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<ul><li><keyword id="191457" type="CITY" weightage="20" keywordseo="Haldirams">Haldirams</keyword> will now be available for sale in the US, through Amazon’s Global Selling Program.</li><li>For Haldirams, the US was already a big market forming 40% of its annual revenues from offline exports.</li><li>The partnership with Amazon will give Haldirams greater access to the US market.</li></ul>From its bhujia to its gulab jamun and the soan papdi, Haldirams is an iconic Indian brand that has made it way to every nook and corner of the country. And it’s not a rare sight to see an Indian settled abroad, stuff his or her suitcase with Haldiram packets before leaving their home country. Now the 37-year old brand is making its way to the US, through Amazon’s global selling program. For Haldirams, the US was already a big market forming 40% of its annual revenues from offline exports. The partnership with Amazon will give Haldirams greater access to the US market. “Our loyal customers have helped us retain our leading position in the market for over ten years, and we want to further expand our presence amongst our global customers. With Indians settled across the world, there is a growing appetite for snacks that remind them of home,” said Pankaj Agarwal, MD Haldiram Snacks. Within a week of its launch, Haldiram’s products Nut Cracker and Soan Papdi have already become a hit in the US. “Haldiram’s is one of the most trusted and beloved FMCG brand in India, and through the Global Selling program, we offer them end-to-end solutions to cater to the growing appetite for quality ‘Made in India’ products amongst global consumers,” said Mr. Abhijit Kamra, Director and Head - Global Trade, Amazon India. Amazon Global Selling Program was launched in 2015 and is already making $1 billion in cumulative exports. It expects the number to go up to $5 billion by 2023.

You can now order Haldirams bhujia, soan papdi in the US through Amazon

New Delhi, Nov 15 () The National Company Law Tribunal (NCLT) has directed the lenders of Kwality Ltd to reconsider the revised Rs 145-crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm.
The Delhi-based bench of the tribunal has also extended the Corporate Insolvency Resolution period by another three weeks and directed the Committee of Creditor (CoC) to reconsider the enhanced offer. 
Earlier, the lenders of Kwality Ltd had rejected the Rs 142 crore bid of Delhi-based Haldiram Snacks, which emerged as the sole bidder to acquire the debt-ridden dairy firm.
Following which, Haldiram Snacks had revised its offer marginally and approached the NCLT with a plea that its latest resolution plan should be considered by the lenders as the offer is higher than the liquidation value.
In 2018, the NCLT ordered insolvency proceedings in Kwality on a petition filed by global private equity firm KKR. Shailendra Ajmera, who is part of multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings.
On November 2, the CoC had rejected Haldiram Snacks' Rs 142 crore resolution plan, as only about 40 per cent of the lenders voted in favour of the resolution plan as against the requirement of 66 per cent.
Kwality has a total debt of around Rs 1,900 crore.
Haldiram Snacks had earmarked Rs 135.64 crore for the financial creditors out of its total offer of Rs 141.59 crore to acquire Kwality Ltd.
Post rejection of its offer, Haldiram had written a letter on November 4 to IRP, revising its offer to Rs 139 crore for financial creditors, taking the total value of the bid to Rs 144.95 crore.
Haldiram has filed a petition before the NCLT, requesting that RP should be directed to place the revised bid before the COC for consideration.
It had requested the NCLT to direct the resolution professional to place the latest offer before the CoC for consideration.
"The said letter (November 4, 2019) offers an increase in the offer value to financial creditors by Rs 3.3 crore to Rs 139 crore from Rs 135.64 crore and consequently, the total offer value to Rs 144.95 crore," it had said.
Haldiram also added that its improved offer "will help financial creditors derive a much better value they can hope to realise in the event corporat debtor (Kwality) is put into liquidation".
In 2016, Kwality had raised Rs 300 crore from KKR India Financial Services and got additional commitment of Rs 220 crore. The amount was raised to fund its expansion plans and enter into consumer segment.
The company is engaged in the business of milk processing and manufacturing of dairy products, including ghee, milk powders, lassi, chaach and flavoured milk. It owns two milk processing units, one in Softa, Haryana, and another in Dibai, Uttar Pradesh.
Haldiram sells sweets and other snacks through its own outlets as well as retail chain. MJH KRH MKJ

