Growing up in a financially constrained household, Dhirubhai Ambani’s education was limited to the 10th grade. To support his family, he started selling fruits and fritters. However, realizing the need for better opportunities, he moved to Aden, Yemen, in 1948 with the help of his elder brother Ramaniklal.

At the age of 16, Dhirubhai took up a job at a petrol pump in Aden, earning Rs 300 per month. His hard work earned him a promotion to manager. Yet, he was not content with the job and  thought of starting his own business.

Returning To India With Rs 500

After working in Yemen for six years, Dhirubhai returned to India in 1954 with just Rs 500 in his pocket. At that time, this amount held significant value. He relocated to Mumbai, a city known for its bustling opportunities, and set out to make his mark.

The Beginning of Reliance

Dhirubhai identified two promising markets, first one was the growing demand for polyester in India and the popularity of Indian spices abroad. Teaming up with his cousin Champaklal Damani, he established Reliance Commercial Corporation in a rented room in Mumbai. This small space, equipped with a table, three chairs, and a writing pad, became their first office. They began exporting spices like turmeric and ginger to Western countries.

Expanding The Business

With time, Dhirubhai expanded his business operations. In 1966, he set up a textile mill in Ahmedabad, Gujarat, under the name Reliance Textiles. He also launched the iconic Vimal brand, which gained massive popularity. Gradually, he diversified into plastics, petrochemicals, and power generation.

Evolution Of Reliance Industries

In 1985, Reliance Textiles Industries Limited was rebranded as Reliance Industries Limited. By 1991-92, the company established its first petrochemical plant in Gujarat, marking its foray into the petrochemical industry. Between 1998 and 2000, Reliance built the world’s largest refinery in Jamnagar, Gujarat, solidifying its dominance in the energy sector.

Legacy And Achievements

Dhirubhai Ambani passed away on July 6, 2002, after elevating Reliance Industries to unparalleled heights. Soon after his demise, the company was split between his two sons, Mukesh Ambani and Anil Ambani.

Today, under Mukesh Ambani’s leadership, Reliance Industries is India’s most valuable company, with a market capitalization of ₹16.52 lakh crore, according to the Bombay Stock Exchange (BSE). Despite a 5% dip in share prices this year, Reliance continues to lead in several sectors, including energy, telecom, and retail.

Q1: Srikanth, you have a wide range of experiences in service delivery and IT management. What drew you to this field, and how did it all begin for you?

A: The interest in service delivery actually initiated my journey with a fascination toward how technology can solve some of the complex business problems. Soon after my Master’s in Computer Applications, the power of IT dawned on me: not merely in development, but in seamless delivery and continuous improvement. As part of my experience working with with Satyam Computer Services, first-hand experience in managing IT services across various regions: UK, US, and Europe. Working on those transformational initiatives fairly early on catalyzed my interest in service delivery, and I knew this was the path I wanted to undertake.

Q2: You have led large teams across diverse geographies. How do you ensure high performance and collaboration across such diverse groups?

A: Leading a cross-functional, geographically dispersed team is a fair amount of work; at the same time, it is wonderfully rewarding. The key is in building a strong culture of collaboration and open communication. I have led teams of more than 45 members, across Europe and India. What has always worked is standardizing processes and clearly defining roles. Once the SOPs are well defined, everyone knows their role, wherever they may be. Besides, regular communication and performance appraisals align and motivate the team to always go an extra mile.

Q3: What, in your opinion, are some of the high-water moments for you as far as service delivery is concerned?

A:I have been pretty lucky to lead quite a few initiatives that had a lasting impact. Most important was in a big organization wherein service profitability improved by 15% and delivered 10% year-over-year savings through continuous service improvements. The other was transitioning critical support processes while leading 45+ member team across Europe and India. Building a cross-functional support model, establishing contracts with vendors to optimize costs, were some of the things that enabled these successes. Each one of them taught me something new, and that’s actually what’s been driving my passion for innovation.

Q4: Continuous service improvement is an echoing theme in your career; please elaborate on this imperative and how you go about it.

A: Since technology and customers’ expectations are dynamic, service delivery has to improve continually. There is no scope for stagnation. I do this through a continuous assessment of ongoing activities by spotting opportunities to further optimize them. Sometimes, by reducing response times, improving profitability, or adopting best practices from other industries, always remain scope for further improvement. One such project which I am proud of is how we improved on SLA adherence by increasing the response times and reducing the turn around time for critical issues by bringing the KEDB (Known Error Database) for one of our major clients. Continuous evaluation and problem-solving proactively keep the service delivery relevant and efficient.

Q5: Kindly let us know about your experience in client relationship management and how that helped your success?

