter for first time in almost two decades; records trade surplus in June

India has managed a trade surplus for the first time in almost 18 years as imports declined faster than exports. There was decease in demand for crude oil, gold, and other goods, indicating a slowing economy. 

Since March 2020, India has seen a decrease in both imports and exports because of decline in global demand, India-China tensions, and disruption of global trade due to the pandemic.     

For June 2020, the trade surplus was estimated at US$ 790 million as against the deficit of US$ 15.28 billion in June 2019.

Merchandise exports in June 2020 stood at US$ 21.91 billion, as compared to US$ 25.01 billion in June 2019, a decline of 12.41 per cent year-on-year.

However, imports in the month were recorded at US$ 21.11 billion, down by 47.59 per cent as compared to the imports of US$ 40.29 billion in June last year.

In June 2020, Oil imports were US$ 4.93 billion, which was 55.29 percent lower, as compared to June last year, as per the data released by the Ministry of Commerce.

“Rapid Turnaround of Exports: Realising PM @NarendraModi ji’s vision of Atmanirbhar Bharat, for the first time in 18 years, India records a monthly goods trade surplus in June!” Commerce and Industry Minister Piyush Goyal tweeted.

India’s current account balance saw a small uptick at 0.1 per cent of GDP in the March quarter of the financial year 2019-20. It shrank to 0.9 per cent in FY20 from 2.1 per cent in FY19 due to lowering trade deficit.     

It is estimated that the Indian economy will shrink by 5 per cent in the current financial year 2020-21.

Whereas IMF expects the Indian economy to contract by 4.5 per cent following a longer period of lockdown and slower recovery, the World Bank says it India's GDP to contract 3.2 per cent.

Market approval for Pneumococcal Polysaccharide Conjugate Vaccine given by DCGI

Drug Controller General of India (DCGI) has given approval to the first fully indigenously developed Pneumococcal Polysaccharide Conjugate Vaccine. This vaccine has been developed by M/s. Serum Institute of India Pvt. Ltd, Pune. Serum Institute first obtained the approval of DCGI to conduct Phase I, Phase II and Phase III clinical trials of Pneumococcal Polysaccharide Conjugate Vaccine in India. These trials have since been concluded within the country. The said Company has also conducted these clinical trials in another country i.e. Gambia.

Thereafter, the said Company applied for approval and permission to manufacture this vaccine. The application along with the clinical trial data has been reviewed by the Office of Drug Controller General of India with the help of Special Expert Committee (SEC) for vaccines.The Committee recommended for grant of permission of market authorization to the said vaccine. On 14/07/2020, M/s. Serum Institute of India Pvt. Ltd, Pune has been granted permission to manufacture domestically developed first Pneumococcal Polysaccharide Conjugate Vaccine. This is the first indigenously developed vaccine in the field of pneumonia. Earlier the demand of such vaccine was substantially met by licensed importers in the country since the manufacturers were all vaccine companies based outside India.

This vaccine is used for active immunization against invasive disease and pneumonia caused by “Streptococcus pneumonia” in infants.The vaccine is administered in an intramuscular manner.

 

Union HRD Minister Shri Ramesh Pokhriyal 'Nishank' Launches World's Most Affordable COVID-19 Diagnostic Kit Corosure Developed by IIT Delhi

Union Human Resource Development Minister, Shri Ramesh Pokhriyal 'Nishank' e-launched the World’s most affordable RT-PCR based COVID-19 diagnostic kit developed by IIT Delhi and approved by the ICMR and DCGI in New Delhi today. MoS for HRD Shri Sanjay Dhotre was also present on the occasion. Secretary, Higher Education, Shri Amit Khare and senior officials of the Ministry were present during the launch.

Speaking on the occasion, Shri Pokhriyal said that Corosure, COVID-19 Diagnostic Kit developed by Indian Institute of Technology Delhi is a step towards Prime Minister Shri Narendra Modi's vision of a self-reliant India. He said that the country requires cheap and reliable testing for the country which can help to control the pandemic. The Corosure Kit has been developed indigenously and is much cheaper than other kits. The HRD Minister said that our Prime Minister has always been encouraging the youth of the country to come forward and ensure a healthier India especially in the times of COVID 19 pandemic with their innovative research. The kit has received ICMR approval with the highest score and DCGI approved with a very high sensitivity and specificity.

