Archives February 2024

Appended is the quote on the Safaniyah Oilfields tender.

“Our bidding pipeline in West Asia remains very strong and there are many prospects which remain very active. Also, several opportunities are arising from Energy transition related investments, such as Blue Ammonia, Desulphurisation, gas production, gas transportation infrastructure and petrochemical projects.

L&T Energy today enjoys a healthy order book situation in Gulf with orders at an all-time high, guaranteeing strong revenue visibility for a long period of time. Additionally, the Indian market offers enough opportunities for L&T – both downstream and upstream with government-led capex outlay.” – Mr Subramanian Sarma, Whole-time Director & Sr EVP (Energy), L&T.

India, February 20, 2024:Elgi Equipments (B.S.E.: 522074 NSE: ELGIEQUIP), one of the world’s leading air compressor manufacturers, today announced its partnership with D.V.P. Vacuum Technology S.p.A., Italy, to manufacture, assemble, test, and sell D.V.P.’s proprietary vacuum products in India. With this agreement, ELGi will expand its product portfolio to include vacuum products. D.V.P. Vacuum Technology S.p.A., a manufacturer of vacuum pumps, will benefit from ELGi’s robust manufacturing capability and extensive sales and service presence in India to gain access to the fast-growing Indian market. The global vacuum pump market has witnessed continuous growth in the last few years and is estimated to be 6-7 billion USD in 2024.

“Vacuum is synergistic and adjacent to compressed air, with profitability comparable with air compressors. This is a strategic move to expand our product portfolio, extend our reach in high-growth markets, and leverage meaningful technological, manufacturing, and marketing synergies. We will first incubate the business in India and then expand globally. We’re proud to partner with D.V.P. Vacuum Technology, a family-owned company that has been  in the vacuum business since 1973. The team at D.V.P. shares our values, and their products are renowned for performance and quality,” remarked Dr. Jairam Varadaraj, Managing Director, ELGi Equipments Ltd. 

Roberto Zucchini, President and C.E.O., D.V.P. Vacuum Technology S.p.A., commented, “This agreement will allow D.V.P. to enter the very competitive Indian vacuum market leveraging the manufacturing structure and distribution network of Elgi. Furthermore, there are interesting opportunities for a synergic exchange of components and, consequently, the possibility to empower mutual business development.”

For over 60 years, ELGi’s pioneering products and compressed air solutions have served various applications across industries ranging from manufacturing, food and beverage, construction, pharmaceuticals, and textiles in over 120+ countries. Powering a 400+ product-strong portfolio, ELGi’s state-of-the-art global manufacturing facilities, spanning three continents, are committed to carbon neutrality, water conservation, and circular waste management.

Kolkata, 20th February, 2024: iLEAD Films and Balwant Purohit Media proudly present the premiere of “Kusum Ka Biyaah,” a hindi film based on a true story on 13 February at Mani Square PVR, marking a significant moment in Indian cinema directed by Suvendu Raj Ghosh.

Directed by the talented Suvendu Raj Ghosh and written by Vikash Dubey and Sandip Dubey, “Kusum Ka Biyaah” boasts a stellar cast including Lovekansh Garg, Sujana Darjee and Pradip Chopra in leading roles, supported by a talented ensemble featuring Raja Sarkar,  Suhani Biswas, Panya Darshan Gupta,  Atanu Mahata, Samir Kumar Dutta, Khurshid Alam, Manoj Ojha and Raj Singh Sidhu among others.

“Kusum Ka Biyaah” narrates the tale of a middle-class mining worker and an aspiring student who agree to marry for the sake of their parents’ happiness. However, their plans take an unexpected turn when a government announcement disrupts their wedding day, leading to a series of comedic and heartwarming adventures.

This film has earned numerous prestigious awards for its portrayal of social issues and nomadic life. Mr Pradip Chopra, the lead actor and producer, was recently honored with the Best Actor Award by a prominent Bollywood Town Magazine at film award ceremony in Mumbai. Through meticulous research, the film authentically captures the traditions and lifestyle of the Santali tribe, including their intricate wedding ceremonies.

