Archives July 2024

4th July 2024  Mumbai, Maharashtra, India  HDFC Capital Advisors Limited has acquired 8.5% in Truboard Technologies Pvt. Ltd. TruBoard has developed a technology platform called TruGenie for real estate asset management which aims to address investors, and asset owners as well as the developer needs. TruGenie is currently being used by some of the top private banks and real estate funds.

Vipul Roongta, Managing Director & CEO, at HDFC Capital, said, “We believe that technology solutions will play a critical role in the real estate development and asset management. Our investment in TruBoard is part of the H@ART initiative which has been set up to invest and partner in technology companies that bring efficiencies in the real estate ecosystem.”

Vipul Thakore, Co-founder of TruBoard, expressed, “We are immensely proud of the progress we have made and the dedication of our incredible team. This strategic investment by HDFC Capital is a testament to our vision and the value we bring to our industry. We are poised to accelerate our growth, innovate at a faster pace, and make a greater impact and will continue to strive for excellence and innovation.”

Nilesh Shah, Managing Director of Kotak Mutual Fund, in his capacity as an early-stage investor in TruBoard stated, “TruBoard’s TruGenie advanced tech-led monitoring platform is revolutionizing real estate management. By leveraging AI, IoT, and big data analytics, it provides capital providers, developers, and customers with real-time insights and improved decision-making. HDFC Capital’s investment will speed up TruGenie’s innovation, improving asset performance and increasing market value.”

TruGenie is poised for a strong expansion and will target international markets, focusing on residential, and commercial real estate, warehouses, and data centers.

This strategic investment will help accelerate technology enhancements, expand market reach, and ensure robust infrastructure and customer support for future growth.

4th July 2024 Chennai, Tamil Nadu, India  The Chennai Peripheral Ring Road (CPPR), one of the city’s most prized infrastructural developments, is progressing rapidly and has entered its final phase of tender before becoming fully operational. This multi-crore project, featuring a 10-lane road with service roads, is designed to directly connect the trade points of Ennore and Mahabalipuram, bypassing city traffic congestion. The Chennai Peripheral Ring Road, set to be Chennai’s fourth major ring road, will cover a total distance of 133 km, connecting prominent city points like Singaperumal Koil, Thiruvallur, and Sriperumbudur. The project is estimated to be completed by December 2026.

Connectivity Advantages:

The Chennai Peripheral Ring Road is projected to significantly benefit commuters by alleviating traffic congestion, regulating traffic accidents, and reducing travel times. It is estimated that the travel time from Mahabalipuram to Sriperumbudur will be reduced to just 40 minutes upon the completion of Chennai Peripheral Ring Road.

It will also enhance suburban localities such as Singaperumal Koil, Sriperumbudur, Tiruvallur, Tamaraipakkam, Periyapalayam, Puduvoyal, and Kattupalli by facilitating major infrastructural expansions. These expansions will include residential and commercial real estate developments, overpass construction, and elevated corridor installations, leading to a rise in population and settlements.

The Chennai Peripheral Ring Road is already considered one of the city’s major developments, funded by international and domestic entities like the Japan International Cooperation Agency (JICA), the Asian Infrastructure Investment Bank (AIIB), and the Tamil Nadu Road Development Company Ltd (TNRDC).

How it benefits Singaperumal Koil:

One of the major beneficiaries of this development is Singaperumal Koil. This locality is witnessing significant real estate market expansion due to the large-scale development brought by the Chennai Peripheral Ring Road. Numerous developers are constructing a wide range of residential projects, including apartments, villas, and plotted developments. Singaperumal Koil is also experiencing soaring commercial real estate growth, with the presence of major landmarks such as Mahindra World City, Zoho, Ford, and the SRM Institute.

The Chennai Peripheral Ring Road, along with the Singaperumal Koil Railway Overpass, will connect to GST Road, facilitating the convergence of the IT hub on the GST road stretch and the auto-hub on the Oragadam-Sriperumbudur stretch. This will open up future development opportunities, driving a surge in job requirements and settlements, and subsequently increasing the demand for residential real estate.

Real Estate Developments:

Large parcels of land are already in demand for constructing apartments, villas, and independent buildings. However, plotted developments are emerging as the prime attraction, with land plots selling at reasonable and affordable prices. This offers a great deal for buyers, as these plots are likely to appreciate significantly once the development is complete.

