Category Archives: Business

GMDC Ltd. and J K Cement Ltd. Sign Strategic Long-Term Supply Agreement for Limestone from Kutch Mine

New Delhi: 04 February 2025: Gujarat Mineral Development Corporation Ltd. (GMDC) has signed a Long-Term Supply Agreement (LSA) with JK Cement Ltd. for the supply of 250 million tons of limestone over a period of 40 years from its upcoming Lakhpat Punrajpur Mine in Lakhpat Taluka of Kutch District in Gujarat. The signing event was chaired by the Chairman of GMDC Ltd. Dr. Hasmukh Adhia, IAS (Retd.) on January 29, 2025 (Wednesday) and the agreement was officially formalized by Shri Roopwant Singh, IAS, Managing Director of GMDC Ltd., and Shri Anuj Khandelwal, Business Head – Grey Cement of JK Cement Ltd., representing their respective organizations.

This agreement marks a strategic partnership towards monetizing the large limestone asset of GMDC Ltd. and benefiting both the partners. It will support J K Cement Ltd. in setting up a greenfield integrated mega-capacity cement plant, fostering industrial growth in the region. The collaboration will stimulate investment, enhance industrial development, and generate thousands of direct and indirect employment opportunities in Kutch, contributing significantly to the socio-economic progress of Gujarat. Kutch’s coastal proximity, improved access to domestic and international markets, and cost-efficient logistics position it as an ideal hub for cement production. Furthermore, this initiative will contribute substantially to the State Exchequer through revenue generation in the form of Royalty, National Mineral Exploration Trust (NMET) contributions, District Mineral Foundation (DMF) funds, and Goods & Services Tax (GST) on both limestone and cement production.

Gopal Vittal appointed as Acting Chair of the GSMA Board

Bangalore, February 3, 2025: Gopal Vittal, Vice Chairman & MD, Bharti Airtel and Deputy Chair GSMA has been appointed as the Acting Chair of the GSMA board following the resignation of José Maria Álvares-Pallete, Chairman & CEO, Telefónica from the company. By virtue of this resignation, he is no longer able to continue in the position of the Chair of the GSMA.

Gopal was recently re-elected as the Deputy Chair of the GSMA board. He has also served the board as a key member for the term 2019-2020.

GSMA represents the global telecommunications industry with over 1100 companies from the telecom ecosystem across the world including telecom service providers, handset and device makers, software companies, equipment providers and internet companies, as well as organizations in adjacent industry sectors.

Beacon, Bharat Connect, and YES BANK Launch Indian Bill Pay Service for Canadian NRI

New Delhi, India (February 4, 2025) – Beacon, a company redefining financial services for immigrants in Canada has launched a groundbreaking feature allowing direct bill payments to India in Canadian dollars from their Beacon Money account. India Bill Pay is the newest addition to the Beacon super app, a platform designed specifically for immigrants to Canada and now available for download on Google and iOS. The first of its kind, Beacon’s India Bill Pay is a pioneering cross-border bill payment solution launched in collaboration with Bharat Connect (BBPS) and YES BANK in India.

With approximately 60% of remittances to India used for family maintenance, many Indians face the delicate balance of building their lives in Canada while fulfilling their home obligations. Non-resident Indians (NRIs) are restricted in their ability to access India’s banking and payment systems from abroad.

This creates major pain points for NRIs around the world looking to pay bills in India either for themselves or for their family. Currently, people must rely on maintaining NRI bank accounts or family and friends to pay Indian bills, both of which are inconvenient. Managing multiple accounts is costly, and culturally, asking for help often leaves NRIs feeling guilty about not meeting their obligations independently. With the launch of India Bill Pay, Beacon expands its financial services for immigrants, providing a seamless way for Indians to pay bills across borders.

“As an NRI in Canada, I faced challenges paying bills in India for my family. That’s why we partnered with YES Bank and Bharat Connect to build Beacon India Bill Pay, a product designed to provide seamless experience to NRIs like me.” said Aditya Mhatre, Co-Founder and Chief Product and Technology Officer of Beacon. “With Beacon India Bill Pay, we’ve recreated the same simplicity of paying bills while in India, but tailored it for NRIs using foreign currency. So stop sending money—just pay the bill directly. We are already planning to bring Beacon India Bill Pay’s revolutionary service to more countries.”

