Author: Rabindra

IVCA CAT III Summit Charts Course for the Future of CAT III AIFs in India

15th July 2024  Mumbai, Maharashtra, India  India’s apex industry body for alternative assets, the Indian Venture and Alternate Capital Association (IVCA), is set to host the IVCA CAT III Summit in Mumbai on July 11th, 2024. The IVCA CAT III Summit aims to catalyze growth in the CAT III AIF space, bringing together over 300 industry stakeholders consisting of CAT III funds, other alternative capital funds, limited partners (LPs), family offices, wealth managers, policymakers, regulators, and IVCA member knowledge partners. The IVCA CAT III Summit boasts a prestigious line-up of sponsors, including AlphaGrep Investment Management, Nippon Life India AIF Management, Northern Arc, PwC, and Sundaram Alternatives.

Bhautik Ambani, Chief Executive Officer, of AlphaGrep Investment Management, and Co-Chair, of CAT III Council, IVCA, said, “IVCA CAT III Conclave 2024 will be a fantastic event focusing on the Indian alternative capital industry. The event will focus on engagement with regulators, initiatives for CAT III AIFs, and increasing interest from family offices and high-net-worth individuals, which are crucial for the industry’s growth and development. It’s great that the conclave will provide a platform for thought-provoking discussions and networking opportunities to delve deeper into these important topics. Collaboration and innovation are key drivers of progress in any industry, and it’s clear that the IVCA Conclave aims to foster these connections to shape the future of the alternate capital industry in India. I’m sure the conclave will offer a wealth of insights and opportunities for all participants. Enjoy the event and make the most out of the connections and knowledge shared there!”

Ashish Chugani, Head Alternative Assets, Nippon India Alternative Investments said, “The strong and growing interest in AIFs amongst investors has made it the fastest growing asset class in India in recent times. While majority of the AIFs fall under Category II, the growth of Category III AIFs has been quite phenomenal. Within Category III AIFs, Long-Only funds have consistently remained the largest segment, as their popularity and performance has been growing steadily. However, we do believe that given the dynamic nature of the markets, Long-Short funds are seen as a harbour for managing market volatility and generating higher risk-adjusted returns. The Indian Economy is well poised to grow exponentially, and we believe Category III AIFs are yet to reach their true potential. As differentiated investment themes and strong alpha will propel investors interest in Long-Only Funds, diversification and volatility management will induce increasing interest towards Long-Short funds.”

Bhavdeep Bhatt, CEO, Northern Arc Investments said, “Indian capital market has been going from strength to strength in terms of building strong regulatory infrastructure, and an unprecedented depth, breadth & liquidity. This set up offers a perfect opportunity for financial market innovations, particularly for sophisticated large investors who demand global standard in terms of differentiated product design for risk-return. Thankfully, Cat III framework helps harnessing this opportunity across asset classes. No wonder, the CAT III AUM has grown @ 100% + CAGR in last decade. While tax neutrality will help the investor and industry more, we are happy to have offered a unique Money Market Alpha Fund, an open-ended-money-market-credit-Fund that has delivered 9.5% CAGR, post expense, since its inception 5.5 year ago, without any delay or delinquency, including during Credit or Covid crisis.”

Gautam Mehra, Partner, PwC India said, “The assets under management of Category III funds have seen a significant growth trajectory. On the back of an ever-growing increase in the depth and maturity of Indian capital markets, this segment can continue to play a very important role in funneling long-term capital through a well-regulated environment. Additionally, the Summit provides a great platform to brainstorm on financial innovation and on increasing the coverage of a wider range of products which would serve the requirements of India’s markets and economy, and at the same time, cater to the needs of the more sophisticated investors.”

