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<keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword> has signed an MoU with the government of Haryana to create over 10,000 entrepreneurs in the state. As part of the MoU, Ola will invest Rs. 350 crores over the next five years to skill and train thousands of men and women to join Ola. The partnership will also allow the online taxi hailing app to introduce its products across the state. 
 
“We are confident that our partnership with Ola will further accelerate government’s efforts of pumping the economic development of the state with a focus on skilling and creating entrepreneurial opportunities for tens of thousands of men and women across the state.”, Sudhir Rajpal, Managing Director of HSIIDC said. 
 
Pranay Jivrajka, Chief Operating Officer at Ola said, “We are planning to invest over Rs. 350 crore in Haryana over the next 5 years. We will work with the government to train and provide the right skill set to thousands of men and women across Haryana and help them take their first step towards entrepreneurship.” 
 
Ola is currently present in five cities in Haryana including Gurgaon, Faridabad, Panchkula, Kurukshetra and Ambala and plans to expand its services in the region further. 
 
<a href="http://media.indiatimes.in/media/content/2015/Jun/ola-cabs_1433755676_725x725.jpg">Image Source</a>

Ola looking to invest Rs. 350 crores in Haryana

The country's largest carmaker <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India (MSI) witnessed a massive over two-fold drop in <keyword id="22637" type="General" weightage="20" keywordseo="production" source="Orion">production</keyword> last month owing to the shortage of semiconductor chips. In a regulatory filing, the auto major reported total production of 81,278 units in September as compared with 1,66,086 units in September 2020. "Production volume of the company in September 2021 was affected due to electronic components shortage," it noted. MSI said total passenger vehicle production stood at 77,782 units last month, as against 1,61,668 units in September 2020. Production of <keyword id="913938" type="General" weightage="20" keywordseo="mini-cars" source="Orion">mini cars</keyword> comprising Alto and S-Presso models stood at 17,163 units last month as against 30,492 units a year ago. Similarly, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno and Dzire, declined to 29,272 units from 90,924 units earlier, MSI said. Production of utility vehicles -- Gypsy, Ertiga, S-Cross, Vitara Brezza and XL6 -- dropped to 21,873 units last month from 26,648 units in the corresponding month of 2020. The company also reported a drop in the production of its Eeco van at 8,025 units last month as compared with 11,183 units in September 2020. MSI said production of its light commercial vehicle Super Carry stood at 3,496 units last month, as against 4,418 units in the year-ago month. MSI had reported a 8 per cent drop in total production in August on a yearly basis at 1,13,937 units. On August 31, the auto major had announced that it expects total vehicle production in September across its plants in <keyword id="41646" type="General" weightage="20" keywordseo="Haryana" source="Orion">Haryana</keyword> and Gujarat to be just 40 per cent of the normal output due to the semiconductor shortage. The company's production capacity at Gurgaon and Manesar plants in Haryana is around 15 lakh units per annum. Besides, Suzuki Motor Gujarat (SMG), a 100 per cent subsidiary of Japan's <keyword id="100743" type="General" weightage="20" keywordseo="suzuki-motor-corporation" source="Orion">Suzuki Motor Corporation</keyword>, has an additional installed production capacity of 7.5 lakh units per annum. SMG supplies cars exclusively to MSI. Semiconductors are silicon chips that cater to control and memory functions in products ranging from automobiles, computers and cell phones to various other electronic items. The usage of semiconductors in the auto industry has gone up globally in recent times with new models coming with more and more electronic features such as Bluetooth connectivity and driver-assist, navigation and hybrid-electric systems. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ai-powered-professional-networking-platform-lunchclub-is-now-open-for-indian-users/articleshow/86936966.cms">AI-powered professional networking platform Lunchclub is now open for Indian users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/is-urban-company-heading-the-ola-uber-way-with-over-100-beauticians-taking-to-the-street/articleshow/86935701.cms">Is Urban Company heading the Ola, Uber way with over 100 beauticians taking to the street?</a>

