Theosophical Society leases out 14 cents of Damodar Gardens to Shiv Nadar Trust for Rs 512 crore

 

CHENNAI:
Theosophical Society has leased out 13 acres and 86 cents of Damodar Gardens in Besant Nagar for a period of 43 years to Shiv Nadar Trust for Rs 512 crore.  According to a document accessed by TNIE, the Trust will build a school on the campus.

The deal between Theosophical Society and Shiv Nadar Trust allows the latter to use the premises for educational purposes and also establish infrastructure for providing residential accommodation to teachers, staff members and students.

The Society, founded in 1875 by Madam Blavatsky and Col Henry Steel Olcott, has been leased from May 31, 2022 to May 30,2065. Under the agreement, Shiv Nadar Trust will develop the educational institution as well as establish infrastructure for residential accommodation of teachers and staff as well as students of the institution.

The renewal of negotiations shall commence six years prior to the due date for expiry of the lease  but not later than five years before the expiry of the contract. Similarly, Theosophical Society will give an extension of five years  to enable the Trust to relocate the educational institution along with all movable movable assets, fittings, fixtures and appurtenances to other locations.

As per the agreement clause, for the first year of pre-operative period from the date of signing of the lease deed, the trust will be paying a rent of Rs 1.42 crore per annum as rent and in the second pre-operative period, it would be Rs 3.42 crore and later in the third year it would be Rs 6.83 crore. After the third year, the rent will be subject to enhancement of 2.5% per annum, on the last paid rental. The escalation will start from the 4th year.

Currently, there are two schools existing in Theosophical Society. They are --- The  Olcott Memorial Higher Secondary School (OMHSS) run by Olcott Educational Society and Adyar Theosophical Academy (ATA) run by Theosophical Educational Society (TES) respectively. OMHSS is a free school for disadvantaged sections of the society. ATA was established in 2019 with the objective of wholesome development of a student in an environment that is non-competitive, free from fear of results and promoting critical thinking. It admits only fee-paying students and provides tuition scholarships for students coming from economically weaker strata of the society.  

As per the clause, the Trust is free to administer, operate and run these two schools. However, it is not authorised to set up or manage or operate any new educational institution within the limits of Adyar during the elase term. However, they can scale up operations of OMHSS and ATA as required.

Denmark still in talks to set up 1GW offshore wind farm in TN

 

CHENNAI:
The proposal of Danish firm Copenhagen Infrastructure Partners for setting up 1GW offshore wind farm in Gulf of Mannar in Tamil Nadu is likely to come up in the next one year, says Danish Ambassador to India Freddy Svane.

The ambassador, who is here to mark Danish power cable major NKT A/S 130th anniversary, says that talks are still on with the Centre and the state to set up the first offshore windmill park.

According to the proposal document accessed by TNIE, Copenhagen Infrastructure Partners has initially planned for a 1GW offshore wind farm which requires 80 wind turbines and foundations. It would require Rs 185 billion capital expenditure during 2023-2026. These expenditure would include a network of submarine cables interconnecting the turbines besides a network of offshore and onshore substations. This would also require subsea cables and onshore cables connecting the wind farm to the grid.

The Danish envoy parried queries on viability gap funding for the project. Denmark's proposal has sought Rs 37 billion (USD 465 million-equivalent) capital grant paid at the stage of construction, Similarly, Union government has to clear the proposal by coming out with a offshore wind policy.

"The other issue under discussion is the Viability Gap funding. Denmark's proposal has sought Rs 37 billion (USD 465 million-equivalent) capital grant paid at the stage of construction," the official sources said.

Meanwhile, Danish power cable major NKT plans to increase the headcount at its Global Competence Centre here to about 120 from the current 50-70. NKT president and chief executive officer Alexander Kara says that NKT decided to enter India in 2019 to leverage the talent pool bring experience and knowhow for business opportunities within offshore wind energy and interconnections in the region.

