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<ul><li>Massive upgrade of <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>’s payments platform through an indigenous full-stack development will further boost digital payments in the country.</li><li>Aimed at significantly enhancing consumer experience of digital payments through much better success rate, speed and security</li><li>Paytm has been at the forefront of India’s digital revolution with its technology-led innovations that have empowered users with a ‘Made in India’ payments platform.</li></ul>One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of mobile payments, QR and Soundbox today announced the launch of its new technology platform that is built with 100% indigenous developed technology. With this, the company has taken another step towards ‘Atmanirbhar Bharat’ to promote digital payments in the country. Paytm has been at the forefront of India’s digital revolution with its technology-led innovations that have empowered users with a ‘Made in India’ payments platform. The platform has been revamped, ensuring that the previous technology platform is upgraded with new-age tech solutions that are locally built and supported in-house. With a world-class platform that can handle up to 10X of the current scale, Paytm has set a gold standard for fintechs, aimed at handling fast growing digital payments opportunities in the country. The company has been investing heavily in India’s mission of building a trillion dollar digital economy. This massive upgrade of Paytm’s payments platform through an indigenous full-stack development will further boost digital payments in the country. <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, Founder &amp; CEO of Paytm said, “As a key milestone of the journey of Paytm payments platforms from pioneering new innovations to building solutions for India’s small and large merchants, we have come a long way. Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risks system and fraud management from grounds up, catering to India’s payments growth. This platform will be able to scale to the next up to 10X payments in India. We are here to serve India by a technology made in India. We are proud that we are making this in India for the world.” With a robust architecture, the company’s revamped platform will further power superfast, secure and seamless payments. Paytm’s new payments infrastructure will promote sustainable growth of digital payments and financial services in India. After revolutionising mobile, QR and Soundbox payments, the company’s new platform will transform digital transactions, enabling affordable access to financial services. The digital disruptor made waves in digital payments with its iconic Soundbox, another shining example of ‘Make in India’. The fintech pioneer has already displayed its tech prowess by building the digital payments technology for Japan. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a>

Paytm announces launch of its upgraded payments platform powered by 100% indigenous technology — a shining example of ‘Make in India’

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> is ranked 4th in the world with a total net worth of $125 billion.</li><li>Adani is followed by Mukesh Ambani at number 10 with a net worth of $83.6 billion.</li><li>The next rank from India is number 45 for <keyword id="6419840" type="General" weightage="20" keywordseo="Azim-Premji" source="Orion">Azim Premji</keyword> of Wipro with a net worth of $ 24.6 billion.</li></ul> The double As - Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one. There was a time when <keyword id="232460" type="General" weightage="20" keywordseo="Tata-and-Birla" source="Orion">Tata and Birla</keyword> were synonyms for India's rich. Every region had its own wealthy like the Shrirams, Thapars, Nandas, and Modis in the north or the Bangurs in the east or the Mafatlals, Walchands, Kirloskars, Khataus, Sarabhais and Lalbhais in the west and the M.A. Chidambaram group in the south. Over time, many groups have floundered and fallen on bad times. There are many defining moments in this journey which saw a debilitating impact on family industrial groups. The year 1964 was a turning point because this was when the Monopolies and Restrictive Trade Practices Commission was established. By that year, the MRTP Commission had finished collecting and sifting information on Indian big business and hence reliable data was available. The next interesting inflection point came in 1991, when the P.V. Narasimha Rao administration introduced the New Economic Policy. This is where it all changed - India's most radical policy document in the form of the New Industrial Policy - the Licence Permit Raj was scrapped on 24 July 1991. Democratic socialism had been consigned to the rubbish heap of history - Licence Raj, which was in place for four decades, came to an end with the new industrial policy announced by Finance Minister Manmohan Singh and Prime Minister P.V. Narsimha Rao, who also held the portfolio of Industries Minister. The New Industrial Policy proposed getting rid of Monopolies and Restrictive Trade Practices and abolishing industrial licensing for all but 18 industries. Foreign equity holdings were proposed to be raised by 51 per cent in a project. Indian industry was free of controls and bureaucracy like never before. Over the last 30 years, India Inc had been turned on its head. As per the Bloomberg Billionaires Index now, Gautam Adani is ranked 4th in the world with a total net worth of $125 billion. Adani is followed by Mukesh Ambani at number 10 with a net worth of $83.6 billion. However, after Adani and Ambani the gap widens by a large extent and is then taken up by the software czars. The next rank from India is number 45 for Azim Premji of Wipro with a net worth of $ 24.6 billion. Shiv Nadar of HCL Technologies is at number 51 on the index with a net worth of $22.8 billion. The representation from India is then only at number 101 with Dilip Shanghvi with a net worth of $14.9 billion followed by Cyrus Poonawalla at 102 with $14.8 billion. Lakhsmi Mittal is at 103 with a net worth of $14.7 billion. Uday Kotak is ranked 106 with a net worth of $13.7 billion. Savitri Jindal is ranked at 119 on the Bloomberg Billionaires Index with a net worth of $12.9 billion. Sunil Mittal is ranked at 134 with a net worth of $12.2 billion. Kumar Birla is at 159 with a net worth of $10.8 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/over-2-49-crore-unaccounted-cash-seized-in-hyderabad/articleshow/94750636.cms">Over ₹2.49 crore unaccounted cash seized in Hyderabad</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-sector-to-ring-in-stability-in-q2-jio-and-airtel-expected-to-grow-stronger-vi-weaker/articleshow/94709309.cms">Telecom sector to ring in stability in Q2 – Jio and Airtel expected to grow stronger, Vi weaker</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-giant-swing-in-manali-runs-on-ai/articleshow/94741834.cms">This giant swing in Manali runs on AI</a>

