RELIANCE RETAIL NOT LIFTED GOOD FOR AROUND 8 MONTHS IN SPITE OF MUTUAL UNDERSTANDING BETWEEN RELIANCE RETAIL, FUTURE GROUP & VENDORS: GOODS WORTH Rs. 500 CRORE INVOLVED

FUTURE GROUP’S MSME VENDORS IN JEOPARDY ALONG WITH ONE LAKH WORKERS AS PAYMENTS NOT RECEIVED FOR LAST 3 YEARS

 MSME GARMENT VENDORS WILL GATHER TO MAKE DESPERATE PLEA TO LIFT UP READY INVENTORY ON 14TH NOVEMBER 2022 AT RELIANCE RETAIL HEAD OFFICE

 NO CLEAR ASSURANCE FROM FUTURE GROUP DURING VENDOR’S AGITATION HELD ON 11TH NOVEMBER,2022 AT THEIR HEAD OFFICE

MUMBAI, 14th NOVEMBER, 2022 (TGN): Future Group Vendors United (FGVU) is an association of more than 300 MSME vendors supplying garment and fashion accessories to all Future Group companies namely Future Enterprises Ltd / Future Retail Ltd / Future Lifestyle Fashions Ltd / Future Speciality Retail Ltd.

Mr. Piyush Shah, Co-Founder & Member of Future Group Vendors United stated that the future of vendors and around one lakh workers was in jeopardy. & dire state as no payments received from Future Group for more than 3 years and ready goods of around Rs. 500 Crore lying to be lifted. The vendors of FGVU had a gathering of more than 100 vendors at Future Group’s head office in jogeshwari to meet Mr.Kishore Biyani on 7th November, 2022. Mr. Biyani called us on 11th November, when we met under strict police bandobast. He heard us but no clear reply or the solution was given by him.

In view of above situation, the vendors have decided to gather outside Reliance Retail head office at Ghansoli, Navi Mumbai on 14th November, 2022 at 11 AM for making desperate plea to lift the ready inventory. Vendors from across the country, viz. Tirupur, Delhi, Gujarat, Rajasthan etc. have been camping in Mumbai, will join the gathering.

We had two points agenda, while meeting Mr. Kishore Biyani, though nothing came out from the meeting.

1) Recovery of our outstanding in all Future Group companies pending since over 3 years.

2) The goods which we had made under the tripartite arrangement between Future Enterprises Ltd / Reliance Retail Ltd / Vendors lying with us since last 8 months.

Post pandemic when Future group was in a bad shape financially and when we all vendors had stopped supplying goods to Future Group companies as old outstanding was already pending and had no clarity regarding the payments, then Reliance Retail Ltd came in support of Future Group.

A mutual arrangement was arrived at where we vendors used to bill goods to Future Enterprises Ltd and ship to Reliance Retail Ltd and payments for the same were done by Reliance Retail Ltd directly to the vendors.

Since the vendors were also exhausted financially, so this mutual arrangement was structured in this manner where Reliance used to pay 25% of PO value in advance and balance within 10 days of GRN(Goods Received Note) at Reliance Retail Ltd warehouse.

This continued for 6 months after which the payment terms were revised to 45 days post GRN and this arrangement was supposed to last till 31-03-2022 and we received payments duly till February 2022

Then suddenly came a time when since January 2022, when Reliance Retail stopped lifting the goods for which orders were already placed to us by the sourcing team of Future Group along with the PO copies . Thus, the vendors and around one lakh workers’ future were jeopardised, leaving them in mid-sea on their own with a backlog of inventory and payment and nowhere to go.

There was no information about anything until 27th April 2022 when we came to know that their deal was called off (Reliance – Future deal).

After a lot of request, part quantity of our goods were lifted by reliance retail Ltd in the month of July / August 2022 but a major part of our goods are still lying with us which has a value of more than 500 crore.

Most of the future group stores were acquired and their front end and back end staff were absorbed by Reliance Retail and they continue to pay the rents and salaries to them respectively

We fail to understand how reliance is paying rent and electricity of closed stores of Future Group and paying salaries to employees without any work for last more than 6 months, value of which far exceeds the amount of goods which is merely worth Rs. 500 cr.

