July 2023 -

GST council meeting on Aug 02 – Industry, investors, gamers hope the council will consider their concern of repeat taxation

The GST council is likely to meet on August 02, to finally decide the implementation of GST on online gaming. The council will also decide whether the 28% GST will be levied on the deposits or on every game. The revenue secretary yesterday had acknowledged that levying 28% tax on every game will lead to repeated taxation of the same rupee resulting in the effective tax rate going as high as 50%-70%.

He clarified that while there was no possibility of taxing the GGR, which is internationally prevalent in countries like USA, UK, Australia, whether the GST will be levied on deposits, or every game is a decision that the GST council will take.

There has been a widespread concern on the debilitating effect that taxing every game will have on the industry. Earlier last week, over 30 global and Indian investors wrote to the PMO noting that taxing every game will have a cascading effect and will lead to an effective taxation of 50%-70%, which is unheard of and will definitely render the industry unviable.

Weighing in on the issue, Dr. Deepali Pant, former Executive Director of RBI said “Raising the GST rate from 18% to 28% in my opinion is entirely reasonable. After all, many industries including the entertainment sector, which is what I believe online gaming companies also offer, pay GST at 28%. The issue does not lie with the 28% uniform levy of GST, but the change in value from platform fee or commission to full-face value of every game seems unjust.”

“Levying GST on every game means taxing the online gaming industry worse than even the casinos where the GST is being levied on the deposits. The implication of levying tax on every game/ on winning effectively bumps up cost/ taxes which may likely increase effectively to 50-70%. This would not be a viable option for the industry or the gamers and this is an issue that needs to be addressed.” she added.

While deliberating on the issue, former Chairman of the Competition Commission of India, Mr. Dhanendra Kumar said “The government has grouped online gaming with casinos and horse racing for taxation; while this in itself may be understandable, the cascading effect resulting from taxation on full value may be the biggest damper. While the casinos are being taxed at 28% on face value with no tax on further redeployment of winnings, the effective rate of taxation for the Online Gaming industry is actually not 28% but works out to more than 50%.”

Levying 28% GST on every game will result in more than 1,000% increase in GST liability. As a result, almost all 1,000 Indian gaming startups, with INR 25,000 Cr in revenues, will shut down leading to loss of employment for more than 50,000 high skilled jobs in the industry. Additionally, 40 Cr. Indian gamers between the ages of 18-58 across India will be burdened with this extra tax via reduced winnings. Also, if the GST is levied on CEA instead of deposits, it will result in cumulative GST collections reducing by over INR 40,000 Cr & overall tax collections by ~INR 45,000 Cr over 5 years. Foreign Investments worth $2.5 Billion and Enterprise Value of Indian gaming startups worth $20 Billion will also be written off.

MMTC-PAMP Launches its First Exclusive Store in Indirapuram, Ghaziabad; Organises Gold Bar Challenge for its Customers

· With global accreditations, MMTC-PAMP launches its store in Indirapuram; the store will cater to the demand for 999.9 purest gold (24K) and silver products

· All set to organise an engaging and competitive Gold Bar challenge; the winners to be rewarded with MMTC-PAMP’s prestigious 10 gm silver bar

MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery expands its retail footprint by launching its first exclusive store in Indirapuram, Ghaziabad. Alongside the launch, MMTC-PAMP also hosted an exciting Gold Bar Challenge at their Exclusive Store in Ghaziabad. The event is to take place at Indirapuram, Ghaziabad-201014.

Ghaziabad store address: Space No-118, Upper Ground Floor, Block, OC Square Orange County, CO Plot No – GH-4, Ahinsa Khand-1, Indirapuram, Ghaziabad-201014

Located at Ghaziabad’s prominent retail marketplace, the store promises a new shopping experience where customers can purchase MMTC PAMP’s 999.9 purest gold and silver coins/bars. The customers can also get their old gold evaluated and sell it back to the store. MMTC-PAMP’s unique German Technology prevents any loss in gold value and unmatched processes ensure 100% transparency.

As part of the inaugural celebration, MMTC-PAMP is all set for the Gold Bar Challenge at the new exclusive outlet, offering participants the chance to retrieve a 5.7-kilogram gold bar from a glass enclosure within the designated time limit. The event aims to engage gold enthusiasts with an exciting opportunity for demonstrating their skills and win coveted prize prizes. The winners, who will complete the activity, will receive MMTC-PAMP's Banyan Tree 999.9 purity 10 gm silver bar, symbolizing longevity and fulfilment, featuring India's national tree.

