CMA,trade unions sign new wage pact, to benefit 20,000 employees in cement sector

Source: The Hindu Business Line, Feb 22, 2019

New Delhi: The Cement Manufacturers’ Association (CMA) and Federation of Central Trade Unions on Wednesday signed a settlement before the Chief Labour Commissioner (Central) which will benefit around 20,000 employees in the Indian Cement Industry by way of an increase in gross pay, enhanced dearness allowance and service weightage.

In all, 21 cement companies, which covers 60 per cent of country’s total cement capacity had authorised CMA to negotiate with the trade unions on behalf of them, said the statement.

The settlement is for duration of four years from April 1, 2018 to March 31, 2022 and provides for an increase of 5,000/- per month in the Gross Pay of cement employees (to be paid in two instalments of 2,500/- each in April 2018 and April 2020).Arrears for 11 months will be paid in two instalments. Read the rest of this entry »

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Government re-promulgates ordinance for companies law amendments

Source: The Economic Times, Feb 21, 2019

NEW DELHI: The government has re-promulgated an ordinance to amend the companies law that seeks to plug critical gaps in corporate governance and compliance framework as well as improve the ease of doing business in the country.

On Tuesday, the Cabinet cleared the proposal to promulgate the Companies (Second Amendment) Ordinance, 2019.

A bill to replace the Companies (Amendment) Ordinance, 2018, that was promulgated in November could not be passed during the last session of the current Parliament. Read the rest of this entry »

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 »

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 »

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.

Packaging sector to hit $73 bn by FY20 on rising income

Source: Business Standard, Feb 17, 2019

New Delhi: The market size of the country’s packaging industry is expected to touch $72.6 billion by FY20 on account of rising population and income levels, according to a study by Assocham-EY.   

“India’s packaging industry is expected to witness an outstanding growth during 201621, and anticipated to reach $72.6 billion by FY20,” it said.

The industry was $31.7 billion in 2015.

“The growth is driven by key factors such as rising population, increase in income levels and changing lifestyles,” it said. Read the rest of this entry »

7-Eleven looking to enter India, likely to join hands with Future Group

Source: ETRetail.com, Feb 14, 2019

MUMBAI: 7-Eleven, the world’s largest convenience store chain, is in advanced talks with India’s Future Group to enter one of the fastest-growing retail markets. If the plan goes ahead, the Kishore Biyani-owned retail company will open and operate small format 7-Eleven stores in India as a master franchisee, said two people aware of the development.

A deal may be announced as early as March, they said. “While the stores will have products across categories, foods will have a greater focus,” one of the persons said.

Seven & i Group, which owns 7-Eleven among other retail formats, posted annual revenue of $100 billion through nearly 66,000 stores globally. Read the rest of this entry »