Tag: COVID-19 crisis

Jama Masjid closed for devotees till June 30 due to COVID-19 situation in Delhi, says Shahi Imam

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

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The Jama Masjid will be closed for devotees with immediate effect till June 30 in view of “critical” conditions in the city due to a surge in COVID-19 cases, the mosque’s Shahi Imam Syed Ahmed Bukhari said on Thursday.

Bukhari said he took the decision after consulting public and Islamic scholars.

The development comes after the Shahi Imam’s secretary Amanullah died due to the novel coronavirus at the Safdarjung Hospital on Tuesday night.

The Shahi Imam said, “If the situation arises where the human life is at risk, it becomes obligatory to protect ones life.”

“Majority of the opinion is that saving of the human lives is paramount and the Shariah (Islamic jurisprudence) has ample excuse for this,” he said.

After taking public opinion and consulting scholars, it has been decided that from ‘maghrib’ (sunset) on Thursday till June 30, no congregational prayers will be performed in the Jama Masjid, Bukhari said.

“A select few people shall perform the daily five times namaz while the general worshippers will perform the prayers at their homes,” he added.

The mosque had opened on June 8 after a gap of over two months with the government allowing further relaxations as part of “Unlock-1”, the first phase of a calibrated exit from the novel coronavirus-induced nationwide lockdown.

As religious places along with several other establishments, like shopping malls and offices, opened across the country on June 8, Bukhari asked governments to reconsider their decision in view of the rapid spread of the coronavirus.

According to latest official figures, the total number of COVID-19 cases in Delhi is over 32,000 including 984 deaths. The number of active coronavirus patients in the city is over 19,000.

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

Need to turn COVID crisis into opportunity to create Atmanirbhar Bharat: PM Modi

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

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Insisting that the COVID-19 crisis should be turned into an opportunity to create an ‘Atmanirbhar Bharat’, Prime Minister Narendra Modi on Thursday said steps have to be taken to ensure that products imported from abroad are manufactured in the country.

Addressing the 95th annual plenary session of the Indian Chamber of Commerce in Kolkata over video conference, he said this is the time to make bold decisions and investments for the country to scale new heights.

“India’s goal of self-reliance has been paramount in the policy and practice of the country. The COVID-19 crisis gave us lessons on how to speed up efforts in that direction,” he said.

The Prime Minister also said that people-centric, people-driven and planet-friendly development has become part of the BJP-led Central government’s governance.

“India is fighting multiple challenges along with COVID-19, including floods, locust attack, earthquakes…We have to turn crisis into an opportunity for creating

Atmanirbhar Bharat and take steps to ensure that products which we import from elsewhere are manufactured in India,” Modi added.

Also, catch all the latest updates and trends on the novel coronavirus with CNBCTV18’s blog.

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

Majority of Indians willing to take personal loans to tide over COVID-19 crisis: Survey

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

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Nearly 82 per cent of Indians believe that disruptions caused by the COVID-19 pandemic have severely impacted their financial condition and a majority of them will now have to go for personal loans to meet their cash requirement, a survey showed.

The findings are based on responses from 5,000 people to a survey conducted by IndiaLends, a digital lending platform.

“The pandemic has severely affected the financial health of salaried and professional individuals with 82 per cent of respondents saying they are struggling to make ends meet,” according to the survey.

The respondents said they are not averse to taking a loan to tide over the present crisis.

Around 72 per cent said they would opt for a personal loan in the immediate future to meet high-priority expenses such as debt repayment, essentials and medical, education fees, and home repairs and renovation, the findings showed.

“In these circumstances when finances are stretched and assets are not easily accessible, it is important for individuals to examine their financing options such as personal loan or line of credit and plan accordingly for the weeks and months ahead,” IndiaLends founder and CEO Gaurav Chopra said.

Almost 95 per cent of the respondents said they would have to be extra careful about their spending habits over the next few months and 84 per cent said they were cutting back on spending.

Close to 90 per cent expressed concern about their savings and financial future.

The survey revealed that the economic uncertainty and the state of individual finances has impacted investment with 76 per cent of the respondents said they are in no position to consider fresh investments at this time.

About 40 per cent of respondents said their focus on expenses for essential items would increase, while over 70 per cent said they would spend less on non-essentials including entertainment, luxury and lifestyle in the post-COVID period, according to the survey.