Powered by YES BANK, the service ensures smooth payment processing for Indian billers under the Rupee Drawing Arrangement (RDA), a framework regulated by the Reserve Bank of India (RBI). This system facilitates structured and compliant fund transfers from overseas to India, efficiently converting foreign currency payments into Indian rupees and settling them with Indian beneficiaries, including billers on the Bharat Connect network.

Beacon India Bill Pay also leveraged India’s national bill payment infrastructure known as Bharat Connect, previously known as Bharat Bill Payment System (BBPS), to enable these payments. Conceptualized by the RBI, Bharat Connect provides technology solutions that simplify collections and settlements of bill payments for millions of customers and businesses across India. It ensures convenience, end-to-end encryption for security, and strict adherence to RBI regulations, connecting billers, payment providers, and customers seamlessly.

The unique benefits of Beacon’s India Bill Pay are:

• 100% digital KYC and onboarding process that can be completed within 10 minutes to start paying Indian bills
• Users can pay over 21,000 Indian billers such as utilities, student and home loans, school fees, and hospital charges and more directly using Canadian dollars
• Beacon India Bill Pay can auto-fetch bill due amount and send bill reminders for hassle-free payments.
• 100% secure and compliant with Reserve Bank of India policies, Beacon’s integration with Bharat Connect and YES BANK’s robust infrastructure ensures efficient and secure payment settlements, delivering an enhanced user experience.

Ms. Noopur Chaturvedi, CEO of NBBL, said, “We are pleased to partner with Beacon to extend the convenience of Bharat Connect (BBPS) to users in Canada. This collaboration reflects our commitment to offering a seamless, convenient and reliable platform for bill payments, ensuring Indians abroad can easily manage essential services back home.”

Speaking on the occasion, Mr. Ajay Rajan, Country Head – Government, Multinational and International Business, Transaction Banking and Knowledge Units, YES BANK said, “YES BANK is proud to partner with Beacon to introduce this transformative cross-border payment solution. Leveraging the Bharat Connect model and the RDA framework, we are bridging the gap between Indian and international financial ecosystems, simplifying the process for NRIs to manage their obligations back home.”

DOMS Industries Limited Strategic Initiatives Propelling Consistent Growth

Umbergaon, Gujarat, February 04, 2025: DOMS Industries Limited (‘DOMS’), a Company focused on manufacturing and marketing a diversified product offering associated with the growing years of kids, children, and young adults, announced its Financial Results for the Q3 & 9M FY2025.

ConsolidatedPerformanceHighlights–Q3(Y-o-Y)

•  RevenuefromOperationsforQ3’FY25grewby34.9%to₹501.1crascomparedto₹371.6cr in Q3’FY24.
•  EBITDA for Q3’FY25 grew by 26.7% to ₹ 87.9 cr as compared to ₹ 69.3 cr in Q3’FY24. EBITDA margin for Q3’FY25 stood at 17.5% as compared to 18.7% in Q3’FY24.
•  PATforQ3’FY25grewby39.8%to₹54.3crascomparedto ₹38.8crinQ3’FY24.PATmargin
  forQ3’FY25roseto10.8%ascomparedto10.4%inQ3’FY24.

ConsolidatedPerformanceHighlights–9M(Y-o-Y)

•  RevenuefromOperationsfor9M’FY25grewby23.9%to₹1,403.9crascomparedto ₹1,133.4crin9M’FY24.
•  EBITDAfor9M’FY25grewby32.2%to₹260.2crascomparedto₹196.8crin9M’FY24.
• EBIDTAmarginfor9M’FY25roseto18.5%ascomparedto17.4%in9M’FY24.
•  PAT for 9M’FY25 grew by 43.9% to ₹ 162.3 cr as compared to ₹ 112.7 cr in 9M’FY24. PAT margin for 9M’FY25 rose to 11.6% as compared to 9.9% in 9M’FY24.