Kwality insolvency: NCLT directs lenders to consider Haldiram Snacks' revised offer of Rs 145 cr

After the Maggie row, the food safety debate has become intense both in India and abroad. More than 2,100 import batches of ‘made in India’ products across food, personal care and health supplement categories were rejected by the US food and drug regulator in the past one year. Most of the products were by leading companies such as <keyword id="6365619" type="CITY" weightage="100" keywordseo="Hindustan-UniLever">Hindustan Unilever</keyword>, Britannia, <keyword id="6356830" type="CITY" weightage="100" keywordseo="Nestle-India">Nestle India</keyword>, Haldiram, Heinz India and MTR Foods. 
 
 The reasons for rejection vary from minor labelling issues to products manufactured in unhygienic conditions to pesticides being above permissible limits, according to data put out by the <keyword id="6356255" type="ORGANIZATION" weightage="80" keywordseo="US-Food-and-Drug-Administration">US Food and Drug Administration</keyword> (USFDA) on its website. 
 
Several companies argued that the bulk of products were shipped without their knowledge by unauthorised third-party traders. 
 
 "Instances of product rejections could be either due to improper storage and distribution done by unauthorised exporters. In case our official export products are rejected, we always re-test them at FDA-approved labs," said AK Tyagi, director at <keyword id="2897684" type="UNKNOWN" weightage="80" keywordseo="Haldiram-Manufacturing-Ltd-">Haldiram Manufacturing Ltd.</keyword> Tyagi added that the US FDA regularly inspected its facilities in India and its products conform to global safety norms. 
 
RS Sodhi, managing director of Gujarat Co-operative Milk Marketing Federation, the maker of Amul dairy products, said while quality standards of Indian packaged food products were based on global norms, rejection of batches was an important issue which needed to be addressed. 
 
Britannia said it exports to the US only out of USFDA-registered factories in India and meets all product and labelling standards. The products that were rejected by the USFDA were not shipped directly by the company. 
 
Similarly, both Hindustan Unilever and Nestle India said the products that were banned were not exported by them. 
 "We wish to clarify that in 2015, HUL has not received any refusal from USFDA for any of the products that it exports to the US market through its authorised distributor which is registered with the USFDA. We wish to further clarify that the <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> refused import into the US by USFDA in 2015 have not been exported by HUL,” said a company spokesman. 
 
A Nestle spokesman said the company had checked the FDA site and some of the batches are described as coming from factories that do not produce products for export to the US. 
 
 "This means that the batches were so called 'grey market' exports - exports which were not organised or controlled by the company but by other individuals or entities. This explains why the batches were rejected," he said At times, companies are not even aware that their products have been rejected. "As a responsible company, we will always cooperate with any query should it come in," said a <keyword id="2200852" type="COMPANY" weightage="100" keywordseo="Mondelez-India">Mondelez India</keyword> spokesperson. 
 
 
After the Maggie row, The USFDA, too, has begun testing of samples of Maggi noodles manufactured in India and sourced by retailers in America from third-party importers 
 
Instances of rejection have marred India’s food industry’s image previously too. Just last month, the USFDA rejected 53 Haldiram-made consignments due to presence of pesticide in fried snacks, potato snacks and sweets, claiming they were either not adequately processed or manufactured, or packaged in insanitary conditions. 
 
 
In April this year, Mondelez India's batch containing chocolate candy bar with nuts and fruits was rejected since "the article appears to have been manufactured, processed, or packed under insanitary conditions", said a statement on the FDA website. 
 