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

China delayed releasing coronavirus information, frustrating WHO

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

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Throughout January, the World Health Organization publicly praised China for what it called a speedy response to the new coronavirus and thanked the Chinese government for sharing the genetic map of the virus immediately.”

But in fact, Chinese officials sat on releasing the genetic map, or genome, of the deadly virus for over a week after multiple government labs had fully decoded it, not sharing details key to designing tests, drugs and vaccines.

Strict controls on information and competition within the Chinese public health system were largely to blame, The Associated Press has found from internal documents, emails and dozens of interviews.

Health officials only released the genome after a Chinese lab published it ahead of authorities on a virology website on January 11. Even then, China stalled for at least two weeks more on giving WHO the details it needed, according to recordings of multiple internal meetings held by the UN health agency in January all at a time when the outbreak arguably might have been dramatically slowed.

Although WHO continued to publicly commend China, the recordings obtained by the AP show they were concerned China was not sharing enough information to assess the risk posed by the new virus, costing the world valuable time.

We’re currently at the stage where yes, they’re giving it to us 15 minutes before it appears on CCTV, said WHO’s top official in China, Dr Gauden Galea, referring to the state-owned China Central Television, in one meeting.

The story behind the early response to the pandemic comes at a time when the UN health agency is under siege. US President Trump cut ties with WHO on Friday, after blasting the agency for allegedly colluding with China to hide the extent of the epidemic.

Chinese President Xi Jinping said China has always provided information to WHO and the world in a most timely fashion. The new information does not support the narrative of either the US or China, but portrays an agency now stuck in the middle that was urgently trying to solicit more data. Although international law obliges countries to report information to WHO that could have an impact on public health, the UN agency has no enforcement powers. Instead, it must rely on the cooperation of member states.

The AP has found rather than colluding with China, WHO was itself largely kept in the dark, as China gave it only the minimal information required. But the agency did attempt to portray China in the best light, most likely to coax the country into providing more outbreak details.

WHO officials worried about how to press China for more information without angering authorities or jeopardizing Chinese scientists, whom they praised for decoding the genome with astonishing speed.

Dr Michael Ryan, WHO’s emergencies chief, said the best way to protect China was for WHO to do its own independent analysis, because otherwise the spread of the virus between people would be in question and other countries will take action accordingly.

From the time the virus was first decoded on January 2 to when WHO declared a global emergency on January 30, the outbreak grew by a factor of 100 to 200 times, according to retrospective Chinese Center for Disease Control and Prevention data.

WHO and officials named in this story declined to answer questions asked by the AP without audio or written transcripts of the recorded meetings, which the AP was unable to supply to protect its sources.

Our leadership and staff have worked night and day .to support and share information with all Member States equally, and engage in frank and forthright conversations with governments at all levels, a WHO statement said.

China’s National Health Commission and Ministry of Foreign Affairs had no comment. But in the past few months, China has repeatedly defended its actions, and many other countries including the U.S. have responded to the virus with even longer delays of weeks and even months.

In late December, doctors noticed mysterious clusters of patients with unusual pneumonia. Seeking answers, they sent samples to commercial labs. By December 27, one company, Vision Medicals, had pieced together most of the genome of a new virus with striking similarities to SARS. They alerted Wuhan officials, who, days later, issued internal notices warning of the unusual pneumonia.

On December 30, Shi Zhengli, a renowned coronavirus expert at the Wuhan Institute of Virology, was alerted to the disease, and by Jan. 2, her team had fully decoded it.

But when it came to sharing the genome with the world, things went awry. China’s top medical authority, the National Health Commission, issued a confidential notice forbidding labs from publishing about the virus without authorisation. The order barred Shi’s lab from publishing the sequence or warning of the possible danger.

Commission officials later said the order was to prevent any accidental release of the then-unknown pathogen, and to ensure consistent results by giving it to four state labs to identify at the same time.

By January 5, two other government labs sequenced the virus, and another lab in Shanghai led by Zhang Yongzhen had also decoded it. Zhang warned the National Health Commission the virus was likely infectious. The Chinese CDC raised its emergency level to the second highest, but did not have the authority to alert the public.

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

To ease shifting of mobile factories to India, govt to drop plant evaluation clause

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

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The government is likely to drop a clause of evaluating plant machinery for electronics manufacturing in the recently notified Rs 48,000 crore worth incentive schemes to ease shifting of base for companies like Apple and contract manufacturers to India, according to sources.

