Author: Rabindra

India Ratings and Research Revises Outlook on CEAT’s NCDs & Term Loan to Positive; Affirms ‘IND AA’

New Delhi, India – 13 September, 2024: CEAT, one of India’s leading tyre manufacturer, today announced that India Ratings and Research (Ind-Ra) has revised the outlook on CEAT’s Non-Convertible Debentures (NCDs) and Term Loan to ‘Positive’ from ‘Stable’, while affirming the ‘IND AA’ rating. The rating agency has also affirmed the ‘IND A1+’ rating on the company’s commercial paper program.

The outlook revision reflects Ind-Ra’s expectation of continued increase in CEAT’s scale of operations, driven by volume growth from ongoing and completed capex. The agency also noted CEAT’s efficient working capital cycle and healthy operating cash flow.

Mr. Arnab Banerjee, MD & CEO, CEAT, commented on the rating action: “The positive outlook revision from India Ratings is a testament to our strategic focus on growth segments, operational efficiencies, and prudent financial management. We remain committed to strengthening our market position while maintaining a healthy financial profile.”

Key Highlights:

1. Outlook revised to ‘Positive’ from ‘Stable’ on NCDs and Term Loan

2. ‘IND AA’ rating affirmed for NCDs and Term Loan

3. ‘IND A1+’ rating affirmed for Commercial Paper program

4. Consolidated revenue grew at a CAGR of 16% over FY21-FY24

5. EBITDA margins improved to 13.8% in FY24

6. Net adjusted leverage reduced to 1.3x in FY24

CEAT, the first tyre brand in the world to receive the Deming Grand prize has demonstrated strong revenue growth, with consolidated revenue increasing at a CAGR of 16% over FY21-FY24 to INR 119.4 billion. The company’s EBITDA margins improved significantly to 13.8% in FY24, up from 8.6% in FY22.

The company’s focus on the two-wheeler, three-wheeler, passenger car radial tyres, and off-the-road segments, which account for about 60% of revenue, has helped cushion volatility in cash flow generation.

CEAT plans to incur capex of around INR 10 billion in FY25, primarily towards capacity expansion in truck and bus radial tyres in Chennai and off-highway tyre capacity in Ambernath.

HUBNER India’s “Namma Factory” achieves significant milestones within 18 months of commissioning

Bengaluru, India (13 September 2024). HÜBNER Group has today announced that its “Namma Factory” in Bengaluru has achieved a significant milestone of the production and delivery of 2,000 gangways since the factory was commissioned at the beginning of 2023. In addition, HUBNER India has started production of gangway systems for metro projects to serve the Brazilian metropolis of São Paulo and the Egyptian capital Cairo, from the plant.

The Namma Factory is developing into a major success story for the HÜBNER Group with its achievements within such a short time frame. The Indian subsidiary HUBNER Interface Systems India Pvt. Ltd. (HIN) manufactures products and components in a particularly resource-efficient manner thanks to high-performance sustainability technologies.

Production levels raised with resource-saving manufacturing methods

“Our plan in India to meet the requirements of our local customers quickly and flexibly with a modern plant and a growing, high-performance team is working out just as we hoped,” says Kai Mentel, Managing Director of the HÜBNER Group. “With the Namma Factory facility we are proving that it is possible to both raise our production capacities for India and Asia as a whole while at the same time manufacturing with especially sustainable and resource-conserving methods.”

With the production and delivery of 2,000 gangways, the Namma Factory team has also achieved other important milestones: Two major orders for a total of 540 gangway systems for the Vande Bharat Express (Train 18) have now been completed. In addition, HUBNER India has started production of gangway systems for metro projects to serve the Brazilian metropolis of São Paulo and the Egyptian capital Cairo.

Handling major projects with increased production capacities

With a positive order situation, HUBNER India has increased its staff from 125 to nearly 200 employees. Among the major projects being handled by the growing team is an order from the Indian train manufacturer BEML for 800 gangway systems to serve the Mumbai Metro. This is one of the largest orders in the history of the HÜBNER Group.

