Category business

Visa applications from New Delhi nearly touched the pre-pandemic levels in 2022 driven by pent-up demand, the opening of international borders and eased COVID-related protocols. According to VFS Global, the visa application volume from New Delhi reached close to 80% of the 2019 pre-pandemic levels in 2022 and registered a 93% growth when compared to 2021.

This trend of rise in visa application volume from New Delhi is in line with the overall growth registered in India, which was also close to 80% of the pre-pandemic levels in 2022.

“We witnessed unprecedented demand from India in 2022 which led to an extended peak outbound travel season with steady volumes witnessed until December. We are confident that the momentum will further grow and hence it is advisable for applicants to apply for their visas in advance to avoid last-minute surprises,” said Prabuddha Sen, Chief Operating Officer – South Asia, VFS Global.

Another defining trend noticed in travellers’ behaviour was the wider adoption of personalised service which began during the pandemic. Premium optional services such as Visa At Your Doorstep (VAYD) which enables travellers to book the entire visa experience at a location of their choice, witnessed around a 90% year-on-year rise in 2022. VFS Global offers VAYD for 16 client governments in India – Austria, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Slovenia, Switzerland, UK.

“Health considerations continue to be a key determining factor in the new normal. As a result, we see an increasing number of travellers opt of such services that provide a seamless visa experience and prioritise safe travel,” added Sen.

Peak Season Travel Guide

#ApplyinAdvance

It is recommended to apply for visas as early as booking flights and stay. Most countries accept visa applications up to 90 days (3 months) before your date of travel. According to the revised Schengen Visa Code, effective 09th February 2020, you can apply for a Schengen visa up to 6 months before your date of travel. Particularly this year with higher demand and limited appointment slots available, we urge applicants to apply for their visa as early as possible.

#DoNotFallForFraud

Visa applicants are advised to beware of fraudulent entities who charge fees from customers for scheduling appointments or providing any other services using VFS Global’s name or independently. We do not charge any payment for scheduling appointments. For any assistance, feel free to reach out to one of our staff or send an email to communications@vfsglobal.com

Enjoy our optional value-added services for a seamless visa experience such as:

Premium Lounges: Quick, safe, comfortable – get a personalised visa submission experience.
Form-filling assistance: Allow our expert staff to assist you in completing your visa application on phone or at a visa application centre
Courier Service: We deliver your passport and documents. It’s quick, safe, and convenient.
Travel Medical Insurance: Get your mandatory Travel Medical Insurance including Covid-19 coverage from global insurers.

Mumbai, 24 March 2023: Galaxy Surfactants, the leading manufacturer of performance surfactants and specialty care ingredients used in the Home and Personal Care industry, is participating in In-cosmetics Global, between March 28th to 30th in Barcelona, Spain. Galaxy Surfactants will be displaying their latest solid format product offerings and providing valuable insights into the properties and applications of these products at the exhibition. The event will facilitate a dialogue between leaders in personal care and home care industries to enable business and spur future innovation.

The company will be present at the sustainability corner, innovation zone, and sensory bar at the event, showcasing its innovative solutions. The Sustainability Corner will feature the company’s waterless sustainable solid format, Galseer® Tresscon, which is a shampoo bar base that helps reduce water consumption. At the Innovation Zone, visitors can learn about GalguardTM LipoG, a high-quality hair care active that provides excellent protection from dandruff. The Sensory Bar will showcase a unique format based on Galsoft TiLS (G) which is a green, oil-soluble surfactant system.

Commenting on the participation in the event, Mr. K Natarajan, the Executive Director & Chief Operating Officer at Galaxy Surfactants said, “We are looking forward to participating in the In-cosmetics Global event that provides us with the opportunity to meet our existing customers and tap into a new customer base who come here from across the world. Galaxy Surfactants will not only showcase their innovative products at the exhibition but also highlight our commitment to providing high-quality and sustainable ingredients that meet the evolving needs of our customers and the market. We look forward to engaging with the international personal care community, sharing our expertise, and learning about the latest science and trends in ingredient innovation.”

