Author: Rabindra

Hyderabad Property Show Draws Huge Interest, Generates Over Rs 400 Crore in Leads

Hyderabad: 26th August 2024: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of private Real Estate developers in India, the 3rd of the series of ‘#CREDAIbility’ themed property shows generated a lot of interest among the common people and registered good footfalls. and generated business leads worth more than Rs 400 Crores. The event exclusively showcased the RERA-registered projects from CREDAI member developers, ensuring transparency and trustworthiness for buyers. The response to the property show is an ode to the consumer trust in ‘Brand Hyderabad’

The 3-Day property show at Nagole was inaugurated by Hon’ble Shri. D. Shridhar Babu, Minister for IT, Electronics & Communications, and Industries & Commerce, Government of Telangana. He emphasized the Government’s mission to make Telangana the Global Skill Capital through the participative approach between the Government, Academia and Industry. He also emphasized the need for dispersed development of the city and announced the setting up of an IT HUB and 5-star hotels and convention centres, along with other social infrastructure to enhance the attractiveness of East Hyderabad region for global corporations to set up their offices and accelerate the growth of this part of the city.

Mr. V. Rajashekhar Reddy, President, CREDAI Hyderabad said, “The momentum which started at the beginning of the month with the Hon’ble Chief Minister Shri A. Revanth Reddy meeting the CREDAI members and unveiling his vision 2050 for the state which inspired and assured everyone of the great time ahead. Even the Hon’ble Minister for IT, Electronics & Communications, and Industries & Commerce Shri. D. Shridhar Babu highlighted the overwhelming interest shown by the global corporations in investing during their recent visits. He also informed that the government will be taking effective measures to ensure balanced growth across the city. The government’s focus on skill development will strengthen the attractiveness of the city to global investors with greater availability of employment ready work force. We will also extend all support and infrastructure to the skilling initiatives for the construction industry. The minister also announced the plan to set up an IT Hub and other social infrastructure in East Hyderabad. This will prove effective in overall development of this part of the city. With these measures, we are confident that the city will take massive strides towards becoming a Global City and become an inspiration and role model for other Indian Cities and auger well for ‘Brand Hyderabad’. The last 3 property shows with the theme ‘#CREDAIbility’, have generated immense response from the common people. This reflects positively on the faith people have in the city and the trust on CREDAI member developers. As Hyderabad market has been performing exceedingly well in terms of absorption of residential, commercial and retail properties across price brackets. We would also like to thank the people of Hyderabad for their enthusiasm and overwhelming support to CREDAIbility property shows in West, North and East Hyderabad.”

Adding to this Mr B. Jagannath Rao – General Secretary, CREDAI Hyderabad said, “We are thrilled with the response that ‘CREDAIbility’ themed Property Show generated across three prime locations. The positive vibe amongst the public was palpable at the 3 property show this month. The members have generated substantial leads and site visits through the Property Show and are Gung Ho! about the upcoming festive season. Bouyed by the vision and conviction of the Government, we look forward to ‘Brand Hyderabad’ gaining more global prominence and will continue to be the best place to live, work, play, and grow. We are also thankful to the people of Hyderabad, the stakeholders for their patronage and support through this month for the CREDAIbility property shows.”

CREDAI – SOUTHCON 2024 a great success

Vijayawada: 26th August 2024: The Confederation of Real Estate Developers’ Associations of India (CREDAI), SOUTH CON 2024 was a great success. The high-level event was graced by esteemed dignitaries from various parts of the country. Shri Bode Prasad, MLA Penamaluru Constituency along with Ms. Saina Nehwal, Renowned Shuttler and Commonwealth Games Gold Medallist were present at the closing ceremony . Approximately 700 developers from across South India gathered to explore the future of the real estate sector.

The two day event was marked by significant discussions on the real estate sector’s progress along with dialogues on growth of the sector.