Moreover, the film’s cultural richness will be accessible to a wider audience through dubbing into Bengali, Rajvanshi, Santali, and Bhojpuri languages, sparking interest in tribal communities and beyond. Its catchy songs, beloved by Zee Music, will further enhance its appeal. Beyond entertainment, this cinematic gem serves as a compelling case study, offering invaluable insights into crisis management and prompting reflection on navigating turbulent times with foresight.

The movie “Kusum Ka Biyaah” depicts a real-life event that unfolded during the COVID-19 lockdown. The story revolves around a wedding procession traveling from Bihar to Jharkhand, which finds itself stranded at the state border due to the sudden enforcement of lockdown measures by the government. The trailer vividly portrays the chaos and challenges faced by the characters as they navigate through the unprecedented situation brought about by the pandemic.

Amidst the nationwide lockdown, imposed to curb the spread of the coronavirus, countless individuals across cities and villages found themselves in distressing situations, with life seemingly coming to a halt. The film captures the struggles encountered by Kusum’s wedding and highlights the broader impact of the pandemic on society. It serves as a poignant reminder of the resilience and endurance exhibited by people during times of crisis.

The film’s trailer and music have already garnered attention on Zee Music Company, setting high expectations for its release. As audiences eagerly waiting the much-anticipated first night of the newlywed couple, the film also delves into timely themes surrounding government bureaucracy and state to state security.

Watch the trailer here – https://www.youtube.com/watch?v=rxjFxGp16iw

Bengaluru, February 20, 2024:  Bajaj Allianz Life, one of India’s leading private life insurers, and Satin Creditcare Network Limited, a leading Non-Banking Finance Corporation – Micro Finance Institution (NBFC – MFI), announced their strategic partnership today with Coverfox, an insurance broker playing a pivotal role in enabling this partnership. The agreement was signed in Gurgaon, committing to work together to improve financial inclusion in rural India.

Through this strategic partnership, customers of Satin Creditcare can now secure their loans with Bajaj Allianz Life’s tailored insurance plans across its 1,386 branches in the country. It will provide customers with peace of mind and their family’s financial security in case of any unfortunate incident. It will leverage Coverfox’s tech infrastructure for ease and convenience of insurance buying, selling and servicing, digitally.

Speaking about the partnership, Dheeraj Sehgal, Chief Distribution Officer, Institutional, Bajaj Allianz Life, stated, “The collaboration between Bajaj Allianz Life, Satin Creditcare, proficiently supported by Coverfox, is dedicated to providing financial security and enabling customers to pursue their goals with complete ease. Our aim is to assure and empower customers with the essential cover, ensuring that their families’ life goals remain on track in case of any unfortunate event.”

Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Ltd., expressed his pleasure about the collaboration, saying, “We are ecstatic to announce our partnership with Bajaj Allianz Life & Coverfox as this marks the beginning of a transformative journey centred around our customers’ interests at heart. In our ongoing mission to provide holistic financial solutions that empower and extend a shield of protection to our family of over 3 million, we are confident that this alliance will offer comprehensive security, enabling our clients to navigate life’s uncertainties with confidence and resilience. Together, we are poised to redefine industry standards and set new benchmarks in customer-centric innovation”. 

Mr. Sanjib Jha , CEO , Coverfox Group of Companies said, “Bajaj Allianz Life, Coverfox & Satin Creditcare’s partnership aims to empower customers in rural and remote areas of the country. It is important to provide them with financial risk coverage with ease of onboarding and interaction facilitated by technology. We are pleased to support the endeavors of these two companies with our tech and be a part of their mission to increase financial inclusion across the country. We believe that this partnership will not only strengthen our individual positions in the market but also foster innovation and growth within our Micro-finance industry. We see tremendous potential in joining forces with Bajaj Allianz Life & Satin Creditcare. Together, we aim to deliver unparalleled value to our customers”.

