28, Oct 2023
VisionTechFest’s TechThon to Spark Industry-Academia Synergy in India
Bangalore, 28 October 2023 – Visionet, a leading technology solutions provider, introduces TechThon, an innovation-focused event that is a part of VisionTechFest 2023. Designed to bring academia and industry closer together, TechThon focuses on fostering the next generation of tech innovators. Forming a key component of the VisionTechFest – TechThon will offer a unique platform tailored for university students to showcase their innovations in an industry-oriented setting.
The event aims to empower and equip students with essential technical skills needed to pursue careers in technology and innovation. Through real-world exposure and opportunities for mentorship, the platform will allow them to nurture their potential and catalyse their journey towards becoming tech leaders of the future.
Among the key highlights of VisionTechFest’s TechThon, is that the platform has attracted an overwhelming response from students across the country. Out of the 662 teams that registered, an impressive 60 teams have been shortlisted to advance to the upcoming rounds of this exciting event.
The majority of the students and teams participating at the TechThon will represent prominent institutions such as The Oxford College of Engineering, Bengaluru, Presidency University, and Vellore Institute of Technology, showcasing the exceptional talent pool present within these institutions.
Sandeep Agarwal, EVP, Visionet expressed enthusiasm for the event, stating, “VisionTechFest’s TechThon offers an unparalleled platform for students to engage with industry leaders, facilitating an enriching exchange of ideas and providing students with invaluable mentorship opportunities that tap into a vast reservoir of knowledge. Through these connections, students not only gain immediate guidance but also the potential for enduring mentorship that can significantly influence their professional journey.”
Dr. Manjunatha, Principal, from New Horizon College of Engineering, Bangalore, adds, “We firmly believe that the synergy between students and the industry extends beyond the mere transmission of knowledge; it represents a dynamic partnership that catalyses the emergence of novel ideas, disruptive technologies, and groundbreaking solutions. These innovations have the potential to reshape the technological landscape of tomorrow. By sowing the seeds for a future where technology not only evolves but thrives on the ingenuity of the youth, we are setting new standards while also opening up exciting new horizons in the tech world.”
Selected students participating in TechThon will receive expert guidance on their projects, helping them refine their ideas and innovations. Additionally, winners will have the unique opportunity to receive Pre-Placement Offers (PPOs) and internships from Visionet, offering them a direct pathway into a promising career in technology.
VisionTechFest’s TechThon is poised to bring about transformative experiences for the students involved, offering them a platform to turn their ideas into reality and gain exposure to the dynamic tech industry.
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- By Rabindra
28, Oct 2023
Ancient landscape discovered beneath East Antarctic Ice Sheet
October 28, 2023: The research team, which also involved scientists at Durham University, used satellite data and radio-echo sounding techniques to map a 32,000 km2 area of land underneath the vast ice sheet.
They discovered a landscape that appears to have been formed by rivers at least 14 million years ago and possibly even before the initial growth of the East Antarctic ice around 34 million years ago.
This newly discovered landscape consists of ancient valleys and ridges, not dissimilar in size-and-scale to the glacially-modified landscape of North Wales, UK.
Its existence implies a long-term temperature stability of the ice sheet in the area investigated by the researchers.
A satellite image showing the ridges and valleys of the ancient landscape, with the ridges highlighted in red and the valleys highlighted in blue.
The study has been published in the journal Nature Communications. Co-author Neil Ross, Professor of Polar Science and Environmental Geophysics at Newcastle University, said: “It is remarkable that this landscape, ‘hidden in plain sight’ for many years, can tell us so much about the early, and long-term, history of the East Antarctic Ice Sheet, as well as helping us to understand how it might evolve in response to future climate change. This has been something of a slow burn project, but one that has now come to fruition in an exciting paper involving a great research team.”
Graphic above ‘lifts’ the East Antarctic Ice Sheet off the bed landscape and highlights the study area
Co-author Professor Stewart Jamieson, in the Department of Geography, Durham University, said: “The land underneath the East Antarctic Ice Sheet is less well known than the surface of Mars.
