Involute develops multipurpose tunnel furnace for sponge iron production

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

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Every year the world produces approximately two billion tonnes of steel and leaving a huge footprint of carbon emission in the air. Reduced or zero emission of carbon footprints in the environment are being tried to convert to development of green hydrogen to be used in the DRI process which is exponentially costly for middle scale industries.

A multipurpose tunnel furnace recently has been uniquely designed, developed and successfully demonstrated for production of D.R.I (sponge iron) suitable for manufacture of Steel Ingots by melting, and as well, Iron Powders for Sintered Components, through Powder Metallurgy techniques.

Unlike the conventional Rotary Kilns used for DRI, which emit huge index of of black smoke in the surrounding air, this design of the furnace can be considered as totally smokeless.

Furthermore, the furnace can be run through multiple forms of fuels depending on the availability and usage ranging from Natural or Petroleum Gases, or Raw Petroleum Coke, or Furnace Oil, independently or jointly, which can even be interchanged during midstream operations.

The innovation has been undergoing continuous trial runs for almost two months for different metal oxides. Involute Metal Powders has again stepped in with another development in field of metal powders with this most sought requirement for the steel and powder industry.

Sponge Irons of much superior qualities were made in this furnace employing various Iron Oxides, be it Iron Ores (haematite or magnetite or both combined) in forms like pebbles, fines or dusts or Iron Mill scales in powder form. The direct reductions of Cobalt Oxides, Manganese Oxides were also carried out in successful trials in the last month for specific customized industries and clients.

Another unique feature also has been to get Decarburisation of Cast Iron to produce Sponge Iron, using Mill Scales. In this regard, the indigenously designed furnace becomes the only and exceptional furnace that can used for solid state reduction of any of the reduceable oxides from manganese, Iron , Cobalt ,Copper etc.

The following are the successful trials done recently to accomplish as the one in all DRI tunnel furnace for

• D.R.I. from Magnetite, Haematite and Mill Scales
• D.R.I.by Decarburisation of C.I.turnings with Mill Scales
• MnO2 (Manganese dioxide) decomposition & reduction
• Carbon reduction of Oxides of Cobalt

This kind of a furnace design uses specially formulated ceramic saggers, not the conventional Silicon Carbide saggers, wherein, input raw materials are charged for heat treatments. Such saggers are stacked on trolleys that are continuously made to pass through different zones of the furnace.

Nonetheless, it’s worthwhile to mention that the proportion of Coal or any Carbonaceous reductant is drastically reduced to less than half, than so far, being practised elsewhere, for DRIs.

Additionally, the connected electrical power gets reduced to an extent of consuming only 25 percent of the conventional Rotary Kilns.

This new design is made by Involute Metal Powder Technologies, earlier known as S. Mohanty & Co.

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Kishore Biyani steps down as chairman of Future Retail

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

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Kishore Biyani has stepped down from the suspended board of Future Retail and has resigned as chairman and director of the company, which is currently facing insolvency proceedings before the NCLT.

In his emotional farewell, Biyani, who was associated with Future Retail Ltd (FRL) since 2007 when it was incorporated, said it was facing CIRP (Corporate Insolvency Resolution Process) as a “result of the unfortunate business situation”.

“While the company was always my passion and I have done everything in my power for its growth, I have to accept reality and move on,” said Biyani in his resignation letter to the resolution professional of the company.

The letter, a copy of which was shared with the stock exchanges, said: “As I understand, I have completed all the required handholding within my capacity for you to take over the entire control of the company and its assets and I have also completed the handover of whatever information and data, which was available with the earlier management or which could be retrieved from ex-employees or third parties and have shared with you all the insight about the business and operations and various hurdles faced by the earlier management.”

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FRL, in a regulatory filing, informed that Biyani has “tendered a letter of his resignation from the position of the “Executive Chairman and Director” of the company.   His resignation “shall be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016”, the company added.

The resolution professional of Future Retail Ltd (FRL) has received intimation through an e-mail on January 24, 2023.

