To mark Teachers’ Day, Mr. Shashi Kiran Shetty, Chairman, of the Board of Governance, IIM Mumbai, and Founder and Chairman, of Allcargo Group, inaugurated the commencement of the new facilities, underscoring the institute’s commitment to fostering innovation and excellence. Mr. Shetty emphasized the institute’s dedication to providing students with an optimal environment for exploring Artificial Intelligence (AI) and technology.

IIM Mumbai proudly acknowledges the distinguished presence of Dr. Satheesh Reddy, President of the Aeronautical Society of India, Former Secretary of DDRND, Chairman, of DRDO, and Scientific Adviser to Raksha Mantri, who played a significant role in the inauguration of IIM Mumbai’s INR 800 crore campus enhancement project. Dr. Reddy, known for his groundbreaking contributions to India’s defence sector, attended the Bhumi Pujan ceremony, where he laid the foundation stone for the new development phase of the campus. IIM Mumbai is honored to have Dr. Reddy’s support and is excited about the new opportunities this project will create for students and researchers alike. His contribution to the event exemplifies the institute’s commitment to bridging the gap between academia and real-world technological advancements.

Commenting on the occasion, Mr. Shashi Kiran Shetty, Chairman, Board of Governance, IIM Mumbai and Founder and Chairman, Allcargo Group said, “This occasion will go down in the history of IIM Mumbai as a key milestone which marks the journey of this premier institute towards becoming one of the best B-schools in the world. The initiative to upgrade the campus is a part of our goal to develop a 21st-century infrastructure capable of exceeding global standards. Thanks to the prestigious IIM tag and the strategic location of the campus in Mumbai, the institute has started attracting faculty and students across the world. With state-of-the-art infrastructure, excellent faculty, and best-in-class pedagogy, IIM Mumbai will emerge as the best management institute in the world, producing the best in quality leadership and entrepreneurship.”

The forthcoming facilities will include the sprawling net zero campus of the future with world-class residential accommodation for faculty & students, startup ecosystem development, Management Development Programs, and a large auditorium. Additionally, the facility will include an Innovation Center focused on banking, finance, and fintech, an AI-based research hub, and a state-of-the-art library connecting students with global resources. The campus will host a prominent Management Training Center, offering certification courses and serving as a focal point for industry leaders.

Formerly known as NITIE, IIM Mumbai has a strong legacy in industrial and engineering education. Since its transition to an IIM, the institute’s climb to 6^th position this year in national rankings underscores the benefits of this change. Situated in India’s financial hub, IIM Mumbai is a significant development for the mega city.

Prof. Manoj K Tiwari, Director, IIM Mumbai, shared insights into the institute’s future direction, highlighting the introduction of new courses benefitting students and professionals. He also mentioned multiple partnerships with Indian and international communities, aimed at enriching the mission of knowledge sharing and global engagement.

Established in 1963 as NITIE, this institution has become a cornerstone of management education in India. A 65-acre campus surrounded by scenic landscapes with lakes on three sides, the institute hosts more than 1,200 students and is ranked among India’s top B-schools. The leadership of Mr. Shashi Kiran Shetty, Chairman of IIM Mumbai’s Board of Governors, and Prof. Manoj K Tiwari, Director, has been instrumental in advancing Logistics and Supply Chain Management and supporting the PM Gati Shakti National Master Plan. Known for its industry-aligned educational programs, IIM Mumbai contributes to national policies, reflecting the vision of Naya Bharat.

“We are confident that this project will continue to receive strong support from leading companies through their Corporate Social Responsibility (CSR) funds. It is poised to set new benchmarks in educational infrastructure, fully aligning with IIM Mumbai’s vision of becoming a global leader in innovation and sustainable development. This effort underscores the respected role of Indian leadership in driving progress within the country and on the world stage.” Added Mr Shetty.

About – Indian Institute of Management Mumbai (IIM):

Formerly known as NITIE, Indian Institute of Management Mumbai (IIM Mumbai), established by the Government of India in 1963 in the financial capital of the country, has been consistently ranking among the top B-schools in India. With around 1,200 students across various programs, IIM Mumbai is a leader in management education in the country and ranked 6^th in the National Institutional Ranking Framework (NIRF) for 2024 among Management institutes across India. IIM Mumbai is committed to creating skilled professionals in diverse functional areas like Operations Management, Analytics, Finance, Marketing, Project Management, HR, Information Technology, and Sustainability Management. For more information, please visit: https://iimmumbai.ac.in/

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The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development in the IFSC has submitted its second interim report to the Chairperson of the IFSCA and suggested Permit Non-resident Indians (NRIs)/ Persons of Indian Origin (PIOs) to buy Life Insurance policies for themselves as well as their family members who are based in India and abroad from companies set up in the IFSC and allow them to pay premium in the currency of their choice (including Indian rupees).

This interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses on recommendations for international insurance activity to flourish in the IFSC. This report follows the first interim report, covering banking-related proposals which was submitted on September 11, 2020. Other key business verticals, i.e., asset management and capital markets, will be covered in reports that the committee will submit in due course.

The Expert Committee has been constituted by the IFSCA to make recommendations on promoting international retail business in International Financial Services Centre (IFSC) along with potential strategies for making IFSC attractive for international financial services; provide a roadmap for future growth of international retail business in IFSC; and also examine and recommend any other issues that are important in the development of the IFSC.

The main recommendations of this interim report deal with making the GIFT IFSC an attractive destination for Life, Health and Non-Life Insurance companies. Some of the key recommendations of the report include:-

• Permit Non-resident Indians (NRIs)/ Persons of Indian Origin (PIOs) to buy Life Insurance policies for themselves as well as their family members who are based in India and abroad from companies set up in the IFSC and allow them to pay premium in the currency of their choice (including Indian rupees).
• Permit NRIs/PIOs to buy portable life insurance policies which offers them flexibility to pay premium in INR or in foreign currency, based on their choice, after they return to India.
• Permit residents to buy overseas health insurance for themselves and their dependents (in India and overseas) from insurance companies or intermediaries in the IFSC for medical treatment anywhere in the world.
• Allow insurance companies to offer health insurance products to NRIs/PIOs including covering their family members who are based in India.
• Permit insurance companies in the IFSC to offer personal accident cover, baggage loss, documents loss cover and travel health insurance anywhere in the world for NRIs/ PIOs and to any other non-resident.
• IFSC should emerge as Reinsurance Hub for Asia and Africa with more reinsurers encouraged to set up base in IFSC. IFSC can also emerge as Aviation insurance Hub for the world.
• Insurers be allowed to set up subsidiaries in IFSC to promote business.
• Indian investors be allowed to set up direct and reinsurance companies with lower capital requirements to promote insurance abroad.
• Foreign reinsurance brokers be encouraged to set up base in IFSC to create a vibrant insurance market.

“The Committee believes that the IFSC can become an engine of economic growth for India.The global opportunity for Insurance sector is immense. The Indian insurance sector is underperforming compared to that of developed and emerging economies. Insurance penetration and density, which are the key performance indicators of the insurance industry, are especially low in India. GIFT IFSC promises to offer a cost-effective and tax-efficient jurisdiction for insurance companies to set up operations there,” said Pradip Shah, Chairman of the Expert Committee

The Government of India had constituted the IFSCA with Shri Injeti Srinivas as its Chairperson earlier this year to develop and regulate the financial services market in the IFSC in India. The other members of the Expert Committee comprise G. Srinivasan, (Ex-CMD, New India Assurance Ltd.), Siddhartha Sengupta, (ex-DMD, State Bank of India), Shyamal Mukherjee (chairman, PWC), Prakash Subramanian (head- Strategy, Standard Chartered Bank), Dipesh Shah (head-IFSC dept., GIFT IFSC) and Nitin Jaiswal (head-Govt Affairs and Strategic relations, Bloomberg, Asia Pacific). The Committee has so far held 16 video meetings and met with 36 participants in financial services in India and abroad.

Apart from channelizing India’s offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services, the objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai.

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In pursuance of recently announced Atma Nirbhar Bharat Abhiyan stimulus package, Cabinet today approved setting up of Animal Husbandry Infrastructure Development Fund (AHIDF) amounting to Rs. 15000 crore.

Government had earlier approved the Dairy Infrastructure Development Fund (DIDF) worth Rs. 10,000 crores for incentivizing investment by cooperative sector for development of dairy infrastructure. However, the MSMEs and Private companies also need to be promoted and incentivized for their participation in processing and value addition infrastructure in the animal husbandry sector.

The AHIDF approved today would incentive infrastructure investments in dairy, meat processing and animal feed plants. The eligible beneficiaries under the Scheme would be Farmer Producer Organizations (FPOs), MSMEs, Section 8 Companies, Private Companies and individual entrepreneur with only 10% margin money contribution by them. The balance 90% would be the loan component to be made available to them by scheduled banks.

Government of India will provide 3% interest subvention to eligible beneficiaries. There will be 2 years moratorium period for repayment of loan with 6 years repayment period thereafter. Government of India would also set up a Credit Guarantee Fund of Rs. 750 crore to be managed by NABARD which would provide credit guarantee to the projects which are covered under the MSME defined ceilings. Guarantee Coverage would be upto 25% of the Credit facility of borrower.