With the commissioning of the new factory, the HÜBNER Group has significantly increased its production capacities for mobility markets in the Asia-Pacific region. The HÜBNER Group has been the global market leader for gangway systems for many years. It is now using the added production capacities in India to undertake major projects for leading mobility providers such as BEML, as well as Alstom and Indian Railways.

Focus on sustainability: Half a million kilowatt hours of solar power

When designing the new Namma Factory, the HÜBNER Group placed a special focus on sustainability. The bulk of the energy required to run the factory is generated by a photovoltaic system, which produced 587,055 kilowatt hours (KWh) of electricity in its first year of operation alone. Around 72 percent of this was fed into the local power grid. “To generate the same amount of electricity, 32 tons of coal would have had to be burned for the Namma Factory’s first year of operation,” explains Uwe Sperber, Location Head of HUBNER India. “This has saved us the equivalent of 60 tons of carbon dioxide (CO2) emissions.”

The plant’s in-house wastewater treatment plant is also paying for itself – with a daily capacity of 15 cubic meters for wastewater treatment and a capacity of 60 cubic meters for storing and using rainwater. Through the use of this treated water for landscaping work and sanitary facilities, approximately 350 cubic meters of water have already been recycled in the first year. “We are proud of these successes in the operation of the Namma Factory and see them as an incentive to manage our processes with even greater resource efficiency in the future,” says Uwe Sperber.

In India for India: Developing local engineering expertise

It has been possible to develop local engineering expertise in the Namma Factory in connection with the Metro Cairo project for HÜBNER’s customer Alstom. The train manufacturer has been mandated to make Egypt’s largest metro line more energy efficient and to design it for larger numbers of passengers – up to 2,580 people in a single train. For the development of the necessary gangway systems, the HÜBNER Group is pooling its expertise at its locations in Kassel, Germany, and Bengaluru. The aim is to make it possible for the entire product development process for future projects to take place in India by the end of 2025.

“We have launched a real lighthouse project in the growing market of India with our Namma Factory,” points out Managing Director Kai Mentel. “This also sends a strong signal to our customers. The HÜBNER Group is a high- performance partner that is acting on a global scale and is continually improving in the area of sustainability.”

XYST Expands Consumer Reach with Strategic E-commerce Partnerships with Amazon, Nykaa, Myntra & Flipkart

Mumbai, 13th September, 2024: XYST, a premium skincare brand that is FDA-approved and derma-certified, has announced a strategic partnership with leading e-commerce platforms, including Amazon, Nykaa, Myntra, and Flipkart. Powered by nature and driven by science, XYST is set to enhance its market presence through these collaborations. This move will strengthen XYST’s India-first approach, expanding consumer reach and supplementing their goal of reaching 100 cr revenue in the next 3 years.

This development comes at the time of a booming skincare market in India that is estimated to generate a revenue of $9.88 billion in 2024. XYST’s premium skincare products have helped them to beat the industry growth average of 8% YoY, and will further bolster value creation with the strategic partnership with leading e-commerce marketplaces.

Ms. Gunjan Agarwal, co-founder of XYST, shared her views on the development saying, “The Indian skincare market is witnessing unprecedented growth and our objective is to align our expertise to supplement this rise with premium products that offer a unique combination of nature and science. XYST is dedicated to offer derma-certified, solution based formulas that deliver visible results. Through this major strategic initiative, our goal is to address the accessibility challenge of clinically proven and highly effective skincare products consisting of safe ingredients beyond urban India, and we hope to impact the broader market favourably soon.”

As XYST’s derma-certified and research-backed skincare products become available on leading e-commerce marketplaces like Amazon, Nykaa, Myntra & Flipkart, more expansion plans are already in the pipeline. The new expansion plans are being designed to partner with more mainstream and consumer-focused marketplaces to penetrate key geographies across India, ensuring continued growth.

