India Islamic Culture Center to set up regional chapters

April 29, 2012

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Riyadh, April 29: India Islamic Culture Center (IICC), an apex Islamic center with a mandate to provide a unified platform for promoting Islamic heritage and interfaith harmony, is planning to open regional chapters across India to give greater wingspan to its activities.


“A total of five chapters including one in the eastern Indian state of Bihar have been proposed,” announced Sirajuddin Qureshi, IICC president, in Riyadh Thursday night.


“The IICC will work with Indian government agencies and Saudi organizations including the New Delhi-based Saudi Embassy to generate support for the IICC’s expansion plan and for building its chapters in different provinces of India,” said Qureshi, while speaking at a function organized by welfare organization Bihar Anjuman in the capital. Qureshi arrived here on Thursday on a private visit. Nadeem Tarin, a prominent community leader and businessman, was the chief guest at the event, while Qureshi and Dilnawaz Roomi were the guests of honor.


Indian community leaders including S. Muneer Ahmed, Murshid Kamal, Faizan Balkhi, Jabed Hussain, Ziauddin Ahmed, Seraj Akram, Naushad Alam and Kaunain Shahidi were instrumental in organizing the event. A presentation about the activities of Bihar Anjuman was made by Shakeel Ahmed, the founder.


Qureshi said the state-level chapters would be launched soon. “We have already applied for the land allotments in some states,” said the IICC chief, adding that the IICC had called on the Kingdom's donor agencies and also the affluent NRIs living in Saudi Arabia and other countries to back the efforts to set up new centers.


To this end, he noted the IICC has become a hub of activities and program including seminars, symposiums and roadshows on mostly Muslim issues since its inauguration by Congress President Sonia Gandhi way back in June 2006. Late Prime Minister Indira Gandhi laid the foundation stone of the center in 1984. The IICC chief, who held a luncheon meeting with a group of affluent Indian community members to conceive the idea of IICC chapter in Patna and to formally launch a campaign to generate support for Patna center, said the New Delhi-based main IICC needs more resources to expand its facility.


Qureshi, who is chairman of the world-renowned India-based Hind Group, also called on Indian youth and especially his co-religionists to launch their own business ventures. "Our young generation must venture into the business field," he said.


Qureshi, who wrote his own fate and amassed huge prestige and wealth after starting a small venture on the roadside of the Indian capital several decades back, said business relations between Indian and Saudi Arabia are progressively growing.


He said official visits by leaders of both countries have built on the existing partnership. “In forging strategic ties with Saudi Arabia, India is always at an advantageous position,” said Qureshi, adding the recent visit of Indian Defense Minister A. K. Antony has boosted our defense ties with this nation. Qureshi, who heads a big Indian industry conglomerate with businesses in the slaughtering, processing and export of meat and meat products, fast food chains, infrastructure and aviation sector, has also plans to expand his fast food network.


In the meat industry, he has the most modern state of the art Abattoir-cum-meat processing plant, which is part of the Hind Agro Industries Limited. It was established in the CDF Complex in north Indian city of Aligarh with the world-renowned companies of New Zealand and Australia as technical collaborators.


Bihar Anjuman, which has chapters across the six-nation Gulf Cooperation Council (GCC) and India, is a premier welfare organization dedicated to helping poor Muslims. Qureshi has always been on the forefront in promoting social and charitable organizations like Bihar Anjuman. The foundation for Bihar Anjuman was laid on March 11, 1999, with some people joining hands to help those who may be in need of financial help, or in need of a job.


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News Network
January 12,2020

Tehran, Jan 12: Iranian police dispersed students chanting “radical” slogans during a Saturday gathering in Tehran to honour the 176 people killed when an Ukrainian airliner was mistakenly shot down, Fars news agency reported.

News agency correspondents said hundreds of students gathered early in the evening at Amir Kabir University, in downtown Tehran, to pay respects to those killed in the air disaster. The tribute later turned into an angry demonstration.

The students chanted slogans denouncing "liars" and demanded the resignation and prosecution of those responsible for downing the plane and allegedly covering up the accidental action.

Iran said Saturday that the Ukraine International Airlines Boeing 737 was “unintentionally” shot down on Wednesday shortly after taking off from Tehran's main airport. All 176 people on board died, mostly Iranians and Canadians, many of whom were students.

Fars, which is close to conservatives, said the protesting students chanted “destructive” and “radical” slogans. The news agency said some of the students tore down posters of Qasem Soleimani, the Iranian general killed on January 3 in a US drone strike on Baghdad.

Fars published pictures of demonstrators gathered around a ring of candles during the tribute and a picture of a torn poster bearing the image of a smiling Soleimani. It said that police "dispersed" them as they left the university and blocked streets, causing a traffic jam.

In an extremely unusual move, state television mentioned the protest, reporting that the students shouted "anti-regime" slogans.

A video purportedly of the protest circulated online showing police firing tear gas at protesters and a man getting up after apparently being hit in the leg by a projectile. It was not possible to verify the location of the video, or when it was filmed.

Iran's acknowledgement on Saturday that the plane had been shot down in error came after officials had for days categorically denied Western claims that it had been struck by a missile. The aerospace commander of Iran's Revolutionary Guards accepted full responsibility.

But Brigadier General Amirali Hajizadeh said the missile operator acted independently, shooting down the Boeing 737 after mistaking it for a "cruise missile".

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News Network
March 26,2020

Riyadh, Mar 26: Leaders of the Group of 20 nations will hold a summit today via video conference to discuss measures to protect the global economy, amid coronavirus pandemic which has claimed over 18,000 lives globally.
The summit, which will be chaired by Saudi Arabia's King Salman bin Abdulaziz Al Saud, aims to "advance a coordinated global response to the COVID-19 pandemic and its human and economic implications," according to the statement published by the G20 Secretariat on Tuesday.
The lethal virus which was first detected in December last year in the Chinese city of Wuhan, has since, infected over 4,14,179 people around the world.
The coronavirus has already resulted in major disruption of global supply chains, volatility and large drops in the stock market and could cause a financial crisis as stated by IMF Managing Director Kristalina Georgieva.
India is a member nation of the G20 group.
Speaking on the summit on Wednesday, Prime Minister Narendra Modi said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
In view of the coronavirus outbreak situation, several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.
Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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