Archives January 2024

Aspiring designers gear up for an unparalleled design journey with the “Gen Next” Virtual Design Festival 2024, a groundbreaking collaboration between Collegedunia and AIDAT. Scheduled from January to June 2024, this innovative initiative brings together over 50 leading design colleges across India to redefine design education through an immersive and transformative experience.

Get ready to enter the world of design :

The festival offers a diverse range of opportunities for participants to enhance their skills and creativity:

1. 30+ Master Classes for College Readiness:

Immerse yourself in the wisdom of design gurus, industry titans, HODs, deans, and professors. These master classes are tailored to prepare participants for the challenges of college-level design education.

2. Showcase Talent in 30+ Design Contests:

Participants can shine on the national stage by participating in design contests that encourage creativity and transcend conventional boundaries.

3. Connect with Design Icons for Career Guidance:

Exclusive sessions with design luminaries offer invaluable insights, providing personalized career guidance and shaping the creative destiny of aspiring designers.

4. 30+ Virtual Workshops for Expertise:

Dive into specialized workshops that promise hands-on learning, honing skills, and transforming participants into design maestros. These workshops provide practical learning experiences.

5. Brainstorm to Explore Design Horizons:

Stimulating sessions encourage out-of-the-box thinking, pushing the boundaries of design exploration and fostering innovation.

6. Personalized Prep: Choose 5+ Sessions/Month:

Tailor your learning experience by selecting a minimum of 5 sessions per month based on your interests, ensuring a focused and impactful learning journey.

How to Enroll:

Step 1 : Choose Your Sessions:

Select a minimum of 5 sessions per month via a user-friendly Google Form shared through email.

Step 2 : Complete the Registration Form:

Step 3 :Fill in your details to secure your front-row seat, ensuring you don’t miss this groundbreaking event.

Step 4 : Receive Confirmation:

Upon enrollment, receive a confirmation along with access details delivered straight to your inbox.

Step 5 : Participate in Contests:

Register to unleash your design prowess in monthly contests and showcase your creative genius.

AIDAT – Transformative Design Platform

In addition to the Virtual Design Festival, AIDAT introduces the All India Design Aptitude Test (AIDAT), India’s 1st National Level Design Entrance Exam. AIDAT serves as a transformative platform facilitating applications for prestigious design academics at nationally acclaimed universities. It provides a wealth of resources, including reading materials, design news, industry awareness, counseling, and invaluable career guidance.

Renowned universities participating in AIDAT offer a diverse array of diploma, bachelor, and master degree programs, making it the ultimate choice for design aspirants seeking excellence in various specializations.

Edinbox – Diverse Entrance Exams

Edinbox, a pioneer in education-focused media, goes beyond AIDAT to offer diverse entrance exams catering to various interests, including AIFSET, GMCET, and AIPMCET. These assessments open doors to global opportunities by collaborating with South Asian universities, providing aspirants with a pathway to higher education tailored to their passions.

Don’t miss the chance to be part of the most transformative design journey at India’s “Gen Next” Virtual Design Festival 2024. Join a community where creativity knows no bounds, and the future of design education is redefined!

New Delhi, January 31, 2024: People’s Cultural Centre (PECUC), a well-known non-governmental organization, in association with ‘Coalition of Tobacco Free Odisha’ organised a National Consultation on Safeguarding Future on January 30, at the Deputy Speaker Hall, Constitution Club of India, Delhi, in an important effort to stop the growing problem of youth tobacco use.

The title of the event, “Safeguarding Future: Protecting Youth from Tobacco,” was to provide a venue for inclusive collaboration between youth ambassadors, civil society organizations, healthcare professionals, and members of parliament. The primary objectives were to tackle pressing issues of youth tobacco use and to develop all-encompassing strategies for protection and prevention.

Prominent oncologist Dr. Ranjeet Kar illuminated the significant harm that tobacco causes to one’s health by highlighting its correlation with a range of cancers and other illnesses that not only affect individuals but also effect everything from female infertility to cardiac arrest.

Advocate Ranjeet Singh emphasized the youth’s dual position as both the problem and the solution. He underlined the necessity of strict laws, such as prohibiting the sale of single sticks and hukka bars. Mr. Singh exhorted the younger generation to speak up for change and be instrumental in changing the way society views tobacco.

A number of Parliamentarians took an active part in the conversations. Mahesh Sahu, Member of Parliament, underlined that, in light of the enormous medical expenses linked to tobacco-related illnesses, both the central and state governments must work together to reduce tobacco usage.