Vikaas Sachdeva, Managing Director, Sundaram Alternatives & Co-Chair, CAT III Council, IVCA said, “Category III AIFs in India are at the forefront of financial innovation, presenting a diverse array of strategies including long-only, long-short equity, absolute return, market neutral, arbitrage, and credit. These funds aim to deliver superior risk-adjusted returns. As they continue to navigate various asset classes, market capitalizations, and sectors with expertise, Category III AIFs are poised to secure a significant share of investor portfolios, shaping the future of HNI investment in India. The key to their success lies in consistently meeting risk and return expectations, which bolsters investor confidence and drives growth. Their role in diversifying and enhancing portfolio performance will be instrumental in attracting a broader investor base. The evolution of Category III AIFs signals a transformative phase in India’s investment landscape.”

The Category III Alternative Investment Fund Report 2024, to be released at the summit, projects a promising future for CAT III AIFs. It anticipates an exponential growth trajectory, with CAT III AIFs having demonstrated a compound annual growth rate (CAGR) of 8% and 52% over the past five and three years, respectively. As of December 2023, there are 257 registered CAT III AIFs, with collective commitments of a staggering Rs. 128,058 crore. Notably, CAT III funds are the only category that witnessed a significant rise in the number of new funds launched in FY24.

The IVCA CAT III Summit features a prestigious lineup of speakers. Several industry veterans from the alternate capital ecosystem will participate in various panel discussions. These include prominent figures such as – Akshaya Mishra, Head of Compliance, Nuvama Asset Management, Apurva Salarpuria (Principal, Salarpuria Family Office), Ashish Chugani (Head – Alternative Assets, Nippon India Alternative Investments), Bhautik Ambani (CEO, AlphaGrep Investment Management, and Co-Chair, CAT III Council, IVCA), Bhavdeep Bhatt (CEO, Northern Arc Investments), Nalin Moniz (CIO – Alternative Equity, Edelweiss Asset Management), Pavan Shah (General Manager, IFSCA), Pradeep Ramakrishnan (Executive Director, IFSCA),Pritesh Majmudar (Head of Compliance, DSPIM), Saurabh Rungta (Managing Director and Chief Investment Officer, Avendus Wealth Management), Upasana Koul (Co-founder and Director, Eleveight), Vikaas Sachdeva (Managing Director, Sundaram Alternates, and Co-Chair, CAT III Council, IVCA), and Vikram Bohra (Partner, Price Waterhouse & Co LLP)

Real-Reel Stories: A New Genre of Storytelling

15th July 2024  New Delhi, Delhi, India  The world of espionage fiction has long fascinated readers and movie makers. Either they are based on true stories or are an absolute piece of fiction.

Inspired by this, two authors came together and decided to create Real-Reel spy fiction. Inspired by REAL events of courage and commitment to the nation by some of India’s best covert operatives, these two authors decided to bring these unsung heroes to life through their six-part series – The Panther’s Ghosts which is written in a REEL form.

Published by Bloomsbury International and Westland Publishing, the books when read, feel like watching a movie and hence, managed to create a new category for themselves, called “Real-Reel Books”.

The PG series has already received rave reviews and now the race is on for major production houses to secure the rights to adapt ‘The Panther’s Ghosts’ into a thrilling web series.

The first two books of this six-part Indian covert ops series, penned by award-winning authors Ajit Menon & Anil Verma, have emerged as top contenders, promising a gripping narrative and complex characters that could translate seamlessly to the screen.

The Panther’s Ghosts series follows the various covert operations conducted by Indian Special Forces on the back of India’s tough ‘Defensive Offence’ doctrine. The series’ intricate plotting, high-stakes action, and richly developed characters have not only made it a hit among readers but also garnered the attention of major production companies eager to bring this story to life.

Industry insiders reveal that multiple production houses are in talks with Ajit & Anil, each aiming to secure the adaptation rights. The intense competition underscores the novel’s potential to become a standout web series, promising a blend of suspense, drama, and high-octane action that could captivate a global audience.

As the demand for top-tier content on streaming platforms continues to rise, the potential adaptation of ‘The Panther’s Ghosts,’ inspired by real events of our unsung heroes, is viewed as a golden opportunity. Declared a best-seller, the novel’s fans are eagerly awaiting updates on its journey from page to screen, envisioning a series that is both, visually stunning and true to the essence of the book, a thrilling prospect that resonates with readers worldwide.

