GreenGen Announces Expansion to India, Elevating Global Reach to Accelerate Low-Carbon Solutions Across the Built Environment

Mumbai, India, March 2nd , 2024: GreenGen, a global leader in energy and sustainability solutions, is proud to announce its expansion into India, unveiled at the Urban Land Institute (ULI) India Summit in Mumbai. This strategic move aims to better support leading real estate investors, operators, and businesses in their transition towards net zero.

Since 2022, GreenGen has maintained a presence in India, however, this latest initiative marks a significant expansion, establishing a comprehensive team in the world’s most populous country. This expansion reflects GreenGen’s commitment to providing local expertise and custom solutions. The India team comprises mechanical, electrical, and environmental experts, including a program management ead to spearhead strategy development and execution. This move aligns with GreenGen’s philosophy of meeting clients where they are, extending its global reach across the US, Europe, APAC, and now India. GreenGen is trusted by some of the largest real estate and private equity firms in the world, helping them to develop and implement sustainability initiatives across global real estate portfolios.

India’s rapid economic development and urbanization are driving an increase in energy demand, positioning the country as the third largest in global emissions, behind only China and the United States. Despite this, India’s per capita emissions remain remarkably low, in fact, over seven times lower per person than in the US. GreenGen recognizes the critical need for sustainable urban development in India to avoid the carbon-intensive approaches historically adopted by other nations.

India presents a unique opportunity to pioneer a new model of economic development, one that could provide a blueprint of sustainability for other developing economies. The country’s commitment to net zero emissions by 2070, its flourishing economy, and its potential for growth make it a pivotal market for low-carbon solutions. GreenGen is dedicated to supporting India’s shift towards greener, electrified alternatives.

“The next decade will be all about India,” says GreenGen CEO, Brad Dockser. “The built environment in India presents a massive opportunity for GreenGen to capture exciting growth opportunities. By making low-carbon strategies profitable, we aim to lead our clients towards long term success while accelerating the energy transition.”

To date, GreenGen has completed projects in over 25 countries, leaving a tangible mark on the global andscape. GreenGen has been recognized as an Inc. 5000 fastest-growing company and has received numerous awards for sustainability, innovation, and culture. These accolades underscore GreenGen’s commitment to leading the way in energy efficiency and sustainable solutions.

EaseMyTrip unveils the Leap Year Travel Sale with unprecedented discounts on travel bookings, one of India’s leading online travel tech platforms, has announced the Leap Year Travel Sale, a special spring sale that promises extensive discounts across a wide range of travel services. Scheduled from February 27th to March 5th, 2024, this sale is designed to give travellers an extra dose of adventure with irresistible deals on flights, hotels, bus tickets, cab rentals, and holiday packages.

EaseMyTrip Logo

During the Leap Year Travel Sale, customers can expect discounts on

Flights – Up to 25% OFF*

Hotels – Up to 50% OFF*

Buses – Up to 15% OFF*

Cabs – Up to 12% OFF*

To access these amazing discounts, customers can make use of the promo code “EMTLEAP” when booking through the EaseMyTrip app or website. Additionally, by booking with select bank partners such as ICICI Bank Credit Card (including Amazon Pay Credit Card), users can avail of extra discounts, enriching their travel experience even further. To make this sale even more exciting, every transaction made during the sale period gives you a chance to win gift vouchers from select brand partners, including Bata, Ferns N Petals, Zepto, Vaaree, and Woggles.

EaseMyTrip has joined hands with several prestigious airline partners for this sale, which include reputed names like American Airlines, Air Mauritius, Air France, KLM Royal Dutch Airlines, Air Astana, Akasa, Air India, Delta Airlines, British Airways, Egypt Air, Ethiopian Airlines, Gulf Air, ITA Airways, IndiGo, Kenya Airways, Lufthansa, Swiss International Airlines, Lot Polish, Myanmar Airlines, Oman Air, Qantas Airways, Qatar Airways, RwandAir, Star Air, Singapore, Saudi Airlines, Turkish Airlines, Vistara, Virgin Atlantic, and Vietnam Airlines.

