BHEL commissions India’s largest floating Solar PV plant Major milestone towards self-reliance in floating solar technology
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned India’s largest floating Solar PV plant. Located at NTPC Simhadri in Andhra Pradesh, the 25 MW floating SPV project covers an area of 100 acres, leading to saving of valuable land resource and conserving water by reducing evaporation.
Notably, with its unique state-of-the-art design, the project is an engineering marvel, created by BHEL. Besides producing clean power, the project will also reduce water evaporation by providing shade to the covered area. It will also have a higher yield as compared to conventional ground-mounted projects due to the cooling effect.
BHEL has designed an innovative floating array to meet the unique requirement of anchoring the support structures without touching or loading, either the reservoir floor or the bund structure. This complex module array has been designed - for the first time in India - to withstand gusts of wind up to 180 km/hr. In view of the coastal location of the project site that leads to severe corrosion, all the platform structures and other equipment have been made corrosion resistant.
BHEL’s scope of work in the project included design, engineering, procurement and construction of the solar project and has been executed by the recently formed Solar Business Division.
BHEL’s portfolio of floating SPV projects is the largest in the country with more than 45 MW projects commissioned and around 107 MW under execution.
BHEL is the leading EPC player in the solar industry in India with an overall EPC portfolio of more than 1.2 GW. The company offers EPC solutions for both gridinteractive and off-grid, ground mounted, rooftop, floating and canal top solar plants. In addition, BHEL also manufactures space-grade solar panels and batteries for space applications.
Backed by a committed and dedicated core engineering team, BHEL has in-house capability for the entire spectrum of high quality Solar PV products like solar cells, solar modules, solar inverters, and transformers, etc., in-house contributing to the Government of India’s AatmaNirbhar Bharat Abhiyan. This breakthrough achievement is a major step towards self-reliance in floating solar technology.
Cosmo Films announces BOPP expansion and 1st interim dividend
Cosmo Films Limited, a Global Leader in Films for Packaging, Labelling, Lamination and Synthetic Paper and an emerging player in Specialty Chemicals, Polymers & Pet care today announced expansion by setting up the world’s largest BOPP film production line at Aurangabad with annual rated capacity of 67,000 MT. The BOPP line will require investment of about Rs. 350 crores to be funded through internal accruals and debts and is expected to be commencing commercial production within FY 2024-25.
Commenting on Company’s performance Mr. Pankaj Poddar, CEO, Cosmo Films Ltd. said “With current capacity expected to produce primarily speciality films (80%+) in next two years and projected BOPP film demand growth in India, the Company planned capacity expansion which will be world’s largest production line with annual rated capacity of 67,000 MT with lowest cost of production.
The Company has also recently launched ZIGLY – India’s first tech-enabled integrated petcare platform – through the launch of its website www.Zigly.com and the opening of its flagship experience center in New Delhi. Other growth plans i.e. Specialized BOPET line, focused towards growing specialty sales, expanding into Cosmo Specialty Chemicals are progressing well in line with the plan."
EaseMyTrip expands international presence to Philippines, Thailand, and the USA
EaseMyTrip, one of India’s second-largest online travel platforms, has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America as part of its second phase of the global expansion strategy. The company has forayed into these new countries anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.
EaseMyTrip has previously established its presence across countries such as the UAE, Singapore, and the UK to cater to their Indian customers traveling to these countries. However, as a part of this new phase of expansion, the company will launch a localized travel search engine in each global subsidiary to enable the customers in the region to enjoy the value-based services of EaseMyTrip.
Currently, the search engine developed for the UAE is live, and the subsidiaries in Singapore, the UK, Philippines, Thailand, and the United States of America are set to follow suit. The subsidiaries will also replicate the lean and cost-effective operating model that the brand has successfully adopted in India for over 13 years and will continue to pass on maximum benefits to customers in the respective regions.
In addition to this, the company will also explore opportunities with local companies and services across these countries to not only strengthen offerings within these countries but also to enhance the travel experience of their customers who visit these countries.
Speaking on the expansion strategy, Nishant Pitti, CEO and Co-Founder, EaseMyTrip said, “Philippines, Thailand, and the USA represent a significant part of our international holiday package business and we are excited to foray into these markets for this new phase of global expansion. With a strong pent-up travel demand across the world, we see a wider global market open for travel, and we believe that EaseMyTrip is well-poised for explosive growth internationally.
