ADVERTISEMENT

Mumbai

Bachchan, Graphic India join Disney Channel India for animated series "Astra Force"

Graphic India and Disney Channel India announced today that renowned Hindi movie star Amitabh Bachchan will start production on a 52-episode animated series, “Astra Force".
 
The series created by Bachchan and Graphic India CEO Sharad Devarajan is slated to air on Disney Channel India in 2017.
 
"I am truly excited to be collaborating with my friends Sharad Devarajan at Graphic India and Sid Roy Kapur at Disney to launch this exciting new superhero series, ‘Astra Force'," said Bachchan.
 
"In the same way animation from other markets has captured the hearts of audiences worldwide, it’s now India’s time to create new heroes and animated shows to spark the imaginations of children all across the world," he said.
 
Billed as a funny and fast-paced, action-adventure series, filled with laughs and thrills, “Astra Force” tells the story of a mythical hero from a distant world, who was stranded on Earth millions of years ago after an epic space battle, a press release from Graphic India said.
 
When 8-year old brother and sister twins accidentally awaken the mythical superhero from his long hibernation, they must teach him about our modern world and join Astra to save the universe from a new wave of giant monsters and intergalactic threats. If monsters were not enough, Astra’s new young friends also have to hide the superhero from their parents and deal with Astra’s insatiable hunger for modern desserts after an eternity spent in hibernation.
 
“At Disney, we believe in showcasing great stories with compelling characters that are loved by our audiences. It is imperative to get the local texture right for any story to resonate and emotionally connect with the viewers. With Mr. Bachchan associating with Graphics India and Disney Channel India on ‘Astra Force,’ we will be bringing an interesting facet to storytelling in the local animation space,” said Kapur, Managing Director, Disney India.
 
“Amitabh Bachchan is a real life superhero to millions, including myself, so it’s no surprise that he is the perfect person to become immortalized in this new animated avatar,” Devarajan said.
 
“The opportunity to collaborate with Mr. Bachchan on ‘Astra Force’ is made that much stronger by partnering with Disney, a company whose creativity and storytelling I have admired all my life," he said.
 
ADVERTISEMENT
"Disney Channel India has been entertaining kids and families through a range of locally relevant stories spread across high-quality animation and live-action series. 'Astra Force' will be the perfect complement to the line-up of existing shows," the release said.
 
Devarajan is the producer on “Astra Force” along with Jeevan J. Kang, SVP Creative at Graphic India, who is overseeing visual development, character design and art for the project. Graphic’s previous animated superhero, Chakra The Invincible, was created with Stan Lee (co-creator of Spider-Man, Iron Man and The Avengers) and received over 30 million views globally on Rovio’s ToonsTV platform available through the Angry Birds app.
 
In addition to the partnership with Disney Channel India, Graphic India will also be launching the character in a series of digital and print comic books available through a special Facebook comic app through Bachchan’s large social media following. 
 
NNN
 
 
ADVERTISEMENT
 

See News Videos

Southwest monsoon advances over Mumbai: IMD

 
Monsoon arrives in Mumbai: IMD
The India Meteorological Department (IMD) today said the south-west monsoon had arrived in Mumbai as rains lashed several parts of the city and its suburbs since last night, bringing the minimum temperature down significantly.
 
Many parts of the metropolis were waterlogged and traffic was disrupted at several places.
 
"The southwest monsoon has further advanced into some parts of north Arabian Sea, south Gujarat region, remaining parts of Konkan, most parts of Madhya Maharashtra, Marathawada, some parts of Vidarbha, south Chhattisgarh, south Odisha, remaining parts of north interior Karnataka, Rayalaseema, entire Telangana, most parts of coastal Andhra Pradesh, remaining parts of central and northeast Bay of Bengal, Sikkim, some parts of northwest Bay of Bengal and West Bengal," the IMD said.
 
The Northern Limit of Monsoon (NLM) passed through Lat. 20.5° N / Long. 60°E, Lat. 20.5° N / Long. 70° E, Valsad, Aurangabad, Chandrapur, Jagdalpur, Kalingapatnam, Lat. 20° N / Long. 89°E, Krishnanagar and Darjeeling, it said.
 
"Conditions are favourable for further advance of southwest monsoon into some more parts of north Arabian sea, south Gujarat, remaining parts of Maharashtra, coastal Andhra Pradesh, northwest Bay of Bengal, West Bengal, some more parts of Chhattisgarh & Odisha and some parts of south Madhya Pradesh, Jharkhand & Bihar during next 3-4 days," the bulletin said.
 
NNN
 
ADVERTISEMENT
 

See News Videos

India’s forex reserves rise by $ 239.4 million to $ 352.714 billion

ADVERTISEMENT
India’s foreign exchange reserves went up by $ 239.4 million to $ 352.714 billion in the week ended June 5, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had risen by $ 917.5 million to $ 352.474 billion in the previous week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 192.9 million to  $ 328.012 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect  of  appreciation or depreciation of non-US currencies such as the euro, pound and yen held in thereserves.
 
According to the bulletin, the country’s gold reserves increased by $ 4.5 million to $ 19.340 billion, while its special drawing rights (SDR) went up by $ 31.7 million to $ 4.048 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 10.3 million to $ 1.312 billion, the bulletin added.
 
NNN
ADVERTISEMENT
 

See News Videos

Reliance nearing realisation of Rs 200,000 crore investment programme: Ambani

Reliance logo
Reliance logo
Reliance Industries Limited (RIL) Chairman & Managing Director Mukesh Ambani today said the energy and petrochemicals major was nearing the realisation of its largest investment programme in its history of more than Rs 200,000 crore.
 
"This is our contribution to our most respected Prime Minister's clarion call of Make in India – over Rs. 100,000 crore committed to strengthening our refinery and petrochemical business and over Rs 100,000 crore invested in enabling the realisation of a 'Digital India'," he told the 41st annual general meeting of the company here today.
 
"We are committed to creating societal value at par with our financial value. We aim to be among the largest employers in India offering opportunities to hundreds of thousands people in our of
consumer businesses. And partner with lakhs of small businesses, kirana and budding entrepreneurs and make them more productive.
 
"We will create an ecosystem which will catalyse entrepreneurship through our Jio and Retail businesses. We will be in the top quartile in terms of return on capital employed and operating costs across all our refining and petrochemical plants," he said.
 
Mr Ambani said RIL's investments were entirely in building assets in India and showed its unwavering faith in the economic prospects of the country and the aspirations of millions of consumers.
 
"We have over 100,000 people at Jamnagar working round the clock to complete the projects in petrochemicals and refining. This makes Jamnagar one of the largest constructions sites in the world today. At the same time over 150,000 people across India are engaged in building out the network and distribution apabilities
to make Jio our telecom broadband business a reality," he said.
 
"The full benefits of this entire investment cycle will be realised from the year 2016-17 onwards. We will have a unique portfolio of globally competitive petrochemical and refining business with a new age India-centric consumer business with very high growth potential. This will place Reliance in a select group of most valuable companies in the world," he said.
 
Mr Ambani said RIL's earnings before taxes and net profit in 2014-15 were both the highest in the company's history. Its capital expenditure in the year of Rs 100,000 crore was not only the highest by the company in a year but the highest by an Indian companye ever in a year, he said.
 
"We raised the highest amount of debt capital at very competitive cost to finance our growth. We improved our credit ratings internationally which gave us continuing access to public debt markets. We are among the 10 most admired companies in India to work for," he said.
 
He said RIL exported products worth Rs. 228,651 crore to over 120 countries during the year and paid Rs.18,746 crore of customs and excise duty during the year, which is almost 5% of India's total revenues from customs and excise duty.
 
Reliance is also the highest Income tax payer in the private sector in India and paid Rs.6 124 crore as income tax during the year, he said.
 
