30, Nov 2023
Planet Smart City set to reach INR 900+ Crore of sales in Pune flagship project
Pune, 30 November 2023: Planet Smart City, a leading global player in the affordable housing market integrating Proptech and ESG-compliant real estate solutions, has announced a near-total sell-out of its flagship ‘Universe’ project in the Life Republic Township in Hinjewadi, Pune, in partnership with Kolte-Patil Developers Limited (KPDL). As Planet Smart City’s first development in the country, this milestone signifies an extraordinary achievement, with more than 88% of residential units and 91% of commercial units being sold as of the end of September 2023.
‘Universe’, the first project launched by Planet Smart City in India in December 2020, boasts a total saleable area of 1.3+ million sq. ft. in residential units and 85,000 sq. ft. in commercial units. Despite the challenges posed by the pandemic’s second wave, ‘Universe’ is already poised to achieve a total of INR 900+ crores in sales. This exceptional achievement comes from the great dynamics of the residential housing market in Maharashtra and to the tremendous response from homebuyers who value the extensive facilities and innovative smart solutions implemented throughout the project by Planet Smart City.
The project’s success has extended beyond the borders of India, as international investors in the GCC region are responding to its unique selling points and potential for property value appreciation.
Mr. Marco Pilia, Managing Director India at Planet Smart City commented, “The successful sell-out of our first project in India is an incredible achievement for Planet Smart City globally. This performance is a great testimony to our business model and value proposition. Collaborating with best-in-class developers in India allows us to deliver high innovation in the residential market, remaining future-proofed and well within the right budget range for our customers.”
Mr. Rahul Talele, Group CEO at Kolte-Patil Developers Ltd. added, “The strong customer acceptance of the Universe project is yet another validation of Kolte-Patil’s ability to bring innovative real estate solutions to the Indian market. Collaborating with brands of international repute in the real estate space enables us to create deep value for customers with a focus on sustainability and smart solutions. Universe project has been created as an urban living paradigm that imbibes two prominent trends of our time: PropTech and ESG. Going forward, we remain confident that the success of this project will be replicated across a wider canvas in our portfolio.”
The project’s sales momentum has been ably supported by the important strategic partnership with ANAROCK Property Consultants, who have significantly contributed to its commercial success.
Aditi Watve, President of Residential Sales at ANAROCK Group, says, “It has been an absolute pleasure to work with Planet Smart City on their first project in India. For Life Republic, we have unleashed the full extent of our proprietary SaaS-driven Proptech real estate marketing solutions, with which we could precisely address the target clientele of buyers looking for superior residential lifestyle solutions.”
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- By Rabindra
30, Nov 2023
ShipGlobal, a Cross-border logistics firm raises $2.5 million in funding from Infoedge Ventures
30th November 2023: ShipGlobal, a leading cross-border logistics platform, has announced that it has raised $2.5 million in funding from InfoEdge Ventures an early-stage VC fund backed by InfoEdge and Temasek. The funds will be utilized to accelerate technology capabilities, augment business operations, and expand to other countries, reinforcing the brand’s commitment to cross-border logistics innovation.
Co-founded by Aayush Anand, Angad Arora, and Vaibhav Kapur in 2022, ShipGlobal helps SMEs in India to go global by providing them with cost-effective and reliable logistics solutions. The platform simplifies international shipping for SMEs in India, offering a one-stop shop for a range of services such as customs clearance, tracking, and real-time rates.
Within a year of its operation, the company has expanded to over 15 regional offices in India and delivered over half a million packages having a gross merchandise value of over Rs.3,000 crores, solidifying its pioneer status in the cross-border logistics industry.
Speaking on the funding, Aayush Anand, Co-founder and CEO of ShipGlobal says, “We continue our path to become a preferred logistics partner for SMEs and look to leverage any strategic opportunities. The funding is an indicator of the company’s strong unit economics and the validation of our business model. With this round, we are aiming to elevate our technology, streamline operations, expand export routes, and optimize our network. We intend to be the guiding light for Indian SME businesses in global trade.”
In the dynamic global logistics market projected to reach $16,794.7 billion by 2032, ShipGlobal’s substantial funding is a notable leap forward in the mission to stimulate global trade expansion. Amidst the imperative of timely and secure product deliveries, the inclusion of tech features, including product tracking, elevates shipment security. With a team comprising domain experts, cost-effective strategies, and robust technology, ShipGlobal positions itself as a preferred partner for both customers and SMEs.
30, Nov 2023
Convenience ranks as a top priority for homebuyers while buying a home
The home buying process in Mumbai is witnessing a sea change with multiple factors at play. There is a perceptible change in the mindset of a home buyer who no longer believes that location plays a pivotal role or is the most important criterion when it comes to buying a home. Today, the ‘convenience’ factor is what a home buyer looks at when making that important home-buying decision. A prospective customer will look for large retail outlets or Malls that are located nearby or close to the housing complex along with other social infrastructure. This makes it convenient for residents to make purchases of regular household goods or indulge in shopping or enjoy in leisure and entertainment activities or save time in commuting to the office.
