Tag Bengaluru

Bengaluru, 12, March 2024: The fact that the insurance sector in India is poised to experience exponential growth over the next two decades with a combination of both opportunities and challenges was the underlying opinion of eminent industry speakers at the Bangalore Chamber of Industries and Commerce (BCIC) Insurance Summit 2024. They were also of the opinion that while regulators have articulated a vision that by 2047 there should be insurance for all, how technology can be used to solve this distribution problem is also something that regulators need to work on.

Delivering the Keynote address, Mrs. Geetanjali Kirloskar, Chairperson and Managing Director, Kirloskar Systems Pvt Ltd, and Chairperson, Toyota Tsusho Insurance Broker India Ltd., said “In the dynamic landscape of India’s insurance industry, we find ourselves at the crossroads of opportunity and challenge. The escalating cyber and various other risks underscore the urgency for the insurance sector to evolve. Projections suggest that affluent households with annual incomes of over thirty lakhs that can afford a good comprehensive health insurance policy will go from 2.6% today covering 37 million individuals to 11% in 2031 covering one 160 million individuals and 26.3% in 2047 covering 437 million people based on purchasing power. India’s health insurance market is expected to approach that of the US by 2031 and perhaps surpass it by 2047. If India is to grow at the pace required over the next 3 decades, its manufacturing sector will need to expand over 14 times. Between the growing infrastructure and new manufacturing plants and machinery, another tremendous opportunity in engineering insurance beckons. It also calls for our industry to reinvent itself before big tech, armed with increasingly powerful artificial intelligence, disrupts the industry. With a commitment to governance and societal well-being, the Indian insurance sector has the potential to redefine its purpose, emerging as a vital catalyst for national progress. I believe the insurance industry could match the growth of the overall economy at the least.”

Mr. G Srinivasan, Ex CMD, New India Assurance, said, “The general insurance sector in India is poised for tremendous growth and is expected to expand at around 18% to 20% for the next 20 years, till India reaches global levels of insurance penetration. Currently the insurance penetration in India is among the lowest in the world. An average Indian spends hardly about ₹900 on insurance, both life and nonlife put together and in general insurance probably only about ₹200. Some of the reasons for this is the lack of awareness about the concept of insurance, how insurance could be a mitigation tool for individuals, families and businesses and lack of awareness of the products. Clearly with increase in growth, increase in standard of living, increase in disposable incomes and awareness about the need for insurance, the average spend of an Indian citizen on insurance will clearly increase in the coming years. It is important for individuals to make insurance work for them. For this they need to understand exclusions and obligations and must give maximum information to get risk better rated. Cost of insurance should not be the criteria for insurances but rather one should examine the product, the claim payment attitude and value adds in terms of risk management. It is also important to understand the claims procedure.”

In his opening remarks, Dr. S. Devarajan, President BCIC and Sr. Vice President, TVS Motor Company said, “Risk should be viewed not just as a threat, but as an opportunity for growth and innovation. Integrating insurance into risk management strategies is crucial for sustainable development. The insurance sector stands at a pivotal and critical juncture, where its evolution is not just necessary but imperative for facilitating economic growth and resilience.”

BCIC Insurance Summit 2024, also witnessed addresses on cyber insurance, D&O liability lines, Marine Insurance, Trade Credit Insurance, and a panel discussion. The event was attended by over 250 delegates from the insurance, brokerage and BFSI sectors.

Bengaluru, March 12, 2024 – Around 3000 participants from different age groups participated in a 5 km Marathon organized by SPARSH Hospital RR Nagar. The marathon titled ‘Run for Kidney Wellness’ was conducted to spread more awareness on kidney health. The marathon saw participation of enthusiasts’ as young as 4 years old to the eldest a 78 years old gentleman.

The event was flagged off by Mr. Anil Srivatsa, a distinguished Life Coach, Public Speaker, and Entrepreneur based in Bengaluru, India. Anil’s multifaceted career spans various industries, from his tenure as the Chief Executive Officer of the IPL Cricket franchise team Punjab Kings to his role as the President/CEO of Sochcast.com, a spoken word audio platform for Indian women globally.