The In-cosmetic Global event will offer crucial insights into scientific advances, emerging trends, and regulations through their unrivaled educational programs. The In-cosmetic Group connects 1,800+ suppliers of ingredients, fragrances, lab equipment, testing, and regulatory solutions with 40,000+ cosmetic industry professionals.

Krones today published its 2022 Annual Report. Its title is “Solutions beyond tomorrow”, the company’s new target picture. For the first time, the company has integrated its non-financial statement into the Annual Report as part of the group management report. The non-financial statement contains all important qualitative and quantitative non-financial information on material sustainability topics. By combining its financial and non-financial reporting, Krones underscores the importance it attaches to sustainability in all business decisions. This is also reflected in the company’s “Solutions beyond tomorrow” target picture. With a strategic focus on sustainability, digitalization and service quality, Krones intends to continue its profitable growth in the future. The company presented new record figures for 2022.

Revenue topped the €4 billion mark for the first time, rising from €3,634.5 million to €4,209.3 million, an increase of 15.8% on the previous year. Krones thus exceeded the upgraded growth target of 10% to 12% published in October 2022 (original target 5% to 8%).

Customer demand for Krones’ products and services was very strong in 2022. Order intake rose by 34.0% year on year, from €4,316.2 million to €5,782.8 million. The order backlog also grew strongly. At the end of 2022, Krones’ order backlog totaled €3,466.4 million. The order backlog was thus 83.1% up on the previous year (€1,893.0 million).

Profitability improved under difficult conditions

Thanks to the company’s great flexibility and wide-ranging measures to increase efficiency, Krones was able to improve profitability in 2022 despite rising material and freight costs and resource shortages. This was also partly due to Krones’ price increases, which enabled the company to largely offset the higher costs. Earnings before interest, taxes, depreciation and amortization (EBITDA) went up 19.4% year on year, from €312.6 million to €373.3 million. It should be noted that EBITDA in the previous year was positively impacted by one-off effects totaling €17 million. The EBITDA margin improved to 8.9% (previous year: 8.1% excluding one-off effects). As forecast, Krones reached the upper end of the EBITDA margin target of 8% to 9% for 2022.

Earnings before taxes (EBT) rose by 36.5%, from €177.3 million in the previous year to €242.1 million. The EBT margin consequently improved to 5.8% (the previous year: 4.4% excluding one-off effects). On the bottom line, Krones generated a consolidated net income of €187.1 million in 2022, an increase of 32.3% (previous year: €141.4 million). This corresponds to earnings per share of €5.92 (previous year: €4.47).

All three segments contributed to the improvement in earnings

In the Filling and Packaging Technology segment – the largest segment by far – revenue climbed in 2022 by 14.8% year on year to €3,497.3 million. Despite rising material prices and resource shortages, EBITDA increased by 17.5% to €332.7 million. The EBITDA margin rose to 9.5% (previous year: 8.7% excluding one-off effects).

Revenue in the Process Technology segment increased by 23.9% to €367.5 million in 2022. EBITDA went up from €18.6 million in the previous year to €20.4 million. The improved segment earnings reflect the strategic measures implemented by Krones. In 2021, the brewery business was spun off into a separate company and processes were streamlined for project-based business. The EBITDA margin remained almost stable at 5.5% in 2022 (previous year: 6.3%).

Intralogistics has been Krones’ third segment since the beginning of 2022. Its activities were previously part of Process Technology. The new segment’s revenue developed well in 2022, growing by 17.9% to €344.5 million. EBITDA increased by 87% to €20.2 million. The EBITDA margin thus improved to 5.9% (previous year: 3.7%).