The Chennai Peripheral Ring Road development will, directly and indirectly, lead to skyrocketing real estate appreciation and returns in Singaperumal Koil. Improved connectivity and infrastructure will make the area highly desirable for both residential and commercial investments, ensuring substantial returns for early investors. The strategic location, combined with enhanced accessibility, positions Singaperumal Koil as a prime real estate hotspot poised for unprecedented growth and prosperity.

4th July 2024 Chennai, Tamil Nadu, India  Be Well Hospitals Pvt. Ltd., a pioneer in innovative advanced healthcare solutions, proudly announces the successful completion of its third “Inter-Unit Sports Gala Meet 2024” held at Chennai YMCA Ground, Nandhanam, Chennai.

This event, marking the 13th anniversary of Be Well Hospitals, saw enthusiastic participation from 200 players representing various units across the Be Well Group. The day was filled with camaraderie, friendly competition, and celebration, reinforcing the spirit of unity and teamwork among the group of hospitals.

Be Well conducts inter-unit sports meet within a hospital group to bring forth numerous positive outcomes like Promoting Team Spirit and Unity, Improving Physical and Mental Health, Boosting Morale and Motivation, Promoting Work-Life Balance, Building a Positive Organizational Image, Encouraging Healthy Competition, Fun and Enjoyment. Participating in sports meets offered all Be Welliansa chance to have fun and enjoy themselves outside of their regular duties and as a stress buster.

The two-day Sports Gala Meet has become a highly anticipated event in the Be Well Hospitals calendar, fostering a sense of community and promoting a healthy lifestyle among its employees. This year’s event featured a range of sports and activities, Badminton, Carrom Board, Chess, Cricket, Ring Ball, Volleyball, and Relay providing a platform for employees to showcase their athletic skills and enjoy a day of fun and fitness.

As a special gesture, many special guests graced the event and inaugurated every game to motivate and inspire Be Williams.

• Mr. K.B. Arun Karthik – Wicket Keeper, Batsman, Ranji Trophy, IPL & TNPL Cricketer – Highlighted the importance of sports in maintaining a healthy lifestyle.
• Dr. K. Anbarasi – MD, DMRT, CCEPC, Senior Consultant – Oncology- Appreciates the strong Women Be Wellians representation in all games
• Dr Santhosh Jacob MBBS., DNB., Mch, DABRM. Phd., Orthopedic Surgeon & Internet Personality- Gave an overview of how to avoid sports injury and what’s to be done as first aid for any sports injury
• Mr. A. Manoharan – International Volleyball Player, Manager, Indian Bank- Gave his high regards to Be Well for making Be Wellians encourage to play Volley Ball and keep this sports glory high.
• Mr. L.M. Manoj – National Team Volleyball Player, Asian Games Player- Appreciated the enthusiasm shown by Be Wellians
• Ms. Nithya K – Motivational Speaker & Trainer for UPSC Students, Shankar IAS Academy- Encouraged all participants to give it their best and advise on living a healthy life

On Day 2 Be Well launched a Tree Plantation Initiative for the 13th Anniversary of Be Well Hospitals symbolizing its commitment to environmental sustainability, community well-being, and a healthier future for all. This was done in association with Vidhaikalam Trust- which conducts tree plantation activities every Sunday in various places across Chennai, Pudukottai, and the entire Tamil Nadu.

Be Well Hospital Group’s Third Inter-Unit Sports Gala Meet 2024 concluded with a grand closing ceremony, graced by Chief Guest Actor Prashanth. The event featured a prize-giving ceremony to honor the winners of the sports competition.

Actor Prashanth, Prashanth Thiagarajan, often hailed as the “Top Star” and “KathalIlavarasan” (Prince of Love), is a renowned figure in the Tamil film industry. With a career spanning over three decades, Prashanth has demonstrated remarkable versatility and skill, earning him a special place in the hearts of moviegoers.

Beyond his on-screen achievements, Prashanth is also known for his humility and professionalism, qualities that have earned him respect within the industry. The “Top Star” is truly a gem in the crown of Indian cinema.

Be Wellians were inspired and so happy to receive the prizes from Mr. Prashanth. He gave a very eloquent speech to all Be Wellians to take good care of their health. He was impressed and said he would like to come and participate as a player in the next year sports meet.

