CII initiates nine focused tracks to transform South India by 2047
New office of CII inaugurated in Mangaluru
Mangaluru-(Press Release): The Confederation of Indian Industry (CII) has declared that, in alignment with its national theme, the CII Southern Region branch will focus this year on key enablers of growth that will propel economic growth of the southern states and will also set the tone to transition South India@75 to South India@100.
Speaking to reporters in the city on Saturday, Kamal Bali, Chairman of CII Southern Region, and President and Managing Director of Volvo Group India, said that the transition to South India@100 will be undertaken with the theme 'Transformation through Competitiveness, Growth, Sustainability, Trust & Globalisation' for the year 2023-24.
Highlighting the theme, Bali said, "We have nine tracks of focus or theme enablers. They are People and Culture Rejuvenation, Holistic Sustainability and ESG, Tech Adoption and Digital Transformation, Embracing Energy Transition, Innovation and Startup Ecosystems, Manufacturing Excellence, Industry 4.0, International Linkages, MSMEs, Membership Engagement and Brand Building and Sectoral Promotion."
Detailing the action points under the category of competitiveness, he said, "CII will work closely with the state government in bringing state-level policies on Manufacturing and Industry 4.0, as these are very important in realizing the economic goals and vision of the southern states. CII would also set up a state-level task force on Digital Transformation to support industries in their digitalization initiatives. This is primarily to make CII member companies be ready for Industry 4.0."
He added that CII will be handholding 2,000 MSMEs, which will be serviced and sensitized on various elements of competitiveness in collaboration with the CII Centres of Excellence.
The Chairman further said, "On the Growth front, CII would give special focus on state-level industrial policies and sectoral policies in areas like Start-ups, AI, Exports & Logistics, Food Processing & Clean Energy."
N M P Jeyesh, Regional Director, CII Southern Region, was also present at the Press Meet.
The CII Southern Region opened its office in Mangaluru on Saturday, as a major step towards expanding its services in South India. The office was inaugurated by Bali, in the presence of Vijaykrishnan Venkatesan, Chairman, CII Karnataka; Praveen Kumar Kalbhavi, Chairman, CII Mangaluru District, and other senior office bearers and members of Karnataka.
Addressing the gathering on the occasion, Bali said that, with the opening of new office in Mangaluru, CII’s office network in South India had increased to 17, including three in Karnataka. CII would now extend its services to members and other stakeholders with specific interventions for the development of MSMEs. Mangaluru, being a vibrant tier-II city, has huge potential to contribute to the growth of Karnataka, he opined.
Vijaykrishnan Venkatesan said that an office in Mangaluru was a long dream of members in Karnataka and with their support it had become a reality. With the expansion of its network in Karnataka, the CII would be able to service its members at the grass-root level.
The opening of the office in Manguluru would support in the industrialization and economic growth of the district, he added.
Praveen Kumar Kalbavi said, "The Mangaluru office will strengthen CII’s presence in tier-II cities in Karnataka and offer specific services to industry members in sectors like exports, food processing, manufacturing besides active engagement with academia and MSMEs in the district. The Mangaluru office will play a catalytic role in the transformation of the region as an economic power house of Karnataka."
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Swiggy IPO makes 500 employees 'crorepatis'; unlocks Rs 9,000 cr worth of ESOPs
New Delhi, Nov 13: Swiggy's much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the "crorepati" club, with the food delivery and quick commerce major's listing poised to unlock Rs 9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.
Swiggy's initial share sale had a price range of Rs 371-390 a share.
"The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs 390), 500 employees out of the 5,000 are set to become crorepatis," a person in the know shared the details requesting anonymity.
On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE.
Shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent on the bourse.
The stock on the BSE was listed at Rs 412, a jump of 5.64 per cent from the issue price. Later, it surged 7.67 per cent to Rs 419.95.
The company's market valuation stood at Rs 89,549.08 crore during the early trade.
The Rs 11,327-crore initial public offer of Swiggy was fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.
The company's IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.
