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Mumbai, February 06th, 2024: Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO), announced its unaudited financial results for the quarter and nine months ended 31^st December, 2023. Building on this robust Year-over-Year performance, the Company stands firmly positioned to achieve the guided performance expectations for the fiscal year 2024.

Results Highlights:

• Revenue for the quarter stood at INR 231 Cr, a growth of 37% on a YoY basis
• EBITDA for Q3FY24 stood at INR 51 Cr as compared to INR 37 Cr in Q3FY23, a growth of 38% on a YoY basis. EBITDA margins for the quarter stood at 22%
• PAT for Q3FY24 stood at INR 38 Cr, which is a growth of 45% on a YoY basis. PAT margins for the quarter stood at 16%

Operational Highlights:

Banking & Fintech

• Integro Technologies Wins Chartis RiskTech 100 – 2024 Award for Best Limits Management Software, in the category of Lending Operations
• Aurionpro wins “Best Transaction Banking Implementation: Most Impactful Project“ award at the 5^th IBS Intelligence Global FinTech Innovation Awards
• Aurionpro wins new order from one of the largest Public Sector Banks in India to supply, install, implement, customize and maintain iCashpro+, our Cash Management Solution
• India’s leading private sector bank, successfully implements Aurionpro’s AuroFX, an advanced FX automation tool covering the full range of branch FX operations
• Aurionpro completes strategic acquisition of Omnifin®, loan management system, from  A S Software Services Pvt. Ltd to complement and enhance its portfolio of industry leading Lending Solutions

Technology Innovation Group

• Aurionpro Transit, an Aurionpro subsidiary in transit business, announces partnership with MasterCard to provide commuters with a next-generation contactless payment method for public transport
• Aurionpro Transit and Vix Technology announces partnership to launch Next-Gen Mobility Solutions. As part of this collaboration, Aurionpro Transit will design and develop state-of-the-art All-in-One Driver Console and Mobile Data Terminal, innovative in-bus solutions which will streamline transit operations by providing a central on-vehicle hub for various functions from ticketing to communications
• Aurionpro signs multiple new wins in Data Centre segment which includes orders from the leading telecom company in Bhutan, a premier public research university and technical institute in India and expansion of an existing data center in Odisha
• Aurionpro Transit expands in Australian market, wins further orders from the leading transport agency in Canberra, the existing client in the market
• Aurionpro Transit expands in Mexican market with a new order for the automated gates for the transport agency in the city of Merida, Mexico

Management Commentary

Mr. Ashish Rai, Vice-Chairman & CEO said

“We are pleased to see continuing strong growth across both our major segments in Q3 and 9M FY 2024. Our 9M results showcase robust performance, with revenue reaching INR 641 crores and PAT at INR 103 crores—both increasing by 37% compared to the corresponding period last year. These results highlight the sustained strong growth momentum in the business, reinforcing the achievability of our long-term growth ambitions. As we approach the end of FY 24, we feel confident in meeting or exceeding our guided performance target for the year.

The recent quarter saw a significant uptick in deal activity, marked by the acquisition of substantial orders across our key segments. This significant win momentum will not only power our future growth but it also enhances our market position and credibility with global clients. The ongoing strong demand environment across our major offerings, reinforces our confidence in sustaining this growth trajectory and our immediate focus will be on continuing to scale our execution capabilities to capitalise on this demand.

The impressive performance in Q3 and over the years is a testament to the capability and dedication of our product and delivery teams across the globe. We remain committed to strengthening our sales, delivery, and R&D capabilities to sustain current growth momentum and ensure continued success.

Our expansion strategy adopts a multi-pronged approach, focusing on building a robust direct sales channel and forming strategic partnerships to maximise the market reach and impact for our continuously expanding portfolio of industry leading offerings. Recent key partnerships in the Transit segment and the acquisitions of Omnifin and Interact DX in the banking segment underline the strong execution of our growth strategy, emphasizing both organic and inorganic growth to penetrate our chosen markets.

Our capability to achieve the long term growth ambitions that we outlined in Vision 2030 is driven by strong and disciplined execution in building industry leading offerings through cutting edge ground up R&D as well as through proactive M&A and strategic partnerships where appropriate. Our order book now exceeds INR 900 crores and with the demand environment remaining exceptionally strong for our key offerings, we feel we are well positioned to sustain our strong growth trajectory in the upcoming quarter.”