Exceptionally high free cash flow leads to a significant increase in net cash

The high order intake and the resulting advance payments from customers had a significant influence on the company’s free cash flow in 2022. The free cash flow reached the exceptionally high level of €371.0 million (previous year: €203.3 million). Krones significantly improved the working capital to revenue ratio to 19.0% (previous year: 24.8%). The decrease in average working capital and the higher earnings before interest and taxes had a positive impact on return on capital employed (ROCE). Krones significantly increased ROCE in 2022 to 14.1% (previous year: 10.0%), thus exceeding the target of 10% to 12%.

Krones continues to have a very robust financial and capital structure. The company’s net cash (cash and cash equivalents less bank debt) amounted to €669.5 million at the end of 2022, €291.2 million more than in the previous year. The equity ratio was 38.3% (previous year: 39.8%).

With the above figures, Krones has confirmed the preliminary figures published on 23 February 2023.

Krones to increase the dividend for 2022 by 25% to €1.75 per share

Krones’ long-term dividend policy is to distribute 25% to 30% of consolidated net income to shareholders. At the Annual General Meeting on 23 May 2023, the Executive Board and Supervisory Board will propose a dividend of €1.75 per share for the successful 2022 financial year. This represents a 25% increase in the dividend compared to the previous year (€1.40 per share) and is equivalent to 29.6% of consolidated net income.

Krones forecasts further revenue and earnings growth for 2023

Krones started the 2023 financial year with an extremely large order backlog. At the same time, various uncertainties mean that the business environment remains challenging for Krones. These include geopolitical risks in Europe and other parts of the world, and also high inflation and interest rates in many countries. Material shortages and problems in global supply chains remain a source of uncertainty. However, Krones expects that the situation on the procurement markets relevant to the company may ease slightly in the second half of 2023. Based on the prevailing macroeconomic outlook and the current expected development of the markets relevant to Krones, the company expects consolidated revenue growth of 8% to 11% in 2023.

With increasing revenue and continued implementation of the cost optimization measures, Krones aims to improve profitability again this year compared to 2022. Thanks to the company’s innovative solutions and good project work with customers, Krones succeeded in implementing price increases in 2022. The higher prices will enable the company to offset future cost increases. At the group level, Krones is forecasting an EBITDA margin of 9% to 10% for 2023.

For the third performance target, ROCE, the company expects an increase this year to between 15% and 17%.

Mumbai, March 24, 2023: HDFC Bank today announced the launch of Regalia Gold Credit Card—a super-premium credit card with unparalleled features and benefits—in its Regalia range of credit cards. The card is packed with Best-in-Class Travel and Lifestyle benefits, allowing customers to redeem rewards for global travel and on a collection of premium brands via the exclusive Regalia Gold catalogue. It also offers cardholders complimentary airport lounge access globally, and premium milestone benefits.

Regalia Gold is HDFC Bank’s latest foray into the ‘Super Premium Category’. The credit card will be available to high-income individuals and is designed exclusively to cater to the needs and requirements of travellers and lifestyle enthusiasts.

“It is our endeavour to serve almost every customer segment. After a hiatus, travel and lifestyle segments are both looking robust in terms of growth. Tourism numbers remain strong. Lifestyle spends are increasing. A credit card tailor-made for travel and lifestyle needs, we believe will serve the needs of a wide customer base. Regalia Gold provides a one stop solution with a host of exclusive offers and benefits as well as access to global travel facilitators, airport lounges, and curated benefits on lifestyle brands,” said Mr. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and Information Technology.

With the all-new Regalia Gold Credit Card, you get:

Best-in-class redemption program:

•  Let’s you redeem rewards on global flights + hotel stays + airmiles and on a collection of premium brands via the exclusive Regalia Gold catalogue

Privileged Travel Experience:

•  Club Vistara Silver Tier Membership & MMT Black Elite Membership
•  Global Airport Lounge Access and Priority Pass Membership
•  Complimentary Airport Cab Vouchers*

Rewarding Everyday Indulgences:

•  5X Rewards on Myntra, Nykaa, M&S, Reliance Digitalo 4 Reward Points per Rs.150 on retail spends*

Luxurious Milestone Benefits:

• Upto 2 Flight Ticket vouchers every year on annual spending milestones
• Marriott vouchers and more on quarterly spending milestones

HDFC Bank, India’s largest private bank, is the leading player in the payment ecosystem in the country with over 1.65 crore credit cards and, an overall cumulative card base of over 6 crores, including credit, debit, and prepaid cards; addressing the need of different market segments.