Biyani, who was also known as a retail tsar in India, is known as the pioneer of modern retail in India, who took the modern brick & mortar format among the masses.   FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday, Foodhall. At its peak, FRL was operating over 1,500 outlets in nearly 430 cities.

Biyani (61) has also assured to cooperate with the lenders.

“Needless to say, that in spite of my resignation, I would be available for all possible help, which can be done by me with my limited resources and ability to resolve any issue related to the company,” he said.

FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans.

The Mumbai bench of the National Company Law Tribunal had on July 2022 directed to initiate insolvency against FRL.

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It was part of the 19 Future group companies operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in August 2020.

However, lenders had rejected the takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon.

As many as 13 companies including Reliance Retail, Adani Group’s JV April Moon Retail and 11 other companies have made it to the final list of prospective bidders for acquiring FRL.

Last year in August, stock market regulator Sebi had ordered a forensic audit of the accounts of FRL for the financial years 2019-20, 2020-21 and 2021-22.

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The Securities and Exchange Board of India (Sebi) has also asked for an audit of FRL’s Related Party Transactions (RPT) with three other Future group firms — Future Enterprises Ltd, Future Consumer Ltd and Future Supply Chain Solutions Ltd.

RPT refers to a deal or arrangement made between two parties related to each other by having a pre-existing business relation or common interest.

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President Droupadi Murmu says constitution makers’ vision guiding our Republic

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

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Founders of the Constitution gave us a map and moral framework, the task of “walking that path remains our responsibility”, President Droupadi Murmu said in her address to the nation on the eve of 74th Republic Day on Wednesday.

She said the founding document is inspired by the humanistic philosophy of the oldest living civilisation in the world as well as new ideas that emerged in more recent history.

“The nation will always remain grateful to Dr B R Ambedkar, who headed the Drafting Committee of the Constitution, and thus had a critical part in giving it the final shape. On this day, we should also remember the role of jurist B N Rau, who had prepared the initial draft, and other experts and officers who helped in making of the Constitution,” she said.

Also read: Padma awards 2023 | Medical professional Dilip Mahalanabis, 26 ‘unsung heroes’ honoured

The President said the country is proud of the fact that the members of that assembly represented all regions and communities of India and that they included 15 women too.

“Their vision, as enshrined in the Constitution, has been continuously guiding our Republic. During this period, India has been transformed from a largely poor and illiterate nation into a confident nation marching on the world stage,” she said.

The President said the transformation would not have been possible but for the ”collective wisdom of the Constitution makers” guiding our path.

“While Babasaheb Ambedkar and others gave us a map and a moral framework, the task of walking that path remains our responsibility. We have largely remained true to their expectations, and yet we realise that much remains to be done to realise Gandhiji’s ideal of ‘Sarvodaya’, the upliftment of all. Yet, the progress we have made on all fronts is encouraging,” she said.

The President said such a vast and diverse multitude of people coming together as one nation remains unprecedented.

“We did so with a belief that we are, after all, one; that we are all Indians. We have succeeded as a democratic republic because so many creeds and so many languages have not divided us, they have only united us. That is the essence of India,” she said.

Murmu said that essence was at the heart of the Constitution, which has withstood the test of time.

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“The Constitution that started governing the life of the Republic was the outcome of the Freedom Struggle. The national movement, led by Mahatma Gandhi, was as much about winning Independence as about rediscovering our own ideals,” she said.

Those decades of struggle and sacrifice ”helped us win freedom” not only from colonial rule but also from the imposed values and narrow world-views, she said.

“Revolutionaries and reformers joined hands with visionaries and idealists to help us learn about our age-old values of peace, brotherhood and equality.”

“Those who shaped the modern Indian mind also welcomed progressive ideas from abroad, following the Vedic advice…’Let noble thoughts come to us from all directions’. A long and profound thought process culminated in our Constitution,” she said.

