Archives February 2024

Hyderabad/Pun, February 21, 2024: Finolex Cables Ltd., a key player in the optic fibre cables sector, has taken a substantial leap towards fostering economic growth and development by formalizing a Memorandum of Understanding (MoU) with the Department of Industries, Government of Maharashtra. This strategic partnership sets the stage for Finolex Cables’ significant investment of Rs. 580 crores, marking a noteworthy milestone in the company’s expansion efforts within the optic fibre cables industry.

The envisioned investment is strategically aligned with the Honorable Prime Minister’s vision of providing last-mile optical fiber-based connectivity to every village in the country. Anticipating a surge in demand, Finolex Cables is positioning itself to cater to the increasing need for optic fibre cables (OFC), fueled by the nationwide 5G roll-out and the growing requirement for fiber-to-home connectivity.

Highlighting Finolex Cables’ commitment to fortifying its capabilities and product range in the optic fibre cables sector, the company, currently possessing a fibre drawing capacity of 4 million fibre km per year and a cabling capacity of 8 million fibre km per year, is set to establish an additional plant dedicated exclusively to fibre optic cables. This expansion initiative encompasses the installation of fibre draw towers and the implementation of backward integration for the production of glass preforms, crucial in the fibre drawing process. Notably, this aligns with the goals of the Government of India’s Make in India program.

In a groundbreaking move, Finolex Cables aims to become the second company in the country to manufacture glass preforms, a vital component for optical fibre production. The proposed upgrade will see the Draw Tower capacity doubling to 8 million fibre km per year, pushing the fibre optic cables’ annual capacity to 10 million fibre km from the current 8 million fibre km. This expansion initiative is expected to generate direct and indirect employment opportunities for 400 plus individuals.

Under the terms of the MoU, the Government of Maharashtra has committed to actively supporting Finolex Cables Limited in obtaining the necessary registrations and approvals from the relevant state departments. This collaboration is anticipated to facilitate a seamless and successful implementation of Finolex Cables’ ambitious expansion project, contributing significantly to the region’s economic development and employment opportunities.

Speaking on this occasion, Finolex Cables Limited, Deputy CEO & CFO, Mahesh Viswanathan, expressed enthusiasm about the expansion plans and the collaborative effort with the Government of Maharashtra. “This strategic investment reinforces our commitment to contribute to the state’s economic development and create employment opportunities. We are grateful for the support from the Government of Maharashtra, and we look forward to a seamless and successful implementation of our expansion project. “

In order to augment the OFC business further, the company has also opened EPC division for executing

orders for laying fibre -optic cable networks in various locations all over the country. The business has already commenced in Gujarat and is expected to be expanded to other geographies soon.

21th February 2024, Mumbai – India Tourism Development Corporation (ITDC), a public sector undertaking under the aegis of the Ministry of Tourism, unveiled its mascot Adyant-beginning to the end, and tagline “सबसे श्रेष्ठ आतिथ्य की ओर” in a grand ceremony led by Dr. Sambit Patra, Chairman, ITDC. The event was attended by esteemed dignitaries including Ms. Manisha Saxena, IAS – Director General, Ministry of Tourism,Mr. M.R. Synrem, IAS – Managing Director, ITDC, representatives from travel and trade associations, FICCI, CII, ASSOCHAM, Senior ITDC officials and AIHTM students.

A preview of ITDC’s campaign centred around iconic hotel ‘The Ashok’ as premier wedding venue was unveiled. This is in alignment with the “Wed in India” call given by Hon’ble Prime Minister Narendra Modi. This initiative aims to keep economic prosperity within the country by promoting India as a preferred destination for weddings. Ms. Saxena’s introduction of the wedding venue teaser aligns with the ‘India says I do’ campaign of Ministry of Tourism, a broader effort to boost the wedding tourism sector.

The key highlight of the event was the unveiling of the tagline “सबसे श्रेष्ठ आतिथ्य की ओर.”This fresh tagline symbolizes ITDC’s dedication to delivering unmatched hospitality and service in the tourism sector, reflecting its journey towards excellence.

Accompanying the new tagline was the introduction of ITDC’s new mascot—Adyant, selected through a contest organized amongst the students of the National Institute of Design, Ahmedabad (NID). The ant, symbolizing teamwork, innovation, sustainability, cost-effectiveness, and a pioneering spirit, perfectly embodies the values, vision, and objectives of ITDC. With its friendly appearance, the mascot serves as a welcoming guide for travellers, showcasing ITDC’s commitment to providing exceptional 360 degres tourism services.