The SOUTHCON 2024 also hosted a series of enlightening and motivating sessions. The sessions delved into new financing opportunities through Real Estate Investment Trusts (REITs) and Small and Medium-sized REITs (SM REITs). There were discussion on common misconceptions regarding mechanization in mid-sized buildings plus CREDAI Kerala presented Clean City Movement (CCCM), the esteemed architect Ar. Battula Nagesh introduced innovative concepts and designs aimed at enhancing profitability. The concluding session, titled “Winning is Everything,” was presented by Olympic champion and Padma Bhushan awardee Saina Nehwal, who motivated attendees with her perspectives on achieving excellence.

Ms. Saina Nehwal, Renowned Shuttler and Commonwealth Games Gold Medallist highlighted that Success is not merely about winning; it’s about inspiring others to strive for excellence. At SouthCon 2024, let’s unite to foster innovation and sustainable growth in the real estate sector, turning our collective vision into reality for a brighter future in South India.

SOUTHCON 2024 has successfully underscored the vital importance of the construction industry and fostered collaboration between builders and government entities. The whole event is a major milestone for the sector. This event has set the stage for ongoing innovation and progress in South India’s real estate market.

Responsible Citizenship & Unity Quiz on Digvijay Diwas: Participate by Sept 11

The “Responsible Citizenship & Unity Quiz on Digvijay Diwas” is an annual online quiz organized by Udaan Youth Club to commemorate Digvijay Diwas, also known as Digvijay Mahotsav, and honor the legacy of Swami Vivekananda. This event marks the anniversary of Swami Vivekananda’s historic speech at the Parliament of the World’s Religions in Chicago in 1893. The quiz aims to enhance public awareness about the significance of the day and promote responsible citizenship, national unity, and sustainable development among participants.

About the Organization
Udaan Youth Club is a recognized NYKS Youth Club, Yuva Tourism Club, VIPNET Science Club, and Yuvak Mangal Dal, headquartered in Tyodhi village, Baghpat district, Uttar Pradesh, India. SR Aman Kumar serves as the president of Udaan Youth Club. The club’s mission is to contribute to achieving the Vision of Viksit Bharat 2047 and the UN SDGs 2030. Udaan Youth Club organizes a range of programs, including Dear Mother Nature Postcard Writing, Believe in Youth Letter Campaign, Observance of Important Days, Awareness about important schemes, and Activities around important social topics.

About the Program
The quiz is part of Udaan Youth Club’s observance of Digvijay Mahotsav, which commemorates the anniversary of Swami Vivekananda’s influential speech at the Parliament of the World’s Religions in Chicago in 1893. The program encourages participants to reflect on their roles as responsible citizens and their contributions to national progress, aligning with the vision of a developed India and the principles of unity and integrity.

Special Collaboration Call
Udaan Youth Club invites organizations and individuals to become impact partners for the quiz. Interested partners should refer at least 100 participants to the quiz. Upon witnessing the participation of 100 referred individuals, a certificate of appreciation will be issued, signed by SR Aman Kumar, President of Udaan Youth Club. To express interest and get your name added to the “Referred By” options in the quiz form, please email nyktyodhi@gmail.com.

Benefits
Gain insights into the significance of Digvijay Diwas and the teachings of Swami Vivekananda.
Learn about the roles and responsibilities of citizens in contributing to societal development.
Names of all winners will be published on the official website.
All participants who achieve full marks will receive a certificate of participation.
Participants who score full marks will be invited to write a special article on Digvijay Diwas, which will be published on the official website along with their name and photo.
Organizations and individuals who refer 100 participants will receive a certificate of appreciation.

 Eligibility

 The quiz is open to individuals of all ages, occupations, and demographics across India.

Instructions

•  Participants must register through the official quiz page.
• Complete the quiz by answering all questions.
• An automatic certificate will be issued to participants upon securing full marks.
• In the certificate email, participants will have information about guidelines for preparing and submitting article on Digvijay Diwas.

 How to Participate

•  Provide required details in the registration form.
• Answer all questions in the quiz.
• Ensure responses are submitted by the deadline.

