Category business

Bengaluru, 22 February 2024: Ambuja Cements, one of India’s leading cement manufacturing companies and part of the diversified Adani Group, proposes to establish a state-of-the-art cement grinding unit with an investment of Rs. 1000 Cr in Motia Village of Godda district in Jharkhand, post requisite approvals with a capacity of 4.0 MTPA.

The project is planned in close proximity to Adani Power (Jharkhand) Limited, as part of a comprehensive approach to disposing of fly ash in an environmentally safe manner and contributing to the circular economy. The project exemplifies Ambuja Cements’ commitment to sustainable practices and reflects its dedication to fostering inclusive growth in Jharkhand. The unit will generate direct and indirect employment for over 2,500 individuals, significantly contributing to the economic and social progress of the state.

Ambuja Cements already operates two cement plants in Jharkhand with a combined capacity of 6 MTPA. The proposed expansion demonstrates the Company’s confidence in the region’s potential for growth and development.

Mr. Ajay Kapur, CEO, Cement Business, said, “With our proposed investment in this new cement grinding unit, we intend to achieve a significant milestone in our commitment to expanding our presence and contributing to the socio-economic development of the region. We believe that Jharkhand holds immense potential in terms of resources, infrastructure, and skilled manpower, making it an ideal location for this project. We look forward to working closely with the state to ensure the successful implementation of this project. Ambuja Cements is proud to be a part of Jharkhand’s growth story, and we remain committed to creating value for our shareholders, customers, employees, and the community at large.”

The project underscores Ambuja Cements’ commitment to innovation, sustainability and growth and highlights its synergy with Group companies to transform Jharkhand into a thriving business-friendly state. It will not only boost the local economy but also aid the state government’s efforts towards infrastructure development. Ambuja Cements remains committed to creating employment opportunities and contributing to the socio-economic development of the communities in which it operates.

Kolkata, 22 February 2024: Motovolt Mobility Pvt. Ltd., recently won the ‘Best Promising Startup’ Award at the ASSOCHAM Energy Meet Excellence Award, 2024. The awards aim to celebrate and honour promising enterprises that have delivered excellence in innovation, and creativity, made outstanding contributions, and applied best practices in their respective segments.  The award was given away by Shri Babul Supriyo, Hon’ble Minister-in-charge of Information Technology and Electronics and Non-conventional and Renewable Energy Sources, Government of West Bengal.

Clean energy solutions are crucial in paving the way for a sustainable and growth-oriented future. Indian startups, exemplified by innovators like Motovolt, are passionately addressing public needs through sustainability. The company prioritizes diverse requirements, such as emission reduction in transportation, advancements in battery technologies for enhanced energy efficiency, improved charging infrastructure, and the integration of renewable energy to meet operational demands.

Speaking about this, Mr. Tushar Choudhary, Founder & CEO, Motovolt Mobility, said, “The transition to clean energy, particularly in sectors like mobility, presents a significant economic opportunity for both India and the global community. At Motovolt, our commitment lies in enhancing infrastructure, promoting sustainability in electric vehicle manufacturing, and developing solutions to bolster green energy generation and consumption in India. Our endeavors to create an ecosystem free from greenhouse gas emissions have proven successful, leading to the honor of being recognized as the ‘Most Promising Startup.’ This achievement brings immense joy to us and instills greater confidence in our ability to innovate further, providing superior solutions in the realms of clean energy and mobility in India.”

As a major contributor to the cause of clean energy, Motovolt has rapidly evolved as a startup, and the Award serves not only the company’s potential, but also as an acknowledgment of the expertise brought to the table by Mr. Tushar Choudhary, Founder, and CEO of Motovolt Mobility, who was also the Distinguished Speaker at the Session on ‘Pathway to Clean Energy to achieve carbon net zero’ during the prestigious event.

The Government of India’s focus on transitioning to clean energy and making India a global leader in renewable batteries, and green hydrogen has incredible potential, and these technologies can create a market worth about $80 billion in India by the end of this decade itself. The ASSOCHAM Energy Meet Excellence Awards aim to serve as a forum that honors high achievers in this arena and to hold discussions on ways to further improve outcomes with innovations and tech integration in the future.

Bengaluru 22, February 2024: Waaree Energies Limited (the “Company”), India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), [has the obtained from the Bureau of Indian Standards (BIS) certification for Topcon Modules, specifically glass to back sheet, with a of up to 625Wp. The certification falls under the category of “Crystalline Silicon Terrestrial Photovoltaic (PV) Modules (Si wafer based).”

