Archives August 2024

National, August 6, 2024: Shriram Life Insurance Company (SLIC) has set up a special claims helpdesk to expedite the claim settlement for the families affected by the tragedy in landslide-hit Wayanad, Kerala.

During this hour of need, Shriram Life is committed to support affected families for claims settlement. For any assistance, one can reach out to Mr. Venkata Narasimha Naidu at 9121109249 or 18001036116. Instructions have been given out to field officials of SLIC to settle claims without inconveniencing the family members of the bereaved.

The company extends its deepest condolences to all those impacted by this tragedy.

On July 30, multiple landslides hit villages in Wayanad, resulting in over 300 fatalities and approximately 180 individuals reported missing, according to state health authorities. Rescue operations are in progress, with 53 relief camps established in the region.

Chennai, 06.08.24: The Rs 6,145.56 crore Initial Public Offering (IPO) of Ola Electric Mobility Limited was subscribed 4.26 times on the final day of bidding.

The issue received bids of 1,98,14,05,530 shares against the offered 46,51,59,451 equity shares, at a price band of ₹72-76, according to the data available on the stock exchanges.

Qualified Institutional Buyer Portion was subscribed 5.31 times. Retail Portion and Non-Institutional Investors Portion were subscribed 3.85 times and 2.39 times respectively, whereas Employee Portion was subscribed 11.66 times.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Company Information

Ola Electric manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. Its business focuses on capturing the opportunity arising out of electrification of mobility in India and also to export its EVs in select international markets in the future. It commenced the delivery of its first EV model, the Ola S1 Pro, in December 2021, followed by delivery of Ola S1 in September 2022, the Ola S1 Air in August 2023 and the Ola S1 X+ in December 2023.

Within nine months of delivering its first EV scooter in December 2021, it became the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of Ministry of Road Transport and Highways (“VAHAN”) according to the Redseer Report.

Ola’s business model comprises of its R&D and technology platform with in-house design and development across EV technologies and components, adaptable manufacturing and supply chain platform, and D2C omnichannel distribution platform. Its model is vertically integrated across R&D and technology, manufacturing, supply chain, sales and service, and charging facilities.

The current EV scooter Generation 2 platform is the base for the Ola S1 scooter models – Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh) and Ola S1 X (3 kWh). It plans to replicate the platform approach for its recently announced motorcycle range which comprises four models – Diamondhead, Adventure, Roadster and Cruiser.

Ola has a Futurefactory, Gigafactory and a Battery Innovation Centre in Bengaluru, whereas it is in the process of building its EV hub in Krishnagiri and Dharmapuri districts in Tamil Nadu.

Malappuram: In a significant move to support the educational needs of children affected by the recent natural disaster in Wayanad, Interval Learning App, an education startup based in Areekode, Malappuram, has announced an extensive education assistance scheme worth Rs 50 lakh. The initiative aims to provide comprehensive resettlement for students whose education was disrupted due to the calamity.

The programme, designed in collaboration with the state government and district administration, targets children who have lost their homes and schools. Currently, these children are sheltered in relief camps and with relatives. The education scheme will commence once they are ready to return to school, following their recovery from the trauma.

Ramees Ali, CEO of Interval Learning App, emphasized the project’s focus on providing individual attention to each child alongside their school studies. The app, having over ten thousand teachers, will offer educational support to students in Chooralmala and Mundakkai. Beyond academics, the initiative will also include psychological support, aiming to help children overcome the emotional and educational challenges they face.

In addition to the educational programme, Interval has announced a remote work initiative, offering jobs to 50 graduates from natural disaster-hit areas in Kerala. This initiative aims to ensure financial stability for affected individuals, allowing them to work safely from home or other secure locations.

The company has also contributed to the Chief Minister’s Disaster Relief Fund, reinforcing its commitment to the rehabilitation and support of disaster-affected communities.

Mumbai, India (6th August 2024) – Renowned global fashion footwear and accessories brand, ALDO, in partnership with Warner Bros. Discovery Global Consumer Products (WBDGCP), is thrilled to announce its first-ever collection inspired by the iconic Looney Tunes characters. Launching on the 6th of August, the Looney Tunes x ALDO limited-edition capsule collection captures the imaginative and spirited essence of both brands – blending ageless charm with contemporary design for a vibrant celebration of creativity.

