Gaza reconstruction clouded by dispute over Israelis held by Hamas

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reconstruction of Gaza after last month’s fighting between Israel and Hamas is being held up by a dispute over the fate of Israelis long held by the Islamist group and a lack of clarity over how to prevent it from accessing aid funds, officials say.

The Gaza government says 2,200 homes were destroyed and 37,000 damaged by Israeli shelling during 11 days of cross-border exchanges. Rebuilding those dwellings and wider Gaza infrastructure will cost some USD 500 million, the government says.

Egypt and Qatar, which helped broker a May 21 truce, have pledged USD 500 million each for reconstruction in the Palestinian enclave, two-thirds of whose 2 million residents rely on aid.

Israel says that can proceed only if it makes headway in efforts to recover two soldiers missing in action in a 2014 Gaza war as well as two civilians who slipped separately into the enclave.

“It’s reconstruction in exchange for progress on the missing,” a senior Israeli official told Reuters, declining to specify what Israel – which has declared the two missing soldiers dead – would consider “progress”.

Hamas, which has not detailed the four Israelis’ condition, says talks about them must be based on a swap for Palestinians imprisoned in Israel, not aid. Israeli Prime Minister Naftali Bennett has long opposed releasing jailed Palestinian militants.

With the ceasefire largely holding, Israel on Monday began allowing fuel into Gaza for the first time in weeks, after easing up import and export restrictions on the Strip last week.

But the prospect for aid has been complicated up by Israel’s demand – supported by US President Joe Biden – that the funds not be used to arm Hamas. Israel says Hamas bears the blame for investing money in its military build-up rather than Palestinian welfare. Hamas denies this.

The Biden administration also wants to involve internationally-backed Palestinian President Mahmoud Abbas in the Gaza reconstruction. But Abbas has not wielded clout in Gaza since losing control of it to Hamas in a brief 2007 civil war.

Hamas – deemed a terrorist group by the West – has pledged not to touch donor money. One of its appointees, Deputy Minister of Public Works and Housing Naji Sarhan, said mediators were months away from coming up with a workable funding mechanism.

Sarhan, who has taken part in Cairo-based talks, said rubble from the May fighting would be cleared by the end of July and that “within three months, I think, we will see the start of the reconstruction of Gaza, especially the buildings and the roads infrastructure. This is what we are hearing.”

Sam Rose, an officer in charge of Gaza affairs for the UN aid agency for the Palestinians, UNRWA, told Reuters last week that the agency launched a USD 162 million campaign for early recovery plans, including humanitarian assistance to displaced families.

Asked when rebuilding could begin, Rose said, “I can’t give you a time frame right now. It depends upon facts beyond our control.”

For people like Mohammad Ghabayen, who has been living in an UN-run school since his house was hit by an Israeli air strike in May, the uncertainty was agonising.

“What is going to happen to us? What is going to happen to my children?” he said.

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Low interest rate, high inflation impacting returns? Here’s what investors should do

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The combination of a low interest-rate regime and high inflation has made fixed deposits (FDs) and other investments unappealing to investors. Today, bank FDs provide a meagre four to 5.5 percent return. Even small savings schemes provide lower returns, adding to investor woes.

Under such circumstances, experts believe this is the right time for investors to turn to the market – whether it be direct investment or via mutual funds.

According to Adhil Shetty, CEO, Bankbazaar, “Investing in equity allows investors to beat inflation in the long term and mutual funds are the safest and best way to invest in the market. Equity funds in India have generated close to 12-15 percent CAGR over the past 10 years. That’s about six to eight percent above inflation,” Shetty says.

Compounding this annually, Shetty believes, would give a significant amount of wealth over an extended period.

“Unlike earlier, it is not difficult to invest in mutual funds or to track investments anymore. Moreover, there are funds to suit everyone, including the most risk-averse,” Shetty explains.

Also read: Selling stocks in India? Here’s how you will be taxed

“Mutual funds are not just for long-term and medium-term but also for short-term. For short-term investments, liquid funds are a good option. Liquid funds are short-term debt mutual funds where an investor has the option to park one’s fund for a few days or months and earn returns for the holding period as per market rates. Liquid funds provide average returns of four to six percent. Liquid funds are invested in short-term money market instruments such as Government treasury bills, money markets, short-term corporate deposits, commercial papers, etc. This makes them very liquid and safe. Moreover, there is no exit load applicable for such a fund. Liquid funds also provide good liquidity of as little as a day,” Shetty said.

