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Mukesh Ambani 9th wealthiest in the world

For the third consecutive year, Ambani retained the wealthiest Asian title….reports Asian Lite News

Despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries’ Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion, states the 2023 M3M Hurun Global Rich List.

For the third consecutive year, Ambani retained the wealthiest Asian title.

With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world’s wealthiest from the last year’s second rank.

Adani also lost the second richest Asian title in 2023.

A report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60 per cent from his peak.

Last year, it was said that Adani topped the list by adding Rs 1,600 crore per day over 2022.

The other Indian billionaires who figure in the world’s top 50 richest are: Cyrus Poonawalla (global rank 46, wealth $27 billion), and Shiv Nadar and family (rank 50, $26 billion).

Interestingly, barring Poonawalla whose wealth went up by 4 per cent, the wealth of all other Indian billionaires in the global top 100 wealthiest had seen an erosion.

In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion.

When countries such as China and the US had 178 and 123 billionaires, respectively, who lost more than $1 billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.

In terms of number of billionaires who have added $1 billion or more over the last year, India occupies sixth rank in the list.

India added 16 billionaires and occupies the third spot, comfortably ahead of Italy which added 9 billionaires in this year’s list.

The richest new entrant from India, Rekha Rakesh Jhunjhunwala & family, tops the list of top 16 new Indian entrants in 2023 M3M Hurun Global Rich List.

Over the last 5 years, Indian billionaires in 2023 M3M Hurun Global Rich List added circa $360 billion to their cumulative wealth – equivalent to Hong Kong’s GDP.

“M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

“At a critical point in history, when India’s GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world,” said Pankaj Bansal, Director, M3M India.

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Business India News

Gardens of India forays into e-commerce space

The brand aims to provide consumers with a taste of the rich and diverse flavours of India’s gardens while supporting local communities and promoting sustainable agriculture…reports Asian Lite News

Gardens of India, a homegrown brand for tea, spices, and foods, is excited to announce the official launch of its ecommerce website on March 22nd, 2023. The brand is committed to establishing a strong presence in both the domestic and global markets with its dedication to excellence, authenticity, and quality.

At Gardens of India, authenticity, purity, and flavour are at the core of every tea and spice blend. They are carefully sourced from the finest farms and estates in the country with a focus on ethical and sustainable practices. The brand aims to provide consumers with a taste of the rich and diverse flavours of India’s gardens while supporting local communities and promoting sustainable agriculture. “We are delighted to launch Gardens of India, a brand that embodies the essence of our country’s natural beauty and cultural heritage. Our products are carefully curated to offer consumers the best of Indian flavours, from the iconic chai to the subtle spices used in our cuisine,” said Jaivardhan Agarwal, CEO of Gardens of India.

“We believe that Gardens of India has the potential to become a global ambassador for Indian food and drink, and we look forward to sharing our passion with customers around the world. Our range of tea and spices is crafted to bring the best of India’s gardens to global consumers, and we are confident that our products will be loved and enjoyed by all,” added Agarwal.

The brand’s new range of luxury cotton tea bags is designed to offer customers the ultimate tea experience. Made using the finest quality cotton, the bags allow the tea to steep and release its natural flavours and aromas.

Strong development of e-commerce in rural areas of China.

“We understand the importance of convenience and quality when it comes to tea. Our luxury cotton tea bags are designed to provide customers with an effortless way to enjoy our range of teas, without compromising on the quality of the brew,” said Agarwal.

Gardens of India is also launching its website, https://gardensofindia.in/ , which will provide customers with a seamless shopping experience. The website will offer customers the opportunity to purchase the brand’s products online, with fast and reliable shipping options available across the globe.

“We believe that our website will be a game-changer for Gardens of India. Our aim is to make it easy for customers around the world to access our products, and to showcase the beauty and diversity of India’s gardens,” said Agarwal.

Gardens of India has already established a reputation for excellence in the domestic market and is now looking to expand its reach globally. The brand’s commitment to quality, authenticity, and sustainability has already set it apart from its competitors and positioned it as a leading player in the industry.

“We are excited to introduce Gardens of India to the global market and offer consumers a taste of India’s rich culinary heritage. Our products are not just about taste but also about culture, tradition, and sustainability. We believe that this unique combination will set us apart and establish us as a leading brand in the global market,” concluded

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IFC to invest Rs 600 cr in Mahindra’s new EV firm

Automobile major Mahindra & Mahindra.(photo:IANS/Twitter)

The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo…reports Asian Lite News

Global development institution IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo), it announced on Wednesday.

