Archives November 2023

Bengaluru 30th November 2023: Prama India participated in the 17th edition of Municipalika 2023 event at the Palace Grounds in Bengaluru from 28-30 November to showcase the latest Smart City solutions. Municipalika 2023 is India’s oldest and largest trade show and conference on safe, smart and sustainable cities. The Prama India got an overwhelming response from the housing and urban infrastructure development, and built environment sectors in India. The event was inaugurated by Shri Siddharamaiyah, Honourable Chief Minister of Karnataka along with Shri D. K. Shivakumar, Hon’ble Deputy Chief Minister, Government of Karnataka, Shri B.S. Suresha, Hon’ble Minister for Urban Development and Town Planning (including KUWSDB and KUIDFC), Bangalore City Development, Shri Rahim Khan, Hon’ble Minister for Municipal Administration, Haj. The inaugural event was attended by the dignitaries from the housing and urban infrastructure development, and built environment sectors from Karnataka, and from all over India.

Commenting on being part of the Municipalika Expo, Mr. Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd. said, “India’s future cities are planned and implemented by the Smart City Mission, this is a big opportunity to redefine India’s Smart Cities with innovative security solutions. Municipalika has provided a convergence platform to premiere the cutting-edge technologies and innovations. Prama India has showcased the latest technologies, products and solutions to enable today’s Smart Cities. We reaffirm our commitment to provide best-in-class solutions for the Smart Cities.”

A lavishly designed Prama India booth at Municipalika 2023, showcased the wide range of latest products and solutions including Smart City Solutions, AI Sense Technology, Prama VMS, Road Safety Solutions (Smart Pole), Intelligent Building Solutions, In Vehicle Surveillance, Mobile Enforcement Solutions and Ranginview, etc.

In the Smart Cities Conference, Himanshu Jain, Assistant Vice President-Projects, Prama India Pvt. Ltd., presented Smart City Solutions with intricate details during the panel discussion. He spoke on the Smart Security Solutions, which can add value to the security management aspects of Smart cities.

Prama India representative Vinay Mishra, Senior Vice President-Projects, Prama India Pvt. Ltd., gave a corporate presentation on Prama India’s latest products for city resilience and surveillance. In the concurrent panel discussion Rajesh Palkar, Vice President, Government Consultant Business, Prama India Pvt. Ltd. shared his insights on City Resilience and Surveillance.

The event was be attended by 200+ exhibitors, 2,500 delegates and 5,000 industry visitors from all over India and abroad, from 10 countries, 20 states/UTs, and 300 cities and towns, ensuring an assured audience of policy makers, city leaders and urban and housing stakeholders looking for technologies and solutions. The event was organised with the patronage of Government of Karnataka as Host State.

The Municipalika 2023 provided a mega-networking forum for governments, experts, entrepreneurs and service providers to collectively find solutions to urban challenges. The Municipalika Exhibition & Conference in Bengaluru concluded successfully with thought provoking conferences and networking sessions.

NEW DELHI, 30th November 2023: – Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, has unveiled an industry-first playbook: FMOps – The Generative AI Imperative for Production. The playbook, which focuses on Foundation Model Operations (FMOps), provides practical guidelines for building solid and efficient foundations for generative AI solutions.

“As Generative AI reshapes enterprises across sectors, we continue to find that clients need clear directions for building ethical and scalable generative AI solutions,” said Sreekanth Menon, Global AI/ML Services Leader, Genpact. “This playbook offers that blueprint, guiding the transition from pilot generative AI projects to production.”

Developed in collaboration with Nasscom, a non-profit industry association and the apex body for India’s $245 billion technology industry, the playbook delves into the fundamentals of FMOps. It meticulously outlines their operational benefits within AI systems: improved collaboration, faster release cycles, enhanced efficiency, rapid model deployment, seamless scalability, and risk reduction. The playbook also provides detailed discussions on FMOps, Large Language Model Operations (LLMOps) and Machine Learning Operations (MLOps), including:

• Understanding the distinctions ofgenerativeAI from traditional AI
• Recognizing the significance and importance of FMOps
• The role of LLMOps within FMOps andgenerativeAI
• Key differences between MLOps and LLMOps

The playbook takes an in-depth look at LLMOps, which serve as the foundation for operational capabilities and infrastructure required to deploy generative AI solutions, and the steps necessary for successful implementation:

• Identifying the right model, technique, team, and technology stack
• Understanding the current LLMOps landscape
• Creating aResponsible, Accountable, Consulted, and Informed (RACI) framework for LLMOps implementation
• Operationalizing Large Language Models (LLMs) with LLMOps
• Selecting appropriate metrics
• Setting up policy management guardrails

The collaborative effort between Genpact and Nasscom builds upon previous work on MLOps best practices, a set of principles that help technology teams develop, deploy, monitor, and scale AI models effectively.

