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In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

Mumbai, Jan 15 () Financial services company Edelwesiss Group Chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation. 
 Shah was summoned for the second time by ED after failing to appear last week.
 The businessman arrived at ED office in south Mumbai's Fort area around noon. Details on the information that will be sought from him were not immediately available.
 Shah, in a statement on Sunday, had denied any wrongdoing in the case and added that Edelweiss has no relationship with Capstone Forex, which is being investigated by the ED.
 He had said that his relationship with Sanjay Nathalal Shah, whose role is being investigated in the case, is limited to the chartered acountant being an independent director in multiple companies in Edelweiss Group.
 He had promised to fully cooperate in the investigation started by ED.
 Informing shareholders about the development, Shah had said, "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex and all allegations of FEMA violations are false."
 The chairman had also said he was unable to go in person to ED and had authorised senior representatives to be present with the requisite information.
 "Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.
 He had also accused media of sensational reporting on "false allegations" and warned of taking appropriate legal action against a media group for reporting on the case. 
 Shares of Edelweiss Financial Services Ltd on Wednesday closed 1.59 per cent higher at Rs 108.50 on the BSE. DC AA

 RVK

FEMA violation case: Edelweiss Group Chairman appears before ED

Mumbai, Jul 5 () Edelweiss Group has reported Rs 2,245 crore loss in the quarter to March due to higher upfront provisioning for COVID-19 for possible credit losses across three lending and asset reconstruction verticals. The diversified financial services player had reported a net income of Rs 232 crore in the year-ago period. During the quarter, the group has made an additional provisioning of Rs 900 crore towards possible loan losses due to the pandemic taking the total provisions to Rs 2,549 crore. Of this pre-COVID impairment stood at Rs 1,200 crore, and an additional impairment for the planned sell down of its NBFC assets worth Rs 500 crore, the company said. The group's full year income plunged to Rs 9,603 crore from Rs 11,161 crore in FY19, while full year 2020 net income slipped to negative Rs 2,045 crore against Rs 995 crore net profit in FY19. Group chairman and chief executive Rashesh Shah told on Sunday that the numbers are not comparable as the group had in February decided to change the accounting standard because of changes in reporting to entity-wise to factor-in expected credit losses and also to include upfront impairment charges across verticals so that there are no shocks and instead of spreading it through FY21. "Impairment is not cash loss, but only a buffer to prepare for any negative eventuality. In fact, this helps us conserve cash and also gain by way of lower tax outgoes," Shah underlined. He also said upfront provisioning has helped them conserve cash by way of tax benefits, which in FY20 amounts to Rs 400 crore. "We have taken a conservative impairment charges in the March quarter preponing any future impairment. The higher provision is one-time for future impairments," Shah said. Edelweiss has been since the IL&amp;FS bankruptcy steadily reducing exposure to wholesale credit, which is down 43 per cent from peak levels, Shah said, adding the firm is adopting an accelerated strategy to mark down and sell down corporate assets and the pandemic has come in handy to speed up the same. Edelweiss has three credit business subsidiaries, Edelweiss Capital Finance, Edelweiss Housing Finance and Edelweiss Retail Finance that offer retail mortgage, SME and business loans, ESOP and margin financing, agri and rural finance, structured collateralised credit and wholesale mortgages. Edelweiss Capital loan book stood at Rs 13,388 crore, that of housing arm at Rs 4,326 crore and retail arm at Rs 1,391 crore as of March 2020, netting a net interest income of Rs 1,191 crore, Rs 188 crore and Rs 115 crore, respectively. Their respective credit loss stood at Rs 2,335 crore, Rs 41 crore, and Rs 73 crore, while net income was minus Rs 1,414 crore, Rs 2 crore and Rs 1 crore. Gross NPAs of these firms were 3.8 per cent, 1.7 per cent and 2.4 per cent. Noting that the past eight quarters have been challenging for the financial services industry, he said the pandemic has only further weakened an already slowing economy. Shah further said, they have decided to markdown and sell-down of their corporate asset book, accelerating to capital light model in retail credit, and to raise equity in Edelweiss and in wealth &amp; asset management businesses. "These measures will further strengthen both our balance sheet and dominant franchises. As the economy recovers over the next few quarters, our businesses will be well-poised to grow strongly," he said. During April and May, we had up to 45 per cent of our customers on the moratorium, but the repayment has clawed back to 75 per cent in June, which means only 25 per of the loans are in moratorium now. Also, we have resumed lending to MSMEs under the government scheme with monthly disbursals touching Rs 70-80 crore now, Shah said. "Wealth and asset management and asset reconstruction businesses continue to perform well with a stable and a large fee income base and an increase in customer count," he said, adding insurance businesses outperformed the industry to remain one of the fastest growing. Capital adequacy of key credit subsidiaries Edelweiss NBFC stood at 21 per cent, housing arm at 28.6 per cent and retail credit at 29.4 per cent and that of ARC at a high 32.5 per cent. Wealth &amp; asset management and asset reconstruction businesses contributed Rs 491 crore net income on a pre-minority interest basis in FY20 on a robust fee income of Rs 1,900 crore, Shah said. BEN BAL BAL