Maruti Suzuki reports over two-fold dip in production in September

New Delhi, May 18 () Ride-hailing platforms Ola and Uber on Monday announced resuming operations in more cities, including Delhi and Bengaluru, following new guidelines for the fourth phase of the lockdown. Cab services were suspended for more than 50 days in Delhi and Bengaluru due to restrictions imposed by the government to contain the spread of coronavirus. "In compliance with Lockdown 4.0 guidelines by the Government, Uber is resuming services across more cities in India. Riders will constantly be notified with further information and the status of specific cities through our app," it said in a blogpost. With the 10 new cities, Uber will be available in total of 35 cities in the country. The company had earlier resumed operations in 25 cities. Ola said driver-partners operating three and four-wheelers on the platform will be available in the states of Karnataka, Telangana, Delhi, Haryana, Chandigarh, Punjab, Tamil Nadu (except Chennai), Andhra Pradesh, Kerala, and Assam. "This also brings relief to millions of drivers-partners whose livelihoods depend on serving citizens on a daily basis. In all of the over 160 cities where Ola is now operational, enhanced safety protocols are applicable across every single trip," Ola said in response to an emailed query. In Delhi, taxis and cabs will be allowed but only two passengers at a time will be allowed in the car. According to industry executives, services for travelling between locations in two states (for example, Delhi and Gurugram) will still not be available under the current rules. Ola and Uber outlined steps for ensuring the safety of riders and driver-partners. Ola said its safety protocol includes compulsory mask usage for driver-partners and passengers, complete sanitisation of cars post-trips, and adhering to social distancing norms by limiting to two passengers per ride. Earlier on Monday, Uber announced that both driver and rider will mandatorily have to use face masks during a ride. Also, drivers will have to upload a selfie wearing a face mask before going online on the platform. These companies will also allow drivers and riders to cancel trips if they do not feel safe, including if a user is not wearing a mask or face cover. Uber and Ola had suspended operations after the government announced a nationwide lockdown from March 25 to contain the spread of COVID-19 infection. They allowed only people in essential services like healthcare, banking and media to commute and the restricted mobility left driver-partners of cab services like Ola and Uber with no source of income. After 40 days of lockdown, some relaxations were provided in the third phase (May 4 onwards), including allowing cab services to operate in orange and green zones. Uber started operations in 25 cities, including Jamshedpur, Kochi, Cuttack and Guwahati (green zone) as well as locations like Amritsar, Rohtak, Gurugram and Visakhapatnam (orange zone). Ola had said its services were available in more than 100 cities. The demand and supply had been low in the first few days after these platforms had resumed services. According to industry executives, demand was low in various cities as people were stepping out only for essential travel, while the number of vehicles on the road was also limited as a fraction of drivers logged onto work. SR MRMR

Lockdown 4.0: Uber, Ola resume services in more cities

New Delhi, Apr 13 () Ride-hailing major Ola on Monday said it has partnered with Haryana government to launch 'Ola Emergency' on its app in Gurugram to enable essential medical trips.The launch in Gurugram comes closely after Bengaluru, Vizag, Bhubaneshwar, Nashik and Varanasi. The company plans to expand the service to other major cities soon. The service allows riders to book non-COVID-19 medical trips, which do not require ambulance.With the implementation of the lockdown across the country to contain the spread of COVID-19, the government has allowed only people in essential services like healthcare, banking and media to commute."Ola Emergency is available in Gurugram starting today with a dedicated network of cars that are equipped with masks and sanitizers and will be operated by specially trained drivers. Over 100 hospitals have been mapped on to the app to provide the service to ensure that trips are made from homes to hospitals and vice-versa," Ola said in a statement.To book an 'Ola Emergency' cab, users can select the 'Ola Emergency' category and enter the drop location from a list of available hospitals in the city."Trips to hospitals for medical urgencies are unavoidable, even in the current times. With Ola Emergency, we are able to facilitate trips to and from hospitals across the city through the Ola app," an Ola spokesperson said.The service will be available 24x7 and will provide citizens with a reliable, convenient and safe transport solution for medical trips that do not require an ambulance, the spokesperson added.Ola said it is facilitating a clean and safe ride experience by ensuring that all registered driver-partners on the network are trained to follow proper sanitary measures, including wearing masks and frequent usage of hand sanitizers that cars have been equipped with."We will continue to work closely with various state governments to ensure that people across cities can avail this service to access essential medical care," the spokesperson said.Customers will be charged a nominal fare according to the rate card to compensate driver-partners for their services, Ola said. SR RUJ