Commenting on the new home-buying trend, Mr. Prashant Khandelwal, CEO – of Agami said, “Home buyers of today are more knowledgeable and do extensive research before buying a home. There is a growing trend of both spouses working and therefore, do not have much time to attend to daily chores. Kalanagar in Bandra for instance looks most promising as it is home to luxury residential properties and also in close proximity to commercial districts of BKC and Santacruz. Therefore, the convenience factor plays a major role in the decision-making process whilst buying a home. They look at having all conveniences close at hand that saves on travel time and provides for a more convenient living experience.”
According to Track2Realty’s Consumer Confidence Survey, “Contrary to the industry narrative of bigger houses and preferences shifting to periphery locations, Indians are increasingly looking for convenience and lifestyle choices with a compact house.”
This changing perception of home buyers has come about due to improved connectivity within Mumbai and adjoining areas in the MMR region. There are a number of infrastructure projects that have been completed and some major projects ongoing that promise to enhance connectivity even further and help reduce commute time. This brings us to the question of where you find such areas in Mumbai where people are flocking in order to purchase their desired home. The western suburbs of Mumbai like Goregaon, Kandivali, Borivali, and even Mira Road are seeing huge demand for housing. This comes on the back of major infra projects being undertaken that will connect South Mumbai to the western suburbs in the north and beyond.
Commenting from the demand perspective, Mr. Rohan Khatau, Director, of CCI Projects said, “Western suburbs of Mumbai are witnessing a greater housing demand due to various factors like improved connectivity and better social infrastructure. Home buyers not only look at buying a home that is in close proximity to Metro stations, malls, schools, and hospitals, that provide convenience but also in areas with a potential of capital appreciation.”
Mumbai is upgrading with a number of world-class infrastructure projects underway, giving a boost to the housing sector. Suburban areas are now better connected with South Mumbai which provides the home buyer with a plethora of buying options. Suburban Mumbai offers residents all the convenience required for a comfortable living in close vicinity to their residence.
Speaking on how convenience is an important factor in a home buyer’s decision Mr. Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL) said, “Home buyers are especially looking at the western suburbs to buy a home, as this region offers a mix of affordable and luxurious properties. The western suburban belt is also close to a number of offices and commercial spaces in addition to being in the heart of large malls, Retail outlets, and Entertainment zones. Given the enhanced connectivity, home buyers do not mind buying a more luxurious property, considering they get all these conveniences that come along with the home.”
In conclusion, rapid urbanization along with world-class infrastructure has propelled the growth of the housing sector. The concept of selling a project solely based on its location can no longer be capitalized on. Home buyers have moved ahead and are now looking at buying into a project that sells convenience to its prospective customers. Apart from convenience, the project should be close to infrastructure projects to make it an attractive proposition to home buyers.
30, Nov 2023
Flipkart Group Diverts Approximately 3000 tonnes of Waste from Landfills in One Year, Taking Further Strides Towards Sustainability Commitment
● Receives Total Resource Use and Efficiency (TRUE) Gold Certification for zero waste efforts across its facilities in Haryana, West Bengal, Karnataka and Maharashtra
● With a dedicated focus on minimizing environmental impact, Flipkart aims to achieve Zero Waste to landfill across all of its operations, emphasizing responsible waste management practices
Bengaluru – November 30, 2023: Flipkart Group has taken strides towards addressing the alarming issue of the growing landfills in India. It has successfully managed to divert approximately 3000 tonnes of non-hazardous solid waste in one year, beginning with four of its facilities that achieved Total Resource Use and Efficiency (TRUE) Gold certification for their zero waste efforts. TRUE-certified projects must meet stringent resource management goals,
diverting at least 90% of a facility’s waste from landfills, incineration, and the environment. Flipkart’s TRUE-certified facilities are located in Farrukhnagar (Haryana), Uluberia (West Bengal), Malur (Karnataka) and Renaissance (Maharashtra) and account for an area of 1.8 million sq ft. Flipkart has demonstrated its commitment to promoting a circular economy and is embracing the Zero Waste policy, which entails responsible consumption, reuse, and recovery of products, packaging, and materials while avoiding incineration and landfill. In this endeavor, the organization has not only met but surpassed the certification’s requirements for diversion rates, achieving more than 97% waste diversion across all four sites.
