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More than an accomplished entrepreneur, <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, the CEO of <keyword id="6357096" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> is an inspiring personality. Mahindra &amp; Mahindra is a leading player in India in the field of manufacturing Utility Vehicles and Tractors and providing a number of Finance and Aftermarket products. Here are a few interesting facts about Anand Mahindra that might be new to you.<br /><br /><strong>Schooling</strong><br /><br />Anand Mahindra did his schooling at Lawrence School, Lovedale in Ooty, Tamil Nadu. In some of his writings, he mentions that this was a remarkable period in his life. <br /><br /><strong>The biggest ever donation to a foreign establishment</strong><br /><br />Anand Mahindra donated $10 million to the Harvard Humanities Center. Following his donation, the center was renamed and relaunched as the Mahindra Humanities Center. This is the biggest donation ever made by an individual to an establishment overseas. Anand also co-founded the Harvard Business School Association in India which is committed to promoting the domain of management in India.<br /><br /><strong>Hobbies and interests</strong><br /><br />He likes sailing, reading and playing tennis. Anand Mahindra is a passionate photographer with a strong liking for films. He listens to the Blues and assisted the idea behind the Mahindra Blues Festival in Mumbai in the year 2011, which became an annual event. In this Asia’s largest two days event organized year on year, renowned Blues musicians from all over the world participate.<br /><br /><strong>New channels to Mahindra Group</strong><br /><br />Anand Mahindra is the mastermind behind Mahindra Group’s entry into new business domains including real estate and hospitality.<br /><br /><strong>Championed initiatives for a social cause</strong><br /><br />Started in the year 1996, he championed a project known as Nanhi Kali which provides primary education to disadvantaged girls in India. Till September 2017, the project supported more than 130,000 underprivileged girls from all over the nation. He also provided the major support to a safe drinking water supply project in the country that served over 3 million people across the country in rural areas.<br /><br /><strong>CEO active on social media</strong><br /><br />He is ranked among the top 30 CEOs on Social Media. Over 7.26 million people follow him on Twitter and Anand Mahindra is known for his interesting tweets. <br /><br /><strong>ARAI president</strong><br /><br />He is the president of ARAI (Automotive Research Association of India) which is working towards developing safe, less polluting and more efficient vehicles. This body provides support to the vehicle manufacturers in testing, research and development, certification, homologation and framing vehicle regulations. <br /><br /><strong>His net worth</strong><br /><br />He has a net worth of $1.7 billion as per the figures available in Forbes.<br /><br /><strong>Marriage and children</strong><br /><br />He is married to Anuradha Mahindra, who is the founder, editor and publisher of the lifestyle magazine Verve. Anand Mahindra has two daughters Aalika and Divya. <br /><br /><strong>Beginnings in the corporate sector</strong><br /><br />While entering the business in 1981, Mahindra first played the role of the Executive Assistant to the Finance Director of Mahindra Ugine Steel Company (MUSCO), which is the leading producer of specialty steel in India.<br /><br /><strong>Educational accomplishments</strong><br /><br />Anand Mahindra is a passionate student who has multiple degrees from some of the most prestigious Universities in India. He studied architecture and film making and got his graduation degree with honors from Harvard College, Cambridge, Massachusetts in 1977. He completed his MBA in 1981 from Harvard Business School, Boston, Massachusetts.<br /><br /><strong>Among the richest persons in India</strong><br /><br />Entering the list of India’s richest businessmen, Anand Bajaj occupies the 88th position on the Forbes list in 2019.<br /><br /><br />

Unknown facts about Anand Mahindra CEO of Mahindra & Mahindra

<ul><li><strong><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires.<br /></strong></li><li><strong>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy.<br /></strong></li><li><strong>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive.</strong> </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99.<br /><br />“The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. <br /><br />The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. <br /><br />The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. <br /><br /><strong>‘We don’t know a damn thing about the auto industry’<br /></strong><br />Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. <br /><br />The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. <br /><br />A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. <br /><br />At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. <br /><br />M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>.<br /><br /><div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> <br /><br /><strong>Licences, price controls and capacity caps <br /></strong><br />For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. <br /><br />Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. <br /><br />Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. <br /><br /><strong>The courage of change <br /></strong><br />His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. <br /><br />He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21.<br /><br />The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. <br /><br />Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. <br /><br /><strong>Not just business <br /></strong><br />Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. <br /><br />“During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. <br /><br />Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.<br />

Keshub Mahindra: The man who thought impossible is possible

New Delhi, Jun 13 () Mahindra Group Chairman Anand Mahindra on Saturday called for focus on controlling number of fatalities due to coronavirus and ensuring availability of hospital beds, saying that in a country of India's size the number of infection is inevitably going to rise. <p>In a series of tweets, Mahindra said even though the level of transmission is probably significantly higher and largely untraceable and unreported, it shouldn't alarm the world. </p><p>"The absolute number of infected in a country of our size is inevitably going to rise," he said. </p><p>Mahindra further said, "In fact the level of transmission is probably significantly higher &amp; largely untraceable &amp; unreported. This shouldn't alarm the world". </p><p>Suggesting steps for the way forward, he said, "What we must focus on &amp; control is the number of fatalities &amp; the availability of beds/ICU beds". </p><p>These numbers are real and trackable, he added. </p><p>"So far, the percentage of fatalities has been mercifully low &amp; with boosted medical infrastructure we must aim to keep the numbers low," Mahindra added. </p>Stating that a vaccine is many months away, if not longer, he said, "An effective prophylactic could be closer, but unpredictably so. In the meantime, as we return to work, it's good to know that if we are disciplined about using masks, we could keep ourselves &amp; others safe". RKL BAL BAL

COVID-19: We must focus on controlling number of fatalities, says Anand Mahindra

<ul><li><strong>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of <em>Muqabla </em>song from the Street Dancer 3D, has gone viral on the internet<br /></strong></li><li><strong>The 50-year old Joint Managing Director and CEO of the ₹4,500-crore (over $600 million) Welspun India. </strong></li><li><strong>This is just one party on the road to the targeted $2 billion in revenue by 2022</strong></li></ul>The video of Welspun India’s CEO Dipali Goenka dancing with her colleagues, to the tune of <em>Muqabla </em>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’. <br /><br />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.<br /><br />
	
	<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>





<br />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. <br /><br /><strong>Goenka had a tough start as the boss</strong><br />
  
  <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. <br /><br />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>. <br /><br />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. <br /><br />
  
  <div type="image" title="welspun india share price" msid="74211828" hostid="261"></div>





<sup>Source: Google Finance</sup><br /><br />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. <br /><br />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>.<br /><br /><strong>The early setback</strong><br />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.<br /><br />
  
  <div type="image" title="Capture" msid="74211847" hostid="261"></div>





<br />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. <br /><br />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%. <br /><br />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.<br /><br /><strong>The good fight<br /></strong><br />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 <em>Outlook Business. </em></a><br /><br />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. <br /><br />SEE ALSO:<br /><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><br /><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><br /><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><br /><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><br />

Welspun CEO Dipali Goenka is more than a dancing CEO⁠— she’s a homemaker-turned-CEO engaged in the good fight

