All posts by Sujata Achary

New research highlights a stark reality: IT directors at major global firms are preparing for an unprecedented surge in cyber threats driven by AI, machine learning, and the Metaverse.

As cyber criminals deploy increasingly sophisticated attacks, organizations plan significant security budget increases over the next two years.

A global study of IT leaders at companies with over $300 million annual turnover by post-quantum security pioneers Naoris Protocol, highlights the growing urgency to address emerging cybersecurity challenges.

Metaverse and AI: A Dangerous Nexus for Cyber Attacks
Over 60% of IT directors strongly agree, and 37% partially agree, that the convergence of the Metaverse and AI will significantly escalate cyber attacks. Hackers are expected to exploit AI and machine learning to create more sophisticated methods, making the Metaverse a prime target.

“The Metaverse, combined with AI-driven hacking, presents a perfect storm of vulnerabilities,” warned David Carvalho, CEO of Naoris Protocol.

Decentralization’s Promises and Perils
The study also highlights heightened cyber risks in the Web3 space. While decentralized technologies offer opportunities, they also bring new threats.

Only 35% of IT directors believe their organizations fully understand Web3-related risks, 46% rate their knowledge as “quite good,” and 19% report average or poor comprehension. Around 12% say their organisation has an average understanding while 7% admit to a poor or very poor understanding of the cyber risks posed by Web3

This knowledge gap could expose critical systems to exploitation as organizations navigate decentralization and blockchain complexities.

Some of the biggest hacks in 2024 included DMM Bitcoin in May ($305 million) and WazirX in July ($234.9 million), this underscores the growing need to secure mechanisms frequently exploited in hacks, such as private keys. Overall Web3 security breaches led to cryptocurrency losses exceeding $2.3 billion in 2024, a 31.6% increase compared to 2023, according to blockchain security firm Certik.

Budgets on the Rise: A Necessary Response
Cybersecurity budgets are set to grow significantly as risks rise. Over the past two years, 38% of IT directors reported dramatic budget increases, while 47% saw moderate growth and 15% say it is unchanged.

Looking ahead, 97% expect further increases, with 25% predicting over 50% growth and 61% anticipating increases between 10% and 50% in the next two years.

What will happen to cyber security budgets over the next two years?

•  11% expect increases of up to 10%
•  35% foresee growth between 10% and 25%
•  26% predict a 25%-50% rise
•  15% expect jumps of 50%-75%
•  10% project budget increases of over 75%
•  7% project budget increases of over 75%

DePIN: The Future of Cost-Effective Cybersecurity
Decentralized Physical Infrastructure Networks (DePINs) are emerging as a promising solution for reducing the financial and operational impacts of cyber incidents. According to the study, 32% of IT directors believe adopting DePIN-based cybersecurity measures could significantly reduce costs, while 48% see a moderate impact.

Naoris Protocol’s collaboration with the DePIN Association highlights its dedication to advancing cybersecurity and digital trust through a decentralized, post-quantum approach, benefiting industries like finance, telecommunications, and healthcare

A Call to Action for IT Leaders

“The rapid evolution of the cyber threat landscape demands equally agile responses,” Carvalho stated. “Organizations must not only expand their cybersecurity budgets but also embrace innovative technologies like decentralized solutions to stay ahead of attackers.”
With the Metaverse expanding and AI threats evolving, Naoris Protocol’s research highlights the urgent need for organizations to adopt robust, forward-thinking cybersecurity strategies to tackle the challenges of a rapidly changing digital era.

New Delhi, January 22, 2025: Panasonic Automotive Systems India (PASI) – is a subsidiary of Panasonic Automotive Systems Co. Ltd, a global leader in advanced automotive solutions that make driving more enjoyable and fulfilling, providing systems that support safe driving, and offer optimal in-vehicle systems and solutions for environmentally friendly vehicles. PASI focuses on the development, manufacturing, and sale of automotive components and parts like infotainment solutions (audio, video, and navigation), sensors, relays, cameras, parking assistance systems, telematics control units, smart entry systems, LED solutions for headlamps and batteries. PASI offers the latest technologies such as Head-up Displays (HUD), Telematic Control Units (TCU), Temperature Oil Sensor, and in-car infotainment to name a few that are used across global markets to advance India’s automotive industry.

