Archives July 2024

Bengaluru, 3 July 2024: CIEL HR Group, a holistic HR solutions provider offering HR Services and HR Platforms, today announced a significant milestone of achieving INR 1000 Crore revenue by maintaining its industry-best growth momentum through a mix of organic and inorganic growth. In addition to this, the Company proudly presented the mention of CIEL HR in the Brand Finance’s report titled ‘India 100 – 2024’. Brand Finance, the world’s leading brand valuation consultancy, in its India 100 by Brand Value study recognises CIEL HR for its brand strength and a brand value of USD 30 million.

Commenting on this, Mr. K. Pandiarajan, Executive Chairman, of CIEL HR Group said, “We are very happy to announce that CIEL HR has achieved a significant milestone by surpassing INR. 1000 crore revenue in just nine years of its journey. This accomplishment underscores our sustained growth trajectory driven by a strategic mix of organic expansion and strategic acquisitions. Furthermore, it is a matter of great pride for us to be recognized by Brand Finance in their prestigious ‘India 100 – 2024’ report.”

The HR Services business of the Company has grown by market opportunities in the industry cohorts of AI, cybersecurity, green energy, climate technologies, supply chain, and advanced manufacturing. GCCs, IT products and services, financial services, consumer goods, and healthcare constitute a strong client base for the company.

The Revenues from the HR Platforms business have become 4x and the EBITDA contribution is 43% of the segmental EBITDA of the Group. The company continues to invest in this line of business to deploy the latest technologies and drive innovation.

Brand Strength and Market Position:

•  Brand Value: Brand Finance, the world’s leading brand valuation consultancy, in its India 100 by Brand Value study recognises CIEL HR for its brand strength. The study is an objective assessment of over 250 Indian brands spanning many sectors. The study assigns a brand strength rating of AA and a brand value of USD 30 million. They state that “This rapidly growing brand presents a compelling prospect.”
•  Great Place to Work: Certified as a ‘Great Place to Work’ for the 5th consecutive year.
•  Market Recognition: Ranked as a top LinkedIn brand among the Top 10 leading HR players in India, with prominent media mentions and headline shares.
• Inorganic Growth:
•  Acquired full equity in Aargee Staffing Services Private Limited, enhancing CIEL’s IT Staffing services.
•  Acquired a majority stake in Firstventure Corporation Private Limited, Courseplay, bolstering the HR platform offerings, a leading Learning Management and Experience Platform.
•  Bombay, acquired in the previous fiscal year, flourished in FY24 with revenue growth skyrocketing to an all-time high.
• Technology Investments: CIEL HR continues to invest in technology, delivering greater value to clients and enhancing internal efficiencies. In FY24 the investments were INR 100 Million.
• Significant advancements were made in FY24, including improved platform security and AI-powered solutions in:
•  Talent assessment platform – Jombay: Dramatically increases the processing speed and significantly reduces turnaround times, especially for subjective evaluations that traditionally require extensive human review. Moreover, our AI minimises human assessor bias, ensuring fairer outcomes for all candidates.
•  Talent Engagement Platform – Jombay: Instead of relying solely on multiple-choice responses, Jombay’s AI analyses employee narratives. This innovative method provides a more nuanced and accurate understanding of engagement levels. Our AI-based action-planning dashboard for managers substantially reduces the action-planning cycle by an order of magnitude.
•  Learning Management and Experience Platform – Courseplay: Revolutionises how businesses empower their workforce through learning. Courseplay’s comprehensive Learning Management and Experience Platform leverages AI to translate content into different languages, offer a conversational chatbot to guide learners, generate quiz questions from learning content, provide a recommendation engine for personalised learning pathways and the assessment engine can go beyond grammar checks to evaluate product knowledge.
•  HRMS – HfactoR: Identifies potential matches from a repository of resumes, automates the reach-out to them, and scores their applications to recommend the ones matching best with the job requirements.
•  Ma Foi’s Gig Platform of Specialists – Ezyconseil: Revolutionises the gig economy bridging the gap between highly skilled and experienced freelancers in fields such as business strategy, growth and transformation, operations, supply chain and project management with clients.
•  Ma Foi’s HR compliance Platform – EzyComp: Enables organisations to streamline the HR compliance process, reduces the risk of non-compliance, and enhances efficiency in dealing with dynamic and diverse statutory obligations.
•  Fresher Upskilling Platform – ProSculpt: Transforms employability of freshers by bridging the academia-industry gap; leveraging data-driven insights, curriculum recommendations, industry trends analysis & optimise placement processes, aligning academic offerings with the dynamic demands of the corporate landscape.