COVID-19: Ola launches emergency cab service for essential medical trips in Gurugram

After alleged territorial incursion, China is slowly, but definitely invading the major driver of <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>, <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>. That said, this time it is good news for the country. Though China became India’s largest trading partner in 2008, it is only now that the <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> have started flowing into the country. News of plans of Chinese companies to invest $5-10 billion into the country is good news indeed, given the <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> by Chinese companies into India during the last decade and a half was less than $ 1.5 billion. Starting this year, the spate of announcements proves that China is on an investment high. Wanda, China's largest commercial <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> developer, announced investment worth $10 billion in Haryana. <keyword id="64310" type="CITY" weightage="100" keywordseo="SAIC">SAIC</keyword> Motor, China's largest carmaker, proposed to buy GM's Gujarat facility. About 100 small and medium Chinese enterprises have promised investments worth $1 billion. The Chinese incursion has been the best news so far for the start-ups as a major part of these Chinese investments flowed in this sector last year. From Alibaba’s investment in <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> and <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> to Didi Kuaidi’s investment in <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>, Chinese companies are fast recognising the potential of this sector. The year kickstarted with China's online travel company Ctrip picking up a strategic stake in Makemytrip and Baidu starting discussions with internet startups. This comes after Alibaba's high profile investments in Snapdeal and Paytm last year. Another Chinese internet giant Tencent Holdings, also entered the field with investments on Bangalore-based healthcare startup <keyword id="1165142" type="UNKNOWN" weightage="100" keywordseo="Practo">Practo</keyword> last year. They are also targeting large cap stocks. State Administration of <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">Foreign Exchange</keyword> (SAFE), a fully-owned subsidiary of People's Bank of China recently invested in some of India's pedigree large cap stocks. 

	These investments point towards the country’s growing affiliation towards its neighbour. So much so that many Indian companies are eyeing Chinese investments to top their US investments. Is this a start towards a better future of the bittersweet relation these two countries share!
 

	Have a complete look at the journey here.

	 
	 
	(Image credits: indiatimes)

The Chinese invasion of India Inc

Queuing up at an ATM and waiting for your turn isn’t something to get pissed about. Standing in a queue is how democracy works. But when you have waited for half an hour behind 20 odd people, and found the<a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate"> ATM screen </a>displaying ‘No Cash’ the moment you entered the cubicle, would make <keyword id="62146" type="ORGANIZATION" weightage="20" keywordseo="Censor-Board">Censor Board</keyword> chairman <keyword id="15361" type="PERSON" weightage="20" keywordseo="Pahlaj-Nihalani">Pahlaj Nihalani</keyword> censor the blue screen saver of ATM machine, had he been here. 
 Ever since <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>’s policy on demonetization has been announced, normal life has been paralysed. The earlier reform moves might have been criticized by the political parties, but this is the first time ever, <a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate">Modi</a>’s decision has hit the common masses directly. The decision to ban Rs 500 and Rs 1000 notes have disrupted businesses, offices like never before. Earlier any shop would search for excuses to refuse change of Rs 500 when you buy stuff for Rs 200 or less. And now they have a legal excuse. Visit a government office other than bank or post office in a suburban town in any state, employees have found a new excuse of bunking office. They are justifying their absence for 3 hours by saying, they don’t have money so needed to visit <a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate">bank </a>and stand in queue. 
 
Well, you might say that these all can be ignored for greater good. But as reported by an esteemed regional newspaper in <a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate">Bengal</a>, businessmen with black money are paying jobless youths Rs 300 to stand on queue and exchange money. The only qualification required is having a bank account. So black money can be whitewashed. 
 
It’s easy for people with an ATM or debit card and a Smartphone to justify the move. Social media is exploding with Ola and Uber drivers ‘sacrificing’ for the country, but what the netizens are forgetting is a driver partner with any of the app based cab service is well off than many people. They earn better than many freshers. 
 While the Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has requested time till 30th of December, finance minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> didn’t sound very confident when indicating ATM normalcy to be restored within 3 weeks. When lack of clarity gets blended with uncertainty, the result is horrific. And that’s exactly what you can see in front of banks and ATMs. 
 
