Mint Showbook_Sept 2016_Revised

A newspaper for the digital era!

In 2006, when we were preparing to launch Mint (the paper launched on 1 February 2007), the question
we were asked most often was whether India needed a fifth business paper. A decade on, the Mint
newsroom and the paper’s owner HT Media Ltd have answered that question. Mint is now one of the most
respected and trusted news brands in this part of the world.

Mint’s style of writing and journalistic process, through emulation and the only-to-be-expected dispersal
of journalists from its newsroom, has contributed its mite to improving the overall standards of writing and
journalism in the country.

So, why change? Because, the world has changed.

In 2007, when Mint launched, print was a dominant medium. It still is, but the digital medium is growing
(and fast). The new Mint is simply a contemporary newspaper for the coming digital era. Back in 2007,
when the approach of most business papers was to give readers less of more (or sketchy stories, often
no better than headlines, on a lot of topics), Mint’s response was to do more of less (in-depth analytical
pieces on substantive issues). Circa 2016, readers are demanding more of more for two reasons: there has
been an increase in the number of issues that matter to them; and they would prefer to get everything they
need from a newsroom they have come to trust as an accurate and authoritative chronicler and analyst of
the business and economy.

To achieve this, Mint has had to transcend the limits of the Berliner format it popularized in India and
become a broadsheet, albeit one with the navigational aids, wraps, long-form narratives, and data stories
that in many ways define what a newspaper should be in the digital era. Mint and Mint’s digital platform
Livemint.com will complement each other. In effect, this isn’t just a cosmetic change in design and size
but a fundamental rethink of a print product – and in terms of content too.

You will discover how, in the coming days and weeks, the many changes in the new Mint are tailored to
help our readers stay informed in a rapidly changing world.

THE ALL-NEW MINT

Starting now,
which is
the most
awesome daily
there is?
Hint, hint, hint...
MINT.

Now, wider, broader and deeper.

Page 1 Plus | 2-in-1. Two Front Pages | The Briefing | Mark to Market | In-depth | Start-ups | Lounge

To get your all-new MINT copy, SMS ‘NEWMINT’ to 54242 or give a missed call to 8010068888.

A NEW INTRODUCTION 2-IN-1. TWO FRONT PAGES
TO MINT
Traditionally, the back has always been out of the
limelight. Fortunately, we are anything but traditional,
and that’s why we carry two front pages. All to give
every news article the importance it deserves.

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WEDNESDAY, JUNE 1, 2016 COMPANIES Rio Tinto hire former

twitter.com/ facebook.com/ plus.google.com/ pinterest.com/ Is the no-frills car on the Tata Steel strategist
livemint mint.live +livemint livemint/ road to oblivion? 5 Jean-Sébastien Jacques 6

EXPANDING BANDWIDTH OPINION Tech
Mahindra
Stage set for Ki & Ka: A latest to
India’s largest lesson in drop plan
spectrum sale marrying well for payments
bank

APARNA IYER & P.R. SANJAI
@aparnaiyer

MUMBAI

Spectrum to be auctioned is valued at Rs5.66 REGARDLESS OF BREXIT The payments bank
trillion; telecom regulator Trai asked to make new VOTE OUTCOME, UK WON’T model, once consid-
BE THE SAME AGAIN ered a innovation, is
looking less appealing, with
BY UPASNA JAIN Cabinet clears Sebi may TRAI pushes for powers to three of eleven firms that
Rs6,000 cr package scrap penalize telcos for call drops received licences to start
@upasna_jain for textile sector planned such banks abandoning their
listing for BY UPASNA JAIN their service. INDUSTRY plans to do so. Type Dimensions (CM) Total size
NEW DELHI P.R. SANJAI start-ups @upasna_jain On Wednesday, Trai released a
India’s On Tuesday, Tech Ma-
The Union government on @talktosanjai BY JAYSHREE P. UPADHYAY NEW DELHI study that shows most telcos per- electric hindra Ltd, which received
Wednesday cleared India’s largest forming poorly in terms of call drops, vehicle sales in-principle approval to start
auction of telecom spectrum. MUMBAI @jaysh88 The Supreme Court may have local user and industry lingo for grow 37.5% to a payments bank in August,
Based on the base price, the ruled that the Telecom Regu- dropped calls—those that terminate 22,000 units said it is dropping its plans.
spectrum is valued at Rs.5.66 The cabinet on Wednesday cleared a MUMBAI latory Authority of India (Trai) abruptly for technical reasons before Its management cited a long
trillion. The auction of the seven spectrum Rs.6,000 crore package for the textile doesn’t have the right to penalize the call is complete. This study only payback time on its invest- Width Height
bands will also, for the first time, offer the sector, aimed at generating 10 million The market regulator is telcos for dropped calls, but the reg- covered Delhi. Over the next 15 days, ment as a reason.
highly efficient but expensive 700 megahertz jobs over the next three years and improving reworking its plans for a ulator is pushing ahead with efforts the regulator plans to release similar
(MHz) frequency. the sector’s competitiveness globally. capital-raising platform to get telcos to improve the quality of studies for 11 more cities. The company realised
targeted exclusively at start- that intense competition
While the receipts from the auction will The sops, which include incentives relat- ups after the concept failed The regulator also indicated that would only erode already
boost the Union government’s exchequer, ed to tax, production and labour to garment to take off a year after it was thin margins, said C.P. Gur-
the availability of spectrum will expand the makers, are meant to help India overtake proposed. Width nani, managing director and Half page 33.2 25 830 sqcm
bandwidth and the ability of telecom com- Bangladesh and Vietnam in apparel exports 16.4 cm chief executive officer, Tech
panies to service consumers and address the over the next three years. With China, the Now, the Securities and Mahindra, at a press confer- Qtr page 16.4 25 400 sqcm
problem of call drops. largest garment exporter, ceding ground to Exchange Board of India ence scheduled to announce
other countries on account of increase in (Sebi) is considering sweep- the company’s quarterly Other size 12 20 240 sqcm
In the event of aggressive bidding, the bal- wages and a shift to high-technology indus- ing changes to the listing earnings. Last week, a con-
ance sheets of telcos, already overburdened tries, the Indian government thinks it is the framework for technolo- sortium of Sun Pharmaceu-
by debt, will come under greater pressure. right time to push local manufacturing. gy-focused start-ups that will tical Industries Ltd promoter
allow them to trade publicly Dilip Shanghvi.
The government is putting on sale spec- “Over the next three years, the Rs.6,000 on regular stock exchange
trum bands of 700MHz, 800MHz, 900MHz crore package will lead to an additional in- platforms, said two people Height
1,800MHz, 2,100MHz, 2,300 MHz and 2,500 vestment of $11 billion, generate one crore familiar with the matter. 25 cm
MHz. The 700 MHz band, which is the most jobs and increase textile exports by $30 bil-
expensive and most effective, is likely to gen- lion,” said Rashmi Verma, secretary in the On 23 June 2015, Sebi
erate less interest from telecom service pro- ministry of textiles. Under the package, the unveiled a set of new rules
viders. government will bear the entire burden. that were supposed to make
it easier for India’s 3,100-odd
The auctions should help telcos improve start-ups to list on an alter-
quality of service as the ecosystem of data native listing platform. The
consumption in the telephony space is driven response to the new rules
by content. The Telecom Regulatory Author- was tepid; both start-ups
ity of India’s (Trai’s) first independent test. and bankers were concerned
about the ability of Indian in-
Metropolis plans IPO to raise vestors to judge the value of Other size 12 25 300 sqcm
around Rs1,000cr early-stage companies, and
worried about liquidity on Strip 33.2 12 398.4 sqcm
BY REGHU BALAKRISHNAN & The IPO size could be in the alternative trading plat-
the range of Rs.1,000 crore, form. Semi solus 16.4 25 Only 2 equal
SWARAJ SINGH DHANJAL said one of the persons quot-
ed above. Taking note of the con- size ads allowed
@RBWarrier, @swarajdhanjal cerns, Sebi’s primary market
Ameera Shah, MD and CEO, Metropolis competes advisory committee (PMAC), Only 2 Equal Sized ads allowed
MUMBAI Metropolis Healthcare. with other leading diagnos- in a meeting on 30 May, rec-
tic chains such as SRL Diag- ommended that the regula- Height
Metropolis Healthcare Photo: ReuteRs nostics Pvt. Ltd and Dr Lal tor give up on the idea of an 20 cm
Ltd, one of the three PathLabs. alternative listing platform,
largest diagnostic nity to make a part exit from said one of the two persons
chains in India, plans to sell Metropolis, whose promot- The Shah family—chair- cited above.
shares in an initial public of- ers, the Shah family, will sell man Sushil Shah and his
fering (IPO) to raise around a small minority stake, said daughter Ameera Shah, Under the plan an-
Rs.1,000 crore, seeking to two people aware of the de- managing director and chief nounced last year, Sebi al-
tap investor interest in the velopment. executive officer—holds a lowed the exchanges’ institu-
healthcare sector. 63% stake and Carlyle owns tional trading platform (ITP)
37% in Metropolis. to be used for capital raising
The plan follows suc- by start-ups.
cessful share sales in recent In April last year, the
months by Dr Lal PathLabs Shah family acquired the
Ltd and Thyrocare Technol- 27% stake in Metropolis held
ogies Ltd, which received by US-based private equity
robust investor demand. (PE) firm Warburg Pincus
for Rs.550 crore with the
An IPO would give exist- backing of KKR India, the
ing private equity investor local arm of PE firm KKR
Carlyle Group an opportu-

CORPORATE VIEWS

NiHkeesihgAhrtora resigns Today’s politics aims to Width
fro1m2ScomftBank 12 cm
neutralize BR Ambedkar
Nikesh Arora, heir apparent to the chief execu-
tive officer’s role at SoftBank Group Corp., is In January 1943, the great B. R. Ambedkar gave a typically
leaving the Japanese company after founder, perceptive speech on the 19th century liberal from Pune,
chairman and CEO Masayoshi Son, who had Mahadev Govind Ranade. He compared the reasoned
been expected to step down after turning 60 politics of Ranade with the irresponsible populism of M.
next year, said he will remain at the helm.
WidthK. Gandhi and M.A. Jinnah.
India-born Arora, 48, who joined Soft- In this speech, Ambedkar also warned against the
Bank in September 2014 with a bulge-brack- usual Indian tendency towards political idolatry. He told
et annual salary of $135 million, and Son an-
33.2 cmhis audience of liberals that a true master such as Ranade
nounced the departure a day
would want his followers to take guidance from his work
P5 after a panel comprising inde- rather than be bound by specific conclusions:
pendent members.
P22 “There is no ingratitude in the disciple not ac-
cepting the maxims or the conclusions.

PAGE 1 PLUS Page 1 Plus – In the business context,
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zero. That’s why the Page 1 Plus gives
you a glimpse of what’s trending around
the world, and lets you organise your day
with the innovative daily planner.

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COMMODITIES COMMODITIES

 MCX Gold MCX Silver MCX Crude Oil  MCX Gold MCX Silver MC

2016 WEDNESDAY, JUNE 1, 2016 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2

m/ pinterest.com/ BUSINESS OF LIFE  29B0U85SINE2S8S92O7F LI-F0E.54 39034 38643 -1.00 3338 3385 1.41  29085 28927 -0.54 39034 38643 -1.00 3338
livemint/
How big should your MHCXoCwopbpeigr should yourMCX Aluminium MCX Zinc MCX Copper MCX Aluminium MC

phone be? 22twitter.com/ phone be?6 JUNE 2016 PERCENT CHANGE 226 JUNE 2016 7 JUNE 2016 6 JUNE 2016 7 JUNE 2016 6 JUNE 2
livemint
313.25 -0.21 103.6 135.25 313.25 312.6 134.9
facebook.com/ plus.google.com/ pinterest.com/ 7 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 PERCENT CHANGE PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE
mint.live +livemint livemint/
312.6 102.95 -0.63 134.95 0.22 -0.21 103.6 102.95 -0.63

NCDEX Chana NCDEX Sugar MCX Gold NCDEX Chana NCDEX Sugar MC

6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2016 7 JUNE 2016 PERCENT CHANGE 6 JUNE 2

       6538.35 6751.05 3.25 7.17 7.19 0.28 29085 28927 -0.54 6538.35 6751.05 3.25 7.17 7.19 0.28 2908

O GOLD OIL SENSEX NIFTY GOLD OIL Source: Bloomberg
64 Rs.29,575 $48.95 25,305.47 7,748.85 Rs.29,575 $48.95
05 Rs.75 $0.25 17.80 DOLLAR EURO Rs.75 $0.25 STOCK RECCOS STOCK RECCOS
15.11 Rs.67.76 Rs.75.64
Rs.0.26 Rs.0.05

QUICK EDIT India is the QUICK EDIT ACCUMULATE BUY ACCUMULATE ACCUMULATE BUY ACC
biggest virtual
Europe’s exporter of water Europe’s BAJAJ AUTO ASHOK LEYLAND INDIA CEMENTS BAJAJ AUTO ASHOK LEYLAND IN
dog days dog days
Except for Brahmaputra and Mahanadi, all CURRENT PRICE Rs2,609 CURRENT PRICE Rs106 CURRENT PRICE Rs2,609 CURRENT PRICE Rs2,609 CURRENT PRICE Rs106 CUR
Deal makers are usually river basins with a population of more than Deal makers are usually
er smart people who are also 20 million face water shortage for the major smart people who are also  TARGET PRICE  TARGET PRICE  TARGET PRICE  TARGET PRICE  TARGET PRICE 
prone to hubris. The race part of the year prone to hubris. The race
n to close a major deal often leads to close a major deal often leads Rs2,609 Rs114 Rs2,609 Rs2,609 Rs114 Suste
or to hasty due diligence—and legal Annual average of monthly to hasty due diligence—and legal at hig
tangles later on. surface/ground water scarcity tangles later on. Bajaj Auto Ltd’s fourth quarter Ashok Leyland Ltd’s medium Sustenance of cement prices Bajaj Auto Ltd’s fourth quarter Ashok Leyland Ltd’s medium regio
performance was healthy despite and heavy commercial vehicle at higher levels in the south performance was healthy despite and heavy commercial vehicle prosp
Ranbaxy is a good example. 0-0.20 .2-0.5 0.5-1.0 1.0-1.51 .5-2.0 2.0-3.03 .0-5.0 >5.0 NO DATA Ranbaxy is a good example. lower export volumes, both sales growth is expected to sustain region despite low demand and lower export volumes, both sales growth is expected to sustain Andh
An arbitration court last week A score greater than 2 indicates severe water scarcity An arbitration court last week sequentially and on a yearonyear at a healthy rate in FY1. Boosted prospects of demand recovery in sequentially and on a yearonyear at a healthy rate in FY1. Boosted well f
asked the pharma company’s asked the pharma company’s basis. Led by higher realisations by strong volume growth and Andhra Pradesh/Telangana bode basis. Led by higher realisations by strong volume growth and Thou
former promoters to pay $385 former promoters to pay $385 and improved gross margins, benefits of lower commodity well for India Cements Ltd. and improved gross margins, benefits of lower commodity a bag
million to Daiichi Sankyo. million to Daiichi Sankyo. adjusted earnings before interest, costs, the company’s earnings Though there was a decline of `100 adjusted earnings before interest, costs, the company’s earnings 2016
The Japanese company had The Japanese company had tax, depreciation and amortisation before interest, tax, depreciation, a bag between January and March tax, depreciation and amortisation before interest, tax, depreciation, are im
complained that it had not been complained that it had not been margin was higher 360 basis points and amortisation margin expanded 2016 in Andhra Pradesh,prices have margin was higher 360 basis points and amortisation margin expanded
told at the time of the deal about told at the time of the deal about 250 bps. are improving. 250 bps.
the incipient problems with the incipient problems with PRABHUDAS LILLADHER PRABHUDAS LILLADHER
the US regulators. And, in the the US regulators. And, in the PRABHUDAS LILLADHER EMKAY GLOBAL PRABHUDAS LILLADHER
liquor industry, Diageo hastily liquor industry, Diageo hastily
took control of United Spirits took control of United Spirits TODAY’S TERM TODAY’S TERM
from Vijay Mallya. It was only from Vijay Mallya. It was only
later that the buyer got to know later that the buyer got to know ASSET QUALITY RATING ASSET QUALITY RATING
of the soft loans given to other of the soft loans given to other /ˈasɛt/ /ˈkwɒlɪti/ /ˈreɪtɪŋ/ /ˈasɛt/ /ˈkwɒlɪti/ /ˈreɪtɪŋ/
struggling companies in the UB struggling companies in the UB
group. group. An asset quality rating is a review or evaluation assessing the credit risk associated An asset quality rating is a review or evaluation assessing the credit
with a particular asset. These assets usually require interest payments - such as a with a particular asset. These assets usually require interest paymen
These examples show that These examples show that loans and investment portfolios. How effective management is in controlling and loans and investment portfolios. How effective management is in co
even global companies walk even global companies walk
into attractive deals with their into attractive deals with their monitoring credit risk can also have an affect on the what kind of credit rating is given. monitoring credit risk can also have an affect on the what kind of cred
eyes wide shut. Buyers have to eyes wide shut. Buyers have to
be more careful, but that does be more careful, but that does WHAT TO WATCH FOR TODAY WHAT TO WATCH FOR T
not exonerate other players in not exonerate other players in
large corporate deals, such as large corporate deals, such as
investment bankers, auditors investment bankers, auditors
and the board of directors. What and the board of directors. What
were they doing? were they doing?

Net virtual water import by category 9AM 9AM
INFOSYS RESULTS INF
Chart shows bottom ve and top v e countries plus China (1996-2005)
2PM 2PM
WHILE YOU WERE 150000 Crop Animal Industry WHILE YOU WERE IMD UPDATE ON IMD
ASLEEP 100000 ASLEEP MONSOON MO

Million cubic meter per year 50000 PIYUSH GOYAL PIYUSH GOYAL
CONFERENCE ON UDAY CONFERENCE ON UDAY
0

50000

100000 TAKE A BREAK TAKE A BREAK

Japan 150000 UK Italy Japan DO THIS STRETCH DO THIS STRETCH
India USA Brazil
Side stretch
Argentina Australia China Germany Mexico
Sit up straight in your chair
unts: The Source: Mekonnen, M.M. and Hoekstra, A.Y. (2011) National water footprint accounts: The Side stretch Side stretch and raise your left arm
of Water green, blue and grey water footprint of production and consumption, Value of Water towards the ceiling, grab
herlands. Research Report Series No. 50, UNESCO-IHE, Delft, the Netherlands. your left wrist with your right
hand and pull it to the right.
Y Federal Reserve MOST OF INDIA HAS SEVERE WATER SCARCITY Federal Reserve Sit up straight in your chair Sit on your chair, feet flat You should feel a stretch
Meeting and raise your left arm on the floor. Extend one leg down your left side, hold for
iver Meeting Bars show number of months in a year by water scarcity situation in a given river towards the ceiling, grab out in front of you, hold for 10 seconds. Swap arms and
es. basin. Figures in parentheses with r iver basin indicate the population in crores. EU fails to reach deal your left wrist with your right 2 seconds. Raise it as high repeat on the right side.
to tackle company tax hand and pull it to the right. as you can and hold for 2
Data refers to 1996-2005 You should feel a stretch seconds. Repeat 15 times on
avoidance down your left side, hold for each leg.
EU fails to reach deal Low Moderate Signic antS ev er e IMF Data Release 10 seconds. Swap arms and
to tackle company tax repeat on the right side.
Cauvery (3.5) 3 18 Barack Obama
avoidance Indus (21.2)* 1 denounces Donald
Krishna (7.7) 3 8 Trump’s ‘ignorance of
3
Narmada (1.7) 5 11 7 world affairs’
Damodar (2.9) 5
IMF Data Release Godavari (6.2) 5 25 LOG ONTO
Ganges (45.4) 5 WWW.LIVEMINT.COM
34

Barack Obama 25

denounces Donald 25 “In business, what’s “In business, w
dangerous is not to dangerous is n
Trump’s ‘ignorance of Mahanadi(2.8) 75 evolve.” JEFF BEZOS evolve.” JEFF BEZOS

Brahmani River (1.2) 84 CEO of Amazon CEO of Amazon

world affairs’ Brahmaputra (6.7) 12

2 02 46 81 01 2

l water LOG ONTO levels are explained in the story. * Indus river Source: Hoekstra, A.Y. and Mekonnen, M.M. (2011) Global water
e water WWW.LIVEMINT.COM basin includes areas in Pakistan. scarcity: monthly blue water footprint compared to blue water
search availability for the world’s major river basins, Value of Water Research
rlands.
Report Series No. 53, UNESCO-IHE, Delft, the Netherlands.

EXCLUSIVE, ON LIVEMINT.COM EXCLUSIVE, ON LIVEMINT.C

Is Bollywood How Virat Kohli beats Is Bollywood How Virat Kohli beat
avoiding box office almost every other IPL avoiding box office almost every other IP
clashes? batting record clashes? batting record

The release of Shah Rukh RCB’s captain has scored runs at The release of Shah Rukh RCB’s captain has scored runs a
Khan-starrer Raees has been an average of over 80, which is Khan-starrer Raees has been an average of over 80, which is
postponed to January next year unheard of in T20 postponed to January next year unheard of in T20
to avoid a clash with Salman to avoid a clash with Salman
Khan’s Sultan Khan’s Sultan

THE BRIEFING PG 02

These days, the chances of finding pots of gold at end
of rainbows are greater than finding time on your hands.
That’s why we put the entire day’s news in brief, to help
you get the complete picture in the shortest time.

