| WEDNESDAY, 6 JANUARY 2021 COMPANIES 3 . < Amazon was aware of talks with boAt’s Make-in-India plans set sail after $100-mn RIL for sale of retail assets: Biyani funding from Warburg PRESS TRUST OF INDIA works”. “To be honest, we never got a New Delhi, 5 January THE DAY COVID AND concrete solution,” Biyani said, adding, SAMREEN AHMAD “We approached RIL only after things Bengaluru, 5 January uture Group Founder and CEO LOCKDOWN STARTED, were not moving. You cannot work with Kishore Biyani on Tuesday said WE WERE IN CONTINUOUS one option at a time”. However, Amazon Home-grown lifestyle brand F Amazon was fully aware of his has contended this version. “It is incor- boAt has raised $100 million group’s talks with ENGAGEMENT WITH AMAZON. NOT rect to say that Amazon did not offer from an affiliate of global PE for the sale of retail assets that followed SOMETHING AMAZON WAS NOT help to Future Retail Limited as there player Warburg Pincus to cre- the US giant offering no concrete help to were ongoing discussions on multiple ate and support a manufac- tide over the cash crisis. AWARE OF. WE HAD WRITTEN TO options with partners on the one hand turing ecosystem under the Opening up after being locked in an THEM SOMETIME IN MARCH ABOUT and with the promoters of Future on the Make-in-India initiative. This intense legal battle with Amazon over THE PRICE DETERIORATION AND other, including a signed Term Sheet,” an will enable the company to the ~24,713-crore deal with Reliance, Amazon spokesperson said. manufacture its own products Biyani in an interview with PTI said the INVOCATION OF SHARES” Amazon had dragged in India. US giant’s 2019 investment in Future to arbitration at Singapore International According to sources, with Coupons (FCPL) — Future Retail's parent KISHORE BIYANI Arbitration Centre (SIAC), which on the new fundraise – one of the — was for coupon and gifting business Founder & CEO, Future Group October 25 passed an interim award in highest by a start-up in the only and the same could continue post- favour of the e-commerce giant. direct-to-consumer space – boAt founders Aman Gupta (left) and Sameer Mehta retail assets going to Reliance. Future Retail has questioned the mo- the company is now valued at He hoped to complete the deal with Next phase of battle to begin in Singapore ve and said the order was “not binding” approximately $280 million. and Aman Gupta, who was perfect example of a consumer Reliance within two months of Sebi Singaporean barrister Michael Hwang has joined the three-member arbitration trib- and had even approached Delhi High The funds will be used to earlier with Harman and in- brand built successfully on approval. While the arbitration would unal at the Singapore International Arbitration Centre (SIAC) that is looking into the Court, which last month upheld Am- enhance R&D capabilities of charge for opening JBL stores quality, consumer insights, commence later in January over the plea Amazon and Future Group dispute over the latter’s $3.4-billion deal with Reliance azon’s right to make representations to the firm and initiate its India in India, boAt will soon hit the smart pricing, and focused filed by Amazon contesting the deal Industries, according to sources. The other two members of the tribunal include Albert statutory authorities against the Future plans. “We have the vision to ~1,000-crore revenue mile- marketing. An investment by with Reliance Industries (RIL), Biyani van den Berg and Jan Paulsson which were proposed by Amazon and Future, respec- Group-Reliance Retail deal. manufacture most of our stone as it continues to sell Warburg Pincus is a testament said both the deal and arbitration tively. “All three have been appointed by SIAC,” said an industry source with direct The court also gave a go-ahead to the products in India. We want to around 15,000 prod- to the long-term process would continue in “parallel” as knowledge about the development. “Now, the 3-member tribunal has been set up, regulatory authorities to decide about ensure that almost 50 per cent ucts per day, claim Currently, most of growth potential of the deal with billionaire Mukesh the arbitration process would actually start now. It would build on the merits of the the deal in accordance with the rules of our products are made in the founders. One of the products that an India-made con- Ambani-led group is not related with emergency arbitration that took place last year.” and regulations. Future Group has India in the next couple of the top five global the company has sumer start-ups,” the e-commerce major’s stake in one of Michael Hwang practices as a barrister and arbitrator, with his main focus on in- approached Sebi to expedite the review years,” said Sameer Mehta, co- wearables brands to offer, including