This certification puts Flipkart at the forefront of environmentally conscious organizations, showcasing the success of its Zero Waste initiatives and establishing the organization as a strategic and fiscally responsible entity. Flipkart continues to play an important role in enabling a circular economy for all the paper and plastic scrap generated within its own premises. For this, Flipkart deployed the ‘Clean Campus movement’ at its warehouses to foster employee education. Flipkart will also balance out the packaging consumption versus the scrap disposal equation and create a sustainable cycle by using the same scrap as raw material for fresh production. This initiative will further help reduce the use of natural resources and greenhouse gas emissions, ensuring that the generated waste does not end up in landfills. The Circular Economy approach has been activated across 13 sites, translating to approximately 50% of Flipkart’s total paper scrap generation.
Speaking on its Zero Waste policy and subsequent TRUE Gold Certification, Hemant Badri, Senior Vice President and Head of Supply Chain, Customer Experience and eCommerce, Flipkart Group, “Our progress towards achieving our sustainability goals has been transformative, marked by relentless innovation, and a shared sense of responsibility. In this journey, our four TRUE Gold certifications for zero waste awarded by Green Business Certification Inc. is another important step as we continue to set a resolute benchmark for sustainable e-commerce that redefines the industry. By embracing resource efficiency and minimizing waste, we at Flipkart believe that e-commerce can be both environment-friendly and maximize value at the same time. These certifications validate our promise to continue pioneering eco-conscious commerce, impacting our business and the world we share.”
Sharing his views about this milestone, Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group said, “In today’s world, every organization must consciously work towards addressing the current climate crises and that can only happen when bold actions are taken towards it. Building a sustainable future for all and contributing to India’s commitment to Climate goals is a responsibility we take seriously at the Flipkart Group and the TRUE Gold certifications for our zero waste initiative stand testimony to our focus on this mission.”
Peter Templeton, President and CEO of the U.S. Green Building Council (USGBC) and GBCI noted, “Businesses must go beyond our current wasteful practices and think critically about how to redesign processes so that less waste is produced in the first place. Implementing zero-waste business practices requires rethinking, retraining, new tools, and strong leadership to change current waste systems. With Flipkart’s leadership in this endeavor, they are making great strides for their employees, community, and consumers at large.”
Flipkart’s proactive approach towards sustainability aligns with environmental concerns and resonates with a growing segment of consumers who are increasingly drawn to brands committed to responsible practices and work towards achieving good purpose. Aligned with its larger sustainability vision, Flipkart has also transitioned to 100% paper-based packaging at all its warehouses since 2021, thereby significantly reducing its plastic footprint as part of its larger sustainability initiatives. These include electrification of the logistics fleet, energy efficiency practices, and increased use of renewable energy, Green Building, Sustainable packaging, which all testify to its continuing efforts towards achieving sustainable operations.
● The Zero Waste program is one of the essential strategies to address the decarbonization pathway along with protecting the environment and enabling cost savings and social benefits.
● The policy is dedicated to setting benchmarks, monitoring performance, educating employees, and providing innovative solutions that move organizations closer to zero- waste.
● Key initiatives undertaken by Flipkart that have played a role in being awarded TRUE Gold certification include the following:
○ Implementation of sustainable waste management practices, such as localized signage, on-site waste storage, dedicated staff for waste sorting, and in-house data reporting using recommended templates
○ Enhanced waste collection efficiency achieved by transitioning from a single-bin system, conducting regular vendor due diligence, and ensuring data receipt from vendors in accordance with established templates
○ Careful sorting of waste into biodegradable, non-biodegradable, and residual solid categories, optimizing waste management
○ Prioritize data collection on low-value waste which lack recycling market value, to achieve higher diversion rates
○ Training all employees, and fostering zero-waste relationships with vendors, creating a holistic approach toward sustainability
The TRUE rating system for zero waste is a rigorous framework that enables facilities to define, pursue, and achieve their zero waste goals while reducing their carbon footprint.
30, Nov 2023
IIT Roorkee Leads Comprehensive Study on Advanced Grid-Scale Energy Storage Technologies, Unveiled by Ministry of New and Renewable Energy
New Delhi, November 30, 2023 – Secretary, Ministry of New and Renewable Energy (MNRE), Shri BS Bhalla released a comprehensive study titled “Advanced Grid-Scale Energy Storage Technologies,” conducted by IIT Roorkee under the leadership of Prof Arun Kumar in the august presence of Dr Ajay Mathur, Director General, International Solar Alliance and Prof KK Pant Director, IIT Roorkee, at Atal Akshaya Urja Bhawan, MNRE, New Delhi on Nov. 29, 2023. This innovative initiative explores diverse energy storage solutions vital for India’s sustainable energy future.
This study explores diverse grid-scale energy storage solutions crucial for India’s sustainable energy future and addresses critical aspects of the power sector, emphasizing the need for a resilient and sustainable energy landscape in India. It puts forth actionable recommendations to enhance renewable energy integration and improve grid-scale energy storage efficiency, marking a significant step towards achieving India’s renewable energy goals.