Niranjan Bishi ,MP emphasized the need of raising awareness among children enrolled in school while endorsing the effort to rid Odisha of tobacco use.

While appreciating PECUC’s efforts, Sulata Deo, Member of Parliament, suggested stringent laws along with strengthening COTPA and strict vigilance of sale of tobacco products close to colleges and schools.

Stuti Ranjan Pradhan, Manas Padhy, Nikki Malik, Sashmita and other Youth Ambassadors of different states suggested to increase the legal age of tobacco usage to 21,raise the price of tobacco and outlawing the sale of single stick .

Sujeet Kumar, Member of Parliament, said, ” We need stringent law.We also need to work at ground level towards this as we are in direct contact with the people .

Bhubaneswar Kalita, Member Rajya Sabha, praised PECUC’s initiative and suggested a multipronged strategy to establish a tobacco-free India that includes laws, levies, public health initiatives, and community campaigns.

Muzibullah Khan, Member of Rajyasabha Odisha, said that smoking has become a fashion among youngsters. Foremost, the parents should guide their children about its repercussions. We all need to work together for bringing desired change.

Ranjan Kumar Mohanty, Secretary, PECUC welcomed the guests and moderated the event. Anuradha Mohanty, Executive Director of PECUC, thanked everyone for coming, especially the young people, for supporting the effort and a tobacco-free society as the event came to an end.

The Union Budget has a tremendous impact on India’s economic landscape by impacting numerous sectors, corporations, and investors. And, as we approach the interim budget for 2024-25, attention is focused on determining the possible impact on various industries and assessing patterns over time. The article discusses the history of the relationship between the Union Budget and the stock market, emphasizing how budgets have influenced valuations of companies over time.

Recent market developments suggest a complicated situation for Indian equities benchmarks, with foreign institutional investors deliberately changing their positions in large banks. The Nifty’s drop versus global indexes and increased volatility highlight the market’s response to variables like as profits growth, the US Federal Reserve meeting, and, most importantly, the approaching Union Budget. Rural development, infrastructure, capital goods, PSUs, and BFSI are all in the focus, indicating market expectations for budget-related changes.

The forthcoming Union Budget, which is set to be presented on February 1, 2024, is projected to be an interim one that coincides with the Lok Sabha elections. Forecasts show a 5-10% rise in line item appropriations, with a deliberate emphasis on strengthening the port and shipping industry, supporting renewable energy, and improving urban infrastructure. The government’s commitment to significant increases in capital expenditure (capex) during the last three years, with a capex target of 3.3% of GDP, underscores the high expectations for its potential influence on many industries.

Several studies have looked at the historical influence of union budgets on Indian stock prices. These studies, which range from 1991 to 2005 and 2001 to 2010, give useful insights into the link between budget releases, market mood, and variations in corporate valuation. While these historical perspectives provide background, the impact of the next budget will be determined by a number of factors, including the specificity of initiatives, the broader economic condition, and market responses.

The Union Budget is more than just a budgetary roadmap; it shapes the economic landscape, influences interest rates, and has an impact on financial markets. The distribution of funds, particularly in crucial industries, can influence the fiscal deficit, money supply, and interest rates. The balance between stock prices and interest rates is critical, since higher interest rates may raise capital costs for sectors, thus leading to a drop in stocks.

Furthermore, during budget preparation, the Finance Minister carefully reviews revenue and spending predictions, establishing the best borrowing levels to fulfil deficit objectives. External borrowing, including bilateral and international aid, is contingent on the government’s budget deficit objective. Fiscal policies specified in the budget, particularly tax increases, have a direct impact on expenditure and disposable income, which in turn affect demand, output, and economic development.

Similarly, investors are looking forward to the budget’s possible influence on tax structures, particularly decisions about long-term and short-term capital gains tax, as well as security transaction tax. These expectations can have an impact on corporate profit margins, stock prices, and general market mood.

To summarise, while the Union Budget 2024-25 unfolds, India’s financial environment prepares for future adjustments. The historical background of budget implications on stock markets, along with sector-specific expectations, provides a framework for anticipation and speculation. While short-term effects may be noticeable, the long-term trajectory of firm values will be influenced by larger economic conditions, industry developments, and the effective implementation of recommended initiatives. Investors, corporations, and governments are all on high alert, keenly scrutinising the budget’s results and the consequences for the financial environment.

