Category Archives: Business

Ujjivan Small Finance Bank announces its Q2 FY24 results

Bengaluru, Friday 28 October, 2023: Ujjivan Small Finance Bank ltd. [BSE: 542904; NSE: UJJIVANSFB], today announced its financial performance for the quarter ended and half year ended September 30, 2023

Summary of Ujjivan Small Finance Bank Business Performance – Q2FY24 and H1FY24

• Assets
• Disbursements were at ₹ 5,749 crore/ ₹ 11,033 crore in Q2FY24/H1FY24 up 18%/20% Y-o-Y
• Affordable Housing$ disbursed ₹ 541 crore/ ₹ 959 crore in Q2FY24/H1FY24 up 69%/58% Y-o-Y
• Gross loan book at ₹26,574* crore up 27%/5% Y-o-Y/Q-o-Q
• Collection and Asset Quality
• Continued traction on Collections with ~99% efficiency in Sep’23; NDA collection consistently at ~100%
• Portfolio at risk* at 3.7% as of Sep’23
• GNPA* declined to 2.2% as of Sep’23 vs 2.4% as of Jun’23; NNPA* continues to be negligible at 0.09% as on Sep’23
• Total of ₹ 56 crore written-off in Q2FY24; Provision coverage ratio as on Sep’23 is 96%#
• Deposits
• Deposits at ₹29,139 crore as of Sep’23 up by 43%/9% Y-o-Y/Q-o-Q
• Retail TD^ grew 56%/8% Y-o-Y/Q-o-Q
• CASA grew 28%/7% Y-o-Y/Q-o-Q; CASA ratio at 24.1% as on Sep’23
• Nationwide brand campaign and launch of value-add products yielding results
• Financials
• Q2FY24 NII of ₹823 crores up 24% Y-o-Y; NIM at 8.8%* for Q2FY24
• Cost to Income ratio at 52.2% in Q2FY24 vs 52.5% for Q2FY23
• Q2FY24 PPoP at ₹483 crore up 26% Y-o-Y; PAT of ₹328 crore up 11% Y-o-Y
• Capital and Liquidity
• Capital adequacy ratio at 25.2% with Tier-1 capital at 22.5%
• Provisional LCR at 158% as on 30 Sep’23

Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “Q2FY24 was yet another impressive quarter in terms of business performance. Business momentum continued its strong uptrend as seen in the previous quarters. Disbursements at ₹ 5,749 crore was strong registering a robust growth of 18% Y-o-Y and 9% Q-o-Q. Our secured book in Affordable Housing and FIG continues their strong performance. Further, our newer offerings like Gold loans and two-wheeler loans targeted to meet growing needs of our customer base is enhancing our product suite and will consequently aid growth. To provide further impetus to growth and brand awareness, we have introduced several initiatives during the quarter such as, launch of nation-wide brand campaign and value-add liability products targeting to enhance and deepen brand recall among our existing and potential stakeholders. Further we have also opened 39 new branches, taking our total branch count to 700. In H2 we will be adding ~45 more branches, this will include splitting of few branches to better manage the volumes. All these efforts have resulted in healthy growth of liabilities for our Bank. Our CASA has crossed ₹ 7,000 crore mark, growing by 28% Y-o-Y and 7% Q-o-Q. Further, our Retail TDs + CASA grew 44% Y-o-Y to ₹ 18,818 crore. Q2FY24 was yet another quarter where we marked ₹300 crore+ PAT. This was supported by our healthy NII growing by 24% Y-o-Y and 4% Q-o-Q. However, Cost of funds remained elevated in the current quarter as well, leading to NIM compression of 43 bps vs last quarter. We continue to stick to our guidance on loan and deposit book growth. Further we are also confident to maintain credit cost below 100 bps. Our strong focus on other initiatives such as ‘Hello Ujjivan’ is gaining acceptance among customers with 4.3 Lakhs downloads till date and total repayments of more than ₹ 40 crore in Q2FY24. ‘Digital FDs’ which was recently launched is also expected to bring business in the upcoming quarters.