Archit Gupta, founder, and CEO, ClearTax suggests investors who find it challenging to pick stocks on their own should consider investing in equity mutual funds as they will benefit from expert money management.

“Equity investments require investors to have an investment horizon of at least five years to mitigate market volatility. Individuals can stagger investments by opting to invest through a systematic investment plan (SIP), which will further reduce the impact of volatility,” Gupta advises.

As per Saurav Basu, head, wealth management at Tata Capital, gold is another instrument to invest in when looking out for an inflation hedge.

“Considering that gold is not very affected by currency rates – the effects of inflation on this tool are almost minimal. The price of gold is also directly proportional to the rate of inflation. Investing through SGB/gold ETF could be a good option,” Basu suggests.

Also read: Want to join international mutual funds bandwagon? Benefits and key factors to consider

Apart from investing in these avenues, individuals must also be careful with their investments.

“They need to analyse the fundamentals of the company before investing in its stocks. For all kinds of investments, it’s must ensure that investments are in sync with financial goals and risk tolerance,” said Gupta of ClearTax.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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Former Toshiba board chairman had support rate of 43.7% at AGM

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Toshiba Corp’s former board chairman lost his bid for re-election last week with a support rate of 43.74 percent, according to a breakdown of the vote that marked a watershed moment for corporate governance in Japan. Some 56 percent of the votes were lodged against his reappointment.

Critics argued that Osamu Nagayama had to step down to take responsibility for the board’s resistance to address allegations that Toshiba and the trade ministry colluded to block foreign shareholders from gaining influence at last year’s annual general meeting.

Also Read: Shareholders oust Toshiba board chairman in major win for Japan governance

But his supporters say his failure to win re-election will only set back Toshiba further, depriving the industrial conglomerate, which has lurched from crisis to crisis since an accounting scandal in 2015, of an experienced leadership.

CEO Satoshi Tsunakawa was appointed as interim chairman. Tsunakawa retook the CEO position in April after Toshiba’s previous chief executive left, but Tsunakawa has said he does not plan to stay for too long.

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RIL’s solar energy foray: Former Thermax MD lays down the challenges

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries’ Mukesh Ambani, last Thursday announced in the company’s annual general meeting (AGM) that the company will invest Rs 75,000 crore in clean energy business over the next three years. It aims to set up 100 GW of solar power generating capacity by 2030. What does this mean for the sector, MS Unnikrishnan, former Managing Director at Thermax explained to CNBC-TV18.

He pointed out that RIL in the solar space is planning to build up from scratch.

“This will be the largest capacity in India with a multi-billion dollars investment. Very clearly, they have mentioned that this focused a lot more on roof tops, though they may also be selling normal solar IP,” he said.

The first part is how the engineering is going to be done for all these factories and this might augre well for the construction heavy weights.

“These are all new technologies. The entire plan in building, which will be comprising mainly around 25-30 percent of the total expenses presumably, which is equivalent to Rs 20,000-25,000 crore will go to construction companies.

Unnikrishnan is also skeptical about supply capacity.

“Though he (Mukesh Ambani) has very clearly mentioned that possibly Reliance Jamnagar will supply from existing capacity, I don’t think that will be sufficient,” he said.

There are at least 10 companies that are already in the solar roof top segment, he added pointing at the competition. Moreoever, with effect from April 1, FY22, there is 40 percent import duty on solar panels in India and this makes manufacturing, at least partly, compulsory in India.

“I would say a part may come from outside India… I would presume that Rs 30,000-40,000 crore worth of the orders for Indian companies for capital equipment, and Rs 14,000-15,000 for construction and building making,” he added.

For full interview, watch accompanying video.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Also Read: RIL AGM: Reliance to invest Rs 75,000 crore over next 3 years in clean energy business

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Hopeful of getting EMA clearance for Covishield in next few weeks, says SII’s Adar Poonawalla

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Serum Institute of India CEO Adar Poonawalla is hopeful that the Covishield vaccine against COVID-19 will get the approval of the European Medicines Agency (EMA) in the next few weeks. The Covishield vaccine is excluded from the European Union (EU) Green Pass. The pass will be available for use from July 1.