This limited-edition collection brings the mischievous world of Looney Tunes to life through a variety of footwear, handbags, and accessories for men and women. Featuring bold, colorful designs inspired by cherished characters like Bugs Bunny, Daffy Duck, and Tweety Bird, the collection is characterized by lively graphics, vivid colors, and whimsical elements that embody the animated world of Looney Tunes. From sleek loafers and standout stilettos to sporty sneakers and comfortable slides, each piece merges classic and contemporary styles. Additionally, all footwear styles feature ALDO Pillow Walk™ technology, crafted with dual density foam and padded insoles to blend comfort and style seamlessly.

“This collaboration with WBDGCP has allowed us to infuse our designs with the timeless humor and joy that these characters represent,” says Daianara Grullon Amalfitano, Chief ALDO Brand and Product Officer. “Our aim was to create a collection that not only celebrates these iconic Looney Tunes characters but also invites our customers to embrace their playful side and indulge in a bit of nostalgia. This collaboration is a true testament to the fun and ingenuity that both Looney Tunes and ALDO bring to the table.”

The Looney Tunes x ALDO Collection is available for purchase both online at ALDOShoes.in and at select stores.

Smart Grid companies brought in $1.6 billion in 1H 2024 

August 6, 2024 – Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger& acquisition (M&A) activity for the Energy Storage and Smart Grid sectors for the second quarter (Q2) and first half (1H) of 2024. 

To get a copy of the report, visit: https://mercomcapital.com/product/1h-q2-2024-funding-ma-report-storage-grid/

Energy Storage 

Corporate funding for energy storage companies in the first half of 2024 reached $15.4 billion across 64 deals, marking a 117% increase year-over-year compared to $7.1 billion in 59 deals in the first half of 2023, driven by a strong first quarter. 

VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease YoY compared to $3.8 billion in 43 deals in 1H 2023.

The Top 5 Energy Storage VC funding deals in 1H 2024 were: Sila, which raised $375 million; EnerVenue, which brought in $308 million; Natron Energy, which raised $189 million; Ascend Elements, which raised $162 million; and, Antora Energy, which raised $150 million.

Lithium-ion-based battery companies received the most VC funding in 1H 2024. Other top funded categories included Battery Recycling, Metal-Hydrogen Batteries, Materials and Components providers, and Sodium-based battery companies.

Announced debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase YoY compared to $3.3 billion in 16 deals in 1H 2023. 

In the first half of 2024, there were 14 M&A transactions, up from eight in the first half of 2023. 

Meanwhile, the first half of 2024 saw 13 energy storage project M&A transactions, down from 19 in the same period of 2023. 

Smart Grid 

Corporate funding for Smart Grid companies in 1H 2024 totaled $1.6 billion in 36 deals, 11% lower YoY compared to $1.8 billion raised in 33 deals in 1H 2023. 

Boosted by investments in Smart Charging companies, VC funding across all Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY than the $986 million raised in 26 deals in 1H 2023.

The Top 5 Smart Grid VC funding deals in 1H 2024 were: Electra, which raised $330 million; Powerdot, which raised $108 million; FLO, which raised $100 million; Monta, which raised $87 million; and Battery Smart, which raised $65 million.

Announced debt and public market financing for Smart Grid technology companies totaled $321 million in seven deals in 1H 2024 compared to $839 million in the same number of deals in 1H 2023. 

In 1H 2024, there were three Smart Grid M&A transactions compared to six transactions in 1H 2023. 

Offers signature menu and refined ambiance, blending Parisian charm with luxury

Pune, Maharashtra – 6th August 2024: Ushering in a slice of Parisian style to the fast-growing metropolis of Pune, Ladurée, the world-renowned French patisserie brand, proudly announces the launch of its café at The Ritz-Carlton, Pune. Celebrated globally for its exquisite macarons, Ladurée is set to enchant Pune with its sophisticated offerings.

The pièce de résistance will be an exclusive creation crafted especially for Pune. The new Ladurée café boasts a stunning interior, meticulously designed to echo the refined and classic style synonymous with both Ladurée and The Ritz-Carlton. Guests can look forward to an exquisite menu that includes signature French toasts, high tea Charlies, avocado toasts, salads, sandwiches, tea, coffee, and, of course, Ladurée’s signature sweet offerings including macarons, Eugenie, and pastries.

Ms. Chandni Nath Israni, Managing Director & Co-founder of CK Israni Group, shares her enthusiasm, saying, “Bringing Ladurée to Pune has been a heartfelt endeavour. We are delighted to present this iconic brand to the city, offering patrons the opportunity to savour the finest French pastries and desserts in a luxurious and captivating environment.”