Mr Ambani said RIL was the largest integrated polyester manufacturer globally, amongst the top 10 producers globally of PX, PTA, MEG and PP and the largest producer of synthetic elastomers in India.
 
"We will be ready for start-up of another 1.15 million tons per annum of PTAcapacity at Dahej by October this year. With this, our total PTAcapacity will be 4.5 million tons per annum, making us the fifth largest PTAproducer in the world. Our world scale PX plant that will double capacity to 4.2 million tonnes per annum will be ready for start-up by the end of this financial year. With this expansion, we will be the second largest PX producer globally.
 
"In our plastics business, we are building a world scale 1.5 million tons ethylene cracker at Jamnagar. This will be ready for start-up in the third quarter of the next financial year," he said.
 
ADVERTISEMENT
Mr Ambani said that, in order to enhance the competitiveness of RIL's existing ethylene crackers at Nagothane, Hazira and Dahej, the company was working aggressively in creating infrastructure for transporting feedstock ethane from the US to India.
 
"We will be the first to execute this globally at this magnitude and scale. This will be ready for start-up by December 2016," he said.
 
Mr Ambani said Reliance had posted a gross refining margin (GRM) of $8.6/bbl, outperforming Singapore benchmark yet again, with a premium of $2.3/bbl. He said its Jamnagar refineries processed 480 million barrels of crude, at an average operating rate of nearly 110%, which is significantly higher than its regional and global peers.
 
He said the deregulation of diesel prices in India during the year had opened up an opportunity for Reliance to re-enter the
domestic retail market. 
 
"We will now once again be able to offer Indian consumers, a unique, high quality retail experience through various value propositions. We plan to re-commission the entire network of petroleum retail outlets by the end of FY 2015-16. Currently, close to 400 outlets are operational," he said.
 
He said RIL was implementing a coke gasification facility at Jamnagar, which will convert low value petroleum coke to a clean energy source for its refinery complex. Upon completion, the project is expected to save nearly $ 1.5 billion annually by substituting imported LNG with the gas produced by it.
 
"The hydrocarbon rich refinery off-gases freed as a result of this project will be utilized as feedstock for petrochemical plants," he said.
 
On the oil and gas exploration and production (E&P) business, he said the KG-D6 block had already produced nearly 2.5 TCF of natural gas and about 27 MMBBL of crude oil, which have so far
substituted over $ 34 billion of energy imports.
 
"We, along with our partner BP, believe in the potential and promise of India's deep waters. BP brings unmatched global expertise in deep water exploration and production to this country.
We have constantly innovated to maximize recovery and sustain production from the KG-D6 block, despite these being located in one of the most challenging geological reservoirs," he said.
 
"We are aware that the domestic E&P business, while creating huge economic value to the country, has generated shareholder returns lower than the cost of capital. This is in sharp contrast to other domestic infrastructure sectors such as roads, fertilizers and power where 12 to 16% returns are assured under the policy.
 
"It is important to highlight that there is value yet to be unlocked from 5-6 TCF of resources discovered at various stages of development, appraisal and approval. These developments are very capital intensive and technically challenging which requires cutting edge technologies – a challenge that your company is known to take on and excel in execution. We are aware that future investments hinge upon the continuing confidence of our shareowners in this high risk business," he said.
 
ADVERTISEMENT
Mr Ambani also said RIL was constructively engaged with the Government to resolve legacy issues in a timely manner with regards to its rights to cost recovery, gas pricing and other issues to create value for the nation and its shareholders.
 
"In this context, it is important to follow the intent, purpose and commitment of the NELP Policy i.e maximising E&P activities, getting the risk reward balance right and providing marketing and pricing freedom. This will provide predictability and certainty to the investors. We are hopeful that the Government will address this policy issue in the larger interest of attracting investments in the
critical E&P business," he said.
 
Mr. Ambani said Reliance Retail, which operates across various product categories and formats, had attained revenues of over Rs
17,000 crore in the last year and record profits of Rs 784 crore at an EBITDA level.
 
He said 930 new stores had been added last year, which worked out to five every two days and the company now had a network of more than 2600 stores and presence in 200 cities in 20 states. 
 
"We are committed to scaling up our retail presence across formats from 200 cities to over 900 cities by next year," he said.
 
"This year will bring about disruptive shopping experience for consumers as they embrace technology and get access to anytime anywhere shopping. With the advanced internet infrastructure built by Jio and a robust physical retail business built by Reliance Retail, we will create a differentiated e-commerce model for India," he said.
 
"This model will entail seamless integration of online and offline while innovating across superior customer experience, delivery services and payment ecosystem," he said.
 
Mr Ambani said Reliance Jio was one of the largest transformational green-field digital initiatives anywhere in the world.
 
"Jio is now present in all of the 29 states of India, with a direct physical presence in nearly 18,000 cities and towns of our
nation. Jio's wireless footprint extends even further and covers over one lakh villages. We are expanding this footprint to cover nearly 80% of India's population by the end of this year. Our roadmap is to have 100% national coverage within the next three years," he said.
 
"Jio is the first 4G broadband wireless operator to achieve wireless coverage far in excess of the rollout obligation as per its license conditions. In rural areas, we are prioritizing connectivity to thousands of schools. This is to ensure that the benefit of our broadband initiative is first and foremost felt by students who stand to gain the most by accessing the Information highway.
 
"Jio has also deployed a network of nearly 250,000 route kilometres of fibre optics, thereby creating a future-proof digital backbone across India," he said.
 
Mr Ambani said that, over the next three years, Jio would more than double its fibre footprint by deploying fibre optics in the last mile.
 
"We are using this deep fibre network also to ramp-up our Fibre-to-the-Home deployment. By April of next year, we would have connected over 1 million homes via fibre with a capability of rapidly scaling up in the top 50 cities of India.
 
"Jio is the only operator in the world providing next generation digital services over an end-to-end all-IP network. We are also connecting Enterprises, SMB, and SME customers over this high speed IP network, enabling advanced services using cloud based solutions," he said.
 
Mr Ambani said that, in addition to this domestic fibre optic capacity, Jio had created a multi-terabit capacity international network. More than half of Internet traffic served by Jio will be carried end-to-end on Jio's own network, creating an unparalleled
customer experience, he said.
 
"Across the world, a full-blown social, mobile, digital and cloud revolution is underway. To support India's prominent participation in this revolution, Jio has operationalized nearly half a million square feet of its own next-generation cloud data centres. Work is underway to double this capacity over the next year," he said.
 
Jio's cumulative investment in spectrum assets has gone up to nearly Rs 34,000 crores and it now has the largest footprint of liberalized spectrum in the country, acquired in an extremely cost effective manner, he said.
 
"All the key components of the Jio broadband network are now operational. As we speak, we have an end-to-end initial capacity to serve in excess of 100 million wireless Broadband and 20
million Fibre-to-the-Home customers, with capability to easily expand further as the business scales up. 
 
"We are currently in the pre-launch testing and stabilization phase of this large and complex network. Over the next few months, we will initiate an extensive beta launch involving millions of friendly customers across all our markets. This beta program will be upgraded into commercial operations around December of this year.
 
"I am glad to announce that financial year 2016-17 will be the first full year of commercial operations for Jio," he said.
 
He said Jio had also applied for a pan-India cable television multi-system operator (MSO) license and has plans to enter into broadcast TV distribution.
 
NNN
ADVERTISEMENT
 

See News Videos

Mahindra Holidays to increase stake in Holiday Club Resorts Oy, Finland

ADVERTISEMENT
The Investment Committee of the Board of Directors of leisure hospitality provider Mahindra Holidays & Resorts India Limited (MHRIL) today approved the exercise of its option to increase its stake in Holiday Club Resorts, Oy, Finland (HCR) up to ~88%.
 
