Mr Sunil H Talati, SEPC, Chairman, Ministry of Commerce and Industry says, “The Union Budget as presented by Hon’ble Finance Minister is growth-oriented, forward-looking, focussing on infrastructure and CAPEX. The budget will serve the poor farmers and create new job opportunities. Focus on roads, railways, airports, Mass transport, waterways, and logistics infrastructure will drive the PM Gati Shakti program and propel inclusive development. Post pandemic conditions of the Hospitality services in the small & medium segments are yet to bounce back, therefore, an extension of the ECGL service in March 2023 with an increased cover of Rs 50,000 shall act as a booster for them. In the Education sector, a new scheme ‘One Class One TV Channel’ to provide supplementary education in regional languages for classes 1-12 is a very pragmatic step forward. One of the best efforts we believe the government has made this financial year is towards the mental health of the citizens, which we feel stands the utmost importance today. A National Tele Mental Health Program will be launched to benefit everyone across the nation. Digital Ecosystem for skilling and Livelihood (DESH-Stack e-portal) can be a catalyst for changing the landscape of learning and entrepreneurship. Setting up of Digital University is a great step towards e-learning initiatives. Proposal to open up world-class foreign universities, institutions and set up an International Arbitration Centre in the GIFT City points towards a forward-looking approach on education and legal sector. The focus on the AVGC sector by proposing a Taskforce will go a long way in cashing in on the emerging global opportunities in this sector. Reforms in SEZ will also provide the necessary impetus to various sectors like IT/ITes. Opening up defense R&D for industry, startups, and academia with 25% of the defense R&D budget is a very welcome move towards inclusive development.”
Mr Amit Sharma, Founder and CEO of eExpedise Healthcare says, “The projected economic growth of the country in this financial year is expected to be 9.2%. Finance Minister, Nirmal Sitarama has focussed largely on the health industry by announcing various growth projecting budget allocations across various segments. Strength-building implementations of vaccination programs have stood as an evident validation for the stability of the Health infrastructure in the past year. As expected, an open platform for the national digital health ecosystem is suggested to roll out that shall consist of digital registries of health providers. They constantly highlighted pandemic-induced mental health problems of people of all ages that have aroused the requirement of the best access to quality mental health counseling and care services. Hence, the national tele mental health programs across various channels will work as a slip in between ciaos for the affected lot. As International travel is likely to recover soon, the introduction of innovative initiatives like e-passports is set to boost security and enhance the convenience of international travelers by cutting down long queues at immigration counters. This will help support a faster revival of international travel in a pandemic-driven environment. Holistically, the various measures announced are highly encouraging for all the sectors.”
Anika Parashar, Founder and CEO at The Woman Company says, “The emphasis on mobile connectivity and broadband, especially in rural India will boost economic development in the country. It will help bring the next set of consumers to the D2C ecosystem. The launch of three new schemes for the integrated development of women and children is a positive step forward to bring women and child health and welfare to the forefront. Recognizing the importance of Nari Shakti as the harbinger of our bright future and for women-led development during the Amrit Kaal, our government has comprehensively revamped the schemes of the Ministry of Women & Child Development.”
“The budget recognizes the importance of barriers in improving our export competitiveness and has addressed these barriers e.g. logistics, SEZ etc. The PM Gatishkati National Master Plan and the development of Multimodal Logistics Park at four locations are examples. Cargo terminals under the PM Gatishkati Cargo Terminals by the Railways for multimodal transport in the next three years.
It has underscored the importance of GVCs and the necessity of linking with value chains to promote exports. It has rationalized the customs duty on items of chemicals, electronics, and gems and jewellery to give a fillip to domestic manufacturing. To promote the manufacturing of capital goods, exemptions are being introduced on inputs, like specialised castings, ball screw and linear motion guide. The tariff of 7.5% on capital goods and project imports has been proposed. The exemptions for advanced machineries that are not manufactured within the country shall continue.
The overall vision in the budget is to encourage domestic manufacturing in the country and promote exports.”
It was a well-rounded budget with a continued focus on growth in different sectors like education, health, infrastructure, and agriculture. The announcement of the setting up of 75 digital banks across 75 districts of the country gives an additional boost to digital payments and the fintech ecosystem in the country. With this budget, India’s tax regime on virtual assets like cryptocurrency is also finally here with the government introducing taxation on crypto at 30% along with 1% TDS. This higher taxation rate puts cryptocurrencies at a disadvantage against equity investments like stocks and Mutual funds that attract an LTCG of 10%. However, there was no big break/ relief for taxpayers in this budget, which is a bit disappointing considering the high expectations of the middle classes. A relief like an increase in the Section 8C limit which was last revised around 8 years ago would have worked as an incentive for people to invest more in financial assets like ELSS funds and NPS.