Speaking about One of the Biggest Marathons in Bangalore City has witnessed recently Mr. Joseph Pasangha, COO of SPARSH Group of Hospitals, commented, “We are thrilled to witness such enthusiastic participation in the ‘Run for Kidney Wellness’ marathon. The overwhelming response underscores the community’s commitment to prioritizing kidney health. It’s heartening to see individuals coming together to raise awareness about this vital aspect of overall well-being. Kidney health is crucial for maintaining a healthy lifestyle. By staying active, hydrated, and mindful of our dietary choices, we not only support our kidneys but also contribute to our overall health and vitality. Let’s continue this momentum in promoting kidney wellness and fostering a healthier future for all.”

SPARSH Hospital RR Nagar extends heartfelt gratitude to all participants, and supporters for their unwavering commitment to kidney health awareness. Together, we’ve taken significant strides towards promoting a healthier future for all, emphasizing the importance of proactive kidney care in our communities. Let’s continue to champion kidney wellness and inspire positive change in health behaviours.

Bengaluru, March 12, 2024: Tata Motors, India’s leading automotive manufacturer, is proud to announce a significant milestone in its manufacturing history of rolling out the 1 millionth car from its state-of-the-art facility in Sanand, Gujarat. This landmark achievement emphasizes Tata Motors’ commitment to continuously innovate, for delivering superior products that elevate consumer delight. It also reflects the hard work and dedication of the team at the Sanand facility, who have played a crucial role in achieving this milestone.

The Sanand plant was established in 2010 spread across 1100 acres – 741 acres (TML) and 359 acres (Vendor Park) with over 6000 direct and indirect employees, has been instrumental in Tata Motors’ growth and success. Being one of the youngest plant of Tata Motors, the Sanand facility boasts of having an up-to-the-minute technology across all its processes. The highly mechanised plant has incorporated a lean process management system. The plant houses press line, the weld shop, paint shop, assembly line and powertrain shop. This facility has a flexible assembly line and is known for producing various models of passenger vehicles like Tiago, Tiago AMT, Tiago.ev, Tiago iCNG, Tigor, Tigor AMT, Tigor EV, Tigor iCNG and XPRES-T EV. A single model plant has been successfully converted into multi-model plant churning out three models with 100% assets management and utilization.

Commenting on the momentous occasion, Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility Ltd. said, “We are extremely proud to roll out the 1 millionth car from our Sanand plant. This facility has been pivotal in bolstering our growth story in India by responding to market needs promptly. This achievement is a testament to the high standards we set for ourselves and the commitment we have to our customers. Our efforts have led to higher consideration for our products and this milestone certainly reiterates the popularity of our products among consumers. We are confident to carry forward our momentum in providing safer, smarter, and greener mobility solutions. We owe this milestone. We acknowledge and thank our employees, suppliers, channel partners, and most importantly the Government of Gujarat for their unwavering support, which has been integral to achieving this milestone.”

Tata Motors has always believed in social upgradation of individuals and communities. The Sanand plant has adopted more than 68 villages in and around Sanand, Bavla & Viramgam. Setting up of toilets, skill development of women to increase their employability and health and education of girl child are the key initiatives with which the plant began its CSR activities in Sanand. In last 13 years, the CSR initiatives of Tata Motors has touched over 3 lakh lives in and around Sanand.

Bengaluru, 12 March 2024: Fortis Hospital Bannerghatta Road is proud to announce the successful launch of FRIEND, a dedicated support group aimed at providing guidance and support to those affected by endometriosis. Led by Dr. Gayathri Kamath, Additional Director, Department of Obstetrics and Gynaecology, FRIEND seeks to create a nurturing space where individuals can share their experiences, seek solace, and access expert advice.