On merger with our promoter, as per order received from the Hon’ble NCLT, shareholder’s EGM is being convened on 3rd Nov’23 by the Bank as well as Ujjivan Financial Services. Once the merger is approved by the shareholders of both the companies, we will proceed with the remaining procedural and regulatory aspects. We expect the merger to be completed in Q4FY24.”

BOP Realty Private Limited Introduces BOP Gold – Exquisite Real Estate for Discerning HNI Customers

New Delhi: BOP Realty Private Limited, one of India’s leading real estate consultancy players, has unveiled its latest venture, “BOP Gold” in Delhi & Noida. Tailored exclusively for High Net Worth Individuals (HNIs), BOP Gold offers a unique and premium real estate experience, backed by over 16 years of industry expertise.

With a remarkable track record of serving alongside major real estate players such as DLF, Jaypee, and Gaurs, BOP Gold brings a wealth of knowledge and experience to the table. The company takes pride in presenting a distinguished lineup of premium projects that include Gaur World Smart Street, Gaur Island, Gaur Trecento Residences, GOLDEN – I in Greater Noida, and Sawasdee in Delhi. Each of these projects is carefully curated to offer HNI customers an environment that aligns with their unique aspirations.

BOP Gold stands out with its distinct advantages, including exclusive opportunities for investors and end users. The company collaborates with Grade A Developers from India and Dubai to bring the finest projects to HNI clients. A 24/7 dedicated concierge help desk ensures that clients receive top-notch support at all times. Due diligence is at the core of BOP Gold’s operations, and clients can access exclusive pre-launch opportunities designed for exceptional capital appreciation. The company boasts a highly skilled and experienced Real Estate Portfolio Management Team, guiding clients through every step of the buying journey. The core team members responsible for the development of BOP Gold include Gaurav Mavi, Ankush kadyan, Manik Anand, Saurav, Sachin and Prince Mavi.

BOP Gold commenced in August 2023, offering HNI customers an exceptional opportunity to explore these premium projects. The venture is accessible in the digital space, and it is physically based out in Sector 136 of Noida Expressway. For those interested in learning more about BOP Gold and its premium offerings, a 24/7 dedicated helpline number(+91 9167656565). Additionally, the BOP Gold team can be reached on WhatsApp and phone at any time of the day, ensuring seamless and prompt support.

Mr. Gaurav Mavi, Co-founder of BOP Group, expressed his commitment to the future: “BOP Gold is more than just a venture; it’s our vision for the future of real estate. We are dedicated to setting new standards of excellence and innovation. By aligning with government initiatives and prioritising the needs of our customers, we aim to create a unique real estate experience that resonates with the aspirations of HNI investors.”

As for the long-term vision, BOP Gold aims to set new standards of excellence and innovation in the real estate sector. The venture aligns perfectly with the government’s planned and smart city initiatives, making it a strategic choice for HNI investors seeking a promising future.

Announcing the Culinary Maestro, Shivaramakrishna.J, as the new Executive Chef of Novotel Vijayawada Varun

Novotel Vijayawada Varun is proud to unveil a new chapter in its culinary journey with the appointment of Mr. Shivaramakrishna.J as its Executive Chef. This appointment marks a significant milestone as the hotel continues its pursuit of excellence and culinary innovation.

Mr. Shivaramakrishna.J is a renowned culinary artist with a long history in the world of gastronomy. His gourmet path demonstrates his dedication and passion for the art of cooking, as well as his innovative and proactive attitude, which distinguishes him as a true culinary visionary.

On this appointment, Sudharshan Motupalle , General Manager, Novotel Vijayawada Varun expresses his joy and says, “We are delighted to welcome Chef Shivaramakrishna to our team. He brings with him a wealth of experience and creativity that will elevate our culinary standards and delight our guests. He has worked in some of the finest restaurants in the world, and we are honored to have him join us. He will be responsible for overseeing all aspects of our kitchen operations, from menu development to staff training. We look forward to working with him and learning from his expertise”.