Dr. C.J. Vetrievel – Founder, Chairman, and Managing Director – Be Well Hospitals quoted “As Be Well Hospitals continues to grow and innovate in the healthcare sector, events like these highlight the organization’s commitment to employee well-being and engagement. The Sports Gala Meet not only celebrates the achievements of the past year but also looks forward to future successes and milestones.”

Udaipur, Nathdwara, 03rd July 2024 – Miraj Group today announced the launch of an ambitious tree plantation drive, pledging to plant 1 crore trees. This initiative aims to raise awareness about the importance of tree conservation and to enhance the green cover for maintaining environmental balance. The company has organized 5 crore seeds and plants such as Neem, Amaltas, Peepal, Umar, and Gulmohar and the likes to be planted in the arid regions between Udaipur and Nathdwara.

Over the past several years, Miraj Group has undertaken extensive tree plantation efforts. The company has established a dedicated team and comprehensive infrastructure to ensure the successful growth and maintenance of these plantations.
Several notable gardens have been part of this green initiative. The Nakshatra Vatika at Gulab Bagh, Udaipur, is a unique garden that combines astrological themes with botany, featuring trees symbolizing each zodiac sign. It also includes an acupressure track for walkers. Another significant project is the Tri-Netra Circle Garden, Nathdwara and Maharana Pratap Airport, and Chetak Circle in Udaipur. Additionally, the organization has gone above and beyond by maintaining the garden and planting thousands of trees at Maharana Bhupal General Hospital and TB Hopsital.

Beyond these initiatives, thousands of trees and tree guards have been donated to various schools in Udaipur, NGOs, police lines, police stations, hospitals, and other institutions.

Celebrating the occasion, Mr. Madan Paliwal, Founder, Miraj Group, said, “by planting 1 crore trees, we hope to make our communities greener and healthier. This initiative is about more than just trees; it’s about teaching people to take care of our planet. Every tree we plant helps create a better, more balanced world. We are committed to providing the necessary resources and support to ensure these trees thrive. Our dedicated team and infrastructure are in place to maintain the plantations. We also hope this initiative inspires others to join us in making a positive impact on the environment. Together, we can create a sustainable future for generations to come. Our children and grandchildren deserve to inherit a world where nature flourishes. By taking these steps today, we are ensuring that future generations can enjoy cleaner air, richer biodiversity, and the many benefits of a healthy ecosystem. This is our legacy and our gift to the future.

About Miraj Group

Headquartered in Nathdwara, Udaipur, Rajasthan, Miraj Group was established in 1987 by Mr. Madan Paliwal. Today, Miraj comprises over 20 group companies operating across various sectors and consistently reaching new milestones. The company has a prominent presence in sectors such as printing and packaging, food, pipes and fittings, real estate, film production, engineering, hospitality, and retail. Additionally, Miraj Group has been instrumental in developing magnificent Statue of Belief or Vishwas Swaropam in collaboration with the Government of Rajasthan. Its entertainment arm, Miraj Cinemas, manages 66 properties with 219 screens in 46 cities across 16 states in India. The driving force behind its success is the shared belief, “If there is passion in the heart, nothing is impossible.” This passion has propelled Miraj Group into a vast business empire, known for delivering high-quality products and adhering to stringent quality control measures. The company envisions becoming a trusted and preferred brand for customers, partners, and employees, caring and improving the quality of life for all, with a mission to inspire creativity and build a happy workplace, imbibing the culture of ownership.

Bengaluru, July 1st, 2024 – AbbVie, a global biopharmaceutical company focused on creating medicines and solutions announced the ninth annual ‘Week of Possibilities.’ It is a global volunteering program that unites employees with a shared mission: to give back to local communities. From 10th June 2024, thousands of AbbVie employees across 50 countries and territories collaborated with trusted nonprofit and community partners to complete hands-on projects that benefit local communities and impact tens of thousands of people worldwide. This year, the highly anticipated ‘Week of Possibilities’ event will unfold across the vibrant cities of Mumbai, Chennai, New Delhi, and Bengaluru.

“We at AbbVie are committed to supporting our local community in Bengaluru through volunteering. We are excited to collaborate with iVolunteer that helped us reach Maulana Abul Kalam Azad Urdu School in Bengaluru,” said Suresh Pattathil, Managing Director & General Manager AbbVie India. “During our ‘Week of Possibilities,’ one of our most anticipated annual volunteer initiatives, thousands of AbbVie employees globally come together to serve their local communities.”

