Latest news with #IOCC
Economic Times
3 hours ago
- Business
- Economic Times
Blinkit plans transition to inventory led model from September 1; pings sellers to switch
Blinkit is transitioning to an inventory-led model as planned after its parent Eternal became an Indian-owned and controlled company (IOCC) in April. The Gurugram-based quick commerce platform has asked its sellers to switch to a new system where the company will now buy the inventory from them, instead of just storing it in its warehouses for an email to sellers on Saturday, Blinkit said it will shift to a new model starting September 1. From that date, the platform will directly buy inventory from sellers and brands, instead of having them list products on the marketplace. Currently, Blinkit runs two models. In the marketplace model, sellers list their products and pay Blinkit to store them in its warehouses. In the second model, typically offered to larger and more well-renowned brands with high frequency purchases, select sellers buy products in bulk and sell them through the platform. With this change, Blinkit will now take over inventory buying itself and list the products directly. During the company's January-March quarter earnings, Eternal's chief financial officer Akshant Goyal had said that assuming Blinkit owned 100% of inventory in fiscal 2025, it would have ended up deploying less than Rs 1,000 crore in working capital. This accounts for 15 days of working capital, and about 3-4% of Blinkit's gross order value of Rs 28,274 crore in FY25. 'Last date to opt into the new system (is July 30). No new listings or inventory will be allowed after this date for non-accepted sellers,' Blinkit wrote in its email to the sellers. ET has seen a copy of this announcement.'(From August 31) Your inventory moves from your books to BCPL (Blinkit),' it adds. A founder at one of the brands that ET spoke with said that the change is expected to make processes less complex. 'Right now, whoever operates on the marketplace model has to add the Blinkit warehouses on their goods and services tax (GST) and FSSAI registrations (for food and beverage brands)...once Blinkit starts taking inventory through purchase orders, that hassle will go away since it will be treated like a sale and not a stock transfer,' he the sellers not willing to transition to the new model, Blinkit said in its email that it will return the inventory after deducting reverse logistics development was first reported by Eternal had first announced its plans to become an IOCC in April this year, after 51% of its shareholding became locally owned, analysts had said that the move will help the company have better control over inventory and margins particularly at a time when quick commerce companies are witnessing piling up of losses. Blinkit's rival, Zepto, has also been working to raise its domestic shareholding. Under India's foreign direct investment (FDI) rules, foreign-funded online marketplaces are not allowed to own inventory or control sellers on their platforms. Due to these restrictions, quick commerce platforms typically do not directly own the dark stores – micro-warehouses used for 10-minute deliveries – which are instead operated by separate entities.
Business Standard
01-07-2025
- Business
- Business Standard
Apollo Hospital rallies after board OKs demerger of digital & pharmacy units
Apollo Hospital Enterprise (AHEL) added 3.25% to Rs 7,477.95 after the company's board approved to spin-off its omnichannel pharmacy and digital health businesses through scheme of arrangement. The board of AHEL and its subsidiary, Apollo HealthCo granted in-principle approval for the demerger of Omnichannel Pharma and Digital Health business. The proposed structure enables direct access of omni-channel pharmacy and digital health business to the shareholders of AHEL. For every 100 shares of AHEL, the shareholders of AHEL will receive 195.2 shares of the new company, Apollo Healthtech enabling their direct participation in the value unlock. The proposed transaction will result in the creation of the largest, integrated omni channel healthcare eco-system with a FY25 revenue of approximately Rs 16,300 crore ($ 1.9 billion) in FY25. The Apollo Healthtech is expected to achieve a revenue run rate of Rs 25,000 crore ($2.9 billion) by FY27. Upon the effectiveness of the Scheme, Apollo Healthtech will become an Indian owned and controlled company (IOCC) and it will apply for listing on the stock exchanges. The listing is expected within 18 to 21 months. AHEL will retain 15% stake in the Apollo Healthtech to ensure an integrated, seamless, and comprehensive healthcare offering across the patient lifecycle. Upon becoming an IOCC, the