Bhupesh Kanyal, Director of Panasonic Automotive Systems India (PASI) said, “Indian motor vehicle industry is the fourth largest in the world, and continues to grow rapidly. In the two-wheeler segment, India is the largest manufacturer. With the strong economic growth of India and with rising income of Indian households, the potential of growth in the automotive industry is significant. With the advent of new-age technologies, and newer forms of mobility such as Electric Vehicles, consumer aspirations continue to evolve too. Indian consumers today are looking for such, a premium commuting experience as well as passenger and environmental safety. This has resulted in demand for an improved passenger vehicle experience. Keeping that in mind we at Panasonic, are in the process of transforming the in-car experience by harnessing new technologies such as Connected Devices, Head-Up Displays, Wireless Chargers, and 360° Camera Solutions that are simple to use, safe and durable, and cost-effective. Through our wide range of products and solutions, we are currently catering to the top OEMs of the automotive industry and would like to expand the gamut”

PASI’s range of solutions can be categorized under three themes – Beyond Comfort, Integrated Safety, and Electrification. Beyond Comfort caters to automobile interiors’ featuring cockpits, navigation systems, and HUDs. Integrated Safety aids in safe commuting and reducing traffic accidents. It features products like back & corner sensors, interior rearview mirrors, vehicle camera modules, LED modules for head lamps and steering angle sensors amongst others. In the area of electrification, Panasonic is catering to the Electric Vehicles(EV) category in form of Li-ion batteries for EVs, Heater Devices, on-board charging systems, etc.

PASI was established in April 2010, and as of date have a presence across all automotive clusters working with top OEMs in India. In India, PASI continues to have a vast delivery and service network with highly trained employees and fully equipped facilities to support OEMs and end users.

Some of the Key Offerings from PASI:

• Head-Up Display (HUD): The systems present data to drivers while keeping their attention on the road. Panasonic Automotive offers in-house-designed, cost-effective HUD technologies to meet specific OEM needs. The company offers windshield HUDs as well as combiner HUD systems.
• In-Vehicle Infotainment (IVI): The infotainment solutions provide audio/video entertainment and information content including radio, media player, TV and video, telephony, Navigation, speech control, Apps, and Connectivity features that helps OEMs provide a holistic electronic cockpit concept.
• Telematics Control Unit (TCU): TCU assists to locate the position of the vehicle, make an emergency call during an accident or breakdown, track a stolen vehicle, and record diagnostic codes for service stations. Further, Panasonic’s advanced TCU solutions provide holistic information to the vehicle owner about the health of the vehicle, mode of riding/ driving, tyre pressure, fuel level/ battery charge status, etc. accessible on a mobile application.
• Cameras (Back/Lane Watch cameras) – Cameras for Lane Watch integrated in Outer Rear View mirrors (ORVM) and rear view cameras for parking assistance. Lane Watch cameras enables drivers’ to avoid distraction and enhance safety by covering the blindspot.
• Vehicle Sensors: Panasonic provides sensors for 2W and 4W applications for Engine applications, Speed monitoring, Ambient Temperature and Crank Angle Detection.
• LED Modules for Head Lamps: Panasonic provides high quality and reliable LED modules for head lamps, winkers and tail lights.
• Wirelesss Chargers: Panasonic moving coil technology uses a proprietary algorithm to automatically detect the device’s coil and align it with the charger’s coil, improving the accuracy of alignment during charging. This technology enables optimal coil alignment between the smartphone and the wireless charger, resulting in highly efficient charging.

Mumbai, January 22, 2025: In celebration of India’s 76th Republic Day, Siddha Sejal Group, one of India’s leading real estate developers has announced an exclusive offer for homebuyers at their premium project, Siddha Sky at Sion NX. Aptly titled “Freedom from EMI”, this offer is designed to make homeownership more accessible and stress-free to potential homebuyers.

Under the Builder Subvention Plan (25:75), buyers can book their dream home by paying just 25% upfront, with the remaining 75% to be paid at the time of OC. This limited-time offer allows buyers to ease their financial burden, providing them with the freedom to invest without the immediate pressure of EMIs.