A: Client relationships form the backbone of successful service delivery. Knowing their needs and aligning our services to meet or beat those expectations has always been my top priority. I have been involved with the management of relationships with clients from various sectors; what really works in all of these is listening, adapting, and delivering on promises. Building trust is about confidence gained through regular check-ins, flowing transparent communication, or offering solutions tailored just for them. It is this that fosters loyalty and opens more avenues for growth and collaboration.

Q6: You have taken teams through some pretty challenging transformations. What do you believe is most important about leading through change?

A: Leading through change requires a clear vision and effective communication. In the transition of support processes to a cross-functional group-based model, communicating ‘why’ was an important reason for the change. People don’t like change, but once the purpose is communicated and the benefits are realized, they become more engaged. Throughout the change process, I kept reinforcing transparency, continuous support to my team, and making sure everyone has what it takes to be successful. Leadership to me is a way to guide people confidently through that gray area of uncertainty.

Q7: How do you ensure that your teams remain agile and can adapt to an ever-changing industry?

A: Agility is key in today’s fast-moving environment, and it starts in the mind. I empower my teams to be change-embracing and challenges as opportunities. We use frameworks such as Scrum to stay flexible and adapt. Having been a Certified Scrum Master myself, I have inculcated agile principles into our daily operations, which enable us to respond swiftly to changing client needs and market conditions. Regular feedback loops and sprint reviews help us stay in tune with business objectives while remaining nimble enough to alter course promptly when needed.

Q8: Throughout your career, in what ways has vendor management been applicable, and how do you ensure success in these partnerships?

A: Vendor management has played a very important role in my career, mainly regarding optimizing costs and enriching service quality. Mutual trust and clear communication are the chemistry on which a successful vendor relationship is built. I have led multiple vendor selection processes, negotiated the contracts that were both cost-effective and in alignment with our strategic goals. Ensuring vendors understand your standards of service delivery and are as committed to meeting those standards is a key aspect of managing vendors. I have been able to drive better outcomes for both the vendor and the client by fostering relationships that are collaborative.

Q9: You have worked on large IT projects, managing a really complex array of stakeholders. How do you go about prioritizing and balancing the needs of different stakeholders?

A: Stakeholder management is all about prioritization and clear communication. Managing large IT projects usually means juggling competing interests; hence, alignment of stakeholders should be done right from the beginning itself. So, I have worked very closely with business teams, internal departments, and external stakeholders to gather and prioritize requirements. The key is to set clear goals for projects right from the outset and ensure that everybody involved in the value chain is aligned on what needs to be delivered and when. Regular status updates and transparency of communication help with expectation management and make for smooth project flows.

Q10: What advice would you give to aspiring leaders in the service delivery space?

A: To the upcoming leaders, my advice is simple: never stop learning, be adaptive, and always keep your eyes on the big picture. Service delivery keeps on changing day in, day out; thus, you need to be open to new ideas, technical innovations, and process improvements continuously. Create good relations with your team, clients, and vendors, and remember that to lead means to serve. The most successful leaders I have seen were the ones for whom growth in a team and the success of clients stood far above any of their accolades.

Conclusion:
The story of Srikanth Avancha is that of grit, continuous improvement, and good leadership. Whether it is leading global teams or driving cost-saving innovation in service delivery, his manner of approach has surely raised the bar higher for the industry. With Srikanth still shaping the future of IT service management, this already is a story of inspiration for aspiring leaders and seasoned professionals alike-a reminder that success indeed lies in the details and relentless pursuit of excellence.

First Published: 22 October, 2022

Kirloskar Family Dispute

In 2016, involving members of the Kirloskar family over the interpretation and enforcement of a Family Settlement Agreement (FSA) signed on September 11, 2009. SEBI, in a letter dated December 30, 2024, directed four Kirloskar Group companies to disclose the agreement under listing obligations and disclosure requirements.

In response, the companies have declared their intent to challenge SEBI’s directive in court. The four entities Kirloskar Ferrous Industries Limited, Kirloskar Industries Limited, Kirloskar Pneumatic Company Limited, and Kirloskar Oil Engines Limited have stated that the FSA does not bind them and has no direct impact on their operations or obligations.

What Are Companies Saying?

The companies have argued that:

1. The FSA’s enforceability is already under civil court review since 2018.
2. SEBI has acted beyond its jurisdiction by commenting on a matter sub judice.
3. The regulator’s directive disregards established principles of contract, corporate, and company law.
4. The FSA imposes no specific restrictions or liabilities on the listed companies.