Sri Lanka seeks fresh investments from India to help tide over economic crisis

C Shivakumar @ CHENNAI:

Sri Lanka Deputy High Commissioner D Venkateshwaran is a busy man with the change of regime in Sri lanka. All he wants is investment flowing into Sri Lanka which has been plagued by the worst economic crisis with the people of Island nation hitting the streets

"I will be visiting the southern southern states to woo investments into the Island nation. A Investor forum is also being planned next month," says Venkateswaran after Sri Lankan Prime Minister Ranil Wickeremesinghe took over the reins from Mahinda Rajapaksa last week.

While Venkateshwaran hails the Union government help in supplying 65,000 metric tonnes of Urea to Sri lanka for paddy cultivation season also called Yala  season, he says the Island nation is now looking beyond doles.

With Sri lanka getting an aid of $1 billion from India and scouting for additional aid which could be around another $1 billion, Venkateshwaran says that the Island nation does not want to be dependent on doles alone. "We are looking for investment from Tamil Nadu and other southern states," he says.

Seeking India government's help in wooing investment in the Island nation, he said the Union government should talk to trade chambers and pharma companies to have a second round of investment in the Island nation. "These could be fresh investments or value added investments. They could start the manufacturing here and finish the rest in Sri Lanka," he said.

"We are not compelling anyone to invest in a particular area. They can invest in any part of Sri Lanka," he said. The Sri lankan government has brought in a law where apartments could be bought in Sri Lanka by foreigners in prime locations. These properties are much cheaper than the major Indian metros, he says.

On the protests, he said the majority of the protestors are youngsters. "As a result we have to break away from conventional thinking and act like them. We have to address their concerns and also bring in lifestyle changes catering to them," he says. He also says that Sri Lanka is looking for more tourism footfalls from India.

Venkateshwaran said that Sri Lanka to ward off the fuel crisis is also looking at the electric vehicle market in India. "We are keen to have charging stations in Sri lanka and also vehicles which have batteries that can be swapped," he says

V C Asokan is new IndianOil ED for TN and Puducherry

CHENNAI:
V C Asokan is the new Executive Director (ED) and State Head of IndianOil for Tamil Nadu and Puducherry. He succeeds P Jayadevan, who had moved with a new assignment as LPG Head in Marketing Head Office, Mumbai. Besides being the State Head for IndianOil, Asokan would also function as the State Level Coordinator for the oil industry in Tamil Nadu and Puducherry. He has over three decades of extensive experience in IndianOil, primarily in retail sales, operations and international marketing. Hailing from Thanjavur District of Tamil Nadu, he holds the Masters in Business Management from Regional Engineering College, Tiruchirappalli, a release stated.

Slip-up can happen during high-profile investigation, says officer probing Rajiv Gandhi assassination

C Shivakumar @ CHENNAI:
For 31 years, former Superintendent of Police of the Central Bureau of Investigation V Thiagarajan, will have been living with the guilt of failing to record verbatim the confessional statement of Perarivalan which could have resulted in him walking as a free man much earlier.

"There was a lapse and you are responsible and when you come out you get all brickbats and then it is an absolution of your own lapse," says Thiagarjan when queried on how he lived with it.

Thiagarajan, who was assigned the task of recording the statement of accused persons in 1991, says during the period it dwelled on him that he is just an insignificant part of the system.while calling for institutional and systemic reforms.

"It is then you realise that you yourself are carrying individually a burden of your commissions and omissions, it is also part of institutional and the system," says the police officer.

"I again insist that it is not an alibi being put up for your individual lapse. As an individual you are responsible for your commissions and omissions. Having said that, there are already institutional dimensions and systemic dimensions also," he said  

"The slip up can happen if you are investigating as a team, the things are in a flux. The investigating agency not only collects evidence, assess

and evaluate them and when further evidence comes, you go back and reapprise the older evidence. In the process, it is quite likely you slip up. Anybody can slip up human level somewhere and that will result in the miscarriage of justice if not subersion of justice," he said reacting to a query on the kind of pressure he faced following the assassination of Rajiv Gandhi.

Thiagarajan said that now this part is a closed chapter. He said that the Supreme Court would not have referred to his disclosure in freeing Perarivalan. "They have scrupulously refrained from that portion. This is an aspect which the court has not adverted at all. It is not something which they can draw attention to or refer to," says Thiagarajan.