In Bengaluru, volunteers experienced the joy of spending time and making a day of a group of government school students’ fun-filled and fruitful. The activity was divided into two sessions. In the first half, a session on ‘problems due to fast fashion and textile waste’ was by an iVolunteer representative for the volunteers. Then a training on how to upcycle a T-shirt into a simple cloth tote bag. In the second half, the Volunteers were paired with 1 or 2 students and conducted a session to train them on upcycling a T-shirt into a simple cloth bag. The bags were then donated to students at the school.

Speaking at the event, Natasha Tiwary, Director, Human Resources, AbbVie India said, “The AbbVie Foundation believes that the initiative unites employees globally to make a tangible difference in local communities through various volunteer activities. This annual event aligns with AbbVie’s commitment to philanthropy, focusing on strengthening educational programs and creating a positive environmental impact. By listening and learning from our partners, we empower them to develop innovative solutions that address critical inequities and advance health equity in their communities.”

Each ‘Week of Possibilities’ location selects service projects that align with the greatest needs of the local community.

Since its inception in 2014, AbbVie’s Week of Possibilities has become a cherished global tradition. Funded in part by the AbbVie Foundation, the initiative focuses on service projects in the local communities where AbbVie employees live and work.

National, July 3, 2024 – The Confederation of Indian Industry (CII) and PeopleStrong Academy, the education arm of PeopleStrong (Asia’s leading Enterprise Work and HR Tech company), today announced an MoU (Memorandum of understanding) to empower youth with industry-relevant skills, especially in HR Technology.

The alliance will leverage PeopleStrong Academy’s extensive HR Tech courses and CII’s industry leadership to provide unparalleled learning opportunities for students, professors, and HR professionals, across India and the Middle East. The academy courses will be aligned under the ???????????????????????????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????? and students will receive credit-based certifications under the new ???????????????????????????????????????????????????????? ????????????????????????????????????.

“Empowering the Indian workforce with advanced HR technologies is vital for global competitiveness. Through this dynamic collaboration with PeopleStrong Academy, professionals will gain cutting-edge skills to lead in the digital HR era, driving innovation and excellence in the industry” said Sougata Roy Choudhury, Executive Director – Skills at CII.

PeopleStrong Academy aims to upskill more than 100,000 people in the next three years to enhance employability, foster growth, and drive productivity, contributing to India’s journey of becoming the world’s 3rd largest economy through specialized training and certifications. The academy offers a comprehensive range of HR Tech programs, has trained over 13,000 professionals, and delivered 1 million hours of training. With this collaboration with CII, the academy will be accredited on behalf of the National Council of Vocational Education and Training (NCVET).

“Collaborating with top HR leaders from over 500 enterprise customers across various industries, we’ve identified a significant need for upskilling both professionals and students in emerging HR technologies. In recent years, HR has evolved from a support function to a key player at the CEO’s table. PeopleStrong Academy is our initiative to give back to the HR industry by nurturing HR leaders proficient in both technology and theoretical concepts. We are excited to partner with CII and NCVET towards this end and accelerate our mission to train people.” said Amit Jain, Chief People Officer at PeopleStrong and Head of PeopleStrong Academy.

Gurgaon, 03 July 2024: After a steady start in Q1 2024, Q2 2024 saw accelerated momentum, registering USD 2.5 billion of inflows—the highest in any quarter since 2021. The industrial & warehousing segment accounted for the highest share of 61% of total investments, at USD 1.5 billion, led by select large deals. The residential segment also witnessed a significant rise in quarterly inflows, 7.5X times compared to Q2 2023, capturing a 21% share of total institutional inflows into Indian real estate. In contrast, with USD 0.3 billion of investments in office assets, the segment witnessed subdued activity in Q2 2024. Although the annual decline was significant at 83%, the QoQ drop was relatively modest at 41%. The surge in industrial & warehousing, and residential investments resulted in a healthy investment volume of USD 3.5 billion for H1 2024 at an overall level, making up for the slow start in the first quarter. Foreign investments remained robust, accounting for 81% of the total inflows in Q2 2024, predominantly led by investors from the US and UAE.