Delivery pain of a new born is suffered by its mother. But when a <a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate">nation-changing revolutionary</a> step is taken, unfortunately the pain is seeping down to the ever-suffering people who don’t own <a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate">ATM card</a>, smartphone and in worst cases bank accounts. Two-third of India’s population doesn’t know what Grofers means or what Cash on Delivery is. Even urban population has people who have never been to ATM. It’s not that they can’t but illiteracy is largely responsible for it. In remote villages of <keyword id="30033" type="COMPANY" weightage="20" keywordseo="Bihar">Bihar</keyword>, <keyword id="6356978" type="CITY" weightage="20" keywordseo="Bengal">Bengal</keyword>, <keyword id="6354915" type="CITY" weightage="20" keywordseo="Assam">Assam</keyword>, <keyword id="43945" type="COMPANY" weightage="20" keywordseo="Chhattisgarh">Chhattisgarh</keyword>, <keyword id="6355554" type="COMPANY" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, Rajasthan going to bank means spending Rs 20-30 and wasting 3 hours of time. And people who get paid Rs 400 everyday going to bank would mean skipping dinner for the day. 
 It’s assumed that the reform doesn’t end here. The next step would be making all transactions cashless i.e. card, e-wallet and cheque payment. For us, who live in big cities, flaunt coupons to buy pizzas and Promo codes to book cabs, life wouldn’t change much. But for the migrating labour coming from Bihar to work in Delhi NCR, the migrating maid from <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> to Bangalore, the migrating security guards from <keyword id="41646" type="COMPANY" weightage="20" keywordseo="Haryana">Haryana</keyword> to Chennai, this change wouldn’t be as easy. 
 
For beginning a new journey, Modi should have made sure that the<a href="http://www.businessinsider.in/searchresult.cms?query=modi&amp;sortorder=effectivedate"> co-passengers</a> have also put on their seat belt and the tray of Rs 500 notes in ATM machine has been properly fitted.

Demonetisation: Here's why Modi should have looked before he
took the leap

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

<ul><li>Revolt has opened the booking for the RV400 electric bike in India.</li><li>The company is currently accepting bookings from 70 cities in India.</li><li>The company currently has 7 experience centres and it aims to expand to 63 more cities by early 2022.</li></ul>Revolt Motors has reopened the bookings for its popular electric bike, the RV400 in India. This is the third time that the company has opened bookings for its bike and this time, potential buyers from 70 cities across the country can book the bike. Revolt Experience centers are currently available in Delhi, Pune, Hyderabad, Ahmedabad, Chennai, Mumbai and Bengaluru. Additionally, the company intends to expand its presence to 63 more cities by 2022, including Jaipur, Surat, Lucknow, Kolkata and Chandigarh. <cmsannotation type="cmsannotation" annotationid="Revolt RV400 price" comment="subhead" text="Revolt RV400 price"><keyword id="7892116" type="General" weightage="20" keywordseo="revolt-rv400" source="Orion">Revolt RV400</keyword> price</cmsannotation> The Revolt RV400 is priced at an ex-showroom price of ₹1.25 lakh and is available in three color options – Rebel Red, Mist Grey and Cosmic Black. If your state is offering incentives for electric vehicles in addition to the Fame II incentive, the price can be further decreased. For example, Maharashtra is currently offering state incentives of ₹16,000 on the Revolt TV400, bringing down its price to ₹1.09 lakh. You will have to initially pay a booking amount of ₹19,999, which will later be adjusted with the bike’s price. <cmsannotation type="cmsannotation" annotationid="How to book the Revolt RV400" comment="subhead" text="How to book the Revolt RV400">How to book the Revolt RV400</cmsannotation> <ul><li>Go to Revolt’s booking page <a href="https://www.revoltmotors.com/book">here</a>.</li><li>Then, enter your name, phone number, email, state and city.</li><li>Select the color variant which you want to buy and click on “Select”.</li><li>Then, you will be shown the delivery slot, depending on your city.</li><li>Click on “Next”.</li><li>Then, click on the payment button.</li><li>Now, complete the payment of ₹19,999.</li></ul>Once you have finished, you will get a confirmation from Revolt and you will start receiving updates about your booking. <cmsannotation type="cmsannotation" annotationid="Revolt RV400 features" comment="subhead" text="Revolt RV400 features">Revolt RV400 features</cmsannotation> The Revolt RV400 is equipped with a 3Kw electric motor and is powered by a 72V, 3.24KWh Lithium-Ion battery. The bike can be fully charged in 4.5 hours, offers a top speed of 80 km per hour and a maximum range of 150 km. <cmsannotation type="cmsannotation" annotationid="Revolt aiming at 100% localisation" comment="subhead" text="Revolt aiming at 100% localisation">Revolt aiming at 100% localisation</cmsannotation> Revolt has been able to achieve 70% localisation so far and is working on 100% localization. In a statement to PTI, Revolt Motors founder Rahul Sharma <a href="https://economictimes.indiatimes.com/industry/renewables/revolt-motors-eyes-100pc-localisation-by-january-to-re-open-bookings-of-rv400-on-october-21/articleshow/87158806.cms">said</a>, "The company is working on 100% localisation and by January we would be able to achieve it.” The company currently has a manufacturing facility in Manesar, Haryana which has a capacity to roll out 1 lakh units per year. Sharma added that the company would launch new products and increase capacity by next year. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ola-s1-and-s1-pro-test-rides-to-begin-on-november-10/articleshow/87157790.cms">Ola S1 and S1 Pro test rides to begin on November 10</a> <a href="https://www.businessinsider.in/business/auto/news/here-are-the-top-electric-bikes-in-india-in-2021/slidelist/85174209.cms">Revolt to Kabira to Tork – These are the top electric bikes you can buy in India in 2021</a>