<br /> Large corporations, and not necessarily reputed tech schools like <keyword id="49737" type="COMPANY" weightage="100" keywordseo="IITs">IITs</keyword> or MIT, are the new <keyword id="3326628" type="UNKNOWN" weightage="100" keywordseo="startup-garages">startup garages</keyword> as big businesses race to stay relevant, <keyword id="6355744" type="CITY" weightage="100" keywordseo="Mahindra-Group">Mahindra Group</keyword> Chairman <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> has said.<br />
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"The new garage is not necessarily in the MIT or Stanford or the IITs. It is in fact, back in large companies. The cycle has turned, where large companies are not turning obsolete," Mahindra said.<br />
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Large corporations are emulating startup ecosystems within themselves, he added.<br />
<br /> "In a sense, what we are doing is putting up a <keyword id="6357722" type="COMPANY" weightage="100" keywordseo="silicon-valley">Silicon Valley</keyword> inside a company," added Mahindra. <br />
<br /> A corporate garage, unlike a dedicated <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> or private equity fund, also has the advantage of being more flexible and staying invested for a long-term, he said.<br />
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Terming the domestic startup ecosystem as "extremely robust", Mahindra said even though it trails the US and Israel at present, India is set to become the "hottest startup spot in the world."<br />
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"You are only going to see more action. Whether it is about unicorns or cockroaches, you are going to see plenty of action," he said.<br />
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Mahindra said people who launch startups within his group are called "intrapreneurs" and are spread across various verticals, including Tech MahindraBSE 1.39 % and the flagship auto company Mahindra and MahindraBSE 7.40 %.<br />
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The close to USD 20-billion diversified group has a dedicated entity called Mahindra Partners that acts like the group's venture capital and private equity arm, and invests in companies both within and outside the group.<br />
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"They have been given a notional allocation by our board. We have a very different approach. It is not a fund, because when you operate as a fund there is a point at which it is redeemed," he said.<br />
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Mahindra Partners' website says it is a $900 million PE and VC division of the group. Tech Mahindra, the country's fifth biggest software exporter, has also earmarked $200 million for investments in startups.<br />
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Image credit: Indiatimes<br />
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Large companies are the new startup garages, not universities, says Anand Mahindra

<br />
Business tycoon <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Anand Mahindra</a> holds a grudge against the richest man on Earth—<a href="http://www.businessinsider.in/searchresult.cms?query=Bill+Gates">Bill Gates</a>. And this isn’t any business rivalry!<br />
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According to an ET report, <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Mahindra</a>, who attended the ongoing conference, <keyword id="3082242" type="UNKNOWN" weightage="80" keywordseo="Future-Unleashed">Future Unleashed</keyword> organised by <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword>, said this in his keynote speech for the founder of the one of the biggest tech companies in the world. He made no qualms about the fact that he unabashedly told <a href="http://www.businessinsider.in/searchresult.cms?query=Bill+Gates">Gates</a> the same when they had met in 1997.<br />
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"As is well known, he (Gates) dropped out of college to start something far more valuable than a Harvard degree. So, our paths never crossed, <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Mahindra</a> was quoted in the report. <br />
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Recalling his meeting with Gates during his maiden trip to India in 1997, <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Mahindra</a> noted that Gates’ team had arranged a meeting with him. "When we met, <a href="http://www.businessinsider.in/searchresult.cms?query=Bill+Gates">Bill</a> said, 'I believe, we were in college together.' And I said, 'Yes. And, I have a grudge against you,” said <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Mahindra</a>.<br />
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And instead of being disturbed by the revelation, <a href="http://www.businessinsider.in/searchresult.cms?query=Bill+Gates">Gates</a> calmly asked him (Mahindra) the reason for his long-standing grudge. Explaining his reason, <a href="http://www.businessinsider.in/searchresult.cms?query=Anand+Mahindra">Mahindra</a> told him that he could never feel like a winner.<br />
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“My daughter asked me, 'So dad, who were the famous people in college with you?' And I very enthusiastically said, 'Bill Gates.' She said, 'Jeez dad! In comparison, what a loser you are.' So I told Bill, 'Thanks to you, I am never going to look like a winner to my kids, recalled Mahindra, who shared this little trivia with his audience at the Microsoft event in Mumbai.<br />
 <br /> <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> did his graduation in film and theatre. He and Gates were classmates at Harvard. <br />
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Image credit: Indiatimes<br />

Bill Gates didn’t let Anand Mahindra feel like a
winner!<b></b>

<ul><li>While the lockdown has hit businesses across industries, Parle has seen an “unprecedented” rise in sales. </li><li>This was <keyword id="480300" type="PERSON" weightage="20" keywordseo="Parle-G">Parle G</keyword>’s best sales in eight decades. </li><li>As thousands of <keyword id="64595" type="PERSON" weightage="20" keywordseo="migrant-workers">migrant workers</keyword> walked home in May, one of the affordable things for them was the Parle G biscuit. A pack of Parle G costs ₹5. </li></ul>For Indians, the one biscuit that unites all is the good ol’ Parle G. And while the lockdown has hit businesses across industries, Parle has seen an “unprecedented” rise in sales. <br /><br />“We’ve grown our overall market share by nearly 5%... And 80– 90% of this growth has come from the Parle-G sales. This is unprecedented,” Mayank Shah, category head at Parle Products told the <a href="https://economictimes.indiatimes.com/industry/cons-products/fmcg/82-year-old-parle-g-books-best-sales-in-covid-times/articleshow/76275237.cms">Economic Times</a> in an interview.<br /><br />This was Parle G’s best monthly sales in eight decades. <br /><br />    <div type="image" title="biscuits." msid="76280326" hostid="261"></div><br />While it’s true that Parle G’s sales could have come from the fact that it is a staple for most homes (to be had with chai, of course), India’s <keyword id="6425269" type="UNKNOWN" weightage="20" keywordseo="migrant-labourers">migrant labourers</keyword> walking back home could have also been the reason for bumped up sales. <br /><br />As thousands of migrant workers, broke and starving, walked home in May, one of the most affordable things for them was the Parle G biscuit. The smallest pack of Parle G costs ₹5. <br /><br />Not just that, NGOs and welfare organisations too were distributing Parle G at different centres. With Cyclone Amphan in West Bengal and Odisha, donations included Parle G there too. <br /><br />“During the lockdown, Parle-G became the comfort food for many; and for several others it was the only food they had on them. This is a common man’s biscuit; people who cannot afford bread – buy Parle-G. We had several state governments requisitioning us for biscuits… they were in constant touch with us, asking about our stock positions. Several NGOs bought humongous quantities from us. We were lucky to have restarted production from March 25 onwards,” Shah said in the interview.<br /><br />In March, Parle G had also announced that it would donate one crore biscuits every week – but this practice was scheduled for three weeks. Biscuit manufacturers were exempt from the coronavirus lockdown.<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/business/corporates/news/anand-mahindras-sanjivani-solution-for-cos-think-like-a-startup-and-do-a-marie-kondo-style-clean-up-of-portfolio/articleshow/76275190.cms">Anand Mahindra’s Sanjivani solution for cos – think like a startup and do a Marie Kondo style clean up of portfolio</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/titan-company-profit-revenue-growth-for-fourth-quarter-ended-march-31/articleshow/76266434.cms">Titan tightens cost enough to clock a 21% growth in profit⁠— the best in five quarters</a><br />

Parle G clocked record sales in May⁠— it may be because broke and starving migrant labourers could barely afford anything else