Edelweiss Group books Rs 2,245 cr net loss on upfront COVID provisioning

Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> has received capital markets regulator Sebi's approval to raise about Rs 1,000 crore through an initial public offering. The IPO comprises fresh issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, through its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, according to the draft red herring prospectus (DRHP). Indigo Paints, which filed its preliminary IPO papers with Sebi in November, obtained its observation on December 31, an update with the capital markets watchdog showed on Monday. Sebi's observation is very necessary for any company to launch public issues, including initial share-sale, follow-on public offer and rights issue. Proceeds from the fresh issuance of shares would be used for expansion of the existing manufacturing facility at Pudukkottai in <keyword id="20154" type="PERSON" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings. According to market sources, the initial public offering (IPO) is expected to fetch Rs 1,000 crore. <keyword id="106209" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword>, <keyword id="6364901" type="DOMAIN" weightage="20" keywordseo="Edelweiss-Financial-Services">Edelweiss Financial Services</keyword> and ICICI Securities are the book running lead managers to the issue. The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country. As of September 30, 2020, the company has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms" data-type="tilCustomLink">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms" data-type="tilCustomLink">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

Sequoia Capital-backed Indigo Paints gets green light from SEBI for ₹1,000 crore IPO

New Delhi, Jan 12 () Financial services firm Edelweiss Edelweiss Chairman Rashesh Shah on Sunday said the company has no relationship with Capstone Forex, which is being investigated by the Enforcement Directorate for foreign exchange rules violation.
In a BSE filing, Shah said the allegation of FEMA (Foreign Exchange Management Act) violation is "false" and the company will fully cooperate in the investigation.
The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
Informing shareholders about the development, Shah said: "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex Pvt ltd and all allegations of FEMA violations are false".
The chairman also said that he was unable to go in person to the ED and authorised senior representative had attended in person with the requisite information.
"Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.
Shah also denied media reports of him having any relation with Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of the group companies.
"Let me reiterate that he (Sanjay Nathalal Shah) has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name," he said.
He also accused media of sensational reporting on "false allegations".
The company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss, he added.
Edelweiss is a home-grown professional financial services group built over 25 years by more than 11,000 employees and 2 million customers. LUX AA BAL

