Archives February 2024

1st February 2024 Apparel Group is pleased to announce the opening of the first Victoria’s Secret Beauty store in Mumbai at Inorbit Mall, Malad. The launch of this store is in line with the global conglomerate’s commitment to bringing innovative retail concepts in the country.

The new store’s unique design and store of the future concept capture the essence of Victoria’s Secret global reputation for excellence and style. The store will become a one-stop shop for all beauty needs, offering a wide range of products from fragrances to accessories, and promising to be an exceptional experience for beauty lovers in the region. Among the offerings at Victoria’s Secret Beauty in Mumbai are the brand’s signature assortment of popular fine fragrances, body mists & lotions to the best travel accessories and more. The store will also feature award-winning scents such as Bombshell, Very Sexy, Tease, and Heavenly, in addition to the newly launched Bare Rose Collection.

“We’re delighted to unveil Victoria’s Secret’s fourth beauty store in India, promising an unparalleled shopping experience for beauty enthusiasts in Mumbai. This store embodies our dedication to bridging the gap between international brands and the Indian consumer, offering a world-class beauty experience tailored to local preferences,” said Mr. Tushar Ved, President of Apparel Group India.

Mr. Abhishek Bajpai, CEO of Apparel Group India added, “As we continue to grow and expand our retail presence in Mumbai, we are excited about the journey ahead. We are confident that the choice of Inorbit Mall as the store’s location will further strengthen our commitment to reaching our target audience leveraging the appeal of the city’s newest shopping destination.”

The store’s groundbreaking design and “Store of the Future” concept create a truly unique beauty and accessories experience. Victoria’s Secret Beauty at Inorbit Mall is open to the public, inviting residents and visitors to discover the brand’s exceptional collection of fine fragrances, travel accessories and more.

Mumbai 1st February 2024 Çelebi India is thrilled to announce that it has won the “Best Sustainability Champion – Service Provider Award” at the Wings India Awards 2024. This esteemed recognition is presented by the Federation of Indian Chambers of Commerce and Industry (FICCI) to celebrate Çelebi’s outstanding contribution to Indian civil aviation, with a focus on prioritizing sustainability in all its operations.

The award was presented to the Çelebi India team, represented by Kamesh Peri, Tauseef Khan, and Andy Dias, at a special award ceremony by the Honourable Minister of Civil Aviation, Shri. Jyotiraditya Scindia. Çelebi India has been awarded for its exceptional commitment to sustainability and for setting industry benchmarks for environmentally conscious practices. Winning this award is a testament to Çelebi India’s dedication to daily creating a more equitable, cleaner, and liveable environment.

Mr. Murali Ramachandran, President (India and South East Asia), Çelebi Aviation, expressed his gratitude, saying, “Çelebi Aviation’s receipt of the ‘Best Sustainability Champion – Service Provider Award’ marks a significant milestone for our team. Our unwavering commitment to sustainability is reflected in our corporate culture, and we are proud to lead the aviation industry in eco-friendly practices. This award is a testament to our team’s collective effort and dedication.”

Çelebi India’s commitment to sustainability is reflected in various initiatives, including 100% electric-air-conditioned tarmac coaches, electric ground equipment, Solar Powered Cargo Terminal facility, Taxi-bot, paperless transaction and processes and bridge-mounted equipment services. These innovative solutions align with global efforts to achieve carbon neutrality and make Çelebi India a front-runner in sustainable ground handling services.

This award serves as a recognition of Çelebi India’s leadership in the aviation industry. The company is not only committed to promoting sustainability but also to delivering top-tier ground-handling services. With operations at major airports across India, Çelebi India is dedicated to contributing to the organization’s continued success and the aviation industry as a whole.

1st February 2024: Galgotias University recently hosted an enlightening event on “Ethical Audit,” featuring G.C. Murmu (IAS), the Comptroller and Auditor General of India, as the esteemed chief guest. The event, held on Monday, provided an insightful discussion on the significance of morality in our lives and the imperative need for ethical conduct in all spheres.

Addressing the students, G.C. Murmu emphasised the vital role of morality in shaping our actions and decisions. He stressed the importance of being morally and legally responsible in every aspect of life, urging individuals to integrate ethical principles into their academic and personal endeavours.