Speaking on the announcement, Managing Director and CEO Mr Vikas Singh said, “The success of the Gold Bar Challenge in Noida, Chennai, Hyderabad, and Ludhiana has paved the way for MMTC-PAMP to expand this unique event to other cities. We have taken this a step further by adding fun and excitement for our customers by providing them with a new distinctive and engaging experience, with our Gold Bar Challenge event. It is a testament to our unwavering efforts to add moments of joy for our customers who have always trusted us for their Gold & Silver needs. We aim to build stronger connections with our customers and create a truly memorable experience for them that has rarely been witnessed in the Indian market. Also, we are happy to announce that we will be bringing this event to the cities of Pune, Bangalore and Chandigarh as well in future.”

MMTC-PAMP, known for its commitment to providing high-quality, culturally diverse products to consumers, hosted this event at its one-stop shop for any gold & silver needs. To ensure the product’s authenticity, each MMTC-PAMP product carries a unique number and comes packaged in a certified signed by an Assayer. Each gold and silver product bought from MMTC-PAMP offers a positive weight & purity balance, which guarantees that every coin or bar you buy, weighs more than the listed weight, ensuring customers get the highest value for their investment.

All products come with MMTC-PAMP’s stamp of authenticity, deliver on the promise of 999.9+ purity, and are crafted to the highest standards using the latest Swiss technology. There is a wide variety of purest gold and silver products to choose from this season and one can purchase them from MMTC-PAMP’s exclusive stores, leading jeweller partners, online marketplaces like Amazon and Flipkart or directly from MMTC-PAMP’s website, shop.mmtcpamp.com.

WION’s Exclusive Talk with Eoin Morgan: England’s Legendary Captain Shares Vision for 2023 World Cup

The anticipation for the 2023 ODI World Cup has reached a fever pitch as cricket fans around the globe eagerly await the spectacle of talent, passion, and national pride. India, a nation with an insatiable appetite for cricket, is set to host the extravaganza, captivating billions of fans worldwide. In a special preview of the tournament, Cricket Maestro Eoin Morgan, the 2019 ODI World Cup-winning captain, shared his views and predictions in an exclusive interview with Digvijay Singh Deo, Sports Editor of WION.

Speaking to WION Sports Editor Digvijay Singh Deo, Eoin Morgan identified India as the favourites to clinch victory in their home conditions. Morgan acknowledged the exceptional growth and popularity of the game, predicting that ODI Cricket might eventually be limited to World Cup events. Highlighting the pressure faced by the 50-over format, he said, “The cricketing landscape is gradually shifting towards more T20 cricket, with the Future Tours Programme (FTP) reflecting this trend.”

Eoin Morgan lauded the Indian cricket team and said, “The enthusiasm and passion displayed by Indian fans are unparalleled, which makes this special. The team hasformidable skills, and can, indeed, be strong contenders in the upcoming World Cup. They also need to engage with and learn from the experiences of those who participated in the 2011 World Cup.”

Identifying the top contenders for the 2023 ODI World Cup, Eoin Morgan singled out England, India, Australia, and Pakistan as the four favourites. Expressing his views on the Olympics, Morgan further suggested, “The 2023 ODI World Cup presents a golden opportunity for players to leave an indelible mark on the cricketing world. In fact, the T10 format should also be considered, allowing cricket to expand its reach and inclusivity.”

Known for its fervent cricket fans, the World Cup is a momentous occasion for the country. The upcoming 2023 Cricket World Cup is poised to be a celebration of cricketing excellence, sportsmanship, and camaraderie. “For some, the World Cup will be the stage to announce their arrival at the grandest level, while for others, it might mark the end of illustrious careers,” added Morgan.

ICICI Bank opens a new branch in Greater Noida

· It is the 50th branch of the Bank in the city

· It has an ATM cum Cash Recycler Machine (CRM), available 24×7

ICICI Bank has set up a new branch in Surajpur, Greater Noida. This is the 50^th branch of the Bank in the city. Housed in Noida Dadri Main Road, the branch has an ATM cum Cash Recycler Machine (CRM) to offer cash deposit and withdrawal services to the customers. The machine is available round the clock.

