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Amazon Web Services to invest Rs 20,761 cr in Hyderabad

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Amazon. (photo:ianstwitter)

Amazon Web Services (AWS) will invest Rs 20,761 crore to set up multiple data centres in Hyderabad, the Telangana government announced on Friday.

Telangana’s Minister for Information Technology and Industry K.T. Rama Rao said this would be the largest foreign direct investment in the history of Telangana.

AWS will set up Asia Pacific (Hyderabad) Region with three Availability Zones (AZs). It is expected to start operations by mid of 2022.

The AZs consist of multiple data centres in separate distinct locations within a single region that are engineered to be operationally independent of one another with independent power, cooling, physical security, and connections via a low-latency network.

Rama Rao said the investment from AWS would position Telangana as one of the preferred destinations for other companies that are looking to set up data centres in the future.

“This investment from AWS is going to be the largest FDI that the state has attracted since the inception and will act as a strong anchor for attracting other technology investments,” he said

Rama Rao had met officials from AWS during his Davos visit earlier in the year and subsequently arrived at the closure on the investment in a swift manner, an official statement said.

KTR, as the minister is popularly known, said that AWS choosing Hyderabad as their preferred destination speaks volumes about the swiftness with which the government operates and also the transparency in the system. “This investment further strengthens the existing relationship that Telangana enjoys with Amazon. We, at Hyderabad, are already hosting the largest office campus of Amazon,” he said.

The establishment of data centres like AWS is expected to support Telangana’s digital economy and IT sector in a multi-fold way. The new AWS Asia Pacific (Hyderabad) Region will enable more developers, startups, and enterprises as well as government, education, and non-profit organisations to run their applications and serve end-users from data centre located in India.

The establishment of data centres in a region will increase the operations of sectors such as e-commerce, public sector, banking and financial services (BFSI), IT, and more, the government said.

Telangana is one of the most progressive states with policies targeted specifically towards advancing the growth of IT and IT-enabled services (ITES) companies in India. Hyderabad is a city that recorded the highest growth rate in the IT sector over the years and is home to many innovative startups, enterprises, and a skilled workforce.

The government claimed that AWS chose Hyderabad because of the support provided by the government of Telangana, robust policy framework, and because it best met the rigorous requirements for an AWS Region.

Business

HC allows commercial suit of Rs 938cr against NSEL defaulter NK Proteins

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Bombay-High-Court

The National Spot Exchange Ltd (NSEL) has got a shot in the arm with the Bombay High Court converting its suit for recovery of Rs 937.89 crore against NK Proteins and others into a commercial suit which would ensure stringent procedural formalities for speedy disposal of the case against the defaulter.

In its order, the court came down very heavily on NSEL largest defaulter NK Proteins Group for opposing the conversion of a regular suit into a commercial suit.

The High Court observed that the present case fell under the definition of “Commercial Dispute” under the Commercial Courts Act, 2015, which requires urgent and quick resolution of the matter.

The court’s ruling, on the application made by NSEL in September 2015, set the way for priority hearing that the Commercial Courts Act demands.

Notably, the Commercial Courts Act contains extensive rules of procedure and provides for mechanisms for fast-tracking the matter. It sets strict timelines and endeavours to make attempts at delaying the suit exceedingly difficult and expensive.

In a statement, the NSEL said the order recorded opposition by defaulting entity as “bereft of substance” and “opposition for the sake of it”.

“The High Court order is a major boost to NSEL’s fight against defaulters and strengthens its efforts in recovering the defaulted money,” it added.

NK Proteins Ltd is one of the largest defaulters in the Rs 5,600 crore NSEL payment default crisis with a liability of Rs of about Rs 935 crore.

Last week, an order by the Punjab and Haryana High paved the way for a criminal investigation against NSEL defaulter LOIL Group and an arrest of its owners Balbir Uppal and Janak Raj Singh for the recovery of Rs 720.31 crore.

“NSEL is getting booked all the defaulters one-by-one under the law, who were let go scot-free by the then Forward Markets Commission Chairman Ramesh Abhishek in 2013, in conspiracy with the then Additional Secretary in Department of Economic Affairs K.P. Krishnan and former Finance Minister P. Chidambaram,” said the company.

Pointing out that the NSEL payment default was an engineered crisis, the company said it was solvable, though it was not solved by then FMC Chairman Ramesh Abhishek who conspired with K.P. Krishnan and P.Chidambaram.

“Even though the Economic Offences Wing, Mumbai, had submitted its report, Ramesh Abhishek deliberately did not take any action against the defaulters and brokers. He let every broker and defaulter escape scot-free,” NSEL alleged.

Despite being unjustly targeted, it stated, NSEL had been continuously striving to recover the default amount from the 22 defaulting entities, which has resulted in obtaining the decree of Rs 3,364.71 crore and crystallisation of liability by the High Court Committee to the tune of over Rs 930 crore.

NSEL said the entire recovery process has been possible on account of its single-handed efforts and added that the Decrees were under execution at respective jurisdictions across India where it has achieved injunction or attachment in the Execution Proceedings as well.

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To clear debts, Axis Bank manager loots ICICI branch, kills officer

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ICICI-Bank

In a shocking incident, an Axis Bank Branch Manager allegedly committed an unsuccessful heist on the ICICI Bank and stabbed a deputy branch head there to death, police said here on Friday.

The incident happened late on Thursday around 8.00 p.m., after the close of banking hours at the ICICI Bank’s Virar East Branch.

According to Virar Police Station Senior Police Inspector Suresh Warade, the accused Anil Dubey — the Naigaon Axis Bank Branch Manager, who was a former longtime employee of ICICI Bank, has been arrested.

In the scuffle that ensued between Dubey and the ICICI Bank Deputy Manager Yogita Nishant Choudhary, and her cashier colleague Shraddha Devrukhkar, he allegedly stabbed them both before attempting to flee with the bag full of the looted booty, but was caught outside by the locals.

While Vartak, 36, succumbed to her injuries later, Devrukhkar, 32, is undergoing treatment at a local hospital and further probe is on in the sensational case, said Warade.

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Toyota to raise price of Innova Crysta

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Innova-Crysta

Automobile major Toyota Kirloskar Motor will raise the price of its flagship model, Innova Crysta.

Accordingly, the price will be raised by up to 2 per cent, effective August 1, 2021. The company cited rising input costs as the key factor behind the price hike.

“This increase is necessitated to partially offset the substantial increase in input costs,” the company said in a statement.

“The price increase has been tapered down considering the impact on our valued customers,” it added.

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