Also, one might remember that in January, it had rejected instant noodles manufactured in Nestle's Moga factory since the packaging label didn't outline all ingredients. 
 
(image credits: demanjo.com)

Haldirams, Britannia and HUL cannot sell its food
products in the US. Know why

Unless in a coma for the past several months, one would have come across the news of Anant Ambani, youngest son of Reliance Industries chairman Mukesh Ambani, getting married to <keyword id="20178843" type="General" weightage="20" keywordseo="Radhika-Merchant" source="keywords">Radhika Merchant</keyword>, daughter of Viren A. Merchant, on July 12 at Mumbai's Jio World Convention Center. The lavish wedding and pre-wedding events, following their engagement last year, drew nationwide attention for its grandeur and the presence of hundreds of celebrities and prominent personalities. Now, reports of the <keyword id="22409157" type="General" weightage="20" keywordseo="luxurious-gifts" source="keywords">luxurious gifts</keyword> given to Anant's close friends are also making waves. As per media reports, Anant Ambani surprised his groomsmen by giving each of them a watch worth ₹2 crore. These expensive <keyword id="22409155" type="General" weightage="20" keywordseo="Audemars-Piguet-watches" source="keywords">Audemars Piguet watches</keyword> are creating a buzz online. Guests are posting videos of the lavish gift hampers that include these elegant watches, showing how grand Anant's gesture was. <div type="image" title="Watches" msid="111733513" hostid="261" caption="&amp;lt;p&amp;gt;Screengrab from a video floating on the internet&amp;lt;/p&amp;gt;"></div>A Reddit post revealed that Anant had ordered a custom set of 25 limited edition Audemars Piguet Royal Oak Perpetual Calendar Luminary Edition watches. Famous recipients included Shah Rukh Khan, Ranveer Singh, Shikhar Pahariya, Veer Pahariya, and Meezaan Jafri, as deduced from social media updates and celebrity interactions. The watch Anant Ambani gifted has a 41 mm pink gold case and is 9.5 mm thick, with a see-through back and a secure crown. It has a pink gold dial with a special pattern, blue counters, pink gold hour markers, and glowing hands. The watch also features a pink gold inner bezel and a self-winding movement that shows the week, day, date, moon phase, month, leap year, and time. While Anant Ambani gifted Audemars Piguet watches to his groomsmen, Reliance employees also received Haldiram Bhujia as a wedding gift. <div type="twitter" handle="the_codewala" handlename="the_codewala" favoritecount="0" retweetcount="0" id="1810972241594863814"></div>Several Reliance employees shared photos and videos on social media of the gift box they received before Anant Ambani and Radhika Merchant's wedding on July 12. The red gift box has gold lettering that says: “With the divine grace of our gods and goddesses, we celebrate the wedding of Anant and Radhika. Best wishes, Nita and Mukesh Ambani.” (With inputs from TOI and Hindustan Times) SEE ALSO: <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-attends-anant-ambani-and-radhika-merchants-star-studded-wedding-event/articleshow/111719695.cms" data-type="tilCustomLink" target="_blank">PM Narendra Modi attends Anant Ambani and Radhika Merchant's star-studded wedding event</a> <a href="https://www.businessinsider.in/politics/india/article/rahul-gandhi-takes-dig-at-politicians-attending-ambani-wedding-bash-while-commoners-are-dying-of-hunger/articleshow/111727513.cms" data-type="tilCustomLink" target="_blank">Rahul Gandhi takes dig at politicians attending Ambani wedding bash while commoners are “dying of hunger”</a>

Ambani wedding giveaways: ₹2 Crore Watches for SRK, Ranveer and Groomsmen, Bhujia for Reliance employees