United Way Bengaluru Joins Hands with Karnataka Government to Transform Government Schools Under the SAMATVA Initiative

Bengaluru, August 26, 2024: 

United Way Bengaluru (UWBe) as a part of the Department of School Education and Literacy (DoSE&L), the Government of Karnataka’s Samatva initiative signed a Memorandum of Understanding (MoU) with the department. This partnership aims to enhance the education landscape in peri-urban and rural areas across the state, with a particular focus on strengthening government schools.

Under the initiative called Samatva, the Department of School Education and Literacy (DoSE&L), the Government of Karnataka, envisions strengthening and transforming government schools into model institutions. These Karnataka Model Schools have been conceptualized to provide quality education to students from Lower KG (LKG) to Pre-University College (PUC) levels, all within a single campus. With upgraded infrastructure, facilities, and learning initiatives, the goal is to improve the learning and well-being of students. To achieve this, the DoSE&L has invited NGO and CSR partners for strategic collaboration.

Rajesh Krishnan, CEO of United Way Bengaluru, stated, “The partnership with the government represents a path-breaking initiative aimed at transforming the educational landscape for students from kindergarten to pre-university college. Together, with our CSR partners and government stakeholders, we are dedicated to creating a nurturing learning environment, ensuring access to quality education and essential resources, particularly for the growth and development of children from marginalized communities.”

Since 2008, UWBe has been actively working with government and government-aided schools. With the support of CSR partners, it recently strengthened the Karnataka Public School in Nandagudi, Hoskote, Bengaluru. This school serves approximately 1,200 children, primarily from families of migrant and wage labourers. Key enhancements under this initiative included the construction of new classrooms and renovation of existing infrastructure, upgrading of toilet facilities, setting up STEM labs and science laboratories, and the installation of solar panels to promote sustainability and energy efficiency. Additionally, teachers have received training in STEM education, enabling them to integrate innovative teaching methods into their classrooms.

The modern laboratories have attracted more students to enrol in science disciplines, significantly benefiting 250 PUC students at KPS Nandagudi. Previously, these students faced challenges due to inadequate lab facilities, often having to travel over 20 kilometres to take practical exams at another centre.

United Way Bengaluru will continue to expand its efforts under the Samatva initiative. This will include setting up STEM, digital classrooms, and English Labs in more than 100 schools and strengthening school infrastructure, including integrating WASH elements based on identified needs. UWBe will also focus on teachers’ skills development and training them on reproductive health and gender sensitivity.

UWBe is an NGO focused on social issues that seek immediate and long-term attention. United Way Bengaluru marked a significant milestone this year as it completed its 15-year journey. As a part of the global network, United Way Worldwide, the largest network of non-profit organizations with 1,100 chapters in 37 countries, United Way Bengaluru carries a global image with a ‘local heart’ committed to creating meaningful change in the lives of the local communities. True to the organization’s mission “To improve lives by mobilizing the caring power of communities around the world”, UWBe catalyzes unified efforts from corporates, civic bodies, and citizen associations to bring about visible and sustainable change in the lives of the communities. The organization works in four key areas – environment, education, healthcare, and rural development.

IIM Bodh Gaya welcomes fourth batch of IPM programme

The Indian Institute of Management (IIM) Bodh Gaya welcomed the new batch of the Integrated Programme Management (IPM). The fourth batch of the five-year integrated programme includes 148 students, including 14 international students from the USA, Canada, Australia and Nepal.

 The two-day orientation programme began on 24th August with the lighting of the lamp by the esteemed guests.
Prof. Vittal Rangan S, Chairperson, IPM Programme, introduced the IPM programme, emphasising its relevance in the business world. After meeting and interacting with the parents, Dr. Vinita Sahay, Director of IIM Bodh Gaya, welcomed the students. She highlighted the importance of holistic education and the institute’s commitment to nurturing socially responsible and mindful leaders. In light of mindfulness as IIM Bodh Gaya’s core value, she stated that the biggest test is the test of time, noting that India’s ancient civilisations’ practices such as yoga, and organic farming have successfully passed this test. The Chief Guest, Mr. D. Shivakumar, Operating Partner at Advent Private Equity addressed the students and advised them to not let other parts of their personality fade in the pursuit of academic marks. He emphasised that an all-rounded person is the kind of person who wins in life. Day one of the orientation programme concluded with the vibrant cultural evening Estovia 3.0 with performances by the students from old and new batches of IPM.

