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Friday, July 28, 2017

Medwell gets a Rs 136-crore shot from Mahindra Partners, others

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MUMBAI: Mahindra Partners has led a $21-million (Rs 136 crore) series-B round in healthcare venture Medwell Ventures which operates Nightingales Home Health Services.

The round also saw the participation from existing investors like Eight Roads Ventures and US-based F-Prime Capital Partners, along with early angel investors and the founders. As part of the round, Mahindra Partners will occupy two board seats in the company .

Founded in 2014 by former Fortis Healthcare group CEO Vishal Bali, Ferzaan Engineer, Lalit Pai and Himanshu Shah, Medwell Ventures had raised $10 million from Eight Roads Ventures, formerly Fidelity Growth Partners India and F-Prime Capital Partners, formerly Fidelity Biosciences in June 2015.

With this recent infusion, the total amount raised by the firm is $35 million (Rs 227 crore) across multiple rounds.

The funds that have been raised for the Nightingales’ business will be used to expand the company’s footprint in the four cities it is operational in ­ Mumbai, Bengaluru, Hyderabad and Pune and also expand its network across 10 metro clusters. “The idea is to grow deeper in each of the four cities. In Mumbai, we will add five to six more branches to the existing four.We will also start operations in NCR, Chennai and Eastern India,“ Vishal Bali, cofounder, Medwell Ventures

Nightingales has grown to a strength of 13 branches across the four cities and has a team of over 1,000 medical, paramedical and healthcare professionals.

Sales Leader Appointed to Head up Alcatel-Lucent Enterprise APAC Sales

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New Delhi, India

ALE, operating under the Alcatel-Lucent Enterprise brand, today announced the expansion of its senior leadership team in Asia Pacific, a key region for the company, with the appointment of Pierre Samson as Vice President of Sales. Pierre will assume his role effective immediately and will be based from Singapore. He will report to Matthieu Destot, Executive Vice President, Global Sales and Marketing, ALE.

Pierre Samson VP- Sales, ALE

 

Pierre has over 12 years of experience in the industry and has held senior leadership positions as Head of the Unified Communication & Collaboration Business Unit for Large Accounts at Orange Business Services and most recently as Chief Operating Officer and Chief Sales Officer at Lexsi, a cyber security specialist which was acquired by Orange in 2016. Following this acquisition, Pierre was appointed Deputy Managing Director of Orange Cyber defense where he demonstrated strong leadership in transforming several business areas.

APAC is an important market for ALE and Pierre has the experience to help us strengthen and expand our business and presence in the region. With Pierre leading the charge in APAC, ALE will continue to provide customers with innovative solutions that empower them to tap into new opportunities presented by this dynamically growing region,” said Matthieu Destot.

About ALE

We are ALE. Our mission is to make everything connect to create the customized technology experience customers need. We deliver networking and communications that work for your people, processes and customers from your office, the cloud or in combination.

A heritage of innovation and dedication to customer success has made ALE, marketed under the Alcatel-Lucent Enterprise brand, an essential provider of enterprise networking, communications and services to over 830,000 customers worldwide. ALE has a global reach and local focus with more than 2200 employees and 2900+ partners who serve over 50 countries.

Arun Jaitley meets FinMin’s consultative committee, discusses banks’ bad loans

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NEW DELHI: The government is taking sector-specific measures to deal with bad loans, especially the resolution of large debts, and may include setting up of more oversight committees, as initiated by the Reserve Bank of India, for faster settlement of such cases.

“RBI has made an oversight committee to look into process of cases referred to it by different banks. Seeing the response and its performance, the government is considering multiplication of such committees,” finance minister Arun Jaitley told the first meeting of his ministry’s consultative committee on Wednesday, which discussed non-performing assets.

According to a finance ministry noted statement, Jaitley said the core problem of non-performing assets was with very large companies – although few – mainly in steel, power, textile and core sectors.

“They had expanded capacity during the boom period (2003-08) but could not face the onslaught of the global financial crisis and consequent slowdown,” the minister noted, adding that the steel sector is recovering while many decisions have been taken to resolve problems in infrastructure, power and textile.

The growth of bad loans slowed in the last quarter of the current financial year, Jaitley said. He said options are being debated on setting up a bad bank to hold stressed and non-productive assets.

Some members of the consultative committee suggested that state governments should be allowed to take part in the auction of stressed assets. Some said the government must establish a Public Sector Asset Rehabilitation Agency and it should consider NPAs where sector-specific reforms do not work.

There was a suggestion to explore a long-term debt market for financing NPAs. It was also recommended that criminal action be taken against big, wilful defaulters.

Adani Enterprises applies to Australian government fund for coal mine railway financing

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Gautam Adani

TOKYO: India’s Adani Enterprises has applied for financing from an Australian infrastructure fund to build a rail line that is part of a $16 billion coal project in the state of Queensland, Australia’s resources minister said on Monday.

Financing from the A$5 billion Northern Australian Infrastructure Facility (NAIF) would offer a boost to Adani after some major banks said they would not participate in the controversial coal project.

Since starting work on the Carmichael development over five years ago, Adani has battled opposition from green groups who say it will contribute to global warning.

“(NAIF) is considering Adani’s proposal at the moment,” Matthew Canavan told Reuters in an interview in Tokyo on Monday, when asked if the Indian company had approached the infrastructure fund.

Canavan, visiting the Japanese capital to meet with buyers of Australian commodities, said Adani had not yet asked for financing for parts of the project other than the rail line. He did not disclose how much funding Adani had requested.

Adani’s Australian unit was not immediately available for comment.

NAIF was set up by the Australian government last year to promote the economic development of Australia’s north by offering loans for infrastructure projects including airports ports and railroads.

Adani, which has secured the major state and federal government approvals it needs for Carmichael, has still to announce funding for the project.

Environmentalists have lobbied banks not to provide loans and a number, including Germany’s Deutsche Bank and Commonwealth Bank of Australia, have stated they will not participate in the project.

The Indian company wants to start construction in the middle of this year, Adani Australia chief executive Jeyakumar Janakaraj told reporters in December, when he announced an agreement with the Queensland state government to hire local workers.

Comprising six open-cut pits, five underground collieries and the rail line, to the Queensland coast, environmentalists also fear the mine will produce so much coal for export to India that it will require a mega-port expansion into the Great Barrier Reef World Heritage Area.

Adani has said the project would not threaten the reef, while creating thousand of jobs and providing India with cleaner burning coal only found in Australia.

All government schemes to have sunset clause: Finance Ministry

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NEW DELHI: All government schemes should have a sunset clause and must be co-terminus with the tenure of Finance Commission, which is constituted every five years, the Finance Ministry said today.

In a communication to various departments and ministries, it said the Five Year Plan era ends with the 12th Plan this month and hence all the schemes should also revisited to improve the quality of government expenditure.

Every scheme should have a sun-set date and an outcome review, it said, adding that “for aligning the schemes with financial resources cycle of centre and and state governments, these will be co-terminus with the Finance Commission cycles, the first such be the remaining 14th Finance Commission period ending March 2020”.

All ministries and departments, it said, should submit their schemes for appraisal by the Finance Ministry by this month-end so that they can continue beyond the 12th Plan period “in a smooth, rationalised and effective manner”.

The circular said that the approval for continuation of a current scheme may be sought if the review is positive and its objectives have been achieved effectively.

“It may be ensured that in all such schemes which are proposed for continuation, there should be no scheme where the competent authority had specifically decided to terminate it at the end of 12th Five Year Plan,” the ministry said.

In 2014, Prime Minister Narendra Modi had abolished the Planning Commission and replaced it with a think-tank Niti Aayog.

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