Pramod Sawant sworn in as Goa Chief Minister

Agencies
March 19, 2019

Panjim, Mar 19: BJP's Pramod Sawant was on Tuesday sworn in as the new chief minister of Goa, succeeding Manohar Parrikar, cremated hours earlier with state honours.

At a much-delayed swearing-in ceremony, held around 2 am on Tuesday, 11 other MLAs, part of the Parrikar-led cabinet, were also sworn in as ministers.

The ceremony, held at a cramped Raj Bhavan, was to take place at 11 pm on Monday but was delayed due to inexplicable reasons.

Sawant, 46, was Speaker of Goa Legislative Assembly.

As per the power-sharing arrangement reached with allies, an MLA each from MGP and GFP, two small parties backing BJP in the coastal state would be made deputy CMs.

Sawant said his party BJP has given him a big responsibility.

Talking to reporters, Sawant credited Parrikar, who died Sunday after battling pancreatic cancer, for bringing him into politics.

After a stalemate following a series of meetings with the allies, he BJP managed to break the deadlock, offering them their pound of flesh, by accepting the key demand for deputy CM's posts.

There was no such arrangement (Dy CM post) in place when Parrikar was the CM.

"We managed to convince the alliance partners and finalised the formula of two deputy chief ministers for the state," a senior BJP functionary said.

There werew a series of meetings involving the Goa Forward Party and Maharashtrawadi Gomantak Party's three MLAs each, an equal number of Independents, and BJP legislators since late Sunday night to reach a consensus on Parrikar's successor.

Union minister Nitin Gadkari had flown into the state early Monday to lead the discussions. BJP chief Shah, who was also in Goa, is learnt to have supervised the party's cobbling up the requisite numbers to stake claim to form government.

Parrikar was heading a coalition government comprising the BJP, three MLAs each of the Goa Forward Party (GFP), the MGP and three independents.

The Congress is currently the single largest party in the state with 14 MLAs. The BJP has 12 legislators in the 40-member Assembly, whose strength now is 36 after Parrikar's death.

The strength of the House has reduced due to demise of BJP MLA Francis D'Souza earlier this year, and Parrikar on Sunday, and resignations of two Congress MLAs Subhash Shirodkar and Dayanand Sopte last year.

All the state Congress MLAs met Governor Mridula Sinha on Monday and staked claim to form government in the coastal state.

The MLAs, led by Leader of the Opposition Chandrakant Kavlekar, went to Raj Bhawan and handed over a letter to Sinha, saying it was the single largest party in the Assembly and should be allowed to form the government.

"We are saddened by the chief minister's demise, but before his final rites are performed, a new government has to be formed...The governor acknowledged that the Congress is the single largest party and she said she will get back to us," Kavlekar told reporters.

Parrikar was cremated with state honours here Monday, with thousands bidding the affable politician a fond farewell.

BJP president Amit Shah, some Union ministers and chief ministers of BJP-ruled states attended the funeral at Miramar.

Parrikar's eldest son Utpal lit the funeral pyre.

The funeral procession started from the Kala Academy where thousands, including Prime Minister Narendra Modi, paid their last respects to the former defence minister.

The mortal remains of the 63-year-old senior BJP leader were kept in a flower-decked hearse which left for the Miramar beach, where the last rites were performed.

The affection and popularity Parrikar enjoyed among ordinary Goans was on display as hundreds of common folks, and his party workers lined up to pay tributes to the chief minister, who died on Sunday after prolonged illness.

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Agencies
May 25,2020

New Delhi, May 25: Union Home Minister Amit Shah on Monday extended his greetings on the occasion of Eid-ul-Fitr and wished that the festival will bring peace and happiness to all.

"Extend my warm greetings on the occasion of Eid-ul-Fitr. May this festival bring peace and happiness in everyone's life," Shah tweeted.

Eid-ul-Fitr is being celebrated across the country on Monday.

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News Network
February 1,2020

Feb 1: The Congress on Saturday expressed hope that the Union Budget would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing “hardship” since demonetisation.

Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP. “Budget 2019= Consumption crashed, Unemployment soared, Farm distress surged, Incomes declined, Investments slumped, Public spending fell, GDP nose dived!,” Surjewala tweeted. “Yet, Modiji gave Corporate Tax Cuts of Rs 1,45,000 crore. Let Budget 2020 give tax cuts to Salaried Class and invest in Rural India,” he said

Rajasthan Chief Minister Ashok Gehlot hoped the budget fulfils expectations of the common people. “Budget 2020 is the time for NDA government to provide a healing touch to common people and industries facing hardships since noteban. Hope the budget fulfils expectations of common people and provide relief across sections,” Gehlot said.

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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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