Gautam Adani and Mukesh Ambani - dominate the India rich list with the gap between them the rest of India Inc being a very large one

The three nano-satellites developed by startups which were successfully placed into orbits during Saturday's PSLV C54/EOS-06 mission would have significant bearing in the private sector's future endeavours, a top official of space regulator Indian National Space Promotion and Authorisation Centre (IN-SPACe) said. Apart from the primary payload -- an Earth Observation Satellite (Oceansat) and five other co-passenger satellites -- the Polar Satellite Launch Vehicle C54 successfully placed Thybolt-1 and 2 satellites, 'Anand' nano-satellites developed by space startups Hyderabad-based <keyword id="2623423" type="General" weightage="80" keywordseo="dhruva-space" source="Orion">Dhruva Space</keyword> and Bangalore-based Pixxel, respectively. IN-SPACe is an autonomous body under the Department of Space. IN-SPACe and <keyword id="116095" type="General" weightage="50" keywordseo="indian-space-research-organisation" source="Orion">Indian Space Research Organisation</keyword> (ISRO) facilitated the launch of Thybolt-1 and 2 and 'Anand' satellites onboard PSLV-C54, a press release said. "We stand witness to yet another successful launch by ISRO today. For the private sector, it is indeed a remarkable feat as <keyword id="3722" type="General" weightage="80" keywordseo="dhruva" source="Orion">Dhruva</keyword> space and Pixxel successfully executed their missions," IN-SPACe chairman Pawan K Goenka said. "One of the private firms to be granted approval for payloads launch by IN-SPACe, Dhruva Space is leading the way in the development of indigenous satellites, while Pixxel takes another step towards building a constellation of hyperspectral imaging satellites with the successful launch of Anand," he said. "These launches by Indian startups will have significant bearing on the Indian private sector's future endeavours in space," Goenka said. The indigenously developed satellites by Dhruva Space would contribute towards augmenting amateur communications and can be used for communication during disaster management, and low bit-rate applications. "This is a moment we have long been preparing for and we are truly grateful to all the support IN-SPACe has given in bringing this mission to fruition right from authorisation to execution" Dhruva Space Pvt Ltd CEO Sanjay Nekkanti said. "We are also grateful to the Department of Space, ISRO and <keyword id="10244841" type="General" weightage="50" keywordseo="newspace-india-ltd" source="Orion">NewSpace India Ltd</keyword> for their assistance," he said. PSLVC54 successfully placed EOS-06 (Oceansat) and eight nano satellites including BhutanSat and four Astrocast satellites from Spaceflight USA along with 'Anand' from Pixxel and two Thybolt satellites from Dhruva Space. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/musk-reveals-twitter-2-0-says-top-software-aces-joining-company/articleshow/95801283.cms">Musk reveals Twitter 2.0, says top software aces joining company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/risk-management-must-be-driven-by-understanding-of-what-is-good-for-corporate-ex-chairman-sebi/articleshow/95800960.cms">Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi</a>

Nano-satellites built by startups augurs well for private sector's future endeavours: IN-SPACe

<div type="image" msid="58061915" hostid="261"></div>

 
 
Sanjay Mehta is popularly known as an angel investor and acts as a mentor to many entrepreneurs, but little is known about how Mehta became the go-to angel investors for many. 
 