“ We at The Ritz-Carlton Pune are proud to bring leading French patisserie brand Ladurée to the city of Pune. The Ladurée Cafe ties in with our brand ethos and is sure to offer an elevated experience to food connoisseurs amidst our luxurious ambience. Guests will get to experience the finest French macaroons, pastries, desserts and more” says Mr Nishanth Vishwanath, General Manager, The Ritz-Carlton Pune

Located in the most affluent area of Pune, the new Ladurée Café promises to captivate gourmet lovers with its eclectic cuisine and luxurious ambiance.

Brought to India in collaboration with the CK Israni Group, Ladurée aims to gradually expand its presence across other Indian cities, offering a unique blend of French culinary tradition and modern luxury.

Ladurée warmly invites Pune to experience the cordon bleu Ladurée experience, where every bite is a journey to Paris!

Marengo Asia Hospitals, Gurugram, commemorated World Breastfeeding Week by organizing a special event celebrating World Breastfeeding Week. The event was organized to provide new and expecting mothers with valuable insights, support, and a sense of community as they navigate the breastfeeding journey.The event was hosted by Dr Pooja Mehta, Clinical Director- Obstetrics & Gynaecology, Dr Pallavi Vasal, Clinical Director – Obstetrics & Gynecology , and Dr Sanket Goyal, Neonatologist, Marengo Asia Hospitals Gurugram.

World Breastfeeding Week is celebrated every year in the first week of August. The week aims to highlight the importance of breastfeeding for an infant as well as the mother. Breast milk has all the important nutrients essential for a baby’s normal growth and for the prevention of several infections and diseases.

The event featured a range of activities both, educational and engaging. The event commenced with a panel discussion withleading healthcare professionals discussing the various aspects of breastfeeding, maternal health, and child nutrition. Attendees benefited from a special consultation with a dietitian, who offered tailored advice on optimizing their diet for breastfeeding, ensuring that both mother and child received the necessary nutrients.

Dr. Pallavi Vasal, Clinical Director-Obstetrics and Gynecology, Marengo Asia Hospitals, Gurugram explainedthe significance of breastfeeding for both mother and child said “Breastfeeding is not only about providing nutrition to your baby; it is a profound bonding experience that has long-lasting health benefits for both mother and child. It strengthens the immune system, reduces the risk of certain infections, and is linked to better cognitive development in babies. For mothers, breastfeeding lowers the risk of certain cancers and helps in postpartum recovery. Events like these are crucial as they provide the necessary support and knowledge to empower mothers in their breastfeeding journey.”

Dr. Pooja Mehta, Clinical Director Obstetrics & Gynaecology, Marengo Asia Hospitals Gurugram highlightedthe critical role breastfeeding plays in a child’s early development said, “The first 1,000 days of a child’s life, beginning at conception, are critical for their long-term health and development. Breastfeeding plays a fundamental role during this period, offering essential nutrients perfectly suited to the baby’s needs. Additionally, it strengthens the emotional bond between mother and child, which is crucial for the child’s emotional and social growth. Our event was created to address any concerns mothers may have and to provide expert guidance in a supportive environment.”

Dr. Sanket Goyal, Sr. Consultant Neonatology Marengo Asia Hospitals, Gurugram said, “Breastfeeding is nature’s way of ensuring that babies get the best possible start in life. Breast milk contains antibodies that help the baby fight off viruses and bacteria, lowering the risk of many infections. It also reduces the likelihood of the baby developing allergies and asthma and has been linked to higher IQ scores later in childhood. For mothers, breastfeeding assists in quicker recovery after childbirth and helps in achieving a healthy weight post-delivery. This event was an opportunity for us to educate and reassure mothers about the immense benefits of breastfeeding, as well as to provide them with the practical tools they need.”

In addition, expert lactation consultants were on hand to guide new mothers through the challenges of breastfeeding, providing practical tips and emotional support. The event also included a special consultation with a physiotherapist, who guidedpostpartum physical recovery, emphasizing exercises and routines beneficial to new mothers. A maternity studio shoot was also organized, allowing mothers to capture memorable moments with their babies. The day concluded with a relaxing meditation session aimed at helping mothers manage stress and improve their overall well-being during the postpartum period. The event wrapped up with a complimentary lunch, where participants connected with other expectant mothers and shared their experiences.

According to World Health Organization, breast milk is ideal for infants as it is clean, and contains antibodies that protect the baby from several common childhood diseases. Exclusive breastfeeding practices among Indian infants aged between 0 and 6 months. At 2 months of age, the proportion of infants exclusively breastfed was 66.7%. Research reveals that over the last decade, the percentage of infants (under 6 months of age) who were exclusively breastfed in India increased from 46.4 percent to 54.9 percent.

