Month: February 2019

Cabinet clears Rs 10,000 crore FAME II scheme

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

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With an eye on promoting electric and hybrid vehicles, union finance minister Arun Jaitley said Thursday that the union cabinet has cleared a Rs 10,000-crore programme under the FAME-II scheme.

The scheme will be implemented over a period of three years with effect from April 1, 2019. It is the expanded version of the present scheme FAME India I (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) which was launched on April 1, 2015, with a total outlay of Rs 895 crore, an official statement said.

The main objective of the scheme is to encourage faster adoption of electric and hybrid vehicles by way of offering an upfront incentive on the purchase of electric vehicles and also by way of establishing necessary charging infrastructure for EV, Jaitley told reporters in New Delhi.

The emphasis will be on electrification of public transport that includes shared transport, demand incentives on operational expenditure mode for electric buses will be delivered through state/city transport corporations (STUs), the statement said.

In three-wheeler and four-wheeler segments, incentives will be applicable mainly on vehicles used for public transport or registered commercial purposes, it said.

In the two-wheeler segment, the focus will be on private vehicles. “Through the scheme, it is planned to support 10 lakh electric two-wheelers, five lakh three-wheelers, 55,000 four-wheelers and 7,000 buses,” the statement said.
The scheme will help in addressing the issue of environmental pollution and fuel security.

In order to encourage advance technologies, the benefits of the incentives will be extended to only those vehicles which are fitted with an advanced battery like lithium-ion battery and other new technology batteries.

The scheme also proposes support for setting up of charging infrastructure whereby about 2,700 charging stations will be set up in metros, other million-plus cities, smart cities and cities of hilly states across India, the statement added. The plan is to ensure availability of at least one charging station in a grid of 3km x 3km, it added.

The establishment of charging stations are also proposed on major highways connecting major city clusters. On such highways, charging stations will be established on both sides of the road at an interval of about 25 km each, it said.

The much-delayed FAME II was revamped by the expenditure of the finance committee in a meeting held Monday. Initially, in August last year, an inter-ministerial panel had finalised the roadmap for Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) II scheme with an outlay of around Rs 5,500 crore spanning over five years and subsidy support for all types of electric vehicles.

However, later on in November the government had extended the phase-I FAME scheme till March 2019 or till a notification for the second phase. The ministry of finance had approved enhancement of the total outlay for the first phase of the scheme from Rs 795 crore to Rs 895 crore.

The scheme was supposed to be implemented over a two-year period commencing April 1, 2015. It was to be followed by the rollout of the second phase. The first phase was extended four times for six months each.

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

Cabinet approves Vodafone Idea’s up to Rs 25,000 crore rights issue

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

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The cabinet on Thursday cleared an FDI proposal of telecom operator Vodafone Idea Ltd ahead of its proposed up to Rs 25,000 crore rights issue.

“The cabinet has approved the proposal of Vodafone Idea Ltd, which had proposed a foreign direct investment of more than Rs 5,000 crore which may extend up to Rs 25,000 crore,” finance minister Arun Jaitley said.

Last month, the board of directors of Vodafone Idea Ltd had approved Rs 25,000 crore fundraising plan by way of rights issue to the existing eligible equity shareholders.

The promoter shareholders Vodafone Group and Aditya Birla Group have told the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore, respectively, as part of such rights issue.

The promoter shareholders have also said that in case the rights issue is under-subscribed, each of the promoter shareholders reserves the right to take up part or whole of the unsubscribed portion, subject to stipulated law.

Vodafone Idea’s board has authorised the Capital Raising Committee to decide the nuances of the rights issue, issue price, rights entitlement ratio, record date, the timing of the issue and other matters.

The proposed rights issue will arm Vodafone Idea Ltd with ammo to take on market competition intensified by Reliance Jio. Also, Vodafone Idea has recently approached the telecom department seeking a two-year moratorium on its annual spectrum payment of about Rs 10,000 crore, citing high debt levels and stress on the balance sheet.

British telecom major Vodafone holds 45.1 stake in the combined entity, while Kumar Mangalam Birla-led Aditya Birla Group controls 26 per cent and Idea shareholders own 28.9 percent.

The mega-merger was announced a few months after the entry of the deep-pocketed Reliance Jio, whose aggressive pricing and freebies impacted the financials of the entire industry, which has even seen bankruptcies and asset sell-offs.