Mumbai, February 6, 2024: SBI Mutual Fund, India’s largest fund house, announces the launch of the SBI Energy Opportunities Fund, an open-ended scheme following the energy theme. The fund would invest in an optimal mix of domestic and/or overseas companies engaging in activities such exploration, production, distribution, transportation and processing of traditional and new energy including but not limited to sectors such as oil & gas, utilities and power. The New Fund Offer (NFO) period is February 6 – 20, 2024.

Mr. Shamsher Singh, Managing Director & Chief Executive Officer, SBI Funds Management Limited, said: “The Energy sector is a multi-decade Atmanirbhar Bharat story as our country aims to move from being energy deficient to self-sufficient. Our country’s commitments towards Green Energy initiatives like COP26 (Panchamrit Strategy), the Green Hydrogen Mission, the Ethanol Blending Programme along with focused policy initiatives in the traditional energy sectors provide sufficient tailwinds for the Energy sector to grow in line with our country’s needs. As the largest fund house in the country, we believe the time for funds like SBI Energy Opportunities Fund is apt as they aim to capitalise and provide investors benefits from a theme which is at an inflection point.”

Mr. D P Singh, Deputy MD & Joint CEO, SBI Funds Management Limited, said, “The SBI Energy Opportunities Fund is an opportunity to participate in the growth of the India Energy sector. The sector has seen rapid strides in terms of infrastructure and policy reforms, helping improve the profitability of the sector. Historically, energy consumption in an economy is directly linked to economic growth. With our country expected to be the third largest economy in the world, its per capita energy consumption could also witness significant rise and opportunities exist across the entire spectrum of the energy value chain. Investors who believe and seek to leverage this growth journey should look at investing in the fund in line with their risk profile and portfolio needs.”

The scheme would primarily invest 80 – 100% of its assets in equity and equity-related instruments of companies engaged in energy (traditional & new) and allied business activities theme. (including equity derivatives) with the balance in other equity & equity-related instruments (including equity derivatives), debt securities (including securitized debt & debt derivatives) and money market instruments (including tri-party repos). The minimum application amount required is Rs. 5,000 and in multiples of Rs. 1 thereafter. Investments can be done through lump sum or SIP (Daily, Weekly, Monthly, Quarterly, Semi-Annual & Annual). The fund managers for the SBI Energy Opportunities Fund would be Mr. Raj Gandhi and Mr. Pradeep Kesavan (dedicated fund manager for overseas securities).

Mumbai, 6th February 2024 – Welspun Living Ltd, a leading player in Home Textiles, Flooring Solutions, and Advanced Textiles, announces the appointment of Mr. Sunil Duggal as an Independent Director, effective from January 31, 2024.

Mr. Duggal will serve his first term as an Independent Director for four years, ending on January 30, 2028. Mr. Duggal is an accomplished leader, with a Bachelor of Technology Hons. (Electrical Engineering) from BITS, Pilani, and a postgraduate diploma in Business Management (Marketing) from the Indian Institute of Management, Calcutta.

His extensive experience, spanning decades, includes a remarkable 17-year tenure as CEO of Dabur India Limited. He has also chaired and cochaired significant committees, such as Indo-Turkish JBC and FICCI Committee on Food Processing. Mr. Duggal has been recognized as FMCG CEO of the year thrice and was awarded the Distinguished Alumnus Award by the Indian Institute of Management Calcutta in 2019. His expertise will be invaluable to Welspun Living Ltd.

“Dipali Goenka, CEO & MD of Welspun Living, on the appointment of Sunil Duggal said, I am delighted to welcome Sunil Duggal to Welspun’s Board of Directors. His extensive experience, particularly in steering Dabur’s success, aligns seamlessly with our commitment to elevating Welspun’s B2C journey. As we embark on this transformative phase, his consumer-centric perspective and experience in building strong consumer connections resonates perfectly with Welspun’s vision. His insights into consumer behavior and market dynamics will be instrumental as we continue to innovate and cater to the evolving needs of our audience. Together, we are poised to strengthen Welspun’s position in the market, combining our passion for quality with Sunil’s wealth of experience. I look forward to working with him

Joining as an independent director with Welspun Living, Mr. Duggal added, “As an Independent Director, I am truly excited to contribute my experience and knowledge to Welspun Living’s diversified brand portfolio, fostering growth and ensuring success. The company’s unwavering commitment to innovation and sustainability is truly inspiring, aligning seamlessly with my values. I am eager to embark on this exciting journey, working collaboratively to further elevate Welspun Living’s impact in the industry.”