Ownership and Allegations

The feud involves three key family members, Sanjay Kirloskar, Chairman and Managing Director of Kirloskar Brothers Limited (KBL). Atul Kirloskar, Executive Chairman of Kirloskar Oil Engines Limited (KOEL). Rahul Kirloskar, Executive Chairman of Kirloskar Pneumatic Company Limited (KPCL).

Sanjay Kirloskar has accused his brothers, Rahul and Atul, of trying to wrest control of his legacy and misleading the public. The group, which boasts a market capitalization of approximately Rs 1.56 lakh crore, has 14 manufacturing facilities globally. Sanjay has also claimed that the family dispute has led to a change in the company’s iconic logo.

SEBI’s Role and Family’s Resistance

SEBI’s intervention came in the form of a directive to disclose the 2009 agreement under the Listing Obligations and Disclosure Requirements (LODR) regulations. However, the companies argue that the regulator’s decision is flawed and factually inaccurate, leading to their decision to seek judicial recourse.

Kirloskar Group Legacy

The Kirloskar Group, with its storied 130-year history, is one of India’s industrial stalwarts. It operates in sectors like engineering, manufacturing, and energy, and its products have a global reach. Despite its impressive legacy, the group finds itself in turmoil as family members vie for control.

Whether the feud will harm the group’s business or strengthen its governance framework remains to be seen.

How Is Ratan Tata And Kirloskar Are Linked?

Manasi Kirloskar is the daughter of the late Vikram Kirloskar, she is a fifth-generation scion of the Kirloskar dynasty of highly respected business families.

Manasi Kirloskar is wife of Neville Tata who is son of Noel Tata, half-brother of Late Ratan Tata. Neville Tata’s grandmother Simone Tata founded Trent. Neville Tata is heading the operations of Trent. 

Toyota Kirloskar Motor Private Limited (TKM) is an Indian joint venture between Toyota Motor Corporation and Kirloskar Group, for the manufacture and sales of Toyota cars in India. 

Reliance Power Financial Strength

Reliance Power’s subsidiary Sasan Power Limited has successfully repaid a substantial loan of $150 million (approximately ₹1,284.6 crore) to IIFCL, UK, as of December 31, 2024. This development sent Reliance Power’s shares soaring, hitting an upper circuit on January 1, 2025.

This repayment is expected to enhance Sasan Power’s liquidity, loan coverage, and credit rating, further solidifying Reliance Power’s balance sheet. The company is now well-positioned to focus on renewable energy, a strategic shift aimed at future growth.

Milestones Of Reliance Power

Reliance Power’s financial position has seen a significant turnaround:

Net Worth: Exceeds Rs 15,000 crore.

Operational Portfolio: 5,300 MW capacity, making it one of India’s largest private sector power producers.

Capital Raising Plans: The company aims to raise ₹1,525 crore through a preferential issue, intending to invest in the rapidly expanding renewable energy sector.

Sasan Power’s Role In India’s Energy Sector

Sasan Power Limited operates the 3,960 MW Ultra Mega Power Plant (UMPP) in Sasan, Madhya Pradesh, which is the largest integrated coal-based power plant in the world. Key highlights of the plant include:

Coal Mining Capacity: 20 million tonnes per annum (MTPA).

Power Distribution: Supplies electricity at the lowest tariff of Rs 1.54 per unit to 14 distribution companies (DISCOMs) across seven states: Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Haryana, Uttarakhand, and Delhi.

Beneficiaries: Nearly 400 million people benefit from its operations.

Strengthening Renewable Energy Portfolio

Reliance Power is making aggressive moves in the renewable energy sector, viewing it as a cornerstone for future growth. This includes leveraging the Rs 1,525 crore capital infusion to expand into solar, wind, and other clean energy projects.

Additionally, the company’s other subsidiary, Rosa Power, previously made an advance payment of Rs 850 crore to Singapore-based lenders Verde Partners, showcasing Reliance Power’s commitment to reducing debt and improving financial stability.

Promising Comeback for Anil Ambani

The year 2024 marked a stellar performance for Reliance Power, with its shares delivering exceptional returns to investors. As the company continues its debt reduction efforts and strengthens its focus on renewable energy, 2025 looks equally promising. With a robust operational portfolio, improved financial metrics, and a clear growth strategy, Anil Ambani appears poised for a remarkable comeback in the Indian energy sector.

China’s Fastest Train vs India’s Bullet Train

The CR450 outpaces China’s current CR400 Fuxing trains, boasting a top speed of 450 km/h and an operational speed of 400 km/h. In comparison, India’s Japanese bullet train will have a top speed of 320 km/h and an operational speed of 260 km/h.