IFC’s first investment in an EV manufacturer in the country, and the first in electric three-wheelers globally, will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore.

The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo.

NewCo will house the last mile mobility division, including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto).

“With the electrification of the last mile mobility business at scale, we will move a step further in our commitment to be aPlanet Positive’ by 2040. This also presents a tremendous opportunity for growth for micro and women entrepreneurs,” said Anish Shah, MD and CEO, Mahindra & Mahindra.

India has committed to reducing its emissions profile by 45 per cent by 2030, and simultaneously aims to achieve 80 per cent EV penetration for two-and three-wheelers, 70 per cent for commercial vehicles and 30 per cent for private cars in the same time-frame.

“India is the largest three-wheeler market globally, and this investment marks a significant step towards scaled domestic production of electric vehicles catering to this segment, as well as small commercial vehicles,” said Hector Gomez Ang, IFC’s Regional Director for South Asia.

According to Rajesh Jejurikar, Executive Director and CEO (auto and farm sector), Mahindra & Mahindra, being the market leaders in this segment: “We have an opportunity to drive higher EV penetration in this segment and provide a more sustainable as well as profitable option to microentrepreneurs”.

IFC, a member of the World Bank Group, works in more than 100 countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries.

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Business India News Tech Lite

Gujarat, Google ink deal to realise Digital India dream

Gujarat Chief Minister said that while Gujarat is a hub for young entrepreneurs, Google is eager to take the world by storm with this partnership with Gujarat…reports Asian Lite News

The Gujarat government on Wednesday signed an important strategic Memorandum of Understanding with global technology major Google, through which they will jointly equip Gujarat’s rural women, school-going children and young entrepreneurs for socio-economic transformation through the use of information technology and internet access.

The memorandum was signed in the presence of Gujarat Chief Minister Bhupendra Patel and Vijay Nehra, Secretary, Science Technology and Sanjay Gupta, Vice President and Country Head of Google. Approximately fifty thousand people will be provided training every year.

“Not only this, training sessions will be organized to increase the capacity building-skill of children-students and youth along with increasing digital literacy among rural women,” a release said.

Chief Minister Bhupendra Patel said that Gujarat has a strong ICT (information and communications technology) infrastructure which has been developed due to the new IT and ITES Policy 2022-2027. The chief minister said that Prime Minister Narendra Modi has brought the best in the world to Gujarat and the state government has realized it through various policy initiatives.

Gujarat CM also assured full support of the state government to Google to associate the name of Google with Gujarat and to ensure that Gujarat, which the CM termed as the growth engine of the country.

It is necessary to point out here that the Department of Science and Technology of the Government of Gujarat has signed 3 MoU with Google in the past and more than 10 thousand women, school children, young developers have benefited from these training programs.

On the occasion, Sanjay Gupta, Country Head and Vice President of Google, appreciated the overall development in the IT sector in the state and especially the activities of Science City.

He said that while Gujarat is a hub for young entrepreneurs, Google is eager to take the world by storm with this partnership with Gujarat.

Gupta called children and women as the foundation of a bright future and also said that IT has extended to the rural level in Gujarat will give new direction to this strategic

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Meet 2 Indian entrepreneurs making their mark in 2023

Founded by Global Indian investor, Biswanath Patnaik and UK-based Indian entrepreneur, Arun Kar, FINNEST is an early-stage Private Equity investment firm that invests in visionaries with disruptive ideas…reports Asian Lite News

Two UK-based Indian Investors Biswanath Patnaik and Arun Kar got featured in Forbes.mc magazine in one of their latest print editions. These two Indians made it to the cover page of the Forbes International Magazine brand.

Founded by Global Indian investor, Biswanath Patnaik and UK-based Indian entrepreneur, Arun Kar, FINNEST is an early-stage Private Equity investment firm that invests in visionaries with disruptive ideas. FINNEST brings more than just capital and is focused on Renewables, EVs and Hydrogen Locomotives, Innovative Technology, Consumer Market Places, Fintech, Smart Cities and Public Sector. FINNEST is governed by eminent industry experts from banking, technology, healthcare, renewables, and is led by partners, who have been founders and CEOs of successful companies, and who have domain expertise ranging from banking to telecom to consumer marketplaces.

Keeping new technology at the forefront, their team are helping founders and their companies towards a better world for the mankind. They are at the forefront of the change which they believe will benefit the society at large. Visionary Founders with strong Investor Networks, they believe in Diversity, Equity and Inclusion; and with the target talent pools they aim to connect entrepreneurs, executives, engineers, academics and industry experts in the technology ecosystem.