Mumbai, February 5^th, 2024: Alembic Pharmaceuticals Limited reported its consolidated financial results for the third quarter and nine months period ended 31st December, 2023.

Financial Highlights

• Net Sales grew 8% to Rs.1631 Crores for the quarter.
• Net Profit up 48% to Rs.180 Crores from Rs.122 Crores
• EBITDA up 14% to Rs. 269 Crores.

Mr. Shaunak Amin, MD, Alembic Pharmaceuticals Limited said “The India Branded Business was underpinned by a continued incremental improvement in core operations. The Specialty and Animal health segments continued its strong outperformance; whereas the acute performance was relatively satisfactory despite challenging market conditions. The Ex US generics grew 32% in the quarter, whereas the US returned to a 9% growth on the back of 11 launches and 7 approvals.”

Operational Highlights

India Branded Business

• India Branded Business at Rs. 596 Crores witnessed growth of 9% for the quarter.
• Gynecology, Gastrointestinal, Anti Diabetic and Ophthalmology therapies outpaced market growth.
• Relative degree of performance continue to be better than the market in Antibiotic and Respiratory segments on high base of previous year.
• Animal Health business recorded growth of 32% YoY basis. Basket of strong brands continue to drive outperformance.

International Business

• US Generics grew 9% to Rs. 474 Crores for the quarter.
• Ex-US International Formulations grew 32% to Rs. 272 Crores for the quarter.
• 7 ANDA approvals received during the quarter; 196 Cumulative ANDA approvals.

API Business

• API business at Rs. 289 Crores for the quarter.

The summary of Total Revenue is as under:                                                   (Rs in Crores)

Mumbai, India (Feb 5, 2024) – Lyra Network, an established leader in securing eCommerce and POS payments with deep expertise in fintech and paytech solutions platforms, has propelled Digital Innovation with UPI (Unified Payments Interface) to the French market. Lyra Network achieves a historic milestone by enabling UPI transactions in France, starting with online bookings for the iconic Eiffel Tower. The France Consulate marks this momentous occasion with the first-ever UPI transaction at Lyra’s Mumbai office for online buying of Eiffel Tower tickets.

The inaugural UPI transaction at Lyra’s Mumbai office by the France Consulate General Mr. Jean-Marc Séré-Charlet on Lyra India’s 16th anniversary highlights a robust partnership, promoting digital payments and enhancing economic collaboration between India and France. The Consulate’s participation reinforces trust in Lyra Network’s capabilities and the UPI system. This milestone underscores Lyra’s commitment to global payment innovation and the growing acceptance of UPI as a reliable cross-border digital payment solution.

On the groundbreaking inauguration move, Rajesh Desai, CEO and MD, Lyra Network, said, “Lyra Network is thrilled to launch UPI transactions in the French market, signalling a new era in cross-border financial interactions. UPI’s introduction is a strategic move, fostering economic collaboration between India and France. UPI provides a seamless and secure payment experience, transcending geographical boundaries. As Lyra expands UPI globally, the synergy of technology and finance redefines cross-border transactions, creating an interconnected financial ecosystem with transparent, real-time currency exchange rates. In 2024, Lyra Network aims to enter the global UPI arena, emphasizing POS and Switch solutions and collaborating with fintech, banks, government projects, and merchants while expanding our customer base”.

In 2023, UPI accounted for 40% of global real-time payments. Year-on-year, UPI witnessed a 59.2% growth in volume to Rs 9.33 billion and a 45.5% increase in value to Rs 14,75,464 crore by June. As of January 31, 2024, UPI transactions in value surged to Rs 18.41 lakh crore, as reported by the National Payment Corporation of India (NPCI). In terms of volume, transactions rose to 1,220.301 crore on January 31, up from 1202.023 crore in December.

“I am thrilled about the groundbreaking launch of UPI transactions in France. This move redefines cross-border dynamics, offering businesses and individuals a modern, efficient, and secure payment method. UPI’s significance lies in transcending geographical boundaries, providing a seamless and interconnected financial experience. Introducing UPI in France isn’t just a transactional leap; it’s a technological evolution. The underlying technology ensures a robust and real-time fund exchange, enhancing overall efficiency and transparency in financial interactions. This launch encourages UPI adoption among French merchants and contributes to the broader narrative of global financial integration.” said Manoj Varma, Head – Payments, Lyra Network.

The UPI integration in France is a transformative milestone, revolutionizing payment methods for businesses and individuals. It accelerates UPI adoption among French merchants, ensuring secure, interoperable cross-border transactions. This innovative move showcases Lyra’s commitment to cutting-edge solutions, enhancing the global payment landscape for diverse users.