As we speak, the authors who left well-paying corporate jobs to pursue their passion to become storytellers, are busy with their third book in the series which is due to hit the stands in November 2025.

G Square Launches Tamil Nadu’s Biggest Sports-Themed Community in Singaperumal Koil

15th July 2024  Chennai, Tamil Nadu, India  G Square, South India’s largest plot promoter today announced the grand success of its latest project, G Square Pavillion in Singaperumal Koil. This prominent project, situated on the Oragadam Bypass and adjacent to GST Road, is recognized as Tamil Nadu’s largest sports-themed plotted community.

G Square Pavillion in Singaperumal Koil

The DTCP-approved and RERA-registered project consists of 624 residential plots spread across an overall land area of 34.53 acres with 50+ world-class amenities in a secured community. G Square Pavillion is also noted for benefitting from some of the city’s most prime developments such as:

Presence on the Singaperumal Koil Overpass Bridge:

The SP Koil Overpass will connect GST Road with the Oragadam Bypass, linking the IT hub on GST Road with the automobile hub in Oragadam-Sriperumbudur stretch and simultaneously spurring growth on the unfledged right side of SP Koil, similar to the history of Urapakkam, Vandalur, Kilambakkam, Guduvanchery, and Kattankalathur.

Proximity to GST Road:

Chennai’s only road that offers rail, road, metro, and airport connectivity with connectivity to the Outer Ring Road, Chennai Bypass to Kolkata Highway, Vandalur-Kelambakkam Road-which bridges the GST road to the IT corridor ECR-OMR stretch.

Easy access to Chennai Peripheral Ring Road (CPRR):

One of the major ring roads that connects the trade route from Ennore to Mahabalipuram, reducing travel time between the endpoints significantly.

Direct connection to the Kilambakkam Bus Terminus:

One of the city’s biggest transit points along with CMBT Bus Terminus which operates both inter and intra-state transportation.

Proposed Tambaram-Chengalpet Elevated Corridor:

A major 6-lane elevated road that starts at Perungalathur and extends beyond the Paranur toll plaza, reducing traffic congestion and road accidents on GST Road. The elevated corridor will have entry and exit ramps at Kilambakkam Bus Terminal, SRM Potheri, and Mahindra World City and will significantly ease traffic near SP Koil.

Presence of multiple industries:

Singaperumal Koil hosts a cluster of major automobile and tire industries, including Mahindra, Renault-Nissan, Ford, and BMW. The area also accommodates significant IT hubs and communities with companies like Mahindra World City, Zoho, Capgemini, Wipro, and Infosys.

Speaking on the launch, Mr. Bala Ramajeyam, Managing Director, G Square Realtors Private Limited said, “Singaperumal Koil is currently one of the most sought-after locations in all of Chennai. The location is situated amidst numerous major city developments and as a result, will experience massive appreciation and demand in the coming years. It is currently the gateway of the city from down south and is connected to all the major road networks of Chennai, with all modes of transportation available. The locality also has another unique feature where it has the presence of all sorts industries including Automobile, IT, Education, Healthcare, Hospitality, Entertainment and much more making it the most prime hotspot of the city and home for all locality.”

He further added, “G Square Pavillion is situated right in the middle of all these developments, it is just minutes from the railway station and also extremely close to the Mahindra World City. Building your dream home in a happening locality like SP Koil, especially at a reasonable price like this is something one should not miss because once the developments are fully operational, the prices will be sky high.”

Empowers Women Entrepreneurs to Harness Government Schemes for Business Success at MACCIA

Nashik, India, July 15, 2024 — Women entrepreneurs gathered at the North Maharashtra Divisional Office in Nashik for a transformative seminar organized by the Maharashtra Chamber of Commerce Industry and Agriculture.

CE Shreekant Patil, esteemed mentor of Startup India, delivered a passionate address emphasizing the pivotal role of government schemes in enabling women to kickstart their businesses. CE Shreekant Patil underscored the significance of skill development, manpower training, and strategic marketing practices as essential components for women entrepreneurs to transition from small enterprises to larger ventures.