Mumbai/Gurgaon, 20 February 2024:  The Great Lakes Institute of Management, Gurgaon, has launched the first-ever one-year full–time management program for entrepreneurs and those involved in businesses for generations. The Post Graduate Program in Family Business & Entrepreneurship (PGP-FBE) focuses on nurturing the next generation of business leaders and is built around Great Lakes’ Flagship PGPM program. While helping develop core management skills and competencies with guidance from world-class faculty, the program also addresses the challenges faced by generations of business owners and entrepreneurs in scaling up their businesses, with mentorship from entrepreneurs, business leaders, and venture capitalists. The PGP-FBE also minimizes participants’ time away from their generational businesses or entrepreneurial ventures with its 1–year format.  

Announcing the launch of the program, Dr. Debashis Sanyal, Director of Great Lakes Gurgaon, said, “Great Lakes is known for its innovative programs, and the Family Business & Entrepreneurship Program uniquely offers rigorous and comprehensive management learning with a practical approach to dealing with real-world problems for young business owners and entrepreneurs. With close guidance and mentorship by faculty and industry leaders, participants can apply their learning in their businesses and have a positive impact.”  

Dr. Jones Mathew, Program Director, PGP-FBE, said, “Generational businesses are drivers of our economy, and while they are quite innovative, they often are held back in scaling up due to lack of professionalization of management. The PGPM-FBE is designed to help next-generation family business owners and entrepreneurs manage business growth, inculcating the best business practices within their businesses while building strong leadership capabilities.” 

The program’s curriculum covers essential business principles. It includes modern technologies like AI, Machine Learning, and Analytics, apart from the important core areas of management like Finance, Marketing, Operations, HR, and Strategy. This will ensure that participants are equipped with all the skills needed to thrive in today’s changing business world and prepare their businesses for new opportunities and challenges brought on by the technology shifts. 

The program also includes an international immersion program in Europe to provide a global perspective. This program aims to give participants a broader understanding of international business practices and how they can leverage global perspectives to elevate their businesses. 

The program emphasizes practical learning through fully mentored live projects that address real business challenges. These projects are mentored by a CXO, founder, or functional heads of different companies. This hands-on approach helps participants gain theoretical knowledge and practical insights, improving their problem-solving abilities. 

Mr. Gautam Lakhamraju, Director – Admissions & COO, Great Lakes, said, “The introduction of the PGP-FBE is another milestone in the institution’s commitment to providing practical and innovative education for emerging leaders involved in generational businesses and entrepreneurship. As a fast-growing economy, India has seen a tremendous growth of entrepreneurship ventures over the past few years. The program is a response to the changing demands of the business world and a dedication to preparing individuals for success in these areas.” 

Applicants need a recognized undergraduate degree with a minimum score of 50% to be eligible for the program. They should also be associated with a registered Family Business or show an entrepreneurial interest. Additionally, candidates need to have a valid CAT, XAT, GMAT, or NMAT score or can take the Great Lakes Aptitude Test (GREAT) to apply for the PGP-FBE. For more information, refer to the Great Lakes Institute of Management, Gurgaon, website at www.greatlakes.edu.in/gurgaon/pgp-fbe.

Mumbai, 20 February 2024: Angel One, India’s leading fintech player, welcomed Meenal Maheshwari Shah aboard as Group General Counsel. With a remarkable career spanning over 14 years, Meenal’s expertise extends to working on diverse legal transactions, navigating complex legal landscapes and providing insightful counsel on legal, policy and regulatory matters. She has held prominent leadership positions and served as General Counsel, offering invaluable guidance to businesses both in India and overseas.

As Angel One’s Group General Counsel, Meenal will be focusing on making the legal and policy functions more robust. As a seasoned legal strategist, she excels in collaborating with businesses to establish corporate entities and governance frameworks. Her proficiency extends to designing and implementing effective processes and policies, showcasing a comprehensive skill set that contributes to the strategic success of organizations.