Selected hotel partners for this exclusive sale encompass renowned names like Byke, ClubMahindra, Brij, Zone By The Park , Justa, WelcomHeritage, Shrigo, Chevron, Starlit, Q Hotel, Beyond Stay, Le Roi, Treebo, Ramee Group, Vesta, Ananta Hotels, Lime Tree, Go Room Go, Magnus Group, Treehouse, Sumi YASHSHREE Group, Jian Group, Ramada Gurgaon Central, Country Inn & Suits-Sahibabad, Saraca Hotels & Resorts, Lohono Stays, Neemrana Group of Hotels, Windflowers Resorts & Spa, TGI Hotel & Resorts, Symphony Resorts (Andaman Islands), Tree Of Life, Country Inn, Lords (Some Selective Hotels), Spree, Royal Orchid / Regenta (Some Selective Hotels), Ginger (Some Selective Hotels), Mayfair hotels, Pride (Some Selective Hotels) OTHPL (MASTIFF, CITRUS, KYRIAD, ISTAY), Sterling, Fab Hotels and Suba (Some Selective Hotels)

“As the calendar grants us an extra day this leap year, the stars align for new adventures,” said Rikant Pittie, Co-Founder of EaseMyTrip. “With hand-picked deals on flights, hotels, holiday packages and more, we invite you to embark on a journey where joy lives in both the travel and the destination. Make this leap year a blank canvas for your dreams, painting memories that will last forever, with EaseMyTrip as your guide to the most moving and magical adventures yet.”

The Leap Year Travel Sale is not just about discounts; it’s also an opportunity to win exciting rewards. The highest spender during the sale period will have the chance to win a flat INR 1000 OFF* on Bata products and the winners will be selected after the sale period on the basis of their transaction amount.

To participate, customers need to book their travel services between February 27th and March 5th, 2024, using the coupon code: EMTLEAP. After each transaction, customers will receive an email with multiple gift vouchers, which can be redeemed easily. This offer is open to all new and existing customers and is valid on both the EaseMyTrip web and app platforms.

Seize the opportunity to transform your travel dreams into reality with EaseMyTrip’s Leap Year Travel Sale from February 27th to March 5th. As you leap into new adventures and collect unforgettable memories, let this sale be the stepping stone to your next great journey. With exclusive discounts on flights, hotels, and more, your travel aspirations for 2024 and beyond are within reach.

World Hearing Day 2024 is celebrated on 3rd March every year

World Hearing Day 2024 emphasizes the imperative shift in mindsets towards making ear and hearing care accessible to all individuals.

Ensuring ear and hearing care is accessible to all involves addressing various aspects to promote auditory health and well-being on a global scale. Government should take following necessary steps to make ear and hearing care accessible to all,

1. Awareness and Education:

– Implementing educational programs to raise awareness about the importance of hearing health.

– Disseminating information on preventive measures specially in school and college going children, early signs of hearing loss, and the significance of timely intervention.

2. Newborn Hearing Screening:

– Introducing and promoting mandatory hearing screenings for newborns in healthcare facilities to identify potential hearing issues early on. Newborn hearing screening plays a pivotal role in identifying potential hearing loss early, allowing for timely intervention to support language and communication development. Despite the prevalence of hearing loss in newborns, there is a need for mandatory hearing screening in all delivery hospitals.

3. Medical Infrastructure:

– Developing and enhancing medical infrastructure to facilitate hearing assessments, diagnostic evaluations, and intervention services.

– Ensuring that audiological services are available in both urban and rural areas.

Brain scans indicate that hearing loss may accelerate brain atrophy, contribute to social isolation, and potentially lead to dementia. Clinically, patients with hearing impairment experience fatigue due to the mental effort required for communication, heightened stress hormone levels, and increased sensitivity to noise exposure.