February 03, 2024; Mumbai, India: The Advertising Club gears up to announce the 55th edition of The ABBY One Show Awards 2024, South Asia’s Gold standard, acknowledging creative excellence in advertising for over five decades. Held over three days, The ABBY One Show Awards 2024, are scheduled to take place on the 29th, 30th, and 31st of May during Goafest at Grand Hyatt, Bambolim, Goa.

In an ongoing effort to elevate the prominence of the ABBYs, The Advertising Club strengthens its collaboration with The One Show for the third time in a row. This partnership aims to enhance the global standards of judging, jury selection, and transparency, further taking the preeminent ABBY Awards to new heights of recognition.

With a promise to garner global acclaim for remarkable achievements in creative advertising, the ABBYs stand out as a highly revered award property. Recognized as the biggest and the most prestigious advertising award show in the nation, victories at the ABBYs have not only secured domestic acclaim but have also translated into international recognition at prestigious events such as Cannes and One Show, setting unprecedented benchmarks in terms of scale and innovation.

The ABBY One Show Awards 2024 will represent the South Asia region that includes India, Sri Lanka, Nepal, Bangladesh, and Pakistan and has been doing so since 2004.

Speaking on the initiative, Rana Barua, Group CEO of Havas India, South East, and North Asia, and President of The Advertising Club, said, “We, at The Advertising Club, are proud to announce the 55th edition of the ABBY One Show Awards. Over five decades, the ABBYs have not just recognized brilliance; they have fuelled it, inspiring professionals to push boundaries and set new standards. As we celebrate this milestone, our commitment to raising the bar remains unwavering. By partnering once again with ‘The One Show,’ a global benchmark for creativity, we aim to continue to amplify the ABBYs’ global presence. This collaboration underscores our dedication to presenting an award show of unparalleled authenticity and significance. As we embark on this exciting journey, we eagerly look forward to celebrating victories and work that will undoubtedly add new chapters to the illustrious history of the ABBY Awards.”

Prasanth Kumar – CEO, GroupM South Asia and President, Advertising Agencies Association of India, added, “Over the years, the ABBY Awards have grown in stature, a testament to our industry’s relentless pursuit of brilliance. Each edition has marked new milestones, recognizing outstanding work that has set benchmarks and inspired future generations. We are delighted to co-host the ABBY One Show Awards at Goafest. Our collaboration with the Advertising Club underscores our shared commitment to nurturing creativity and celebrating outstanding achievements within our vibrant community. As we eagerly anticipate the 55th edition, we look forward to contributing to the legacy of the ABBY Awards and inspiring new chapters in the narrative of creative excellence.”

“The Abby One Show is a one-of-its-kind award that has been recognised as the gold standard in the Indian advertising, media and marketing industry, for over 5 decades. What makes it truly unique is that it is an award of our industry, and has been nurtured by the industry, for the industry. The awards have kept pace with the changing times and believe that nurturing and showcasing the work, with a spotlight on the young professionals, is integral to the growth and vibrancy of our industry. As we embark on this 55th edition, we eagerly look forward to witnessing outstanding creative work that will undoubtedly set new benchmarks and inspire the industry at large.” added Ajay Kakar, Chairperson, The ABBY One Show Awards 2024.

Mumbai, January 30, 2024: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi- urban markets, at its meeting held today, announced the unaudited financial results for the quarter ended December 31, 2023.

Standalone:

Key Highlights: Steady performance for the quarter & YTD

• Leadership position maintained in Tractors, Pre-owned vehicles, Passenger vehicles, and Three-wheelers.
• Asset growth momentum resilient with Loan Book* at Rs. 97,048 crores… YoY á 25.5%
• Improved NII margins… QoQ á 6.8% vs 6.5%
• Improving Asset Quality Trend… GS2%+GS3% ~10%

o   Stage-3 @4% (vs. 4.3% in Sep-2023)

• Credit Cost improvement… QoQ â 1.2% vs 2.4%

o   On track to achieve 1.5% – 1.7% for FY24

• Capital Adequacy healthy at 18.3% – Tier-1 Capital @ 16.5%. Provision coverage on Stage 3 loans remained prudent at 62.7%.
• Total liquidity buffer comfortable at ~Rs. 8,419 crores with a liquidity chest of over 2.5 months.

