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Saturday,06-March-2021

Business

Odisha gets over Rs 1.25 lakh cr investment despite Covid

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Naveen-Patnaik

Chief Minister Naveen Patnaik on Friday said Odisha has received an investment of over Rs 1.25 crore since February 2020 despite Covid-19 pandemic.

“We have received an investment of over 1.25 lakh crore rupees since February 2020 despite the wrath of coronavirus. Our Start-Up policy is also one of the best in the country,” said the Chief Minister while addressing an event here.

He said the state government is working with commitment to improve the business climate of Odisha.

“Industry friendly policies, quick clearances and grounding of projects have helped us to make us one of the most attractive investment destinations in India,” he added.

The Chief Minister said young people from the state must take a plunge into business and industry, create global brands and generate wealth for themselves and the nation.

“I wish more and more people, especially the young people, from our state come forward to take the opportunities in various sectors. The younger generation is bubbling with ideas. They must take the plunge into business and industry, create global brands, and generate wealth for themselves and the nation,” he added.

He said that branding and promotion are essential components of business and industry and the ultimate aim is to bring prosperity, serve people and create a niche for a company, its product or service.

Any branding programme that has a solution to address people’s needs will definitely succeed, said the Chief Minister.

Union Petroleum Minister Dharmendra Pradhan said that Lord Jagannath is the brand of world for Odia people.

Odisha has all the potential to reach the pinnacle of progress. The vast beaches, forest resources, abundant mineral resources, the potential for tourism, as well as the intelligent and hardworking human resources of Odisha are unique identities, said Pradhan.

The Minister also highlighted various challenges of society including malnutrition of children in the state.

Business

Adidas provides 100% support through its Formotion collection for all women making moves

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ADIDAS

In its commitment to creating an inclusive space in society for women, global sportswear giant — adidas, has launched Watch Us Move — a campaign to celebrate womanhood and their freedom of movement.

Through this campaign, adidas reaffirms its belief that just like in sport where body types don’t matter, our society is rising above caring for beauty standards.

As per adidas, what is important is that we unbiasedly care about our ambitions, hard work, stamina, willpower, and everything that comes from within. Sport is beyond caste, socio-economic status, physical and psychological barriers. Through ‘Watch Us Move’, the brand celebrates the positive movement of women who are spreading an infectious aura of rebellious optimism.

The launch of the campaign saw Manushi Chhillar, Dipika Pallikal & Nikhat Zareen coming together to narrate how they have broken unrealistic stereotypes of perfection through their incredible journey and positioned themselves as role models for young girls across the country.

Present at the launch, Sunil Gupta, Senior Director, brand adidas, India said: “Watch Us Move” is all about encouraging women to express themselves through movement. Every woman has her own definition of movement, of what progress looks like. They’re already taking action, creating in their own way. Yet many tell her what to do, how to look and who to be. With the launch of “Watch Us Move”, adidas aims to unshackle these expectations and provide 100% support for all women making moves as they move the world.

Speaking at the launch, Manushi Chhillar, Miss World 2017, said, “I am delighted to be a part of adidas’ powerful roster of women athletes who are super inspirational. ‘Watch Us Move’ celebrates women, their achievements and inspires us to keep a positive approach to life. It celebrates the fact that being feminine is powerful in every way, shape and form. Through this platform, I’d like to say we are ready to MOVE and now, more so than ever, it’s time for the world to ‘WATCH US MOVE’.”

Adding to this, Deepika Pallikal, Indian Squash Player, said, “Watch Us Move is a rallying call for all women to be the drivers of change for one another with their inspiring rebellious optimism. Through this campaign, I urge women to express themselves more freely and also to move & enjoy and see how this movement can do wonders to their bodies and minds for overall wellbeing.”

As part of the campaign, adidas is pushing boundaries to release product innovations that reflect women’s needs to access possibilities in sport and herself throughout the year. The campaign is timed with the arrival of adidas’ most supportive activewear range — Formotion — a collection that has been developed by an all-female design team to deliver maximum support, whilst offering a comfortable fit that works seamlessly with the body in motion. Formotion is a celebration of freedom and expression through movement and inclusivity for all women.

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Business

IndiGrid inks largest transmission deal with Sterlite Power

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Power-demand

India Grid Trust, India’s first power infrastructure investment trust (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power as part of the Framework Agreement.

The indicative value of the acquisition is Rs 4,625 crore and would boost IndiGrid’s AUM (asset under management) by 34 per cent to over Rs 20,000 crore ($2.8 billion).

Post completion, the platform’s asset portfolio would consist of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit kilometers and 13,350 MVA in 17 Indian states and 1 Union Territory.

NER-II is part of Inter State Transmission Scheme (ISTS) network, and was awarded on a Build, Own, Operate, Maintain (“BOOM”) basis with a contractual period of 35 years. The project has 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over 830 circuit kilometres. The asset spans across Assam, Arunachal Pradesh and Tripura and is of strategic importance for the delivery of power in one of the toughest regions in the country. This project will strengthen the power transmission network in the North Eastern States and address the of transmission, sub-transmission, and distribution system needs of the region.

IndiGrid had signed a framework agreement in April 2019 with Sterlite Power for acquisition of NER-II upon commissioning. This transaction is expected to be consummated during Q4 FY21, subject to unitholders’ approval, regulatory approvals, and other customary closing adjustments. The acquisition will be funded through a combination of internal accruals, debt, equity proceeds from the preference issue done in May 2019 and forthcoming rights issue. Post this acquisition, the net debt/AUM would stand at 64 per cent.

Commenting on the acquisition, Harsh Shah, Chief Executive Officer of IndiGrid, said: “We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long term cash flows and minimal counter party risk. This acquisition would be DPU accretive and augment our recent increase of DPU to Rs 12.40 per annum for a considerable period.”

Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power said, “This mega transmission project will help deliver reliable power for 5.3 crore people in India’s north eastern region.”

IndiGrid has acquired Rs 8,300 crore assets since the last capital raise including Rs 7,100 crore of Framework/ROFO projects from Sterlite Power and first cost-plus transmission asset from Reliance Ifrastructure. It has also announced its foray into the renewables sector with the planned acquisition of 138 MW solar asset. Separately, in FY21, KKR was inducted as a sponsor following the Rs 2,510 crore preferential issue in 2019 which was subscribed by KKR and GIC amongst other marquee investors. KKR has also acquired majority interest in the Investment Manager

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Business

SUV outside Ambani home: Hiren’s autopsy kept ‘reserved’

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The autopsy on the body of businessman Mansukh Hiren — whose body was fished out of the Thane Creek marshes — was completed here early on Saturday, police officials said.

However, the autopsy report, findings and opinion of the four-member medical team, has been kept in reserve while his viscera has been preserved for forensic analysis, said Deputy Commissioner of Police (Zone-I) Avinash Ambure.

Hiren shot into limelight after his stolen SUV Scorpio with 20 gelatin sticks and a purported typewritten threat note was found outside Antilia — the residence of industrialist and Reliance Industries Ltd. Chairman Mukesh Ambani, on Feb. 25.

Hiren’s body is likely to be handed over to his family around noon at their residence in Vikas Palms building in Charai area of the city.

The case has been handed over to the Anti Terrorist Squad, the Thane police as the SRPF deployed tight security outside the Hirens’ residence since earlier in the day.

The Opposition BJP in Maharashtra has demanded a probe by the CBI or NIA, while his family, including wife Vimala, has rejected the ‘suicide by drowning’ theory pointing out that Hiren was an excellent swimmer.

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