The officer in an interview to media has stated that in 2013 that he did not record the statement of Arivu (Perarivalan) of him being not aware of why he was asked to buy the battery. This was a piece of evidence as Perarivalan had no knowledge of the plot to kill former prime minister Rajiv Gandhi. At that time, Thiagarajan retorted that if he did not know there was going to be a killing, how can you make him party to the killing. “If he did not know that there was going to be a killing, how can you make him party to the killing? It is illogical, it is against the evidence on record," he had stated then.

Thiagarajan was also hesitant to react to the judgement given by the Supreme Court, which he termed as historic. "The Supreme court has invoked its own inherent powers to do full justice. It is not only releasing a man after 30 years, which is overdue, but further re-imposing the role of the governor and sovereign powers of our state in the federal setup. This will have a multi-dimensional implication. The Union government is not going to keep quiet. It is not about the individual. The judgement has touched upn larger issues and the Apex court used its inherent powers to do full justice regardless of what the state or Centre do or not do, he said.

CMDA to accept tender applications through e-procurement system

 

CHENNAI:
In a bid to improve transparency and fairness of the entire tendering process, Chennai Metropolitan Development Authority (CMDA) will now only accept tender applications only through Tamil Nadu government's e-procurement system.  

This would make the process more robust, transparent and convenient for vendors from different parts of the country to apply. This comes after CMDA has plugged-in with the existing National Informatics Centre (NIC) portal ( https://tntenders.gov.in/nicgep/app ). Now, no in-person applications for tenders will be accepted, according to a CMDA official.

Even online payment of the Earnest Money Deposit (EMD) will be enabled shortly. In the interim, as per instructions of Anshul Mishra, Member Secretary, CMDA, vendors applying online can send the Demand Draft (DD) via post, and need not come in person to submit it. Soon, CMDA will also start e-auction using MSTC’s e-commerce portal, the CMDA official stated.

It is learnt that the earlier tendering process had many gaps as notices for tenders were published only in newspapers and not on digital platforms. Similarly, the applications of tenders required documents were to be submitted in-person–dropped into the allocated box at the office. These constraints limited applications only from those vendors who were within the city or from nearby areas. Vendors from other parts of the country, eligible for the tender, were often left unaware of the opportunity or found it inconvenient to apply in-person, the official stated.

Chennai Air Customs foil bid to smuggle heroin

CHENNAI:
Chennai Air Customs foiled bid to smuggle 940 grams of heroin worth Rs 6.58 crore by Ugandan national at Chennai Airport. Twenty-seven year old Elly James Opii arrived from Sharjah by Air Arabia flight G9-471 on May 8. He was intercepted by Air Intelligence Officers of the Chennai Customs, a release stated.

The passenger had swallowed 80 capsules containing ivory colour powder material which upon testing was identified as Heroin. Totally, 940 grams of Heroin with street value of around Rs. 6.58 crore approximately was recovered and seized from the passenger. The passenger was arrested under the provisions of NDPS Act, 1985 read with Customs Act, 1962, the release added.

TN to be showcased as advanced manufacturing hub in WEF

C Shivakumar @ CHENNAI:
Tamil Nadu will be showcased as advanced manufacturing hub during the four-day World Economic Forum to be held in Davos in Switzerland from May 22, according to official sources.

Official sources told TNIE that a high level delegation will be visiting Davos and it is likely that the delegation could be headed by either Chief Minister M K Stalin or Industries Minister Thangam Thennarasu.

Tamil Nadu Guidance, a nodal investment promotion and facilitation agency of the state of Tamil Nadu, has partnered with the World Economic Forum (WEF) to establish India’s first advanced manufacturing hub (AMHUB) in Tamil Nadu.

"We are chairing the AMHUB, which has around 10 members, including the United States, Denmark, Brazil and Spain. Tamil Nadu is the only state from South Asia to have signed such MoU with WEF," a official told TNIE.

"We have a dedicated lounge and own pavilion in Davos where in we will showcase the state industrial eco-system and host meetings. "The lounge will have interactive screens and posters. The focus will be on renewable energy, where the state is ranked first, besides on the highest number of factories the state has. It would also focus on the advanced factories like the Nokia which runs on 5G among others."