<ul><li>The Indian Space Research Organisation (<keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword>) is turning into a facilitator as it looks for the private sector to play a bigger role in space technology in the ‘second space age’.</li><li>Despite the COVID-19 cash crunch, the <keyword id="10279586" type="UNKNOWN" weightage="20" keywordseo="Budget-2021-22">Budget 2021-22</keyword> has not deprioritised the space sector with a 3.48% increase in expenditure allocation.</li><li>Money earmarked for <keyword id="7832818" type="UNKNOWN" weightage="20" keywordseo="new-space-india-limited">New Space India Limited</keyword> — the Indian Space Research Organisation’s commercial arm — saw its budget increase 138 times.</li><li>According to space policy expert Chaitanya Giri, the government is looking to monetise ISRO's intellectual property and bring in fresh revenue.</li></ul>The Indian Space Research Organisation (ISRO) is on the road to transforming itself from an end-to-service provider for India’s space programme into a facilitator. The latest budget allocation is a signal that the Indian government is serious about giving private players a serious role In the ‘second space age’.<br /><br />Despite the cash crunch caused by the COVID-19 pandemic, India did not cut back on the money for the space programme. In fact, the outlay increased by 3.5%. More importantly, bulk of the funds will be routed to a new entity, New Space India Limited (<keyword id="7835598" type="UNKNOWN" weightage="20" keywordseo="nsil">NSIL</keyword>). <br /><br /><div type="image" title="Budget allocation for the DoS has increased by 3.5% for 2021-22" msid="80683124" hostid="261" caption="&amp;lt;p&amp;gt;Budget 2021-22 allocation for the Department of Space&amp;lt;/p&amp;gt;"></div><br />NSIL, the commercial arm ISRO saw a 138 times jump in allocation. The money that earlier went from the Department of Space (DoS) to ISRO, will now be routed to NSIL, which will then authorise the participation of private players.<br /><br /><table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NSIL expenditure budget<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019-20<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 crore <br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700 crore <br /><br /></td></tr></tbody></table><br />“That means that the government is super serious about commercialising whatever IP (intellectual property) it has under its kitty and just monetising that. It’s a departure from the mindset of yesteryears where ISRO was only there to cater to the government’s requirements,” Chaitanya Giri, space policy expert and fellow with think tank Gateway House, told Business Insider.<br /><br /><strong>Doubling down on space sector reforms<br /></strong>The push for private sector participation in the space sector is a strategic necessity, according to Giri. “For our commercial sector to get started on this front, it will need governmental space agency ISRO to get things done at its end first,” he points out.<br /><br />India’s edge in the global market was its ability to keep things cheap. An advantage that has now been diluted by the emergence of companies like Elon Musk’s SpaceX who have made launching satellites more competitive.<br /><br />Its Crew Dragon capsule is another indication that the second space age will be run by the commercial sector. “They will be building the rockets, launch services, building space capsules and providing logistics,” explained Giri.<br /><br /><strong>NSIL is set up, but what comes next?<br /></strong>Last year, in May, Finance Minister Nirmala Sitharaman announced <a href="https://www.businessinsider.in/science/space/news/india-tells-isro-to-give-startups-and-private-players-access-to-geospatial-data-and-testing-facilities/articleshow/75776128.cms">major reforms</a> for the space sector as a part of the Atma Nirbhar package — including the setting up of the Indian National Space Promotion and Authorisation Centre (IN–SPACe).<br /><br />“In-SPACe was supposed to be formed by the end of last year — by December 2020 — so it’s getting slightly extended. But, I’m pretty sure that it will be completely established within the next two months,” Pawan Kumar Chandana, co-founder of Skyroot Aerospace told Business Insider in a <a href="https://www.facebook.com/BusinessInsiderIndia/videos/410805019999418">pre-budget interaction</a>. <br /><br /><div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div><br />According to Giri, the Indian Space Research Organisation (ISRO) has always built its own rockets and satellites. But, that will no longer be the case. “They want to include all of these small startups that have emerged and start giving them contracts according to their niche,” said Giri.<br /><br /><keyword id="9455914" type="UNKNOWN" weightage="20" keywordseo="IN-SPACE">In-SPACe</keyword> opens up ISRO’s treasure trove of satellite data to private players and will allow start ups to use the apex space agency’s testing facilities to develop their own technologies. The challenge lies in setting the price points for this use.<br /><br />“Like always, when it comes to finance, every rupee counts when it comes to the government… And, the government's mandate is to encourage the private sector, so they cannot charge it as high as they may want to,” Chandana explained.<br /><br />DataLabs by <a href="https://inc42.com/datalab/to-infinity-and-beyond-indias-space-technology-startups-are-starting-to-blow-their-thrusters/">Inc42</a> shows that there are around 120 active startups working in the space sector right now. Most of them emerged in or after 2014. <br /><br />Moreover, the Economic Survey 2020-21 pointed out that only around 40 startups are already working with the government. "This number is likely to increase in coming years with technology to play a big role,” it added optimistically.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/politics/news/new-citizenship-law-pulls-india-down-in-the-democracy-rankings-and-2021-is-not-looking-better/articleshow/80671194.cms">New citizenship law pulls India down in the democracy rankings — and 2021 is not looking better</a><br /><br /><a href="https://www.businessinsider.in/finance/banks/news/bank-unions-strongly-oppose-divestment-bad-bank-and-fdi-in-insurance-with-threats-to-go-on-strike/articleshow/80668430.cms">Bank unions strongly oppose divestment, a bad bank and threaten to strike</a><br /><br /><a href="https://www.businessinsider.in/science/space/news/budget-2021-22-prioritises-gaganyaan-indias-human-spaceflight-mission-over-all-others-heres-why/articleshow/80663272.cms">Budget 2021-22 prioritises Gaganyaan, India’s human spaceflight mission, over all others — here’s why</a><br /><br /></strong><a href="https://www.businessinsider.in/business/news/mukesh-ambani-ratan-tata-and-anand-mahindra-might-come-together-for-indias-new-national-hydrogen-mission/articleshow/80645570.cms"><strong>Mukesh Ambani, Ratan Tata, and Anand Mahindra might come together for India’s new National Hydrogen Mission</strong></a><br />

ISRO will transform in 2021 as India pumps big money to draw in startups for the 'second space age'

