Mubadala invests in Jio

Abu Dhabi fund Mubadala invests in Jio for 1.85% stake

by | Jun 5, 2020 | Buzz of the week, Industry News

Jio Platforms has raised investments of ₹ 87,655.35 crore by leading global investors, including Facebook, in six weeks.
Share to lead the transformation

Reliance Industries Limited and Jio Platforms Limited have announced that Abu Dhabi-based sovereign investor Mubadala Investment Company, will invest ₹ 9,093.60 crore in Jio Platforms. As Mubadala invests in Jio Platforms, the total investment in Jio goes up to ₹ 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, and Mubadala in less than six weeks (See: Telecom deals will transform mobile payments in India.)

Mubadala’s investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis. The deal comprises an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted that Mubadala, one of the most astute and transformational global growth investors has decided to partner us in our journey to propel India’s digital growth towards becoming a leading DIGITAL NATION in the world. Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world.”

Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: “We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

Mubadala invests and partners to advance Abu Dhabi’s diversified, globally integrated economy across sectors that are driving global growth and addressing critical challenges. A significant aspect of this mandate is transformative information and communications technology investments which include cognitive computing, ICT infrastructure, telecoms, and satellite operations.

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.

Jio Platforms Limited is a wholly-owned subsidiary of Reliance Industries Limited, and is the parent company to Reliance Jio Infocomm Limited.

MORE FROM BETTER WORLD

Mega capacity building program launched for sustainable rural water supply and sanitation

Mega capacity building program launched for sustainable rural water supply and sanitation

water supply

The program aims to improve rural water supply and sanitation. (Representative image.)

The Union Minister of Jal Shakti, Gajendra Singh Shekhawat, launched the capacity strengthening initiative of the Department of Drinking Water and Sanitation (DDWS), Ministry of Jal Shakti, in Ranchi, Jharkhand on 27 July. He was joined at the event by the Minister of State for the Ministry of Jal Shakti, Rattan Lal Kataria, Chief Minister of Jharkhand, Raghubar Das, and Minister of the Drinking Water and Sanitation,Government of Jharkhand, Ramchandra Sahis. This initiative will create a pool of 2,800 field trainers in its initial trainings, who will reach out to around 2.5 lakh Gram Panchayats across the country.

The initiative seeks to ensure the sustainability of open defecation free (ODF) villages created under the Swachh Bharat Mission in the long term and enable field trainers and members of Panchayat Raj Institutions (PRIs)  to create capacity to manage solid and liquid wastes as well as improve access to safe and adequate drinking water supply.

Addressing more than 6,000 Mukhiyas (i.e., panchayat heads), Jal Sahiyas, Swachhagrahis and others present on the occasion, Shekhawat emphasized the need for people’s participation highlighting that it is now time to turn the “jal ka andolan” into “jan ka andolan”to avert the impending water crisis. He appreciated the role of people who has committed themselves towards the cause of the Swachh Bharat Mission. Because of their efforts, in ODF and sanitized villages lakhs of lives have been saved, he added. He urged the people to re-energize their efforts for enabling sustained safe sanitation practices and expanding their efforts towards the provision of piped water supply to every household.

The Minister of State, Ministry of Jal Shakti, Rattan Lal Kataria also appreciated the role played by the various stakeholders in making Jharkhand State ODF and reiterated that the country is on track to achieve an ODF India by 2nd October 2019, on the 150th birth anniversary of Mahatma Gandhi.

Addressing the gathering, Secretary, DDWS, Parameswaran Iyer shared the details of the capacity building training program. He shared that by January 2020, four Field Trainers (FTs) from each district will be trained through five-day Training of Trainers (ToTs) organized by the DDWS. The FTs would then train Sarpanchs, village secretaries and Swachhagrahis in their districts through a 3-day field training supported by the states and the districts, completing the entire exercise by March 2020.

During the event, a booklet and a film on the Jharkhand State Government’s Menstrual Hygiene Management Campaign – ‘Chuppi Todo-Swasth Raho’ Abhiyan were released while grassroots functionaries shared their experiences of being a part of the Swachh Bharat Mission (Grameen). This was followed by an award ceremony recognizing the outstanding contributions in the field of sanitation.

GST on all EVs and charging slashed to 5%

GST on all EVs and charging slashed to 5%

electric vehicle charging

GST rate on charger or charging stations for EVs is cut from 18% to 5%. (Representative Image)

The 36th GST Council Meeting held in New Delhi via video conferencing under the chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman, took the most awaited decision on electric vehicles. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Revenue Secretary Ajay Bhushan Pandey and other senior officials of the Ministry of Finance. The Council has recommended the following:

  • GST rate related changes on supply of goods and services
  • The GST rate on all electric vehicles be reduced from 12% to 5%.
  • The GST rate on charger or charging stations for Electric vehicles be reduced from 18% to 5%.
  • Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities be exempted from GST.