Policy Recommendations for Power Sector Vision: The National Tariff Policy and the National Electricity Policy are urged to explicitly outline a vision for the power sector, encompassing energy storage. Specific directives are proposed to amplify the role of energy storage targets for each licensee. Attractive tariffs are recommended to incentivize ancillary services and frequency regulation. Additionally, the study proposes the introduction of a storage purchase obligation for relevant utilities to bolster energy storage adoption further.
Regulatory Framework for Enhanced Flexibility: Regulators are advised to review and revise Grid Codes to promote greater flexibility in power generation, accommodating the evolving landscape of energy storage technologies. Clear and distinct energy storage ownership remuneration rules are recommended by regulators, aligning with existing frameworks for transmission, generation, and distribution companies. These rules are envisaged to address diverse purposes and ensure a level playing field.
Techno-Economic Analysis of Grid-Scale Storage Technologies: Five prospective grid-scale storage technologies—pumped storage, Li-ion batteries, vanadium redox flow batteries, compressed air energy storage, and thermal energy storage—have undergone comprehensive life cycle techno-economic analysis. The analysis reveals that pumped storage stands out as the most cost-effective option, with a levelized cost of storage at INR 3.91/kWh without the cost of pumping power and a global warming potential of 0.12 kg CO2 eq /kWh.
Comparative Advantage of Pumped Storage: The levelized cost of storage for pumped storage is 40% of the cost to lithium-ion batteries. The CO2 emissions associated with pumped storage have been estimated to be 25% lesser as compared to lithium-ion batteries.
Import Dependency and Made-in-India Content: Presently, none of the energy storage technologies exhibit 100% made-in-India content, with significant variations in import percentages. Pumped storage (PSP) leads in terms of domestic content with over 90% while acknowledging some equipment imports. Other technologies, especially batteries, necessitate raw material imports, highlighting the need for strategic considerations in the pursuit of self-reliance.
These findings underscore the need for proactive policy measures, regulatory frameworks, and strategic investments to propel the adoption of advanced grid-scale energy storage technologies. The study, a collaborative effort between MNRE and IIT Roorkee, sets the stage for informed decision-making and transformative initiatives in India’s renewable energy landscape.
Dr. Ajay Mathur, Director General, International Solar Alliance also an Alumnus of IIT Roorkee, acknowledged India’s global leadership in renewable energy adoption and emphasized the critical role of energy storage in grid stability and RE deployment. He commended the report, stating, “India has emerged as a global leader in adopting renewable energy technologies at scale. With the rapid adoption of these technologies, energy storage becomes critical for grid stability. This report is a welcome and apt effort in that context, offering valuable insights for the sustainable advancement of our energy landscape.”
Shri BS Bhalla, Secretary to the Government of India, Ministry of New and Renewable Energy (MNRE), stated, “I acknowledge the efforts of the IIT Roorkee team, under the leadership of Prof. Arun Kumar, for their comprehensive study focused on India. The report is anticipated to play a pivotal role in empowering stakeholders in the energy sector, particularly in advancing the deployment of clean energy and energy storage solutions in the country. Aligned with the ‘Atmanirbhar Bharat’ initiative, the report carries significance in fostering self-reliance, specifically in the sustainable grid-scale energy storage domain. I look forward to gaining insights on energy storage, indigenous manufacturing, and the deployment of renewable energy, which I believe will make a significant contribution to our national goals.”
Prof. KK Pant, Director, IIT Roorkee, expressed gratitude to the ministries for their support, emphasizing the report’s role in shaping policies for the accelerated adoption of clean energy technologies in India. He reaffirmed IIT Roorkee’s commitment to nation-building through focused, India-centric research and technical education and said, “This study reinforces our commitment at IIT Roorkee towards nation-building through focused India-centric research and technical education. The report is poised to play a crucial role in shaping policies for the accelerated adoption of clean energy technologies at scale in India, offering a strategic roadmap for a sustainable and resilient energy future.”
The unveiling of the Advanced Grid-Scale Energy Storage Technologies study represents a significant stride in India’s commitment to fostering innovative and sustainable energy practices. Distinguished dignitaries, including Shri BS Bhalla, Secretary to the Government of India, MNRE; Dr. Ajay Mathur, DG, International Solar Alliance; and Prof. KK Pant, Director, IIT Roorkee, graced the event. This gathering serves as a pivotal platform for discussions on the technical, economic, and policy aspects of grid-scale energy storage technologies.
The release event also welcomed key figures like Shri MAKP Singh, Member Hydro Central Electricity Authority, Shri Rajnath Ram, Advisor Energy Niti Aayog, and Shri SR Narashimhan, CMD, India Grid Controller, alongside senior officials from the Central Electricity Authority (CEA) and renewable energy developers.
This comprehensive study positions IIT Roorkee at the forefront of cutting-edge research, showcasing its dedication to providing India-centric solutions for a sustainable and resilient energy future. The “Advanced Grid-Scale Energy Storage Technologies” report not only reflects India’s commitment to innovation but also serves as a strategic guide for policymakers, industry players, and stakeholders navigating the dynamic energy landscape.