Holiday Club Resorts Oy, Finland is Europe’s leading vacation ownership company, with 30 resorts in Finland, Sweden and Spain. 
 
A press release from MHRIL said the company presently owns 23.3% of HCR and with the exercise of the call option, the shareholding of MHRIL in HCR can go up to 88%.  The balance 12% are primarily held by the management.  The investment required for this 64.7% stake is euro 28 million.  
 
MHRIL said it would make this investment through its overseas subsidiaries. The deal is expected to be completed in a 2-3 month time-frame, subject to customary regulatory approvals in different countries, it said.
 
In addition, MHRIL may invest an additional upto 10 million euros in Holiday Club in the form of equity/loan, or in any other manner, to finance the growth of the company in the near future, the release said.
 
Mr. Arun Nanda, Chairman, MHRIL, said, “I am extremely pleased that Mahindra Holidays has decided to exercise its option to increase its stake in Holiday Club Resorts, Finland upto ~88%, well ahead of the exercise period deadline of 2016.  Our experience of working with the local management of Holiday Club over the last one year has given us the conviction that they are the right partner for our growth strategy in Europe and the Middle East.  With this, MHRIL together with Holiday Club will become the world’s largest vacation ownership company based outside the United States.”
 
ADVERTISEMENT
Mr Kavinder Singh, Managing Director and CEO, Mahindra Holidays, said, “With the increase of stake in Holiday Club, we see a huge potential for synergy between the two market leaders in the areas of technology, new products, and member services. This acquisition will further strengthen Club Mahindra’s proposition of providing leisure family holidays at unique destinations. Our 1.83 lakh members will now have an added choice to visit HCR’s resorts in Europe, alongside our existing 45 resorts in India and abroad."
 
Mr Vesa Tengman, Chief Executive Officer, Holiday Club Resorts Oy, Finland, said, “I am glad that Mahindra Holidays has decided to exercise the option to increase its ownership in Holiday Club Resorts. I believe that the coming together of the two local market leaders will provide significant synergies. Our management is excited about all the opportunities that will come along with the deeper cooperation with Mahindra Holidays."
 
NNN
 
ADVERTISEMENT
 

See News Videos

ICICI Bank appoints M K Sharma as new non-executive Chairman

ADVERTISEMENT
The Board of Directors of ICICI Bank Limited, at its meeting held here today, approved the appointment of Mr. M. K. Sharma as its new non-executive Chairman for a period of five years.
 
Mr Sharma will succeed Mr. K. V. Kamath, who will shortly step down from the Board consequent to his nomination as the first President of the New Development Bank being established by the BRICS nations, a press release from the bank said.
 
The appointment of the new non-executive Chairman is subject to the prior approval of Reserve Bank of India (RBI) and would be effective July 1, 2015 or the date of receipt of RBI approval, whichever is later, it said.
 
Mr. Sharma was formerly the Vice Chairman of Hindustan Unilever Limited. He is an independent director of several leading companies and has been a member of Government committees relating to corporate law and corporate governance.
 
He was an independent Director on the Board of ICICI Bank for eight years from 2003 to 2011. He is currently an independent Director of two subsidiaries of the bank, ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company. 
 
"The Board felt that Mr. Sharma’s long experience & expertise in legal & corporate governance matters as well as companies in diverse businesses would prove invaluable in providing guidance & leadership to the Board, and his long association with the ICICI Group would provide stability & continuity," the release said.
 
The Board congratulated Mr. Kamath on his new role and placed on record its deep appreciation of his outstanding contribution to the ICICI Group, as the Chairman of the Board of ICICI Bank since 2009 and as the CEO prior to the same, it added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

ErosNow signs content acquisition deal with Pakistan’s Hum TV

ADVERTISEMENT
ErosNow, the online entertainment portal from film entertainment major Eros International, today said it had signed a content acquisition deal with Hum TV of Pakistan.
 
Under the deal, registered users of ErosNow across the world will get access to Hum TV's entire library, including the current shows, at no extra subscription cost.
 
The deal also gives ErosNow subscribers in India an exclusive opportunity to view the content 48 hours prior to its telecast on any other platform, a press release from the company said.
 
"Hum TV is a 24-hour entertainment TV channel in Pakistan. The channel provides consistent high quality programming across a wide spectrum of genres. The members of ErosNow will be privy to some of Hum TV’s most popular television shows like Zindagi Gulzar Hai, Humsafar and Dastaan," the release said.
 
Ms Rishika Lulla Singh, CEO, ErosNow said, “We are extremely happy to introduce Pakistan’s popular soaps to a new digital generation of South Asians globally and add to our roster of content. The partnership with a leading channel like Hum will give our subscribers an opportunity to view the much sought after and varied Pakistani content.”
 
Ms Sultana Siddiqui, President, Hum Network Limited, said, “We at Hum are delighted to partner with ErosNow, a leading global digital entertainment provider. This association enables us in reaching out and providing some of our best Pakistani content to millions of keen internet users across the globe.”
 
NNN 
 
ADVERTISEMENT
 

See News Videos

7 dead, 21 injured in fire in Mumbai high-rise residential building

 
7 dead in fire in Mumbai high-rise residential building
At least seven people died and 21 others suffered injuries in a fire that broke out in a 21-storeyed residential building in the Powai area of the city yesterday evening.
 
Fire Brigade sources said those who died in the incident included six men and a woman.
 
The fire broke out in an apartment on the 14th floor of the Lake Homes complex and spread to two more flats.
 
Five of the victims were found dead in a lift, where they appeared to have died of suffocation, the sources said.
 
The injured were rushed to the Hiranandani Hospital nearby as well as the National Burns Centre at Airoli.
 
Fire brigade men rescued more than 20 people from the building, including five members of a family from one of the flats destroyed in the fire.
 
The fire broke out around 5.30 pm yesterday and was brought under control by midnight. Nine fire tenders and six waters were deployed to the spot.
 
The cause of the fire is yet to be ascertained, but fire brigade sources said it appeared tohave started because of an electric short circuit in an air-conditioner.
 
The incident has occurred less than a month after a major fire in a building in Kalbadevi on May 9, in which the Mumbai Fire Brigade lost four of its senior officers, including the Chief Fire Officer and his deputy.
 
NNN
ADVERTISEMENT
 

See News Videos

India’s forex reserves rise by $ 917 million to $ 352.474 billion

ADVERTISEMENT
India’s foreign exchange reserves rose by $ 917.5 million to $ 352.474 billion in the week ended May 29, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had fallen by $ 2.319 billion to $ 351.557 billion in the previous  week.
 
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 980.4 million to  $ 327.82 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect  of  appreciation or depreciation of non-US currencies such as the euro, pound and yen held in thereserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 19.336 billion, while its special drawing rights (SDR)  fell by $ 47.5  million to $ 4.017 billion.
 
India's reserve position in the Indian Monetary Fund (IMF) decreased by $ 15.4 million to $ 1.302 billion, the bulletin added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

SBI cuts base rate, benchmark prime lending rate

ADVERTISEMENT
State Bank of India (SBI), the country’s largest commercial bank, today cut its base rate by 15 basis points (bps) from 9.85% p.a. to 9.70% p.a.
 
The bank has also reduced its benchmark prime lending rate (BPLR) by 15 basis points from 14.60% p.a. to 14.45% p.a., a press release from SBI said.
 
The revised rates will be effective from June 8, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Ravi Shastri appointed Director of Team India for Bangladesh tour

 
BCCI appoints Ravi Shastri as Team India director for Bangladesh tour
The Board of Control for Cricket in India (BCCI) today said former India captain Ravi Shastri had been appointed as the Director of the Indian team for the tour of Bangladesh starting on June 10.
 