As the Executive Chef at Novotel Vijayawada Varun, Shivaramakrishna.J will lead the culinary team towards new horizons. His presence promises a dynamic shift in the dining experience, introducing fresh flavors and culinary innovations, ensuring that Novotel Vijayawada Varun remains a culinary destination of choice. Prior to his appointment Shivaramakrishna.J is known for his commitment to maintaining the highest culinary standards and have worked in hospitality brands such Taj Exotica Resorts & Spa, Havelock, Andaman,Vivanta by Taj, Hyderabad,Taj Club House, Chennai, Taj Connemara, Chennai.

Novotel Vijayawada Varun, located in the heart of Vijayawada, is a symbol of luxury and comfort. Offering world-class amenities, fine dining, and top-notch services extends a warm welcome to Mr. Shivaramakrishna.J as he embarks on this exciting culinary journey.

Times Prime and Park+ Partner to Offer Rs 300 Worth of Petrol at IOCL Petrol Pumps

New Delhi, 28th October — In another strategic collaboration aimed at delivering exceptional value to its members, Times Prime, India’s premium lifestyle membership platform, has partnered with Park+, the innovative car parking solution provider. Times Prime members are slated a special discount code in the app to avail a petrol discount, giving away ₹300 worth of petrol at Indian Oil Corporation Limited (IOCL) petrol pumps across the country.

The initiative is a response to the growing need for cost-effective travel solutions, and it is expected to make a significant impact on the daily commute of numerous Indians. Speaking about the partnership, Harshita Singh, the Business Head and Founder of Times Prime, stated, “This collaboration with Park+ is a solid step towards enhancing the daily commute of our members. It is a reflection of our commitment to providing diverse and substantial benefits to our users. We are empowering them with savings on essential services, and we are confident that this initiative will enrich their Times Prime experience.”

Commenting on the partnership, Amit Lakhotia, Founder & CEO, Park+, said “Park+ has been making conscious efforts to partner with like-minded organizations to enhance car ownership experiences for users. As part of this strategy, we are excited to collaborate with Times Prime to unlock Park+ Petrol for new Times Prime subscribers. By downloading the Park+ app, users can discover exciting brand offers, play Park+ Petrol League, engage with India’s largest community of car owners- one crore strong.We look forward to this partnership and are confident of delighting Times Prime users with our in-app experiences.”

Techurate’s Products and Services are designed to offer price and scalability to cooperative banks in India

 Authored by: Sendhil Kumar Co-founder & COO – Techurate

• As the COO at Techurate Systems, how have you ensured successful market penetration in India across various sectors,ranging from small-sized banks to larger institutions?
Techurate as an Enterprise specializing in Digital banking Solutions has traditionally been a Middle East & Africa-centric  Operation. Late in 2021, we partnered with Modus Systems,a partner to Finacle for CBS Implementation in going live with our first Cooperative Bank in Nagpur (NagpurNagrikSahakariBank) .This gave us an insight in to the vast opportunity in the cooperative banking segment in India. The need for these banks to go digital was very high and needed a service provider to work with them in a consultative mode on a sustainable price point model. The Expansion of Techurate in India hinges on riding a long with Value Partners who are deeply entrenched in this segment.These are corporates engaged in CBS and Managed Network services to these banks. Together we present the most credible option to these customers for a winning Digital transformation program.

• Could you elaborate on the specific strategies and initiatives that Techurate Systems has employed to effectively cater to the diverse needs of small-sized banks and larger financial institutions?