The introduction of local search engines in these countries marks a new chapter in our journey as we present our best-in-class services to a new set of customers. Over the past 13 years, we have established a strong foothold in the Indian travel industry, and we look forward to launching our unique business model and replicate our success in these global markets as well. We are excited about the opportunities that this new phase will bring in, and we are optimistic that this will pave the way for significant expansion prospects in the future”
EaseMyTrip is ranked second amongst key OTAs in India and is also the fastest-growing travel portal between FY18 to FY20 based on Gross Booking Revenue. The company, which has been profitable since inception, provides its customers with the option of zeroconvenience fees during ticket booking.
HCL Technologies Celebrates One Year in Sri Lanka
HCL Technologies, a leading global technology company, has completed one year of operations in Sri Lanka and recently surpassed a milestone of recruiting more than 1,000 local employees, including recent graduates as well as seasoned industry professionals.
HCL entered Sri Lanka in 2020 with an aim to make it a global delivery hub that works on technology programs for some of the biggest corporations in the world. The company now has a global delivery centre in Orion City, Colombo, and is expanding its footprint to Cinnamon Life, a state-of-the-art office space, in the city.
During its one year of operation in the country, HCL has launched several programs to nurture and attract new talent. For young graduates who have completed three-year or four-year studies in technical and non-technical streams, HCL Sri Lanka offers an opportunity to join the company as software engineers or IT analysts. Earlier this year, the company also launched its early career program HCL TechBee to give A-Level students a head start to pursue their career path in the IT industry and pursue higher education from Horizon Campus, a leading university in Sri Lanka. In addition to programs for new graduates, HCL Sri Lanka continuously hires experienced professionals for roles in digital, applications and infrastructure management and actively engages with talent through a host of online webinars and programs to drive its recruitment efforts.
“We are delighted to celebrate our first year of success in Sri Lanka,” said Apparao VV, Chief Human Resources Officer, HCL Technologies. “We are optimistic about the country’s growth prospects and look forward to bringing in more global opportunities to the local community. Sri Lanka has an extremely talented and world-class pool of IT professionals and we are certain our family here will continue to play an increasing role in serving our Global 2000 clients and partners situated all over the globe.”
“On the first anniversary of our entry in Sri Lanka, we are extremely proud to have more than 1,000 locals working at HCL Sri Lanka,” said Srimathi Shivashankar, Corporate Vice President, HCL Technologies. “HCL is immensely grateful for continued support from the Board of Investment and the Government of Sri Lanka as we strengthen our base in the country.”
HERO MOTOCORP STEPS UP ITS COVID-19 RELIEF INITIATIVES IN UTTARAKHAND
HANDS OVER 13 ADVANCED LIFE SUPPORT AMBULANCES TO HON’BLE CHIEF MINISTER SHRI PUSHKAR SINGH DHAMI
In keeping with its commitment towards supporting the COVID-19 relief efforts, Hero MotoCorp Ltd - the world's largest manufacturer of motorcycles and scoot
As part of the Company’s Corporate Social Responsibility (CSR) platform “Hero WeCare”, the initiative aims to help strengthen the healthcare infrastructure across the state.
Flagging off these ambulances, equipped with state-of-the-art facilities, at his residence here today, Hon’ble Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, said, “The pandemic has accentuated the need for healthcare and we are grateful to Hero MotoCorp for their significant contribution in supporting and strengthening the medical infrastructure in the state. These efforts are helping to provide immediate relief to the frontline workers and the communities most impacted by Covid-19. We appeal to other corporates around the country to come together and extend their support to the governments to handle this unprecedented crisis.”
Mr. Bharatendu Kabi, Head – Corporate Social Responsibility (CSR) & Corporate Communication, Hero MotoCorp said, “An unwavering commitment towards the safety and wellbeing of the society has always been an integral part of our philosophy at Hero MotoCorp. In keeping with this commitment, we have been partnering with various state governments and health departments to provide sustainable relief measures for the people in several parts of the country. The ambulances provided by Hero MotoCorp in Uttarakhand will not only help communities during the ongoing Coronavirus pandemic; these will also go a long way in providing the much-needed infrastructual support at the time of any future health-related emergencies.”
Mahindra Finance announces entry into Vehicle Leasing and Subscription business under ‘Quiklyz’ brand
Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance), part of the Mahindra Group, today announced its entry into the Leasing and Subscription business. The new vertical would operate under the brand name ‘Quiklyz’, denoting the changing mindset on mobility.
With the process of owing a vehicle at an inflection point, consumers today want to access vehicles earlier in their life and upgrade their vehicles faster than ever before. Leasing and Subscription model offered by ‘Quiklyz’ provides exactly that; where consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point vs. regular car ownership. Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models.