MACCIA North Maharashtra President Shri. Sanjay Sonawane graced the event with a comprehensive overview of the Maharashtra Chamber’s initiatives dedicated to supporting women entrepreneurs. Attendees were enlightened on the diverse financial support programs available at their disposal, aimed at catalyzing the growth of women-led businesses. At the ceremony, Mr. Sanjay Sonawanr and Rajaram Sangle has felicitated Shreekant Patil in acknowledgment of his unwavering commitment to advancing women’s entrepreneurship in the region.

In a bid to ensure sustained success, CE Shreekant Patil delved into the importance of effective marketing strategies, branding, and trademark registration to solidify the market presence of women-owned enterprises. An interactive session facilitated meaningful dialogue between attendees and Shreekant Patil, fostering an exchange of insights and valuable guidance for nurturing their entrepreneurial pursuits.

The seminar witnessed an inspiring turnout of executive members and prominent figures such as Mrs. Sonal Dagde, and Mrs. Sheetal Thackeray, among others, reflecting a resolute dedication to fostering the growth of women in business. Encouragingly, the event served as a pivotal platform for women entrepreneurs to engage, learn, and leverage government schemes in realizing their entrepreneurial ambitions.

The ROI of Investing in Corporate Wellness Programs in India

15th July 2024  India Is your business silently bleeding profits due to an unhealthy workforce? If you’re like most companies, the figures might shock you! Absenteeism, high turnover rates, and lack of productivity can quietly drain your resources, leaving your bottom line gasping for air. But here’s the kick: these issues often stem from a work culture that doesn’t prioritize employee wellness. So, what’s the solution? Enter corporate wellness programs, a game-changer that transforms your workplace’s culture and financial health.

Delhivery, a leading logistics and supply chain services company in Gurgaon, was seeking ways to create an organization-wide wellness culture which would in turn help boost employee engagement and productivity. The HR Manager at Delhivery recognized the need for a fresh approach and reached out to Ashwyn at That Lifestyle Coach (TLC). Ashwyn, a fitness professional with a deep interest in corporate wellness, curated a comprehensive program tailored to Delhivery’s specific needs. This initiative aimed to foster a more positive and productive work environment, ultimately transforming the company’s workplace culture and overall performance.

Highlights of the TLC Program

TLC initiated the project at the Bangalore HQ which had an average monthly attendance of 200 employees. Highlights of the program included:

• Wellness space setup and management: Established and managed wellness spaces with the support of professional coaches to provide ongoing guidance and support to employees.
• Fitness assessments: Assessed employees’ fitness levels to introduce safe and thoroughly aligned fitness programs.
• Fitness initiatives: Encouraged physical activity through an on-site gym and daily fitness classes available for free to employees.
• Nutrition guidance: Promoted better nutrition with personalized meal plans and a revamped cafeteria menu offering healthy food options.
• Mental health support: Offers one-on-one counseling services and weekly stress management workshops.
• Work-life balance solutions: Worked closely with the HR teams to implement mid-day power-up sessions to help reinstate mental energies and team efficiency throughout the day.

Positive Outcomes Post-Program

Following the implementation of TLC’s wellness program, employees* reported:

• A noticeable reduction in absenteeism, with many employees feeling healthier and more motivated to attend work regularly.
• A significant 15% increase in overall productivity, as employees felt more energized and focused.
• Improved employee morale and engagement, with employee satisfaction scores rising noticeably.
• Enhanced physical fitness and well-being, leading to fewer health issues and a more vibrant workplace.
• A stronger sense of community and teamwork was fostered by the wellness initiatives and activities.
• A considerable reduction in employee turnover rates, as employees felt more committed and connected to the organization, recognizing the efforts made to prioritize their wellness.

*Based on conversations between TLC and employees at Delhivery*

The Hidden Costs of an Unhealthy Workforce

Think about it – every time an employee calls in sick, your business takes a hit. Delayed projects, stressed-out colleagues, and plummeting productivity are just the tip of the iceberg. According to a study by ASSOCHAM, Indian companies lose an estimated INR 24,000 crores annually due to absenteeism caused by lifestyle-related diseases. High turnover rates are another sign of a workplace in distress. When employees leave, you lose not just their skills but also the time and money invested in their training. According to a study by the Society for Human Resource Management (SHRM) in India, replacing an employee can cost up to 50-60% of their annual salary. And this doesn’t account for the intangible costs, like the impact on team morale and client relationships.

Unhealthy employees struggle to maintain productivity due to physical or mental health issues. According to a report by Optum, 46% of the Indian workforce experiences stress, impacting their productivity and work performance.

Why Corporate Wellness Programs are a Game Changer

Corporate wellness programs enhance employee health and well-being through services like fitness and nutrition coaching, mental health support, and stress management workshops. TLC customizes these programs to each organization’s needs for high engagement and effectiveness. TLC offers tailored solutions, sustainable wellness strategies, professional on-site coaching, engaging group activities, and strategic investments to foster a balanced, healthy, and collaborative work environment. These programs demonstrate to employees that their organization genuinely cares about them and their health, leading to increased commitment and loyalty

Wellness programs by TLC work by providing:

• Wellness space setup and management: Establish and manage wellness spaces with the support of professional coaches to provide ongoing guidance and support to employees.
• Fitness assessments: Assess employees’ fitness levels to introduce safe and thoroughly aligned fitness programs.
• Fitness initiatives: Encourage physical activity through an on-site gym and daily fitness classes available for free to employees.
• Nutrition guidance: Promote better nutrition with personalized meal plans and a revamped cafeteria menu offering healthy food options.
• Mental health support: Offer one-on-one counseling services and weekly stress management workshops.
• Work-life balance solutions: Work closely with HR teams to implement mid-day power-up sessions to help reinstate mental energies and team efficiency throughout the day.

Flex Your Workplace Muscles with TLC’s Fitness-Focused Programs

Investing in corporate wellness programs yields both short-term and long-term financial benefits. In the short term, wellness programs can decrease absenteeism by up to 27%, according to the American Journal of Health Promotion. Healthy employees are more focused and efficient, with studies showing a 10-15% increase in productivity among participants in wellness programs.

In the long term, companies see even greater returns. A study by ICICI Lombard revealed that organizations with wellness programs reported a 30-40% reduction in healthcare costs over three years. Additionally, companies with wellness programs experience a 25% lower employee turnover rate, saving on recruitment and training costs. A commitment to employee wellness also enhances a company’s reputation, attracting top talent and fostering loyalty among customers.

AMPP Announces New Chair of the AMPP Board of Directors

Houston, TX, July 15, 2024 –The Association for Materials Protection and Performance (AMPP), the global authority in materials protection and performance, today announced a new Chair of the AMPP Board of Directors. Pursuant to the AMPP Bylaws, former AMPP Vice Chair Kimberly-Joy Harris, Ph.D., PMP, has succeeded to fill the unexpired term of former AMPP Chair Paul Vinik, who has resigned from the Board. The term concludes at the end of 2024.

Dr. Harris, a seasoned professional with over 30 years of experience in the energy sector, steps into this role with a comprehensive background in asset integrity, sustainability, and efficiency. She is the President and principal energy consultant at LIL Energy Consulting LLC, where she provides strategic guidance, technical expertise, and leadership development across the oil, gas, refinery, and pipeline industries.

“Kimberly is a long-standing, experienced, and well-respected member of the pipeline industry, whose passion for chapter support and recognition of our volunteers has continually driven our mission forward,” said AMPP CEO Alan Thomas. “Her leadership and expertise are invaluable, particularly when our industry faces significant technological and environmental challenges. I am confident that Kimberly’s vision and strategic approach will greatly benefit AMPP and its community.”

Dr. Harris holds master’s degrees in energy transition from the University of Texas at Austin and organizational leadership from Colorado Christian University. Her career includes key roles in corrosion and integrity engineering programs at EnLink and Enbridge, where she was instrumental in leading diverse teams, fostering best practices, and crafting technical standards and training.