Hearing loss not only impacts communication but also affects balance, as the ears provide crucial cues for walking safely. Various factors, including genetics, noise exposure, medications, head injuries, and infections, can contribute to hearing loss. Early signs often involve difficulty detecting soft or high-pitched sounds, ringing in the ears (tinnitus), and in Telangana State, hearing impairment is prevalent, affecting approximately 1 in 23 people overall and a third of those aged older than 65.

4.  Accessibility of Hearing Aids:

– Exploring innovative solutions, such as government subsidies or assistance programs, to improve accessibility to hearing aids.while we still have many subsidies but once the hearing aid is taken home we don’t have a system to check whether patient wears it and gets the adequate benefits or not. While some may consider buying hearing aids online, it’s essential to note that as of December 2023, the Chief Commissioner for Persons with Disabilities has prohibited the off-the-shelf and e-commerce sale of hearing aids, reinforcing that these are medical devices requiring proper prescription and guidance.

5. Professional Training:

– Providing training for healthcare professionals, including audiologists and primary care physicians, to enhance their skills in identifying and managing hearing issues.

6. Integration into Primary Healthcare:

– Integrating ear and hearing care into primary healthcare services to make it a routine part of overall health check-ups.

7. Global Policies and Advocacy:

– Advocating for policies at the national and international levels that prioritize hearing health as a fundamental aspect of public health.

– Encouraging governments to allocate resources and implement strategies for comprehensive ear and hearing care.

8. Technology and Telehealth:

– Utilizing technological advancements to improve telehealth services for remote consultations, especially in areas with limited access to audiological expertise.

9. *Community Engagement:*

– Engaging communities in campaigns to destigmatize hearing loss, fostering a supportive environment for those with hearing impairments.

10. Research and Innovation:

– Investing in research to better understand the causes and potential treatments for hearing loss.

– Encouraging innovation in hearing care, such as the development of assistive devices and improved treatment modalities.

By addressing these aspects, the goal is to create a comprehensive and inclusive approach to ear and hearing care, ensuring that individuals of all ages and backgrounds have access to the necessary services and support for maintaining optimal auditory health.

APL Apollo Foundation Launches CSR Project Karuna to Vaccinate Street Dogs

Noida, 2nd March 2024: APL Apollo Foundation, the Corporate Social Responsibility (CSR) arm of APL Apollo Group, has launched its community-focused Project Karuna in Gautam Budh Nagar, Uttar Pradesh. The initiative aims to administer anti-rabies vaccines (ARV) to approximately 1200 street dogs in the region. It was flagged off by officials from the Noida Authority including Mr. S. P. Singh, Deputy General Manager, Mr. R. K. Sharma, Project Engineer and Mr. Y. K. Harish, Health Inspector. The project is conceptualized by Ms Nonika Raj Kumar, Head – CSR, APL Apollo Foundation, supported by well-known animal welfare worker Ms. Shilpi Jain and veterinarian Dr Satyendra Kumar as on-ground partners from Noida. With Project Karuna, APL Apollo Foundation envisions creating a safe and healthy world for all.

Project Karuna Launch

Introducing the initiative Mr. Sanjay Gupta, Chairman & Managing Director of APL Apollo Tubes Limited, said, “At APL Apollo, we firmly believe in giving back to society and the best way to do it is through community-driven initiatives to strengthen the health and wellness of everyone around us. Via Project Karuna, we strive to mitigate the possibility of rabies infection and create a safer environment for all. I am proud of the APL Apollo Foundation team and our invaluable partners in developing this impactful programme.”

Humans and animals share an interconnected environment, and often, humans can contract diseases from animals. In urban cities, street animals like dogs are particularly vulnerable as they often remain unvaccinated. Nearly 35% of global rabies deaths are due to dog-mediated rabies and India accounts for around 1/3rd of these. Recognizing this challenge, India has introduced the ‘One Health’ approach (integrating human and veterinary healthcare systems) which has led to the creation of a National Action Plan for Dog Mediated Rabies Elimination by 2030. Following this initiative, APL Apollo Foundation’s Project Karuna endeavors to lower infection risks in animals, minimize disease transmission to humans and create a healthy living environment for all.