<ul><li>Due to the rising retail inflation, <keyword id="471072" type="General" weightage="20" keywordseo="indian-consumers" source="Orion">Indian consumers</keyword> are struggling to meet their living expenses.</li><li>Not only have they put their big life plans on hold, but <keyword id="60468" type="General" weightage="20" keywordseo="consumers" source="Orion">consumers</keyword> are also switching to <keyword id="14587384" type="General" weightage="20" keywordseo="smaller-products" source="Orion">smaller products</keyword> and <keyword id="14587385" type="General" weightage="20" keywordseo="less-popular-brands" source="Orion">less popular brands</keyword> to deal with high <keyword id="118688" type="General" weightage="20" keywordseo="inflationary-pressures" source="Orion">inflationary pressures</keyword>.</li><li>They are leaving behind their old habits of bulk buying their ration.</li><li>As per Kantar’s recent report, consumers are buying smaller packs, which run out quickly and lead to high purchase frequency for FMCG brands.</li></ul>Inflationary pressures have pushed Indian consumers to switch to smaller packs. However, soon enough, the pack runs out, and consumers need to revisit supermarkets to refill ration. This has increased the purchase frequency of Fast Moving Consumer Goods (FMCG) products. As per data analytics firm Kantar, with lockdown being lifted, India’s FMCG brands witnessed a huge jump in their Consumer Reach Points (CRPs), which takes into account a brand’s reach in the country, overall penetration, and purchase frequency. The report predicts that with high inflation this year, purchase frequency and brand penetration are expected to grow even further. “When consumers are faced with inflationary trends, they tend to shift to smaller packs but buy them more often to meet their overall requirements. This results in improved frequency,” explained K. Ramakrishnan, Managing Director- South Asia, Worldpanel Division at Kantar. Established brands who were quick to read the market and launch smaller packs were able to leapfrog. As per Kantar, the bigger the brand, the faster the growth they witness. As a result, FMCG giants with over 61% penetration levels grew the fastest, with over 8% growth in 2021 over 2020. “This year as consumers returned to the marketplace in droves after tightening conditions in the by-gone year, frequency jumped significantly, which is reflected in the big jumps most brands took in their CRPs. This is why bigger brands always have an advantage,” said Ramakrishnan. For the last ten years, Parle Products has been indomitable in terms of reach, penetration, and purchase frequency. This year, too, Parle held the first spot with CRPs of 6,531 million and witnessed a growth of 14%. Sharing why Parle continues to hold the first position despite high inflation, Ramakrishnan said, “One of the things that are working for them [winner brands such as Parle] is that they are reaching a large number of people, therefore, their distribution is working for them as they are building their penetration. Second is pack play -- they continue to hold on to Rs 2 pack and Rs 5 pack, which helps with growth significantly. So lower the pack size, the more the frequency, therefore growth in CRPs.” After Parle, Amul, Britannia, Clinic Plus and Tata Consumer Products have scored high on CRPs. Newer FMCG brands get more popularity in India New entrants such as sweet and snack manufacturer Haldiram and biscuit and confectionary maker Anmol joined the billion CRP club, improving their reach and penetration in the country by leaps and bounds. Many regional brands also witnessed an uptick in CRPs, such as spice brands like Rajesh and Rakesh. In the dairy industry, Kerala’s Milma, Karnataka’s Nandini milk, and Telangana’s Vijaya also entered the list. Growth is driven by food, beverages and haircare In 2021, 70% of FMCG brands saw an improvement in their CRPs over 2020 -- jumping from 56%. This growth was driven by food, health and beauty, and beverage brands. Beverage brands witnessed an 18% growth in 2021, followed by food at 15% and health and beauty at 7%. Nescafe registered a 19% CRP growth within beverage brands, followed by Boost at 15%. Some snacking brands grew over 30%, with Balaji growing by 49%, followed by Kurkure at 45% and Bingo at 37%. Brand Footprint Top 10 Most Chosen FMCG Brands of India in 2021: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="4" style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2021 Rank </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2020 Rank </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Brand </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">CRP (Mn) </td></tr><tr><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Parle Products </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">6531 </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Amul </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">5561 </td></tr><tr><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">5370 </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Clinic Plus </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">4506 </td></tr><tr><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer Products </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2723 </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Ghadi </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2315 </td></tr><tr><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Nandini </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2278 </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Colgate </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2134 </td></tr><tr><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Aavin </td><td style="vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2024 </td></tr><tr><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Lifebuoy </td><td style="vertical-align:top;background-color:#f2f2f2;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1896 </td></tr></tbody><tbody></tbody><tbody></tbody></table> <div type="Article" hostid="261" msid="92961985" title="Indians are saving more and working longer hours to meet living expenses, says study" mstype="2" mssubtype="0"></div>

