Month: May 2024

 

PE firm Blackstone and AESL founder Chaudhary family are looking to sell their residual stake 18% stake in the tutoring chain shortly, sources aware of the matter said.

 

With Deepak Mehrotra joining as CEO recently, he will lead AESL's strategic vision to enhance its offerings, expand its reach, and positively impact the tutorial market. The move by the two shareholders to exit the company comes at a time when it is entering the new academic year with robust student enlisting.

 

Sources added that the exiting shareholders would want to capitalise on this growth story.

 

Blackstone and Chaudharys are exploring a sale to private equity investors keen to get a foothold in the company, which is currently a subsidiary of Think & Learn Private Ltd. Media reports in the recent past have suggested that AESL could be a potential M&A target with investors including Bain Capital, Warburg Pincus and KKR circling it.

 

The jewel crown of Think & Learn, AESL’s profits rose 82 per cent to Rs 79.5 crore and reported a 45 per cent rise in revenue to Rs 1,421 crore in 2021-22.

 

Think & Learn, Ranjan Pai and Byju Raveendran collectively hold 82 per cent of Aakash, while Blackstone and Chaudharys have 18 per cent.

Bharti Airtel (“Airtel”), India’s leading telecommunications services provider has appointed Sharat Sinha as the CEO of Airtel Business effective 3rd June 2024. In this role, Sharat will report to Gopal Vittal and will be a part of the Airtel Management Board.

Sharat joins Airtel Business from Checkpoint Software Technologies Limited, where he served as President of Asia Pacific. A seasoned technology professional, Sharat has also worked with Palo Alto Networks, Cisco, and VM Ware in various leadership roles.  His early experiences in Ericsson and VSNL have also given him a sound telecom background. 

Announcing the appointment, Gopal Vittal, CEO and MD – Bharti Airtel said, “I am confident that Sharat’s broad global experience in product management and business leadership across many of the world’s leading technology companies will provide tremendous fire power to Airtel’s ambitions in rapidly growing our portfolio across connectivity and adjacencies”. 

On his appointment to Airtel Business, Sharat Sinha said “Airtel Business is a leader in the B2B space offering marquee solutions to enterprises and I am delighted to join this passionate team as they continue to steer towards enhancing their leadership with future-ready technology innovations and solutions that deliver greater value to customers”. 

Deepika will lead marketing strategies focused on Bata’s vast portfolio of brands

 

Bata India announces the appointment of Deepika Deepti as the Head of Marketing. With over 2 decades of experience in Marketing&Business roles at leading brands & an in-depth knowledge of Indian and International retail industry, Deepika is set tosteer Bata India's Marketing mandate. A true culture shifter, Deepika is known for bringing in & nurturing the Sneaker culture in India through her roles at Adidas &CAMP SMA; in her new role at Bata India Limited, Deepika is set to uphold & elevate a new stylish trajectory for the brand in fashion and lifestyle space.

 

During her tenure at adidas, she played a pivotal role in driving business growth for India and Emerging markets alongside flipping the script for the sneaker industry in India with adidas Originals, Yeezy & Neo. As the Chief Executive Officer at CAMP SMA she spearheaded the portfolio of Bhaane, Veg Non Veg, and a strategic partnership with Nike India.Prior to joining Bata India, Deepika held the position of Senior VP of Marketing at Metro Brands Ltd,  where she defined a new trajectory with Takes you to the new campaign for metro shoes, as well as activating a modern cultural movement for Fitflop and Fila.

 

Commenting on the appointment, Gunjan Shah, MD & CEO, Bata India said, “As Bata India continues to innovate and adapt to evolving consumer preferences through premiumization, Casualisation and building strong style credentials, I am confident that Deepika’s expertise in driving business growth and building strong brand equity will reinforce our position as the industry leader.”

 

Commenting on her appointment, Deepika Deepti, Head of Marketing, Bata India said, “Bata India has been a symbol of trust and quality for close to a century. I am excited for this new journey & can’t wait to bring in unique experiences for Bata’s vast portfolio of brands! I look forward to collaborating with the talented team and leveraging our collective expertise to further strengthen the brand's position in the market.”