These changes shall become effective from 1 August, 2019.

Govt using satellite imagery for assessing crops

Govt using satellite imagery for assessing crops

assessing crop data

Representative image.

Pradhan Mantri Fasal Bima Yojana (PMFBY) envisages use of improved technology to reduce time gap for settlement of claims of farmers. Accordingly, the Department of Agriculture, Cooperation and Farmers Welfare, through Mahalanobis National Crop Forecast Centre (MNCFC), involved 8 agencies/ organizations to carry out pilot studies for Optimization of Crop Cutting Experiments (CCEs) in various States under PMFBY. The studies used various technologies, including Satellite data, Artificial Intelligence, Modeling tools etc. for reducing the number of CCEs required for insurance unit level for yield estimation. The studies were taken up to address a major issue of the need to carry out large number of CCEs for calculation of yield data vis-à-vis claims at Gram Panchayat level. The results are being evaluated for providing recommendations for their implementation in the upcoming seasons.

Further, an Expression of Interest (EOI) was floated with a view to migrate to technology based assessment of yield with minimum use of CCEs for Kharif 2019 season. 46 agencies participated in the EOI, out of which 26 agencies have been shortlisted on technical assessment.

The Government is also using satellite imagery to assess the crop area, crop condition and crop yield, at district level, under various programmes such as Forecasting Agricultural Output Using Space, Agrometeorology & Land based observations and Coordinated Horticulture Assessment and Management using Geo-informatics. Further, satellite data is also being used for drought assessment, to assess the potential area for growing pulses and horticultural crops.

With a view to ensure better transparency, accountability, timely payment of claims to the farmers and to make the scheme more farmer friendly, the Government of India has comprehensively revised the Operational Guidelines of the Pradhan Mantri Fasal Bima Yojana (PMFBY) which have become effective from Rabi 2018-19 season. Provision of 12% interest rate per annum to be paid by the Insurance Company to farmers for delay in settlement claims beyond 10 days of prescribed cut-off date for payment of claims. As the settlement of claims for Rabi 2018-19 season is underway, the admissible penal interest is not yet worked out.

This information was given in a written reply by the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar in Rajya Sabha.

Uber ties up with SUN Mobility for EV push

Uber ties up with SUN Mobility for EV push

electric vehicle charging

Representative Image

Mobility service provider Uber has entered into a partnership with SUN Mobility, aimed at reducing the overall cost burden for Uber driver-partners.
SUN Mobility will offer its unique energy infrastructure platform, which includes swappable smart batteries and quick interchange stations to select original equipment manufacturers (OEMs) for building e-autos.
Fleet owners and Uber’s driver partners will benefit by receiving charged, swappable batteries as a service by SUN Mobility, thereby reducing the overall cost of e-autos to bring them in line with CNG, petrol- and diesel-powered ones.
“We are delighted to partner with SUN Mobility, an industry pioneer to try to usher in a wave of electric vehicles in the mass market category,” said Pradeep Parameswaran, President Uber, India and South Asia. “This is an important step forward in fulfilling our vision for creating a mobility ecosystem that is sustainable, provides cleaner air and helps build smarter cities across the region,” he added.
Commenting on the prospects of the partnership, Chetan Maini, Co-Founder and Vice-Chairman of SUN Mobility said, “Our mission is to give users a cost-effective and convenient energy infrastructure solution to accelerate the adoption of EVs (electric vehicles).’’
In line with the government’s vision to phase out internal combustion engine three-wheelers by 2023 and two-wheelers by 2025, the partnership will be piloted in select cities over the coming months. This could help bridge the demand-supply gap and build a more sustainable future for transport in India and beyond, an Uber newsroom release said.

Tata Motors delivers 40 electric buses to J&K

Tata Motors delivers 40 electric buses to J&K

40 Tata electric buses for J&K

Tata Motors has installed charging stations for fast charging of buses.

Tata Motors said it has supplied 40 9m 900mm Floor Height Non AC buses to the Jammu & Kashmir State Road Transport Corporation. Governor Satya Pal Malik flagged off the buses in the presence of Arvind Ganpat Sawant, Union Minister for Heavy Industries & Public Enterprises and officials from Jammu & Kashmir State Road Transport Corporation (JKSRTC) and Tata Motors at an event held in the city. Some of these buses are plying on the difficult terrains of the Jammu to Katra (Vaishno Devi) route and these electric buses will also ply in the valleys of Srinagar.

Manufactured at Tata Motors Dharwad plant, the Ultra Electric buses will have a traveling range of up to 150 kilometers on a single charge. The indigenously developed e-buses offer superior design and best-in-class features. The Li-ion batteries have been placed on the rooftop to prevent breakdown due to waterlogging. The batteries are liquid cooled to maintain the temperature within an optimum range and ensure longer life along with better performance in tropical conditions.