The Ministry of Electronics and IT (Meity) wants to go full throttle to capitalise on sentiments of the US, Japan, Taiwan and other nations looking to shift their companies’ base out of China amid the COVID-19 crisis.

“Meity is likely to drop the clause to evaluate plant machinery and other capital goods at 40 per cent of the original value in the recently announced incentive schemes. The changes are likely to be notified in a day or two,” a source said.

On April 1, the government notified three schemes comprising total incentives of around Rs 48,000 crore to boost electronics manufacturing in the country.

The electronics manufacturing companies will get 4 -6 per cent incentives based on certain incremental sales every year.

Apple’s iPhone assembly partner Pegatron is also planning to set up a plant in India to take benefit of the new schemes. Pegatron will be the fourth partner of Apple to set its footprint in India after Wistron, Foxconn and Compal Electronics.

At present, only Wistron and Foxconn assemble iPhones in India.

Wistron has already announced to expand its operation by increasing the manpower by about 10 times to 20,000 people over the next 2 years with an initial investment of around Rs 2,000 crore.

Under the Production Linked Incentive (PLI) schemes, an electronic company has the potential to get an incentive of around Rs 7,500 crore if it scales up production to worth about Rs 1.5 lakh crore over next five years.

The government expects to generate manufacturing revenue potential of Rs 10 lakh crore and create direct and indirect jobs for 20 lakh people by 2025 through these schemes.

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

Biggest challenge to put financial sector back on feet once India unlocks economy, says Arvind Panagariya

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

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The ‘number one’ challenge before the government, once it unlocks the economy amid the COVID-19 crisis, will be to put the financial sector back on its feet, former Niti Aayog Vice-Chairman Arvind Panagariya said on Monday.

In an interview to PTI, Panagariya further said that India is facing a health crisis that has led to a sudden stop of the economy.

“To restart and return the economy to the pre-COVID-19 path, we need to overcome the health crisis. Once this is done, the main weakness we will need to overcome is the one we had left unsolved prior to COVID-19: disruptions in the financial markets.

“Getting the financial sector back on its feet will remain the government’s number one challenge once we unlock the economy,” he said.

The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days to contain the spread of the novel coronavirus. The lockdown was first extended till May 3 and then again till May 17. It was further extended till May 31 and now has been extended in containment zones till June 30.

The home ministry on Saturday said ‘Unlock-1’ will be initiated in India from June 8 under which restrictions will be relaxed to a great extent, including the opening of shopping malls, restaurants and religious places.

Replying to a query on India’s current macroeconomic situation, the eminent economist said that once normal functioning of life without masks and social distancing becomes feasible, growth will resume fast.

“Can we assess quantitatively where the GDP in 2020-21 will end up? I think not. There is simply too much uncertainty regarding when we will be able to begin functioning normally without masks and social distancing.

“It is all going to depend on when a vaccine against novel coronavirus and a cure for COVID-19 become available or when the virus would go into remission on its own,” Panagariya, a professor of economics at Columbia University, emphasised.

On how is reverse migration going to affect the economy, particularly, the rural sector, he noted that migrant workers will return to host states as fast as they left them once the government allows free movement of people and transportation becomes easily available.

“The nature of migrant workers is to rush to home when their workplace is shut down and rush back to the workplace as soon as it opens up.

“Just as the host states found it impossible to hold migrant workers back once their states went into lockdown, home states will find it hard to hold them back once host states unlock and resume work,” Panagariya said.

Lakhs of migrant workers in metro cities returned to their native villages after the nationwide lockdown was introduced on March 25

In the longer run, Panagariya stressed that the problem India needs to solve is the creation of a sufficiently large number of well-paid jobs for farmers who want to leave their tiny farms to seek a better living in industry and services.

Asked whether he was satisfied by the pace of privatisation, Panagariya said, “Vested interests and socialist mindset have kept the process of privatization from moving forward even though the Prime Minister and his cabinet had blessed it as far back as 2016.”

He pointed out that COVID-19 has shown that the government needs to do a lot more in the area of health than it has been doing to-date.

“But can it do so efficiently without withdrawing from other activities? Not in my view.

“The natural activities from which to withdraw to focus better on health is manufacturing that serves no public purpose and is best carried out in the private sector,” the eminent economist opined.