Amplus Solar successfully commissions its first Inter-State Transmission System (ISTS) project in Bikaner, Rajasthan

Hyderabad, 2 March 2024: Amplus Solar, India’s leading clean energy solutions provider, is proud to announce the commissioning of its pioneering 360 MWp Inter-State Transmission System (ISTS) solar plant, Project Jai, situated in Jaimalsar village in Bikaner, Rajasthan.

The solar power generated by the plant will be shared with Commercial and Industrial (C&I) clients nationwide, enabling them to fulfil their green energy objectives. This monumental achievement is a significant milestone for Amplus in its quest to meet the escalating demand for uninterrupted clean energy in India’s C&I sector.

The state-of-the-art solar facility, equipped with the latest available solar technology, including bi-facial modules, single-axis trackers, and 100% robotic cleaning systems, epitomizes Amplus Solar’s commitment to innovation and sustainability. Notably, the implementation of robotic cleaning system at Project Jai is projected to reduce the consumption of water for panel cleaning at the plant by up to 50 million liters per year, demonstrating Amplus’ dedication to environmental stewardship.

While known for pioneering rooftop solar solutions in India, the inauguration of this large-scale renewable energy project represents a significant diversification for Amplus Solar, further cementing its position as a pivotal player in India’s renewable energy landscape.

Commenting on this milestone, Mr Sharad Pungalia, MD & CEO of Amplus, stated, “Project Jai is the culmination of our decade-long experience and our futuristic vision for India’s clean energy sector. This project demonstrates our prowess in delivering complex utility-scale projects and In developing RTC and other innovative clean energy solutions that help our large consumer base meet their green energy requirements. I congratulate the team on this historic moment in our organizational journey, setting the stone for another decade of green growth”.

As Amplus Solar celebrates its 10th anniversary this year, the commissioning of the Project Jai in Bikaner heralds a new era of diversification and growth for the company. With a sustained focus on sustainability and innovation, Amplus Solar remains steadfast in its mission to drive the widespread adoption of renewable energy solutions across India.

Saving lives together; Akums’ over 150 employees stand tall in organ donation pledge drive

New Delhi, 2nd March, 2024: Organ donation presents a vital opportunity to offer a new lease on life for those facing a dire shortage of hope. Akums Drugs & Pharmaceuticals Ltd., largest CDMO Serving Indian Market, acknowledges the requirement for organ donors and is dedicated to creating a meaningful impact in this essential healthcare domain. Taking a commendable step towards nurturing a culture of compassion and altruism, over 140 employees of Akums have pledged to donate their organs.

Mr. Sanjeev Jain, Joint Managing Director, Akums Drugs & Pharmaceuticals Ltd., expressed his perspective on this initiative, stating, ” Organ donation stands as a noble cause with the potential to save lives and reshape the future for those in need. Its impact extends beyond donors and recipients, touching the lives of families, friends, colleagues, and acquaintances who provide untiring support. Witnessing the renewed life and improved health of transplant recipients is not just a personal victory but a collective triumph. The commitment of over 150 employees reflects our shared responsibility for the well-being of society.”

This pledge marks the beginning of a broader initiative by Akums to raise awareness about organ donation and increase the count to 1000 pledged donors. The company is set to implement various awareness programs and initiatives to educate and engage both employees and the community.

Ms. Arushi Jain, Director, Akums Drugs & Pharmaceuticals Ltd., emphasized the company’s dedication to making a lasting impact, saying, ” Opting to donate organs and tissue is a selfless and valuable choice that has the potential to save someone’s life. A single organ donor can positively influence up to eight lives, and with the donation of corneas, the impact can extend to as many as 75 lives. We are confident that through persistent efforts and educational initiatives, we can make a substantial contribution to saving more lives in the long term.

Akums is proud to take this bold step towards building a healthier and more compassionate society. The company encourages other organizations to join hands in promoting organ donation awareness and creating a positive impact on the lives of those in need.

