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< Back No funding, unsellable EVs deepen BluSmart’s troubles 8 Apr 2025 Gensol Engineering, BluSmart’s sister concern, witnessed its market cap slide from ₹4,250 crore in May 2024 to now ₹665 crore. On March 28th, Refex withdrew its deal to buy 2,997 EVs from Gensol. Gensol, founded in 2012, is a listed solar engineering and construction enterprise. BluSmart, founded in 2019, is its sister concern. Anmol Singh Jaggi founded both companies. BluSmart’s rise in Delhi-NCR and Bengaluru is attributed to better-quality cabs, punctuality, and well-trained drivers with minimal cancellations. It raised USD24 million in July 2024 from MS Dhoni’s Family Office, ReNew, and Zurich-based responsibility Investments. BluSmart positioned as a sustainable alternative to Uber and Ola, who hire drivers having their own cars. Gensol took loans from the Indian Renewable Energy Development Agency (IREDA) to buy EVs, which BluSmart picked up. BluSmart’s profits did not benefit Gensol as they are separate entities. Gensol now has IREDA’s unpaid loans worth ₹470 crores, thus affecting its credit rating, reputation, and share price. BluSmart entered a leasing partnership with Mahindra & Mahindra, Kinto, and Orix. Never miss another post from SalestorrsNews150. Follow Salestorrs on WhatsApp , LinkedIn , Facebook , X , and Instagram . Previous Next

< Back Adani to start shipbuilding at Mundra Port 9 Jul 2024 The decision is well-timed because fleet owners worldwide are looking for alternatives, and the ship-building yards in South Korea, Japan, and China are booked until 2028. India ranks 20th globally in commercial shipbuilding with a 0.05% market share. Its goal is to be among the top ten shipbuilders towards the Maritime India Vision 2030 and scale up to the top five by 2047. Befitting this ambition, Adani has planned to create a shipbuilding site at its flagship port at Mundra. Adani recently got approval from the Ministry of Environment, Forest and Climate change for a ₹45,000 crore expansion plan for Mundra Port. This gives the conglomerate the required resources to start supplying new vessels in a starved industry. The global shipping industry is shifting its focus to green ships to meet its decarbonisation goals. Over the next 30 years, approximately 50,000 green ships will need to be manufactured to replace the existing fleet. Global shipyards outbid Indian shipbuilders by up to 35%. Even governmental aids in taxes and duties fail to reduce this cost difference. Previous Next

< Back New cab hailing startups offering better incentives to drivers 13 Mar 2024 Rapido levies a subscription fee, and inDrive charges a 10-12% commission compared to Uber and Ola’s 25-30%. Competition from new startups is forcing established ride hailing companies to lower their commission structures for drivers. Rapido bike taxi, backed by Swiggy, scrapped its commission model to introduce a subscription fee for cab and auto drivers. This amounts to ₹9-29 per day. California-headquartered inDrive charges a 10-12% commission, less than half that of Uber and Ola’s 25-30% fee. Namma Yatri, backed by ONDC, offers its Software as a Service (SaaS) to auto drivers for ₹25 per day or ₹3.5 per trip for up to ten rides and free of cost afterwards. This works as a loyalty programme and lures drivers to spend more time on the app to get more rides and an ROI on the daily fees. Uber launched the Uber Pro programme, offering drivers milestones-linked benefits like cheaper vehicle maintenance, motor insurance, area preference, and micro-credit offerings. It also reduced its peak-hour commission by 5-7% to incentivise drivers. Previous Next

< Back Private driving schools to conduct trainings, issue licenses from June 1 23 May 2024 The Ministry of Road Transport and Highways announced that private driving schools will be authorised to conduct driving tests and issue licenses. The Ministry of Road Transport and Highways simplified obtaining a driving license. From June 1, it will authorise private driving schools to conduct the tests and issue the licenses. It has streamlined the documentation needed to apply for a two-wheeler and a four-wheeler. These private centres will need to offer 29 hours of training over four weeks for a Light Motor Vehicle (LMV) license, including 21 hours of practical and eight hours of theoretical training. Schools will be charged ₹5,000 for renewing driving licenses without proper training. The learner’s license driving test and a repeat test will cost ₹50 per test. The learner’s permit (Form 3) will be issued for ₹150. An individual’s driving license or repeat test will cost ₹300. A driving license will cost ₹200, and an international license will cost ₹1,000. Adding another vehicle to the permit will cost ₹500 extra. Previous Next