Edelweiss CEO denies dealings with Capstone, FEMA violations charge

<ul><li><keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> completed the acquisition of 51% stake in TP Central <keyword id="6357961" type="LOCATION" weightage="20" keywordseo="odisha">Odisha</keyword> Distribution Ltd (TPCODL) for ₹178.5 crore.</li><li>The shares of the company climbed over 4% on June 2.</li><li>Tata Power has a market cap of nearly ₹10,697.38 crore. </li><li>The acquisition will see Tata Power taking over the power supply business of five cities in Odisha. </li></ul>The shares of Tata Power, a subsidiary of Tata Group, climbed over 4% within a few minutes of trading on June 2 after the company completed acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for ₹178.5 crore. Tata Power has a market cap of nearly ₹10,697.38 crore. At 12:10 am, the shares were trading 4.18% higher at ₹41.10 a piece on the BSE. <div type="image" title="Tata power share price" msid="76150589" hostid="261"></div> Meanwhile, the company is hoping to raise about ₹3,000 crore from divestment of non-core operations and restructuring the renewable energy business as it aims to cut the debt by around 40% in the current financial year. “Our attempt is to reduce the debt to the levels of ₹25,000 crore by the end of this fiscal year from ₹44,000 crore; it is an indicative target. We are looking at various means to do it. We have already started our divestment process,” <a href="https://economictimes.indiatimes.com/industry/energy/power/tata-power-eyes-3k-cr-divestment-revamp-of-green-assets-to-cut-debt/articleshow/76143531.cms">Managing Director Praveer Sinha told ET</a>. ‘<keyword id="250122" type="COMPANY" weightage="20" keywordseo="CESU">CESU</keyword> tie-up a huge development for Tata Power’ Tata Power said that the Grid Corporation of Odisha (<keyword id="297737" type="COMPANY" weightage="20" keywordseo="Gridco">GRIDCO</keyword>) would hold the remaining 49% stake in TPCODL, which operates Central Electricity Supply Utility of Odisha (CESU). However, now Tata Power has taken over the management of CESU, and will now be responsible for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal. In the fourth quarter ended March 31, Tata Power posted a two-fold jump in its consolidated net profit at ₹475 crore. As per the agreement, the company will retain all the existing employees of CESU and will govern them by their existing policy structure. "Our tie-up with CESU is a huge development for Tata Power. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. The success of our Delhi, Mumbai and Ajmer distribution businesses are testament to this fact," Tata Power CEO &amp; MD Praveer Sinha said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/sebi-has-ordered-a-special-audit-of-the-six-debt-funds-shut-down-by-franklin-templeton-in-may/articleshow/76148899.cms" data-type="tilCustomLink">SEBI orders special audit of Franklin’s six debt funds – with ₹30,800 crore wealth locked in, wary investors demand reopening</a> <a href="https://www.businessinsider.in/india/news/pm-modi-speech-highlights-during-cii-anniversary/articleshow/76149631.cms" data-type="tilCustomLink">‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders</a> <a href="https://www.businessinsider.in/india/news/india-coronavirus-news-and-updates-for-june-2-2020/articleshow/76149118.cms" data-type="tilCustomLink">India records more than 8,000 cases for the third straight day— over all tally inches closer to 2 lakh</a>

Tata Power shares jump 4% after company takes over Odisha’s power distribution and announces plans to reduce debt

Mumbai, Jan 22 () Edelweiss Finance &amp; Investments (EFIL) on Wednesday said it is looking to raise up to Rs 250 crore through bonds.
The base size of the issue is Rs 125 crore with an option to retain over-subscription up to Rs 125 crore.
"The funds raised will be primarily used for the purpose of onward lending and the repayment of interest and principal of existing borrowings of the company and for general corporate purposes," the NBFC arm of Edelweiss group said in a release.
The company is offering bonds maturing in 18, 36, 60 and 120 months with monthly, annual and cumulative interest payment option.
Bonds will be offering an effective yield up to 10.25 per cent per annum. An additional interest of 0.20 per cent will be given to existing holders of bonds previously issued by the company or by Edelweiss Financial Services (EFSL) or ECL Finance, it said.
The issue will open for subscription on January 23, 2020 and close on January 31.
Lead managers to the issue are IDBI Capital Markets &amp; Securities and Edelweiss Financial Services (EFSL).
The NCDs will be listed on the BSE.
EFIL gives loans against securities, ESOP finance, margin trade financing and IPO financing.
It also provides loans to its customers against the pledge of certain specified securities held by customers. The product is offered to them who require liquidity against their investments in certain specific marketable securities. HV BAL
BAL

Edelweiss Fin plans to raise Rs 250 crore via bonds

New Delhi, Jan 14 () Financial services firm Edelweiss Financial Services on Tuesday said it has received a communication from the Enforcement Directorate (ED) to represent and appear before it on Wednesday.
 The development follows the statement by the company's Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation.
 "The company has received a communication from the Office of the Enforcement Directorate to represent and appear before them on January 15, 2020 and the company shall do the needful," Edelweiss Financial Services said in a filing to BSE.
 Earlier in a regulatory filing, Shah said the allegation of FEMA (Foreign Exchange Management Act) violation is "false" and the company will fully cooperate in the investigation.
 The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
 Informing shareholders about the development, Shah had said: "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex Pvt ltd and all allegations of FEMA violations are false".
 The chairman also said that he was unable to go in person to the ED and authorised senior representative had attended in person with the requisite information.
 "Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he had added.
 Shah also denied media reports of him having any relation with Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of the group companies.
 "Let me reiterate that he (Sanjay Nathalal Shah) has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name," he had said.
 He had also accused media of sensational reporting on "false allegations".
 The company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss, he had added.
 Edelweiss is a home-grown professional financial services group built over 25 years by more than 11,000 employees and 2 million customers.
 The shares of Edelweiss Financial Services Ltd were trading at Rs 109.30 a piece on BSE in morning trade. SID SID ANS
ANS