said Kanwaljit Sin- the group firms, Future Coupons. ternational arbitration and mediation. In 1991 he was appointed a judicial commi- of the proposed deal and issue a no- founder, boAt. Currently, most globally, according headphones, gh, founder & man- Biyani said Future Group had app- ssioner of the Supreme Court of Singapore. He is currently on the Users Council of the objection certificate while Amazon has of the products that the com- to an IDC report, earphones, aging partner at roached them several times after its Singapore International Arbitration Centre and on the advisory board of the Hong urged that the review of the “impugned pany offers, including head- boAt closed last smartwatches, Fireside Ventures, retail business was massively hit after Kong International Arbitration Centre. transaction” be suspended. “We are phones, earphones, smart- year with a revenue speakers, are the earliest investor the lockdown and its debt level zoomed. According to the sources, Albert Jan van den Berg is a partner in Hanotiau & van responding to what they (Amazon) are watches and speakers, are of ~700 crore. manufactured in the company. “The day Covid and lockdown started, den Berg in Brussels, Belgium. He is popular on the global arbitration circuit due to writing. We are not the first writers,” manufactured in China. “We see a com- in China “We never we were in continuous engagement his deep knowledge and vast experience. Jan Paulsson is also known for expertise in Biyani said when asked about the ongo- While the company will be pelling growth sto- looked at funding with Amazon. not something Amazon investment treaty and commercial arbitration proceedings, according to the industry ing war of letters between Amazon and scaling up contract manufac- ry in boAt and believe the every few months. We are a was not aware of. We had written to sources. “The SIAC registry has informed parties that the arbitral tribunal has been Future. “We had applied for CCI per- turing to start with, it also has company is well-poised to profitable company and did them sometime in March about the constituted,” said an Amazon spokesperson on Tuesday. The development of the mission, which we have got. We have a vision to set up a standalone build upon the strong leader- not need capital for survival. price deterioration and invocation of constitution of the tribunal comes at a time when the Delhi High Court in December applied to BSE and NSE, which is factory in India. “We have ship position it has carved out We needed it for growth. shares,” Biyani told PTI. 2020 refused to restrain Amazon from interfering in Future Retail’s deal with Reliance linked to Sebi’s approval,” he said. plans for a manufacturing within the industry. It stands That’s what Warburg will help There was a clause through which Retail by writing to statutory authorities. PEERZADA ABRAR Biyani does not expect any hurdle unit, which is under discus- to benefit from the secular tail- us achieve,” said Gupta. Amazon could replace lenders with some after the order of the Delhi High Court sion with our board mem- winds of e-commerce growth boAt also began selling its others which can help them (Future) to negotiation, they were always aware of rised when there were exclusive talks which has directed the regulators to take bers,” added Mehta. in India,” said Vishal products offline last year with retain the ownership of the shares if it that,” he added. Asked as to how many with RIL. “After the matter has become an independent call on the issue. “I do Avendus Capital acted as Mahadevia, managing direc- 20 per cent sales now coming falls, he added. “Covid had happened times Future Group approached Ama- legal (sub-judice), we have not spoken,” not see it taking much time. Once we get the financial advisor to boAt tor and head, Warburg Pincus from this channel. The brand and things did not materialise then. After zon, he said, “We were in continuous he said. While noting that Amazon’s Sebi approval, then we have to go NCLT and its shareholders on the India. is already present in 5,000 that, we were in discussion with them dialogue. We had approached them mul- response was always “let’s find a solu- for creditors, lenders and shareholders’ transaction with Warburg It had raised a small round multi-brand stores in the (Amazon) through the whole transac- tiple times. We had calls and meetings”. tion,” Biyani said they never got any solu- approval,” he said adding that after Sebi Pincus. of ~6 crore from Fireside country. It wants to double this tion. Even when Reliance was part of the Biyani said Amazon was also app- tion from Amazon except “lots of paper approval, it would take 45 to 60 days. Started in 2016 by Mehta Ventures in 2018. “boAt is the in the next 1-2 years.