For the Smaller Banks and Financial Institutions, our Product strategy is twofold.
We have curated a low-cost version of our flagship product Tigiverse, called Tigiverse Lite. This is disruptive on both price and
deployment. A subscription-based service rolled in as a Bank – in – a – Box. Zero Capital expenditure to the bank where in they get a fully RBI compliant Mobile & Internet Banking platform with some degree of customization. It’s pertinent to note that we are probably the fewest of Enterprises that have a fully time-tested, RBI-compliant Core and a digital banking stack on the Tap to such customers. It’s the product diversity at an affordable price which wins the customer for us.
The goto market is the fastest since there is no local data center / Infrastructure requirement for the bank to procure. Services on the go.
To a greenfield bank, we offer the complete core and digital set-up in a few weeks of deployment time which makes the tipping difference.

• How has Techurate Systems adapted its products and solutions to meet the unique requirements of different sectors withinthe Indian market? Can you provide some examples of successful implementations?

Techurate’s Products and Services a redesigned to offer price and scalability to the cooperative banks in India. It is custom-built for a green field bank or a bank wanting to upgrade, a complete product suite of Core + Digital that covers the spread of CBS along with Mobile and Internet banking. In short, as a product strategy we target the bigger cooperative banks with our Flagship Tigiverse platform which presents a high score on the price–value equation to these customers. For the Tier 2, 3, and Rural banks, we offer the Tigiverse Lite, the low-cost version of Core + Digital solutions on a SaaS pricing. This offers the best services at No Capex load to the Target Market.

• What challenges did Techurate Systems encounter while expanding its services to larger banks, and how did you overcome them to establish a strong presence in the sector?

Techurate is fortunate to have started its Digital Banking journey in 2015 when most Medium and Large banks were adopting Digital around the same time. It’s our inherent belief that the cycle of Digital began with the first stages of Digitization, moving on to the Digital Transformation phase and culminating in the Digital Reinvention phase which will hit us in a few years.Since we had a prime mover advantage, we could start with Large banks in Africa early in our journey. The credibility and the legacy that we built in the first few years helped us in adding more customers to the stable. The Banking solutions space is a very word-of-mouth-driven Business. It’s a domino effect. One good customer reference leads to more. We simply focussed on creating happy customers in the first 3 years. This foundation helped us to scale up faster in the next phase

• In terms of market penetration, what are some key lessons you have learned from working with small-sized banks that have helped Techurate Systems successfully navigate the transition to larger-scale institutions?

Our Market penetration cycle was Inverse. We started with Larger banks and then moved to the smaller ones in India banking on the learnings and the enhanced product stability. This helped us in having the bandwidth both in terms of experience and Financial resources to curate the right price point for smaller banks.ThekeyconsiderationforservicingsmallerbanksisthebepreparedforaHockeystickrevenuecurve.This needs depth and a long-term view to build this segment.Our India entry is by design late to give us that edge in building the cooperative segment the rein a sustainable manner.It’slikethetimeIKEAtook to enter India. A late entrant, but now a formidable force in affordable gear.

• How does Techurate Systems plan to further expand its market share in the Indian banking sector? Can you outline any upcoming strategies or initiatives aimed at capturing new opportunities and sustaining growth?
Our India plan has a sharp focus on the cooperative banking sector. Our GTM plan is based on value partnerships to present a credible face to these prospects. We are extremely confident in the strength of our products. We have an 11-year history of servicing Financial Institutions in India with more than 350 institutions including leading cooperative banks that have used our services. More than a Million end customers use our products via this Institution. Against the backdrop of this strength, we plan to aggressively push ourselves into the semi-urban and even the rural sectors via the RRBs. Financial Inclusion for India on an accelerated mode is our endeavor.Ultimately, leveraging the diversity of our product platform
to bring in affordable banking services thus Transforming lives is our mission. We are steadfast on this and we intend to make this happen sustainably.

From the Tank to Triumph: The Most Successful Pitches as Shark Tank Season 15 airs on Colors Infinity

Shark Tank has always been a platform for innovative entrepreneurs to showcase their businesses to the world. These businesses from Shark Tank not only gained the support of the Sharks but also went on to become thriving ventures. With Shark Tank Season 15 now airing on Colors Infinity, let’s take a closer look at some of the most successful pitches from the show’s history.