Delhi,30th November 2023: : Air India SATS Airport Services Private Limited (AISATS), a leading airport services management company in India, has been recognized with the distinguished ‘Best Station Award’ at the GHI Pride of Ground Handling Awards for its exceptional ground handling services at Indira Gandhi International Airport (IGIA), Delhi. The awards ceremony was held on Nov 28, 2023, in Lisbon, Portugal during the 24th Annual GHI Conference. This esteemed accolade recognizes AISATS’ firm dedication to operational excellence, innovative practices and ensuring customer contentment on an international pedestal.

The GHI Pride of Ground Handling Awards hold high regard in the aviation sector for acknowledging exceptional performance and contributions to the ground handling domain. AISATS stood out prominently among robust competitors from across the globe, showcasing its unwavering commitment to delivering high quality ground handling services to airlines and passengers at IGIA.

“We take immense pride in receiving the ‘Best Station Award’ at the GHI Pride of Ground Handling Awards,” expressed Mr. Sanjay Gupta, CEO of AISATS. “This is a result of continuous commitment and hard work of our entire Delhi team who are dedicated to deliver exceptional service and bring innovation at all levels in the ground handling industry. As a company, AISATS is always poised to ensure a safe, efficient and speedy service. We feel honoured to be acknowledged at a global level and are committed to pursuing excellence across all facets of our operations.”

AISATS has a promising track record of providing quality ground handling services at IGIA, Delhi, consistently surpassing customer expectations and playing a pivotal role in ensuring seamless airport operations. The company has introduced a range of pioneering initiatives to boost efficiency and service quality, including the adoption of cutting-edge technology, such as AeroWash (India’s first and only robotic dry wash aircraft exterior cleaning service) and Ground Radar (a state-of-the-art solution that monitors and analyses ground service equipment and staff allocation in real time) to name a few.

This year AISATS was nominated under three categories at these global awards, which showcases its unparalleled service quality. The GHI Pride of Ground Handling Awards are held annually to recognize and celebrate the achievements of outstanding ground handling organizations worldwide. The awards are a benchmark for excellence in the industry, and AISATS’ success at this year’s event further solidifies its position as a global leader in ground handling services

30th November, 2023 – Jeevansathi.com, India’s leading matrimony brand has unveiled the second edition of #StringsOfLovebyJS, with Neeti Mohan, Bollywood’s leading playback singer, popular for her songs like “Ishq wala love’ from Student of the Year; ‘Meri Jaan’ from Gangubai Kathiawadi. Adding a soulful twist to the narrative of modern love stories, Neeti recently orchestrated a delightful surprise for a Jeevansathi couple, Harshil and Chaitali, adding musical notes to their romantic rendezvous with her latest song ‘Shagnaa’.

The magical encounter was expertly arranged by Jeevansathi.com in cahoots with Harshil, to add an element of surprise and spontaneity to the evening. Chaitali was left utterly speechless by this genuine and heartfelt surprise, which made for a lifelong memory.

Himani Bahuguna, EVP & Head of Marketing, Jeevansathi.com said, “’Strings of Love’ is an ode to the myriad love stories that germinated on our platform. Neeti’s surprise performance perfectly complements the emotions that define our users’ journey toward finding their life partners. Jeevansathi.com takes pride in celebrating these heartwarming moments that make every union special.”

Neeti Mohan, expressing her excitement, said, “Love and music share a beautiful relationship. Participating in Jeevansathi’s #StringsOfLovebyJS campaign allowed me to witness a unique love story and add a musical touch to a special moment. Witnessing the love between them was truly heartening. My heartfelt wishes to Chaitali and her partner for a joyous life ahead.”