Speaking about the Republic Day offer, Mr. Samyak Jain, Director, of Siddha Group said, “Republic Day symbolizes freedom and a fresh start. We are committed to crafting exceptional living experiences while ensuring financial flexibility for our buyers. The ‘Freedom from EMI’ offer is a step in that direction, empowering homebuyers to own their dream home at Siddha Sky, Sion NX, without worrying about immediate financial strain. With its prime location, superior amenities, and unique payment plan, Siddha Sky represents the perfect combination of value and convenience for modern homebuyers.”

Siddha Sky at Sion NX is a landmark development, offering premium residences designed for comfort and luxury. Strategically located with excellent connectivity and world-class amenities, the project has garnered significant interest among discerning homebuyers.

This exclusive offer is valid for a limited period and select units, and Siddha Sejal Group encourages prospective homebuyers to seize this opportunity and celebrate freedom from EMIs by investing in a home that exhibits value for its customers.

Get ready for an intense and thrilling experience with GOAT, where action, drama, and powerful moments come together in true ‘Cinema’ style. This Republic Day, Zee Cinema brings to you the World Television Premiere of The Greatest Of All Time on Sunday, 26th January at noon & 8 PM. Starring the powerhouse performer Thalapathy Vijay and the versatile Prabhu Deva, this high-energy entertainer is packed with gripping twists, unforgettable scenes, and a mission to save the nation!

A tale of rivalry and greatness, the film masterfully blends family sentiment, patriotism, action, emotion, humor, and Vijay’s trademark charm! Packed with unexpected twists and director Venkat Prabhu’s signature tributes, we see Vijay delivering a powerhouse performance as the ultimate hero and Prabhu Deva adding his signature style, making every scene memorable. This film isn’t just a story, it’s an experience, and when it comes to facing any challenge related to the nation, G.O.A.T. is always ready!

Prabhu Deva said, “Being part of this film was such an adrenaline rush. It’s a movie that pushes boundaries. It’s got explosive action but also moments that make you think. I’m excited for the Zee Cinema audience to see what happens next.”

Director Venkat Prabhu said, “GOAT is everything I love about filmmaking – massive action, a gripping storyline, visuals, and some of my favorite actors. Vijay, once again, brings something different to the table. This is not just about good versus bad; it’s about how far you’ll go when everything’s on the line. With the energy and talent Vijay and Prabhu Deva bring, I can’t wait for the audiences of Zee Cinema to see what unfolds.”

Prashanth Thiagarajan shared, “Being part of The Greatest Of All Time has been an amazing journey, and I’m excited for audiences across India to experience it on Zee Cinema. This film is a high-octane, action-packed mass entertainer, and I am sure the audience will enjoy the experience during its World Television Premiere!”

When a man’s past comes back, he is forced to return to a life he wanted to leave behind. After years of successful operations, an elite agent suddenly retires, choosing a quiet, ordinary life. However, when a past mission comes back to haunt him, he reunites with his team to prevent a catastrophic disaster for the nation. As destinies intertwine, alliances are tested, and the true meaning of greatness unfolds.

This Republic Day don’t miss the World Television Premiere of The Greatest Of All Time (G.O.A.T) on Sunday, 26th January at 12 PM & 8 PM, only on Zee Cinema!

Mumbai, India – 21 January 2025: To target a three-fold rise in total revenue in the next five years, Dee Development Engineers, a major player in process piping solutions, today announced the commission of 2nd phase of its new, cutting-edge manufacturing plant in Anjar, Gujarat, through which it has enhanced the capacity by 9000 MT per annum and making the operational capacity to 12,000 MT per annum. This facility shall primarily cater to the jobs of the oil and gas piping sector.

“The total investment in this state-of-the-art facility amounts to ₹250 crores. Of this, ₹160 crores will be allocated to the process piping solutions plant, which has an annual capacity of 27,000 metric tons. Till now the capacity of 12,000 MT has been commissioned and the company is contemplating enhancing the balance capacity of 15000 MT shall be commissioned by October 2025. Additionally, ₹90 crores will be invested in establishing a seamless pipe manufacturing facility specializing in high wall thickness pipes, with a planned annual production capacity of 7,000 metric tons. This seamless pipe facility is expected to be commissioned by January 2026” said Mr. KrishanLalit Bansal, Chairman& Managing Director, of DEE Development Engineers Limited.