In an interview with CNBC-TV18, Poonawalla said the SII has applied to the EMA for approval of Covishield in the European markets. The matter has been taken with the EMA and diplomatically as well. The Covishield has received clearance from the WHO, UKMHRA.

“I realise that a lot of Indians who’ve taken Covishield are facing issues with travel to the EU. I assure everyone, I’ve taken this up at the highest levels and hope to resolve this matter soon, both with regulators and at the diplomatic level with countries,” Poonawalla tweeted.

I realise that a lot of Indians who have taken COVISHIELD are facing issues with travel to the E.U., I assure everyone, I have taken this up at the highest levels and hope to resolve this matter soon, both with regulators and at a diplomatic level with countries.

— Adar Poonawalla (@adarpoonawalla) June 28, 2021

Covishield is the Oxford University-AstraZeneca vaccine manufactured in India by the Pune-based vaccine maker.

Currently, only four vaccines have been approved by the EMA — Comirnaty (Pfizer/BioNTech), Moderna, Vaxzervria (AstraZeneca), Janssen (Johnson & Johnson).

For COVID-19 live updates, click here

The copy will be updated soon

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Maruti Suzuki launches vehicle subscription services in 4 more cities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The country’s largest carmaker Maruti Suzuki India on Monday said it has expanded its vehicle subscription services to four more cities — Jaipur, Indore, Mangalore and Mysore, taking the total number to 19 cities. The company said it has also launched a marketplace model for its subscription service — Maruti Suzuki Subscribe that will serve as a unified platform to offer customised car subscription products through multiple partners at competitive rates.

Maruti Suzuki India (MSI) has partnered with three subscription partners namely Orix Auto Infrastructure Services Ltd. (Orix), ALD Automotive India (ALD Automotive), and Myles Automotive Technologies Pvt Ltd (Myles) for its subscription service.

With the expansion of ‘subscription’ services to four new cities — Jaipur, Indore, Mangalore and Mysore, customers can now opt for Maruti Suzuki Subscribe services in 19 cities, the company said in a regulatory filing.

“Car subscription is a new and upcoming concept for the Indian market. We are regularly upgrading our Subscribe programme with learnings and feedback from customers… With the addition of four new cities in our network, we look forward to serving more customers,” MSI Senior Executive Director (Marketing and Sales) Shashank Srivastava said. The marketplace model will offer more power to customers to select from a bouquet of options, as per their requirements. This will lead to competitive price offerings coupled with transparency of the process, he added.

Maruti Suzuki Subscribe plan was launched in July last year. It allows the customer to opt from a range of the company’s vehicle — WagonR, Swift, Dzire, Vitara Brezza, Ertiga from Maruti Suzuki ARENA and Ignis, Baleno, Ciaz, S-Cross and XL6 from NEXA to drive for multiple tenures without buying the vehicle by paying an all-inclusive fixed monthly charge. This monthly payment includes the vehicle usage charges, registration charges, maintenance, insurance, and other common services related to vehicle usage.

Customers have the option to either switch over to a new car or avail the option of purchasing the subscribed car on the completion of tenure. On the other hand, a customer can also foreclose the subscription at any point in time.

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PharmEasy acquires Thyrocare: Dealmakers explain rationale and road ahead

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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API Holdings (API), the parent company of PharmEasy confirmed our newsbreak on June 25 that it was acquiring 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore. Both the players explained the rationale of this deal from their perspectives in an interview to CNBC-TV18.

“We are strong in consultations, treatment and technology. One large missing piece for us was diagnostics. When we looked at Thyrocare, it seemed like the perfect marriage,” said Siddharth Shah, co-founder and CEO of API Holdings.

According to Dr Velumani, this is a very rare combination. “It is a complete online mall.”

Also read: PharmEasy to acquire 66.1% stake in Thyrocare for Rs 4,546 crore

“We believe that the combined power of this platform will be able to provide a continuum of care to patients like it has never been done before,” Shah added.

When asked what advice he will give to the likes of Siddharth Shah, Dr Velumani mentioned, “In a situation like this, don’t look at the competition side, look at the opportunity side.”

Why the sale when the industry has been seeing a major bull run? That’s a question that has been doing the rounds.

“The company is not doing well as it was doing earlier. I thought let me now change the track, there is no financial or emotional constraint,” explained Dr A Velumani, CMD and CEO, Thyrocare Technologies.