Expressing his enthusiasm about the developments, Dr. Sambit Patra, Chairman, ITDC, stated, “India and ITDC have solidified their brand identities, with the new mascot representing the unwavering resilience of an ant, symbolizing ITDC’s strength. Adyant embodies the spirit of our organization and will become a symbol of excellence and warmth in the tourism industry. The unveiling signifies a transformative moment, setting new standards in the evolving landscape of tourism. The mascot stands as a testament to ITDC’s enduring strength, and together, we aim to propel the tourism industry to unprecedented heights, fostering a lasting positive impact on the brand and the broader sector.”

Mr. M.R. Synrem, IAS, Managing Director of ITDC, shared his thoughts on the occasion, and said, “The introduction of our mascot and tagline is a significant milestone for ITDC. It serves as a testament to our unwavering dedication to delivering unparalleled hospitality experiences. With the unveiling of these distinctive elements, we are not just redefining our brand identity but also setting a new benchmark for excellence in the tourism sector. We thank the faculty and Students of NID for collaborating with us.”

The introduction of the new mascot and tagline signifies ITDC’s ongoing pursuit of establishing fresh benchmarks for hospitality and service excellence in the nation, reinforcing its commitment to progress in the industry.

Bengaluru, 21 February 2024: Rallis India Ltd, a leading agri-inputs company, grew its Custom Synthesis & Manufacturing (CSM) portfolio through commercialization of 3 new products in FY24. These new products span across the agrochemical value chain and include one each of Intermediates, Active Ingredients (AI) and Formulations. Two of these three products are being manufactured at Rallis India’s new manufacturing plants at Dahej. With these new product wins, Rallis has broadened its CSM customer base especially among Japanese innovator agrochemical companies.

Commenting on this development, Sanjiv Lal, MD & CEO of Rallis India Limited said, “This expansion of our CSM portfolio reflects our strategic commitment to more chemistry-led manufacturing underlying our recent investments at Dahej. These new product successes and customer acquisitions further affirm the enduring trust that Rallis India holds from a growing number of Japanese and other global agrochemical companies”.

S.Nagarajan, Chief Operating Officer of Rallis India Limited, added, “The commercialisation of these new products demonstrates our enhanced process development, scale-up and manufacturing capabilities to handle complex chemistries and next-gen sustainable formulations. It is also a testament to our ability to work closely and transparently with the customers to deliver high quality products at the right price while upholding our stringent EHS standards”.

Rallis remains committed to further expansion and scale-up of its product portfolio by strengthening its existing customer partnerships and building new ones with global agrochemical companies to advance the cause of sustainable agriculture.

India, 21 February 2024: The 37th edition of the Surajkund International Crafts Mela, renowned for its celebration of global craftsmanship and culture, has introduced an innovative parking solution in collaboration with Abhay Techno Services (ATechnos), making parking hassle-free and efficient for visitors. The Mela, which commenced on February 2nd and will continue till February 18th, now offers smart and FASTag-enabled parking facilities, revolutionizing the visitor experience.

To streamline parking operations and enhance convenience, the Surajkund International Crafts Mela has partnered with ATechnos, a leading technology company. This partnership brings forth a seamless parking experience, integrating advanced technologies to facilitate smooth entry and exit for attendees. Through FASTag integration, visitors can enjoy swift access to designated parking areas, minimizing wait times and ensuring a stress-free arrival process.

Moreover, embracing the digital payment ecosystem, Mela introduces UPI-enabled transactions for parking fees, adding another layer of convenience for visitors. With cashless payments powered by UPI, attendees can effortlessly complete their parking transactions, further enhancing the event’s overall experience.

ATechnos system utilizes automated barriers, license plate recognition cameras, mobile apps, and instant digital payments. It provides visitors with contactless parking, real-time space availability, and digital receipts.

Mr. Apurv Modi, MD and Co-founder of ATechnos expressed his enthusiasm for this collaboration, stating, “We are honored to be a part of the Surajkund International Crafts Mela and contribute to its success with our smart parking solutions that redefine convenience and efficiency for attendees. Our goal at ATechnos has always been to leverage technology to enhance everyday experiences, and through this partnership, we aim to set new standards for event parking management.”

