Category Archives: Business

Tata AIG General Insurance announces seamless & real-time digital process for travel insurance claims

October 10, 2023, National: Tata AIG General Insurance Company Limited, one of the leading insurance providers in India, has introduced a faster and efficient online claims journey through a digital fast-track process for travel insurance claims. The process provides customers with a seamless, user-friendly resourceful platform where they can simply register their claim directly on the tataaig.com website, submit the relevant documents, and track its status, minimizing the need to engage with call centres or through emails. Tata AIG’s new process enables customers to file their claims through an easy-to-use digital claims platform, even while they are traveling.

Tata AIG’s new efficient, digital claims process offers travel insurance policyholders to file all types of claims for accident and sickness medical expenses and other relevant claims as applicable in policy coverage.

Through this new feature, insured will have access to a seamless digital platform that displays the critical information of claim during claim journey.

Speaking about digital claim process, Mr. Rajagopal Rudraraju, Executive Vice President and National Head, Accident and Health Claims, Tata AIG General Insurance Company Limited, said, “Travel insurance is the most effective guard one can have in case of an emergency while travelling. We recognise the importance of enabling our policyholders to be more digitally connected and have an accessible and straightforward claims process. It is an essential and a must have when you are facing any unexpected event. Digital claim journey is important for our travel insurance policy holders that will help them to file their claims and have access to real-time status updates from any part of the world.”

Travel insurance policyholders at Tata AIG can visit the company website, www.tataaig.com, register their claims, upload all relevant documents online themselves (no intermediary, agent, or Direct Selling Agent needed), check for claims status.

Acer India Signs Sunil Chhetri as Brand Ambassador for The Festive Season

Bangalore, 10th October 2023 – Acer India has introduced Sunil Chhetri, the renowned Indian football icon and captain of the Indian National Football Team and Bengaluru FC, as its brand ambassador. This partnership reflects Acer’s commitment to infusing youthful energy into the brand and inspiring individuals.

Sunil Chhetri’s exceptional leadership and dedication to football align with Acer’s core values of perseverance and dependability. He will represent Acer’s products in upcoming media campaigns. This collaboration underscores Acer’s dedication to promoting awareness of India’s digital transformation, marked by innovation and trustworthiness.

Sunil Chhetri, captain of the Indian football team and Bengaluru FC, said, “I am happy to be associated with Acer, a brand that’s pushing boundaries with innovation and technology. They’re all about inspiring young India, and it’s an effort that resonates with me.”

Sudhir Goel, Chief Business Officer, Acer India, echoed Chhetri’s sentiments, said “We are delighted to announce our partnership with Sunil Chhetri, a true sports icon and humanitarian whose remarkable achievements both on and off the field have left an indelible mark. Sunil Chhetri’s commitment to empowering youth and exceptional contributions align seamlessly with Acer India’s mission of using technology to empower individuals.”

Sooraj Balakrishnan, Head of Marketing, Acer India, said, “Sunil Chhetri is not just a football icon; he symbolizes determination and leadership, qualities that perfectly align with Acer’s principles. We take great pride in having him as our brand ambassador, and we believe that his influence will help us connect with India’s youth, showcasing the reliability and innovation that Acer embodies. Together, we eagerly anticipate inspiring and nurturing the aspirations of India’s younger generation.”

The partnership features a range of exciting initiatives, campaigns, and engagements. Acer is committed to using this collaboration to connect with young people, foster a culture of innovation, and encourage them to embrace technology as a tool for achieving their dreams.

Hive Energy’s Green Ammonia project integral to South Africa and Japan’s joint decarbonisation plans

Romsey, UK. 10.10.2023: Japan commits to helping facilitate international development funding, research and private sector participation to achieve a sustainable and affordable hydrogen and ammonia supply chain in South Africa.

A historic Memorandum of Cooperation between Japan and South Africa has been signed, recognising that South Africa has the capacity and ability to be an internationally competitive producer of hydrogen and green ammonia.

All the attendees gathered at South Africa’s Historical Memorandum of Cooperation with Japan. The event was celebrated in Tokyo at a Joint Workshop on Large Scale Hydrogen Projects. Colin Loubser, General Manager (Front row, grey suit and red tie) of Hive Hydrogen presented the Coega Green Ammonia Project.
South Africa’s Historical Memorandum of Cooperation with Japan was celebrated in Tokyo at a Joint Workshop on Large Scale Hydrogen Projects. Colin Loubser, General Manager (Front row, grey suit and red tie) of Hive Hydrogen presented the Coega Green Ammonia Project.