30, Nov 2023
An Octogenarian Gets Mobility with Robotic Precision: Narayana Health City Performs 100 Robotic Knee Surgeries in Two Months
Of 100 patients treated, 53 % were female and a significant 87% were over the age of 60 years
Bengaluru, November 30, 2023: Mrs. Nagma (name changed), an 82-year-old patient who had been immobile for nearly ten years due to severe knee arthritis, discovered a renewed sense of freedom at Narayana Health City in Bengaluru. Through a groundbreaking robotic knee surgery conducted by a highly skilled team of doctors, she regained her mobility. This remarkable success story represents just one among the 100 cases of robotic knee replacements performed within a span of just two months by the exceptional orthopedic team at Narayana Health City.
“Robotic knee replacement has almost given me a new life,” said Mrs. Nagma, echoing the sentiments of numerous patients who have benefitted from this cutting-edge procedure. Looking at my advanced age & the fact that I suffer from diabetes, I was very much concerned about the recovery process. But the precision, technology, and doctors’ passion for restoring my mobility amazed me. The scar is minimal and the doctor made me walk the same day itself, which surprised me” said Mrs Nagma.
Robotic Knee Replacement surgeries have emerged as a preferred choice for patients seeking a more precise and advanced solution for knee problems. Narayana Health City’s data from the last two months underpins the growing popularity of this procedure amongst patients. During this time frame, 100 total knee replacement (TKR) procedures were done using robotic technology. Out of these, 53% of patients were females and a significant 87% were over the age of 60 years, underscoring the growing popularity of this technology across demographics.
The Hospital’s adoption of advanced robotic knee replacement technology offers a new paradigm of care. Compared to conventional procedures, Robotic Knee surgery is more accurate due to the level of precision it offers which is beyond the natural ability of the human eye. This allows for accurate implant positioning and personalization. Robotic-assisted surgery uses minimally-invasive incisions making the procedure safer as there is less tissue damage. This also results in less scarring, a lower risk of infection, shorter hospital stays, and faster recovery. Overall, doctors at Narayana Health City have recorded a remarkable success rate with Robotic Knee Replacements. Also, Patients with comorbidities have benefitted from a safer option, same-day mobility, and minimal blood loss which has contributed to greater patient satisfaction.
Emphasizing the transformative nature of innovation, Professor. Arun Ranganathan, Senior Consultant for Orthopedics, Spine and Trauma at Narayana Health City said, “Empowering patients with precision and pioneering advancements in orthopedic care is not just a duty—it’s a passion. In the realm of robotic knee replacement at Narayana Health City, we don’t just mend joints, we restore lives.”
“Every innovation is a step towards a future where mobility knows no bounds. Our dedication to pioneering advancements in orthopedic care is unwavering. The robotic knee replacements at Narayana Health City are not just procedures; they are a testament to our commitment to excellence in patient-centered healthcare,” added Professor. Ranganathan.
Robotic Knee Replacement surgeries have truly revolutionized the Orthopaedic field, providing patients with a level of precision and safety that was once unimaginable. During the procedure, real-time mapping is conducted to generate a 3D model of the patient’s knee. While a robotic arm or device assists the procedure, surgeons remain in full control and their expertise enhances the clinical outcomes.
Narayana Health City offers a comprehensive continuum of care that commences with the Outpatient Department, encompasses our cutting-edge Robotic Knee Program, and culminates with our state-of-the-art Physiotherapy department, all working in tandem to deliver superior clinical outcomes.
As per reports, it is estimated that over 15 crore Indians suffer from knee problems and nearly four crore patients are in need of a total knee replacement (TKR). In the next decade or so, knee arthritis is expected to emerge as the fourth most common cause of physical disability in India. According to experts, there is a huge gap that needs to be filled up. Robotic Knee Replacement surgeries have emerged as a preferred choice for patients seeking a more precise and advanced solution for knee problems.
30, Nov 2023
Genesys Awarded Two 2023 Global AWS Partner Awards
Bengaluru, November 30, 2023 — Genesys®, a global cloud leader in AI-powered experience orchestration, today announced it is a recipient of two 2023 Geo and Global AWS Partner Awards, recognizing leaders around the globe playing a key role in helping customers drive innovation and build solutions on Amazon Web Services (AWS).
Announced during a Partner Awards Gala at AWS re: Invent 2023, the Geo and Global AWS Partner Awards recognise a wide range of AWS Partners, whose business models have embraced specialization, innovation, and cooperation over the past year. Geo and Global AWS Partner Awards recognize partners whose business models continue to evolve and thrive on AWS as they work with customers.