“And that’s a problem because that landscape controls the way that ice in Antarctica flows, and it controls the way it might respond to past, present and future climate change.
“So, we’re investigating a small part of that landscape in more detail to see what it can tell us about the evolution of the landscape and the evolution of the ice sheet. And what we find is an ancient land surface that has not been eroded by the ice sheet and instead it looks like it was created by rivers before the ice came along.
”This tells us that there hasn’t been a lot of change in this particular area, which indicates that although this part of the ice sheet may have retreated during warmer times in the past, the conditions at this site likely did not change much, and that helps us understand how the ice sheet might respond to future and ongoing warming.”
The discovery builds on previous work by this team who, in collaboration with other researchers, have mapped out hidden mountain ranges, canyon systems and lakes beneath the ice in Antarctica.
Although the landscape beneath the ice sheet is not visible to the naked eye, satellite images captured over the region show small undulations of the ice sheet’s surface that provide clues about the sub-ice landscape.
In a few places, the landscape’s existence has been confirmed by using radio-echo sounding from planes to see through the ice and map the shape of the land beneath the ice sheet.
A plane with a propeller in the air Description automatically generated
The plane flown over Antarctica to collect the original survey data that underpins the new research paper. Credit: ICECAP
The research team proposes it is likely that there will be other, as yet undiscovered, ancient landscapes hidden beneath the East Antarctic Ice Sheet.
Professor Jamieson added: “We’ll continue exploring the landscape, doing our best to fill in gaps where surveys don’t exist, and using that information to understand how the ice sheet and its underlying landscape have changed over their long history.”
The survey data collection that underpins this work was supported by the UK Research and Innovation’s (UKRI) Natural Environment Research Council (NERC), the National Science Foundation (NSF) and NASA.
27, Oct 2023
Techurate’s Products and Services are designed to offer price and scalability to cooperative banks in India
Authored by: Sendhil Kumar Co-founder & COO – Techurate
• As the COO at Techurate Systems, how have you ensured successful market penetration in India across various sectors,ranging from small-sized banks to larger institutions?
Techurate as an Enterprise specializing in Digital banking Solutions has traditionally been a Middle East & Africa-centric Operation. Late in 2021, we partnered with Modus Systems,a partner to Finacle for CBS Implementation in going live with our first Cooperative Bank in Nagpur (NagpurNagrikSahakariBank) .This gave us an insight in to the vast opportunity in the cooperative banking segment in India. The need for these banks to go digital was very high and needed a service provider to work with them in a consultative mode on a sustainable price point model. The Expansion of Techurate in India hinges on riding a long with Value Partners who are deeply entrenched in this segment.These are corporates engaged in CBS and Managed Network services to these banks. Together we present the most credible option to these customers for a winning Digital transformation program.
• Could you elaborate on the specific strategies and initiatives that Techurate Systems has employed to effectively cater to the diverse needs of small-sized banks and larger financial institutions?
For the Smaller Banks and Financial Institutions, our Product strategy is twofold.
We have curated a low-cost version of our flagship product Tigiverse, called Tigiverse Lite. This is disruptive on both price and
deployment. A subscription-based service rolled in as a Bank – in – a – Box. Zero Capital expenditure to the bank where in they get a fully RBI compliant Mobile & Internet Banking platform with some degree of customization. It’s pertinent to note that we are probably the fewest of Enterprises that have a fully time-tested, RBI-compliant Core and a digital banking stack on the Tap to such customers. It’s the product diversity at an affordable price which wins the customer for us.
The goto market is the fastest since there is no local data center / Infrastructure requirement for the bank to procure. Services on the go.
To a greenfield bank, we offer the complete core and digital set-up in a few weeks of deployment time which makes the tipping difference.
• How has Techurate Systems adapted its products and solutions to meet the unique requirements of different sectors withinthe Indian market? Can you provide some examples of successful implementations?