Edelweiss Financial Services asked to appear before ED on Wednesday: Co

Advanced talks about acquiring the retail business of <a href="http://www.businessinsider.in/searchresult.cms?query=Heritage+Foods&amp;sortorder=effectivedate">Heritage Foods</a> are being done by <keyword id="44949" type="CITY" weightage="100" keywordseo="Future-group">Future Group</keyword>. According to people aware of the development, this deal would provide <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani&amp;sortorder=effectivedate">Kishore Biyani</a> a sway over a network of more than 100 grocery outlets in <a href="http://www.businessinsider.in/searchresult.cms?query=Hyderabad&amp;sortorder=effectivedate">Hyderabad</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Chennai&amp;sortorder=effectivedate">Chennai</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Bengaluru&amp;sortorder=effectivedate">Bengaluru</a>. 
 This would be Biyani’s fourth acquisition in many years, if this deal completes, as his Future <keyword id="45472" type="ORGANIZATION" weightage="20" keywordseo="Group">Group</keyword> consolidates its position, especially in grocery retail. 
 "Contours of the deal are still being worked on - how <keyword id="2801764" type="ORGANIZATION" weightage="20" keywordseo="Heritage-Fresh">Heritage Fresh</keyword> will be merged within Future Group and whether the transaction could involve any share swap, apart from cash component," an expert, who wants to remain anonymous, told ET. 
 <keyword id="279628" type="COMPANY" weightage="20" keywordseo="Heritage-Foods">Heritage Foods</keyword> operates more than 115 Heritage <keyword id="5718" type="COMPANY" weightage="20" keywordseo="Fresh">Fresh</keyword> stores of 2,500 square feet each on average, serving more than two million customers every month in the three southern cities. 
 
“The company had hired <a href="http://www.businessinsider.in/searchresult.cms?query=KPMG&amp;sortorder=effectivedate">KPMG</a> to advise it on a search for a strategic partner or investor for its retail business,” Dharmender Matai, COO for retail and bakery at Heritage Fresh, told ET. 
 
Biyani will take the Future Group's total store count to more than 850 outlets including the Heritage Fresh chain. 
 "Apart from pushing its own label, the deal will also help the company operate a bigger network of stores that will come handy for bulk sourcing and, in turn, more bargaining power to squeeze extra margins from consumer product companies, so his consolidation strategy is a smart move," <keyword id="1106836" type="PERSON" weightage="20" keywordseo="Abneesh-Roy">Abneesh Roy</keyword>, senior vice-president at <a href="http://www.businessinsider.in/searchresult.cms?query=Edelweiss+Securities+&amp;sortorder=effectivedate">Edelweiss Securities </a>told ET. 
 
In many southern cities, the supermarkets contributes to about 25%, indicating growing acceptability of modern store formats, while modern trade accounts for about 10% of overall consumer goods sales. 
 
The strategic buyout will make the Future Group look more attractive to the foreign investors. 
 
India allowed total FDI in brick-and-mortar as well as online retailing of food that's locally sourced and produced, in June this year. However, foreign retailers are not very comfortable with it and are saying that food-only stores won't be viable and non-food general items should also be allowed in such shops.

Kishore Biyani, Indian retail’s original
rockstar at it again. His Future Group is buying Heritage
Fresh

Mumbai, May 13 () Financial services-focused Edelweiss Group has restricted spending to the minimum because of liquidity concerns arising out of the inability to get benefits of loan repayment moratoriums, its chairman Rashesh Shah has said."While we have extended EMI (earnest monthly instalments) non-payment benefits to our clients, the same has not necessarily been available for us. It is therefore important in these times to be cautious, conservative and prudent wherever possible," Shah said in a letter to Edelweiss Group employees.He said the group has "restricted spending to the minimum possible" and urged employees to be measured in their spending both professionally and personally. It can be noted that liquidity has been identified as one of the key concerns by policymakers amidst the COVID-19 pandemic. However, non-bank lenders - Edelweiss also has a presence in the segment - have not been able to get relief as the moratoriums have not been extended to them and dedicated liquidity lines like the ones through targeted long term repo operations have been met with limited success."I am confident that Edelweiss will emerge out of this stronger, leaner and more resilient than ever before," he said. Shah said businesses are facing a challenging time staying afloat as the squeeze on liquidity affects organisations across all sectors and of all sizes and pitched for a calibrated and gradual easing of the lockdown restrictions so that the economy can start once again."We are amidst a disruption that is similar to 1991, maybe even bigger. Striking the right balance between re-starting the economy and maintaining social discipline will be key to determining the path we take," he said.He said the return to normalcy for the economy will also take some time and warned that it will not be a very smooth recovery either. "The year ahead will be a bumpy road and the same will hold true for all organizations including ours," he told employees. The chief of the group which started out as a brokerage and has presence in asset reconstruction, mutual funds and insurance, commended the imposition of the lockdowns saying India's healthcare infrastructure is limited in its ability to handle a rapid surge in COVID-19 cases. However, the flipside of the lockdowns has been that the economy has come to an "absolute halt" in this period and it is an especially challenging time for the economically weakest segments of our society, he said.He added that safety and hygiene will become even more important in the new world and the key is to embrace the new normal. Learnings from the crisis include frugality and conservatism, need to build resilience for long-term sustainability and the need to stay connected, he said, adding that the group was early to adopt aspects like work-from-home for employees even before the lockdown started. AA DRRDRR