02 WEDNESDAY, 1 JUNE 2016 THE BRIEFING DEALS 03WEDNESDAY, 1 JUNE 2016

MARKETS Half of India has received normal rainfall: IMD KKR India MARCH QUARTER
set to invest
Rupee trades higher THE TWEETS Varun Beverages
at 67.75 against US Rs600 crore
dollar in Kwality ready to file IPO draft,

MUMBAI: The BSE Sensex fell more ARVIND KEJRIWAL, BY REGHU BALAKRISHNAN may raise Rs1,000cr Peabody, top private coal miner,
than 1 percent on Tuesday as soft- DELHI CM files for bankruptcy
ware services exporters were hit hard @RBWarrier
after Cognizant Technology Solu- All over the country, trad- CHICAGO/WILMINGTON: Peabody Energy Corp, the world’s
tions(CTSH.O) issued disappointing ers feeling betrayed by BJP, MUMBAI largest privately owned coal producer, filed for US bankruptcy
revenue guidance, while sentiment protection on Wednesday in the wake of a sharp fall in coal pric-
also remained weak after a global leaving BJP in large nos. KKR India is set to invest about Rs.600 es that left it unable to service a recent debt-fueled expansion
market sell-off. The broader Nifty fell crore in Kwality Ltd, the largest dairy into Australia. The company listed both assets and liabilities in
1.21 percent, while the benchmark firm in India outside government control, The share sale is expected to hit the market end of this year or early next year the range of $10 billion to $50 billion, according to a court filing .
Sensex lost 1.1 percent, posting a sec- according to two people close to the develop-
ond consecutive daily fall. A sell-off ment. BY SWARAJ SINGH DHANJAL Peabody’s Chapter 11 bankruptcy filing ranks among the larg-
on Monday that sent European shares @swarajdhanjal est in the commodities sector since energy and metals prices
to their lowest in two years and U.S. KKR India, the local arm of the New York- began to fall in the middle of 2014 as once fast-growing markets
indexes down more than 1 percent based buyout firm, will invest through a struc- such as China and Brazil began to slow. bloombeRg
also hit sentiment. ReuteRs tured debt transaction, one of the two peo-
plesaid,declining to be identified. Reliance Communications-Aircel
Sensex shrugs off MUKESH AMBANI, MUMBAI merger may run
Brexit fears, up 70 pts RELIANCE The funds will help the Delhi-based Kwal-
ity, which gets more than 70% of its revenue Varun Beverages MUMBAI: Reliance Communications Ltd’s (R-Com’s) plan to
MUMBAI: The Indian rupee on Wednes- Positive thinking is the key by selling its products to companies such as Ltd, the sec- combine its wireless business with smaller rival Aircel Ltd to cre-
day was trading little changed against the to success in business, ed- Hindustan Unilever Ltd, ITC Ltd and Britannia ond-largest Pep- ate a new entity is unlikely to be concluded within the 90 days
ucation, pro football, any- Industries Ltd, strengthen its own brand and siCo. Inc. bottler that the telcos gave themselves to finalize the merger, company
US dollar in mid-day trading session. At thing that you can mention. expand its more profitable retail business. in the world, has el sells some of its be concluded within the 90 days that the
telcos gave themselves to finalizeofficials and analysts said. The
2.14pm, the home currency was trading at BRIAN LARA, CRICKETER “The company will refinance its existing reached the final leg of its merger is subject to the condition that the two parties each re-
67.91, down 0.02% from its previous close loans and use it as a growth capital for future duce their debt to less than Rs.10,000 crore.
Now recovered to send expansion, especially for the transformation to proposed public float. The
my first congratulatory a B2C (business to consumer) company,” said That condition is the merger, company officials and analysts
of 67.90. The local currency opened at WHAt’s NEXT? WHOSE TO BLAME message to d boys very the second person. company is ready to file its said. unlikely to be met unless R-Com manages to sell its tow-
67.90 a dollar and touched a high and a WHAT HAPPENED well played! My MOM er assets and Aircel sells some of its be concluded within the
C.Brathwaite 34 & 3 for 23. To bolster its brand, Kwality had hired actor draft initial public offering 90 days that the telcos gave themselves to finalize the merger,
S Badree Player of d WC Akshay Kumar as its brand ambassador. company officials and analysts said. The merger is subject to the
low of 67.84 and 67.99, respectively. (IPO) document between to- condition that the two parties each reduce their spectrum. days
The yield on India’s 10-year bench- Slumping oil and gas prices could be a boon for the EU, Slumping oil and gas prices could be a boon for the EU, Slumping oil and gas prices could be a boon for the EU, AB de VILLIERS, CRICKETER Emails sent to a KKR India spokesperson that the telcos gave themselves to finalize the merger, compa-
and several text messages and emails sent to a COMPANIES day and the end of this week, ny officials and analysts said. On 15 January, Mint reported that
Goodness Gracious Me! Kwality spokesperson on Friday remained un- R-Com. ShRutika VeRma
mark bond was trading at 7.825% against but at the cost of weakening the economic argument for but at the cost of weakening the economic argument for but at the cost of weakening the economic argument for That was an incredible game answered. Will Lafarge’s according to two people
India divest- aware of the development. Amazon, Flipkart fan out to sign
Tuesday’s close of 7.838%. Bond yields its green energy policies. its green energy policies. its green energy policies. of Cricket. Well done Cap- Investors have backed several dairy firms up small merchants
tain @darrensammy88 and in India, the world’s biggest consumer of milk
and prices move in opposite directions. and milk products, because of rising demand. ment plan “The company is likely to BANGALURU: The online marketplace is coming to the offline
The dollar index, which measures the US @westindies Cricket. Demand for milk in the country is expected to marketplace. Amazon Seller Services Pvt. Ltd, the local unit of
grow at an annual average rate of 5% to 200 get derailed file its DRHP today,” said one the world’s largest online retailer, and Flipkart Ltd, India’s larg-
currency’s strength against major curren- CORRECTIONS AND million tonnes in 2022, according to National again? of the persons briefed about est online retailer, are sending their vans to areas such as Karol
CLARIFICATIONS Dairy Development Board.
cies, was trading at 95.967, down 0.11% SoftBank panel clears [email protected] the matter. Total sizeBagh and Azad Mandi in Delhi and Commercial Street in Banga-
from the previous close of 96.071. PTI Nikesh Arora of “Strong demand prospects in this segment
POLICY misconduct Mint welcomes comments, will keep up investor interest in the coming The company, the flag- Of the total deal size, Rs700 crore is fresh equity and Rs1,495 crore debt. Photo: ReuteRs lore—places that have many small businesses—to sign up mer-
World stocks, sterling suggestions or complaints years,” said Shiva Mudgil, a dairy analyst and chants for its platform. Under the pan-India initiatives called
TECHNOLOGY about errors. vice-president at Food & Agribusiness Re- ship firm of Delhi-based bil- Amazon Tatkal and Spotlist (for Flipkart), their representatives
search & Advisory, Rabobank. “Besides large will engage product catalogues and give them basic training to
Readers can alert the companies, PE (private equity) investors will lionaire Ravi Jaipuria, may largest bottler of PepsiCo. Co. Ltd, Axis Capital Ltd and pany RJ Corp., which has operate on its platform. mihiR dalal
newsroom to any errors in be interested in small regional companies with
the paper by emailing us, with a focus on value-added products. These firms raise at least Rs.1,000 crore beverages, behind Tingyi CLSA are the bankers to the diverse business interests
your full name and address to will also be seeking capital to fuel their aggres-
try to shake off Brexit Aadhaar 2.0: Creating India’s digital Seventh Pay [email protected] sive expansion plans.” through the IPO, said one Holdings Corp. of China. IPO, said the second person ranging from beverages,
blues infrastructure Commission pay hikes
may be cleared SYDNEY: Adani Enterprises Ltd., the It is our policy to promptly Kwality, formerlyKwality Dairy Ltd, pro- of the persons cited above, “They are looking to raise cited above, also requesting dairy products and fast-food
MUMBAI: Shares of public sector banks NEW DELHI: Maharashtra is the most prepared state to bring its residents and mining company whose plans to build respond to all complaints. duces a range of products, including ghee, fla-
plummeted on Wednesday after earnings businesses online followed by Karnataka and Gujarat, Telengana and Tamil Nadu, MUMBAI: The finance ministry is looking Australia’s largest coal project have been voured milk, yogurts, butter, cheese and curd. requesting anonymity as he around Rs.700-750 crore of anonymity. restaurants to education and
reported by some of them on Tuesday in- delayed, is now looking to invest in the Readers dissatisfied with the In 1994, the former owners of Kwality sold the
country’s solar-power sector. response or concerned about ice-cream brand to Hindustan Unilever. is not authorised to speak to primary capital to invest in The share sale is expected hospitality.
Mint’s journalistic integrity
Adani said any solar investment in may write directly to the the media. business expansion and to to hit the market end of this Private equity investors
editor by sending an email to
[email protected] On 4 March, Mint had re- pare some debt,” he said. year or early next year, he in Varun Beverages will not

Mint’s journalistic Code ported that Varun Beverages Promoter Jaipuria will added. be selling shares in the IPO,
of Conduct that governs our
dicated the extent of the bad loan prob- found a new report released on Monday by industry body Internet and Mobile to replace an existing whole-time mem- Australia would come on top of its am- newsroom is available at has started work on its IPO. dilute some part of his hold- Emails sent to Kotak Ma- the second person cited
www.livemint.com
lem in the banking sector. Association of India (IAMAI) and Indicus Analytics. The findings are based on ber with the Securities and Exchange bitions to develop the Carmichael mine Varun Beverages is a dis- ing through secondary share hindra Capital, Axis Capital above said.
The Reserve Bank of India (RBI), fol- an Internet Readiness index that is a composite of components including e-in- Board of India (Sebi). The new vacancy and rail project in Queensland. The com- mint
tributor of PepsiCo. products sale, which will take the IPO and CLSA did not elicit any Standard Chartered Pri-
CUSTOMER CARE AT HT SEAL
lowing an asset quality review, has asked frastructure, e-participation, information technology (IT) services and e-gov- has been created as Prashant Saran’s ten- pany has a green-energy unit in India, Type in north and east India and Dimensions (CM) size to over Rs.1,000 crore, response till the time of fil- vate Equity and Aion Capi-
For any queries/delivery the largest bottler for the
banks to reclassify loans that are visi- ernance services offered by the state. Internet readiness doesn’t only indicate ure as member of the market regulator which targets 10,000 megawatts of pho- issues: US-based beverage maker in he added. ing the report. Calls and text tal Partners are investors in
bly stressed as non-performing assets how industry-friendly each state is for investment in the IT sector, but the large South Asia, with operations
(NPAs) and also make adequate provi- states, Delhi has emerged as the top state among the smaller ones, followed by comes to an end on 25 June, said a min- tovoltaic capacity by 2022. CALL: Also Read: Ravi Jaipu- messages sent to Ravi Jaipu- Varun Beverages. Standard
60004242
istry official involved in the appointment Adani’s plans to use a port near the Monday-Saturday ria to list Pepsi bottler in ria went unanswered. Charted invested $48 million
10am-6pm
sions against such loans. This has meant Puducherry and Goa. North-eastern states are the least ready to be connected, process, who did not want to be identi- Great Barrier Reef have stoked opposi- (Delhi, Mumbai, Bengaluru, in India, Nepal and Sri Lan- Rs1,000 crore IPO Varun Beverages is a unit and $32 million in the firm in
Kolkata, Chennai, Hyderabad,
that most public sector banks are report- said the report. MoulishRee SRivastava fied. tion from environment groups. The coal Ahmedabad, Pune and ka. Globally, it’s the second Width Height Kotak Mahindra Capital of Jaipuria’s holding com- 2011 and 2012, respectively.
industry is under siege with utilities fac- Chandigarh)
ing a sharp fall in profits. Saran heads two critical department ing pressure to close aging power plants,
countries taking their boldest steps yet MAIL:
Height 7 cmRavindRa Sonavane of the regulator—corporate finance to cut greenhouse gas pollution and [email protected]
WidthCan Google Glass prices languishing near the lowest levels
The most successful department and investigations and en- since 2006. BloombeRg TO SUBSCRIBE: Belly Band 33.2 7 232.4 sqcm
help autistic children forcement cell. Saran joined the market SMS ‘MINT’ to 54242 or
read faces? regulator from the Reserve Bank of India START-UPS log on to
33.2 cm(RBI) as a member in May 2009 for a ten- livemint.com/subscribe
IPOs since 2015 ure of three years. Saran was awarded an or mail us at
[email protected]
NEW DELHI: The government’s flag- extension in 2012 for five years or until he

MUMBAI: Dr Reddy’s Laboratories Ltd’s ship Digital India mission is yet to became 65 years of age. Saran turns 65 in
profit barely budged in the December
quarter, growing by just 0.8% from a year touch the lives of Indians, a research June this year. Strip at Bottom 33.2 7 232.4 sqcm

report said. The country will feel the Interestingly, the applications need

ago and declining by 19.8% sequentially. Wipro Ventures impact of Digital India only beginning not come from the bureaucracy or public HyperTrack opens
This flat year-on-year growth can be at- invests in Israeli in 2018 once private players start le- sector alone. JayshRee P. UPadhyay app to consumers
tributed to both operational and one-off venture capital firm veraging broadband infrastructure to
factors. Investors did not like what they expand products and services, said One in three women in MUMBAI: Bengaluru-based social net-
saw, sending the stock down 3.6% after BENGALURU: Google chief execu- the report by technology research the workforce marry working start-up Affimity Inc. said on
its results were announced. firm Forrester. said Ashutosh Sharma, before 18: Census data
vice-president and research director,
The company’s sales growth was rel- Forrester Research, and co-author
atively low at 3.2% over a year ago. Sales

at its generics business increased by 7.1% tive Sundar Pichai received a grant for of the report. “While government is Wednesday it has raised $1.2 million in
over a year ago, with the US and Europe 273,328 Class C Google stock units, looking to connect all the gram pan- NEW DELHI: The Reserve Bank is likely angel funding from a group of Silicon
markets doing quite well. India too saw according to a regulatory filing by chayats (GPs) and common service to cut the repo rate by 25 basis points Valley angel Investors and founders. The

good growth of 34%, with over a year Google parent company Alphabet Inc. centres through fibre optics, that’s not (bps) after the Budget, in its policy meet- company is looking to use the funds to

ago, with the US and Europe its over a In addition to the 3 February grant for the only thing that they need.” “The ing in April, beyond which the central expand services in India and other coun-
year ago, with the US and Europe base the class C Google stock units, Pichai government has appointed designat- bank is expected to stay on hold, says a tries and hire larger teams.

business growing by about 19%. Report- on the same day sold 375 Class A com- ed public sector companies to roll Nomura report. According to the Japa- The news comes within a month af-

ed growth was higher due to the impact mon shares at a price of $786.28 each, out fibre optics to bring connectivity nese brokerage firm, gross value added ter conserve capital amid a slowdown in

of an acquisition. But emerging market and sold 3,625 Class C capital stock at to rural areas. However, what is miss- (GVA) growth has marginally undershot funding.
sales pulled down growth, as their sales a price of $768.84 each, the filing said. ing is the business piece of it,” he said.
the RBI’s 7.4% projection in the financial “Our immediate plan is to provide

declined by 27.6%. This was mainly due to ReuteRs ReuteRs year 2015-16, supporting the case for a better content and community expe-
currency volatility. RavindRa Sonavane rate cut. rience as we reach out to more people.
BJP, RSS to discuss ment initiative for minorities that will be We are continuously adding tries and
POLITICS coalition logjam over introduced in Bathinda in the last week “In our baseline, we believe the RBI hire larger teams. The news channels as
Mehbooba’s demands of February. Then, in the first week of will cut the repo rate by 25 bps in the April well as customizing each of them to suit
Odd-even rule set March, another scheme known as Up- policy meeting after the Budget. Beyond the requirement of that particular com-
to return; Kejriwal NEW DELHI: A delegation of BJP’s Jam- grading the Skills and Training in Tradi- that, we expect the RBI to stay on hold munity,” said Mittal in a statement. Ashna
to announce dates mu and Kashmir unit will meet the RSS tional Arts/Crafts for Development (UST- and shift its focus to policy transmission,” AmbRe
tomorrow brass at the Sangh’s headquarters in TAD) will be launched in UP. This scheme it said in a research note. PTI
Jhandewalan on Wednesday to review aims at preserving the heritage of tradi- Budget hotel
NEW DELHI: The “odd-even” scheme is the performance of the party in the state tional arts/crafts of minorities and builds CORPORATE aggregator FabHotels
“all set” make a comeback in the nation- and also discuss the future of the coali- capacity among traditional artisans and raises $8 million
al capital, the dates to which will be an- tion with the Peoples Democratic Party. craftsmen. PTI Mallya seen at book
nounced by Delhi chief minister Arvind Senior BJP leaders including the state launch event attended NEW DELHI: Hyperlocal delivery start-
unit chief Sat Sharma, deputy chief min- Copycat! Cong does by India’s UK envoy up PepperTap is shutting operations
ister Nirmal Singh, MP Avinash Khanna an AAP in Punjab in six cities, including Mumbai, Kolkata
will meet RSS’ Krishna Gopal, Brig. Suchet and Chennai, and will be laying off about
400 delivery men—a sign of heightened

Kejriwal on Thursday. Transport minister Singh and Jammu and Kashmir in-charge pressure on start-ups to conserve capital

Gopal Rai said that the government will Ramesh Papa to discuss the political log- CHANDIGARH: The Congress is trying MUMBAI: Shipping and logistics compa- amid a slowdown in funding.

make the announcement after review- to emulate in Punjab the election strat- ny Mercator Ltd on Wednesday said it has The news comes within a month af-
ing over 11 lakh responses received from
egy used by the Aam Aadmi Party (AAP) sold its Singapore bulk cargo business to ter conserve capital amid a slowdown in

Height 7 cmthe public through multiple channels on NDA woos Muslims in to script a historic victory in Delhi last three investors for a token amount of funding. The news comes within a month
Punjab, Uttar Pradesh year, including running campaigns on three Singapore dollars. The company after larger rival Grofers India Pvt. Ltd
Wednesday. decided to close operations in nine cit-
Deputy chief minister Manish Sisodia Widthdigital platforms such as victory in Delhi said it has entered into an agreement for ies, including Ludhiana, Bhopal, Kochi,
Coimbatore and Visakhapatnam, Mint
suggested that the licence plate policy last year, including running campaigns on the sale of all 900 million shares of Bel-
will be back “once again” while sources digital platforms such as victory in Delhi lerophon Holdings Pte Ltd, MIB Invest-

said that its next phase could be en- NEW DELHI: The ministry of minority 33.2 cmlast year, including running campaigns on ments Pvt. Ltd, and Wroclaw Holdings reported in January. “In our baseline, we
forced in April after the CBSE Board affairs is planning to introduce schemes believe the RBI will cut the repo rate by
examinations. “The scheme is all set in Bathinda district of Punjab and four digital platforms such as Facebook and Ltd. The token amount is considering the 25 bps in the April policy meeting after
WhatsApp. The two parties will challenge negative networth of the Singapore unit.
to make a comeback. Ministers includ- cities of Uttar Pradesh—Lucknow, Deo- the BJP-SAD government, which will seek The sale will help take roughly Rs.1,000 the Budget. Beyond that, we expect the

ing the chief minister will announce the band, Moradabad and Aligarh—stressing a third straight term in state elections crore debt of the Singapore unit out of RBI to stay on hold and shift its focus to
dates in a press conference tomorrow,” skills and jobs for minorities. Seekho aur next year. the parent company’s book, Agarwal policy transmission,” it said in a research
sources said. PTI kamao (Learn and earn) is a skill develop- said. PR Sanjai note. ShRutika VeRma
Gyan VaRma

First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream.

R. SUKUMAR (EDITOR); PUBLISHED/PRINTED BY VIVEK KHANNA ON BEHALF OF HTMEDIA LTD, 1820 Kasturba GandhiMarg, New Delhi 110001

Printed at HT Media Ltd presses at •B2, Sector 63, Noida, Distt Gautam Budh Nagar, Uttar Pradesh & •Plot No. 8, Udyog Vihar, Greater Noida, Distt Gautam Budh Nagar, Uttar Pradesh 201306; •Plot No.6, TTC Industrial Area, ThaneBelapur Road, Navi Mumbai 400708; •MNSPrinters Pvt. Ltd, 345/4, Bhatrahalli, Near KR Puram RTO, Old Madras Road, Bangalore 560049; •Texmaco Ltd, BT Road, Panihati, 24
Parganas (North), Kolkata 700058; •MNSPrinters Pvt. Ltd, 76/1, Poonamallee High Road, Velappanchavadi, Chennai 600077; •Bhaskar Print Planet, Survey No. 148P, Changodar Bavla Highway, Sanand (Tal), Distt Ahmedabad, Gujarat. •Jagati Publications Ltd, Plot No. D75 & E52, APIE Industrial Estate, Balanagar, Rangareddy Distt. Hyderabad 500037 *Also available in Chandigarh and Pune.
RNI Registration DELENG/2007/22485; Mint welcomes readers’ responses to all articles and editorials. Please include your full name, address and telephone number. Send in your views to the editor at [email protected]. ©2014 HT Media Ltd All Rights Reserved

DEALS PG 03

DEALS Today’s business world is a little like instant noodles.
Something is always cooking every two minutes. That’s
why we always keep you two steps ahead with the latest
news on mergers, acquisitions, and everything in between.