<ul><li>With events across the globe getting postponed indefinitely or even cancelled in some cases, the experiential marketing industry is expecting the next few quarters to be very challenging. </li><li>We spoke to a few industry leaders to get a sense of how they feel this pandemic will affect the industry in the coming months, and for everybody the answer is the same, ‘How do you prepare for the unknown?’</li></ul>As the World Health Organization (WHO) declared the Covid-19 outbreak a pandemic with over 125,000 confirmed cases and 4,600 deaths in 114 countries, India has shut down its doors for foreign travellers. Just today the first death from Coronavirus in the country was reported from Karnataka, substantially increasing panic, with the government ordering closure of schools, colleges and multiplexes in cities like Delhi.<br /><br />While the hospitality and the entire service sector is expected to be impacted hard, the events and <keyword id="8901436" type="UNKNOWN" weightage="20" keywordseo="experiential-industry">experiential industry</keyword> is bracing itself for a few dismal quarters.<br /><br />With events across the globe getting postponed indefinitely or even cancelled in some cases, the experiential industry is expecting the next few quarters to be very challenging. While India has still not been affected as adversely as a few other countries, corporates are taking precautions and limiting their events. <br /><br />If media reports are to be believed, even big tickets events like IPL might have to be held without spectators for the first 15 days, which could affect the industry to a huge extent.<br /><br />AdClub’s Goafest 2020, which is a gathering of all advertising and media stalwarts and is looked forward to every year, is also postponed as several international speakers who were participating in the event have cancelled their trip to India. Facebook’s Global Marketing Summit, which was scheduled on March 9 in San Francisco is cancelled. <br /><br />In such a scenario, the experiential industry, which is all about creating experiences for people in huge gatherings, is obvious to face the brunt of this everyday-unfolding situation.<br /><br />We spoke to a few industry leaders to get a sense of how they feel this pandemic will affect the industry in the coming months, and for everybody the answer is the same, ‘How do you prepare for the unknown?’<br /><br /><keyword id="8901438" type="UNKNOWN" weightage="20" keywordseo="Event-and-Entertainment-Management-of-India">Event and Entertainment Management of India</keyword> (EEMA), the apex body of the experiential industry in India, recently sent out an advisory to all its members, putting together some protocols for venues that are still hosting events. The industry body set together guidelines around ‘Hygiene and Infection Control at Events’.<br /><br /><br /><br /><strong>Postponement and cancellation of many events<br /></strong><br />With the government suspending travel visas and the general panic growing with each passing day, brands are refraining from organising events, which will hurt the experiential industry the most.<br /><br />Speaking about how the spread of the virus is already having an effect on the industry, Sabbas Joseph, Co-founder &amp; Director, Wizcraft International said, “The outbreak of the Coronavirus has caught the world of experiential marketing by shock. Multiple global events have been hit -- postponed or simply cancelled: IIFA2020, the Geneva Motor show, ITB-Berlin, the India Today Conclave, the META Awards, IMEX-Frankfurt, the Barcelona Mobile Congress…the list is endless. Additionally, product launches, promotions and activations, business conferences, business travel, MICE, exhibitions, trade shows have been simply put off or cancelled.”<br /><br />Adding to the list of cancelled and postponed events, Deepak Pawar, Managing Director, Midas Next added, “We had a few large events and activations for Colors, Mumbai Indians and IPL, but all of them have been canceled for now. We also had a couple of large exhibitions and conferences planned for the pharma industry and those have been postponed indefinitely. We were organizing an activation for Cadbury catering to tourists across the Himalyan belt. Since tourists are not allowed in India right now, we had to cancel that too. Similarly there was an activation planned for Lifebuoy about hygiene to avoid Coronavirus. Now since schools are also shut down, where will we do those activations?”<br /><br /><strong>Anticipating a few dismal quarters</strong><br /><br />While India has yet not been as badly impacted as a few other countries, there are still new cases being detected everyday, with the current count being 62. As a step to contain the future spread of the virus, the government has suspended all existing visas, except diplomatic, official, UN/international organisations, employment, project visas until April 15. <br /><br />With it, many foreign nationals or companies that were supposed to come to the country for various events are having to cancel their travel plans. Moreover, the industry was already grappling with the effects of the economic slowdown, which was followed by riots in Delhi.<br /><br />Speaking about how all these factors combined will have a massive impact on the industry, Sanjoy Roy, Managing Director, Teamwork Arts and President, EEMA said, “Since February, we have postponed our festival India by the Bay in Hong Kong, India by the Bosphorus in Turkey, and another event in Morocco. In India, we have just postponed the Mahindra Excellence in Theatre Awards (META). And everything else we have in the pipeline is getting pushed back. There’s that unknown factor as to what is this going to result in. While there's enough information out there, the fact that the world has reacted in a particular way means that there is more to it than meets the eye. And anyway, the economic slowdown was already impacting the industry. The biggest effect was the Auto Expo. We saw around 50% of Auto Expo disappear and many of the major players did not come, and that's a big thing for most of the event companies. If I were to talk about how the industry will perform, the quarter figures are not out yet and we won't have a sense of it right now. But I am sure both the industry as well as the quarter figures will be dismal.”<br /><br />Agreeing with Roy, <keyword id="52304" type="PERSON" weightage="20" keywordseo="Roshan-Abbas">Roshan Abbas</keyword>, Founder and Managing Director, Geometry Encompass, added, “The worst hit is the experiential business. From large sporting events to film awards, concerts to festivals all have been postponed. With the 14-day quarantine, many international speakers are also cancelling. There is a sense of panic everywhere. In these times take part in spreading information and awareness. Verify your facts. Try work from home and remote working. It’s the best time to test it. Also the only hope is to try digital events and plan for the future, cut back on all expenses. This will impact Q2 and Q3 very badly.”<br /><br /><strong>Tackling the crisis by going virtual</strong><br /><br />The experiential business is all about direct-to-consumer engagement. The business thrives on human contact and the assembly of people is an important part of the entire offering. However, whenever a crisis hits, the only way of bouncing back is by thinking out of the box and doing things a little differently. <br /><br />On how brands have been reacting to the entire situation and how that might lead to an overhaul in the way the experiential industry works, Joseph said, “Brands are resetting their plans, expectations, markets, delivery systems, marketing focus and logistics. This will force the experiential industry to change its method of working, composition of team structure, use of technology, data, global resources, innovation and physical space. Collaboration and Innovation are going to be the new drivers of the experiential economy.”<br /><br />Dalveer Singh, Head Experiential Marketing - APAC, GroupM has come up with a plan B for this predicament. His team is trying to figure out if the experience can be digitised through some virtual or augmented reality experience. He says agencies equipped with digital skills can manage to survive else, this unfortunate situation will push them to think how to take experiential beyond mass-gatherings. <br /><br />“One solution can be how much of the experience that we create by being physically there, can be converted into ideas that are virtual or digital. Now that's something which we as a team are planning to do and that is our plan B. Brands wanted to have physical events because virtual does not give the same amount of joy. However, today, in these circumstances, brands will be more open to doing these events digitally because that gives them reach. So marketers will be more receptive to doing things virtually. However, in this whole environment, how many experiential marketing companies are today equipped to shift from physical to digital to virtual? There are a few companies that have those skills. This means it's also an opportunity for companies to get those new skills in,” said Singh. <br /><br />Singh also suggested helping each other in this dismal times, especially the smaller parties and freelancers. <br /><br />“For putting together an experiential marketing piece, we work with a lot of freelancers across different companies. And in this whole game, I think the small agencies and freelancers are the ones who might be affected by the heat because you are the resources for them. So, we need to figure out how to protect these small agencies and freelancers who do not have deep profits and holding capacity when the times are tough,” added Singh. <br /><br />While things don’t look very bright right now, the industry is still hopeful that the festive season will bring about some respite. <br />

Coronavirus scare expected to impact experiential industry hard, Q2 & Q3 might register dismal growth