FY 2024 Q3/9M Standalone Results:

Note: During the current quarter, MMFSL updated the ECL model for its retail vehicle loans by including multi-factor macro-economic variables and product classification of loan portfolio. As a result, the Provision towards ECL on financial assets for the quarter and 9m ended 31 Dec 2023 is lower by Rs.86.06 crores.

 Operations:

The quarter witnessed broad-based growth with a recorded disbursement of Rs. 15,436 crores. Year-to-date (YTD) disbursement until December 2023 reached Rs. 40,916 crores, indicating a 14% year-on-year growth. This positive trend in loan growth contributed to the expansion of business assets, now standing at Rs. 97,048 crores. This marks a 25% growth since December 2022.

The collection efficiency for the quarter is recorded at 95%, similar to levels observed in Q3 FY23 and marginal reduction over Q2 FY24. During the quarter, the Company has seen further improvement in its asset quality, with stage 3 assets at 4.0% (vs. 4.3% as of September 2023 and 5.9% as of December 2022). Stage 2 at around 6% (vs. 5.8% as of September 2023 and 8.4% as of December 2022).

To diversify within the Vehicle Finance book, the Company has been investing in used vehicle finance. The company already has 2 partnerships that are steadily growing, namely, ‘car&bike’ and ‘CarDekho’. The disbursements for used vehicles finance have grown 19% YTD until December 2023. The used vehicle finance share in disbursements now stands at 17% YTD December 2023, versus 16% for the same period last year.

Partnerships will play an important role in achieving Company’s vision of providing financial solutions to Emerging India. As on date, the Company has already tied up with 2 large commercial banks, namely SBI and Bank of Baroda and recently with Lendingkart, an NBFC. It also has tie-ups with IPPB (India Post Payments Bank) and CSC (Common Service Centres by Ministry of Electronics and Information Technology) for lead generation. These partnerships will allow the Company to expand its distribution and maximise the fee income potential over the next 2-3 years.

Amidst sustained profitable growth and a strong balance sheet, our capital adequacy remains robust, currently standing at 18.3%. Additionally, we hold a comfortable liquidity position, with a liquidity chest of over 2.5 months.

In a strategic move to further enhance our offerings, we have unveiled plans to enter the insurance sector through partnerships with a few insurance providers, acting as a corporate agency. Initial investments will be directed toward technology, manpower, and certification. The shareholders have approved necessary changes to the Company’s charter (Memorandum of Association) and the Company will now progress to make an application to the Insurance Regulator (IRDAI) for its approval.

Digital transformation is a key transformational metric for Mahindra Finance. The objective is to delight the customer with the most seamless experience, ensure fastest turnaround time, more DIY journeys across our products. In addition, the transformation has a huge focus on data and the power of AI/ML and analytics to drive that customer experience through hyperpersonalization, drive asset quality and improve underwriting. Employee experience is also at the core of this transformation. The Company is progressing well on this journey and many of these initiatives will land in Q4 FY24 and Early FY25.

Consolidated:

FY 2024 Q3/9M Consolidated Results:

Subsidiaries:

Mahindra Rural Housing Finance Limited (MRHFL)

During the quarter ended December 31, 2023, MRHFL registered income of Rs. 311 crores as against Rs. 338 crores during the corresponding quarter last year, a decline of 8% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 13.4 crores during the quarter ended December 31, 2023, as against Rs. 14.2 crores during the corresponding quarter last year a decline of 5.3% over the same period previous year.

Mahindra Insurance Brokers Limited (MIBL)

During the quarter ended December 31, 2023, MIBL registered income of Rs.330.8 crores as against Rs.123.0 crores during the corresponding quarter last year, a growth of 169% over the same period previous year. The Profit After Tax (PAT) registered was Rs.43.5 crores during the quarter ended December 31, 2023, as against Rs.13.4 crores during the corresponding quarter last year a growth of 225% over the same period previous year.

Mahindra Manulife Investment Management Private Limited (MMIMPL)

During the quarter ended December 31, 2023, MMIMPL registered income of Rs. 16.6 crores as against Rs. 12.0 crores during the corresponding quarter last year, a growth of 38% over the same period previous year. The Company incurred a loss of Rs. 6.3 crores during the quarter ended December 31, 2023, as against loss of Rs. 7.2 crores during the corresponding quarter last year, a decline in loss by 14% over the same period previous year.