Shri Pokhriyal lauded the work done by the IIT Delhi researchers and congratulated everyone involved in the development and manufacturing of the kit. The Minister appreciated Prof Vivekanandan Perumal and his research team of IIT Delhi for developing of COVID 19 diagnostic kit. The team includes Prashant Pradhan (PhD Scholar), Ashutosh Pandey (PhD Scholar), Praveen Tripathi (PhD Scholar), Dr Akhilesh Mishra, Dr Parul Gupta, Dr Sonam Dhamija, Prof Manoj B. Menon, Prof Bishwajit Kundu and Prof James Gomes.

He said that this affordable detection kit will help the country amid the ongoing crisis. Shri Pokhriyal informed that Corosure, the probe-free diagnostic kit has been manufactured by Delhi NCR-based New tech Medical Devices. The Minister appreciated that a leading educational institution under MHRD and a private company have joined hands during this epidemic in the interest of the nation. Shri Pokhriyal  informed that the diagnostic kit developed by IIT Delhi, which will be now available for use by the authorised testing labs with this launch, will significantly bring down the cost of COVID-19 RT-PCR testing. The base price of the RT-PCR assay is Rs 399. Even after adding the RNA isolation and laboratory charges, the cost per test will be considerably cheaper compared to currently available kits in the market.  The Minister further informed that IIT Delhi has given license to 10 companies to manufacture COVID-19 diagnostic kit using the technology developed by its researchers.

While addressing the participants, Shri Dhotre said that amid the coronavirus crisis, when widespread testing is most needed, this very low-cost diagnostic kit is a great feat that the IIT Delhi has achieved in such a short period. He added that Innovation and entrepreneurship are complimentary to each other and are also most crucial for an Atmanirbhar Bharat. IITs have very robustly nurtured these two. Even in schools across the country, climate for innovation and new technology is being created very actively.

Shri Dhotre further said that IIT Delhi's 40-year old Centre for Rural Development and Technology has been playing a crucial role in application of new technology in the uplift of rural life so that benefit of technology could reach the last man. He added that country's youth have a lot of passion and potential for innovation and entrepreneurship. They only need to be provided right climate, resources, and motivation. IITs have done a great job in this sphere.

Speaking on the occasion Shri Khare informed that IIT Delhi became the first academic institution to obtain the ICMR’s approval for a real-time PCR-based diagnostic assay. It was also the first probe-free as say for COVID-19 approved by the ICMR. He added that the assay was validated at the government’s medical research body with a sensitivity and specificity of 100 per cent. Shri Khare appreciated the efforts of IIT Delhi towards the betterment of society and wished them success in their endeavours.

Prof V. Ramgopal Rao, Director, IIT Delhi said that IIT Delhi is thankful to the support it has received from the Indian government, HRD ministry, Health Ministry and the ICMR for the development and manufacturing of the affordable kit. Our researchers will continue to focus on COVID-19 related research and development to help the country as well as the World in the fight against Coronavirus.

Toppr to raise US$ 50 million in Series D to expand, launch two products

Toppr, an edtech start-up, plans to raise US$ 50 million in a Series D round from existing and new investors to scale up operations and launch two products, Toppr Codr and a learning platform for schools.

Mr Zishaan Hayath, CEO and co-founder Toppr, said that the company is in talks with new investors and will close the round before the end of the September quarter. Existing investors will contribute about 10-30 per cent of the funding, he added.

The company is backed by Saif Partners and Helion Ventures and joined bigger edtech players that have successfully raised capital despite the COVID crisis. Byju’s raised about US$ 100 million from US technology investor Bond in May, while Unacademy raised US$ 110 million from Facebook and General Atlantic in February 2020.

“The funding will fuel development and distribution of all three products, the Toppr learning app that is our core app, Toppr Codr and an online platform for schools which will be launched in about six weeks’ time," said Mr Hayath.

In December 2018, Toppr had raised US$ 60 million as part of its Series C led by Kaizen PE, along with existing investors Eight Roads Ventures, Helion Ventures and SAIF Partners.

Since then, the startup has been putting in more efforts to reach new students. Its entry into coding by launching Toppr Codr is one such initiative.