The event will showcase production ecosystem in Tamil Nadu and the regional opportunities brought by the Fourth Industrial Revolution, highlighting and amplifying regional success stories globally and engaging directly with other AMHUBs through WEF’s network of AMHUBs to share best practices globally.
 
While the event is about Industrial Revolution 4.0, the focus of the state will be to woo investments. "There will be roundtable discussions with chief executive officers and CXOs on the sidelines of the event to woo investments into the state," the official said.

The First Industrial Revolution used water and steam power to mechanize production. The Second used electric power to create mass production. The Third used electronics and information technology to automate production. Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.

The Advanced Manufacturing HUB or AMHUB is one of the 19 platforms designed by the World Economic Forum (WEF). This platform focuses on engaging entire regional production ecosystems to identify and address regional opportunities and challenges brought by the Fourth Industrial Revolution. To attract high-tech organizations, Tamil Nadu needs an ecosystem for advanced manufacturing and needs to provide a fillip to the development of industrial corridors and clusters and smart cities.

writingonblog uncensored: 26 TN PSUs have accumulated loss of Rs 1.41 lakh c...

writingonblog uncensored: 26 TN PSUs have accumulated loss of Rs 1.41 lakh c...: CHENNAI: A total of 26 state public sector units have accumulated losses of Rs 1.41 lakh crore and the net worth of 18 companies have been...

writingonblog uncensored: Rs 100 crore modernisation of Chennai Fishing harb...

writingonblog uncensored: Rs 100 crore modernisation of Chennai Fishing harb...: CHENNAI: The modernisation and upgradation of Chennai Fishing Harbour is planned at an estimated cost of Rs 100 Crores with 100 per cent c...

26 TN PSUs have accumulated loss of Rs 1.41 lakh crore

CHENNAI:
A total of 26 state public sector units have accumulated losses of Rs 1.41 lakh crore and the net worth of 18 companies have been completely eroded by their accumulated losses as on March 31, 2020, according to a Comptroller and Auditor General (CAG) report tabled at the Tamil Nadu Assembly.

The report said due to this the aggregate net worth of these companies have become negative to the extent of Rs 1.08 lakh crore. It also stated that all the 18 PSUs whose capital has been eroded had reported a loss of Rs 18,458 crore during 2019-20.

Similarly, the rate of real return in government investment in 70 PSUs, where the state has direct investment, was negative. "The present value of government investment was Rs 1.03 lakh crore as compared to the historical cost of investment worth Rs Rs 3.83 lakh crore The rate of real return of government investment of historical cost as well as present value was negative at 4.54pc and 16.79 pc respectively," the report stated.

The report also highlighted irregularities and deficiencies in the financial reports or in the reporting process by 34 PSUs. The management of 34 PSUs were asked to undertake corrective action.

Similarly, many of the 71 working public sector units (PSUs) in Tamil Nadu are not complying with relevant provisions of the Companies Act, the report stated.

The report stated that many of the PSUs  did not conduct the mandatory requirement of four meetings of board of directors in a year. Similarly, the directors of five PSUs did not declare independent status while in 15 PSUs, the independent directors did not attend the meeting of the companies. Similarly, no audit committee was constituted in six PSUs.

The report also indicated that nominations and remunerative committees were not constituted by 28 PSUs and there was no whistle blower mechanism in 15 PSUs.

 

writingonblog uncensored: TN targets GI-tagged products to boost exports

writingonblog uncensored: TN targets GI-tagged products to boost exports: CHENNAI: Manapparai Murukku, Thuthukudi Macroni, Udankudi Palm Jaggery and Panruti cashew and jack fruit could soon be relished by people ...

writingonblog uncensored: FM pitches for uninterrupted quality power to indu...

writingonblog uncensored: FM pitches for uninterrupted quality power to indu...:   CHENNAI: Union Finance Minister Nirmala Sitharaman has urged the state to to ensure uninterrupted, quality supply of power is made avail...

FM pitches for uninterrupted quality power to industries

 

CHENNAI:
Union Finance Minister Nirmala Sitharaman has urged the state to to ensure uninterrupted, quality supply of power is made available to industries at reasonable rates enabling them to grow their businesses.

