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The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. 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Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

<ul><li>The company has clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, <keyword id="241647" type="General" weightage="20" keywordseo="Volcan-Investments" source="Orion">Volcan Investments</keyword> and not listed Vedanta.</li><li>Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges.</li><li>With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips.</li><li>The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances.</li></ul>Shares of Anil Agarwal-led company slipped as much as 9% today after surging 14% in the last two days. This comes after the company clarified that the proposed semiconductor manufacturing will be undertaken by the holding company, Volcan Investments and not the listed Vedanta. Volcan Investments is a holding company wholly owned by the Agarwal family trust, which is not listed on exchanges. Shares of Vedanta were on an uptrend in the last few days as investors were excited about the company's investment into semiconductor manufacturing. Besides, reports of Vedanta venturing into making Apple iPhones and electric vehicles added to the rally. “We reiterate that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the ultimate holding company of Vedanta Limited, Volcan Investments Limited,” said the company in a BSE statement. Vedanta, an oil-to-metals conglomerate, and Taiwanese electronics giant Foxconn have formed a joint venture to invest over ₹1.54 lakh crore to set up a semiconductor manufacturing facility in Gujarat. The proposed facility will come up over the next two years in Gujarat. Chairman <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> shared the news on Twitter and said the investment of ₹1.54 lakh crore will be set up in Gujarat and “will help make India's #Atmanirbhar Silicon Valley a reality." <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Reports say huge investment in Gujarat comes ahead of key local elections. There is a political twist to it as well given some reports say Maharashtra chief minister Eknath Shinde had invited the company to sign a Memorandum of Understanding (MoU) to set up a facility in Talegaon near Pune city in Maharashtra. With this, India will enter the list of very few countries like Taiwan that are leaders in making such chips. The rating agency Moody’s says that Vedanta is not expected to be the financier in the proposed investment but in future if it does get involved, it will hurt its finances. “Volcan’s proposed $20 billion semiconductor project has no immediate impact on Vedanta Resources Limited’s credit profile. We do not expect Volcan to extract any cash from Vedanta to fund this investment. Any deviation from this expectation, such that Vedanta is used as a financing vehicle for Volcan, will weigh on the company’s weak liquidity profile and pressure its B2 negative corporate family rating,” said Kaustubh Chaubal, senior vice president at Moody’s Investors Service. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/headline-india-is-a-prime-spot-for-all-bulge-bracket-pes-says-bank-of-americas-debasish-purohit/articleshow/94238157.cms">India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a>

Vedanta slips 9% after it clarifies semiconductor venture to be undertaken by Volcan Investments

Diversified natural resources company <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>'s credit profile is not likely to be weighed down by the group's plans to make semiconductors, said S&amp;P Global Ratings. According to the global credit rating agency, <keyword id="99389" type="General" weightage="100" keywordseo="vedanta-resources" source="Orion">Vedanta Resources</keyword>' credit profile will not be weighed down by the group's $20 billion semiconductor manufacturing venture as the investment will be made outside of the company. "The business (semiconductor) will be undertaken in a separate entity under Vedanta Resources' holding company <keyword id="5026635" type="General" weightage="50" keywordseo="volcan-investments-ltd" source="Orion">Volcan Investments Ltd</keyword>," it said. Any potential credit impact of the planned investments in the semiconductor business will depend on the details of the funding plan, which have yet to emerge, the credit rating agency added. "For example, we could watch out for any change in Vedanta Resources' dividend policy, to support servicing of any debt at <keyword id="4055768" type="General" weightage="50" keywordseo="volcan" source="Orion">Volcan</keyword> for the semiconductor business. We believe Vedanta Resources will prudently manage its investments so that it does not put debt servicing at risk," S&amp;P Global Ratings said. According to the credit rating agency, the <keyword id="147780" type="General" weightage="50" keywordseo="vedanta-group" source="Orion">Vedanta Group</keyword>'s investments will also likely happen over a long period of time. "Our rating on Vedanta Resources does not assume any material exposure by the company or its key subsidiary, Vedanta Ltd., to the semiconductor business over the next 12-24 months," it said. Vedanta partnering with Taiwanese group Foxconn recently inked an agreement with Gujarat government to set up a semiconductor venture in the state. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetahs-brought-from-namibia-savour-their-first-meal-in-india-appear-playful/articleshow/94304567.cms">Cheetahs brought from Namibia savour their first meal in India, appear playful</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/enough-wheat-stock-in-india-govt-to-take-action-against-hoarders-if-needed-food-secy/articleshow/94304468.cms">Enough wheat stock in India; Govt to take action against hoarders if needed: Food Secy</a>

Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&P Global Ratings

<ul><li>China witnessed its biggest-ever monthly decline in chip manufacturing in August . </li><li>The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing.</li><li>The Gujarat government has partnered <keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword> and Foxconn, aiming an investment of ₹ 1.54 lakh crore to produce semiconductors. </li></ul> As India and the US double down on domestic <keyword id="712417" type="General" weightage="100" keywordseo="semiconductor-manufacturing" source="Orion">semiconductor manufacturing</keyword>, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units. Local output of microcomputers fell 18.6 per cent to 317.5 billion units in August. In August, domestic manufacturing activity contracted for the first time in three months, the report mentioned. A record 3,470 chip-making companies "went out of business in the first eight months of the year", according to statistics from business database platform Qichacha. The slump in chip production in China is coming as both India and the US ramp up efforts to bolster local chip manufacturing. The Gujarat government has partnered Vedanta and Foxconn, aiming an investment of ₹ 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing. India's semiconductor component market is likel to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research. The Indian government has announced an outlay of ₹ 76,000 crore (around $10 billion), under its PLI scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. Meanwhile, US President Joe Biden has signed into law the Chips and Science Act, which provides nearly $52 billion in semiconductor production incentives. Intel has kicked off work on the new $20 billion semiconductor plant in the Ohio state in the US. Samsung has floated an idea of investing nearly $200 billion to build 11 more chip plants in the US over the next two decades. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/idbi-trustee-asks-rcap-administrator-to-withdraw-allegations-of-breach-of-confidentiality/articleshow/94280808.cms">IDBI Trustee asks RCap administrator to withdraw allegations of breach of confidentiality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/obesity-is-linked-to-long-covid-risk/articleshow/94270032.cms">Obesity is linked to long Covid risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/global-artificial-intelligence-market-to-reach-450-bn-in-2022/articleshow/94269565.cms">Global artificial intelligence market to reach $450 bn in 2022</a>