In her impactful career, Meenal is recognized as one of the Top 50 General Counsels by Forbes India in 2022. Serving as the Group Legal Director & Data Protection Officer at Lemmatree PTE Ltd, she played a pivotal role in establishing the legal function. Before her tenure at Lemmatree PTE Ltd, Meenal led the Legal Counsel function at prestigious organizations such as Essar Group and Times of India. Prior to being an in-house counsel, Meenal was in private practice at Khaitan & Co.

Mr. Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said, “Meenal’s addition to our team signifies a strategic move to fortify our legal capabilities and uphold the highest standards of compliance. With her extensive leadership in the legal field, we are confident that Meenal will play a pivotal role in navigating the intricacies of the evolving regulatory landscape. Her innovative approach aligns seamlessly with our commitment to operational excellence and we eagerly anticipate her contributions in steering Angel One towards new heights of success and growth.”

Ms. Meenal Maheshwari Shah, Group General Counsel, Angel One Limited said, “I am delighted to join Angel One as the Group General Counsel. The Company’s commitment to innovation and excellence aligns seamlessly with my own professional ethos. Excited to be a part of the growing indigenous brand of Angel One and making sure it grows sustainably. I look forward to leveraging my experience to navigate complex legal landscapes, foster a culture of compliance, and contribute to the Company’s continued success. Together, with the talented team at Angel One, we will embark on a journey of strategic growth and legal excellence.”

On December 14, the Insurance Regulatory and Development Authority of India (IRDAI) issued a draft circular proposing that the surrender value on non-par insurance products like endowment and term policies be increased. The new rules are likely to be implemented in the year 2024. 

The surrender value is the amount that the policyholder receives from the insurer if they decide to terminate the policy before its date of maturity. This stands as a clear advantage for policyholders, thus ensuring they receive a significant portion of their premiums if the policy doesn’t reach maturity. However, as life insurers will need to pay higher surrender values, it is anticipated to have a negative impact on their profit margins.

The insurance companies will have an impact due to the rise in surrender value as they would have to pay more to the policyholder. This will affect their profits. This may encourage such insurance companies to revisit product design for reducing surrenders while engaging with policyholders.

As per IRDAI data released recently shows that, 50% of the life insurance policies don’t see their maturities. The regulators and insurance companies are equally worried about reducing persistency ratios in the light of low insurance penetration of 2% in India, which is at an abysmally low as compared to developed and other markets in the World. 

Currently, in case of premature surrender of non-par policies, charges are levied based on the value of premium received and is in the range of 10-70 percent. Charges are high if the policy is surrendered soon and lower when surrendered after five years. 

IRDAI has also proposed a threshold level of premium for different products, beyond which an insurer will not be able to levy surrender charges and the premium will have to be returned to the policyholder. 

However, the draft does not mention any threshold levels, so it is difficult to estimate the exact impact of the move. It could mean more customers will now invest comfortably in these products, but persistence could be under pressure. To offset the impact, insurers might introduce a commission structure that rewards distributors who can get the policyholders to hold on to policies for longer, i.e., better persistence.

 Nevertheless, the proposed increase in surrender value for the lapsing customers will lead to some reduced value for the other three stakeholders including reduced returns for the persistent policyholders, lower payouts to the distributors, especially reduction in the initial years and above the threshold premium and some impact on the life insurer’s value of new business (VNB) margin. 

IRDAI is aiming to boost insurance penetration in India, and the draft circular aims to do that. Currently, the draft circular is open for public comments and suggestions. 

As part of its Mission 2047 ‘Insurance for All’, IRDAI is planning to expand the reach of insurance schemes and awareness across customer segments. 

This will see a radical change in the nature of insurance buyers. As the level of awareness is on the rise, there will be more and more customised products. IRDAI has been taking measures to decrease the rigidity of life insurance products, encouraging flexible product design by insurers and benefitting policyholders. 

The IRDA may come with many changes in this sector to achieve the target for 2047 for insurance for all.