Apollo Healthtech also proposes to consolidate the front-end pharmacy business by acquiring the remaining 74.5% stake in Apollo Medicals (AMPL), which owns 100% of APL. Dr Prathap C Reddy, chairman, Apollo Hospitals Group, said "Today's developments mark the beginning of the next chapter of Apollo Hospitals' relentless mission to bring healthcare of world-class standards within the reach of every individual. The omnichannel pharmacy business and integrated digital healthcare ecosystem will be a unique model to enable access to high-quality healthcare for millions of Indians. What Apollo Hospitals achieved for the creation of the private healthcare industry in India, this new entity will create for the digitally forward generation of tomorrow. We have the opportunity to make a positive difference to their lives and partner in their wellness pursuits. I wish both the teams all the best as they enter uncharted territory with infinite potential." Suneeta Reddy, managing director, Apollo Hospitals Enterprise said, "Apollo has always focused on growth, reach, and scale. We have carefully built our formats-of-care around the consumer at the centre. This comprehensive integrated network, overlaid with a strong digital layer, will allow us to create an impact of magnitude greater than could be achieved with a single format of care. AHEL will continue its focus on outstanding healthcare delivery, while the New Entity will accelerate its efforts on deepening customer engagement and penetration, with clear capital allocation outlays, growth plans and management teams driving both. Together, we will generate unparalleled value for the consumer, while making sure that all synergies and network effects stay intact, rooted in the Apollo ethos of quality and trust." Shobana Kamineni, executive chairperson, Apollo HealthCo said, "The New Entity, once integrated, will be a truly customer-focused healthcare leader, with capabilities across the value chain. Delivering medicines seamlessly from more than 7,000 physical stores, online delivery platform serving over 19,000 pincodes, with Keimed ensuring supply chain integrity, our aspiration is that we will serve over 100 million Indians with trusted quality and availability. With each business expected to record healthy rates of growth, we will continue to be the leader in this sector. Apollo Hospitals Enterprise has established a strong presence across the healthcare ecosystem, encompassing hospitals, pharmacies, primary care and diagnostic clinics, as well as various retail health models. The company reported 53.5% jump in consolidated net profit to Rs 389.60 crore on 13.1% increase in revenue from operations to Rs 5,592.20 crore in Q4 FY25 over Q4 FY24.
Mint
23-06-2025
- Business
- Mint
Aviation regulator DGCA starts audit at Air Indias main base in Gurugram
Mumbai, Jun 23 (PTI) Aviation regulator DGCA on Monday commenced the detailed audit at Air India's main base in Gurugram that will cover operations, flight scheduling, rostering and various other areas, according to a source. The Tata Group-owned airline has come under intense scrutiny after its London-bound Boeing 787-8 Dreamliner plane crashed soon after take-off in Ahmedabad on June 12, killing 270 people, including 241 people onboard. An eight-member team from the Directorate General of Civil Aviation (DGCA) has started the annual audit of Air India's main base. Generally, a three-member team carries out the yearly audit, the source said. "DGCA has started the audit at Air India's main base at Gurugram. The annual exercise will cover all aspects, including operations, flight planning, scheduling, rostering and IOCC (Integrated Operations Control Centre)," the source said. Air India is headquartered in Gurugam, Haryana. The audit exercise also comes at a time when the regulator has taken action against some Air India officials for repeated safety lapses. On June 21, DGCA sought details on the airline's planned and unplanned inspections, audit, cockpit/en route, station facility, ramp and cabin inspection, among others, from its flight operations inspectors since 2024. The communication was sent out a day after the regulator issued a show-cause notice to the airline for Flight Duty Time Limitation (FDTL) violation and also ordered the removal of the airline's three senior officials from their respective roles for certain lapses. Meanwhile, DGCA has also put in place a new framework for comprehensive special audits to generate a 360-degree evaluation of the aviation ecosystem, reflecting both its strengths and areas needing improvement. These special audits will be over and above the regulatory audits carried out as per the Annual Surveillance Programme.