Being Future Group vendors, we had no way to contact Reliance Retail and we do not even have a clear reply from Future Group inspite of chasing them for last 8 months .

We have approached all the institutions, associations, MSME and other government bodies to support the industry or else thousands of vendors who are MSMEs and who employ more than 1 lakh workers will be out of business and won’t survive this delay in payments and ready goods deliveries. The whole industry will see the drastic effects of unimagined magnitude & crisis for a long time if the issue of these Msme’s is not resolved.

Some desperate measures need to be taken not only in the interest of these MSME vendors & huge number of workers but also to safeguard the general interest of garment industry in the country.

For further information, please contact Mr. Piyush Shah, Co-Founder of “Future Group Vendors United” Association on +91 93244 65500.Ends

MSRvantage launches smart contracts based customer loyalty solutions for retail brands

MUMBAI, 1st NOVEMBER, 2022 (TGN): By reshaping rewards and customer loyalty programmes with the use of latest technology, MSRvantage empowers retail brands to achieve better business prospects and adapt to the shifting demands of the growing market. As a result, expenses are minimized, brand loyalty is increased, and intelligent collaboration for trustworthy business agreements is made possible.

Businesses are leading the digital transformation in today's environment. The demand for effective solutions has increased along with the development of effective technologies. In order to accelerate digitalization across all of their company promotion strategies and create an efficient loyalty programme for customers and influencers, they discover the necessity to construct a reliable technical foundation.With top-notch loyalty solutions that entice customers and strengthen value propositions with intelligent automation, this offering from MSRvantage will assist brands in maintaining their client loyalty. By directly rewarding the retailers themselves, it aids retail businesses in digitising their trade promotion strategies and decreasing their dependency on middlemen. With the help of MSRvantage's blockchain-based rewards and loyalty solution, the company can assess performance more clearly. Additionally, analytical tools and dashboards assist the business in closely observing, evaluating, and estimating the success of both the present and new schemes.

“It is critical for companies to strategically invest in cutting-edge technology like blockchain as customer-focused business strategies become the norm.” said Mr. Balaji Kandregula, Vice President, MSRvantage. He emphasised how consumers acclimated to a variety of new technologies fast during the past year, whetting their hunger for change. This also applies to loyalty programmes and how they need to be updated to accommodate members' openness to novel ideas, particularly younger members searching for innovative ways to interact with programmes online. With the aid of MSRvantage's blockchain solutions, brands can be more creative in luring customers to their incentive and loyalty programmes and ultimately to their physical locations.

For details please visit :

https://www.msrvantage.com/services/

CXOs from India make a mark at the Ironman Triathlon Challenge

MUMBAI, 31 OCTOBER, 2022 (TGN): Ram Gopal, Kartik Iyer and Amit Vasistha (CEOs, CXOs from India) recently successfully finished the much coveted Ironman70.3 triathlon in Astana, Kazakhastan, an experience for athletes all around the world.

The three corporate leaders from India that championed the cause of wellness at Ironman 70.3 were Amit Vasistha, a former investment banker, Founder and CEO of wellness startup GALF (more popularly known for their brand MyGALF.com). Ram Gopal is the current serving India CEO of leading international bank. Kartik is senior leader and a seasoned banker.

In the post covid world, holistic wellness has become a raging concern. Staying healthy and fit has become an unsaid priority for everyone. Sadly though, very few seem to be taking the real steps to transform their lives towards achieving these health goals. Not surprisingly the stress, anxiety and Heath issues like obesity, hypertension are at an all time high today, especially amongst corporate organization.

However, the situation is not all gloomy as there are corporate leaders and CXOs who are leading the cause of wellness from the front independently. Several corporate leaders have taken it upon themselves to serve as role models when it comes to giving wellness its due importance along side their corporate responsibilities and maintaining a healthy and balanced approach to work and life.Ends

Inga, TIH Singapore tie up to launch PE fund to invest in mid-size Indian cos.