FINNEST is associated with Fortune 100/Global 500 top companies for the resources in relation to technology decision makers, influencers, and key opinion leaders. FINNEST uses this elite network as a part of company’s preamble to help and grow portfolio companies with access to insights across the entire diversified spectrum.

FINNEST has an extensive track record of investing in some of the fastest growing companies across Europe, the UK, USA, Middle East and Asia-Pacific.

‘From Our Founders To Our Own Team, We Partner With The Best And Brightest – No Matter Their Background, Our Door Is Open to New Talent and Disruptive ideas’ says the Chairman Biswanath Patnaik.

Recently secured investment for FINNEST

FINNEST has secured £500m investment for upcoming & innovative technology-driven ventures across industries like Renewable Energy, Hydrogen based logistic locomotives, Environmental & Sustainability, and Economic Social Governance with non-financial factors as part of the material risk and growth opportunities. FINNEST focuses on companies that can harness techniques like green hydrogen and/or solutions that reduce the dependency on rare earth metals in battery technology. Offering the potential combined with Smart Connected vehicle technology to redefine how goods are moved primarily. They are also entering into satellites and space technology for the future.

Building upon the idea of delivering technology for good, the FinNest team are also in detailed discussions with a number of forward-thinking UK local authorities. Working in partnership to identify investment opportunities which deliver real change for local citizens by leveraging the power of Smart City technology. It remains a core philosophy of the Finnest group that by bringing the right partners together, whether public, private or 3rd sector, is the way to find the optimum path to achieve social good whilst also delivering a reasonable rate of return and thus unlocking an approach which delivers benefit for all.

FinNest also has a number of ongoing investment negotiations looking at green energy solutions with a particular emphasis on new commercial models which include local communities establishing energy service capabilities. Whilst looking to support technologies including, solar, heat, wind and tidal, FINNEST are also aware that many of the barriers to decarbonisation lay outside the pure technical challenges of energy generation.

Consistent with the FinNest aim of supporting all, they are also looking at a number of exciting emerging companies which have technology solutions which have the potential to deliver significant societal benefit.

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Business India News

TN to launch Millet Mission

millets.

Under this scheme, subsidy will be given for bringing millet cultivation to fallow lands and crop diversification to millets in 50,000 acres….reports Asian Lite News

Tamil Nadu government has decided to provide subsidy to bring cultivation of millets in fallow lands and crop diversification to millets in 50,000 acres under its Tamil Nadu Millet Mission, said the Minister for Agriculture M.R.K.Panneerselvam.

Presenting the state’s Agriculture Budget for FY24 in the Assembly on Tuesday, Panneerselvam said with the United Nations declaring 2023 as the International Year of Millets, the state government will implement the Tamil Nadu Millet Mission for five years.

“Under this scheme, subsidy will be given for bringing millet cultivation to fallow lands and crop diversification to millets in 50,000 acres. Hundred groups of millet producers will be formed by bringing together millet farmers and training programmes will be conducted for them,” Panneerselvam said.

He further said that a subsidy will be provided to install a sprinkler irrigation system for 12,500 acres. Subsidy assistance will be provided to farmer producer groups to set up Millets Processing Centres for selling value added millets.

In order to create awareness about the goodness of millets, the government will celebrate ‘Millet Festivals’.

According to him, to increase the production and consumption of millets, Finger millet and pearl millet will be directly procured and availability of millets will be ensured in fair price shops.

Millet-based food will be included in Government institutions and hostels of educational institutions, Panneerselvam said.

In the coming year, the scheme will be implemented with the financial assistance of the Union and state governments at an estimated cost of Rs 82 crore, he said.

Further, in order to revive millets in Tamil Nadu and to increase the area under its cultivation, production and consumption of millets, the government has decided to declare five more districts – Namakkal, Tirupur, Coimbatore, Erode and Pudukottai – a millet zones.

In the last year’s Agriculture Budget, two millet zones encompassing 20 districts were declared.

To make millets available to people, steps are being taken to distribute two kilograms of Ragi to family card holders in Nilgiris and Dharmapuri districts on a pilot basis.

Also, to facilitate the farmers in getting fair price, processed minor millets are procured through cooperative societies and distributed through Amutham, Chinthamani and Kamadhenu Co-operative sales outlets in Chennai and Coimbatore cities, Panneerselvam said.