July 3, 2024:JK Organisation, a renowned industrial group with a 138-year heritage, held “Blood Donation Camps” across its Group Companies to commemorate the 91stbirth anniversary of Late Shri Hari Shankar Singhania, the former President and one of the key architects of the $4 billion group.

The blood donation camps were organized at various plants and sales offices of the group’s companies, with over 7,500 employees participating. JK Organisation, known for its active engagement in social services, organizes blood donation camps by Group Companies annually to pay special tribute to Late Shri Hari Shankar Singhania. A recipient of the ‘Padma Bhushan’, Shri Hari Shankar Singhania played a pivotal role in the growth and consolidation of the JK Organisation, establishing numerous new ventures and integrating multiple companies into the group.

Speaking about the initiative, Shri Bharat Hari Singhania, Chairman of JK Organisation, said, “At JK Organisation, societal contribution is deeply embedded in our values. Through this annual initiative we aim to honor the legacy of Shri Hari Shankar Singhania and improve the lives and welfare of the underserved. We are immensely proud of our employees’ overwhelming participation in this blood donation drive, which reflects our collective commitment to making a positive impact.”

The blood donation drive saw enthusiastic participation from several JK group companies, including JK Tyre, JK Paper, JK Lakshmi Cement, JK Agri Genetics, JK Fenner, JK Foods, JK Insurance, PSRI Hospital, and JK Lakshmipat University.

Mumbai | 3 July 2024 ONGC announces the appointment of Mr. Vivek ChandrakantTongaonkar as the new Director (Finance) on 2nd July, 2024. Shri Tongaonkar is an industry veteran with over 37 years of professional experience in diverse activities across the Energy value-chain. With degrees in Electrical Engineering and Business Administration, Mr. Tongaonkar brings a wealth of experience and a proven track record in financial and managerial leadership, making him a valuable addition to India’s Energy Maharatna.

Prior to this, Mr. Tongaonkar served as Director (Finance)& CFO at ONGC’s downstream subsidiary-Mangalore Refinery & Petrochemicals Limited (MRPL) from May 2023 till June 2024. He implemented several transformative financial strategies, significantly enhancing the financial health and market standing. Preemptive repayment of high-interest term loans of Rs. 3,173 crores, resulting in an annual interest cost saving of approximately Rs. 200 crores, deleveraging and improving the company’s debt-equity ratio and proactive engagement with the investors marking a 477% increase in MRPL’s market capitalizationduring his tenure are some of his notable achievements at MRPL.

He is also serving as the Chairman of the Board for the Mangalore Special Economic Zone Limited (MSEZL), a key entity within the ONGC Group of companies.

Before his tenure at MRPL, Mr. Tongaonkar served as the Executive Director – Chief Corporate Finance at ONGC, overseeing critical financial portfolios and guiding the organization through transformative initiatives. He was also the CFO at ONGC from April 2021 to December 2021. He also served as Executive Director – Chief Offshore Finance in Mumbai, managing the finance functions of ONGC’s largest operational and revenue area. His strategic initiatives included centralizing forex procurement resulting in substantial cost savings and ensuring the continuity of finance operations during the COVID-19 pandemic.

ONGC is looking forward to Mr. Tongaonkar’s leadership and expertise as he steps into the role of Director (Finance) and CFO, driving financial excellence and contributing to the organization’s continued growth and success.

Mumbai, July 3, 2024: Puravankara Limited, one of India’s most trusted and admired real estate developers, has announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru.

Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments. The area is a desirable location for IT professionals working in Electronics City. The area has a well-developed social infrastructure, with major hospitals, international schools, and retail, and the IT hub of Electronics City Phase 1 and Phase 2, located within a 5-km radius. The land parcel is also close to the Hebbagodi Metro Station. The proximity to IT campuses and the growing infrastructure and connectivity make it an attractive option for homebuyers.

The saleable area of the project will be around 750,000 sq ft, with a potential Gross Development Value (GDV) of 900+ crores. The company also recently announced the acquisition of a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with a potential total GDV of Rs. 5,500 crores over the project lifecycle.

“We are excited to announce the acquisition of this land parcel in Hebbagodi, Bengaluru. It is a mature market with a limited residential real estate and land supply. The company intends to develop a high-end luxury project of approximately 750,000 sq ft, bringing in the much-required supply of high-quality homes in the micro market with proximity to major industrial and IT hubs. With the acquisition of landowner share of 820,661 sq ft in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of Rs. 1,550 crores in addition to the recent acquisitions in Mumbai,” said Ashish Puravankara, Managing Director of Puravankara Limited.