Shri Rakesh Bansal, Chairman of Indian Industries Association inaugurated the branch.

The branch offers a comprehensive range of accounts, deposits, and loans including savings and current accounts, fixed and recurring deposits, business loan, home loan, personal loan, auto loan, gold loan, and forex services along with card services. It operates from 9:30 am to 3:00 pm Monday to Friday and on the first, third, and fifth Saturdays of the month.

The Bank has a network of over 340 branches and over 1170 ATMs in Uttar Pradesh.

Medanta and GE HealthCare Launch Tele-ICU Services in India to Expand Access to Superspeciality Critical Care Medicine

· To provide 24×7 critical care support and high-level knowledge transfer, in India and the world

· The Medanta e-ICU command centre was inaugurated by Hon’ble Chief Minister Uttar Pradesh Yogi Adityanath

Medanta group of hospitals, a leading healthcare service provider, announced the launch of Tele-ICU services in India as Medanta e-ICU project, in association with GE HealthCare, a leading global medical technology and digital solutions innovator, with a vision to nurture ‘superspeciality based critical care practices’. This association aims to transform healthcare delivery and address the existing gaps in critical care, with high level knowledge transfer via 24×7 Medanta e-ICU Command Centre, powered by cutting edge technology from GE HealthCare that equips both central and bedside medical teams.

The Command Centre was inaugurated by Hon’ble Chief Minister Uttar Pradesh Yogi Adityanath. This medical-technical platform will provide a near real-time patient monitoring, even during the odd hours like midnight, enabling early patient interventions. As a result of this fusion, the decision-making ability of an ICU can bring extraordinary results in clinical outcomes.

In India, the availability of round-the-clock, well qualified on-site intensivist staff is limited and costly which can result in delays of appropriate clinical decision and may lead to increased morbidity, mortality, and financial burnout. Alternate strategies were needed to bring expertise and proactive, continuous care to critically ill patients. The Command Centre aids direct integration of hospitals systems to devices, enabling increased efficiency, greater collaboration, enhanced patient care, and a reduction in cost of care, improving the overall experience for patients and clinical teams. Medanta will support the service delivery with the help of a closed super specialised critical care medicine team at the command centre, applying globally accepted best practices.

Medanta & GE HealthCare.jpg

Dr. Naresh Trehan, Chairman & Managing Director, Medanta said, “Infrastructural gaps in critical care are more pronounced with limited resources in districts and smaller towns. Through this association with GE HealthCare, we aim to offer valuable lifesaving digital/tele-ICU services. The platform will provide continuous 24×7 advanced consultation, care, and monitoring to critically ill patients without having to physically transfer them to a super-specialty hospital, enhancing a healthcare professional’s capability to treat and consult more patients.”

Chaitanya Sarawate, President & CEO, GE HealthCare South Asia and Managing Director, Wipro GE Healthcare said, “Our mission is to bring quality care to every citizen in India. With this association, we are combining our proven precision technology with expert clinical knowledge from Medanta to help break the barriers of access and cost; and contribute to better patient care and improved outcomes across all of India.” He further added, “In critical patient conditions, accurate diagnosis is vital and every second matters. The Command Centre, powered by guidance from a super speciality critical care team will help make this possible. Medanta is among the finest healthcare institutes in the country with deep clinical knowledge and we are confident this association will be a big step forward in transforming critical care delivery in India.”

Dr. Dilip Dubey, Director, Medanta Digital Critical Care Services said, “Evolution of critical care medicine as a super speciality took long journey. Over a period, the medical world acknowledged the importance of its diversified approach which incorporates the potential of superior diagnosis establishment, intelligent monitoring, and timely therapeutic decisions. To match the above standards, Medanta created a dedicated tele-ICU team to cater these digital critical care services. The team will work round the clock in the Command Centre, with specific expertise in diagnostic critical care medicine and ICU infections.”

In January 2023, GE HealthCare completed its spin-off and began trading on Nasdaq. Over the past decades, GE HealthCare has strengthened its presence in India by investing significantly in R&D, manufacturing, distribution capabilities and supply chain.