China's chip output shrinks as India, US ramp up local manufacturing

<ul><li>India set out a $10 billion push to bring <keyword id="6451058" type="General" weightage="20" keywordseo="semiconductor" source="Orion">semiconductor</keyword> chipset manufacturing in the country back in 2021. </li><li>Now, it seems that the government’s plans are coming to fruition with the first tangible multi-billion dollar investment announcement. </li><li>Mining giant <keyword id="28423" type="General" weightage="50" keywordseo="vedanta" source="Orion">Vedanta</keyword> has much bigger plans – at $20 billion – to set up a semiconductor and display manufacturing facility in the country. </li></ul><keyword id="13212492" type="General" weightage="80" keywordseo="ismc" source="Orion">ISMC</keyword>, a joint venture between Abu Dhabi-based <keyword id="3315695" type="General" weightage="50" keywordseo="next-orbit-ventures" source="Orion">Next Orbit Ventures</keyword> and Israel’s <keyword id="2489740" type="General" weightage="50" keywordseo="tower-semiconductor" source="Orion">Tower Semiconductor</keyword>, has announced that it has signed a memorandum of understanding (MoU) with the Karnataka government to set up a semiconductor chip manufacturing plant. According to a <a href="https://twitter.com/investkarnataka/status/1520656115276550144">statement</a> by the Karnataka state government, ISMC will invest up to $3 billion in the state for its chip manufacturing facility. <keyword id="28115" type="General" weightage="80" keywordseo="intel" source="Orion">Intel</keyword>, the company which powers most of the computers in the world, has announced plans to acquire Tower Semiconductor, one of the partners of the ISMC joint venture. <div type="Article" hostid="261" msid="91100753" title="India is reportedly in talks with TSMC, Intel and other semiconductor giants to set up local production plants in the country" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="India’s semiconductor plans get a big, needed boost" comment="subhead" text="India’s semiconductor plans get a big, needed boost">India’s semiconductor plans get a big, needed boost</cmsannotation> India has been stressing the need for diversifying its supply chain when it comes to semiconductor chips, <a href="https://www.businessinsider.in/policy/economy/news/india-makes-a-10-billion-bet-to-woo-chip-makers-at-home/articleshow/88298295.cms">announcing a massive $10 billion</a> (approx. ₹76,000 crore) plan to attract chipmakers from around the world to set up shop in India. Now, it looks like those plans are coming to fruition with ISMC’s $3 billion announcement. Earlier, India was <a href="https://www.businessinsider.in/tech/news/india-is-wooing-tsmc-intel-and-globalfoundries-to-set-up-semiconductor-plants-in-the-country/articleshow/91100753.cms">said to be in talks</a> with semiconductor giants like <keyword id="171929" type="General" weightage="50" keywordseo="tsmc" source="Orion">TSMC</keyword>, Intel and GlobalFoundries to set up shop in India. <cmsannotation type="cmsannotation" annotationid="Vedanta in ‘advanced talks’ with three major Indian states" comment="subhead" text="Vedanta in ‘advanced talks’ with three major Indian states">Vedanta in ‘advanced talks’ with three major Indian states</cmsannotation> Indian multinational mining giant Vedanta could also be looking at diversifying its business by jumping onto the <keyword id="712417" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="Orion">semiconductor manufacturing</keyword> bandwagon. According to a <a href="https://www.reuters.com/world/india/chip-consortium-ismc-plans-3-bln-plant-indias-karnataka-2022-05-01/">Reuters</a> report, the Mumbai-based company headed by founder Anil Agarwal is looking at three major Indian states – Gujarat, Maharashtra and Telangana, to set up a semiconductor chip manufacturing plant. The report further adds that Vedanta has planned an investment outlay of $20 billion for its semiconductor and display manufacturing plans. This is double that of the Indian government’s PLI (production-linked incentive) scheme for chipmakers. The Indian government has stated that the Indian semiconductor market is forecast to grow four-fold from $15 billion in 2020 to $63 billion in 2026. With the ongoing global semiconductor chipset shortage and the increasingly volatile geopolitical scenario between the US and Taiwan, and China, on the other hand, the Indian government’s urgency to build up domestic semiconductor manufacturing capabilities is understandable. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-is-wooing-tsmc-intel-and-globalfoundries-to-set-up-semiconductor-plants-in-the-country/articleshow/91100753.cms">India is reportedly in talks with TSMC, Intel and other semiconductor giants to set up local production plants in the country</a> <a href="https://www.businessinsider.in/policy/economy/news/india-makes-a-10-billion-bet-to-woo-chip-makers-at-home/articleshow/88298295.cms">India makes a $10 billion bet to woo chip makers at home</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Semiconductor manufacturing in India gets a boost with ISMC’s proposed $3 billion plant in Karnataka

Anil Agarwal-led <keyword id="28423" type="General" weightage="80" keywordseo="vedanta" source="Orion">Vedanta</keyword> on Thursday announced the appointment of <keyword id="16813100" type="General" weightage="80" keywordseo="omar-davis" source="Orion">Omar Davis</keyword> as its President-Strategy. <keyword id="18718" type="General" weightage="100" keywordseo="davis" source="Orion">Davis</keyword> will work closely with Vedanta chairman <keyword id="781" type="General" weightage="80" keywordseo="agarwal" source="Orion">Agarwal</keyword> to lead the Group's strategic initiatives and will be based out of the group's London office. A seasoned natural resources banker, Davis has an experience of 25 years in the industry, Vedanta said in a statement. Most recently, prior to his appointment, he worked with Bank of America as the bank's global head of metals and mining for corporate and investment banking. "We welcome <keyword id="43018" type="General" weightage="80" keywordseo="omar" source="Orion">Omar</keyword> to our company... His leadership skills and strategic acumen will be of immense value in driving Vedanta's growth vision," Agarwal said. Davis will lead engagement with globally recognised and leading financial partners and drive synergies as the company progresses with its vision to unlock value across its asset base. "I am excited to work with the talented team to develop and execute strategies that will drive growth and create value for all our stakeholders," Davis said. Vedanta Group has significant operations in oil and gas, zinc, lead, silver, copper and iron ore among others and is foraying into the semiconductors business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/indian-economy-likely-to-log-in-a-tepid-6-growth-next-fiscal-crisil/articleshow/98690120.cms">Indian economy likely to log in a tepid 6% growth next fiscal: Crisil</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-is-gpt-4-different-from-chatgpt-and-what-makes-it-unique/articleshow/98688465.cms">How is GPT-4 different from ChatGPT, and what makes it unique?</a>