Hive Energy UK is playing the leading development role in Phase 1 of South Africa’s $5,8bn Green Ammonia project in Coega, Nelson Mandela Bay, to be commissioned in 2028. The plant will supply Japan, Korea, and Europe with over 900,000 tons a year, in the first of four phases, and Hive is confident that its Green Ammonia pricing for pre-2030 supply will be one of lowest globally. The first Japanese Investors have now started their due diligence to acquire a substantial stake in Hive’s Coega Green Ammonia Project and secure an offtake supply.

The Hive giga-scale project, with 1,200MW of Electrolysers to extract hydrogen from water, will benefit South Africa in many ways including creating over 20,000 jobs in an area with large unemployment and attracting other new industrial investors. Critically, in addition to its own 3,6GW of solar and wind plants, it will enable up to 9GW of other Independent Power Producer renewable energy projects to access the grid, helping to alleviate load shedding while decarbonising the grid, which is currently dominated by coal power generation. Most importantly, the Hive project is fully aligned with the Just Energy Transition that the country is committed to.

Giles Redpath, Hive Energy CEO, commented: “Hive has been working on renewable developments in Southern Africa since 2015 and on Green Hydrogen since 2018. It is encouraging to see how the South African Government has embraced the new green hydrogen industry. The opportunities this creates will enable our Coega green ammonia project to become a world-leading hub. When the production plant is commissioned in 2028, Green ammonia will be shipped from Nelson Mandela Bay to the Far East, and across the world. Our project will play a positive role in the partnership between South Africa and Japan as a source of renewable fuel supporting Japan’s world leading decarbonisation plans to power hard-to-abate industries, including supplying Green Ammonia for coal substitution in power stations and for maritime fuel to replace heavy fuel oil and diesel.”

Hive is developing eight green hydrogen/ammonia projects globally. Once complete, the Hive projects will have the capacity to produce some 8,500,000 tons of hydrogen/ammonia each year to support the global drive to net-zero emissions by 2050.

Puravankara Continues to Display Strong Performance in H1FY24, Records INR 2,725 crores in Sale Value

Bengaluru: Puravankara Limited (BSE: 532891), one of India’s most trusted and admired real estate developers, recorded a sale value of INR 1,600 crores for Q2FY24. This is the highest-ever for any quarter since inception, a 102 per cent increase, compared to INR 791 crores of sale value in Q2FY23.

The company also achieved a sale value of INR 2,725 crores in H1FY24. Up by 109 per cent when compared to INR 1,304 crores in H1FY24.

Commenting on the update, Ashish Puravankara, Managing Director, Puravankara Limited, said, “For the second quarter of FY24, pre-sales have increased more than twofold, showing a remarkable growth of 102 per cent compared to the same period last year.

With a robust pipeline of upcoming project launches, we are confident that we will sustain the momentum of pre-sales growth. These new launches are complemented by noteworthy achievements in sustenance sales, supported by efficient and swift execution, resulting in a 70 per cent year-on-year increase in collections.

These continuous improvements signify our company’s commitment to optimising operational efficiency, enhancing profitability, and strengthening our financial foundation.

As we embark on the path of driving incremental growth, our focus on new acquisitions is a key element of our expansion strategy. By strategically identifying and integrating businesses that complement our strengths and objectives, we aim to diversify our portfolio, enter new markets, and capitalise on emerging trends. We are confident to maintain the sturdy growth in pre-sales driven by new launches as well as sustenance projects.”

Key Sales Highlights

• Achieved highest ever sale value of INR 1,600 crores in any quarter and the second quarter of any financial year since inception. Up by 102 per cent compared to INR 791 crores in Q2FY23.

• Achieved sale value of INR 2,725 crores in H1FY24. Up by 109 per cent when compared to INR 1,304 crores in H1FY24.

• Customer collections from the real estate business increased to INR 879 crores in Q2FY24 in comparison to the customer collection of INR 518 crores in Q2FY23, which implies a jump of 70 per cent Y-o-Y.

• Average price realisation increased by 7 per cent to INR 7,947/sft during Q2FY24 from INR 7,419/sft in Q2FY23.

• We have launched 1 new project and 2 new phases in this quarter:

Quarterly Performance Summary:

Half Yearly Performance Summary:

Outlook

The Indian economy grew at 7.8 per cent in the first quarter of the current fiscal year, according to the data shared by National Statistical Office. The Reserve Bank of India (RBI) retained its GDP growth forecast of 6.5 per cent for FY 2023-24. The real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5 per cent to the GDP from an existing share of 7.3 per cent, a joint report by Knight Frank and National Real Estate Development Council (NAREDCO) indicates.

The stability of unchanged interest rates is a significant catalyst, promoting growth and encouraging potential buyers to invest in the residential market.