In the face of evolving customer expectations, it’s increasingly complex for organizations to ensure that data privacy, security, regulatory, and reliability requirements are met while keeping up with the rapid pace of innovation they need to stay competitive. Through its use of 20 AWS Regions, the Genesys CloudTM platform enables more than 4,500 organizations in over 100 countries to orchestrate personalized experiences at scale to drive business outcomes and stronger customer and employee loyalty through the most innovative AI, automation, and digital technologies on the market.
“The power of the AWS and Genesys collaboration is what sets this us apart, bringing our joint clients and partners the transformative capabilities they need to deliver the best customer experiences in the world,” said Bernadette Wightman, Genesys senior vice president, worldwide partner, and alliances. “Using the global infrastructure of AWS, we’re putting Genesys Cloud within reach for even more organizations around the world. Receiving this recognition reaffirms the strength of our collaboration and the value that we’re bringing to our customers together.”
Dedicated to using its products for positive impact, Genesys has a goal to touch more than 100 million lives by 2030 through its work with nonprofits. Charitable organizations often run with lean budgets, limiting the resources they need to aid their communities daily. With the Genesys Charitable Offer, Genesys is enabling eligible charities to extend their reach by leveraging AI and automation. Now, these organizations can focus more on providing support and empathy to their communities — and less on figuring out how to stretch limited funding.
“We’re acutely aware every dollar spent on IT is a precious investment given the increased need for support services for survivors,” said Marty Hand, chief technology officer for the National Domestic Violence Hotline. “So, consolidating onto the Genesys single cloud platform was hugely attractive — not only to reduce IT cost and effort, but also to transform through greater resourcing agility, system resilience, and the ability to expand our services to neighboring cities and towns.”
For the second year in a row, Geo and Global AWS Partner Awards included a self-nomination process across several award categories, which are awarded at both the geo and global levels. All AWS Partners were invited to participate and submit a nomination. Award submissions were reviewed by a third party, Canalys, and selected with special emphasis placed on customer success use cases presented in the nomination form.
In addition, there were a number of data-driven award categories, which were comprised of a unique set of metrics that helped measure AWS Partners’ performance within the past year. Canalys audited the datasets used to ensure that all measurements and calculations were objective and correct in nature.
The AWS Partner Network (APN) is a global program focused on helping companies build successful AWS-based businesses or solutions by providing business, technical, marketing, and go-to-market support. The APN includes independent software vendors (ISVs) and systems integrators (SIs) around the world, with AWS Partner participation growing significantly during the past 12 months. A panel of AWS experts selected the winners based on strict criteria with a third-party audit conducted by Canalys.
Genesys has been selected as Customer Experience Partner of the Year – Global, recognizing AWS’s top ISV Partners with a horizontal business area focus on Customer Experience. Genesys was also selected as Social Impact Partner of the Year—North America, recognizing partners committed to giving back to society through their people, resources, and technology, leading initiatives to change our world for the better. Additionally, the company was named a finalist for Federal Government Partner of the Year—APJ for its strength in delivering innovative mission-based wins for the Federal Government.
29, Nov 2023
The Chancellor of Arni University: Vivek Singh Reshaping Higher Learning in Himachal and Beyond
Himachal Pradesh , November 29, 2023: Vivek Singh, the dynamic and purpose-driven Chancellor of Arni University (AU) in Kangra, Himachal Pradesh, is spearheading a transformative journey in the higher education landscape. His relentless passion for reshaping the future of higher learning brought him to Himachal nearly a decade ago, where he emerged as a pioneer and change-maker. By blending innovative learning techniques, a focus on soft skills, and cutting-edge courses, he has turned Arni University into a magnet for students from across Northern India, leading to a remarkable increase in student enrollment from 200 to 2000 in just a few years.
Under Vivek Singh’s visionary leadership, Arni University has witnessed an astonishing surge in its student population. From a humble 200 students when it gained UGC accreditation in 2009, the institution’s enrollment has skyrocketed to 2000 in 2023, with steady growth in each academic session.
Vivek Singh’s commitment to innovation is evident in AU’s approach. The university offers a diverse array of programs, promotes interdisciplinary learning, and focuses on soft skills and personality development, setting it apart from its peers. AU offers a range of new-age courses that encompass emerging fields like artificial intelligence, data science, sustainable development, and more, equipping students to excel in the rapidly evolving job market.
This combination of factors has not only attracted students but also contributed to the growth of Himachal Pradesh’s higher education landscape. Arni University has become a vital part of the region’s educational fabric, empowering students to excel academically and prepare for successful careers. The university’s vision of “Skill Comprehensive Higher Education” underscores its forward-thinking approach, specifically focusing on building sustainable livelihoods in a challenging geographical region – Himachal Pradesh.
Vivek Singh’s vision extends beyond employability; he aims to ignite the spirit of entrepreneurship among students. Arni University serves as a holistic educational ecosystem, where students are equipped with the tools needed to excel in their chosen fields, contribute to society, and make a lasting impact on the world. The institution fosters versatility, promotes experiential learning, and encourages an interdisciplinary approach, enabling students to pursue their passions and achieve their dream careers.