03WEDNESDAY, 1 JUNE 2016

KKR India MARCH QUARTER 02 WEDNESDAY, 1 JUNE 2016 THE BRIEFING DEALS 03WEDNESDAY, 1 JUNE 2016
set to invest
THE TWEETS Rs600 crore Varun Beverages
in Kwality
ARVIND KEJRIWAL, ready to file IPO draf1t6W,.i4dtchm MARKETS Half of India has received normal rainfall: IMD KKR India MARCH QUARTER
DELHI CM BY REGHU BALAKRISHNAN set to invest
Rupee trades higher THE TWEETS Rs600 crore Varun Beverages
l over the country, trad- @RBWarrier at 67.75 against US in Kwality
feeling betrayed by BJP, dollar ARVIND KEJRIWAL, ready to file IPO draft,
aving BJP in large nos. MUMBAI DELHI CM BY REGHU BALAKRISHNAN
may raise Rs1,000cr MUMBAI: The BSE Sensex fell more
MUKESH AMBANI, KKR India is set to invest about Rs.600 All over the country, trad- @RBWarrier
RELIANCE crore in Kwality Ltd, the largest dairy than 1 percent on Tuesday as soft- ers feeling betrayed by BJP, may raise Rs1,000cr Peabody, top private coal miner,
firm in India outside government control, MUMBAI files for bankruptcy
sitive thinking is the key according to two people close to the develop- Peabody, top private coal miner,ware services exporters were hit hard leaving BJP in large nos.
success in business, ed- ment. after Cognizant Technology Solu- KKR India is set to invest about Rs.600
ation, pro football, any- tions(CTSH.O) issued disappointing MUKESH AMBANI, crore in Kwality Ltd, the largest dairy
ng that you can mention. KKR India, the local arm of the New York- RELIANCE firm in India outside government control,
based buyout firm, will invest through a struc- files for bankruptcyrevenue guidance, while sentiment according to two people close to the develop-
RIAN LARA, CRICKETER tured debt transaction, one of the two peo- also remained weak after a global Positive thinking is the key ment.
plesaid,declining to be identified. market sell-off. The broader Nifty fell to success in business, ed- CHICAGO/WILMINGTON: Peabody Energy Corp, the world’s
Now recovered to send ucation, pro football, any- KKR India, the local arm of the New York- largest privately owned coal producer, filed for US bankruptcy
my first congratulatory The funds will help the Delhi-based Kwal- 1.21 percent, while the benchmark thing that you can mention. based buyout firm, will invest through a struc- protection on Wednesday in the wake of a sharp fall in coal pric-
message to d boys very ity, which gets more than 70% of its revenue tured debt transaction, one of the two peo- es that left it unable to service a recent debt-fueled expansion
well played! My MOM by selling its products to companies such as Sensex lost 1.1 percent, posting a sec- BRIAN LARA, CRICKETER plesaid,declining to be identified. into Australia. The company listed both assets and liabilities in
Brathwaite 34 & 3 for 23. Hindustan Unilever Ltd, ITC Ltd and Britannia the range of $10 billion to $50 billion, according to a court filing .
Industries Ltd, strengthen its own brand and CHICAGO/WILMINGTONoonn:dMPoconendsaaeycbtuhtaoivtesdednyatiElyuErfoanpll.eeaAnrssgehlayl-roefsfCorp, the world’s Now recovered to send The funds will help the Delhi-based Kwal- The share sale is expected to hit the market end of this year or early next year
Badree Player of d WC expand its more profitable retail business. coal producer, filed forto their lowest in two years and U.S. my first congratulatory ity, which gets more than 70% of its revenue Peabody’s Chapter 11 bankruptcy filing ranks among the larg-
largest privately owned indexes down more than 1 percent US bankruptcy message to d boys very by selling its products to companies such as est in the commodities sector since energy and metals prices
de VILLIERS, CRICKETER “The company will refinance its existing protection on Wednesdayalisno htithseentiwmeantk. ReeutoeRfs a sharp fall in coal pric- well played! My MOM Hindustan Unilever Ltd, ITC Ltd and Britannia BY SWARAJ SINGH DHANJAL began to fall in the middle of 2014 as once fast-growing markets
loans and use it as a growth capital for future C.Brathwaite 34 & 3 for 23. Industries Ltd, strengthen its own brand and @swarajdhanjal such as China and Brazil began to slow. bloombeRg
Goodness Gracious Me! expansion, especially for the transformation to S Badree Player of d WC expand its more profitable retail business.
t was an incredible game a B2C (business to consumer) company,” said The share sale is expected to hit the market end of this year or early next year es that left it unable to seSrevnicseexashrerucgesnotffdebt-fueled expansion MUMBAI Reliance Communications-Aircel
Cricket. Well done Cap- the second person. into Australia. The compaBnryexliisttfeedarbs,outph7a0spstests and liabilities in AB de VILLIERS, CRICKETER “The company will refinance its existing merger may run
n @darrensammy88 and loans and use it as a growth capital for future Varun Beverages
@westindies Cricket. To bolster its brand, Kwality had hired actor the range of $10 billion to $MU5M0BAbI: TihleliIondinan,ruapceecoon Wreddniens-g to a court filing . Goodness Gracious Me! expansion, especially for the transformation to Ltd, the sec- MUMBAI: Reliance Communications Ltd’s (R-Com’s) plan to
Akshay Kumar as its brand ambassador. bankruptcy filing ranksday was trading little changed against the That was an incredible game a B2C (business to consumer) company,” said ond-largest Pep- combine its wireless business with smaller rival Aircel Ltd to cre-
ORRECTIONS AND Peabody’s Chapter 11 US dollar in mid-day trading session. At among the larg- the second person. siCo. Inc. bottler ate a new entity is unlikely to be concluded within the 90 days
LARIFICATIONS Emails sent to a KKR India spokesperson sector since energy and2.14pm, the home currency was trading at of Cricket. Well done Cap- in the world, has that the telcos gave themselves to finalize the merger, company
[email protected] and several text messages and emails sent to a BY SWARAJ SINGH DHANJAL est in the commodities 67.91, down 0.02% from its previous close metals prices tain @darrensammy88 and To bolster its brand, Kwality had hired actor reached the final leg of its el sells some of its be concluded within the 90 days that the
Kwality spokesperson on Friday remained un- @swarajdhanjal of 67.90. The local currency opened at Akshay Kumar as its brand ambassador. proposed public float. The telcos gave themselves to finalizeofficials and analysts said. The
Mint welcomes comments, answered. began to fall in the middle67o.90fa2do0lla1r4andatsoucohend ca heighfaandsat-gWrHoAwT HiAnPgPEmNEDarkets @westindies Cricket. company is ready to file its merger is subject to the condition that the two parties each re-
uggestions or complaints low of 67.84 and 67.99, respectively. WHAt’s NEXT? WHOSE TO BLAME Emails sent to a KKR India spokesperson draft initial public offering duce their debt to less than Rs.10,000 crore.
bout errors. Investors have backed several dairy firms such as China and Brazil began to slow. bThe yield on India’s 10-yealr obeoncmh-beSRlugmping oil and gas prices could be a boon for the EU, CORRECTIONS AND and several text messages and emails sent to a (IPO) document between to-
in India, the world’s biggest consumer of milk mark bond was trading at 7.825% against but at the cost of weakening the economic argument for Slumping oil and gas prices could be a boon for the EU, Slumping oil and gas prices could be a boon for the EU, CLARIFICATIONS Kwality spokesperson on Friday remained un- COMPANIES day and the end of this week, That condition is the merger, company officials and analysts
Readers can alert the and milk products, because of rising demand. but at the cost of weakening the economic argument for but at the cost of weakening the economic argument for [email protected] answered. according to two people said. unlikely to be met unless R-Com manages to sell its tow-
ewsroom to any errors in Demand for milk in the country is expected to Will Lafarge’s aware of the development. er assets and Aircel sells some of its be concluded within the
he paper by emailing us, with grow at an annual average rate of 5% to 200 MUMBAI Tuesday’s close of 7.838%. Bond yields its green energy policies. its green energy policies. its green energy policies. Mint welcomes comments, Investors have backed several dairy firms India divest- 90 days that the telcos gave themselves to finalize the merger,
our full name and address to million tonnes in 2022, according to National suggestions or complaints in India, the world’s biggest consumer of milk ment plan “The company is likely to company officials and analysts said. The merger is subject to the
[email protected] Dairy Development Board. Varun Beverages and prices move in opposite directions. about errors. and milk products, because of rising demand. get derailed file its DRHP today,” said one condition that the two parties each reduce their spectrum. days
Ltd, the sec- Demand for milk in the country is expected to again? of the persons briefed about that the telcos gave themselves to finalize the merger, compa-
It is our policy to promptly “Strong demand prospects in this segment ond-largest Pep- The dollar index, which measures the US Readers can alert the grow at an annual average rate of 5% to 200 the matter. ny officials and analysts said. On 15 January, Mint reported that
espond to all complaints. will keep up investor interest in the coming siCo. Inc. bottler newsroom to any errors in million tonnes in 2022, according to National R-Com. ShRutika VeRma
years,” said Shiva Mudgil, a dairy analyst and in the world, has Reliance Communications-Aircelcurrency’s strength against major curren- POLICY SoftBank panel clears the paper by emailing us, with Dairy Development Board. The company, the flag- Of the total deal size, Rs700 crore is fresh equity and Rs1,495 crore debt. Photo: ReuteRs
Readers dissatisfied with the vice-president at Food & Agribusiness Re- reached the final leg of its cies, was trading at 95.967, down 0.11% Nikesh Arora of your full name and address to ship firm of Delhi-based bil- Amazon, Flipkart fan out to sign
esponse or concerned about search & Advisory, Rabobank. “Besides large proposed public float. The misconduct [email protected] “Strong demand prospects in this segment lionaire Ravi Jaipuria, may largest bottler of PepsiCo. Co. Ltd, Axis Capital Ltd and pany RJ Corp., which has up small merchants
Mint’s journalistic integrity companies, PE (private equity) investors will company is ready to file its from the previous close of 96.071. PTI will keep up investor interest in the coming raise at least Rs.1,000 crore beverages, behind Tingyi CLSA are the bankers to the diverse business interests
be interested in small regional companies with draft initial public offering It is our policy to promptly years,” said Shiva Mudgil, a dairy analyst and through the IPO, said one Holdings Corp. of China. IPO, said the second person ranging from beverages, BANGALURU: The online marketplace is coming to the offline
ay write directly to the a focus on value-added products. These firms (IPO) document between to- merger may ruWnorld stocks, sterling TECHNOLOGY respond to all complaints. vice-president at Food & Agribusiness Re- of the persons cited above, cited above, also requesting dairy products and fast-food marketplace. Amazon Seller Services Pvt. Ltd, the local unit of
ditor by sending an email to will also be seeking capital to fuel their aggres- day and the end of this week, search & Advisory, Rabobank. “Besides large requesting anonymity as he “They are looking to raise anonymity. restaurants to education and the world’s largest online retailer, and Flipkart Ltd, India’s larg-
[email protected] sive expansion plans.” according to two people MUMBAI: Reliance CommMbtrUlyuMuBetnAosIi:cSshaharteasikoofenpuosbflicfLsBetcrdtoer’sxbaintk(sR-CAionafmrda’hssa)taruprc2lat.u0nr:eCtroeating India’s digital Seventh Pay SYDNEY: Adani Enterprises Ltd., the Readers dissatisfied with the companies, PE (private equity) investors will is not authorised to speak to around Rs.700-750 crore of hospitality. est online retailer, are sending their vans to areas such as Karol
aware of the development. Commission pay hikes mining company whose plans to build response or concerned about be interested in small regional companies with the media. primary capital to invest in The share sale is expected Bagh and Azad Mandi in Delhi and Commercial Street in Banga-
Mint’s journalistic Code Kwality, formerlyKwality Dairy Ltd, pro- combine its wireless business with smaller rival Aircel Ltd to cre-plummeted on Wednesday after earnings may be cleared Australia’s largest coal project have been Mint’s journalistic integrity a focus on value-added products. These firms business expansion and to to hit the market end of this Private equity investors lore—places that have many small businesses—to sign up mer-
f Conduct that governs our duces a range of products, including ghee, fla- “The company is likely to reported by some of them on Tuesday in- delayed, is now looking to invest in the may write directly to the will also be seeking capital to fuel their aggres- On 4 March, Mint had re- pare some debt,” he said. year or early next year, he in Varun Beverages will not chants for its platform. Under the pan-India initiatives called
ewsroom is available at voured milk, yogurts, butter, cheese and curd. file its DRHP today,” said one NEW DELHI: Maharashtra is the most prepared state to bring its residents and MUMBAI: The finance ministry is looking country’s solar-power sector. editor by sending an email to sive expansion plans.” ported that Varun Beverages added. be selling shares in the IPO, Amazon Tatkal and Spotlist (for Flipkart), their representatives
ww.livemint.com In 1994, the former owners of Kwality sold the of the persons briefed about businesses online followed by Karnataka and Gujarat, Telengana and Tamil Nadu, [email protected] has started work on its IPO. Promoter Jaipuria will the second person cited will engage product catalogues and give them basic training to
ice-cream brand to Hindustan Unilever. the matter. Adani said any solar investment in Kwality, formerlyKwality Dairy Ltd, pro- dilute some part of his hold- Emails sent to Kotak Ma- above said. operate on its platform. mihiR dalal
mint Mint’s journalistic Code duces a range of products, including ghee, fla- Varun Beverages is a dis- ing through secondary share hindra Capital, Axis Capital
The company, the flag- ate a new entity is unlikely to be concluded within the 90 daysdicated the extent of the bad loan prob- to replace an existing whole-time mem- Australia would come on top of its am- of Conduct that governs our voured milk, yogurts, butter, cheese and curd. tributor of PepsiCo. products sale, which will take the IPO and CLSA did not elicit any Standard Chartered Pri-
USTOMER CARE AT HT SEAL ship firm of Delhi-based bil- lem in the banking sector. ber with the Securities and Exchange bitions to develop the Carmichael mine newsroom is available at In 1994, the former owners of Kwality sold the in north and east India and size to over Rs.1,000 crore, response till the time of fil- vate Equity and Aion Capi-
lionaire Ravi Jaipuria, may found a new report released on Monday by industry body Internet and Mobile www.livemint.com ice-cream brand to Hindustan Unilever. the largest bottler for the he added. ing the report. Calls and text tal Partners are investors in
or any queries/delivery raise at least Rs.1,000 crore Association of India (IAMAI) and Indicus Analytics. The findings are based on US-based beverage maker in messages sent to Ravi Jaipu- Varun Beverages. Standard
sues: through the IPO, said one mint South Asia, with operations Also Read: Ravi Jaipu- ria went unanswered. Charted invested $48 million
of the persons cited above, that the telcos gave themselves to finalize the merger, companyThe Reserve Bank of India (RBI), fol- Board of India (Sebi). The new vacancy and rail project in Queensland. The com- in India, Nepal and Sri Lan- ria to list Pepsi bottler in and $32 million in the firm in
ALL: requesting anonymity as he lowing an asset quality review, has asked has been created as Prashant Saran’s ten- pany has a green-energy unit in India, CUSTOMER CARE AT HT SEAL ka. Globally, it’s the second Rs1,000 crore IPO Varun Beverages is a unit 2011 and 2012, respectively.
0004242 is not authorised to speak to an Internet Readiness index that is a composite of components including e-in- of Jaipuria’s holding com-
Monday-Saturday the media. frastructure, e-participation, information technology (IT) services and e-gov- For any queries/delivery Kotak Mahindra Capital
0am-6pm issues:
Delhi, Mumbai, Bengaluru, On 4 March, Mint had re- el sells some of its be concluded within the 90 days that thebanks to reclassify loans that are visi- ure as member of the market regulator which targets 10,000 megawatts of pho-
olkata, Chennai, Hyderabad, ported that Varun Beverages bly stressed as non-performing assets comes to an end on 25 June, said a min- tovoltaic capacity by 2022. CALL:
hmedabad, Pune and has started work on its IPO. ernance services offered by the state. Internet readiness doesn’t only indicate 60004242
handigarh) how industry-friendly each state is for investment in the IT sector, but the large Monday-Saturday
Varun Beverages is a dis- 10am-6pm
MAIL: tributor of PepsiCo. products telcos gave themselves to finalizeofficials and analysts said. The(NPAs) and also make adequate provi- istry official involved in the appointment (Delhi, Mumbai, Bengaluru,
[email protected] in north and east India and sions against such loans. This has meant Kolkata, Chennai, Hyderabad,
the largest bottler for the states, Delhi has emerged as the top state among the smaller ones, followed by Adani’s plans to use a port near the Ahmedabad, Pune and
O SUBSCRIBE: US-based beverage maker in Puducherry and Goa. North-eastern states are the least ready to be connected, Chandigarh)
MS ‘MINT’ to 54242 or South Asia, with operations process, who did not want to be identi- Great Barrier Reef have stoked opposi-
g on to in India, Nepal and Sri Lan- MAIL:
vemint.com/subscribe ka. Globally, it’s the second merger is subject to the condition that the two parties each re-that most public sector banks are report- fied. tion from environment groups. The coal [email protected]
r mail us at ing a sharp fall in profits. Saran heads two critical department industry is under siege with utilities fac-
[email protected] COMPANIES said the report. MoulishRee SRivastava TO SUBSCRIBE:
SMS ‘MINT’ to 54242 or
ore 560049; •Texmaco Ltd, BT Road, Panihati, 24 Will Lafarge’s duce their debt to less than Rs.10,000RavcinrdoRa Sroena.vane Can Google Glass of the regulator—corporate finance ing pressure to close aging power plants, log on to
ailable in Chandigarh and Pune. India divest- help autistic children department and investigations and en- countries taking their boldest steps yet livemint.com/subscribe
ment plan That condition is the mTehregmero,sctosumcpceasnsyfuol fficials and analysts read faces? forcement cell. Saran joined the market to cut greenhouse gas pollution and or mail us at
get derailed said. unlikely to be met uInPlOessssiRnc-Ce 2o0m15manages to sell its tow- regulator from the Reserve Bank of India prices languishing near the lowest levels [email protected]
again? (RBI) as a member in May 2009 for a ten- since 2006. BloombeRg
ure of three years. Saran was awarded an

er assets and Aircel sells someMUMBAI: Dr oRefddyi’ts sLabboraetoricesoLtnd’scluded within the NEW DELHI: The government’s flag- extension in 2012 for five years or until he START-UPS
gave themselves to finalizeprofit barely budged in the December ship Digital India mission is yet to became 65 years of age. Saran turns 65 in
90 days that the telcos quarter, growing by just 0.8% from a year the merger, touch the lives of Indians, a research June this year.
report said. The country will feel the
Interestingly, the applications need

company officials and analysts said. The mergerago and declining by 19.8% sequentially. is subject to the impact of Digital India only beginning not come from the bureaucracy or public HyperTrack opens
This flat year-on-year growth can be at- in 2018 once private players start le- sector alone. JayshRee P. UPadhyay app to consumers
tchoantdtihtieontetlhcaotstghaevtewtohpeamrtfsitarsatsicwbiretu,eoetssrleusesvd.lntIdsteneoiwvnsebgeasortettcohthareoshnonspdtoeiordfurcaeinkntncoideodtdnoal.auwikllneaiczn3wde.6he%oatntaetthfh-htoeeefyrfeirmsiWvpeneevrinpgectrestuotrrrs,ueVicmneconaI.mstpdruiaaptraeeyallss-ifirm veraging broadband infrastructure to
Of the total deal size, Rs700 crore is fresh equity and Rs1,495 crore debt. Photo: ReuteRs expand products and services, said One in three women in MUMBAI: Bengaluru-based social net-
the report by technology research the workforce marry working start-up Affimity Inc. said on
largest bottler of PepsiCo. Co. Ltd, Axis Capital Ltd and pany RJ Corp., which has ny officials and analysts said. On 15 January, Mint reported thatThe company’s sales growth was rel- execu- firm Forrester. said Ashutosh Sharma, before 18: Census data Wednesday it has raised $1.2 million in
beverages, behind Tingyi CLSA are the bankers to the diverse business interests atively low at 3.2% over a year ago. Sales vice-president and research director, angel funding from a group of Silicon
Holdings Corp. of China. IPO, said the second person ranging from beverages, BENGALURU: Google chief Forrester Research, and co-author NEW DELHI: The Reserve Bank is likely Valley angel Investors and founders. The
cited above, also requesting dairy products and fast-food of the report. “While government is to cut the repo rate by 25 basis points
“They are looking to raise anonymity. restaurants to education and R-Com. ShRutika VeRma at its generics business increased by 7.1% tive Sundar Pichai received a grant for looking to connect all the gram pan-
around Rs.700-750 crore of hospitality. over a year ago, with the US and Europe 273,328 Class C Google stock units, chayats (GPs) and common service
primary capital to invest in The share sale is expected
business expansion and to to hit the market end of this Private equity investors markets doing quite well. India too saw according to a regulatory filing by
pare some debt,” he said. year or early next year, he in Varun Beverages will not
added. be selling shares in the IPO, good growth of 34%, with over a year Google parent company Alphabet Inc. centres through fibre optics, that’s not (bps) after the Budget, in its policy meet- company is looking to use the funds to
Promoter Jaipuria will the second person cited
dilute some part of his hold- Emails sent to Kotak Ma- above said. ago, with the US and Europe its over a In addition to the 3 February grant for the only thing that they need.” “The ing in April, beyond which the central expand services in India and other coun-
ing through secondary share hindra Capital, Axis Capital
sale, which will take the IPO and CLSA did not elicit any Standard Chartered Pri- year ago, with the US and Europe base the class C Google stock units, Pichai government has appointed designat- bank is expected to stay on hold, says a tries and hire larger teams.
size to over Rs.1,000 crore, response till the time of fil- vate Equity and Aion Capi-
he added. ing the report. Calls and text tal Partners are investors in Amazon, Flipkart fan out to signbusiness growing by about 19%. Report-
messages sent to Ravi Jaipu- Varun Beverages. Standard ed growth was higher due to the impact
Also Read: Ravi Jaipu- ria went unanswered. Charted invested $48 million on the same day sold 375 Class A com- ed public sector companies to roll Nomura report. According to the Japa- The news comes within a month af-
ria to list Pepsi bottler in and $32 million in the firm in mon shares at a price of $786.28 each, out fibre optics to bring connectivity
Rs1,000 crore IPO Varun Beverages is a unit 2011 and 2012, respectively. nese brokerage firm, gross value added ter conserve capital amid a slowdown in
of Jaipuria’s holding com-
Kotak Mahindra Capital of an acquisition. But emerging market and sold 3,625 Class C capital stock at to rural areas. However, what is miss- (GVA) growth has marginally undershot funding. Height 25 cm

up small merchantssales pulled down growth, as their sales a price of $768.84 each, the filing said. ing is the business piece of it,” he said. the RBI’s 7.4% projection in the financial “Our immediate plan is to provide
declined by 27.6%. This was mainly due to year 2015-16, supporting the case for a better content and community expe-
currency volatility. RavindRa Sonavane ReuteRs ReuteRs rate cut. rience as we reach out to more people.
We are continuously adding tries and
“In our baseline, we believe the RBI

BJP, RSS to discuss ment initiative for minorities that will be will cut the repo rate by 25 bps in the April hire larger teams. The news channels as
introduced in Bathinda in the last week policy meeting after the Budget. Beyond well as customizing each of them to suit
BANGALURU: The online PmOaLrkITeItCpSlace is comincgoatloitiothneloogfjfalmineover of February. Then, in the first week of that, we expect the RBI to stay on hold the requirement of that particular com-
marketplace. Amazon Seller Services Pvt. Ltd, tMheehlboocoablau’snditemofands March, another scheme known as Up- and shift its focus to policy transmission,” munity,” said Mittal in a statement. Ashna
grading the Skills and Training in Tradi- it said in a research note. PTI AmbRe
the world’s largest aornelsineentOtdrooedinratdenag-tneiultvoerheunre,nn;iaKrcrnueevljddaerianwsFtseleaitpltsokaarrteaJmbLNhrEauatsWnsdasdnseD,dawuEtaKLIlcaHanthsnIhhe:dmoASniiradaaneuWsgln’esehigtd’sKanwtleihioaalselndarrmadoyogeqfeuB-ttlaoJPrtth’reseervJsaRiemSiwnS- tional Arts/Crafts for Development (UST-
est online retailer, TAD) will be launched in UP. This scheme CORPORATE Budget hotel
aims at preserving the heritage of tradi- aggregator FabHotels
Bagh and Azad Mandi in Dteolmhoi arrnodwCommercial Street in Banga-the performance of the party in the state tional arts/crafts of minorities and builds Mallya seen at book raises $8 million
capacity among traditional artisans and launch event attended
and also discuss the future of the coali- craftsmen. PTI by India’s UK envoy NEW DELHI: Hyperlocal delivery start-
up PepperTap is shutting operations
lore—places that have many small businesses—to sign up mer-tion with the Peoples Democratic Party. Copycat! Cong does in six cities, including Mumbai, Kolkata
NEW DELHI: The “odd-even” scheme is Senior BJP leaders including the state an AAP in Punjab and Chennai, and will be laying off about
400 delivery men—a sign of heightened
chants for its platform. Under the pan-India initiatives called“all set” make a comeback in the nation- unit chief Sat Sharma, deputy chief min- pressure on start-ups to conserve capital
al capital, the dates to which will be an- ister Nirmal Singh, MP Avinash Khanna

Amazon Tatkal and Spotlist (for Flipkart), their representativesnounced by Delhi chief minister Arvind will meet RSS’ Krishna Gopal, Brig. Suchet
Kejriwal on Thursday. Transport minister Singh and Jammu and Kashmir in-charge

will engage product catalogues and give them basic training toGopal Rai said that the government will Ramesh Papa to discuss the political log- CHANDIGARH: The Congress is trying MUMBAI: Shipping and logistics compa- amid a slowdown in funding.
make the announcement after review- to emulate in Punjab the election strat- ny Mercator Ltd on Wednesday said it has The news comes within a month af-

operate on its platform. m dtinhgiehopviueRbrli1c1 tlahakrohlurgeahsplmounlsteipslereccheaivnendelfsroomn NDA woos Muslims in egy used by the Aam Aadmi Party (AAP) sold its Singapore bulk cargo business to ter conserve capital amid a slowdown in
to script a historic victory in Delhi last three investors for a token amount of funding. The news comes within a month
Wednesday. year, including running campaigns on three Singapore dollars. The company after larger rival Grofers India Pvt. Ltd

Punjab, Uttar PradeshDeputy chief minister Manish Sisodia digital platforms such as victory in Delhi said it has entered into an agreement for decided to close operations in nine cit-
suggested that the licence plate policy last year, including running campaigns on the sale of all 900 million shares of Bel- ies, including Ludhiana, Bhopal, Kochi,

will be back “once again” while sources digital platforms such as victory in Delhi lerophon Holdings Pte Ltd, MIB Invest- Coimbatore and Visakhapatnam, Mint

said that its next phase could be en- NEW DELHI: The ministry of minority last year, including running campaigns on ments Pvt. Ltd, and Wroclaw Holdings reported in January. “In our baseline, we

forced in April after the CBSE Board affairs is planning to introduce schemes digital platforms such as Facebook and Ltd. The token amount is considering the believe the RBI will cut the repo rate by

examinations. “The scheme is all set in Bathinda district of Punjab and four WhatsApp. The two parties will challenge negative networth of the Singapore unit. 25 bps in the April policy meeting after

to make a comeback. Ministers includ- cities of Uttar Pradesh—Lucknow, Deo- the BJP-SAD government, which will seek The sale will help take roughly Rs.1,000 the Budget. Beyond that, we expect the

ing the chief minister will announce the band, Moradabad and Aligarh—stressing a third straight term in state elections crore debt of the Singapore unit out of RBI to stay on hold and shift its focus to

dates in a press conference tomorrow,” skills and jobs for minorities. Seekho aur next year. the parent company’s book, Agarwal policy transmission,” it said in a research Width
33.2 cm
sources said. PTI kamao (Learn and earn) is a skill develop- Gyan VaRma said. PR Sanjai note. ShRutika VeRma

First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream.

R. SUKUMAR (EDITOR); PUBLISHED/PRINTED BY VIVEK KHANNA ON BEHALF OF HTMEDIA LTD, 1820 Kasturba GandhiMarg, New Delhi 110001

Printed at HT Media Ltd presses at •B2, Sector 63, Noida, Distt Gautam Budh Nagar, Uttar Pradesh & •Plot No. 8, Udyog Vihar, Greater Noida, Distt Gautam Budh Nagar, Uttar Pradesh 201306; •Plot No.6, TTC Industrial Area, ThaneBelapur Road, Navi Mumbai 400708; •MNSPrinters Pvt. Ltd, 345/4, Bhatrahalli, Near KR Puram RTO, Old Madras Road, Bangalore 560049; •Texmaco Ltd, BT Road, Panihati, 24
Parganas (North), Kolkata 700058; •MNSPrinters Pvt. Ltd, 76/1, Poonamallee High Road, Velappanchavadi, Chennai 600077; •Bhaskar Print Planet, Survey No. 148P, Changodar Bavla Highway, Sanand (Tal), Distt Ahmedabad, Gujarat. •Jagati Publications Ltd, Plot No. D75 & E52, APIE Industrial Estate, Balanagar, Rangareddy Distt. Hyderabad 500037 *Also available in Chandigarh and Pune.
RNI Registration DELENG/2007/22485; Mint welcomes readers’ responses to all articles and editorials. Please include your full name, address and telephone number. Send in your views to the editor at [email protected]. ©2014 HT Media Ltd All Rights Reserved

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12 WEDNESDAY, 1 JUNE 2016 IN-DEPTH

HOW PRINTO’S
MANISH SHARMA

LOST HIS START-UP AND GOT IT BACK

BY ASHISH K. MISHRA angels and Seedfund and Sequoia—in fact, Ravis-
@akm1410
hankar and Sharma travelled together to Delhi to

conclude negotiations. At the very last stage, Se-

MUMBAI quoia sprang a surprise.

Manish Sharma, 43, likes his coffee “Sequoia said the angels couldn’t exit,” says
black and his conversation clear
and upfront. Entrepreneurs aren’t Sharma. “They said “If angels exit, we should exit
really a fraternity, he says.
“Mostly we have our head in the pro rata”. I couldn’t convince them otherwise. So
sand, trying to figure our own shit. It is one reason
why I want to tell the Printo story. I think people I wrote to BILT, saying Sequoia wanted an exit as
can maybe learn from my experience. Because it
is relevant today... when there are so many people well. And BILT freaked out. Its M&A (mergers and
trying to build companies.”
acquisitions) team lost faith. And that was the last
In Sharma’s version, he is the good guy. His for-
mer funder, venture capital firm Sequoia, the bad of that deal.”
guy.
As this deal fizzled out and with nowhere left
But that’s only one version.
There’s another. to go, Sharma decided that he had had enough. He
In an emailed response to a detailed set of ques-
tions, a Sequoia Capital India spokesperson said: was angry and tired.
“Printo is one of those tough situations where ev-
erybody lost—the founder, the management team “I was at my wits’ end,” says Sharma. “I asked for
and all investors. This is never the desired out-
come and nobody—least of all the founder and the a meeting (with Sequoia) and I said goodbye. “Keep
investor—ever wants this to happen. However, this
situation does happen.” the company, run it yourself. I am done with this.
That may sound platitudinous, but it isn’t. And
it is as much as you can expect to get out of the WidthYou can’t just be sitting here with 30% of the com-
storied but close-mouthed venture capital firm. pany doing nothing. I would like to move on”. This
It also means that the story that follows may seem was dead-end conversation. Then they offered me
one-sided. 12 cmsome money personally so that I would stay. Just to
relieve the financial pressure on me. That is when
I realized that these guys didn’t have any clue of
what I was going through. They didn’t and couldn’t
think beyond money. It was like (they were) brib-

ing me to stay on in my company. So I said, “No

man, I have to go”.