Revolt RV400 bookings now open – price, features and everything you need to know

<ul><li>Many individuals were seen asking for a ‘pause’ on equated monthly installment (EMI) payments after being forced to take leave without pay.</li><li>Not just salaried employees, but those who drive auto-rickshaws or Uber and Ola cabs, as well as small business owners, may need more time to pay their loans after the lockdown has brought their business to a standstill.</li><li>However, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> has so far focussed on the poorest of the poor, farmers, women, and self-help groups with the latest ₹1.7 lakh crore relief package.</li><li><a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate">Follow the comprehensive coverage of the Coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.</a></li></ul>India’s middle class was clamouring for a break from paying their loans after the 21-day lockdown came into effect to contain the spread of the novel Coronavirus. However, Nirmala Sitharaman’s <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-26th-march-speech-highlights-and-updates/articleshow/74825011.cms">financial action plan</a> of ₹1.7 lakh crore ($22 billion) did not offer any relief on equated monthly installment (EMI) payments. The Press Information Bureau’s YouTube feed was flooded with requests with people asking the government to pause 
 <div type="image" title="pauseemi_edited" msid="74827616" hostid="261" caption="&amp;lt;p&amp;gt;PIB&amp;#39;s YouTube feed during Nirmala Sitharaman&amp;#39;s press conference today, March 26&amp;lt;/p&amp;gt;"></div>



 In the last press conference on March 24, Sitharaman had addressed a question on EMIs and said that the Department of Financial Services (within the Ministry of Finance that she heads) may take an appropriate decision. This stoked hope that thousands of people whose jobs, salaries, and appraisals are at stake ⁠— even businesses which have to pay monthly instalments on loans ⁠— may get some reprieve as part of the relief package. However, that hope came undone today. The need for EMI relief The lock down has forced many businesses to shut down and factories have had to close their doors. As a result, a few people have been forced to take unpaid leave— like in the case of <a href="https://www.businessinsider.in/business/news/coronavirus-goair-says-all-employees-will-have-pay-cut-in-march/articleshow/74806501.cms">GoAir</a>, Indigo, and <a href="https://www.businessinsider.in/business/news/coronavirus-goair-says-all-employees-will-have-pay-cut-in-march/articleshow/74806501.cms">AIESL</a> with hyperlink to the story — with the uncertainty around when the Coronavirus crisis will finally end. 
 <div type="image" title="airline_edited" msid="74827631" hostid="261" caption="&amp;lt;p&amp;gt;Airlines struggle has India puts a half on all domestic and international air travel&amp;lt;/p&amp;gt;"></div>