A sneak peek into this enchanting surprise will be showcased on Neeti Mohan’s Instagram and YouTube handles, providing a glimpse into the musical celebration of love. Jeevansathi.com continues to redefine the matrimony experience, placing a spotlight on the happy stories of the couples.

By Sonia Agarwal Bajaj, Educationist

 While the education industry is undergoing waves of innovation, the largest seismic wave of change is taking place in the early education space. A few decades ago, preschools were restricted to a place for them to socialise, learn nursery rhymes, learn their basic alphabets and shapes and participate in a few art activities. Today, preschools are far from this and some leading preschools in India are truly reimagining early education.

Intimate Faculty Ratios
One of the primary factors that has led change in this space is a more intimate learning environment. Most preschools offer a low children to faculty ratio, allowing faculty and children to engage in a more interactive and effective manner. Most preschools today now operate with a 1:10 or lower ratio now days.

Rise of STEAM (Science Technology Engineering Arts & Mathematics)
Contrary to the belief that STEAM subjects are very complex for young minds, new age educators believe that early introduction to STEAM helps foster curiosity, inquiry and problem solving skills.

Digital Integration
Digital exposure is arguably considered detrimental towards screen addiction and reduced focus in early years; however, digital integrations can also be used to enhance learning for the child if done so correctly and age appropriately. Many schools are integrating digital content and concepts to their curriculums to leverage concepts and educational content that is available to boost their learning. These programs must be done not exceeding 15-20 min in duration a day.

Multi-curriculum
Most leading preschools today opt for multiple support curriculums that fuel their core philosophy. These allow them to give the right learning environment and techniques to further interest and learning in areas such as music, sports, phonetics, early reading and theatre.

Real World Problem Solving
As preschools evolve to become more experiential, their core curriculums adapt real world life problems around them and help raise early awareness towards key global issues. Many preschools help build awareness and an action mindset by discussing these crises and discussing possible solutions and efforts one can take to facilitate water conservation, environment conservation, climate change, religious tolerance and peace.

Collaborative Learning with Global Peers
As preschools readily share their learnings and victories on their social and content creating platforms, educators around the world are able to collaborate and share knowledge. This is starting to allow educators to feel constantly inspired and facilitate a higher quality of learning.

Holistic Wellbeing and Mental Wellness
As the world grapples to deal with mental health issues, preschools have started investing time and energy towards helping children become more emotionally aware are practice simple forms of mindfulness and emotional regulation.

Modular & Flexible Learning Spaces
Understanding the importance of multi-intelligence and many preschools are now investing in spaces that easily transform to serve as learning areas for multiple domains. This requires preschool to invest in modular furniture pieces and formats.

Rise of Out of School Learning
Traditionally most learning at schools was cantered around classroom learning, but now increasingly schools, including preschools are focusing on outdoor learning, where children have the opportunity to learn with nature and in specialised learning areas.

Emphasis on Faculty Training
Contrary to before where preschool faculty members were part time, unspecialised individuals that enjoyed being around children. Contributors to the early education industry today require to undergo training and certification that allows them to offer a higher quality of learning.

Inclusive Parental Communication
In order to provide higher transparency to parents, the way parents and schools interact and share information has changed. Preschools now share learning goals with parents and photographs via digital photo sharing platforms on a daily or a weekly basis.

All of the above factors have strongly contributed towards helping preschools evolve and truly transform the way our children learn and grow!

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Bengaluru (India) / Dubai (UAE) | 30th November 2023: Aster DM Healthcare (“Aster”), one of the largest and fastest-growing integrated healthcare providers in GCC and India, has today received board approvals from its subsidiary Affinity Holdings Private Limited (“Affinity”) and approval from its Board of Directors to separate the India and GCC businesses into two distinct and standalone entities. Under the separation plan, Affinity has entered into a definitive agreement with a consortium of investors led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE, to invest in Aster’s GCC business. The Fajr Capital-led consortium also includes Emirates Investment Authority, Al Dhow Holding Company (the investment arm of AlSayer Group), Hana Investment Company (a subsidiary of Olayan Financing Company) and Wafra International Investment Company. The board of Affinity and its representatives who negotiated the transaction formed a positive view of the favourable valuation and other terms offered by the Fajr Capital-led consortium.

