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India.com
5 days ago
- Business
- India.com
Meet man, born in a Mumbai chawl, quit school at 15, built Rs 1010000000000 company; his business is..., net worth is Rs...
Inder Jaisinghani (File) Building a successful business from scratch while battling crushing poverty is undoubtedly a cumbersome task which only a handful of people can boast to have accomplished in India. One such shining example is the inspiring story of Inder Jaisinghani, the Chairman and Managing Director (MD) of Polycab India Limited, who was born in a humble Mumbai Chawl , spent his childhood in utter poverty, yet through sheer hard work and dedication, turned a small shop in a major business empire which is currently valued at a whopping Rs 101 , 000 crore. Who is Inder Jaisinghani? Born in a low-income household in Mumbai's Lohar Chawl, Inder Jaisinghani spent most of his childhood battling crippling poverty and things got worse after the death of his father, which forced him to drop out of school at the age of 15, and shoulder the burden of the family's responsibilities at a tender age. However, unfazed by the overwhelming odds, Inder Jaisinghani was determined to change his circumstance in life and started out by helping run the family business, Polycab, which at the time was a small electric goods shop in Lohar Chawl. Over the years, Inder applied his exceptional business acumen to transform Polycab from a tiny shop to the largest wire and cable manufacturing firm in India. In 1997, Jaisinghani took over as the Chairman and Director of Polycab, and under his leadership, the company ventured into new markets, and soon became a leading name in the cable manufacturing sector. How Polycab became a Rs 10,000 crore giant? Under Inder Jaisinghani, Polycab, which started out as a small-time trading firm in 1986, has today become the leading cables and wires company in India, valued at a whopping 101,000 crore. In 2008, International Finance Corporation, the private equity arm of the World Bank, picked up a stake in Polycab, and in 2014, the company expanded its product catalog, and started manufacturing items like electric fans, LED lighting, switches and switchgear. Polycab became a publicly-traded company in 2019, and currently has 28 manufacturing plants across India and exports its products to 79 countries. Once a small shop, Polycab has witnessed stunning growth in the last 50 years under the leadership of Inder Jaisinghani. Inder Jaisinghani net worth Polycab Chairman, Inder Jaisinghani, who began his journey from a slum in Mumbai, is now one of the richest individuals in India, with a net worth of $2.1 billion (about Rs 181618322970), making him one of richest industrialists in the country, according to Forbes. Apart from his business acumen, Jaisinghani is also renown for his charity and works for the upliftment of the economically and socially downtrodden communities through Polycab's CSR initiatives. He is also a vehement supporter of the 'Make in India' initiative.
Business Recorder
6 days ago
- Business
- Business Recorder
IFC, SECP launch ESG Pakistan Project
ISLAMABAD: International Finance Corporation (IFC) in collaboration with the SECP has officially launched the ESG Pakistan Project, a three-year initiative aimed at aligning Pakistan's corporate sectors with international ESG (Environmental, Social, and Governance) standards. The launch was marked by an awareness workshop in Islamabad and attended by key stakeholders from the capital market institutions, corporate sector and professional bodies. SECP Chairperson, Akif Saeed, in his keynote remarks, emphasized the growing relevance of sustainability for capital markets and the urgent need to embed ESG principles across Pakistan's business frameworks. 'The global shift towards sustainable finance is irreversible. For a climate-vulnerable country like Pakistan, this transition is not only timely but essential.' He added that SECP has made substantial progress over the past three years through the ESG Regulatory Roadmap, ESG Disclosure Guidelines and the launch of the ESG Sustain Portal. 'Incorporating sustainability practices is now a critical priority for businesses, enabling them to strengthen their reputation, improve operational efficiency, attract investment, and drive sustainable growth' said Zeeshan Sheikh, IFC's Country Manager for Pakistan & Afghanistan. 'This project, including today's workshop, aims to accelerate the adoption of international sustainability standards in Pakistan by fostering awareness, building capacity, and supporting the implementation of related regulatory frameworks by drawing on IFC's global expertise in this field.' IFC will support SECP through a comprehensive set of interventions including awareness and sector-specific ESG capacity building workshops, development of ESG guidance materials and impact assessment of ESG practices among listed companies using data on ESG Sustain. Copyright Business Recorder, 2025
News18
7 days ago
- Business
- News18
Vertis Infrastructure Trust raises Rs 900 cr via Sustainability-Linked Bond
Last Updated: New Delhi, Jul 23 (PTI) Vertis Infrastructure Trust on Wednesday said it has raised Rs 900 crore through a Sustainability-Linked Bond (SLB). Formerly known as Highways Infrastructure Trust, Vertis Infrastructure Trust is a SEBI registered Infrastructure Investment Trust (InvIT). The issuance saw International Finance Corporation (IFC) as the anchor investor, reinforcing global confidence in India's evolving ESG-financing ecosystem. Vertis Infrastructure Trust in a statement said the issuance saw International Finance Corporation (IFC) as the anchor investor. The SLB is structured with predefined sustainability performance targets that link interest rates to the achievement of ESG outcomes, mirroring international best practices and embedding financial incentives for meeting environmental targets, reinforcing Vertis' long-term sustainability focus. Vertis Infrastructure Trust Executive Director and Joint CEO Gaurav Chandna said SLB issuance demonstrates the growing maturity of Indian InvITs in tapping innovative financing routes aligned with global sustainability standards. PTI BKS HVA Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mid East Info
