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Dialog, Axiata Group and Bharti Airtel sign Definitive Agreement to Merge Operations in Sri Lanka

19th April 2024 – Dialog Axiata PLC (“Dialog”), Axiata Group Berhad (“Axiata”), and Bharti Airtel Limited (“Bharti Airtel”) (collectively “the Parties”), signed a Definitive Agreement to combine their operations in Sri Lanka. Under this agreement, Dialog will acquire 100% of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355% of the total issued shares of Dialog by way of a share swap. The transaction is subject to the approval of Dialog’s shareholders and is pending the completion of specific conditions outlined in the Share Sale Agreement, including clearance from the Colombo Stock Exchange (CSE) and completion of other applicable legal, corporate, and regulatory compliance procedures.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted its approval for the proposed merger, underscoring its vision to advance the adoption of telecommunications services across Sri Lanka.

This consolidation will enable the merged entity to garner economies of scale and reduce duplication of infrastructure, achieve synergies in technology and capital expenditure leading to enhanced high-speed broadband connectivity, voice and value-added services, cost savings, and operational efficiencies.

Vivek Sood, Group CEO and Managing Director of Axiata Group Berhad said, “The merger between Dialog and Airtel Lanka is aligned to Axiata’s strategy of market consolidation and resilience. The merger will create value for Shareholders of Dialog Axiata PLC and of Axiata Group through achievable synergies. We have the utmost respect for Airtel Lanka and its employees and look forward to working together as we integrate the two companies”.

Commenting, Dr Hans Wijayasuriya, CEO of Telecommunications Business and Group Executive Director of Axiata, added “This merger brings together the strengths of two leading telco groups and bodes well for the Growth and Sustainability of Sri Lanka’s flagship Telecom Sector. We look forward to the new frontiers in Customer Experience and innovation the company will deliver to Sri Lankan Consumers and Enterprises.”

Gopal Vittal, MD & CEO – Bharti Airtel Limited said, “We are happy to merge our Sri Lanka operations with Dialog. Given the scale and unique propositions they offer, we are certain that our customers will continue to enjoy cutting edge services on a seamless network.”

“It is a privilege to welcome the team at Airtel Lanka to the Dialog family and together we take a significant step forward in our commitment to delivering superior telecommunications services in Sri Lanka”, remarked Supun Weerasinghe, Director / Group Chief Executive Officer of Dialog Axiata PLC.

“The integration of Dialog and Airtel Lanka operations will unlock new opportunities for innovation and growth, and this will lead to benefit consumers.” Ashish Chandra, Chief Executive Officer, Bharti Airtel Lanka (Private) Limited.

Get Ready to Rumble! &flix Premieres Big George Foreman

Mumbai, 19th April’24 – Get ready for a cinematic knockout as &flix prepares to debut the highly anticipated movie “Big George Foreman” on April 21st, promising audiences an unforgettable journey through the life of boxing legend George Foreman. Brace yourself for a cinematic experience that transcends the boundaries of the ring, promising to stir your emotions and ignite your imagination. Prepare to be enthralled by the epic saga as it takes you on a rollercoaster ride through the life of the boxing icon. It isn’t just your typical sports movie; it’s a gripping tale of triumph against all odds.

Anticipate the chance to delve into the riveting journey of heavyweight champion George Foreman, be ready to witness his story unfold from humble beginnings to monumental victories, showcasing his grit, determination, and unyielding passion in the film. The movie is not simply a retelling of sporting events but also a powerful tribute to the resilience of the human spirit, making it a must-watch. Through Foreman’s struggles and successes, viewers may find inspiration in his resilience and unwavering resolve in the face of adversity. So, get ready to witness the transformative power of perseverance and the triumph of the human spirit as “Big George Foreman” brings his remarkable story to life on the silver screen.

Adding ‘Big George Foreman’ to its lineup, &flix reinforces its dedication to delivering powerful narratives that resonate with audiences of all backgrounds. The movie caters not only to boxing enthusiasts but also to anyone who appreciates a compelling underdog story. With its promise of a thrilling viewing experience that packs a knockout punch, “Big George Foreman” is poised to captivate audiences from start to finish.

Sapience Automata raises INR 1.75 CR in Seed Round led by Inflection Point Ventures

19th April 2024, Bangalore: AI-powered driver assistance technology startup Sapience Automata has raised INR 1.75 CR in a Seed Round led by Inflection Point Ventures. The funds will be utilized for growing sales for Driver cameras, building key partnerships in the automotive domain, continuing to develop Advanced driver-assistance systems (ADAS) technology, and filing international patents.