G. S. Ganesh, founder of INGA

Fund with overall target of around ₹ 5 bn will follow a sector agnostic approach with positive bias towards Specialty Chemicals, FMCG, Electronics, Food & Agriculture and Healthcare/Pharma

National, 11^th October 2022 (TGN): Inga Ventures (Inga), in partnership with TIH Limited (TIH), Singapore, is launching a ₹ 1,250 mn private equity fund “Ekkum TIH Emerging Opportunities Fund” for investing in mid-size enterprises in India. The Fund has received commitment of ₹ 250 mn from the sponsors and their affiliates.

 

The Fund will infuse growth capital in mid-size emerging companies operating in niche segment with strong track record. The Fund will aim to target companies with a clear expansion and value creation plan. The initial size of the fund is targeted at ₹ 1,250 mn and the overall target is ₹ 5 bn.

 

The Fund will follow a sector agnostic approach with positive bias towards Specialty Chemicals, FMCG, Electronics, Food & Agriculture and Healthcare/Pharma.

 

Commenting on the launch, G. S. Ganesh, founder of INGA, expressed confidence in establishing a strong and sound platform for nurturing success stories. He added that with solid experience in dealing with emotions of founders, the fund will tap the best in industries and partner them in their growth journey. He further commented that the partnership with TIH brings the best combination of the strong network and long term relationship of Inga and long standing investment experience of TIH. The strength of Inga is a collective experience of over 100 years comprising its founders and key management personnel.

 

Commenting on the partnership, Allen Wang from TIH said, “We are delighted to partner with Inga, a premier and veteran corporate finance/investment banking firm in India with mid-cap segment focus. Their wide reach across the country presents great investment opportunities for us in the middle market space in corporate India. We are confident that the partnership will help both parties to expand our opportunities in a quickly expanding Indian economy – from both a direct investment and cross-board perspective.”

 

Inga has emerged as a boutique relationship investment banker (IB) with a two decades of successful track record of nurturing family enterprises to a strong listed company or navigate its exit through M&As. In all these, Inga has displayed the key traits of managing the family aspirations vis-a-vis their hesitancy to cede control.

 

With this background and strong emphasis on family grown SME business Inga Ventures has stepped in to the next and logical phase of promoting a PE fund which will invest in such opportunities.

 

About Inga Ventures

Founded by a 1st generation investment banker, Mr. G S Ganesh, Inga Ventures has been offering boutique investment banking services to Indian corporates since 1999. Inga provides a broad range of services in the areas of equity capital market, private equity, corporate advisory and merger & acquisition.

 

About TIH Singapore

TIH Limited (TIH) is an SGX-listed closed-end fund set up in 1994, and is managed by one of the most established private equity investment teams in Asia. TIH currently has two business segments – Investment Business and Fund Management. Under the former, TIH is involved in special situation investments in both public and private companies, acquisitions of secondary portfolio and non-core assets, private credit, and long term strategic private equity. Under the Fund Management segment, TIHIM, a wholly-owned subsidiary of TIH, which holds a Capital Markets Services License issued by the Monetary Authority of Singapore, is a multi strategy investment manager with current asset under management of more than USD 1.12 billion in strategies such as special situation, public equity and private equity.

Heart2Heart Challenge for the healthy heart has kickstarted as over 700 people have already taken the challenge: JB Pharma

Mumbai (TGN): Toeing the theme of World Heart Day 2022 – ‘Cardiovascular Health for Everyone’, India is taking Heart2Heart Challenge for a healthy heart – a unique physical activity campaign to inculcate the healthy habit of checking whether one’s heart is healthy or not by climbing 4 floors (60 steps) because a study published in Rev Esp Cardiol (Engl Ed) ^[1] reveals so.

 

The study further reveals that by climbing stairs one can check one’s heart health as failing to climb 4 floors (60 steps) in one-and-a-half minutes is a sign of sub-optimal heart function.