Vedanta appoints Omar Davis as its President-Strategy

<keyword id="6355267" type="General" weightage="20" keywordseo="mining" source="Orion">Mining</keyword> mogul <keyword id="6354819" type="General" weightage="20" keywordseo="anil-agarwal" source="Orion">Anil Agarwal</keyword> has said his <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> group has ample cash flow to service all its <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> repayment obligations and that it aims to become a "net <keyword id="817349" type="General" weightage="20" keywordseo="zero-debt" source="Orion">zero debt</keyword> company" in 2-3 years. Agarwal said questions over Vedanta's debt servicing ability are "absolutely irrelevant" as the group will make USD 9 billion of profits next year on revenue of USD 30 billion, which would be sufficient to meet all obligations. The comments by the former scrap metal trader turned industrialist come at a time when scrutiny of highly leveraged Indian conglomerates grows following a US short seller attack on the Adani group. "We have the lowest debt in the world for a group of our size," Agarwal, founder, and chairman of Vedanta Resources, told PTI in an interview here. And the debt is a result of investing billions of dollars across businesses, he said. "Total debt in the company is USD 13 billion. And we have a profit this year of USD 7 billion. Next year our revenue would be USD 30 billion and we will have USD 9 billion profit" across the group. The cash flows are more than sufficient to meet debt servicing obligations. "We are very comfortable," he said. "We have never defaulted to make any payment. We always have a plan to make the payments." Earlier this week, Vedanta Resources Ltd, the parent company of Mumbai-listed mining giant Vedanta Ltd, said it has paid all its maturing loans and bonds due this month to reduce its gross debt by a further USD 1 billion. Vedanta has now reduced debt by a total of USD 3 billion since it announced in February 2022 its intention to accelerate deleveraging. It had announced plans to reduce debt by USD 4 billion within 3 years, of which it has achieved 75 per cent of the committed reduction in 14 months. Agarwal said it is "absolutely irrelevant" to talk about the debt payment capability of the group. The group, whose business spans from zinc to silver, iron ore to aluminium and oil and gas, borrows the bare minimum, and "we have enough cash flow to service that debt," he said. He went on to state that the group would be a net zero debt company in 2-3 years' time. "At the moment the plan is that in 2-3 years we will be a net zero debt company," he said hastening to add that the group may have to borrow in pursuit of its aggressive expansion plans. Diversified natural resources conglomerate plans building capacities in zinc, oil and gas, and aluminium businesses as it believes supply will remain a challenge in the commodities' space in the medium term. The group, which has already invested USD 35 billion in the country so far, plans to become a USD 100-billion company by 2030. Vedanta is also foraying into the manufacturing of semiconductor and display fabs and signed an initial pact with Apple supplier Foxconn to set up a manufacturing facility in Gujarat. India is 100 per cent import-dependent for fabs and semiconductors with domestic consumption expected to cross USD 80 billion by 2026 and touch USD 110 billion by 2030. "Yes 100 per cent within a maximum of 2-3 years time, we will be zero debt company. But we have to do a lot in India. We have to create semiconductors (factory), we have to create display glass (factory), we have to expand our copper (business), we have to expand our aluminium (business), we have to expand oil and gas (operations), this is important. At that point, we might have to take debt (but) we have no plan (as of now)," he said. S&amp;P Ratings on April 3 stated that Vedanta will likely have enough liquidity until December. US short-seller Hindenburg Research's damning report on billionaire tycoon Gautam Adani's infrastructure conglomerate this year triggered a stock market routing that had erased about USD 145 billion in his group's market value at its lowest point. Adani group has denied all allegations by Hindenburg and is plotting a comeback strategy. Agarwal dismissed concerns about paying upcoming liabilities, stressing his commodities businesses were generating enough cash to service debt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/best-discounts-offers-and-deals-on-smartphones-laptops-and-electronics-items-in-amazon-sale-2023/articleshow/99815311.cms">Amazon Sale 2023: Bank discounts, offers, and deals on gadgets and more teased</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a>

Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt

<ul><li>Metal and mining magnate <keyword id="6354819" type="General" weightage="100" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword> has announced investments of ₹1.8 lakh crore in the past one week.</li><li>After building his fortune with metals, <keyword id="781" type="General" weightage="80" keywordseo="agarwal" source="Orion">Agarwal</keyword> is now turning his gaze to semiconductor chips, a key to the modern world’s lifestyle.</li><li>Here’s the story of a boy from Bihar who made it, knowing only two English words – “yes” and “no”.</li></ul> Metal and mining magnate Anil Agarwal is in the news yet again – this time around, it’s for announcing an investment of ₹1.54 lakh crore to set up a semiconductor chipset manufacturing plant in Gujarat, in partnership with Taiwan-based Foxconn. In the same breath, Agarwal also announced an investment of ₹25,000 crore in Odisha – a key investment for <keyword id="28423" type="General" weightage="20" keywordseo="Vedanta" source="Orion">Vedanta</keyword> – topping up his initial investment of ₹80,000 crore in the coastal state. Clearly, money’s not in short supply for Agarwal, but it wasn’t always the case for the man who hails from Bihar and knew only two English words – “yes” and “no” – when he came to Mumbai in the 1970s. Over the past five decades and then some, Agarwal built a metal and mining empire and got the first Indian company listed on the London Stock Exchange – Vedanta. So how did a boy from Bihar who knew the two most basic English words go onto list his company in the heart of the English world? Here’s a peek into how. <div type="Article" hostid="261" msid="86453777" title="Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Starting small" comment="subhead" text="Starting small">Starting small</cmsannotation> Agarwal was a teenager when he joined his father’s business of aluminum conductors and scrap metal trading. Born in a marwadi family, taking up his family business might seem like such an obvious – yet stereotypical – thing to do. While his father’s business was not where he would make money, it would become a founding block of his future success. <cmsannotation type="cmsannotation" annotationid="City of dreams calling" comment="subhead" text="City of dreams calling">City of dreams calling</cmsannotation> At 19, Agarwal left the comfort of his family home and Patna, leaving for the hustle of Bombay. It would take two more decades for the city that made him rich to be renamed to Mumbai, and a lot would change in Agarwal’s life in this time. Agarwal never went to a college, let alone a business school. But within a small time, he acquired his first company which was on the brink of bankruptcy. Unsurprisingly, it was a copper company named Shamsher Sterling Corporation. He cobbled up ₹16 lakh – a handsome amount for the 1970s – from his own savings, friends and family. Agarwal still ran his primary business of trading in scrap metal – for the next 10 years, he ran both side by side. In 1986, he created Sterlite Industries which would go on to become the largest producer of copper in India, but its beginnings were earnest and small. The company launched an IPO in 1988 to finance its polythene-insulated jelly filled copper telephone cables plant. Seven years later, Agarwal acquired an 83% stake in Madras Aluminium, a ‘sick’ company, for ₹55 crore. This would set the tone for Agarwal’s business strategies over the next few decades, wherein he would identify undervalued assets and turn them around into huge revenue streams. For instance, Agarwal acquired a mine in Tasmania for a paltry sum of $2.5 million and turned it into a $100 million annual revenue stream. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> He also acquired Hindustan Zinc, another PSU sold by the government as part of its divestment program, in 2002. At the time of acquisition, it was said that the company had a reserve for five years, and a manufacturing capacity of 1.5 lakh tonnes of zinc per annum. However, now the company is still operational and has expanded its capacity to 1 million tonnes. Agarwal<a href="https://www.bcg.com/publications/2014/anil-agarwal-simplicity-determination-vedanta-resources"> said</a> in an interview that the company has reserves for another 40 years. <cmsannotation type="cmsannotation" annotationid="From an 8x9 feet rented office in Mumbai to London" comment="subhead" text="From an 8x9 feet rented office in Mumbai to London">From an 8x9 feet rented office in Mumbai to London</cmsannotation> When Agarwal arrived in Mumbai, all he had was a tiffin box and bedding. He shared a room with seven other people for ₹21. Agarwal rented out an 8x9 feet office to buy and sell scrap metal. Following decades of hard work, sharp business acumen and acquiring undervalued assets, it was time for Vedanta to go global. But what triggered Vedanta’s listing at the London Stock Exchange was Agarwal’s involvement with Harshad Mehta – in a bid to make a comeback, Mehta drove up the prices of three stocks – Agarwal’s Sterlite, and Videocon and BPL. “My wife, Kiran, thought I was crazy when I told her that we are moving to London overnight. She went to our daughter Priya’s school and asked them for a 6-month leave because she was sure we would be back by then,” Agarwal shared in a note. Agarwal reached the English shores and got Vedanta Resources listed on the London Stock Exchange (LSE) in 2003, making him the first Indian to get a company listed on LSE. Over the next decade, Vedanta acquired several mines across Africa, Australia and other regions. After mining and metals, Agarwal turned his eye to oil and natural gas, announcing a $9 billion deal to acquire Cairn India, the country’s largest private sector oil producer. <cmsannotation type="cmsannotation" annotationid="The $20 billion mega-merger of 2012" comment="subhead" text="The $20 billion mega-merger of 2012">The $20 billion mega-merger of 2012</cmsannotation> In 2012, Vedanta Resources Plc announced a merger of its Indian firms – Sesa Goa, Sterlite, Vedanta Aluminium, and Madras Aluminium into a single entity named Sesa Sterlite. The merged entity, Sesa Sterlite, was valued at over $20 billion, making it the seventh largest global diversified natural resources major. At the time, Agarwal said it would result in a savings of ₹1,000 crore every year. <cmsannotation type="cmsannotation" annotationid="Taking Vedanta private" comment="subhead" text="Taking Vedanta private">Taking Vedanta private</cmsannotation> Getting Vedanta listed on the LSE was one of Agarwal’s dreams, but 15 years later, in 2018, the mining magnate delisted the company and took it private. The “why” of it is easy to understand – Vedanta was undervalued during the commodity slump of 2018, and a majority of the capital expenditure had already been made by then. Agarwal sensed an opportunity to take the company private at a lower price and reap the rewards during the next cyclical upswing of commodities. <cmsannotation type="cmsannotation" annotationid="Looking ahead" comment="subhead" text="Looking ahead">Looking ahead</cmsannotation> With the semiconductor chipset shortage hurting the electronics and automobile industry globally, and countries trying to reduce their dependence on China for this crucial piece of tech, Agarwal has shifted his focus with the ₹1.54 lakh crore investment announcement in Gujarat. Will it come to fruition or not is a story for another day, though. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Gautam Adani is $1 billion away from beating Jeff Bezos as the second richest person in the world</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-a-story-on-how-to-generate-wealth-via-hope-fomo-and-of-course-debt/articleshow/91829090.cms">Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt</a> <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a>

Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange

A team of US researchers has found that smartphones are capable of detecting blood oxygen saturation levels down to 70 per cent -- the lowest value a pulse oximeters should be able to measure. The proof-of-principle research by <keyword id="159176" type="General" weightage="80" keywordseo="university-of-washington" source="Orion">University of Washington</keyword> (UW) and University of California San Diego researchers involved participants placing their finger over the camera and flash of a smartphone, which uses a deep-learning algorithm to decipher the blood oxygen levels. When the team delivered a controlled mixture of nitrogen and oxygen to six subjects to artificially bring their blood oxygen levels down, the smartphone correctly predicted whether the subject had low blood oxygen levels 80 per cent of the time. "Other smartphone apps that do this were developed by asking people to hold their breath. But people get very uncomfortable and have to breathe after a minute or so, and that's before their blood-oxygen levels have gone down far enough to represent the full range of clinically relevant data," said co-lead author <keyword id="683620" type="General" weightage="80" keywordseo="jason-hoffman" source="Orion">Jason Hoffman</keyword> from University of Washington. "With our test, we're able to gather 15 minutes of data from each subject. Our data shows that smartphones could work well right in the critical threshold range," <keyword id="317785" type="General" weightage="80" keywordseo="hoffman" source="Orion">Hoffman</keyword> said in the study published in npj Digital Medicine. Another benefit of measuring blood oxygen levels on a smartphone is that almost everyone has one. "This way you could have multiple measurements with your own device at either no cost or low cost," added co-author Dr. <keyword id="591428" type="General" weightage="80" keywordseo="matthew-thompson" source="Orion">Matthew Thompson</keyword>, professor of family medicine in the <keyword id="5362759" type="General" weightage="50" keywordseo="uw-school-of-medicine" source="Orion">UW School of Medicine</keyword>. This would be really beneficial for telemedicine appointments to be able to quickly determine whether patients need to go to the emergency department or if they can continue to rest at home and make an appointment with their primary care provider later. To gather data to train and test the algorithm, the researchers had each participant wear a standard pulse oximeter on one finger and then place another finger on the same hand over a smartphone's camera and flash. The researchers used data from the participants to train a deep learning algorithm to pull out the blood oxygen levels. The remainder of the data was used to validate the method and then test it to see how well it performed on new subjects. "The camera records how much that blood absorbs the light from the flash in each of the three colour channels it measures: red, green and blue," said senior author <keyword id="263472" type="General" weightage="80" keywordseo="edward-wang" source="Orion">Edward Wang</keyword>, assistant professor at <keyword id="429531" type="General" weightage="50" keywordseo="uc-san-diego" source="Orion">UC San Diego</keyword>. The team hopes to continue this research by testing the algorithm on more people. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/odisha-govt-hikes-da-by-3-percent-for-employees-pensioners/articleshow/94306151.cms">Odisha govt hikes DA by 3 percent for employees, pensioners</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/semiconductor-business-not-to-short-circuit-vedanta-resources-credit-profile-sp-global-ratings/articleshow/94306240.cms">Semiconductor business not to 'short circuit' Vedanta Resources credit profile: S&amp;P Global Ratings</a>

Smartphone's camera, flash can measure blood oxygen up to 70% at home

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is looking to woo semiconductor players such as <keyword id="28115" type="General" weightage="100" keywordseo="intel" source="Orion">Intel</keyword>, <keyword id="171929" type="General" weightage="80" keywordseo="tsmc" source="Orion">TSMC</keyword> and <keyword id="229605" type="General" weightage="80" keywordseo="globalfoundries" source="Orion">GlobalFoundries</keyword>.</li><li>The government is currently in talks with these companies to set up local operations.</li><li>The government had announced a production-linked incentive (PLI) scheme worth ₹76,000 crore in 2021.</li></ul>In a bid to push the semiconductor industry, which is in nascent stages, the Indian government is wooing global chipmakers such as Intel, and Taiwan Semiconductor Manufacturing Co. and GlobalFoundries. According to a <a href="https://www.bloomberg.com/news/articles/2022-04-26/india-woos-intel-and-tsmc-to-set-up-local-semiconductor-plants">report</a> by Bloomberg News, the government is currently in talks with these companies to set up local operations, thereby bringing high-tech manufacturing to the country. Semiconductor chipsets are used across a wide range of consumer electronics like smartphones, laptops, computers, cars, smart home appliances and many other things. <cmsannotation type="cmsannotation" annotationid="India’s ₹76,000 semiconductor crore push" comment="subhead" text="India’s ₹76,000 semiconductor crore push">India’s ₹76,000 semiconductor crore push</cmsannotation> In December 2021, the Indian government <a href="https://www.businessinsider.in/policy/economy/news/india-makes-a-10-billion-bet-to-woo-chip-makers-at-home/articleshow/88298295.cms">announced</a> a production-linked incentive (PLI) scheme worth ₹76,000 crore (around $10 billion) for establishing a semiconductor ecosystem in the country. As part of the scheme, the government has offered to cover up to 50% of the project cost. “Most of the pitches to these big companies, I’m making myself. We’re meeting the CEOs, talking to them, making presentations,” Rajeev Chandrasekhar, minister of state for electronics and information technology said in an interview to Bloomberg News. Chandrasekhar added that states in India are competing to attract semiconductor giants. “They are all open to sitting down and negotiating what other incentives, apart from land, they can offer investors. It is a keenly contested, keenly sought-after investment by states,” he added. While a venture between Vedanta Group and Foxconn Technology Group has shown interest in setting up semiconductor foundries in the country, other companies are cautious due to issues such as power outages and infrastructure in the country. India achieved success in its aim of bringing smartphone manufacturing into the country thanks to the incentives offered by the government and the imposition of taxes on imported devices. However, setting up a semiconductor industry requires substantial investments and the government intends to only use incentives to attract the big players. <div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1479443900368519169/PgOyX1vt_normal.jpg" favoritecount="17399" retweetcount="3184" status="Glad to have met you @PGelsinger! We had excellent discussions on subjects relating to tech, research and innovatio… https://t.co/nHjaU33Sw1" createdat="1649264685000" id="1511751779519954945"></div> Earlier this month, Intel chief Pat Gelsinger met with prime minister Narendra Modi. According to a Business Today <a href="https://www.businesstoday.in/latest/corporate/story/intel-ceo-pat-gelsinger-meets-pm-modi-discusses-tech-328932-2022-04-07">report</a>, the two discussed India’s PLI scheme for the semiconductor industry. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/after-google-now-oppo-is-reportedly-working-on-its-own-chipset-to-reduce-dependence-on-qualcomm-and-mediatek/articleshow/90700478.cms">After Google, now Oppo is reportedly working on its own chipset to reduce dependence on Qualcomm and MediaTek</a> <a href="https://www.businessinsider.in/thelife/news/rivian-ceo-warns-the-looming-ev-battery-shortage-will-make-the-chip-shortage-feel-like-a-small-appetizer-for-whats-to-come/articleshow/90919065.cms">Rivian CEO warns the looming EV battery shortage will make the chip shortage feel like 'a small appetizer' for what's to come</a> <a href="https://www.businessinsider.in/tech/news/semiconductor-ecosystem-us-will-help-india-to-boost-countrys-semiconductor-target/articleshow/90819637.cms">US will help India to boost country’s semiconductor ecosystem</a>

India is reportedly in talks with TSMC, Intel and other semiconductor giants to set up local production plants in the country

