Germany’s art of precision engineering coupled with India’s ability to scale up in the physical, digital or social infrastructure will help create something extraordinary for the world said Union Minister of Commerce & Industry, Shri Piyush Goyal. He was inaugurating the 18th Asia Pacific Conference of German Business (APK) today in New Delhi. The Union Minister speaking on the India-Germany collaboration said that from AI adoption to semiconductors, from fostering the nation’s vibrant startup ecosystem to collaborating on green technology, the synergies between India and Germany can drive unprecedented growth.

Noting that today’s India is built on strong macroeconomic fundamentals, he added that reform, resilience and readiness is available for the future for businesses across the world. On combating climate change, Shri Goyal emphasised India’s commitment at the UN Climate Change Conference (COP21) in 2015, and said that India collectively with the Global South got together with the developed countries to be a part of the solution. He added that India, currently ranked 7th in Climate Change Performance Index (CCPI), is on track to exceed the nationally determined contributions (NDCs) and also the targets set before the world. 

Extending gratitude to the Asia Pacific Committee of German Business and the Indo-German Chamber of Commerce for organising the event, Shri Goyal said that the Asia-Pacific region encompasses 60% of world’s population and by 2030, two-thirds of the global middle class will reside in Asia. This demographic shift presents a fertile ground for businesses seeking to expand their reach and capitalise on emerging sectors, he said.

Shri Goyal stressed that the Conference will be key to identifying emerging trends and tackling global challenges. It facilitates the exchange of best practices, drives technological advancements and shapes policies for future industrial growth, he said. The Union Minister expressed hope that India and Germany can deepen strategic partnerships and translate this collaboration into real growth for the economies and the citizens of both the countries.

Quoting German philosopher Arthur Schopenhauer’s expression “Reading the Upanishads is comforting in my life…”, the Minister in the spirit of that ancient wisdom urged all the participants to embrace the richness of India’s culture and diversity especially during this festive season from Diwali until Christmas and New Year.

Shri Goyal ended his speech with a quote from Rabindranath Tagore, “Reach high, for stars lie hidden in you. Dream deep, for every dream precedes the goal” and urged the participants to create the future where the products made, the industries led and the innovations pioneered, touch every corner of the globe.

Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets.

The food storage and kitchen products company announced the deal at a bankruptcy court hearing in Wilmington, Delaware. U.S. Bankruptcy Judge Brendan Shannon said he would quickly schedule a separate court hearing to consider approval of the sale, which was likely the best result given the company’s “difficult and challenging circumstances.”

The Orlando, Florida-based company filed for bankruptcy protection last month, with $818 million in debt and a plan to find a buyer within 30 days.

But a faction of Tupperware’s lenders opposed the company’s sale plans, seeking instead to claim the assets for themselves.

The new sale agreement will allow the lenders to purchase Tupperware’s brand name and operations in multiple key markets, Tupperware attorney Spencer Winters said at the court hearing.

Tupperware said it will initially focus on markets including the United States, Canada, Mexico, Brazil, China, Korea, India and Malaysia, and intends to follow on with European and additional Asian markets.

The company will wind down its operations in other markets where it has heavy liabilities, chief executive officer Laurie Ann Goldman said in a statement late on Tuesday.

During a court hearing last week, Tupperware argued that the lenders, which bought Tupperware’s debt at a steep discount, should not be allowed to squeeze out Tupperware’s other creditors and prevent them from benefiting from a sale. The lenders had argued that Tupperware’s proposed auction would unfairly prevent them from using a debt exchange as part of their bid for Tupperware’s assets.

The new deal strikes a middle ground, giving the lenders the ability to use debt cancellation for part of the purchase price, while also requiring them to put up some cash that Tupperware can use to pay other debts.

The lenders now poised to acquire Tupperware include Alden Global Capital, Stonehill Institutional Partners and a trading desk of Bank of America.

Tupperware’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell the containers as they sought empowerment and independence.

But the company said it relied too much on independent sales representatives in recent years, suffering a years-long slump in sales while missing out on opportunities to sell products online or in retail stores.