“Taking on this role is both an honor and a responsibility that I accept with a deep commitment to our mission and community,” said Dr. Harris. “I am grateful to Paul for his leadership and steadfast dedication to AMPP. His contributions have been pivotal in shaping the direction of our organization, and I hope to build upon his legacy of integrity and innovation. Together, with the support of our members and volunteers, we will continue to advance our industry’s standards and practices.”

Dr. Harris will lead the AMPP Board as it continues its work with the AMPP Global Center Board, led by Juan Caballero, to consolidate AMPP’s governance into one Board in January. This important project will, by design, lead to a more agile and innovative organization.

Polls, Heatwave, Impacted Logistics Sector in June 2024 – Shriram Mobility Bulletin

15th July 2024  Mumbai, Maharashtra, India  The July 2024 edition of the Shriram Mobility Bulletin, released today, provides insightful data on the current state of the automobile and logistics sector. Motor car sales saw a decline of 9%, while fuel consumption for petrol and diesel dropped by 5% in June 2024, although year-over-year (YoY) consumption increased by 4% and 1%, respectively. Truck rentals experienced a 2.6% decrease on the Mumbai-Kolkata-Mumbai route but saw a 4.1% increase on the Kolkata-Guwahati-Kolkata route. Sales of used commercial vehicles grew on a YoY basis, with a rise of 7% for 7.5 to 16-ton capacity vehicles and 43% for 31 to 36-ton capacity vehicles. FASTag toll collections rose by 2% in volume and 7% in value on a YoY basis. Additionally, the generation of e-way bills showed a month-over-month (MoM) increase of 8% for intra-state and 5% for inter-state transactions for May.

Over the past two years, prices for all types of used commercial vehicles, whether BS IV or BS VI, have increased 25-30%. The subdued sales during 2019-22 have resulted in a shortage of supply in the used truck market.

With new vehicle prices still on the rise, the used truck market is experiencing significant traction, and prices for used vehicles are expected to remain strong. While the prices may not go up like last year, there could be some correction compared with FY24.

The current batch of new trucks (comprising last-year and one-year-old vehicles) will be available after a few years in the pre-owned segment. This could potentially drive sustained growth in the used vehicle segment.

Appended below are highlights for Used Commercial Vehicle prices on the Month-on-Month and Year-on-Year scenario across categories tracked in the Shriram Mobility Bulletin.

• On a YoY basis, prices across all vehicle categories have increased ranging from 6% for 25 to 28.5 ton capacity vehicles to 43% for 31 to 36 ton capacity vehicles. The prices of 1.5 to 2 ton capacity vehicles rose by 38%, between 2 to 3.5-ton capacity rose by 22% and that of 3.5 to 7.5 ton capacity rose by 21%. We observed a marginal increase in the prices of vehicles between 7.5 to 19 ton capacities ranging from 7% to 9%. Interestingly, prices of 37 to 43.5-ton capacity increased by 18% YOY.
• On a MoM basis, except for the prices of 1.5 to 2-ton capacity vehicles dropping by 6%, vehicles between 2 to 16-ton capacity vehicles rose between 7% and 21%. Interestingly, prices for vehicles in the 3.5 to 7.5 tons capacity did not change at all. The prices of vehicles in the 16 to 43.5-ton capacity saw a drop in prices ranging from 4% to 9% except for the 25 to 28.5-ton vehicles where prices increased by a meager 1%.

Mr. YS Chakravarti, MD & CEO of Shriram Finance Ltd. speaking about the June 2024 Mobility Bulletin said, “With the new government in place and with monsoon rain expected to gain strength, businesses are hopeful that policy action from the government will help push economic activity into a higher orbit. The slowdown across sectors including road transport, vehicle sales appears temporary.”

Shriram Finance Limited also believes that the ongoing Kharif season, which will head towards harvest by mid-August could boost the sales of Agricultural, Trailer, and Commercial Tractors.