On 21 November 2011, a day after his birthday,

THE FINANCIALS Sharma wrote to Sequoia saying that he wanted to
buy back its shares or quit.

TURNOVER (in Rs crore) PROFIT AFTER TAX/LOSS (in Rs crore) The gamble worked. Sequoia agreed.
“On 21 January I signed the buy-back agree-

25 22.9 2 ment with them. I took a personal loan of Rs.50
lakh to pay them upfront and said I will tranche

THE BEGINNING the remaining money, to be paid after a year. They

The year was 2005. were fine with it. I don’t want to get into the num-
Sharma, then in Mumbai, was searching
for something to do with his life. Not that his 20 0.25 0.43 bers of this. But what I paid to buy them back was
life hadn’t been eventful enough already—a soft- 17.4 far lower compared with their investment. That’s
ware engineer, Sharma was the sixth employee at
Rediff, which he quit in five months. For the next 14.8 0 how it went down.”
seven years, he worked in start-ups, in India, the It is mid-afternoon. A slightly warm afternoon
US and the UK, making websites, setting up an 15
artificial intelligence firm (which eventually went 12.4 in Bengaluru. Sharma and I have been chatting for
bust) and selling business intelligence products.
10.6 -1.2 -1 more than four hours now. Over black coffee. Seat-
In 2003, Sharma went to Oxford University
to pursue an MBA. When this story starts he was 10 8 8.5 -1.1 ed outdoors at Printo’s hub (office).
back in India, thinking of what to do, contemplat- -2 Sharma is clear why Sequoia gave in.
ing various ideas—perhaps a chain of hair-cutting “Because I put a gun to their head. See, I had
salons, maybe luxury loos.
already spent seven years of my life in this. I was
As fate would have it, he WWfound himself in Height-1.5
the by-lanes of Fort (that’s where the BSE is), look- 49 cmworried about only one thing—I had turned the
ing to get a business card made. It was an excru- 53 -2.9
ciating experience. First, because shops weren’t company around, and the business was working.
willing to accept his tiny order of 200 cards. 0.63 -4 -3.62 I didn’t want the company to go down. When I
Then, they weren’t very particular about pricing, -4.7 threatened to leave I was desperate. I didn’t actu-
time and delivery either. Sharma was angry. This 0 ally mean it. See, the way I thought about this is,
got him thinking. Maybe there’s a business here. “There is a paucity of talent to find managers who
Couldn’t this be organized? Like a professional set- 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015 can work for sub-Rs.10-15 crore companies. Where
up? Like a Kinko’s? (US printing chain Kinko’s was
acquired by FedEx Corp in December 2003 for MARCH MARCH will you get them? So you do depend on the entre-
$2.4 billion in cash.)
Source: Registrar of Companies preneur”. It worked.”
And that’s how the idea of Printo came about.
Sharma’s wife Lalana Zaveri, an executive at And then, when it came time to pay up the rest,
Xerox India, quit her job to come on board as
co-founder. The two dumped all their stuff in an Sharma got lucky.
Opel Swing, a hatchback they owned, and drove
down from Mumbai to Bengaluru to set up shop. SUMMARY “Yeah. So that happened when Blume Ventures
Why Bengaluru? Because rents were cheap, it had
a booming IT industry and boasted an open cul- invested in Printo. They came in and bought the
ture that was not averse to the idea of outsourcing remaining chunk. Everything was transparent. So
anything.
Between Zaveri and Sharma, they had some WHAT HAPPENED WHAT’S NEXT? WHOSE TO BLAME I think I got lucky.
savings, about Rs.50 lakh. They then did a round
of friends and family; In all, 18 people invested. retail at a $300 billion industry and players were uru were shut down; 80 people, almost half the I reached out to Blume. They came here for a
Among them was Pravin Gandhi, angel investor; racing each other to get to the maximum number
Sridar A. Iyengar, former CEO and chairman of of stores. Maximum number of footfalls. Slumping oil and gas prices could be a boon Slumping oil and gas prices could be a boon Slumping oil and gas prices could be a boon company were laid off; and those who were left meeting. I told them exactly what I told you. I told
KPMG India; and Naresh Malhotra, former CEO for the EU, but at the cost of weakening the for the EU, but at the cost of weakening the for the EU, but at the cost of weakening the took massive pay cuts. “We wrote off everything,” Karthik, “Trust me man”. (Karthik Reddy is the MD
of Café Coffee Day. Total money in: about Rs.1.2 At Printo, Sharma wanted to open more stores says Sharma. “Deals at the time were very poorly of Blume Ventures). “We will do better numbers”.
crore. and build the hub and spoke. But for that, he need- economic argument for its green energy economic argument for its green energy economic argument for its green energy done and I am responsible for it. So we had signed And he trusted me. He didn’t argue about any valu-
In April 2006, Printo opened its first shop in ed money. So, he started looking to raise some policies. policies. policies. lease lock-in periods for two years and made de- ation, nothing. See, entrepreneurs don’t start busi-
Koramangala. from a venture capital (VC) firm.
“I was extremely nervous, the first day,” says posits. For a few places, people didn’t pay back de- nesses for pennies. It is for the larger stuff. And
Sharma. “It was an 1,100 sq. ft space and both ‘THIS IS NOT WHAT WE HAD AGREED ON’
Lalana and I were store managers. We did sales of posits.” that’s what happened. We closed March 2015 with
around Rs.400. Then within a few months, we did He reached out. A couple of term sheets came
sales of about Rs.12,000 a day. It was remarkable. in. From Draper Fisher Jurvetson (DFJ). a certain revenue number. Sharma didn’t want the And you start questioning your own belief system. and was getting ready to open two more, in Delhi bai at the Trident hotel, which overlooks Marine The massively shrunken Printo survived. Two Rs.22 crore in revenue. We are at 20 stores now.
I didn’t have to find people to go and sell. They From Trident Capital. The terms were oner-
found me. And I said, yes, this is what I want to do.” ous. $10 million valuation, for about $6 million in tranche. I did make sure that there was no ambiguity about and Gurgaon. Drive. Sharma was one of the attendees. years went by. With a hub and spoke.”
“We had a hypothesis but no clue whether it funding. (At the time, $1 million was Rs.4 crore) But
would work. The hypothesis was to create brand- Sharma wasn’t done shopping. He reached out to On 26 August 2007, a final meeting was ar- the tranche. So there was to be an auto transfer on “I remember I was on a flight to Delhi,” says Moritz took the 50-odd people in the room His biggest lesson, Sharma believes, is about
ed shops for printing—no-nonsense stuff for small more VCs. Sequoia and Sandeep Singhal (manag-
business. The model was to create a hub and spoke. ing director at the fund then) in particular. Singhal ranged between Sharma, Zaveri and Singhal at a date 12 months down the line, provided three Sharma. “My retail head was in Gurgaon. He had through a presentation he had made just a week ‘THE THINKING IN THE TEAM IS, WE belief.
Get to a few stores. And then create a hub. My Ex- said no.
cel business plan said we should have 55-60% mar- Sequoia’s office. stores crossed the revenue number—Koramanga- looked at some properties and wanted to close it ago to Sequoia portfolio CEOs in Silicon Valley. DON’T WANT TO SELL’ “Immediately after funding, I moved to a bor-
gin. So we were like, let’s put up a board and see if That wasn’t the end of it. A month later, Shar- In late 2010, Sharma says he approached Sequoia
people will come. And, people came.” ma was pitching to Peter Wendell, founder and “So we were supposed to sign that day,” says la, Jayanagar and Malleswaram.” fast. Real estate prices were going through the roof The presentation—RIP Good Times. again. “Guys, looks like the storm has passed. rowed belief. The smart people said, “Grow this
Soon enough, another store came up—in- managing director of Sierra Ventures in the US. Why don’t you part with the other $2 million and super fast”. I did. And then they said, “Maybe not”.
side the Infosys campus. That was followed by an As Sharma tells the story, Wendell liked him and Sharma. “My big thing was no tranches. It was a On 28 August 2007, the deal was signed. Early at the time. I saw the places, they were completely Moritz spoke of what happens in downturns— At the end of it, I was left with no belief. I had to
investment from Seedfund India. Fast forward, the idea but he didn’t want to lead the funding; he
another store in Jayanagar and then another in wanted a partner. long meeting. I remember Sandeep saying that October, the money came in. in the dumps, going at Rs.1.2 lakh per month and I people don’t pay up, nobody gives you money, an
Malleswaram.
Sharma started dreaming of growing bigger. Wendell: Manish, I really like you. Let’s do this. Sequoia had a lot of experience (in this kind of was like, “Who the hell is selling me this shit? Who entrepreneur must hunker down, conserve cash, let’s grow the company again. Real estate prices go in and rebuild my belief. That was the hardest
Retail was booming at the time. It was a time But I can’t lead in India. I have to find a partner.
when Aditya Birla Group entered the retail busi- retail) and could add value. He mentioned Dr. Lal ‘OUR GROWTH PLAN WAS CALLED 30 IN 3’ the hell is going to come here? There is no way I’m cut costs by 50% and the big one, this crisis is really are almost 50% down. This is the best time to grow. part. People are looking at you right. My wife and
ness by acquiring Trinethra Super Retail, Kishore Manish: Sure. With the $3 million in the bank, Printo
Biyani-led Pantaloons Group was opening one Have you spoken to Sequoia? PathLabs, which has physical samples going in, changed course. It started with the kick- going to make money with this kind of rental”.” bad, it will last a long time. Let’s do this.” co-founder, Lalana, was shocked. As a partner, you
store after another, there was excitement about Yeah. They said no. into a hub and spoke, and digital reports coming off meeting with investors. While Se- Ironically, the sentiment was, if real estate is Sharma left the room inspired. Good talk.
Subhiksha, multi-brand retail… everything retail… Okay. Why don’t you speak to them the day af- out. Ours was digital going in and physical coming Another matter altogether that two weeks later Sequoia wasn’t interested. The fund had moved trust his/her judgment. And she was like, “Does he
in fact, experts were pegging brick-and-mortar ter. expensive, it was only going to get worse. “I think
Okay. to the theme of investing only in consumer tech- really know what he is doing?” Lastly, I think that
Sequoia reached out to Sharma the very next
day. He was thrilled. I didn’t have out. He mentioned their investment in Café Coffee quoia got two board seats, it didn’t appoint anyone what happened to me was, I became stupid,” Sequoia reached out to Sharma. G.V. Ravishankar, I also realized nology start-ups and wasn’t signing any other sometimes investors can be dangerously incom-
“Sequoia is a big, fancy brand. I was enamoured to find people Day and Cotton County and how they understood but was informally part of the decision-making says Sharma. “I take complete responsibility for (advisor to Printo then) managing director and
by it,” says Sharma. The two started negotiating. to go and sell. that maybe it deals. petent. And when that happens, it is like sleeping
Going back and forth on a few points. Valuation They found was really bad.
to begin with. Sequoia wanted $8 million, Shar- me. And I said, retail. I genuinely found them to be very nice guys body. Sometime in December 2007, the team met. it. When you have the pressure to grow, you lose partner at Sequoia, made the call. “Sorry, we can’t “Then they said, let’s go together and raise with a complete maniac.”
ma, $10 million. They finally agreed on $9 million. yes, this is what
Then liquidation preference—it is a term used in I want to do. to speak to.” It agreed on a strategy, but that while Printo’s hub- sight of unit economics. You question it and in- make the next tranche.” money outside. Let’s appoint a banker. I was like, Sequoia doesn’t see the Printo story that way.
venture capital contracts to specify which inves-
tors get paid first and how much they get paid in Tranches, though, was still a sticky point. “I re- and-spoke model seemed to be working, instead of vestors say, “Of course you have to pay that much. “I was shocked,” says Sharma. “But I also real- “What’s the need? It is just $2 million. We can raise In its emailed response, the firm said: “Sometimes
the event of a liquidation event. Sequoia wanted
3x liquidation preference. Sharma, 1x. They finally member Sandeep saying, “Why don’t you suggest staying in Bengaluru, the company should try to That’s the price of growth. Trust me, in the long ized that maybe it was really bad. Shit happens in Shit happens in money outside after that”. They said no. At the as an investor, we find the market is too tough to
agreed on 1x. time, they had 31% of the company. Anyway, what make the business work or market developments
The last sticky point was on tranches. Sequoia the store values?”, and I said I don’t want it. I was expand to other cities. Fast-track the growth. The run, this is going to be nothing”.” business. I said, “okay, no problem”. But then he
wanted to tranche the investment based on store
revenue—so $3 million first and then another $3 quite tired of negotiating. So Sandeep said “Okay, hub could come later. Still, Sharma didn’t go through with Delhi. In- said, “...unless of course, you want to revalue the business. option did I have? So I said “Okay, let me go out and make the business unviable, market timing may
million after 12 months, after the 3 stores crossed
no tranche. Screw it, let’s do this”. And we shook The plan was called 30 in 3. 30 stores in three vestors wanted it, but he kept pushing back asking company. That we go up to 50% stake (at the time, raise money”.” be wrong or executional challenges crop up. And

hands. I told Sandeep I was calling off talks with months. for more time. He increasingly started feeling that Sequoia had a 30% stake). And that’s when it struck I said, “okay, It was a huge mistake. the business fails in spite of all efforts. When such

the other guys. He was like, sure.” “I bought the story as well and I am to be blamed something wasn’t right. Plus, the money had run me, “What the f***? You are saying, things are shit- “I had an investor who owned 30% and wasn’t situations occur, all parties involved won’t always

As Sharma tells the story, the revised term for it,” says Sharma. “I was equally willing to dump out. In eight months, Printo had grown from 40 to ty, your company is shitty, so we can’t put in more no problem” ready to put in money,” says Sharma. “It struck be happy and many times both sides feel the oth-
sheet from Sequoia arrived by fax, later in the day. my hub-and-spoke model with very little resis- 170 employees. The company was burning Rs.50 money but if you give us more of your shitty com- me later, when people said “Why don’t you take er could have done things differently. The simple

With the tranches clause. tance. I wanted to conquer. You think the same lakh every month. pany, we will put in the money”.” it from Sequoia? If they are not putting in money truth is that the market to build an organised re-

“I called Sandeep, “What the hell man? What’s economics will play out in every city; open a store “By August-September, I had burnt through “I was like, “This is a sham. Now you are being and if they are not leading the round, then there tail print shop chain was much harder than we all

this? This is not what we had agreed on”. And he and customers will come. Make money, awareness Rs.10 crore,” says Sharma. “Setting up each store dishonest”. But I was screwed anyway.” must be something wrong.” Printo couldn’t raise expected—in fact, this market hasn’t produced any

was like, “No we could not. I spoke to my partners goes up and boom. I also had the feeling that these takes Rs.60 lakh. In putting up the interior and the For Sharma, there were just two choices. 1. Ne- any money. large company even today so many years later.”

and we could not change this”. I was like, “We guys had done so much retail so they would know. equipment. Plus people. In Hyderabad, we built a gotiate with Sequoia and lower the valuation for Even as all this was happening, in February That is indeed the case. India still doesn’t have

shook hands last night, then you shouldn’t have The economics was that Rs.24 crore ($6 million) training centre with a fancy office. It was crazy. The the remaining $3 million. 2. Take Sequoia to court. 2011, Singhal and three other partners at Sequoia a Kinko’s.

told me that this is the final thing”. He was like, “No would take me to 50 stores. So we came out of the people we hired came in at crazy salaries.” “I wanted to save my company so I renegotiat- left the firm, to start out on their own. For Sharma, “The only thing everybody can do is learn from

Manish, why don’t you put in the numbers?”. I’m meeting with this crazy idea. And then I sold the Mid-September 2008, it all came to a head ed,” says Sharma. “I postured saying I would take Ravishankar continued to be the contact person. their mistakes. It is always a costly lesson for us

like, “It is not about the number”. idea to my team as well.” when Lehman Brothers Holdings Inc. went down. them to court. Go to the press. On revaluation, I Around the time, Printo was approached by when we learn after losing money. Building a new

“Frankly, I was feeling quite stupid and help- Starting January 2008, Printo started hiring put my foot down. I eventually got $1 million. Rs.4 a strategic investor—Ballarpur Industries Ltd company is difficult and risky. Failures and lessons

less; why did I call the others off? I think you are aggressively. All of a sudden there were more ‘SORRY, WE CAN’T MAKE THE NEXT crore. I knew that of that money, Rs.1.5 crore would (BILT). The company wanted to come in with a learned are part of the process for both entrepre-

tired when you are doing all this because it is the people in office, people taking flights to several TRANCHE’ go away in paying salaries. I would be left with Rs.2 30% stake first and more later. As Sharma tells the neurs and investors,” Sequoia added in the e-mail.
Afew weeks after Lehman, Michael Moritz,
culmination of negotiating with a lot of people parts of the country scouting for locations. In five chairman of Sequoia Capital, flew down to crore or thereabouts in the bank.” story, he thought it was a good opportunity for the Failures and lessons learned are part of the process
and you give in to a lot of terms. Sometimes you months, Printo opened two stores in Mumbai, two India for the Sequoia CEO off-site in Mum- Starting December 2008, Sharma got down to angels to exit plus dilute some of his own equity. for both entrepreneurs and investors,” Sequoia
feel, “Let’s just get on with it. What’s the big deal.” in Hyderabad, two in Pune, one more in Bengaluru Everyone was on agreement on this including the added in the e-mail.
rescuing the company. All stores outside Bengal-

MARKETING AND MEDIA PG 14

This page uncovers the exciting world
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14 WEDNESDAY, 1 JUNE 2016 MARKETING AND MEDIA GLOBAL WEDNESDAY, 1 JUNE 2016 15

Bira beer left Ordinary Post Hillary Clinton SunEdison, TerraForm
high and dry SHUCHI BANSAL again delay filing annual
by supply
glitches swipes at WASHINGTON: SunEdison Inc. on Wednesday
said it is again delaying the filing of its annual

To read all of Shuchi Bansal’'s columns, go to Donald Trump report, citing in part the discovery of “material
www.livemint.com/ordinarypost weaknesses in its internal controls over financial
reporting.”
NEW DAVP POLICY
TO BENEFIT over Brexit Shares in the solar-energy company, which
CERTIFIED have lost 67% over the past three months and
NEWSPAPERS 91% over the past year, slid another 16% to $1.73

in premarket trading. SunEdison Inc. on Wednes-

BY SOUNAK MITRA day said it is again delaying the filing of its annu-
@sounakmitra
AFP al report, citing in part the discovery of “material