 Not just on YouTube, but also on Twitter, many individuals are pleading with the government to provide some relaxation. Infosys co-founder TV Mohandas Pai joined in asking the government to provide at least 6 months of deferment on EMI and loan interests. 
	<div type="twitter" handle="TVMohandasPai" handlename="Mohandas Pai" image="http://pbs.twimg.com/profile_images/563397282020618240/BsxVmVtk_normal.jpeg" favoritecount="336" retweetcount="117" status="@PMOIndia @narendramodi @nsitharaman Sir very good Economic stimulus for majority of Indians! Pl consider one for t… https://t.co/6Es9BulRwi" createdat="1585211483000" id="1243093178183385089"></div>



 In addition to salaried employees, individuals who drive auto-rickshaws or those who drive Uber and Ola cabs also need more time to pay their loans since they won’t be able to ferry passengers during the lock down. See also: <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-26th-march-speech-highlights-and-updates/articleshow/74825011.cms">India announces a $22 billion package including cash transfers to feed and serve the poor during the Coronavirus lockdown</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-kerala-news-and-updates/articleshow/74775194.cms">Coronavirus cases in Kerala news and updates</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-tamil-nadu-news-and-updates/articleshow/74785909.cms">Coronavirus cases in Tamil Nadu news and updates</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-haryana-news-and-updates/articleshow/74771116.cms">Coronavirus cases in Haryana news and updates</a>

India’s anxious middle class is left waiting for EMI relief after the $22 billion Coronavirus lockdown package