He was born in a middle-class Gujarati joint family in Mumbai, and calls himself a ‘first-generation entrepreneur’. He was the first person in his family to take the leap into starting his own business but credits his family for teaching him the art of nurturing relationships with diverse people. 
 
He studied engineering from Mumbai University in 1993 and he was adamant about being an industrialist. 
His first company was Bespoke Software Consultancy, while he was interested in IT, he didn’t want to sell computers, he wanted to sell the software inside them. 
 
The entrepreneur that failed and started again 
 
His first venture was successful, but Sanjay felt the need to get out of the country like his peers albeit it was a short trip. 
 
He went at a time when the dot-com bust was about to happen and his exposure to trending e-commerce at the time propelled him to start a B2B commodity trade portal which failed and he returned in 1999. “I lost everything as investors backed out on the term sheet. I had to start from scratch. I realized that this was going to be a rollercoaster ride,” recalls Sanjay. 
 
<a href="http://www.businessinsider.in/exclusive-voonik-is-redefining-fashion-e-commerce-for-indian-masses/articleshow/58044307.cms">ALSO READ: Exclusive: Voonik is Redefining Fashion E-commerce for Indian Masses</a> 
 Mehta came back to India in 1999 and went back to the grind and started another ahead-of-its-time company which too shut down. Undeterred he started again with <keyword id="4390649" type="UNKNOWN" weightage="20" keywordseo="udyog-software-india-ltd">Udyog Software India Ltd</keyword> which was a taxation product company in the year 2000. This third-time-lucky charm turned around things as Sanjay sold the venture to an Indian owned US company in 2004. 
 Mehta started his last company <keyword id="4390651" type="UNKNOWN" weightage="20" keywordseo="maia-intelligence">MAIA Intelligence</keyword> in 2007 which dealt with business intelligence software and analytics which he sold to Datamatics in 2015. While he was reaping the benefits of the two exits, he invested in real estate which was just in time for the boom. 
 
<a href="http://www.businessinsider.in/the-stayzilla-fiasco-is-an-ugly-heads-up-of-the-future-of-the-indian-startup-ecosystem/articleshow/57689230.cms">ALSO READ: The Stayzilla fiasco is an ugly heads-up of the future of the Indian startup ecosystem</a> 
 Equipped with new found wealth, he decided to look for other areas of investment and entered venture funding with Aditya Birla <keyword id="34499" type="POSITION" weightage="20" keywordseo="private-equity">Private Equity</keyword> Fund as an LP. He joined Indian Angel Network which was the first angel network and then decided to be an ‘angel’ full time. 
Since the past four years, as a full-time investor, Mehta always wanted to either be an entrepreneur or support one and it all started with him watching his father’s hard work. “My father has always been in the corporate sector and he toiled really hard all his life but he never owned anything. If I’m building something, I thought that I should be the one owning it. That’s why I never applied for a job.” 
 
<a href="http://www.businessinsider.in/i-stayed-at-tajs-first-property-in-amritsar-and-heres-what-i-experienced/articleshow/58028999.cms">ALSO READ: I Stayed at Taj's First Property in Amritsar and Here’s What I Experienced</a> 
 
He shares one instance wherein 1993, as a young lad, he wanted a PC to start his own business that cost up to a Lakh rupees and went to my grandfather to ask for a loan. He suggested visiting a bank, and all the financial institutions shooed him away after which his relatives helped in undersigning for the loan. 
 
The Mumbai-based investor was made to feel the importance of money from the beginning as he paid his own loan installments and it taught him a lot about financial discipline. That’s why Sanjay credits his business learning to his family and his father notably who worked with Fevicol and struck up a business building chord that stuck with him with only one hard and fast rule- ‘Do not innovate in Legal and Finance’.