Endometriosis is a challenging condition that affects millions of women worldwide, causing chronic pain and impacting their quality of life. Recognizing the need for a supportive community, Fortis Hospital Bannerghatta Road has taken the initiative to establish FRIEND.

The launch event, held at the hospital premises, was met with overwhelming support from the community. Nearly 60 attendees were treated to an insightful talk on mental health issues and stress management by Dr. Gayathri Kamath and Dr. Shubha Madhusudan, a clinical psychologist, respectively, who provided valuable insights into effectively managing endometriosis. Additionally, three patients bravely shared their personal journeys with endometriosis, providing inspiration and encouragement to others facing similar challenges.

Dr Gayathri Kamath, Additional Director, Department of Obstetrics and Gynaecology, Fortis Hospital, Bannerghatta Road, Bengaluru, said, “Endometriosis can be a daunting condition to navigate alone. FRIEND aims to bridge the gap by providing a supportive community where individuals can find understanding, resources, and hope. Through regular meetings, workshops, and educational sessions organized by the members, one will have access to the latest information on endometriosis management, treatment options, and coping strategies. The support group will also facilitate connections with healthcare professionals at FORTIS, fostering collaborative relationships between patients and practitioners. Together, members of FRIEND will stand as a united front, championing for greater understanding, acceptance, and support for individuals navigating the complexities of endometriosis.”

Mr. Akshay Oleti, Business Head, Fortis Hospitals Bengaluru, said, ” At Fortis Hospital, we are committed to providing holistic care and support to our patients. FRIEND represents our dedication to addressing the unique needs of individuals affected by endometriosis and offering them a sense of community and empowerment. This initiative reflects our commitment to enhancing the well-being of individuals, and we look forward to nurturing a supportive environment where strength, understanding, and healing prevail.”

Bengaluru, 12 March 2024: Achieving a sustainable future is one of the most significant organisational risks of the 21st century. This creates an opportunity for organisations to ensure that their merger and acquisition (M&A) processes make a material, positive contribution to a sustainable operating model. Failure to adequately assess the impact of sustainability risks and can threaten the success of M&A transactions.

As accountancy and finance professionals are at the heart of the transaction process they have a crucial role using their skills to assess complex risk to help organisations transform their operating models to become more sustainable.

With sustainability-related issues an increasingly becoming a driver for M&A activity, an important joint report Sustainability in transactions from ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand, examines how the interrelationship between M&A and sustainability is crucial for the corporates and their stakeholders.

The report sets out three key messages:

• sustainability forms a fundamental part of the strategic intent of M&A transactions and of the valuation of an entity, and the related opportunities and risks cannot be ignored;
• assessing sustainability-related risk and opportunities must be comprehensively considered as part of the due diligence process, both as a specific workflow and as an integral part of other forms of due diligence; and
• organisations need to ensure that they have an appropriate level of expertise to handle the transaction cycle and to understand the sustainability-related aspects of a target’s operations, assets and liabilities.

CFOs must identify sustainability considerations during the investment and divestment cycles. Critical business risks are now arising from sustainability-related issues, and these can pose a threat to the outcome of transactions. Sustainability can be a driver for an acquisition and – in the case of a sunset industry – the reason for divestment or demerger. Sustainability considerations in transaction are not uniform. The research suggests that in some sectors and industries it is barely a subtle noise, in others it is a loud drumbeat. It is clear from the research that sustainability is a multi-dimensional issue and the breadth of areas to be considered in a due diligence process is broad and interconnected.

The report examines the sustainability considerations in the due diligence process under strategic,  environmental, social economic and governance. Sustainability should be a consideration through each step of the transaction workflow: from strategy and acquisition planning through to due diligence and closing. The report provides tips to help guide CFOs and their finance teams when considering sustainability-related issues in the M&A transaction process.

Clive Webb, Head of Business Management, ACCA, said: ‘It cannot be stated too loudly that in the M&A process there are significant numbers of risks which could derail an organisation’s journey towards a sustainable operating model.  Failure to adequately assess the impact of those risks, and the opportunities which arise, can create a threat to the success of the transaction.  As accountancy and finance professionals we are best placed to lead that assessment.