Speaking at the Stakeholder's Outreach Programme organised by the Directorate General of Foreign Trade on the occasion of India signing a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Economic Cooperation Trade Agreement (ECTA) with Australia, the Finance Minister said that this does not pertain to Tamil Nadu alone but also to other states in ensuring quality power is made available 24X7 in all 365 days.

Delivering her speech interspersed in Tamil and English, Sitharaman said every stakeholder should work towards ensuring uninterrupted power supply so that 'power shortage' does not occur since it poses a major hurdle for the industry's growth.

Stressing on the need to translate the benefits of FTA in Tamil language, the Union Finance Minister also urged TM Anbarasan, minister for Rural Industries, Cottage Industries, Small Industries, Slum clearance board who took part in the event to share the policy paper on MSMEs released by Chief Minister M K Stalin. She said that  it will be reviewed by the Centre through Commerce Ministry to check for overlapse so that the recommendations could be used as actionable points so that there is a synergy between state and Centre and steps taken by the state are adequately leveraged by the Union government.

On the plight of Cotton and yarn shortages, Sitharaman said that the Commerce Ministry has called for a meeting on May 16 to resolve the issue.

The Finance Minister also said that India was looking at tapping new markets for import of edible oils, following the conflict between Ukraine and Russia. She said the conflict has given an opportunity for industrialists to tap other  markets for exports from India.

Sitharaman said that businesses should come forward and make use of the benefits CEPA and ECTA so as to further boost trade between the countries. Director General of Foreign Trade Santosh Kumar Sarangi said India was the second largest trading partner for UAE while UAE was the third largest trading partner for India. He said as per the agreement immediate market access at zero duty accounting for 90 per cent of India's exports in value terms was available to UAE and immediate duty free in labour incentive sectors such as gems and jewellery, textiles and apparels, leather and footwear. Tamil Nadu's total exports to UAE is USD 1420.5 million (April 2021 to Feb 2022) while to Australia is USD 349.7 million.

Meanwhile, Union Minister of State for Commerce Anupriya Patel, who was also present, said that India is likely to sign new Free Trade agreements with United Kingdom, European Union and Canada later this year. The minister also said that country's trade clocked USD 675 billion on exports while merchandise exports accounted for USD 419 billion last year.

Rs 100 crore modernisation of Chennai Fishing harbour using Centre funds

CHENNAI:
The modernisation and upgradation of Chennai Fishing Harbour is planned at an estimated cost of Rs 100 Crores with 100 per cent central Funding, according to a release by Chennai Port.

This comes after L Murugan, Union Minister of State of Fisheries, Animal Husbandry and Dairying and information and Broadcasting visited Chennai Port and reviewed the development activities planned at Chennai Fishing Harbour, Kasimedu.

The project cost shall be shared between the Department of Fisheries under Pradhan Mantri Matsya Sampada Yojana and Ministry of Ports Shipping and Waterways under Sagarmala on a 50:50 basis. The modernisation and upgradation of Chennai Fishing Harbour shall include Infrastructure projects such as additional fish landing wharf, Mechanised Fish Handling Complex, Ship-lift Boat Repair facility, Cleaning, Packaging and Cold Storage Facility etc.

Sunil Paliwal, Chairperson, Chennai Port Authority and Kamarajar Port Limited and Chairperson of Chennai Fishing Harbour Management Committee, and S Balaji Arunkumar, Deputy Chairman, Chennai Port and Member of Chennai Fishing Harbour Management Committee, presented the host of projects envisaged under Modernisation and Upgradation of Chennai Fishing Harbour, the release added..

TN targets GI-tagged products to boost exports

CHENNAI:
Manapparai Murukku, Thuthukudi Macroni, Udankudi Palm Jaggery and Panruti cashew and jack fruit could soon be relished by people across the globe as the state government is looking to boost exports through these products after getting Geographical Indication (GI) tag, according to Chief Minister M K Stalin.

The products though unique in the state are among the 24, which are awaiting GI tags. The state already has GI tags for for 43 products. These include include Tanjore paintings, plates and veena, Coimbatore Kora cotton sarees, Kovilpatti burfi. Salem Pattu,  Erode Turmeric, Niligiris Tea,  Srivillipuththur Palkova,
Palani Panjamirtham,  Sirumalai Mountain banana, Stalin stated while speaking during the Federation of Indian export Organisations (FIEO) Southern region Export Excellence Awards.