 

By taking the Heart2Heart Challenge for Healthy Heart, one needs to climb 4 floors i.e., 40 feet in a minute, and if 726 people take this challenge, then the height of Mount Everest (29028.9 feet) in a minute can be climbed. And the height of Mount Everest has been already climbed as over 700 people have taken this challenge.

 

In the opinion of Dr Ajay Mahajan, Prof & Head of Cardiology at KEM Hospital, Mumbai, “Coronary Artery Diseases (CAD) occur in the younger population of India as compared to the western world. The average age of heart attack is 56 years & about 30% occur at the age of fewer than 40 years. This is a decade earlier than the western world. The urban & semi-urban areas have 80% of these heart attacks. Fuelling the rise of coronary artery disease is the fact that 16% worldwide diabetics reside in India making it the infamous diabetic capital of the world.”

Dr Mahajan further added, “The overall mortality of heart attacks of 13% and it is higher in women than the men. Compounding problems is the fact that sudden cardiac death occurs for 10% of are in age groups less than 40%. This leads to a loss of productivity and has a profound socioeconomic impact. A large-scale primary prevention initiative dealing with lifestyle changes of regular exercise, consumption of a balanced and healthy diet and tobacco cessation. Training of personnel in resuscitation is also needed. To spread awareness, the Heart 2 Heart campaign Healthy Heart challenge is the need of the hour.”

 

By taking the Heart2Heart Challenge – Doing it yourself (DIY), Indian youth – who are succumbing to cardiac arrest, and middle-aged people will be able to take preventive measures to resist heart risks in future. 

 

“India is anticipated to have the world's greatest number of cardiac deaths by 2030, with Cardio Vascular Deaths accounting for roughly every fourth death. High blood pressure (BP) is a common risk factor for cardiovascular disease. 42% of Indians with hypertension don't know that their blood pressure is higher than normal. Heart attack and stroke account for 85 % of CVD-related mortality. One of the leading behavioural risk factors are physical inactivity and lack of exercise. Hence, climbing stairs is one of the many forms of exercise that has been scientifically proven to be beneficial for one's heart. The stair climbing test is an easy way to check one’s heart health at no cost. The Heart2Heart campaign is an initiative that needs to be propagated in India to prevent future cardiac problems,” stated Dr Jamshed J Dalal, Director, Centre for Cardiac Sciences, Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute, Mumbai.

 

JB Pharma’s initiative – Heart2Heart Healthy Heart Challenge is a unique campaign of its kind, which aims to revive some of the forgotten but essential habits to stay heart healthy. 

 

First, people have forgotten stair climbing, which JB Pharma’s initiative – Heart2Heart Healthy Heart Challenge wishes to revive through this campaign to stay heart-healthy.

 

Second, people have stopped going for preventive health checks as 75% of the Indian population never goes for diagnostic tests, which is the reason why they miss the early signs of (CVDs). But #heart2heartchallengeindia is, do it yourself (DIY) indicative assessment.

 

Third, in the campaign, the simplest methods of BP measurement (BP Right Karo) have been listed because hypertension is a ‘silent killer. But most people with hypertension are unaware of the problem because it may have no warning signs or symptoms. For this reason, blood pressure must be measured regularly. Ends

 

TrackEx Streamlining ITES Industry with state of the art technology

MUMBAI, 29 SEPTEMBER, 2022 (TGN): TrackEx, a pioneering Travel & Expense (T&E) Management company and a subsidiary of global digital transformation consultants MSRCosmos group  launches integrated  travel and expense management solutions for the Information Technology Enabled Services (ITES) industry. 

Their Travel &Expense management system has consistently offered users, administrators, and finance operations across an organization with accurate, streamlined, and scalable processes.

The TrackEx ‘T&E Management Service’ solution will allow enterprises in a variety of industry sectors to easily handle travel-related reimbursement and reporting. This productized service exemplifies how TrackEx can assist customers in reimagining fundamental enterprise processes and engineering intuitive services and solutions that enable breakthrough productivity in the mobile-first cloud-first environment.

Large firms with considerable business travel needs generally have a large team in place to manage workers’ business travel bookings and reimbursements. The testing and evaluation process is time-consuming and complex, with a non-intuitive engagement style that does not always adjust to company and user needs.