Mumbai, January 30, 2024: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi- urban markets, at its meeting held today, announced the unaudited financial results for the quarter ended December 31, 2023.

Standalone:

Key Highlights: Steady performance for the quarter & YTD

• Leadership position maintained in Tractors, Pre-owned vehicles, Passenger vehicles, and Three-wheelers.
• Asset growth momentum resilient with Loan Book* at Rs. 97,048 crores… YoY á 25.5%
• Improved NII margins… QoQ á 6.8% vs 6.5%
• Improving Asset Quality Trend… GS2%+GS3% ~10%

o   Stage-3 @4% (vs. 4.3% in Sep-2023)

• Credit Cost improvement… QoQ â 1.2% vs 2.4%

o   On track to achieve 1.5% – 1.7% for FY24

• Capital Adequacy healthy at 18.3% – Tier-1 Capital @ 16.5%. Provision coverage on Stage 3 loans remained prudent at 62.7%.
• Total liquidity buffer comfortable at ~Rs. 8,419 crores with a liquidity chest of over 2.5 months.

FY 2024 Q3/9M Standalone Results:

Note: During the current quarter, MMFSL updated the ECL model for its retail vehicle loans by including multi-factor macro-economic variables and product classification of loan portfolio. As a result, the Provision towards ECL on financial assets for the quarter and 9m ended 31 Dec 2023 is lower by Rs.86.06 crores.

 Operations:

The quarter witnessed broad-based growth with a recorded disbursement of Rs. 15,436 crores. Year-to-date (YTD) disbursement until December 2023 reached Rs. 40,916 crores, indicating a 14% year-on-year growth. This positive trend in loan growth contributed to the expansion of business assets, now standing at Rs. 97,048 crores. This marks a 25% growth since December 2022.

The collection efficiency for the quarter is recorded at 95%, similar to levels observed in Q3 FY23 and marginal reduction over Q2 FY24. During the quarter, the Company has seen further improvement in its asset quality, with stage 3 assets at 4.0% (vs. 4.3% as of September 2023 and 5.9% as of December 2022). Stage 2 at around 6% (vs. 5.8% as of September 2023 and 8.4% as of December 2022).

To diversify within the Vehicle Finance book, the Company has been investing in used vehicle finance. The company already has 2 partnerships that are steadily growing, namely, ‘car&bike’ and ‘CarDekho’. The disbursements for used vehicles finance have grown 19% YTD until December 2023. The used vehicle finance share in disbursements now stands at 17% YTD December 2023, versus 16% for the same period last year.

Partnerships will play an important role in achieving Company’s vision of providing financial solutions to Emerging India. As on date, the Company has already tied up with 2 large commercial banks, namely SBI and Bank of Baroda and recently with Lendingkart, an NBFC. It also has tie-ups with IPPB (India Post Payments Bank) and CSC (Common Service Centres by Ministry of Electronics and Information Technology) for lead generation. These partnerships will allow the Company to expand its distribution and maximise the fee income potential over the next 2-3 years.

Amidst sustained profitable growth and a strong balance sheet, our capital adequacy remains robust, currently standing at 18.3%. Additionally, we hold a comfortable liquidity position, with a liquidity chest of over 2.5 months.

In a strategic move to further enhance our offerings, we have unveiled plans to enter the insurance sector through partnerships with a few insurance providers, acting as a corporate agency. Initial investments will be directed toward technology, manpower, and certification. The shareholders have approved necessary changes to the Company’s charter (Memorandum of Association) and the Company will now progress to make an application to the Insurance Regulator (IRDAI) for its approval.

Digital transformation is a key transformational metric for Mahindra Finance. The objective is to delight the customer with the most seamless experience, ensure fastest turnaround time, more DIY journeys across our products. In addition, the transformation has a huge focus on data and the power of AI/ML and analytics to drive that customer experience through hyperpersonalization, drive asset quality and improve underwriting. Employee experience is also at the core of this transformation. The Company is progressing well on this journey and many of these initiatives will land in Q4 FY24 and Early FY25.

Consolidated:

FY 2024 Q3/9M Consolidated Results:

Subsidiaries:

Mahindra Rural Housing Finance Limited (MRHFL)

During the quarter ended December 31, 2023, MRHFL registered income of Rs. 311 crores as against Rs. 338 crores during the corresponding quarter last year, a decline of 8% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 13.4 crores during the quarter ended December 31, 2023, as against Rs. 14.2 crores during the corresponding quarter last year a decline of 5.3% over the same period previous year.