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Has UPI resulted in lesser savings for millennials and gen-z? Here’s a report

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

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India’s home-grown digital payments platform is going places. Quite literally. From France to UK to Belgium to Singapore to UAE — the unified payments interface, or UPI network has been expanded to over 10 nations already, and more are on the anvil. For India’s gen-z and millennials, these platforms have brought freedom and ease in financial transactions big and small.

As part of our on-going series “The UPI Generation”, CNBC-TV18 polled a cross-section of users from these two generations to understand whether this freedom and ease has resulted in lesser savings?

According to CNBC-TV18’s poll, 75 percent of young India, which uses online payment apps for daily financial transactions, say they have to frequently check their bank balances to keep track of how much they have spent, and how much money they still have available. Over 16 percent say they’re unable to keep track, while a little over 4 percent use manual spread-sheets, accounting ledgers and third-party apps to track their spending patterns.

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But here, there’s a split between millennials and gen-z. While 51 percent of gen-z says tracking expenses has become tougher, a larger 56 percent of millennials say it has not. But a majority of both groups say there has not been any significant change to their savings because of digital platforms — 48 percent among gen-z and 42 percent among millennials.

Ranen Banerjee, Partner at PwC said, “When you are spending on a credit card, you get a message saying this is the balance left, with UPI the balance left message is not there. UPI is used more prevalently, internet banking not so much, therefore there could be a mismatch. But, with financial literacy going up and adoption going up, it should not be a very big challenge.”

2022 has been a solid year for India’s unified payment interface… and this is expected to accelerate sharply in the coming year, as the platform is made accessible to more countries. India is already talking to close to 30 countries for UPI and RuPay adoption.

Also Read: India’s millennial and gen-z big adopters of UPI: CNBC-TV18 Survey

For domestic users, this technology will open up new avenues to spend, save and invest with the click of a button. But this will also mean that users have to do a little extra to keep track of their money, and ensure strong security protocols to safeguard it.

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Padma awards 2023 | Medical professional Dilip Mahalanabis, 26 ‘unsung heroes’ honoured

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

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The Padma Awards were revealed on Wednesday, honoring a number of unsung heroes who have made a difference in a variety of sectors.

Dilip Mahalanabis, a physician who served in refugee camps during the 1971 Bangladesh conflict and pioneered the use of oral rehydration solutions around the world to save more than five crore lives, was one of 26 unsung heroes chosen for the prized Padma awards on the eve of Republic Day.

Prime minister Narendra Modi took to Twitter to congratulate all who have been conferred with the prestigious award.

Congratulations to those who have been conferred the Padma Awards. India cherishes their rich and varied contributions to the nation and their efforts to enhance our growth trajectory. #PeoplesPadma https://t.co/M6p4FWGhFU

— Narendra Modi (@narendramodi) January 25, 2023

Among the 26 individuals honoured with the Padma Shri award are unsung heroes Ratan Chandra Kar, Hirabai Lobi, and Munishwar Chander Dawar.

Here are some unsung heroes honoured with Padma Awards in 2023.

Dilip Mahalanabis (Padma Vibhushan): The 87-year-old pediatrician has earned posthumous recognition for establishing the widespread use of oral rehydration solution (ORS), which has resulted in a 93 percent decrease in mortality from diarrhea, cholera, and dehydration, particularly in newborns. Mahalanabis (87) from West Bengal has been selected for this year’s Padma Vibhushan, the country’s second-highest civilian award.

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Ratan Chandra Kar (Padma Shri): Kar, a former government physician from the Andaman Islands, has been working with the Jarawa tribe on the island. He provided care for the residents of the town during the 1999 measles outbreak and saved them from extinction.

Hirabai Lobi (Padma Shri): An advocate for the Siddi people in Gujarat, Lobi is a social worker from a tribal community. In addition to promoting women’s financial independence, she has been providing the neighborhood’s kids access to education.