“In the previous financial year, we sold around 7.35 million square feet. With planned launches of around 14 million square feet for FY25 from our existing land bank, our focus shall continue to be on business development to replenish our land bank, keeping in mind the future growth plans of the group,” he added.

Bengaluru, July 3, 2024: Fresh off a strategic investment from ACT Fibernet, Aprecomm, the Indian Telco SaaS leader, is now setting its sights on expansion in the Latin American market. To propel this foray, Aprecomm has joined forces with OpenGlobe, a leading provider of telecommunications solutions in the region.

Targeting a high-growth market that currently has over 111 million fixed broadband households, the partnership synergizes OpenGlobe’s extensive relationships with communications service providers and government bodies with Aprecomm’s expertise in enhancing the connected consumer experience by creating self-healing and self-optimizing networks. The strategic alliance will allow both companies to extend their influence in the market for consumer telecom and enterprise solutions and bring service providers a unique product portfolio that is field-proven to increase subscriber satisfaction and reduce operational costs.

“We are thrilled to welcome OpenGlobe as our channel partner. OpenGlobe shares our vision of leveraging technology to drive business efficiency and innovation, and this partnership will draw on our combined strengths to target a high-growth region,” said Pramod Gummaraj, CEO of Aprecomm. “This collaboration extends our global footprint and empowers broadband service providers and government agencies to provide more comprehensive and impactful wireless solutions to their customers,” he added.

“We are excited to partner with Aprecomm to bring their state-of-the-art network analytics and automation solutions to our customers,” said Victor Fernando Proscurchin, CEO of OpenGlobe. “OpenGlobe’s mission is to tackle challenges with cutting-edge technologies. We believe Aprecomm’s AI-powered solution will significantly enhance value for ISPs by optimizing large-scale network management, cutting costs, reducing churn, and improving user experience.”

3 July 2024: byteXL, a leading EdTech platform in India dedicated to revolutionizing engineering education and IT skills, has announced a strategic partnership with tech giant Microsoft to launch a B.Tech program specializing in Artificial Intelligence and Machine Learning (AIML) at GLA University, a premier institute with a NAAC A+ ranking. This program will also be offered at GLA University in Mathura.

As part of this collaboration, byteXL will act as the executing agency for the program and deploy Microsoft Certified Trainers to deliver the curriculum on campus. Students enrolled in this specialization will receive Microsoft certificates as part of their regular coursework, enhancing their qualifications with industry-recognized credentials.

Mr. Charan Tadepalli, Co-Founder and CSO, of byteXL, stated, “These courses will play a crucial role in building strong foundational skills, ensuring a brighter future for students by nurturing their abilities through certification. Beyond deploying Microsoft Certified Trainers, byteXL is offering guaranteed placements and paid internships under this program.”

Mr. Ashok Kumar Singh, Registrar at GLA University, expressed enthusiasm about the partnership, saying, “It’s a top priority for us to ensure our students are meeting industry requirements during placement. Our kids – not just in Uttar Pradesh but all over India – have to be ready for a much more competitive world. I’m happy GLA is taking the lead on incorporating cutting-edge tech to teach AI and Machine Learning. Launching Microsoft certifications as part of our syllabus will help our students achieve better placements and gain exposure to the increasing demand for AI and ML in the industry. We are excited to partner with Microsoft and byteXL to offer this pioneering B.Tech program in AIML. This collaboration ensures our students receive the best opportunities to succeed in their careers, preparing them to become innovators in the tech industry.”

Mr. Karun Tadepalli, Co-Founder and CEO of byteXL, added, “Our partnerships with GLA University and Microsoft demonstrate our commitment to setting up the next generation of tech professionals. Together, we provide students with top-quality education and industry-leading tools, fostering an environment where aspiring technologists can innovate and excel.”

The B.Tech AIML program at GLA University will be developed in collaboration with Microsoft’s advanced technological capabilities and byteXL’s innovative Nimbus platform. This collaboration ensures students gain exposure to cutting-edge AIML concepts, tools, and real-world applications, preparing them for leadership roles in technology.

National, 2nd July 2024: For Indians, Antakshari is not just a game but an emotion that transcends borders, cultures, and languages bringing us all together. Fostering this belief, BIG FM, one of India’s leading radio networks, announced the return of its highly successful show, BIG Antakshari with Annu Kapoor presented by Bank of Baroda, one of the leading Public Sector Bank. Revamping the iconic musical game, this season features selected teams that have passed rigorous audition rounds held across major cities in India. This highly anticipated show will air across 52 stations of the BIG FM network on Thursdays and Fridays from 8 pm to 9 pm.