CR450 Performance Highlights:

• Delhi to Patna (1,000 km): 2.5 hours
• Mumbai to Ahmedabad: 1.15 hours
• Delhi to Varanasi: 2 hours

India’s Japanese Bullet Train Performance:

• Mumbai to Ahmedabad: 2 hours
• Delhi to Varanasi: 3.5 hours

Luxury Beyond Aircraft: Features of the CR450

The CR450 redefines passenger comfort, surpassing aircraft standards with features like:

• Luxury Reclining Seats: Offering unparalleled comfort.
• Class Options: Economy and business class coaches.
• Private Compartments & Multi-Purpose Rooms: For personal or group use.
• Modern Pantry: High-end dining options.
• Safety & Security: Equipped with CCTV cameras and advanced safety features.
• State-of-the-Art Toilets: Hygiene meets innovation.
• Technical Advancements in the CR450
• Extensive Testing & Optimization:
• Line tests ensure reliability and safety.
• Continuous refinement of technical parameters for smooth commercial operations.

• Innovative Train Models:
• Two prototypes: CR450AF and CR450BF.
• Eight-car configurations, with a mix of powered and non-powered carriages.

• Traction & Stability:
• Advanced water-cooled permanent magnet traction systems.
• High-stability bogie systems for enhanced safety and reliability.

• Comprehensive Safety Systems:
• Multi-level emergency braking systems.
• Real-time monitoring with over 4,000 sensors tracking critical systems like fire detection and train control.
• Over-the-horizon recognition for improved emergency response.

• Aerodynamic Design:
• Streamlined, sharp-nosed front with aerodynamic windshields reduces air resistance.
• Lightweight materials improve efficiency and performance.
• Newly designed bogie enclosures further minimize drag at high speeds.

The Bigger Picture

While India’s upcoming bullet train project is a milestone for the country, China’s CR450 sets a global benchmark in speed, luxury, and technology. With its superior design and groundbreaking features, the CR450 demonstrates how high-speed rail can redefine travel by making it faster, safer, and more luxurious than ever.

Industry Revenue Surge Post-Tariff Hike

According to a report by the Telecom Regulatory Authority of India (TRAI), the gross revenue of India’s telecom operators rose by 10.5% year-on-year to Rs 91,426 crore in the July-September 2024 quarter. Adjusted Gross Revenue (AGR), which forms the basis for government levies, saw an even sharper rise of 13.11%, reaching Rs 75,310 crore compared toRs 66,583 crore during the same period last year.

Reliance Jio Leads AGR Growth

Mukesh Ambani’s Reliance Jio reported a 14.19% year-on-year increase in AGR, amounting to Rs 27,652.68 crore. Meanwhile, rival Bharti Airtel, led by Sunil Mittal, outperformed with a 24.15% AGR growth during the same period. Vodafone Idea’s AGR rose modestly by 4.39% to Rs 7,836.98 crore, and BSNL reported a 1.54% increase to Rs 1,996.77 crore.

Impact On ARPU And Subscriber Base

The tariff hikes significantly boosted the operators’ Average Revenue Per User (ARPU). Monthly ARPU for mobile services climbed 9.60% quarter-over-quarter to Rs 172.57 in the September quarter, compared to Rs 157.45 in the June quarter. On a year-on-year basis, ARPU increased by 15.31%.

ARPU for prepaid services, which dominate India’s telecom market, stood at Rs 171, while postpaid ARPU reached Rs 190.67. However, the increased tariffs also led to a decline in the mobile subscriber base. The total number of subscribers dropped by 1.68 crore, falling from 117 crore in the June quarter to 115.37 crore in the September quarter.

Industry Dynamics and Future Outlook

Despite losing subscribers, the tariff hikes have positioned telecom operators for stronger revenue growth. While Airtel and Jio reported robust AGR growth, Vodafone Idea and BSNL saw modest gains, highlighting their continued struggle to compete with market leaders. The industry is likely to focus on balancing revenue growth with subscriber retention in the coming quarters.

Mukesh Ambani, the owner of Reliance Industries, is India’s richest man and consistently ranks among the world’s wealthiest individuals. However, the person renting space in one of Mukesh Ambani’s properties is even richer than him. This individual is a powerhouse in the luxury goods industry and is counted among the top 5 richest people globally.

Who is this Person?

The person in question is Bernard Arnault, CEO and Chairman of LVMH Moët Hennessy Louis Vuitton (LVMH). As per Forbes’ latest report, Bernard Arnault & Family’s net worth is an astonishing $168.8 billion, making him significantly wealthier than Mukesh Ambani, whose net worth is $94.9 billion. Bernard Arnault’s business empire is built on luxury goods, owning some of the world’s most iconic brands.