Bengaluru, 24 March 2023 VST Tillers Tractors Ltd (VST), one of India’s leading farm equipment manufacturers, announced that it had crossed a production milestone of 500,000 power tillers from its state-of-the-art manufacturing plant at Malur – Bengaluru in Karnataka. The milestone is a testimony to the customer’s confidence in the VST power tillers. The VST power Tillers has very high customer loyalty and trust, built around the value of being authentic and powerful.

Speaking on the milestone, Antony Cherukara, CEO, of VST Tillers Tractors Ltd. said “We are thankful to all our associates & Suppliers for their timely support toward the development of these user-friendly SMART equipment for our valuable farmers. VST has always thrived to achieve manufacturing excellence which reflects our commitment and spirit of accepting no limits. This achievement will be a stepping stone to many more accolades for us in times to come”.

Currently, the overall power tiller industry in India is around 60,000 units and it is expected to grow to 100,000 units by the year 2025. VST is the leader in the segment and holds a market share of over 65% in the country. VST is focusing on small farm mechanization and has introduced a wide range of smart farm machines for small and marginal farmers. The company has introduced the electric start power tiller in the 16 HP & 9 HP category, a range of power weeders, which start from 3.5 hp to 8 hp, a range of brush cutters, and multi-crop reaper, for the segment.

VST’s state-of-the-art Malur Plant has recently won the IMexI award for monstrating operational excellence based on continuous improvement. For over 55 years VST Tillers Tractors Ltd has been developing tillers and tractors that allow for multi-functional use in the domestic and international markets. VST smart farm machines are suitable for all stages of farming and are apt for applications like puddling, inter-cultivation, bund formation, earthing up & de-weeding, and it is best suited for crops like Sugarcane, Paddy, Cotton, Vegetables, Horticulture Turmeric, Ginger etc.

28th annual event to showcase the work of emerging Missouri high school artists.

(St. Charles, Mo., March 21, 2023) Mosaics Fine Art Festival recently opened the application process for its Joyce Rosen Founder’s Scholarship. Missouri high school students, who are eligible for nomination by their art teachers, will be selected to showcase their art at the 28th annual event. The deadline for submitting one piece of art per student is Sept. 1.

The Joyce Rosen Founder’s Scholarship tent will exhibit all artwork, and three scholarship prizes will be awarded by a professional judge. Students can submit original work in a variety of media categories including clay, drawing, glass, leather, metal, pastel, oil/acrylic, photography, printmaking, sculpture, watercolor, and wood.

Mosaics Fine Art Festival – which invites only 100 artists to showcase and sell their wares at this exclusive juried event – is held Fri., Sept. 15 through Sun., Sept. 17. The family-friendly event, which is free and open to the public, will be held along several blocks of North Main St. in Historic St. Charles, Mo. where more than 30 restaurants and over 75 shops are located.

“This is a unique opportunity for high school artists to have their work on display at a major arts festival,” said Mosaics Fine Art Festival’s vice president Melinda Nolan. “It is a huge honor for the student, the student’s art teacher, and the student’s school to be recognized for their dedication to the importance of fine arts in our society.”

Mosaics Fine Art Festival features live musical entertainment, a Children’s Village for hands-on art experiences, and the Mary Hediger Memorial Art Shop for Kids where children ages 14 and younger can buy professional artwork. The Artists for Adoption Pet Pavilion is open to families interested in adopting pets from local rescue organizations.