<ul><li>Our focus is on aluminium forged components as the vehicles are going to get light weighted across segments because of the emissions norms, said B R Preetham, group chief executive officer at <keyword id="1734451" type="General" weightage="20" keywordseo="sansera-engineering" source="Orion">Sansera Engineering</keyword> in an interview with Business Insider.</li><li><keyword id="12014102" type="General" weightage="20" keywordseo="sansera-engineering-ipo" source="Orion">Sansera Engineering IPO</keyword> is opening from today and closes on September 16.</li><li>The company has already mopped up ₹382 crore from anchor investors ahead of the IPO while it is looking to raise ₹1,282 crore from an offer for sale of 1.72 crore shares. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>Just like Audi, BMW, Nissan and Porsche, are now making the switch from steel to aluminum for lightweight batteries in electric cars, r<a href="https://www.azom.com/article.aspx?ArticleID=20395">eportedly</a>, influenced by Tesla’s aluminum based design, an Indian auto parts maker opening its initial public offering today is hoping that Indian customers like Maruti, Bajaj Auto and Honda will also do the same. “One of our focused areas is aluminium forged components as you are aware the industry is going to get light weighted both in passenger vehicles and two-wheelers whether it is electric or not. Lightweighting is going to happen because of the emissions norms,” said B R Preetham, group chief executive officer at Sansera Engineering in an interview with Business Insider. Aluminium is lighter than steel, better for recycling and reduces emissions. Due to its upcoming IPO compliance requirements, Preetham did not reveal their overall investment towards this segment but mentioned, “we have invested a lot in the aluminium forgings and thereby expect increasing revenue from it further,” said Preetham. Sansera Engineering’s IPO opens today and closes on September 16 The company is looking to raise ₹1,282 crore from an offer for sale of 1.72 crore shares at a price band ₹734-744. Ahead of the IPO, the company had mopped up ₹382 crore from anchor investors. Government of Singapore, Abhu Dhabi Investment Authority, Axis MF, ICICI Prudential MF are some of the anchor investors who bought the IPO. The allotment of the shares will be revealed on September 21 and the shares will be listed on September 24. The verdict from analysts has been a mixed one. Ventura Securities argues that the IPO is overpriced and that the return on investment may be the worst in the sector. Whereas, those at BP Wealth rated the IPO as ‘subscribe’ citing “the strong product portfolio, advanced manufacturing capabilities and robust track record.” <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing shareholders selling via IPO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current stake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake to be sold via IPO </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Client Ebene </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.85% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86.35 lakh shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CVCIGP II Employees EBENE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.96% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48.36 lakh shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">S Sekhar Vasan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.90% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.58 lakh shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unni Rajagopal K </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.36% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">D Devaraj </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.11% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FR Singhvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.71 lakh shares </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> This is Sansera Engineering’s second attempt to go public. Earlier, it had filed for an IPO with the market regulator in August 2018. Reportedly, it had received a nod to float the public issue, but it did not go ahead with the <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/sansera-engineering-gets-sebis-go-ahead-to-launch-ipo/articleshow/85190914.cms">launch</a>. Sansera wants a share in the electric vehicles pie Meanwhile, the company is also expanding its component services to the electric vehicle segment. “Only 6% of our business is under that (electrification). But having said that we have already started our journey into electrification, we have secured orders from new age startups who are setting up huge facilities for electric two wheelers. We are going to supply about 8 components to them,” added the company management in an interview. On being asked if the new customer was Ola, Preetham refused to disclose the name of the customer but said that it was, indeed, a well-known startup. <div type="image" title="sansera chart" height="900" width="1200" msid="86188995" hostid="261"></div> As of July 31, 2021, Sansera Engineering has 16 manufacturing facilities, of which 15 are in India in the states of Karnataka, Haryana, Maharashtra, Uttarakhand and Gujarat, and one facility is in Trollhättan, Sweden Within the automotive sector, the company manufactures and supplies a range of precision forged and machined components and assemblies, such as connecting rod, rocker arm, crankshaft, gear shifter fork, stem comp, and aluminium forged parts. Within the non-automotive sector, it manufactures and supplies a range of precision components for the aerospace, off-road, agriculture and other segments, including engineering and capital goods. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-pharmacy-startup-pharmeasy-is-looking-to-hire-200-engineers-in-hyderabad-pune-and-delhi-before-the-ipo/articleshow/86168091.cms">Online pharmacy Startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-zee-entertainment-infosys-and-other-top-stocks-to-watch-out-for-on-september-14/slidelist/86188036.cms">Zee Entertainment, Infosys, Ami Organics, and other top stocks to watch out for on September 14</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-zee-entertainment-infosys-and-other-top-stocks-to-watch-out-for-on-september-14/slidelist/86188036.cms"></a>

INTERVIEW:  An auto parts maker for Maruti, Bajaj and Honda is betting that Indian car makers will take a leaf out of Tesla’s playbook

Indian billionaire <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, is an internet entrepreneur who co-founded Flipkart along with Sachin Bansal in 2007 and stayed with the company until 2018 when Walmart bought it over. Here are a few <keyword id="8866696" type="UNKNOWN" weightage="20" keywordseo="interesting-facts-about-Binny-bansal">interesting facts about Binny Bansal</keyword> some of which will inspire you and the others may be a warning. From Chandigarh to IIT Delhi Binny Bansal hailed from Chandigarh, the common capital of Punjab and Haryana. Sachin bansal, his business partner too was from the same place. They met each other at IIT, Delhi as students of Computer Science Engineering before they set up Flipkart. The maker of unique car sensors After graduating from IIT-Delhi, Binny started his career with a research and development firm, Sarnoff Corporation, India where he designed car sensors that were programmed to give automatic beep sounds if the driver changed lanes without giving signal. Building a business and losing it all <a href="https://successstory.com/people/binny-bansal">Binny said he founded Flipkart after</a> Google rejected him twice, once in 2005 and then in 2006. Before starting Flipkart, Binny worked for Amazon for about nine months and in 2007, Binny and Sachin launched Flipkart, with a capital of ₹4 lakh, as a platform to sell books. Flipkart started in a small flat in Koramangala delivering books ordered online. It is said that Sachin dreamt of big ideas and Binny executed them. During the initial days, both of them took turns to deliver the consignments on a scooter. He served as a Chief Operating Officer until 2016 where he earned a reputation for being ‘The Operational Guy’, and ‘The Executioner’. He became the CEO in 2016 and then the Group CEO in 2017. The employees at Flipkart <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-once-flipkarts-engine-now-the-kart-runs-without-him/articleshow/66629215.cms">described Binny as a calm and highly approachable person</a>. Though he ran a multi-million dollar firm so successfully, he was always willing to learn to improve himself. He participated in a <a href="https://www.livemint.com/Companies/VVgc0VII28w6w2aSQ4V0dP/Flipkarts-other-Bansal-comes-to-the-fore.html">personality training and leadership coaching in 2014</a>. From a small beginning, Binny Bansal, along with his friend Sachin Bansal, turned Flipkart into a massive online e-commerce venture that was bought over by Walmart in 2018 for a whopping $16 billion. Binny Bansal, the billionaire According to Forbes, Binny Bansal has a net worth of $ 1.3 billion. In 2017, <a href="http://www.skillstic.com/binny-bansal-biography/">India Today</a> ranked him in the 26th position along with Sachin Bansal among the 50 most powerful people. <a href="http://www.skillstic.com/binny-bansal-biography/">TIME named the two friends</a> among the 100 most influential people in 2016. The fall from grace Binny Bansal stepped down from his position as CEO of the company in November, 2018 following an internal review after an allegation of personal misconduct. Although the allegation was taken down, it was Binny Bansal’s lack of transparency in the matter that cost him his job. "While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," <a href="https://www.forbes.com/sites/meghabahree/2018/11/13/flipkart-ceo-binny-bansal-resigns-after-probe-into-personal-misconduct/#4a3e39f55ac3">Flipkart had</a> said in the statement then. SEE ALSO: <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