In a recent groundbreaking initiative, Vivek Singh announced special provisions for students from defense families seeking admission to different courses. The university has been empaneled for the
Jammu and Kashmir Scholarship Scheme, offering admission to students recommended by the Indian Army’s Northern Command Headquarters. This initiative is a testament to AU’s commitment to serving those who have served the nation.
Vivek Singh’s visionary leadership has transformed Arni University into a hub of innovative learning and social responsibility. The institution’s meteoric growth in student population, its commitment to new-age courses, and its focus on nurturing socially sensitive individuals have not only impacted Himachal Pradesh but also extended the reach of quality higher education to Northern India. Under Vivek Singh’s guidance, Arni University is on its way to becoming a beacon of education and empowerment for the entire region.
By – B K Jha
29, Nov 2023
CARE upgrades Vishnu Chemicals rating to ‘A-/ Stable’
As per the rating agency, the key rating drivers were:
· Improved operational and financial performance in FY23 and H1FY24
· Equity infusion in the form of Qualified Institutional Placement
· Comfortable financial risk profile
· Comfortable operating cycle
· Established position with experienced promoters and management team
· Wide geographical reach in the global market and long-term association with reputed clientele
Hyderabad, November 29, 2023: Vishnu Chemicals Limited, one of India’s leading specialty chemicals manufacturers and a leader in barium and chromium chemicals has announced that CARE Rating has revised its outlook to ‘CARE A-; Stable’ for the company’s long term bank facilities and ‘CARE A2+’ to the short term bank facilities.
As per the rating agency, the key rating drivers were:
Improved operational and financial performance in FY23 and H1FY24: On the Consolidated level, VCL has witnessed revenue growth by about 30.61% i.e., to Rs. 1400.74 crores in FY23 compared to Rs. 1072.48 crores in FY22 at back of increased selling prices of both chromium and barium products by 31.22%. Despite the slowdown in demand from the export market due to the recession in major global economies, VCL was able to maintain a sales volume similar to that of FY22. In line with an increase in TOI, PBILDT and PAT levels of the company increased by 50% and 68% i.e., to Rs. 241.67 crores (PY: 161.06 crores) and Rs. 136.5 crores respectively in FY23 led by improved sales realizations. Companies’ ability to pass on the rise in raw material costs to customers, flexible product mix coupled with cost reduction measures undertaken i.e., Co2 recovery plant for acidification process which acted as a backward integration helped the company in fetching better profitability. With higher sales realization, PBILDT margin of the company improved by 223 bps i.e., to 17.25% in FY23 (FY22: 15.02%). Also, PAT margin of the company improved by 216 bps i.e., to 9.75% in FY23.
During H1FY24, TOI of VCL (On a consolidated basis) reported was Rs. 613.84 crores which is marginally lower by 2.88% compared to the corresponding H1 of previous year on account of correction in selling prices in tandem with a decline in raw material prices. However, VCL was able to increase its sales volumes which enabled the company to maintain its revenue and profitability. It can be witnessed that, Q-o-Q, VCL’s sales volume increased by 10% on the back of improved sales from enhanced capacity and acceptance of VCL products in the market. Despite a reduction in selling prices, VCL was able to maintain the margins at similar levels with PBILDT and PAT margins stood at 16.66% and 8.57% respectively.
Equity infusion in the form of Qualified Institutional Placement: In July 2023, VCL raised funds in the form of Qualified Institutional Placement (QIP) amounting to Rs. 200 crores (net proceeds of Rs. 196.73 crores) which were utilized to repay loans and reduction in utilization of working capital limits both in VCL and its subsidiary VBPL. As of September 30, 2023, VCL has paid term loans and unsecured loans and reduced utilization of working capital for the amount of Rs. 173.44 crores and balance funds parked in fixed deposit as on September 30, 2023.
Comfortable financial risk profile: As of March 31, 2023, the debt profile of VCL consists of term loans availed for capex, ECLGS loan, unsecured loans from promoters, and working capital borrowings. Capital structure of the company marked by the overall gearing ratio improved and stood comfortable at 0.74x as of March 31, 2023 (PYE: 1.01x) led by healthy profitability levels accredited to net worth coupled with gradual repayment of term loans and reduction in average utilization working capital limits. The net worth of the company improved from Rs. 276.86 crores as of March 31, 2022, to Rs. 414.36 crores as of March 31, 2023. Other debt coverage indicators, Interest coverage ratio, and TD GCA improved to 6.98x and 1.81x in FY23 against 5.75x and 3.23x respectively in FY22. Considering the QIP funds raised in H1FY24, capital structure further improved and remained at 0.27x as on September 30, 2023.