 The students were excited to join the IPM programme. Ahmed KP, a student from the new batch, mentioned that the campus exceeded his expectations with its stunning beauty, and the orientation programme, particularly the lively cultural activities, made the experience truly enjoyable.

 The second day of the programme consisted of sessions led by industry experts including Mr. Manoj Kumar, General Manager at LPG, HPCL, Mr. Niglanshu Nandi, Director of Sales and Marketing at OLA. Mr. Karthik Venkat, Country Lead at India Tech Partnerships (Ads) at Google, advised the students that instead of chasing opportunities, they should let their curiosity attract opportunities. Mr. Pratik Yadav, Expert partner at BCG Zurich, connected with students virtually from Switzerland. The students gained insights about IIM Bodh Gaya’s 14 student-driven committees that are responsible for the institute’s functioning on various fronts.

 IIM Bodh Gaya is one of the five IIMs in the country to offer the IPM programme. The other IIMs are IIM Rohtak, IIM Jammu, IIM Indore, and IIM Ranchi. Under NEP 2020, the programme provides flexibility for students to either complete an undergraduate degree after three years or continue to an MBA.

CREDAI – SOUTHCON 2024 inaugurated at Vijayawada

Vijayawada: 26th August 2024: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of the private real estate developers in India organized SOUTH CON 2024, at the Ayana Hotel & Convention Centre in Vijayawada. This prestigious event hosted by CREDAI Andhra Pradesh was inaugurated by Shri Ponguru Narayana, Ministry of Municipal Administration & Urban Development, Government of Andhra Pradesh in the presence of Shri Bhupathiraju Srinivasa Varma, Union Minister of Heavy Industries and Steel, Government of India along with the leadership team of CREDAI National, leaders and members from all chapters of CREDAI in the southern states.

SOUTHCON 2024 aims to foster collaboration, innovation, and sustainable growth in southern India’s real estate sector across the states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana. This leading conference unites key industry figures to share insights, tackle challenges, and explore opportunities in the dynamic real estate landscape of South India. Key leaders and stakeholders came together to drive progress, exchange valuable insights, and strengthen connections within the real estate community. This prestigious gathering will provide a platform for influential figures to foster unity, share knowledge, and encourage cooperation across the industry.

According to Shri Boman Irani, President, CREDAI National said, “India is a diverse country and each zone has its unique challenges. The south Indian states are emerging as rapidly developing hubs for commercial, residential and retail real estate. The member developers here are developing amazing world class projects. We are delighted to host this edition of SOUTHCON in Vijayawada, as the state of Andhra Pradesh is at the cusp of rapid growth and transformation under the visionary leader Shri N. Chandrababu Naidu. SOUTHCON is a collaborative learning platform aimed at helping our member developers understand the nuances of the latest technologies, sustainable construction practices and project management processes to adapt them in their projects to improve the quality and efficiency of operations. As Andhra Pradesh develops Amravati into a sustainable city, SOUTHCON 2024 will provide valuable insights for this transformation. Together, we can seize these opportunities to advance real estate in South India.