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div>Faraday Future, the electric-car startup once hyped as a "Tesla-killer," was getting a second chance. It had to get this one right.<br><br>Early this month, a roster of company executives and Faraday's most visible investor, Chinese billionaire Jia Yueting, gathered at the International Consumer Electronics Show in Las Vegas, the annual mega-showcase for the technology, electronics, and auto industry's buzziest new products, from drones to TVs to self-driving cars.<br><br>For Los Angeles-based Faraday Future, it was a chance to prove to the world that the company is for real, after its first appearance at CES in 2016 raised more questions than it answered. The startup had unveiled a sleek autonomous prototype, but the vehicle turned out to be an inoperable one-seat race car that might never be built - hardly a challenger to Tesla's growing fleet of electric vehicles that the tech press had been hoping for.<br><br>So in 2017, nearly three years after its founding, and after the company had poached talent from Silicon Valley and Detroit and ballooned to 1,400 employees, Faraday Future needed to show it could produce a real car. Instead, its second attempt has been largely deemed a <a href="http://mashable.com/2017/01/04/faraday-future-ff-91-reveal/">flop</a>. The company does have cars that can drive, but it struggled to prove that on the CES stage. It was, perhaps, a fitting end to a year of turmoil for Faraday and a moment of glee for its critics, including recently departed employees.<p>Business Insider interviewed eight people with intimate knowledge of Faraday Future's business to learn about the state of affairs leading up to the CES presentation. All the executives spoke on condition of anonymity so that they could speak freely. <br><br>They described a business in shambles, with more than a half-dozen senior executives departing since last spring - including Faraday's global CEO, who had left just before CES. The current and former Faraday insiders also describe millions of dollars in unpaid bills, and a chaotic corporate structure between Faraday's US and Chinese operations. The most immediate of Faraday's problems is its cash shortage, insiders said. "If CES doesn't bring in fresh investors, it's over between February and May," one source close to the company told Business Insider.</br></br></p><p>The accounts in this story were presented to representatives for Faraday Future and its Chinese partner LeEco, who described the accounts as speculation and declined to comment further.</p><p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><h2>It starts with Jia</h2><p>Jia Yueting is Faraday Future's only publicly known investor.</p><p>Sometimes referred to as "YT," Jia is CEO of the Chinese electronics company LeEco, which makes smartphones, TVs, and virtual-reality headsets. Forbes estimates his wealth at nearly $4 billion, making him the 37th-richest person in China last year. <br><br>Through a holding company, many of the businesses have been publicly listed in China since 2010, <a href="http://www.leeco.com/in/leadership/yueting-jia/">according to Jia's corporate biography</a>. That business has a market value of about $11 billion.</br></br></p><p>Faraday Future was established in 2014 by two people: Jia and Faraday's current senior vice president of research, development, and engineering, Nick Sampson. Sampson managed an engineering team at Tesla before moving to Faraday Future.</p><p>But since Faraday officially debuted at the 2016 Consumer Electronics Show, it was unclear who was running the company. Faraday did not publicly name a CEO or reveal who its other investors were, aside from Jia. Even now, <a href="https://www.ff.com/en/our-company/people/">its website</a> lists several senior executives but no CEO.</p><p>Several of Business Insider's sources who have direct knowledge of the company's leadership structure said there have been at least two "CEOs of record," people who had the ability to sign financial documents for the company. The first was <a href="https://www.linkedin.com/in/chaoying-deng-4562aa14">Chaoying Deng</a>, an executive from a LeEco subsidiary who held the role until October 2015.</p><p>The second CEO of record was David Wisnieski, who was officially Faraday Future's director of finance. <a href="http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=PxI8Szvg0dWGBioKP2t%252fhw%253d%253d&amp;nt7=0">Publicly available documents</a> from the state of Nevada list Wisnieski as president, secretary, treasurer, and director of "Faraday &amp; Future Inc.," the company's legal name. He left in July 2016, and a new officers' list isn't due to Nevada until March.</p><p></p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>Notably, Chaoying, the first CEO of record, resurfaced on new Faraday documents last month. She signed a land-sale agreement on behalf of Faraday Future in Nevada. She is listed on the document as president of the limited liability company <a href="http://www.businessinsider.com/faraday-future-buys-land-in-north-las-vegas-2016-4">under which Faraday buys its land</a>, called Robin Prop Holdco LLC. The document details a December payment of $510,000 to Faraday Future from the city of North Las Vegas for 17 acres of land at the site of Faraday's future assembly plant.<p>Three people close to Faraday said that a third person, named Ding Lei, who was officially a cofounder at LeEco, was acting as Faraday's "global CEO" until late 2016 when he suddenly left the company.</p><p>"He was unable to contain YT," one source said about Ding Lei's working relationship with Jia.</p><p>The Verge, <a href="http://www.theverge.com/2016/12/29/14112356/faraday-future-ding-lei-leeco-lesee">which reported the news of Ding's departure</a> in late December, reported that he remains employed by Jia's LeEco's own car project called LeSEE, citing a spokeswoman for the Chinese company. One person told Business Insider said this means he remains involved with Faraday's China division, which this person described as essentially an extension of LeSEE.</p><p>The people say that it is Jia who is now acting as Faraday's unofficial CEO, directing its teams and making decisions for the company. "This isn't a strategic partnership - it's a subsidiary," said one of the people.</p><h2>'Inefficient and disorganized'</h2><p></p><div class="KonaFilter image-container float_right"><div class="image on-image"></div><p></p></div>That status, as a de-facto subsidiary of LeEco rather than an independently run business, is where many of Faraday's troubles start, the people say. They describe arrangements that seem geared toward advancing the development of a car at LeEco rather than producing one for Faraday, and decisions made to please Jia's ambitions rather than to reflect the reality of Faraday's means.<p>"The US management team really had no say and had to do what [Jia] wanted because he was paying for everything," a source who worked in design for the company said.</p><p>The clash of cultures between Faraday in the US and LeEco in China started early, <a href="https://www.theguardian.com/technology/2016/feb/26/faraday-future-jia-yueting-electric-vehicles-tesla-letv">The Guardian</a> reported last year, explaining that the Chinese managers' proposal to name the company Fara Faro was met with ridicule by the Americans, who eventually picked the name Faraday Future.<br><br>And the insiders who spoke with Business Insider say Faraday Future is often visited by groups of LeEco employees from China who frequently travel to Faraday's Los Angeles-area headquarters.</br></br></p><p>"There were times that the Beijing team would come out and learn what we were doing but were working on their own designs and then they would go back," one source said.</p><p><br><br /></br></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2>A $1 billion mirage in the desert</h2><p>That push to fulfill all Jia's wishes goes back to early plans for a $1 billion factory, in a vast expanse of dusty desert land 10 miles north of the Vegas Strip. The startup's proposed 900-acre factory would be the home of its US vehicle production, and about 4,500 people, many of whom are locals, would be hired to work there. The plans were celebrated by state officials, including Nevada Gov. Brian Sandoval in April 2016.</p><p>Business Insider <a href="http://www.businessinsider.com/faraday-future-to-begin-construction-on-factory-in-nevada-2016-4">was at the event</a>, where wine and hors d'oeuvre were served in an air-conditioned tent next to a vast, dusty vacant lot.</p><p>"Welcome home, Faraday. Welcome home," Gov. Sandoval declared as he took the stage.</p><p></p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>Jia was shown several options for the North Las Vegas plant because company finances seemed to be tightening, the two people with knowledge of the decision said. Some of those proposals were more cost-effective than others. Jia pushed for the big one.<p>One source with knowledge of the factory plans said work at the site "stopped almost as soon as it started."