Mahindra Insurance Brokers Limited (MIBL)

During the quarter ended December 31, 2023, MIBL registered income of Rs.330.8 crores as against Rs.123.0 crores during the corresponding quarter last year, a growth of 169% over the same period previous year. The Profit After Tax (PAT) registered was Rs.43.5 crores during the quarter ended December 31, 2023, as against Rs.13.4 crores during the corresponding quarter last year a growth of 225% over the same period previous year.

Mahindra Manulife Investment Management Private Limited (MMIMPL)

During the quarter ended December 31, 2023, MMIMPL registered income of Rs. 16.6 crores as against Rs. 12.0 crores during the corresponding quarter last year, a growth of 38% over the same period previous year. The Company incurred a loss of Rs. 6.3 crores during the quarter ended December 31, 2023, as against loss of Rs. 7.2 crores during the corresponding quarter last year, a decline in loss by 14% over the same period previous year.

The Average Assets under Management (AUM) of MMIMPL for the quarter ended December 31, 2023, was Rs. 15,321 crores across 21 schemes, an increase of 65% over the same period previous year. Of these assets, the Company managed Rs. 13,554 crores of average equity assets in the quarter ended December 31, 2023, a growth of 72% compared to 7,865 crores in the same period last year.

Mahindra Manulife Trustee Private Limited (MMTPL)

During the quarter ended December 31, 2023, MMTPL registered income of Rs. 0.3 crore as against Rs. 0.2 crore during the corresponding quarter last year, a growth of 72% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 0.1 crore during the quarter ended December 31, 2023, as against no profit / no loss position during the corresponding quarter of last year.

Mahindra Ideal Finance Ltd (MIFL)

During the quarter ended December 31, 2023, MIFL registered income of LKR 569 Million as against LKR 491 Million during the corresponding quarter last year, registering a growth of 16% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, was LKR 24 Million as against LKR 14 Million during the corresponding quarter last year, a growth of 69% over the same period previous year.

Mahindra Finance USA, LLC (MFUSA)

During the quarter ended December 31, 2023, MFUSA registered income at USD 20.6 Million as against USD 16.8 Million during the corresponding quarter last year, registering a growth of 22% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, registered was USD 3.9 Million as against USD 2.7 Million during the corresponding quarter last year, registering a growth of 44% over the same period previous year.

* LKR Closing Exchange Rate: 1 LKR = 0.2568 INR; USD Closing Exchange Rate: 1 USD = 83.15 INR

India, January 31, 2024: Devyani Food Industries Ltd (DFIL), a part of the RJ Corp group, has introduced INFINO, a premium ice cream brand, exclusively in five key markets: Mumbai, Kolkata, Delhi, Hyderabad, and Bangalore. As part of this launch, DFIL has revealed two captivating Digital Video Commercials (DVC), which effectively encapsulates INFINO’s identity as a premium ice cream brand, meticulously prepared to satisfy a diverse range of taste preferences.

The DVC’s unfolds the narrative of a premium ice cream, crafted with real chocolate, enhancing the consumer’s experience to extraordinary levels. It underscores that relishing this exquisite indulgence will evoke a heightened sensation of pleasure.

Team Liqvd Asia, renowned for its innovative approach to marketing and storytelling, has conceptualised the DVC’s, ensuring that every frame resonates with the unique selling proposition of INFINO. The creative team behind this visual spectacle includes Director and Director of Photography – Jay Bhansali and conceptualised by Team Liqvd Asia. Their collaborative efforts have resulted in two DVC’s that are not only visually compelling but also align seamlessly with the premium positioning of the INFINO brand.

Commenting on the DVC launch, Mr. Sudhir Chavan – CEO, DFIL remarked, “Brand INFINO is an embodiment of elegance and exquisite taste. With the brand’s launch, we aimed to redefine the ice cream landscape, offering a sensory journey that transcends consumer expectations. With our brand films, the objective was clear – we need to depict the essence of indulgence, decadence and sophistication, thereby showing the world our brand’s unique offering and superior quality. We believe this launch will not only redefine ice cream experience for consumers but also set new standards for premium offerings in the Indian market. Selecting digital launch for both our “brand films” was a strategic decision rooted in the dynamic landscape of consumer engagement. In a world where digital platforms are omnipresent, we aim for a wide impact with our target audience across platforms and markets. The films that we have released embody our brand ethos and communicate how the brand and products are perceived.”