LVMH, a French multinational conglomerate, specializes in luxury products. Its portfolio includes premium brands like Louis Vuitton, Tiffany & Co., Dior, Givenchy, TAG Heuer, and Bulgari.

How Bernard Arnault Became Mukesh Ambani’s Tenant?

Technically, Bernard Arnault is not a direct tenant of Mukesh Ambani. Instead, his company has leased space in a mall owned by Ambani. The mall in question is the Jio World Plaza, located in Mumbai’s Bandra-Kurla Complex (BKC). This mall is a hub for luxury brands, housing showrooms of some of the world’s most exclusive labels.

One of these showrooms belongs to Louis Vuitton, a flagship brand of Bernard Arnault’s LVMH. The Louis Vuitton store has leased a space of 7,465 square feet in Jio World Plaza. According to an ET Now report, Louis Vuitton is paying a monthly rent of Rs 40.5 lakh ($48,600) to Mukesh Ambani’s Jio World Plaza.

Hub For Global Luxury Brands

Apart from Louis Vuitton, other prominent brands under LVMH have also set up shop in Jio World Plaza. The mall has quickly established itself as a premier destination for luxury shopping in India. Another notable addition is the first store of the globally renowned luxury brand Balenciaga, which has also opened at Jio World Plaza. Reports suggest that Balenciaga is paying a monthly rent of ₹40 lakh ($48,000) for its space.

Jio World Plaza is becoming a luxury retail powerhouse, attracting some of the world’s biggest brands, including those owned by Bernard Arnault. 

According to market data, the MG Windsor EV has emerged at the largest-selling electric vehicle in India for three straight months since October 2024, selling over 10,000 units during this period. The MG Windsor EV sold 3,785 units in December 2024 to retain its top spot as the country’s best-selling EV in the passenger vehicle segment, according to JSW MG Motor India.

The automaker said its MG Windsor EV sold 3,116 units in October, and 3,144 units in November 2014, emerging as the best-seller in the segment for three consecutive months, during which a total of 10,045 units were sold.

The figures are impressive considering that India’s EV market is still evolving with electric vehicles accounting for less than 3% of the total cars sold in the country.

The MG Windsor EV is priced between Rs 13.50 lakh and Rs 15.50 lakh (ex-showroom) and boasts a range of 332km (ARAI-certified) on a single charge, according to the company. The car’s price comes down to as low as Rs Rs 9.99 lakh + Rs 3.5 per kilometre battery rental, if the customer opts to buy the unit under the Battery-as-a-Service (BaaS) model.

JSW MG, who also manufacture the Comet EV and the ZS EV, launched the MG Windsor EV in September 2024, and deliveries began in October.

According to the carmaker, it sold a total of 7,516 units in December 2024, registering a 55% year-on-year growth, with EVs accounting for over 70% of its total car sales of the months.

Meanwhile, Tata Motors, India’s largest EV manufacturer, is likely to miss intended target of selling 100,000 units of EVs for the second year in a row in 2024, according to an earlier report.

The MG Windsor EV is a mid-range electric vehicle and does not have direct rival at present, but it does face stiff competition in the budget EV section which features lower priced cars like the Tata Tiago.ev, Tata Punch.ev, Tata Nexon.ev, Tata Curvv.ev, Mahindra XUV400 and Citroen E-C3.

Formerly, the media company had been a subsidiary of  Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).

As per a disclosure dated November 14, 2024, the company held 70. 49% stake in Viacom 18 on a fully diluted basis. 

The company said in a regulatory filing, “Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024, and has ceased to be a subsidiary of Network18. The Company received intimation of allotment of equity shares from Viacom18 on December 30, 2024.” 

“This comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (‘CCPS’). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’),” the company said.

On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into equivalent shares, making it a direct subsidiary.

Gifting culture in Ambani family

Reliance Chairman Mukesh Ambani made headlines when he gifted his youngest son, Anant Ambani, and his wife, Radhika Merchant, a beachfront villa in Dubai, bought for a staggering Rs 640 crore. Located on an island, the villa spans 3,000 square feet, boasts 10 bedrooms, and includes a 70-meter private beach.

Rolls-Royce Cullinan Black Badge for Nita Ambani

Mukesh Ambani raised the bar of presenting gifts in the Ambani family when he gifted his wife, Nita Ambani, one of the most expensive SUVs in the world, the Rolls-Royce Cullinan Black Badge. Currently valued at over Rs 10 crore, the SUV is a rare belonging in India.