Of the total ₹260 crore investment, an initial ₹150 crore has already been invested, partly financed by bank borrowing of ₹40 crores. The balance investment, amounting to 110 crores, will be entirely funded through debt.

“The facility is a key element of Dee Development Engineers’ long-term growth strategy, aimed at catering to the increasing demand for high-quality process piping solutions and high wall thickness pipes.” Mr. Bansal said that over the next three to five years, the company is targeting a three-fold increase in revenue. The facility will drive operational efficiency and enhance the EBITDA margin.

This significant investment is integral to Dee Development’s strategy to capitalize on growing opportunities in the oil and gas sector. The new facility will enable the company to effectively meet the rising demand for high-quality process piping solutions and thick seamless pipes, positioning us to benefit from orders within this industry.

Job Creation and Local Economic Impact
This new facility, spanning 47 acres, will have a significant impact on the local community by generating approximately 100 direct employment opportunities and around 500 additional jobs for labourers. Beyond direct employment, the plant will contribute to the local economy by creating demand for various support services and businesses. Dee Development is committed to fostering economic growth in Anjar and the broader Gujarat region

Technology, Innovation, and Sustainability
Dee Development has integrated cutting-edge automation and semi-automation technologies into the plant, optimizing production efficiency and operational precision. Additionally, the facility adopts lean manufacturing principles, reducing material handling and further enhancing overall production effectiveness.

Strategic Importance and Future Plans
This plant is an integral part of Dee Development’s long-term growth strategy, designed to meet the increasing demand for advanced process piping solutions in the oil and gas industry. Market research projects a 7% annual growth rate for the sector over the next decade, driven by technological advancements and rising demand for oil, gas, and hydrogen solutions.
The company anticipates reaching its full production capacity of 27,000 metric tons of process piping solutions by October 1, 2025, with seamless pipe production slated to begin wef 1st January 2026.

This January, JW Bakery at JW Marriott Kolkata invites all pastry and coffee enthusiasts to a week-long celebration of World Croissant Day from 24th to 31st January. Combining the artistry of handcrafted croissants with the warmth of signature coffee blends, this event promises a sensory delight for food connoisseurs and casual visitors alike.

Nestled within the luxurious JW Marriott Kolkata, JW Bakery is renowned for its exquisite selection of artisanal desserts and bakes. A perfect blend of tradition and innovation, the bakery has become a favorite destination for those seeking an elevated patisserie experience. With a focus on quality, precision, and creativity, JW Bakery consistently delivers exceptional offerings that cater to every palate.

Leading the charge at JW Bakery is Bhaskar Chakraborty, Executive Pastry Chef at JW Marriott Kolkata. With a dynamic and innovative approach, Chef Bhaskar has become a pivotal force in shaping the hotel’s culinary identity. His strong values of promptness, creativity, and rootedness in gastronomic traditions have been instrumental in his success. From providing strategic leadership in the bakery department to supervising teams that deliver excellent service, Chef Bhaskar ensures that every creation reflects perfection. His passion and expertise are the driving forces behind the carefully curated menu for World Croissant Day.

21 January 2025: With 25.6 million sq ft of gross leasing in 2024, industrial & warehousing demand across the top five cities remained healthy, witnessing a marginal 2% YoY growth. Although there was a noticeable dip in leasing activity during the last quarter, strong space uptake in the earlier quarters ensured steady leasing levels during 2024. During the year, Delhi NCR led the demand with a 26% share, closely followed by Chennai at a 23% share. Every quarter, Q4 2024 saw about 5.5 million sq ft of industrial & warehousing demand across the top five cities. Pune, closely followed by Bengaluru, cumulatively accounted for over half of the quarterly demand.

While Third Party Logistics (3PL) players drove overall demand during the year and accounted for a 33% share in overall leasing, demand from Engineering and Electronics segments gained traction. At a micro market level, Bhiwandi in Mumbai led the leasing activity in 2024 with about 4.5 million sq ft of demand, followed by Chakan-Talegaon in Pune and Oragadam in Chennai. Both micro markets contributed to more than 2.5 million sq ft of demand each in their respective cities.

With a 22% YoY rise, 2024 saw over 28 million sq ft of new supply, highest in the recent years, indicating improved developer confidence and an optimistic outlook for the next year. Amidst significant demand rentals in key micro markets rose by 5-10%. Overall vacancy levels at the end of 2024 remained rangebound at around 13-14%.