With an objective of spreading entrepreneurship culture and to provide micro enterprises and artisans with a better livelihood opportunities, SIDBI Chennai Regional Office is orgainsing its Swavalmban Mela for 5 days from 21to 25 February, 2024 at Annai Theresa Women’s Complex, ValluvarKottam High Road, Nungambakkam which provides platform to 50 micro enterprises to showcase their products and directly sell the products to customers. Customers can buy quality products directly from the artisans at a reasonable price. The entry is free and the timing of the exhibition is from 10 am to 9 pm

An Entrepreneur Orientation Programme was organized today at Amity university Noida Campus to encourage the youth of the University and familiarise them with  the Prime Minister’s National Vision of Contribution to a Developed India by 2047. The programme provided information about the developments taking place in Uttar Pradesh which is making a major contribution to a developed India. In this program, senior administrative officers including Chairman of Board of Revenue of UP Shri Sanjeev Mittal (IAS), Shri Kumar Prashant, IAS, Director, Social Welfare, UP State Government & Shri Manish Kumar Verma (IAS), District Magistrate of Gautam Budh Nagar provided information to the students. Founder Chairman of Amity Education  Group, Dr. Ashok K Chauhan, Chancellor  Amity University, Haryana, Dr. Aseem Chauhan, Trustee  Ritnand Balved Education Foundation, Shri Anand Chauhan Trustee , Mr Ajit Chauhan, Mr Amol Chauhan were also present on the occasion.

Mr. Sanjeev Mittal (IAS) made a presentation to the students regarding the developments of Uttar Pradesh and stated  that the maximum benefit of the investment work is being done in Uttar Pradesh and the ground breaking ceremony 4.0 being held in Lucknow on February 19 will lead to employment generation for the youth. Through Ground Breaking Ceremony 4.0, a total of 14,537 projects will be launched in the state and more than 34 lakh employment opportunities will be generated. He said that strong law and order, policies made for various sectors, better transport connectivity, road arrangements, power supply , etc. are attracting industrialists from all over the world for investment. Shri Mittal said that Uttar Pradesh is one of the major states of India whose cultural heritage invites the largest number of tourists to India. With 6 operational and 7 incoming expressways, 16 airports including 9 operational and 7 under construction, the largest rail network, the Rapid Rail Transport System reflects our centralization on strong connectivity infrastructure. He highlighted  the various initiatives of the Government such as Online Nivesh Mitra, Nivesh Sarathi and Online Incentive Management System launched for entrepreneurs, the schemes launched for the youth  under UP Skill Development Mission, modern courses launched for youth empowerment in  multi-disciplinary education , under Uttar Pradesh Startup Policy , 25 Regional Development Policies and  various Manufacturing and Services Sector Development Policies. Shri Mittal said that the Prime Minister’s National Vision is that Uttar Pradesh plays its role in a developed India by 2047, and called upon students to consider what will be their participation in building the Nation and how they  will cooperate.

Addressing the gathering, Shri Kumar Prashant (IAS), Director, Social Welfare said that earlier all the policies were integrated policies, after that some areas were selected whereas now there are investment opportunities which have the potential of  employment generation have been identified and area-based policies are prepared so that more investments can be attracted. He appraised the students about the startup policies for them and the grants offered by the UP Government to help build startups. He also said additional benefits are being provided  to the startups initiated  by the women entrepreneurs and  transgenders. Grants are also given for  patent filings and encouraged students to take advantage of these scheme as much as possible.

Gautam Budh Nagar District Magistrate Mr. Manish Kumar Verma (IAS) said that till some time ago Uttar Pradesh was known as Bimaru State but today we can proudly say that we are from Uttar Pradesh. Seven years ago, our state used to be at number 8 in India’s GDP but today it is at number 02. In the last 7 years, more than 10 thousand startups have started, out of which 8 are unicorns. Today we have become the food capital in the agriculture sector, we produce so much that the entire country runs on it. Investments are being made  in Purvanchal, Bundelkhand, Madhyanchal and Paschimchal areas which will be our cooperation as a state, as an institution and individually in a developed India. Lot of work is also being done in the field of education, Defense Corridor and Bundelkhand Development Authority are being constructed. Gautam Budh Nagar is making huge investments during  the ground breaking ceremony. He opined that the entire state has faith in the  youth and called upon  students to realize their potential. Today the government, administration is working with a positive ideology and mindset, and asked students to come up with new ideas, which will be supported by the Government.