Mouawad L’Incomparable necklace for Shloka Mehta

The year 2019 was memorable for Shloka Mehta, now a part of the influential Ambani family through her marriage to Akash Ambani. Nita Ambani, renowned for her glamor and elegance, gifted Shloka a splendid piece of jewelry. It was the Mouawad L’Incomparable necklace, internationally acclaimed as one of the most expensive necklaces.

Valued at approximately Rs 451 crore, its beauty is unprecedented. This magnificent piece sparkles with 91 diamonds, centralizing around an eye-catching, faultless yellow diamond weighing 407.48 carats. In addition, the necklace is embellished with white diamonds totalling 229.52 carats.

Panthère de Cartier gold brooch for Radhika Merchant and Anant Ambani

At the engagement ceremony of Anant Ambani and Radhika Merchant, Akash Ambani, the elder brother of Anant, went for a rather unique choice of gift – a lavish Panthère de Cartier brooch made of 18K gold. The elegance of this brooch is exemplified by the 51 sapphires and the pair of emeralds it boasts, in addition to the impressive set of 606 rough-cut diamonds. A diamond which adorns the panther’s nose adds an extra touch of aesthetic beauty to the piece. The estimated worth of this brooch stands at a hefty sum of about Rs 13.2 lakh.

Private jet for Nita Ambani

For Nita Ambani’s 44th birthday, her husband Mukesh Ambani presented her with an opulent surprise that caught the eye of the world: a high-priced Airbus A319 private jet, which was worth a staggering Rs 240 crore.

Mukesh Ambani took the charge of Reliance along with his brother after the death of his father Dhirubhai Ambani. Later, the business was divided among the two brothers and he became chairman of Reliance Industries. 

The company takes good care of its employees as a video of 2017 revealed that Mukesh’s driver was receiving a handsome salary of Rs two lakh. The video later went viral. It was reported that Mukesh Ambani’s drivers are hired through contracting firms. 

The drivers undergo professional training to handle luxurious vehicles and receive additional training to manage complex situations, as safety is a top priority when they take out vehicles on the streets. The vehicles are equipped with bulletproof features, and a cavalcade of security personnel provides multiple layers of protection, making it nearly impossible for anyone to breach.

The Ambanis own several luxurious vehicles, and it is certainly a challenge for their drivers to operate them with all necessary precautions on a daily basis.

Coming to the point, the successful empire of Jay Mehta finds its roots in his grandfather Nanji Kalidas Mehta, whose legacy continues to shape the trajectory of growth for the Mehta Group. The Mehta Group, currently led by Jay Mehta, has assets exceeding $500 million thanks to his entrepreneurial prowess and strategic vision. The rich business empire, once started by Nanji Kalidas Mehta, is now worth Rs 4,171 crores.

For those unversed, Jay Mehta, the grandson of Nanji Kalidas Mehta, is married to Bollywood actress Juhi Chawla.

How Nanji Kalidas Mehta started business?

Born in Gujarat, Nanji Kalidas Mehta moved to British East Africa at the young age of 13. From the very young age, he was determined that he wanted to achieve something big and consequently, he laid the groundwork for a business empire that spanned East Africa and India. Nanji started his career in the cement industry before gradually branching out to other sectors like sugar, textile, and cotton. In the year of 1924, he established the Uganda Sugar Factory, which turned into a significant player in boosting the local sugar industry. Moreover, his decision to export Ugandan cotton to Japan served to strengthen his business ties.

Why Nanji Kalidas Mehta joined Arya Samaj?

Nanji was born at a time when India was going through a cultural revolution. From the very childhood, Nanji was deeply committed to social reform and as a member of the Arya Samaj, he promoted the establishment of schools and colleges in both East Africa and India. Moreover, as a member of Arya Samaj, he was also known for hiring people from scheduled castes despite facing social challenges.

The repayment of debt will boost the debt coverage metrics and it would improve the credit rating of Sasan Power Limited. 

The loan repayment further gives strength to Reliance Power’s balance sheet as the company transitions its focus toward the renewable energy sector, which is poised to drive future growth. Reliance Power, a zero-debt company, recently raised Rs. 1,525 crore through equity-linked warrants via a preferential issue. This capital infusion positions the company to capitalize on growth opportunities in the rapidly expanding renewable energy market.

Sasan Power manages a 3960 MW Ultra Mega Power Plant (UMPP) in Sasan, Madhya Pradesh, which is the world’s largest integrated coal-based power plant. It carries a captive coal mining capacity of 20 MTPA. The plant provides electricity to 14 Discoms distribution companies 

(DISCOMs) across seven states—Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Haryana, Uttarakhand, and New Delhi—at the lowest tariff in India of Rs. 1.54 per unit, benefiting more than 40 crore people.