The business in last the last three years was aided by the brand and was boosted by COVID last year.

Also read: Thyrocare Technologies shares fall 6.5% as startup PharmEasy acquires 66.1% stake

Pharmeasy believes that any outpatient healthcare requires four stages of handholding starting with information, then going for consultation and diagnostic tests and finally getting the treatment.

“This entire journey for a patient should be given at one single point with one single partner and must be made affordable and accessible. Only way to do this is by leveraging technology at scale,” said Shah.

On listing, Shah said, “We are definitely considering the listing of PharmEasy at an appropriate time, all options are on the table.”

“I am pretty sure, this combination of Thyrocare and PharmEasy, with all verticals, will be the single largest healthcare provider in the country by 2025,” Velumani shared.

For the full interview, watch the accompanying video.

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Nirmala Sitharaman press conference highlights: FM announces 8 major relief measures to boost COVID-affected sectors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman addressed a press briefing on Monday, while focusing on eight COVID-19 related relief measures.

She announced Rs 1.1 lakh crore guarantee scheme for COVID-affected sectors. Out of this, the health care sector will get Rs 50,000 lakh crore sector.

Last week, CNBC-TV18 reported that the new stimulus package may include a scheme to promote health infrastructure in tier 2 cities and an increased Emergency Credit Line Guarantee Scheme (ECLGS) limit of Rs 4.5 lakh crore.

The government and Reserve Bank of India have together announced stimulus measures worth Rs 29,87,641 crore to revive the economy, Finance Minister Nirmala Sitharaman had said in November last year while announcing stimulus measures under Atmanirbhar Bharat Abhiyaan 3.0.

Here are the latest updates from the media briefing:

• Here are the key 8 measures announced by Finance Minister Nirmala Sitharaman today

Measure 1

A total of Rs 1.1 lk cr loan guarantee scheme for sectors affected by COVID19Rs 50,000 cr to health sector for scaling up health infra

Rs 60,000 cr to other sectors

For Health sector: Maximum loan amount Rs 100 cr, max interest rate capped at 7.95 percent

For other sectors: Interest rate is capped at 8.25 percent

Coverage will be changed based on evolving needs

Measure 2

Scope of ECLGS enlarged, overall cap increased from Rs 3 lk cr to Rs 4.5 lk cr

Rs 2.69 lk cr loans disbursed under ECLGS so far to 1.1 cr units

Measure 3

Credit Guarantee Scheme launched to provide loans to small borrowers via MFIs

Max loan to individual at Rs 1.25 lakh, interest rate 2 percent below RBI prescribed rate

Focus on new loans, stressed borrowers except NPAs to be covered

Loan duration of 3 yrs under scheme

Measure 4

New scheme to revive Tourism with 100% guaranteed loans

Financial support to be extended to more than 11,000 registered tourist guides, Travel & Tourism Stakeholders (TTS)

TTS to get up to Rs 10 lakh loans under scheme

Licensed Tourist guides to get up to Rs 1 lakh loan

Measure 5

Free tourist visas to 5 lakh tourists

Scheme applicable till 31 March 2022 or till the first 5 lakh tourist visas get covered, whichever is earlier

One tourist can avail benefit only once

Measure 6

AatmaNirbhar Bharat Rozgar Yojana extended from 30 June 2021 to 31 March 2022

More than 21.4 lakh people of nearly 80,000 establishments have already benefited from the scheme

Measure 7

Farmers to get additional protein-based fertilizer subsidy of nearly Rs 15,000 cr

Measure 8

Free food grains will be provided to the poor from May to November 2021 under Pradhan Mantri Garib Kalyan Anna Yojana

Total financial implication nearly Rs. 94,000 cr, making the total cost of PMGKY nearly Rs. 2.28 Lakh Crore

• Additional Rs 14,775 cr fertilizer subsidy to be provided over and above Rs 85,413 cr budgeted: FM Nirmala Sitharaman

• FM announces an additional over Rs 23,000 cr for public health

FM announces an additional over Rs 23,000 cr for #PublicHealth pic.twitter.com/f2M3YeSt4B

— CNBC-TV18 (@CNBCTV18Live) June 28, 2021

• Farmers to get additional protein-based fertilizer subsidy of nearly Rs 15,000 crore: FM

7️⃣ #Farmers to get additional protein-based fertilizer subsidy of nearly ₹ 15,000 Crore

Watch https://t.co/Aar8V0519T pic.twitter.com/h3lOz0ln2I

— PIB in Maharashtra 🇮🇳 (@PIBMumbai) June 28, 2021

• Extension of Atmanirbhar Bharat Rozgar Yojana till March 30: Finance Minister Nirmala Sitharaman

• EPFO scheme extended till March 31, 2022

– #EPFO scheme extended till March 31, 2022.