Integrating smart parking facilities aligns with Mela’s commitment to embracing innovation and enhancing visitor satisfaction. By leveraging cutting-edge technologies, the Surajkund International Crafts Mela celebrates India’s cultural heritage, attracting over a million artists and visitors and offering an immersive and memorable experience for visitors worldwide.

Covestro and RWE have signed a long-term power purchase agreement (PPA) for the supply of power and guarantees of origin from offshore wind turbines in the North Sea for the Covestro production site in Antwerp, Belgium. The contract runs from 2026 to 2030 and will enable Covestro to increase the share of renewable energy from the current 45 percent to 60 percent of the site’s current power needs and secure the supply of green energy until 2030, saving 103,000 tons of CO₂.

“The new contract shows: We are making consistent progress on our path to climate-neutral production – even in economically challenging times,” says Dr. Thorsten Dreier, Chief Technology Officer at Covestro. “Because we are convinced that our vision of a complete focus on the circular economy and climate neutrality is the only way to ensure the long-term success of our company.”

Ulf Kerstin, CCO of RWE Supply Trading, says: “We are delighted to support Covestro in achieving its ambitious sustainability goals and to be able to accelerate the transition to climate-neutral production. The great interest of our customers in green power underlines the importance of CO₂-free power for the manufacturing industry.

The new PPA with RWE replaces a current agreement, which expires at the end of 2025. At the Antwerp site, Covestro produces the high-performance plastic polycarbonate, which is used in car headlights, electrical and electronic components, LED lights, medical technology and many other applications. Polyether and the important industrial chemical aniline are also produced there, and Covestro is currently expanding production there with the construction of a new world-scale plant.

“This supply agreement is a further step towards increasing the proportion of renewable power in our production,” says Dr. Georg Wagner, Managing Director of Covestro in Antwerp. “With this and the use of sustainable raw materials and innovative recycling technologies, our production site is on the way to a climate-neutral and fully circular future. We are delighted to have found a partner in RWE with whom we can reach the next level.”

Covestro aims to achieve climate-neutral production by 2035 and has already concluded several electricity supply contracts worldwide. Since 2023, the site in Shanghai has been supplied with 45% of its electricity from solar and wind power, and in the USA, Covestro has concluded a virtual power purchase agreement with the company Ørsted for 200 gigawatt hours of solar power, which corresponds to twelve percent of the electricity requirements at the Baytown site.

By 2025, ten percent of the electricity at the company’s sites in Germany is also to come from renewable energy sources. In this way, Covestro aims to achieve the interim target of reducing greenhouse gases from production by 60% by 2030. At the end of 2023, Covestro covered about 16% of its global electricity needs from renewable sources.

India, Chennai, 21th February 2024: Autonom8, a low-code automation solution provider, announces its partnership with Berar Finance Limited. The partnership marks a significant milestone for both the companies as Autonom8 is set to empower Berar Finance with intelligent loan origination and customer journey automation through its low-code automation platform.

Berar Finance Limited, known for its commitment to delivering financial services, has chosen Autonom8 as its automation partner to enhance operational efficiency, streamline processes, and provide a seamless user experience.

Autonom8’s low-code automation platform empowers organizations to rapidly develop and deploy automation solutions, reducing the complexity and time associated with traditional development methods. With this partnership, Berar Finance Limited aims to hyper-automate its loan origination process and other loan-related operations by leveraging Autonom8’s hype automation platform.

Key Benefits and Rationale of Collaboration: 

Enhanced Customer Experience: Implementing Autonom8’s automation solutions results in a more seamless and customer-centric experience for Berar Finance’s clients. This enhancement is facilitated by instant status updates, provided through integration with CIBIL for credit score checks, available to Berar’s sales executives nationwide.

Scalability, Flexibility, and Enhanced Data Tracking: Autonom8’s low-code automation platform offers the scalability and flexibility required to adapt to Berar Finance’s evolving business requirements and industry dynamics. This adaptability is complemented by enhanced data tracking capabilities, enabling comprehensive analysis of loan applications (total, approved, rejected) and facilitating informed decision-making and strategic planning.

Efficient Loan Origination: Autonom8’s platform empowers Berar Finance to expedite the loan origination process, ensuring swift and accurate decisions while enhancing overall operational efficiency. This efficiency enhancement is coupled with streamlined operations, reducing errors and increasing productivity.