Aster DM Healthcare was established by Dr Azad Moopen in 1987 as a single clinic in Dubai, UAE. The company has since grown to become a leading integrated private healthcare provider, offering a full spectrum of primary, secondary, tertiary and quaternary healthcare services that cater to the diverse needs of its patients. In India, Aster has a substantial and growing network in 5 South Indian states through its 19 hospitals, 13 clinics, 226 pharmacies and 251 patient experience centres. Meanwhile, in the Gulf, Aster has developed a strong reputation and presence, with 15 hospitals, 118 clinics and 276 pharmacies across the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Jordan.

Upon completion, the separation of the India and GCC businesses will establish two distinct regional healthcare champions that will benefit from the strategic and financial flexibility to focus on growing market demand and the priorities of patients. Both the India and GCC entities will be operated by separate dedicated management teams and will also benefit from a dedicated investor base that will aid future growth in the Indian and GCC markets respectively, both of which hold significant growth potential.

The GCC and India healthcare markets are distinct and have different growth dynamics, warranting different business strategies. With a population strength of 1.4 billion, India will remain a priority market in Aster DM Healthcare Ltd.’s growth journey. The company plans to ramp up bed capacity in India by almost one-thirds, by adding more than 1500 beds by FY27. In the GCC, Aster DM Healthcare FZC will bolster its expansion plans in key markets, such as the UAE and Saudi Arabia, while enabling greater access to quality and comprehensive healthcare across physical and digital channels.

Post completion, Dr. Azad Moopen will continue as the Founder & Chairman of Aster overseeing both India and GCC entities. Ms. Alisha Moopen will be promoted to Managing Director and Group CEO of the GCC business to lead a long-term strategy that will unlock value as a pure-play GCC operating company. The Indian entity will continue to be led by Dr. Nitish Shetty as Chief Executive Officer, who will focus on the growth of the India business, aimed at creating value for its shareholders.

EY and PwC provided independent valuation advice and ICICI Securities provided fairness opinion for the valuation guidance. Baker & McKenzie LLP was Affinity’s lawyers on the transaction. Cyril Amarchand Mangaldas was Aster’s lawyer on the transaction. AZB & Partners were the advisors to independent directors. Moelis & Company and Credit Suisse acted as the sell-side advisors. HSBC Bank Middle East Ltd., Allen & Overy LLP and PwC acted on behalf of the Fajr Capital consortium.

Dr. Azad Moopen, Founder and Chairman of Aster DM Healthcare said: “The strategic decision to segregate the India and GCC operations was based on the rationale to establish fair value for both entities, creating two pure-play geographically focused entities that are able to leverage the growth opportunities in their respective markets. In India, we as Promoters, remain committed to our growth plans and hence had increased our stake to 42% earlier this year. Major institutional shareholders continue to remain invested, reflecting overall confidence in the Company’s India business model and go-to-market strategy spanning all segments of the healthcare space.”

“For the GCC, Fajr Capital has been selected by the board of Affinity as our trusted private equity partner to lead a consortium of investors to invest in the GCC business. We are confident given their demonstrated expertise and are excited by their commitment to empowering our expansion plans within the GCC’s dynamic healthcare landscape, especially in Saudi Arabia. The Moopen family will retain 35% stake in the GCC Business. Together, we envision a future where Aster’s business in the GCC continues to deliver best-in-class healthcare services to its patients across the region, underpinned by Fajr Capital’s strong market presence and network. Alisha will lead on these ambitions and oversee the next phase of our growth trajectory in the GCC.”

The separation will also offer Aster India an opportunity to potentially expand its institutional investor base to include investors who are mandated to invest in India only or majority businesses. Shareholders of the India business will benefit from better reporting of operating and financial parameters for the listed entity.

The transaction is subject to shareholder approval in India, regulatory compliances and other customary conditions to closing. The Company expects the transaction to close by March 2024.