Speaking on the occasion, Rohit Srivastava, Vice President and Product Line Head – Passenger Commercial Vehicles, Tata Motors, said, “With growing environmental concerns, electric bus will be extremely vital for mass transit because it is not only energy efficient but also reduces overall cost per kms. Tata Motors has always been at the forefront of the E-mobility evolution and this order from JKSRTC is a testament of our excellent range of buses built for STUs in India. Our in-depth understanding of sustainable public transport for different markets and customers has helped us differentiate from our competitors. The electric buses will play an integral role in reduction of pollution load in the congested areas of our metropolis. We are determined to develop alternate fuel technologies and create more energy efficient vehicles thereby supporting the government’s efforts towards promoting electric vehicles in the country.”

Dr. A.K. Jindal, Head Engineering (Electric & Defence), CVBU, Tata Motors said, “Tata Motors has been engaging in advanced engineering and development of electric traction system for Hybrid as well as Pure Electric vehicles for over a decade. The Ultra Electric Bus is a new modular platform, which has been developed in a very short lead-time of less than a year, leveraging the knowledge and experience we have gained and demonstrating our commitment to the Government of India’s National Electric Mobility Mission Plan for Public Transport. The architecture of the platform has been conceived and developed by in-house engineering team of Tata Motors, meeting the requirement of various tenders floated by different state transport undertakings. The exterior has been designed with new brand identity that includes stylized Ultra headlamps and streamlined looks. The vehicle architecture ensures very low energy consumption and low TCO (total cost of operation) apart from being a Zero Emission environment friendly bus.”

The new-age Ultra Electric buses, powered by an Integrated Electric Motor Generator are built on existing proven platforms of Starbus and Ultra. With a max power of 245KW and continuous power of 145KW, the buses have a seating capacity of 31 + 1D seats. The buses will help in zero tailpipe emissions, 50% lower fuel costs, 20% better energy consumption and lower maintenance downtime as compared to diesel buses. As an industry first, there will be air suspension for both front and rear axles to make travel more comfortable for the commuters. Integrated electric motor generator with a peak power of 333HP can deliver 197HP continuously ensuring effortless driving in congested roads and frequent start stops needing no shifting of gears.

Commenting on the occasion, Bilal Ahmed Bhatt, Managing director, JKSRTC said, “The need for a cleaner, smarter and safer mode of transportation is a prerequisite for Jammu and Kashmir, due to the alarming rise of air pollution in the city. Tata Motors has pioneered technological innovations in the bus segment with an in-depth understanding of different market conditions, making it a perfect fit for us. Tata Motors will be delivering 40 e-buses, which will soon ply on the roads of Jammu and Kashmir. We look forward to continue this association.”

The critical electrical traction components have been sourced from internationally known best-in-class suppliers in USA, Germany and China offering proven products. The buses have been tested and validated by Tata Motors across states including Himachal Pradesh, Chandigarh, Assam and Maharashtra to establish performance in diverse terrains. The company has tenders to supply 255 electric buses to six public transport undertakings including WBTC (West Bengal), LCTSL (Lucknow), AICTSL (Indore), ASTC (Guwahati), JKSRTC (Jammu) and JCTSL (Jaipur). In addition to this, the company is also working on developing its electric mini-bus segment in the near future.

India has schemes to push organic farming

India has schemes to push organic farming

Realizing the potential and benefits of organic farming and to improve the economic condition of farmers in the country, Government of India is promoting organic farming through the dedicated schemes of Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) under National Mission for Sustainable Agriculture (NMSA) since 2015-16. Under PKVY, flexibility is given to states to adopt any model of Organic Farming including ZBNF depending on farmer’s choice that is free from chemicals, pesticides residues and adopts eco-friendly low cost technologies.

Under PKVY, assistance of Rs. 50,000 per hectare/ 3 years is allowed out of which Rs. 31,000 (61%) is provided to farmer directly through DBT for input (biofertilisers, biopesticides, vermicompost, botanical extracts etc) production/ procurement, packing, marketing etc.

Under MOVCDNER , assistance is provided to the farmers in a value chain mode starting from formation of Farmers Producer Organisations (FPOs), on/off farm input production, supply of seeds/ planting materials, post harvest infrastructure including collection, sorting, grading facilities, establishment of integrated processing unit, refrigerated transportation, pre-cooling/ cold stores chamber, branding, labelling and packaging, etc .

These schemes are implemented through State Governments at district and village level depending on the interest of the farmers. PKVY scheme is being implemented in 29 States & UTs and MOVCDNER scheme is implemented in the States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura since 2015-16.

This information was given in a written reply by the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar in Lok Sabha today.

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