Adani Group's Violations
SEBI's investigation into Adani Group's disclosure policies has exposed breaches of rules regarding disclosures by listed entities and offshore fund holdings limits. The violations are termed as "technical" and may result in monetary penalties. The Supreme Court is scheduled to address the issue today.
Intense fight of Imports & Exports
During a meeting between India's Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai, the US government expressed concerns about India's import restrictions on electronic devices. The focus was on India's import licensing requirements for technological equipment, with Tai emphasizing the need for stakeholder input to avoid negative impacts on US exports to India. They intend to further discuss the issue to find a solution. The discussion also covered agricultural exports and a longstanding trade dispute on poultry products at the WTO, with teams from both sides tasked with continuing discussions. In the fiscal year 2022-23, India imported electrical products worth $8.8 billion.
Reliance Annual General Meeting Highlights
During the 46th Reliance Annual General Meeting (AGM) in 2023, Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), unveiled various significant announcements. These included the launch of JioAir Fibre on September 19 and new additions to the RIL board of directors. The AGM introduced new strategies in digital, retail, and business sectors, with highlights such as the launch of Jio Financial Services (JFS) in insurance and plans to establish a battery Giga factory by 2026. Notable points were:
1. Development of India-specific AI models and solutions with up to 2,000 MW of AI-ready computing capacity.
2. JFS exploring blockchain-based platforms and Central Bank Digital Currency (CBDC) features.
3. Introduction of Jio Smart Home Services using JioFiber and Jio AirFiber.
The RIL board underwent changes with Isha Ambani, Akash Ambani, and Anant Ambani joining as non-executive directors, while Nita Ambani stepped down. The new appointments are subject to shareholder approval.
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Mensa entered into UAE
Homegrown company Mensa Brands has entered the UAE e-commerce market by introducing its brands like Villain, Pebble, and Folkulture on platforms such as Amazon and Noon. Additionally, their FMCG portfolio now includes MyFitness peanut butter, available on platforms like Talabat and Noon Minutes. Villain offers men's lifestyle products, Pebble and Folkulture focus on electronics and cultural heritage items. Founded by Ananth Narayanan in 2021, Mensa Brands follows a 'house of brands' strategy, acquiring direct-to-consumer brands. Within six months of inception, it was valued at over $1 billion and has raised $201 million in equity funding. In FY22, the company generated revenues of $41.2 million with a loss of ₹16 crore.
Unacademy COO Vivek Sinha resigns
Edtech unicorn Unacademy is grappling with various challenges, including the recent resignation of its COO Vivek Sinha after a three-year tenure. Sinha oversaw multiple aspects of the platform, including test prep, K12, and skills verticals. He joined Unacademy in 2020 from Oyo, where he managed a luxury hotels business unit. Additionally, Unacademy has made organizational changes by promoting Sumit Jain, leader of the Graphy division, to a partner-level role. Graphy enables educators to offer online courses. Unacademy, founded in 2015, was last valued at $3.4 billion in August 2021 and has faced recent controversies, including an employee dismissal for alleged anti-government comments.
Tour for Indian Start-up Founders from SoftBank SV
SoftBank Group Corp. plans to organize an AI-focused tour next month for Indian startup founders to facilitate the adoption of AI solutions. The tour will primarily involve Indian founders backed by SoftBank, with participants including startups from their investment portfolio like Oyo Hotels, Ola, and Swiggy. In India, SoftBank has achieved $5.5 billion in exits since 2018. Many startups over the past year have focused on cost-cutting and avoiding down rounds, wherein they raise funds at a lower valuation. SoftBank's notable exits include Lenskart, FirstCry, and its significant 2018 exit from Flipkart by selling its 20% stake to Walmart for around $4 billion. Across Vision Fund-I and II, SoftBank invested over $4 billion in 15 Indian startups.
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