Business & Economy Current Affairs 2017

Founder of Himalayan mineral water Dadi Balsara passed away

Dadi Balsara (81) who founded Himalayan natural mineral water brand passed away at his home “Taj Mansingh Hotel” in Delhi.

Dadi Balsara:

He started his career as an LIC officer in Nagpur on a monthly pay of Rs 600. He later tried his hand in different careers and went to the US to study psychiatry on a scholarship.  Though he obtained a doctorate, his practice did not take off.
Later, a Japanese television channel decided to host Balsara’s holistic lifestyle programmes.  His shows — “You & your destiny” and “Power of the mind” — became quite a hit and money started coming. Balsara later settled in Singapore and began selling perfumes, earning the title “Perfumes king of Asia”.

In 1991, he invested $20 million to set up the largest natural mineral water plant in Dhaula Kuan in Himachal Pradesh. Under the Himalayan brand manufactured by his Mount Everest Mineral Water Limited. In 2001, Tata Global Beverages acquired Himalayan brand, which marked the company’s venture into the packaged water market.

Even after selling Himalayan to Tata, Balsara he continued his relationship with the celebrated business house by becoming their hospitality brand’s long-standing guest at their Taj Mansingh hotel and had been residing there since the hotel’s inauguration 36 years ago.

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GMR wins Maldives airport legal battle, demands compensation

The outcome of an 18-month long legal tussle between GMR Infra and the Maldives government on the issue of government cancellation of the company’s contract to develop and operate the country’s main airport is in favor of the GMR. A Maldives’ tribunal hearing the case has adjudged the government’s cancellation of the contract “wrongful”. It has ordered Maldives and the state-owned Maldives Airports Company (MACL) to pay $4 million legal cost to GMR within 42 days. In addition to this, GMR has demanded an indemnification of $1.4 billion for losses incurred in the last one year on its bid amount and investments in developing the airport.

GMR vs Maldives case:

On July 28, 2010, a contract for development and operations of Ibrahim Nasir International Airport at Male was awarded to a joint venture between GMR Infra (77%) and Malaysia Airports (Labuan) Private Limited (23%) at a bidding price of $511 million. The contract was signed when Mohammed Nashid was the President of Maldives. However, in 2012, Mr. Nashid was forced to resigned under a coup d’état and Mohammed Wahid Hassan became took over as the President

Nasheed’s rivals filed a legal action holding the contract with GMR as invalid because the contract contains a $25 airport development charge per outgoing passenger which was not authorized by the parliament. The contract was thus cancelled.

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