“Coding is an essential skill for the 21st century and helps kids with logical thinking, concentration, creativity and even maths. There is a clear gap in demand and supply and this starting point should fit in nicely with the start of a school year," said Mr Hayath.

Toppr Codr offer specially designed curriculum for children between 6-18 years of age, on-demand and self-paced modules, adaptive paths, and personalised live classes. It will be working along 100 plus experts as coding tutors - including those from IIT Bombay, IIT Madras, IIT Delhi and IIT Kanpur.

“So far the learning apps have been focused on children, with this platform for schools we will close the gap and children will be able to learn what is taught in schools," he added.

The work of teachers will be reduced by the help of automatic assignments and tests among other things.

The company has seen an increase like other ed tech platforms because of the lockdown when the coronavirus outbreak had forced educational institutions to suspend classroom teaching in March.

Mr Hayath claims that there has been a 150 per cent growth in paid users after the lockdown was imposed, with revenue growing 2.5 times. Subscribers of Live Classes grew by 125 per cent while there was a 100 per cent growth in Free user engagement overall. Daily active users spent 110 minutes per day on the Toppr app, the highest user-engagement in the segment.

Currently, Toppr has 1,500 employees and 60,000 educators on its platform and is not worried about competition from the big players. “With 300 million school children in India, the ed tech space is not crowded," added Mr Hayath.

It is expected that edtech adoption in India is being driven by the COVID-19 outbreak and even after the crisis is contained, it will be one of the key technology themes to look out for in the country’s education sector, said Mr Nidhi Gupta, technology analyst at data firm GlobalData.

Flipkart raises US$ 1.2 billion in Walmart-led funding at near US$ 25 billion valuation

Indian e-commerce major, Flipkart Group, has raised an additional US$ 1.2 billion equity from Walmart-led investor group.

The valuation of the company has reached US$ 24.9 billion post equity round. This latest equity will be funded in two tranches over the remainder of the fiscal year.

The investment is led by Walmart, Flipkart's majority owner, along with a group of existing shareholders, the company said.

In FY20, Flipkart has seen an increase of 45 per cent in monthly active customers and witnessed 30 per cent growth in transactions per customer. It has recently surpassed 1.5 billion visits per month.

"We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Mr Kalyan Krishnamurthy said.

"Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers. We will continue innovating to bring the next 200 million Indian shoppers online," he added.

The company was founded in 2007 and includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service focused on solving the last mile in India's Tier II and Tier III cities. In 2018, company received an investment of US$ 16 billion from Walmart Inc. for a majority stake in the group.

"Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Mr Judith McKenna, President and CEO of Walmart International.

Shri Gadkari inaugurates and lays foundation stones of new economic corridor projects worth about Rs 20,000 crore in Haryana

Union Minister for Road Transport, Highways and MSMEs Shri Nitin Gadkari inaugurated and laid the foundation stones of various Highway projects as part of a new economic corridor worth about Rs 20 thousand crore (US$ 2.84 billion) in Haryana today through webcast. The function was presided over by the Chief Minister of Haryana Shri Manohar Lal. Union Minister of State for Road Transport and Highways Gen (Retd) V K Singh, Deputy Chief Minister of Haryana Shri Dushyant Chautala, Union Ministers Shri Rao Inderjit Singh, Shri Krishnapal Gurjar, Shri Rattan Lal Kataria, NHAI Chairman Shri S S Sandhu, senior officers of the Ministry of Road Transport and Highways and officers from Haryana State Government participated in the virtual function.

The projects inaugurated include the 35.45 km 4-lane Rohna/Hasangarh to Jhajjar section of NH 334B costing Rs 1,183 crore (US$ 167.83 million), the 70 km 4-laning of Punjab-Haryana Border to Jind section of NH 71 costing Rs 857 crore (US$ 121.58 million), and the 85.36 km 2-lane with paved shoulders Jind-Karnal Highway on NH 709 costing Rs 200 crore (US$ 28.37 million).