BIG Antakshari Season 2 features three teams – Bank of Baroda Deewane, Bank of Baroda Parwaane, and Bank of Baroda Mastaane – competing in an epic musical showdown each week, showcasing their passion for Bollywood music. The electrifying game comprises three rounds: the Akshar Round, the Dhun Round, and the Visual Round. With BIG Antakshari Season 2, BIG FM aims to redefine the classic Antakshari experience by not only entertaining listeners but also engaging them in fun Bollywood trivia and encouraging participation with Mega Prizes.

Host Annu Kapoor commented, “My long-standing association with BIG FM has allowed me to witness the evolution of audio content over the years. With growing anticipation and enthusiasm among listeners of all age groups, the second season of BIG Antakshari promises to be an unforgettable journey filled with fun and entertainment.”

Adding to it, Sunil Kumaran, COO, of BIG FM, said, “BIG Antakshari continues to take BIG FM’s rich legacy of iconic shows forward. The show’s transition from television to radio marks a significant milestone in the audio industry, especially for us. With Annu Kapoor’s signature hosting style, coupled with his valuable insights, witty remarks, and engaging banter, this season is poised to cement a special place in listeners’ hearts. Additionally, integrating anecdotes, games, and trivia with the traditional game format makes this season relatable for audiences across ages. We’re beyond excited for BIG Antakshari season 2 and cannot wait to revel in the love from our listeners, once again.”

Season 1 of BIG Antakshari, also presented by Bank of Baroda, was a resounding success. Continuing the association in Season 2, Bank of Baroda once again intends to connect with its loyal patrons through this innovative and interactive game show. With Madhur Sugar as a sweetness partner, BIG Antakshari Season 2 is powered by Torex Cough Syrup (A product by Torque Pharma).

Mumbai, Maharashtra, India Sony Pictures Networks India (SPNI) has initiated a structured succession planning process for NP Singh, MD& CEO; until then, he will continue in his current role.

Mr. Singh said, “Today, I have a significant update to share. After nearly 44 years in my career, including a rewarding 25-year tenure at SPNI, I have decided to move on from my role as MD and CEO. Having reached many significant milestones with our team, I am now ready to focus on social change and shift from operational roles to advisory ones. However, my commitment to SPNI and its success remains strong. During my time here, we have established industry benchmarks, expanded our reach, and achieved many noteworthy accomplishments. I am dedicated to ensuring our legacy of success continues and grows under the new leadership.

I will continue to lead SPNI until we find the right person to take over. We have begun a structured succession planning process for my successor and hope to have exciting news to share in the near future. Finding the right fit is our top priority. I understand there may be speculation during this time, so I urge everyone to rely on our official updates. We are committed to sharing timely and transparent information through our established channels and will communicate any definitive updates directly.

Thank you for your trust and support. Your commitment and patience are vital as we navigate this transition and continue our path of growth and innovation.”

Chandigarh, India In a significant move to bolster the IT landscape in Northern India, the CII Conference on Exploring IT Frontiers took place today at the CII Northern Region Headquarters. The event brought together industry leaders, experts, and stakeholders to discuss and explore the latest advancements in technology and their potential impact on the region’s economy.

The conference covered a vast spectrum of IT innovations, from the pioneering realms of AI and Generative AI to the intricate field of process mining and the foundational aspects of software engineering. One of the key highlights was the discussion on the role of data centers in enhancing Northern India’s IT capabilities.

Abhishek Gupta, Chairman, CII Punjab State & Chief – Strategic Marketing, Trident Ltd. highlighted the importance of the IT sector to India’s economy. “On a national level, the IT industry stands as a cornerstone of India’s economic growth. As of FY22, the IT sector accounted for 7.4% of India’s GDP, a figure projected to reach 10% by 2025. The IT and Business Process Management (BPM) industries’ revenue was estimated at a staggering US$245 billion in FY 2023. These numbers underscore the vital role that IT plays in our nation’s economic landscape,” Mr Gupta remarked.

He further emphasized the immense potential of Small and Medium Businesses and how IT can be a catalyst for their growth. He further shared that automation & digitalization of repetitive tasks of routine business operations can save SMBs an average of 10% in productivity costs, which can be achieved through Digital Transformation, ERP / SCM Solutions, Cloud Computing, SAAS Models, Data Analytics, AI & ML, Customer Engagement tools, Social media and digital marketing tools. He also highlighted the importance of e-commerce platforms, the Internet of Things (IoT), investing in Artificial Intelligence (AI), developing a mobile strategy with a focus on building a strong online presence to stay competitive and cautioning SMBs on cybersecurity threats.