OperationalHighlights

•  Rewarded for Export Excellence: Awarded third time consecutively Top Exporter Award for being No. 1 Exporter for the Year 2023-24 by the Pen & Stationery Association of India, underscoring Company’s role as a frontrunner in the Indian Export market
•  RecognizingEmployeeExcellenceandGrowingTogether:Torewardhardworkandtoretain &motivatetalent,Companyapprovedgrantof117,045stockoptionsunderEmployeeStock Option Plan 2023 to eligible employees during Q3’FY25
•  Empowering Sustainable Future: Successful installation of 1 MW Solar Plant at Umergaon Manufacturing Facility
•  OngoingCapacityExpansiononTrack:44+acresgreenfieldexpansioninfullswingand

possessionoffirstbuildingformachineryinstallationinQ3’FY26

•  UniclanHealthcareacceleratingGrowthInitiatives
•  LaunchofDOMSCo-brandedDiapers:CommerciallaunchofDOMSWowper–co- branded range of diapers by Uniclan Healthcare
• Successful installation of third diaper production lineat the existing facility wideningcapacity to 65 crore diapers per annum
• Mostofrequisitepre-approvalsfromauthoritiesinplaceenablingin-house

manufacturingofwetwipesbyendof Q4’FY25

 CultivatingandNurturingCreativeExcellence:AMARIZ–Company’sFineArtRange,partners withPlazaArtistAssociationattheiconicArtPlazaGallery,KalaGhoda,Mumbaitoempower emerging artist and provide them platform to showcase their work

Commenting on the results and performance, Mr. Santosh Raveshia, Managing Director, DOMS Industries Limited said:

“Despite the tepid market conditions and festive season in India as well as globally, we continued on ourconsistentgrowthtrajectoryduringQ3’FY2025.Ourstrategicinitiativeshaveplayedapivotalrole infuellingthisgrowth.ThesuccessfulacquisitionofUniclanHealthcare,whichleadourentryintoBaby Hygiene products, coupled with our timely expansion of capacities across various product categories, have all contributed positively to our quarterly performance.

Company’smanufacturingcoststructurebroadlyremainedstableinQ3FY’25,withinputpricesholding steady,resultinginconsistentgrossmarginsonasequentialbasis.ConsolidatedEBITDAforthequarter grew 26.7% Y-o-Y and 2.2% sequentially. However, there was a slight margin compression of approximately120 bps Q-o-Q which was primarily driven by increased employeeexpenses,stemming fromadditionalhiringtosupportproductioncapacityexpansionandimpactofESOPgrantstoreward employees. Furthermore, we witnessed an increase in selling and distribution expenses primarily on account of consolidation of Uniclan Healthcare. As a result of these factors, Company’s consolidated EBITDA margin stood at 17.5%, as on expected lines, but higher than our targeted range of 16-17%.

Going forward, we remain cautiously optimistic in the near term, on improvement in demand conditions with tailwinds from the upcoming back to school season, growing emphasis on education and increased Governments’ spending in this sector, contributing to the growth momentum. Our strategicprioritiesremainunchangedwithfocusondeliveringconsistentandprofitablevolumegrowth through expanding our production capacities, investing in our brands and strengthening our supply chain, positioning ourselves for sustainable long-term growth.

Lastly, I would like to appreciate the unwavering dedication and relentless efforts of our entire team and channel partners, who have worked tirelessly to drive this growth and excellence. Further, we extendourheartfeltgratitudetoourvaluedconsumersforembracingourproducts.Theirunwavering support fuelsourpassionand inspires ourteamtoinnovate, design,anddeliver high-qualityproducts to meet the evolving needs of our consumers.”

Moxy Mumbai, Andheri West Appoints Mr. Inder Yadav as Director of Finance

Mumbai, January 2025 – Moxy Mumbai, Andheri West – Marriott International’s vibrant lifestyle brand – is delighted to announce the appointment of Mr. Inder Yadav as the Director of Finance. With over 18 years of extensive experience in financial management within the hospitality industry, Inder brings a proven track record of excellence and innovation to this key leadership role.

Inder Yadav’s impressive career spans leading global hotel brands, including Marriott International, Hilton Hotels & Resorts, and The Westin Hotels & Resorts, where he has honed his expertise in financial strategy, budgeting, forecasting, compliance, and operational excellence. His commitment to driving financial efficiency and implementing robust internal controls has earned him recognition for enhancing profitability and aligning business goals with long-term organizational vision.