“While 3PL players continued to dominate demand during 2024 with 33% share in overall leasing, the share has been stabilizing over the last few quarters. Concurrently, space uptake by occupiers from other demand segments continued to pick pace. Engineering and Electronics segments cumulatively accounted for almost one-third of the annual warehousing space uptake in 2024, significantly up from their combined one-fourth demand share in 2023. Moreover, with the rise of Q-commerce, demand from segments like FMCG and Retail are seeing an uptick and are poised for long-term growth across major urban centers.” says Vijay Ganesh, Managing Director, Industrial & Logistics Services, Colliers India.

3PL occupiers drove large-sized deals across cities

During the year 2024, large deals (≥ 200,000 sq ft) accounted for about 40% of the overall demand. While, with 35% share, 3PL players continued to account for majority of the large ticket transactions. Engineering segment also contributed significantly with about 20% share in large-sized deals. Interestingly, in the Electronics segment, the quantum of large deals rose significantly, ~4.5X times in 2024 as compared to 2023. At the city level, space uptake from large-sized deals was highest in Delhi NCR during 2024.

Delhi NCR & Chennai cumulatively drove around 50% of overall demand & supply in 2024

“With 6.6 million sq ft of leasing activity, Delhi NCR regained the dominant position in terms of industrial & warehousing demand for 2024. Chennai too continued to perform well in 2024, witnessing 18% year-on-year annual demand growth and more than 5 million sq ft of new Grade A supply during 2024. Healthy market fundamentals reflect confidence of both occupiers and developers. Moreover, the Chennai industrial & warehousing market is poised to grow further over the next few years, led by its positioning as a leading industrial zone and established automobile manufacturing hub of Southern India.” says Vimal Nadar, Senior Director & Head, Research, Colliers India.

With 22% YoY rise, 2024 saw over 28 million sq ft of new supply with close to 10 million sq ft of new industrial and warehousing developments in Delhi NCR alone. The city accounted for about 35% share in overall completions during the year. At the overall level, along with the highest annual new supply since 2020, completions were significant during Q4 2024. With 6.7 million sq ft of completions in the last quarter, the top five cities witnessed a 5% YoY rise in new supply.

Mahabaleshwar, 21st January 2025: Courtyard by Marriott Mahabaleshwar in the past few months has taken significant steps in ensuring that they expands their area of operation and influence. A step towards achieving this comes in the form of strengthening the sales centre team with team members operating out of Pune, Mumbai and on-property. These strategic appointments reflect the hotel’s commitment to enhancing its market presence and delivering unparalleled service to its valued clients. The new team members bring a wealth of experience and a shared passion for excellence, promising to drive growth and innovation in the competitive hospitality sector.

1. Hrishikesh Bokil – Sales Manager

Hrishikesh Bokil joins Courtyard by Marriott Mahabaleshwar as Sales Manager, bringing over a decade of regional and national sales expertise. A diploma holder in Hotel Management and Catering Technology, Hrishikesh has built an impressive career working with some of the most respected names in the hospitality industry.

His journey includes pivotal roles such as Regional Sales Manager at Novotel Imagicaa Khopoli, Unit Sales Manager at Vivanta by Taj Hinjewadi, and National Account Manager with IHG – Intercontinental Hotels. His extensive experience across the Pune market positions him as an asset in driving strategic initiatives and delivering results for the hotel. Hrishikesh’s strong understanding of client needs and his ability to cultivate lasting relationships will play a key role in strengthening the hotel’s regional sales efforts.

2. Priya Pandit – Sales Manager

Priya Pandit brings over eight years of experience in sales, marketing, and client relations to her role as Sales Manager at Courtyard by Marriott Mahabaleshwar. She has held key positions at leading hospitality brands such as Hyatt, Radisson, and ITC Hotels, where she excelled in revenue growth, market research, and building client relationships.

Priya’s earlier tenure at ITC Maratha Hotel, Mumbai, strengthened her expertise in customer engagement and workflow optimization. Known for her collaborative approach and ability to deliver tailored solutions, Priya is well-positioned to drive sales and further strengthen Courtyard by Marriott Mahabaleshwar’s market presence.