The brand presently caters to 18-35 age group, irrespective of gender and skin types to drive its mission of transforming the Indian skincare market with premium products. Their derma-certified formulations come from plant extracts, and unique nature-forward ingredients like Cica and Hemp blended into high-performing actives like Hyaluronic Acid, Niacinamide, and Vitamin C in their purest forms. This has helped XYST to foster an intimate connection with its consumers that has ensured a robust growth of the brand since 2022.

Kids India 2024: Unveiling the Future of Play in India’s Rapidly Growing Toy Industry

Mumbai, 13th September 2024: Kids India 2024 trade show, India’s premier platform for the toy and children’s products industry, kicked off today at the Jio Convention Centre, Mumbai. Organized by the world’s largest toy fair organisers in Germany, Spielwarenmesse India Pvt. Ltd. – this year’s event brings together leading manufacturers, distributors, retailers, and industry professionals, showcasing the latest trends, innovations, and products shaping the future of play in India.

 The fair is supported by key industry associations, including the Sports Goods Export Promotion Council (SGEPC) and The All India Toy Manufacturers’ Association (TAITMA), Ministry of Small & Medium Enterprises (MSME) and managed by the Indo-German Chamber of Commerce.

 The opening ceremony featured several distinguished speakers, each providing valuable insights into the current state and future direction of the toy industry.

 Christian Ulrich, Spokesperson of the Executive Board, Spielwarenmesse eG, reflected on Kids India’s impact, stating, “Since 2013, our event has significantly contributed to the growth of India’s toy industry, connecting new players with both domestic and international buyers. Kids India offers a unique platform for Indian companies, especially those new to global trade shows, to access international markets and meet key buyers. It truly represents ‘Made in India for Global Play.’ The growing number of Indian participants at Spielwarenmesse reinforces our belief in the Indian market’s potential.”

 Ms. Ute Brockmann, Deputy Director General, Indo German Chamber of Commerce, highlighted India’s expensive economic potential, stating, “India’s dynamic market and growing innovation ecosystem offer significant opportunities for both domestic and global investments. As the country strengthens its global presence, it is set to drive substantial economic growth across various sectors.” She added, “This growth also presents exciting opportunities for companies in the toy industry.”

 India’s toy industry is experiencing rapid growth, driven by increasing consumer demand, rising disposable incomes, and a growing focus on quality and safety standards. Domestic production now accounts for nearly 70% of the market, with the sector benefiting from the “Make in India” initiative. The market is expected to exceed USD 3 billion by 2028, establishing India as a global hub for toy production.

 Tarun Dewan, Executive Director of the Sports Goods Export Promotion Council (SGEPC), spoke about India’s growing role in the global toy export market, highlighting the alignment of Indian manufacturers with international safety standards and the rising production capabilities that are opening new growth avenues.

 “India’s ability to meet global safety standards and deliver high-quality, innovative products is positioning us as a key exporter. Kids India 2024 fosters collaboration and networking opportunities between the exhibitors and the overseas buyers invited by SGEPC, that are vital for expanding India’s footprint on the global stage,” Dewan remarked.

 Manish Kukreja, President of The All India Toy Manufacturers Association (TAITMA), focused on the industry’s shift towards eco-friendly and educational toys, while highlighting the increasing adoption of sustainable production methods and the role of technology in driving toy innovation.

 “Indian manufacturers are embracing sustainability and innovation, and we are seeing a surge in demand for products that promote creativity, education, and environmental responsibility. Kids India 2024 reflects the ingenuity of Indian manufacturers in adapting to both domestic and international trends,” Kukreja commented.

 The opening ceremony culminated in a lamp-lighting ceremony, followed by a VIP tour of the exhibition, where the latest innovative products were showcased, from traditional toys such as board games and soft toys to STEM based learning and educational tools.

