Cyril Amarchand Mangaldas to set up India’s first legal tech incubation centre

Source: LiveMint.com, Feb 20, 2019

Mumbai: Cyril Amarchand Mangaldas (CAM), one of India’s largest full-service law firms, is setting up the country’s first legal technology incubation centre in its New Delhi office. The centre, named ‘Prarambh’, will work with young entrepreneurs to forge new tech-based solutions for the legal industry.

The firm is looking to build an ecosystem of technology and startups around traditional legal areas such as access to justice, dispute resolution, transaction efficiencies, law firm operations, legal research, compliance and contract management, among others.

“During our initial exploration, we found that a great deal of technology being used in other jurisdictions is not fully suited to the Indian legal market,” said Cyril Shroff, managing partner, CAM. “I am confident that ‘Prarambh’ has all the ingredients to radically transform the legal-tech landscape, impacting both transactions and dispute resolution.”

The incubation programme will initially select three to four startups that have the potential to meet real-world challenges. It is setting up infrastructure in New Delhi and will later expand to Bengaluru. Read the rest of this entry »

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7.5 GW solar projects in Leh & Ladakh

Source: Financial Express, Feb 20, 2019

Industry players have sought more time from the Solar Energy Corporation of India (SECI) to complete their site visits in Leh and Ladakh districts, where the government plans to set up solar parks with capacity of 7,500 MW.

The pre-bid meeting on the mega tender was attended by 51 companies and another technical meeting has been scheduled in the first week of March, a senior Seci official told FE.

The government plans to install 23 giga-watt (GW) of grid-connected solar projects in the state. The first phase of the ‘ultra mega’ solar project would comprise 2,500 MW capacity in the Kargil region and 5,000 MW in Leh district.

Since the project has a large component of adding transmission infrastructure, the meeting was attended by global transmission equipment supply companies such as GE, ABB and Siemens. Read the rest of this entry »

French aerospace firm Safran to set up manufacturing facility in Telangana

Source: Business Standard, Feb 19, 2019

Hyderabad: French aerospace company Safran on Tuesday announced that it was going to invest 36 million euros in Telangana to build a turbine component manufacturing facility for its advanced LEAP commercial jet engines.

The new plant, set to come up near an electric wiring facility the company set up last year in GMR Special Economic Zone near the airport, will start production in early 2020, according to Safran chief executive officer Philippe Petitcolin.

The plant will make parts for the LEAP turbofan engine from CFM International, which is a 50:50 joint venture between Safran and GE.

Speaking to the media during his brief stop over at Hyderabad on his way to the Bengaluru Air Show, Petitcolin said that the new investment was completely outside the defence offset opportunity. He added that the company had found Hyderabad to be the right place to start the operations as it seeks to create a competitive environment for building the LEAP engine. Read the rest of this entry »

Govt clears reform to enhance domestic oil and gas exploration

Source: Business Standard, Feb 20, 2019

New Delhi: The Union government on Tuesday decided to offer the private sector bigger oil and gas areas that belong to its companies Oil and Natural Gas Corporation and Oil India on relaxed conditions.

“To enhance production from existing nomination fields of ONGC and OIL, enhanced production profile will be prepared by both PSUs. For production enhancement, bringing new technology, and capital, national oil companies will be allowed to induct private sector partners,” said a government press release. Read the rest of this entry »

Angel tax relief for startups: Funding cap for exemption raised to Rs 25 cr

Source: Business Standard, Feb 20, 2019

New Delhi: Bowing to sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government on Tuesday eased tax norms for new businesses in a bid to boost investment and job creation.

The angel tax is levied on start-ups that have received equity infusion in excess of the fair valuation, with the premium being paid by investors as their income. It was introduced in the 2012-13 Budget by the then finance minister Pranab Mukherjee to curb money laundering.

The government has allowed start-ups that have raised capital up to Rs 25 crore to claim tax benefits, as against Rs 10 crore earlier. It has also announced a slew of waivers and a definition tweak in line with demands from the sector. Exemptions have been allowed for investments by non-resident Indians and alternative investment funds (AIFs) as well as for the infusion of capital into start-ups in the form of equity stake in a listed company, according to the latest norms issued by the Department for Promotion of Industry and Internal Trade (DPIIT). Read the rest of this entry »

Government approves new national electronics policy eyeing 1 crore jobs

Source: The Economic Times, Feb 2019

The Cabinet on Tuesday approved a new electronics policy which aims to create a USD 400 billion electronic manufacturing ecosystem by 2025 and generate 1 crore jobs in the country.

“We are targeting USD 400 billion (ecosystem) by 2025. It will give jobs to 1 crore people,” Law and IT minister Ravi Shankar Prasad said after the Cabinet meeting.

The National Electronics Policy 2019 proposes to boost mobile manufacturing in the country to 1 billion units worth USD 190 billion (about Rs 13 lakh crore) of which 600 million units worth USD 110 billion (about Rs 7 lakh crore) will be exported from the country.

Under the policy, the government aims to push manufacturing of strategic electronics required by defence and other strategic sector in the country.

The first electronics policy came in 2012.

Nitin Gadkari to unveil Rs 11,000 crore highway projects in UP

Source: The Economic Times, Feb 20, 2019

New Delhi: Union minister Nitin Gadkari will inaugurate and lay the foundation stone of Rs 11,595-crore highway projects in Uttar Pradesh on Wednesday, the government said.

In addition, the minister will also lay the foundation stone of several projects under the Namami Gange programme, accompanied by Uttar Pradesh chief minister Yogi Adityanath.

Gadkari will inaugurate in Moradabad the 146-km Aligarh-Moradabad stretch on NH-93 built at Rs 950 crore, and will lay the foundation stone of the 100-km long six-lane Hapur Bypass-Moradabad section of NH-24 to be constructed at a cost of Rs 3,441 crore, the Ministry of Road Transport and Highways said.

A statement said he will lay the foundation stone in Meerut for three projects — the 88-km four-lane Meerut-Budhana-Shamli-UP/Haryana Border (Karnal) section of NH-709A to be built at a cost of Rs 708 crore, the 54-kmlong four-lane Meerut-Najeebabad section of NH-119 at Rs 2,120 crore, and construction of additional facilities on 78-km-long Meerut-Muzaffarnagar section of NH-58 at Rs 207 crore. Besides, the foundation stone will be laid for the Rs 3,367-crore Garhmukteshwar-Meerut stretch, it said.