Hindustan Times
22-06-2025
- Business
- Hindustan Times
DGCA threatens to suspend Air India license over 'repeated violations'
The Directorate General of Civil Aviation (DGCA) has warned that it may suspend or withdraw Air India's license after ordering the airline to remove three staffers from crucial operational roles over 'repeated and serious violations' related to pilot duty scheduling and oversight. Earlier in the day, a Delhi-bound 787-8 Dreamliner was returned to its origin Hong Kong airport after a suspected technical issue.(X/@Aviationa2z) As reported by Hindustan Times earlier, DGCA ordered an immediate removal of Choorah Singh, divisional vice president of the Integrated Operations Control Centre (IOCC); Pinky Mittal, chief manager-DOPS, crew scheduling; and Payal Arora, crew scheduling-planning from all roles related to crew scheduling and rostering. The regulatory body cited 'systemic failures in crew scheduling, compliance monitoring, and internal accountability' for its swift action. In its June 20 enforcement order, the DGCA highlighted 'systemic errors', saying, 'Of particular concern is the absence of strict disciplinary measures against key officials directly responsible for these operational lapses. These officials have been involved in serious and repeated lapses.' The regulator issued stern warning that 'any future violation of crew scheduling norms, licensing, or flight time limitations detected in any post-audit or inspection, will attract strict enforcement action, including but not limited to penalties, license suspension, or withdrawal of operator permissions as applicable.' Air India has come under growing scrutiny after the June 12 crash of its London-bound Boeing 787 Dreamliner shortly after takeoff from Ahmedabad, killing 241 of the 242 people on board and at least 30 on the ground. The Aircraft Accident Investigation Bureau is probing the crash. While the DGCA did not directly link its latest enforcement action to the crash, documents seen by HT suggest that the regulator is stepping up scrutiny of the airline. Air India responds Air India said it has complied with the DGCA directive and removed the three officials named in the order 'In the interim, the company's chief operations officer will provide direct oversight to the IOCC,' the airline said in a statement. 'Air India is committed to ensuring that there is total adherence to safety protocols and standard practices.'
Mint
21-06-2025
- Business
- Mint
DGCA orders Air India to sack 3 employees for violating rules on flight crew schedules
Mumbai: Air India has come under scrutiny from India's civil aviation regulator for violations it voluntarily disclosed concerning flight crew being scheduled and deployed despite lapses in licensing, rest and recency requirements, and for breaching Civil Aviation Requirement Section 7. CAR Section 7 outlines the requirements for personnel involved in flight operations, including pilots, instructors, and examiners. The Directorate General of Civil Aviation ((DGCA) ordered the airline to let go of three employees from all roles and responsibilities related to crew scheduling and rostering. It also sent Air India a show-cause notice, asking it to show why it should not face action under the Aircraft Rules and Civil Aviation Requirements for the violations mentioned. Mint has seen a copy of both the documents, which were confirmed by a DGCA official who did not want to be named. An Air India spokesperson said, 'We acknowledge the regulator's directive and have implemented the order. In the interim, the company's chief operations officer will provide direct oversight to the integrated operations control centre (IOCC). Air India is committed to ensuring that there is total adherence to safety protocols and standard practices,' The regulator has directed the airline to remove Choorah Singh, divisional vice president, Pinky Mittal, chief manager - DOPS crew scheduling, Payal Arora, crew scheduling-planning, and asked for an internal disciplinary proceedings to be initiated against these officials without delay. It said the outcome must be reported to it within 10 days. The DGCA's show-cause notice relates a violation of Para 6.1.3 of Civil Aviation Requirement (CAR) Section 7, in which the accountable manager of Air India operated two flights from Bangalore to London on 17 and 18 May, both of which exceeded the stipulated flight time of 10 hours. As per, Para 6.1.3 of CAR Section 7, a crew is limited to 10 hours of flying and 13 hours of duty if the flight crosses into night hours beyond their time zone. As per the show-cause notice, the accountable manager also failed to ensure adherence to the provisions and compliance requirements demanded under CAR. On 12 June, Air India flight AI171 from Ahmedabad to London crashed seconds after take-off, resulting in the death of more than 240 people. The Aircraft Accident Investigation Bureau's probe into the cause of the accident is ongoing.