The cabinet nod comes on a day when another telecom operator Bharti Airtel’s Board has approved fundraising plans of up to Rs 32,000 crore through a mix of rights issue and bond.

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

We are on heightened state of readiness: Defence forces

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

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The army, navy and the air force on Thursday said they are in a heightened state of readiness and fully prepared to deal with any provocation by Islamabad, notwithstanding Pakistan Prime Minister Imran Khan’s announcement of releasing the captured IAF pilot as a “gesture of peace”.

In a first joint media briefing after Pakistani fighter jets targeted Indian military installations, the three forces said Pakistan has escalated the tension by targeting these installations in an aerial raid on Wednesday and India was ready for a befitting reply to any eventualities.

“The Pakistan Air Force aircraft attempting to target military installations were intercepted by IAF fighter aircraft which thwarted their plans. PAF bombs have fallen in Indian Army formation compounds, they were unable to cause any damage to our military installations,” said Air Vice Marshal R G K Kapoor, assistant chief of Air Staff.

He said in the aerial combat, one F-16 of Pakistan Air Force was shot down by an IAF MiG-21 Bison. The F-16 crashed and fell across the LOC in Pakistan Occupied Kashmir.

The IAF official said there have been many factually incorrect statements made by Pakistan since its aerial raid targeting Indian military installations  on Wednesday.

He said there has been “blatant disinformation” campaign by Pakistan that two IAF aircraft were shot down by Pakistan and three pilots were downed.
“This figure was later revised to two IAF aircraft and two pilots. The fact, however, is that Indian Army units had reported sighting two parachutes falling in the PoK which were of two F-16 pilots shot down by the IAF MiG-21 Bison.

“Pakistan later in the evening changed its statement to say that one Indian pilot was in their custody,” he said.

He also rejected Pakistan’s claims that they intentionally dropped weapons in open space where there was no human presence or military posts.

“The fact is that the PAF aircraft targeted military installations. However, they were intercepted by IAF fighter aircraft that thwarted their plans.

Although PAF bombs have fallen in Indian Army Formation compounds however they were unable to cause any significant damage to our military installations due to swift IAF response,” he said.

The IAF official also rejected Pakistan’s contention that no F-16s were used in the operation and no Pakistani plane was downed by IAF.

“There is enough evidence to show that F-16s were used in this mission and Pakistan is trying to hide this fact. Also, parts of AMRAAM Air to Air Missile which is carried only on the F-16s in PAF were recovered East of Rajauri within the Indian territory,” he said.

The IAF also showed a piece of the AMRAAM missile at the news briefing.
“The fact remains that one F-16 of PAF was shot down by an IAF MiG-21 Bison aircraft,” said the Air Vice Marshal.

He said Pakistani aircraft package which was part of the Wednesday’s operation comprised F-16s and JF 17s and perhaps some Mirages and that India countered them with Mig 21 Bisons, Mirage 2000s and Sukhoi 30s.

Sources said Pakistan deployed around 24 aircraft out of which three came inside Indian airspace.

Asked about India’s assessment about damage caused to the JeM terrorist training camp inside Pakistan during India’s airstrike on Tuesday, the Air Vice Marshal said, “There is fairly credible evidence with us which proves that there was damage to the camps.”

“The weapons hit the intended target and they caused damage that was intended. However, it will be premature to say that what was the number of casualties we have been able to inflict on those camps and the number of those killed,” he said.

There were reports that around 350 terrorist were killed in the strike on the JeM camp at Balakot in Pakistan.

The IAF official said it was for the higher leadership of the government to decide how and when to present the evidence of damage to the camp or whether to present them or not.

Addressing the journalists, Army’s Additional Director General of Military Operations Maj. Gen. Surinder Singh Mahal said the ground based air defence weapon systems of the Army have been put on alert along the Line of Control and some parts of the international border.

“Mechanised formations too have been placed on standby. I wish to assure the nation that we are fully prepared and in a heightened state of readiness to respond to any provocation by Pakistan,” he said.

The Indian Navy said it has been on a high state of readiness and remains poised in all the three dimensions – on surface, under-sea and in air to deter, prevent and defeat any misadventure by Pakistan in the maritime domain.

“I can assure of a resolute, swift and strong response when needed. We stand as one with the Army and Air Force to ensure the safety and security of the nation and our citizens,” Director General of Naval Operations Rear Admiral Dalbir Singh Gujral said.