</p><p>Faraday and its contractor, AECOM, said the work stoppage was only a hiccup and the project would resume in 2017. At a December 2016 media tour inside Faraday Future's headquarters, Faraday showed a flashy video simulation of the machinery its future factory would have. When pressed on the timeline for the factory, Dag Reckhorn, the company's vice president of manufacturing, initially implied it has, before clarifying that grading at the site was complete and a video of the still-empty dirt lot was "basically last week, those were the last finishing touches." When asked when the building would be completed, Reckhorn said, "We will reveal that early next year [2017]."</p><p>Business Insider's sources said Faraday Future has already purchased some of the equipment for the factory and is exploring financing options to get the project going again. But if the money is not there, Faraday may be forced to build a smaller-scale, low-volume plant instead.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2>Where's the money?</h2><p>Unpaid bills are piling up. Money owed to suppliers alone adds up to about $300 million, executive-level sources told Business Insider. As BuzzFeed News' Priya Anand <a href="https://www.buzzfeed.com/priya/turmoil-at-faraday-future?utm_term=.fcwzJDBM#.tyvEwzQy">reported</a> in December, at least two companies have sued Faraday over unpaid bills, although one of those cases has already been dismissed.</p><p>Jia, according to the sources, pushed teams to keep spending money at 100% but leaves them in the dark about sources of funds.</p><p>"There was no visibility about when the money would arrive - we were told to continue making commitments to suppliers," a source at the company said, adding that Faraday got about 10% of the money it needed each month, "only $10 to $15 million."</p><p></p><div class="KonaFilter image-container float_left float_right"><div class="image on-image"></div><p></p></div>According to another executive-level source, Faraday was seeking help from Chinese investors who were due to visit the company after its CES presentation earlier this month. On multiple occasions over the past year, Faraday's US spokespeople have told Business Insider that the startup employs a "diverse funding strategy," but the company had repeatedly declined to specify who, besides Jia, has invested in the company.<p>The sources Business Insider spoke with did say that Faraday raised a $1 billion convertible bond in China last year, but that the company is still working on getting the funds across the border. <br><br>The Chinese government, worried about the record outflow of yuan from the country, has <a href="https://www.bloomberg.com/news/articles/2017-01-13/pboc-said-to-step-up-yuan-curbs-with-banks-told-to-balance-flow-ixv9p5oq">imposed restrictions on the overseas transfer</a> of funds by both companies and individuals, and Business Insider's sources say Faraday's top executives were wary of increased scrutiny from the Chinese government if it sought approval to convert that money from yuan to US dollars.<br><br>Jia admitted in November that he had gotten in over his head with all the projects, writing a letter to employees apologizing for moving "blindly" ahead, Bloomberg News <a href="https://www.bloomberg.com/news/articles/2016-11-07/troubled-chinese-billionaire-confesses-to-cash-crunch-at-leeco">reported</a>.<br><br>"Our cash demand ballooned. We got overextended in our global strategy. At the same time, our capital and resources were in fact limited," Jia's letter read. In a deal announced last week, LeEco said it would raise about $2 billion by selling a stake to a Chinese real-estate developer called Sunac China Holdings. The stake sale means LeEco's own cash crunch is almost over, but it won't help the electric-car business, <a href="http://www.chinadaily.com.cn/business/tech/2017-01/17/content_27973403.htm">China Daily cited Jia as saying</a>:</br></br></br></br></br></br></p><p style="padding-left: 30px;">"Sunac is our second-biggest shareholder. We will explore how to use the internet to fuel its real estate businesses," Jia said, adding that its electric-car unit would start looking for investors.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><h2>High-profile departures</h2><p>Faraday Future lost numerous employees and executives in the waning months of 2016, including chief brand strategist Marco Mattiacci, who arrived just months before, <a href="http://www.businessinsider.com/faraday-future-new-senior-executive-2016-6">to wide fanfare</a>.</p><p>Also gone:</p><ul><li>Greg Adams, head of corporate strategy</li><li>Dave Wisnieski, director of finance</li><li>Ding Lei, Faraday's "paper" CEO</li><li>Stacy Morris, former head of communications</li><li>Robert Filipovic, head of product strategy</li><li>Sarah Ashton, associated director of governmental affairs</li><li>Syed Rahman, operations controller</li><li>James Chen, general counsel</li></ul><p>This is not an exhaustive list. Notably, during the December press event at the company's headquarters, Faraday representatives boasted of a total workforce of about 1,400 people, 1,000 of whom are based in the US. A person close to the company told Business Insider the company cannot feasibly support its current staffing levels and would need to cut that number nearly in half.</p><p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><h2>Keeping up appearances</h2><p>The company's 2017 showing at CES fared only slightly better than its disastrous debut a year earlier, even though this time Faraday had several working prototypes to show off.</p><p>Faraday's FF91 vehicle failed when Jia pushed a button that was supposed to make the car park itself. After several uncomfortable minutes of silence and ad-libbing between Jia and Nick Sampson, the stage lights dimmed and the car was moved a few feet across the stage.</p><p>The full live-streamed video that included the embarrassing flub was removed from Faraday Future's YouTube channel and replaced with an identical video that ends seconds before the failure is shown. The original video is still live on the site, <a href="https://youtu.be/1Y8hUf0Np6k">and you can find it here</a>. The malfunction begins around the 1:12:30 mark.</p><p>Faraday needed this year's presentation to turn heads, so the event, live-streamed via YouTube, featured several high-end cars - including a Ferrari 488 GTB, a Bentley Bentayga, a Tesla Model X, and a Model S accelerating quickly off the stage.</p><p>What the livestream audience did not see was a close-up look at the Faraday Future car's interior, where the many first-of-its-kind technologies would be displayed. It wasn't shown because it wasn't ready.</p><p>The examples Business Insider viewed in person at Faraday's headquarters had only hard plastic moldings of a simulated interior. Faraday had one real, working seat to demonstrate to a group of about 25 journalists.</p><p>Faraday told journalists at the time that it would not show the interior at CES. As with several other major details about the car - including the price - a reveal would come later, the company promised.</p><p>"All that stuff at CES was just a bunch of bulls---," one highly placed Faraday Future source told Business Insider in an interview. Another said the FF91 shown at CES "isn't even close to being complete," despite the company's claims that it would go into production in 2018.</p><h2>What's next<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div></h2><p>For Faraday Future, the biggest unknowns come back to the money. If the company can successfully pull money out of China, the company could survive.</p><p>A Faraday factory could eventually be built, Faraday could produce more than just a few of its electric vehicles, and, despite a rumored sticker price of at least $180,000 for the FF91, perhaps a few people might even buy one.</p><p>The company announced that it received more than 64,000 reservations for the car shortly after CES, but people were allowed to put their names down with or without a $5,000 deposit. Sources close to the company told Business Insider 60 people actually submitted a paid reservation.</p><p>Faraday Future has a good PR team. The buzz surrounding the company has been relentless, with a steady stream of tweets, YouTube videos, and blog posts that Faraday uses to keep people talking. But so far there has been little substance to back it all up.</p><p>Initiatives that are key to getting its cars on the road, such as government-mandated crash testing, have yet to be performed.</p><p>And time for the startup seems to have almost run out. As one Faraday Future source who spoke with Business Insider put it, "If they can't figure out a way to get the money out of China in the next 60 days, the suppliers would essentially force them into bankruptcy."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/key-exercises-get-stronger-2017-1">An exercise scientist reveals the key to getting stronger</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VubGdvNDE6avxGj37Zv1jxiHQlkseRzB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div></br></br></br></br></br></br>