Sunil Gangras, Head of Creative Services, Liqvd Asia added, “When we were thinking about manifesting the magic of INFINO in the creative expression, we wanted to disrupt the premium segment with a product that not only smacks of elitism but also is dazzlingly different in every aspect of design, and we wanted to dial up indulgence in every frame and every conversation. Our single-minded proposition was to establish INFINO as an ‘Out of this world’ brand and hence, we gave it a creative spin by creating its own universe of delight and decadence. This was achieved through a narrative that landed right on the discerning taste buds. Our creative strategy was crafted in a way that makes INFINO drool-worthy and desirable enough to drive trials for this premium ice-cream brand and make a dent in the universe.”

The DVC’s follow the successful launch of INFINO in major cities, and with Liqvd Asia at the creative helm, DFIL aims to strengthen the brand’s positioning in the premium ice cream segment. The film is poised to enhance consumer awareness and reinforce INFINO’s commitment to delivering an unparalleled ice cream experience.

Reema Dube Yerawar, Founder, Chipmunk:

 “As a representative of the beauty sector, we eagerly anticipate the forthcoming budget to act as a catalyst for transformative growth and sustainability. The beauty industry in India stands at the precipice of innovation and evolution, and our expectations harmonize with the broader goals of fostering a thriving and resilient sector.Given the distinctive characteristics of our sector, we advocate for targeted measures. It is our sincere request to the government to consider incentives that champion research and development in clean beauty formulations, aligning seamlessly with global trends and consumer preferences. We also encourage investment in the development of eco-friendly packaging solutions, positioning the Indian beauty sector as a responsible contributor to environmental conservation.Recognizing the pivotal role of skilled professionals in our industry, we emphasize the need for skill development initiatives tailored specifically for the beauty sector. Focused training programs incorporating the latest techniques and trends will not only empower individuals but also bolster the overall competitiveness of the sector on a global scale.Sustainability in formulations and ingredients remains a paramount focus, and we eagerly anticipate measures that encourage businesses to adopt green technologies. Incentives for the adoption of sustainable practices will not only accrue benefits for individual companies but also contribute to the industry’s collective efforts in building a greener future.Moreover, we advocate for a streamlined tax structure and the reinforcement of compliance norms and safety tests to ensure consumer safety within the beauty sector. Strengthening regulations on labels, transparency about ingredients for all brands, and a stringent focus on high-quality ingredients will fortify entrepreneurship, foster the creation of safe products, and contribute to overall economic growth.In conclusion, the beauty sector looks to the government to craft a strategic and sector-focused budget that recognizes and addresses the unique challenges and opportunities within our industry. We firmly believe that a forward-looking budget will propel the beauty sector to new heights, solidifying its role as a key contributor to India’s economic resurgence.”

Bengaluru, January 31, 2024: Calligo is now set to be the first Company in the world to offer Posit-enabled Silicon.

   The semiconductor. Fabless Accelerator Lab (SFAL) is the premier Fabless accelerator in India and is supported by the Karnataka Information Technology Society, govt. Of Karnataka.

 Calligo Technologies, one of the companies incubated at SFAL is the first company to create posit arithmetic hardware implemented in the FPGA platform, Calligo has continued to pioneer technology by incorporating it into a general-purpose computing platform using an RISC-V design and has achieved the major milestone of successful tape out in Nov 2023 and the first silicon is expected to arrive in Feb 2024.

  Calligo is now once again set to be the first Company in the world to offer Posit-enabled. Silicon and well placed to bring out the end product– Accelerator Card for general-purpose computing. Calligo has a full software technology stack including an industry-compatible compiler and operating system, it is also enabling important HPC/AI applications.

Varun Arora, CEO and Co-Founder of Ekostay, a homestay venture

“In the dynamic landscape of India’s hospitality sector, the forthcoming Budget 2024 holds profound significance. As we navigate the post-pandemic era, it is imperative to envision a budgetary framework that not only addresses immediate challenges but also lays down a visionary roadmap for sustainable growth.

Firstly, infrastructure remains the backbone of our industry. Enhancing connectivity through robust transportation networks, especially in emerging tourist destinations, will unlock unprecedented opportunities. Investments in modernizing airports, expanding railway connectivity, and improving road infrastructure can be transformative, ensuring seamless travel experiences for guests across the nation.

Moreover, the emphasis on sustainability cannot be understated. As global consciousness shifts towards eco-friendly practices, integrating green technologies within our establishments becomes paramount. Incentivizing renewable energy adoption, waste management solutions, and sustainable construction practices can position India as a leader in sustainable tourism, appealing to the conscientious millennial traveler.