As we enter the festive season, the group is confident of continuing this strong momentum with the upcoming festive season. We remain poised for continued growth, fuelled by strategic foresight, market resilience, customer-centric approaches, and an unwavering commitment to quality.

Villgro and Cisco Celebrate Success of TVARAN Accelerator Program

New Delhi, 10 Oct 2023: Villgro and Cisco India Cash Grant Program has announced the successful conclusion of the TVARAN Acceleration Program. The program was designed to support early-stage women entrepreneurs and amplify the market presence of women-led startups in renewable energy, water and waste management, and climate-smart agriculture.

Dr. Renu Swarup, Former Secretary, the Department of Biotechnology, Ministry of Science & Technology honoured the first cohort of exceptional startups, including Climate Sense, Green Grahi, Green Delight, MOWO Fleet, Swachha Eco Solutions, KNP Arises Green Energy, and Bharat Krushi Seva, during the closing event. The event was dedicated to spotlighting the startups’ remarkable entrepreneurial journey, acknowledging their outstanding achievements, and recognizing the challenges they overcame during the program. Moreover, it provided a valuable platform for them to articulate their strategies for future expansion and sustained growth.

During the six months of this acceleration program, these startups received invaluable support, including a financial grant of 20 lakh rupees per startup to execute their Go-To-Market (GTM) strategies. Furthermore, the startups also had access to Cisco mentors, who offered expert insights into technology and strategic planning. The program also facilitated connections with market and channel partners, leveraging the extensive networks of both Villgro and CISCO to aid in commercializing and scaling their ventures. In addition, the startups were connected with potential investors and venture capitalists to secure funding for their innovative initiatives.

In just six months, these startups have expanded their operations into new geographical areas, experienced substantial revenue growth, secured investments from venture capitalists, and successfully launched commercial pilots of their products in collaboration with various businesses and channel partners.

Bharat Krushi Seva, through the support from the program, expanded to two new geographies and has onboarded 400 farmers to embrace climate-smart agricultural practices. GreenGrahi Solutions is starting a commercial pilot of their insect-based fertilizer in Karnataka in partnership with ESSMART (A B2B e-commerce platform for rural networks) through the program. With the support of TVARAN, GreenDelight is launching its first commercial B2B pilot with a commercial bank in Bangalore, which has over 3000 women employees. Collectively, the startups have raised funding of 3.05Cr in the form of grants & equity investment.

While sharing about the achievement of the program, Harish Krishnan, Managing Director and Chief Policy Officer, Cisco India & SAARC, shared, “As a technology company, we recognize the tremendous potential of digital technology and the transformative impact of data and emerging technologies. Throughout TVARAN, we observed these attributes playing a pivotal role in shaping the strategic direction of each startup. We take immense pride in the achievements, growth, and refinement demonstrated by each cohort participant during their engagement with the program. Together, we are making significant strides towards a truly inclusive future for all.”

Kalyani Krishna, Manager, Gender Inclusion, Villgro, expressed enthusiasm for the successful conclusion of this program, “Villgro has had the privilege of supporting seven women-led startups through this initiative. With over two decades of incubation experience, we recognize that startups, particularly those led by women, require vital support in terms of market connections and access to finance, and that has been the focal point of our program. This program aligns seamlessly with two of Villgro’s core priorities – climate action and gender equality. Our partnership with Cisco has been invaluable, with their support playing a pivotal role in mentoring the startups within this cohort.”

The application for the program, which was initiated in October 2022, received 140 applications from various regions across India. After careful evaluation, 11 startups were chosen to receive one month of dedicated support focused on go-to-market strategies and scaling. This support included four essential masterclasses covering topics like finance for scaling, the strategic value of impact data, customer understanding through design thinking, and effective pitch building. By March 2023, an expert Jury evaluated the startups on their business, readiness for the market, role of technology & impact to arrive at the first cohort of 7 startups.

Aruna Tara launches her newest luxury furniture venture – Curato by Aruna Tara

Mumbai, 10th October 2023: Curato by Aruna Tara is South Mumbai’s newest luxury home décor and furniture boutique. Located at Worli’s Shiv Sagar Industrial Estate, this delightfully appointed 4500 sq ft gallery houses some of the world’s finest collection of home adornments; each personally handpicked by Aruna Tara herself, the founder and curator-in -chief. Aruna has over two decades of expertise in furniture curation, having introduced India to several celebrated international brands. Her previously successful venture, Hurtado, located at the same address, has been the choice of luxury furniture aficionados, especially in South Mumbai. Known for her exquisite taste, her curations can easily be found in the lavish homes of business families and HNIs across the city.