Cousins Maine Lobster – Business that brings the best of Maine seafood
During Season 4, Sabin Lomac and Jim Tselikis introduced their food truck, a high-end concept offering lobster shipped from their home state of Maine to California. Barbara Corcoran was impressed and made a deal, investing $55,000 for 15% of their company. Shortly after the episode premiered, they hit $700,000 in sales and made $8 million in 2016.

Lollacup – A unique sippy cup for childrens
Concerned about the safety of the dishes they were using for their children, Hanna and Mark Lim developed a BPA and phthalate-free alternative, the Lollacup, with a flexible straw. Both Mark Cuban and Robert Herjavec saw the potential and invested $100,000 for a 40% equity stake. Today, the Lollacup has expanded into Lollaland, offering a range of child-friendly products.

Cleaning Supplies By Scrub Daddy – Solution for an effective cleaning supply
Aaron Krause, an entrepreneur with an idea for a highly effective cleaning supply, pitched his product in Season 4, Episode 7. Lori Greiner saw the potential and offered $100,000 for 10% ownership in the business. Krause accepted the offer and managed to retain 50% equity. Today, Scrub Daddy is valued at nearly $3 million and is sold in over 30,000 retail locations across 17 countries.

Hoodies By Comfy – Cool, snuggly, colorful oversized hoodies
Inspired by a nephew wearing an oversized hoodie while lounging on the couch, the Comfy brothers launched their Kickstarter page. Barbara Corcoran invested $50,000 for a 30% equity stake when they appeared on Shark Tank, even before having any units manufactured or sold. This investment helped them kickstart production and generate over $250 million in sales.

LovePop – Intricate Pop-up Cards
Lovepop, founded by Wombi Rose and John Wise, uses 3D shapes and planes to create intricate pop-up cards. They appeared on Shark Tank in 2015 and accepted Kevin O’Leary’s $300,000 offer for 15% ownership. Lovepop has since earned over $80 million and has a net worth exceeding $100 million. Rose and Wise were inspired by their background in naval architecture and aimed to bring their passion for design full circle to ships.

Watch Shark Tank Season 15 every Saturday at 8pm on Colors Infinity to discover more exciting pitches and entrepreneurial journeys.

Gravolite Partners With National Games 2023

Gravolite, one of the leading sports mat manufacturers in India, became the official supplier of Kho-Kho Mats for the National Games scheduled to be held in Goa from October 26th to November 9th this year. These professional mats have been approvedby the Kho-Kho Federation of India.

This will be the first time Goa will host the National Games and it will feature a total of 43 sports including both Olympic and indigenous sports like kho Kho , yogasana which made their debut in the previous edition. All games will be played in 5 cities of the state and Kho Kho will be played from November 4- November 8 in Ponda.

Gravolite Kho kho mats will be used throughout the tournament considering the infrastructural requirement recommended by the Federation as per international standards and keeping in mind the safety and well-being of the athletes.

Paras Maheshwari, Director Gravolite, said, “We are honoured to be the official supplier of Kho Kho Mats for National Games 2023.It is such a prestigious event that India is hosting. Such events create a viable platform for sportspeople to showcase their abilities and for organization’s like us to let the sportspeople experience our technologically advanced mats. We have been manufacturing world-class mats to offer world-class sports infrastructure experience and also safeguard the health and well-being of the players. With Gravolite kho Kho mats, the athletes get the desired cushion base and floor padding which helps themto manoeuvre moves without having to sustain injury. Further practicing and performing on professional mats enables sportspeople to perform better on international tournaments too.”