Techurate’s Products and Services a redesigned to offer price and scalability to the cooperative banks in India. It is custom-built for a green field bank or a bank wanting to upgrade, a complete product suite of Core + Digital that covers the spread of CBS along with Mobile and Internet banking. In short, as a product strategy we target the bigger cooperative banks with our Flagship Tigiverse platform which presents a high score on the price–value equation to these customers. For the Tier 2, 3, and Rural banks, we offer the Tigiverse Lite, the low-cost version of Core + Digital solutions on a SaaS pricing. This offers the best services at No Capex load to the Target Market.
• What challenges did Techurate Systems encounter while expanding its services to larger banks, and how did you overcome them to establish a strong presence in the sector?
Techurate is fortunate to have started its Digital Banking journey in 2015 when most Medium and Large banks were adopting Digital around the same time. It’s our inherent belief that the cycle of Digital began with the first stages of Digitization, moving on to the Digital Transformation phase and culminating in the Digital Reinvention phase which will hit us in a few years.Since we had a prime mover advantage, we could start with Large banks in Africa early in our journey. The credibility and the legacy that we built in the first few years helped us in adding more customers to the stable. The Banking solutions space is a very word-of-mouth-driven Business. It’s a domino effect. One good customer reference leads to more. We simply focussed on creating happy customers in the first 3 years. This foundation helped us to scale up faster in the next phase
• In terms of market penetration, what are some key lessons you have learned from working with small-sized banks that have helped Techurate Systems successfully navigate the transition to larger-scale institutions?
Our Market penetration cycle was Inverse. We started with Larger banks and then moved to the smaller ones in India banking on the learnings and the enhanced product stability. This helped us in having the bandwidth both in terms of experience and Financial resources to curate the right price point for smaller banks.ThekeyconsiderationforservicingsmallerbanksisthebepreparedforaHockeystickrevenuecurve.This needs depth and a long-term view to build this segment.Our India entry is by design late to give us that edge in building the cooperative segment the rein a sustainable manner.It’slikethetimeIKEAtook to enter India. A late entrant, but now a formidable force in affordable gear.
• How does Techurate Systems plan to further expand its market share in the Indian banking sector? Can you outline any upcoming strategies or initiatives aimed at capturing new opportunities and sustaining growth?
Our India plan has a sharp focus on the cooperative banking sector. Our GTM plan is based on value partnerships to present a credible face to these prospects. We are extremely confident in the strength of our products. We have an 11-year history of servicing Financial Institutions in India with more than 350 institutions including leading cooperative banks that have used our services. More than a Million end customers use our products via this Institution. Against the backdrop of this strength, we plan to aggressively push ourselves into the semi-urban and even the rural sectors via the RRBs. Financial Inclusion for India on an accelerated mode is our endeavor.Ultimately, leveraging the diversity of our product platform
to bring in affordable banking services thus Transforming lives is our mission. We are steadfast on this and we intend to make this happen sustainably.
27, Oct 2023
From the Tank to Triumph: The Most Successful Pitches as Shark Tank Season 15 airs on Colors Infinity
Shark Tank has always been a platform for innovative entrepreneurs to showcase their businesses to the world. These businesses from Shark Tank not only gained the support of the Sharks but also went on to become thriving ventures. With Shark Tank Season 15 now airing on Colors Infinity, let’s take a closer look at some of the most successful pitches from the show’s history.
Cousins Maine Lobster – Business that brings the best of Maine seafood
During Season 4, Sabin Lomac and Jim Tselikis introduced their food truck, a high-end concept offering lobster shipped from their home state of Maine to California. Barbara Corcoran was impressed and made a deal, investing $55,000 for 15% of their company. Shortly after the episode premiered, they hit $700,000 in sales and made $8 million in 2016.
Lollacup – A unique sippy cup for childrens
Concerned about the safety of the dishes they were using for their children, Hanna and Mark Lim developed a BPA and phthalate-free alternative, the Lollacup, with a flexible straw. Both Mark Cuban and Robert Herjavec saw the potential and invested $100,000 for a 40% equity stake. Today, the Lollacup has expanded into Lollaland, offering a range of child-friendly products.