 This year, Startup India is a prominent partner, supporting entrepreneurs and startups who are transforming the Indian toy industry with their innovative ideas and products. Suyash Tripathi, Assistant Manager at Startup India, Ministry of Commerce and Industries, Govt. of India, emphasized the growing role of startups in the toy market. “The toy industry is seeing a wave of innovation driven by startups. Whether it’s eco-friendly materials or tech-enhanced toys, entrepreneurs are reshaping this market. Startup India is proud to be a part of this ecosystem and to support the next generation of leaders in this space,” said Tripathi.

 With its focus on innovation, sustainability, and growth, Kids India 2024 provides a vital platform for industry stakeholders to connect, collaborate, and shape the future of play. As India continues to align its toy safety standards with international norms, expand its manufacturing base, and innovate with technology, the country is well on its way to becoming a global leader in toy production.

LG Electronics Sparks Early Festive Joy with ‘India Ka Celebration

NEW DELHI, SEPTEMBER 13, 2024: LG Electronics, India’s leading Consumer Durable brand, is set to light up this Diwali with its ‘India Ka Celebration’ Mega Consumer promotion. Designed to add extra cheer to the festive season, the promotion includes gifts worth 51 Crore and a chance for customers to win a LG Dream Home Package every day, which includes premium Consumer durables such as a Side-by-Side Refrigerator, OLED TV, Front Load Washing Machine, Microwave Oven, Water Purifier & Air Conditioner.

LIFE’S GOOD offers

As part of the Life’s Good offers, customers can enjoy up to 26% cashback on select models, with discounts of up to INR 26000. To make purchasing more convenient, LG is offering down payments as low as INR 1 and easy EMI options on select models, with fixed EMIs starting at INR 888.

Additionally, customers who purchase an InstaView Side-by-Side Refrigerator will receive a free MINI Refrigerator worth INR 11999.

TV buyers can benefit from a 3-year warranty on select models and up to INR 50000 in benefits on LG’s OLED TV range.

Further benefits include:

• Up to 30% Off: On LG Sound bars with select TV models
• 8-Piece Borosil Glass Lock Kit: Worth INR 5000 with select Refrigerators
• Free Stainless-Steel Bottle: With select Water Purifiers
• Free Mic: With select LG XBOOM speaker models
• Glass Bowl Kit: With select Microwave models

Hong Ju Jeon-MD LG Electronics India said “The festival season is a time for joy, celebration, and new beginnings. Through ‘India Ka Celebration’ Mega Consumer Promotion we want to offer our customers an opportunity to make their homes more beautiful and welcoming with our innovative and high-quality products. LG Electronics is offering an enriching portfolio of products this festive season combined with attractive consumer offers and assured gifts that will make consumer experience special. We are anticipating a promising festive season this year.”

Explore the Best of LG:

LG Home Appliances: LG’s Home Appliances are stylish, innovative, and environmentally friendly, featuring advanced technologies such as LED display panels, intuitive controls, and various color options. The product range includes Air Conditioners, Refrigerators, Washing Machines, Water Purifiers, Microwaves, and Dishwashers.

LG Home Entertainment: Experience unparalleled entertainment with LG’s range of TVs, speakers, and projectors. LG TVs, equipped with built-in voice assistants like Google Assistant, Alexa, and LG ThinQ AI, come with a universal remote that can control most devices. Available in various sizes and technologies, including OLED, QNED, and NanoCell, LG’s Home Entertainment products provide an immersive viewing experience.

Celebrate Onam with a Grand Brunch at The Earth Plate, Sahara Star

Indulge in the vibrant celebrations of Onam with a grand Sunday brunch at The Earth Plate on 15th September 2024. Onam, the cherished harvest festival predominantly celebrated in Kerala, is a special time to spend time with your family. To mark this special occasion, The Earth Plate – the global cuisine restaurant – will offer an extraordinary brunch experience, showcasing a delightful fusion of national and international cuisines designed by our esteemed chefs.