New Delhi, 30th November 2023: Team Avaada Sunrisers, under the astute leadership of Captain Dhiren Bhatt and Vice-Captain Laxmikant Sharma, is poised to commence its journey in the esteemed CII Corporate Cricket League (C3L). The C3L, organized by the Confederation of Indian Industry (CII), is a premier cricket tournament that brings together corporate entities in a spirited display of skill and sportsmanship. The 2023 edition of the tournament is scheduled to take place from November 27 to December 3 at the Jamia Milia Islamia Grounds in Delhi.

The team, comprising dedicated and skilled individuals, has undertaken rigorous preparations for the forthcoming fixture against Maruti Suzuki Masters, scheduled for 27th Nov 2023.

The competition is set to unfold at the renowned Jamia Milia Islamia Grounds, where enthusiasts are invited to witness the contest and actively engage in supporting Team Avaada Sunrisers. For those unable to attend in person, a live stream will be available on YouTube, ensuring that supporters from around the globe can participate in the excitement remotely.

As the team readies itself for this prestigious tournament, the organization extends its gratitude to sponsors, supporters, and cricket aficionados alike for their unwavering backing. For real-time updates, exclusive behind-the-scenes content, and a comprehensive experience of the tournament, audiences can be witnessed on Team Avaada Sunrisers on social media handles.

Bangalore, 30 November 2023– Salesforce Consulting Practice and a distinguished global Tech Consulting boutique firm, Horizontal Digital, announce the strategic addition of Ritu Jhajharia as Associate Director. With a decade and a half of experience in Tech and Marketing, Ritu brings a wealth of expertise to further elevate Horizontal Digital’s global impact.

Ritu is an accomplished Marketing and Brand Communications Specialist with a proven track record in leadership roles, driving 360-degree integrated marketing initiatives for MNCs, startups and as a Co-Founder. She has had a distinguished journey across Fashion, Edtech, Banking sectors where teaching Marketing related subjects remained her constant. A published author and dynamic speaker, she excels in delivering measurable results and fostering business growth.

Revolutionizing Tech Consulting with Purposeful Innovation

Horizontal Digital stands apart not merely as a service provider but as a creator of meaningful and connected digital experiences. It goes beyond the conventional paradigm in tech business to strengthen the brand relationship with their customers. The company delivers a suite of tech consulting solutions and offering services such as CX Strategy & Design, and Sales, Service & CRM, Customer Data Management, Analytics & AI, and Marketing Automation.

Ritu Jhajharia expressed her excitement and said,”Being at the forefront of the marketing landscape in India, spending over 15 years in MarTech and being on all sides of the table, it was time for me to share my learnings, experiences and expertise with those who are looking to create transformational digital experiences. And there is no better arena to do this than consulting. I’m looking forward to making a big impact in the MarTech and CRM Consulting space and be part of shaping up the perception about Indian talent in the global market as a world-class client-facing consulting force to reckon with instead of being seen as mere offshore service providers for outsourcing. I’m going to focus on building and leading a strong team of consultants to play a key role in propelling the company’s growth. I am excited to join this dynamic and diverse global team, and the vibrant culture at Horizontal Digital which already feels like a breath of fresh air.”

Recently honored as the Marketing and Commerce Partner of the Year by Salesforce in the Middle East, Horizontal Digital stands as a beacon of diversity and growth. In a statement that resonates with Horizontal Digital’s commitment to transformative growth, Anil Pilania, Managing Director, Salesforce Technology Consulting, India, said,”Ritu coming onboard marks a pivotal moment for us. We’re not just a tech consulting firm; we’re creators of meaningful, omnichannel and connected digital experiences for our customers. Ritu’s addition aligns with our vision of fostering a culture of curiosity and consultative thinking. We’re not just orchestrating steady growth; we’re shifting orbits. Horizontal Digital is at the forefront of a transformative era, and we invite ambitious professionals in the country to join us on this exhilarating journey.”

Horizontal Digital invites forward-thinking professionals to join its vibrant community and be part of an exciting era of growth and innovation. ‘’At Horizontal, we continue to challenge archaic stereotypes about Indian talent. It’s time our skilled professionals show the world, not just as tech experts but as confident consultants, capable of putting technology into a real business context, solving real problems for real people. Collaborative work culture, supportive leadership and inclusive outlook form the core of how we look at building our company,’’ beams Anil Pilania.