Small packs are pushing consumers to shop more often, leading to an increase in purchase frequency of FMCG brands: Kantar report

New Delhi, Nov 15 () Following are the top business stories at 1830 hours:
 
DEL37 BIZ-LD INSOLVENCY
Govt notifies rules under insolvency law for resolution of fin service providers
New Delhi: The government on Friday notified rules under the insolvency law to deal with resolution of systemically important financial service providers, excluding banks. 
DCM18 BIZ-LABOUR-GANGWAR-PAYDAY
India mulls 'One Nation, One Pay Day: Gangwar
New Delhi: To safeguard the interest of workers in formal sector, particularly working class, the Centre is planning to introduce 'One Nation, One Pay Day' system, Labour Minister Santosh Gangwar said on Friday.
 
DCM17 BIZ-NCLT-HALDIRAM-KWALITY
Kwality insolvency: NCLT directs lenders to consider Haldiram Snacks' revised offer of Rs 145 cr
New Delhi: The National Company Law Tribunal (NCLT) has directed the lenders of Kwality Ltd to reconsider the revised Rs 145-crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm. 
 
DEL43 BIZ-RUPEE-CLOSE
Rupee extends gains for 2nd day, rises 18 paise to 71.78 vs USD
Mumbai: The rupee appreciated by 18 paise to close at 71.78 against the American currency on Friday, extending gains for a second day on the back of easing crude oil prices and positive trends in equity markets.
 
DEL40 BIZ-LD STOCKS
Markets eke out gains in range-bound trade; Bharti Airtel rallies 8 pc
Mumbai: Market benchmark BSE Sensex closed with modest gains on Friday, led by a spurt in Bharti Airtel and SBI, amid encouraging global cues.
 
DCM27 BIZ-STOCKS-LD-TELECOM
Loss-hit Voda-Idea, Airtel surge up to 27pc on floor price buzz
New Delhi: Telecom stocks on Friday surged up to 27 per cent after reports suggested that the telecom department may fix a floor price for data and voice tariffs, notwithstanding huge losses reported by two leading players for the July-September quarter.
 
DCM23 BIZ-LD TRAI-FLOOR PRICE
No reference from DoT on floor price issue yet: Trai chief
New Delhi: The telecom department has not yet approached the regulator for its views on floor price for tariffs, Trai Chairman RS Sharma said on Friday.
 
DCM14 BIZ-CADILA-USFDA-WARNING
USFDA finds significant violations of CGMP at Cadila's Moraiya plant
New Delhi: The US health regulator has found significant violation of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals at Cadila Healthcare's Moraiya (Ahmedabad) based manufacturing facility. 
 
 
 
 
 