Sanjay Bangar, Assistant Coach (Batting), B. Arun, Assistant Coach (Bowling) and R. Sridhar, Assistant Coach (Fielding), will assist Shastri during the tour, BCCI Honorary Secretary Anurag Thakur said in a statement.
 
Biswarup Dey will be the Administrative Manager, while Rishikesh Upadhayaya has been appointed as Logistics Manager for the tour, he said.
 
The tour comprises one Test match and three one-day internationals (ODIs).
 
NNN
ADVERTISEMENT
 

See News Videos

Sun Pharma, AstraZeneca enter into distribution agreement for ticagrelor in India

ADVERTISEMENT
Sun Pharmaceutical Industries Ltd. and AstraZeneca Pharma India Limited today said they have entered into a distribution services agreement in India for AstraZeneca’s brand “Axcer”, a new brand of ticagrelor, a drug used for the treatment of acute coronary syndrome (ACS) . 
 
AZPIL already has a brand under the trademark “Brilinta” for ticagrelor molecule, launched and marketed by AZPIL in India since 2012. 
 
Abhay Gandhi, CEO - India Business, Sun Pharma said, “We are happy to collaborate with AstraZeneca to provide customers access to this latest generation treatment option for ACS. Such collaborations are also a part of our stated policy of becoming the partner of choice for promotion and distribution of innovative pharmaceutical products in the country.” 
 
Sanjay Murdeshwar, Managing Director, AstraZeneca Pharma India Limited said, “We are pleased to collaborate with Sun Pharmaceuticals to bring this innovative treatment solution to a larger number of ACS patients in India. Ticagrelor works by preventing the formation of new blood clots and maintains blood flow in the body, helping reduce a patient’s risk of another heart attack or cardiovascular-related death.” 
 
Sun Pharma will be promoting and distributing “Axcer” brand in India. This collaboration enables AstraZeneca to expand usage of this molecule through wider reach to physicians and thereby benefiting a greater number of ACS patients. It strengthens Sun Pharma’s cardiology portfolio with the addition of a new patented therapy, a press release from Sun Pharmaceuticals said.
 
Ticagrelor is a direct-acting, selective and reversibly binding P2Y12 receptor antagonist in a chemical class called cyclo-pentyl-triazolo-pyrimidines (CPTPs). Ticagrelor works by inhibiting platelet activation.
 
NNN
ADVERTISEMENT
 

See News Videos

Meena Hemchandra takes charge as new Executive Director at RBI

Meena Hemchandra
Meena Hemchandra
Ms. Meena Hemchandra took over as the new Executive Director at the Reserve Bank of India (RBI) here yesterday and will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
 
Mr Chandan Sinha, Executive Director who was earlier looking after these Departments will now look after Department of Information Technology, Department of Payment and Settlement Systems, Foreign Exchange Department and Financial Markets Regulation Department (including Market Intelligence), a press release from RBI said.
 
The portfolios of other Executive Directors remain unchanged, the release said.
 
Prior to her appointment as Executive Director, Ms. Hemchandra was in charge of Department of Supervision. She has also been the Principal of the Reserve Bank’s College of Agricultural Banking, Pune. Her earlier experience also includes Department of External Investment and Operations that manages the country’s reserves and Foreign Exchange Department.
 
A Chartered Financial Analyst (CFA) from the Institute of Chartered Financial Analysts of India (ICFAI), Ms. Hemchandra also holds a post graduate degree in Economics.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Reliance to sell stake in Eagle Ford JV to Enterprise Products Partners for $ 1.07 billion

ADVERTISEMENT
Reliance Holding USA, Inc., a subsidiary of energy and petrochemicals major Reliance Industries Limited (RIL), today said it had signed definitive agreements for the sale of its entire holding of 49.9% interest in EFS Midstream LLC (EFS) to an affiliate of Enterprise Products Partners L.P. for a total consideration of approximately $1.073 billion.
 
Under the terms of the definitive agreements, Enterprise will pay Reliance approximately $574 million in cash at closing and make the final payment of $499 million in cash on or before the first anniversary of the closing date, a press release from RIL said.
 
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions, it said.
 
EFS is jointly owned by an affiliate of Reliance and an affiliate of Pioneer Natural Resources Company, with their respective ownership interests being 49.9% and 50.1%. EFS provides gathering, treating and compression services and condensate stabilization operations in the Eagle Ford Shale for the Reliance-Pioneer Upstream Joint Development and to third parties. 
 
Since inception in 2010, EFS has built significant midstream infrastructure, which now comprises 10 central gathering points, 460 miles of gathering pipelines, 119 Mboepd of condensate stabilization capacity and 780 mmcfd of natural gas treating capacity. 
 
The release said Reliance’s agreement to sell its interest in EFS is part of a joint transaction, wherein both Reliance and Pioneer have agreed to sell their entire respective holdings in EFS, for an aggregate consideration of $2,150 million. 
 
In addition to the aggregate acquisition consideration being paid to Reliance and Pioneer proportionate to their respective ownership interests in EFS, Enterprise has agreed to spend $270 million over the next ten years on new facilities, connections and expansion projects.
 
Reliance has also concluded certain long-term agreements with Enterprise for continued provision of gathering, treating and compression services and condensate stabilization services for its Eagle Ford Upstream Joint Development. 
 
ADVERTISEMENT
Certain additional long-term arrangements have also been agreed with affiliates of Enterprise for processing and transportation of natural gas, crude oil and condensate. The long-term relationship with Enterprise for hydrocarbon gathering, processing and transportation will provide meaningful economic benefits, further improving cost competitiveness of the Eagle Ford Upstream Joint Development operations.
 
Mr Walter Van de Vijver, President & CEO of Reliance Holding USA, Inc., said, “EFS has succeeded in its objective of building the gathering and midstream infrastructure in a timely manner to support ramp-up of the Reliance-Pioneer Eagle Ford Upstream Joint Development operations. EFS has now transitioned from a ‘development’ mode to ‘stable operations’ mode, generating free cash flows since 2013. EFS monetization thus provides a significant opportunity for unlocking value for our shareholders. We are excited about the long-term relationship with Enterprise, who is among the largest integrated midstream energy companies in North America.”
 
Citi and BofA Merrill Lynch acted as financial advisers for the transaction.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Tendulkar, Ganguly, Laxman join BCCI Cricket Advisory Committee

ADVERTISEMENT
Indian cricketing legends Sachin Tendulkar, Sourav Ganguly and V V S Laxman have been nominated by Board of Control for Cricket in India (BCCI) President Jagmohan Dalmiya as members of its Cricket Advisory Committee with immediate effect.
 
"These legendary cricketers have accepted the invitation to be part of this committee, which will advise the BCCI on various progressive steps which are needed to be taken, that will enable Indian cricket to be better prepared for the challenges of the future," a press release from the Board said.
 
The release said the areas of immediate focus would include to provide guidance to the national team as it sets out to enhance its performance on overseas engagements.
 
The committee will also provide direction to improve the BCCI's talent pathway and take steps to strengthen domestic cricket to better prepare players to handle the rigours of international cricket.
 
“I am happy to note that our eminent cricketers have come forward to lend their experience and insights as we work towards a common goal of taking Indian cricket to greater heights. The coming generations are bound to benefit from the guidance that will be provided by these luminaries and will go a long way in strengthening our existing system,” Mr. Dalmiya said.
 
“On behalf of all my colleagues in the BCCI, I thank Sachin, Sourav and Laxman for having accepted our invitation to be part of this prestigious committee and I am confident that their invaluable advice will help Indian cricket regain its leadership position in all formats of the game. Their participation augurs well for the future of the game in our country and the noble intention to ‘give back to the game’, is commendable,” Mr. Anurag Thakur, Honorary Secretary, BCCI, said.
 
