BharatPe Settles Dispute With Ex Co-Founder Ashneer Grover, Drops Legal Suit

by Shambhu Datta Mishra

NEWS HIGHLIGHTS

BharatPe in an official statement Monday said that certain shares of Grover shall be transferred to the 'Resilient Growth Trust' for the benefit of the Company and his remaining shares will be managed by his family trust

Reportedly, both parties were involved in a legal dispute since Grover was removed from the position of Managing Director by the company's board in March 2022

New Delhi, Sept 30: BharatPe has arrived at a definitive agreement with its former co-founder Ashneer Grover, and as part of the settlement Grover will not be associated with the fintech company in any capacity nor be a part of the shareholding of the company.

"Both parties have decided not to pursue the cases filed. We wish Mr. Grover well. BharatPe continues to focus on delivering industry leading solutions to its merchants and customers driving growth with profitability," said the BharatPe statement.

Reportedly, both parties were involved in a legal dispute since Grover was removed from the position of Managing Director by the company's board in March 2022.

Taking to X after the settlement, Grover wrote he reposes his faith in the management and board, "who are doing great work in taking BharatPe forward in the right direction."

"I continue to remain aligned with the company's growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders," the X post added.

(ANI)

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3 Adani Group Firms Join World Economic Forum's 'Industrial Clusters' Initiative

by Hemanta Pande

Ahmedabad, Sep 30: In yet another feat for the Adani Group, three portfolio companies -- Adani Enterprises (via its subsidiary Adani New Industries Ltd), Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements -- have joined the World Economic Forum’s (WEF) 'Transitioning Industrial Clusters' initiative, forming the Adani Mundra Cluster, it was announced on Monday.

The Adani Mundra Cluster will become one of the world’s largest integrated green hydrogen hubs, with a planned capacity of 1 million metric tonnes per annum (MMTPA) of green hydrogen production by 2030, expanding up to 3 MMTPA by 2040.

This will be supported by a fully integrated value chain comprising 10 GW of solar modules, 5 GW of wind turbines, and 5 GW of electrolyser manufacturing capacity, alongside associated port infrastructure.

The cluster will also have production facilities for green hydrogen derivatives such as ammonia, further solidifying its leadership in the green energy transition, according to the Adani Group.

"By joining the World Economic Forum’s Transitioning Industrial Clusters initiative, the signatories will have the opportunity to collaborate with global industry peers, think tanks, policymakers and experts to pioneer innovative approaches towards decarbonisation," said Karan Adani, Managing Director of APSEZ and Director of Ambuja Cements.

"The Adani Mundra Cluster aspires to become an integrated green hydrogen manufacturing hub, helping to decarbonise the hard-to-abate sectors of the Indian economy and reduce the country’s dependency on energy imports," Karan Adani added.

The initiative aims to enhance collaboration and align the vision of co-located companies to drive economic growth, generate employment, and advance decarbonisation by 2050.

Roberto Bocca, Head of the Centre for Energy and Materials and Member of the Executive Committee at the WEF, said they are delighted to welcome the Adani Mundra Cluster to their international community of 23 industrial clusters, "as one of the first two clusters in India".

"By tapping into Gujarat’s significant renewable energy capacity, the cluster is on track to becoming one of the leading green hydrogen hubs in South Asia. Within the Transitioning Industrial Clusters community, Adani Mundra can exchange knowledge with fellow clusters and advance the energy transition," Bocca added.

Since its inception in 1993, the port business at Mundra has evolved into a thriving, port-led industrial cluster.

Now recognised as India’s largest port, Mundra has become a dynamic hub for companies across diverse sectors, ranging from advanced solar module and wind turbine manufacturing to challenging-to-decarbonise cement production.

Adani Ports has committed to powering all its port operations with renewable electricity by 2025, with a target of achieving net-zero emissions as early as 2040. The upcoming Ambuja unit in Mundra aims to be the lowest-emission-intensity cement production facility globally, aligning with the company’s goal of achieving net zero by 2050. (IANS)

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PM Modi To Address Fourth Election Rally In Haryana Tomorrow

by Hemanta Pande

Chandigarh, Sep 30: Prime Minister Narendra Modi will address an election meeting in Haryana's Faridabad on Tuesday (October 1) -- the fourth in the state since the announcement of the polls slated on October 5.

Preparations for the rally are in full swing, and it will be held on the Faridabad-Palwal border in Prithla Assembly constituency.

The Prime Minister will seek votes in support of the Bharatiya Janata Party (BJP) candidates in all nine Assembly constituencies of the district.

In the previous elections, the party had benefited greatly from PM Modi's rally.

In the 2019 Haryana Assembly elections, PM Modi had addressed an election rally in Sector 61. At that time, seven BJP MLAs were elected.

In his earlier rally in Sonipat, PM Modi said the promises made by the Congress in its manifesto in Haryana should be first implemented in Karnataka and Telangana, the two states which are currently under Congress rule.

Faridabad Police, meanwhile, have issued a traffic advisory to ensure smooth traffic flow and law and order.

To ensure smooth traffic flow, and maintain law and order, several restrictions will be in place from 9 a.m. to 6 p.m.

As per the advisory, the entry of all types of heavy and light motor vehicles (LMVs) into the district of Palwal from Faridabad and Delhi will be prohibited.

The restrictions will also be on vehicles travelling on the Agra-Mathura Highway (NH-44).

Vehicles heading to Palwal from Faridabad should use the KMP/KGP (Western Peripheral Expressway), Vadodara Expressway, instead of the NH-44, says the police advisory.