Mumbai Among 15 Wealthiest Cities

According to a report by New World Wealth, a global wealth intelligence and market research company, Mumbai is one of the top 15 cities globally in terms of total wealth held. The term refers to private wealth held by all residents in the city. Mumbai is the economic hub of India and home to 45,000 millionaires and 28 billionaires. “Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years),“ the report added.

Somewhere in Vadodara....

Somewhere in Amethi....

Vakola-BKC elevated road planned

Motorists travelling to Bandra Kurla Complex from the Western Express Highway (WEH) will have one more access route as the MMRDA has decided to build an elevated corridor from Vakola Junction, over Mumbai University's land in Kalina. Commuters now have to travel 3.8 km, through Pipeline Road, parallel to WEH, and bypass the government colony to reach Bharat Diamond Bourse in BKC. Another option is to take a 5 km-long route via Kalanagar.
MMRDA will also construct a 400 m long and 30 m wide road near the University linking BKC to SCLR. In all, the University will hand over 34,715 sq m of land.
Madan said bids will be finalised for the project in three to four months and it will take at least two years to complete the project. Besides, MMRDA has also planned an Eastern Express Highway-BKC connector and Kalangar Junction improvement project that will feature a flyover linking the Bandra-Worli Sealink Road.


From January , the Centre will roll out its ambitious plan to introduce budget regional flying by connecting small towns by flights whose fares will be capped at Rs.2,500 per hour.
Termed “ude desh ka aam nagrik“ or Udan, this regional connectivity scheme will be funded by levying a fee on aircraft landing at bigger airports. Aviation secretary R N Choubey said the levy , “which will be a very nominal one“, will be announced by the month-end. It is estimated that if airlines pass on this levy to flyers, the increase in cost per ticket is unlikely to be more than Rs.60. Existing airlines are opposing the move to impose one more levy on flyers in the form of regional connectivity scheme (RCS) fee. They feel the government should have found some other way of funding the Udan scheme, instead of taxing passengers again.
Trying to allay their fears, junior aviation minister Jayant Sinha said, “We have taken three crucial steps to strike a balance between affordability for the common man and profitability for regional operators. Firstly, successful bidders will now have exclusive rights to operate a regional route for three years, up from the previous plan of one year. Secondly , an Udan flight operating from a small city to a metro like Delhi or Kolkata will have to pay no airport charges at the bigger airport. And finally , we have made it possible for entrepreneurs to lease planes in small numbers also to become regional operators. Earlier, it was not possible to do so.“
The minister said India had 16 under-served airports, which get less than seven flights a week. “These include places like Agra, Gwalior, Allahabad and Tezpur. Then there are 15 to 20 airports which are ready but don't get regular flights (like Jaisalmer). From January , 30 airports will be ready to receive regional flights under Udan scheme,“ Sinha said.


Wipro to buy US co Appirio

Wipro has agreed to buy a US-based company which helps organisations migrate software applications to the cloud, continuing a streak of acquisitions which has seen the seen it spend over $1.1 billion so far this year. Wipro said it is paying $500 million Rs.3,300 crore) to buy Appirio, which is based in Indianapolis and counts Sales force, General Atlantic Partners and Sequoia as investors. This is its second-biggest acquisition after data centre provider Infocrossing, for which it paid $600 million in 2007.
Wipro said the acquisition would give it one of the largest cloud transformation practices in the world. The deal also brings along TopCoder, a crowdsourcing marketplace connecting over a million designers, developers and data scientists with customers. Appirio, which was established in 2006, has 1,250 employees worldwide, including in Jaipur. The acquisition is expected to close at the end of the year.
By buying Appirio, Wipro hopes to be positioning itself to cash in better on the opportunities in the so-called cloud, where software services are delivered remotely from data centres using the internet. Enterprises are increasing adopting cloud technologies to cash in on the ease of deploying sophisticated solutions as well as cost advantages, and as they do so companies such as Appirio can help move applications to the cloud. Wipro will consolidate its existing cloud applications practices of CRM software from Salesforce and HR software from Workday under the Appirio brand and structure. Appirio CEO Chris Barbin will run the combined cloud services business.
In April, Appirio fended off rumours of a sale saying that it was working towards an IPO. Its clients include Starbucks, NYSE Euronext, Honeywell, AIG-Edison, Toyota and Facebook.
In a blog post on the Appirio site, Barbin said the acquisition made sense for his company because the combination could offer more technologies and put it in a better position to take on competition such as Accenture and Deloitte. Also helping was the fact that Wipro's offerings will now be under the Appirio brand.
Appirio does not disclose its revenue but the Indianapolis Business Journal said the company pulled in $200 million in revenue last year.It had raised about $111 million from investors.
Reuner added that having Barbin stay on as head of the business, and reverse-integrating Wipro's cloud offerings into Appirio was a sign of how important Wipro felt the deal was. Appirio is Wipro's fourth acquisition since April 2015.
In February 2016, Wipro had acquired Florida-based technology firm Healthplan Services for $460 million.
Before that Wipro bought Denmark-based Designit for 85 million euro and German IT consulting firm Cellent AG for 73.5 million euros. Its $130 million acquisition of Viteos Group was cancelled due to delays in closing the transaction.

Rita Bahuguna Joshi joins BJP

Veteran Congress leader Rita Bahuguna Joshi, the party's Uttar Pradesh chief in the last assembly polls, on Thursday joined the BJP in the presence of Amit Shah.She accused Congress vice-president Rahul Gandhi of running down the grand old party and gave it as the reason for her party switch.
Joshi told reporters at the BJP headquarters in New Delhi on Thursday that she quit Congress earlier in the day and sent her resignation as MLA from the Lucknow Cantonment seat to the UP assembly Speaker. Though BJP played up her entry into the party , Joshi, a known Brahmin face and daughter of former UP CM Hemvati Nandan Bahuguna, has little mass base outside her constituency .
“My decision to quit the Congress was not easy... I spent 24 of my 27 years in politics in the Congress. For a short period I was in the Samajwadi Party... I have been very dismayed with the recent conduct of the Congress,“ Bahuguna told reporters.She referred to the surgical strikes and the “khoon ki dalali“ remarks made by Rahul Gandhi against the BJP .
Bahuguna hailed the surgical strikes and Prime Minister Narendra Modi's decision to give the Army the go-ahead to do it. “I was unhappy that a national political party like the Congress was making such statements about the surgical strikes. I had expressed my ire on this attitude on twitter and stated that we should celebrate it,“ she said.
The former Allahabad mayor was reportedly disappointed with the Congress brass after former Delhi chief minister Sheila Dikshit, who was married into the prominent Brahmin family of Uma Shankar Dikshit, was made the CM candidate.She felt sidelined and was persuaded by her brother Vijay Bahuguna, who had jumped ship some months back, to join the BJP .
Rita Bahuguna took potshots at political strategist Prashant Kishor as well. Holding Kishor responsible for the recent decisions in the Congress, Bahuguna said he had become a “director“ which is not acceptable.