Come <keyword id="124343" type="UNKNOWN" weightage="100" keywordseo="Womens-Day">Women’s Day</keyword> on March 8 and we get bogged down in a flood of seminars and events, all proclaiming to know what’s best for <keyword id="2101992" type="UNKNOWN" weightage="100" keywordseo="Womens-self-development">women’s self-development</keyword>. But this year, we have decided to move away from the experts and talk with <keyword id="624" type="ORGANIZATION" weightage="100" keywordseo="Women">women</keyword>, whose real-life stories of <keyword id="2101993" type="UNKNOWN" weightage="100" keywordseo="Struggle-and-success">struggle and success</keyword> are bound to inspire all. In the first part of our Power Women series, <keyword id="824043" type="COMPANY" weightage="100" keywordseo="Business-Insider">Business Insider</keyword> India chats with <keyword id="484475" type="PERSON" weightage="100" keywordseo="Sramana-Mitra">Sramana Mitra</keyword>, an <keyword id="2101987" type="UNKNOWN" weightage="100" keywordseo="entrepreneur-and-a-strategy-consultant">entrepreneur and a strategy consultant</keyword> in <keyword id="6357722" type="COMPANY" weightage="100" keywordseo="silicon-valley">Silicon Valley</keyword> since 1994. Her fields of experience span from <keyword id="2101994" type="UNKNOWN" weightage="100" keywordseo="Technology-disciplines">technology disciplines</keyword> like <keyword id="145965" type="TECHNOLOGY" weightage="100" keywordseo="semiconductors">semiconductors</keyword> to sophisticated <keyword id="2101995" type="UNKNOWN" weightage="100" keywordseo="Consumer-marketing-industries">consumer marketing industries</keyword> including <keyword id="6" type="ENTERTAINMENT" weightage="100" keywordseo="fashion">fashion</keyword> and <keyword id="6355445" type="COMPANY" weightage="100" keywordseo="Education">education</keyword>. 
 As a <keyword id="2101998" type="UNKNOWN" weightage="100" keywordseo="Serial-entrepreneur-CEO">serial entrepreneur-CEO</keyword>, Sramana had earlier founded three companies – Dais (off-shore software services), Intarka (sales lead generation and qualification Software; VC: NEA) and Uuma (online personalised store for selling clothes using Expert Systems software; VC: Redwood). Two of these were acquired while the third received an acquisition offer from <keyword id="212570" type="COMPANY" weightage="80" keywordseo="Ralph-Lauren">Ralph Lauren</keyword> which the company did not accept. Back in 2010, she also set up a virtual incubator called <keyword id="484477" type="UNKNOWN" weightage="100" keywordseo="One-Million-by-One-Million">One Million by One Million</keyword>, to help a million entrepreneurs from all over the world to reach a million dollars in annual revenue, build $1 trillion in global <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> and create 10 million jobs. What has life in Silicon Valley has taught Sramana? Here are the edited excerpts from our chat. 
 
<keyword id="107737" type="ORGANIZATION" weightage="100" keywordseo="Entrepreneurship">Entrepreneurship</keyword> is not easy People often ask what inspired me to be an <keyword id="6359301" type="POSITION" weightage="100" keywordseo="Entrepreneur">entrepreneur</keyword>. Well, I am an entrepreneur’s daughter. I grew up watching my father run companies and I am sure that was a fundamental influence. But I also believe entrepreneurship is both <keyword id="49685" type="UNKNOWN" weightage="60" keywordseo="Genetic">genetic</keyword> and environmental. My maternal great grandfather was also an entrepreneur; so I had genes from both sides. 
 But let’s come back to the hard facts and let me tell you, entrepreneurship is not easy. Of course, there are many instances of overnight speculative success where you build something for a little bit, and someone comes and scoops it up for a lot of money. However, building long-term, sustainable value is extremely difficult. I have enjoyed my <keyword id="6374782" type="UNKNOWN" weightage="100" keywordseo="journey">journey</keyword>, but I have also made sacrifices to become an entrepreneur. What I am doing today with <keyword id="2102002" type="UNKNOWN" weightage="100" keywordseo="1M">1M/1M</keyword> is extremely difficult, extremely complex. 
 
Get over the <keyword id="150208" type="UNKNOWN" weightage="100" keywordseo="fear-of-failure">fear of failure</keyword> In January 2009, in the midst of raging <keyword id="6371665" type="UNKNOWN" weightage="100" keywordseo="financial-crisis">financial crisis</keyword> and a deep <keyword id="44850" type="UNKNOWN" weightage="100" keywordseo="Global-recession">global recession</keyword>, I hosted an <keyword id="2102006" type="UNKNOWN" weightage="100" keywordseo="Online-entrepreneurship-forum">online entrepreneurship forum</keyword> for <keyword id="2102008" type="UNKNOWN" weightage="100" keywordseo="Laid-off-engineers">laid-off engineers</keyword> who were considering a <keyword id="2102009" type="UNKNOWN" weightage="100" keywordseo="Switch-to-entrepreneurship">switch to entrepreneurship</keyword>. There were 220 people registered for the event and 130 attended. About 145 questions were submitted, from which we synthesised some of the most commonly asked. Among those was one I want to close this volume with: How do you overcome the fear of failure? 
 When I was younger, I had an enormous fear of failure. I was quite used to winning and I was very bad at losing. Since then, while I have been successful in many ways, I have also failed at various attempts. My attempt at building a product company out of India in 1997 succeeded somewhat, but the company did not become a revolutionary brand of the order that I aspired for, nor did it achieve any significant scale. Somewhere along the way, though, I developed the <keyword id="23254" type="PERSON" weightage="100" keywordseo="wisdom">wisdom</keyword> to take things in stride, embrace failure, learn from it and rise above it. 
 
Develop a personal philosophy: <keyword id="6389686" type="PERSON" weightage="100" keywordseo="Faith">Faith</keyword> &amp; <keyword id="88092" type="UNKNOWN" weightage="100" keywordseo="conviction">conviction</keyword> will get you going When I look back on my journey to trace the development of that wisdom, I see one overriding theme. Very early in life, I developed a personal philosophy. An unlikely juxtaposition of ideas culled from various systems of thought – from the <keyword id="62706" type="UNKNOWN" weightage="100" keywordseo="Upanishads">Upanishads</keyword> and <keyword id="28423" type="CITY" weightage="100" keywordseo="vedanta">Vedanta</keyword>, from <keyword id="78326" type="UNKNOWN" weightage="100" keywordseo="hindu-scriptures">Hindu scriptures</keyword>, <keyword id="115232" type="PERSON" weightage="80" keywordseo="Ayn-Rand">Ayn Rand</keyword>’s Atlas Shrugged and The Fountainhead, and certain <keyword id="2102012" type="UNKNOWN" weightage="100" keywordseo="Buddhist-concepts">Buddhist concepts</keyword> of Futility &amp; <keyword id="910745" type="UNKNOWN" weightage="100" keywordseo="nothingness">Nothingness</keyword>. 
 