Exclusive: Ace Angel Investor Sanjay Mehta’s true-life experiences that make his investments in startups fool-proof

<keyword id="14907483" type="General" weightage="20" keywordseo="jm-financial-institutional-securities-ltd-" source="Orion">JM Financial Institutional Securities Ltd.</keyword> has released its report on Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) terming the company a population-scale initiative to democratise e-commerce, the detailed report concludes that it has the potential to create a win-win scenario for incumbents as well as new entrants. The report also terms extreme operational complexity as the roadblocks for ONDC. "With its primary focus of enabling e-commerce for small retailers and MSMEs, ONDC has the potential to enhance retail digital penetration in the country at an even faster pace than what was seen during the COVID lockdowns. The network will enable a wider customer catchment to small retailers and direct customer access to MSMEs, creating millions of million-dollar businesses," said the report. Using an open source protocol, ONDC switches the approach from closed platforms to a network that creates interoperability across all on boarded applications, says the report. "This interoperability enables unbundling, which allows all participants to play to their strengths -- a banking app with millions of consumers focuses on boarding/engaging consumers while a SaaS provider for online sellers handholds the sellers. Further, the buyers get to stick to their app of choice for accessing a broad selection while sellers do not need to spend time and capital in working with multiple platforms in silos. Overall, this can drive capital efficiency for the players, helping them achieve profitability," said the report. As per the report, the roadblocks to success of ONDC include solving the chicken and egg situation between supplier and buyer on boarding, customer complaints redressal (as a fragmented process also creates gaps for the process to fall through), competition issues in case the large incumbents or massive brands are on boarded as well as those related to data privacy and ownership. "Looking at <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> evolution, ONDC might also need to decide on its positioning as a non-regulatory authority or becoming a rule-setting body in order to ensure that the network remains fairly attuned for the small retailer to not get marginalised," said the report. Open Network for Digital Commerce (ONDC) has been incubated with the primary purpose of supporting grassroots-level entrepreneurship and digitising small, local retailers by making them a participant in India's e-commerce revolution. ONDC is pursuing an open protocol approach that drives interoperability between all onboarded platforms and, hence, lowering the entry barrier for a retailer to sell online. This allows a consumer on any app of his/her choice to buy from any seller across the network even if the seller might not be onboarded on the app that the customer is using. "We appreciate this move by the Indian government to take the digital revolution across the nook and corner of the country and believe that this could be a massive driver in taking India's digital penetration in retail from the current 5-7 per cent to almost 20 per cent in the next 5 years (current IBEF estimate is of 19 per cent by 2030)," said the report. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-acquires-california-based-solar-software-developer-sensehawk-for-32-million/articleshow/94016174.cms">RIL acquires California-based solar software developer SenseHawk for $32 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