Faraday Future, once seen as a 'Tesla killer,' is said to be in shambles as cash runs low and executives flee

<ul><li>With the increasing number of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> cases every day and job layoffs, it is becoming extremely difficult to stay calm and keep working for a lot of people.</li><li>A lot of agencies have upgraded their policies to help their employees navigate through this tough period and to push them to take care of their <keyword id="6354774" type="ORGANIZATION" weightage="20" keywordseo="Mental-health">mental health</keyword>. </li><li>From sharing their <em>chai </em>time to appreciating their personnel’s cooking skills to playing online games, agencies have put their best foot forward to fight together, despite being miles apart. </li></ul>As of April 29, there are 29,435 positive COVID-19 cases in India. To top that, an air of despondency is looming around because of the fear of the unknown, blues of working in isolation, pressure to overperform in a dismal atmosphere, lack of job assurance and security, and salary cuts. <br /><br />And those who were already battling with mental illness such as OCD, anxiety, depression, or autism—have found their stress levels kicking through the roof and struggles intensified. <br /><br />In such a challenging scenario, it is quite normal to feel dejected and lost. Therefore, there is an urgent need for better HR policies, counselling sessions and human contact today more than ever before. It is critical to check on their mental well-being rather than seeking updates on their daily tasks. <br /><br />Agencies are coming up with creative solutions to help their employees to cope and stay upbeat. From digital Antakshari to making sure they see each other virtually every day during their <em>chai </em>time to one-on-one sessions with medical professionals, experts have left no stone unturned to ease out their employees’ struggles. They claim that they feel closer to their employees today than ever before. <br /><br />We reached out to a few digital, media and creative agencies to find out what measures they have taken to help their employees look after their mental health and asked to share a few tips on what we need to do as an industry to make sure we don't forget our teams' mental health amidst a crisis, and here is what they said: <br /><br /><strong>Anupriya Acharya, CEO, Publicis Groupe South Asia: </strong><br /><br />                  <div type="image" title="Anupriya Acharya, CEO, Publicis Groupe South Asia_" msid="75427669" hostid="261"></div> Talent has always been our top priority and focus and we have consistently engaged with employees on health and wellness through various modules on yoga, meditation, fitness routines etc. Furthermore, we are launching an Employee Assistance Program that will offer 24X7 counselling and wellness solutions. This will help employees deal with various work-life challenges.The COVID-19 pandemic has only accelerated our efforts in this direction. In order to address the isolation and uncertainty that employees may feel in wake of the COVID-19 pandemic, it is our effort to create a safe space for them… Where people are free to express their fears and anxieties and to give them the courage to carry on against all odds. We have facilitated a lot of remote learning and engagement programs so as to keep people stimulated and connected and to not feel the sense of being alone, remote. This includes fun and play, fitness, meditation and music sessions along with a lot of knowledge-sharing and interactive webinars. We frequently check in on each other and are in fact more connected than ever through virtual meet-ups. We are also, at local levels, doing one-on-one connects via listening posts to help employees with their grievances, queries, and are taking suggestions on making this new normal way of working, both productive and comfortable.<br /><br /><strong>Rohit Ohri, Group Chairman &amp; CEO, FCB India: <br /></strong>                  <div type="image" title="Rohit Ohri, Group Chairman &amp;amp; CEO, FCB India" msid="75427774" hostid="261"></div><br /> Isolation, the fear of contagion and the uncertainty can be nerve-wracking for anyone. And everything that we are doing through these times for our people is towards their emotional and mental well-being. Our focus is on ensuring that our teams stay connected and bonded and have multiple outlets for stress relief, even as they work remotely<br /><br /><ul><li>We are constantly emphasising self-care. Both physical and mental. Every day we send out a tip on self-care #lockdownbreakout with easy to access resources, whether it is exercise, meditation, self-reflection or other techniques in positive psychology.</li><li>We provide opportunities for people to virtually connect over recreation activities right from group yoga to Bollywood dancing to a weekly My Happy Hour which is a platform for talented employees to stage an hour soiree on Instagram Live of their talent whether it be singing, dancing or stand-up etc. This engagement encourages all employees to take time from their busy work schedules to come together to support and be entertained each week through the love of creativity.</li><li>We put out a curated list of things to do every week in the space of learning and entertainment Cool Sh*t To Do. One thing the lockdown, globally, has created is opportunities for all of us to enjoy artists across the world and nationally online. There is so much happening every week, other than streaming your favourite shows, that our employees can check out. This gives them the opportunity to discover new things from cooking, engaging seminars or even the opera.</li><li>We have ensured there are processes in place by which our leaders are constantly communicating with their teams through virtual meetings and town halls and addressing their issues and concerns. Open channels of communication are critical at times like these.</li><li>Most importantly, we have made sure that our teams have access to any sort of medical help from home through an app Doctor 24x7. This is an app-based service which provides our employees the opportunity to speak with doctors and health specialists across the country at any time. We understand the challenges faced with physically seeking help medically right now, so we wanted to open a channel for employees to feel like they can be looked after through this partnership. The app also has a section dedicated to mental health with qualified therapists readily available.</li></ul>I think mental illness in times like these is an outcome of fear and insecurity. And while it is important to be open, honest and transparent, we as an industry have to be cautious of the messaging that we put out, especially through the period of lockdown. Constant negative coverage spreads anxiety and apprehension. This is the time for us to be supportive, show empathy and inspire with positivity.<br /><br /><strong>Anand Chakravarthy, Managing Director, Essence India:</strong><br />                  <div type="image" title="Essence - Anand Chakravarthy" msid="75427857" hostid="261"></div><br />Most businesses require a close collaboration of different functions, and years of working together out of an office cannot be completely replaced overnight with remote working. One of the key challenges of entire teams working remotely from home is the dip in energy and engagement, which can be easily sensed by one another in an office but not in a remote working environment. This can lead to reduced productivity in uncertain times. To help mitigate such situations and ensure that we are able to positively impact the mental health of our teams, we introduced initiatives in three areas of focus:<br /><br /><ul><li><strong>Driving engagement</strong></li></ul>At Essence, we have always had our voluntary affinity group, Pirates, who are the culture champions within the agency. During this remote working period, they have been constantly innovating to create a new initiative each week to keep our teams in good spirits. These include online quiz sessions, an online music concert, sharing of pictures of our home workspaces and pets, and even online Zumba classes! <br /><br />There is also our global ‘Essence Olympics’ which takes place throughout April 2020. Employees can take part in the four categories of distance, daily workout, nutrition and mental power. They thus have something fun to do and look forward to on a weekly basis, keeping spirits and energy high while working from home. <br /><br />Additionally, we have a series of town halls conducted online, where both our India and global leadership address entire teams, give prompt updates and answer questions. This process of continuous communication in a very dynamic environment has been instrumental in keeping all employees informed and engaged. <br /><br /><ul><li><strong>Ensuring mindfulness and empathy</strong></li></ul>Extended weeks of working remotely does take its toll on everyone. It is certainly not easy to be working like before while being at home, especially with our varying personal and household responsibilities. We encourage everyone to maintain a daily schedule, just like working from the office, by starting and ending the day on time and avoiding late calls or working on the weekend.<br /><br />Globally, we have weekly ‘Mindfulness Moments’ live streams, which are designed to help employees take time out to pause, breathe and find a centred place.