COVID-19: Time to be cautious, conservative, prudent wherever possible says Edelweiss' Rashesh Shah

Edelweiss, which is a financial services firm, is looking forward to tap engineering students who might suggest some innovative ideas and technologies. The company has also created an internal board which would evaluate these ideas. 
 
The step has been taken because the fear of technological disruption which has reached the boards of large companies. These companies are now trying to join the start-up boom, which they plan to do either through funding or collaborations. Edelweiss is open to trying both these ideas and believes that not all innovative ideas can come from inside, the company's technology chief told ET. 
 
"We have a programme called Edelweiss Springboard. We go to engineering colleges and ask students to come up with innovative ideas for our business using few technologies. If the idea has potential, we will mentor the shortlisted teams in implementing their ideas and reward the successful ones," said Kalpana Maniar, who is the president and chief information officer of Edelweiss Financial Services. 
 
For reaching out to the engineering students, the company has been to two engineering colleges this year, and is planning to expand the programme so that more colleges can be included in the coming years. 
In the recent years, the boom in the start-up sector has given tough competition to financial services firms across the globe. 
 
Last week, we reported about Mahindra Group’s <a href="http://www.businessinsider.in/Mahindra-Group-wants-its-employees-to-be-entrepreneurs-too-Heres-how/articleshow/49841964.cms">plans to help aspiring entrepreneurs</a> among its employees so that start-ups can be built in-house with seed funding and incubation facilities. 
 
<a href="http://blog.askiitians.com/wp-content/uploads/2014/01/4.jpg">Image Source</a>

Large companies are looking at campuses for innovative ideas in technical space

<ul><li>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of Muqabla song from the Street Dancer 3D, has gone viral on the internet </li><li>The 50-year old Joint Managing Director and CEO of the ₹4,500-crore (over $600 million) Welspun India. </li><li>This is just one party on the road to the targeted $2 billion in revenue by 2022</li></ul>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of Muqabla song from the Street Dancer 3D, has gone viral on the internet. Many industry leaders,<a href="https://twitter.com/Varun_dvn/status/1230035375734784001"> bollywood actors</a> and politicians applauded the 45-sec video giving a glimpse at a ‘happy workplace’. But the 50-year old Joint Managing Director and CEO of the ₹4,500-crore (over $600 million) Welspun India has a lot more to her credit than a viral video. 
	
	<div type="twitter" handle="hvgoenka" handlename="Harsh Goenka" image="http://pbs.twimg.com/profile_images/1100471315016732672/VQXLpkHZ_normal.jpg" favoritecount="13586" retweetcount="2226" status="Rare to see a CEO dance and have fun in an office setting. That’s the way to create a happy culture @DipaliGoenka… https://t.co/DHDlNz8Gy9" createdat="1582045195000" id="1229812801889357824"></div>





 The reason for the celebration: Welspun India, which makes towels, bathrobes, and bedsheet, registered a whopping 55% growth in net profit for the third quarter ending on December 31, 2019, sparking hopes of a turnaround amidst gloomy prospects for the entire sector. This is just one party on the road to the targeted $2 billion in revenue by 2022. Goenka had a tough start as the boss 
 