Benefits :
There is huge potential waiting to be unlocked through private sector investment in animal husbandry sector. The AHIDF with the interest subvention scheme for private investors will ensure availability of capital to meet upfront investment required for these projects and also help enhance overall returns/ pay back for investors. Such investments in processing and value addition infrastructure by eligible beneficiaries would also promote exports.

Since almost 50-60% of the final value of dairy output in India flows back to farmers, the growth in this sector can have significant direct impact on farmer’s income. Size of dairy market and farmers’ realization from milk sales is closely linked with development of organized off-take by cooperative and private dairies.

Thus, investment of Rs. 15,000 crores through AHIDF would not only leverage several times more private investment but would also motivate farmers to invest more on inputs thereby driving higher productivity leading to increase in farmers income. The measures approved today through AHIDF would also help in direct and indirect livelihood creation for about 35 lakh persons.

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The Silver Lake deal represents a 12.5% premium to the equity valuation of the Facebook investment into Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL).

Silver Lake’s other investments have included Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.

After selling a 10% stake to Facebook, Reliance had last week said it was in talks with other strategic and financial investors for a similar-sized deal to cut down debt.

RIL chairman and managing director Mukesh Ambani said Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. “Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” he said.

Silver Lake co-CEO and managing partner Egon Durban described Jio Platforms as one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. “They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous,” he said.

The deal is subject to regulatory and other customary approvals.

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SoftBank has invested $231 million in Lenskart through a primary infusion along with making a secondary transaction worth $40-$45 million, which includes buying out part-stakes from three of Lenskart’s existing backers — TPG Group, PremjiInvest and International Finance Corp.

The investment will be its first in India from Vision Fund-II, and the second globally. It is also SVF’s maiden investment in India this year and comes after SoftBank’s once prized portfolio firm WeWork shelved its IPO plan a few months ago, dealing a blow to the Masayoshi Son-led group’s investment thesis.

Lenskart passed a board resolution on December 12 approving the allotment of 22.9 million Series G compulsorily convertible cumulative preference shares to SVF II (Cayman) Lightbulb Ltd, according to a research note published by paper.vc. SoftBank shelled out Rs 714 per share.

The latest capital raising comes about three months after Kedaara Capital, one of India’s largest home-grown private equity firms, invested a shade over $55 million in the company. The PE firm is also in talks to buy shares in the omni-channel eyewear retailer through a secondary deal.

Lenskart has cumulatively raised about $380 million in primary equity financing till date. Separately, its investors have earned over $250 million in secondary transactions, across rounds.

The company plans to use the latest capital to ramp up its manufacturing, supply chain and fulfilment capacities, and utilise the rest to further build technology functions and double its team.

“We have realised that to service the growing demand, and to do that at scale, we need to invest more in manufacturing. If we want to realise our vision of having a 50% market share in India, it will require more backend work in building capability and infrastructure to supply,” Lenskart CEO Peyush Bansal told ET.

Lenskart plans to open a second plant to undertake multi-tiered manufacturing processes, Bansal said. It will also focus on creating smaller, automated and more mobile eye-testing and vision correction equipment, and on artificial intelligence-led technologies.

“Vision correction is a huge problem in India, and about 350 million children don’t have access to quality optometrists. Vision is the biggest health ailment in India, according to the World Economic Forum, and that’s what we are trying to address,” Bansal said.

Vision Fund-II, which is raising money from Apple Inc, Microsoft Corp, Foxconn Technology Group and the sovereign wealth fund of Kazakhstan, made its first close of $2 billion, Bloomberg reported last month. It also participated in a financing round for Chinese online property listing service Beike Zhaofang, it reported.

SVF’s first fund was almost $100 billion in size, but with concerns around the group’s strategy of backing loss-making startups, it may not mop up a similar gargantuan corpus this time round.

The investment in Lenskart was led by Sumer Juneja, partner and head of India at SoftBank Investment Advisors, who joined the world’s largest technology investor in November last year. Avendus Capital acted as advisor for the deal.

It is also the second bet by SoftBank on a vertical ecommerce business with a sizeable offline presence. The world’s largest tech investor had last year invested $150 million into baby products retailer FirstCry, which also runs brick-and-mortar stores.

Lenskart, founded in 2010, has been steadily improving its financials over the last three years, while also expanding in its core home market as well as overseas. It has also entered into a slew of new categories, such as contact lenses.

On a standalone basis, the company reported net loss of Rs 27.89 crore in fiscal year 2018-19, compared to a net loss of about Rs 118 crore in fiscal year 2017-18, documents filed with the Registrar of Companies, and accessed by business intelligence platform Tofler, showed.

Total revenue touched Rs 486.26 crore, as the company expanded across the country and established its footprint in Singapore, its first overseas market.

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