Munishwar Chander Dawar (Padma Shri): The doctor, who served in the Indo-Pak War in 1971, has been providing care to the poor for the past 50 years. Dawar now treats the less fortunate members of society for a minimal fee of Rs 20, up from a dismal Rs 2 in the 2010s.

Ramkuiwangbe Newme (Padma Shri): The Naga social worker has devoted his entire life to working to safeguard the Heraka religion. The activist, who is 75 years old, is renowned for organising awareness-raising events to preserve and advance indigenous culture.

VP Appukuttan Poduval (Padma Shri): The Gandhian and freedom fighter was an active member of the 1942 Quit India Movement. For the last eight decades, he has received recognition for his humanitarian efforts to improve the lives of the less fortunate members of society.

Sankurathri Chandra Sekhar (Padma Shri): The social worker from Kakinada dedicated his life to providing the poor with free access to healthcare and education.  After losing his wife and two children in the Air India Kanishka bombing, he made the decision to turn his sorrow into a lifetime dedication to improving society.

Vadivel Gopal and Masi Sadaiyan (Padma Shri): The Irula tribe’s snake catchers are experts in capturing the most hazardous and deadly snakes. They are from a tribe that has contributed much to the medical field through the antivenoms they have amassed.

Tula Ram Upreti (Padma Shri): The organic farmer from Sikkim, who is 98 years old, has been educating and motivating other farmers to use natural agricultural methods. He has been involved in organic farming since he was a little boy, sixty years before the Sikkim government established the Sikkim Organic Mission.

KC Runremsangi (Padma Shri): For almost three decades, the Mizo folk singer from Aizawl has been acknowledged for preserving the Mizo cultural legacy. She received the Sangeet Natak Akademi Award in 2017 and is noted for recording various Mizo traditional songs.

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Mulayam Singh Yadav, SM Krishna, Zakir Hussain, Kumar Mangalam Birla get Padma awards

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

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Former Uttar Pradesh Chief Minister Mulayam Singh Yadav, former External Affairs minister in the UPA government S M Krishna and tabla maestro Zakir Hussain were among six luminaries selected for the country’s second highest civilian honour Padma Vibhushan.

According to an official statement released on the eve of Republic Day, Yadav, medical professional Dilip Mahalanabis who returned from the US to serve in 1971-Bangladesh war refugee camps, and noted architect Balkrishna Doshi were selected for the Padma Vibhushan posthumously.

No one has been named for the Bharat Ratna, the country’s highest civilian award.

Prime Minister Narendra Modi tweeted his congratulations to those who have been conferred the Padma Awards.

Congratulations to those who have been conferred the Padma Awards. India cherishes their rich and varied contributions to the nation and their efforts to enhance our growth trajectory. #PeoplesPadma https://t.co/M6p4FWGhFU

— Narendra Modi (@narendramodi) January 25, 2023

“India cherishes their rich and varied contributions to the nation and their efforts to enhance our growth trajectory,” he said.

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US-based mathematician Srinivas Varadhan was also selected for the Padma Vibhushan award.

Noted industrialist Kumar Mangalam Birla, novelist S L Bhyrappa and author Sudha Murthy were among nine people awarded Padma Bhushan, the statement said.

Rakesh Jhunjhunwala (posthumous), actor Raveena Tandon, Manipur BJP president Thounaojam Chaoba Singh were among 91 luminaries awarded the Padma Shri award.

Music director M M Keeravaani, whose composition for Telugu blockbuster ’RRR’ won Golden Globes recently, famous playback singer Suman Kalyanpur, renowned singer from Tamil Nadu Vani Jairam were also selected for Padma Shri.

Organic farmer from Himachal Pradesh Nekram Sharma, hero of Jharkhand’s Ho tribal language Janum Singh Soy were also selected for the Padma Shri.

Eighty-year-old linguistics professor from Telangana B Ramakrishna Reddy, Toto language preserver from West Bengal Dhaniram Toto, folk dancer from Kodagu in Karnataka Rani Machaiah were also selected for Padma Shri, the statement said.

