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Time of India
29 minutes ago
- Time of India
Staff shortage in DICs hits promotion of MSME schemes
1 2 Koraput: Staff shortage in the District Industries Centre (DIC), Koraput, is affecting the implementation of govt schemes and outreach activities meant to boost entrepreneurship among unemployed youth. Official data revealed that 10 out of 14 sanctioned posts of assistant industries officers (AIOs) are vacant, severely limiting operations. Ideally, every block is supposed to have at least one AIO to raise awareness about various govt schemes aimed at promoting micro, small and medium enterprises (MSMEs). However, only four posts are filled currently, with one officer managing multiple blocks simultaneously. Most of their time is spent at the district office occupied with official work. The shortage has hampered field-level engagement and awareness drives. The impact of the administrative vacuum shows as only two persons applied for capital subsidies under MSME schemes this year — an alarmingly low number that experts attributed to poor information dissemination and lack of guidance from field officials. "This is in stark contrast to the govt's emphasis on promoting self-employment and MSMEs among youth in tribal and rural belts like Koraput. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo AIOs are key personnel in promoting and implementing the govt schemes. But with most of the posts lying vacant, the efforts are falling short," said Ajit Pata, a Koraput-based activist. Two posts of assistant managers are also lying vacant in the DIC, creating bottlenecks in the implementation and monitoring of schemes. "There is certainly a shortage of staff, and it has affected scheme implementation to some extent," said general manager of DIC (Koraput), Chinmayee Parida. "However, we are doing our best with the limited resources. We are hopeful that additional staff will be recruited by Oct," he added. "Unless the vacancies are urgently filled, many potential entrepreneurs may continue to miss out on vital govt support. The gap between policy intent and ground-level execution has to be resolved soon to strengthen the DIC's field presence," said Bhabani Mishra, another activist.
Time of India
44 minutes ago
- Time of India
Brookfield, EQT Close In on Gland Pharma, but Rising Stock a Pain
Live Events Buyout groups Brookfield and EQT are in active discussions to buy Hyderabad-based Gland Pharma, a contract development and manufacturing organisation (CDMO) and injectables company, from China's Fosun Group in what could become one of the largest buyouts of the year in the segment, said people in the know. However, the galloping share price of Gland is a potential deal two private equity groups have been shortlisted after the initial round of bids earlier this such as CVC Capital Partners are also exploring a deal, said the people cited. Warburg Pincus is said to be weighing its options before taking a call, they Chinese parent has diversified investments that range from healthcare to football clubs, asset management, banks, estate, hospitality, fashion and industrials. The conglomerate has a presence across the pharma value chain from manufacturing to diagnostics and medical devices. Shanghai Fosun Pharmaceutical Co. had acquired an 86% stake in Gland Pharma in 2016 from KKR for a record deal value of $1.26 currently owns 51.8% of Gland, having pared its stake over the years. Market capitalisation has shot up to Rs 32,964.47 crore with the Gland Pharma stock appreciating 10% in the year to date in anticipation of a transaction. It closed Friday at Rs 2,000. In the past month alone, it has shot up 16%. The Fosun stake alone would require a payout of Rs 17,141.28 crore ($1.9 billion).Change of control will involve an open offer for an additional 26% of the company from minority shareholders, making it a much larger transaction. If the open offer is fully subscribed, it would translate to a Rs 25,711 crore ($3 billion) acquisition at current and Gland didn't respond to queries. Brookfield and EQT declined to investors are of the view the stock is overpriced and are interested only at a discount to the current level. 'There are macro headwinds because of industry glut and geopolitics,' said one of the people cited. 'Fosun has to decide if it is okay to sell at a significantly lower price.'This factor could be a deal breaker, analysts said. 'At this level, the process looks tough,' said another industry official. Fosun at various times in recent years, renewed its search for a strategic or financial deal for Gland Pharma. The company ran a full sale process last year but aborted it, only to revive plans earlier this summer, mandating Morgan Stanley and UBS. Mint was first to report that PE interest in Gland had revived in in 1978 by PVN Raju, Gland Pharma develops and manufactures generic injectables for use in nearly 90 countries on five continents, with a focus on the Indian and US markets. As with other Chinese companies, Fosun has faced regulatory issues in India due to the frosty relationship between the two countries. Even its entry into India faced significant delays with deal contours needing tweaks to comply with FDI norms. Some experts said Fosun sees the timing as ideal for an exit. But with no success for years, Fosun has been selling down its shares in the public markets through block deals. Last year, it sold about 6% for ₹1,750 crore. 'The incremental growth for the company's base business in the US is likely to come at the cost of margins,' said Shyam Srinivasan of Goldman management is expecting Cenexi Group — a French injectables and CDMO company Gland acquired in 2023 — to break even by the December quarter. Gland has a toehold in Europe through Cenexi, but rebooting the organisation and its product mix has been analysts said Gland has a sound track record and its future prospects may attract buyers.A veteran industry expert said Gland Pharma has a 'strong compliance history' and its manufacturing quality is impeccable. Plus, a surge in demand is seen for large injectable capacities across the world, making it a good fit. Another strong push for Gland Pharma is the explosive growth in glucagon-like peptide-1(GLP-1) drugs for weight loss and diabetes. Novo Nordisk's Wegovy (semaglutide) is set to go off patent early next year in India and Canada, leading to a burst of generic variants expected to enter the market. This is likely to offset the current overcapacity of injectable assets around the world. Trade tensions between the US and China are adding to the interest in Indian contract manufacturing players for steady supplies. 'Although we have not seen any meaningful switching from China yet, such opportunities cannot be ruled out in the future,' an industry executive is also preparing for a larger play in the biologics business, focusing on expanding its biosimilar and biologic CDMO segment.'The company's collaboration with DRL (Dr Reddy's) and discussions with Henlius (of China) are progressing well, with revenue generation from DRL business expected from FY26,' it said in the presentation.
Time of India
an hour ago
- Time of India
Viceroy calls semiconductor unit of Vedanta a 'sham op'
Vedanta NEW DELHI: Continuing its tirade against mining heavyweight Anil Agarwal 's Vedanta group, US-based Viceroy Research has alleged that the group's semiconductor unit was a "sham commodities trading operation", designed to avoid classification as an NBFC, a charge the conglomerate called baseless. The short seller, which last week published a scathing report about Vedanta Group and followed it up with similar reports on group companies, in fresh allegations said Vedanta Ltd's subsidiary, Vedanta Semiconductors Pvt Ltd, was part of a scheme to allow the Mumbai-listed firm to remit brand fees to parent Vedanta Resources in April this year, when it faced a severe liquidity crisis. In a statement, Vedanta spokesperson said the group "strongly rejects the baseless allegations made in the report regarding Vedanta Semiconductors Pvt Ltd (VSPL)". "All business activities of VSPL have been transparently disclosed and are in line with statutory norms," it said. Viceroy said, "VSPL is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC)". "This scheme was devised to facilitate Vedanta Ltd's remittance of brand fees to Vedanta Resources' (VRL) in April 2025, when it faced a severe liquidity crisis," Viceroy said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo "VSPL's operational illusion needs 24 months of regulatory silence to fulfil its purpose, repaying its offshore lenders and hiding the near-catastrophe of April 2024. While credit analysts are snoozing through the alarm bells, India's regulators are famously light sleepers," it added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