This certification positions the Company at the forefront of innovation in manufacturing of solar [power solutions]. With an adherence to stringent quality standards, the Company aims to deliver highly reliable solar solutions incorporating latest available technologies. The BIS certification can serve as a differentiator in an increasingly competitive global renewable energy landscape, substantiating the credibility to the Company’s products, and help in enhancing the Company’s standing across domestic and global solar [power solutions] markets.

Commenting on this achievement, Mr. Hitesh Chimanlal Doshi, Chairman and Managing Director at Waaree Energies Limited said: “Securing the BIS certification for our TopCon modules is a momentous accomplishment for us at Waaree. It reflects our commitment to pioneering solar innovation and setting new benchmarks in the industry. We believe that this certification can bolster Waaree’s contribution in driving the clean energy transition, in India and across the globe. We are excited by the possibilities that this opens up in terms of enhancing our capabilities to deliver sustainable energy solutions.”

Amethyst presents a SUMMER SALE with Tilla and Eka  from 11am to 7.30pm from February 22nd to 24th, 2024 at The Folly, Amethyst, Whites Road, Royapettah, Chennai. Contact: 044 45991630 /31.

Tilla
Tilla is an Ahmedabad based design studio for clothing and home furnishings, with a focus on handmade Indian textiles and traditional craft skills. Discover a wide range of summer prints on easy separates such as kurtas, kaftans, shirts and day dresses in lightweight silk, cotton, and khadi.

Eka
Ekà, meaning ‘one’ in Sanskrit, finds charm in the familiar—pastoral pleasures, a lilting breeze or the warmth of a lifelong friend. This spirit takes shape in soulful clothing that lives on through individual expression, inspired by the poetic authenticity of places, people, and their stories.

Their designs are meant for celebrating the small, everyday luxuries with distinctive pieces made in fluid cuts and natural fabrics, and punctuated by thoughtful details. Each piece is designed to be seasonless and timeless, with an irreverence for boundaries of shape and age to offer clothing that is globally relevant. Get fabulous discounts on summery pieces comprising dresses, stoles, tops, jackets and trousers.

ROME, ITALY  22 FEBRUARY 2024: Digital wealth platform Yield App has unveiled a significant expansion to its staking program. Holders of the platform’s YLD token can now earn H1 tokens through its new Diamond+ program at an attractive APY of 25%. This initiative is set to heighten anticipation surrounding the imminent mainnet launch of security-focused on-chain finance protocol Haven1 and its native H1 token.

Yield App’s YLD token grants holders access to exclusive perks and the best earning rates on a growing range of digital assets, paid out daily.

To qualify for the maximum 25% APY, users must stake a minimum of 100,000 YLD on the Yield App platform. However, users staking amounts of YLD below this threshold will still earn a competitive 20% APY.

The enhanced rewards will be disbursed from the 300 million H1 tokens allocated by Haven1 to Yield App in August 2023. As well as offering long-term holders of YLD an opportunity to earn greater interest, the token provides an early entry into Haven1 – a Layer-1 blockchain incubated by Yield App and focused on institutional-grade security.

Tim Frost, CEO of Yield App, says: “We’re thrilled to be launching the limited-time Diamond+ staking program, which will act as the primary gateway for users looking to become early adopters of Haven1. With more than 40,000 users, 340,000 total transactions and over 1.4 million blocks minted, so far the Haven1 Testnet has been a great success and we’re looking forward to its mainnet launch later this year.”

Haven1 offers a secure environment to prevent hacks and resist the scams prevalent in on-chain finance. It incorporates a built-in proprietary provable identity framework at the network level, conducts at least two smart contract audits for any applications on the blockchain, and offers recourse mechanisms akin to those available in the traditional financial world.

A fully EVM-compatible chain, Haven1 intends to transition into an Ethereum rollup at a later stage, when this technology is more mature. It is designed to be scalable and user-friendly to facilitate the mainstream adoption of on-chain finance by both retail and institutional investors.

Moreover, Haven1 will allow third-party developers to innovate freely and create diverse applications. The H1 token, distributed through Yield App‘s Diamond+ program, will serve various functions on the Haven1 network, including governance and application fees.