Panagariya, who recently wrote a book ‘India Unlimited: Reclaiming the Lost Glory’, also appreciated the government for announcing numerous reforms that will help improve the efficiency of the economy in the medium to long run.

“These reforms had been awaited for decades. I hope the announced reforms actually happen rather than shelved once the crisis is over,” he said.

When asked about criticism by some experts that India needed additional expenditure and not liquidity infusion, Panagariya defended the government’s recently announced measures, arguing that fiscal stimulus, which works by creating demand, cannot go far when there are no workers to help generate a supply response.

He suggested that while novel coronavirus is on a rampage, the government needs to ramp up health infrastructure to deal with the virus; ensure that the basic needs of people such as food and shelter are met; and provide enough liquidity so that solvent firms do not go bankrupt before the economy opens up.

“Various packages that the government announced have focused precisely on these three items,” he asserted.

Last month, the government announced a Rs 20.97 lakh crore economic package, which included RBI’s Rs 8.01 lakh crore worth of liquidity measures.

Sitharaman had unveiled the package in five tranches, which included Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs and Rs 90,000 crore for power distribution companies, free foodgrains to migrant workers, increased allocation for MGNREGS, tax relief to certain sections and Rs 15,000 crore allocated to the healthcare sector.

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

AirAsia India offers to waive one-way base fare for 50,000 frontline doctors

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

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AirAsia India has offered to waive base fare for a one-way flight ticket for 50,000 frontline doctors under its RedPass initiative across its domestic network.

“Base Fare will be waived off under the RedPass Scheme, airport fees, charges and statutory taxes will be borne by the traveler,” AirAsia India said.

Doctors can submit their contact details and desired sector and date of travel between 1 July 2020 to 30 Sep 2020 with their registration number or ID as proof on Air Aisa portal.

The RedPass would be valid for a one-way flight for the successful applicant doctors. Applications are open till June 12 with up to 50,000 AirAsia RedPasses available for doctors across the country who would also be given special privileges like priority boarding at the airport, the airline added.

“As part of this initiative to pay a tribute to doctors, AirAsia India will give away 50,000 free seats on flights across its domestic sectors to doctors as a gesture of gratitude for their commendable efforts in support of the nation,” AirAsia India said.

A joint venture between Tata Sons Pvt Ltd and AirAsia Investment Ltd, AirAsia India commenced operations in June 2014 and flies to 21 destinations with a fleet of 30 A320 Aircraft.

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

Facebook-Boston Consulting report recommends these measures for businesses to tide over COVID-19 crisis

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

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Facebook India in association with Boston Consulting Group in a report on Wednesday shared actionable guidance for brands to build new consumer journeys in times of COVID-19 and beyond.

The report titled ‘Turn the Tide’ showed how COVID-19 has dramatically changed consumer behavior and altered the path-to-purchase.

It highlights the behaviour shifts and outlined the opportunity for businesses around the altered path-to-purchase.

Sandeep Bhushan, director and head, Global Marketing Solutions, Facebook India, said, “The ‘Turn the Tide’ report outlines the opportunities that businesses need to embrace in the context of new consumer journeys and category needs.”

“We are experiencing unprecedented shifts in consumer attitudes and behaviors – 80%+ consumers will continue to practice social distancing and are bringing the outside inside, over 40% of consumers are dialing up on health and wellness spends, e-commerce adoption has already advanced by 2-3 years – to name a few,” said Nimisha Jain, managing director and partner, Boston Consulting Group.

The report recommends these measures to turn the COVID-19 crisis into opportunity:

1. Build Social connect in Social distancing: Engage with consumers in their context
People, creators, and celebrities are on social media platforms in an unprecedented way, and brands have an opportunity to leverage this massive engagement to build stronger dialogues and deeper connect with users, it said.

2. Focus on Hyper-Localisation: Connect with consumers where they are
Micro-targeting can help brands get the first-mover advantage with the country being divided into different zones with distinct restrictions.

3. Bring alive experiences with digital access: Virtual launches and product demos
As people turn to virtual experiences for every facet of their life, it becomes important for brands to build for this new customer journey. “We are already seeing more brands explore Facebook and Instagram ‘Live’ to connect with their followers and customers. Now brands are thinking about using social media platforms for new product launches too.”

4. Optimise Portfolio for Value creation: Segmenting consumers to drive differential value
With the consumer becoming more value-conscious, it becomes important for brands to segment in order to optimize and offer what is relevant for the segment.