In his most recent role as Assistant Director of Finance at Courtyard by Marriott Mumbai International Airport, Inder played a pivotal role in streamlining financial operations, ensuring compliance with local regulations, and introducing efficient systems that significantly improved financial discipline and performance. He also collaborated closely with senior management to deliver strategic insights through financial analysis and forecasting, contributing to the hotel’s sustained success.

Inder’s previous experience includes serving as Assistant Financial Controller at The Westin Hyderabad and Hilton Bangalore Embassy Golf Links, where he led multi-disciplinary teams to achieve excellence in financial reporting, cost control, and statutory compliance. His ability to navigate complex financial landscapes and deliver innovative solutions has been instrumental in driving growth and optimizing performance at every stage of his career.

Inder is well-versed in advanced financial tools, including SAP, Oracle, and Cognos, and holds a Master’s degree in Financial Management (MFM) from Mumbai University. His technical expertise, coupled with his ability to foster cross-functional collaboration, aligns seamlessly with Moxy Mumbai’s dynamic and forward-thinking ethos.

As Director of Finance at Moxy Mumbai, Inder will oversee the hotel’s financial strategy, ensuring operational efficiency while driving profitability. His strategic vision and hands-on approach will play a crucial role in positioning Moxy Mumbai as a leading destination for modern travelers while maintaining the brand’s commitment to exceptional guest experiences. Inder Yadav’s leadership marks an exciting chapter for Moxy Mumbai, as the hotel continues to set new benchmarks in style, service, and operational excellence.

Arcil & FUEL Business School Launch CSR to Empower Youth

Mumbai, Maharashtra – February 04- Arcil, one of India’s leading asset reconstruction companies, has once again reinforced its commitment to community development with its latest Corporate Social Responsibility (CSR) initiative in partnership with FUEL (Friends Union for Energizing Lives). The project aims to empower underserved youth by providing access to cutting-edge educational resources and skill development opportunities.

As part of this initiative, Arcil supported the establishment of the state-of-the-art computer lab at the FUEL Business School. This facility is designed to provide hands-on training in emerging fields like artificial intelligence, data analytics, cybersecurity, and digital marketing, addressing the critical gap between industry demands and academia. The initiative is expected to impact over 1000 youth in the next five years, equipping them with future-ready skills and enhancing their employability. This project also includes a strong focus on women’s empowerment, with at least 45% of participants being underserved girls

Speaking about the initiative, Mr. Pallav Mohapatra, MD, and CEO of Arcil, emphasized the company’s dedication to community development, stating, “Investing in the education and skill development of our youth is a step towards building a stronger, self-reliant future. Through this collaboration with FUEL, we aim to create opportunities for underserved communities and foster an ecosystem of innovation and growth. This partnership underscores Arcil’s ongoing efforts to contribute positively to society by empowering the next generation with the skills and resources needed to succeed in a rapidly evolving job market.”

FUEL has been a pioneer in implementing education and skill development projects, impacting over 12 lakh underserved students across India. With this initiative, FUEL’s vision of bridging the skill gap takes a significant leap forward. “We deeply appreciate Arcil’s invaluable support in empowering underserved youth. Together, we look forward to extending this partnership to our upcoming Skill Tech University, which aims to transform the lives of youth from marginalized communities through cutting-edge education and skill development,” said Ketan Deshpande, Founder-Chairman of FUEL.

Arcil’s CSR efforts continue to align with its vision of fostering sustainable development and inclusive growth, ensuring that the benefits reach the grassroots of society.

Gozoop Creative & BN Group Unveil ‘Simply Fresh’ Campaign

Mumbai, February 4th, 2025 – Gozoop Creative Digital, the creative arm of the integrated marketing powerhouse Gozoop Group, is thrilled to announce the latest campaign for Simply Fresh, one of India’s leading cooking oil brands from the BN Group. This exciting partnership highlights a key milestone in Gozoop Creative Digital’s journey, emphasizing the agency’s fast-track growth through integrated creative campaigns and diverse brand mandates.