Comfortable operating cycle: The company procures major raw material Chrome Ore from other countries like South Africa which contributes about 40 to 45% of total purchases and other products procured in the indigenous market. VCL either makes payments to creditors through LC with a cover period of 90 days or makes payments in advance. VCL provides a credit period of 60 to 90 days to its repetitive customers and receives advance payment of 100% at the time of shipment/dispatch of products to its customers. Since the company is into manufacturing, it maintains an adequate inventory of essential raw materials to alleviate financial risk and holds inventory for a period of 60 days. The operating cycle of the company improved and stood comfortable at 60 days in FY23 from 72 days in FY22 on account of a reduction in inventory days and an improved collection period. With an efficient working capital cycle, reliance on working capital borrowings reduced to 76% over the last 12 months ended August 2023.
Established position with experienced promoters and management team: Mr. Ch. Krishna Murthy, one of the key architects in envisioning the growth and expansion of Vishnu Chemicals Limited (VCL) have an experience of over 3 decades in the business of manufacturing, marketing, and exporting of chromium chemicals worldwide. Apart from Mr. Ch Krishna Murthy, Ms. Ch. Manjula (Wife of Mr. Ch Krishna Murthy) and Mr. Ch. Siddhartha (Son of Mr. Ch Krishna Murthy) are also the co-promoters of the company. Mr. Ch. Siddartha is a Joint Managing Director of Vishnu Chemicals Limited and Managing Director of Vishnu Barium Private Limited. He holds a master’s degree in biotechnology from Northumbria University, UK, and a MBA from Saginaw Valley State University, USA. He has shouldered multiple responsibilities and his experience in international marketing, sourcing, and building highly effective teams to serve customers in chemical industry has helped the company achieve scale and leadership position in global markets. VCL is serving more than 15 industries across 50+ countries globally.
Wide geographical reach in the global market and long-term association with reputed clientele: VCL has established presence in both domestic as well as international markets. VCL has presence in 50+ countries and sells majorly in the markets like Brazil, USA, Mexico, South Korea, Italy, Germany, Australia, Bangladesh, Argentina, and Egypt, etc., During FY23, Exports constituted about 48.26% of total TOI on a consolidated level against 50.45% in FY22. In terms of value, exports increased by almost 24.8% to Rs. 679.15 crores from Rs. 545.08 crore in FY23. Apart from export market, the company is also gaining increased share in the domestic market as can be witnessed from higher sales reported in FY23. The contribution to overall sales from the domestic market increased to about 52% and when compared to previous year, TOI from domestic sales increased by about 36% to Rs.728.02 crore. Further, VCL accepts the orders from export or domestic market based on demand and associated probability.
Repeated orders backed by long-standing association with reputed clientele: As on August 31, 2023, VCL (on standalone) has order book of Rs. 162.29 crores to be executed within 3 months. The company receives repeated orders from longstanding and reputed clientele like Solara Active Pharma Sciences Ltd, IOL Chemicals and Pharmaceuticals Ltd., Montana Quimica Ltd, etc. Contribution from top 10 customers for FY23 stood at 42.66%.
29, Nov 2023
Tribeca Developers appoints Rajat Khandelwal as CEO
Delhi/Mumbai, 29 November 2023: Tribeca Developers, India’s largest branded luxury developer, has announced the appointment of Mr. Rajat Khandelwal as Group Chief Executive Officer to lead the company’s strategic initiatives and business expansion plans. Bringing a robust 19 years of professional experience, Rajat has garnered industry recognition and accolades for his strategic acumen and dynamic leadership in previous roles, marking a significant addition to Tribeca Developers.
Having served as the President of Central Park in Delhi NCR, as the CEO, West India of Ozone Group, and the COO of Omkar Developers, Rajat has consistently demonstrated strong financial acumen and a proven ability to drive business growth. He has managed projects with revenue exceeding INR 7,500 crores, led the successful launch of multiple marque projects in diverse geographies, and the establishment of strategic joint ventures with industry leaders such as L&T and Godrej.
Commenting on the appointment, Kalpesh Mehta, Founder, Tribeca Developers said, “I am thrilled to welcome Rajat to the company. With nearly two decades of experience, Rajat brings invaluable insights and leadership to our team. His management style resonates with the values and culture of Tribeca, making him an excellent fit for our organization.”
“Tribeca is currently in an accelerated growth phase, and I am confident that Rajat is the ideal person to spearhead the business to new heights during this pivotal time.”
On his appointment, Rajat said “I am excited and honored to join a prestigious brand like Tribeca, renowned for delivering the finest real estate products and living experiences. It’s an incredible opportunity to work with Kalpesh and the talented team at Tribeca towards the continued success and growth of the company.”
Mr. Khandelwal holds a PGDM in Finance and Marketing from the prestigious IIM Kozhikode and a B.E. in Mechanical Engineering from SGSITS, Indore. As the real estate landscape continues to evolve, Tribeca developers looks poised for a promising chapter under the new leadership.