 
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Business highlights

New Delhi, Jun 8 () Paytm on Monday said it has expanded its 'Paytm Postpaid' offering to cover neighbourhood kirana stores and retail chains like Reliance Fresh, Haldiram, Apollo Pharmacy, Croma, Shoppers Stop, among others. Users can utilise Paytm Postpaid to buy grocery and home essentials, and make various bill payments as well. The service is offered in partnership with two NBFCs that offer an instant credit line for various payments to Paytm app users. "Seeing an increasing demand for consumer credit during the ongoing pandemic, the company has increased this credit limit up to Rs 1 lakh of monthly spends to enable payment for large items such as furniture and consumer electronics among others," a statement said. Initially, select users will be shown a 'Postpaid' icon in the Financial Services Section to avail 'Paytm Postpaid' post completion of their online KYC with the partner NBFC. The bill repayment can be done by the 7th of each month. Paytm said the service would provide relief to Paytm users as the increased credit limit and a large set of use-cases will eliminate the need to withdraw cash for meeting monthly household expenses. The company has introduced 3 variants of Postpaid - Lite, Delite and Elite - which will be offered based on partner NBFC's assessment. While Postpaid Lite comes with limits up to Rs 20,000 and a convenience charge, Delite and Elite offer credit limits from Rs 20,000 to Rs 1,00,000 in monthly spends with no convenience charges. It said Postpaid Lite has been designed so that users without excellent credit score are also able to avail the service. It added that there is no cost associated with activating and keeping Paytm Postpaid or any of its variants. "Paytm Postpaid is our mission to provide access to credit to every Paytm user. During this ongoing pandemic, it becomes more important for us to stand by fellow Indians and give them the power to buy on credit when required," Paytm President Amit Nayyar said. SR MKJ

Paytm expands postpaid services to cover kirana stores, retail chains

<ul><li><keyword id="1702989" type="PERSON" weightage="20" keywordseo="Byju-Raveendran">Byju Raveendran</keyword>’s net worth stood $1.91billion. </li><li>His fortune from 21% stake his namesake ed-tech startup — Byju’s. </li><li>The startup has been growing at a breakneck speed with its revenue climbing to ₹1,430 crore in FY19</li></ul>Byju Raveendran is the newest entrant into Forbes rich list of 2019. “There are six new faces this year, including Byju Raveendran, the 38-year-old founder of fast-rising edtech unicorn Byju’s,” <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">wrote</a> Naazneen Karmali from Forbes Asia. The other new faces include Manohar Lal and Madhusudan Agarwal of Haldirams, Rajesh Mehra of Jaquar, and Samprada Singh of Alkem Laboratories. <a href="http://www.forbesindia.com/lists/india-rich-list-2019/1807/all">Byju Raveendran’s net worth stood $1.91billion</a>. His fortune from 21% stake his namesake ed-tech startup — Byju’s. He recently joined<a href="https://www.bloomberg.com/news/articles/2018-12-17/india-s-byju-s-raises-540-million-in-naspers-backed-funding"> India’s billionaire club</a> — thanks to the latest round of $150 million funding from Qatar Investment Authority (QIA). The startup has been growing at a breakneck speed with its revenue climbing to ₹1,430 crore in FY19, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/byjus-claims-to-have-tripled-its-revenues-to-rs-1430-crore-in-fy19/articleshow/69590594.cms">according to an Economic Times report.</a> Here's Byju Raveendran’s journey from a school teacher to becoming India’s youngest self-made billionaire: 
	
	
	
	<div type="Slideshow" msid="70550887" hostid="261" title="The remarkable journey of Byju Raveendran from a teacher to a billionaireThe remarkable journey of Byju Raveendran from a teacher to a billionaire" firstImageMsid="70551027" slideCount="6"></div>

