How a newspaper ad and Rs 5 lakh investment set this entrepreneur on Rs 50 Cr journey in chemicals manufacturing

In 2002, Bengaluru-based entrepreneur Srinivas M saw a newspaper ad about the MSME Ministry conducting a training session for chemical manufacturing. Srinivas was a chemical trader at the time, and thought it would be a good opportunity to start manufacturing chemical products himself. “I saw this a way into a manufacturing sector that could pay me dividends much more than a trading business ever could. I decided to seize this opportunity, and enrolled myself in the programme,” he says. Srinivas was about to enter the chemicals industry that has grown over the years, touching $163…

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No white elephants please! Where not to invest RBI surplus of Rs 1.76 lakh crore

Bimal Jalan panel’s decision to recommend transfer of Rs 1.76 lakh crore of RBI’s reserves and excess provisions to the government of India has rightly raised a host of questions about where the money would be deployed. Just as brazenly the Centre managed to transfer the reserves, the expectation was that their deployment would be equally transparent. If there were hopes from finance minister Nirmala Sitharaman’s press conference in Pune to throw light on the question, those were dashed. But more than where they are deployed, it’s important to understand…

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Investment projects worth Rs 65,000 crore to be announced in second ground breaking ceremony

Union Home Minister Amit Shah will inaugurate the two-day second ground breaking ceremony in Lucknow on Sunday. (Image | PTI) Union Home Minister Amit Shah will inaugurate the two-day second ground breaking ceremony in Lucknow on Sunday which will see the launch of more than 250 projects worth Rs 65,000 crore. Speaking to India Today, state industrial development minister Satish Mahana said “The first ground breaking ceremony last year was highly successful and this time again more than 250 projects worth around Rs 65,000 crore rupees will be announced in…

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Himachal signs MoUs for 228 projects with investment of over Rs 27, 515 cr

In Himachal Pradesh, the state government has signed memorandums of understanding (MoUs) for 228 projects during the past few months with investment of over Rs. 27, 515 crores. This is for the first time in the history of Himachal Pradesh that entrepreneurs have come forward in such a big number to invest in the state. Chief Minister Jai Ram Thakur disclosed this in Shimla today while reviewing the progress of various developmental projects. He also instructed the concerned departments to speed up all the required clearances in a time-bound manner.…

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Future Lifestyle Q1 net profit drops 7 pc to Rs 24.54 cr

New Delhi: Future Lifestyle Fashions (FLFL), part of the Kishore Biyani-led Future Group, Saturday posted a 6.83 per cent fall in consolidated net profit at Rs 24.54 crore for the first quarter of 2019-20. The company’s net profit stood at Rs 26.34 crore in the June quarter of last fiscal, it said in a regulatory filing. Profit took a beating due to higher expenses, which rose to Rs 1,507.02 crore during the April-June period of the current fiscal from Rs 1,281.91 crore in the year-ago quarter. Total income increased to Rs 1,551.11 crore from Rs…

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[Funding alert] Education financing startup Propelld raises Rs 15 Cr from Stellaris Venture Partners and India Quotient

Propelld, a Bengaluru-based fintech startup that enables student education loans, on Monday, announced that it has raised Rs 15 crore from Stellaris Venture Partners and India Quotient. Existing investor India Angel Network Fund (IAN Fund) also participated in the round. Other investors in the round include Raghunandan G, founder of Taxiforsure and Ramakant Sharma, founder of Livspace, who participated as members of Stellaris’ Founder Network. Bibhu Prasad Das, Founder, Propelld said, “We are expanding the education credit market by creating tailor-made loan products with inputs from our institute and NBFC partners,…

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