Sasan Power has been ranked as the best-performing power plant in India for the last seven consecutive years. 

Notably, the news about Nishant Pitti’s resignation broke a day after sold Rs 4.99 crore worth of his stake in the company. On Tuesday, Nishant had divested 1.4 percent stake in EaseMyTrip for Rs 78 crore, selling shares worth Rs 4.99 crore through an open market transaction, according to NSE data.

“I, Nishant Piiti, Chairman and CEO of Easy Trip Planners Limited, hereby tender my resignation from the position of CEO due to personal reasons with effect from January 01, 2025. Kindly accept this resignation and relieve me from being the CEO of the company and acknowledge the receipt of this resignation,” Nishant Pitti said in his resignation letter, attached by the company in its regulatory filing.

Rikant Pittie is the now the new CEO of Easy Trip Planners, the parent firm of EasyMyTrip, an online travel company he co-founded with Nishant Pitti in 2008.

Rikant Pittie, who is also the Vice Chairman of the CII Delhi State Council for 2024-2025,  has over 16 years of experience in the travel and tourism industry and a deep understanding of market trends and customer needs, the company said in a statement.

“The travel industry is at a transformative juncture where technology and personalisation are redefining how people explore the world. At EaseMyTrip, our mission goes beyond simply offering an enhanced travel experience. It is about setting new benchmarks. We are dedicated to pioneering innovative solutions that empower travellers globally. I am both honoured and thrilled to take on this role and look forward to continuing the company’s journey,” the new CEO was quoted as saying.

According to the company, Rikant Pittie has been recognised for his exceptional contributions to the business landscape, having won the prestigious Fortune India 40 Under 40 and Entrepreneur India’s Entrepreneurship of the Year in Service Business – Travel Category.

The rules included in the Telecom Act are mandatory for all companies to follow. The primary aim of the DoT in implementing these regulations is to enhance the quality of services provided by telecom companies. Let’s take a look at what changes are coming into effect from January 1, 2025.

What’s the New Rules?

Under the new rules, companies will need to focus on installing optical fiber lines and new mobile towers. The Department of Telecommunications (DoT) stated that all companies must adhere to these rules, effective from January 1. The implementation of the Right of Way (RoW) rules will help companies improve their services. The new regulations specify where telecom companies like Jio, Airtel, Vodafone, and BSNL can install new mobile towers.

What are the other key changes that will come into effect?

GST Compliance: Several changes in GST compliance will take effect from January 1, 2025, which will impact businesses in India

Mandatory MFA (Multi-Factor Authentication): MFA will be made mandatory for all taxpayers for better security on GST portals.

E-Way Bill Restrictions: E-Way Bills (EWBs) can only be generated for base documents not older than 180 days. Align invoicing and logistics with the 180-day rule, automate EWB reminders, and coordinate inventory with supply chain teams.

Key rule changes for telecom users from January 1, 2025

The Department of Telecommunications introduced the Telecommunications (Right of Way) Rules, 2024, also known as the RoW Rules, on September 19, 2024. Effective from January 1, 2025, these regulations will oversee the construction, operation, and maintenance of underground communication infrastructure on public land.

The new rules will enable telecom providers such as Jio, Airtel, Vodafone, and BSNL to improve their services and expand mobile tower installations.

This plan includes unlimited calling along with coupons valued at Rs. 2,150 for extra benefits. Users can conveniently activate the plan through the MyJio app or the official Reliance Jio website. Check the details below. This offer is applicable for new and existing eligible customers making a successful recharge.

• Pack validity: 200 Days
• Total data: 500 GB
• Data at high speed*: 2.5 GB/Day
• Voice: Unlimited
• SMS: 100 SMS/Day

Customers making a recharge of ₹2025 Plan shall be eligible to avail the partner coupons provided by Ajio, Swiggy & EaseMyTrip as detail mentioned below:

• Rs 1500 off on flight booking at EaseMyTrip.com
• Rs 500 off on AJIO on purchase of Rs 2999 or above
• Rs 150 off on Swiggy on purchase of Rs 499 or above

Offer Steps to Redeem

• Click the provided link.
• Login/Create Account.
• Verify your mobile number using the OTP sent to you.
• Your offer will be displayed in the “Apply Coupon” section until it expires.
• Coupon will expire within 30 days from day of credit.

For more details, visit the official website of Reliance Jio.