OFFICE SPACE ABSORPTION REACHES Q1 LEVELS L&T arm emerges lowest bidder for U’khand rail project The quarterly absorption of office spaces in Q4 of ADITI DIVEKAR crore, is a contract from Rail Himalayan geology. The TBM tre, development of backward The company is already CY20 reached the Q1 levels. Except for Bengaluru, Mumbai, 5 January Vikas Nigam (RVNL), whose bored tunnel length areas, and to engaged in the construction of net absorption of office spaces improved in the financial bids concluded of 20.807 km is the serve the catch- Rishikesh–Karnaprayag other six cities (Chennai, Delhi NCR, Hyderabad, After Larsen & Toubro’s (L&T’s) recently, said sources close to maximum in any The order, ment population. Tunnel 2 package by RVNL, Kolkata, Mumbai, and Pune) according to JLL engineering business snapped the development. project in the Hima- worth ~3,338 cr, The railway line comprising tunnels, bridges, Research. Hyderabad led the pack with the high- up orders worth ~10,000 crore The scope of this project layan region. is a contract traverses the and formation works. from Hindustan Petroleum includes completing the tun- The purpose of from RVNL, rugged Hima- This project, won by the est net absorption in Q4 2020. On an annual basis, joint venture, its construction nelling, construction shaft, providing a rail link whose financial layan terrain, heavy civil infrastructure in 2020 the recovery in absorption is 81 per cent of arm has now emerged the low- and ancillary work in the between Rishikesh bids concluded with the align- business of the company in annual levels between 2016 and 2018. However , est bidder for tunnelling work Himalayan state of and Karnaprayag is recently ment oriented December 2019, consists of vacancy in office spaces increased from 12.80 per on the ongoing 125-km-long Uttarakhand. for facilitating easy across and some- the main tunnel, with a paral- cent as of March 2020 to 14 per cent as of Decem- Rishikesh-Karnaprayag rail- This will require the biggest access to the pilgrim- times sub-paral- lel escape tunnel and ballast- ber 2020. COMPLILED BY RAGHAVENDRA KAMATH way line in Uttarakhand. tunnel boring machine (TBM) age centre in Uttarakhand, lel to the major thrust zones of less track running inside the The order, worth ~3,338 to be deployed in the connecting the new trade cen- the Himalayas. main tunnel. OCCUPANCY LEVEL RECOVERY COMPARED Q1’20 Q2 ’20 Q3 ‘20 Q4 ‘20 (%) TO PREVIOUS YEARS (mn sq ft) (mn sq ft) (mn sq ft) (mn sq ft) Growth*  2016-18  2020 Recovery (%) ALL INDIA INDUSTRIAL GASES MANUFACTURERS’ASSOCIATION Bengaluru 2.71 0.45 2.72 1.37 -50.0 Bengaluru 9.35 215 Square One, C – 2, District Centre, Saket, New Delhi – 110 017 (INDIA) 7.25 78.0 Chennai 0.92 0.1 0.21 0.86 310.0 Chennai 2.57 Delhi-NCR 1.55 0.5 0.2 1.02 410.0 2.09 81.0 TO ALL ORDINARY MEMBERS Hyderabad 0.92 1.18 1.54 2.83 84.0 Delhi-NCR 4.89 NOTICE FOR EXTRAORDINARY GENERAL MEETING 67.0 Kolkata 0.2 Negligible 0.02 0.18 800.0 3.27 NOTICE is hereby given that an Extraordinary General Meeting of All India Mumbai 2.14 0.45 0.28 0.96 243.0 Hyderabad 4.46 Industrial Gases Manufacturers' Association will be held from 3.30 p.m to 5.30 p.m. 6.47 145.0 Pune 0.36 0.64 0.46 1.05 128.0 on Friday, January 29, 2021 at Rendezvous, Hotel