Taxi-hailing app <keyword id="1042120" type="PERSON" weightage="100" keywordseo="Uber">Uber</keyword>'s new <keyword id="3303159" type="UNKNOWN" weightage="100" keywordseo="bike-sharing-product">bike sharing product</keyword> '<keyword id="3259663" type="UNKNOWN" weightage="100" keywordseo="uberMOTO">UberMOTO</keyword>' can now be enjoyed by <keyword id="6361586" type="COMPANY" weightage="100" keywordseo="Gurgaon">Gurgaon</keyword> commuters. 

	“Uber today announced a pilot of Uber’s bikesharing product — 'UberMOTO' in Gurgaon... This follows our agreement with the government of Haryana to introduce technology based ride-sharing services in the state,” it said in a statement.
 

	The company has set minimum fare at Rs. 15, followed by Rs. 3 per km and Rs. 1 per min of ride-time charges. The minimum fare is Rs. 20. It will compete with companies like Baxi.
 

	“UberMOTO works towards the vision of reducing congestion by helping fill every empty seat on the bikes on road. It enables riders to push a button and share a motorbike ride within minutes,” Uber Delhi General Manager Gagan Bhatia said.
 

	It’s a great way for people to save time and money on short trips across town and provides last mile connectivity — especially to and from the metro stations, he added.
 

	Also, Uber will not charge any service fee for the duration of this pilot and will submit a key findings report to the Government, analysing the benefits of bike-sharing in the city.
 The U.S.-based company had launched a pilot for the product in <keyword id="6354321" type="CITY" weightage="100" keywordseo="Bengaluru">Bengaluru</keyword> earlier this month but state road authorities had complained that it lacked requisite permissions to offer two-wheeler taxi service. 

	Uber said it had extensive discussions with the relevant authorities and made modifications to the pilot service.
 

	It had said it will also not charge any service fee for the period of this pilot and was essentially encouraging “bikepooling” aimed at decongesting city roads.
 

	The company will prepare a similar report addressing the viability of the product for Bengaluru as well.
 

	Uber’s rival, Ola had also launched a similar bike-sharing service in Bengaluru. However, following the complaint, the Softbank-backed firm had discontinued the service.
 

	To book a bike ride, users can choose the ‘UberMOTO’ option from the Uber app and enter their pickup location and payment method and request a ride.
 

	Similar to cabs, users will get driver’s details straight like name, photo and details of the motorbike.
 

	Uber’s standard product safety features include GPS tracking, 2-way feedback and the ability to share trip details with family and friends.

	 
	 
	(Image credits: indiatimes)

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