Covestro publishes climate neutrality targets for scope 3 emissions

2nd March 2024, Covestro has published its climate neutrality targets for scope 3 emissions, completing its climate strategy for reducing greenhouse gas emissions. As a short-term goal, the company plans to reduce greenhouse gases by 10 million metric tons by 2035. This corresponds to a drop in emissions of 30 percent compared to the base year 2021, with some growth-related emissions through 2035 included in the calculation. In the long-term, Covestro plans to be climate-neutral in terms of scope 3 emissions by 2050.

Covestro previously published ambitious targets for scope 1 and scope 2 emissions in 2022, which included achieving operational climate neutrality by 2035. Scope 1 emissions come from Covestro’s own production processes, while scope 2 emissions result from purchased energy sources. Scope 3 emissions include all other greenhouse gases produced in the upstream and downstream supply chains. These make up around 80 percent of the company’s total greenhouse gas emissions. Raw materials purchased by Covestro are responsible for the greatest share of scope 3 emissions.

Reducing scope 3 emissions will require a transformation of the entire supply chain. A variety of factors influence one another – including the availability of alternative raw materials, renewable energies, technological advancements and new processes, as well as market transformations – and play a key role in this process. To achieve net zero emissions, Covestro expects to make targeted investments amounting to several hundred million euros over the next 10 years.

“Our Scope 3 targets are both ambitious and realistic supported with a concrete implementation plan. This is an essential building block of our climate strategy. Completing our climate neutrality targets is another major milestone in aligning all of our activities with our vision of becoming fully circular. In this way, we are demonstrating once again that we take a leading role in transforming the chemical industry” says Dr. Markus Steilemann, CEO of Covestro.

Four levers for achieving our target and reducing scope 3 greenhouse gases In its climate strategy, Covestro is concentrating on four scope 3 categories in the short to medium term. By managing these four categories, which together make up 21.3 million tons of greenhouse gases per year (as of 2021), Covestro will be able to reduce scope 3 emissions by 10 million metric tons by 2035. To do so, Covestro has identified four key levers. Projects related to these are already ongoing, with additional concrete implementation measures to follow.

“Calculating scope 3 emissions is challenging for us as a chemical company. This is because such emissions are generated both upstream, when we purchase raw materials and downstream, after we sell our products. Because of this, measures to reduce scope 3 emissions impact our suppliers as well as our customers and will require a transformation of the entire supply chain,” explains Dr. Torsten Heinemann, Head of Innovation and Sustainability at Covestro. “ Through innovation, cooperation with our partners along the supply chain, and a detailed plan of action involving all four levers, we will achieve our scope 3 targets”, Heinemann continues.

  • The first lever requires suppliers to reduce their scope 1 and scope 2 emissions. Many of Covestro’s raw material suppliers have already defined their own scope 1 and scope 2 targets, which in turn can count towards Covestro’s scope 3 targets. Covestro is continuing its discussions with its suppliers on this issue, for example during a scope 3 supplier event the company will hold on March 4, 2024. Additionally, the company recently executed a long-term supplier agreement for chemically recycled raw materials with Encina. The January 2024 agreement covers the supply of raw materials produced from end-of-life plastics, which reduce Covestro’s scope 3 emissions. Other important short-term changes include, for instance, electrification, improving efficiency, and carbon capture and storage (CCS) in supplier production processes.
  • The second lever is the profitable sale of products made from alternative raw materials. Covestro already has circular solutions in its product portfolio under the CQ (circular intelligence) label. CQ products are made of at least 25 percent alternative, non fossil-based raw materials.
  • Covestro’s third lever to reduce scope 3 emissions are its MAKE projects. These are investment projects in which Covestro manufactures alternative raw materials with a smaller carbon footprint. These projects include, for instance, manufacturing bio-based aniline or using proprietary recycling technologies to make it possible to use recycled raw materials. Another example of a MAKE project is Covestro’s Evocycle CQ technology, which is used to recycle mattresses.
  • The fourth lever encompasses a large number of different factors that help to reduce scope 3 emissions. These include, for instance, increasing recycling rates to reduce emissions from waste incineration, and changes to logistics and primary energy extraction. In addition, Covestro will accelerate innovation processes through digital research and development and artificial intelligence.

