Saffron doors still open for old ally

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

Mumbai, Jan 23: Rashmi Sahijwala never expected to start working at the age of 59, let alone join India’s gig economy—now she is part of an army of housewives turning their homes into “cloud kitchens” to feed time-starved millennials.

Asia’s third-largest economy is battling a slowdown so sharp it is creating a drag on global growth, the International Monetary Fund said Monday, but there are some bright spots.

The gig economy, aided by cheap mobile data and abundant labour, has flourished in India, opening up new markets across the vast nation.

Although Indian women have long battled for access to education and employment opportunities, the biggest hurdle for many is convincing conservative families to let them leave home.

But new apps like Curryful, Homefoodi, and Nanighar are tapping the skills of housewives to slice, dice and prepare meals for hungry urbanites from the comfort of their homes.

The so-called cloud kitchens—restaurants that have no physical presence and a delivery-only model—are rising in popularity as there is a boom in food delivery apps such as Swiggy and Zomato.

“We want to be the Uber of home-cooked food,” said Ben Mathew, who launched Curryful in 2018, convinced that housewives were a huge untapped resource.

His company—which employs five people for the app’s daily operations—works with 52 women and three men, and the 31-year-old web entrepreneur hopes to get one million female chefs on-board by 2022.

“We usually train them in processes of sanitisation, cooking, prep time and packaging... and then launch them on the platform,” Mathew told news agency.

One of the first housewives to join Curryful in November 2018 shortly after its launch, Sahijwala was initially apprehensive, despite having four decades of experience in the kitchen.

But backed by her children, including her son who gave her regular feedback about her proposed dishes, she took the plunge.

Since then, she’s undergone a crash course in how to run a business, from creating weekly menus to buying supplies from wholesale markets to cut costs.

The learning curve was steep and Sahijwala switched from cooking everything from scratch to preparing curries and batters for breads in advance to save time and limit leftovers.

She even bought a massive freezer to store fruits and vegetables despite her husband’s reservations about the cost.

“I told him that I am a professional now,” she told news agency.

‘Internet restaurants’

Kallol Banerjee, co-founder of Rebel Foods which runs 301 cloud kitchens backing up 2,200 “internet restaurants”, was among the first entrepreneurs to embrace the concept in 2012.

“We could do more brands from one kitchen and cater to different customer requirements at multiple price points,” Banerjee told AFP.

The chefs buy the ingredients, supply the cookware and pay the utility bills.

The apps—which make their money through charging commission, such as more than 18 percent per order for Curryful—offer training and supply the chefs with containers and bags to pack the food in.

Curryful chef Chand Vyas, 55, spent years trying to set up a lunch delivery business but finally gave up after failing to compete with dabbawalas, Mumbai’s famously efficient food porters.

Today Vyas works seven hours a day, five days a week in her kitchen, serving up a bevy of Indian vegetarian staples, from street food favourites to lentils and rice according to the app’s weekly set menus.

“I don’t understand marketing or how to run a business but I know how to cook. So, the current partnership helps me focus on just that while Curryful takes care of the rest,” Vyas told AFP.

She pockets up to $150 (Rs 10,000 approx) a month after accounting for the commissions and costs, but hopes to earn more as the orders increase.

In contrast, a chef at a bricks-and-mortar restaurant takes home a monthly wage of between $300 (Rs 20,000 approx) and $1,000 (Rs 70,000) approx for working six days a week.

With India’s cloud kitchen sector expected to reach $1.05 billion by 2023, according to data platform Inc42, other companies are also keen to get a slice of the action.

Swiggy, for example, has invested 2.5 billion rupees ($35.3 million) in opening 1,000 cloud kitchens across the nation.

Back in her Mumbai kitchen, Sahijwala is elated to have embarked on a career at an age when her contemporaries are eyeing retirement.

Over the past year, she has seen her profit grow to $200 (Rs 15,000 approx) a month, but more importantly, she said, “My passion has finally found an outlet.

“I am just glad life has given me this chance.”

Mumbai, Jan 10: India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday.

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.

China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter.

“Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices,” the IEA said in a report on India’s energy policies.

Brent crude prices topped USD 70 a barrel on rising geopolitical tensions in the Middle East, putting pressure on emerging markets such as India. Like the rest of Asia, India is highly dependent on Middle East oil supplies with Iraq being its largest crude supplier.

India, which ranks No 3 in terms of global oil consumption after China and the United States, ships in over 80 per cent of its oil needs, of which 65 per cent is from the Middle East through the Strait of Hormuz, the IEA said.

The IEA, which coordinates release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves.

REFINERY INVESTMENTS

India is the world’s fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.

India has drawn plans to lift its refining capacity to about 8 million bpd by 2025 from the current about 5 million bpd.

The IEA, however, forecasts India’s refining capacity to rise to 5.7 million bpd by 2024.

This would make “India a very attractive market for refinery investment,” IEA said.

Drawn to India’s higher fuel demand potential, global oil majors like Saudi Aramco, BP, Abu Dhabi National Oil Co and Total are looking at investing in India’s oil sector.

Saudi Aramco and ADNOC aim to own a 50 per cent stake in a planned 1.2-million bpd refinery in western Maharashtra state, for which land is yet to be acquired.