Pictured is Mosaics Fine Art Festival board member Diana Nash, who oversees the Joyce Rosen Founder’s Scholarship.

The Mosaics Fine Art Festival is a nonprofit organization that showcases local and regional artists while educating the community’s children and adults in how art can enhance their lives. The festival features a wide array of artwork produced by a mix of emerging, mid-career and established artists in all media. For more information about the submission process, call (314) 406-2067 or visit Mosaics Fine Art Festival.

Odisha, 23 March 2023: CyberPeace – a global non-profit working on CyberPeace and Cybersecurity announced its State level, Odisha CyberPeace Hub in its CyberPeace Dialogue – Odisha on Wednesday in Bhubaneswar, post its launch of CyberPeace cluster in Jharkhand. The Dialogue was jointly organized by CyberPeace and the British Deputy High Commission, Kolkata, supported by Autobot Infosec Pvt. Ltd.

The launch of the CyberPeace Cluster is a major step towards ensuring a secure cyber environment for the netizens of Odisha. This initiative is a multi-stakeholder effort between the Industry, Academia, Civil Society, private sector, UN agencies, and Government organizations to transform Odisha into an International Cybersecurity Hub.

The CyberPeace Hub envisions becoming the core of cyber security activities such as a CyberPeace Centre of Excellence (CCoE) in cybersecurity and; a cyber rehabilitation center providing training, research, incubation, and development services. It will also serve as a hub for cybersecurity start-ups and other private sector organizations, which aim to create a vibrant cybersecurity ecosystem in the state.

The launch witnessed the presence of Mr. Dominic Gillan, CSSF India Cyber Programme Manager, British High Commission, New Delhi; Mr. Manoj Kumar Mishra, Principal Secretary, Electronics and IT, Government of Odisha; Mr. Brahma Mishra, President, Utkal Chambers of Commerce; and Mr. Abhishek Singh, Lead – Policy and Advocacy, CyberPeace. The inaugural ceremony of the Dialogue started with registration and networking followed by the Ganesh Vandana and Diya Lighting Ceremony.

Mr. Abhishek Singh, while delivering the inaugural speech said, “Global issues like Cyber warfare and cyber crime are a growing concern in the digital age and result in significant damage affecting individuals, businesses and governments alike.” He further pointed out the types of common Cyber attacks and said that launching
the Cyber peace cluster is a step towards ensuring a secure cyber environment for netizens across states.

Mr. Dominic Gillan, First Secretary, Cyber Programmes, British High Commission, New Delhi expressed his gratitude towards the partnership with CyberPeace. He mentioned “Threats in Cyberspace have grown in intensity and severity in the last few years,” and added that people, organizations, systems and even governments
are becoming targets to such threats. He further expressed his gratitude to the partnership between India and UK, and mentioned that challenges can be countered when the UK works with India. Furthermore, he gave examples of work done by the UK to counter threats and increase education and awareness about Cyberspace.

Mr. Manoj Kumar Mishra, Principal Secretary, Ministry of Electronics and IT, Government of Odisha talked about the present dangers the public face in present times and commented that the Cyber world is the biggest democratic world because everyone has power. He further addressed the audience by saying that the fear of deterrence in the real world doesn’t work in the cyber world as attacks can come from anywhere in the world.

Later, Mr. Brahma Mishra, President, the Utkal Chamber of Commerce emphasized on cyber awareness among youth, children, and citizens. He further commented that in present times cybercrime has become a great challenge to society, individuals and corporates and we need to find the best method to protect ourselves from cybercrime.

The launch was followed by the CyberPeace Dialoue on the topic, “Building cyber security ecosystem in Odisha: Roadmap in the future”. It was moderated by  Abhishek Singh, Lead – Policy & Advocacy, CyberPeace. The discussions were highlighted with an overview of the global cyber space landscape and high priority issues related to cyber crimes and possible resolutions.

