UP govt drafting ‘Startup Policy 2020’, eyeing top 3 domestic ranking

The is hammering out a new ‘Startup Policy 2020’ with aim to break into the top three in domestic rankings by next year.

At present, Gujarat, Karnataka, Kerala, Odisha and Rajasthan are among the top performing Indian states with regards to creating conducive environment for start-ups.

Under the new policy, all the 75 districts in Uttar Pradesh will have a nodal officer to promote start-ups and forge working alliances with the educational and technical institutions to promote new business ventures.

Reviewing the draft Uttar Pradesh Startup Policy on Tuesday evening here, chief minister stressed that the state possessed large untapped potential in the startup segment even as he directed officials to create a mechanism of coordination between the different wings of the state government and higher educational institutions, agricultural universities.

There are about 9 million micro, small and medium enterprises (MSME) in Uttar Pradesh, he said adding this large pool of businesses presented humongous opportunity to cultivate a culture of start-ups.

The CM instructed the departmental heads to simply the rules regarding start-ups and to prepare an action plan to nurture such units in every sector.

The Centre has already launched

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Daimler India eyes new areas like defence vehicles to limit future risks

German auto major Daimler’s Indian arm Commercial Vehicle (DICV) is exploring new areas such as defence vehicles, off-highway engines, LCVs among others to address future cyclical challenges in the domestic commercial vehicle industry.

Satyakam Arya, managing director and CEO, DICV said that beyond trucks, the company want to promote innovation culture, new business ideas and revenue streams.

While exploring venturing into allied space including defence, off-highway engine manufacturing, LCVs among others, for innovations, the company said it is ready to fund, mentor and collaborate with education institutes and freight aggregators.

The diversification is also part of company’s derisking strategy and to enhance the revenue, said Arya.

In 2019, DICV clocked around Rs 6,300 crore revenue, which is 10-12 per cent increase compared to 2018.

Speaking about defence foray, he said at present Government policy doesn’t support foreign to supply for defence purpose, but recently the government has indicated it may relax the policy by April to enable like Daimler to participate. Today this segment is dominated by Indian including Tata, Ashok Leyland and Mahindra.

For defence segment DICV

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IRB Infra announces receipt of first tranche of Rs 3,753 cr from GIC

Developers on Tuesday said its private infrastructure investment trust recieved the first tranche of investments from Singapore’s GIC, worth Rs 3,753 crore.

“IRB announces receipt of the first tranche of the Investment of Rs 3,753 crore from affiliates out of its commitment of Rs 4,400 crore by Trust,” the company said in its statement.

The remaining about Rs 650 crore, the company said will be invested in the progress of construction of the under-construction projects.

will make these investments in lieu of units in a private infrastructure investment trust (InvIT) that has floated.

The allotment of units, the company said, will happen by February 27th, 2020. “Post the allotment of units, IRB will hold 51 per cent and affiliates will hold 49 per cent stake in the Private InvIT,” according to IRB’s media statemnet.

As part of the transaction, IRB will transfer 9 of its build operate transfer (BoT) Road assets into a Private InvIT in which IRB will hold a controlling stake of 51 per cent. The Portfolio spans across 5,900-km in Haryana, Uttar Pradesh,

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With 6 airports already in folio, Adani turns to Air India

The Adani group, which has already won the bid to manage 6 airports, is now all set to join the race of acquiring the state-run airline – And for this, the conglomerate is planning to submit an expression of interest (EoI) by next month, disclosed a source close to the development.

However, the final decision depends on the outcome of the due diligence post submission of the EoI. Since, after the EoI process only prospective bidders will get access to airline data.

The is not the only one interested in this complex deal. The Tata group, the Hinduja group, and a New York-based fund, Interups, are also expected to submit their EoIs. The deadline of submitting the EoI is 17th March.

This is the second attempt made by the Centre to sell the airline after it failed to receive interest in the first round last year.

As a matter of fact, sale of to a private player is important for the central government as it has had to pump in Rs 30,000 crore of tax payer’s money into the airline

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Govt likely to extend March 17 deadline to submit bid for Air India

The government is likely to extend the March 17 deadline for submitting bids to buy 100 per cent stake in and the Home Minister led inter-ministerial panel will later this week decide on the new date.

Interested bidders can now have access to the “virtual data room” of Air India, officials said adding that more queries are expected to come in, which would be clarified by the Transaction Advisor and the Ministry of Civil Aviation.

The government has already extended the deadline for bidders to raise queries on the proposed strategic sale of to March 6 from February 11.

Officials told PTI that the ministerial panel on would meet later this week and decide on the new date for submission of Expression of Interest (EoI) by interested bidders.

The interested bidders can now get access to the virtual data room, which would also have the draft share purchase agreement (SPA), by paying a non-refundable fees of Rs 1 crore.

The ministerial panel – Air India Specific Alternative Mechanism (AISAM)- is headed by Home Minister Amit Shah and comprises Finance

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HDFC Bank aims to become go-to bank for start-ups with grants, platforms

aims to be a dominant and go-to bank for startups, a key official said on Tuesday.

Close to 9,000 are currently banking with HDFC Bank, said Smita Bhagat, Country Head, Government & Institutional Business, e-commerce and start-ups,

Officials said the bank now has dedicated “SmartUp” zones in 70 branches in 30 cities across India.

“Through the SmartUp programme, we are already engaging with the start-up community to partner with them in their entrepreneurial journey using smart financial tools, advisory services and technology”, Bhagat told reporters here.

“We also have a platform where the can register themselves and sell their products to our own customers”, she added.

on Tuesday disbursed SmartUp grants totalling Rs 5 crore to 20 in Bengaluru working in the social sector.

This takes the total tally to more than 60 start-ups who have been been given a total grants of Rs 14 crore over the past three years.

“We hope to take this number (number of start-ups awarded grants) to 100 by the end of the next financial

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