Wockhardt Ltd aims to turnaround business operations with restructuring of US operations and vaccine tie-up with Serum

Company reports strong performance in Q4FY23 with 3 fold jump in EBITDA

Highlights:-

· Company estimates annual savings of ~US$ 12 Mnfrom restructuring of the US business

· Received 10 million pound as contribution for reserving capacity – 150 million doses across 15 years

· In Q4FY23, revenues grew 7% to Rs. 710 crore and EBITDA rise 3-fold to Rs. 47 crore

· Company successfully reduced long-term external debt to Rs 608 crore from Rs 3,218 crore in FY17

· CARE Ratings Limited (CARE Ratings) have assigned a rating ofCARE BBB- to the Company

News Delhi :Wockhardt Ltd–global pharmaceutical and biotechnology is aiming to turnaround its business operations and has perused important strategic initiatives for the same. Company is eying big on the restructuring of the US Business, vaccine tie-up with Serum for vaccine manufacturing in UK andNovel Antibioticsresearch to drive the business forward. For the Q4FY23, company posted strong operational performance with 7% Y-o-Y growth in revenue with three fold jump in the EBITDA to Rs. 47 crore.

In the restructuring of its US operations, company is shutting down its manufacturing facility at Morton Grove and transferring the site to contract manufacturing organisations. This restructuring is estimated to result in annual savings of ~US$ 12 Mn. Post restructuring companylooks to maintain sales with a 40 percent gross margin and manufacture few products with higher margin through a third party.

Additionally, in March 2022, company had signed a 51:49 (Wockhardt 51 and Serum 49) Joint Venture with Serum Institute of India for manufacturing vaccines at its UK facility. As contribution for reserving capacity, Wockhardt has received a consideration of 10 million Pounds.The contract with Serum is for 150 million doses across 15 years and it has already identified two vaccines for the same. Company plans on manufacturing these vaccines post regulatory approvals and exhibit batches over the next 8-12 months.

Wockhardt is a leading R&D company and have comprehensive end to end drugdiscovery programs in Antibiotics. Six of the company’s programs have been granted Qualified Infectious Disease Product (QIDP) status by the USFDA.Company’s novel antibiotic – Emrok, which is already being marketed in India is expected to win approvals in eight other emerging markets in the next six to nine months.The flagship novel antibiotic – WCK 5222 is currently under global phase III clinical trials, which are expected to complete in the next 15-18 months. The company expects to market the product in the US, China, and India by 2025.

Wockhardt is a global pharmaceutical and biotechnology organisation, providing affordable, high-quality medicines for a healthier world. It is India’s leading research-based global healthcare enterprise with relevance in the fields of Pharmaceuticals, Biotechnology and a chain of advanced Super Speciality Hospitals.Company has 3 research centres and 12 manufacturing plants, with businesses ranging from the manufacture and marketing of Pharmaceutical and Bio-pharmaceutical formulations, Active Pharmaceutical Ingredients (APIs) and Vaccines.

The company has reported improvement in the operation and financial performance over the period of time and also managed to bring down its long-term external debt to Rs 608 crore from Rs 3,218 crore in financial year 2017. For Q4FY23, company reported 7% growth in revenues to Rs. 710 crorewith EBITDA rise 3-fold to Rs. 47 crore

Recently, CARE Ratings Limited (CARE Ratings) have assigned a rating ofCARE BBB- to the Company and reaffirmed the ratings of CARE BBB- (Triple B Minus) forthe Long/Short Term Bank Facilities and Non-Convertible Debentures of the Company. The reaffirmation and revision in outlook factors in the strong operational profile andexperienced promoters along with healthy liquidity maintained by the Group.

Applying for visa? Quick guide to mitigate frauds

The meteoric surge in outbound travel from India has opened a gateway for not just globe-trotting Indians but also for a shadowy underbelly of scam artists. As more Indians give in to their wanderlust in what's termed as 'revenge travel', many find themselves at the mercy of fraudsters preying on the increased demand for visa appointments.

Here’s a quick guide from VFS Global to mitigate frauds and stay clear of such scams.

Q1. Do you need to pay for booking visa appointments?

VFS Global does not charge any payment for scheduling visa appointments for countries it serves. Appointments are free of cost and can be booked only on www.vfsglobal.com. You may have to prepay an approved service fee for select countries.

Q2. What is your role in visa decision-making?

VFS Global has no role or influence on the decision of your visa application. Decisions on visa applications, the visa tenure, and timelines to process them are at the sole discretion of the respective embassies/consulates. VFS Global manages only the administrative and non-judgmental aspects of the visa application process.