The Hindu system of thought has a very powerful core concept: Tat Tvam Asi or I Am He. Instead of worshipping an external God, the Hindus believe that God is inside. Indeed, a powerful way of thinking. If the ultimate perfection lies inside you, and all you need to do is realise your own potential, much of your fundamental self-doubt vanishes. At least at an existential level, the individual is complete within. 
 Ayn Rand offers a similarly individualistic perspective, although from a radically different point of view. Rand’s <keyword id="18935" type="ENTERTAINMENT" weightage="80" keywordseo="heroes">heroes</keyword> and heroines move mountains. Although reared in a communist and collectivist Russian background, he celebrates individual achievements and believes in one man’s ability to make a difference. Many entrepreneurs I know have been influenced by Rand’s writings and have drawn inspiration, especially from the character of <keyword id="2102013" type="UNKNOWN" weightage="80" keywordseo="Hank-Rearden">Hank Rearden</keyword> in Atlas Shrugged, who fights against all odds with tremendous <keyword id="740992" type="COMPANY" weightage="100" keywordseo="resilience">resilience</keyword>. Similar <keyword id="38769" type="UNKNOWN" weightage="100" keywordseo="self-confidence">self-confidence</keyword> echoes in The Fountainhead’s architect hero, <keyword id="199919" type="PERSON" weightage="80" keywordseo="Howard-Roark">Howard Roark</keyword>, whose resilience and <keyword id="2102014" type="UNKNOWN" weightage="100" keywordseo="Personal-integrity">personal integrity</keyword> propel him towards a vision of architecture condemned by his contemporaries for its bold originality and threatening innovation. 
 
Yes, conviction and faith are incredibly important components of a sustainable personal philosophy, but where does it come from? How do you develop it? 
 
This is a question you must ask yourself. I can offer pointers on what to study, but how your own psyche will respond to the stimulus – I cannot tell. This is a spiritual, experiential journey, and you have to go it alone. 
 I will, however, share three more components from my own bag of wisdom: <keyword id="52698" type="UNKNOWN" weightage="100" keywordseo="laughter">Laughter</keyword>, <keyword id="54209" type="UNKNOWN" weightage="100" keywordseo="compassion">Compassion</keyword> and Nothingness. 
 
When the individualistic ideology overwhelms, when your head swells with self-aggrandisement, think of the Himalayas. Or the Pacific Ocean. Or the Universe. One can soon comprehend that we are nothing; we are insignificant; we are a single speck of dust in the continuum of time. So why be afraid of failure? 
 
Believe in the <keyword id="46426" type="UNKNOWN" weightage="100" keywordseo="Turnaround">turnaround</keyword> I was once fired from one of my own companies. I raised the <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> and we brought on a middle-aged, supposedly experienced guy as <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword>. I was in my twenties. The guy was incompetent and political. He didn’t understand the product, had no vision. We couldn’t figure any of these out until he joined, because he was on a charm offensive until then and I had limited experience of making a hire like this. We thought he could complement my product skills and vision with superior sales skills. 
 
Once he was on board, it started going downhill very quickly and he set out to fire me. I had massive immigration challenges, and had very little negotiating power because I didn’t have a Green Card then. 
 To cut a long story short, I was in <keyword id="76147" type="CITY" weightage="80" keywordseo="BUENOS-AIRES">Buenos Aires</keyword> when he called a Board Meeting on the phone and fired me. And the Board let him. I walked around on the streets of Buenos Aires trying to absorb the blow. 
 
Six months later, they had to fire the CEO. The angel investors offered to fund me again and start another company. I did. 
 
Life went on… Life always goes on. 
 Finally, if you are a woman and a wannapreneur, here’s one sound piece of advice. Be a damn compelling entrepreneur, not just a damn compelling <keyword id="210081" type="POSITION" weightage="100" keywordseo="woman-entrepreneur">woman entrepreneur</keyword>. 
 
Watch this space tomorrow – <keyword id="122850" type="UNKNOWN" weightage="100" keywordseo="power-women">Power Women</keyword> will be back with their intriguing success stories.