Sapience Automata, founded in 2021, is a pioneering startup focused on revolutionizing road safety in India through plug-and-play driver assistance technology. Their goal is to eliminate accidents by leveraging advanced AI and autonomous driving tech. Sapience Automata aims to make cutting-edge safety solutions accessible to all drivers.

Satyajit Neogi, the Founder, Chief Executive & Technology Officer, brings over 8 years of experience in self-driving cars and AI, holding a PhD from NTU Singapore. Unmesh Dabhade, the Co-Founder and Product Head, has over 6 years of expertise in IoT and software development, holding a Master’s from VJTI. Together, they lead Sapience Automata’s mission to innovate road safety technology.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Most of us know someone whose family member or close one has experienced a major road accident. It is an unfortunate reality that can’t be helped, given our dependence on different modes of transportation and driver’s circumstances. Sapience, with their AI powered tech, reduces such unavoidable reality. IPV will always focus on supporting startups that offer innovative solutions to significant problems, and Sapience’s approach is one we’ll continue to endorse.”

Sapience Automata’s USPs lie in its robust technology team and its products tailored specifically for Indian driving conditions. With a dedicated team of experts, the company develops innovative solutions that address the unique challenges of Indian roads, ensuring maximum effectiveness and safety for drivers. By offering custom-made products and applications, it stands out in the market, providing solutions that are tailored to the specific needs and conditions of Indian drivers, setting them apart from competitors.

Operating primarily from Bangalore, Sapience currently focuses on commercial fleets, laying the foundation for future expansion and scalability in the Indian B2C market.

Satyajit Neogi, CEO & CTO, of Sapience Automata, says, “India reports 1.5 lakh deaths and 5 lakh critical injuries every year from road accidents, and its growing. We are committed to reduce road accidents in India by 90% by 2030. We started by building plug n play cutting-edge ADAS technology custom-made for Indian conditions, to prevent road accidents due to human errors such as distraction and drowsiness.”

Sapience Automata has hit key milestones with the launch of its Driver Camera, pioneering tailor-made ADAS technology for Indian roads, and reaching the final prototype stage for its ADAS camera. Their achievements, coupled with receiving the SISFS grant, demonstrate their dedication to innovating in automotive safety.

In the decade 2009-2019, road traffic crashes have been the 13th largest contributor to health burden (deaths and disabilities) in India. We must strengthen the condition of roads and vehicles and invest in improving the technology to avoid such accidents.

Boldfit Announces Partnership with Mumbai Indians this IPL Season

19th Apr 2024: Boldfit’s partnership with Mumbai Indians marks a significant milestone in the brand’s journey, further solidifying its presence in the realm of sports and fitness. As a brand synonymous with quality, innovation, and performance, Boldfit is set to bring its expertise in fitness accessories to the world of cricket through this collaboration.

The IPL is not only a platform for showcasing exceptional cricket talent but also an avenue for promoting a healthy and active lifestyle. With Boldfit’s comprehensive range of products tailored to enhance performance and support fitness goals, Mumbai Indians players and fans alike can expect nothing short of excellence both on and off the field.

“We are thrilled to join forces with Mumbai Indians, one of the most prestigious franchises in the IPL,” said Pallav Bihani, CEO of Boldfit. “This collaboration aligns perfectly with our mission to inspire and empower individuals to lead healthier and more active lifestyles. Together with Mumbai Indians, we aim to redefine the standards of performance and fitness within the realm of cricket.”

Through this partnership, Boldfit will offer an exclusive line of Mumbai Indians-branded merchandise, including cutting-edge fitness tools. Fans will have access to a range of products designed to optimize their training regimes and support their favorite team throughout the IPL season.

Flow Research Finds Worldwide Flowmeter Market Continuing to Climb

Wakefield, MA, April 18, 2024 — A new study from Flow Research, Volume X: The World Market for Flowmeters, 9th Edition (www.flowvolumex.com), finds that the worldwide flowmeter market is strong and trending upward as the economy continues to grow and rising oil prices drive exploration and production. Other forces, such as continued population growth and economic expansion, are also fueling growth.