NNN
 
ADVERTISEMENT
 

See News Videos

L&T Construction wins orders valued at Rs 1099 crore

ADVERTISEMENT
Infrastructure major Larsen & Toubro (L&T) today said its construction arm had won orders worth Rs 1099 crore across various business segments in May this year.
 
A press release from the company said orders worth Rs 517 crore bagged by its power transmission & distribution business in both the international and domestic markets, including add-ons.
 
In the domestic market, a rural electrification project under the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) scheme has been bagged in Gorakhpur, Uttar Pradesh, from Purvanchal Vidyut Vitran Nigam Limited.
 
On the international front, this business has received an EPC (Engineering, Procurement & Construction) order from a private developer for two 132/11kV substations in the Middle East.
 
The company said its Factories and Buildings  Business had secured an order worth Rs 300 crore. It is for the design and construction of an integrated foods manufacturing factory in Punjab, from a prestigious client. The scope of work includes civil and structural works, pre-engineered buildings, mechanical, electrical, and plumbing works of 8 lakh sq ft. The project is scheduled to be completed in 16 months.
 
According to the release, the Water Smart World & Communication Business had secured orders worth Rs 282 crore, including add ons. One of the orders has been received from a reputed developer for turnkey construction of water and waste water infrastructure facilities at an upcoming township at Durgapur, West Bengal. The infrastructure facilities include water supply and waste-water networks, waste-water treatment plant, storm-water systems and associated utility works, it added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

HCC sells stake in 247 Corporate Park to Blackstone

ADVERTISEMENT
Infrastructure major Hindustan Construction Company Ltd (HCC) today said it had sold its entire 26% stake in Vikhroli Corporate Park Pvt. Ltd., which owns the premium commercial building, 247 Corporate Park, located at Vikhroli West, in Mumbai. 
 
The company sold its stake to Blackstone Purchase Entities on May 28, a press release from HCC said here.
 
While HCC owned 26 percent of the stake, the remaining 74 percent was owned by ILFS Milestone Fund and others. 
 
The deal was valued at over Rs. 1000 crore, which includes assumed debt, resulting in a net cash inflow of approximately Rs. 200 crore to HCC. In FY 2010-11, HCC Group had raised approx Rs. 300 crore when it had sold its 74% stake to ILFS Milestone Fund.
 
Mr. Rajgopal Nogja, Group Chief Operating Officer, HCC said “This completes our first real estate development resulting in positive cash flow of over Rs. 500 crore in total for the HCC Group over the lifecycle of this commercial property. This transaction is an integral part of our plans to monetize our non-core assets to further reduce our debts. The funds will be used to pare our debts. Through more such initiatives, we are confident of bringing long term stability to our balance sheet.”
 
NNN
 
ADVERTISEMENT
 

See News Videos

St. Regis Hotels & Resorts to debut in India with property in Mumbai

St. Regis Hotels & Resorts, part of Starwood Hotels & Resorts Worldwide, Inc., today announced the debut of its iconic brand in India with the St. Regis Mumbai in the third quarter of 2015. 
 
Owned by Pallazzio Hotels & Leisure Ltd., the Palladium Hotel is currently undergoing an extensive rebranding and will soon fly the St. Regis flag, a press release from the company said.
 
Located in Lower Parel, the hotel combines timeless sophistication with modern luxury and is a befitting debut for the St. Regis brand in this fast growing market, the release said.
 
“We are very excited to bring the St. Regis brand to India,” said said Dilip Puri, Managing Director India and Regional Vice President South Asia, Starwood Hotels & Resorts.
 
“Starwood is maintaining strong growth momentum in the region and the arrival of St. Regis in Mumbai reinforces our commitment to growing our luxury portfolio in this important market. With the hotel’s strategic location, sophisticated service and refined elegance, we look forward to offering guests an unparalleled experience both befitting of the destination and true to the St. Regis legacy," he said.
 
“This signing underscores our belief in the power of Starwood,” said Amit Bhosale Executive Director ABIL Group and Director Pallazzio Hotels & Leisure Ltd. “Starwood’s global reach and its powerful loyalty program will further strengthen our outreach to affluent travellers and elevate India’s luxury hospitality landscape.”
 
Atul Ruia, Managing Director Phoenix Mills Ltd and Director Pallazzio Hotels & Leisure Ltd added, “We are very excited to partner with Starwood Hotels. With the St. Regis legacy and its renowned bespoke service, The St. Regis Mumbai  is poised to become a destination for discerning luxury travellers and the city’s social glitterati.”
 
The release said the hotel, located about half an hour's drive from Chhatrapati Shivaji International & Domestic Airport terminals in Mumbai and a quick and easy drive across the Worli Sea Link, would offer easy access to upscale restaurants and pubs, premium office space, boutiques and luxury real estate. 
 
Adjoining the hotel is the Palladium, the luxury retail shopping centre.
 
The 38-storeyed St. Regis Mumbai will feature 386 guest rooms, including 60 suites. The hotel’s culinary offerings will include an all-day dining restaurant, four specialty restaurants, a club lounge, and three bars. 
 
The St. Regis Mumbai will also feature the brand’s signature Iridium Spa. Other leisure facilities include a swimming pool and a fitness center. For meetings and events, the hotel will offer over 5,200 square meters of event space including a 4200-square-meter grand ballroom.
 
The St. Regis Mumbai will join a growing portfolio of Starwood hotels in India where the company currently operates 43 hotels, with an additional 37 hotels in the pipeline. 
 
"Starwood is India’s largest luxury and upper upscale hospitality company. In addition to The St. Regis Mumbai, the company is set to debut more new hotels in the next two years including W Retreat & Spa Goa, The Westin Kolkata, Sheraton Hyderabad, Le Meridien Nagpur and Aloft New Delhi Aerocity," the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Sangakkara, Rahane, Hooda, Bravo honoured at CEAT awards

Ajinkya Rahane receiving the CEAT Indian Cricketer of the year award from former Indian captain  Sunil Gavaskar  atthe  CEAT Cricket Rating Awards 2015 ceremony in Mumbai on May 25, 2015.
Ajinkya Rahane receiving the CEAT Indian Cricketer of the year award from former Indian captain Sunil Gavaskar atthe CEAT Cricket Rating Awards 2015 ceremony in Mumbai on May 25, 2015.
Sri Lanka’s Kumar Sangakkara was announced as the CEAT overall International cricketer of the year while Ajinkya Rahane was chosen as the Indian Player of the year at the Ceat Cricket Rating (CCR) International Awards 2015 presented at a glittering ceremony here today.
 
The awards honoured the best of international cricketers based on their performances as rated by the CEAT Cricket Ratings (CCR) for the year 2014 – 2015.
 
India’s Deepak Hooda won the award for CEAT young player of the Year. Dwayne Bravo was conferred with T20 Player of the year award and Sri Lankan left-arm spinner Rangana Herath was chosen as Bowler of the Year. Hashim Amla was given the award for International Batsman of the Year.
 
In addition to the above, India's Rohit Sharma was given the CEAT Special Award for his record-breaking double ton of 264 against Sri Lanka while West-Indian all-rounder Kieron Pollard was conferred  the Popular player of the year award while the Domestic Cricketer of the Year award was won by R Vinay Kumar.
 
Former India captain Kapil Dev was honoued with ‘CCR International Lifetime Achievement Award’ for his outstanding contribution to Indian cricket. 
 
Mr. Harsh Goenka, Chairman, RPG Group said, “CEAT Cricket Rating has always recognized the achievements of cricketers from the international and domestic arena as well as the fresh faces on the field. 
 
"This year we saw a lot of action right from India’s tour to Australia and the recently concluded World Cup, which allowed us to scrutinize performances across multiple formats."
 