21-07-2025
- Business
- Mid East Info
MENA Banks Can Bridge the SME Finance Gap Through Simplified, AI-Driven Servicing - Middle East Business News and Information
Finastra urges modernization to unlock growth and profitability in SME lending Small and medium-sized enterprises SMEs play a central role in MENA economies, yet many remain underserved by formal financial systems. According to the International Finance Corporation (IFC), 40% of formal micro, small, and medium enterprises (MSMEs) in developing countries face unmet financing needs amounting to $5.2 trillion annually . This is equivalent to 1.4 times the current level of global MSME lending. In the MENA region, the finance gap is particularly high, at 88% of potential demand. 'Banks often face structural challenges in addressing this gap,' said Carlos Teixeira, Head Business Dev and Strategy, Lending at Finastra . 'Legacy infrastructure, high servicing costs, increased credit risk, and fragmented data make it difficult to assess SME creditworthiness and process loans efficiently. As a result, many SMEs rely on internal funds or informal sources to finance growth and operations.' According to Finastra's 2024 Financial Services State of the Nation Survey , 87% of financial institutions globally see improving access to finance as part of their responsibility. The report highlights growing adoption of cloud-native platforms, API-based architectures, and AI. Financial institutions in countries like UAE and Saudi Arabia are already taking steps to modernize their banking capabilities, which can help enable faster and more scalable lending, including to SMEs. 'Adopting a simplified servicing approach in lending is becoming a strategic priority for banks to better serve SMEs,' added Carlos Teixeira . 'By automating workflows, applying data analytics, breaking down silos and integrating digital channels, banks can reduce costs, improve credit assessments and processing times, reduce risk and deliver more tailored, responsive support.' 'Simplified and scalable servicing models also present a commercial opportunity. Banks can serve more SMEs profitably, compete more effectively with fintechs and private credit providers, and unlock new revenue streams. At the same time, expanding access to credit allows banks to contribute meaningfully to closing the finance gap and supporting economic resilience across the region,' highlighted Carlos Teixeira. To extend their reach and improve efficiency, banks in the region are also partnering with fintechs and third-party providers via digital ecosystems. These collaborations can, for example, improve risk modelling, access to alternative data sets, and processes for credit assessments. This, in turn, allows financial institutions to expand access to credit while maintaining prudent risk controls. In 2024, SME credit in Saudi Arabia rose by 27.6% to USD 94 billion . In the UAE, SME lending reached USD 22.1 billion by mid-year. These developments reflect broader efforts to close the financing gap through technology-enabled servicing models. Finastra continues to support financial institutions across MENA with modernizing their SME lending capabilities, while helping to expand financial inclusion.
New Straits Times
21-07-2025
- Business
- New Straits Times
Maybank issues Southeast Asia's first sustainability-linked loan to MNC
KUALA LUMPUR: Malayan Banking Bhd (Maybank) has become the first commercial bank in Malaysia and Southeast Asia to issue a sustainability-linked loan (SLL) amounting to US$150 million to Austria Technologie & Systemtechnik Malaysia (AT&S Malaysia). The landmark transaction marks the first such facility by a local lender to a multinational company in Malaysia's semiconductor sector, Maybank said in a joint statement with ATS recently. "This deal follows a US$250 million loan provided to AT&S Malaysia by International Finance Corporation (IFC) in March 2025 and concludes the parallel loan arranged by IFC under the same agreement," it said. The financing will support the development of AT&S' first high-end IC substrate plant in Kulim Hi-Tech Park, Malaysia. This will include state-of-the-art equipment and closed-loop recycling systems, adhering to AT&S' comprehensive sustainable energy framework. The companies said the facility will produce advanced IC substrates, essential components to meet surging demand for high-performance data processors, data centres, and AI infrastructure. "With over US$1 billion committed to Malaysia, this represents AT&S Group's largest initial investment," they added. The targets attached to the SLL include reducing annual greenhouse gas emissions by 31 per cent by March 31, 2028, using fiscal year 2022 as the baseline. Maybank global banking group chief executive officer Datuk John Chong said the financing aligns with its strategic focus on the semiconductor ecosystem in Southeast Asia. Chong said the SLL structure also strengthens the group's commitment to mobilising sustainable finance and powering the region's green transition. "This transaction is also a reaffirmation of our growing collaboration with the International Finance Corporation," he added. From 2021 to the end of the first quarter of 2025, Maybank mobilised RM125.46 billion in sustainable finance across Asean, surpassing its RM80 billion target by this year.