The name ‘Quiklyz’ denotes an aspirational mindset of ensuring hassle free vehicle usership to its consumers. The objective for ‘Quiklyz’ is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come.
Speaking on the new business initiative, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “With ‘Quiklyz’, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike. I am confident ‘Quiklyz’ will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space”.
Turra Mohammed, SVP & Head, Leasing & Subscription, Mahindra Finance mentioned, “A very important set of consumers for our new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner. ‘Quiklyz’ will provide that convenience while allowing them to frequently change or upgrade to newer models entering the market without any down payment. For corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use”.
Mahindra Finance and Mahindra Group ecosystems would give an edge to ‘Quiklyz’ with the business utilizing all common infrastructure of Mahindra Finance.
Changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new car etc., are expected to accelerate Leasing and Subscription as owners look at alternate ways of vehicle access without treating it as a long-term commitment.
National Company Law Tribunal approves the scheme of amalgamation of Lincoln Parenteral Ltd and Lincoln Pharmaceuticals Ltd
Hon'ble National Company Law Tribunal, Ahmedabad Bench, (NCLT) has approved the scheme of amalgamation of Lincoln Parenteral Ltd and Lincoln Pharmaceuticals Ltd under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. Amalgamation is expected to bring lot of synergies in terms of operations efficiency, enhance competitive strength, cost-effectiveness and productivity for the combined entity
The order sanctioning the scheme was pronounced on September 14, 2021 and uploaded on the website of Hon'ble NCLT on September 15, 2021. Appointed date of the scheme is April 01, 2019. The scheme will be effective upon filing of certified copy of the order of the Hon'ble NCLT with the Registrar of Companies, Gujarat.
Lincoln Parenteral Ltd is subsidiary company of Lincoln Pharmaceuticals Ltd engaged in the business of small Parenteral Injection Products. For the year ended March 2021, Lincoln Parenteral reported turnover of Rs. 44.64 crore and Net profit of Rs. 1.84 crore. Lincoln Pharmaceuticals Ltd holds 98.58% in Lincoln Parenteral Ltd as on March 2021.
During FY20-21, Lincoln Pharmaceuticals Ltd had filled petition with Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench for approve of the scheme of amalgamation of Lincoln Parenteral Limited ("Transferor Company") with Lincoln Pharmaceuticals Limited ("Transferee Company") and their respective Shareholders and Creditors.
Commenting on the development, Mr. Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said, "The corporate restructuring practice will bring lot of synergies for the both the company and will lead to increased competitive strength, cost reduction and efficiencies, productivity gains, and logistic advantages, thereby significantly contributing to future growth. We are confident to improve our growth numbers of revenue, margins and profitability in FY22. Our strategic growth initiatives, product and geographical expansion, operational efficiency and debt free status are likely to maximise value for all stakeholders in the near to medium term."
Frost Bank Selects Infosys as Strategic Partner to Launch New Mortgage Loan Product Offering
Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it would collaborate with Frost Bank to provide strategic business consulting and digital capabilities that will enable Frost Bank to offer mortgage loans along with its other consumer loan products. Infosys will help design the bank’s mortgage loan process landscape from origination to servicing, design the end-customer experience, and select the most effective technology platform to run and manage operations, while driving growth for its mortgage solutions over the next five years.
Infosys and Frost Bank will work together to create a human-centric, digital-first approach to customer mortgage loans that delivers superior borrower experience along with cutting-edge efficiency of operations. The implementation strategy will focus on accelerating launch of the new product, while also streamlining the mortgage value chain for Frost Bank by taking advantage of Infosys’ access to global best practices and innovations.
“Offering mortgage loans along with our other consumer loan products is integral to meeting our customers’ evolving needs and bringing the Frost experience to more Texans,” said Phil Green, Chairman and CEO at Frost Bank. “Working with a world-class company like Infosys will allow us to be involved in the entire process from start to finish and bring our industry-leading customer service experience to mortgages.”
Infosys also has deep expertise and long years of experience in collaborating with independent mortgage solution providers and regional banks in the US. Frost Bank can leverage this to compete profitably in a rapidly transforming competitive landscape.
Mohit Joshi, President, Infosys said, “At Infosys, we have built strong capabilities in transforming mortgage businesses by providing our clients with unique solutions that meet their customers’ expectations of speed, transparency, convenience, and personalization. Our collaboration with Frost Bank sets the stage for a new era of mortgage services, and we are excited to bring to this engagement, our collective expertise.”