Murmu highlighted the crucial role of education in fostering moral values, advocating for the incorporation of ethics into the curriculum to instil a sense of integrity and responsibility among students. He underscored that morality is indispensable for personal growth and societal progress, emphasising its significance in both joyous and challenging times.

Expressing gratitude for the success of the event, Dr. Dhruv Galgotia, CEO of Galgotias University, shares, “We are immensely grateful for the success of the ‘Ethical Audit’ event and the valuable insights shared by G.C. Murmu. At Galgotias University, we recognize the paramount importance of morality in shaping individuals and society. Through initiatives like the ‘Ethical Audit,’ we aim to instil ethical values and principles in our students, empowering them to lead with integrity and contribute positively to the world. This aligns perfectly with our vision of ‘Viksit Bharat@2047,’ an initiative by the Government of India to transform our nation into a developed entity by 2047.”

Suneel Galgotia, Chancellor honoured the esteemed chief guest by presenting a meticulously crafted memento, symbolising our profound appreciation for his invaluable contributions to the discourse on ethical governance and societal integrity.

Suneel Galgotia, Chancellor, Galgotias University, reflects “In the pursuit of excellence, ethics becomes our guiding light, illuminating our path as we navigate the vast expanse of knowledge and innovation. It is not merely about achieving success, but about how we achieve it. Integrity, woven intricately into the fabric of our actions, becomes the cornerstone upon which true success is built.”

Galgotias University’s commitment to ethics is further demonstrated through its Centre for Ethics, established with the overarching objective of rebuilding and reenergizing an Ethical India (Naitik Bharat). The Centre for Ethics endeavours to reconstruct ethical values in society, institutions, business, government, and public and private life, while also promoting lasting movements for building an Ethical India. With the aim to establish a centre for higher learning in ethics and conduct research in the field, create awareness to prevent corruption, and design academic courses in ethics at higher levels. Additionally, the centre organises interactive lectures, training programs, webinars, and seminars on ethics, along with publications and efforts to create an ethical environment in educational institutions.

Aradhana Galgotia, Director Operations, Galgotias University, expressed “At Galgotias University, we believe that ethical conduct isn’t just a choice, it’s a responsibility. By fostering a culture of integrity, we sow the seeds for a future where every action resonates with honesty and purpose.”

The event concluded with the rendition of the national anthem, symbolising a collective commitment to upholding ethical values and principles in society.

Mumbai, 1st February 2024: While the owners, investors, and occupiers remained cautious about real estate investments in the APAC regions, with a lot longer due diligent process, sentiment towards Indian real estate remained positive, according to Colliers recent Asia Pacific Cap Rates Report | Q4 2023.

The rental rates and capital value for office segment have remained steady inspite of healthy demand for CRE in the key markets of Bengaluru that was countered by supply keeping the cap rates range bound. Mumbai office market saw lower supply with better demand pushing vacancy down, but yields did not change significantly. The return expectation in this stable yield environment remained unchanged with cap rates being range bound.The industrial cap rates remained flat owing to stabilization of yields and asset values as sustained demand from the third party logistic (3PL) players, eCommerce, and fast-moving consumer goods (FMCG) sectors is countered by new supply in Mumbai.

“RBI has maintained an accommodative stand in the interest rates despite the inflation being at the higher end of the targeted tolerance band. Further, the GDP growth rates are revised to be higher for 2024, backed by the growth of private consumption, investment indexes, and trade merchandise, indicating a positive Marco-economic climate. This is indicative of the RBI to continue maintaining an accommodative stance in the short term which will continue to ensure ease of capital supply in the market, pushing up both consumer and institutional investments. It will provide an impetus to the real estate assets where cost of financing and mortgage rates are likely to remain stable, thereby supporting the demand in the market. Additionally, it will lend support to demand keeping capital value and NOIs growth trends constant in yield-based real assets due to both operational and financial costs being range bound, resulting in stabilised cap rates in most asset classes.”, says Ajay Sharma, Managing Director, Valuation Services, Colliers India.

