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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1.6 million UK businesses ‘virtually invisible to the financial system’

More than 1.6 million UK businesses can struggle to access growth funding or trade credit because there is insufficient information available about their financial track record, according to analysis from Experian. 

This lack of credit information means these SMEs can be considered higher risk when it comes to lending.

These ‘SME Invisibles’ are either too new to file their first set of accounts, or only submit a balance sheet which doesn’t include profit and loss. As a result, they may struggle to access the growth funding needed to take their business to the next level, or even trade credit to buy products and materials.

Lisa Fretwell, Managing Director of Data Services at Experian, said: “More than 600,000 start-ups are created in the UK every year. The early years of trading are the most precarious, when directors are finding their feet, searching for new clients and often funding to keep their business moving forward.

“Accessing business loans and trade credit requires a strong credit history, but so many SMEs have not been trading long enough to create a footprint or be required to file full accounts. Experian has worked hard to almost halve the SME Invisible population through adding new data

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High-level committee submits report on Clause 6 of Assam Accord to Sonowal

A high-level committee (HLC) on implementation of Clause 6 of the Assam Accord formally submitted its report to Chief Minister here on Tuesday.

Clause 6 of the Assam Accord pledges to provide constitutional, legislative and administrative safeguards, as may be appropriate, to protect, preserve and promote the cultural, social, linguistic identity and heritage of the Assamese people.

Justice (retd) B K Sharma, the chairman of the MHA- constituted panel, handed over the report to the chief minister, in the presence of the state cabinet.

Sharma, during the hand-over of the sealed document, said the committee has met people across Assam before preparing the report.

Sonowal is scheduled to submit the report later in the day or on Wednesday to Union Home Minister Amit Shah, state finance minister Himanta Biswa Sarma told reporters.

All Assam Students’ Union (AASU) Chief Advisor Dr Samujjal Bhattacharya, president Dipankar Nath and general secretary Luringjyoti Gogoi — all part of the HLC — however, were not present on the occasion.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest

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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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