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

Jet Airways defaults on rental fees, six more planes grounded

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

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Lessors to Jet Airways have grounded six more planes as the cash-strapped carrier has defaulted in paying rental fees.

In a statement on Thursday, the airline said, “The company is also making all efforts to minimise disruption to its network due to the above and is proactively informing and re-accommodating its affected guests.”

Yesterday, Jet Airways has grounded seven planes, taking its total tally of grounded planes to 13.

In a filing to stock exchanges, the full-service airline said, “The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard”.

Earlier today, Jet Airways’ founder Naresh Goyal agreed to step down as chairman of the airline’s board.

Faced with acute financial woes, the airline is looking to restructure its debt as well as raise funds.

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

7-Eleven stores in India will be open for 24 hours a day, says Future Group’s Kishore Biyani

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

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Called the Sam Walton of India, Kishore Biyani, founder and chief executive officer of the Future Group, has signed a master franchise agreement with Japan’s 7-Eleven, the world’s largest convenience store chain, to develop and operate stores within India. Coming from a small business family in Rajasthan, Biyani started his career at the family fabric-trading business, Bansi Silk Mills. In 1987, he started a garment company called Manz Wear Private, which sold garments were under the brand name Pantaloon. Mumbai educated Biyani says 7-Eleven’s stores will be open for 24 hours a day and will be serving breakfast, lunch and dinner at affordable prices. He believes that agreement with 7-Eleven can bring technology and experience from all around the world, which can be used in Indian stores.

Edited excerpts:

Q: Can you tell us more about the 7-Eleven deal?

A: We happen to be 7-Eleven’s chosen partner in India. We are opening stores all over the country as an Indian partner on the licence with them. We are starting with Mumbai store. We and our licensor personally believe that India probably is a huge market for both of them. In terms of convenient seekers, India is a young country. Around 500 million people by next year would be born post-2000. So, that is the opportunity that India gives us. Young people want everything faster, nearer and a lot of convenience seeking is happening. So, this store is all about offering fresh foods, beverages, chocolates, confectionaries, ice-creams, tobacco and café being part of the store, you can get your morning breakfast, lunch and dinner at very hygienic and affordable prices. So, it’s an interesting model and this format doesn’t exist in India and most of the stores will operate for 24 hours wherever it is allowed.

Q: Whenever you look at master franchise model, there is also a tiered structure that operates where you give out sub-franchises to other parties, so are you open to that, is that a part of the agreement as well?

A: We are all bound by the agreement and it allows sub-franchising, but that is not in the first phase. Our first phase is to perfect what we are doing, get successes in the whole format as this is a new format in this country. Then scale it up in the city and then probably move into other cities.

Q: Sub-franchising will be in other states?

A: At the moment, we are not discussing sub-franchising.

Q: In term of the overall structure, royalty payments and revenue generation opportunities, give us some sort of ballpark as to what is the kind of royalty that you would have to pay and what is the kind of expectations in terms of revenues?

A:

According to the agreement, there is royalty in terms of the franchise fee, which we have to pay, depending on the sales rather than per sale.

By this agreement, we get technology, system and process, learning from all the other 17 countries and the 70,000 stores which they run. They operate a kind of a hand pay store probably the first in the world in Korea, done drone deliveries and have scan and go stores. So, there will be a lot of technology that will be available to us in India.

Q: What technology will you integrate into the first phase?

A: It is too early for me to talk. Our job is to make this model and make it successful.

Q: You have 1,500 small stores at this point in time. But, you have an ambitious target of about 10,000 stores over the next couple of years. So, will the expansion of 7-Eleven be a part of this small store strategy?

A: Ours is a membership strategy, this is a convenience store and this is a very different strategy. The categories overlap is very minimal, this is more about fresh food and that is more about ingredients which go into your homes. There are membership stores that sell grocery, home and personal care, which these stores don’t sell.

Q: So, the expansion will be over and above the 10,000 stores that you have planned?

A: I think that is the idea.

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

Their book for children has not one but 50 extraordinary heroines

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

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The Girl Who Went to the Stars and Other Extraordinary Lives (Penguin Books) by Ishita Jain and Naomi Kundu is a collection of incredible stories about 50 inspiring Indian women from various fields and walks of life, who left an indelible mark in the world through their passion, courage and strength.