weaknesses in its internal controls over financial

NEW DELHI WASHINGTON reporting.” The delay comes a week after Vivint

Solar Inc. terminated its merger agreement with

Last summer, it was one of the most pop- Democrat Hillary Clinton on Sunday took a SunEdison.
ular beer in Delhi and Bengaluru. This swipe at Republican rival Donald Trump’s The company, whose deadline to file its 10-K
summer, at most retail outlets Bira 91, the stance on Brexit, saying that “bombastic
country’s first handcrafted beer, is out of stock. was previously extended to March 15, didn't give
The reasons: the company failed to gauge de- a new target date. ReuteRs
mand correctly, and the arrangement with its
sole bottler in Haryana fell through. Above all, comments” do more harm than good during
it needed funds.
With Team India on a winning spree, TV viewership is expected to be high during the World T20. Photo: ht On 10 June, the information and broadcasting ministry such times. Frankfurt and London seal
It was only in January that Ankur Jain, announced a new policy that seeks to make govern- Trump has hailed Britain’s vote to leave the $30 bln trading tie-up to
founder of Bira 91, managed to raise $6 million OPINION ment advertising in newspapers more transparent
MARCH QUARTER in Series A funding. But that was not enough to Ki & Ka: A European Union (EU) as “fantastic,” telling re-
streamline supply of Bira or get a new bottler. lesson in porters during a visit to Scotland on Friday that
ITC goes hyperlocal Now Jain is in the market looking for funds—at marrying well
least $10 million. He wants to build an efficient and equitable. In its statement, the ministry said that the new he thinks the Brexit is “a great thing.”
back-end and logistics system to ensure that INDUSTRY
the current fiasco is not repeated. India’s policy would streamline the release of government ads and Clinton, who was speaking to the US Con- FRANKFURT/LONDON: Deutsche Boerse AG
electric
“We’ll close the round within the next 2-4 vehicle sales ensure different categories of newspapers and periodicals are ference of Mayors, did not mention Trump by British Chancellor of the Exchequer George Osborne makes a statement at the Treasury in London on June 27, 2016, following the pro-Brexit and London Stock Exchange Group Plc (LSE)
weeks with funds from existing investors and grow 37.5% to
new ones,” Jain said, declining to name the 22,000 units treated fairly. The Directorate of Advertising and Visual Pub- name, but told city leaders that the US should be outcome of the June 23 EU referendum. PHOTO: agreed to combine in a $30 billion deal to cre-
investors. In January, venture capital firm
Sequoia Capital, along with a few individual licity (DAVP) is the nodal agency of the government for ad- governed by those “who put the interest of the ate a European trading powerhouse better able
investors invested in B9 Beverages, the firm
that owns Bira. The individual investors in vertising on behalf of various ministries, departments, public American people ahead of their personal busi- EASING CONCERNS to compete with U.S. rivals encroaching on their
the firm include Kunal Bahl and Rohit Bansal, turf.
co-founders of e-commerce firm Snapdeal, sector units and other autonomous organizations which are ness interests.”
Ashish Dhawan, co-founder of private equity
to boost its food firm Chryscapital, Mayank Singhal of Singa- funded by the government. Trump was in Scotland for the ceremonial But the deal, which marks a third attempt to
pore state investment arm Temasek Holdings, re-opening of his refurbished Trump Turnberry link the Frankfurt and London exchanges, may
and Deepinder Goyal, founder of restaurant The policy has been welcomed, in part, by Big Media, golf course. UK Treasury chief prompt a bidding war after New York Stock Ex-
discovery platform Zomato. change owner Intercontinental Exchange said it
the publishers of large (in terms of circulation) newspapers, America needs leaders “who understand that may make an offer for the British group.
“Raising money in the current market is bombastic comments in turbulent times can ac-
not easy. We are glad that investors are willing, because it proposes a new system for the allocation of gov-
and have faith in what we are doing,” Jain said,
adding that the latest round would help him ernment ads and allows them to change ad rates (for DAVP
to manage “things in a better way for the next
year or so”. When Jain started Bira, he raised ads) once a year as against once in three years now. It incen- tually cause more turbulence,” Clinton said. Nearly 16 years after Deutsche Boerse first
about $1.5 million from a bunch of friends.
tivizes newspapers to get their circulation numbers verified “And that’s why steady, experienced leader- tries to calm fears tried to take over LSE, the London and Frankfurt
When Sequoia Capital invested in January, ship is so important at times like these.” over ‘Brexit’ fallout exchanges said last month they were discussing
The company plans to launch products specific to a region and expand its managing director Abhay Pandey had said by the Audit Bureau of Circulations (ABC) and the Registrar an all-share merger, which they confirmed on
nationwide over time once it gains popularity in a statement that the venture capital fund Trump, who has relied on populist fervor and Wednesday would give Deutsche Boerse share-
had invested in the company as it wanted to of Newspapers for India (RNI). The publishers of small and anti-immigrant rhetoric in his presidential bid, holders 54.4 percent and LSE shareholders 45.6
back “the challenger in a large category with has said Britain’s anti-EU movement had paral- percent of a new company.
nice customer cohorts on basket size, reten- medium newspapers aren’t pleased with the policy though. lels with his own quest to become the US pres-
tion and frequency”. ident. In a combined statement the exchanges
Many of them are not members of ABC and cannot get their INDUSTRY sought to sell the deal, which they described
For Jain, the priority is to fix the supply is- Clinton acknowledged on Sunday that “just as "a premium free merger of equals", to their
sue. “There’s no quick fix. We never expected numbers certified by the auditing body. as we have seen there are many frustrated people India’s investors with the lure of potential annual cost
this much demand. And expansion into seven in Britain, we know there are frustrated people electric savings of 450 million euros. reuTerS
cities was based on the arrangements with the The new system is based on six objective criteria with dif- here at home too.” vehicle sales
Haryana bottler which did not work out. At grow 37.5% to
BY SOUNAK MITRA a particular market. Develop over the next couple of years. also formed a special team that point, we did not have any other option ferent points allotted to each. Among them, the maximum 22,000 units
those into a packaged prod- ITC’s second sales strate- to enter into the fruits and but to import from Belgium. Simply put, our
@sounakmitra uct under the ITC brand to vegetables segment. The supply could not keep up with the demand in points have been allocated to the circulation figure certified
be sold in that particular gy involves launching more products will be developed the market, primarily for Bira White (one of
NEW DELHI market,” said V.L. Rajesh, premium food products that using expertise from Tech- the two variants the company sells),” said Jain. by ABC/RNI. Separate marks have been allotted for subscrip-
divisional chief executive adhere to European Union nico Agri Sciences Ltd India,
ITC Ltd, using its wide (foods division). (EU) standards in the health the Indian unit of Austra- During the last three quarters, Bira’s sales tion to the Employees’ Provident Fund
distribution network, and wellness category to lia-based agri-biotech firm doubled every quarter and it is now selling
is working on two Once the product is well boost its profits. On 7 June, Technico Pty Ltd and a seed around 50,000 cases a month (up from about COLUMNmint Organisation and the number of pages But, she told the mayors who gathered in the
sales strategies with accepted in a particular the company launched the potato producer, which it ac- 10,000 cases last summer) with about 60% of printed. Subscription to wire services,
an aim to expand its market, the firm will try to Sunfeast Farmlite Diges- quired in March 2016. sales coming from pubs like Beer Café, Mon- owning the press (presses) where the midwestern city of Indianapolis, “no one should Low gas prices drag down
packaged food business. expand it nationally. “Some tive—a biscuit that has “no key Bar, Raasta, Pint Room and Barsoom, said be confused about America’s commitment to Eu-
would work, some may not. maida and added sugar”. According to Rajesh, ITC Jain.
In a bid to widen its But over a period we’ll have The company has replaced MasterChef, the new range paper is printed, and the annual sub- Type Dimensions (CM) Total sizerope, not an autocrat in the Kremlin, not a presi-
product offerings in the a larger kitty,” Rajesh added. maida (refined flour) with of spices, which are screened “Even today, we import everything from dential candidate on a Scottish golf course.” In his first public appearance since the EU referendum, George Osborne US retail sales in February
mass-market segment, the atta (whole-wheat flour). for more than 450 chemi- Belgium. Over the next 30-45 days, we’ll be scription payment to the Press Council of India also carry in-
tobacco-to-hotels conglom- According to Rajesh, ITC cals, toxins, microorganisms able to streamline supply in key markets, start- WASHINGTON: U.S. retail sales slipped last
erate is launching products is looking at every state town “Indian consumers are in- and other contaminants in ing with Delhi,” he said. The company sealed dividual weightage. New polls released on Sunday showed Clin- stressed that Britain’s economy is in a far better position than it was at the start of
that are relevant to a partic- for such products. “We are creasingly becoming health compliance with EU food a deal with a brewery in Indore, Madhya ton taking a lead in the presidential race. Accord-
ular town, state or communi- working on a few. Over a pe- conscious and digestive bis- safety norms (Indian norms Pradesh, in April. DAVP will release ads to newspapers based on their score-
ty with a potential to grow it riod, we’ll have specific prod- cuits are being consumed require testing of just 10 pa-
nationwide over time. ucts for each state. We may for healthy digestion and a rameters), will be rolled out cards. Medium-sized newspapers scoring less than 45 marks Width ing to a Washington Post-ABC News survey, 51% month, pulled down by sharply lower gas prices,
even look at products that balanced lifestyle. Consum- nationwide soon. and Americans spent much less in January than
Last month, ITC’s food would only be relevant for a ers genuinely believe diges- of respondents said they would vote for Clinton, previously estimated. The figures suggest that
division launched Punjab da market covering an area of tive biscuits are made from ITC Life Sciences and versus 39% for Trump. consumers remain cautious about spending de-
Kinnow, a fruit juice under just a couple of hundreds ki- healthy ingredients,” the Technology Centre, the
its BNatural brand. The kin- lometres. Some of these will company had said in a state- firm’s R&D facility in Ben- A Wall Street Journal/NBC News poll showed
now is a variant of orange become large revenue con- ment after the launch. galuru, with more than 350 will not qualify. the 2008 financial crisis Height
grown in Punjab. The target tributors in the longer term.” scientists and 400 patent
market is Punjab and parts of In May, it launched pre- applications, is working with According to Bombay Samachar publisher Hormusji
north India, including Delhi, Picking up products that mium chocolate Fabelle to the food division for devel-
where BNatural has a very are doing well in a particular be sold at boutique stores in opment of these products. Cama, the marking system does not make sense. “What we
limited presence. market and then enhancing the company’s luxury hotels,
quality and safety standards starting with ITC Gardenia ITC has been focusing subscribe to shouldn’t have anything to do with government a slimmer lead for Clinton with 46% to Trump’s AP Britain’s exit from the EU, or Brexit, will be opposition parties grapple with the ques- spite steady hiring.
In the past few months, makes more business sense in Bengaluru. Earlier this on the packaged foods and
ITC has also launched locally than developing a product year, ITC launched a sugar consumer goods segment to ads,” he said. 41%. bad for business. tion of how precisely the UK will separate Retail sales fell 0.1 percent in February, the
popular spices under the ITC from scratch that consum- release control variant of cut its dependence on ciga-
MasterChef brand in Andhra ers may not like, said Rajesh, Aashirvaad atta with low gly- rettes. In the year ended 31 Some publishers say the government has made the pro- LONDON The pound had plunged to its lowest 8 265.6from the other 27 nations in the bloc. sqcmCommerce Department said Tuesday. Excluding
Pradesh and Telangana. declining to put a number caemic index, which helps in March 2015, revenue from level in 30 years on Friday and fell another Cameron, who led the campaign to re- the volatile gas and auto categories, sales rose
“The idea is simple. Identify on how many such products managing blood sugar levels. packaged food products cess unambiguous in order to root out chances of corruption Strip 33.2 ritain’s Treasury chief sought 2.3% against the US dollar on Monday, to main in the EU, has announced he will step 0.3 percent. Overall sales were revised sharply
popular mass-segment prod- ITC is planning to launch stood at Rs.6,411.27 crore. on Monday to ease concerns $1.3360. Stock markets also declined across down by October. lower in January, from a 0.2 percent gain to a
ucts that are only available in Kolkata-based ITC has in allocating its ad money. The points system will ensure that about the vote to leave the Eu- Europe. drop of 0.4 percent.
Opposition leader Jeremy Corbyn is Americans' reluctance to open their wallets
fly-by-night operators and fraudulent journals are kept out Charter bid for Time ropean Union (EU), saying the Osborne pledged not to impose a new also facing upheaval within his Labour Par- could hold back growth in the first three months
austerity budget—even though he said ty after half a dozen advisers quit his inner of this year. Economists had hoped that solid
and only legitimate newspapers get advertising, they add. economy is as strong as it couldduring the campaign that one would be circle Monday, joining some 11 others who

Overall, English newspapers will receivWe 30% of the Warner Cable wins US Bbe to face the uncertainty—even as a sur-

spend, Hindi 35% and regional language dailies, the remain-

ing 35%.

Under the new policy, a newspaper needs certification by antitrust approval vey showed many companies are looking to necessary if voters chose to leave the EU. He resigned over the weekend. hiring and lower gas prices would entice con-
sumers to spend more, yet Americans seem to
RNI/ABC if its circulation exceeds 45,000 copies per publish- move business out of the country. said another budget would be the task of the Corbyn said he will not resign, and has

ing day. For a newspaper with a circulation of up to 45,000 In his first public appearance since government of Conservative Prime Minis- appointed lawmakers loyal to him to fill the be pocketing much of the savings from cheaper

copies, a certificate from a cost or chartered accountant (CA), Thursday’s referendum, George Osborne ter David Cameron’s successor. vacated posts. He insists he will run in any gas. reuTerS

a statutory auditor certificate or ABC certification is required. MEG JAMES stressed that Britain’s economy is in a far Osborne also said he had been work- new leadership contest, and said he has the

In short, a CA’s certificate will only be valid for newspapers @MegJamesLAT better position than it was at the start of the ing closely with Bank of England governor support of the party’s grassroots.

with circulations of up to 45,000 copies (currently this limit 2008 financial crisis. Mark Carney, fellow finance ministers and Many Labour lawmakers accuse Corbyn

is 75,000). Beyond that, an ABC/RNI audit is a must for all LOS ANGELES “It will not be plain sailing in the days international organizations over the week- of running a lukewarm campaign in support

publications. Charter Communications Inc. won US anti- ahead,” he said. “But let me be clear. You end. “We are prepared for whatever hap- of remaining in the EU. They also fear the
trust approval for its $55 billion takeover should not underestimate our resolve. We pens,” he said. left-winger cannot win a general election,
Arunabh Das Sharma, outgoing president of Bennett, of Time Warner Cable Inc. after agreeing were prepared for the unexpected.” which could come well before the sched-
not to thwart online video competitors. In another move to cushion market reac- uled date of 2020. Cameron has said he
Coleman and Co. Ltd that publishes The Times of India and The leaders of Germany, Italy and tion, Osborne stressed that only Britain can will step down by October, and a new prime
France will be huddling in Berlin to discuss invoke Article 50 of the EU constitution,
The Economic Times, said that earlier even some of the big-

ger newspapers used to get a CA’s certificate for DAVP ads.

“Now the government has cleaned up the system. The bigger Charter can’t strike agreements with pro- the vote, trying to hone a common message which triggers the formal process by which minister may call an early election to solidi-

and better papers will benefit. The procedure has been made grammers that would make it more difficult for that negotiations need to get underway the country would leave the bloc. The UK fy a mandate before negotiating Britain’s EU
streaming services like Netflix Inc. to obtain con- quickly on the exit so as not to continue the “should only do that when there is a clear exit.
stringent,” he added.

Star India plans 3,000 hours of IPL viewership In another change, the government will offer premiums tent, the justice department said in a statement uncertainty. view about what new arrangement we are The vote is also causing a political schism

over the DAVP rates for prominent placement of ads in the Monday. Tom Wheeler, the chairman of the Fed- In the first direct reflection of business seeking with our European neighbours,” he in the UK overall. Scotland’s first minister

dailies. Earlier, there were no page premiums and placement eral Communications Commission (FCC). confidence on such uncertainty, a leading said. Nicola Sturgeon said she would “consider”

declines, but still a was determined more by personal relationships. However, “Online video distributors offer consumers business group says 20% of its members Cameron is expected to chair an emer- whether to advise the Scottish Parliament to British mathematician Sir Andrew Wiles has won
billion people tuned in
Olympics coverage from Rio only the newspapers certified by ABC or RNI will earn these greater choices for video services,” said Renata plan to move some of their operations out- gency Cabinet meeting Monday. US Secre- use its power to try to prevent Britain from the Abel Prize in maths for cracking a centu-
Hesse, the head of the justice department’s anti- side of the UK in light of the country’s deci- tary of State John Kerry is visiting Brussels leaving the EU. Some 62% of Scots voted to
premiums. DAVP will pay a premium of 50% over its rates for ries-old hypothesis. PHOTO: AP

colour and black and white ads for the front page, 30% pre- trust division. “This would have threatened com- sion to leave the EU. and London to address the fallout from the remain in the bloc. British mathematician Sir
petition by increasing the merged company’s The Institute of Directors said on Mon- vote. Scottish lawmakers might be able to de- Andrew Wiles gets Abel
mium for the back page, 20% premium for the third page and leverage to demand that programmers limit their math prize
licensing to these online providers.” bloomberg day that a survey of its 1,000 members Political turmoil has roiled Britain since rail Britain’s departure by withholding “leg-
BY GOURI SHAH will, for the large part, play 10% premium for the fifth page. showed that three out of four believe that the vote as leaders of the government and islative consent,” she said.

@gourishah out during prime time in According to Cama, this move will only help the big news-

India. Coverage will start at BY VIDHI CHOUDHARY vious years where eyeballs papers mop up more advertising. “Basically, the DAVP bud- OPINION

BENGALURU 3.30pm with pre-analysis @vidhitweets for IPL matches have tended gets are limited. And if they pay premiums to big newspapers, Ki & Ka: A
lesson in
Star Sports, the official followed by live coverage to rise closer to the play-offs there will be no money left for medium and small newspa- marrying well COPENHAGEN: British mathematician Sir An-
broadcaster of the 2016 at 4.30pm, which will con- and the finals, this year saw drew J. Wiles has won the Abel Prize in math for
Olympic Games for the tinue until 5am. The feeds NEW DELHI an unexpected downward pers,” he said. ‘Risky trinity’ requires urgent Waldorf Astoria said to close cracking a centuries-old hypothesis. Norway’s
Indian subcontinent, is ex- provided by the Internation- spiral in viewership, week global policy action, BIS says in 2017 to convert to condos Academy of Science and Letters said on Tuesday
pected to put out more than al Olympic Committee will More than a billion after week—from 147.23 mil- To be sure, the policy has classified newspapers and mag- quences for financial mar- he was given the annual award “for his stunning
be shared by Star India with people watched lion in the first week (9-15 kets and the economy could HUI-YONG YU proof of (French mathematician Pierre de) Fer-
the Indian Premier azines into three categories: Small (under 25,000 copies per be serious.” mat’s Last Theorem by way of the modularity
conjecture for semi-stable elliptic curves, open-
publishing day), Medium (between 25,001 and 75,000 copies In a separate speech, BIS
head Jaime Caruana said ma-
per publishing day) and Big (over 75,000 copies per publish- jor central banks would limit

3,000 hours of sporting ac- public service broadcaster League (IPL) T20 tourna- April) to 130.38 million in the ing day).

tion on television and its dig- Doordarshan. ment this year across five last (22-28 May) just before Aligned with the broad social objectives of the govern-

ital platform Hotstar, poten- To be sure, Star India is television channels, includ- the finals. ment, the policy has relaxed the empanelment procedure market turbulence as much @Huiyongyu ing a new era in number theory.”

tially making Rio the most doing what it can to increase ing Sony Max, Sony ESPN Sony Pictures Networks for small and medium newspapers in regional languages or JEFF BALCK as possible after Britain vot- It said in 1994, the 62-year-old cracked the

watched Olympic Games in viewership numbers. But and Sony Six, at the end of India, the official broadcast- dialects, as well as for newspapers in the north-eastern states, @Jeffery_Black ed last week to leave the Eu- SEATTLE theorem, which was “the most famous, and

India ever. it does have a challenge at 60 matches played from 9 ers of IPL 9, said in a state- Jammu and Kashmir, and Andaman and Nicobar Islands. The ropean Union. New York’s landmark long-running, unsolved problem in the subject’s
“There is likely to be a Waldorf Astoria hotel history.” It was first conjectured by de Fermat
While Star India will si- hand, say experts. For in- April to 29 May. ment that the reach of the policy says that DAVP will make efforts to release more social LONDON is scheduled to close in 1637. Wiles, who has honorary degrees from
period of uncertainty and in spring 2017 so owner An- a string of British and American universities, in-
mulcast the games on all stance, the 2012 London Viewerships were cal- tournament stood at 361 mil- messages and related ads that are not date-specific to period- Global economic policy adjustment,” Caruana said bang Insurance Group Co. cluding Oxford, Cambridge, Columbia and Yale,
urgently needs rebal- in the text of a speech to be will receive the 6 million kroner ($710,000) award
eight Star Sports channels Olympics was viewed by 90 culated by impressions, or lion viewers. icals. ancing, the Bank for delivered on Sunday. “With

(four in standard definition Star Sports has also exclusively created an elite panel of inter- million Indians. Compare television viewership in To be sure, reach and One rule that irks newspaper publishers, however, is

and four in high definition), national and Indian Olympians as well as sports experts who that to the Indian Premier thousands, which refers to impressions are not compa- that state-owned firms will also now issue ads at DAVP rates,

Hotstar will simultaneously will analyse and connect with the Indian viewers as live action League, the popular Twen- the number of individuals in rable. which are actually much lower than the commercial rates International Settlements good cooperation at the can begin converting most of at a ceremony on May 24 in Oslo. AFP

make available 14 live feeds unfolds at the Olympics. Photo: aniRuddha ChowhduRy/mint ty20 tournament, which was thousands in a target audi- When compared with the that the dailies charge. Executives at newspaper companies (BIS) said on Sunday, as the global level, I am confident the more than 1,400 rooms

and 36 concurrent feeds watched by 1.2 billion view- ence who viewed an event, rise of the tournament’s dig- say state-owned firms are commercial entities and should buy world faces a “risky trinity” that uncertainty can be con- to luxury condominiums, M&A deals worth $25 bn
of high debt, low produc- tained and that adjustments said a person with knowl- signed in Jan-September
from Rio on its Olympics glish and Hindi,” Star Sports alized, interactive experienc- ers this year. averaged across minutes. ital viewership this season, ad space at commercial rates. tivity growth and dwindling BIS also said major central banks would limit market will proceed as smoothly as edge of the plans.
firepower at the world’s big possible”.
video player. CEO Nitin Kukreja said in es that allow them to follow “As a television property, Total viewership calcu- Star India’s Hotstar mobile The government has also streamlined the procedure for turbulence as much as possible after Britain voted last The luxury hotel, man- Waldorf Astoria, New York
PHOTO: BLOOMBERG
“The Olympics are the Mumbai on Thursday. and watch what is of unique Olympics is not very big in lated by impressions stood streaming app more than quick and timely payments by the client ministries to DAVP. week to leave the European Union. PHOTO: BLOOMBERG

pinnacle of a multi-sports The Olympics content on interest to them,” said Ajit India, it never has been. We at 1.02 billion, according to doubled its viewership to According to data from DAVP, till 29 February 2016 (for the central banks. In an apparent nudge to aged by Hilton Worldwide

event, and as India pre- Hotstar will be available for Mohan, CEO, Hotstar. are not a multi-sport nation, data released by TV ratings 100 million, from 41 million year 2015-16), the government had spent Rs.842.89 crore on The BIS, an umbrella that is unusually low, cast- Despite sub-zero inter- the US Federal Reserve, the Holdings Inc., is set to re- ately reply to an e-mailed MUMBAI: India-focused merger and acquisi-

pares to send its largest ever free and will be ad-support- Star Sports has also exclu- so in that sense, the view- agency Broadcast Audience at the end of the previous publicity, out of which Rs.402.79 crore was spent on print body for major central banks, ing a shadow over future est rates and trillions of dol- BIS said in its report that open about three years later, request for comment. News tion deals during the January-September period

contingent, Star Sports is ed. sively created an elite panel ership is limited. Having Research Council of India on season. media, while Rs.353.31 crore was spent on electronic media. said in its annual report that improvements in living stan- lars of stimulus, Europe and policymakers needed to put with about 300 to 500 hotel of the planned spring clos- reached $24.8 billion through 309 transactions,

leaving no stone unturned “While Hotstar is cov- of international and Indian said that, we will see some Thursday. In February 2015, Star According to Cama, this move will only help the big news- the global economy was dards; global debt levels that Japan’s central banks are more focus on raising rates rooms remaining, said the ing was reported earlier on registering a jump of 10% over the same peri-

to provide the most com- ering Olympics for the first Olympians as well as sports amount of interest around The final between Royal India bid Rs.302.2 crore to papers mop up more advertising. “Basically, the DAVP bud- highly exposed even before are historically high, raising struggling to lift inflation so that they have room to cut person, who asked not to be Sunday by the Wall Street od last year, says a report. According to global
experts such as Ian Thorpe, sports such as hockey, wres- Challengers Bangalore and win the global Internet and
Height 8 cmprehensive access to Indian time, we are excited that we Prakash Padukone, Anjali tling and badminton, and the Sunrisers Hyderabad on 29 mobile rights for IPL for a gets are limited. And if they pay premiums to big newspapers, Thursday’s vote by Britain to financial stability risks; and and growth. Markets have them again when the next identified because the plans Journal. deal tracking firm Mergermarket, there were 224
Bhagwat, Viren Rasquinha 100m dash,” said Mallikarjun May clocked 44.68 million three-year period, beating
sports fans. We will provide are bringing an all-round there will be no money left for medium and small newspa- leave the European Union. room for policy manoeuvre grown accustomed to that downturn comes. aren’t public. Anbang bought the Wal- M&A deals worth $22.5 billion during the first
unprecedented coverage by coverage of the Olympics
pers,” he said.Although small and medium-sized newspapers “There are worrying de- that is remarkably narrow.” support, but they are grow- “This is especially im- Anbang representatives dorf Astoria, an Art Deco nine months of the last year. The July-September

dedicating eight channels on for the Indian digital user... and Rehan Poncha who will Das, CEO, Starcom India, a impressions, significantly Times Internet Ltd and Multi are concerned about the changes, the new policy seems to be velopments, a sort of ‘risky He said the global econ- ing concerned the firepower portant for large jurisdic- didn’t immediately respond icon on Park Avenue, in Feb- quarter witnessed $6.3 billion worth deals, a up
a 24x7 basis across the entire our focus will be not just on analyse and connect with the Widthmedia agency. He added that higher than the play-offs Screen Media Pvt. Ltd.
duration of the event. Also, making every moment of Indian viewers as live action in line with the Modi government’s larger vision of cleaning trinity’, that bear watching,” omy cannot afford to rely is mostly spent. tions with international cur- to calls for comment placed ruary 2015 for $1.95 billion, a 18.9% in value terms as against July-September
for the first time ever, the the Olympics available to the unfolds at the Olympics. Olympics content on Hotstar that clocked between 22.02 Sports experts remained
Olympics will be broadcast fans but also to provide them divided on the reasons for up the system. The focus is clearly on tracking where the gov- said the head of the BIS mon- any longer on the debt-fu- “Should this situation rencies, as they set the tone before regular business record price for a US hotel, period of 2014, when there were deals worth $5.3
(24x7) in two languages, En- the ability to create person- The Games, running the decline in IPL 9’s TV
from 5 August to 21 August, 33.2 cmwill definitely see a surge in million and 27.21 million im- viewership. ernment’s advertising money goes. etary and economic depart- elled growth model that has be stretched to the point of for monetary policy in the hours in Beijing, where the and has said it plans to con- billion. A sector-wise analysis shows that energy,

viewership with affluent ur- pressions. Shuchi Bansal is Mint’s media, marketing and advertising ment, Claudio Borio. brought it to the current shaking public confidence rest of the world,” the BIS insurer is based. A Hilton vert most of the property to mining and utilities was the most active with 28

ban audiences logging on. In a departure from pre- editor. Ordinary Post will look at pressing issues related to all “Productivity growth juncture. in policymaking, the conse- said. spokesman didn’t immedi- luxury condos. bloomberg deals worth $3.7 billion accounting. bloomberg

GLOBAL PG 15-16

A sneak peak into the
business scenario across
the globe.