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India, 30th November 2023: Universal Robots, the Danish manufacturer of collaborative robots (cobots), has announced that it will expand its leading product portfolio with a new 30 kg payload cobot.

UR30 is the second in Universal Robot’s new series of innovative, next-generation cobots and is built on the same architecture as the award-winning UR20. Despite its compact size, UR30 offers extraordinary lift, and its superior motion control ensures the perfect placement of large payloads allowing it to work at higher speeds and lift heavier loads.

This makes UR30 ideal for several applications, including machine tending, material handling and high torque screw driving. For machine tending, the high payload brings new possibilities as it allows the cobot to use multiple grippers at the same time. This means it can remove finished parts and load more material in one single pass, shortening changeover times and maximizing productivity.

UR30 will also effectively support high torque screw driving as it can handle larger and higher-output torque tools,​and thanks to a steady mode feature UR30 delivers straight and consistent screw driving. This will be beneficial in, for example, the automotive industry.

In addition to this, the 30 kg payload makes UR30 a great match for material handling and palletizing of heavy products across all industries, with the small footprint enabling it to fit into almost all workspace – relieving humans of the heavy lifting. Weighing only 63.5 kg, it can also be easily moved between work cells.

Commenting on the launch Mr. Kim Povlsen, President, Universal Robots said, “The higher payload and greater flexibility underpin a new era in automation. Industries around the world are embracing more agile manufacturing and modularity in production – part of achieving that modularity and agility is about mobility and this cobot delivers that despite its payload. As industries evolve, the UR30 not only meets but anticipates shifting demands, enabling businesses to adapt and respond to changing needs effectively. As we continue to innovate, the UR30 is another step in UR’s journey in pushing the boundaries of what is possible in the world of automation.”

New Delhi, 30th November 2023: The Executive Board and Supervisory Board of Vitesco Technologies Group AG (“Vitesco Technologies”) today published a joint reasoned statement pursuant to section 27 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) on the voluntary public tender offer of Schaeffler AG (“Schaeffler”) dated 15 November 2023.

The reasoned statement considers the Business Combination Agreement (“BCA”), signed with Schaeffler today that sets out key parameters of the business combination and the framework for future cooperation between the two companies. In addition, Schaeffler today published an updated tender offer, which includes an increase of the offer price to EUR 94 per Vitesco Technologies share.

The Executive Board and the Supervisory Board of Vitesco Technologies (the “Boards”) agree with Schaeffler’s view that the creation of a combined company can bring significant strategic advantages in certain areas. They favour the fact that the synergies envisaged by Schaeffler will be achieved primarily through growth and long-term value creation, rather than through site closures or job losses.

The Business Combination Agreement contains the following key points:

1. The combined company is to be managed from Herzogenaurach. The allocation of the remaining divisional headquarters will be discussed in more detail between Vitesco Technologies and Schaeffler. Vitesco Technologies and Schaeffler are aware of the importance of the Vitesco Technologies locations for the combined company.
2. The combined company will consist of four focused divisions, with the E-Mobility Division combining the expertise of Schaeffler (E-Mobility) and Vitesco Technologies (Electrification Solutions Division).
3. It was agreed that Vitesco Technologies and Schaeffler would take into account the success factors of the Vitesco Group in the combined company when designing the organisational structure as part of the implementation of the business combination.
4. The terms of employment of the employees of Vitesco Technologies, in particular their remuneration or entitlement to other employer benefits, will not change in the combined company as an immediate effect of the closing of the transaction.
5. It was agreed that the E-mobility division of the combined company shall be managed by Vitesco Technologies executive Thomas Stierle. In addition, it is planned to adjust the composition of the Supervisory Board of the combined company taking its needs into account.
6. Furthermore, Vitesco Technologies and Schaeffler have agreed on common principles for filling leadership positions below the Executive Board for the E-Mobility and Powertrain & Chassis divisions as well as for central functional areas in the combined company.

On this basis, the Boards of Vitesco Technologies will constructively support the implementation of the tender offer and the business combination in accordance with the BCA. A joint integration committee with equal representation will be set up to coordinate the principles laid down in the BCA.

Subject to an agreement on the exchange ratio and the merger agreement, the Boards will submit the merger to the general meeting of Vitesco Technologies for resolution and, if approved with the required majority, complete it.