He further added. “Just to highlight some interesting facts about Real estate sector –Real Estate sector contributes about 20% to the GDP so as India achieves $ 5 Tn GDP Real Estate sector will contribute $ 1 Tn to the economy. This sector is the largest employer for blue collar jobs in the country. Moreover, 60% of wealth in India is created by Real Estate Investments, as we as a society still believe in possession of physical assets. Also, GST on Real Estate is a cause of concern specially for the smaller developers in the country as in the present form we are unable to get the input tax credit for real estate sector, which is leading to higher cost of projects. Also, we would like the governments to revise the definition of affordable housing and make it Rs. 75 lacs from Rs. 45 lacs, which will be the right price taking into account the impact of inflation over the years so that more homebuyers can benefit from the schemes for Affordable housing”

Shri G. Ram Reddy, Secretary, CREDAI National, “SOUTHCON 2024 marks a pivotal moment for the South Indian real estate sector, showcasing the resilience of regional markets. South Indian states are at the forefront of the technology, automobile, healthcare, and startup revolution in the country, attracting investments across sectors. This requires a focused approach towards building world-class infrastructure as we move towards ‘Viksit Bharat’. These states are also leading the national office property market with a 54–56% share of India’s net office space absorption since 2022, led by Bengaluru’s 15–16 million square feet annually and 25% of total leasing in early 2024. Chennai and Hyderabad contribute 14% and 13%, respectively. Simultaneously, there is a rising demand for high-end and luxury residential properties, attracting developers focused on premium living spaces, although the need for affordable housing remains critical. The conference will bring together industry leaders and stakeholders to discuss the future of real estate in the region, fostering collaboration and sustainable growth. Together, we will unveil new opportunities and lay a strong foundation for the next generation of real estate development. We eagerly anticipate the collaboration of industry leaders in shaping the future of real estate in Southern India.”

Shri B. Raja Srinivas, Joint Secretary, CREDAI National said, “SOUTHCON 2024 represents a significant turning point for the real estate industry in South India, bringing together essential players to boost sustainable development and innovation. As we explore the ever-evolving environments of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, it is vital to leverage technological progress and investigate new market segments. By prioritizing sustainability and encouraging teamwork, we can tackle obstacles and capitalize on the abundant opportunities that await, paving the way for a brighter and more successful future in real estate.”

Speaking on the occasion Shri Sridharan Swaminathan, Vice President, CREDAI National said, “We are excited to share that SOUTHCON 2024, hosted by CREDAI Andhra Pradesh unites industry leaders from various states. It provides a dynamic platform for industry experts to participate in insightful panels and keynote discussions that tackle significant market challenges and opportunities. With a focus on trends such as sustainable building practices and technological innovations, SOUTHCON 2024 aspires to spark creativity and foster networking for strategic partnerships. By delving into the latest industry trends, the conference aims to promote eco-friendly, high-quality real estate solutions and influence the future landscape of the sector in Southern India.”

Shri Alla Siva Reddy, Chairman, CREDAI Andhra Pradesh said, “SouthCon 2024 marks a pivotal moment for the real estate sector in Andhra Pradesh, bringing together developers to foster collaboration, innovation, and sustainability. We should seize this opportunity to translate our ambitions into tangible outcomes and collectively strive towards creating a more promising future.”

Adding to this Shri Y. V. Ramana Rao, President, CREDAI Andhra Pradesh said, “As we kick off SOUTHCON 2024, we are happy to unite industry leaders, developers, and innovators from South India for this groundbreaking event. The conference aims to elevate our real estate sector and foster a sustainable future. This gathering offers exceptional opportunities for interaction, sharing ideas, and gaining valuable insights. With a focus on collaboration and local initiatives, including the transformation of Amravati into a green city, this conference is vital for progressing the real estate landscape in Southern India. We invite all participants to engage actively, network, and play a role in the mission to enhance both for the industry and region.”

Shri D. Rambabu, Convener of the SouthCon said, “SOUTHCON 2024, hosted by CREDAI Andhra Pradesh, is a key event for South India’s real estate leaders to foster collaboration, innovation, and sustainable growth. Request everyone to visit and join us for discussions on trends and challenges that will shape the region’s real estate future and gain insights to drive the industry forward.”