Cleaning Supplies By Scrub Daddy – Solution for an effective cleaning supply
Aaron Krause, an entrepreneur with an idea for a highly effective cleaning supply, pitched his product in Season 4, Episode 7. Lori Greiner saw the potential and offered $100,000 for 10% ownership in the business. Krause accepted the offer and managed to retain 50% equity. Today, Scrub Daddy is valued at nearly $3 million and is sold in over 30,000 retail locations across 17 countries.
Hoodies By Comfy – Cool, snuggly, colorful oversized hoodies
Inspired by a nephew wearing an oversized hoodie while lounging on the couch, the Comfy brothers launched their Kickstarter page. Barbara Corcoran invested $50,000 for a 30% equity stake when they appeared on Shark Tank, even before having any units manufactured or sold. This investment helped them kickstart production and generate over $250 million in sales.
LovePop – Intricate Pop-up Cards
Lovepop, founded by Wombi Rose and John Wise, uses 3D shapes and planes to create intricate pop-up cards. They appeared on Shark Tank in 2015 and accepted Kevin O’Leary’s $300,000 offer for 15% ownership. Lovepop has since earned over $80 million and has a net worth exceeding $100 million. Rose and Wise were inspired by their background in naval architecture and aimed to bring their passion for design full circle to ships.
Watch Shark Tank Season 15 every Saturday at 8pm on Colors Infinity to discover more exciting pitches and entrepreneurial journeys.
27, Oct 2023
AcadAlly Makes Impactful Debut at DIDAC 2023
AcadAlly, a pioneering deep-tech startup in the education sector marked an impressive entrance onto the scene at the recently concluded DIDAC 2023. With over 100 schools from various corners of India showing their interest in AcadAlly’s flagship product, LEAP emerged as a game-changer. Attendees were particularly drawn to the three distinctive services offered by AcadAlly’s products:
Diagnosis: Leveraging an adaptive assessment tool to address learning gaps effectively.
Personalized Remediation: Harnessing AI tools, flipped learning, conceptual video lessons, and chatbot mentorship for tailored educational experiences.
Data-Driven Report Generation: Empowering educators, principals, school owners, and parents with comprehensive data insights.
“With an unwavering commitment to revolutionizing the education landscape, AcadAlly captured the attention of attendees, including educators, school administrators, and industry professionals from around the world. Participants also received were given an exclusive opportunity to engage firsthand with AcadAlly’s pioneering products, showcasing their potential to reshape the future of education,” Ridhi Agarwal, Founder, AcadAlly said.
AcadAlly also actively engaged in an insightful panel discussion led by industry experts, delving into the challenges associated with technology integration in education and the evolving skill requirements for the next 10-20 years.
“The discussions encompassed the latest breakthroughs, contemporary methodologies, and forward-thinking ideas in education and skill development. Topics ranged from the significance of flipped learning and fostering innovation to the critical role of personalized AI learning through root cause analysis,” Yash Prakash, Co-Founder, AcadAlly said.
During the event, AcadAlly’s team had the privilege of networking with various academicians, educationists, and influential school leaders from the Indian education industry.
With over 200 exhibitors and an impressive footfall of 19,000 visitors hailing from 35 countries, DIDAC 2023 provided an international platform for AcadAlly to showcase its commitment to excellence in education, fortified by the unparalleled potential of AI.
As AcadAlly continues to embrace the dynamic realm of education, the company remains dedicated to pioneering advancements that will shape a brighter, smarter, and more equitable future for learners worldwide.
27, Oct 2023
Mythbusters: Clarifying Breast Cancer Misconceptions for Informed Awareness
In India, a concerning reality unfolds: a woman is diagnosed with breast cancer every four minutes. It accounts for 13.5 percent of all cancer cases in the country, with a 10.6 percent mortality rate. Shockingly, these cases are diagnosed a decade earlier in India compared to the Western world and tend to be more aggressive. October is Breast Cancer Awareness Month, uniting people worldwide to raise awareness, educate about symptoms, and emphasize early detection and support, symbolized by the color pink on World Breast Cancer Day.