The awards honor the best of the International cricketers based on their performances in international cricket in all formats -- Test, ODI and T20, as rated by the CEAT Cricket ratings (CCR) for the year 2014– 2015.
 
ADVERTISEMENT
Speaking on the occasion, cricket legend and the chief adjudicator of the CEAT Cricket Rating Sunil Gavaskar said, “CEAT Cricket Ratings has been a pioneer in identifying and honouring the potential 
cricketing talent of the country. CEAT has also initiated the Under-19 cricketing awards taking another step to emphasize its commitment to cricket.” 
 
This year, CEAT announced the launch of CEAT Cricket Gear for the cricket enthusiasts across the country. CEAT has also roped in former Australian international cricketer Brett Lee as the brand ambassador for CEAT Cricket Ratings. 
 
CEAT, the flagship company of RPG Enterprises, is one of India's leading tyre manufacturers.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Mumbai Indians win IPL 2015 with 41-run win over CSK in final

Opener Lendl Simmons hit 68 and skipper Rohit Sharma made 50 as Mumbai Indians scored an emphatic 41-run win over Chennai Super Kings in the final to win the 2015 edition of the Indian Premier League at the Eden Gardens in Kolkata on Sunday night.

 
Opener Lendl Simmons hit 68 and skipper Rohit Sharma made 50 as Mumbai Indians scored an emphatic 41-run win over Chennai Super Kings (CSK) in the final to win the 2015 edition of the Indian Premier League (IPL) at the Eden Gardens here tonight.
 
Put in to bat first, Mumbai Indians piled up 202 for five from their 20 overs and then restricted CSK to 161 for eight in their 20 overs to lift the trophy for the second time, having won it earlier in 2013.
 
Apart from Simmons and Sharma, Kieron Pollard made 36 and Ambati Rayudu hit an unbeaten 36 for Mumbai Indias.
 
Opener Dwayne Smith was the topscorer for CSK with 57, while Suresh Raina made 28. Skipper Mahendra Singh Dhoni contirbuted 18.
 
The Mumbai Indians bowlers kept the CSK batsmen in check for the most part, with pace bowlers Mitchell McClenaghan finishing with three for 25 and Lasith Malinga with two for 2, while off-spinner Harbhajan Singh picked up for two for 34.
 
CSK were the winners in 2010 and 2011 and have figured in the final in six of its eigt editions.
 
For Mumbai Indians, it has been a remarkable turnaround after starting out in the tournament with four straight losses in the league stage.. They won eight of their remaining ten matches, including five in a row, to storm into the top four, finishing second in the league. It was their third appearance in an IPL final.
 
Their 2013 win had also come at the same ground and against the same opposition.
 
Batting first, Mumbai Indians suffered an early setback when they lost opener Parthiv Patel (0) in the first over, run out for a duck off the fifth ball of the innings, with just one on the board, thanks to bit of nimble fielding by Faf du Plessis at mid-on.
 
But Chennai had little to celebrate for a long time after that as Lendl Simmons and skipper Rohit Sharma added 119 for the scond wicket.
 
Sharma began with a bang, hitting Mohit Sharma for a six over third man and then a four between slip and third man off consecutive balls, and then another four through cover-point. In all, 16 runs came off that over.
 
ADVERTISEMENT
Sharma then struck two consecutive fours in Nehra's next over, a  pull towards mid-wicket and then a shot through cover.
 
At the other end, Simmons hit Ravichandran Ashwin for four and following it up with a six off a low full toss. In the next over, he struck Nehra for four to make it 47 for one at the end of five overs.
 
In the next over, Simmons hit the first ball from Ravindra Jadeja four four past mid-wicket and followed i tup with a six over mid-off and then a four off a full toss over mid-on off the last two balls. Pawan Negi was brought on, and Simmons cut him for another four.
 
Sharma, who got strike after a long time, was in fine tough today as he struck Ashwin over mid-wicket for a huge six. At the other end, Simmons was giving the treatment to Negi, lifting him over long-on for a big six.
 
All the while, the batsmen kept running singles and twos, and by the end of the 10th over, they had 98 for one on the board.
 
Simmons hit Jadeja for two fours -- a sweep and another shot between point and short third man -- in the next over. 
 
Sharma then struck Dwayne Bravo, brought on for the first time, for a four past point and then another with a straight drive. But Bravo claimed him with the last ball of that over, a slower one. The batsmen was aiming for a big hit but ended up sending the ball straight to Jadeja at long-on. Sharma's 50 was made off 26 balls and included six fours and two sixes.
 
Dwayne Smith, bowling for the very first time in the tournament, claimed Simmons with his first ball, bowling him with a yorker. His 68 came off 45 balls and included eight fours and three sixes. The two quick wickets brought CSK back into the team.
 
But Kieron Pollard (36) and Ambati Rayudu (36 not out) added 71 for the fourth wicket before Pollard left in the 19th over. His 36 came off 18 balls and included two fours and three sixes. Hardik Pandya (0) made his exit three balls later, at the same score.
 
Rayudu's unbeaten 36 came off 24 balls and was studded with three sixes.
 
Smith and Michael Hussey (4) put on 22 for the first wicket for CSK before the former was joined by Raina and the two added 66 for the second wicket.
 
Smith made his 57 off 48 balls with the help of nine fours and a six. He left with the total at 88 in the 12th over and Raina followed him at 99 in the 14th.
 
From then on, CSK lost wickets at regular intervals -- Bravo (9), Dhoni, du Plessis (1), Negi (3) and Ashwin (2). Mohit Sharma remained unbeaten with 21 and Ravindra Jadeja with 11, but the required run rate was way beyond the later batsmen today.
 
Scoreboard
Mumbai Indians (20 overs maximum)
LMP Simmons b Smith 68
PA Patel run out (du Plessis) 0
RG Sharma c Jadeja b Bravo 50
KA Pollard c Raina b Sharma 36
AT Rayudu not out   36
HH Pandya c Raina b Bravo 0
Harbhajan Singh not out 6
Extras (b 1, lb 4, nb 1) 6
Total (5 wickets; 20 overs) 202
Did not bat: J Suchith, MJ McClenaghan, R Vinay Kumar, SL Malinga
Fall of wickets: 1-1 (Patel, 0.5 ov), 2-120 (Sharma, 11.6 ov), 3-120 (Simmons, 12.1 ov), 4-191 (Pollard, 18.5 ov), 5-191 (Pandya, 19.2 ov)
Bowling
A Nehra 4 0 41 0
MM Sharma 4 0 38 1
R Ashwin 2 0 21 0
RA Jadeja 2 0 26 0
P Negi 2 0 18 0
DJ Bravo 4 0 36 2
DR Smith 2 0 17 1
 
Chennai Super Kings (target: 203 runs from 20 overs)
DR Smith lbw b Harbhajan Singh 57
MEK Hussey c Suchith b McClenaghan 4
SK Raina st Patel b Harbhajan Singh 28
MS Dhoni b Malinga 18
DJ Bravo c Simmons b McClenaghan         9
P Negi c Pandya b Malinga 3
F du Plessis c Sharma b Vinay Kumar 1
RA Jadeja not out          11
R Ashwin c Suchith b McClenaghan 2
MM Sharma not out   21
Extras (lb 2, w 3, nb 2) 7
Total (8 wickets; 20 overs) 161
Did not bat: A Nehra
Fall of wickets 1-22 (Hussey, 4.4 ov), 2-88 (Smith, 11.5 ov), 3-99 (Raina, 13.3 ov), 4-108 (Bravo, 14.3 ov), 5-124 (Dhoni, 15.5 ov), 6-125 (du Plessis, 16.2 ov), 7-134 (Negi, 17.3 ov), 8-137 (Ashwin, 18.2 ov)
Bowling
SL Malinga 4 0 25 2
MJ McClenaghan 4 0 25 3
R Vinay Kumar 4 0 39 1
HH Pandya 4 0 36 0
Harbhajan Singh 4 0 34 2
 
NNN
ADVERTISEMENT
 

See News Videos

 

Mahindra to invest $25m for 33% stake in Mitsubishi subsidiary

ADVERTISEMENT
Mahindra & Mahindra will invest JPY 3 billion ($ 25 million) for acquiring a 33 percent voting stake in Mitsubishi Agricultural Machinery Co. Ltd (MAM), a subsidiary of Mitsubishi Heavy Industries Ltd. (MHI) of Japan.
 
