Author: Rabindra

Embassy REIT Raises Rs2,000 Crores at 7.95% for NCD Refinancing

Chandigarh/Bengaluru, India, October 9, 2024

Embassy Office Parks REIT(‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has successfully raised ₹2,000 crores of coupon-bearing debt at an interest rate of ~7.95%. Embassy REIT will utilize the proceeds from this debt raise to repay its Non-Convertible Debentures (“NCDs”) of ₹2,000 crores maturing in October 2024.

Aravind Maiya, Chief Executive Officer of Embassy REIT, said,

“We are pleased to announce this fundraise of ₹2,000 crores, which has seen strong participation from mutual funds and banks. The attractive pricing on the term loans and the 3x oversubscription on the listed NCD issuances cements our reputation as the industry’s leading credit. This refinancing continues to allow us to optimally control our balance sheet and positions us to take advantage of future rate cuts to raise capital.”

Transaction Highlights

• NCD Issuance of ₹900 crores of Embassy REIT Series XI NCDs 2024 with effective interest rate of 7.87%
• Robust demand from Mutual Funds, Life and General Insurers resulting in NCD subscription of 3x
• Oversubscription led to a savings of ~10 basis points on the offered rate
• “CRISIL AAA/Stable” rating assigned by rating agency CRISIL to the NCDs issued
• ₹1,100 crores of term loans from leading PSU & MNC Banks at ~8.0% floating coupon
• Pricing reflects strong demand for REIT credit by banks looking to actively deploy capital
• All proceeds to be used to refinance existing Series V NCD maturing in October 2024

The third edition of Granules Green Heartfulness Run in association with the Ministry of Youth Affairs & Sports announced

Mumbai/Hyderabad, 9th October 2024: Heartfulness in association with the Ministry of Youth Affairs and Sports and Granules India Limited and supported by Fit India announced the third edition of Granules Green Heartfulness Run (GGHR) to be held on 17 November 2024 in a press conference held in city today. Mrs. Uma Chigurupati – Executive Director – Granules India Limited; Dr. Naina Jaiswal – International Table Tennis Player; Ms. Jyothika Sri Dandi – Paris Olympics 20244 4x400m women; and Mr. Sanjay Sehgal – Trustee, Heartfulness Institute were present at the press conference. Other partners for the marathon include Sports partner Decathlon, Timing Partner – Timing Miles, Marathon Partner – The Nile Mile.; Medical partner Medicover; and Association of Indian Universities (AIU) which will hold the run in 20 universities across 20 states in India. The marathon aims to promote both physical health and environmental sustainability. The third edition of Granules Green Heartfulness Run slated to be held aims to raise funds for planting over 15,000 trees through the “FORESTS by HEARTFULNESS” initiative. Additionally, it has objectives of community engagement, spreading Heartfulness practices, and contributing to ecological causes.

Mrs. Uma Chigurupati – Executive Director – Granules India Limited said, “Our generation and future generation must have quality lives. Granules Green Heartfulness Run is health, fitness and greening coming together at the same time.”

“This is an initiative that highlights the importance of protecting, preserving and nurturing the planet. Shri Ram Chandra Mission promotes holistic wellbeing. This run reminds us to reconnect with nature and be conscious towards the environment,” Dr. Naina Jaiswal – International Table Tennis Player.

Ms. Jyothika Sri Dandi – Paris Olympics 20244 4x400m women said, “Granules Green Heartfulness Run is thinking about nature through sports. As an athlete I hope to inspire other athletes to be a part of this initiative.”

Mr. Sanjay Sehgal – Trustee, Heartfulness Institute said, “Excellence of human endeavour and capability is sports. Granules Green Heartfulness Run demonstrates 1. Environment 2. Excellence. Sports and environment coming together is part our Heartfulness philosophy.”

The Granules Green Heartfulness Run typically features multiple race categories, which can range from shorter fun runs like 1.5km to more competitive distances like a 5K, 10K, and Half Marathon. To register for the 21 Km one must be 18 years of age or older on the event day; the lower age limit for a 10Km run is 15 years; 8 years or older for a 5 Km run and for 2Km run minors must give consent of their parents for participation.

The epicenter of Granules Green Heartfulness Run (GGHR) will take place in Hyderabad at Kanha Shanti Vanam. Over 90 other locations worldwide with a few international hosts are also there for the run with an expected participation of 100,000 from around the world, some even joining virtually, making it the biggest global green run.

SAP Supercharges Copilot Joule with Collaborative Capabilities to Ignite Enterprise AI Revolution

WALLDORF, Germany — October 9, 2024 — SAP SE today unveiled groundbreaking AI innovations across a technology foundation that drives 87% of global commerce, putting its generative AI copilot Joule at the center of a new way of doing business. At its annual SAP TechEd conference, SAP announced powerful new capabilities that complement and extend Joule, including collaborative AI agents imbued with custom skills to complete complex cross-disciplinary tasks. Other innovations include the SAP Knowledge Graph, a next-generation solution poised to help developers unlock the full value of SAP data by connecting it with rich business context, and new tools to ensure developers can continue driving Business AI innovation.

“SAP’s innovation drives real business outcomes, and today’s advancements help customers harness the power of AI, data and new development solutions to catalyze growth,” said Muhammad Alam, member of the Executive Board of SAP SE, SAP Product Engineering. “Drawing on SAP’s unmatched business and technology expertise, the AI innovations we’re announcing at TechEd forge a new human-AI partnership to transform the landscape of modern business.”

Supercharging Joule

On the eve of its first birthday, Joule marks a watershed in how business gets done. SAP introduces collaborative AI agents to a copilot that truly speaks the language of business, expands Joule’s capabilities to support 80% of SAP’s most-used business tasks and embeds Joule more deeply within the company’s portfolio.

Collaborative multi-agent systems deploy specialized AI agents to tackle specific tasks and enable them to collaborate on intricate business workflows, adapting their strategies to meet shared objectives. SAP is infusing Joule with multiple collaborative AI agents that will combine their unique expertise across business functions to collaboratively accomplish complex workflows. These AI agents enhance productivity by breaking down silos and freeing workers to concentrate on areas where human ingenuity thrives.

Two use cases debuted at TechEd showcase the agents’ transformative power:

A dispute management use case employs autonomous AI agents to analyze and resolve dispute resolution scenarios including incorrect and missing invoices, unapplied credits and denied or duplicate payments.
A financial accounting use case employs autonomous AI agents to streamline key financial processes by automating bill payments, invoice processing, and ledger updates while quickly addressing inconsistencies or errors.

Harnessing the Power of Data

SAP’s AI innovations also draw on the company’s unmatched business data expertise. The new SAP Knowledge Graph solution, accessible through SAP Datasphere and Joule in Q1 2025, will give users a deeper layer of business understanding by seamlessly mapping relationships and context across SAP’s vast data landscape, empowering organizations to make better decisions with their data. By offering ready-to-use relationships between business entities like purchase orders, invoices, and customers, the solution can significantly reduce the complexity of manual data modeling. SAP Knowledge Graph grounds AI in SAP-specific business semantics, which reduces the risk of inaccurate or irrelevant results and makes it easier for organizations to build intelligent applications and leverage generative AI more effectively.

Empowering Developers

SAP also launched a swathe of innovations for developers to continue driving Business AI innovation. New generative AI developer capabilities such as code explanation and documentation search in SAP Build, the company’s platform for extending its solutions, will reduce development time for Java and JavaScript developers. SAP Build is also adding an Extensibility Wizard feature that will let developers access SAP Build directly from SAP S/4HANA Cloud Public Edition, simplifying the extension process. Meanwhile, ABAP developers and fusion teams will get seamless access to ABAP Cloud development tools from SAP Build.

Godrej Appliances Enhances Festive Offerings with 5-Year Warranty on Split ACs, No Hidden Costs

New Delhi, 9th October 2024: The Appliances business of Godrej & Boyce, part of Godrej Enterprises Group, announced its festive offers for the consumers taking forward the philosophy of “Things Made Thoughtfully” from products to brand’s festive season offerings as well. The brand has kept user experience at the heart of its festive promise.

On one hand, with better financing options, customers are increasingly willing to upgrade and invest in premium appliances and appliances’ life has witnessed a decline; on the other hand, research indicates that warranty, durability and after sales service continues to be key factors for consumers when buying appliances. This explains the growing Annual Maintenance Contract (AMC) sales in the industry particularly in categories like air conditioners which witness heavy usage given the high heat levels in the country. Unfortunately, hidden charges and complex terms in many of the warranties available in the market detract from the consumer’s long-term experience.

Addressing this need, Godrej Appliances has introduced a 5-Year Comprehensive Warranty for Split Air Conditioners at no extra cost. This free warranty, worth ₹7990/-, offers complete coverage with no hidden fees, no registrations, ensures that customers are protected against additional costs like gas charging, technician visits etc. The goal is simple: to provide a worry-free, delightful experience across the product’s life.

Apart from this, the brand also announced extended warranties on products like refrigerators and washing machines. The brand is also offering exciting promotions across its range, and flexible financing options, including no-cost EMIs and zero down payments.

Kamal Nandi, Business Head and Executive Vice President of Godrej Appliances, commented on the initiative, saying, “At Godrej Appliances, we believe in offering not just superior products but also unmatched service and customer value. Our honest-offer of 5-year comprehensive warranty on Split Air Conditioners is a significant step in ensuring that our customers can enjoy long-term comfort with complete peace of mind, free from any hidden costs.”

In addition to the campaign, Godrej Appliances is also offering an array of AI-powered appliances designed to optimize performance and enhance convenience, high-capacity models across segments tapping into the premiumisation trend and new attractive designs for consumers to pick from.

Brightsun Travel Hosts Mental Health & Stress Management Workshop to Mark World Mental Health Day

Gurugram, October 9th, 2024 – In recognition of this year’s World Mental Health Day, Brightsun Travel organized an in-depth workshop focused on mental health and stress management in the workplace. Held in collaboration with CoachForMind, a leading mental wellness platform, the workshop aimed to equip employees with practical tools to manage stress, improve mental clarity, and cultivate a supportive and balanced work environment.

The workshop, facilitated by licensed psychologists from CoachForMind, included immersive, activity-based sessions designed to deepen participants’ understanding of mental health issues, reduce stigma, and prioritize well-being. The interactive session provided employees with hands-on strategies to boost emotional resilience, alleviate work-related stress, and promote overall mental health.

Anju Sethi, Head of HR at Brightsun Travel, emphasized the company’s commitment to fostering a mentally healthy workplace: “At Brightsun Travel, we understand that mental well-being is essential for employee productivity and satisfaction. This workshop aligns with our vision to create a work environment where mental health is valued and supported. We hope this initiative empowers our team to manage stress more effectively and foster positive mental health habits.”

The workshop was conducted in three engaging sessions at Brightsun Travel’s office, each lasting 45 minutes. The session covered a wide range of topics, including emotional well-being, mindfulness practices, and methods for managing work-life balance. CoachForMind’s approach combines traditional therapy with modern psychological techniques, offering a unique experience for participants.

Rachita Kanwar, Counselling Psychologist from CoachForMind added: ” Mental health is much more than the absence of mental illnesses; it’s about maintaining emotional balance and building resilience. Our workshop was designed to provide employees with evidence-based tools that help them navigate daily challenges and maintain a positive mental outlook.”

Brightsun Travel remains committed to promoting mental wellness within the company and supporting employees in both their personal and professional development. By organizing events like these, the company strives to raise awareness of mental health issues and foster a culture of openness and support.

Hexnode appoints Allen Richard as Country Head of Global Strategic Alliances for the India & SAARC region

San Francisco, California, 9th October 2024: Hexnode, the enterprise software division of Mitsogo Inc., has named Allen Richard as the Country Head of Global Strategic Alliances for the India & SAARC region. In his new role, Allen will focus on establishing strategic partnerships and strengthening Hexnode’s market position, fostering mutually beneficial relationships, and securing key sponsorships at a global level.

Allen is an accomplished sales leader with over 18 years of experience in technology sales and marketing competencies. He brings extensive expertise in leading sales & cross-functional teams and managing business units across IT/ITES, BFSI, and Manufacturing industries. Prior to joining Hexnode, Allen held the position of Regional Segment Head at Sify Technologies, where he successfully generated $10 million in revenue. Previously, he held prominent position with Cloud4C Services as AVP- Cloud Sales and as Deputy General Manager at Tata Communications, he played a key role in driving $200 million in revenue growth.

Hexnode, with over a decade of experience in the UEM industry, empowers businesses to securely manage and protect their diverse range of devices from a single, centralized platform. Hexnode offers a comprehensive platform to streamline device management, enhance security, and boost productivity. The product currently supports major platforms, including Windows, Android, iOS, macOS, Fire OS, and tvOS.

“Allen brings a sophisticated, innovative, and energetic approach to driving business transformation with our strategic partners in India. Allen’s extensive experience in building alliances with GSI, ISV, Telco, and consulting partners through consultative engagements will be instrumental in driving Hexnode’s next phase of growth in the region,” said Vikas Bakshi, Senior VP of Global Strategic Alliances at Hexnode.

Allen will oversee the development of go-to-market (GTM) strategies, collaborating closely with partners and establishing executive relationships. He will lead initiatives to enhance strategic partnerships and ensure successful outcomes in key markets across India & SAARC region.

Commenting on his new role, Allen Richard said, “I’m thrilled to join Hexnode, a company known for innovation and customer focus. As the Country Head of Global Strategic Alliances, I’ll drive sales & alliances initiatives across all defined Route-To-Markets, GTMs, and business initiatives. I look forward to forging strategic relationships with global partners to address the evolving challenges in device management and endpoint security.”

New Pastry Chef at Le Royal Monceau Unveils Stunning Chocolate Creation for Christmas

Le Royal Monceau – Raffles Paris welcomed the artistic talents of Yazid and Alexandre. As the new pastry chefs of the Palace, they were determined to create a sweet work of culinary art that was steeped in its history and architecture. Their search for inspiration led them to the Palace’s rich archives where the tale of the Red Marquise motivated them to design a Yule Log as their inaugural creation for this prestigious establishment.

Reminiscing the Red Marquise

The legendary Red Marquise is a tribute to the identity and soul of the Palace on Hoche Avenue. According to lore, the Marquise was a noble, enigmatic figure who resided in a luxurious suite, perpetually adorned in red—a hue that reflected her passionate spirit and unparalleled beauty. However, she remained an enigma, and her elusive nature mirrors the mystique spirit of the Palace itself.

This fascinating narrative captured the imagination of designer Philippe Starck. During the 2010 renovation, he resurrected the iconic Red Marquise that graces the Palace’s entrance as a symbol of its heritage. While the reality of the Marquise’s existence may spark debate, her legacy continues to enchant, enriching the Palace’s alluring ambience.

Synchronizing a flavorful symphony

The Yule Log at Le Royal Monceau – Raffles Paris is a stunning architecture of tradition and modernity. A base of chocolate biscuit supports a light chocolate mousse, infused with farm milk and the fragrance of festive spices, encasing a luscious heart of caramel and praline.

Adorned with intricate chocolate embellishments, a central silver medallion proudly displays the emblem of the Parisian Palace – a hallmark of prestige and artisanal excellence. The Marquise, fashioned to resemble wrought iron artistry, delicately sits atop the glossy glaze of the Log, embodying the distinctive architectural elegance of the hotel.

Rooted in legend, this nouveau Yule Log unfolds a gourmet tapestry where each bite invites a nostalgic journey through the essence of the holiday season.

Ordering this delightful dessert experience

From November 1, pre-orders will commence with a 24-hour collection facility
From November 15 to December 31, a Click and Collect service will also be offered
Please note that the dessert is gluten-free but contains nuts, lactose, and traces of soy

Persistent Achieves Carbon Neutrality a Year Ahead of Target

October 9, 2024 Pune, India
Persistent Systems , a global pioneer in Digital Engineering and Enterprise Modernization, today announced that it achieved carbon neutrality for Scope 1 (direct emissions) and Scope 2 (indirect emissions) across its global operations for FY23-24, one year ahead of schedule. Verified by DNV Business Assurance India Private Limited, this milestone underscores the Company’s commitment to sustainability and its role in supporting clients’ environmental goals. Aligned with the UN Sustainable Development Goals and global efforts to limit planet warming to 1.5°C and reach net-zero emissions by 2050, it further solidifies Persistent’s reputation as a socially responsible enterprise.

 Persistent’s carbon management plan focuses on enhancing energy efficiency through investments in renewable energy and the development of energy-efficient infrastructure, certified by the Indian Green Building Council (IGBC) and Leadership in Energy and Environmental Design (LEED). The Company has made significant strides in renewable energy adoption and resource management:

•  42% reduction in emissions through two windmills (2.1 MW each) and 2 MW solar rooftops.
• 39% of total energy usage globally from renewable energy sources, with 44% in India.
• 16% of renewable energy needs are met through self-generated Renewable Energy Certificates (RECs) from its windmills.
• 45% of purchased International Renewable Energy Certificates (I-RECs) cover leased and overseas facilities.
• 99% recycling of waste generated across operations.
• 121,035 trees contributing to carbon sequestration.
• 28.3% reuse of treated wastewater in owned campuses within its facilities.

 Additionally, to offset Scope 1 emissions, Persistent has invested in high-quality carbon credits certified by VERRA, while reducing Scope 2 emissions through renewable energy sourcing and the purchase of I-RECs.

 Persistent is committed to driving renewable energy adoption, optimizing energy use, and working with communities to address climate change. By collaborating with employees and stakeholders, the Company embeds sustainability at the core of its operations, ensuring long-term impact. Moreover, Persistent’s investments in renewable energy projects and carbon offset programs aim to reduce emissions and support environmental initiatives, with a goal to achieve net-zero emissions across its value chain by 2050, following the Science-Based Targets Initiative (SBTi) roadmap.

 Dhanashree Bhat, Chief Operating Officer, Persistent

 “As the world faces increasing environmental challenges, we recognize our responsibility to contribute to a sustainable future. Our commitment to ESG (Environmental, Social, and Governance) issues goes beyond the regulatory requirements — it is a strategic, transformative journey aimed at delivering long-term value for our clients, communities, and the environment. Achieving carbon neutrality for our Scope 1 and Scope 2 emissions is a critical milestone on our path to reaching net-zero by 2050. By aligning with the GHG Protocol and the Science-Based Targets Initiative, we are ensuring that our approach is both science-based and comprehensive, enabling us to effectively reduce our environmental footprint across all emission sources and contribute to global sustainability efforts.”

 Sandeep Kumar Mohanty, Partner, PricewaterhouseCoopers Services LLP

 “Persistent achieving carbon neutrality is a significant achievement, especially in the current global context where environmental sustainability is a pressing need. As the world grapples with the challenges of climate change, businesses playing a proactive role in reducing their carbon footprint are crucial. By prioritizing renewable energy and adopting comprehensive carbon offset programs, Persistent demonstrates dedication to environmental responsibility and long-term sustainability.”

Medica Superspecialty Hospital hosts insightful panel discussion on ‘Challenges Related to Disability & Mental Health’

9th October’24, New Delhi: Medica Superspecialty Hospital hosted an engaging panel discussion on “Challenges Related to Disability & Mental Health’, prion to the World Mental Health Day’24. Special guest Dr. Andrew Fleming, British Deputy High Commissioner, Kolkata offered valuable insights during the discussion. The panel also featured key contributions from Mr. Ayanabh Debgupta, Regional Chief Operating Officer, Manipal Hospitals East; Dr. Ushasi Banerjee, Senior Clinical Psychologist at Manipal Hospital, Mukundapur; Ms. Sohini Saha, Consultant Psychologist,Medica Superspecialty Hospital; and Ms. Arunima Datta, Psycho-oncologist,Medica Superspecialty Hospital, who shared their perspectives on this crucial topic.

Dr. Andrew Fleming, during his speech, expressed, ” In sharing my journey through the challenges of neurodiversity and mental health, from my early struggles with undiagnosed dyspraxia and dyslexia to facing marginalization in both educational and professional settings, I emphasize upon the critical need for understanding, support, and inclusivity. These conditions are often misunderstood or overlooked, yet their impact on individuals is profound. We must break down the barriers of stigma and create environments—both in education and the workplace—that not only accommodate but recognize and embrace the unique strengths of neurodiverse individuals. True progress lies in fostering equity, offering reasonable adjustments without assumptions, and building robust support systems that ensure every individual can thrive, regardless their disability or mental health challenges. Together, we must move beyond mere awareness and actively work toward creating inclusive spaces that champion diversity in all its forms.”

Mr. Ayanabh Debgupta, shared, “We have embarked on a transformative journey in mental health care, recognizing the critical role the mind plays in the healing process. We integrate psychological support at every stage of treatment, starting before surgery and continuing throughout the patient’s recovery. With dedicated team members like Ms. Arunima Datta, Dr. Ushasi Banerjee Ms. Sohini Saha, and others, the mental health departments across all Manipal Hospitals in the city are providing holistic care for children and adults. Our commitment extends beyond hospital walls as we actively engage with the community to raise awareness about mental health and foster a culture of well-being. Healthcare is a stressful environment, not just for patients but also for the caregivers, and we have implemented programs to ensure our team members are equipped to manage this stress while delivering the highest standard of care.”

Pernod Ricard India Breaks Ground on Asia’s Largest Malt Distillery in Nagpur

Maharashtra, 9 October 2024 – Pernod Ricard India, a worldwide leader in the spirits and wine industry, has marked a momentous occasion with the Bhoomi Pujan ceremony, (a traditional ground-breaking ritual), for setting up its largest malt distillery and maturation facility in Asia, to be situated in Butibori, Nagpur, Maharashtra, India. This is a significant first-step in the realization of the company’s Memorandum of Understanding (MoU) with the Government of Maharashtra, signed on 23 February 2024. This landmark MoU further underscores Pernod Ricard’s commitment to India, backed by a projected investment of up to INR 1785 crore over a span of 10 years.

Since the MoU’s signing, Pernod Ricard India has already committed about INR 100 crore, including land costs, as an essential first step in advancing the project. The company has already made notable progress on operational and construction planning. The design and layout of the facility has been finalized. These efforts align with the goals outlined in the MoU. The project envisages the establishment of end-to-end capabilities for producing world-class malt spirit in India and the creation of the largest malt plant in Asia, with a production capacity of up to 13 million pure alcoholic liters annually.

Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis, stated, “Pernod Ricard India’s decision to invest in the establishment of Asia’s largest malt spirit distillery and maturation facility in Maharashtra underscores India’s growing stature on the global economic stage. This landmark project will significantly contribute to local employment, providing job opportunities for hundreds of individuals while fostering skill development and entrepreneurship. It will drive economic growth, benefiting farmers and various sectors, aligning perfectly with our vision for a dynamic, diversified, and self-reliant economy.”

Jean Touboul, CEO of Pernod Ricard India, remarked, “The Bhoomi Pujan ceremony is a significant milestone that highlights our unwavering dedication to India’s growth story. This facility will benefit from Pernod Ricard’s rich heritage in producing premium spirits. We are proud to be at the forefront of this transformation, contributing to the economic and social prosperity of Maharashtra and beyond. Our vision is to shape a sustainable future, where India emerges as a hub for premium malt spirits crafted with global precision and local passion.”

The project is poised to generate direct employment for 700 to 800 people, with indirect job opportunities expected throughout the region. It will also provide farmers with new avenues to cultivate high-quality barley, thereby improving their livelihoods and contributing to agricultural diversity. Additionally, the initiative focuses on skill development and fostering a culture of entrepreneurship and innovation within local communities.

Pernod Ricard India is dedicated to implementing sustainable practices at every stage of this facility’s operation. The facility will use 100% renewable electricity, biomass from agricultural waste, and adopt water-positive measures to minimize its ecological footprint. This commitment supports the company’s vision of establishing India as a hub for innovative malt-based heritage brands, catering to both Indian consumers and global markets.