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RBI hails India’s strong recovery

Reserve Bank of India.

The central bank noted that the overall domestic financial resource balance continued to improve, turning marginally positive at 0.3 per cent of GDP in 2020-21…reports Asian Lite News

Even as global growth is set to slow down or even enter a recession in 2023, as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, as per a RBI report.

The “State of the Economy” chapter of Reserve Bank of India’s (RBI) monthly bulletin for March 2023, released on Tuesday, noted that “on the supply side, agriculture is into a seasonal uptick, industry is emerging out of contraction and services have maintained momentum. Consumer price inflation remains high and core inflation continues to defy the distinct softening of input costs”.

In another chapter titled “Financial Stocks and Flow of Funds of the Indian Economy 2020-21”, the central bank noted that the overall domestic financial resource balance – measured by the net acquisition of financial assets less net increase in liabilities – continued to improve, turning marginally positive at 0.3 per cent of GDP in 2020-21.

Further, the household financial savings spiked significantly during 2020-21 from its long-term trend reflecting an elevated stock of both currency and deposits and increased savings in insurance products.

The balance sheet of the RBI expanded in 2020-21 with a rise in financial assets reflecting unconventional monetary measures to mitigate the impact of the pandemic and to ensure adequate liquidity for smooth functioning of the economy. Other financial corporations with excess inflows from households, and in view of reduced demand for bank credit in the pandemic year, increased investment in government securities.

The non-financial corporations deleveraged their balance sheets in 2020-21; as a result, their net financial wealth improved after years of successive deterioration.

With a relatively reduced dependence on external financing, particularly by the Indian corporates, the growth in both financial assets and liabilities of the rest of the world decelerated in 2020-21, the chapter said.

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Qatar-based Al-Abdullah Group bets big on Kabira Mobility

In line with its growth strategy, Kabira Mobility is intensifying and reinforcing its dedication to innovation and investing in research and development for its products…reports Asian Lite News

Kabira Mobility , a prominent electric bike manufacturer in India renowned for its KM3000 and KM4000 models, announced today that it has secured a USD 50 million investment from its strategic investor, Al-Abdulla Group (Qatar) at an undisclosed valuation to accelerate its Pan-India growth and ramp up the production of its Highly Popular Electric Bike Models KM3000 and KM4000.

This investment will enable Kabira Mobility to embark on mass industrialisation of its products, thus allowing the company to further ramp up its delivery capabilities. To accommodate this growth, Kabira Mobility will expand its manufacturing infrastructure by scaling up its manufacturing capacity at its Dharwad plant and setting up a state-of-the-art electric bike manufacturing plant in Uttar Pradesh to meet the growing demand of the North Indian market. In addition, Kabira Mobility is planning to significantly expand its national presence by ramping up its store network from 30 to 100 by the end of the year. This expansion strategy aims to not only increase customer traffic, but also provide a premium retail experience that will ultimately translate into higher sales and greater market share.

In line with its growth strategy, Kabira Mobility is intensifying and reinforcing its dedication to innovation and investing in research and development for its products. The company is committed to developing the next generation of powertrain and battery pack technology for its upcoming electric bike models, and is ramping up efforts in this area. The aim is to create products that are not only high-performing but also energy-efficient and environmentally friendly.

Furthermore, Kabira Mobility will also be introducing a range of new products that are set to raise the bar of Electric Bikes in the industry. The KM5000, an electric cruiser bike with a range of 330km, is one of the flagship models that will be launched soon. In addition to this, the Pro variants of the KM3000 and KM4000, featuring mid-drive powertrain and industry-leading specs, will also be released. These launches will be consolidating Kabira Mobility’s standing as a frontrunner in the industry and raise the bar of Electric Bike Industry in terms of performance, and design.

During the event, Jaibir Siwach, CEO of Kabira Mobility, expressed, “Electric bikes are set to be the catalyst for growth in the industry and with this investment, Kabira Mobility is poised to lead the charge. Our relentless focus on R&D for the past five years on powertrain & technology development has paved the way for Kabira Mobility and will enable us to capture almost 30% of the electric bike segment and emerge as an industry leader in the next 2 years.”

Also present at the event, Manoj George, CEO of Al-Abdulla Group, stated, “India holds immense potential and is poised to become the manufacturing hub for the global E2W market. Our investment in Kabira Mobility is aligned with Al-Abdulla Group’s vision of investing in the renewable energy sector and supporting sustainable mobility solutions on a global scale.”