Q3. Does the company work with third-party entities to offer visa services?

VFS Global does not work in association with any third-party entities. Beware of scammers and fraudulent entities who claim to be associated with VFS Global in any capacity or pose as VFS Global to dupe unsuspecting visa applicants.

Q4. Where can I go to book visa appointments?

www.vfsglobal.com is the only official website to book visa appointment for the countries we serve. Appointments are free of cost. You may have to prepay an approved VFS Global service fee for select countries.

Q5. Does the company seek personal information via social media, emails, SMS, or calls?

VFS Global never asks visa applicants to share personal information via social media, emails, SMS, or calls. Beware of scammers and fraudulent entities who pose as VFS Global employees to dupe unsuspecting visa applicants. Please do not share your personal information with anyone unless you are certain the person or organisation requesting it is legitimate.

Q6. Does VFS Global demand upfront payments via email, call, or SMS?

VFS Global never asks visa aspirants to make any upfront payments via mail, phone, or SMS to proceed with their applications. If you have been asked to make payments to personal accounts to expedite your visa application process, you may be interacting with a scamster. VFS Global encourages applicants to be wary of any such fraudulent messages or calls from unknown entities or third parties claiming their visa application is stalled. Payments should only be made through our official website (www.vfsglobal.com) or at our Visa Application Centre.

Q7. Does VFS Global provide immigration and job services?

VFS Global does not provide immigration and job services. Applicants are advised to beware of scammers looking to trick job seekers or immigration aspirants with fake job or immigration opportunities respectively in lieu of payments.

To report any incident of fraud, please send an email to SpeakUp@vfsglobal.com or Communications@vfsglobal.com.

Experience Audio Perfection: Say Hello to pTron’s Zenbuds Ultima – Your Ultimate ANC Companion with TruTalkTM ENC, Quad Mic, and a Phenomenal 50 Hours Playtime

Unparalleled Tranquility, Unbeatable Performance! Launching on 27th July 2023 at Just Rs. 1499!

pTron, the rapidly growing and leading maker of affordable digital lifestyle and audio accessories brand in India, has launched the all new Zenbuds Ultima, under its premium TWS product portfolio “Zenbuds”. With the Zenbuds category, pTron is set to redefine the standards of premium TWS earbuds, delivering an unparalleled listening experience than the rivals top competitors in the market.

Zenbuds Ultima is one of the most advanced TWS so far in pTron’s portfolio and is power packed with ultimate innovative features – Hybrid ANC technology, TruTalk^TM Environmental Noise Cancellation (ENC) technology, Quad Mic system, IPX5 water-resistant and impressive 50 hours of playtime. With the launch of the Zenbuds Ultima, pTron has once again reassured that it can bring in an innovative product at an irresistible introductory price of Rs. 1499/-.

With 35dB Hybrid ANC technology, external distractions are effortlessly blocked out allowing users to immerse themselves in pure auditory bliss. While Crystal-clear calls are ensured with the Quad Mic and TruTalk^TM Environmental Noise Cancellation (ENC) technology, the Apt Sense 40ms Low-latency mode delivers exceptional audio performance which is aptly suited for music enthusiasts. With an impressive 50 hours of playtime, users can enjoy uninterrupted music, gaming, and calls throughout the day. Rated IPX5 water-resistant, Zenbuds Ultima is designed to withstand an active lifestyle, making it an ideal companion during workouts and outdoor activities.

Announcing the launch, Mr. Ameen Khwaja, Founder and CEO, pTron said, “Zenbuds Ultima is an example of advanced products with its exceptional premium feature and with affordable pricing. 35dB Hybrid ANC blocks out distractions for pure auditory bliss, Quad Mic system with TruTalk^TM ENC ensures crystal-clear calls, Apt Sense 40ms Low-latency mode for exceptional audio performance, Transparency Mode enables interaction with the external world & Impressive 50 hours of playtime- making this product competitive to the market trend. The launch of Zenbuds Ultima is just the beginning of an exciting new era for pTron and we remain dedicated to creating ground-breaking products that enrich the lives of its customers, setting new benchmarks in the industry”.