The software will automate up to 80% of travel and expense workflow for a company enabling employees to optimize savings on every trip. Employees will enjoy access to a large range of airfare, car and hotel offers at reduced rates. They can avail a wide range of global inventory that makes booking from anywhere in the world a simple procedure. TrackEx’s automated processes claims to save up to 70% of the company’s time along with speedy and on time reimbursements for their staff. 

TrackEx also introduces Optical Character Recognition (OCR) Technology through its systems. This technology, with intelligence, can detect information on single or multiple invoices. Companies can now have receipts scanned effortlessly and on-the-go. 

TrackEx’s offering will also enable prepaid card integration for ITES companies which will help digitise fund management with ease. 

“With business travel coming back on track post the pandemic, it is high time the retail industry embraces automation especially in fields that are paperwork-intensive like travel expense management. Teams in ITES businesses travel frequently and need reliable support that helps them keep their focus on business operations and be worry-free while travelling for work purposes..” – said TrackEx COO Mr. Vedavyas Komara

In addition, he said, “TrackEx believes in the power of innovation to help businesses achieve greater results. Businesses that use our T&E Management Service solution can save up to 60% on total travel and expense management expenditures while also improving employee experience.”, 

TrackEx’s Service is intelligent, scalable, and provides tremendous value to expanding enterprises without compromising user experience or support quality.

TrackEx’s’ travel and expense management service’ solution will develop an intuitive, user-friendly, cloud-based mobile and web application with enterprise and third-party API (Application Program Interface) integration to make this process seamless and efficient.” It will deliver intuitive performance and insights similar to other social apps. The application will make it simple to arrange airline tickets, hotel rooms, and ground transportation. Aside from that, the solution will make it easier to track and report expenses, as well as improve accounting alignment with business rules and standards. It will also use data analytics to detect fraud and duplicate claims based on travel patterns

For Details Please visit : 

https://trackex.com/

MSRvantage leverages cutting-edge Asset Digitization solutions to address diverse industry challenges

MUMBAI, 29 SEPTEMBER, 2022 (TGN): Asset digitization launched by MSRvantage has virtually entered mainstream finance along with other industries and is an incredible advancement in technology which provides enhanced security to businesses and aids in tamper-proof transactions. 

Through this technology MSRvantage creates digital copies of assets. A digital asset is the digitized right of ownership of an asset. During asset digitization, the rights of ownership associated with the asset will be exchanged on a digital platform.

MSRvantage Asset Digitization makes it easier to manage and exchange digital assets amongst different parties in a shared business network. Adoption of tokens and digital currencies are getting mainstream in today’s world. “The speedy growth in demand for digital assets will evolve in the future. With our technology, we are digitising real-world assets in the capital markets.” Said Mr. Balaji Kandregula, Vice President – MSRvantage

“This revolutionary technology gives simple ways to handle the traceability of products that cannot be altered. The process of making a digital replica of an asset is known as asset digitization. A digital asset is an asset’s digitised right of ownership.” He added. 

The rights of ownership linked with the asset will be swapped to a digital platform during asset digitization. MSRvantage’s Asset Digitization facilitates the management and exchange of digital assets among many parties in a shared corporate network. “Tokens and digital currencies are becoming more popular in today’s environment.” Mr. Kandregula stated. This new software solution not only enhances the ability to identify potential contamination sources, but also aids in quality maintenance. It also allows you to trace the source, preventing and regulating counterfeiting in a range of industries.

Assets that are more difficult to transfer, such as gold, real estate, fine art, or carbon credits, frequently need purchasers and sellers to deal with heaps of documentation and drawn-out processes. The value of actual goods can be unlocked and exchanged in real time by portraying them as digital tokens on a distributed digital ledger.

MSRvantage has spent $15 million in the previous three years. Having expanded into several industries, the company plans to invest $5-7 million per year to expand its footprint in the IT sector, where it intends to provide cloud, data, artificial intelligence, enterprise applications, and automation.

For further Detals Please visit :

https://www.msrvantage.com/