<br /><br />Our global ‘Connect’ newsletter serves as a guide to staying connected during times of social distancing. It is updated weekly to provide the latest information on policies, remote working tips and tools to bolster employees’ physical, emotional and mental health.<br /><br />To support employees and their line managers, we also put together a series of workshops called BRIDGE and TRAVERSE to provide practical tips on how to approach remote working and manage work, while still recognising challenges people face. The aim is to help employees thrive in the face of this new status quo, stay connected no matter the distance, and continue to deliver on our mission to our clients, all while taking care of their own well-being.Access to counselling is available to all employees as well, should they want to speak to a professional counsellor about how they are feeling.<br /><br /><ul><li><strong>Enhancing productivity </strong></li></ul>Technology has played a key role in enabling remote working, and fortunately at Essence, we have always been using Google Hangouts for internal meetings across our India offices and with teams in other countries. Using technology effectively has contributed really well to staying connected and productive.<br /><br />The second space is in the area of upskilling and training. We have devised and launched a series of training programmes across different disciplines that employees can opt in for.<br /><br />-Organisations should have existing systems and processes in place to ensure the holistic wellness of their employees. Essence has an established employee well-being ecosystem that supports staff through both professional and personal challenges. <br /><br />Encouraging more open dialogue around mental well-being is an important first step, as it impacts the productivity, physical and social well-being, as well as the quality of life of employees. There is more that can be said and done about workplace mental health, and organisations need to take it upon themselves to make it a strategic imperative.<br /><br /><strong>Gautam Reghunath, CEO, Dentsu Webchutney:<br /></strong>                <div type="image" title="Gautam DAN - horizontal" msid="75428075" hostid="261"></div><br />Our industry is such that we frequently delight in the joys of work and life – new pitch wins, awards, celebrations for things big and small and more. We’re inherently celebratory, both for work and life achievements. Our hope for Webchutney has always been that we try to bring our whole selves authentically to work and that includes us not shying away from the hard stuff, such as anxiety, grief, burnout and stress, especially during situations like the one we find ourselves in now. <br /><br />To help us with this, we’ve been partnering with an institution called HNI, a not-for-profit that provides services in mental health, workplace stress management and other individual and organizational needs. They’ve been our partners for nearly a year now, first with a pilot in Bangalore and now for all our offices recently. These are completely confidential one-on-one interactions as would be with any therapist or counsellor, with the advantage that over time we’ve also helped HNI’s team understand the nature of our work and workplace better. Their long-term role will be to help us build an open &amp; progressive work environment where individuals can thrive and perform, and where one needn’t come at the cost of the other. <br /><br />More than anything we need to remind each other that it is okay to not always be okay (my favourite piece of wall art from the Bangalore office is below). Webchutney has been lucky to experience tremendous highs over the past year, and as we try and continue in the same vein despite current limitations, work can often ask a lot of an individual. And dealing with these work pressures, managing personal commitments &amp; relationships especially in this current climate now is guaranteed to be tricky and stressful. We need to encourage everyone to talk openly and show compassion. It may be as small as recognizing when others are going through a tough moment and allowing them the time and space for themselves. It may be listening and about having each other’s backs. It’s an ambitious industry by nature but there’s a lot more that advertising can achieve by slowing down occasionally. <br />              <div type="image" title="it&amp;#39;s okay picture" msid="75428203" hostid="261"></div><br /><strong>Rohan Mehta, CEO, Social Kinnect: <br /></strong>              <div type="image" title="Rohan Mehta, CEO - Kinnect" msid="75428242" hostid="261"></div><br />During a crisis like this, it is common for everyone to experience increased levels of distress and anxiety, particularly as a result of social isolation. Luckily at Kinnect, it didn't take a crisis for us to understand the importance of our employees' well-being. As part of our #GetALife program that encourages work-life balance, we facilitate one-on-one sessions with a mental health professional on a bi-weekly basis. An external professional conducts these sessions, and we ensure confidentiality. Keeping in mind the current situation, in March and April, the sessions were facilitated through calls/video calls. <br /><br />All leadership is mandated to do team catch-up calls every day, preferably starting the day with a video call. Thus enabling them to stay connected and build better team relationships. We have a designated team that reaches out to all Kinnectors, and discusses at length about their health and work from home scenarios. I make sure to interact with the leadership every week and keep myself updated about each of their team member’s health. We also do virtual engagement activities and training. We encourage our employees to take up activities or learn a new skill, to grow personally as well as professionally in a time where they might feel stagnant. #KinnectFridays are a mainstay as part of the #KinnectCulture. Keeping with our tradition of a monthly #KinnectFriday, we recently did a virtual #KinnectFriday BYOB version where we had our team members across Mumbai, Delhi, and Bangalore strum instruments and sing along to uplift spirits. <br /><br />  <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><br />Agencies have young employees, specifically millennials, and they are not used to being around family for extended periods, making the situation unique to them. At a time like this, it is imperative to integrate and streamline digital infrastructure. Interaction is the key. Communicating regular updates to your staff, keeps everyone calm and creates trust among employees. Consider including a daily update on their health and well-being in your on-call meetings. Communicate clearly, and be always available to listen. Understand their current work settings, and acknowledge that working around family, and a combination of working and supervising children can get tedious. Hence, maintain some semblance of a structure while allowing that this is an unprecedented situation. Help them plan their work schedules around their homes, and most importantly show kindness and patience toward others as well as ourselves. <br /><br />  <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><strong><br />Harshil Karia, Founder and Managing Director, Schbang:<br /></strong>            <div type="image" title="_Harshil Karia, Founder and Managing Director, Schbang" msid="75428310" hostid="261"></div><br /><ul><li>We have collaborated with <a href="https://www.mindhouse.com/">MindHouse</a> to give our Schbangers a 3 Month Subscription of their Application which gives them unlimited Access to Yoga and Meditation. This allows our Schbangers to relax and recharge and stay mentally healthy. Preventive Mental Health is the need of the hour.</li><li>In addition to that, we have initiated lots of Clubs: We have a Cooking Club called Schefs of Schbang. From Schefs - some of the recipes have already started seeing the light of day. </li></ul>            <div type="image" title="Schefs of Schbang 2." msid="75428328" hostid="261"></div><br />We have a band called Schband and we're working on something very cool and musical to release. We have 2 Fitness and Meditation Tracks - 1 for the Morning and 1 for the evening<br /><br />Below is also a screenshot of our Internal Portal which has them easy for all to access: <br />            <div type="image" title="schbang website" msid="75428368" hostid="261"></div><br /><ul><li>We also recently collaborated with Humans of Bombay where we took shots from our Schbangers and included them in a video.</li></ul>            <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><br />Now we are collaborating with Humans of Bombay to come up with a version of the #DontRushChallenge. See it here:<br /><br />            <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div><br /><ul><li>We have catch ups with the team via Hangout and then we have some extra special catch ups. We recently had Ranveer Allahbadia popularly known as BeerBiceps catch up with our Top Managers on a Video Hangout where we discussed everything from Meditation to the state of Influencers to how he's staying positive in these times.</li></ul>            <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div><br />You can see how our Schbangers are staying conected come 5 PM over Chai:<br /><br />            <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div><br />            <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div><br />

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