Bengaluru, March 11, 2024 – SiMa.ai, the machine learning software-driven company with purpose-built hardware to deploy AIML applications at the edge, today announced it has been named on Forbes’ 2024 America’s Best Startup Employers list for the second consecutive year. The inclusion on Forbes’ annual employer list follows SiMa.ai’s recognition by IDC as an Innovator for AIML at the edge and GSA as the 2023 Startup to Watch. SiMa.ai was included on the Best Startup Employers list for a second time as a result of its investment in and development of strong talent, company growth, and employee culture and satisfaction.

SiMa.ai is focused on delivering leading efficiency and performance for vision-centric inference and advancing its chips to handle the power and compute of multi-modal large language models. As edge devices become more capable of powerful vision and language processing, SiMa.ai will power human-machine collaboration across critical industries like healthcare, industrial manufacturing, aerospace, defense, agriculture, and more.

“The team behind SiMa.ai’s technology is critical to our success, and we’re proud to be recognized on Forbes’ Best Startup Employers list for a second year in a row,” said Krishna Rangasayee, CEO and founder, SiMa.ai. “As AIML becomes more ingrained across the devices we use everyday, we’re building the capabilities to bring sight, sound and speech to edge devices across hospitals, farms, factory floors and more. That future requires an imaginative, collaborative, and dedicated group of individuals who are committed to redefining what’s possible for machine intelligence at the edge.”

Presented by Forbes and market research company Statista, the 2024 list was compiled by evaluating 20,000 American businesses founded between 2014 and 2021 that employ at least 50 people. Companies ranked on Forbes’ America’s Best Startup Employers list are evaluated by three criteria of excellence: employer reputation, employee satisfaction, and growth. Out of all the qualified organizations in the U.S., only 500 employers earned this distinction.

The ranking comes after a series of significant corporate milestones achieved over the last 12 months. SiMa.ai has expanded its market leadership, most notably with the recent launch of its MLSoC Development Kit, which allows developers to compile and evaluate their machine learning models in hours and create proof-of-concept use cases in days. The company bolstered its leadership ranks in October with the appointment of Elizabeth Samara-Rubio as Chief Business Officer. In addition, the company was recently recognized as an IDC Innovator for AIML at the edge, won the GSA 2023 Startup to Watch award, achieved MLPerf results that surpassed NVIDIA in computer vision performance twice in 2023, launched its Partner Program and raised additional capital.

Bengaluru, 11 March 2024: Vedanta’s BALCO Medical Centre (BMC), an emerging leader in India’s oncology space, has achieved a historic milestone by becoming the first Indian co-researchers in a team to receive the prestigious Cancer Grand Challenges Award. This recognition, with a substantial $25 million grant for cancer research, underscores BMC’s position as a pioneering institution in India’s oncology landscape. The recipient team PROSPECT, comprising of clinicians, advocates, and scientists from BALCO Medical Centre and other esteemed institutions around the world, will be addressing the critical issue of early-onset cancers challenge.

Ms. Jyoti Agarwal, Chairperson, Vedanta Medical Research Foundation, expressed her gratitude, stating, “We are honoured to have been chosen for this prestigious award, which significantly advances the battle against cancer. Over the past six years, at BMC, our leaders, employees, and stakeholders have worked tirelessly to ensure that we have access to the best technologies, and that our patients and communities feel safe and confident. With this support from Cancer Grand Challenges, our efforts are not only continued but also strengthened. With collaborative efforts, I am confident that we can positively contribute to the overall healthcare landscape.”

Team PROSPECT is one of five global teams being funded this year by Cancer Grand Challenges, which was founded in 2020 by Cancer Research UK and the National Cancer Institute US, to invite diverse world-class research teams to come together, think differently and take on some of cancer’s toughest challenges. The teams will be funded by Cancer Research UK, the National Cancer Institute, the Bowelbabe Fund for Cancer Research UK and Institute National Du Cancer through Cancer Grand Challenges with a total investment of $125m to tackle some of the toughest challenges in cancer research.