Gozoop Creative Digital launched – Jaisa Ghar Waisa Cooking Oil for Nutrica, another brand of the same group. Again a category-breaking piece of work in the industry. With the Simply Fresh mandate, it has deepened the relationship with the group. With #RakhoIraadeFresh – the agency has positioned the brand ‘Simply Fresh’ as a category disruptor. Taking a cue from BN Group’s philosophy of Building a Nation, the campaign focuses on heroes who build our nation every day.

Gozoop Creative Digital was also responsible for refreshing the brand identity of BN Group last year and the relationship has only evolved and strengthened. Building on an ongoing collaboration, the agency developed a comprehensive 360-degree strategy to amplify Simply Fresh’s mission of nation-building through “Fresh Iraade.” This vision came to life with the #RakhoIraadeFresh campaign, which aimed to crowdsource inspiring heroes and provide them with a platform to share their stories. By spotlighting untold stories of changemakers, the campaign encouraged individuals to reconnect with their purpose and contribute meaningfully to their communities. Its category-breaking 60-second storytelling stood out, blending emotional resonance with a compelling narrative that seamlessly embodied Simply Fresh’s vision of inspiring societal change.

Gozoop Creative Digital’s responsibilities for Simply Fresh encompass digital marketing, social media engagement, TV commercials, print advertisements, influencer collaborations, in-store promotions, and OTT advertising, all aimed at strengthening the brand’s identity and fostering a deeper connection with its audience.

Kiran Giradkar, CMO, of BN Group, stated, “Rakho Iraade Fresh’ campaign has been a result of Gozoop’s passion for authentic storytelling and deeper understanding of our vision. We hope this campaign will create a strong emotional connection with our audience and drive meaningful conversations. We are excited to introduce a few more IPs to amplify Simply Fresh’s mission of inspiring societal change.”

Speaking about this dynamic partnership, Amyn Ghadiali, Country Head – India, Gozoop Creative Digital said, “At Gozoop Creative Digital, we believe that communication must drive business impact. Our philosophy to Break the Box ensures we create work that matters. Working on the Simply Fresh campaign has been a fulfilling journey, anchored in a shared vision to grow the brand through meaningful communication, showcasing our commitment to crafting brand stories that inspire while delivering tangible results. We look forward to helping Simply Fresh unlock new avenues of growth and success.”

The Simply Fresh is the second major campaign launched by Gozoop Creative Digital from the BN Group, following Nutrica. Gozoop Creative Digital is excited to nurture the partnership, driving forward their mission to building nation as a corporate philosophy of BN Group

Praj Industries Names Ashish Gaikwad as MD-Designate

Pune, India – Feb 4, 2025 – Praj Industries, a global leader in bioeconomy solutions, is pleased to announce the appointment of Mr. Ashish Gaikwad as Managing Director-Designate, effective February 3, 2025. This transition marks a significant milestone in the company’s growth journey.

Mr. Gaikwad will succeed Mr. Shishir Joshipura, CEO & MD, who will complete his tenure on June 30, 2025. To ensure a seamless transition, Mr. Gaikwad will work closely with Mr.

Joshipura and the leadership team over the coming months, ensuring the continuity of Praj’s strategic priorities.

Mr. Gaikwad brings over 34 years of experience in industrial automation, digitalization, process technology, renewable energy transition, artificial intelligence, and autonomous manufacturing. He holds a Bachelor of Engineering (Honors) in Electrical & Electronics from BITS Pilani, India. Before joining Praj Industries, he successfully led Honeywell Automation India Ltd. as Managing Director for over seven years. Throughout his career at Honeywell, he held diverse leadership positions spanning India, Southeast Asia, Asia Pacific, and the USA, with expertise in project engineering, sales leadership, strategy, business management, and corporate governance.

Commenting on the appointment, Dr. Pramod Chaudhari, Founder Chairman of Praj Industries, said: “We are delighted to welcome Mr. Ashish Gaikwad to Praj Industries. His deep industry expertise and global leadership experience will be instrumental in driving our innovation-led growth strategy. Under his guidance, Praj will continue to advance its vision of a sustainable bioeconomy.”