“Given the yields of commercial, retail and industrial segments, the overall real estate sector will witness stable growth, and there will be increased interest in investments leading to significant capital flow to these assets.”, adds Sharma.

 1st February 2024 – Great Place To Work®, India’s renowned workplace assessment and recognition organization, has unveiled “Insights from India’s Best Workplaces™ in Manufacturing 2024”, with information gathered from 4.9L+ employees across 270+ organizations in India. Some of India’s best workplaces in Manufacturing 2024 (alphabetic order) include Bajaj Electricals Limited, HAVELLS INDIA LIMITED, HIL Limited – A CK Birla Group Company, Forbes Marshall Private Limited, Hindalco Industries Limited, Kohler India, Reliance Industries Ltd., Sula Vineyards Limited, TVS Motor Company Limited. List of Top 50 workplaces can be accessed at < Link>

This year’s assessment reflects that the manufacturing sector continues to appeal as a Great Place To Work experiencing 86% employee satisfaction. This has been linked to efforts made by the leaders to increase people’s involvement in decision-making, promoting work-life balance and ensuring transparency in communication across levels.

Notably, despite performing strongly in key pillars of Pride (86%), Credibility (83%), Camaraderie (82%) and Respect (82%) of Trust Index, the industry scores low on Fairness (79%). There exists a trough of disillusionment among mid-level management comprising of employees at Supervisory and Managerial level that impacts their perception of fairness in their workplace. This could potentially be a precursor or a contributing factor for employee attrition in these grades. It is also noted that blue-collar employees (89%) remain generally more satisfied than their white-collar (85%) counterparts.

Yeshasvini Ramaswamy, CEO, Great Place To Work® India, stated that, “I extend my heartiest congratulations to all the exceptional winners of India’s Best Workplaces in Manufacturing list for 2024. Your remarkable achievements not only set new standards for excellence but also embody the resilience and innovation that define our dynamic manufacturing sector.

As we delve into the heart of this report, we are reminded of the pivotal role the manufacturing industry plays in shaping the economic landscape of our nation. Contributing a substantial 17% to India’s GDP, this sector stands as a driving force behind our nation’s progress.

The ‘Driving a Culture of Trust – The New Manufacturing Blueprint’ report stands as a powerful testament to the collective strength of 4.9 Lakh+ employee voices. Each employee has played an integral role in shaping the narrative of the manufacturing industry, contributing not only to their organizational success but also to the broader canvas of India’s economic dialogue and measures the industry must take to develop its talent pool.

In the face of challenges reflected in the dip of the Purchasing Managers Index (PMI), your unwavering dedication and commitment to continue to invest in long-term sustainable projects have paved the way for a positive outlook. The expansion in sectoral activity, coupled with the steadfast support from the government through initiatives like Production Linked Incentive, National Manufacturing Policy, Make In India 2.0, Digital India, and Startup India, positions the manufacturing industry for sustained growth.

Best Workplaces have consistently maintained an impressive 7% gap in the Grand Mean Trust Index over other organizations in the manufacturing sector. As we celebrate the positive shift of 1% in employees’ perception of employer being a Great Place To Work, we also collectively acknowledge that there is more work to be done. The current levels, although commendable, remain below those observed in 2022, urging us to self-reflect and continue to look at culture scores more as a journey than a destination.

To ensure employee retention and a motivated workforce, manufacturing organizations need to ensure that their leaders deliver on their promises, practice authentic leadership, role model honesty and integrity, and walk the talk.

Best Workplaces continue to leverage their workplace culture as a sustainable competitive advantage that directly impacts business performance.

To all the winners, your achievement as the Best Workplaces in the Manufacturing Industry for 2024 is a testament to your commitment to excellence. Congratulations again.”

The report also tries to draw direct inference of becoming a Great Place To Work on Business. With higher employee satisfaction and morale, employees at Best Workplaces are more motivated (88%) go the extra mile (89%) and stay with their employers for longer (90%). It is seen that the process of onboarding and engaging employees has played a vital role in helping some of the top winners of the report.

While challenges exist, the manufacturing sector showcases resilience and growth potential. Government support, rising exports, and positive employee perceptions position the industry for continued success in the evolving economic landscape.