Business

Mukesh Ambani Showered Praises On Satya Nadella

Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani and Microsoft CEO Satya Nadella met at Microsoft Future Decoded CEO Summit and shared their vision for India.

Mr. Ambani on Trump’s visit

He said as they were speaking, Donald Trump had arrived in Ahmedabad and the India he would see in 2020 was different from the India Jim Carter saw or Bill Clinton saw or even Barack Obama saw. He further said that people had mobile phones and the mobile network in India was at par with anybody else in the world.

Mr. Nadella said about Microsoft

India-born Satya Nadella outlined the goal of Microsoft’s products in India. The key message was India’s potential and the focus of Microsoft for next decade. How every organization in India rides the new wave of intelligent cloud and intelligent edge. He further said that their mission was to empower every person and every organization on the planet to achieve more.

Mr. Ambani praised Nadella

He said that every Indian was proud of Nadella. He further said that what he admired about Nadella and what he learned was that Nadella’s leadership style was … Read the rest

Donald Trump Said That There Will Be A Big Deal With India

The US President Donald Trumpclearly indicated that a big trade deal with India might not be on the cards during his visit. He said that he was saving the big deal with India for later and that he didn’t know if it (the deal) would be done before the presidential election in November.

US trade deal with India

Donald Trump is visiting with the first lady of the US on February 24 and 25. But the US Trade Representative Robert Lighthizer might not accompany the Trumps during their visit. He’s the point-person for trade negotiations with India but the US officials hadn’t ruled out his travel to India.

Trump said that they weren’t treated well by India but he praised Prime Minister Narendra Modi and said that he was looking forward to visit to India. He also said that he happened to like Prime Minister Modi a lot.

Trump said that Modi told him that they would have seven million people between the airport and the event. Also, he said that he was excited about the stadium that was the largest in the world. He further said that it was … Read the rest

50 Lakh Crore Earmarked For Development Of Railway Stations On PPP Model

Ministry of Railways is working overtime for beautification of railway stations. The ministry wants to make New Delhi Railway Station, a world class station. It would be developed like an airport, where design would attract the visitors. There will be separate exit points for convenience of passengers. Also, there would be elevated access roads on the lines of airport.

Railway-Stations-On-PPP-Model

PPP model would be used

According to sources, Northern Railway and Railway Land Development Authority is contemplating completing the project on Public Private Partnership model. This project can take a minimum of 4 years in completing.

50 stations are up for beautification

According to a news published on 7th February in Economic Times, the government has set a target of beautifying 50 railway stations with a budget of 50,000 crore. Companies like Tata Realty, Adani and Essel Group have displayed their interest in this project.

Bids for 4 stations would be invited in 2021

In 2019, the government said that it was working to attract private investment in railways. And that it had set a target of spending 50,00,000 crore on infrastructure of railway. The government can invite bids for 4 … Read the rest

Udaan Becomes The Fourth-Valued Startup After Paytm, OYO And Byju’s

Bengaluru based online B2B e-commerce marketplace Udaan that is a little over three years old has become the fourth-highest valued startup in India. A recent valuation report filed by the firm on September 23, 2019 shows that the worth of the firm is $7.5 billion or Rs. 53,365.45 crore.

Valuation report of Udaan

The report reads that the e-commerce company would reduce its losses to Rs. 375 crore in FY21. Also, that it would register a profit of Rs. 3,082 crore before tax in FY22. Following the report, the company convened a meeting to pass a special resolution to approve allotment of 4,02,641 Series E Compulsorily Convertible Preference Shares (CCPS) to its Singapore-based holding entity Trustroot Internet PTE.

History of Udaan

This development came when the company posted a loss of Rs. 780 crore during FY19 at a revenue of Rs. 46 crore. Founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, it works as a platform where retailers can connect to wholesalers and traders. It is a horizontal marketplace that provides a wide range of goods from electronics to apparel and from grocery to fresh … Read the rest

Anil Ambani Says His Net Worth Is Zero

Reliance Group Chairman Anil Ambani was asked to pay USD 100 million by a UK court. He was given six-week time to make the payment. The order was passed for three Chinese banks that lent USD 680 million to Anil Ambani in loan.

UK court order for Ambani

Judge Waksman read out the order for Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China. The banks welcomed the order saying that it was a straightforward debt claim to recover outstand loans to RCom in good faith. They said that Anil Ambani had given a personal guarantee but he refused to honor that guarantee.

Anil Ambani denied guarantee

Ambani, 60, denied giving any such guarantee to Chinese banks that were forced to take the legal action. Also, he argued that his net worth was nearly zero and that his family won’t help in repaying the debt. But the court refused to accept his claim.

The judge said that Ambani failed to satisfy him with his excuses. But the Reliance Group indicated that the company would appeal against the ruling. It said that Ambani … Read the rest

Foreign Analysts Fear Revision Of Rates By RBI In 2020

Analyst said on Monday that RBI could hike rates this year because of possible inflationary impact the economy would have while trying to meet the fiscal deficit target of 3.5% for FY2020-21.

The analysts pointed towards the finance minister Nirmala Sitharaman discussing disinvestment where the government under-performed to achieve the 3.8% fiscal deficit target in FY2019-20.

Analysis of growth

The government wants to push the growth but with the help of a clause that allows the government to stretch its commitments under the Fiscal Responsibility and Budget Management Act by 0.5%. But it would show that the government missed the target for the third consecutive year.

Analysts of foreign brokerage Bank of America welcomed the government’s stand while flagging risks to the target. They see a 0.30% if GDP upside risk to the fiscal deficit target because of high disinvestment assumption of Rs. 2.10 lakh crore in FY21 that is almost three times of FY20’s Rs. 65,000 crore.

Goldman Sachs analysis

The analysts said that the achievement of government relies on privatization initiatives. They also said that if the estimates of revenue collections don’t materialize, … Read the rest