Trident Group has always pursued excellence in innovative technologies under Abhishek Gupta’s guidance. As Chairman of CII Punjab, his vision aligns with Trident’s ethos of nation-building, prioritizing continual improvement, innovation, and sustainable practices. Together, they aim to propel both Trident and Punjab’s business landscape towards greater prosperity and success.

Abhishek Gupta, Chairman, CII Punjab, holds the position of Chief – Strategic Marketing at Trident Limited, one of the largest vertically integrated Textile (Yarn, Bath & Bed Linen) Paper (Wheat Straw-based) and Chemical manufacturers. His leadership has been instrumental in driving Trident’s success, introducing initiatives to optimize corporate functions and enhance supply chain management. His dedication to innovation has driven Trident’s global expansion, with products reaching 150+ countries.

Harpreet Nibber, Chairman, CII Mohali & Managing Director, Pritika Auto Industries, emphasized the long-term vision for Punjab, saying, “This is just the beginning. The potential we’ve unveiled today is an invitation to explore, innovate, and shape the future of IT. Let Punjab become a breeding ground for ground breaking ideas, a launch pad for disruptive technologies, and a hub for collaboration that transcends borders. With our combined talent, drive, and vision, we can propel Punjab to the forefront of the global IT revolution.”

During an exclusive session focussed on AI in manufacturing, Tejpreet Singh Chopra, President and CEO, BLP Group/ Industry.AI said, “AI’s transformative potential is already evident across various sectors, including banking, healthcare, and finance, and it’s set to revolutionize manufacturing and infrastructure projects as well. India stands at the forefront of this AI revolution, equipped with robust capabilities in cloud infrastructure, computing power, talent acquisition, and algorithm development. The real challenge lies in effectively harnessing data, and the expertise to unlock its full potential to drive productivity, quality safety and sustainability. Punjab being a manufacturing hub for industries like textiles, components, & sports, it is imperative for SMBs to seize this transformative opportunity, leveraging AI-driven solutions to streamline operations, optimize resource utilization, and enhance decision-making processes that propel economic growth in the state.”

The conference featured several sessions that provided deep insights into the current and future state of IT in the region. Key discussion areas included the state of IT in North India, understanding the tech landscape in both India and Northern India, and maximizing the potential of Small and Medium Enterprises (SMEs) by leveraging SAS solutions from industry experts. Additionally, the sessions delved into AI and cutting-edge technologies that are shaping industries, offering a comprehensive overview of the transformative power and future direction of IT in the region.

3rd Ju ly 2024 In an effort to promote civic duty among young voters with rewarding savings, magicpin – India’s largest and only offline discovery and savings Super App has launched “Abki baar 40% paar” campaign for Election 2024. This initiative aims to encourage voter participation by offering up to 40% discounts at over 1,000 offline food restaurants, local eateries and fashion outlets in the Delhi-NCR region on voting day.

Under the campaign slogan “Abki baar 40% paar,” magicpin invites voters to make their vote count and enjoy big savings. To avail these exclusive discounts, voters simply need to show their inked finger at participating merchant offline stores. The company has partnered with popular food chains and restaurants such as Subway, Barista, Wow Momo, Cafe Delhi Heights, Berco’s, BTW, The Waffle Co. Café Coffee Day, La Pino’z Pizza and many more. The fashion brands include Puma, Indian Terrain etc, U.S, Polo Assn., Allen Solly etc.

In addition to in-store savings, magicpin has launched a social media movement, ‘Show the Finger’, which emphasizes the elimination of extra delivery charges on food delivery orders. This aims to further incentivize voters to participate in the democratic process without incurring additional costs on their food delivery orders.

Commenting on the initiative, Anshoo Sharma, CEO & Co-founder of magicpin said, “We are excited to launch the ‘Show the Finger’ campaign at our partner merchants including big and small eateries to offer free food delivery, many of which are also on ONDC. Our customer centric savings campaign ‘Ab ki Baar 40% paar’ initiative not only incentivizes people to participate in the democratic process but also supports local businesses by driving footfall and boosting sales across restaurants and fashion outlets. We believe in the power of a community that values both civic duty and local retailers of the country.”

ONDC continues to create valuable opportunities for local retail players, supported by hyper-local startups like magicpin. This campaign stands as one of the largest savings festivals for voters in the country, seeking to bring more merchants and customers onto the Network.