GLOBAL WEDNESDAY, 1 JUNE 2016 15

Ordinary Post Hillary Clinton SunEdison, TerraForm
SHUCHI BANSAL swipes at again delay filing annual
Donald Trump
To read all of Shuchi Bansal’'s columns, go to over Brexit WASHINGTON: SunEdison Inc. on Wednesday 16 WEDNESDAY, 1 JUNE 2016 GLOBAL
www.livemint.com/ordinarypost said it is again delaying the filing of its annual
AFP report, citing in part the discovery of “material
NEW DAVP POLICY WASHINGTON weaknesses in its internal controls over financial
TO BENEFIT reporting.”
CERTIFIED Democrat Hillary Clinton on Sunday took a Scotland China’s Li Keqiang sees
NEWSPAPERS swipe at Republican rival Donald Trump’s Shares in the solar-energy company, which against second increasing uncertainties
stance on Brexit, saying that “bombastic have lost 67% over the past three months and independence after Brexit vote
INION On 10 June, the information and broadcasting ministry comments” do more harm than good during 91% over the past year, slid another 16% to $1.73 referendum
& Ka: A announced a new policy that seeks to make govern- such times. in premarket trading. SunEdison Inc. on Wednes- despite Brexit vote XIAOQING PI
on in ment advertising in newspapers more transparent day said it is again delaying the filing of its annu- @evelyn_pi
rrying well and equitable. In its statement, the ministry said that the new Trump has hailed Britain’s vote to leave the al report, citing in part the discovery of “material
European Union (EU) as “fantastic,” telling re- weaknesses in its internal controls over financial BEIJING
DUSTRY policy would streamline the release of government ads and porters during a visit to Scotland on Friday that reporting.” The delay comes a week after Vivint
ia’s he thinks the Brexit is “a great thing.” Solar Inc. terminated its merger agreement with
ctric ensure different categories of newspapers and periodicals are British Chancellor of the Exchequer George Osborne makes a statement at the Treasury in London on June 27, 2016, following the pro-Brexit SunEdison.
icle sales Clinton, who was speaking to the US Con-
w 37.5% to treated fairly. The Directorate of Advertising and Visual Pub- ference of Mayors, did not mention Trump by outcome of the June 23 EU referendum. PHOTO: The company, whose deadline to file its 10-K
000 units name, but told city leaders that the US should be was previously extended to March 15, didn't give
licity (DAVP) is the nodal agency of the government for ad- governed by those “who put the interest of the a new target date. ReuteRs
d in American people ahead of their personal busi-
vertising on behalf of various ministries, departments, public ness interests.” EASING CONCERNS Frankfurt and London seal
eyeballs $30 bln trading tie-up to
e tended sector units and other autonomous organizations which are Trump was in Scotland for the ceremonial UK Treasury chief WILLIAM JAMES Uncertainties in the
play-offs re-opening of his refurbished Trump Turnberry FRANKFURT/LONDON: Deutsche Boerse AG @WJames_Reuters world economy have
year saw funded by the government. golf course. and London Stock Exchange Group Plc (LSE) increased after the
wnward agreed to combine in a $30 billion deal to cre- UK’s vote to leave the Eu-
p, week The policy has been welcomed, in part, by Big Media, America needs leaders “who understand that ate a European trading powerhouse better able ropean Union (EU), China’s
7.23 mil- bombastic comments in turbulent times can ac- to compete with U.S. rivals encroaching on their premier Li Keqiang said.
ek (9-15 the publishers of large (in terms of circulation) newspapers, tually cause more turbulence,” Clinton said. turf. LONDON
on in the The impact on global fi-
t before because it proposes a new system for the allocation of gov- “And that’s why steady, experienced leader- But the deal, which marks a third attempt to nancial markets has already
etworks ship is so important at times like these.” link the Frankfurt and London exchanges, may showed up and measures are
oadcast- ernment ads and allows them to change ad rates (for DAVP prompt a bidding war after New York Stock Ex- The Scots do not think there should be a needed to ensure stability
Trump, who has relied on populist fervor and change owner Intercontinental Exchange said it second independence referendum, a poll in the international econ-
a state- ads) once a year as against once in three years now. It incen- anti-immigrant rhetoric in his presidential bid, may make an offer for the British group. showed on Sunday, days after Britain vot- omy, Li said on Monday at
h of the has said Britain’s anti-EU movement had paral- ed to leave the European Union (EU) despite the World Economic Forum
361 mil- tivizes newspapers to get their circulation numbers verified lels with his own quest to become the US pres- tries to calm fears Nearly 16 years after Deutsche Boerse first strong Scottish support for remaining a mem- (WEF) in Tianjin. On Chi-
ach and ident. tried to take over LSE, the London and Frankfurt ber of the bloc. na’s economy, he reiterated
compa- by the Audit Bureau of Circulations (ABC) and the Registrar exchanges said last month they were discussing that the nation will be able
with the Clinton acknowledged on Sunday that “just an all-share merger, which they confirmed on The Survation poll showed 44.7% of peo- to keep medium to high level
nt’s dig- of Newspapers for India (RNI). The publishers of small and as we have seen there are many frustrated people Wednesday would give Deutsche Boerse share- The biggest hurdle for a Brics credit-assessment company would be convincing US and European investors that the ratings are ple think Scotland should not conduct a sec- growth and has space to ap-
in Britain, we know there are frustrated people holders 54.4 percent and LSE shareholders 45.6 ond independence referendum, compared to ply proactive fiscal measures.
season, medium newspapers aren’t pleased with the policy though. here at home too.” percent of a new company. assigned without government pressure. PHOTO: GETTY IMAGES 41.9% in favour of a fresh vote. In September Li Keqiang also said that
mobile 2014 Scotland rejected independence by 55% “China hopes to see a
re than Many of them are not members of ABC and cannot get their But, she told the mayors who gathered in the INDUSTRY In a combined statement the exchanges to 45%. united, steady European China will be able to keep
ship to midwestern city of Indianapolis, “no one should India’s sought to sell the deal, which they described Union as well as a stable and
million numbers certified by the auditing body. be confused about America’s commitment to Eu- electric as "a premium free merger of equals", to their The prospect of a second referendum has prosperous United King- medium to high level growth.
previous rope, not an autocrat in the Kremlin, not a presi- vehicle sales investors with the lure of potential annual cost been raised after Britain as a whole voted to dom,” Li said. “No country
15, Star The new system is based on six objective criteria with dif- dential candidate on a Scottish golf course.” over ‘Brexit’ fallout grow 37.5% to savings of 450 million euros. reuTerS MARCH QUARTER leave the EU last week, despite results showing can depart from the world PHOTO: BLOOMBERG
crore to 22,000 units a large majority of Scots supported remaining economy to promote devel-
net and ferent points allotted to each. Among them, the maximum New polls released on Sunday showed Clin- Low gas prices drag down Brics eye a new rating within the bloc in every region of Scotland. opment of itself. So we need Li said China’s economy
PL for a ton taking a lead in the presidential race. Accord- OPINION US retail sales in February company to reduce to join forces.” is operating in a stable way
beating points have been allocated to the circulation figure certified ing to a Washington Post-ABC News survey, 51% Ki & Ka: A Scotland’s first minister Nicola Sturgeon and the job market remains Biocon chairman and managing directotr Kiran Mazumdar-Shaw.
nd Multi of respondents said they would vote for Clinton, lesson in WASHINGTON: U.S. retail sales slipped last has said another referendum is “highly likely” The UK voted to quit the healthy. He reiterated that
d. by ABC/RNI. Separate marks have been allotted for subscrip- versus 39% for Trump. marrying well month, pulled down by sharply lower gas prices, and that Scotland would do whatever it takes to EU last week, sending shock the government is capable MARCH QUARTER
emained and Americans spent much less in January than remain in the EU, including potentially block- waves around world mar- of keeping the yuan at a rea-
sons for tion to the Employees’ Provident Fund A Wall Street Journal/NBC News poll showed previously estimated. The figures suggest that OPINION ing the legal process behind Britain’s exit. kets. Responding to a surge sonable, balanced level, and PiSA deal will b
9’s TV a slimmer lead for Clinton with 46% to Trump’s consumers remain cautious about spending de- Ki & Ka: A in the dollar as investors there’s no basis for long-term Biocon in globa
mint Organisation and the number of pages 41%. spite steady hiring. lesson in The poll of 1,002 people, conducted for The rush to avoid risk, the fix- devaluation. insulin market
marrying well Daily Record and The Daily Mirror on 25 June, ing rate of the Chinese yuan
COLUMN printed. Subscription to wire services, Charter bid for Time Retail sales fell 0.1 percent in February, the also showed that despite not favouring holding tumbled the most since Au- China has been grap-
owning the press (presses) where the Warner Cable wins US Commerce Department said Tuesday. Excluding INDUSTRY another referendum, if one were to be held im- gust on Monday, when the pling with the dual targets
paper is printed, and the annual sub- antitrust approval the volatile gas and auto categories, sales rose India’s mediately, Scots would back a breakaway from country changed the way the of underpinning economic
In his first public appearance since the EU referendum, George Osborne 0.3 percent. Overall sales were revised sharply electric the rest of Britain. Survation said 47% were in exchange rate is decided. growth to meet the govern-
scription payment to the Press Council of India also carry in- MEG JAMES stressed that Britain’s economy is in a far better position than it was at the start of lower in January, from a 0.2 percent gain to a vehicle sales favour and 41.2% against. ment’s goal for an expansion
the 2008 financial crisis drop of 0.4 percent. grow 37.5% to of 6.5% or more while try-
dividual weightage. @MegJamesLAT 22,000 units Boris Johnson, the favourite to become ing to keep a lid on swelling
Americans' reluctance to open their wallets Britain’s next prime minister, said on Sunday debts.
DAVP will release ads to newspapers based on their score- LOS ANGELES could hold back growth in the first three months established firms’ grip that he did not detect “any real appetite” for
of this year. Economists had hoped that solid another Scottish independence referendum. Li said it’s important to
cards. Medium-sized newspapers scoring less than 45 marks Charter Communications Inc. won US anti- hiring and lower gas prices would entice con- cut overcapacity in steel,
trust approval for its $55 billion takeover sumers to spend more, yet Americans seem to reuTerS coal and other industries
will not qualify. of Time Warner Cable Inc. after agreeing be pocketing much of the savings from cheaper that have surplus produc-
not to thwart online video competitors. gas. reuTerS Saudi Arabia close to tion. Such companies must
According to Bombay Samachar publisher Hormusji securing $10 billion take measures to make sure
Charter can’t strike agreements with pro- bank loan workers can be re-employed.
Cama, the marking system does not make sense. “What we grammers that would make it more difficult for
streaming services like Netflix Inc. to obtain con- DAVID FRENCH
subscribe to shouldn’t have anything to do with government tent, the justice department said in a statement AP Britain’s exit from the EU, or Brexit, will be opposition parties grapple with the ques-
Monday. Tom Wheeler, the chairman of the Fed- bad for business. tion of how precisely the UK will separate @DFrench
ads,” he said. eral Communications Commission (FCC). LONDON from the other 27 nations in the bloc.
The pound had plunged to its lowest DUBAI
Some publishers say the government has made the pro- “Online video distributors offer consumers Britain’s Treasury chief sought level in 30 years on Friday and fell another Cameron, who led the campaign to re- Seeking to lower borrowing costs they say are excessively high thanks to
greater choices for video services,” said Renata on Monday to ease concerns 2.3% against the US dollar on Monday, to main in the EU, has announced he will step the assessments of S&P Global Ratings, Fitch Ratings and Moody’s, Brics Peabody Energy Corp, the largest U.S.
cess unambiguous in order to root out chances of corruption Hesse, the head of the justice department’s anti- about the vote to leave the Eu- $1.3360. Stock markets also declined across down by October. aims to create a competitor with a different fee structure coal producer, said it may have to seek
trust division. “This would have threatened com- ropean Union (EU), saying the Europe. bankruptcy protection as it did not have
in allocating its ad money. The points system will ensure that petition by increasing the merged company’s economy is as strong as it could Opposition leader Jeremy Corbyn is enough funds to continue operations.
leverage to demand that programmers limit their be to face the uncertainty—even as a sur- Osborne pledged not to impose a new also facing upheaval within his Labour Par-
fly-by-night operators and fraudulent journals are kept out licensing to these online providers.” bloomberg vey showed many companies are looking to austerity budget—even though he said ty after half a dozen advisers quit his inner Falling demand for coal, tough environ-
move business out of the country. during the campaign that one would be circle Monday, joining some 11 others who mental controls and cheaper natural gas have
and only legitimate newspapers get advertising, they add. necessary if voters chose to leave the EU. He resigned over the weekend. pushed several big coal miners, including in-
In his first public appearance since said another budget would be the task of the dustry No. 2 Arch Coal Inc, into bankruptcy in
Overall, English newspapers will receivWe 30% of the Thursday’s referendum, George Osborne government of Conservative Prime Minis- Corbyn said he will not resign, and has the past year. LATHA VENKATESH AND mands 40% of the global insulin’s mar- s
stressed that Britain’s economy is in a far ter David Cameron’s successor. appointed lawmakers loyal to him to fill the
spend, Hindi 35% and regional language dailies, the remain- better position than it was at the start of the vacated posts. He insists he will run in any Peabody, which flagged the bankruptcy risk REEMA TENDULKAR ket which is right now around $5 billion a
2008 financial crisis. Osborne also said he had been work- new leadership contest, and said he has the under the “risk factors” section of a regulato-
ing 35%. ing closely with Bank of England governor support of the party’s grassroots. ry filing on Wednesday, said it decided to skip CNBC-TV18 in size and, therefore, the $2 billion op- p
“It will not be plain sailing in the days Mark Carney, fellow finance ministers and a $71.1 million interest payment on its senior
Under the new policy, a newspaper needs certification by ahead,” he said. “But let me be clear. You international organizations over the week- Many Labour lawmakers accuse Corbyn VRISHTI BENIWAL limited by a reliance on external funding, which often leaves notes, kicking off a 30-day grace period. (1.usa. B iocon Ltd’s agreement portunity which is in the US is a large
should not underestimate our resolve. We end. “We are prepared for whatever hap- of running a lukewarm campaign in support them with less flexibility to address economic and political gov/22jEJnJ) with Mexican drug mak-
RNI/ABC if its circulation exceeds 45,000 copies per publish- were prepared for the unexpected.” pens,” he said. of remaining in the EU. They also fear the @vrishtibeniwal volatility. er Laboratorios PiSA S.A. opportunity for us. It is at an attractive
left-winger cannot win a general election, The company, which had a total debt of $6.3 de C.V (PiSA) to develop
ing day. For a newspaper with a circulation of up to 45,000 The leaders of Germany, Italy and In another move to cushion market reac- which could come well before the sched- NEW DELHI “Any rating agency must establish a reputation for inde- billion at the end of 2015, said there was “sub- insulin for the US mar- price point and we believe that it is im-
France will be huddling in Berlin to discuss tion, Osborne stressed that only Britain can uled date of 2020. Cameron has said he pendence, and the management of conflicts of interest,” Dan- stantial doubt” about its ability to continue as a ket is important, as US commands 40%
copies, a certificate from a cost or chartered accountant (CA), the vote, trying to hone a common message invoke Article 50 of the EU constitution, will step down by October, and a new prime The Brics nations are looking to set up a new cred- iel Noonan, a Fitch spokesman, said in a 16 June email. Fitch going concern. Brexit fallout: Half of global insulin market, said company portant for us to develop this asset for
that negotiations need to get underway which triggers the formal process by which minister may call an early election to solidi- it-rating company in an effort to break the domi- “believes strongly in healthy competition,” he added. of Jeremy Corbyn’s chairman and managing directotr Kiran
a statutory auditor certificate or ABC certification is required. quickly on the exit so as not to continue the the country would leave the bloc. The UK fy a mandate before negotiating Britain’s EU nance of the big three developed-nation firms. senior team set to quit Mazumdar-Shaw. the US market.
uncertainty. “should only do that when there is a clear exit. Seeking to lower borrowing costs they say are S&P and Moody’s, both based in New York, didn’t answer
In short, a CA’s certificate will only be valid for newspapers view about what new arrangement we are excessively high thanks to the assessments of S&P e-mailed questions sent on 16 June. Developing nations say According to the agreement, PiSA We have a long-standing relation-
In the first direct reflection of business seeking with our European neighbours,” he The vote is also causing a political schism Global Ratings, Fitch Ratings and Moody’s Investors Service, they receive harsher assessments than their developed coun- will manufacture the drug while Bio-
with circulations of up to 45,000 copies (currently this limit confidence on such uncertainty, a leading said. in the UK overall. Scotland’s first minister the group including Brazil, Russia, India, China and South Af- terparts, which makes borrowing more costly for them be- con will provide the drug substance or ship with PiSA. We have a very dom-
business group says 20% of its members Nicola Sturgeon said she would “consider” rica aims to create a competitor with a different fee structure. cause corporate ratings are capped at the sovereign level. active ingredient. Mazumdar-Shaw said
is 75,000). Beyond that, an ABC/RNI audit is a must for all plan to move some of their operations out- Cameron is expected to chair an emer- whether to advise the Scottish Parliament to the insulin market currently has only a inant share of the insulin market in m
side of the UK in light of the country’s deci- gency Cabinet meeting Monday. US Secre- use its power to try to prevent Britain from The creation of a ratings company that doesn’t rely on rev- MORE EXPENSIVE few players and provides huge scope for
publications. sion to leave the EU. tary of State John Kerry is visiting Brussels leaving the EU. Some 62% of Scots voted to enue from clients who want their debt assessed “is actively “My bonds are more expensive than many other coun- growth. The company will file its first Mexico which PiSA is partnering us in b
and London to address the fallout from the remain in the bloc. under discussion,” Yaduvendra Mathur, chairman and man- insulin analogue dossier in FY17, she
Arunabh Das Sharma, outgoing president of Bennett, The Institute of Directors said on Mon- vote. aging director of the Export-Import (Exim) Bank of India, tries,” said Mathur, whose foreign-currency debt is ultimately added. Edited excerpts: and PiSA has a partnership
day that a survey of its 1,000 members Scottish lawmakers might be able to de- said by phone on 16 June. The government-backed lender is priced at India’s lower-rating level despite an AAA rating from
Coleman and Co. Ltd that publishes The Times of India and showed that three out of four believe that Political turmoil has roiled Britain since rail Britain’s departure by withholding “leg- part of a working group studying the feasibility of a new cred- Crisil Ltd—a unit of S&P that only gives ratings on debt issued What this agreement with PiSA with Biocon where Biocon INTERV
the vote as leaders of the government and islative consent,” she said. it-assessment company before the next Brics summit due in within India. “This is not the right architecture.” of Mexico is going to mean for provides the insulin drug
The Economic Times, said that earlier even some of the big- October. you in terms of profit and loss?
Crisil is spearheading research into the new pricing model This is an important opportunity for substance and they man-
ger newspapers used to get a CA’s certificate for DAVP ads. The biggest hurdle for a Brics credit-assessment compa- for the Brics ratings company and will share its findings with Biocon because the US market com-
ny would be convincing US and European investors that the the Exim bank, Mathur said. A final decision on the structure ROBERT HUTTON other 27 nations are waiting ufacture the drug product in Mexico. s
“Now the government has cleaned up the system. The bigger ratings are assigned without government pressure. Critics of will be taken by political leaders in the grouping, he added, for the UK to spell out the
S&P, Fitch and Moody’s say they are beholden to the compa- without providing further details on alternative pricing mod- @RobDotHutton mechanics of how it plans to We will be using the same model for US
and better papers will benefit. The procedure has been made nies they rate because their revenue comes from these clients. els. Crisil declined to comment on its research. leave the EU following the
LONDON 23 June referendum. The co-development partnership that we
stringent,” he added. ‘HEALTHY COMPETITION’ The big three credit-rating companies currently control pound plunged to the lowest
“It will take a while for the Brics credit rating agency to more than 90% of the market, and have been criticized for The turmoil engulfing since 1985 and stocks plum- have entered into because we believe
In another change, the government will offer premiums assigning top ratings to risky debt that triggered the 2008 British politics wors- meted after the result.
acquire that sort of credibility,” said Rajrishi Singhal, senior financial crisis. ened as the country’s that this partnership will give us very
over the DAVP rates for prominent placement of ads in the fellow for Geoeconomics Studies at Gateway House. “It won’t biggest parties descended US secretary of state John
happen from day one. Investors will be watching very closely In recent years, Brics nations have clashed with interna- into chaos after last week’s Kerry will travel to Brussels optimal supply chain efficiency because
dailies. Earlier, there were no page premiums and placement how they rate and what are the processes they have under- tional assessors. Russia started its own rating agency this year shocking European Union and then London on Mon-
taken.” after condemning its downgrade to junk as politically moti- referendum result. day to discuss the situation of its proximity to the US market and its a
was determined more by personal relationships. However, British mathematician Sir Andrew Wiles has won vated, while one of China’s three biggest credit-assessment with the EU’s foreign policy
UK-based Fitch said the ratings of emerging markets are companies currently rates US foreign-currency government Senior Labour lawmaker chief Federica Mogherini North American Free Trade Agreement h
only the newspapers certified by ABC or RNI will earn these the Abel Prize in maths for cracking a centu- debt lower than both China and Russia. bloomberg Hilary Benn was fired after and UK Foreign Secretary
calling on Jeremy Corbyn to Philip Hammond. German (NAFTA) membership. i
premiums. DAVP will pay a premium of 50% over its rates for ries-old hypothesis. PHOTO: AP quit as party leader, trigger- Chancellor Angela Merkel
ing the resignation of seven will host French President Could you tell us what will be the a
colour and black and white ads for the front page, 30% pre- other members of Corbyn’s Francois Hollande and Ital-
British mathematician Sir team. In Scotland, First ian Prime Minister Matteo revenue share between you and S
mium for the back page, 20% premium for the third page and Andrew Wiles gets Abel Minister Nicola Sturgeon is Renzi in Berlin on Monday.
math prize ramping up plans for a pos- PiSA? t
10% premium for the fifth page. sible second independence The heads of what will be
referendum, while floating the EU’s three biggest econo- I am not able to disclose that but T
According to Cama, this move will only help the big news- the idea she could block a mies once the UK is excluded
UK exit from the EU. And are expected to discuss their
papers mop up more advertising. “Basically, the DAVP bud- the campaign to succeed response ahead of a meeting
Prime Minister David Cam- of the bloc’s 28 leaders in
gets are limited. And if they pay premiums to big newspapers, eron is underway, with the Brussels on Tuesday.
Sunday Telegraph reporting
there will be no money left for medium and small newspa- COPENHAGEN: British mathematician Sir An- his allies will try to stop Boris There are differences We’re exiting joint HDFC
drew J. Wiles has won the Abel Prize in math for Johnso. within the governments on
pers,” he said. ‘Risky trinity’ requires urgent Waldorf Astoria said to close cracking a centuries-old hypothesis. Norway’s how tough a line to take with
global policy action, BIS says in 2017 to convert to condos Academy of Science and Letters said on Tuesday As infighting grips the Britain, with the political
To be sure, the policy has classified newspapers and mag- quences for financial mar- he was given the annual award “for his stunning country’s two biggest par- power vacuum in the UK also
kets and the economy could proof of (French mathematician Pierre de) Fer- ties, investors, and the EU’s complicating the issue.
azines into three categories: Small (under 25,000 copies per be serious.” mat’s Last Theorem by way of the modularity venture with Star
conjecture for semi-stable elliptic curves, open- India with '38 cr profit
publishing day), Medium (between 25,001 and 75,000 copies In a separate speech, BIS ing a new era in number theory.” lendin
head Jaime Caruana said ma-
per publishing day) and Big (over 75,000 copies per publish- jor central banks would limit It said in 1994, the 62-year-old cracked the
market turbulence as much theorem, which was “the most famous, and
ing day). as possible after Britain vot- long-running, unsolved problem in the subject’s
ed last week to leave the Eu- history.” It was first conjectured by de Fermat
Aligned with the broad social objectives of the govern- ropean Union. HUI-YONG YU in 1637. Wiles, who has honorary degrees from
@Huiyongyu a string of British and American universities, in-
ment, the policy has relaxed the empanelment procedure “There is likely to be a cluding Oxford, Cambridge, Columbia and Yale,
period of uncertainty and will receive the 6 million kroner ($710,000) award
for small and medium newspapers in regional languages or JEFF BALCK adjustment,” Caruana said at a ceremony on May 24 in Oslo. AFP China cuts official contact LATHA VENKATESH AN
@Jeffery_Black in the text of a speech to be with Taiwan over new
dialects, as well as for newspapers in the north-eastern states, delivered on Sunday. “With S E AT T L E president LATHA VENKATESH AND REEMA TENDULKAR
good cooperation at the REEMA TENDULKAR
Jammu and Kashmir, and Andaman and Nicobar Islands. The global level, I am confident NASA SCIENTISTS FIND LINK CNBC-TV18
that uncertainty can be con- New York’s landmark BETWEEN BACTERIA, BREAST CANCER
policy says that DAVP will make efforts to release more social LONDON tained and that adjustments Waldorf Astoria hotel Mortgage lender
will proceed as smoothly as is scheduled to close ing Develo
messages and related ads that are not date-specific to period- possible”. in spring 2017 so owner An- CNBC-TV18 Finance Corp
bang Insurance Group Co. which has seen strong
icals. Global economic policy In an apparent nudge to can begin converting most of Manish Dawar, chief loans in the past expe
urgently needs rebal- the US Federal Reserve, the the more than 1,400 rooms financial officer of trend to continue tha
One rule that irks newspaper publishers, however, is ancing, the Bank for BIS said in its report that to luxury condominiums, Den Networks, said India’s young demog
International Settlements policymakers needed to put said a person with knowl- vice-chairman and ch
that state-owned firms will also now issue ads at DAVP rates, (BIS) said on Sunday, as the more focus on raising rates edge of the plans. ecutive officer Keki
world faces a “risky trinity” so that they have room to cut said.
which are actually much lower than the commercial rates of high debt, low produc- them again when the next The luxury hotel, man- the company sold its en-
tivity growth and dwindling downturn comes. aged by Hilton Worldwide Once the cost of
that the dailies charge. Executives at newspaper companies firepower at the world’s big Holdings Inc., is set to re- PTI comes down, HDFC w
central banks. “This is especially im- open about three years later, duce its own lending
say state-owned firms are commercial entities and should buy portant for large jurisdic- with about 300 to 500 hotel M&A deals worth $25 bn AFP Beijing still sees it as part of tire stake in a distribution Mistry said. Edited ex
The BIS, an umbrella tions with international cur- rooms remaining, said the signed in Jan-September its territory awaiting reunifi- from an interview:
ad space at commercial rates. body for major central banks, BIS also said major central banks would limit market rencies, as they set the tone person, who asked not to be BEIJING cation. LOS ANGELES joint venture with Star India
said in its annual report that for monetary policy in the identified because the plans MUMBAI: India-focused merger and acquisi- The fear among
The government has also streamlined the procedure for the global economy was turbulence as much as possible after Britain voted last rest of the world,” the BIS aren’t public. Waldorf Astoria, New York tion deals during the January-September period China said Saturday Beijing is highly suspi- Scientists, including one of Indi- Tata Steel sweetens called Star Den to focus on tors is that your
highly exposed even before said. reached $24.8 billion through 309 transactions, that communications cious of Tsai, whose Dem- an-origin, have found a link be- employee separation porate loan book
quick and timely payments by the client ministries to DAVP. Thursday’s vote by Britain to week to leave the European Union. PHOTO: BLOOMBERG Anbang representatives PHOTO: BLOOMBERG registering a jump of 10% over the same peri- with Taiwan had been ocratic Progressive Party tween the breast ductal micro- plan, retirees jump its core business of cable and growing fast en
leave the European Union. didn’t immediately respond od last year, says a report. According to global suspended after the island’s (DPP), which replaced the biome and breast cancer, using the In fact, your corp
According to data from DAVP, till 29 February 2016 (for the to calls for comment placed ately reply to an e-mailed deal tracking firm Mergermarket, there were 224 new government failed to ac- Beijing-friendly Kuomint- planetary protection techniques em- broadband. While Den is al- book at one poin
“There are worrying de- before regular business request for comment. News M&A deals worth $22.5 billion during the first knowledge the concept that ang (KMT) party in govern- ployed in Nasa spacecraft designed to to be 30% and re
year 2015-16), the government had spent Rs.842.89 crore on velopments, a sort of ‘risky that is unusually low, cast- Despite sub-zero inter- hours in Beijing, where the of the planned spring clos- nine months of the last year. The July-September there is only “one China”. ment, is traditionally pro-in- ensure that they do not contaminate ready profitable in the cable at 70%. Is that lik
trinity’, that bear watching,” ing a shadow over future est rates and trillions of dol- insurer is based. A Hilton ing was reported earlier on quarter witnessed $6.3 billion worth deals, a up dependence and has warned other worlds. remain there?
publicity, out of which Rs.402.79 crore was spent on print said the head of the BIS mon- improvements in living stan- lars of stimulus, Europe and spokesman didn’t immedi- Sunday by the Wall Street 18.9% in value terms as against July-September Relations between the her against any attempt at a business, the television and Manish Dawar, chief financial In the short term,
etary and economic depart- dards; global debt levels that Japan’s central banks are Journal. period of 2014, when there were deals worth $5.3 two sides have grown in- breakaway. “We applied these planetary pro- diately what you see
media, while Rs.353.31 crore was spent on electronic media. ment, Claudio Borio. are historically high, raising struggling to lift inflation billion. A sector-wise analysis shows that energy, creasingly frosty since Pres- tection techniques in the first-ever broadband businesses will officer, Den Networks. growth is largely in in
financial stability risks; and and growth. Markets have Anbang bought the Wal- mining and utilities was the most active with 28 ident Tsai Ing-wen won Beijing said it had cut study of microorganisms in hu- ual loans. We have see
According to Cama, this move will only help the big news- “Productivity growth room for policy manoeuvre grown accustomed to that dorf Astoria, an Art Deco deals worth $3.7 billion accounting. bloomberg Taiwan’s leadership by a contact because Taiwan had man breast ductal fluid,” said Parag turn profitable by the end of PHOTO: MINT in the first nine mon
that is remarkably narrow.” support, but they are grow- icon on Park Avenue, in Feb- landslide in January and refused to acknowledge the Vaishampayan, from Nasa’s Jet Pro- this year. Even as we
papers mop up more advertising. “Basically, the DAVP bud- ing concerned the firepower ruary 2015 for $1.95 billion, a took office in May, ending “1992 consensus”—a tacit pulsion Laboratory in the US. FY17, he added. Den is in the forward, we see the de
He said the global econ- is mostly spent. record price for a US hotel, eight years of rapproche- agreement made between for individual loans
gets are limited. And if they pay premiums to big newspapers, omy cannot afford to rely and has said it plans to con- ment. Chinese officials and the The research found differenc- middle of final negotiations selling it at a profit? very strong. And this
any longer on the debt-fu- “Should this situation vert most of the property to KMT that there is only “one es between the ductal fluid bacteria more from a variety
there will be no money left for medium and small newspa- elled growth model that has be stretched to the point of luxury condos. bloomberg Beijing and Taipei have China” but each side is al- found in women who have experi- for a stake sale in the soccer I just want to give you tors. One is if you look
brought it to the current shaking public confidence held regular, official com- lowed its own interpretation. enced breast cancer, and the bacteria demographics, 66%
pers,” he said.Although small and medium-sized newspapers juncture. in policymaking, the conse- munications since 2014, but present in those who have not. PATRICK DONAHUE ployees,” the spokesperson business as well, but it is pre- a little background of Den dia’s population is bel
that has now stopped, ac- Tsai’s presidential pre- said. The notable attractions years of age and unli
are concerned about the changes, the new policy seems to be cording to China’s Taiwan decessor Ma Ying-jeou rec- Researchers have previously doc- Li Keqiang also said that China will be able to keep medium to high level growth. @patrickjdo include escalation of pen- mature to talk about valua- so that we understand as to West, in India, people
Affairs Office. “The bilateral ognised the consensus and umented the existence of bacteria sion every year, provision of house when they are i
in line with the Modi government’s larger vision of cleaning communication mechanism oversaw an unprecedented in the breast tissue. The new study LONDON house rent allowance if the tions, Dawar said. The com- what we are doing on Star mid-30s.
has been suspended,” TAO thawing of ties from 2008 to marks the first exploration of a link person decides to return the
up the system. The focus is clearly on tracking where the gov- spokesman An Fengshan when he left office in May. between the breast ductal microbi- system,” said Susan Love, chief vi- may play in causing or preventing Tata Steel Ltd saw a company accommodation pany has invested `15 crore Den, make sense with the
said on its website. ome and breast cancer. The breast sionary officer of Dr Susan Love Re- breast cancer. They are in line with sharp jump in the num- and provision of a switcho-
ernment’s advertising money goes. Her presidential victory ductal system contains the glands search Foundation. “Yet, all breast recent research studies that suggest ber of people opting for ver to job for a job scheme in TV shop busi- overall strategy.
Although Taiwan, whose tapped into voter fears that that produce milk and naturally se- cancer begins in the ducts, so clearly microbes contribute to 16% or more its employee separation plan at a later date if the person
Shuchi Bansal is Mint’s media, marketing and advertising official name is the Republic Beijing was eroding Taiwan’s cretes a substance called “nipple as- exploration is critical to discovering of malignancies worldwide. this year as it spruced up its decides so, based on certain ness with Snap- INTERVIEW So, we have got
of China, is self-ruling after sovereignty through closer pirate fluid” that researchers studied. what causes breast cancer and how voluntary retirement policy conditions, the spokesper- deal and expects five business-
editor. Ordinary Post will look at pressing issues related to all splitting with the mainland ties, and that trade agree- we can eradicate the disease,” Love “We have known for decades that in the backdrop of poor mar- son said.
in 1949 following a civil ments with China were be- “We don’t yet know nearly enough said. our immune cells and the cells that ket conditions, technological this business es—we have got
war, it has never formally ing made secretly, benefiting about healthy and cancerous breasts line our organs’ surfaces can react upgrades and cost cutting. India’s steel industry is
declared independence and big business, rather than or- — neither the microbial landscape The researchers found that the to microbial components,” said Del- in trouble owing to large to break even some time cable business where we are
dinary residents. nor the anatomy of the breast duct community of microorganisms in phine Lee, from the John Wayne As many as 1,190 people imports of cheap steel from
breast ductal fluid differed signifi- Cancer Institute in the US. “These have opted for its early sep- China that has squeezed the during the next financial shifting from analogue to
cantly between two groups — 23 responses can trigger inflammation aration scheme in 2015-16 margins of local manufactur-
healthy women and 25 women who and immune responses, suggesting in India till January, a sharp ers, while exports have been year, Dawar said. On the on- digital and that sits right in
had a history of breast cancer and that this interaction might help the jump from just 90 people in hurt, owing to continued
had gone through treatment. It was immune system monitor breast tissue 2014-15, a spokesperson of global economic downturn. going court cases to extend the middle of government
then analysed with next-generation for cancer, or that certain microbes Tata Steel told Mint.
genomic sequencing, which has also could contribute to increased inflam- Tata Steel, India’s largest the deadline for digitisation, agenda of Digital India. We
been used for examining bacteria in mation that leads to cancer develop- “More people opted for steel firm with a capacity of
Nasa spacecraft assembly facilities. ment,” Lee said. the scheme because it has 30 million tonnes in India Dawar said, that set top box- started broadband business
been made more attractive and overseas.
The new findings set the stage for The study was published in the based on the feedback of em- es are available in abundance about 1.5 years back which
further study on the role microbes journal Scientific Reports.
so there is no reason for the again fits in very well with