Bengaluru, February 22, 2024: Recognizing his extraordinary contribution towards Indian farming community, Dr. Ram Gopal Agarwal, Chairman, Dhanuka Group has been accorded the Lifetime achievement award by the Entomological Society of India (ESI). This decoration underscores Dr. Agarwal’s significant role in shaping a brighter future for Indian agriculture, characterized by increased productivity, profitability, and social standing for farmers.

The section committee of ESI had recommended bestowing upon the Lifetime achievement award to the Dhanuka Group chairman considering his deep commitment, strong conviction, philanthropic engagement, and high degree of professionalism in his continuous quest for making India’s agriculture vibrant as well as for making farming a dignified profession with increased livelihood and heightened social status. 

In a ceremony at Gandhi Krishi Vignan Kendra (GKVK), Bengaluru, Dr. R. G. Agarwal received the award in the presence of Dr. S. V. Suresha, Vice Chancellor of University of Agricultural Sciences (UAS), Bengaluru, Dr. S. N. Sushil, Director, ICAR-National Bureau of Agricultural Insect Resources (NBAIR), Dr. S. N. Puri, Chief Patron, ESI, Dr. V. V. Ramamurthy, President, ESI and many other esteemed scientists and students of entomology from the various agricultural universities. 

Dr. R. G. Agarwal has dedicated 55 years of his profession to the cause of National prosperity through a vibrant agriculture sector. A renowned philanthropist, his legacy of altruism touches countless lives across domains. His benevolence extends across various domains, exemplified by the establishment of three schools in Rajasthan, Ashrams for spiritual well-being in Vrindavan, a Charitable dispensary at Govardhan, and a waiting hall at AIIMS among others. 

Honoured by the recognition, Dr. R. G. Agarwal expressed his heartfelt gratitude to the ESI. In his award speech, he underlined the critical roles played by agricultural scientist in own journey. Dr. Agarwal also emphasized the need for the innovative solutions for the farmers for better crop yield, thus ensuring higher income for them. On the occasion, Dr. Agarwal has also announced a cash award of Rs. 1 lakh for the Scientists (Entomology) for exceptional achievements in the area of research & development, which will start from next year. The scientist will be selected by the committee formed by ESI. 

Dr. Agarwal has also been a recipient of several coveted awards and recognition including the National Safety Award (thrice); Lifetime Achievement Award by CHAI, FICCI, and many more.

New Delhi, 22 February 2024:  Toprankers, India’s leading digital learning platform has been prominently featured in the documentary series, ‘The Indian EdTech Story,’ produced by Edstead. This exciting series, now streaming on Disney+ Hotstar, shines a spotlight on Toprankers‘ remarkable journey and its profound impact on the educational landscape across India.

The documentary showcases Toprankers‘ unwavering commitment to making education more affordable and accessible to millions of students nationwide. Through innovative approaches and dedicated efforts, Toprankers has significantly enhanced the learning experiences of countless individuals in the field of unconventional careers empowering them to achieve their academic goals.

The episode titled, “Toprankers: Raising the Bar” captures the innovation, determination of the co-founders to solve the problem of every household which is around discovering the right career opportunity and follow one’s passion which can also be beyond engineering and medicine.

Commenting on the release, Shekhar Bhattacharjee, Founder of Edstead, expressed, “The entire objective behind producing this series was to illuminate the transformation of education into an affordable and accessible realm for millions. The series not only captures the highs and lows of the edtech sector but also underscores its ongoing commitment to creating a positive impact. Toprankers journey, featured prominently in the documentary, serves as a testament to the organization’s dedication to providing quality education and leaving a lasting impact on the educational landscape in India. “

“At Toprankers, our goal has always been to help students discover new age careers, assist them with well analyzed resources, skills and develop them comprehensively. Career choices like Law, Management, Design, Judiciary and more, have a low market acceptance, to overcome this mindset and help the students here, we started off with Toprankers. We have made an impact on the lives of 1 L+ students and will continue to do so. This recognition underscores the dedication of our team and the triumph of our students nationwide.” said Mr. Gaurav Goel, CEO & Co-founder, Toprankers.

‘The Indian EdTech Story‘ delves into the highs and lows of the edtech journey, highlighting the pivotal role played by organizations like Toprankers in driving meaningful transformations within the sector. By showcasing success stories and illustrating the broader impact of edtech initiatives, the series underscores the importance of leveraging technology to enhance learning outcomes and foster accessible education for all.