“I have travelled the world and handpicked over 950 pieces of furniture and collectibles that would look simply fabulous in both classic and contemporary Indian homes,” smiles Aruna Tara. As one wanders across the newly launched Curato by Aruna Tara, one can’t help but admire how she has transformed from classical forms into transitional lines to match the needs of contemporary architects and interior designers who lean towards a more modern design aesthetic.

Walk in through the doors of Curato by Aruna Tara and you are transported into a home décor wonderland. The collection includes luxurious living room sets with their transitional design appeal, enticing bedroom sets and artifacts and other home decorative pieces that are purely a work-of-art. This must visit store is easily accessible from South Mumbai and is also minutes from the Bandra-Worli sealink.

FedEx Enhances Shipping Experience for E-tailers in India

India, October 10, 2023 – FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, is enhancing the online shipping experience for its customers. The new automated e-commerce capability in FedEx Ship Manager™ (FSM) supports small businesses and e-commerce merchants in India, helping them efficiently manage their shipments online.

In addition to India, this service is available across 44 countries and territories in Middle East, Indian subcontinent and Africa This enhancement to FSM allows businesses to create shipments and paperwork from their online orders in a few simple steps, saving considerable time compared to manually entering information to create shipping labels. Customers will now be able to synchronise their Shopify, BigCommerce, WooCommerce, and PrestaShop store with FSM at fedex.com. More e-commerce platforms and marketplaces will be added over time.

In addition, FedEx customers can now:

· Link their e-commerce platform or marketplace with FSM to automatically download their order information.

· Create and print labels for multiple orders in one click and sync with electronic trade documents for a smooth clearance process.

· Synchronize update of tracking numbers and order status on sales channels, notifying buyers that orders have been shipped.

Nitin Navneet Tatiwala, vice president of FedEx Express Middle East, Indian Subcontinent, and Africa (MEISA) marketing, said, “At FedEx, we are dedicated to empowering small businesses and e-commerce merchants by providing them access to digital intelligence. The enhanced FSM, including seamless e-commerce integration and simplified shipping processes, underscores our commitment to being an enabler for SMEs to gain a competitive edge and foster business growth.”

FedEx is building out its e-commerce offerings and adding a wide range of solutions. These include B2B marketplace integration through FedEx Compatible and Alliances programs, customizable last-mile delivery options plus direct messaging and convenient tracking through digital tools like FedEx Delivery Manager International and Picture Proof of Delivery which gives consumers the assurance that their package has been delivered to their doorstep.

Sterlite Power secures new orders worth INR 1,300 Crores in Q1 FY ’24

Mumbai, 10 October 2023— Sterlite Power, a leading global products and solutions provider has bagged orders worth ~INR 1,300 crores across its Global Products & Services business that caters to high performance, green products and specialized Engineering, Procurement and Construction (EPC) services. The new set of orders, won across the domestic and international market in Q1 FY24, builds on the total orderbook of over INR 5,200 crores, that the business has garnered in the last financial year.

With an increasing focus on integrating renewable energy into the grid, the power sector in India is witnessing a surge in demand for high performance products and specialized EPC services. The Global Products business is leveraging the buoyancy in the sector by securing significant orders in both domestic and international markets. In Q1, it has secured a substantial order to deliver high-performance conductors for Power Grid Corporation of India Ltd (PGCIL)’s Part E Green Energy Corridor Project in Rajasthan, that will aid renewable energy evacuation from the region. Through new order acquisitions, the company continues to cement its position in international regions like Americas, European Union, Africa, and Middle East.

In the Power Cables business, the company acquired several strategic orders including delivery of Extra High Voltage (EHV) cables to a solar park in Rajasthan, multiple cable delivery projects for Uttar Pradesh Power Transmission Corporation Limited (UPPTCL) as well as the Nepal Electricity Authority. Amongst other significant wins, the company will supply medium voltage (MV) cables for the expansion of Indian Oil Corporation’s Panipat refinery – one of South Asia’s largest integrated petrochemical plants.

The company’s specialized EPC arm bagged turnkey orders from UPPTCL for the fiberization of ~3,400 km of Optical Ground Wire (OPGW) for its 220kV & 132kV lines. It has also been entrusted with an order from PGCIL for uprating the 132kV North-Eastern Corridor with an aim of doubling the potential capacity of the existing corridor. This order is also in addition to the existing portfolio of projects that Sterlite Power is delivering for PGCIL, towards decongesting the critical transmission corridors across the country.

Manish Agarwal, CEO, Global Products & Services, said, “We are excited about our role in accelerating the global energy transition. Our strong order book is a testament to the confidence that our customers have in our capabilities and expertise. We expect a robust order booking for all our products in Q2 as well.”