Quad Mic & ANC technology:

Crafted with Precision: Zenbuds Ultima is the result of meticulous craftsmanship and cutting-edge technology. From the sleek and ergonomic design to the use of premium materials. The attention to detail is evident in the seamless integration of features lightweight build and ensuring optimal comfort during extended usage.

Make crystal-clear calls with the Quad Mic system featuring TruTalk^TM Environmental Noise Cancellation (ENC) technology. Experience enhanced call quality, free from external disturbances, ensuring every conversation is as clear as it can be.

Say goodbye to distractions and embrace pure auditory bliss. Zenbuds Ultima's advanced 35dB Hybrid ANC technology blocks out unwanted background noise, allowing you to focus on the music or call at hand, even in the noisiest of environments. Bid farewell to battery woes. It provides an astonishing 50 hours of playtime, ensuring uninterrupted music, gaming, and calls throughout the day.

For all the gaming enthusiasts and music lovers, Zenbuds Ultima comes equipped with the Apt Sense 40ms Low-latency mode, delivering an exceptional audio experience with minimal delay. Stay aware of your surroundings without removing the earbuds. With the Transparency Mode, Zenbuds Ultima allows you to switch to an ambient Gaming/ Music mode, so you can seamlessly interact with the external world when needed. Designed to withstand your active lifestyle, Zenbuds Ultima is rated IPX5 water-resistant, making them ideal companions during workouts, outdoor activities, or sudden downpours.

The eagerly awaited launch date for Zenbuds Ultima TWS Earbuds is 28th July. To mark this momentous occasion, pTron is offering a special launch price of just ₹1499.

pTron Zenbuds Ultima Technical Specifications:
Bluetooth Version	BT v5.3 with 10m range, 1-step pairing & auto-reconnect
Driver size	13mm Quad Mic, TruTalk^TMENC
Audio Technology	Quietsmart ANC (Active Noise Cancellation Technology) + ENC (Environmental Noise Cancellation Technology)
Playtime	Up to 50 Hours with charging case
Charging Case	500 mAh Type-C Charging Case
Product Weight	32g Charging case, 3.7g each earbud
Other Features	Touch Controls with Voice Assistant + IPX5 Water resistant Low Latency Audio & Video Sync with Stereo & Mono Bud Capability

Product Link: https://www.amazon.in/dp/B0C7PHSKL7

SIDBI anchors Promising Lenders Fund managed by Vivriti Asset Management to support microenterprises

· SIDBI anchors a Category II Alternate Investment Fund managed by Vivriti Asset Management

· The Fund would channel debt capital to microenterprises and women-centric businesses, and help build bond markets for lower-rated issuers

Towards building an ecosystem to support Micro, Small and Medium Enterprises (MSMEs), SIDBI has participated as an anchor investor in Promising Lenders Fund (PLF) managed by Vivriti Asset Management (VAM), with an aggregate target corpus of INR 700 crores in two phases. The Fund was co-conceptualised by SIDBI and Vivriti with dual objectives of providing necessary debt capital to microenterprises and building bond markets for issuers rated BBB and lower category. The fund is envisaged to benefit over 8,000 microenterprises and 80,000 women entrepreneurs.

The first phase of the fund – PLF-I, with fund size INR 300 crore – went live in March 2022, and was fully invested by October 2022. The fund has made 18 investments in 16 MFIs/ NBFCs and Fintechs rated BBB and lower category, and through it extended capital to 8,500 microenterprises and 43,000+ women entrepreneurs. The fund has returned ~25% of capital as of June-2023 to contributors.

The second phase of the fund – PLF-II, with target fund size of INR 400 cr – went live in March 2023, and is expected to announce final close by December 2023. The fund is expected to make 20 – 25 investments in MFIs/ NBFCs and Fintechs rated in below BBB or lower category, and through it will extend financial support to 4,000 microenterprises and 40,000 women entrepreneurs.

Speaking about the development, Shri S Ramann, Chairman and Managing Director at SIDBI, said “As part of its developmental role in nurturing microenterprises in India, SIDBI continues to encourage innovation that helps channel much needed financial support to the segment. Towards this we are pleased to announce our anchor investment in Promising Lenders Fund managed by Vivriti Asset Management. The initiative benefits presently lower rated MFIs/ NBFCs and Fintechs and provides them opportunities to tap debt funds under AIF route. The Fund Manager’s expertise in investing in Indian enterprise debt, and demonstrated ability to originate assets, manage risk in the portfolio, and deliver outcomes helps the initiative. Deepening Indian bond markets has been a priority, and SIDBI hopes to further that cause through this investment.”