“The announcements made in the Union Budget by the Honourable Finance Minister Nirmala Sitharaman have covered all the aspects crucial to make resources available and accessible to the last person standing in the line, benefitting the people of the community. The Saksham Angwanwadi and Poshan 2.0 program will not only provide benefits to 2 lakh Anganwadis but will also ensure development of each section of the society for a healthy and prosperous India. This will strengthen the core of early childhood education which is the need of the hour in the pandemic. We also welcome the steps announced to upskill India’s youth and the National Skill Quality Framework will play a pivotal role in making the workforce industry-ready and equip them with necessary training for the future. Online learning has transformed the education sector in India and announcements such as 200 TV channels for school children, expanding the reach of PM e-vidya and online portal for skilling will definitely lay the foundation of the future of learning that is digital.”- Dr Payal Kanodia, Trustee, M3M Foundation
Anupam Rasayan India Ltd. (NSE, BSE: ANURAS) (“ARIL”), one of India’s leading custom synthesis and speciality chemical players, today announced that its Board of Directors has approved the acquisition of 24.96% of the total equity shareholding of and joint control of Tanfac Industries Limited (“TIL”) from Birla Group Holdings Private Limited (“BGH”), (a promoter company which is part of Aditya Birla Group) and few other promoter group of TIL (“Sellers”) and the launching of an open offer under the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011 to acquire a further 26% shareholding from the public shareholders of TIL. ARIL has also executed an amendment agreement to the joint venture agreement dated 4 October 1980 between Tamil Nadu Industrial Development Corporation (“TIDCO”) and Birla Group Holdings Private Limited pursuant to which ARIL will replace BGH as the joint venture partner of TIDCO in TIL, subject to compliance with the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The consideration for the acquisition of shares from the Sellers is ₹ 148.14 crores and the open offer (assuming full acceptance) is ₹ 154.31 crores which will be funded through debt. Pursuant to the acquisition, ARIL will become a promoter and will have joint control in TIL along with TIDCO.
Incorporated in 1972, TIL is a specialty fluorides chemical manufacturer. The company is also a leading producer of Hydrofluoric Acid and is engaged in manufacturing other organic and inorganic fluorine-based products such as Aluminium Fluoride, Sodium Silico Fluoride, Potassium Fluoride. In addition to that, Sulphuric Acid and Oleum are key products of the company. The company has one manufacturing unit at Cuddalore, Tamil Nadu, spread across 60 acres and strategically located adjacent to the Cuddalore Port. TIL posted revenue of ₹253 crores, EBITDA of ₹65 crores and PAT of ₹46 crores till Q3 of FY2022. The deal is taking place at P/E multiple of ~13 times considering PAT of trailing four quarters.
This acquisition is a strategic decision to expand the product series under the fluorination chemistry of ARIL. It brings synergies by way of backward integration initially as ARIL is one of the largest consumers of Potassium Fluoride in India which would be supplied by TIL. With access to these basic fluoro compounds and the expertise of ARIL’s core R&D team we will be able to introduce niche value adding fluorine derivatives in the coming years. ARIL will also strengthen the TIL’s team by adding highly experienced professionals in its R&D and plant level.
Speaking about the Acquisition, Anand Desai, Managing Director of ARIL, said, “We are very pleased to announce our investment in Tanfac industries. Tanfac is strategically fit for our fluorination chemistry business. This will not only reduce our import dependence but will also let us launch new derivatives under this chemistry which was not possible earlier. We will add niche fluoro derivatives which will have application in Crop protection, Pharma intermediates and Polymers such as Fluoro Elastomers and Fluoro Electrolytes and other Polymers which have application in Polyamide and Semiconductors. We will also expand the speciality chemical business of TIL, thereby improving existing margins of TIL. This business will be EPS accretive from day one. We aim to unlock the full potential of the Tanfac Industries and drive significant value creation through synergies between Anupam and Tanfac.”
Singhi Advisors is the financial advisor for this transaction. Edelweiss Financial Services Limited acted as manager to the open offer and Shardul Amarchand Mangaldas & Co., Advocates and Solicitors as the legal advisor to the transaction.
At a time in which many nonprofits have struggled to stay afloat, GiveIndia’s annual fundraising challenge – starting tomorrow, February 1 – comes as a boon with ₹4 crores to give away as rewards to NGOs who participate. In the last seven years, Bengaluru-based GiveIndia has awarded more than ₹10 crores to participating Indian NGOs to support their impact interventions. About 60 nonprofit organizations – among the 450+ who join the challenge – raise anything between 30-80 percent of their yearly fundraising budget during GFC.
The event is held in the last two months of the financial year, giving donors the opportunity to benefit from tax savings for their monetary contributions. Tax-deductible 80(G) and 501(c)(3) receipts are issued for domestic and international donations. GFC gives NGOs a chance to hone their crowdfunding skills, an expertise that stands them in good stead in a technology-driven era where the emphasis is on online fundraising.
Sumit Tayal, COO, GiveIndia said: “GiveIndia Fundraising Challenge 2022 is an open invitation for all nonprofits and their supporters to raise money for their chosen philanthropic causes. As India’s most trusted giving platform – and in keeping with our founding mantra of promoting the giving culture- we encourage all NGOs to join the challenge. We are geared up to give every support required for their fundraising success.”
Every one of the 2,500+ NGOs registered with GiveIndia with an active fundraising page will be automatically entered into the eighth edition of GFC. Those not with GiveIndia but who wish to participate and have the chance to win matching rewards for up to 25% of the amount raised, can go through a simple registration and due diligence process to join.
Over 450 NGOs- including Team Everest, Deesha Education Foundation and Umeed Foundation – participated in GFC 2021 and raised ₹17 crore for causes like healthcare, COVID relief, children and education.