“Together with our network of visionary partners and research leaders, Cancer Grand Challenges unites the world’s brightest minds across boundaries and disciplines and aims to overcome cancer’s toughest problems,” said Dr. David Scott, Director of Cancer Grand Challenges. “With this investment, our largest to date, we continue to grow our global research community, and fund new teams that have the potential to surface discoveries that could positively impact cancer outcomes.”

Vedanta’s BALCO Medical Centre, a state-of-the-art tertiary care Oncology facility in Central India, has been at the forefront of cancer care, providing multidisciplinary treatment and support. The institution is recognized as a referral centre for advanced radiation therapy, brachytherapy, nuclear medicine, surgeries, chemotherapy, and many more. Since inception in March 2018, BMC has treated more than 37,000 patients. Additionally, the institution has received many certifications and accreditations including LEED certification, NABH, FSSAI, NABL, Nursing Excellence, CAHO certifications. This significant grant underscores BMC’s commitment to pioneering research and delivering innovative solutions to address critical healthcare challenges in India.

Dr. Bhawna Sirohi, Medical Director at Vedanta Medical Research Foundation (BALCO Medical Centre) and the lead principal investigator for PROSPECT-India study, says “The worrisome increase in colorectal cancers stresses the importance of early detection and lifestyle choices for prevention. There’s a dire need for cancer screening in high-risk areas to facilitate early diagnosis and prompt treatment, especially with the shifting demographics towards a younger population. This grant will speed up global cancer research, focusing on understanding the reasons behind the rise in early-onset colorectal cancer and strategies for prevention”.

Early-onset colorectal cancer (EOCRC) is an important emerging global problem among individuals younger than 50 years. Team PROSPECT aims to address this by understanding the pathways, risk factors and molecules involved in its development. The team’s vision is to understand and ultimately try to reverse the network of causal factors throughout the life course that disrupts normal biological processes to promote EOCRC. The team will employ a disruptive, transdisciplinary approach spanning cells, individuals and populations to uncover the mechanisms linking lifetime exposures to early-onset colorectal cancer, and test new strategies to combat this cancer type.

Currently, Cancer Grand Challenges brings together 1,200 researchers and 16 teams from across the world to take on 13 challenges. The spirit of giving back is part of the Vedanta’s core values. This achievement brings the company closer to fulfilling the vision of contributing to the community and making a lasting impact on society.

11th March, 2024, Bengaluru: The Australian Trade and Investment Commission (Austrade) has successfully concluded its inaugural EdTech Trade Mission to India 2024, which took place from 26 February to 1 March 2024. This ground-breaking initiative was designed to tap into India’s rapidly expanding online education market and to foster partnerships that enhance collaboration between Australia and India.

The mission provided a dynamic platform for Australian EdTech companies, universities, and training organisations to deepen their understanding of the Indian online education landscape and the EdTech ecosystem. By engaging with key stakeholders, potential collaborators, investors and clients, the mission facilitated meaningful discussions and networking opportunities.

A highlight of the mission was the participation in the India Digital Summit 2024 (IDS) held in Mumbai on 27 and 28 February 2024, which offered Australian delegates invaluable networking opportunities. 15 delegates from 5 Australian EdTech organisations and 3 Australian Universities joined the mission’s itinerary which included visits to Mumbai and Bengaluru. These cities were chosen for their vibrant ecosystems and as a representative of the opportunities available for Australian entities looking to expand into the Indian market.

Dr Monica Kennedy, Senior Trade and Investment Commissioner at Austrade, commented: “The Australian EdTech Trade Mission to India 2024 was a resounding success, creating a unique platform for Australian companies to explore the Indian market and establish connections. The engagement and partnerships formed during this mission are testament to the synergies between the Australian and Indian EdTech sectors.”