The authors, Ishita Jain and Naomi Kundu, are both graduates of the National Institute of Design, Ahmedabad. They were classmates, roommates and the closest of friends. We spoke to them about the idea behind the book, the women who inspire them and the impact they hope their book will have.

How did you come up with the idea of writing this book?

Good Night Stories for Rebel Girls by Elena Favilli and Francesca Cavallo‎ came out in 2017. It raised a very obvious question—why do we accept just fairytales about princesses being saved by princes when we have stories of real-life heroines out there? This book started a movement and inspired kids and adults alike. We felt that we needed a book like this in our own local Indian context. Both of us are feminists with a deep love for reading, writing and drawing, and so we took the plunge and wrote our very own book!

The subjective list of 50 remarkable (and some relatively unknown) women featured in the book comprise artists, freedom fighters, sportspersons, singers, entrepreneurs, and so on. What were your criteria for selecting them?

When we started writing this book, we asked ourselves this question many times—how do we really judge impact and narrow down to a compilation of only 50 women? Is it winning medals and accolades? Is it being the first to do something? Or is it just relentlessly going after what you want and, in doing so, setting an example for thousands of others? Our wonderful editor, Niyati Dhuldhoya, always had the same response whenever we were stuck at decision making—this is your book. So what we have here is no definitive list, but a deeply personal and subjective one. Our affinities and interests are obvious in the stories that we have chosen.

Our shortlist contains a lot of historical women, not only because there are some truly remarkable women whose stories are still relevant, but because it was easier to gauge what they had accomplished over their lifetime. We also wanted to make sure that we covered a wide gamut of professions—from an astronaut to a train driver. Every job had its own struggle when it came to being a woman. We wanted to cover a lot of stories that we thought were fantastic, but just hadn’t had a chance to be heard as much as some of the others.

Among the persons featured in the book, which ones inspire you the most and why?

Our favourite life stories include Janaki Ammal, a quiet and hard working botanist who changed the way India ate; Amrita Devi who gave her life just to protect the natural beauty around her; Surekha Yadav who was the first female train driver; Harshini Kanhekar who sat in a classroom full of boys just to fulfill her dreams of being a firefighter; and Sudha Chandran dancing her heart out despite having lost her leg! The stories in this book all have something spectacular that made them who they were.

What impact do you hope this book will have on how women are perceived and brought up in our country?

Compared to men, women in our country have always had to struggle for basic rights. It is important to acknowledge the battles fought by so many women, which make our present-day lives easier. We hope that these stories bring to light the fact that some people have always had to fight hard for things that may seem like a given, today.

This being a children’s book, targeted especially at ages six and above, we are determined to have an influence on boys and girls this young, where it is probably most key. There will come a day when we do not have to talk exclusively about women’s stories but we are still working hard to see that day. And so for now, we hope that these lesser heard stories are told again and again.

What have you learnt on your journey as budding writers and illustrators?

Treat people nicely. Working hard, and doing the same thing over and over till you perfect your skill, is of great value when you are starting out. Only once you develop a strong foundation do you have the ability to express your own ideas clearly. In this day and age where the internet is omnipresent, do not worry about social media and design trends. Things are truly not what they seem. Remember your own values, interests and develop more and more work that is truthful to yourself.

First published in eShe magazine

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

Kiran Mazumdar-Shaw sold 1,600 shares without pre-clearance: Infosys

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

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Infosys said on Thursday its Lead Independent Director Kiran Mazumdar-Shaw had inadvertently through her portfolio management services sold 1,600 shares of the company without obtaining pre-clearance of trade.

Following a review by the audit committee of the company’s Board of Directors that determined that there was a violation of the Infosys Insider Trading Policy and the Prohibition of Insider Trading) Regulations, 2015, a penalty of Rs 9.5 lakh has been imposed on Mazumdar-Shaw.

“On February 13, 2019, it was brought to the attention of the Compliance Officer of Infosys Ltd that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys Ltd without obtaining pre-clearance of trade,” it said in a regulatory filing.

It added that the transaction occurred when the trading window was open.
“The Trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw,” it said.

The filing explained that in portfolio management services, the investor does not generally monitor the day-to-day investment decisions and in this case too, Mazumdar-Shaw had given no instruction to conduct the trade.

“… she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade,” it added.

The penalty amount of Rs 9.5 lakh will be payable to a charitable organisation of her choice, the filing noted.

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

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