- Wednesday, March 05, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, January 2, 2023:
The Indian government has proposed a self-regulatory mechanism, mandatory verification of players and physical Indian address for online gaming companies, according to the draft online gaming rules published on Monday, PTI reported. Online gaming companies will be covered under the new IT rules that were issued in 2021 for social media platforms. The online gaming platforms are expected to comply with the laws of the land, including any such law that relates to gambling or betting or the age at which an individual is competent to enter into a contract.
Online food delivery platform Zomato Ltd said its co-founder and chief technology officer Gunjan Patidar resigned from the post on Monday, PTI reported. Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a regulatory filing. “Over the last ten plus years, he also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” the company said.
As many as 50 electric buses were launched in Delhi with support under the FAME India Phase II scheme of the ministry of heavy industries, informed the government on Monday, ANI reported. In 2019, the government approved Rs 10,000 crore (£1 million) for a period of three years. Out of total budgetary support, about 86 per cent of the fund has been allocated for incentives so as to create demand for electric vehicles. Indian minister for heavy industries Mahendra Nath Pandey said the government placed orders for 3,538 electric buses. Out of those, a total of 1,716 buses have been deployed so far. Pandey stated that for Delhi, 400 Electric Buses; 300 to Delhi Transport Corporation (DTC) for intra-city operations; and 100 to Delhi Metro Rail Corporation (DMRC) for last Mile connectivity, were sanctioned in August 2019.
As part of its efforts to boost tourism, the Indian ministry of coal has converted suitable mine areas into eco-parks, sites for water sports, underground mine tourism, golf grounds, adventure, and bird watching, ANI reported. The ministry believes these sites have good potential for recreation and will, in turn, generate employment for locals. Mudwani Dam Eco-park, developed by Northern Coalfields Limited in Singrauli, and AnanyaVatika Eco-Restoration Park cum Pit Lake developed by South Eastern Coalfields Limited in Dola, in Madhya Pradesh, are unique examples of such initiatives. Mudwani Dam Eco-park in Singrauli is a peaceful place endowed with natural beauty, and yet not too far from the hustle and bustle of the city. Located in the Jayant area, it has a beautiful waterfront, walking pathways, a children’s sports area, and restaurants. Besides, shops for local products are also part of this eco-park. It also has a dedicated lake view seating area to relax.
Rishabh Instruments, a global energy efficiency solution company, has filed preliminary papers with markets regulator SEBI (Securities and Exchange Board of India) to mop-up funds through an initial public offering (IPO), PTI reported. The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore (£7.54 million) and an offer for sale (OFS) for up to 94.17 lakh (9.41 million) equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP). Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh (0.51 million) shares, Rishabh Narendra Goliya will dispose of four lakh (0.4 million) shares and SACEF Holdings II will sell 60 lakh (six million) equity shares in the company.