The series is now live on Disney+ Hotstar and across Edstead’s digital channels: https://www.hotstar.com/in/shows/the-indian–edtech–story/1271268709

For more informationbabout Toprankers and its innovative educational solutions, visit https://www.toprankers.com/

Mumbai-based Orient Technologies Limited, a fast-growing information technology (IT) solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).

The IPO has a face value of Rs 10 and consists of a fresh issue of Rs 120 crore and an offer for sale of up to 4.6 million equity shares by the Promoter Selling Shareholders.

The offer for sale consists of the sale of equity shares of up to 1,150,000 by Ajay Baliram Sawant, up to 1,150,000 equity shares by Umesh Navnitlal Shah, up to 1,150,000 equity shares by Ujwal Arvind Mhatre, and up to 1,150,000 equity shares by Jayesh Manharlal Shah.

The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual investors.

The proceeds from the fresh issue, to the extent of Rs 79.65 crore for funding its capital expenditure requirements; Rs 10.35 crore for the acquisition of office premises at Navi Mumbai; and General Corporate Purposes.

Orient Technologies commenced its business in the year 1997 and was co-founded by Ajay Baliram Sawant, Jayesh Manharlal Shah, Ujwal Arvind Mhatre, and Umesh Navnitlal Shah. Over the years, the company has developed deep expertise in creating products and solutions for specialized disciplines across IT Infrastructure, IT Enabled Services (IteS) and

Cloud and Data Management Services. It collaborates with top technology companies like Dell, Fortinet, and Nutanix to offer advanced solutions tailored to meet the specific needs of their customers.

As of December 31, 2023, Orient Technologies boasted a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT), IteS, Healthcare / Pharmaceuticals, among others.

The company has cultivated strong relationships with notable clients such as Coal India, Mazagon Dock, D’Décor, Jyothy Labs, ACG, Integreon, Bluechip, Tradebulls, Vasia Janta Bank, Vasai Vikas Bank and Joint Commissioner of Sales Tax (GST Mahavikas), Mumbai.

The Product and Services offered by Orient Technologies, within IT Infrastructure, comprises of Data Centre Solutions and End-User Computing, The IT Infrastructure has a track record of being the longest operational business segment and also the largest revenue generating segment. The segment has added new products making it a broad-based offering, and growing at a CAGR of 58.60% between fiscal 2021 and fiscal 2023. In the last three fiscals it has added new products under its cyber-security solutions.

It recently ventured into ‘Device as a service (DaaS)’. Under DaaS we provide desktops, laptops, tablets, printers, scanners, smartphones, and servers, bundled with software, along with managed services on a ‘pay-per-use’ model i.e. on a subscription basis.

In the ITeS segment it includes an array of services like Managed Services, IT Facility Management, Security Services, etc., supported by a skilled workforce. This segment has shown steady growth over the years.

The companies Cloud and Data Management Services encompass offerings such as data analytics, business analytics, RPA, IoT, DevOps, and containerization on a subscription basis. Additionally, the company provides various cloud services such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), etc., leveraging its expertise and partnerships for competitive advantage.

As of December 31, 2023, Orient Technologies‘ order book stood at ₹ 92.75 crore.

The Company primarily operates in India and has sales and services offices in several cities across India, including Navi Mumbai, Pune, Ahmedabad, New Delhi, Bengaluru, and Chennai. Additionally, it has a branch office in Singapore.

For fiscal 2022–23, the company’s revenue from operations increased to Rs 535.10 crore from Rs 467.44 crore in fiscal 2021–22, primarily due to increase in revenue from IT & IT infrastructure products and services, Cloud and DMS, and ITES services. Profit after tax increased 14.35% from Rs 33.49 crore in fiscal 2022 to Rs 38.30 crore in fiscal 2023.

For the six months ended September 30, 2023, revenue from operations stood at Rs 266.31 crore, and profit after tax stood at Rs 16.39 crore.

IT-enabled services (ITeS) encompass a broad spectrum of services that leverage information technology for providing services with the help of the internet. Between CY2019 to CY2022, the IT industry saw a growth of 4.8% CAGR. The industry’s domestic revenue is expected to touch ₹ 43,000 – 46,000 crore by Fiscal 2027, clocking a CAGR of 6-8% between Fiscal 2023 and Fiscal 2027, primarily driven by the BFSI and government sector.

Elara Capital (India) Private Limited is the sole book-running lead manager for the IPO, and Link Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Bengaluru, 22 FEBRUARY 2024: Air India, India’s leading global airline, today announced signing of an Inventory Technical Management Programme with SIA Engineering Company Limited.