Foundation stones were laid for projects including the 227 km 6-lane access controlled Greenfield expressway from Ismailpur to Narnaul on NH 152D in 8 packages costing Rs 8,650 crore (US$ 1.23 billion), the 46 km 4-lane Gurugram Pataudi-Rewari section of NH 352W costing Rs 1,524 crore (US$ 216.20 million), the 14.4 km 4-lane Rewari Byepass costing Rs 928 crore (US$ 131.65 million), the 30.45 km 4-lane Rewari-Ateli Mandi section of NH 11 costing Rs 1,057 crore (US$ 149.95 million), the 40.8 km 6-lane Narnaul Byepass on NH 148B, NH 11 and Narnaul to Ateli Mandi section of NH 11 costing Rs 1,380 crore (US$ 195.77 million), the 40.6 km 4-lane Jind-Gohana (Pkg 1, Greenfield alignment) of NH 352A costing Rs 1,207 crore (US$ 171.23 million), the 38.23 km 4-lane Gohana-Sonipat section of NH 352A costing Rs 1,502 crore (US$ 213.08 million), and the 40.47 km 4-lane UP-Haryana Border to Roha on NH 334B costing Rs 1,509 crore (US$ 214.07 million).

Speaking on the occasion, Shri Gadkari said, these projects will benefit people of Haryana in big way by providing smooth connectivity within the State, as well as to other States like Punjab, Rajasthan, Delhi, and Uttar Pradesh. The Minister also said that these important projects will decongest big cities reducing travel time. It will take about 2 hrs to reach Delhi Airport from Chandigarh against 4 hrs now.  The projects will also save on time, fuels, and cost, as also boost development in backward areas of the State. He said, the Government is committed to progress and prosperity of the country, and Rupees two lakh crore worth of works will be completed in the first two years of this government. He recalled that the Prime Minister has conceived Rs 100 lakh crore (US$ 1.41 trillion) worth of infrastructure development towards achieving the five trillion economy. The Minister said, people in the State should consider adopting crops for biofuels, which has the capacity to improve their all-round life.  This will ensure employment opportunities within the villages, which will also stop mass migration in search of employment. The Minister said, the proposed Delhi-Mumbai Expressway, Trans Haryana Economic Corridor and the Gurugram-Rewari-Ateli-Narnaul are the highways of a new emerging India, which will bring development in all corners of Haryana.

Shri Gadkari requested the Chief Minister to expedite land acquisition for National Highway Projects in the State.  For this purpose, the issues may soon be discussed and sorted out with the Minister of State for RTH Gen (Retd) V. K. Singh. 

The Minister also called upon Haryana CM to join in the efforts for developing industrial clusters including MSMEs, smart cities and smart villages as also to develop Khadi and Village industries alongside the express way projects particularly the new Delhi-Mumbai Expressway.  He assured the Chief Minister of all assistances in this regard. The Minister informed about his goal for providing 5 crore jobs through MSMEs in next 5 years and enhancing KVIC turn over manifold from present level of Rs 88,000 crore (US$ 12.48 billion) per annum.

 Haryana Chief Minister Shri Manohar Lal thanked Shri Gadkari for honouring the State’s requests for roads. He said, these projects will have positive impact on both the industry and the business in the State. He attributed the State’s development to its vast road network and transport facilities. The CM informed that 29406-kilometre-long roads were developed/improved in the State during the last five years. Further, budget allocations have been made for construction of ROBs/RUBs at all railway crossings to prevent accidents.

Speaking on the occasion Gen (Retd.) V.K. Singh said that implementation of the NH projects will lead to all round development of Haryana.  He requested Haryana CM to consider developing Rwewary bypass project into a ring road of the city of Rewari to help its decongestion.  NHAI Chairman Shri S S Sandhu informed NHAI with these projects NHAI is implementing projects work over Rs 37,000 crore (US$ 5.25 billion) in Haryna. He requested CM, Haryana to develop expeditiously and land acquisition for NH projects.

In 2014, total NH length in Haryana was 2050 kilometre, which has now been brought up to 3237 kms. The NH density of 75 km per 1000 sq km is the highest among the major States of the country. Four major corridors are being developed in Haryana, which include two brownfield projects of Jind-Gohana-Sonipat and UP/Haryana Border-Rohna-Jhajjar. The other two are greenfield projects – Ambala-Kotputli 304 km and Gurugram Rewari-Narnaul-Rajasthan Border 132 km. Apart from these, several important projects have been taken up in the Delhi NCR areas around Haryana. These include: the 1350 km Delhi-Mumbai Expressway costing about Rs one lakh crore, the 600 km Delhi-Amritsar-Katra Expressway costing Rs 30,000 crore (US$ 4.26 billion), the 30 km Dwarka Expressway costing over  Rs 8,000 crore (US$ 1.13 billion), the 21 km Gurugram-Sohna Road costing Rs 1630 crore (US$ 213.24 million), the 28 km Ambala Ring Road, and the 30 km Karnal Ring Road. In addition, other NH projects of 410 km are proposed, which will be awarded by next year.  In the next 2-3 years, 1550 km long Highways and Expressways will be developed at an investment of Rs 60,000 crore (US$ 8.51 billion). Out of this, about Rs 12,000 crore (US$ 1.70 billion) is being distributed as compensation amount to land holders in Haryana.