“Private equity investments in Indian real estate have shown remarkable resilience and strength in the first half of the year at USD 3.5 billion, reflecting robust market confidence. With foreign investments leading the charge at a significant 73% share in H1 2024, the sustained momentum is expected to drive positive sentiment for the entire year. Sustained growth in FDI and Domestic Capital in India Real Estate reciprocates the attractiveness and the positive long-term outlook for infrastructure, construction, and real estate in India. The domestic institutional and retail investor activity in Indian real estate is also expected to remain strong in the second half of the year, driven by healthy economic activity and consumer confidence,” said Piyush Gupta, Managing Director, of Capital Markets & Investment Services at Colliers India.

Quarterly investments in the Industrial & warehousing segment surged to 11 times

During Q2 2024, the institutional investments in the industrial & warehousing segment rose manifold, 11X times compared to Q2 2023 led by select large deals in the segment. Amidst increasing demand for superior quality Grade A supply and evolving supply-chain models, investor confidence in the segment has significantly improved. With healthy demand momentum, global and domestic investors will play a prominent role in consolidating industrial & warehousing assets in the country. Amidst significant spurt in E-commerce and retail consumption in India, various asset-level investors are likely to enter the market, boosting the demand for AI-enabled warehouses and micro-fulfillment centers in the upcoming quarters.

“Driven by foreign investments, the industrial & warehousing segment witnessed about half of the total inflows in the first half of 2024. Interestingly, institutional investments in the segment for H1 2024 are almost twice the inflows in the entirety of 2023. With India’s Manufacturing Purchasing Managers’ (PMI) Index staying close to 60.0 in the last few months, investor confidence in the industrial & warehousing segment is likely to remain strong throughout 2024. Furthermore, strategic infrastructure projects such as Dedicated Freight Corridors (DFCs) & Bharatmala and robust government policies such as National Logistics Policy, underscore substantial long-term growth opportunities for the industrial & warehousing segment in India,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.

Bengaluru and Delhi NCR together drove about 23% of the quarterly inflows

While at 72% share, multi-city deals continued to drive the majority of the investment inflows during Q2 2024, Bengaluru and Delhi NCR together corresponded to about 23% of the total inflows during the quarter driven by foreign investments. About 56% of the quarterly inflows in Bengaluru were directed towards residential assets, followed by the office segment. Investments in the office segment were particularly strong in Delhi-NCR. Led by inflows into the office segment, Delhi NCR witnessed about 86% YoY rise in investment inflows during Q2 2024.

Hyderabad, 3rd July 2024 – With the global glass packaging market poised for significant growth, from $67.28 billion in 2024 to $93.69 billion by 2032. AGI Greenpac, a focused Packaging Products company in India, is implementing a two-pronged strategy to capitalize on this growth.

AGI Greenpac is making a strategic investment of ₹230 crore to modernize its existing furnaces, implement cutting-edge technologies, and optimize production. This initiative will enable the company to better serve the growing demand for high-quality glass packaging solutions.

AGI Greenpac is also strategically expanding its reach beyond India’s borders to establish itself as a key force in the international glass packaging landscape. Fueled by the growing global demand for high-quality glass packaging, the company is actively exploring export opportunities in the Middle East and Europe, following the establishment of a strategic export channel in the USA. This move reflects AGI Greenpac’s commitment to effectively serving global markets and fostering stronger relationships with customers worldwide.

On the sidelines of a plant visit, Mr. Rajesh Khosla, CEO, of AGI Greenpac, said, “Our investment in our production capabilities will ensure we are well-positioned to meet the demand for our innovative, high-quality glass packaging solutions. This commitment to best-in-class practices not only strengthens our domestic offerings but also allows us to venture into new markets.”

The state-of-the-art specialty glass plant in Bhongir, Telangana, has been fully operational since January 2023. With a daily production capacity of 154 tonnes, this facility caters to a diverse range of industries, including cosmetics, perfumery, candle jars, and premium alcohol beverage segments. The plant utilizes cutting-edge Blow & Blow and Press & Blow technologies to produce high-quality clear glass products in various shapes and sizes to precisely shape molten glass into a wide range of high-quality, complex glass bottles and jars.