Taj Mahal Tower, Apollo Kolkata 0.92 43.0 Total 8.8 3.32 5.43 8.27 52.0 0.4 Bandar, Colaba, Mumbai - 400001 to transact the following business : - Mumbai 6.24 1. Confirmation of Minutes of the Adjourned Annual General Meeting held on 4th September 61.0 NEW COMPLETIONS 3.83 2020 in Mumbai. Q1’20 Q2 ’20 Q3 ‘20 Q4 ‘20 (%) Pune 3.38 74.0 2. To discuss developing an App for Medical Oxygen Gas for Home/Hospital Use. 2.51 (mn sq ft) (mn sq ft) (mn sq ft) (mn sq ft) Growth* 3. To discuss the Annual Seminar in Bahrain. Total 31.81 Bengaluru 3.35 0 4.7 2.3 -51.0 81.0 25.82 4. To discuss the extension of tenure of Managing Committee for the year 2020 - 2022. Chennai 0.53 0 0 2.99 - 5. Any other matter with the permission of the Chair. Delhi-NCR 1.94 1.94 0.22 1.35 514.0 VACANCIES IN OFFICE PROPERTIES Top 7 cities Hyderabad 1.35 2.38 3.33 3.72 12 By Order of the Managing Committee of Kolkata 0.2 0 0 0.1 - 12.8% 13.1% 13.5% 14.0% All India Industrial Gases Mfrs. Assn. 6th January, 2021 Sd/- Mumbai 0.84 1.45 0.3 1.46 387.0 New Delhi SECRETARY Pune 0.6 0 0.63 0.86 37.0 Total 8.61 5.77 9.18 12.78 39.0 Mar‘20 Jun ’20 Sep ’20 Dec ’20 *Q4 2020 over Q3 2020 Sources: Real Estate Intelligence Service, JLL Research

Karan Bajwa promoted to lead Google Cloud in Asia-Pacific PEERZADA ABRAR tremendous management and Bengaluru, 5 January sales experience with him to this regional role, and we’re Karan Bajwa, who was appo- thrilled to have him at the helm inted as head of Google Cloud in of our APAC business,” he said. India in March last year, has be- Google Cloud is on a strong en elevated as the company’s growth trajectory within Asia new leader for Asia Pacific. A Pacific. It counts ANZ Bank, Microsoft and IBM veteran, Baj- Lendlease, Optus, Sharechat wa, will lead all regional reve- and Tech Mahindra among its nue and go-to-market operati- KARAN BAJWA customers. ons for Google Cloud, including Leader, Google Cloud, Asia-Pacific The other customers incl- on Google Cloud Platform “With the disruptions ude L&T Finance, Wipro, Sam- (GCP) and Google Workspace. of 2020 behind us, a sung Electronics, Foxconn, Kia Bajwa succeeds Rick Harsh- true test of 2021 will Motors, Go-JEK, Tokopedia, man, who leaves the organisa- be how companies and XL Axiata. The firm also tion for a new opportunity. re-platform and build continues to invest in technical Bajwa is now based in Guru- on the Cloud, not only infrastructure in the region. It gram, but he will relocate to Sin- for resilience but launched its GCP regions in gapore this year. He will contin- agility and Jakarta and Seoul last year, with ue to lead Google Cloud in India innovation” planned expansion to Delhi and until a new senior leader for the Melbourne in 2021. “With the business is appointed. Bajwa to strength. He has advanced disruptions of 2020 behind us, a will report to Rob Enslin, pre- the e-transformation journeys true test of 2021 will be how sident of sales, Google Cloud. of many large Indian orga- companies re-platform and “Since Karan joined us in nisations and successfully build on the Cloud, not only for March 2020, Google Cloud in expanded our partner commu- resilience but agility and inno- India has grown from strength nity,” said Enslin. “He brings vation,” said Bajwa.