– Free #visa capped at one per individual.

And some other announcements made by the Finance Minister in today’s press conference.

Take a look.#FM @FinMinIndia #FinanceMinister pic.twitter.com/oiIwIy0AQq

— CNBC-TV18 (@CNBCTV18Live) June 28, 2021

• Free tourist visa to 5,00,000 tourists, says FM

• FREE Tourist Visa to 5,00,000 Tourists pic.twitter.com/sRJtYqBqg7

— Office of Mr. Anurag Thakur (@Anurag_Office) June 28, 2021

• FM announces financial support to more than 11,000 registered tourist guides/travel and tourism stakeholders through the loan guarantee scheme for COVID-affected sectors.

• Govt announces a new credit guarantee scheme to facilitate loans to 25 lakh people via MFIs.

FM @nsitharaman New Credit Guarantee Scheme announced to facilitate loans to 25 lkh persons via MFIs; loan amount up to Rs1.25 lakh per individual, duration of 3 years @CNBCTV18News @CNBCTV18Live #FMPresser https://t.co/ucOfAVCcCY

— Shereen Bhan (@ShereenBhan) June 28, 2021

• FM announces an additional Rs 1.5 lakh cr for ECLGS

CNBC-TV18 newsbreak confirmed, FM @nsitharaman announces an #Additional Rs 1.5 lk cr for ECLGS.

Rs 2.69 lk cr credit disbursal under #ECLGS so far. pic.twitter.com/IJopExFn2Y

— CNBC-TV18 (@CNBCTV18Live) June 28, 2021

• Finance Minister announces a Rs 1.1 lakh crore loan guarantee scheme for COVID affected sectors.Rs 50,000 cr health sector guarantee coverage for non-metros medical infrastructure.Rs 60,000 cr in addition for other sectors
• Will announce some relief measures, says FM

FM: today we will announce some relief measures; 8 measures to be announced, 4 of which are new pic.twitter.com/mqWrfU4kNQ

— CNBC-TV18 (@CNBCTV18Live) June 28, 2021

• We are announcing about 8 economic relief measures, of which four are absolutely new & one is specific to health infrastructure. For Covid-affected areas, Rs 1.1 lakh crores credit guarantee scheme and Rs 50,000 crores for health sector: Union Finance Minister Nirmala Sitharaman

• Media briefing begins. FM to announce relief measures

• FM to address media shortly

FM Smt. @nsitharaman will address a Press Conference today, 28th June, 2021 at 3PM in New Delhi.

Watch LIVE here👇
➡️ YouTube – https://t.co/aRENisbUvh

Follow for LIVE updates👇
➡️ Twitter – https://t.co/XaIRg3fn5f
➡️ Facebook – https://t.co/06oEmkxGpI

— Ministry of Finance (@FinMinIndia) June 28, 2021

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India overtakes US in total number of COVID vaccines administered: Govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India has overtaken the United States in the total number of COVID-19 vaccine doses administered so far, the Union Health Ministry said on Monday.

While India launched the COVID-19 vaccination drive on January 16, and has administered over 32.36 crore doses till date, the US which started its inoculation drive on December 14, 2020 has given over 32.33 crore doses.

“India achieves another milestone in COVID-19 vaccination and overtakes USA in total number of COVID-19 vaccine doses administered,” the ministry said.

Reacting to Union Health Ministry’s tweet, Prime Minister Narendra Modi said that India’s COVID vaccination drive “keeps gaining” momentum and that “vaccines for all, free for all” remains the government’s commitment.

The prime minister said, “India’s vaccination drive keeps gaining momentum! Congrats to all those who are driving this effort. Our commitment remains vaccines for all, free for all.”