La compagnie aérienne allemande a été invitée à payer 4 millions de dollars. < Back Lufthansa condamnée à une amende pour discrimination La compagnie aérienne allemande a été invitée à payer 4 millions de dollars. Lufthansa a été invitée à payer la plus grosse pénalité infligée à une compagnie aérienne pour violation des droits civils, pour avoir discriminé 128 passagers juifs. La ligne aérienne les a empêchés d’embarquer sur le vol de connexion entre les États-Unis et l’Allemagne en 2022. Le 3 mai 2022, 131 passagers ont entamé un voyage de New York à Budapest pour participer à une cérémonie annuelle à la mémoire d’un rabbin orthodoxe. Dans un communiqué publié par le département américain des transports, à cause de l’inconduite de certains passagers lors de la première étape du voyage, la société a décidé d’empêcher 128 voyageurs de poursuivre leur route jusqu’ à Budapest. Certains passagers ont refusé de respecter les règles pendant la pandémie. Lufthansa développe un programme de formation pour lutter contre l’antisémitisme et la discrimination. Elle est la première ligne aérienne à adopter l’Alliance internationale pour la mémoire de l’Holocauste. Previous Next

< Back Byju’s to settle BCCI’s ₹158 crore dispute within 10 days 1 Aug 2024 Byju Raveendran’s brother and largest shareholder, Ravi Raveendran, will pay BCCI in three instalments over the next ten days. Distressed ed-tech startup Byju’s signed a three-year jersey sponsorship with the Board of Control for Cricket in India (BCCI) in March 2019. It renewed the agreement for another year in June 2022 but had to seek termination in November 2022 due to a paucity of funds. In September 2023, BCCI initiated insolvency proceedings against Byju for failing to pay ₹158 crores. The National Company Law Appellate Tribunal (NCLAT) admitted this plea last month. On July 30th, Ravi Raveendran’s advocate said that the amount would be paid in three instalments over the next ten days. Meanwhile, a group of US lenders has opposed the settlement, claiming that the money Ravi Raveendran is offering BCCI belongs to them. With this development, the NCLAT did not pass an order on Byju Raveendran’s challenge to the insolvency proceedings. Instead, it asked the company’s counsel to submit an underwriting revealing the source of these funds. Previous Next

< Back Accor to open 30 hotels in India within 5 years 3 Apr 2024 Luxury hotel brands like Fairmont, Sofitel, and Raffles planned. Accor may consider launching luxury brands like Orient Express, too. European hospitality chain, Accor plans to launch 30 more luxury hotels in India within three to five years, and one hotel every week in Asia this year. In India, it currently operates 62 hotels under 9 brand names from its portfolio of 40 brands worldwide. It will open Raffles in Jaipur this year. The other cities on its radar are New Delhi, Mohali, Chandigarh, Amritsar, Bhubaneswar among others. Novotel, Ibis, and Pullman make up 70% of its entire business. It develops Ibis hotels in India in partnership with InterGlobe Aviation, the owner of IndiGo Airlines. IndiGo's aircraft order last year fueled its plans for expansion in India. Accor launched its luxury and lifestyle division a year and a half ago, offering 24 brands like Delano, Mama Shelter, Mondrian, 25hours, and MGallery. It already offers hotels, trains, and yatchs under Orient Express and is considering launching it in India. Previous Next

< Back Cropin launches micro-language model, Aksara, for climate-smart agriculture 17 Apr 2024 Micro model is cheaper and better energy efficient than large language models. Bengaluru-based Agriculture intelligence company Cropin launched an open-source microlanguage model, Aksara, to facilitate smart agriculture practices. The model will address farmer problems in the Global South regions, which includes Africa, Latin America, the Caribbean, Asia excluding South Korea and Japan, and Oceania, excluding Australia and New Zealand. It is based on Mistral’s seven billion parameters foundation generative text model. It offers best practices and ideas for proper seeding, nursery preparation, and water conservation. It covers nine crops, including millets, maize, paddy, wheat, cotton, soybean, barley, sorghum, and sugarcane, cultivated in India, Bangladesh, Sri Lanka, Nepal, and Pakistan. The model will accommodate more languages besides English, more regions, and crops in the next six months. Founded in 2010, Cropin sells agriculture-intelligent solutions in over 103 countries. The model promotes sustainable agricultural practices and energy efficiency. It can enable underserved farmers to create cost-effective, scalable AI-based smart agriculture solutions. Previous Next