The EdTech Trade Mission 2024 has laid a solid foundation for future collaboration between Australian and Indian EdTech innovators. As demand for innovative educational solutions continues to rise in India, Australian EdTech firms are well- positioned to meet this demand. Austrade remains committed to supporting Australian companies in navigating the Indian market and seizing the opportunities for growth and collaboration that lie ahead.

Bengaluru, 9 March, 2024: As ICICI Bank enters its 70th year, the bank has come out with a video encapsulating its journey over the years in serving the nation.

The bank’s predecessor, the Industrial Credit and Investment Corporation of India (ICICI), was born on January 5, 1955 through a collaboration between the Reserve Bank of India and the World Bank, as part of the independent India’s endeavour to foster growth of indigenous industries.

Throughout the years, ICICI played a crucial role in bolstering India’s industrial sector by providing financial assistance to companies across industries, and helped setting up pioneering institutions which would eventually revolutionise various sectors of the economy. ICICI started a leading investment banking company in the early 90s. The institution also became the first Indian company and the inaugural non-Japan Asian bank or financial institution to be listed on the New York Stock Exchange (NYSE).

In the early 2000s, ICICI diversified its offerings by venturing into life and general insurance sectors, becoming a comprehensive financial services provider.

Set up on January 5, 1994, ICICI Bank has always been at the forefront of technological innovation. In 2002, the merger of ICICI Limited and ICICI Bank made the institution a universal bank offering a wide spectrum of retail and corporate financial services.

In alignment with the government’s Digital India initiative, ICICI Bank’s flagship app, iMobile Pay, offers over 400 services, catering to customers of the bank and customers of other banks. The bank revolutionised business banking by introducing InstaBIZ, an innovative business banking mobile application for all businesses.

Beyond banking, ICICI Bank aims to create an enduring impact on society and the environment. Efforts of the bank’s philanthropic arm, ICICI Foundation for Inclusive Growth, in providing affordable and accessible healthcare, creating rural livelihoods, and supporting societal development have made a difference to millions of lives.

Bengaluru, March 09, 2024: TVS Supply Chain Solutions Limited (NSE: TVSSCS, BOM: 543965), a global supply chain solutions provider and one of the largest and fastest-growing integrated supply chain solutions providers in India, has announced the expansion of its warehousing capacity in India by adding 6,50,000 sq. ft. of ultra-modern multi-client warehouse space in Hosur, Tamil Nadu. The facility was inaugurated by Mr. K N Radhakrishnan, Director and CEO, TVS Motor Company and Mr. Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions, today. With this addition, the organisation’s total warehouse capacity has increased from 21.2 to 21.85 million sq. ft. This expansion has created 1200 new jobs and is in line with its customers’ growth requirements.

Says, Mr. Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions Ltd., “We are thrilled to unveil our new warehouse equipped with cutting-edge automation and IT systems. This marks a pivotal step in our commitment to efficiency, innovation and delivering unparalleled service to our customers.”

Inaugurating the new facility, Mr. K N Radhakrishnan, Director and CEO, TVS Motor Company said, “This new facility by TVS SCS demonstrates their ongoing efforts to enhance service capabilities and meet customers’ evolving needs. We have strategically positioned our Global Parts Distribution Centre in this new facility, which will serve as a hub for our global market. I am confident that TVS SCS through their process excellence, business know-how and technical expertise will provide services par excellence.”

TVS SCS’ warehousing solutions are backed by industry-leading technology systems and material handling equipment. The offering includes a wide range of warehouse storage options such as contract warehousing, cross-docking, open yard management, rework & refurbish management, multi-user facilities, palletised & racked and temperature controlled.

TVS SCS firmly believes in three key aspects; customer centricity, process excellence & standardisation and work culture & diversity in its operations, and these are well represented in the new warehouse facility. The new warehouse facility will have around 300 women employees in various roles like kitting, binning, etc.

Globally, TVS Supply Chain Solutions operates around 300 strategically located warehouses across five continents, covering over 27 million square feet of warehousing space.