The Average Assets under Management (AUM) of MMIMPL for the quarter ended December 31, 2023, was Rs. 15,321 crores across 21 schemes, an increase of 65% over the same period previous year. Of these assets, the Company managed Rs. 13,554 crores of average equity assets in the quarter ended December 31, 2023, a growth of 72% compared to 7,865 crores in the same period last year.

Mahindra Manulife Trustee Private Limited (MMTPL)

During the quarter ended December 31, 2023, MMTPL registered income of Rs. 0.3 crore as against Rs. 0.2 crore during the corresponding quarter last year, a growth of 72% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 0.1 crore during the quarter ended December 31, 2023, as against no profit / no loss position during the corresponding quarter of last year.

Mahindra Ideal Finance Ltd (MIFL)

During the quarter ended December 31, 2023, MIFL registered income of LKR 569 Million as against LKR 491 Million during the corresponding quarter last year, registering a growth of 16% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, was LKR 24 Million as against LKR 14 Million during the corresponding quarter last year, a growth of 69% over the same period previous year.

Mahindra Finance USA, LLC (MFUSA)

During the quarter ended December 31, 2023, MFUSA registered income at USD 20.6 Million as against USD 16.8 Million during the corresponding quarter last year, registering a growth of 22% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, registered was USD 3.9 Million as against USD 2.7 Million during the corresponding quarter last year, registering a growth of 44% over the same period previous year.

* LKR Closing Exchange Rate: 1 LKR = 0.2568 INR; USD Closing Exchange Rate: 1 USD = 83.15 INR

Mumbai, 31th January, 2024: NTPC Limited, India’s largest integrated power utility, today signed a non-binding MoU with Numaligarh Refinery Limited (NRL), a subsidiary of Oil India Ltd engaged in the business of Refining and Marketing of petroleum products, for partnership opportunities in the proposed bamboo-based Bio-Refinery at NTPC Bongaigaon and other Green projects.

The two CPSEs, through this MoU, intend to enhance their footprint in green chemicals and foray into sustainable solutions to advance the efforts towards achieving the nation’s Net-Zero targets and be partner in development of North-East Region.

The MoU was signed in the august presence of Shri Gurdeep Singh, CMD NTPC, Dr Ranjit Rath, CMD OIL & Chairman NRL, and Shri Bhaskar Jyoti Phukan, MD NRL.

NTPC is committed to achieve 60 GW of Renewable Energy capacity by 2032 and be a major player in Green Hydrogen and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Green Hydrogen, Biofuels, Carbon Capture & Hydrogen Mobility.

 Mumbai, India, January 31, 2024: Glenmark Pharmaceuticals Ltd. (Glenmark), a leading, research-driven, global pharmaceutical company, and Ichnos Sciences Inc. (Ichnos), its global fully integrated, clinical-stage biotech subsidiary, today announced the launch of their alliance – Ichnos Glenmark Innovation – to accelerate new drug discovery in cancer treatment. This alliance combines Glenmark’sresearch and development proficienciesin small molecules with those of Ichnos in novel biologics to continue developing cutting-edge therapy solutions that treat hematological malignancies and solid tumors.

 The newly formed IGI features a robust pipeline of three innovative oncology molecules targeting multiple myeloma, acute myeloid leukemia and solid tumors currently undergoing clinical trials. Two of these molecules have received orphan drug designation from the U.S. FDA. Additionally IGI has two autoimmune disease assets that have been out licensed to leading companies.

 Harnessing the combined proficiency of over 150 scientists, IGI will leverage the capabilities of its three global centers of innovation. These comprise the Ichnos’ headquarters in New York City, NY, USA, which is focused on clinical development; the biologics research center in Lausanne, Switzerland, and Glenmark’s small molecule
research center at Mahape in Mumbai, India.

 “We are proud to announce the Ichnos Glenmark Innovation alliance, which brings together the legacy of Glenmark and passion of Ichnos to accelerate the search for curing cancer. Innovation is an integral part of our organization’s fabric and through IGI, we are confident of getting closer to our quest to develop a novel cancer drug for the world. Additionally, this will also enhance shareholder value by optimizing the cost of
development.” remarked Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

 Cyril Konto, President and CEO, Ichnos Glenmark Innovation, said, “Ichnos Glenmark Innovation is a collaborative venture backed by a strong, collective pipeline of novel multispecifics and small molecules. Supported by an experienced leadership and comprising a team that ardently believes in challenging the frontiers of science, IGI seeks to accelerate drug development by combining technologies, expertise, and forces while leveraging Glenmark’s footprint in India. We look forward to joining hands with other like-minded entities, including biotech companies and academia.”