< Back GST relief announced for foreign airlines, training, cancer drugs, helicopter rides 10 Sept 2024 Goods and Services Tax (GST) Council is forming two groups of ministers: one to plan the GST framework on life and health insurance premiums, and the other to evaluate compensation cess. The GST Council announced exemptions for services imported by foreign airlines from their establishments outside India, including flight training courses. Before this announcement, the foreign airlines faced a tax invoice of ₹39,000 crore. The Council also sliced GST rates on some cancer medicines and savoury snacks like namkeens. Helicopter rides, except for charters, will also enjoy lower GST rates. Educational Institutes established under the state and central government, including the IITs and those exempted from income tax, will no longer be liable to pay GST on R&D grants. This move will regularise the show-cause notices that the Directorate General of GST Intelligence (DGGI) issued to seven educational institutions. The two Group of Ministers (GoM) have to submit a report on the GST on life and health insurance premiums by October end. Bihar Deputy Chief Minister Samrat Choudhary will lead the GoM and the panel on GST rate rationalisation. Previous Next

< Back Lab-grown diamonds sales glitter during Diwali 2023 15 Nov 2023 Sales of lab-grown diamonds (LGDs) doubled during Dhanteras – Diwali week. Also, digital gold sales saw a year-on-year increase of 60%. Indians are turning to lab-grown diamonds (LGDs), which are cheaper than natural diamonds. As per Limelight Diamonds, the largest LGD brand in the country, their sales grew by 120% this year compared to Diwali 2022. One carat solitaire LGD rings cost between ₹80,000 and ₹1 lakh, down from ₹2 lakh a year ago and far lower compared to a one carat natural diamond ring that costs around ₹5 lakh. LGD sales have also increased in Tier 2 cities, where brands plan to expand. The number of LGD retailers in India has gone up to 4,000 from just a few last year. PM Modi gifted Greenlab’s 7.5 carat LGD to US First Lady, Jill Biden, on his June visit. Besides, older millennials and young parents are investing around ₹13,000 on average for existing customers and ₹17,500 for new customers in digital gold via payment and banking platforms. Previous Next

< Back Zomato, Swiggy planning to launch service marketplace 11 Nov 2024 Swiggy is piloting “Yello” service marketplace, while Zomato is planning to introduce concierge services. To diversify their offerings, Swiggy and Zomato are planning services marketplace. Swiggy is piloting a marketplace called “Yello”, offering to connect its customers with service professionals like lawyers, fitness trainers, dieticians, astrologers, and therapists, ET reported. It is yet to be clarified if Yello will be a part of the Swiggy app. Swiggy is experimenting with a new premium membership called “Rare” offering well-to-do users exclusive access to high-end events like Formula One races, art exhibitions, concerts, and priority bookings at luxury restaurants. Zomato recently acquired Paytm’s event booking business, Insider for ₹2,048 crore. It is now creating a WhatsApp-enabled concierge service operated by human customer service agents instead of chatbots to offer a more personalised experience. Swiggy is creating a superapp, hosting Instamart, Dineout, and Swiggy Genie. Zomato offers different services via separate apps, like Blinkit for superfast deliveries, District for dining out, and Hyperpure for B2B grocery delivery. Previous Next

< Back Four IAF Fighter Pilots to man the Gaganyaan Mission 27 Feb 2024 The mission will launch crew members into the 400 km orbit for three days before returning them via splashdown in the Indian Ocean. Prime Minister Narendra Modi revealed on Tuesday the names of four astronauts selected as test pilots for ISRO’s first human space flight mission, Gaganyaan (G1). All four are Indian Air Force fighter pilots who underwent extensive training in Russia since 2021 and then at the ISRO facility in Bengaluru. These four have been selected from a batch of twelve sent to Russia for training in 2020. Group Captain Prashanth B. Nair is a trained Sukhoi pilot from Kerela. He joined the Air Force in 1999, earning the prestigious Sword of Honour as the best-performing cadet. He also secured the first rank at the United States Air Force Air Command and Staff College. Group Captain Angad Prathap trained in Russia for 13 months. Group Captain Shubhanshu Shukla received training in space movement at Moscow’s Yuri Gagarin Cosmonaut Training Center. The mission should be launched between April and June this year. Previous Next