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These awards are conferred by the President at ceremonial functions which are held at the Rashtrapati Bhawan usually around March or April every year.

For 2023, the President has approved conferment of 106 Padma awards, including three duo cases (in a duo case, the award is counted as one).

Nineteen of the awardees are women and the list also includes two people from the category of foreigners/NRI/PIO/OCI and seven posthumous awardees.

Padma awards, one of the highest civilian awards of the country, are conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri.

The awards are given in various disciplines or fields of activities – art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, civil service, etc.

’Padma Vibhushan’ is awarded for exceptional and distinguished service, ’Padma Bhushan’ for distinguished service of high order and ’Padma Shri’ for distinguished service in any field.

The awards are announced on the occasion of Republic Day every year.

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Power Ministry seeks comments from stakeholders on day-ahead Operation of SCED

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

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The Power Ministry on Wednesday, January 25, sought comments from stakeholders on the draft proposal on the day-ahead operation of Security Constrained Economic Despatch (SCED) by February 22. The draft on the day-ahead operation of SCED proposes to enlarge the scope of SCED to include more plants and to run the SCED on day ahead basis.

It is proposed to expand the scope of national level merit order scheduling by including all the regional entity thermal power plants, which can declare a compensation charge on a monthly basis. There’s also a proposal to include the intra-state thermal generators in SCED, which would need improvements at state load despatch centres (LDCs) and the inter-state generator level.

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As per the draft, the generating stations shall submit their declared capacity, ramp rate and minimum turndown level for next day by 6 am. Regional load despatch centres (RLDCs) would prepare the entitlements and declare the share of each beneficiary by 7 am. The beneficiaries shall submit their requisitions from ISGS by 8 am.

The day ahead energy market shall be cleared by 1 pm and power exchanges would convey DAM results to NLDC after clearing of market, the draft said.

The Security Constrained Economic Dispatch (SCED) pilot project is under operation since April 2019. Fifty regional entity thermal inter-state generating stations with total capacity of 59840 MW, whose tariff is determined or adopted by the Central Electricity Regulatory Commission (CERC), are part of SCED optimisation. helps in maintaining resource adequacy in an optimal manner, even in cases when the reserve situation even after the day-ahead markets does not guarantee minimum reserves in the system.

An integrated software application has been developed inhouse by Grid-India, which runs in real-time to optimise the total variable cost of generation pan-India.

It provides a look-ahead visibility to the power stations and enable them to be better prepared to handle ramping up or down when required by schedules in the real-time as well as transparent and simple settlement process for maintaining additional reserves.

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RBI releases discussion paper on Securitisation of Stressed Assets Framework

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

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The Reserve Bank of India on Wednesday released a discussion paper on Securitisation of Stressed Assets Framework (SSAF) and has invited comments from stakeholders.

The discussion paper broadly covers nine relevant areas of the framework including asset universe, asset eligibility, minimum risk retention, regulatory framework for special purpose entity and resolution manager, access to finance for resolution manager, capital treatment, due diligence, credit enhancement, and valuation.

“It draws upon similar frameworks introduced in other jurisdictions, while trying to keep it structurally aligned with the framework for securitisation of standard assets,” RBI said in the release.

As per RBI, the comments may be submitted by February 28, 2023 to the Chief General Manager, Credit Risk Group, Department of Regulation, Central Office, Reserve Bank of India.

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In September, RBI had proposed in a statement on Developmental and Regulatory Policies, a discussion paper detailing relevant contours of the proposed framework.

Securitisation involves pooling of loans and selling them to a special purpose entity (SPE), which then issues securities backed by the loan pool.

“A well-developed securitisation market can inter alia provide a market-based mechanism for management of credit risk by financial institutions and can help in development of a secondary loan market.

The Bank in the Discussion Paper said that one of the key issues in SSAF relates to the universe of assets eligible to be covered under the framework. In terms of the extant instructions on SSA, eligible standard assets include those in the special mention account (SMA) category.