Simplifying Breast Cancer
The breast consists of lobules (milk-producing glands), ducts (milk transport tubes), and connective tissue. Breast cancer is uncontrolled cell growth in the breast, with various types based on cell origin. Most start in ducts or lobules. Cancer can spread through blood and lymphatic vessels, termed metastasis.
The primary breast cancer types are invasive ductal carcinoma, which starts in ducts and can spread both within the breast and to other parts of the body, and invasive lobular carcinoma, originating in lobules and spreading locally and beyond. There are less common types like Paget’s disease, medullary, mucinous, and inflammatory breast cancer. Ductal carcinoma in situ (DCIS) is a condition where cancer cells are limited to duct linings and have not invaded surrounding tissues, but it carries a risk of developing into invasive breast cancer.
Breast Health: What’s Normal and Warning Signs
● Breast appearance and feel vary among individuals, with factors like menstrual cycles, childbirth, weight changes, medications, and age influencing them.
● Breast cancer symptoms differ, and some may not display any.
● Warning signs may include new lumps in the breast or underarm, breast thickening or swelling, skin changes (irritation or dimpling), nipple abnormalities, breast pain, or nipple discharge (other than breast milk).
● It’s crucial to remember that these symptoms can also be associated with non-cancerous conditions. If you notice any changes or experience symptoms, seek prompt medical attention from your doctor.
Dispelling Common Misconceptions
Myth 1: If you have a mastectomy, you cannot get breast cancer again
Fact: After a mastectomy, cancer may reappear in the chest wall lining or skin. Signs of recurrence within the same breast can include a new lump, skin changes, redness, or nipple discharge. If it recurs on the chest wall, it may present as painless nodules or thickening near the mastectomy scar.
Myth 2: Hormone replacement therapy (HRT) always causes breast cancer
Fact: Hormone replacement therapy (HRT) slightly elevates the risk of breast, ovarian, and occasionally uterine cancer. However, the increase in risk is minimal.
Myth 3: Breastfeeding increases the risk of breast cancer
Fact: Breastfeeding doesn’t raise breast cancer risk; it reduces it. It’s a misconception that it can increase cancer risk. Recent studies show it has a protective effect against some cancers.
Myth 4: Antioxidant-rich foods prevent breast cancer
Fact: Antioxidants in food are good, but high-dose supplements don’t prevent diseases. Excessive supplements may even raise cancer risks. Food contains a mix of compounds that work together for health.
Myth: Solely Breast Lumps Are a Cause for Concern
Fact: While self-examination can uncover breast lumps, not all of them are indicative of cancer. Some lumps may be attributed to non-cancerous conditions or cysts.
27, Oct 2023
Gravolite Partners With National Games 2023
Gravolite, one of the leading sports mat manufacturers in India, became the official supplier of Kho-Kho Mats for the National Games scheduled to be held in Goa from October 26th to November 9th this year. These professional mats have been approvedby the Kho-Kho Federation of India.
This will be the first time Goa will host the National Games and it will feature a total of 43 sports including both Olympic and indigenous sports like kho Kho , yogasana which made their debut in the previous edition. All games will be played in 5 cities of the state and Kho Kho will be played from November 4- November 8 in Ponda.
Gravolite Kho kho mats will be used throughout the tournament considering the infrastructural requirement recommended by the Federation as per international standards and keeping in mind the safety and well-being of the athletes.
Paras Maheshwari, Director Gravolite, said, “We are honoured to be the official supplier of Kho Kho Mats for National Games 2023.It is such a prestigious event that India is hosting. Such events create a viable platform for sportspeople to showcase their abilities and for organization’s like us to let the sportspeople experience our technologically advanced mats. We have been manufacturing world-class mats to offer world-class sports infrastructure experience and also safeguard the health and well-being of the players. With Gravolite kho Kho mats, the athletes get the desired cushion base and floor padding which helps themto manoeuvre moves without having to sustain injury. Further practicing and performing on professional mats enables sportspeople to perform better on international tournaments too.”