 <div type="image" title="BCBE8AC1-8420-48A1-A8D7-E84E24DD23EC" msid="74211911" hostid="261"></div> Goenka was a homemaker, and the wife of <keyword id="949657" type="PERSON" weightage="20" keywordseo="Balkrishan-Goenka">Balkrishan Goenka</keyword> (the Chairman of the <keyword id="157753" type="COMPANY" weightage="20" keywordseo="Welspun-Group">Welspun Group</keyword>) until she decided to become an executive back in 2002. She became an entrepreneur with a new business line, Spaces, a brand that targets premium for towels and bedsheets at a domestic level. Nine years ago, in 2011, Goenka shook the textile industry in India when she took charge of the company. Some industry leaders thought the “Welspun has lost its mind” <a href="https://www.thehindubusinessline.com/business-wire/forbes-ranks-dipali-goenka-as-the-16th-most-powerful-businesswoman-in-asia/article8446854.ece">reported Forbes</a>. ‘Is she here because she is a part of the management?” <a href="https://wow.outlookbusiness.com/dipali-goenka/">Goenka told the media</a>. Two years later, she became the joint managing director in 2013. A few years into the business, Goenka proved the skeptics wrong. Welspun India’s annual revenue was nearly ₹5,500 crore last year. In fact, a look at the stock price of Welspun India shows that the real wealth generation for investors happened only after she took over. 
 
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Source: Google Finance Now, the company expects the WelHome and Spaces brands to touch ₹3,500 crore, according to an Edelweiss report, by next year whereas the current market value of entire Welspun India is just ₹4,500 crore. What makes her achievement special is that she has managed to grow the company at a time when the textile industry has been struggling to survive. Particularly, the textile exporters from India have been losing out <a href="https://scroll.in/article/810671/three-charts-show-how-indian-textile-industry-lost-the-race-to-bangladesh-and-vietnam">cheaper competition from Bangladesh and Vietnam</a>. The early setback Sexism was not the only challenge for Goenka. One of the biggest setbacks for the group was in 2016, when Target Corp, second largest value retailer in the US, informed their customers that Welspun India sold them substandard bedsheets. 
 
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 At the time, Target gave about 10% of Welspun India’s billion-dollar revenue every year. Their market cap took a steep fall of 54% — from ₹103.34 billion to ₹46.97 billion between August 19, 2016 and August 30, 2016. Goenka <a href="https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/how-welspun-india-is-emerging-from-a-crisis-that-rocked-its-credibility/articleshow/69706022.cms">took responsibility and met all her customers </a>including JCPenney, Costco, <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in the US to Sainsbury in Europe. In 2017-18, the company’s gross sales fell by 9%. But the company seems to have recovered from that now. It was ranked as the <a href="http://outlookindia.com/outlookmoney/investment/the-weaver-welspun-india-2122">top home textile suppliers in the US in 2017 </a>and has a distribution network in over 32 countries including US, UK, Europe, Canada and Australia. The good fight Goenka has not only chased her corporate aspirations, she has also strongly backed gender equality. “The biggest change is that the percentage of women has gone up from 7% to 23% in our workforce. IQ is not the only thing that will take an organisation forward. It is also the EQ. And that’s the balance women bring,” Goenka<a href="https://wow.outlookbusiness.com/dipali-goenka/"> told Outlook Business. </a> While prodding other billionaire-owners of big businesses like <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> and <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> to make their workplace more fun, Goenka has also become the face of a changing corporate culture in India. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/article/escorts-share-price-and-inside-story-of-how-market-value-nearly-doubled-in-a-new-book/articleshow/73763872.cms">The inside story of how Escorts turned around to become a nearly ₹10,000-crore company</a> <a href="https://www.businessinsider.in/business/corporates/news/profit-margin-on-jockey-and-speedo-shrinks-shows-page-industries-q3-earnings/articleshow/74119148.cms">Biting slowdown is squeezing Page Industries' profit margin on Jockey and Speedo</a> <a href="https://www.businessinsider.in/business/startups/news/manish-malhotra-ritu-kumar-sabyasachi-and-other-top-designer-clothes-are-available-for-rent-thanks-to-this-indian-startup/articleshow/72326885.cms">Manish Malhotra, Ritu Kumar, Sabyasachi and other top designer clothes are available for rent thanks to this Indian startup</a> <a href="https://www.businessinsider.in/business/news/everybody-needs-a-haircut-says-celebrity-stylist-jawed-habib-who-does-not-fear-the-effect-of-a-slowdown/articleshow/74132791.cms">Star hair stylist Jawed Habib reveals why $30 million franchise hasn't cut prices this slowdown</a>

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