23rd March 2023, New Delhi/Ahmedabad-India and Nesher-Israel In a major thrust to ‘Make In India’ prog., Haifa, Israel-based High-Tech. firm Tabor Electronics becomes the first manufacturer in Quantum Tech. and Electronics space to join India’s first Quantum Computing Tech. Park Project ‘Greater Karnavati Quantum Computing Technology Park (GKQCTP)’, proposed to be set up at Gujarat, India.

An MoU (Memorandum of Understanding) for joining the upcoming ‘GKQCTP’ Park has been signed recently between Promoter of Greater Karnavati Quantum Computing Technology Park (GKQCTP), Innogress and Tabor Electronics, which is a high-end test and measurement devices- equipment design, engineering, manufacturing, supply, and technical services OEM (Original Equipment Manufacturer) catering to needs of Quantum Computing, Quantum Tech. and Semiconductor industry. Tabor Electronics has earned global recognition for its highly innovative engineering and manufacturing capabilities in the High-Tech industry, and now focusing on catering to emerging needs of test, measurement and control solutions, devices and components for fast emerging Quantum Computing and Quantum Technology industry.

Worth to mention that Innogress proposed setting up India’s first Quantum Tech. focused Technology Park, Greater Karnavati Quantum Computing Technology Park (GKQCTP), at Ahmedabad-Gandhinagar area of Gujarat during Vibrant Gujarat 2022 and working towards bringing Quantum Computing and Quantum Tech. players under ‘GKQCTP’ for creating an integrated Quantum Tech. ecosystem in India. Testing, measurement, and control are key components of Quantum Tech. ecosystem which enables design and manufacturing of Quantum Computers and other Quantum Devices like Quantum Sensors, QKD Devices.

While signing this MoU Chief Revenue Officer (CRO) of Tabor Electronics Mr Paul Nurflus said “Tabor Electronics is attracted by ‘Make in India’ and ‘PLI’ schemes of Govt. of India, and considers India and Gujarat for its next High-Tech. manufacturing destination for catering to fast emerging Quantum Computing and Quantum Tech. industry along with Semiconductor manufacturing opportunities emerging in India. We believe that upcoming Greater Karnavati Quantum Computing Technology Park is aligned with our vision of ‘Make in India’, hence we decided to join this High-Tech. Park for catering the needs of local as well as Global Quantum Tech. and Semiconductor industry. Along with manufacturing plan for high-end test, measurement and control devices-equipment at the proposed Park, we have also plan to set up High-Tech. Testing Service facilities for Quantum Computing and Quantum Tech. industry which can be accessed by Quantum Tech. startups and OEMs in opex/subscription model for testing its new products, quantum chips and quantum hardware with an objective of taking it to market in a shorter time cycle with minimal capex”.

“We are looking forward making this proposed Quantum Computing Tech. Park of Gujarat a strong hub of Quantum Computing and Quantum Technology in collaboration with Innogress and other ecosystem players. Tabor’s participation in Greater Karnavati Quantum Computing Technology Park to also foster ‘India-Israel’ friendship which seen strong bonding due to efforts of Indian PM Modi and Israel PM Netanyahu” Mr Paul Nurflus adds further.

Adding his perspective founding partner of Innogress, promoter of Greater Karnavati Quantum Computing Technology Park, Mr Sumant Parimal said “Tabor Electronics signing a MoU with us for joining our Quantum Computing Tech. Park as strategic partner is a big boost to bring High-Tech. manufacturing to Gujarat, India. We are confident that on-boarding of Tabor shall take us towards our target to build $1Billion Quantum Tech. ecosystem at Greater Karnavati Quantum Computing Technology Park. We thank Tabor Electronics management and its CFO, Paul Nurflus, and its India head, Nikhil Mitaliya for believing in our vision to develop Quantum Tech. ecosystem at Gujarat, and aligning their make in India plan with GKQCTP project”.

Innogress also invited Tabor Electronics CFO, Paul Nurflus into the apex Advisory board of GKQCTP and Country head Nikhil Mitaliya into the executive team of GKQCTP for better coordination and alignment of visions.