Cooper Corporation Expands Horizons, Inaugurates Tractor Plant and Introduces First-Ever NDC Series

Mumbai / Satara: Cooper Corporation, a globally renowned manufacturer of engines, engine components and generators, proudly inaugurated its state-of-the-art Tractor Plant in Satara, Maharashtra, on Saturday, 1st February 2025. The event also marked the launch of the company’s first-ever tractor, the Cooper Tractor NDC Series, designed to revolutionize farming with its superior performance, fuel efficiency and innovative engineering.

The inauguration ceremony was graced by Shri. Ch. ShivendraRaje Bhosale, Hon’ble Cabinet Minister for Public Works, Government of Maharashtra, as the Chief Guest. The event was also attended by esteemed dignitaries, including Shri. Mahesh Shinde (Hon’ble Vice Chairman, Maha. Krushna Khore Vikas Mahamandal, MLA) and Shri Clive Bagnall, Director – Global Product Development of Ricardo, UK.

The State-of-the-Art Tractor Plant and the launch of the Cooper Tractor NDC Series are a part of the company’s ongoing mission to innovate and provide superior, high-performance machinery to the agriculture sector. The Cooper Tractor, designed for tough terrains and heavy-duty operations, comes with an array of innovative features, such as high fuel efficiency, ergonomic design and lower maintenance costs. Developed in collaboration with renowned global engineering firms such as Magna Steyr for design, Ricardo UK for engine development, Carraro for transmission and Mita for hydraulics, the Cooper Tractor promises superior performance and savings in fuel, service and operational costs and is tailored for Indian farming needs. As Mr. Farrokh Cooper is the first agriculture graduate to own a tractor factory and has his own agricultural lands, he is well aware of what exactly a farmer needs from a tractor and has provided his personal insights into the design and development of the Cooper tractor.

Shri. Farrokh N. Cooper, Chairman & Managing Director, Cooper Corporation Pvt. Ltd., expressed his vision for the new venture, stating “Today marks a historic milestone for Cooper Corporation as we step into the agricultural sector with the launch of our first-ever tractor. The Cooper Tractor NDC Series is a result of years of research, innovation and dedication to delivering a product that truly serves the needs of Indian farmers. Built with global expertise and local insights, this tractor is designed to enhance productivity, reduce operational costs and withstand the toughest farming conditions. As a company deeply rooted in Satara, we are proud to contribute to the growth of Indian agriculture and the prosperity of our farmers.”

The Cooper Tractor NDC Series is engineered to meet the diverse needs of modern farming. With features like dual-clutch transmission, power steering and a low turning radius of 3 meters, the tractor ensures ease of operation and superior performance. Its fuel-efficient 4-valve engine, Bed plate design, HLA, Bosch Fuel System, ceramic-coated rings, Piston Cooling Jet and long-life compacted graphite cylinder head, First of its kind for Long life & Durability and low maintenance, Champion at Haulage and farming operations like ploughing and rotavator, No front weight , Long tyre life, It boasts key advantages such as no engine oil top-up, longer service intervals , The tractor’s superior performance is highlighted by its easy deep ploughing, low RPM drop during fieldwork and a quick forward & reverse shuttle lever, etc. making it a reliable companion for farmers. Cooper Tractor is built to serve the world with the highest standards of excellence.

Budget reaction from Mahesh Babu, CEO of SWITCH Mobility

Mahesh Babu, CEO of SWITCH Mobility

“India’s FY25-26 budget targets economic growth with a 4.4% fiscal deficit and income tax cuts, including exemptions for individuals earning up to ₹12 lakh boost disposable income, consumer spending benefiting sectors like commercial vehicles with higher logistics demands. The budget also simplifies duties and taxes to support MSMEs, startups, and entrepreneurship.”

The exemption of customs duties on lithium-ion batteries and critical minerals such as cobalt, zinc, and lead represents a crucial step in reinforcing India’s electric vehicle (EV) ecosystem. This move will enhance the competitiveness of the EV industry, helping it to grow more rapidly and become a key player in the global market. It accelerates India’s progress toward Aatmanirbharta in clean energy and sustainable mobility solutions. These measures are expected to reduce the overall cost of EVs, making them more affordable for consumers, which directly supports the government’s ambitious target of achieving 30% EV adoption by 2030.”