The Al-Abdulla Group is a distinguished multinational conglomerate with a diverse portfolio across several industry verticals, including Renewal Energy, Construction, Manufacturing, Textiles, and Printing. With a remarkable legacy spanning several decades, the Group has firmly established itself as a prominent player in the Qatari business landscape, and has made a remarkable global impact with its exceptional business acumen and strategic vision.

At the helm of the Group is Chairman Sultan Johar F Al Abdulla, a visionary leader with a strong acumen for business. Under his dynamic leadership, the Group has achieved remarkable success, with a strong focus on innovation, sustainability, and customer-centricity. His keen eye for detail and ability to identify new opportunities have been instrumental in steering the Group towards newer heights of success.

The Al-Abdulla Group is deeply committed to the renewable sector and has an aggressive focus on Electric Mobility, The Group considers India as one of the largest EV Manufacturing Hubs with an unparalleled market potential. In addition, the Group has plans for capturing the global electric vehicle market with Kabira Mobility. The Group’s commitment to renewable energy is also evident in its investment in Solar Power Plants, Waste to Energy Plants, Windmills, and Desalination plants.

Kabira Mobility, a Classic Group company, is a pioneer electric mobility startup that was established in September 2017 by a team of passionate engineers. Kabira Mobility is dedicated to revolutionising urban transportation by providing a smarter, more accessible, and affordable way for people to commute.

In December 2019, we incorporated as Kabira Mobility Private Limited and in February 2021, we launched our flagship electric bikes, the KM3000 and KM4000, which are one of India’s fastest and longest-riding electric bikes. These bikes are equipped with state-of-the-art technology and user-friendly features that make them appealing to a wide range of riders.

At Kabira Mobility, we are focused on making electric mobility a viable and sustainable option for everyone. We are constantly working on new solutions that will help shape the future of transportation. In addition to our electric bikes, we are also exploring other segments of the mobility market and developing integrated transportation systems that will make it even easier for people to move around their cities.

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Business Economy

Renault Nissan inks deal with Kamarajar Port

The Renault Nissan Alliance was the first car manufacturer in the region to commence exports of cars through Kamarajar Port….reports Asian Lite News

The Renault Nissan Alliance has signed an agreement with Kamarajar Port Ltd (KPL) for the exports of cars manufactured by their joint venture by Renault Nissan Automotive India Pvt Ltd (RNAIPL) near here.

The agreement was signed by Frank Torres, President, Nissan Motor India and Sunil Paliwal, Chairman and Managing Director, Kamarajar Port Ltd.

The Renault Nissan Alliance was the first car manufacturer in the region to commence exports of cars through Kamarajar Port.

So far, over more than 13 years, the Alliance has exported over 1.15 million cars from Kamarajar Port to around 108 global destinations.

“The global Renault Nissan Alliance has recently announced a new long-term vision for India, increasing production and R&D activities, introducing electric vehicles, and transitioning to carbon-neutral manufacturing. This agreement will help ensure that we are able to further strengthen our exports from India,” said Frank Torres, President, Nissan Motor India and Divisional Vice President Business Transformation AMIEO

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Swiss banking giant UBS to buy Credit Suisse

Credit Suisse's plummeting share price invites comparisons to 2008 global financial crisis

The combination is expected to create a business with more than $5 trillion in total invested assets and sustainable value opportunities…reports Asian Lite News

Credit Suisse will be taken over by Swiss banking giant UBS, the Swiss federal government has announced.

On Friday, the liquidity outflows and market volatility showed that it was no longer possible to restore the necessary confidence and that a swift and stabilising solution was absolutely necessary, the government was quoted by Xinhua news agency as saying.

“In this difficult situation, the takeover of Credit Suisse by UBS is the best solution for restoring the confidence that has been lacking in financial markets recently, and for best managing the risk to our country and its citizens,” the government said on Sunday.

Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF 0.76/share for a total consideration of 3 billion Swiss francs, UBS said in a statement published on Sunday.

The combination is expected to create a business with more than $5 trillion in total invested assets and sustainable value opportunities, the statement said.

Swiss National Bank (SNB) will provide substantial liquidity assistance to support UBS’s takeover of Credit Suisse, said the Swiss central bank in a statement published on Sunday.

This takeover was made possible with the support of the Swiss federal government, the Swiss financial market supervisory authority FINMA and the SNB, the statement said.

With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation, the statement said.

Both banks have unrestricted access to the SNB’s existing facilities, through which they can obtain liquidity from the SNB, the statement said. (1 Swiss franc = $1.08)

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