Immerse yourself in the rich flavors and colorful traditions of Onam with our specially curated brunch buffet. Experience a world of flavors with our multi-cuisine live stations and buffet, designed to celebrate Onam’s essence. The ambiance will reflect the theme with vibrant decorations and a centerpiece on every table.

Savor a lavish spread featuring an exquisite selection of dishes crafted with the utmost care and creativity by our expert chefs, adding a celebratory touch to your meal. In addition to the delectable food, enjoy live music that enriches the vibrant atmosphere of the brunch.

Cabinet Approves PM E-DRIVE Scheme to Accelerate Electric Mobility

In a landmark decision, the Cabinet has approved the PM E-DRIVE Scheme, a new initiative aimed at accelerating the adoption of electric vehicles (EVs) across India. This scheme represents a significant push towards a sustainable future, aligning with the government’s broader vision of reducing carbon emissions and fostering green technology. The PM E-DRIVE Scheme is set to play a crucial role in transforming India’s transportation sector by making electric mobility more accessible and appealing to both consumers and businesses.

 Details of the PM E-DRIVE Scheme
The PM E-DRIVE Scheme includes a range of measures designed to boost the electric vehicle market. Key features of the scheme include substantial subsidies for EV purchases, incentives for manufacturers to develop advanced battery technologies, and investments in charging infrastructure to support widespread EV adoption. The scheme also focuses on creating job opportunities in the EV sector and providing support for research and development to drive innovation. By addressing financial, technological, and infrastructural barriers, the PM E-DRIVE Scheme aims to make electric vehicles a viable and attractive option for the Indian public, contributing to the country’s environmental and economic goals.

 Mr Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd, said, “We wholeheartedly welcome the Cabinet’s approval of the PM E-DRIVE Scheme. With an ambitious allocation of Rs 10,900 crore, this landmark initiative represents a pivotal moment in the evolution of India’s electric mobility landscape, directly benefiting end-consumers and strengthening the broader EV ecosystem. We are particularly encouraged by the Government’s support for the adoption of 24.79 lakh e-two-wheelers (2Ws) and 3.16 lakh e-three-wheelers (3Ws), both critical to last-mile connectivity and sustainable urban transport. The decision to allocate Rs 2,000 crore towards bolstering charging infrastructure, including 48,400 fast charging stations for the 2W and 3W segment, is a testament to the Government’s commitment to alleviating customers’ anxiety and fostering confidence in EV adoption. These comprehensive measures will not only accelerate the growth of the EV market but also open up new avenues for innovation and opportunity, particularly with incentives for electric commercial vehicles, trucks, and buses. By empowering citizens and supporting cleaner, safer, and more efficient modes of transport, this progressive step will drive India towards self-reliance and a greener future. At Wardwizard, we applaud the Government’s visionary approach and reaffirm our unwavering commitment to contributing to the nation’s mission of sustainable and SAFE mobility.”

AWS selects seven generative AI startups from India for global AWS Generative AI Accelerator

India—September 13, 2024— Amazon Web Services (AWS), an Amazon.com company, today announced that seven generative AI startups from India have been selected for the AWS Global Generative AI Accelerator program. The selected Indian startups— Convrse, House of Models, Neural Garage, Orbo.ai, Phot.ai, Unscript AI, and Zocket, are among the 80 companies selected by AWS worldwide for their innovative use of AI and their global growth ambitions. The Indian cohort also represents the highest number of startups selected from a country in the Asia-Pacific region for the AWS Global Generative AI Accelerator program. The selected startups will also be invited to AWS’s premier annual event, re:Invent, in Las Vegas, where they will showcase their solutions on a global stage.