AGI Greenpac also houses India’s first glass packaging R&D Center, dedicated to developing sustainable solutions and pioneering new technologies such as our energy-efficient multi-color cold foil stamping process. The Decoration Unit, another first in India, offers a vast array of customization options and leverages a range of advanced processes, including ceramic, UV, and hot-foil stamping, to meet the evolving demands of global cosmetics, perfumery, and beverage brands.

New Delhi, Delhi, India JK Lakshmi Cement Limited (JKLC) today announced its financial results for the fourth quarter (January-March) of the fiscal year 2023-24, along with full financial year 2023-24, demonstrating robust operational performance and a steadfast commitment to sustainability.

KEY HIGHLIGHTS

• The Standalone Net Sales increased by 4% in FY’24.
• The Standalone Sales Volume increased by 1% in FY’24.
• The Company achieved a Capacity Utilization of 89% in Q4FY24 Vs 79% in Q3FY24.

Commenting on the company’s results, Smt. Vinita Singhania, Chairperson & Managing Director, JK Lakshmi Cement Ltd., stated, “We witnessed robust performance in the fourth quarter. The Profitability of the Company improved on the account of higher volume, better product & sales mix and reduction in fuel cost. At JK Lakshmi Cement, our commitment to sustainability and innovation continues to drive our strategic initiatives. The promising forecast for housing real estate sales, along with the government’s sustained focus on enhancing logistics infrastructure, presents tremendous opportunities for us. These developments allow us to contribute to national advancement while continuing to lead in sustainable cement production.”

The company’s vision on Sustainability and increasing capacity is manifesting in key initiatives and achievements this year.

SUSTAINABILITY

• The Company is implementing a Project for enhancing its TSR from 4% to 16% in a phased manner at its Sirohi Cement Plant as a part of its Green Initiatives.
• The Company is also enhancing its WHR Capacity by 3.5 MW at Sirohi, which will come into stream in First Quarter of FY’25.
• The Company has tied-up under the Captive Route, sourcing of Solar Power of 40 MW for its Integrated Cement Plant at Durg in Chhattisgarh. With this Sourcing, the Share of Renewable Power at Durg Cement Plant has increased from 36% to 80% from October 2023.

CAPEX

• The Company’s Subsidiary, Udaipur Cement Works Ltd. (UCWL) had successfully commissioned its second Clinker Line of 1.50 Million Tonnes Per Annum in October 2023, whereby its Clinker Capacity has doubled to 3 Million Tonnes Per Annum. The Cement Grinding Capacity of 2.5 Million Tonnes Per Annum was commissioned in March 2024.
• The Company is in the process of expanding its Cement Grinding capacity at its Surat Grinding Unit from 1.35 Million Tonnes to 2.7 Million Tonnes. The Project is likely to cost Rs.225 Crores to be funded through Term Loans from Bank of Rs. 150 Crore & balance through Internal Accruals.
• The Company is expanding the Clinker Capacity at its integrated Cement Plant at Durg in Chhattisgarh by putting up an Additional Clinker Line of 2.3 Million Tonnes Per Annum & Four Cement Grinding Units aggregating to 4.6 Million Tonnes Per Annum at Durg in Chhattisgarh and also Three Split Location Cement Grinding Units with aggregate Cement Grinding Capacity of 3.4 Million Tonnes Per Annum at Prayagraj in Uttar Pradesh, Madhubani in Bihar & Patratu in Jharkhand. The Project is likely to cost Rs.2500 Crores & is proposed to be funded through Term Loans from Banks of Rs.1750 Crores & balance through Internal Accruals.
• The Company is also putting up a Railway Siding at its Durg Cement Plant at a Cost of Rs.325 Crores to be funded through a Debt of Rs. 225 Crores & Balance from Internal Accruals.

ACQUISITION

• During the Quarter, the Company acquired 85% stake in M/s. Agrani Cement Private Limited at a total Purchase Consideration of Rs.325.11 Crores. Consequent to this Acquisition, M/s. Trivikram Cement Private Limited, M/s. Mahabal Cement Private Limited & M/s. Avichal Cement Private Limited, wholly owned subsidiaries (WOS) of M/s. Agrani Cement Private Limited have become the step-down subsidiaries of the Company. These step-down subsidiaries together with M/s. Agrani Cement Private Limited (jointly called as “Trivikram Consortium”) have been jointly granted Mining Rights having Limestone Reserves of approx. 335 Million Tonnes.