Skilling and workforce development also warrant attention. The hospitality sector thrives on its people, and nurturing talent through specialized training programs, especially in digital proficiency and guest experience management, will enhance service standards. Collaboration with educational institutions to introduce industry-relevant curricula can further bridge the skill gap, ensuring that our workforce is future-ready.

Furthermore, digital transformation remains a pivotal catalyst for growth. With the millennial demographic driving travel trends, leveraging technology to enhance guest experiences—from AI-driven personalization to seamless digital bookings—is no longer a luxury but a necessity. Encouraging investments in cutting-edge technologies and fostering innovation hubs can spur a wave of tech-driven solutions tailored for the modern traveler.

Lastly, recognizing the symbiotic relationship between tourism and local communities is crucial. Initiatives that promote cultural exchange, heritage preservation, and community-based tourism can create a more inclusive and enriching travel landscape.

 In conclusion, as stakeholders in India’s vibrant hospitality ecosystem, we remain optimistic and look forward to Budget 2024 ushering in policies that catalyze innovation, foster sustainability, and champion inclusivity. Together, let’s co-create a future where India’s hospitality sector shines as a beacon of excellence, resilience, and growth.”

New Delhi, 31st January 2024: Asort, India’s leading co-Commerce direct-selling company in the fashion domain, witnesses an exceptional growth in 2023, exhibiting a double digit growth that significantly outpaces industry benchmarks.

Asort’s remarkable achievements, surpassing the industry benchmark by doubling the standard 10%, underscore its innovative strategies and unwavering commitment to excellence in the field of direct selling, while bringing opportunities to smaller towns in Tier 3 and Tier 4 markets. In these regions, Asort is playing a crucial role in empowering individuals to kickstart their entrepreneurial journeys. Recognizing the untapped potential, Asort has made it a focal point to empower these communities by offering comprehensive support and training. what is achievable in the industry.

Now, entrepreneurs in remote areas do not have to travel for work. Asort’s way of doing business has opened up doors for many in these regions, letting them build their own businesses and contribute to the local economy. Asort is therefore playing a key role in the growth and development of these small towns and villages in India.

Roshan Singh Bisht, Co-Founder & CEO of Asort, expressed his enthusiasm, “We are thrilled to witness such unprecedented and inclusive growth in the past year. Asort’s success is not only a testament to our commitment to empowering individual sellers and brands within our ecosystem but also reflects our contribution to the overall economic growth of the country. Our strategic initiatives are aligned with adapting to changing consumer trends while fostering the prosperity of the nation.

Roshan Singh Bisht further emphasizes, “Asort is strategically positioned to leverage industry trends and sustain its growth trajectory through diversified expansion initiatives. Our upcoming foray into the offline model demonstrates a forward-thinking approach, blending online and offline channels to capture a wider customer base. This diversification strategy positions Asort to stay resilient in the face of industry shifts and capitalize on emerging opportunities. Additionally, our noteworthy demographic expansion, boasting a 20% share in the north and a substantial 40% presence in the south, along with deliberate expansion into the eastern and western regions, showcases a strategic pivot towards comprehensive national coverage.”

The company’s dedicated push to broaden its product range, embrace technology, and reach Tier 3 and 4 markets showcases essential areas of growth, establishing its leading role in India’s direct-selling fashion industry.

Mumbai, 31th January, 2024: NTPC Limited, India’s largest integrated power utility, today signed a non-binding MoU with Numaligarh Refinery Limited (NRL), a subsidiary of Oil India Ltd engaged in the business of Refining and Marketing of petroleum products, for partnership opportunities in the proposed bamboo-based Bio-Refinery at NTPC Bongaigaon and other Green projects.

The two CPSEs, through this MoU, intend to enhance their footprint in green chemicals and foray into sustainable solutions to advance the efforts towards achieving the nation’s Net-Zero targets and be partner in development of North-East Region.

The MoU was signed in the august presence of Shri Gurdeep Singh, CMD NTPC, Dr Ranjit Rath, CMD OIL & Chairman NRL, and Shri Bhaskar Jyoti Phukan, MD NRL.

NTPC is committed to achieve 60 GW of Renewable Energy capacity by 2032 and be a major player in Green Hydrogen and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Green Hydrogen, Biofuels, Carbon Capture & Hydrogen Mobility.