 

Turning Crisis into opportunity- Dr Harsh Vardhan discusses bilateral Health Co-operation including management of COVID-19 with Australian Health Minister

Dr Harsh Vardhan, Union Minister for Health and Family Welfare had a digital interaction with his Australian counterpart Mr Gregory Andrew Hunt to discuss bilateral Health co-operation, here today.

India and Australia have signed an MoU on co-operation in the field of Health and Medicine on 10th April, 2017. The MoU covers areas of mutual interest like the management of communicable diseases like Malaria and Tuberculosis, mental health and non-communicable diseases, antimicrobial resistance, regulation of pharmaceuticals, vaccines and medical devices and digitization of health infrastructure. The MoU also covers response to public health emergencies like the present COVID pandemic.

At the outset, Dr Harsh Vardhan expressed deep admiration for Mr Gregory Hunt for his organization of charity events like a 5 km run for children suffering for autism and raising awareness on juvenile diabetes. Speaking on the need for working together, Dr Harsh Vardhan outlined that “while Australia has one of the best healthcare systems of the developed world, healthcare in India is one of the fastest growing sectors expected to hit US$ 275 billion mark in the next 10 years. India’s domestic demand is expected to engine the growth regardless of any turbulence in the global economy. India also offers vast opportunities in R&D and medical tourism”. India’s traditional holistic medical systems like Ayurveda and Yoga can help Australia curb obesity and related diseases, he further added.

Dr Harsh Vardhan elaborated on ‘health as a social movement’ approach of Prime Minister Shri Narendra Modi “India’s Universal Healthcare Coverage (under Ayushman Bharat) covers a massive 100 million families; 10 million individuals have benefitted in the last year alone; India is committed to eliminating TB by the year 2025; India has also undertaken efforts for mass screening of non-communicable diseases like hypertension, cancer of breast, lung, throat and mouth, etc; India has also made strides in implementing the Digital Health Blueprint to modernize the health sector and enable streamlined delivery of services to the last citizen; affordable medicines that treat cancer and cardio-vascular ailments and cardiac implants are made available to the poorest of the poor under the (Affordable Medicines and Reliable Implants for Treatment (AMRIT) program.” He also added that the Prime Minister’s “Whole of Government” perspective enabled financial inclusion of 400 million people and transformed their access to healthcare.

Mr Hunt spoke of the trust Prime Minister Shri Narendra Modi espouses in the international community. Australia’s Universal Telemedicine has helped tackle 19 million cases, so far, he stated. Its focus on health infrastructure through public and private hospitals and approach on mental health issues are models worth emulating, he stated. Acknowledging India’s huge role in supplying inexpensive generic drugs supplying 60 per cent of the world’s medicine, he expanded on how India could help Australia in researching new medicines for rare diseases using Genomics and Stem Cell Technology.

Elaborating upon the role of India’s medical community in containment and management of the pandemic, Dr Harsh Vardhan noted that India’s medical professionals, paramedics and scientists have played a pivotal role in containing COVID-19.  He stated that they are helping in drug discovery and in repurposing of existing drugs. They have also isolated the virus in the early onset of diseases and are engaged in studying the virus using Genome sequencing. “From just one lab to test the virus in January 2020, India now has more than 1200 labs across the country facilitating the people in widespread testing, he further added. India’s drug manufacturers have also enabled India to supply Hydroxychloroquine to 140 countries.”

The Health Ministers agreed to continue to jointly work in the area of health and other common interests.

Renew Power plans to double power generation capacity to 10,000 megawatt in five years

Renew Power, India’s largest clean energy firm, plans to double its portfolio of running plants and projects under implementation to 10,000 megawatt (MW) in five years, an ambitious growth plan that has cheered its major investor Goldman Sachs.