Power Women: I
Was Fired From My Own Company & What I Learnt From It

<ul><li><keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> companies’ December-quarter revenue is likely to grow 16% over last year, says a report by Phillip Capital.</li><li>Analysts expect it to be a tepid quarter for most sectors, including infrastructure, specialty chemicals, IT and metals.</li><li>However, analysts say banks will continue to outperform with strong tailwinds for the sector despite global challenges.</li><li>NBFCs, FMCG and autos are likely to report moderate to robust growth in the quarter.</li></ul>Yet another earnings season has begun, as always, with IT services companies reporting a mixed set of numbers. That pretty much sets the tone of the quarter as strategists expect Nifty50 companies to report on-year revenue growth of 16% and a 10% growth in net profit. Analysts expect it to be a tepid quarter for most sectors, including infrastructure, specialty chemicals, IT and metals. On the other hand, sectors like banks, NBFCs, FMCG and autos are likely to report moderate to robust growth in the quarter. “Q3FY23 is expected to be a soft quarter along with slight margin improvement. We will be watching for management commentary on India and global demand outlook,” says a report by Phillip Capital. “We are of the view that the financial sector will continue to perform while consumption space will remain under pressure. Investment space is expected to perform well led by public and private capex expansion.” Seasonally weak quarter for IT, Reliance to have a strong quarter <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">TCS has kicked off </a>the earnings seasons with lower-than-estimated growth – it reported a 3.98% sequential growth in net profit at ₹10,846 crore in the December quarter. On the other hand, Infosys beat analysts’ expectations with a 20.2% y-o-y increase in its revenue to ₹38,318 crore in Q3 and raised its full-year revenue growth guidance. <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Technologies </a>reported a 19.6% year-on-year growth in its topline to ₹26,700 crore, while its net profit grew 19% YoY to ₹4,096 crore, beating analyst <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/hcl-tech-to-announce-q3-results-on-thursday-heres-a-preview-of-what-to-expect/articleshow/96915899.cms">expectations</a> in both the areas. Analysts had expected muted revenue growth from the IT services sector in the third quarter on account of it being a seasonally weak quarter. “The December quarter is a seasonally weak quarter mainly due to higher furloughs. In addition, macro challenges are leading to weakness in mortgage, luxury retail, high-tech and slowdown in 5G capex,” said a report by IDBI Capital. Furlough is a leave of absence from work for which the employee is not paid. Meanwhile, the oil-to-telecom conglomerate Reliance Industries is expected to announce a robust quarter due to strong recovery in the retail segment along with decent uptick in other segments. “We expect Reliance Industries Limited’s (RIL) consolidated PAT to increase by 27% q-o-q to ₹17,316 crore due to improvement in standalone earnings on better refining/petchem margin, decent growth at Jio and strong recovery for retail business,” said a report by Sharekhan. Banks to see strong December quarter on higher loan rates Net interest margin (NIM) will see sequential improvement as lending rates have risen in line with RBI’s repo rate increases, say analysts. Since May last year, <a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-35-bps-taking-rates-to-a-high-of-6-25/articleshow/96045841.cms">RBI has hiked interest rates by 225 basis points so far</a>. While banks benefited from rate hikes in Q2, analysts see more room for a <a href="https://www.businessinsider.in/finance/banks/news/sbi-hdfc-bank-axis-bank-among-other-private-and-public-bank-earnings-could-see-a-further-ramp-up-in-q3-2022/articleshow/96768992.cms">further ramp up in Q3 </a>as well. “We believe business momentum for banks is expected to remain strong, led by strong tailwinds in the sector and is likely to sustain over the medium term as higher inflation gets tamed, revival of the capex cycle, higher consumption, and increased business confidence,” said a report by Sharekhan. “Strong asset quality outlook, additional provision buffers, higher PCR (provision coverage ratio) levels, increased capital buffers, and core credit cost undershooting augur well for the sector,” added the report. FMCG may get a boost from price hikes The fast-moving consumer goods (FMCG) sector is expected to pass the quarter with flying colours on the back of price hikes amid elevated inflation. “Most of the consumer companies are expected to report decent revenue growth; however, a majority of revenue growth will be driven via price hikes, which companies have taken in past quarters to combat unprecedented raw material inflation. Rural demand continues to remain muted. Delay in winter to impact winter portfolio,” said Phillip Capital. “We expect our FMCG universe to deliver sales/ EBITDA/ PAT growth of 11%/ 7%/ 8% YoY in 3QFY23. Sustained inflation impacted both volume offtake and margins,” said a report by Antique Stock Broking. ITC is seen reporting strong growth across businesses with the cigarette business registering a double-digit volume growth. Detergents will likely drive Hindustan Unilever's performance, with margins recovering q-on-q due to a moderation in palm oil - a key input. Autos to reap benefits of festive quarter Despite the near-term challenges of semiconductor chip shortage and geopolitical challenges, analysts are optimistic about autos based on high demand for passenger and commercial vehicles. “Q3FY2023 is expected to be a strong quarter with a 20.4% y-o-y increase in revenue. Margins are expected to show improvement on a q-o-q basis, led by operating leverage benefits, cost rationalisation, and softening commodity prices,” said a report by Sharekhan. Further, strong demand, easing supply constraints, and falling commodity prices are likely to provide relief to automobile original equipment manufacturers (OEMs) and ancillary companies. Ferrous players expected to outperform non-ferrous companies Ferrous players – Tata Steel and JSW Steel – are expected to post better Q3FY23 earnings compared to non-ferrous companies, which include Hindustan Zinc, Hindalco Industries and Vedanta. “For Q3FY23, we expect steel producers to post higher EBITDA QoQ primarily due to sharp fall in coking coal and iron ore price offsetting decline in sales volume sequentially,” said a report by Centrum broking firm. After a challenging first half of the financial year, the domestic steel industry should witness a better second half, says Elara Capital. “The recent removal of exports duty and the likely rise in domestic demand led by the start of the busy season should lead to healthy volume for domestic steelmakers,” the report said. For non-ferrous companies, there are expectations of a marginal fall in quarterly operating profits due to fall in LME (London Metal Exchange) aluminium and zinc prices. Cement sector: Easing input costs in 2H FY23 to drive earnings Analysts say the cement industry is seeing a healthy demand environment with improving cement process and decline in pet coke and coal prices. “Weighted average EBITDA/tonne is expected to recover sharply from a multi-quarter low to ₹765 owing to q-o-q improvement in cement prices, higher demand, and easing power and fuel costs. Hence, operating profits and net profits are expected to rise by 50.9% q-o-q and 77.8% y-o-y, respectively,” said a report by Sharekhan providing estimates for cement companies. The report said that it expects cement demand to remain healthy in the second half of FY23 alongside improving operating margins. Further, analysts will eye commentaries on ongoing and future capex plans. BPCL, HPCL, IOC to benefit from falling oil prices Oil marketing companies – BPCL, HPCL and Indian Oil Corporation – will likely benefit from Brent crude oil prices being on a downtrend since the last couple of months due to a lockdown in China, one of the biggest consumers of oil. “We expect OMCs’ operating performance would improve on sequential basis in Q3FY23 as marketing under recoveries would reduce sharply supported by a ~$11/bbl q-o-q decline in crude oil price while there has been no change in the retail petrol/diesel price,” said a report by Sharekhan. The report added that it expects all three OMCs to report positive EBITDA – Indian Oil (₹ 5,836 crore), BPCL (₹3,112 crore) and HPCL (₹629 crore) in Q3FY23 compared to negative EBITDA of ₹8,841 crore, ₹4,148 crore and ₹1,859 crore in Q2FY23, respectively. Under recoveries is the gap between the cost and the selling price of fuel. If the selling price is lower than the cost price, higher the under recoveries. Thus, a fall in crude oil prices benefits these companies at a time when there has been no hikes in petrol and diesel prices. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Tech lowers revenue guidance for FY23 to 13.5-14%, Q3 revenue and profit growth beat expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">Infosys raises revenue guidance for FY23 to 16-16.5%, revenue growth beats analyst expectations</a>

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