Byju Raveendran is the newest face on the Forbes list of 100 richest Indians

<ul><li>Three business women have made it to the <keyword id="8204835" type="UNKNOWN" weightage="20" keywordseo="forbes-list-of-100-richest-indians">Forbes list of 100 richest Indians</keyword>. </li><li>Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group is ranked 20 on the list, with a net worth of $5.8 billion. </li><li>Kiran Mazumdar Shaw, 66, is placed at the 54th spot on the list for Biocon, with a net worth of $2.38 billion. </li><li>Pharma owner Leena Tiwari of USV India was ranked 71 on the <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> list, with a net worth of $1.92 billion.</li></ul>Three business women have made it to the <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">Forbes list of 100 richest Indians</a>. While half of the listees witnessed a drop in their net worth, Savitri Jindal of OP Jindal Group, Kiran Mazumdar Shaw of Biocon and Leena Tiwari of USV India featured on the list, again. As per a recent <keyword id="48085" type="COMPANY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword> report, Indian female CEOs are at a dismal 2%.The few women in the rich list shows that even fewer made it all the way to the top. The list is topped by Reliance Industries’ chairman Mukesh Ambani for the 12th consecutive year who added $4.1 billion to his net worth. This is thanks to the growth in value after he launched telecom services with Jio. He is followed by Gautam Adani and Hinduja Brothers. Interestingly, the list featured six fresh faces — Byju Raveendran of Byju’s, Manohar Lal and Madhusudan Agarwal of Haldiram Snacks, Rajesh Mehra of fittings company Jaguar, and Samprada Singh of Alkem Laboratories. Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group, was once Asia’s richest woman. She is ranked 20 on the list, with a net worth of $5.8 billion. Set up by her husband Om Prakash Jindal, India’s richest woman now holds a stake in JSW Steel and other mining industries. <div type="image" title="savitri" msid="71538574" hostid="261" caption="&amp;lt;p&amp;gt;Savitri Jindal, OP Jindal Group &amp;lt;sub&amp;gt;BCCL &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Kiran Mazumdar Shaw, 66, founded and runs biopharmaceutical company Biocon. The female entrepreneur is placed at the 54th spot on the list, with a net worth of $2.38 billion. The company was also ranked in the top 20 global biotech employers. <div type="image" title="kiran" msid="71538599" hostid="261" caption="&amp;lt;p&amp;gt;Kiran Mazumdar Shaw, Biocon Limited &amp;lt;sub&amp;gt;Twitter/kiranshaw &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;&amp;lt;br&amp;gt;&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Yet another pharmaceutical company owner Leena Tiwari of USV India was ranked 71 on the Forbes list, with a net worth of $1.92 billion. The company, which was started as a joint venture with Revlon in 1961 is known for its diabetic and cardiovascular drugs.

Savitri Jindal, Kiran Mazumdar Shaw and Leena Tiwari — the only three women on Forbes list of 100 richest Indians