HDFC Bank Parivartan impacts 64.45+ Lakh lives touching over 163 villages in 21 districts of Maharashtra

Pune: HDFC Bank, India’s leading private sector bank, under its CSR brand Parivartan, announced that it has so far made a positive difference in the lives of over 64 lakh people in the state of Maharashtra. Parivartan runs several social interventions across the state through its five pillars: Rural Development, Promotion of Education, Skill Training and Livelihood Enhancement, Healthcare and Hygiene, and Financial Literacy and Inclusion.

Talking about the impact generated in Maharashtra, Ms. Nusrat Pathan, Head CSR, HDFC Bank, said, “HDFC Bank Parivartan’s multisectoral initiatives help transform lives of economically and socially challenged communities. The programmes are curated with an aim to making a tangible difference in people’s lives. At HDFC Bank Parivartan, we develop new sustainable programmes and scale up the existing ones to uplift communities and make them self-reliant, thus contributing towards nation-building.”

Enlisted are key interventions under each of Parivartan’s pillars

Rural Development

Under this pillar, Parivartan promotes the holistic rural development of communities. The Natural Resource Management (NRM) programme launched in several districts of Nashik, Osmanabad, Nandurbar, Satara, Yavatmal, Nanded, Jalna and Wardha, created 1,460+ soil & water conservation structures to preserve the fast-dwindling groundwater levels due to climate change. Besides, they also worked in 16 village clusters of the Maval tehsil in Pune to uplift communities and promote co-existence with the wildlife. HDFC Bank Parivartan also installed 425 solar streetlights in 15 cities and aims at installing more than 575 lights in five other states.

Promotion of Education

Under this pillar, the Bank creates a conducive learning environment in communities for those who do not have access to education. To increase the uptake of education in urban sphere, Parivartan will create over 100 digital classrooms for economically marginalised students. This project has till date has covered over 3,000 students in the first quarter of FY’24.

Skill Training & Livelihood Enhancement

Under this pillar, the Bank upskills youth to enable sustainable income generation. This program aims at finding alternative livelihood options to help migrant youth reduce dependency on farming, by enrolling them in skill training courses such as BFSI, Supply Chain & Logistics, Web Development, Retail Associates. The project is for three years in Mumbai and suburban of Maharashtra focusing on providing NSDC-certified training and employment for their livelihood generation to ensure employment and self-employment.

Healthcare & Hygiene

Under this pillar, Parivartan improves sanitation facilities and promotes safe hygiene across communities. In the districts of Osmanabad, Satara, Nashik, Yavatmal, Bhandara, Hingoli, Nanded, Beed, Ratnagiri, Aurangabad, Parbhani, Parivartan has enabled access to hygienic sanitation units for over 840 households and has constructed over 440 sanitation units for schools, improving the lives of about 4,600 students.

Financial Literacy & Inclusion

Under this pillar, Parivartan enables communities to break the cycle of poverty and enter the banking fold.1.98+ Lakh Financial Literacy Camps were organised in the first quarter of FY’24 impacting 11.39+ Lakh Individuals.

HDFC Bank was among the top CSR spenders in the country for the financial year ending March 2023. As of 31st March 2023, the Bank spent Rs. 820.89 crore on CSR initiatives. The Bank also expanded its impact by reaching more than 9.93 crore beneficiaries as of March 2023.

Asics Announces The Gt-2000 12, Delivering Lightweight Stability For Any Length Of Run

27th October 2023 – New Delhi/Mumbai – ASICS today announces the launch of the GT-2000™ 12 shoe, a versatile trainer that offers the advanced stability you’d expect from the GT-2000™ series but now with added comfort to help you achieve a sound mind in a sound body, however far you choose to run.

The GT-2000™ 12 shoe reimagines stability to deliver a new level of outstanding comfort across a range of distances. This is achieved through its 3D GUIDANCE SYSTEM™, consisting of wider basenets and an increased heel bevel and flared midsole, to create a silky-smooth transition from footstrike to toe off.