extension. the government agenda of

Digital India. Third, we have

Have you sold your got soccer business where

entire stake in this we own the Delhi Dynamos

particular joint ven- which is a soccer club for In-

ture? What is the total dian Super League (ISL).

amount that you have We have a joint venture

invested in it? Why are with Snapdeal which is a TV-

you selling it? Are you shop business.







BUSINESS OF LIFE PG 22

Daily articles on
lifestyle, sports,
leisure, technology,
and health.

WEDNESDAY, 1 JUNE 2016 POLITICS WEDNESDAY, 1 JUNE 2016 23

22 Business of life THEMINTPLANNER Adi Godrej Capital Calculus
From music to movies, from pitches for ANIL PADMANABHAN
dance to theatre, we tell you low rates
what to enjoy in Bengaluru, under GST To read all of Anil Padmanabhan’s’'s columns, go to
Delhi, Mumbai, Chennai, www.livemint.com/capitalcalculus
Hyderabad and Kolkata

REVIEW PTI FINANCIAL
INCLUSION, THE
Counting HYDERABAD POLICY CASHLESS WAY
steps
Veteran industrialist The court is
Fitness watches are Adi Godrej on Mon- likely to hear
useful to track your day cautioned against a new PIL,
health goals, and now high tax rates under the GST challenging the
there is variety too (Goods and Services Tax),

Fitness watches are a spin-off from as he praised the Narendra Delhi govt’s
the niche category of smartwatch- odd-even
es, and not many do it better than Modi government for being scheme Last week, several banks launched app-based services,
the Dutch company TomTom, well reform-oriented and bring- kicking off a revolution in the way we digitally transfer
known otherwise for its navigation ing down corruption and funds using smartphones.
products. In fact, watchmaker Timex crony capitalism.
has also jumped on to the fitness watch
bandwagon with a unique product. In an interview to PTI, the It is now possible, as easily as messaging someone, to
Timex Metropolitan+
Rs.9,995 chairman of Godrej Group transfer funds 24x7 through our smartphones to not just pay
This is by far the most unconventional
smartwatch. It doesn’t have the LCD made a strong pitch for low- utility bills, transfer to another bank account, but even move
display that smartwatches usually
have; instead, what you get is the tradi- er rates of taxes. “Now, we funds to each other (P2P or peer-to-peer)—all this without

tional, round-dial watch face, complete are going to finalise the GST sharing personal details like a bank account or a credit card
with the usual hour, minute and second
hands. The mineral glass and brushed rates of taxes. And some peo- number.
stainless steel casing feels premium.
The Metropolitan+ has a built-in night (From left) Rajiv Gandhi Khel Ratna awardees Sakshi Malik, Jitu Rai, Dipa Karmakar and P. V. Sindhu at the Rashtrapati Bhavan. Rv mooRthy ple are talking about higher And this is being made possible by employing the unified
light too—press the crown for a couple
HOW BIG SHOULD of seconds, and a pale blue backlight rates that will be very much payments interface architecture launched by the Nation-
comes on for about 3 seconds.
YOUR PHONE BE? OVERHEAD against the interests of the al Payments Corp. of India (NPCI)—the brainchild of the
There are two separate dials on the economy. So, reasonable and Reserve Bank of India and the Indian Banks’ Association and
face. The top one allows you to switch
between the steps and distance mode, P.V. Sindhu, Dipa Karmakar lowrateswillbethebestfor serves as the umbrella organization for all retail payments
switch on Bluetooth for syncing with the economy,” he said. systems in India.
the Timex Connected app (free on iOS On his assessment of
and Android) or turn off the tracker al- the performance of the There are an estimated 200 million smartphones in the
together. The second dial shows how country. So, this is the potential base for drawing the new
much of the fitness target has been
achieved. In terms of accuracy, we 27-month-old Modi gov- highway of financial transactions; and this adds up to about
found the Metropolitan+ to be bet-
ter than a lot of other fitness watches receive Khel Ratna award ernment, Godrej, a former half the size of the population of the US.
which sometimes even register random president of Confederation If this does not convince you about the sea change that
hand movements as steps. In this case, of Indian Industry, said the
the numbers give you a pretty good government has done quite is underway in the financial sector, then sample this nugget
measure of the actual activity. shared by Axis Bank Ltd in its latest quarterly earnings re-

well. port—much before the launch of the new payments interface

Some users aren’t comfortable with a large phone screen, others cannot find their way “They are clearly free last week. According to it, the market share of Axis Bank in
around a small display. Here’s how to find that sweet spot
enterprise-oriented, very mobile transactions is 13%, significantly higher than their

clearly they are reform-ori- market share in overall deposits.

For the first time in the history of National Sports Awards, four athletes were chosen ented and, at last, the GST And then the kicker: “Mobile banking spends in first
constitutional amendment quarter reported a growth of 159% on a Y-o-Y basis. In terms

for the Khel Ratna honour, owing to P.V. Sindhu, Sakshi Malik and Dipa Karmakar’s bill passed that is to mind is of number of transactions, digital channels are outpacing
superlative show at the Rio Olympics the single most important
I nfosys Ltd is confident of achieving its reform after 1991. So, I think mint every other channel by a wide margin,”
ambitious target of hitting $20 billion they have done a good job.
in sales by 2020 despite the pall of eco- four years, Rao said. The comment comes less than 10 months nizant Technol Infosys chief operating officer COLUMN and then adding, “Electronic channels,
nomic gloom hanging over the Indian To achieve its goal, Infosys will look at also after India’s second largest software firm first U.B. Pravin Rao said in an interview this week. And they have improved i.e. Digital and ATM, now contribute
information technology (IT) industry, outlined its ambitious target. The optimism 88% of all customer induced transac-
a top executive at the firm said. buying firms that will shore up revenue, versus comes just days after rival Cognizant Technol- To achieve its goal, Infosys will look at also
its strategy of investing in firms that have new- ogy Solutions Corp. issued a weak sales fore- buying firms that will shore up revenue, versus ease of doing business, and tions in our retail base.”
“We believe it is very much doable. We do age technologies and will help over the longer cast of 10-14% growth this year, versus 21% last its strategy of investing in firms that have new-
not doubt and we believe there is enough and term, furthering Sikka’s ambition of bringing year (2015). Uncertainty over a global economic age technologies and will help over the longer BY AMANPREET SINGH Dipa grabbed a piece of history for herself ceived the Arjuna award. we should continue strongly There are several ways to look at this change. For one, as
more opportunity for a company, which is not $1.5 billion in business from mergers and ac- recovery is making many large global banks term, furthering Sikka’s ambition of bringing
complacent, able to think differently, and exe- quisitions. (which spend the most on IT) put their technol- $1.5 billion in business from mergers and ac- @amanthejourno with a fourth place finish in artistic gymnas- Cricketer Ajinkya Rahane, who was also on that path”, he said. already demonstrated, it empowers the user in an incredible
cutes this well,” Infosys chief operating officer ogy spending on hold. quisitions.
U.B. Pravin Rao said in an interview this week. The company also expects significant busi- NEW DELHI Asked if there are areas Total sizeway (previously, the ATM-inspired disintermediation led to
ness from big data analytics-powered platforms Recently, industry body Nasscom project- The company also expects significant busi- where the Modi government the death of queues at the teller counter in banks). Second, it
The comment comes less than 10 months and Internet of things as part of its outlook of ed a lower outlook of 10-12% growth for India’s ness from big data analytics-powered platforms Type Dimensions (CM) t was a celebration of woman power has “fallen short”, he said: also benefits banks by reducing the cost of each transaction
after India’s second largest software firm first generating $2 billion in business from new-age $146 billion IT sector in 2016-17 versus 12.3% and Internet of things as part of its outlook of “That’s not the issue, noth- dramatically compared to moving money through a cheque
outlined its ambitious target. The optimism technologies by 2020. growth in the year ending 31 March. generating $2 billion in business from new-age in sports as Olympic stars P.V. Sindhu, ing is perfect. Because of po- or facilitating an ATM transaction. Third, it incentivises the
comes just days after rival Cognizant Technol- technologies by 2020. Uncertainty over a glob- Sakshi Malik and Dipa Karmakar were litical reasons, somethings transition to a cashless economy, which not only augurs
ogy Solutions Corp. issued a weak sales forecast Its tie-up with conglomerates such as Gen- Infosys remains on track to achieve its goal al economic recovery is making many large on Monday conferred India’s highest may not be done. But Now, efficiency but also establishes a much-needed audit trail to
of 10-14% growth this year, versus 21% last year eral Electric on cloud computing platforms (GE and if chief executive Vishal Sikka’s strategy of global banks (which spend the most on IT) put lot of the things have been discourage black money creation.
(2015). Predix) is a case in point. “If you look at the last “new and renew” is executed well, it can grow their technology spending on hold. I Width Height sporting honour—the Rajiv Gandhi
few years, TCS and Cognizant grew 17-18%. The up to 5% above Nasscom’s guidance in the next tics with her now famous Produnova vault. selected for the Arjuna Award, missed out
Uncertainty over a global economic recov- industry grew at-best 13%. So it is possible for four years, Rao said. Recently, industry body Nasscom project- Shooter Jitu Rai was always a contender on the ceremony as he is in the US with the
ery is making many large global banks (which someone who is executing well to grow 3%, 4%, ed a lower outlook of 10-12% growth for India’s Indian team for a Twenty20 series against
spend the most on IT) put their technology 5% higher than industry,” Rao said on Monday. To achieve its goal, Infosys will look at also $146 billion IT sector in 2016-17 versus 12.3% after consistently producing medal-winning the West Indies. Teen Javelin thrower Neer-
spending on hold. buying firms that will shore up revenue, versus growth in the year ending 31 March. performances in the last two years, including aj Chopra, the first Indian athlete to become
When Infosys shared its aim of becoming its strategy of investing in firms that have new- gold at the Asian and Commonwealth Games a world champion at any level with a gold
Recently, industry body Nasscom project- a $20 billion firm by 2020 last April, it meant age technologies and will help over the longer Infosys remains on track to achieve its goal along with a silver at the World Champion- medal at the U-20 World Championship,
ed a lower outlook of 10-12% growth for India’s the firm had to grow at an annual compounded term, furthering Sikka’s ambition of bringing and if chief executive Vishal Sikka’s strategy of ships. was also among the Arjuna winners this year.
$146 billion IT sector in 2016-17 versus 12.3% growth rate of 18.11% a year from its revenue of $1.5 billion in business from mergers and ac- “new and renew” is executed well, it can grow
growth in the year ending 31 March. $8.7 billion in 2014-15. quisitions. up to 5% above Nasscom’s guidance in the next The four Khel Ratnas, who were greet-
four years, Rao said.
Infosys remains on track to achieve its goal “We believe it is very much doable. We do “We believe it is very much doable. We do Khel Ratna—along with shooter Jitu Rai in a ed with a loud round of applause when they Goalkeeper Subrata Paul was the lone foot- done. I think they have taken Clearly, the disruption in Indian banking is underway.
and if chief executive Vishal Sikka’s strategy of not doubt and we believe there is enough and not doubt and we believe there is enough and To achieve its goal, Infosys will look at also
“new and renew” is executed well, it can grow more opportunity for a company, which is not more opportunity for a company, which is not buying firms that will shore up revenue, versus gleaming awards ceremony at the Rashtrapati walked up to receive their awards from Pres- baller in the list of Arjuna awardees, which good steps. Overall, I compli- Last week, Mint carried an infographic , authored by Nandan
up to 5% above Nasscom’s guidance in the next complacent, able to think differently, and exe- complacent, able to think differently, and exe- its strategy of investing in firms that have new- 265.6 sqcmPOLITICS
cutes this well,” Infosys chief operating officer cutes this well,” comes just days after rival Cog- age technologies and will help over the longer Strip Bhawan. 33.2 also included shooter Apurvi Chandela and 8 ment them.”
U.B. Pravin Rao said in an interview this week. term, furthering Sikka’s ambition. “Corruption has come Bihar floods:
wrestler Vinesh Phogat. Vinesh received her down quite a lot, especial- Toll rises to
ident Pranab Mukherjee, received a medal, award while seated on wheelchair as she is re- ly at the higher level, and I Nilekani, the man who gave us Aadhaar, on the likely path
covering from a knee injury sustained in her think crony capitalism has of this transformation. In this presentation, he shares the
For the first time in the history of National certificate and cash prize of Rs.7.5 lakh each. second-round bout during the Rio Olympic fact that electronic clearing (NEFT, IMPS, etc) is growing

Sports Awards, four athletes were chosen for Also honoured were 15 Arjuna awardees 153 as per the
latest figures
the Khel Ratna honour, owing to the three who received statuettes, certificates and annually by 50% and overtook cheques clearing in the first

girls’ superlative show at the Rio Olympics. In award money of Rs.5 lakh each. Long distance quarter of 2015.

Ver tical Strip2009, three athletes—boxers Vijender Singh runner Lalita Babar, who finished a creditable 12Games. 20come down a lot. And that’s 240 sqcmAll this has been made possible by a fundamental reset in
This year’s Dronacharya Award was con- the ecosystem of the financial economy. And the key enabler
and M C Mary Kom and wrestler Sushil Ku- 10th in the 3000m steeplechase in the Rio ferred upon six coaches, the most notable very good. I think passing of is JAM—the acronym which denotes Jan Dhan (no-frill
mar—had been given this award together. Games, boxer Shiva Thapa, only the third the constitutional amend-
Shuttler Sindhu won a historic silver in the Indian to win a World Championships medal among them being Dipa’s coach Bishwesh- ment bill for GST is a very bank accounts for all), Aadhaar and Mobile. It has reached a

women’s singles, Sakshi won India’s first ever last year, and hockey players V.R. Raghunath war Nandi and India Test team captain Virat good achievement,” Godrej critical mass with nearly 240 million bank accounts opened

medal (bronze) in women’s wrestling while and Rani Rampal were among those who re- Kohli’s mentor Raj Kumar Sharma. said in response to a query. as on 17 August, 1 billion Aadhaar numbers issued and over 1

billion mobile phones. Take the three together and what you

have is a gigantic financial web on which you can undertake,

without being physically present, cashless transactions.

West Bengal will be called Trust deficit? No entry for women in shrines In the process, what is happening, to quote Nilekani, is
India is going from being “data poor to data rich”. What he
Bengal, if Mamata has her way means is that once an individual is part of this emerging fi-
nancial architecture, their transaction data is accessible to all
Virtual assistants, on your financial players. So, if a bank needed an individual’s credit

BY NIKITA DOVAL Politicians refused to inter- history to take a call on extending a loan, it is available now;

@nikitadoval vene saying it’s a religious just as much as it brightens the prospects of an individual

PTI Banerjee said “The name matter. By 2014 we had no obtaining a loan based on the mining of their transactional

Bangla has a historical and MUMBAI other option but to approach data.