Climate neutrality can only succeed through close cooperation along the entire supply chain. Covestro’s scope 3 climate neutrality targets are an important part of this and will be implemented alongside customers and suppliers.

Transformation consistently advanced in challenging fiscal year

  • Group sales of EUR 14.4 billion (–20%)
  • EBITDA of EUR 1.1 billion (–33.2%)
  • Positive free operating cash flow of EUR 232 million (+68.1%)
  • Climate neutrality strategy finalized with scope 3 target
  • Outlook for 2024: EBITDA between EUR 1.0 billion and EUR 1.6 billion anticipated

Covestro’s business performance in fiscal year 2023 was significantly affected by what was once again a challenging economic environment. While geopolitical crises had a lasting negative impact on global demand and selling prices, energy and raw material costs, especially in Europe, remained well above the historical average.


The lower than average selling prices and decreased sales volumes, resulting from weak global demand, led to a decline in Group sales. Compared to the previous year, 2023 saw a decrease in sales by EUR 3.6 billion (–20%) to EUR 14.4 billion (previous year: EUR 18 billion). EBITDA fell by EUR 537 million (–33.2%) to EUR 1.1 billion (previous year: EUR 1.6 billion). Although net income in fiscal year 2023 remained negative at EUR –198 million, it nevertheless improved slightly compared to the previous year (EUR –272 million). In addition, thanks to consistent working capital management, Covestro again generated a positive free operating cash flow (FOCF) of EUR 232 million (previous year: EUR 138 million). ROCE above WACC was –6.1 percentage points (previous year: –5 percentage points). Greenhouse gas emissions for Scope 1 and 2 rose slightly to 4.9 million metric tons of CO2 equivalents (previous year: 4.7 million metric tons). This is among others due to a more emission-intensive energy mix for purchased power and steam in the United States and Germany last year.

“2023 was one of the most difficult years for the chemical industry in recent decades with ongoing geopolitical tensions, an ailing global economy and high energy prices, especially in Europe. In addition, there are a number of structural problems, especially in Germany. The overall weak demand for our core industries is reflected accordingly in our earnings,” says Dr. Markus Steilemann, Chief Executive Officer of Covestro. “That is why we have been even more resolute in driving the implementation of our strategy “Sustainable Future” in the past year. For this, we are relying on four key levers: We are permanently getting more out of our facilities, we are boosting sales volumes and optimizing capacity utilization, we are focusing on high-margin demand and, last but not least, we will continue to be cost-conscious. In doing so, we continue to put all our energy into Covestro’s transformation in 2024.”

With a negative net income in 2023, the Covestro Board of Management made the decision not to distribute any dividend for the fiscal year 2023. This decision was made in keeping with the Group’s dividend policy, which calls for a payout ratio of between 35% and 55% of net income. Covestro has created a stronger link to the Group’s overall business situation.

Foundation for sustainable growth expanded

“2023 was again defined by a weak global economy. As a result, although we closed the fiscal year in line with our estimates, we want to get back on track for growth, particularly with regard to our volumes and EBITDA performance,” says Christian Baier, CFO of Covestro. “To that end, in 2023, as part of our growth strategy, we implemented important principles: We are cutting costs, continuing to invest in the right places, ensuring that our plants have the right capabilities to deliver, and leveraging efficiencies. We are therefore taking the right steps to position ourselves for long-term sustainable growth.”

Despite the very challenging environment in 2023, Covestro has continuously worked on optimizing its production processes in the past fiscal year. For example, the company improved the energy efficiency of its production facilities in Shanghai, China, and Dormagen, Germany. In addition, the Group reduced its fixed costs by a mid three-digit million euro amount in 2023.