Shri Vineet Sukumar, CEO, Vivriti Asset Management said “We share SIDBI’s vision of channelling debt capital to microenterprise which are essential cogs of our economy, and building capital markets access for lower-rated non-banking financial enterprises. As an asset management firm, we also believe that bringing more enterprises to the fore provides capital markets – domestic and global – an opportunity to diversify their portfolios, with an impactful yet commercially rewarding investment.”.

Hendrickson Launches Air and Mechanical Suspensions and Axles for Trailer Applications in India

Hendrickson, a leading global manufacturer and supplier of medium and heavy-duty mechanical, elastomeric and air suspensions, integrated and non-integrated axles, and other commercial vehicle systems, announces the launch of their innovative air and mechanical suspensions and axles for trailer applications in India. With a rich legacy of 110 years in driving technology, design, and innovation, Hendrickson continues to set new benchmarks in providing customized components and suspension systems for the global commercial transportation industry.

Hendrickson (a Boler Company) forayed into India in 2006 through a Joint Venture with Tata AutoComp Systems and in 2011 incorporated a 100% subsidiary named Watson & Chalin India Pvt Ltd to expand its manufacturing footprint for truck and trailer products and serve as a manufacturing base to support global customers in Europe, Middle East and Asia.
Hendrickson presently have sales and distribution facilities and/or state-of-the-art manufacturing and research and development centers in the United States, Canada, Mexico, Colombia, United Kingdom, Germany, Austria, Romania, France, Poland, Turkey, India, China, Japan, Thailand, Australia and New Zealand. With its manufacturing facilities for truck and trailer axles and suspensions, Hendrickson is committed to delivering cutting-edge products tailored to the local geography and terrain in India.

Expressing his delight about the launch of these innovative products in India, Matthew Joy, President, and Chief Executive Officer of Hendrickson, states, “Today, we are excited to introduce these innovative Ride Solutions for trailer applications in India, with the goal of serving and supporting the industry's evolving needs. Every day, millions of Hendrickson suspension systems and components worldwide carry loads of freight and raw materials, showcasing our commitment to providing durable, lightweight, and high-performing suspension systems and components. Our global presence and dedication to delivering products and services that benefit manufacturers, fleets and owner-operators worldwide are key factors in our success. Our tagline, 'The World Rides on Us’ encapsulates our brand's spirit and reflects our 110- years of innovation” added Joy.

Richardo Martin, Vice President of International Operations, adds, “Over the years, we have become a force to reckon with in the industry. Our entrepreneurial attitude fosters a culture of innovation, encouraging all our associates to discover, invent, and modernize. This philosophy enables us to create state-of-the-art products and establish ourselves as an industry leader. We work closely with fleets and truck and trailer manufacturers worldwide, collaborating on new product development. In addition to our innovative products, we provide extensive technical support and training services to ensure the proper installation, operation, service, and maintenance of Hendrickson equipment and aftermarket components. Our 'Innovation Built In' philosophy extends throughout our global network of operations and employees. We are committed to serving the transportation industry with cost-effective ride solutions that enhance productivity and profitability”.

Hendrickson India's commitment to innovation and advanced technology is evident in the unique features and patented technologies incorporated into their products for Trucks and Trailers. As Mohit Khosla, Whole-time Director & Chief Executive Officer for India & Middle East, states, “We are happy to introduce these cutting-edge products in the Indian market. In India, we are committed to continual improvement, ensuring customer trust and safety. We have gained the trust of OEMs, fleets, and owner-operators, thanks to our advanced innovative patented technologies. We are rapidly transitioning into India's leading axle and suspension system manufacturing company for truck and trailer applications. With the introduction of our new Air and Mechanical Suspensions, we reaffirm our dedication to delivering rugged, high-performance and cost-effective solutions. These products offer outstanding ride quality and control for various types of trailers on Indian roads, including flat beds, containers, tankers, bulkers, sidewall trailers, and tip trailers. These suspensions will be manufactured locally as part of the Make in India initiative of the Government of India and will be the lightest systems in the market offering un-matched payload and operating efficiency advantages to their customers. Especially designed and applicated for the Indian terrain, these suspensions exemplify our unwavering commitment to excellence and our mission to drive technology, design, and innovation in the commercial transportation industry.