WidthYour smartphone can now act as your butler. Here are some virtual assistant apps you can down- KOLKATA cultural background. I don’t the court,” she says in a tele- In a previous column , I had written how this is slowly

load to make life easier 12 cm The West Bengal state have any problem with the Growing up in Mum- phonic interview. enabling the informal economy to join the mainstream and
Assembly on Monday name of ‘Bango’ either. But bai, Noorjehan Naiz Last week, the Bombay avail of the benefits of the formal economy. If loans are giv-
passed a resolution to most of the people want the was a regular visitor en/denied based on an individual’s credit history as opposed
name ‘Bangla’. In English it at the Haji Ali Dargah, a 15th high court finally lifted the to the discretion of a bank manager, it is undoubtedly a good
ban ruling that it contra-

change the name of the state will be ‘Bengal’ so that there century shrine to Sayed Peer venes the Constitution. thing. Also, at the cost of sounding repetitive, it is an import-

from West Bengal to ‘Bang- will be no confusion with the Haji Ali Shah Bukhari. “It The judgement cited ant step in transitioning the country towards a rules-based

Love Jarvis, the virtual assistant that Iron la’ in Bengali and ‘Bengal’ in name of neighbouring Ban- was an annual ritual. In 2011, Article 14 of the Constitu- regime; for most of the seven decades, India has relied on an
Man keeps snapping orders to? Would you
like to have a virtual assistant? Now you can You can connect it to your Android device via English. gladesh.” we had visitors over and we tion which ensures equality exception-based regime with disastrous consequences.
set up one on your phone to help you get your the near-field communication (NFC) wireless
life in order. method or Bluetooth. It’s hands-free, and uses The opposition Congress, “Whenever we go out of visited the shrine. When we before law and Article 15 In a previous column , I had written how this is slowly
facial and voice detection to hear you. It can
Assistant.ai also capture images by acting as a remote for BJP and Left Front opposed India or to some other state went back the next year, we A woman sits in front of the Haji Ali Dargah in Mumbai on which forbids prohibition of enabling the informal economy to join the mainstream and
Free on Android, iTunes and Windows Store. the paired smartphone, and can play music,
In-app, or additional feature purchases starting audiobooks and podcasts. the move. The resolution was we are known as people were told women were no Friday. Photo: Pti discrimination on grounds avail of the benefits of the formal economy. If loans are giv-
from Rs.53.65 onwards
www.assistant.ai Hound Voice Search & Assistant moved by state parliamen- from Bengal. In 2011 we had longer allowed in the inner of religion, race, caste, sex en/denied based on an individual’s credit history as opposed
The app lets you choose an avatar for your
personal assistant. It gives you news, and lets Height 20 cmFree on Android and iOS tary affairs minister Partha once proposed to change sanctum. I was flabbergast- an NGO, which fights for mission to politicians but or place of birth. “Women to the discretion of a bank manager, it is undoubtedly a good
you search for specific terms and phrases on
Google, find locations through Yelp, open the www.soundhound.com Chatterjee under Rule 169, the name of the state, but it ed. I had been going there Muslim rights in India. She with no luck. should be permitted to en- thing. Also, at the cost of sounding repetitive, it is an import-
calculator, ask general knowledge questions Don’t like to swipe or tap many options to
and get answers from Wikipedia, make calls, get the information you want? Ask Hound a which said that the name of was held back by the Centre. since childhood and over- refused to take the diktat ly- “The Trust refused to ter the sanctum sanctorum ant step in transitioning the country towards a rules-based
send texts and emails and update the calendar question, and it will immediately get back to
and tasks list. If you want some entertainment, you with the results. Hound activates when you the state would be ‘Bangla’ in There was no decision re- night a bunch of people had ing down and sought meet- meet us at all though we at par with men,” said the regime; for most of the seven decades, India has relied on an
it can update your Facebook and Twitter pages, say “OK Hound” to the phone and has a very
and play music and videos too. In addition, it conversational tone. It can tell you about the Bengali , ‘Bengal’ in English garding it. So we decided to decided that women were no ings with the Haji Ali Dargah were given several reasons bench. The court has stayed exception-based regime with disastrous consequences.
can also navigate, translate and open other apps weather, search local places for you, navigate,
installed in the phone, and can be customized search and book hotels with specifics like Wi-Fi and ‘Bangal’ in Hindi. bring it once again to change longer allowed?” Naiz is an Trust. ranging from security of its own order for six weeks
as well. and breakfast included, book a cab, make phone
calls, send text messages, execute Web searches, Speaking on the mo- the name of the state to ‘Ban- office-bearer of the Bharti- She knocked on every women to dressing up is- allowing the Dargah Trust Anil Padmanabhan is executive editor of Mint and writes
OK Google set the alarm, check your flight status and even
Free on Android, iOS and Windows Phone translate words across multiple languages. It tion, chief minister Mamata gla’,” Banerjee said. ya Muslim Mahila Andolan, door from the minority com- sues as reasons for the ban. that had used religion. every week on the intersection of politics and economics.
www.messenger.com is only available in the US currently, and we
Holler “Ok Google” into the microphone of Infosys chief cannot wait for a global roll-out. FROM THE STATES ULFA: Last hurrah of Curfew lifted in Kashmir Trade unions refuse GMR wins bid to build
operating officer spent force or outfit on Goa’s second airport
Height 8 cmyour phone and the voice search feature will U.B. Pravin Rao Cortana comeback trail? except for three police to call off 2 September
says the IT firm Free on Android, iOS, Windows phones and PCs NEW DELHI: GMR Infrastructure Ltd on
find what you’re looking for. This includes quick restaurant’s menu. The Now feature provides social media updates. If you say something like, sus its strategy Microsoft’s offering for its Windows phone is stations strike Friday won the bid to build Goa’s second
translation to other languages, searching for information such as traffic conditions on the “Tell my husband I’m running late”, Siri will of investing in now available on Android smartphones as well airport, expected to cost Rs.3,000
an item or nearby places, calculations, weather route to your office, weather updates, and meet- send him a message. Apple is working actively as Apple’s iPhone. Cortana can help you find NEW DELHI: On 22 August, many news- SRINAGAR: Life in Srinagar city on Mon- CHANDIGARH: Senior Union min- crore, gaining an opportunity to tap
information, flights, songs, navigation, asking ings and news you might be interested in. with car manufacturers to integrate Siri into whatever name you want. Robin activates when things in your phone, manage your calendar, rooms across Assam received a video. day started limping towards normalcy isters on Saturday held extensive tourist traffic to the north of the state.
general knowledge questions, setting remind- their car’s infotainment systems. you press the microphone button or gesture a track courier packages, find files, chat with you In it, a young man, identified as Kuldeep as authorities lifted curfew from the talks after trade unions said no to the The company, which operates the Delhi
ers, and more. It also lets you track packages, Siri hello by waving your hand in front of the phone. and tell jokes if that is what you need to improve Moran from Tinsukia district of the state, entire Kashmir valley except three police government’s request to call off their and Hyderabad airports, beat Essel
and book event and flight tickets. If you ask Free on iPhone Robin your mood. You activate the assistant by saying is kneeling down and is surrounded by station areas after 51 days of continuous proposed nationwide general strike on Infraprojects Ltd and state-run Airports
for a restaurant’s location and then wish to see www.apple.com Free on Android Xperia Ear “Hey Cortana” and speaking into the mic. Apart five heavily armed men with their faces curfew following the killing of Hizbul Mu- 2 September. Labour minister Bandaru Authority of India (AAI) to the contract
the menu, the assistant will show you the same Siri converses with you through voice to send www.robingets.me To be launched this summer from reminders for tasks, there is a “Remind covered. “I have been kidnapped by the jahideen commander Burhan Wani. Dattatreya had urged the central trade by offering the highest revenue share
messages and emails, schedule meetings, make Meant as a voice assistant for the road, Robin www.sony.com Me” feature to return calls if you missed one or ULFA. They have been taking me from “Curfew has been lifted from Kashmir ex- unions (CTUs) on Friday to reconsider to the state government. GMR offered
phone calls, and analyse your requests to open lets you text by voice, find local places to go to, How about a wireless earpiece that acts like declined to take one earlier. one place to another on foot by blind- cept from Pulwama town and the areas their decision to go on strike. However, 36.99% of the revenue generated by the
other apps. It can wake you up, play your favou- navigate using your phone’s GPS—it even tells your personal assistant? Experia Ear is an folding me almost every day. I appeal to in Srinagar falling under the jurisdiction trade unions on Saturday rejected the airport to the government of Goa. Essel
rite song, tell you the scores of matches or the exciting technology by Sony. It is a compact, my parents, as well as to CM Sarbananda of police stations M R Gunj and Nowhat- request saying that the government has Infraprojects and AAI offered 27% and
prices of stocks you are following, and give you Widthjokes. You can ask it for weather information, wide-angle lens camera that fits into your ear- Sonowal to get me released as early as ta,” a police official said. He said the failed to address their 12-point charter 32.31%, respectively. TARUN SHUKLA
directions and reminders. It can take dictations lobe, and can either be attached to your clothes possible. I don’t want to get killed in curbs were lifted following improvement of demands. Replying to Dattatreya’s
in English and Hindi and post notes, emails or set reminders and alarms, and get information or worn around your neck. Using a proximity crossfire,” Moran says in Assamese. PTI in the situation. PTI letter. PTI
sensor to detect if you’re wearing it or not, it
33.2 cmon parking and traffic conditions. You can per- whispers to you the latest on emails, missed
calls, weather updates and breaking news.
sonalize the app by getting it to address you by

POLITICS PG 23

Detailed coverage
on Politics.

WEDNESDAY, 1 JUNE 2016 POLITICS WEDNESDAY, 1 JUNE 2016 23

LANNER Adi Godrej Capital Calculus
vies, from pitches for ANIL PADMANABHAN
e tell you low rates
engaluru, under GST To read all of Anil Padmanabhan’s’'s columns, go to
Chennai, www.livemint.com/capitalcalculus
d Kolkata
PTI FINANCIAL
REVIEW INCLUSION, THE
HYDERABAD POLICY CASHLESS WAY
Counting
steps Veteran industrialist The court is
Adi Godrej on Mon- likely to hear
tness watches are day cautioned against a new PIL,
seful to track your high tax rates under the GST challenging the
ealth goals, and now (Goods and Services Tax),
here is variety too
as he praised the Narendra Delhi govt’s
Fitness watches are a spin-off from odd-even
the niche category of smartwatch- Modi government for being scheme Last week, several banks launched app-based services,
es, and not many do it better than reform-oriented and bring- kicking off a revolution in the way we digitally transfer
e Dutch company TomTom, well ing down corruption and funds using smartphones.
own otherwise for its navigation crony capitalism.
oducts. In fact, watchmaker Timex
s also jumped on to the fitness watch In an interview to PTI, the It is now possible, as easily as messaging someone, to
andwagon with a unique product.
imex Metropolitan+ chairman of Godrej Group transfer funds 24x7 through our smartphones to not just pay
s.9,995
his is by far the most unconventional made a strong pitch for low- utility bills, transfer to another bank account, but even move
martwatch. It doesn’t have the LCD
splay that smartwatches usually er rates of taxes. “Now, we funds to each other (P2P or peer-to-peer)—all this without
ve; instead, what you get is the tradi-
are going to finalise the GST sharing personal details like a bank account or a credit card
onal, round-dial watch face, complete
th the usual hour, minute and second rates of taxes. And some peo- number.
nds. The mineral glass and brushed
ainless steel casing feels premium. (From left) Rajiv Gandhi Khel Ratna awardees Sakshi Malik, Jitu Rai, Dipa Karmakar and P. V. Sindhu at the Rashtrapati Bhavan. Rv mooRthy ple are talking about higher And this is being made possible by employing the unified
he Metropolitan+ has a built-in night
ht too—press the crown for a couple rates that will be very much payments interface architecture launched by the Nation-
seconds, and a pale blue backlight
mes on for about 3 seconds. OVERHEAD against the interests of the al Payments Corp. of India (NPCI)—the brainchild of the
There are two separate dials on the economy. So, reasonable and Reserve Bank of India and the Indian Banks’ Association and
ce. The top one allows you to switch
etween the steps and distance mode, P.V. Sindhu, Dipa Karmakar lowrateswillbethebestfor serves as the umbrella organization for all retail payments
witch on Bluetooth for syncing with the economy,” he said. systems in India.
e Timex Connected app (free on iOS On his assessment of
d Android) or turn off the tracker al- the performance of the There are an estimated 200 million smartphones in the
gether. The second dial shows how country. So, this is the potential base for drawing the new
uch of the fitness target has been
hieved. In terms of accuracy, we 27-month-old Modi gov- highway of financial transactions; and this adds up to about
und the Metropolitan+ to be bet-
r than a lot of other fitness watches receive Khel Ratna award ernment, Godrej, a former half the size of the population of the US.
hich sometimes even register random president of Confederation If this does not convince you about the sea change that
nd movements as steps. In this case, of Indian Industry, said the
e numbers give you a pretty good government has done quite is underway in the financial sector, then sample this nugget
easure of the actual activity. shared by Axis Bank Ltd in its latest quarterly earnings re-

nect it to your Android device via well. port—much before the launch of the new payments interface
d communication (NFC) wireless
luetooth. It’s hands-free, and uses “They are clearly free last week. According to it, the market share of Axis Bank in
ice detection to hear you. It can
images by acting as a remote for enterprise-oriented, very mobile transactions is 13%, significantly higher than their
martphone, and can play music,
and podcasts. clearly they are reform-ori- market share in overall deposits.
Voice Search & Assistant
oid and iOS For the first time in the history of National Sports Awards, four athletes were chosen ented and, at last, the GST And then the kicker: “Mobile banking spends in first
hound.com constitutional amendment quarter reported a growth of 159% on a Y-o-Y basis. In terms
swipe or tap many options to
mation you want? Ask Hound a for the Khel Ratna honour, owing to P.V. Sindhu, Sakshi Malik and Dipa Karmakar’s bill passed that is to mind is of number of transactions, digital channels are outpacing
d it will immediately get back to superlative show at the Rio Olympics the single most important
results. Hound activates when you reform after 1991. So, I think COLUMNmint every other channel by a wide margin,”
nd” to the phone and has a very they have done a good job. and then adding, “Electronic channels,
nal tone. It can tell you about the i.e. Digital and ATM, now contribute
rch local places for you, navigate,
ook hotels with specifics like Wi-Fi And they have improved 88% of all customer induced transac-
t included, book a cab, make phone
xt messages, execute Web searches, ease of doing business, and tions in our retail base.”
m, check your flight status and even
rds across multiple languages. It BY AMANPREET SINGH Dipa grabbed a piece of history for herself ceived the Arjuna award. we should continue strongly There are several ways to look at this change. For one, as
ble in the US currently, and we
for a global roll-out. @amanthejourno with a fourth place finish in artistic gymnas- Cricketer Ajinkya Rahane, who was also on that path”, he said. already demonstrated, it empowers the user in an incredible

oid, iOS, Windows phones and PCs tics with her now famous Produnova vault. selected for the Arjuna Award, missed out Asked if there are areas way (previously, the ATM-inspired disintermediation led to
ffering for its Windows phone is
e on Android smartphones as well NEW DELHI Shooter Jitu Rai was always a contender on the ceremony as he is in the US with the where the Modi government the death of queues at the teller counter in banks). Second, it
hone. Cortana can help you find
ur phone, manage your calendar, It was a celebration of woman power after consistently producing medal-winning Indian team for a Twenty20 series against has “fallen short”, he said: also benefits banks by reducing the cost of each transaction Type Dimensions (CM) Total size
r packages, find files, chat with you in sports as Olympic stars P.V. Sindhu, performances in the last two years, including the West Indies. Teen Javelin thrower Neer- “That’s not the issue, noth- dramatically compared to moving money through a cheque 830 sqcm
s if that is what you need to improve Sakshi Malik and Dipa Karmakar were gold at the Asian and Commonwealth Games aj Chopra, the first Indian athlete to become ing is perfect. Because of po- or facilitating an ATM transaction. Third, it incentivises the
You activate the assistant by saying on Monday conferred India’s highest along with a silver at the World Champion- a world champion at any level with a gold litical reasons, somethings transition to a cashless economy, which not only augurs
a” and speaking into the mic. Apart sporting honour—the Rajiv Gandhi ships. medal at the U-20 World Championship, may not be done. But Now, efficiency but also establishes a much-needed audit trail to
ders for tasks, there is a “Remind was also among the Arjuna winners this year. lot of the things have been discourage black money creation.
to return calls if you missed one or The four Khel Ratnas, who were greet-
ake one earlier.
Khel Ratna—along with shooter Jitu Rai in a ed with a loud round of applause when they Goalkeeper Subrata Paul was the lone foot- done. I think they have taken Clearly, the disruption in Indian banking is underway.

gleaming awards ceremony at the Rashtrapati walked up to receive their awards from Pres- baller in the list of Arjuna awardees, which good steps. Overall, I compli- Last week, Mint carried an infographic , authored by Nandan
POLITICS Nilekani, the man who gave us Aadhaar, on the likely path
Bhawan. ident Pranab Mukherjee, received a medal, also included shooter Apurvi Chandela and ment them.”

For the first time in the history of National certificate and cash prize of Rs.7.5 lakh each. wrestler Vinesh Phogat. Vinesh received her “Corruption has come Bihar floods: of this transformation. In this presentation, he shares the Width Height

Sports Awards, four athletes were chosen for Also honoured were 15 Arjuna awardees award while seated on wheelchair as she is re- down quite a lot, especial- Toll rises to fact that electronic clearing (NEFT, IMPS, etc) is growing
ly at the higher level, and I 153 as per the annually by 50% and overtook cheques clearing in the first
the Khel Ratna honour, owing to the three who received statuettes, certificates and covering from a knee injury sustained in her think crony capitalism has latest figures quarter of 2015.

girls’ superlative show at the Rio Olympics. In award money of Rs.5 lakh each. Long distance second-round bout during the Rio Olympic

2009, three athletes—boxers Vijender Singh runner Lalita Babar, who finished a creditable Games. come down a lot. And that’s WidthAll this has been made possible by a fundamental reset in
very good. I think passing of the ecosystem of the financial economy. And the key enabler
and M C Mary Kom and wrestler Sushil Ku- 10th in the 3000m steeplechase in the Rio This year’s Dronacharya Award was con- the constitutional amend- is JAM—the acronym which denotes Jan Dhan (no-frill 33.2 25

mar—had been given this award together. Games, boxer Shiva Thapa, only the third ferred upon six coaches, the most notable

16.4 cmment bill for GST is a very

good achievement,” Godrej
said in response to a query.
Shuttler Sindhu won a historic silver in the Indian to win a World Championships medal among them being Dipa’s coach Bishwesh- bank accounts for all), Aadhaar and Mobile. It has reached a
women’s singles, Sakshi won India’s first ever last year, and hockey players V.R. Raghunath war Nandi and India Test team captain Virat critical mass with nearly 240 million bank accounts opened
medal (bronze) in women’s wrestling while and Rani Rampal were among those who re- Kohli’s mentor Raj Kumar Sharma. as on 17 August, 1 billion Aadhaar numbers issued and over 1

billion mobile phones. Take the three together and what you

have is a gigantic financial web on which you can undertake,

without being physically present, cashless transactions.

West Bengal will be called Trust deficit? No entry for women in shrines In the process, what is happening, to quote Nilekani, is Only Horizontal Half Page/Back Page Solus
India is going from being “data poor to data rich”. What he
Bengal, if Mamata has her way means is that once an individual is part of this emerging fi-
nancial architecture, their transaction data is accessible to all
financial players. So, if a bank needed an individual’s credit

BY NIKITA DOVAL Politicians refused to inter- history to take a call on extending a loan, it is available now;

@nikitadoval vene saying it’s a religious just as much as it brightens the prospects of an individual

PTI Banerjee said “The name matter. By 2014 we had no obtaining a loan based on the mining of their transactional

Bangla has a historical and MUMBAI other option but to approach data.

KOLKATA cultural background. I don’t the court,” she says in a tele- In a previous column , I had written how this is slowly

The West Bengal state have any problem with the Growing up in Mum- phonic interview. enabling the informal economy to join the mainstream and
Assembly on Monday name of ‘Bango’ either. But bai, Noorjehan Naiz
passed a resolution to most of the people want the was a regular visitor Last week, the Bombay avail of the benefits of the formal economy. If loans are giv-
change the name of the state name ‘Bangla’. In English it at the Haji Ali Dargah, a 15th
from West Bengal to ‘Bang- will be ‘Bengal’ so that there century shrine to Sayed Peer high court finally lifted the en/denied based on an individual’s credit history as opposed
will be no confusion with the Haji Ali Shah Bukhari. “It Height 25 cmban ruling that it contra-

venes the Constitution.
The judgement cited
to the discretion of a bank manager, it is undoubtedly a good
thing. Also, at the cost of sounding repetitive, it is an import-
ant step in transitioning the country towards a rules-based

la’ in Bengali and ‘Bengal’ in name of neighbouring Ban- was an annual ritual. In 2011, Article 14 of the Constitu- regime; for most of the seven decades, India has relied on an

English. gladesh.” we had visitors over and we tion which ensures equality exception-based regime with disastrous consequences.

The opposition Congress, “Whenever we go out of visited the shrine. When we before law and Article 15 In a previous column , I had written how this is slowly

BJP and Left Front opposed India or to some other state went back the next year, we A woman sits in front of the Haji Ali Dargah in Mumbai on which forbids prohibition of enabling the informal economy to join the mainstream and

the move. The resolution was we are known as people were told women were no Friday. Photo: Pti discrimination on grounds avail of the benefits of the formal economy. If loans are giv-

moved by state parliamen- from Bengal. In 2011 we had longer allowed in the inner of religion, race, caste, sex en/denied based on an individual’s credit history as opposed

tary affairs minister Partha once proposed to change sanctum. I was flabbergast- an NGO, which fights for mission to politicians but or place of birth. “Women to the discretion of a bank manager, it is undoubtedly a good

Chatterjee under Rule 169, the name of the state, but it ed. I had been going there Muslim rights in India. She with no luck. should be permitted to en- thing. Also, at the cost of sounding repetitive, it is an import-

which said that the name of was held back by the Centre. since childhood and over- refused to take the diktat ly- “The Trust refused to ter the sanctum sanctorum ant step in transitioning the country towards a rules-based

the state would be ‘Bangla’ in There was no decision re- night a bunch of people had ing down and sought meet- meet us at all though we at par with men,” said the regime; for most of the seven decades, India has relied on an

Bengali , ‘Bengal’ in English garding it. So we decided to decided that women were no ings with the Haji Ali Dargah were given several reasons bench. The court has stayed exception-based regime with disastrous consequences.

and ‘Bangal’ in Hindi. bring it once again to change longer allowed?” Naiz is an Trust. ranging from security of its own order for six weeks

Speaking on the mo- the name of the state to ‘Ban- office-bearer of the Bharti- She knocked on every women to dressing up is- allowing the Dargah Trust Anil Padmanabhan is executive editor of Mint and writes

tion, chief minister Mamata gla’,” Banerjee said. ya Muslim Mahila Andolan, door from the minority com- sues as reasons for the ban. that had used religion. every week on the intersection of politics and economics.

FROM THE STATES ULFA: Last hurrah of Curfew lifted in Kashmir Trade unions refuse GMR wins bid to build
spent force or outfit on Goa’s second airport
comeback trail? except for three police to call off 2 September
NEW DELHI: GMR Infrastructure Ltd on
stations strike Friday won the bid to build Goa’s second
airport, expected to cost Rs.3,000
NEW DELHI: On 22 August, many news- SRINAGAR: Life in Srinagar city on Mon- CHANDIGARH: Senior Union min- crore, gaining an opportunity to tap
rooms across Assam received a video. day started limping towards normalcy isters on Saturday held extensive tourist traffic to the north of the state.
In it, a young man, identified as Kuldeep as authorities lifted curfew from the talks after trade unions said no to the The company, which operates the Delhi
Moran from Tinsukia district of the state, entire Kashmir valley except three police government’s request to call off their and Hyderabad airports, beat Essel
is kneeling down and is surrounded by station areas after 51 days of continuous proposed nationwide general strike on Infraprojects Ltd and state-run Airports
five heavily armed men with their faces curfew following the killing of Hizbul Mu- 2 September. Labour minister Bandaru Authority of India (AAI) to the contract
covered. “I have been kidnapped by the jahideen commander Burhan Wani. Dattatreya had urged the central trade by offering the highest revenue share
ULFA. They have been taking me from unions (CTUs) on Friday to reconsider to the state government. GMR offered
one place to another on foot by blind- Width“Curfew has been lifted from Kashmir ex- their decision to go on strike. However, 36.99% of the revenue generated by the
folding me almost every day. I appeal to trade unions on Saturday rejected the airport to the government of Goa. Essel
my parents, as well as to CM Sarbananda cept from Pulwama town and the areas request saying that the government has Infraprojects and AAI offered 27% and
Sonowal to get me released as early as in Srinagar falling under the jurisdiction failed to address their 12-point charter 32.31%, respectively. TARUN SHUKLA
possible. I don’t want to get killed in of demands. Replying to Dattatreya’s
crossfire,” Moran says in Assamese. PTI 33.2 cmof police stations M R Gunj and Nowhat- letter. PTI

ta,” a police official said. He said the
curbs were lifted following improvement
in the situation. PTI

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