New Delhi, Aug 6: GM Arjun Erigaisi-led Team MGD1 banked on their all-Indian star cast to clinch the silver medal in the inaugural World Blitz Team Championships, a club-based event conceptualized by world chess governing body FIDE, in Astana, Kazakhstan.

In the final against Team WR Chess, Arjun, the highest rated Indian GM in Classic Ranking, upset former world champion and world no. 1 Magnus Carlsen on the top board in Round 1.

But the Norwegian’s teammates won on the other boards to give the team a comfortable lead. Team MGD1 put up a strong fight in the second round to hold the eventual champions 3:3 but that was not enough to take the match into play-off.

“Beating Magnus Carlson in any format is special and I really enjoyed playing against him. But more than that win, it’s the collective performance of the team that helped us with the silver medal was very special. The way we bonded and fought for each other makes this medal so special,” said Arjun.

The inaugural edition of the World Blitz Team Championships saw 40 teams compete in group-cum-knock out format in a one-day event that also carried a prize purse of 100,000 Euros. Each team had one female player and one amateur in their lineup.

Team MGD1, which also had GM Srinath Narayanan, SL Narayanan, B Adhiban, former world championships bronze medallist D Harika and amateur Mihir Shah in their squad, dominated Pool B by winning all their seven matches. In round 3, they demolished World Rapid Team Champions Al-Ain 4.5-1.5 to underline their claim for a podium finish and then lived up to the expectations in the knock-out stage.

“It’s a very proud moment for all of us that we have won a silver medal in the World Blitz Team Championships, beating some of the best players in the world. We at MGD1 are committed to the development of chess in India and that is one of the reasons we fielded an all-Indian line-up in Astana and the players rose to the occasion,” said MGD1 co-founder Sreekar Chennapragada.

The Indian outfit raced through the Round of 16 against Astana-2 and quarterfinals against Israel’s Ashdod Chess Club respectively to reach the last four stage.

MGD1 once again faced Al-Ain in the semifinals and were taken to a tie-breaker after both the rounds ended in a 3:3 draw. The Indians then raised the bar in the Play-off winning 5.5-0.5 to set up a summit clash against WR Chess.

Manipal, 6 August 2024: We are pleased to inform that the Department of ENT, Head and Neck Surgery at Kasturba Medical College, Mangalore is organizing “IAOHNS 2024, Mangalore” the 10th National Conference of the Indian Academy of Otorhinolaryngology-Head and Neck Surgery from the 8th of August 2024 to 11th of August 2024 at Dr T M A Pai International Convention Centre, Mangalore.

Indian Academy of Otorhinolaryngology Head and Neck Surgery (IAOHNS) is a non-profit organization founded in 2014 and it is a national-level Academy to address the scientific demands of surgeons interested in this field. The main aim and objective of IAOHNS are to act as a bridge between different societies, supporting and encouraging the worldwide exchange of clinical information and scientific research studies in the field of ENT and head and neck surgery. Dr. Mohan Kameswaran, a senior and eminent ENT surgeon from Chennai is the founder president and the chairman of this association. Under his able leadership, this national association is reaching a greater heights and recognition even at international platforms.

The theme for the conference, “OtoRhinoLaryngology towards Academic and Research Excellence – 2024” embodies a collective vision for a future where academic rigor, research innovation, and clinical excellence converge to improve patient care and advance the specialty. This theme is aligned with the MAHE theme for this year, “The Year of research excellence 2024”. Lt Gen (Dr) M D Venkatesh, Vice Chancellor, MAHE, a senior ENT surgeon himself is the Organising Chairman for this conference. Under his guidance, Dr Deviprasad D, Professor & Head, department of ENT, KMC Mangalore, as organising secretary, with his team is conducting this conference. Dr Unnikrishnan B, Dean KMC, Mangalore is the mentor and guide for this team. It is also a special occasion for KMC, Mangalore as we are celebrating our Platinum Jubilee this year. So, hosting a national conference this year is the icing on the cake.

Dr. H S Ballal, Pro Chancellor of Manipal Academy of Higher Education (MAHE) will be the distinguished Chief Guest for the Inaugural Ceremony, scheduled on 9th August 2024, 7 PM onwards at Dr T M A Pai International Convention Centre, Mangalore.

The conference will be attended by around 400 delegates from across the country and abroad. It will feature over 150 prominent National and International guest speakers addressing the delegates in the form of keynote presentations, panel discussions, and hands-on cadaveric dissections. They will be covering the various sub-specialties of ENT such as Neuro-Otology, Facial Plastic/Reconstructive surgery, Implant Otology, Skull Base surgery, Head and Neck Oncology so on.