As part of AWS’s US$230 million commitment to accelerate the creation of applications worldwide, the AWS Generative AI Accelerator program provides startups, especially early-stage companies, with AWS credits, mentorship, and education to further their use of AI and ML technologies. Selected startups will gain access to AWS compute, storage, and database technologies, as well as AWS Trainium and AWS Inferentia2, energy-efficient AI chips that offer high performance at the lowest cost. The credits can also be used on Amazon SageMaker, a fully managed service that helps companies build and train their own foundation models (FMs), as well as to access models and tools to easily and securely build generative AI applications through Amazon Bedrock.

The 10-week program matches participants with both business and technical mentors based on their industry, and chosen startups will receive up to US$1 million each in AWS credits to help them build, train, test, and launch their generative AI solutions. Participants will also have access to technology and technical sessions from program presenting partner NVIDIA, a pioneer in accelerated computing.

“We are thrilled to announce the seven Indian startups that have been selected for the AWS global generative AI accelerator program. The Indian cohort represents the highest number of startups selected for the accelerator in the Asia-Pacific and Japan region. The selected startups are at the forefront of tapping into the transformative potential of generative AI to build innovative solutions,” said Amitabh Nagpal, Head, Startup Business Development, AWS India. “At AWS, our $230 million commitment and global expansion of the generative AI accelerator reflects our continued focus on supporting startups to develop, build and scale their unique ideas using generative AI. We are excited to witness the pioneering advancements that the selected startups will bring to solve complex challenges in India and worldwide.”

In India, AWS continues to support generative AI startups through initiatives such as AWS GenAI Loft, a collaborative pop-up space recently hosted in Bangalore to promote innovation in AI. It offered visitors a unique platform to gain insights and explore real-world applications of generative AI across industries.

According to PitchBook Data, Inc, 1,813 AI and ML companies have raised funding in India with over US$82 billion in investments to date in 2024. However, only 35% of generative AI companies globally have offices in locations outside their headquarter country, revealing that more can be done to support startups realize their growth ambitions.

“Asia-Pacific-based generative AI companies have raised over $2.5 billion in 2024, more than the prior three years combined,” said Brendan Burke, Senior Analyst, Emerging Technology Research, PitchBook. “Developers and startups are seizing the opportunity to train custom models based on unique cultural and linguistic data. Additionally, leading AI researchers are working on a diversity of transformer models in multimodal domains including 3D images, interactive media, and synthetic voice. The future of AI applications will rely on specialized model architectures and startups will need world-class cloud infrastructure to fulfill their vision.”

Lam Research Adds 20 Indian Universities to Semiverse Talent Upskilling Initiative

Bengaluru, India – September 13, 2024 – Lam Research Corp. announced today that 20 Indian universities will be enabled with the Semiverse Solutions virtual innovation infrastructure to train and develop future engineers for the semiconductor industry. Announced at the SEMICON India conference at Noida, the addition marks a major milestone in Lam’s efforts introduced in 2023, to contribute to upskilling up to 60,000 engineers over the next 10 years in India. Twenty universities were shortlisted from a list of close to 75 that have signed up for the program.

“Lam is committed to fostering the growth of the Indian semiconductor ecosystem. The addition of Semiverse Solutions virtual semiconductor environments to the selected 20 academic institutions will reach more than 2,600 students this academic year across the country and demonstrates significant progress towards our initiatives to help ready the next generation of semiconductor talent in India,” said Rangesh Raghavan, corporate vice president and general manager at Lam Research India.

Closing the Semiconductor Talent Gap in India

The semiconductor industry faces a major talent shortage to meet anticipated future demand. Educating future semiconductor engineers is even more daunting as it is cost-prohibitive for academic institutions to provide physical access to the most advanced nanotechnologies. Simulating real-world labs virtually provides greater democratization of engineering skills training, improved sustainability, and greater access to new talent pools in an increasingly computer-aided design world.