“Securitisation involving only NPAs may have uncertain cash flows, mainly dependent on recoveries from underlying assets and issuance of securitisation notes on those underlying assets may not have regular servicing, which may be a limiting factor for the universe of investors,” it said.

Internationally, a limited window is permitted for inclusion of non-NPA (standard) assets for structuring purposes. Such transactions having combination of standard and NPA assets may lead to issues of regulatory arbitrage, complexity in valuation.

The requirement of Minimum Risk Retention (MRR),  in case of SSAF, the objective of the originator is to transfer the NPAs from their books where they may no longer wish to be associated with the transferred assets in any way.

As these assets have already defaulted, the origination standards may have limited role in determining chances of recovery, and hence economic interests of originator may not always align with that of investors.

The Central bank further said that under SSAF, the role of Special Purpose Entity (SPEs) and the Resolution Manager (RM) is of paramount importance as they are directly responsible for resolution and recovery of underlying stressed pool. it is desirable that they should be within the regulatory purview of Reserve Bank.

“The resolution effort may require additional/interim finance to meet administrative, operational, and other expenses required to kick-off the resolution/recovery plans. RMs can either finance the same through funding raised from investors, borrowings from lending institutions, or a combination of the two,” the release added.

It also said that due diligence is required for the investors to satisfy themselves regarding the quality of the underlying pool based on the loan-level information. With proper due diligence, the information asymmetry between the originator and potential investors is expected to be minimized.

“Due diligence requires to be closely related to recoverable value of the collateral/security and origination standards,” the release added.

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Formal job creation in India rose in November after October lows

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

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Formal job creation in India rebounded in November 2022 after hitting a multi-month low in October, according to statistics provided by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday, January 25. However, it was also the second-worst month for job creation in 2022.

The number of new subscribers of the Employees’ Provident Funds (EPF) Scheme stood at 899,000 in November, 171,000 higher than in October, indicating a slight pick-up in creation of new jobs.

However, It fell short of the 1 million jobs generated in September by more than 100,000. The highest number of jobs in 2022 was created in the month of July at 1.15 million.

In addition, the EPF scheme added 60.9 million additional participants between September 2017 and November 2022. EPF is applicable to businesses with over 20 employees.

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The report also showed that in November, 60,571 new members joined the National Pension Scheme (NPS).  It was lower in comparison to 66,211 in September and 60,662 in October.

“39,72,545 new subscribers joined and contributed to the NPS Central Government, State Governments and Corporate schemes from September 2017 to November 2022,” the report said.

Anyone who is an Indian citizen, whether they are residents or not, and who is between the ages of 18 and 70 on the application submission date, may participate in the NPS.

Additionally, the number of new subscribers to the Employees’ State Insurance Corporation (ESIC) increased to 1.42 million in November from 1.19 million in October. This indicates a rise in employment in India.

“The present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level. The Ministry welcomes suggestions for improvement in content, coverage and presentation,” the ministry said.

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Budget 2023 | Russell Napier says India should focus on attracting more foreign capital

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

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Russell Napier, the co-founder of ERIC, believes that the Indian government’s Budget 2023 should focus on attracting more foreign capital into the country. Despite concerns that the Indian equity markets may be overvalued, Napier argues that the bond market could be quite attractive for foreign investors.

Speaking to CNBC-TV18, Napier said, one of the rare achievements of India is that it has been able to grow with relatively lesser debt. However, he believes that India’s current problem is not a macro problem, but rather a valuation problem.

Napier also expects to see a new form of recession with huge amounts of government fiscal support and subsidies. He warns that the present recession will lead to long-term structural issues.

Also Read: Budget 2023: Stock market investors expect focus on job creation, infra spending

In terms of inflation, Napier said, governments around the world want to have inflation, but at lowered levels compared to historical standards. Napier noted that governments are happy to see inflation levels lie between 4 and 6 percent.

Overall, Napier believes that the Indian government needs to focus on attracting foreign capital and addressing issues related to inflation in order to navigate the current economic challenges.

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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