The comprehensive new Flow Research study reveals that the worldwide market for all types of flowmeter technologies totaled $7.6 billion in 2022 and $7.9 billion in 2023, with revenues forecast to reach $9.6 billion in 2027. Coriolis and magnetic flowmeters are the revenue leaders in the flowmeter market, with ultrasonic flowmeters projected to have the fastest growth rates throughout the forecast period.

Ultrasonic flowmeters are heavily dependent on the oil & gas industry, which is one of the reasons we are forecasting growth in this market. In fact, the oil & gas industry, including refining, accounted for more than 60 percent of revenues worldwide for inline ultrasonic flowmeters in 2022. Ultrasonic flowmeters feature high accuracy, high reliability, high turndown ratios, long service life, low maintenance, relatively low cost, diagnostics, no moving parts, and redundancy. In addition, ultrasonic meters dominate the gas custody transfer market, which is one of the fastest growing areas within the entire flowmeter market.

The flowmeter market experienced a downturn in 2020, along with the overall economy in the United States and many other countries. The flowmeter market has rebounded strongly since then, both in 2022 and 2023. The numbers show that the flowmeter market has moved on from the COVID-19 pandemic, and is now benefiting from pent-up demand as goods and services supplied by the process industries become available again.

New-tech growing faster than conventional flowmeters

Although new-technology flowmeters are leading the way, conventional flowmeters also experienced modest increases in both 2022 and 2023. New-technology flowmeters – meters first introduced after 1950 – include Coriolis, magnetic, ultrasonic, vortex, and thermal flowmeters. Conventional flowmeters include differential pressure (DP), positive displacement, turbine, open channel, and variable area flowmeters.

Despite the large installed base of conventional flowmeters, user requirements for increased accuracy, reliability, and managed network capabilities are causing some end-users to switch to new-technology meters. However, conventional meters are still a major force in the flowmeter market. Conventional meters, especially DP flow, positive displacement, and turbine meters, have the advantage of a large installed base. In addition, they were among the first types of flowmeters to receive approvals from industry associations for custody transfer applications. While many new-technology flowmeters have also received these approvals, the changeover to these new-technology flowmeters is taking time. Some end-users prefer to stay with an existing known technology unless it is no longer doing its job.

Coriolis, magnetic, and ultrasonic flowmeters drive the total flowmeter market, and the decreased demand and supply of oil & gas during the pandemic significantly affected the Coriolis and ultrasonic markets. Going forward, however, the tightness in supply and increases in demand for both oil and natural gas could cause faster than projected growth in these flowmeter markets.

Magnetic flowmeters are widely used in both the industrial and municipal water & wastewater industries. Climate change and water shortages are increasing the need to measure water supplies and usage more closely. Although many flowmeter types can measure clean water, magnetic flowmeters are one of the few types that excel in wastewater measurement. New industry standards are now in place that apply to using magnetic flowmeters for water utility measurement. As a result, they are now displacing positive displacement and turbine meters in some commercial and industrial applications. While magnetic flowmeters do not measure hydrocarbons, they are used in the oil & gas industry for fracking applications. These include measuring water injected into oil and gas wells and water flowing from them for capture, disposal, or recycling.

Both Coriolis and ultrasonic flowmeters have received industry association approvals for custody transfer of both gas and liquids, but, unlike Coriolis meters, ultrasonic flowmeters perform very well in the large line sizes often used in oil & gas pipelines.

Product improvements spur growth

In addition to growth factors related to the oil & gas industry, product improvements in both new and conventional flowmeters are contributing to the upward trend in the worldwide market. Flowmeter suppliers are actively engaged in research & development, which is resulting in a steady stream of new products. Some product improvements include enhancements in gas flow measurement, self-diagnostics, more advanced and more widely adopted communication protocols, advanced materials for meter bodies and liners, larger line sizes, increased accuracy, and greater reliability. Suppliers are also making battery-powered units, multivariable meters, smaller meter bodies for tight spaces, and self-monitoring or self-calibrating meters.

Redundancy is important in flow measurement and is just behind accuracy and reliability as the two most important criteria for successful flow measurement. Redundant measurement greatly increases the probability that no measurement will be lost, and that accurate measurement will continue even when one sensor or transmitter is down. Some environmental reporting requirements, for example, mean that companies cannot afford to have their flowmeters go out of commission, so they build redundancy into their measurements. Vortex and turbine suppliers have brought out flowmeters with two sensors, as well as dual flowmeters calibrated together. Another form of redundancy is to run two flowmeters in series for highly important custody transfer measurements.