An investment of around Rs 40,000 crore to Rs 50,000 crore (US$ 5.67 billion to US$ 7.09 billion) is required for expansion, going by the average cost of projects in the industry. Though, no financial details were shared by the company. The projects vary across the country, depending on the cost of land and the intensity of sunlight or wind.

Mr Sumant Sinha is leading the Renew Power’s aggressive expansion project, which is part of the growing corporate interest in the sector in which Mr Gautam Adani is also expanding his presence with the aim of becoming the world’s biggest renewable energy company with a capacity of 25,000 MW.
"This year despite the impact of COVID-19, the government has been actively bringing out new bids in the renewable energy space and companies have responded enthusiastically," said Renew Power chairman and managing director Mr Sumant Sinha.

According to Goldman Sach’s MD of merchant banking division Mr Michael Bruun, these growth prospects are exciting. "We are excited about our investment in Renew and the journey ahead as the company continues to grow and becomes more integrated across the value chain," Mr Bruun said.
Around 48.6 per cent share in Renew Power are held by Goldman Sachs, which has backed the company for a long time. The company has also raised debt and equity from other major global investors including Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, JERA and Global Environment Fund. The company has attracted foreign direct investment of over US$ 1.4 billion from various investors since its inception 10 years ago.

Renew has the country’s largest operation capacity of 5,600 MW, which along with capacity in the pipeline adds up to 10,000 MW.

In May 2020, Renew won a first of its kind 400 MW round-the-clock (RTC) bid, which promises an 80 per cent plant load factor (PLF) annually at Rs 2.90 (US$ 0.04) per unit. In order to ensure the PLF efficiency, company plans to set up a plant with capacity higher than 1 gigawatt (GW), bringing the total to 2 GW in the past six months. These will be online in the next two years, Mr Sinha said.

Around 800 MW, out of the 2 GW, worth of bids were won during the COVID-19 period.

The RTC bid will allow RE companies to provide stable power to the grids, plugging a major challenge against coal-based power plants and other conventional energy sources.

 

Flipkart invests Rs 260 crore in Arvind Youth Brands

Flipkart Group bought a minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd’s (AFL), for Rs 260 crore (US$ 36.88 million). The company, which owns denim brand Flying Machine, plans to build the brand online and in India's smaller markets.

Flying Machine is a four-decade old brand and has been selling on Walmart-backed Flipkart and Myntra for over six years.

"Through this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points," as per the Arvind Fashions Ltd filing to the exchanges.

Arvind Fashions oversees international and local fashion apparel brands in the country such as US Polo Assn., Arrow, GAP, Tommy Hilfiger, Flying Machine, Aeropostale, The Children’s Place and Ed Hardy. It also operates the value fashion retail chain, Unlimited, apart from a partnership with beauty retailer Sephora for its India business.

The company has been trying to reduce its dependence on physical stores. With this move, it is moving online for its business.

"The partnership with the Flipkart Group will help us accelerate our online growth strategy as we focus our efforts on developing an omni-channel retail approach for Arvind Youth Brands and Flying Machine," said Mr J. Suresh, managing director and chief executive officer, Arvind Fashions.

Mr Suresh added that Flipkart and Myntra will be the brand's preferred online partners, even as it continues to grow offline sales through channels like exclusive brand stores, department stores and multi-brand stores.

Flipkart will leverage the brand's popularity that has over the years moved to India's smaller cities and expand its presence on its platform with value price points for shoppers in that segment.

"Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades, “ said Mr Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group.

In another filing to the exchanges, Arvind Fashions Ltd., said the company and its wholly owned subsidiary, Arvind Lifestyle Brands Limited, have each signed definitive agreements to transfer the wholesale trading and the retail trading business in "Flying Machine" brand to a wholly owned subsidiary, Arvind Youth Brands Private Limited.

In FY19, Flying Machine brand, under Arvind Fashions Ltd., recorded a standalone turnover of Rs 365 crore (US$ 51.78 million).

Flipkart has been gradually growing its presence in India's fashion apparel market.

Fashion retailer Myntra, part of the Flipkart Group, won the rights in 2017 to manage Spanish fashion brand Mango’s offline stores in India, as well as sell the brand exclusively on its online marketplace.