The Indian market currently witnesses an annual demand of about 40,000 trailers, with mechanical suspensions accounting for about 70% of the market share. The migration to air suspensions has commenced and will gain momentum as the road infrastructure continues to grow and customer expectations demand the adoption of new technologies.
To cater to this growing market, Hendrickson in India is introducing a dual brand strategy of bringing premium products under the Hendrickson brand and cost-effective, locally manufactured products under the Watson & Chalin brand. These options will offer solutions to a wide base of customers all having different business challenges that need to be addressed.”

Hendrickson Severe Duty Suspension (HSDS®): Premium Suspension Delivering Rugged Performance and Outstanding Reliability with Un-matched Ride Quality for Indian Roads
Since its introduction in 2011 on Indian roads, the HSDS® system has been a premium and trusted solution for various heavy-duty trailer applications, including flat bed, containers, tankers, bulkers, sidewalls, and tip trailers. The HSDS® system incorporates a very light-weight design, enabling highest payloads and offers maximum reliability and durability. The HSDS system comes in capacities varying from 12T to 14T for the Indian market. The HSDS system uses a Tyre Inflation and Deflation System (Tiremaax Pro), which increases tyre life by maintaining optimal tyre pressure without human interface. This feature significantly reduces operational costs and increases productivity.

With long recommended service intervals, the HSDS® system minimizes vehicle downtime. The HSDS® system incorporates premium shock absorbers and large diameter air springs, providing superior suspension performance, stability, and load-carrying capability. These components contribute to a comfortable and controlled ride.

The HSDS system uses patented Tri-FUNCTIONAL bushings, which play a vital role in providing ride stability and ride quality. By enhancing durability and minimizing wear, these bushings contribute to the bottom line of customers by reducing maintenance cost.

TA 14 – Heavy Duty Air Suspension
The TA 14 Heavy Duty Air suspension is designed for Indian applications keeping in mind the Indian road conditions and the changing face of infrastructure in India. This suspension comes in Top and Low Mount variants offering numerous options to the customers based on their application requirements. This suspension is the lightest suspension system amongst its peers in the market and offers higher payload capability.

Its technologically advanced design coupled with state-of-the-art manufacturing processes (including friction welding and robotic welding) result in a superior ride quality for drivers and minimum vibrations to cargo. The TA 14 Heavy Duty Air Suspension offers high reliability, durability contributing to reduced vehicle downtime, minimum maintenance requirements and best in class operational efficiency. This suspension system features dynamically balanced brake drums, enhancing tyre life and ensuring optimal braking performance.

This suspension has been applicated to operate in the harshest of operating conditions and is suitable for various applications including flat bed, containers, tankers, bulkers, sidewalls, and tip trailers.

Single Axle – Heavy Duty Trailer Axle
The Single Axle is a high-quality axle designed for Indian and global markets. This Single Axle can be coupled with any Air and Tandem or Tridem Mechanical Suspension system, providing a reliable solution for various applications.

The Single Axle is manufactured using a high-strength alloy steel tube, ensuring better durability and long service life. The Single Axle uses friction welded spindles (a manufacturing practice only adopted by Hendrickson and Watson & Chalin in India for Trailer axles) which results in lowest weight and superior product life. This Single Axle comes with AIS 113 certified brake liners, meeting industry standards for braking performance and ensuring safer operation.

The Single Axle uses a patented dust filter technology for extended wheel end life, and dynamically balanced brake drums for increased tyre life. It includes an outboard drum for easier servicing and heavy-duty bearings for reliable performance in demanding conditions.

MS 16 – Heavy Duty Mechanical Suspension
The MS 16 Heavy duty Mechanical Suspension is rated at 16T capacity and is designed to meet the diverse needs for on-road and off-road applications offering exceptional load-carrying capability and performance. The MS 16 Suspension is available in tandem and tridem configurations and features a heavy-duty leaf spring assembly. Its robust construction ensures optimal performance and durability.

The MS 16 Suspension is manufactured with cost-effective, locally manufactured, high-quality components such as equalizers with thicker side plates and highly durable polyurethane bushes in the torque arm. These features contribute to low maintenance costs, reduced downtime and increase operational efficiency.