Acsia Technologies Opens Global HQ and R&D Center, Launches Generative AI Developer Assistant for Automotive Software

Thiruvananthapuram, August 26th, 2024: – Acsia Technologies, a global leader in automotive software specializing in Digital Cockpits & Displays, e-Mobility, and Telematics, marked a significant milestone with the inauguration of its new Global Headquarters and Research & Development Centre at the Embassy Taurus TechZone in Technopark Phase III, Thiruvananthapuram. The inauguration was graced by P. Rajeeve, Minister for Industries, Law, and Coir, Government of Kerala.

“Over the past decade, Kerala has seen significant growth across various sectors. Minister P. Rajeeve stated that the government is now focused on making Thiruvananthapuram a global automotive technology hub. He noted that Kerala has achieved the required level of digital literacy and emphasized the prominent role of Acsia Technologies in this development. The Minister also assured that young people will receive the technical training needed to fully leverage these opportunities. He added that the global automotive conclave, scheduled for November in Thiruvananthapuram, will be a key milestone in advancing these efforts.

The Presidential Address was delivered by the Hon’ble Mr. Kadakampally Surendran, MLA and Former Minister.

During the event, Minister P. Rajeeve also launched Acsia Copilot, named ‘Lila,’ a generative AI-based developer assistant for automotive software. By generating code for a speedometer, Minister Rajeeve officiated the launch of this revolutionary tool, which is set to transform the software development process in the automotive industry.

Lila is an innovative solution that automates routine coding tasks, enabling developers to focus on more complex and creative aspects of software development. The process begins with developers inputting a prompt, which is then expanded using a Large Language Model (LLM) to generate accurate and efficient code snippets. These snippets are displayed in the Copilot interface, where developers can review, refine, and submit the code for compilation, followed by unit testing to ensure it meets the required quality standards.

Acsia is committed to the ethical implementation of AI and Machine Learning (ML), ensuring that these technologies enhance productivity, efficiency, security, and cost savings across the development cycle. The integration of AI also ensures consistent quality in work products, reducing the likelihood of errors and enhancing the reliability of the software.

“The world’s leading automakers trust Acsia to keep their production programs on track. From the very beginning, our mission has been to simplify the complexities of automotive technology by creating software solutions for digital cockpits & displays, e-mobility, and telematics that set new standards in quality and security, ultimately transforming driver and passenger experiences,” said Jijimon Chandran, Founder and CEO of Acsia. “

Thiruvananthapuram is on the threshold of becoming a global hub for automotive technology, and at Acsia, we are proud to lead this movement. Collaborating with the government and partners like CII Kerala, we are determined to position our capital city as a world leader in automotive innovation. Establishing a global automotive technology hub here is crucial for providing high-quality jobs and driving economic growth across the State.” He added.

The newly inaugurated 1000-seater facility represents a significant milestone for Acsia Technologies, a company that has grown exponentially over the past decade. The facility not only underscores Acsia’s commitment to innovation and excellence but also provides ample room for further growth as the automotive technology industry continues to evolve. With the rise of e-mobility, software-defined vehicles, and connected cars, Acsia is well-positioned to partner with original equipment manufacturers (OEMs) to develop solutions that enrich, engage, and secure driver and passenger experiences.

“The synergy between skilled human resources and industrial expertise positions Kerala, particularly Thiruvananthapuram, as a significant player in the global automotive sector. It is a remarkable achievement that Acsia has made considerable progress in just ten years, said APM Mohammed Hanish IAS, Principal Secretary, Dept. of Industries, Government of Kerala.

“Kerala has a highly skilled and well- trained workforce. This expertise equips Kerala to leverage advancements in automotive technology,” said Stefan Juraschek, Former VP R&D, BMW Group, and Strategic Advisor, Acsia.

“Kerala has great potential, and the journey has been fulfilling. We look forward to the future”, said Ms. Christina Hein and Mr. German Ferreira from BMW Group congratulating the team on the new inauguration.