"These products have a good response in foreign countries. We should increase their production without compromising on the quality. Considering the ability and resources we have, the state can see several fold improvement in exports," he said.

The Chief Minister said that District level export centres have been set up to ensure unique products in the respective districts are marketed at the global level.

Highlighting various projects announced by the state government to boost exports, Stalin urged FIEO to start an Export Buying House with private participation which can free the problems in improving the products to export quality and also source them from various production centres.

Stalin also called upon the captains of industries to step up the exports from $26 billion to $ 100 billion and meet the government's ambitious target of achieving $ one trillion dollar economy by 2030.
  "I had unveiled plans in September last year on export promotion and the government is taking several steps in this direction. To name some, efforts are on to establish a Knowledge City, State Export Promotion Committee, and International Furniture Park," he added.

He said during 2020-21 fiscal, Tamil Nadu stood third in the country by exporting to the tune of Rs 1.93 lakh crore, contributing 8.97 per cent to the nation's overall exports and wanted this share to be increased every year. "This government's desire and also my ambition is make Tamil Nadu first among Indian States in exports," the Chief Minister said.
       

"Exports are very crucial to achieve economic growth. Currently, the southern zone has a share of about 27 per cent in India's exports. I am sure in five years, this will increase to 35 per cent," the Chief Minister said.
  He also urged FIEO to ensure the Central government scheme of One District One Product (ODOP) is implemented in all the districts in Tamil Nadu.

Earlier, Federation of Indian Exports Organisation regional chairman Israr Ahmed said that Tamil Nadu accounts for 40pc of all exports from southern states. He said that southern region states contribute 23 per cent share in India's export basket of which the state accounts for nine per cent. Dr A Sakthivel, president of FIEO, highlighted various industry friendly initiatives of the state government.

Buds & Berries Expands Online Portfolio with the Launch of D2C Platform

Chennai : Consumers can now access the entire range of body Care, skin care and hair care products brought together by handpicked exotic garden-inspired ingredients under CavinKare’s digital first Personal Care Brand - Buds and Berries, according to a release.

 Aligning with the demands of new-age women, Buds & Berries claims to use allergen free IFRA certified fragrances. Buds & Berries mobile and desktop compatible platform provides customized offers with a seamless navigating experience- https://www.budsandberries.in/

Currently listed on top e-commerce portals like Amazon, Myntra and Flipkart, Buds & Berries, which brings together fine ingredients fresh from nature, is expanding its online presence to leverage the brand presence and to reach out to a wider audience. The brand will be live on Nykaa in a month and also has plans to enter into other leading e-commerce portals this financial year. Providing a platform where the user can understand and know the brand better, the platform offers informative blogs and personalized content for the users to know more about the ingredients, personal care and hair and skin related concerns.

Commenting about the launch, Amlan Pati, Marketing Head - Digital & E-Commerce, CavinKare, said, “Buds & Berries has already won users' hearts and received category best reviews and ratings. We have also been among the fastest growing brands in the personal care category on Amazon. Many of our SKUs have stormed into the top 100 bestsellers in their respective categories in this short duration. We now want to expand and cater a much larger section of the consumer base; this is where our platform will play an important role. It will offer more customized solutions to user issues and will help us develop a community of like-minded users who share common interests with our purpose of promoting self-love amidst today’s hectic lifestyle.

Adding on to this, Amudhavalli Ranganathan, Director, E-commerce & Special Initiatives, CavinKare, said, “D2C is a fast-evolving landscape with new launches and developments each day of the month. It was time for the brand to go D2C in true meaning and establish a deeper connection with its audience. This will allow us to develop new skill sets required to win in an online space which is in line with our corporate strategy CavinKare 2.0 of having 25% of our topline from ecommerce by next 5 years”.

 
The platform is running a launch offer of face free sheet mask worth INR 150 on all orders above INR 399. Buds & Berries offers face sheet masks in three variants: Cucumber and Green Apple, Tender Coconut Water and Bulgarian Rose. The platform also has COD option enabled.