After a successful pilot at the Indian Institute of Science (IISc), Lam signed a tripartite memorandum of understanding with the India Semiconductor Mission (ISM) and IISc for the broad deployment of Semiverse Solutions to key universities in the country. Lam has previously announced a contribution of $29 million in software licenses towards the MoU, while ISM would support the establishment of infrastructure and operational costs. IISc will “train-the-trainers” at the selected universities, while Lam will deploy a dedicated team of employees to support the expansion across the country.

“Launched during Prime Minister Narendra Modi’s state visit to the US in 2023, the Semiverse Solutions training program is critical to achieving our skilling objectives to develop the talent needed to support the anticipated growth of the semiconductor industry,” said Akash Tripathi, CEO, ISM. “This program is an excellent example of what can be achieved when government, industry, and academia work towards a common end.”

The 20 universities will be enabled to use SEMulator3D®, a powerful 3D semiconductor process and integration modelling software that is part of the Semiverse Solutions™ platform, with a goal to accelerate India’s semiconductor education and workforce development objectives. The software is used by the world’s largest semiconductor companies, manufacturers, and foundries to model complete process flows and predict downstream ramifications of process changes that would otherwise require build-and-test cycles in the fab. Using SEMulator3D® is expected to help students learn to develop process flows and perform automated virtual experiments at significantly lower cost, and environmental impact.

“Students at IISc have realized exceptional value through the SEMulator3D enabled program and we are excited to replicate the success of the pilot and significantly improve the employability of graduates and post-graduate students in semiconductor manufacturing across the country,” said Professor Srinivasan Raghavan, chair of the Centre for Nano Science and Engineering at IISc.

Lam Continues Leadership Role in Accelerating the India Semiconductor Ecosystem

Today’s announcement is the latest in a series of actions from Lam intended to foster innovation, collaboration and the pipeline of talent in India’s growing semiconductor ecosystem. Earlier this week, the company launched the Lam Research Challenge competition to inspire university engineering students and broke ground in Bengaluru on what is expected to be one of the most advanced systems labs in the country at Lam’s India Center for Engineering – a new facility that will expand capabilities for designing, on-tool testing, and validation of semiconductor manufacturing processes, thereby potentially shortening engineering design cycles. Lam also announced earlier this year its plans to expand its global supply chain to include India and is exploring India-based suppliers who can collaborate to fulfil the need for precision components, custom parts, high purity gas delivery systems and other assemblies that go into cutting-edge semiconductor wafer fabrication equipment.

25 New Retail/CPG GCCs to Be Set Up in India by 2026: ANSR Report

India 13th September 2024: ANSR, the market leader in developing strategic Global Capability Centers (GCCs), today released the GCC Quarterly Landscape Report (Q2, 2024), providing key insights into the evolving landscape of GCCs in India, with a particular emphasis on the fast-growing retail/CPG sector. The report presents an in-depth overview of the major trends and innovations shaping the country’s GCCs and underscores the ongoing momentum in new setups, expansions, and the expanding role of GCCs across various industries and functions.

The report reveals that over 50% of retail/CPG GCCs in India have been established in the last eight years, a testament to the success of existing centres, mature operating models, and accelerated speed-to-value. The report projects that India will see the establishment of more than 25 additional retail/CPG GCCs in the next 2-3 years, with Bengaluru continuing to be the preferred destination, hosting over 42% of these centres.

Further insights delve into critical areas such as real estate, talent management, and technology adoption, highlighting India’s ongoing emergence as a global hub for business operations. Cities like Hyderabad, Bengaluru, and Pune are at the forefront of this growth, with GCCs leveraging advanced technologies—including Generative AI, AI/ML, and data analytics—to drive innovation and power their global operations.

Vikram Ahuja, Managing Director of ANSR, emphasized the importance of this report in guiding the industry through its next phase of growth: “The Q2 2024 GCC report highlights the most important trends and behaviours driving the growth of Global Capability Centers. As GCCs increasingly drive growth and innovation, this report will enable organizations to strategically align with emerging trends and disruptions in the sector.”