India’s cumulative vaccination coverage exceeded 32.36 crore on Sunday. A total of 32,36,63,297 vaccine doses have been administered through 43,21,898 sessions, as per the provisional report till 7 am on Monday, the ministry said. It said 17,21,268 vaccine doses were administered in the last 24 hours.

According to the data, so far 1,01,98,257 healthcare workers have taken the first dose while 72,07,617 have taken the second dose. As many as 1,74,42,767 frontline workers have received the first dose while 93,99,319 have taken the second dose.

In the 18-44 age group, 8,46,51,696 individuals have taken the first dose, while 19,01,190 have received the second dose. In the 45-59 age group, 8,71,11,445 people have been administered the first dose, while 1,48,12,349 have taken the second dose.

Besides, 6,75,29,713 people aged above 60 years have received the first dose, while, 2,34,08,944 have taken the second dose. The new phase of universalisation of COVID-19 vaccination commenced on June 21.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Skoda drives in Kushaq at Rs 10.5 lakh marking its foray into lucrative midsize SUV segment in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Czech automaker Skoda on Monday forayed into the midsize SUV segment in India with the launch of its new offering Kushaq, priced between Rs 10.5 lakh and Rs 17.6 lakh (ex-showroom Delhi). The model, which is the company’s first product designed and developed under the INDIA 2.0 project and based on the MQB A0 IN platform, comes with two petrol engines with power output ranging between 85 kW (115 PS) and 110 kW (150 PS).

The BS-VI compliant engine comes mated with a six-speed manual gearbox, a six-speed automatic and a seven-speed DSG transmission. The 1 litre petrol trims with manual transmission are priced between Rs 10.5 lakh and Rs 14.6 lakh while the automatic variants are priced at Rs 14.2 lakh and Rs 15.8 lakh respectively. The 1.5 litre manual trim is priced at Rs 16.2 lakh while the automatic (DSG) is tagged at Rs 17.6 lakh (all prices ex-showroom).

Skoda, however, did not share the fuel efficiency details of the models. The Kushaq comes with various active and passive safety features including hill-hold control and a tyre-pressure monitor system, up to six airbags among others. The model also comes with a choice of two infotainment systems, each of which enables smartphone integration via SmartLink technology.

The SUV is 4,221 mm long, 1,760 mm wide and has a height of 1,612 mm. Its long wheelbase of 2,651 mm which is among the longest in the segment and a ground clearance of 188 mm. The Kushaq is based on the MQB-A0-IN, a variant of the modular MQB platform specially adapted by Skoda for the Indian market. To achieve the desired localisation level of 95 percent, the automaker has set up a new MQB production line at its Pune plant.

The SUV would compete with the likes of Hyundai Creta and Kia Seltos in the high selling mid-sized SUV segment. Both the Creta and Seltos come with petrol and diesel engines, while Kushaq is available with only petrol powertrain options. “The launch of Kushaq is a watershed moment for the company as we enter one of the most exciting segments in this dynamic automotive market,” Skoda Auto India Brand Director Zac Hollis said in a statement.

The model is made keeping in mind what really matters to the customers and is localised and tailored to suit the Indian market, he added. The Kushaq comes with globally renowned TSI technology (engine) across the range, empowering an optimum combination of performance, efficiency, refinement and output, Hollis said.

“With a world-class SUV that is ready for India, we are looking at taking the Skoda brand to new and emerging markets across the country, he noted. India has seen a robust increase in SUV sales over the last few years. In 2015, the SUV segment contributed only 13.5 percent to the overall passenger vehicle sales. This number became about 26 percent in 2019 and further rose to 29 percent in 2020.

With the Kushaq launch, Skoda plans to penetrate deeper into the country by expanding its network to Tier II and III cities. Skoda Auto India currently has 120 sales touchpoints in 85 cities and plans to expand to 150 touchpoints by the end of 2021. Under the India 2.0 Project, German automotive group Volkswagen had announced in 2018 that it would invest 1 billion euro between 2019 and 2021 as part of its strategy to enhance its presence in India which will be led by group firm Skoda Auto.

Skoda Auto has been responsible for pressing ahead with the India 2.0 project on behalf of Volkswagen Group since June 2018 and has also been orchestrating the activities of the Volkswagen, Audi, Porsche and Lamborghini brands in India. Under the project, Skoda was envisaged to set up an engineering design and development centre at Pune besides enhancing capacities at the group’s two plants at Aurangabad and Pune.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow