Author: Rabindra

Annual General Meeting of Vitesco Technologies: “Expectations for 2023 exceeded

Mumbai, 6th May 2024: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, headquartered in Regensburg, Germany, held its 2024 Annual General Meeting. The Annual General Meeting was hosted virtually this year from Gaszählerwerkstatt in Munich.

Clear consent to all agenda items

By way of individual votes, the shareholders approved the actions of all members of the Executive Board for their respective terms of appointment during 2023. The actions of all serving members of the Supervisory Board in 2023 were also approved for their respective terms of appointment. Furthermore, the Annual General Meeting approved all other agenda items.

“I would like to say thank you for the confidence you have placed in us in recent years. We can be proud of what we have achieved in 2023 and in previous years,” commented CEO Andreas Wolf.

Around 80 shareholders attended the Annual General Meeting virtually. At the time of the resolutions, around 37,9 million shares were represented, which equates to 95 percent of the approximately 40 million outstanding shares.

Approval of merger agreement

The merger agreement was also approved at the Annual General Meeting. It sets out the conditions of the merger of Vitesco Technologies Group AG into Schaeffler AG.

For the merger to become effective, it now requires the approval of Schaeffler AG’s Annual General Meeting on April 25, 2024, and the subsequent entry of the merger in the commercial registers of both companies. The merger is still expected to be completed in the fourth quarter of 2024.

Shareholder structure

The merger is part of the combination of the Vitesco Technologies Group and the Schaeffler Group, which was planned and initiated by Schaeffler AG. Together, the Schaeffler AG and the associated companies of the Schaeffler family control almost 90 percent of the shares in Vitesco Technologies. The planned merger will result in the creation of a restructured motion technology company with four focused divisions.

Andreas Wolf: “With the resulting larger company, we will be able to use and contribute our expertise even better – and join forces to take big steps towards cleaner mobility.”

The preliminary exchange ratio of 5 to 57 was confirmed for the remaining roughly 10 percent of Vitesco Technologies shares, meaning that Vitesco Technologies shareholders will receive 11.4 Schaeffler shares in exchange for one Vitesco Technologies share. The exchange ratio was confirmed as appropriate by a joint valuation expert appointed by both parties and the court-appointed merger auditor.

Fiscal year 2023: Profitability and cash flow beat expectations

2023 was another successful year at Vitesco Technologies. In fiscal year 2023, total order intake came to more than €12 billion. Roughly €8.3 billion of this was attributable to components for electric vehicles. As of December 31, 2023, Vitesco Technologies had a total order backlog of around €58 billion, of which more than half was related to electrification.

CEO Andreas Wolf: “2023 was a challenging but successful year. Our company achieved further profitable growth, won major orders, and advanced its leading position in the electromobility market.”

Comprehensive documentation relating to the 2024 Annual General Meeting is available in the ‘Annual General Meeting’ section of Vitesco Technologies’ website.

KARAM Safety Acquires Midas Safety India, Bolstering PPE Industry Leadership

Delhi…6th May 2024 …KARAM Safety, a leading global PPE player and fall protection solutions provider, is pleased to announce the successful acquisition of Midas Safety India, a prominent player in the hand protection safety products industry. This strategic move marks a significant milestone in KARAM Group’s journey towards expanding its presence and enhancing its product offerings. The acquisition of Midas Safety India strengthens KARAM Group’s position as a market leader in the safety industry, combining KARAM’s expertise in fall protection and personal protective equipment (PPE) with Midas Safety India’s extensive portfolio of hand protection safety products. This synergy will enable KARAM Group to offer customers a comprehensive range of high-quality safety solutions to meet their evolving needs.

The 25-year-old KARAM Group, with a turnover of INR 1000 crore, has acquired the operations of Midas Safety India having a top line of INR 110 crore through a slump deal. Hand protection products are a major revenue contributor to Midas Safety India which was established 16 years ago. Today, KARAM proudly carries out that tradition in delivering premier products under Midas’s brands, Ninja®, Techtion®, Valpro®, and Frontier®. The acquisition will be a good strategic and financial fit for KARAM Group and will open up significant market opportunities in the fast-growing PPE market in India. KARAM Group is growing at a CAGR of 15% year on year and is targeting a revenue of INR 1400 crore with this additional product portfolio by 2025.

While commenting on the acquisition, Hemant Sapra, President, Global Sales & Marketing, KARAM Group said, “With KARAM’s acquisition of Midas Safety India, two leading PPE industry players have united. We warmly welcome Midas Safety India to the KARAM family, aligning with our vision of global safety leadership and commitment to excellence. This union expands our product range, offering high-quality PPE to our customers. By joining forces, we bring together a rich history, talented people, and innovative products. We are dedicated to promoting indigenous manufacturing growth, contributing to India’s global manufacturing prominence in occupational health and safety. This acquisition combines our organizations’ strengths, creating a powerful entity to deliver exceptional value to stakeholders, customers, and employees. Through synergies in resources, technologies, and talents, we aim for greater scale, market presence, and product diversity. Together, we’re shaping the future of manufacturing in India and beyond.”

While expressing excitement, Sivakumar Krithivasan, Business Unit Head – India, Midas Safety India said, “Midas Safety India brings a wealth of experience and expertise to KARAM Group, with a strong presence in key markets across the country. The acquisition will enable KARAM Group to leverage Midas Safety India’s distribution network, manufacturing capabilities, and brand reputation to drive growth and innovation in the safety products market. We are excited about the opportunities that lie ahead as we integrate Midas Safety India into the KARAM Group. Together, we are well-positioned to capitalise on emerging trends and deliver value-added solutions to our customers across Industries.”

The acquisition of Midas Safety India underscores KARAM Group’s commitment to expanding its product offerings, enhancing customer service, and driving sustainable growth in the safety industry. The employees are the cornerstone of the company’s success, and their dedication and talent are instrumental in driving the business forward. Both organizations are fully committed to supporting the team members throughout this transition, providing them with the resources and opportunities they need to thrive going forward. The organizations will continue to uphold the highest standards of quality, integrity, and innovation, while also embracing new opportunities for growth and advancement.

The Indian Personal Protective Equipment (PPE) Market shows a bright future, expected to grow at a CAGR of 10.20% from USD 841.4 million in 2023 to USD 1482 million by 2029. The market is experiencing a surge due to numerous driving factors such as workplace safety regulations and industrialization as primary factors. With a significant increase in awareness around workplace safety and the pressing impact of the COVID-19 pandemic, there is a heightened demand for protective gear across various sectors, namely auto, healthcare, manufacturing, and construction. The emergence of health concerns and hygiene maintenance has notably influenced the PPE market space. Market players are countering through technological innovation, customization, and leveraging online procurement to enhance market accessibility.

EQT to Acquire WSO2

Austin, TX –6th May 2024 – WSO2, the leader in digital transformation technology, announced today that it has signed a definitive agreement to be acquired by EQT.

“We are thrilled to partner with EQT as we embark on the next phase of WSO2’s journey,” said Dr. Sanjiva Weerawarana, CEO and Founder of WSO2. “With EQT’s support and expertise, we are well-positioned to accelerate our innovation agenda, expand our global footprint, and continue empowering enterprises to thrive in the digital economy.”

Since its inception in 2005, WSO2 has been at the forefront of building innovative software that allows organizations to seamlessly deliver digital experiences. Today, WSO2’s platform offers a complete set of market-leading solutions across integration, API management, identity & access management (IAM), and application development. Thousands of organizations, including hundreds of the world’s largest corporations, top universities, and governments, rely on WSO2’s cloud-native software as a service (SaaS) and open-source offerings to drive their digital initiatives — executing 60 trillion transactions and managing over 1 billion identities each year.

With EQT as its new partner, WSO2 reaffirms its commitment to delivering innovative solutions that address the evolving needs of modern businesses.

Looking ahead, “WSO2 remains focused on driving customer success, fostering community collaboration, and delivering innovative software that unlocks new value creation opportunities for organizations worldwide,” added Weerawarana.

Hari Gopalakrishnan, Partner in the EQT Private Capital Asia advisory team, said: “We’re excited to partner with WSO2 as it helps customers across industries drive their digital transformation and enhance operational resilience. We believe that WSO2 is well-positioned to capitalize on long-term trends such as digital transformation and rising generative AI adoption and are confident of drawing on EQT’s proven software value creation playbook to further accelerate WSO2’s strong growth.”

EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management and the third-largest private equity firm globally*. Founded three decades ago by the Swedish Wallenberg family, today EQT owns portfolio companies and assets in Europe, Asia-Pacific, and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership. EQT’s extensive global portfolio of enterprise software companies includes firms such as IFS, SUSE, thinkproject, and more.

The transaction is subject to customary conditions and approvals. J.P. Morgan served as the exclusive financial advisor to WSO2.

Adani Foundation Gives a Ray of Hope to Train Accident Victim

Chennai: 6th May 2024 It was a fresh beginning for a couple from Sembasipalli Kuppam as they witnessed the opening of their new provisional store. For 30-year-old Prasanth, this is nothing less than a miracle. The newly constructed shop and the initial investment for goods have been facilitated by the Adani Foundation. Prasanth’s shop was inaugurated by Captain Madhanmohan, COO, Adani Kattupalli, and Ennore Port, in the presence of the Adani Foundation team, community leaders, and his well-wishers on May 3, 2024.

Prasanth lives with his wife Chithra, a 7-year-old son, and a daughter (aged 5) in Light House Panchayat, Minjur Block in Tiruvallur district. He was working as a train cleaner (on contract) at Basin Bridge Railway Yard. One tragic day in July 2023, he got hit by a train and lost both legs. The accident broke him from inside, leaving him staring at a dark future ahead.

The Adani Foundation team (looking after the CSR initiatives of Adani Kattupalli Port) visited him when he was back from the hospital. The team assured him of its support in bringing his life back on track, which made him hopeful. His family, which was struggling to make ends meet, also received immediate support from the Foundation. The staff at the Mobile Health Care Unit of the Adani Foundation attended to his injuries and helped him in his recovery. As he was getting better, it was time for him to start looking after his family. Giving him moral support and confidence to rebuild his life, the Foundation team discussed possible livelihood opportunities with Prasanth.

The team helped him obtain a government certificate for specially-abled persons that aligned him with government policies and their benefits. As part of the rehabilitation process, and with the help of healthcare professionals, the Foundation provided necessary help and assistive devices, such as a wheelchair, to enhance his mobility.

Prasanth showed interest in running a shop. Gradually, the Adani Foundation built a small provisional store close to his house, while also providing him with necessary supplies for the shop. The Foundation even plans to provide a motorized wheelchair to him.

“I am deeply grateful to the Adani Foundation for building the shop for me and helping me recover. My family members and I want to thank the Foundation team for all the support they gave us during our toughest times and help us rebuild our lives,” said Prasanth.

As part of its CSR activities, the Adani Kattupalli Port is running initiatives and developmental programs in 11 panchayats of Minjur block in the areas of education, healthcare, agriculture, livelihood, community development, and climate action. The special focus is on empowering women by improving their socio-economic well-being. It is also enhancing the livelihood of widows and specially-abled persons. Forty pull carts have been provided to them to help them earn their livelihood. Additionally, 12 specially-abled persons have been linked with livelihood units based on their abilities and interests, to make them more empowered.

MTR KARUNADU SWADA – A Unique Food Festival Celebrating Karnataka

Bengaluru, 6th  May 2024 – Continuing with its 100-year celebration, MTR is back with the 3rd edition of its iconic Food Festival – MTR Karunadu Swada. This cherished food festival is being held on 4th and 5th May at Jayamahal Palace Convention Centre in Bangalore to delight the hearts of consumers and make them experience often-forgotten recipes from various parts of Karnataka. The festival was inaugurated by Hon’ble Mr. Justice N. Santosh Hegde, Former Judge and Former Solicitor General of India.

Under the leadership of MTR’s cuisine center of excellence, over 50 home chefs are showcasing more than 100 dishes from six regions of Karnataka, including Uttara Karnataka, Kodagu, Dakshina Kannada, Kalyana Karnataka, Udupi, and Hale Mysuru, taking the attendees on a sensory journey through the state’s culinary legacy. MTR Karunadu Swada is a one-stop celebration of Kitchens across Karnataka, using locally sourced ingredients, unique spice blends, and recipes passed on through generations.

On this occasion, the brand is extending this unique experience beyond the food festival by launching a special recipe book which is inspired by the dishes showcased at the festival. The book features a curated collection of over 100 forgotten recipes from Karnataka, allowing people to recreate these forgotten dishes at home.

Mr. Sunay Bhasin, CEO MTR, expressed his thoughts, “MTR Karunadu Swada is born out of MTR’s love for the food and culture of Karnataka. It is a celebration of Karnataka’s diverse flavours and our commitment to uphold the rich culinary heritage of the state. With evolving consumer needs and fast-paced lifestyles, we’ve inadvertently lost touch with traditional recipes and flavours that once defined our culture. This food festival serves as a bridge back to our roots, a heartfelt effort to preserve a piece of Karunadu heritage through these treasured dishes.”

In addition to the gastronomic experience, the event features celebrated Karnataka dance forms like Yakshagana and Dollu Kunitha, making it a complete cultural immersion, and highlighting Karnataka’s vibrant artistic traditions.

Marriott International Opens 150th Hotel in India: Katra Marriott Resort & Spa

India – 4th May 2024 – Marriott Hotels, the namesake brand of Marriott Bonvoy’s extraordinary portfolio of over 30 hotel brands, today announced the opening of Katra Marriott Resort & Spa in the serene landscapes of Katra, Jammu & Kashmir. The brand’s debut in the spiritually significant destination marks a milestone as the 150th Marriott International hotel to open in the country. Nestled amidst the serene landscapes of the Trikuta hills, popularly known as the Vaishno Devi Hills, this purely vegetarian resort offers a captivating blend of heartfelt service and spirituality. Here, guests are invited to partake in leisurely nature walks, all while immersing themselves in the vibrant culture and culinary delights of Katra.

Katra, a spiritual region known for Shri Mata Vaishnodevi Shrine and Trikuta Hills, offers a picturesque landscape for fulfillment seekers. The resort provides unparalleled access to the region’s nearby attractions, including Patnitop Hill Station, Mansar Lake, and Krimchi Temple, all of which are within an hour’s drive from the resort. Katra’s local market is 5 minutes away from the resort, where guests can enjoy authentic local cuisine and shop for traditional handicrafts and souvenirs, intricate paper-mâché creations, and walnut wood carvings. The city is accessible by road and well connected to leading metro cities in Northern India like Delhi, Chandigarh, and Amritsar. Katra is 50 km from Jammu Airport and 222 km from Srinagar International Airport.

Commenting on this significant opening for India, Ranju Alex, Area Vice President, South Asia, Marriott International said “As we celebrate the milestone opening of our 150th Hotel in India, we acknowledge not just our prominent presence in the country, but also the unique and enriching experiences our hotels provide through their distinctive architecture and design, world-class food and beverage offerings and curated amenities that provide exceptional, one-of-a-kind stays. We continue to have confidence in the resilience of our brands and our teams and remain steadfast in our commitment to advancing our growth through a strong pipeline of hotels.”

Inspired by the natural beauty of its surroundings, the design of Katra Marriott Resort & Spa seamlessly transforms myth into mesmerizing reality. The Greatroom lobby, comprising an open and warm reception with an enigmatic central sculpture adorned with ancient inscriptions envelopes guests with a calm, mystic aura from the moment they enter the resort. The flower chandelier, reminiscent of shrine offerings, offers an immediate connection to the beautiful rituals of the land. Each element, from the mandala-inspired lounge seats to every intricate detail, embodies the hotel’s unwavering commitment to seamlessly merging spirituality with breathtaking design, promising a transcendent experience for all who step through its doors.

Unforgettable Stays

Katra Marriott Resort & Spa features 100 modern, inviting guest rooms, suites, and cottages, offering breathtaking views of the Shri Mata Vaishno Devi Shrine and lush green landscapes. Each cottage offers a sanctuary of relaxation with natural sunlight, plush comfortable bedding, and contemporary comforts. Some of the rooms open to private balconies, providing guests with space to unwind and relax over the harmonious symphony of birdsong and views of rolling green hills. The cottage suites also feature a private swimming pool, allowing guests to indulge in a refreshing dip within the comfort and privacy of their own space.

For those seeking relaxation and rejuvenation, the Quan Spa offers five therapy rooms with treatments that embrace the ancient wisdom of Ayurveda and contemporary wellness practices. Enriching experiences are also provided through the rich nature cover that envelops the Katra Marriott Resort & Spa. Guests can start their day with revitalizing yoga sessions or guided walks amidst the picturesque backdrop of Trikuta Hills. As twilight descends, serenity awaits to soothe the senses, with the evening rituals of hi-tea at Vat Vriksh, commonly known as the banyan tree.

Fitness enthusiasts can recharge their body and mind at a fully equipped fitness center or indulge in some quiet calm by the poolside. Kids can enjoy themselves at the Kid’s Club, a wonderland of fun and engagement, with a dynamic play area that sparks joy and creativity.

Exquisite Dining

The resort promises a delightful culinary adventure for those seeking pure vegetarian and non-alcoholic indulgences. TPK (Three Peaks Kitchen), the contemporary all-day dining restaurant, features international favorites and myriad flavors of traditional Katra cuisine. Meanwhile, the KBC (Katra Baking Company) is an inviting and sophisticated space for guests to relax and reconnect over bakery delights, artisanal teas, full-bodied coffees, and creatively infused mocktails, dressed with seasonal ingredients amidst a relaxed ambiance.

A Place for Celebrations

With over 12,000 square feet of event spaces encompassing two stunning venues – The Pine Ballroom and Mulberry Hall, including three lawns the resort offers the largest banquet space in the city. With its flexible layouts and the picturesque landscape as a backdrop, the hotel emerges as an ideal destination to host weddings, intimate family gatherings, and corporate team outings

“We are excited to welcome guests to Katra Marriott Resort & Spa, our spiritual haven, nestled at the foothills of the divine Vaishno Devi Shrine, where hospitality meets fulfillment,” said Satish Srinivasamurthy, General Manager, at Katra Marriott Resort & Spa. “Whether you seek spiritual solace, leisurely indulgence, memorable weddings, or wellness escapes, we are dedicated to crafting enriching experiences and offering thoughtful services that reflect the true essence of wonderful hospitality.