There are also lectures on Innovations, Simulation devices and AI in ENT. It will provide a platform for delegates to exchange knowledge, showcase successful projects, and foster collaborations that will contribute to the advancement and innovation in the field of ENT. It will also give the delegates an opportunity to discuss with the experts, various issues that they face in their day-to-day practice. This will in turn help the general population at large, as these ENT specialists will be able to provide a better care to their patients.

The participants not only get to enjoy the scientific feast over those three days, but also will taste the local cuisine and visit the local attractions – showcasing the rich culture and heritage of Tulunadu. Thus, the delegates can expect an immersive experience of science and culture and return with the cherishable memories of Namma Mangaluru.

Mumbai, August 06, 2024 – NSDC International Limited, a wholly owned subsidiary of the National Skill Development Corporation (NSDC), signed an agreement with Sompo Care Inc. to provide training programs for Indian nursing care personnel and facilitate their integration into Japan.

With a population exceeding 1.4 billion, India holds immense potential for growth and opportunities abroad. NSDC International is proactively developing high-quality human resources under the Government of India’s “Skill India Mission”. By enhancing skills and facilitating work opportunities abroad, NSDC International aims to support industrial development and ensure a brighter future for Indian workforce.

Japan faces a growing demand for care personnel, due to an aging population and declining birth rate. To address these social challenges, Sompo Care and NSDC International have agreed to collaborate by offering training programs and promoting the acceptance of skilled Indian personnel in Japan’s nursing care sector. This partnership aims to bridge the gap and enhance the quality-of-care services in Japan. This collaboration aims to provide mutual benefits by addressing the workforce shortages in Japan and creating employment opportunities for skilled Indian professionals.

Speaking about the partnership, Mr. Ved Mani Tiwari, CEO, NSDC & MD, NSDC International said, “We are thrilled to announce the commencement of our collaboration with SOMPO Care Inc. This partnership marks a significant milestone for NSDC International, as it allows us to provide specialized training programs for Indian nursing care personnel, enhancing their skills and preparing them for opportunities in Japan. Together, we aim to bridge the gap in healthcare services and support the global demand for skilled nursing professionals. This initiative not only opens new avenues for our workforce but also strengthens the bond between India and Japan in the field of healthcare.”

Mr. Takamitsu Washimi, Representative Director, President and CEO, Sompo Care said, “We are very pleased to begin our collaboration with NSDC International. Guided by our management’s philosophy of “Respect for Humanity,” we aim to provide optimal care tailored to each elderly individual and are committed to developing care personnel with specialized knowledge and skills. We are confident that the training program, developed based on our expertise and experience, will enhance the skills of Indian care personnel. We hope that those who complete the training will work with a sense of fulfilment and pride in Japan’s nursing care sector. Through this collaboration, we aspire to build a better future through mutual cooperation between Japan and India.”

The first initiative under this collaboration is a pilot project set to commence from August 2024 and run through 2025. This project will involve, providing Indian nursing care personnel with nine months of comprehensive education and training in India, following which they will be accepted as specified skilled workers at Sompo Care facilities in Japan.

Sompo Care, leveraging its extensive knowledge and experience in Japan, will develop original training programs in addition to the Japanese language courses conducted by NSDC International. These programs will emphasize understanding Japanese style nursing care, learning practical care terminology, and mastering cross-cultural communication. Training will include online modules, e-learning, and practical care skills sessions conducted on-site in India.

The objective is to develop highly motivated and skilled Indian nursing care personnel ready for immediate deployment. Sompo Care will continue to support their professional growth even after they begin working in its facilities. In the future, Sompo Care envisions that those who gain experience as nursing care staff in Japan will contribute significantly to the nursing care industry in India.

The effectiveness of the pilot project and training program will be rigorously evaluated and refined as needed. Based on the results, Sompo Care will explore the potential for expanding operations in India and aim to establish a full-scale collaboration model.

Sompo Care is committed to addressing nursing care-related social issues both within and outside Japan by utilizing its expertise and operations in Japan, a country at the forefront of nursing care challenges. Through this collaboration, Sompo Care strives to achieve “security, health, and wellbeing” globally.

In the broader context of SOMPO Holdings’ commitment to global healthcare, Universal Sompo General Insurance Company Ltd. plays a significant role in India by distributing non-life insurance covers nationwide. Both Universal Sompo and Sompo Care are investee companies of SOMPO Holdings, reflecting the group’s diverse efforts to enhance health and wellbeing across borders.