Under this 12-year agreement, Air India Group’s current fleet of Airbus A320 family aircraft will receive extensive component support coverage from SIAEC. Besides access to its inventory pool, SIAEC (together with its subsidiaries and joint venture companies with Original Equipment Manufacturers) will also provide repair and overhaul services for airframe and on-wing engine component.

Campbell Wilson, Chief Executive Officer & Managing Director, Air India said: “We are delighted to have SIAEC as our partner. The collaboration will further bolster our repairs and maintenance competencies for the Airbus 320 family of aircraft and enhance our reliability and availability of components for aircraft operations.”

Chin Yau Seng, Chief Executive Officer of SIAEC, said: “We honoured to be selected as Air India Group’s preferred MRO partner for the component requirements and appreciative of their confidence in our Inventory Technical Management program. Our proven model will provide the maintenance pillar support for Air India Group’s growth and expansion plans. Together with our network of joint venture companies and component shops located across the Asia Pacific region, we are confident to deliver a high quality and reliable service to Air India Group”.

Air India already has an existing fleet of A320 family aircraft and has placed orders for another 210 A320 family aircraft, which is part of the historic order of 470 aircraft placed in 2023.

Mumbai, 22nd February 2024: With the kind of infrastructure projects that we are building, Mumbai will leapfrog by at least five years ahead of all megapolises, Deputy Chief Minister Devendra Fadnavis said on Monday. Fadnavis was speaking at the Tech Entrepreneurs Association of India event in Mumbai where he launched the Mumbai Megapolis Metaverse. In conversation with Lokmat Media Editorial Director and Joint Managing Director Rishi Darda, Fadnavis revealed his vision for Mumbai and how it was conceptualized. “When I became the Chief Minister in 2014, I realized, talking to entrepreneurs and business heads that Mumbai had become congested, unaffordable, and lacked world-class infrastructure. I got two opinions- one set wanted us to invest gradually and the other asked for a quantum leap. We decided to go with the second option. Between 2015 and 2019, as much as 30 billion dollars worth of projects were started,” Fadnavis said. Fadnavis is confident that the recently built Atal Setu, the 22 km Mumbai Trans Harbour Link, will transform Mumbai.

“We are building a corridor around Mumbai. Look at it like this- we have a Bandra Worli Sea Link, Coastal Road that connects Worli to Nariman Point, and we are now in the process of building connectivity from Bandra to Versova, to Uttan to Virar on the western side We are also building connectivity to Alibaug with Atal Setu. Soon, we can go from anywhere to anywhere in the Mumbai Metropolitan Region within 59 minutes,” Fadnavis said.

Expounding on the Mumbai Metro project, Fadnavis said that a total of 375 km network was envisaged, of which 50 km was already operational while 50 km will be added very soon and the next 50 km will be operational 11 km of the Metro line that was built in 11 years. At present, Mumbai‘s Suburban railway network carries approximately 9 million passengers every day. When completed, the Mumbai metro network will be carrying 9 million people additionally,” Fadnavis said.

Fadnavis had talked about Maharashtra having the most number of startups and unicorns in the country at the recently held Lokmat Maharashtrian of The Year Awards event. Darda asked him why do we not hear of any big tech parks coming to Mumbai or Maharashtra as often as as Bengaluru or Hyderabad. Why is it that we have the highest numbers of startups and unicorns, but VC money always goes to Bengaluru and Hyderabad, Darda asked. Fadnavis said that this would change soon in the coming years. “Amazon has made investments into one of their biggest data centers in Navi Mumbai. Google has started its office in Pune and we entered into an MOU for an Al project. We are in talks with three more global giants but I won’t reveal their names as we have huge competition. But in the future, you are going to hear more soon. Companies only want good governance and we are providing that,” Fadnavis said.

Darda asked Fadnavis to elaborate on the good governance and technology usage in it. Fadnavis offered an example of the scholarship scam that he had faced in the early years after he took over as chief minister. “We found that money was going to ghost accounts. We ensured Aadhar linkage and then the money started going only to the students. However, the principals complained they were not paying fees and spending the money elsewhere. So we created student’s wallets and then the money received by the students could only be sent to colleges. This ended 100 percent corruption in scholarship scams. This is the transparency that the technology brings. All our schemes are governed with the trinity mantra given by our PM-mobile, aadhar, and Director Benefits Transfer.” Fadnavis said.