The shoe’s comfort has been further improved through the addition of FF BLAST™ PLUS cushioning across the full length of the shoe, creating a soft underfoot feel while producing a more energized response at toe off.

Additionally, the shoe’s heel incorporates ASICS’ PureGEL™ technology, which is both softer and lighter than the traditional GEL™ technology, and provides comfortable support underfoot as you push to achieve your best.

The GT-2000™ 12 shoe offers a more forgiving landing and a smoother ride thanks to an increase of 1mm in stack height compared to its predecessor. Meanwhile, to reduce the potential for irritation over the course of a long run, the heel has been redesigned with a lean back achilles construction created to reduce irritation against the back of the foot.

Rajat Khurana, Managing Director at ASICS India and South Asia said: “The GT-2000™ 12 is more than just a shoe; it’s a reliable companion for every run. With our innovative 3D GUIDANCE SYSTEM™, it offers unparalleled stability and adaptability, ensuring comfort throughout your entire journey—whether it’s a short sprint or a long-distance run. It’s not just about stability; it’s about comfort and a harmonious stride. The GT-2000™ 12 embodies the perfect blend of stability and comfort, fostering a sound mind in a sound body.”

The GT-2000™ 12 shoe will be available for men and women from ASICS retail, online stores and specialists running outlets in India from 26th October 2023.

Deccan Gold Mines Ltd. Receives ‘Letter of Intent’ (LoI) for Critical Minerals (CM) Block in Chhattisgarh

Raipur/ Bengaluru, 27th October 2023 — Deccan Gold Mines Limited (DGML), India’s only listed gold exploration and mining company (Scrip Code: DECNGOLD | 512068 | INE945F01025), has received ‘Letter of Intent’ dated October 5, 2023 (received on October 26, 2023) for the Bhalukona — Jamnidih Nickel, Chromium and Associated PGE Block in Chhattisgarh from the Directorate of Geology & Mining, Government of Chhattisgarh.

“The Letter of Intent (LoI) marks our evolution as a high impact, national partner, dedicated towards making India self-sufficient and secure, in its need for Critical Minerals & Rare Earth Elements. The nation’s prolific Critical Minerals (CM) reserves can potentially galvanize its energy transition and net zero goals in the years to come, and more importantly ensure bottom-up economic development, and enhance jobs creation, thus bringing into reality the Government’s vision of a future ready India”, said Mr. Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Limited.

It may be pertinent to note that Government of India is giving significant thrust to exploration and mining of Critical Minerals that are essential to meet India’s Green Energy Transition targets.

The Company will now take steps to comply with the terms and conditions of the Letter of Intent which will facilitate the execution of Composite License for the Bhalukona — Jamnidih Nickel, Chromium and Associated PGE Block in Chhattisgarh.

The Company had earlier submitted its Technical Bid and participated in the e-auction held on March 6, 2023 for the captioned Block.

On May 22, 2023 the Company had received an official intimation from the Government of Chhattisgarh that the Company has been selected as the “Preferred Bidder” on the basis of the e-auction and had furnished Performance Security for an amount of Rs. 1,50,00,000/- (Rupee one crore and fifty lakhs only) vide Bank Guarantee dated May 25, 2023 in favour of Directorate of Geology and Mining, Government of Chhattisgarh.

The Bhalukona-Jamnidih Block covers an area of 30 sq. Kms and forms part of Neo-archean Sonakhan Schist Belt in the NE fringe of Bastar Craton and represents a wide spectrum of volcano-volcanoclastic rocks of Sonakhan and Bilari Group, mafic-ultramafic intrusives, undeformed granitoids, younger dykes and quartz veins.

Based on preliminary sampling by Geological Survey of India (GSI), a 400 m long potential mineralized zone has been delineated for the block.

The Government of India had approved royalty rates for mining Lithium, Niobium and Rare Earth Elements on October 11, 2023. The move ensued after the Government’s identification of 30 critical minerals deemed essential for the country’s ‘self-reliance’.