3. Masoom Rajpurohit – Sales Centre Manager

Courtyard by Marriott Mahabaleshwar welcomes Masoom Rajpurohit as Sales Centre Manager. A dynamic leader with a proven track record, Masoom has worked with leading global hospitality brands, including Taj, IHG, Marriott, and Wyndham. Her journey in the industry began in Guest Relations, where she developed a keen understanding of customer needs before transitioning into Sales and Marketing, a field in which she has excelled.

Recognized for her exceptional contributions, Masoom was awarded “Young Marketer of the Year” in the under-35 category at the prestigious Global Excellence Awards. Her ability to drive revenue, establish strategic partnerships, and implement innovative sales initiatives makes her an invaluable addition to the team. Masoom’s expertise in both leisure and corporate market dynamics will contribute to the hotel’s growth in these key segments.

Talking about the appointments, Rahul Janve – General Manager said, “We have seen a steady increase in our business operations from markets around us and thus, it was imperative for us to dive deeper into these markets with a strong and result-driven sales team to lead from front. We are very proud to fortify our team with the appointment of these three seasoned professionals. The joint effort of the teams dedication to excellence ensures a promising future for the hotel.”

Chandigarh, January 21, 2025: Veritas Finance Limited, a retail-focused non-deposit-taking NBFC registered with the Reserve Bank of India (“RBI”), and under the scale-based regulations of the RBI, classified as an ‘NBFC-Middle Layer’, has filed the Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

As a diversified, retail-focused NBFC, it primarily provides small business loans to micro, small, and medium enterprises (“MSMEs”) and self-employed individuals, and over the years, has expanded its business to include home loans and used commercial vehicle loans.

The public offer aggregating up to Rs. 2,800 crore comprises a fresh issue of equity shares aggregating up to Rs. 600 crores (“THE FRESH ISSUE”) and an offer for sale of equity shares aggregating up to Rs. 2,200 crores by the Selling Shareholders (“OFFER FOR SALE”) with a face value of ₹10 each per equity share. The public offer includes a reservation of equity shares for subscription by Eligible employees (“EMPLOYEE RESERVATION PORTION”).

The company proposes to utilize the net proceeds towards augmenting its capital base to meet future business requirements of the company towards onward lending.

The Offer for Sale of up to Rs 2,200 crore comprises equity shares aggregating up to Rs. 550 crores by Norwest Venture Partners X – Mauritius; up to Rs. 550 crore by Kedaara Capital Fund II LLP; up to Rs. 500 crores by British International Investment plc; up to Rs. 425 crores by Lok Capital Growth Fund; up to Rs. 75 crores by Growth Catalyst Partners LLC (Collectively Referred to as the “Investor Selling Shareholders”) and equity shares aggregating up to Rs. 36 crore by Vidya Arulmany; up to Rs. 21 crore by P. Surendra Pai; up to Rs. 21 crore by Savita S. Pai; up to Rs. 14 crore by Sheela Pai Cole and up to Rs. 8 crore by Moneisha Sharad Gandhi (Collectively The “Individual Selling Shareholder” and along with The Investor Selling Shareholders As The “Selling Shareholders”) (“OFFER FOR SALE”, And together with THE FRESH ISSUE, The “OFFER”).]

The company, in consultation with the BRLMs, may consider a Pre-IPO placement of specified securities aggregating up to Rs. 120 crore as may be permitted under applicable law, prior to filing of the red herring prospectus with the roc (“PRE-IPO PLACEMENT”). The Pre-IPO placement, if undertaken, will be at a price to be decided by the company, in consultation with the BRLMs. If the PRE-IPO placement is completed, the amount raised pursuant to the PRE-IPO placement will be reduced from the fresh Issue, subject to compliance with rule 19(2)(b) of the securities contracts (regulation) rules, 1957, as amended.

Established in 2015, Veritas Finance is a non-deposit taking non-banking financial company (“NBFC”) registered with the Reserve Bank of India (“RBI”), and under the scale-based regulations of the RBI, is classified as an ‘NBFC-Middle Layer’. As a diversified, retail-focused NBFC, it primarily provide small business loans to micro, small and medium enterprises (“MSMEs”) and self-employed individuals, and over the years, have expanded its business to include home loans and used commercial vehicle loans. According to CRISIL MI&A, it is the fastest-growing NBFC in terms of Loans (AUM) growth among compared peers for the period between the Financial Years 2022 to 2024, with a compounded annual growth rate (“CAGR”) of 61.76%. The company focuses on addressing the financial needs of underserved and underbanked MSMEs and individuals by providing access to credit.