“We are excited to collaborate with Berar Finance Limited and support their journey towards digital transformation in the financial sector,” said Kameswaran Subbaraman, VP of Engineering at Autonom8. “Our low-code automation platform is designed to empower organizations to achieve greater agility and efficiency, and we look forward to helping Berar Finance enhance its loan origination processes and overall operational excellence.”

This partnership highlights Autonom8’s continued commitment to providing innovative automation solutions to the financial industry, enabling organizations to thrive in an increasingly competitive landscape.

Mumbai, 21th February 2024: TVS Supply Chain Solutions Limited (NSE: TVSSCS, BOM: 543965), a global supply chain solutions provider and one of the largest and fastest growing integrated supply chain solutions providers in India, today announced that their contract with Rolls-Royce, a global leader in technology and innovation, has been extended for five years until 2029. The partnership extension is for the state-of-the-art Parts Distribution Centre (PDC) in Singapore serving the Asia Pacific markets for Rolls-Royce’s Power Systems business unit. This extension reflects the confidence and trust placed by Rolls-Royce in TVS SCS’s service performance and underscores the continued success of the collaborative efforts between the two companies.

“We are delighted to continue our partnership with Rolls-Royce and contribute to the success of their Parts Distribution Centre in Singapore,” said Mr. Vittorio Favati, CEO TVS SCS Global Forwarding Solutions. “The renewal of this contract is a testament to the efficiency and reliability of our tailored supply chain solutions. We look forward to further enhancing the operational excellence of the PDC and supporting Rolls-Royce’s continued growth in the Asia Pacific region.”

Giovanni Spadaro, President, Global Markets Rolls-Royce Power Systems, and Managing Director, Rolls-Royce Solutions Asia, said “The extension of this contract for an additional five years underscores the shared commitment of both companies to achieving strategic objectives and desired outcomes, further solidifying the foundation for continued growth and operational excellence in the region.”

The collaborative journey between TVS SCS and Rolls-Royce Power Systems regional center, Rolls-Royce Solutions Asia (formerly known as MTU Asia) began in early 2013 with the mutual goal of enhancing warehouse efficiency and productivity at the PDC through the implementation of an Automated Storage & Retrieval System (ASRS).

In 2014, the project came to fruition with the completion of the state-of-the-art ASRS warehousing system tailored to Rolls-Royce’s specific requirements. The facility has since proven its efficacy, significantly contributing to improved overall warehouse productivity and efficiency.

NTPC Ltd., India’s largest integrated power company has signed a Land Lease Agreement in order to realize the green energy and green hydrogen objectives of NTPC and the GoI’s efforts towards energy transition. The agreement was signed on 20th February, 2024 between NTPC Green Energy Limited (NGEL) and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for development of “Integrated Green Hydrogen Hub” on 1200 acres land near Pudimadaka village of Atchutapuram Mandal, Visakhapatnam, Andhra Pradesh.

The Land Lease Deed was exchanged between Shri Sivakumar V V, Chief General Manager, NGEL and Shri Pravin Kumar, Vice-Chairman & Managing Director, APIIC at Secretariat, Govt. of AP, Amravati in the presence of Shri K S Jawahar Reddy, Chief Secretary, GoAP; Shri R Sarangapani, Executive Director, NTPC and other senior officials of GoAP, APIIC, NTPC and NGEL.

The Pudimadaka Green Hydrogen Hub aims to create a world-class ecosystem for technologies in the new energy paradigm, such as electrolyser and fuel cell manufacturing, related ancillary industries, start-up, incubation, testing facilities, production and export of green hydrogen and its derivatives (green ammonia/green methanol etc.). The project includes construction of India’s largest green hydrogen production facility (1200 TPD), which will be converted to derivatives of hydrogen such as green ammonia and green methanol, primarily catering to various export market.

NTPC is India’s largest Power Utility with core business of power generation having a total installed capacity of 74 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including business in the area of Green Hydrogen, Energy Storage Technologies, and Round the Clock RE Power.

NTPC Group has ambitious plans of 60 GW of RE capacity by the year 2032 and currently it has 3.4 GW of installed RE capacity and 22 plus GW under pipeline. NTPC is committed to supporting Andhra Pradesh’s and India’s decarbonisation goals.