OUTLOOK

The cement industry in India has experienced a robust growth trajectory, underscored by the government’s intensified focus on infrastructure development and the revitalization of the real estate sector. Anticipated to sustain its vigour, the demand for cement is poised to remain robust, propelled by governmental initiatives aimed at significant infrastructure projects, including the construction of highways, railways, and affordable housing.

The Government of India continues to champion infrastructure development as a pivotal catalyst for economic growth. In the recent Union Budget for 2024-25, substantial allocations have been directed towards pivotal infrastructure endeavors:

• Rs. 2.5 trillion designated for the construction of highways and expressways.
• Rs. 1.5 trillion allocated for the enhancement of the railway infrastructure, including the expansion of the metro rail network.
• Rs. 1 trillion earmarked for the construction of affordable housing units under the Pradhan Mantri Awas Yojana (PMAY).

FINANCIAL HIGHLIGHTS

Standalone

Consolidated Financial Results for the Quarter & Twelve Months ended 31^st March 2024.

Hyderabad, Telangana, India Driven by focused selling and pan India partnerships, Shriram Life Insurance Company reported impressive earnings for the year ending March 31, 2024, with total new business premium growing by 62% at Rs. 1,871 crore compared to Rs. 1,152 crore last fiscal. Individual new business premiums grew 39% to close the year at Rs. 938 crore from Rs. 675 crore in FY23.

In the fourth quarter from January to March 2024, the company posted a total new business income of Rs. 596 crore, up 50% from Rs. 397 crore YoY. The total premium for Q4FY24 stood at Rs. 1,205 crore as against Rs. 912 crore in Q4FY23. The number of policies also increased 2x in Q4FY24 to 1,76,701 from 88,355 in Q4FY23.

Shriram Life’s individual new business premium growth was significantly higher than the private life insurance sector, which grew at only 7% in FY24, making Shriram Life one of the fastest-growing life insurers in the country.

In FY24, group premium income rose 95% to reach Rs 932 crore from the previous fiscal’s Rs. 477 crore. Renewal premium stood at Rs. 1,637 crore as against Rs. 1,394 crore YoY. The insurer posted a total premium income of Rs. 3,508 crore, a 38% rise from Rs. 2,546 crore in FY23. The number of individual policies rose to 4,46,730 from 2,88,222 during FY24 at 55%.

The company earned a Profit After Tax (PAT) of Rs. 158 crore this fiscal compared to Rs. 156 crore YoY. Its Assets Under Management (AUM) in FY24 rose to Rs. 11,282 crore, a 25% increase from Rs. 9,012 crore in the year-ago period.

Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Shriram Life’s commitment to driving life insurance for the rural and urban middle class is led by a combination of innovative strategies and technology. These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India. By closing the gap between the need for coverage and the availability of affordable plans, we will continue to increase reach and become the most trusted insurance provider for our customer segments.”

During FY24, the company supported 58,800 claims in both individual and group policies compared with 48,528 claims settled last fiscal. The company reported a claim settlement ratio of 98% for individual policies while its solvency ratio stood at 2.06%. The company ensures prompt claims settlement for customers with 93% of all non-investigated claims settled within 12 hours of last document received.

Shriram Life is expanding its business across geographies with an initial focus on 15 states. In these target states, the company will focus on customer segments where the need for life cover is the highest yet has been financially underserved. The insurer embarked on sales diversification by developing in-house sales capacity as well as partnerships with banks and other institutions.

Shriram Life has also amplified its tech capabilities to meet its growing customer base. Initiatives such as the issuance of the Shriram Smart Suraksha Card (its policy bond in a ‘pocket’), ShriMithra app, chatbot ShriA, and WhatsApp service channels provide enhanced customer service in the language of choice. Shriram Life is licensed to use Aadhaar eKYC with facial recognition for hassle-free and paperless customer onboarding. This service along with the ShriMithra app has enabled approx. 90% paperless proposals across channels.

The company was appointed as the lead life insurer for Telangana by IRDAI, helping to increase awareness and participation in remote areas. With Term plans starting at Rs. 100 per month and Endowment plans starting at Rs. 500 per month, Shriram Life aims to provide its customers with cost-effective and innovative financial solutions that offer coverage as well as savings options. Shriram Life’s empanelment as an Annuity Service Provider with PFRDA has also been a crucial step towards providing holistic solutions to the customer.