This is in pursuance of the strategic partnership in the agricultural machinery field entered into by the two companies, a press release from Mahindra & Mahindra, a part fo the Mahindra Group, said here yesterday.
 
The release said the stake would be acquired through fresh isse of common shares ad Class A (non-voting shares of MAM. 
 
The deal is expected to close by October 1, 2015, with the new funding to be used to increase MAM’s capital base, it said.
 
MAM is a full range agri-machinery company producing and selling tractors, combine harvesters, rice transplanters and other agri-machinery. It had revenues of approximately JPY 50 billion ($ 408 million) in 2014-15.
 
The agreement was signed by Kazuaki Kimura, President and CEO, MHI Machinery, Equipment & Infrastructure, Katsumi Tottori, President, MAM and Rajesh Jejurikar, President & Chief Executive (Farm Equipment & Two Wheeler), Mahindra & Mahindra Ltd.
 
“It is an honor for us at Mitsubishi to welcome Mahindra, who are the largest tractor manufacturer globally by volumes as a partner to Mitsubishi Agricultural Machinery. Today’s signing will only build upon the wonderful relationship which both companies have shared for over a decade. I am sure that the commitment and expertise of both of the companies will open a new horizon to the business globally," Mr Kimura said.
 
ADVERTISEMENT
Mr Jejurikar said, “It is a matter of pride for us to have signed this alliance today which is a ‘win-win’ for the agricultural machinery businesses of both companies. This  will enable strategic growth avenues for Mitsubishi Agricultural Machinery (MAM) through
Mahindra USA, China and other international markets, thereby speeding up international expansion. It will also provide a platform for both the companies to leverage technology and product development synergies.”
 
Mahindra is the world’s largest tractor manufacturer by volume with a strong leadership position in India. MAM has been supplying OEM tractors to Mahindra USA (subsidiary of M&M in the US) as well as providing technical license to Mahindra for walk-behind rice planters and new tractor in India.
 
"The new partnership will help both companies to jointly develop products to address global opportunities in the tractor and agri-machinery space. In addition, the partnership will enable MAM and Mahindra to improve cost competitiveness though joint procurement and optimize the supply chain," the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Mumbai Police files case after firm rejects job-seeker for being Muslim

 
Mumbai job-seeker rejected for being Muslim
Police in Mumbai have filed a case against a diamond jewellery export company here for discriminating against a job-seeker on the basis of his religion after it rejected the youth's application on the grounds that he is a Muslim.
 
The applicant, Zeshan Ali Khan, who has just completed an MBA degree, had sent in an application to the company, Hari Krishna Exports Pvt. Ltd, by e-mail along with two of his friends.
 
Khan said his friends were called for interviews, while got an email from the company which said, "Thank you for your application. We regret to inform you that we hire only Non-Muslim candidates."
 
Talking to journalists outside the Vinoba Nagar Police Station, he said he could have understood if the firm had rejected him on the grounds of his qualification or experience.
 
Khan took a screenshot of the company's e-mailed response and posted it on social media websites, where it has gone viral.
 
He said he had come to the police station to file a complaint against the firm.
 
"At a time when Prime Minister Narendra Modi is visiting foreign countries and inviting them for investment and pushing ahead the 'Make in India' campaign, the leading export houses are rejecting candidates for their religion," he said.
 
Later, Inspector Suryakant Jagdale told reporters that they had filed a case in the matter on the basis of Khan's complaint that his religious sentiments had been hurt. Since the company is located in the Bandra Kurla Complex, the case would be transferred to the police station there, he said.
 
As the entire affair spiralled into a major controversy, the company said the rejection letter was sent in error by one of its new employees.
 
"As a company, we would like to reiterate that there is an error done by one of the newly joined HR trainees. Company functions without being biased with any caste, religion and gender," it said.
 
The company also wrote to Khan. "It was a blunder and personal mess created by one of our trainees who has no decision-making power. We have 61 employees in our office here including one Muslim in the HR team," it said.
 
Meanwhile, National Commission of Minorities (NCM) Chairman Naseem Ahmed said the body would look into the matter after receiving petitions from activists.
 
"We have received the petition. If there is any truth in this, it is unfortunate. An inquiry shall be conducted," he said.
 
NNN
 
ADVERTISEMENT
 

See News Videos

State Bank of India enters into partnership with PayPal

B. Sriram, Managing Director, State Bank of India and Vikram Narayan, Managing Director and Country Manager (India), PayPal after signing an agreement for a strategic partnership between the two companies in Kolkata on May 21, 2015.
B. Sriram, Managing Director, State Bank of India and Vikram Narayan, Managing Director and Country Manager (India), PayPal after signing an agreement for a strategic partnership between the two companies in Kolkata on May 21, 2015.
State Bank of India (SBI), the country's largest lender, and Paypal, the world's leading open digital payments company, today entered into a strategic partnership to promote cross border trade and facilitate payments for SBI and PayPal users both in India and abroad.
 
The partnership will enable SBI debit cardholders to use PayPal when buying products from overseas websites and allow SBI’s Micro Small and Medium Enterprise (MSME) customers to gain access to PayPal’s secure payment solutions. 
 
"We would also collaborate on providing innovative financial solutions to the merchants who are using PayPal services," a press release from the two companies said.
 
According to it, the announcement reiterates the importance of India as a strategic market for PayPal.
 
In addition to having a strong engineering workforce based out of India, PayPal also has a very robust and growing cross border business in the country. The partnership will help PayPal work closely with SBI to make it easy for Indian exporters and consumers gain access to a global audience. One of the key aspects of the partnership is the impetus that will be provided to eGovernance projects of the Government of India, it said.
 
Mr. B. Sriram, Managing Director, SBI said “SBI has been bringing value to its customers by providing them innovative financial solutions. SBI is very pleased to have this tie-up as it provides a perfect opportunity to both of us to collaborate and offer a wide gamut of customized financial solutions to merchants across the board. This would bring new opportunities for our SME customer base.”  
 
Mr Vikram Narayan, Managing Director and Country Manager (India), PayPal said, “It is an honour for PayPal to partner with the State Bank of India (SBI) which is India’s largest bank. We foresee exciting times ahead as the economy is poised to pick up and support Indian citizens and, businesses to evolve through global transactions. We understand the Government’s focus on the MSME and believe PayPal has a strong role to play in the ‘Make in India’ initiative. Collaborating with us gives SBI’s customers global access to businesses and consumers alike.”
 
PayPal and SBI will create a joint coordination committee to grow and implement this strategic partnership, the release added.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Harbhajan Singh recalled to Test squad for Bangladesh series

File photo of Harbhajan Singh. Photo by Ron Gaunt-IPL-SPORTZPICS
File photo of Harbhajan Singh. Photo by Ron Gaunt-IPL-SPORTZPICS
Off-spinner Harbhajan Singh has been recalled to the Indian Test squad after a gap of more than two years for next month's one-off Test in Bangladesh, the Board of Control for Cricket in India (BCCI) announced here today.
 
Harbhajan, 34, will replace left-arm spinner Ravindra Jadeja in the full-strength Indian team for the one-off Test at Fatullah from June 10-14.
 