Addressing the guests, Dr. Ashok K Chauhan, Founder Chairman of Amity Education Group said, “Amity encourages students to start their own ventures and contribute to a developed India, self-reliant India. Through Youth power it is possible to build a developed India and Amity Pariwar is supporting the Prime Minister’s vision of a developed India. Today Uttar Pradesh is establishing new dimensions of development and we are proud that we are a part of Uttar Pradesh which is standing at the forefront in fulfilling the objective of developed India under the leadership of Chief Minister Shri Yogi Adityanath. We are at a time when India is becoming Vishwaguru and such programs give us a new enthusiasm to work.

Speaking about Amity Innovation Incubator, Dr. Aseem Chauhan, Chancellor, Amity University, Haryana, said that we provide all possible help to the students to start their own venture or startup. Amity Innovation Incubator today has hundreds of incubator companies operating and is the number one Incubator of the State.

The programme was attended by thousands of students, faculty members, academicians . During the Q& A session, students lauded the efforts of the Government and talked about the take  a ways from such programmes and reinforced their commitment to the Government initiatives

New Delhi, 20, February 2024: Fortune Institute of International Business (FIIB) announces dates for the much-awaited annual cultural and management fest- Samavesh 2024 – a celebration of intellect, talent, and culture. The FIIB Student Council will organize the event with engaging competitions, celebrity nights, electrifying music, the best food, and unique experiences. Scheduled for Saturday, 9th March 2024, Samavesh invites participants to immerse in a kaleidoscope of artistic expressions and challenging management events. The event holds something for everybody, whether you are a stock market enthusiast, dancer, musician, part of the drama society, or just want to have fun!

With each passing year, FIIB hosts some of the most amazing fests with the most significant events and the biggest prizes! This year the event offers a diverse range of opportunities for participants to showcase their talents for a variety of group and individual performances, including, Debate Competition – Orator in House, Virtual Stock Market Challenge, Group Dance, Fashion Show – Spotlight, Nukkad Natak – Nautanki, Battle of Bands – Sunburn, Solo Dance – Footloose, Bollywood Quiz – Filmy Keede, Hustle – Rap Competition,  Solo Singing – Pure Voice, Rangoli – Rang De Zameen.

Samavesh raises the stakes this year with a spectacular showdown, offering attractive cash prizes for the winners across all events. It is not just about shining on stage; your talents also have the chance to be rewarded big! With an array of competitions, contests, and starry nights dotted with vibrant stalls and a jolly fun zone, the FIIB campus is happening during the fest. The expected footfall range at this event is from 1000 to 2000 management graduates from Delhi-NCR.

Kshamta Chauhan, Dean of Academics at FIIB, added, “With a legacy spanning two decades, FIIB‘s Samavesh upholds a tradition that unites a vibrant and dynamic community of management graduates and professionals under one roof. Each year, the energy and talent showcased create an indelible mark on everyone involved.”

Imran Khan, Deputy Registrar at FIIB, shared his excitement, saying, “Samavesh is more than an event; it’s a celebration of diversity, inspiration, and holistic growth. The fusion of cultural and management elements provides a unique platform for learning and networking.” 

Samavesh 2024 invites businesses and organizations to join as sponsors for this incredible celebration of talent and culture. Partnering as a sponsor provides brand visibility, networking opportunities, media coverage, exclusive access, and community engagement. One of the few names on the sponsor’s list for this event were Nestle, PETA, TUI Cruises, Falcon Riders, etc. Participants and interested sponsors can register now at https://fiib.edu.in/samavesh/ to be part of this spectacular event.