Jain Irrigation’s merged int’l biz to be 2nd biggest

Times of India | 5 days ago | 22-06-2022 | 08:10 am

Jain Irrigation’s merged int’l biz to be 2nd biggest

Mumbai: Jain Irrigation Systems will merge its international business with Rivulis, part of Singapore-based investment fund Temasek, to create the world’s second largest irrigation player with revenues of $750 million (Rs 5,860 crore).Jain will hold 22% in the merged entity, with Temasek owning the remaining 78%. The proposed deal will lower Jain’s debt, which stood at Rs 6,000 crore in FY22. Jain said, the transaction once closed will result in substantial reduction of the company’s debt by 45% or about Rs 2,700 crore and will also pare interest costs. Moreover, the merger will enable the company to refocus its efforts in growing the India business. Rivulis too has a presence in India but the local unit is not part of the transaction. In India, both Jain and Rivulis will compete with each other. The Indian company will have representative directors and an observer on the board of the merged entity, which will be dual headquartered in Singapore and Israel and will continue to be named Rivulis. However, the merged entity will continue to use the Jain brand in international markets where it has significant presence and value.Jain’s international irrigation business is valued at Rs 4,200 crore, said its MD Anil Jain. Anil’s father Bhavarlal founded the irrigation company in Jalgaon, Maharashtra, in 1986. Jain landed up in financial trouble in recent years due to high debt coupled with delays in getting receipts from the government. The company, said Anil, has changed its business model by selling directly through dealers, among other moves.

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Times of India | 1 hour ago | 28-06-2022 | 03:17 am
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Mumbai: Even as the ED has summoned Shiv Sena leader Sanjay Raut on Tuesday in two money laundering cases, he said, “I just came to know that ED has summoned me,” He tweeted further, “Good! There are big political developments in Maharashtra. We, Balasaheb’s Shivsainiks, are fighting a big battle. This is a conspiracy to stop me. Even if you behead me, I won’t take the Guwahati route. Arrest me! Jai Hind!”Last week the agency registered a case where Dewan Housing Finance Corporation Ltd (DHFL)’s erstwhile promoters Kapil Wadhawan and his brother Dheeraj are accused of a Rs 34,615-crore loan fraud along with builder Sudhakar Shetty of Sahana group. The ED is in the process of taking custody of Pune businessman Avinash Bhosale for questioning in the same case. Agency sources said ED registered the DHFL money laundering case based on a CBI FIR and while examining documents collected during the investigation, found suspicious entries linked to Sanjay Raut.The second case in which Raut’s been called for questioning is related to a Rs 1,200-crore chawl redevelopment fraud involving the Housing Development and Infrastructure Ltd (HDIL) group, its promoters Rakesh Wadhawan and son Sarang and Sanjay Raut’s associate Pravin Raut. HDIL subsidiary Guru Ashish Construction had taken over redevelopment of Goregaon’s Patra Chawl after entering into an agreement with the land owner Mhada (a state government agency) and residents of the structure. Pravin Raut was a shareholder in Guru Ashish who received Rs 50 crore after he exited the company. Pravin Raut also received Rs 45 crore from a land deal at Palghar from the HDIL group. Earlier, ED arrested had Pravin Raut and chargesheeted him after alleging that “Pravin Raut received Rs 112 crore between 2008 and 2010 from HDIL in multiple instalments. He failed to give valid reasons.”The ED suspects that Pravin Raut is a front for some influential persons including politicians. In April, the ED had attached a flat in Mumbai owned by Sanjay Raut’s wife Varsha and eight other land parcels jointly owned by her and another businessman’s wife in Alibaug, collectively valued at Rs 11 crore. ED had alleged that these properties were purchased through money diverted by Pravin Raut.Sanjay Raut did not comment on the ED’s allegations about his involvement.

Won’t take Guwahati route even if you behead me: Raut
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The Indian Express | 4 hours ago | 28-06-2022 | 12:45 am
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Relief as colleges take steps to set aside seats for students awaiting CBSE, ISC results
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The Indian Express | 4 hours ago | 28-06-2022 | 12:45 am
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Shinde camp views SC order as victory; disqualification inevitable, says Sena
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The Indian Express | 4 hours ago | 28-06-2022 | 12:45 am
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4 hours ago | 28-06-2022 | 12:45 am

Amid large-scale defections that the Shiv Sena has suffered with senior party leaders and MLAs raising a banner of revolt, the party is now mobilising Yuva Sena, its youth wing, in an attempt to reassert itself and capture lost ground across the state.In a meeting that took place last weekend soon after the rebellion, the core committee members of Yuva Sena, who are all mostly based out of Mumbai, were instructed to expand their focus on different districts across Maharashtra.The Yuva Sena leaders have been asked to tap into the student community as well as local Sena workers in the state in an attempt to consolidate the party’s support base. A number of leaders who have been tasked with the assignment are relatively young faces in politics and are deemed to be close to Yuva Sena chief Aaditya Thackeray.Some of the Yuva Sena leaders who have been tasked with this outreach programme are Amol Kirtikar, Amay Ghole, Suprada Phaterpekar, Durga Bhosale Shinde, Sheetal Devrukhkar, Ankit Prabhu, Rupesh Kadam, Rahul Kanal, Sainath Durge, Pravin Patkar and Pradeep Sawant.The members have been asked to first begin their outreach in state universities. With most universities having graduate constituency elections around the corner, experienced members from Yuva Sena have been asked to individually take over responsibility of one university each.“Only few leaders have rebelled but the party’s cadre remains strong at the ground levels. But this is the right time to reach till the rural levels of Maharashtra and identify new faces which may not be from political background,” shared a core committee member adding how Yuva Sena’s focus on Mumbai Metropolitan Region has been a point of criticism to have come up over the past few days.According to the core committee members, it is not just the party’s leadership which is seeing a change of generation. Even the new set of voters is identifying with Aaditya Thackeray’s vision for the Sena, they added.“Right now is the time to tap on this new image of Sena by connecting with the younger generation. And taking Yuva Sena’s reach to rural Maharashtra, through universities and student leaders, will ensure this,” added another core committee member.Yuva Sena was founded on October 17, 2010 with an announcement by Shiv Sena founder Bal Thackeray in front of a large crowd at the party’s annual Dussehra rally at Shivaji Park maidan. The Yuva Sena was seen as a vessel to launch the political career of Aaditya Thackeray who has been heading the outfit since then.Apart from Aaditya, Varun Sardesai, who is a cousin of Aaditya, is another well known face of the Yuva Sena.Since its foundation, the sons of a number of Sena leaders, MLAs, MPs and others have joined the Yuva Sena and held prominent posts in the youth wing. Some of them are also sons of rebel MLAs and are now looking at weaning themselves away from the Yuva Sena.

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The Indian Express | 4 hours ago | 28-06-2022 | 12:45 am
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Crime Branch to reinvestigate rape case in which 2 brothers were wrongfully arrested
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