At the same time, Covestro invested in the expansion of its sustainable product range and production capacities, which also included commissioning a polycarbonate compounding plant for mechanical recycling at its site in Shanghai, China last year. Covestro will thus be able to supply more than 60,000 metric tons of high-quality polycarbonates made from mechanically recycled materials annually in the Asia-Pacific region by 2026.

Climate neutrality target for Scope 3 emissions announced

The efficiency measures implemented and initiated last year have allowed Covestro to further strengthen its foundation for sustainable growth and make more progress towards a circular and climate neutral economy.

In this context, Covestro has now completed its climate strategy to reduce greenhouse gas emissions. In 2022, Covestro announced ambitious targets for scope 1 and scope 2 emissions with the aim of making its operations climate neutral by 2035. Covestro is now taking the next step and, as a short-term goal, plans to reduce its scope 3 emissions by 10 million metric tons by 2035. That corresponds to a drop in emissions of 30% compared to the 2021 base year. In the long term, Covestro aims to be climate neutral in its scope 3 emissions by 2050.

Covestro also made further progress in the use of renewable energy in 2023 and concluded a virtual power purchase agreement (vPPA) for its third-largest production site worldwide in Baytown, Texas, United States. That will result in around 70,000 metric tons of CO2 emissions being offset starting from the end of 2024. This follows several power purchase agreements that Covestro already signed in recent years for its sites in Europe and Asia. In total in 2023, Covestro covered around 16% of its global electricity demand with renewable sources (previous year: 12%).

Outlook 2024: EBITDA between EUR 1.0 billion and EUR 1.6 billion anticipated

Covestro expects economic conditions to remain challenging in 2024. The company will therefore pay special attention to leveraging its own potential in 2024 to achieve even greater efficiency. Against this backdrop, the Group expects EBITDA of between EUR 1.0 billion and EUR 1.6 billion for fiscal year 2024. Covestro anticipates FOCF of between EUR 0 and EUR 300 million and ROCE above WACC of between –7 percentage points and –2 percentage points. The Group’s greenhouse gas emissions measured as CO2 equivalents are expected to be between 4.4 million metric tons and 5.0 million metric tons. The Group anticipates that EBITDA for the first quarter of 2024 will be between EUR 180 million to EUR 280 million.

Weak demand impacts sales development in both segments. Lower costs support EBITDA in Solutions & Specialties

The weak global demand situation is also evident in the segment breakdown: Sales in the Performance Materials segment in fiscal year 2023 fell by 24.4% to EUR 6.9 billion (previous year: EUR 9.1 billion). This decline can mainly be attributed to a lower selling price level and lower volumes sold. Due to lower margins, EBITDA fell by 39.4% to EUR 576 million (previous year: EUR 951 million). As a result, FOCF fell by 70.2% to EUR 162 million (previous year: EUR 544 million).

Sales in the Solutions & Specialties segment fell by 15.1% to EUR 7.3 billion in fiscal year 2023 (previous year: EUR 8.6 billion), again mainly due to lower average selling prices and lower sales volumes. EBITDA still remained slightly lower at EUR 817 million (previous year: EUR 825 million). This was primarily due to the positive trend in margins, since lower raw material and energy prices more than compensated for the decline in selling prices. Lower fixed costs and the sale of the Additive Manufacturing business also had a positive effect. The segment’s FOCF increased by 182.6% to EUR 551 million (previous year: EUR 195 million).

Fourth quarter 2023 with positive EBITDA and cash flow

Covestro’s sales decreased in the fourth quarter of 2023 by 15.6% to around EUR 3.3 billion (previous year: EUR 4.0 billion). This development is primarily due to the lower price level in the fourth quarter of 2023. EBITDA amounted to EUR 132 million in the last quarter of 2023 (previous year: EUR –38 million). FOCF amounted to EUR 73 million and was therefore also positive in the fourth quarter of 2023 (previous year: EUR 550 million).