Bengaluru, 21th February 2024: Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, achieved a significant milestone today with the ground-breaking ceremony to set up a new integrated commercial vehicle plant focused on green mobility in Uttar Pradesh.

In a ceremony held at the new factory site at Kanpur Road, Lucknow, the Hon’ble Chief Minister of Uttar Pradesh, Shri Yogi Adityanath unveiled the Foundation Plaque and laid down the Foundation stone.

The ceremony was graced by Minister of Finance & Parliamentary Affairs, Govt of Uttar Pradesh Shri Suresh Khanna and Minister for Industrial Development, Export Promotion, NRI, and Investment Promotion, Government of Uttar Pradesh Shri Nand Gopal Gupta, senior members of the Hinduja family, Ashok Leyland’s dealers, customers and suppliers, and several other dignitaries.

The greenfield manufacturing facility will be spread over 70 acres. Packed with latest in manufacturing technology, this will be Ashok Leyland’s most modern and green factory worldwide, delivering world class quality standards. The primary focus shall be on production of electric buses, while also having capability to produce other vehicles powered by existing and other emerging alternate fuels.

Mr. Dheeraj Hinduja, Executive Chairman, Ashok Leyland said, “The Foundation Stone laying ceremony marks the beginning of a new chapter for Ashok Leyland in Uttar Pradesh. Once operational, the facility will have a positive impact on our common goals of generating employment opportunities and advancing sustainable mobility in India. We remain committed to driving innovation and setting new benchmarks in the field of green mobility. With this new plant, we are preparing ourselves for the future and take one step further to achieve our Net Zero emissions goals.”

Mr. Shenu Agarwal, MD & CEO, Ashok Leyland said, “This facility will not only address the rising demand for electric vehicles but also play a vital role in the holistic development of the region. Our focus on electric trucks and buses resonates with the evolving landscape of sustainable transportation and pushes us one step further to build a green mobility future.”

Once operational, the plant will initially have the capacity to produce 2500 vehicles per year. Ashok Leyland plans to expand this capacity to 5000 vehicles annually over the next decade, anticipating the growing demand for electric and other types of vehicles in the coming years.

Ashok Leyland stands to play a pivotal role in Uttar Pradesh’s electric mobility sector, particularly considering the state’s notable accomplishment of having the highest number of registered Electric Vehicles (EVs) in India, highlighting the state government’s strong commitment to facilitating the transition to eco-friendly transportation solutions.

The establishment of this plant signifies a strategic initiative by Ashok Leyland, placing the company at the forefront of the green mobility revolution in the state. This facility will be Ashok Leyland’s seventh vehicle plant in the country.

New Delhi, 21th February, 2024: UPES ON, the digital education arm of UPES University, renowned for its innovative and industry-aligned programs, announces its strategic partnership with Safexpress via   Seekho, its edtech initiative. Together, they are set to redefine the educational landscape for students enrolled in the MBA and PGP programs in Logistics & Supply Chain Management.

UPES University, with its consistent commitment to providing high-quality education, ranks 52nd by NIRF and holds the prestigious title of the 1st Indian Private University for Academic Reputation by QS World Rankings. The digital education wing, UPES ON, was established to empower working professionals for leadership roles in tomorrow’s digital transformations.

The partnership with Safexpress underscores UPES ON’s dedication to delivering industry-relevant education and providing experiential learning opportunities. The benefited programs include MBA – Logistics & Supply Chain Management and PGP – Logistics & Supply Chain Management.

Key highlights of the UPES ON Program in collaboration with Safexpress include modules covering Advanced Technology and Digital Supply Chain, as well as Global Supply Chain. The program leads to an additional Safexpress certificate for students. The curriculum includes experiential learning with Safexpress experts, industrial immersions in Safexpress facilities, and additional benefits such as live projects, and workshops.

Commenting on the partnership, Piyush Arora, Professor of Practice, UPES ON stated, “We are excited about our partnership with Safexpress through Seekho, which enhances our commitment to providing industry-relevant education and experiential learning opportunities for our students.”

“This collaboration is a testament to our dedication to nurturing talent in the logistics and supply chain domain. We look forward to contributing to the skill development of the future leaders in this industry,” said Mr. Vijay Vashisht, Vice President, Business & Marketing Strategy, Safexpress.

This collaboration not only ensures academic excellence but also provides students with a holistic understanding of the industry through optional industrial visits and immersive experiences.