The team was picked up the Board's All-India Senior Selection Committee which met here today. It also named the Indian team for the three ODIs against Bangladesh.
 
The test squad will be led by Virat Kohli and the ODI team by Mahendra Singh Dhoni.
 
Pace bowler Mohammad Shami has been left out of the ODI squad because of an injury and his place has been taken by Dhawal Kulkarni.
 
Harbhajan has played 101 Tests for India and taken 413 wickets at an average of 32.37. He made his debut against Australia at Bangalore in March 1998 and last played for India, also against Australia at Hyderabad in March 2013.
 
The following are the teams:
 
Indian Team-Test Match
Virat Kohli ( Captain), Murali Vijay, Shikhar Dhawan, K.L. Rahul, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, R. Ashwin, Harbhajan Singh, Karn Sharma, Bhuvneshwar Kumar, Umesh Yadav, Varun Aaron, Ishant Sharma.
 
Indian Team-ODI series
Mahendra Singh Dhoni (Captain) ,Rohit Sharma, Ajinkya Rahane, Virat Kohli, Shikhar Dhawan, Suresh Raina, Ambati Rayudu, R. Ashwin, Ravindra Jadeja, Axar Patel, Bhuvneshwar Kumar, Umesh Yadav, Mohit Sharma, Stuart Binny, Dhawal Kulkarni.
 
NNN
 
ADVERTISEMENT
 

See News Videos

Mumbai Indians storm into final with 25-run win over CSK

 
Superb knocks of 65 by opener Lendl Simmons and 41 by Kieron Pollard and an impressive 3 for 23 by pace bowler Lasith Malinga and two crucial wickets off consecutive balls by Harbhajan Singh helped Mumbai Indians storm into the final of the eigth edition of the Indian Premier League (IPL) with an emphatic 25-run win over Chennai Super Kings (CSK) in the first qualifier at the Wankhede Stadium here tonight.
 
Opting to bat first, Mumbai Indians piled up a challenging 187 for six from their 20 overs, thanks also to a useful knock of 35 by the other opener Parthiv Patel.
 
In response, Chennai Super Kings (CSK) were bowled out for 162 in 19 overs, with Faf du Plessis their topscorer with 45. Suresh Raina made 25 and Ravichandran Ashwin made 23 off 12 balls towards the end, but their efforts fell far short of the required run rate today.
 
For Mumbai Indians, it has been a remarkable turnaround after starting out in the tournament with four straight losses in the league stage.. They won eight of their remaining ten matches, including five in a row, to storm into the top four, finishing second in the league.
 
CSK, who had finished at the top of the eight-team league, will have another chance to try and make it to the final when they meet in the second qualifier the the winner of the eliminator between Royal Challengers Bangalore (RCB) and Rajasthan Royals, slated for tomorrow in Pune. 
 
The final is slated for Sunday night at the Eden Gardens in Kolkata.
 
Defending champions Kolkata Knight Riders (KKR), Sunrisers Hyderabad, Delhi Daredevils and Kings XI Punjab had failed to qualify for the play-offs. 
 
Mumbai Indians got off to a rousing start today, with Simmons and Patel putting on 90 for the first wicket in 10.4 overs. Patel was the first to go. His 35 came off 25 balls with the help of four fours and a six. 
 
Simmons and skipper Rohit Sharma (19) added 23 for the second wicket before the former left in the 14th over. he faced 51 balls for his 65 which included three fours and five sixes.
 
Sharma and Pollard added 24 for the third wicket before the former made his exit at 137 in the 16th over. Hardik Pandya followed him two runs later.
 
Pollard and Rayudu (10) kept the scoreboard moving, adding 21 for the sixth wicket. Pollard made his 41 off just 17 balls and hit one four and five sixes. When he left with two balls remaning in the innings, Mumbai Indians had already reached 185.
 
Dwayne Bravo was the most successful bowler for CSK with three for 40, while Ashish Nehra, Ravindra Jadeja and Mohit Sharma picked up one each. 
 
Chasing 188 for a win, CSK lost opener Dwayne Smith in the first over before they had scored any runs. The other opener Michael Hussey (16) and du Plessis steadied the innings with a 46-run stand for the second wicket.
 
After Hussey left at the start of the sixth over, du Plessis and Raina consolidated the innings further with a 4-run partnership for the third wicket. Raina, who had struck two sixes, left in the 11th over with the total at 86. Skipper Mahendra Singh Dhoni fell off the first ball he faced, trapped leg before wicket, to give Harbhajan Singh two wickets off consecutive balls and take the sting out of the CSK batting.
 
du Plessis moved the total to 110 before departing in the 14th over. His 45 came off 34 balls and included five fours and a six. From then on, CSK kept losing wickets at regular intervals to find themselves struggling at 147 for eight in the 18th over. Ashwin slammed two fours and a six to brighten up things for them briefly, but the task before the later batsmen was beyond them.
 
ADVERTISEMENT
Apart from Malinga, the Mumbai bowlers who shone today were R. Vinay Kumar and Harbhajan Singh, both of whom ended up with two for 26.
 
For Mumbai Indians, it was their eighth win in nine matches and their third entry into an IPL final. They had won the title in 2013.
 
Scoreboard
Mumbai Indians (20 overs maximum)
LMP Simmons c Negi b Jadeja 65
PA Patel c Jadeja b Bravo 35
RG Sharma   c Jadeja b Bravo 19
KA Pollard c Raina b Bravo 41
HH Pandya c Jadeja b Nehra 1
AT Rayudu c Raina b Sharma 10
Harbhajan Singh not out    6
J Suchith not out   1
Extras (w 8, nb 1)  9
Total (6 wickets; 20 overs)     187
Did not bat: MJ McClenaghan, R Vinay Kumar, SL Malinga
Fall of wickets: 1-90 (Patel, 10.4 ov), 2-113 (Simmons, 13.4 ov), 3-137 (Sharma, 15.4 ov), 4-139 (Pandya, 16.1 ov), 5-164 (Rayudu, 18.5 ov), 6-185 (Pollard, 19.4 ov)
Bowling
R Ashwin 3 0 22 0
A Nehra 4 0 28 1
P Negi 4 0 46 0
RA Jadeja 2 0 18 1
MM Sharma 3 0 33 1
DJ Bravo 4 0 40 3
 
Chennai Super Kings (target: 188 runs from 20 overs)
DR Smith lbw b Malinga 0
MEK Hussey c Patel b Vinay Kumar 16
F du Plessis c Vinay Kumar b Suchith 45
SK Raina c & b Harbhajan Singh 25
MS Dhoni lbw b Harbhajan Singh 0
DJ Bravo run out (McClenaghan/Patel) 20
RA Jadeja c Suchith b McClenaghan 19
P Negi c sub (UBT Chand) b Vinay Kumar 3
R Ashwin c Rayudu b Malinga 23
MM Sharma not out          3
A Nehra c Simmons b Malinga 0
Extras (lb 1, w 7) 8
Total (10 wickets; 19 overs) 162
Fall of wickets: 1-0 (Smith, 0.4 ov), 2-46 (Hussey, 5.1 ov), 3-86 (Raina, 10.2 ov), 4-86 (Dhoni, 10.3 ov), 5-110 (du Plessis, 13.5 ov), 6-119 (Bravo, 14.5 ov), 7-126 (Negi, 15.3 ov), 8-147 (Jadeja, 17.2 ov), 9-161 (Ashwin, 18.4 ov), 10-162 (Nehra, 18.6 ov)
Bowling
SL Malinga 4 0 23 3
MJ McClenaghan 3 0 46 1
R Vinay Kumar 3 0 26 2
Harbhajan Singh 4 0 26 2
KA Pollard 3 0 22 0
J Suchith 2 0 18 1
 
NNN
ADVERTISEMENT
 

See News Videos

 
Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.