ICICI Securities Limited, HDFC Bank Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, being BSE Limited (the “BSE”) and National Stock Exchange of India Limited (the “NSE”, together with BSE, the “Stock Exchanges”).

Chandigarh, January 21, 2025: Vinir Engineering Limited, an integrated engineering solutions company engaged in the manufacturing of specialized, critical and heavy, precision-forged and machined components for a wide range of industries and applications, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The IPO comprises an offer for sale of up to 53,300,000 equity shares of face value of ₹ 2 each. The offer for sale comprises up to 53,300,000 equity shares of face value ₹ 2 each by Nitesh Gupta (Promoter Selling Shareholder).

Vinir Engineering Limited is an integrated engineering solutions company engaged in the manufacturing of specialized, critical and heavy, precision-forged and machined components for a wide range of industries and applications, including energy, defense, aerospace, railways, energy turbines, hydraulics, earthmoving, high-end engineering, amongst others. The components play a vital role in various systems and applications, such as armored vehicles, armaments and ammunition, combat equipment, military hardware, upstream and downstream oil & gas systems, cryogenics systems, aircraft propulsion systems, power turbines, gas turbines, railway locomotives and braking systems, nuclear energy infrastructure equipment, heavy-duty excavation machinery, spaceframes, hydraulic components, wind turbine generators & high-pressure boilers, amongst others. The company specializes in producing critical and heavy precision-forged and machined components using a wide range of metals, including alloy steel, titanium, Hastelloy, carbon steels, stainless steels, duplex steels, special steels, Inconel, Monel, and aluminum, amongst others. The company is equipped to manufacture components with weights ranging from 20 kilograms to 6,000 kilograms using these processes and precision machining.

The company has a total installed capacity of 38,000 MTPA, distributed across three Manufacturing Units. Unit I is located at Bangalore in Karnataka while Unit II and Unit III are located in Hosur and Kalukondanapalli, both in Tamil Nadu. These units collectively span an area of 38,160 square meters. The company’s diverse customer base includes companies operating in sectors like energy, defence, aerospace, railways, energy turbines, hydraulics, earthmoving, high-end engineering amongst others , spread in India and foreign countries like United States, Mexico, Spain, Malaysia, United Arab Emirates, Saudi Arabia, Tunisia, Canada, amongst others. During the last 3 fiscals and six months ended September 30, 2024, they served over 150 unique customers, with an average of 60-70 customers per year/period. During the same period, they added 39 new customers.

The major demand driver of precision-forged and machined components is the economic growth and massive investment in infrastructure, oil gas and focus on aerospace & defence sectors across the globe. Global Non-Automotive Forging Market was valued at USD 33.16 Bn in 2023 which accounts for 35% of the overall forgings demand and is estimated to grow to USD 54.54 Bn by 2030 at a CAGR of 7.4% from 2023 to 2030 driven mainly by growth of demand from non-automotive end use sectors such as oil and gas, aerospace and defence, earthmoving, hydraulics and mining, railways and energy sector. Global Non-Automotive Precision Machined Forging Market was valued at USD 23.88 Bn in 2023 which accounts for 72% of the overall forgings demand and is estimated to grow to USD 37.11 Bn by 2030 at a CAGR of 6.5% from 2023 to 2030 driven mainly by growth of demand from non-automotive end use sectors such as energy (oil and gas), aerospace and defence, earthmoving, hydraulics and mining and railways. Indian Non-Automotive Precision Machined Forging Market was valued at INR 13,117 Crores in FY 2024 which accounts for 70% of the overall forgings demand and is estimated to grow to INR 20,814 by 2030 at a CAGR of 8% from FY 2024 to 2030 driven mainly by growth of demand from non-automotive end use sectors such as energy (oil and gas), energy turbines aerospace and defence, earthmoving, hydraulics and mining and railways. This augers well for players like Vinir Engineering Limited.

Pantomath Capital Advisors Private Limited is the Book Running Lead Managers to the issue. KFIN Technologies Limited is the Registrar to the offer.