Union Bank of India successfully raised ₹ 3,000 Crore Equity Capital via Qualified Institutions Placement (QIP)

  •  The QIP received an encouraging response from the market & saw participation by a diversified investor base, which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors.
  •  Allotment of 22.11 crore shares at ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore (Three Thousand Crore).
  •  The amount of capital raised through the QIP issue will augment the Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio.

Union Bank of India, one of the largest Public Sector Banks in India, has successfully raised equity capital of ₹ 3,000 crore via Qualified Institutions Placement (QIP) on February 26, 2024. The Issue was opened on February 20, 2024 and received strong interest from high quality Domestic and Foreign Portfolio Investors. Bank has allotted 22.11 crore Shares at price of ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore representing a discount of approximately 5% to the floor price determined as per Regulatory guidelines.

Bank has received significant & encouraging response from the market & seen participation by a diversified investor base which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors, thereby ensuring diversification of the shareholder base of Union Bank of India.

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. Bank has successfully raised ₹ 3,000 crore by way of QIPs during the year, which is the highest in the history of Union Bank of India and one of the highest in the history of Public Sector Banks in a financial year, in recent years. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for our Customers & Shareholders”.

As on December 31, 2023, the public shareholding in Union Bank of India stood at 23.01%. Consequent to the equity capital raising, the public shareholding in the Bank increased to 25.24% and consequently, the shareholding of Government of India becomes 74.76%. Bank has complied as per SEBI and Securities Contract (Regulations) Rules, 1957 (“SCRR”) & its further amendments i.e. to maintain a minimum public shareholding of at least 25.00%.

The Book Running Lead Managers (BRLMs) to the QIP issue were IIFL Securities Ltd., J M Financial Ltd., IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd. and BNP Paribas. The Legal advisors of the transaction were Luthra & Luthra Law Offices, Saraf & Partners and Duane Morris & Selvam LLP. The Statutory Auditors were N B S & Co., Chhajed & Doshi, G S Mathur & Co., P Chandrasekar LLP and M/s. V K Ladha & Associates.

Angel One joins hands with Seasoned team of Wealth Managers

Mumbai, 2nd March 2024: A group of seasoned wealth managers, collaborate with Angel One, one of India’s leading fintech players, as Co-Founders to lead its private wealth management foray. Srikanth Subramanian joins as Co-Founder & CEO of Angel One Wealth Limited; he comes with more than twenty years of experience in investment and wealth management business. He joins from Kotak Cherry, the digital wealth management arm run by Kotak Mahindra Bank. Other Co-Founders include Shobhit Mathur and Dharmendra Jain. Shobhit will lead the Wealth-Tech and Customer Excellence teams and Dharmendra will bring his strategic expertise in investment solutions and products. The new business leaders will collaborate with Angel One in tapping opportunities in the wealth management space, catering to the growing needs of emerging HNIs and Ultra HNIs.


Mr. Dinesh Thakkar, Chairman and Managing Director, Angel One Limited, said, “The wealth management business has witnessed significant growth over the last decade with rising affluents in our country. We believe this space is ripe for a digital disruption. With the addition of such accomplished leaders to our team, we aim to not only accelerate this growth but also enhance our presence in the full-stack financial services space. The expertise of Srikanth and his team aligns seamlessly with this vision of ours. As we navigate the dynamic financial landscape, their strategic contributions will be pivotal in propelling Angel One to new heights.”

Mr. Srikanth Subramanian, Co-Founder & CEO, Angel One Wealth Limited said, “I am thrilled to be a part of the Angel One Group and build a tech-led omnichannel wealth management business. The innovative digital approach and established market position perfectly complements our goal of providing comprehensive financial solutions that cater to the evolving landscape of India. We are primed to democratize access to wealth management.”

Angel One Wealth Limited has an experienced founding team comprising seasoned wealth managers and domain experts in technology, advisory and client engagement. Leveraging our expertise in technology, our platform aims to enhance decision-making on investments. With each of the co-founders having a domain expertise of about two decades and a strong foundation in technology, having built a platform catering to millions of users, the company aims to grow in the WealthTech space.