<ul><li>In its one year of existence, <keyword id="7278856" type="UNKNOWN" weightage="20" keywordseo="82-5-Communications">82.5 Communications</keyword> has pitched to 11 clients and bagged nine in its kitty. </li><li>From bringing a team together with different backgrounds to immersing themselves in the wide spectrum of Indian culture, the founders of 82.5 Communications walk us through their personal journeys on the agency's first anniversary. </li><li> <keyword id="255416" type="PERSON" weightage="20" keywordseo="Sumanto-Chattopadhyay">Sumanto Chattopadhyay</keyword>, Chairman &amp; CCO and <keyword id="137409" type="PERSON" weightage="20" keywordseo="Kapil-Arora">Kapil Arora</keyword>, Co-chairman &amp; CEO shared with us the reason behind pivoting from outsourcing non-WPP partners, the decision to adopt a new ‘elbows-in-approach’ of getting to know consumers, and roadmap ahead. </li></ul><keyword id="168456" type="CITY" weightage="20" keywordseo="WPP">WPP</keyword>'s one-year-old 82.5 Communications, an Ogilvy group agency, started out with an open-source model. The initial plan was to outsource a few services from different partners, as per client’s needs. Mid-way in its journey, the founders realised the pitfalls of out-sourcing. The agency had kept brand custodianship, strategy and content expertise in-house, while working with partners who offered allied services in media, social, PR, retail and activation. However, the agency is pivoting from its open-source model by closing it to the circle of partners within WPP. Explaining why the agency decided to take a detour from its original model, Kapil Arora, Co-chairman &amp; CEO, 82.5 Communications said, “Bringing many cultures of people together, who have a disparate opinion from one another, was very difficult. And while we remained the custodian, we didn't necessarily have control on the final output of what the others were doing. So we pivoted around six months ago, we said open platform still makes sense. We can't build everything ourselves. But let's move that open-platform to within WPP.” He adds, “So now our ecosystem that we've been building over the last four to six months and successfully so -- as a couple of the wins and businesses that we work on -- is because we work with like-minded partners within WPP. We have people who are culturally amenable to us and the way we approach brands as well.” While the agency changed its route six months ago, Arora said that more details will be shared with the media after they build their new ecosystem completely. After on-boarding Rishabha Nayyar as National Planning Lead, the agency will also follow an ‘elbows-in approach to brands.’ It will concentrate on getting to know the consumers under the skin. The conversations with the consumers and clients will be in-depth and the focus will be to maintain the cultural nuances in its final output. Ingenious Ideas In a year of its existence, WPP’s 82.5 Communications has truly carved out a niche for itself by promising ingenious Indian ideas, so much so that they reinvented the 4 P’s of marketing mix and gave it a ‘desi twist’ by calling it SEV, which stands for Solve consumer’s problem, Engage your consumer, Value their money. The agency has built a profile of India-first businesses that resonates with its positioning. Its clientele includes ITC, Bisleri, Himalaya Herbals, Wipro, Cera, Lava, Havells, Luminous, ACC Cement, Nestle MILO, Haldirams, RSPL group, Campus Shoes and <keyword id="210083" type="COMPANY" weightage="20" keywordseo="Pearson-Education">Pearson Education</keyword>, to name a few. “We had said we are an India-first agency talking to this entire opportunity of ‘India first’. Now if you look at our profile of the clients, not one year down the line, 90% of our clients are India-first. As large as the Himalayas and the ITCs of the world and as small as a brand called Jeeru, which sells in Bombay and Gujarat,” shares Arora, who is proud and content with the agency’s growth. Talking about the variety of ads they worked on and how they add an Indian twist to it, Arora said, “Our idea of India is not just one. We tip into cultural nuances, we tipped into Ayurveda, which is about our heritage, we tip into current issues, which is about fake forwards. So we're looking at a spectrum of what India stands for today; and not just one stereotype, at least that is our endeavour.” <keyword id="6375200" type="UNKNOWN" weightage="20" keywordseo="PIYUSH-PANDEY">Piyush Pandey</keyword>, Chairman of <keyword id="531122" type="COMPANY" weightage="20" keywordseo="Ogilvy-India">Ogilvy India</keyword> and CCO - Worldwide, feels that 82.5 Communications has opened up new opportunities for the entire network. He said, “Sometimes the clients of smaller scale think that Ogilvy is too big for me without even talking to us. 82.5 Communications has been able to reach out to those clients, one-on-one and together.” On working under Ogilvy’s halo, Sumanto Chattopadhyay, Chairman &amp; CCO, said, “I always believe that as a human being, your strength is also your weakness. When I was asked to do this, people said that I don’t need to worry because I have Ogilvy behind me, which is a boon but at the same time, people say ‘you are an Ogilvy number two’. And that is definitely not the space that we wanted to be in. We wanted to be an agency of our own name and own right.” Amongst its four branches dwelling in Mumbai, New Delhi, Bengaluru and Kolkata, Chattopadhyay says that Delhi has been the fastest-growing branch, as it grew by 70% in the last two months. Language-first approach 82.5 Communications will now focus on building language capability which is beyond translation or transliteration. “We have already built in-house language thinking expertise beyond Hindi and English, starting with Bengali, Marathi and Tamil. This repertoire will continue to increase through a mix of in-house talent and a circle of friends from the local film and theatre circuits. These are not employees but friends of the agency who tap into the voices of culture today. The Nestle Milo example was a first in that direction,” shares Arora. Arora concluded the conversation by highlighting the advantages of being a small agency. He said, “I think we are and will continue to be a work-in-progress agency. I think our strength is to be able to pivot and change and give you new models. Again and again and again, with your small scale, that's what allows you to do that as long as we keep the fundamentals and our foundation strong.”

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