27, Oct 2023
HDFC Bank Parivartan impacts 64.45+ Lakh lives touching over 163 villages in 21 districts of Maharashtra
Pune: HDFC Bank, India’s leading private sector bank, under its CSR brand Parivartan, announced that it has so far made a positive difference in the lives of over 64 lakh people in the state of Maharashtra. Parivartan runs several social interventions across the state through its five pillars: Rural Development, Promotion of Education, Skill Training and Livelihood Enhancement, Healthcare and Hygiene, and Financial Literacy and Inclusion.
Talking about the impact generated in Maharashtra, Ms. Nusrat Pathan, Head CSR, HDFC Bank, said, “HDFC Bank Parivartan’s multisectoral initiatives help transform lives of economically and socially challenged communities. The programmes are curated with an aim to making a tangible difference in people’s lives. At HDFC Bank Parivartan, we develop new sustainable programmes and scale up the existing ones to uplift communities and make them self-reliant, thus contributing towards nation-building.”
Enlisted are key interventions under each of Parivartan’s pillars
Rural Development
Under this pillar, Parivartan promotes the holistic rural development of communities. The Natural Resource Management (NRM) programme launched in several districts of Nashik, Osmanabad, Nandurbar, Satara, Yavatmal, Nanded, Jalna and Wardha, created 1,460+ soil & water conservation structures to preserve the fast-dwindling groundwater levels due to climate change. Besides, they also worked in 16 village clusters of the Maval tehsil in Pune to uplift communities and promote co-existence with the wildlife. HDFC Bank Parivartan also installed 425 solar streetlights in 15 cities and aims at installing more than 575 lights in five other states.
Promotion of Education
Under this pillar, the Bank creates a conducive learning environment in communities for those who do not have access to education. To increase the uptake of education in urban sphere, Parivartan will create over 100 digital classrooms for economically marginalised students. This project has till date has covered over 3,000 students in the first quarter of FY’24.
Skill Training & Livelihood Enhancement
Under this pillar, the Bank upskills youth to enable sustainable income generation. This program aims at finding alternative livelihood options to help migrant youth reduce dependency on farming, by enrolling them in skill training courses such as BFSI, Supply Chain & Logistics, Web Development, Retail Associates. The project is for three years in Mumbai and suburban of Maharashtra focusing on providing NSDC-certified training and employment for their livelihood generation to ensure employment and self-employment.
Healthcare & Hygiene
Under this pillar, Parivartan improves sanitation facilities and promotes safe hygiene across communities. In the districts of Osmanabad, Satara, Nashik, Yavatmal, Bhandara, Hingoli, Nanded, Beed, Ratnagiri, Aurangabad, Parbhani, Parivartan has enabled access to hygienic sanitation units for over 840 households and has constructed over 440 sanitation units for schools, improving the lives of about 4,600 students.
Financial Literacy & Inclusion
Under this pillar, Parivartan enables communities to break the cycle of poverty and enter the banking fold.1.98+ Lakh Financial Literacy Camps were organised in the first quarter of FY’24 impacting 11.39+ Lakh Individuals.
HDFC Bank was among the top CSR spenders in the country for the financial year ending March 2023. As of 31st March 2023, the Bank spent Rs. 820.89 crore on CSR initiatives. The Bank also expanded its impact by reaching more than 9.93 crore beneficiaries as of March 2023.
27, Oct 2023
Asics Announces The Gt-2000 12, Delivering Lightweight Stability For Any Length Of Run
27th October 2023 – New Delhi/Mumbai – ASICS today announces the launch of the GT-2000™ 12 shoe, a versatile trainer that offers the advanced stability you’d expect from the GT-2000™ series but now with added comfort to help you achieve a sound mind in a sound body, however far you choose to run.
The GT-2000™ 12 shoe reimagines stability to deliver a new level of outstanding comfort across a range of distances. This is achieved through its 3D GUIDANCE SYSTEM™, consisting of wider basenets and an increased heel bevel and flared midsole, to create a silky-smooth transition from footstrike to toe off.