New Delhi, 23rd March 2023: Hari Darshan, India’s leading manufacturer of premium pooja products, is pleased to announce the introduction of its Pure Series Natural Incense Sticks and Natural Series Premium Masala Agarbattis. Both of these new products have received Juhi Chawla’s endorsement as their brand ambassador.

For more than 50 years, Hari Darshan has offered spiritual and devotional products, building a reputation as a company that values truthfulness, originality, and authenticity. Their products are crafted with the utmost care, using only high-quality natural ingredients to create an atmosphere of tranquility and peace.

The Natural Series Premium Masala Agarbattis is a line of charcoal-free incense sticks that are handcrafted with organic essential oils, herbs, and wood powder. It has a natural aroma and emits less smoke, which is what customers currently want. The pure herbs and oils used in these incense sticks are a unique blend that help elevate your senses. All-natural ingredients calm you down so you can concentrate on your spiritual path.

Mr. Goldy Nagdev, the MD of Hari Darshan, says, “These herbal incense sticks are a great option for those who favor natural and environmentally friendly products because they are made without the use of artificial preservatives and only with herbal ingredients.”

The Pure Series Natural Incense Sticks are a line of robust, carbon-free herbal incense sticks made with the intention of fostering a serene environment conducive to meditation or prayer.

Bollywood actress and philanthropist Juhi Chawla, who represents Hari Darshan, finds her morals and ideologies aligning with the company’s dedication to promoting spiritual practices. She states, “Being a spiritual person, I believe in the power of natural fragrances to create a peaceful and serene environment. With these incense sticks, I find myself transported to a world of tranquility and peace, and I am excited to share this experience with fellow spiritual enthusiasts.”

Hari Darshan, a renowned household name in the nation, offers a diverse range of sacred equipment, including dhoop, agarbatti, hawan samagri, chandan tika, kalawa, gulab jal, puja diya oil, and camphor, to facilitate devotion, meditation, and spiritual practices.

Hari Darshan extends an invitation to all of its customers to try its brand-new Pure Series Natural Incense Sticks and Natural Series Premium Masala Agarbattis and take in the meditative and spiritual atmosphere they produce. The company believes that these new products will enhance the spiritual journey of its customers, and they are confident that they will love them.

Delhi, 23 March 2023: Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India’s leading Agri solutions provider is in the business of Fertilisers, Crop Protection Chemicals, Bioproducts, Specialty Nutrients, Organic Fertilizer, and Retail.

The Board in its meeting held today approved the company’s plan to expand its operations in Crop Protection Chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business. The Board further approved the plan to diversify into new growth areas namely Speciality and Industrial Chemicals. This is in line with the company’s strategy to establish a sizeable presence in the Crop Protection Chemicals business and leverage its deep technical capabilities and best-in-class infrastructure to enter into adjacencies like CDMO, Speciality and Industrial Chemicals.

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Mr Arun Alagappan, Executive Vice Chairman, Coromandel International Limited, said,

“Coromandel’s current capabilities in Crop Protection Chemicals offer a strong starting position and flexibility for play in Speciality and Industrial Chemicals. With India’s high import dependency in the specialty chemicals, global supply chain diversification trends and strong policy push by the Government, these businesses offer significant growth prospects in addition to supporting the Atmanirbhar Bharat vision of the nation.

Entry into CDMO business is a strategic portfolio choice where Coromandel can leverage its expertise in handling complex chemistries at commercial scale and strong development capabilities across various chemistries.

Scaling up our Crop Protection Chemicals business will significantly help leverage the growth opportunities in India and the global markets. The company plans to set up new Multi Product Plants in two of its manufacturing locations apart from purchase of additional land for future expansions.

Coromandel plans to invest Rs. 1,000 crores over the next two years in the above businesses and leverage the macro tailwinds in the Chemicals sector to build a business of scale.”