Speciale Invest's Fund III closes at Rs 600 crore; eyes investing in 18-20 deeptech startups
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Indian Express
28 minutes ago
- Indian Express
UP govt nod for MSME Industrial Estate Management Policy, 10% of all plots & sheds to be reserved for SC/ST entrepreneurs
The state government has given a green signal to the 'Micro, Small and Medium Enterprises (MSME) Industrial Estate Management Policy' aiming to promote industries through easy land allocation, better facilities and better management. The policy reserves 10 per cent of all plots and sheds for SC/ST entrepreneurs. If no eligible applicant is found, the plots may be reallocated to other categories to keep development on track, the government said in a statement. The government said Uttar Pradesh happens to be India's most populous state with the second-largest economy and the policy would help boost investor confidence with better infrastructure and transparent processes, targeting an industrial landscape that meets global standards. Under the new Industrial Estate Management Policy, the allocation of land, sheds, and plots available in industrial estates will be done on lease/rent through auction or e-auction modes. The lease/rent period will be determined by the Commissioner and Director of Industries, who will also have the authority to select the auction portal. Up to 20% of the area may be allocated for commercial, service, or residential use. Considering the state's geographical diversity, reserved prices have also been fixed for industrial plots for 2025–26. For instance, for the Madhyanchal region the reserved price will be Rs 2,500 per square metre. A hike of 20 per cent has been allocated in Pashchimanchal region at Rs 3,000 per square metre, and 20 per cent lower in Bundelkhand and Purvanchal regions at Rs 2,000 per square metre. The rates under the policy will increase annually by 5 per cent on April 1. As a special arrangement, if an anchor unit is likely to spur significant MSME growth in an industrial estate, the government may offer plots at preferential rates. The successful bidders in an e-auction will have to pay 10 per cent of the reserved price as earnest money. The remaining amount will be paid in lump sum, within a year, or maximum three years. For bidders making immediate payments will also be eligible for a 2 per cent discount. For those who opt for the installment plan, 12 or 36 equal monthly installments will be applicable, attracting additional interest as a penalty for any payment delay. Industrial estates will be equipped with common facility centres, power substations, fire stations, women's hostels, dormitories, crèches, eco-friendly parks, training institutes, and health services. The Commissioner and Director of Industries have been assigned to implement standard operating procedures (SOPs) for land allocation, property transfer, revitalisation, subletting, division and surrender.
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Business Standard
28 minutes ago
- Business Standard
Karnataka Bank Q1 profit falls 27% on higher provisions, capital up
Karnataka Bank on Tuesday reported a 27 per cent year-on-year decline in its net profit to Rs 292.40 crore for the April–June period, mainly due to a rise in provisions. Provisions rose to Rs 110.80 crore in Q1, compared to Rs 40.26 crore in the same period last year. Deposits grew 3.16 per cent year-on-year to Rs 1.03 trillion, while gross advances declined 1.57 per cent to Rs 74,267.02 crore. 'During the period, the bank has registered a moderate Y-o-Y growth in top-line numbers,' said Raghavendra S Bhat, managing director and chief executive officer, Karnataka Bank. 'Our focus will continue to be on RAM [retail, agriculture, micro, small and medium enterprises] segments along with improving low-cost deposits,' he said. On the asset quality front, gross non-performing assets declined to 3.46 per cent from 3.54 per cent. The capital adequacy ratio of the bank improved to 20.46 per cent from 17.64 per cent at the end of Q1 of FY25.
Time of India
28 minutes ago
- Time of India
Contract manufacturing startup Zetwerk takes majority stake in KRYFS Power Components
Synopsis Mumbai-based KRYFS, which was set up in 1992, offers products, including CRGO laminations, transformer cores and tanks, turnkey solutions, and solar projects. Its 10 manufacturing plants across India will be integrated into Zetwerk's ecosystem. Meanwhile, Zetwerk serves over 2,000 customers through over 10,000 suppliers across India, the US, Vietnam, and Mexico.