Vitesco Technologies will manage its business independently both until the completion of the tender offer and thereafter until a possible merger.

Evaluation of the offer price

The Executive Board and Supervisory Board have carefully and intensively analysed and evaluated the adequacy of the consideration offered. In doing so, the Boards have each made their own considerations as well as taking into account, among other factors, the inadequacy opinions of J.P. Morgan, Lazard and Perella Weinberg Partners.

On this basis, against the background of their own assessment of the current situation and the development potential of Vitesco Technologies as well as the overall circumstances of the offer, the Management Board and the Supervisory Board also consider the increased offer price per Vitesco Technologies share to be inadequate from a financial point of view.

Shareholders who do not wish to retain a stake in Vitesco Technologies in view of the intended merger of Vitesco Technologies into Schaeffler may accept the tender offer or, in the event that the market price is higher than the offer price, sell their Vitesco Technologies shares on the stock exchange.

Even if the cash consideration offered does not adequately reflect the long-term value of the company, the tender offer may represent a potentially attractive exit opportunity for risk-averse or short-term investors in the current market environment.

Shareholders who neither accept the offer nor sell their shares on the stock exchange will retain a stake in Vitesco Technologies but will receive shares in the combined company upon completion of the merger. The applicable exchange ratio will be agreed between Vitesco Technologies and Schaeffler at a later date. This agreement will be made on the basis of a determination of the enterprise values of Schaeffler and Vitesco Technologies prepared by an independent joint valuation expert in accordance with recognised valuation principles.

The Executive Board and Supervisory Board of Vitesco Technologies emphasise that Vitesco Technologies shareholders must make their own decision as to whether and to what extent they accept the offer, taking into account their individual circumstances.

Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable mobility. With intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies is making mobility clean, efficient, and affordable. The product portfolio includes electric drives, electronic controls, sensors and actuators, and exhaust gas treatment solutions. In 2022, Vitesco Technologies generated sales of €9.07 billion and employs a workforce of around 38,000 employees at 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.

Legal information: This press release is intended for information purposes only and constitutes neither an invitation to sell nor an offer to buy securities of Vitesco Technologies or Schaeffler. The final terms and conditions of the Offer are solely determined by the offer document published by Schaeffler and any amendments thereto. Furthermore, the information in this press release does not constitute an explanation of or a supplement to the contents of the joint reasoned statement of the Executive Board and Supervisory Board of Vitesco Technologies. The joint reasoned statement was published on the website of Vitesco Technologies under https://ir.vitesco-technologies.com/websites/vitesco/German/0/investoren.html in German as well as under https://ir.vitesco-technologies.com/websites/vitesco/English/0/investors.html as a non-binding English translation. Physical copies of the joint reasoned statement are available at Vitesco Technologies Group AG, Siemensstraße 12, 93055 Regensburg, Germany (order by phoning +49 (0) 941 2031 6381 or by sending an e-mail to jens.von.seckendorff@vitesco.com indicating a mailing address) for issue free of charge. Investors and holders of securities of Vitesco Technologies are strongly advised to read the offer document, the joint reasoned statement and all other announcements in connection with the Offer as soon as they are published, as they contain or will contain important information.

All information contained in this press release has been prepared by Vitesco Technologies solely for use in this release. The information contained in this communication has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information contained in this announcement should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments that may occur after the date hereof. Vitesco Technologies may change, modify or otherwise alter the contents of this notice in any respect without obligation to notify any person of such revision or alteration.

Any forward-looking statements contained in this document are not statements of fact and are characterized by the words “will”, “expect”, “believe”, “estimate”, “intend”, “aim”, “assume” and similar expressions. These statements express the intentions, opinions or current expectations and assumptions of Vitesco Technologies. These forward-looking statements are based on current plans, estimates and forecasts that Vitesco Technologies has made to the best of its knowledge, but do not claim to be correct in the future. Forward-looking statements are subject to risks and uncertainties that are generally difficult to predict and are usually beyond the control of Vitesco Technologies. These expectations and forward-looking statements may prove to be inaccurate and actual developments may differ materially from forward-looking statements. Vitesco Technologies assumes no obligation to update forward-looking statements with regard to actual developments or events, general conditions, assumptions or other factors.