5. Relook at media mix models to drive growth: Align to new media landscape
As brands, especially those with traditional product categories, start spending more online, they would feel the urgent need to understand truly incremental outcomes by platform as well as cross-platform efficiency. This would increase the need for industry-leading digital measurement standards such as custom mix modelling (CMM) by Nielsen that Facebook had piloted last year.

6. Build your online presence: Own platforms and influencing marketplaces
The study revealed that Indian consumers may spend higher on e-commerce, even for traditionally offline categories. Surge in preference for online channel is sharper in India than in China, Brazil, Indonesia, Thailand, Philippines. This is the right time to build your online presence.

7. Strengthen CRM solutions: Messaging for post sales communication and other digital CRM tools

It’s essential to seamlessly solve for customer needs to eliminate friction in the path-to-purchase. Conversational digital solutions such as messenger/chat bots and other digital CRM tools can prove to be beneficial right now.

(Click here for the full report)

(This is a partnered post)

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

Amid COVID-19 crisis, floor price issue may not figure on Trai’s radar for 2 months

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

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The telecom industry’s fresh push on floor tariffs notwithstanding, regulator Trai is unlikely to take up the matter, even via a virtual open house, for the next two months or so, given the COVID-19 crisis and the difficulties being faced by people, a source said.

This is not an “opportune moment” to address the issue, and in any case, telecom operators are free to take decisions on tariff matters, the senior Trai official said.

As things stand today, there is no restriction on players to take independent calls on pricing issues, the official added.

When contacted, COAI Director-General Rajan Mathews told PTI that the industry is disappointed.

“Central and state governments are looking to move out of the COVID-quarantine and prompt economic activities, revive economic opportunities and jobs. While specific measures have been announced to simulate the economy, there has been no relief for the telecom industry.

“The absence of any other relief has prompted us to approach the regulator for help in stabilising our revenue streams,” Mathews said.

Meanwhile, the Trai official argued that many low-income users who recharge for lesser amounts to make calls are facing distress due to the COVID-19 crisis and may not be in a position to withstand a tariff hike.

The industry, on the other hand, despite its financial condition, has been successful in attracting marquee investors and raising funds, even in the current circumstances. The average earning per user has also risen for large operators in the just-ended quarter, the official said, outlining the reasons behind Trai’s hesitation to expedite the issue.

Moreover, conducting virtual open house for tariff floor price could end up excluding a large portion of low-income and marginal consumers who may not be tech-savvy but who will be most impacted by the final outcome of this consultation process.

“There is no question of taking it up at this point, at least for 2-3 months, till there is some stability and normalcy,” the Telecom Regulatory Authority of India (Trai) official said.

The regulator resumed its customary open house discussion (OHD) on pending matters through video-conference earlier this month, but there seems to be clear consensus within Trai that the issue of floor price of tariffs should not be taken up via online mode till the COVID-19 situation stabilises.

Telecom players recently renewed their demand and asked Trai to move forward quickly on the issue of fixing floor price for tariffs, arguing that the matter is imperative to ensure that sector is sustainable and in a position to bear the deferred spectrum and AGR dues.

The Cellular Operators’ Association of India (COAI) — whose members include Bharti Airtel, Vodafone Idea and Reliance Jio — wrote to Trai last week asking for an open house discussion to be conducted on the tariff floor price issue “at the earliest”.

“While, we acknowledge that the recent situation on account of COVID-19 might have caused some constraints, however the authority has started conducting the OHD (open house discussion) through online process on various other topics. Accordingly, we request the authority to kindly hold an OHD on this issue at the earliest,” COAI had said last week.

Bharti Airtel CEO, India and South Asia, Gopal Vittal in an earnings call recently also drew attention to the pending floor price issue, saying although the telecom industry has seen some bit of repair, tariffs continue to be “unsustainably low”. He had exhorted the sector regulator to address the floor price issue “sooner than later”.

Meanwhile, despite the nudge from the industry on the floor price issue, a report by ICICI Securities has said that any huge tariff hike is unlikely for at least a quarter or two.

“Tariff hike is unlikely before recommendation on floor price, as any suo moto tariff hike may work against telecom operators for policy intervention. We do not see any huge tariff hike for at least a quarter or two,” ICICI Securities said in a recent report.

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