ONDC is a population-scale initiative to democratize e-commerce: JM Financial

The government has merged the Department of <keyword id="108214" type="CITY" weightage="20" keywordseo="Public-Enterprises">Public Enterprises</keyword> (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> ministry - created under the Atal Bihari Vajpayee government - was merged with the Finance Ministry and is now a department under it. Also, <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) was abolished and administration of foreign investments was given to the Finance Ministry (FinMin). The shift of DPE to the finance ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs). "<keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> (<keyword id="11588398" type="UNKNOWN" weightage="20" keywordseo="vitta-mantralaya">Vitta Mantralaya</keyword>), after the sub-heading (v) Department of <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">Financial Services</keyword> (Vittiya Sewayen Vibhag), following sub-heading shall be inserted, namely:- (vi) Department of Public Enterprises (Lok Udyam Vibhag)" as per the Cabinet Secretariat notification dated July 6, 2021. The rejig comes ahead of Cabinet expansion slated later in the day. The gazette notification issued said these rules may be called the government of India (Allocation of Business) Three Hundred and Sixty First Amendment Rules, 2021. "They shall come into force at once," the notification said. Presently, the finance ministry has five departments -- Economic Affairs, Revenue, Expenditure, Investment and Public Asset Management and Financial Services. With the addition, this will be the sixth department under the finance ministry. Giving details of the functions performed by the DPE, the notification said coordination of matters of general policy affecting all Public Sector Enterprises (PSEs), evaluation and monitoring the performance of PSEs, including the memorandum of understanding mechanism, review of capital projects and expenditure in CPSEs. Besides, the DPE frames measures aimed at improving performance of CPSEs and other capacity building initiatives of PSEs, rendering advice relating to revival, restructuring or closure of PSEs including the mechanisms, counselling, training and rehabilitation of employees in CPSEs under Voluntary Retirement Scheme and categorisation of CPSEs including conferring 'Ratna' status, among others. The heavy industries ministry will continue to be the administrative ministry related primarily to the capital goods sector. As many as 44 CPSEs including Maruti Udyog Limited, BHEL, Cement Corporation, <keyword id="173465" type="CITY" weightage="20" keywordseo="Scooters-India">Scooters India</keyword>, HMT and various other subsidiaries would be under the Ministry of Heavy Industries. Many companies under the ministry are sick and up for sale under the disinvestment programme of the government. Finance minister Nirmala Sitharaman in her Budget 2021-22 already announced that a revised mechanism for fast-tracking closure of loss making PSUs would be worked out and an incentive package would be developed to incentivise states to sell stake in state PSUs. To monetise lands owned by CPSEs, a special purpose vehicle (SPV) would be developed. She also announced a big-ticket privatisation agenda, including privatisation of two public sector banks and one general insurance company to garner Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during 2021-22. As part of the divestment strategy for the financial sector, the government has decided to go for a mega initial public offering (IPO) of Life Insurance Corporation of India (LIC) and residual stake sale in IDBI Bank during the financial year beginning April. Besides, strategic sale of Bharat Petroleum Corporation Ltd (BPCL), <keyword id="11588399" type="UNKNOWN" weightage="20" keywordseo="shipping-corp-container-corporation">Shipping Corp, Container Corporation</keyword>, <keyword id="2459265" type="PERSON" weightage="20" keywordseo="Neelachal-Ispat-Nigam-Ltd">Neelachal Ispat Nigam Ltd</keyword>, <keyword id="132488" type="COMPANY" weightage="20" keywordseo="Pawan-Hans">Pawan Hans</keyword>, Air India among others, would be completed in 2021-22. In September 2020, the government had apprised that out of the 34 PSUs approved for disinvestment so far, transactions were completed for eight. Transactions for four PSUs were halted as they are recommended for closure. Two of them were held up due to litigation, while transactions for 20 PSUs are in the process. SEE ALSO- <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a>

Government merges the Department of Public Enterprises with the Finance Ministry to bring better control over state-owned firms

<keyword id="6487" type="General" weightage="20" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword> on Friday said its subsidiary has acquired majority stake in genomic testing frim <keyword id="12019788" type="General" weightage="20" keywordseo="strand-life-sciences-pvt-ltd" source="Orion">Strand Life Sciences Pvt Ltd</keyword> for ₹393 crore. The acquisition by <keyword id="11939413" type="General" weightage="20" keywordseo="reliance-strategic-business-ventures-ltd" source="Orion">Reliance Strategic Business Ventures Ltd</keyword> (RSBVL) is part of Reliance's digital health intiatives, the firm said in a stock exchange filing. "RSBVL, a wholly owned subsidiary of <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited (RIL), has acquired 2.28 crore equity shares of ₹10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only," it said. A further investment of up to ₹160 crore is expected to be completed by March, 2023. "The total investment will translate into about 80.3 per cent of equity share capital in Strand on a fully diluted basis," it said. Strand was incorporated in India on October 6, 2000. It is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies. Strand's turnover was ₹88.70 crore, ₹109.84 crore and ₹96.60 crore in FY2021, FY2020 and FY 2019, respectively. It reported a net profit of ₹8.48 crore in FY2021 but had a loss of ₹25.04 crore in the prior fiscal year and ₹21.66 crore in FY2019. "The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world-class technology and innovation-led healthcare ecosystem in India," Reliance said adding no governmental or regulatory approvals were required for the said investment. The investment, it said, does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in the transaction. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/how-mukesh-ambani-owned-reliance-industries-crossed-the-15-lakh-crore-market-capitalisation/articleshow/85896448.cms">All the things that drove Reliance Industries’ shares to a 11-month high and over the coveted ₹15 lakh crore mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/heres-how-to-change-whatsapp-number-without-losing-chats/articleshow/85896267.cms">Here’s how to change WhatsApp number without losing chats</a>

Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore

Quite a many major industry segments in India are doing very well in India producing billionaires. Making a positive impact on the Indian economy by catering to the needs of both domestic market and exports, several industry segments are outperforming the others. Here are the top 10 industry segments in the country that have produced the maximum number of billionaires as per the Hurun Report. 1. Pharmaceuticals Pharmaceuticals in India have produced the highest number of billionaires numbering 137. The richest person from this industry segment is Poonawalla with a net worth of INR 88,800 crores. Indian is the largest supplier of generic drugs to the world. India fulfills more than 50 percent of the global need for different vaccines, 40 percent of the generic medicine demands of the US and 25 percent of the total medicine needs of the UK. 2. Software &amp; Services The software and services sector has produced 73 billionaires, the second largest number in India on the Hurun Report. The richest person in this industry segment is Azim Premji with a net worth of INR 1,17,100 crores. India has some industry leaders in this segment including Infosys, Wipro, TCS and Tech Mahindra that provide diverse kinds of products across different industry segments. 3. FMCG FMCG industry segment in India has produced 59 billionaires and hence stands in the third rank for producing the highest number of billionaires. The richest person from this segment is Nusli Wadia &amp; Family with a net worth of INR 42,200 crores. In the fast-moving consumer goods segment, household and personal care products alone account for 50 percent of the sales. 4. Chemicals and Petrochemicals Producing 57 billionaires, the chemicals and petrochemicals segment in India stands in the fourth position for producing the highest number of billionaires. Sri Prakash Lohia with a net worth of INR 40,500 crores is the richest one from this segment. The dominant players in this segment are Reliance Industries Ltd (RIL), Indian Petrochemicals Corporation Ltd. (IPCL), Gas Authority of India Ltd. (GAIL) and Haldia Petrochemicals Ltd. (HPL) 5. Automobiles &amp; Auto Components The fifth one in the list of industries producing the highest number of billionaires is the automobiles and auto components sector in India producing 45 billionaires. The wealthiest person from this sector is Rahul Bajaj &amp; Family with a net worth of INR 60,700 crores. India is among the largest markets in the world and also among the leaders in the commercial vehicles manufacturing segment. 6. Construction &amp; Engineering Construction engineering sector in India has produced 45 billionaires and thus stands in the sixth position among the <keyword id="8885473" type="General" weightage="20" keywordseo="top-10-industries" source="Orion">top 10 industries</keyword> producing the highest number of billionaires. The richest in this sector is P Pitchai Reddy enjoying a net worth of INR 13,400 crores. Tis segment is one of the largest employers in India and makes a significant contribution to the nation’s economy. 7. Financial Services The financial services sector in India has produced 43 billionaires with the richest person Uday Kotak having a net worth of INR 94,100 crores. This segment comprises commercial banks, co-operatives, non-banking financial companies, insurance companies, mutual funds, pension funds, and other smaller financial entities. 8. Food &amp; Beverages The total number of billionaires in Indian that have made their wealth in the food and beverages sector is 39. This makes this industry segment eighth member in the list of top 10 industries producing the highest number of billionaires. The wealthiest person from this sector is Ravi Jaipuria &amp; Family and the family’s net worth is INR 11,500 cores. India’s food and beverage industry makes up the major part of the Consumer Packaged Goods (CPG) industry. 9. Textiles, Apparels &amp; Accessories The textiles, apparel and accessories segment in India has produced 36 billionaires and this segment is ranked the ninth among the top 10 industry segments that have produced the highest number of billionaires. The wealthiest person from this sector is Harish Ahuja having a net worth of INR 5,900 crores. Indian textile industry is one of the oldest in the world and highly varied in terms of deliverables. 10. Real Estate The real estate sector in India has produced 33 billionaires and thus it stands in the tenth position among the industry segments that have produced the highest number of billionaires. The wealthiest person from this segment is Jitendra Virwani and his net worth is INR 29,900 crores. The real estate sector in the country is among the most recognized sectors across the globe. The four sub sectors of this segment include housing, retail, hospitality, and commercial.

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