The inauguration ceremony was attended by a host of distinguished guests, including Mr. APM Mohammed Hanish IAS, Principal Secretary, Dept. of Industries, Government of Kerala; Mr. Stefan Juraschek, Former VP R&D, BMW Group, and Strategic Advisor, Acsia; Ms. Christina Hein, Mr. German Ferreira- BMW Group; Col. Sanjeev Nair, CEO, Technopark; Mr. Anoop P Ambika, CEO, Kerala Startup Mission; and Mr. Ajay Prasad, MD & CEO India, Taurus Investment Holdings.

Air India Express Flash Sale offer is valid for bookings made till August 25, 2024

26-August-2024, National: Air India Express launched its ‘Flash Sale’, featuring Xpress Lite fares starting from ₹1037 and zero convenience fee for logged-in members on the airline’s award-winning website, airindiaexpress.com and mobile app. The sale is open for bookings made till 25th August for travel from 26th August to 24th October, 2024, on domestic sectors of the airline.

The sale also includes Xpress Value fares starting for as low as ₹1195 as the airline offers fab deals on routes such as Delhi-Jaipur, Kolkata-Imphal, Chennai-Bhubaneswar, along with special sale fares across its network of 32 domestic destinations.

Bookers on airindiaexpress.com get exclusive access to the exclusive zero-check-in baggage Xpress Lite fares. Xpress Lite fares also include the option to pre-book an additional 3 kg of cabin baggage at no fee and a discounted fee for check-in baggage at ₹1000 for 15 kg on domestic flights and ₹1300 for 20 kg on international flights.

Air India Express loyalty members get exclusive discounts and can earn up to 8% NeuCoins on the airline’s website, in addition to exclusive fab deals like upto 47% off Biz and Prime Seats, ‘Gourmair’ hot meals and beverages and add-on packs. In addition to loyalty members, students, senior citizens, SMEs, Doctors and Nurses, and members of the armed forces and their dependents can also book special discounted fares on the airline’s website.

Xpress Biz fares are available on all the new Air India Express Boeing 737-8 aircraft, as a Business Class equivalent, disrupting the traditional LCC model with the proposition of a hybrid value carrier in keeping with the refreshed Air India Express brand positioning ‘Fly As You Are’. Guests can also upgrade to Biz seats for an enhanced travel experience with a seat pitch of up to 58 inches. As it rapidly expands its fleet, the airline is inducting nearly 4 new aircraft every month and has 4-8 Biz seats in the over 30 new aircraft inducted since it’s brand launch in October 2023.

Danfoss – Staying the course despite market headwinds: H1 2024

Nordborg, Denmark; Chennai, India, August 26, 2024: Danfoss continues to see robust performance and resilience, especially in their Climate Solutions, Drives, and most of the Electrification businesses. The most important growth drivers continue to be decarbonization in industrial sectors, digitalization/datacenters, and electrification.

The lower demand is seen in selected end-markets like agriculture and construction/roadbuilding, which are in a downcycle impacting Danfoss Power Solutions segment. The European construction market continues to be soft, particularly in Central Europe, impacting especially the heating business, such as residential heat pumps and the district heating market. Finally, the automotive/EV-market, in both Europe and the US, has seen significant reductions in OEM production schedules for 2024 and 2025.

The activity level in Europe and China continues to be soft and is expected to continue for the rest of the year, while the US show signs of a slowdown. We continue to see good growth momentum in India.

“I would like to thank the Danfoss team for showing resilience and strong engagement, maintaining full focus on serving our customers. It is exciting to see how the entire team is fully engaged to stay the course and does what it takes to manage through this cycle. We have successfully navigated various economic cycles before, and we are doing so again. While the current situation may be challenging, it is important to emphasize that we will continue pursuing our long-term growth strategy,” says Kim Fausing, President & CEO of Danfoss.

Our three segments continued to invest in innovation and developing our global footprint, bringing innovative solutions and technology to the market and our customers. Research and development investments amounted to EUR 247 million (H1 2023: 249 million), on par with last year and corresponding to 4.9% of sales (H1 2023: 4.5%).

Danfoss India

Danfoss India is experiencing robust growth, driven by the rapid expansion of data centers, commercial buildings, and cold chain infrastructure across the country. Additionally, the Indian government’s strong push towards decarbonization, coupled with initiatives like the Production-Linked Incentive (PLI) schemes, is further fuelling our growth momentum.