Meters flow with market ups and downs

The oil & gas industry drives much of the flowmeter market. It is good news then, for flowmeter suppliers that 2022 was extraordinarily profitable for many fossil fuel companies. Global energy prices, driven by energy supply concerns, rose sharply in 2022, causing revenues to soar. In addition, the changing energy landscape – especially the transition to renewables, including green hydrogen – is creating new opportunities and challenges for flowmeter suppliers.

Russia’s invasion of Ukraine is responsible for much of the rise in fuel prices. In 2021, Russia was the world’s largest exporter of fossil fuels. The country’s restrictions on supplying natural gas supply to Europe, coupled with European sanctions on imports of Russian oil and coal, dramatically shifted global energy trade flows, causing supply shortages, particularly for natural gas, and pushing oil and gas prices higher.

In 2015, when oil prices began dropping and many oil and gas exploration projects were postponed or cancelled, associated instrumentation industries experienced a ripple effect. This downturn especially impacted the Coriolis, ultrasonic, differential pressure, positive displacement, and turbine flowmeter markets, and new-technology flowmeters showed a decline for the first time in many years.

As oil prices began recovering in 2018, the worldwide flowmeter market began to ride the wave and experienced a strong year in 2019. Then the worldwide pandemic hit, causing reduced demand in many industrial markets, including the flowmeter market. The worldwide flowmeter market declined in 2020, and the effects of the pandemic continued in 2021. However, as economic conditions improved significantly in 2021, the worldwide flowmeter market approached the 2019 level and continued on an upward trajectory in 2022.

According to Dr. Jesse Yoder, president and founder of Flow Research:

“While 2023 was not as strong a year as 2022 for the oil markets, oil prices remained north of $70 and $80 for much of the year in 2023. The effect of pent-up demand, which began in 2022, kept demand for refined petroleum products high. Despite growth in inflation and the effects of two wars, economies remained strong and stayed in recovery and growth mode throughout 2023. This period of growth in oil production has been very favorable to the flowmeter market, especially to ultrasonic, Coriolis, turbine, differential pressure, and positive displacement flowmeters. These meters are all approved for custody transfer applications and are designed to accurately and reliably measure high-value products such as refined fuels and natural gas.”

Volume X: The World Market for Flowmeters, 9th Edition draws on three decades of research by Dr. Yoder, who authored his first worldwide flowmeter study in 1994 for Find/SVP. The first Flow Research Volume X study was published in 2003, followed by editions in 2008, 2010, 2013, 2014, 2017, 2019, and 2022. The current edition analyzes 13 flowmeter technologies and 12 flowmeter types.

Volume X contains data and analysis designed for any company concerned with developing strategies and products. It displays in one glance a comparison of the revenues, units sold, and compound annual growth rate for all the main types of flowmeters. Growth factors and limiting factors for each flowmeter type explain the rationale of the market forecasts and what can be expected over the next three years. No other study exists that provides this type of all-in-one view of the flowmeter market. Even companies that sell only one or two types of flowmeters can benefit from learning about the eight or nine other types of flowmeters they are competing against.

Spencer Savings Bank Welcomes Vice President, Small Business Relationship Manager

Elmwood Park, NJ, April 18, 2024 — Spencer Savings Bank, one of New Jersey’s strongest community banks, is pleased to welcome Matthew Anderson as Vice President, Small Business Relationship Manager. He assumes the role within the Bank’s Small Business Finance division, which was recently launched this past year and is experiencing great success.

At Spencer, Anderson will be focusing on servicing all his clients’ business banking and business lending needs and providing a superior client experience.

Anderson brings over 20 years of banking industry experience to Spencer’s Small Business Finance division. Prior to joining Spencer, he held various leadership positions at large financial institutions in the tri-state area. He is a strong business banking sales executive who is known for building strong client relationships and committed to helping small businesses thrive.

“We are pleased to welcome Matthew to our Commercial Banking team,” stated Sergio Musacchio, Senior Vice President and Small Business Finance Director. “Matthew is a strong leader with great experience and really invested in seeing his clients succeed. At Spencer, we look forward to his partnership in continuing to help our NJ small business community grow and thrive!”

Anderson resides with his family in Monmouth County and is a proud father of three children. He is very active in the community, dedicating his free time volunteering at charitable organizations as well as a soccer and basketball coach.