The shoe’s comfort has been further improved through the addition of FF BLAST™ PLUS cushioning across the full length of the shoe, creating a soft underfoot feel while producing a more energized response at toe off.
Additionally, the shoe’s heel incorporates ASICS’ PureGEL™ technology, which is both softer and lighter than the traditional GEL™ technology, and provides comfortable support underfoot as you push to achieve your best.
The GT-2000™ 12 shoe offers a more forgiving landing and a smoother ride thanks to an increase of 1mm in stack height compared to its predecessor. Meanwhile, to reduce the potential for irritation over the course of a long run, the heel has been redesigned with a lean back achilles construction created to reduce irritation against the back of the foot.
Rajat Khurana, Managing Director at ASICS India and South Asia said: “The GT-2000™ 12 is more than just a shoe; it’s a reliable companion for every run. With our innovative 3D GUIDANCE SYSTEM™, it offers unparalleled stability and adaptability, ensuring comfort throughout your entire journey—whether it’s a short sprint or a long-distance run. It’s not just about stability; it’s about comfort and a harmonious stride. The GT-2000™ 12 embodies the perfect blend of stability and comfort, fostering a sound mind in a sound body.”
The GT-2000™ 12 shoe will be available for men and women from ASICS retail, online stores and specialists running outlets in India from 26th October 2023.
27, Oct 2023
Deccan Gold Mines Ltd. Receives ‘Letter of Intent’ (LoI) for Critical Minerals (CM) Block in Chhattisgarh
Raipur/ Bengaluru, 27th October 2023 — Deccan Gold Mines Limited (DGML), India’s only listed gold exploration and mining company (Scrip Code: DECNGOLD | 512068 | INE945F01025), has received ‘Letter of Intent’ dated October 5, 2023 (received on October 26, 2023) for the Bhalukona — Jamnidih Nickel, Chromium and Associated PGE Block in Chhattisgarh from the Directorate of Geology & Mining, Government of Chhattisgarh.
“The Letter of Intent (LoI) marks our evolution as a high impact, national partner, dedicated towards making India self-sufficient and secure, in its need for Critical Minerals & Rare Earth Elements. The nation’s prolific Critical Minerals (CM) reserves can potentially galvanize its energy transition and net zero goals in the years to come, and more importantly ensure bottom-up economic development, and enhance jobs creation, thus bringing into reality the Government’s vision of a future ready India”, said Mr. Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Limited.
It may be pertinent to note that Government of India is giving significant thrust to exploration and mining of Critical Minerals that are essential to meet India’s Green Energy Transition targets.
The Company will now take steps to comply with the terms and conditions of the Letter of Intent which will facilitate the execution of Composite License for the Bhalukona — Jamnidih Nickel, Chromium and Associated PGE Block in Chhattisgarh.
The Company had earlier submitted its Technical Bid and participated in the e-auction held on March 6, 2023 for the captioned Block.
On May 22, 2023 the Company had received an official intimation from the Government of Chhattisgarh that the Company has been selected as the “Preferred Bidder” on the basis of the e-auction and had furnished Performance Security for an amount of Rs. 1,50,00,000/- (Rupee one crore and fifty lakhs only) vide Bank Guarantee dated May 25, 2023 in favour of Directorate of Geology and Mining, Government of Chhattisgarh.
The Bhalukona-Jamnidih Block covers an area of 30 sq. Kms and forms part of Neo-archean Sonakhan Schist Belt in the NE fringe of Bastar Craton and represents a wide spectrum of volcano-volcanoclastic rocks of Sonakhan and Bilari Group, mafic-ultramafic intrusives, undeformed granitoids, younger dykes and quartz veins.
Based on preliminary sampling by Geological Survey of India (GSI), a 400 m long potential mineralized zone has been delineated for the block.
The Government of India had approved royalty rates for mining Lithium, Niobium and Rare Earth Elements on October 11, 2023. The move ensued after the Government’s identification of 30 critical minerals deemed essential for the country’s ‘self-reliance’.