As a leader in sustainable solutions, we are committed to supporting India’s ambitious carbon neutrality goals. Our innovative products and solutions are designed to help customers reduce their carbon footprint and transition to cleaner, more energy-efficient processes.

With our expertise in electrification, energy efficiency, and climate-friendly technologies, we are well-positioned to be a preferred decarbonization partner for our customers in India. We will continue to invest in and develop cutting-edge solutions that enable our customers to achieve their sustainability objectives, while also driving business growth and competitiveness.

Mr Ravichandran Purushothaman, President, Danfoss India, says, “India continues to be the fastest growing region for Danfoss group, and we’re proud to be at the forefront of the country’s sustainable transformation. With the rapid expansion of data centers, commercial buildings, and cold chain infrastructure, coupled with the government’s strong support for decarbonization, we’re confident in our plans to double sales by 2025. Our innovative products and solutions are designed to support India’s carbon neutral ambitions, and we’re committed to being a trusted partner for our customers as they navigate this journey.”

Setting Danfoss up for the future

We have initiated the implementation of an updated operating model, aiming to further support our long-term growth strategy, strengthen innovation and our entrepreneurial mindset, and improve performance. Guided by focus on market and customer proximity, scalability, and simplification, we want to establish stronger end-to-end accountability in the business, increase cost competitiveness, and speed up decision-making across the company.

Mr Kim Fausing, CEO, Danfoss Global, says, “By updating our operating model, we are setting Danfoss up for the future. This is essentially about further decentralization and empowering our teams to make decisions closer to our customers. We will simplify the organization by eliminating duplications and reducing the fragmentation of accountabilities, enabling faster decision-making and a more responsive organization.”

As we are targeting to simplify and eliminate duplication and fragmentation of accountabilities, this also means parting from some of our talented and dedicated colleagues. While this is not an easy decision to make, it is an important step to enable the long-term success of Danfoss. Additionally, as several businesses are impacted by the volatility and lower demand in the market, they are seeing the need to adapt to the current market situation.

Danfoss’ commitment to sustainability

We remain committed to decarbonizing our global operations (scope 1 and 2) by 2030, as part of our three step-change initiatives on Decarbonization, Circularity, and DE&I (Diversity, Equity, and Inclusion).

In the first half of the year, we continued to reduce our own emissions. In China, we signed a local Power Purchase Agreement (PPA) that, from 2025 onward, will reduce our annual scope 1 and 2 emissions in China by 33% and 9% globally. In total, we have now secured agreements to decarbonize 60% of our operations in China.

Outlook for the year

Danfoss has a continued ambition to expand or maintain our market share. Due to the current downcycle, sales are now expected to be in the lower end of the range of EUR 10.0-11.5 billion for the full year. The EBITA margin is now expected to be in the range of 11.0-12.0%, following the continued integration of already acquired businesses as well as investments in the development of new products and solutions. We are in the process of assessing our strategic options to reduce our cost base, which might cause further one-off costs. The expected growth and profitability performance is dependent on the development of global supply chain stability, the geopolitical environment, and inflation as well as general global growth rates.

Danfoss Global – Key figures for the first six months of 2024

• Sales decreased 9% to EUR 5,012 million (H1 2023: 5,528m).
• Investments in innovation (R&D) continued on high-level EUR 247m (H1 2023: 249m), corresponding to 4.9% of sales (H1 2023: 4.5%).
• Investments (CapEx) excluding M&A was EUR 220 million (H1 2023: 274m).
• Operating profit (EBITA) decreased 22% to EUR 533 million (H1 2023: 686m), leading to EBITA margin of 10.6% (H1 2023: 12.4%).
• Free operating cash flow after financial items and tax (before M&A) amounted to EUR -118 million (H1 2023: -125m).
• Net profit decreased 28% to EUR 291 million (H1 2023: 402m).