Bad news for Gautam Adani as Tamil Nadu govt cancels smart meter tender due to…

Now, in a blow to the Adani Group, the DMK-led Tamil Nadu government has decided to cancel its global tender for the procurement of smart meters, even though Adani Energy Solutions Ltd (AESL) had been selected as the “lowest bidder” for the project. The Tamil Nadu Generation and Distribution Corporation (Tangedco), a state government entity, cancelled the smart meter procurement tender, citing the “high costs” quoted by Adani Energy Solutions Ltd (AESL), which had been the lowest bidder for one of the four packages covering eight districts, including Chennai, Kancheepuram, and Chengalpattu.

The proposed installation of over 8.2 million smart meters was part of a package under the Centre-funded Rs 19,000 crore Revamped Distribution Sector Scheme (RDSS). This scheme is designed to deploy smart meters for all electricity connections in the state, with the exception of agricultural ones.

According to a report by the Indian Express, Tangedco officials stated that the prices quoted by AESL to win the tender were “unacceptable despite negotiations to bring down the costs.” All four tenders, issued in August 2023, have been cancelled, including those for the remaining three packages covering other districts, due to “administrative reasons,” Tangedco sources were quoted as saying by Indian Express. They also mentioned that the government plans to reissue the tenders soon.

In 2024, billionaire Gautam Adani was charged by US prosecutors for allegedly being part of an elaborate scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for the favourable terms for solar power contracts.

Meanwhile, in November 2024, the Adani Group refuted the alleged bribery allegations made by the US Department of Justice and the US Securities and Exchange Commission against the Group’s founder and Chairman Gautam Adani his nephew Sagar Adani and MD CEO Adani Green Energy Vineet Jaain in a filing with the stock exchanges. In its filing, AGEL has cited the news reporting on the alleged bribery and corruption charges against Adani Officials as ‘Incorrect’.

Previously, Viacom 18 Media had been a subsidiary of  Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).

According to a disclosure dated November 14, 2024, the company held 70. 49% stake in Viacom 18 on a fully diluted basis. 

“Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024, and has ceased to be a subsidiary of Network18. The Company received intimation of allotment of equity shares from Viacom18 on December 30, 2024,” said RIL in a regulatory filing.

“This comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (‘CCPS’). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’),” it said.

On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into equivalent shares, making it a direct subsidiary.

“Over the past five years, RIL has announced USD 13 billion in acquisitions with 14 per cent in new energy, 48 per cent in technology, media and telecommunications (TMT), 9 per cent in retail, and increasingly more in healthcare,” the report said.

Of this, USD 6 billion was in acquisition of companies and assets in media and education business and USD 2.6 billion in telecom and internet verticals. It spent USD 1.7 billion on acquisitions in new energy and USD 1.14 billion in retail, it added

RIL’s biggest acquisitions

RIL’s biggest acquisition in the last five years has been buyout of local cable TV and internet service providers Hathway Cable and Datacom Ltd for USD 981 million. It spent USD 771 million on buying Norwegian-headquartered solar panel maker REC Solar Holdings and another USD 767 million on buying search and database firm JustDial, the report said.

RIL acquires Karkinos Healthcare

Last week, it acquired a 100 per cent stake in Karkinos Healthcare, increasing its exposure to the diagnostic and healthcare ecosystem following previous investments like HAGI, Netmeds and Strand Life Science.

Karkinos provides technology driven, innovative solutions for early detection, diagnosis and management of cancer, according to Morgan Stanley. It acts like a care partner during a patient’s cancer treatment.

Other investors in the company have included Tata Group, Rakuten, Mayo Clinic, and Hero Enterprise.
“RIL aims to leverage its technological expertise and vast distribution networks to create more integrated healthcare system-digital health platforms, telemedicine services and advanced healthcare delivery models,” the brokerage said.

Karkinos was incorporated in India on July 24, 2020 and is in the business of providing technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer. It had a turnover of about Rs 22 crore in the 2022-23 fiscal year.

(With inputs from agencies)

Scott is known for her generosity and philanthropic approach. She has pledged an important amount through her Yield Giving initiative. Scoot is being praised for her philanthropic efforts, Musk has apprehension over the nature of such donations and their wide impact. 

Musk expressed his reservations after a few social media posts raised questions about Scott’s donations, which she attributes to racial equity, immigrant rights, and LGBTQ justice. The posts sparked concerns about whether she is genuinely focused on these global issues or if her funding supports causes that promote divisive ideologies.

Entrepreneur John LeFevre claimed in a post that she is offering primary benefits to NGOS and creates jobs for individuals who have expensive degrees. Musk backed the post and expressed his concerns on Scott’s funding manner. 

Scott’s massive charitable donations are subject of massive scrutiny as she has donated $16 billion which makes her a prominent philanthropist in history. Scott’s net worth $ 36 billion.