 

Deepika is an alumnus of the National Institute of Fashion Technology, where she specialized in Accessory and Apparel Design. With her strong track record in driving retail growth, streamlining operations, and forming partnerships, she is set to contribute to Bata’s continued success. 

Amara Raja Energy and Mobility Limited (ARE&M), previously Amara Raja Batteries, a comprehensive solutions provider in the Energy & Mobility space, (BSE: 500008 & NSE Code: ARE&M) today, reported profit before tax of ₹1,211.03 Cr for the financial year 2023-24.

The Revenue for FY24 stood at ₹ 11,260.30 Cr as compared to ₹10,389.71 Cr during FY23. The Earnings per Share (EPS) for FY24 was at Rs. 49.49. The Company reported for the Q4 of FY24 a revenue of ₹2,796.73 Cr and profit before tax (PBT) of ₹305.34 Cr.

For the quarter and year ended March 31, 2024.

₹incrores

Particulars	Quarterended		Yearended
	March31, 2024	March31, 2023	March31, 2024	March31, 2023
Revenuefromoperations	2,796.73	2,433.01	11,260.3	10,389.71
Profitbefore Tax	305.34	196.45	1,211.03	997.04

 

Amara Raja Energy & Mobility Ltd recorded an impressive revenue growth in financial year 2023-24 with both Lead Acid Battery business and New Energy Business growing substantially. The consolidated revenue growth stood at 13%. In the Lead Acid Battery business strong volume growth momentum continued in both automotive and industrial applications across all customer segments.

Mr. Jayadev Galla, Chairman & Managing Director, said, “Our business across segments has performed considerably well. In the last FY, we made the big move of changing the company’s name to “Amara Raja Energy & Mobility” to reflect our vision to be leading India’s energy transition, especially in energy storage and mobility spaces. Today, we have a wide array of products and solutions that cater to every type of automotive and industrial application.”

Mr. Harshavardhana Gourineni, Executive Director – Automotive & Industrial Batteries, mentioned, “We observed robust and sustained growth in both industrial and automotive applications, that resulted in overall revenue growth of 10%. This was accomplished in part by launching new product ranges and brands in the automotive aftermarket and data center segments. In the last FY, we strengthened our global presence by entering the North American and European markets, placing our products in over 50 countries.”

Mr. Vikramadithya Gourineni, Executive Director – New Energy Business, stated, “The Giga Corridor project in Telangana is progressing smoothly, and we are all set to begin commercial production at our pack facility. New Energy Businessclocked 110% growth over the previous year, further cementing our leadership position with our customers.”

Astral Limited, a leading innovator in the building construction segment and one of the fastest-growing building material company, is proud to announce the launch of its extensive new paint line, Astral Paints. The new exciting brand by Astral Limited offers a vast array of options to meet the needs of every painter, designer, and homeowner, featuring a diverse selection of colours, finishes, and specialized formulations.

 

After acquiring a majority stake in Gem Paints in 2022, Astral Limited thoroughly prepared to enter the paint industry. The company has strategically launched its first phase in Bengaluru, leveraging three state-of-the-art paint units. Moreover, the company will expand its paint line across India in phases, starting with Karnataka and Gujarat.

 

Mr. Sandeep Engineer, CMD of Astral Limited, stated, “The launch of Astral Paints marks a significant milestone in Astral Limited's journey. It's a strategic move to diversify and solidify our presence in the ever-evolving Indian market. Our deep understanding and extensive experience within the building materials ecosystem give us a distinct advantage. We are confident that Astral Paints will revolutionize the industry with its versatile paints, extensive colour options, and unwavering focus on quality. Paints have always held a special place in my heart, stemming from my father's association with the industry. We embody Astral's core value – 'TRUST' – and deliver on our promise: 'The trust of Astral, now in Paints.”

 

Mr. Saumya Engineer, CEO of Astral Adhesives & Paints, added, “We are launching Astral Paints not merely to add a feather in Astral Limited’s cap, but to establish it as a leading business within the Astral Group. Our consistent and strategic approach has proven successful with our other ventures such as adhesives, construction chemicals, and bathware, and we will maintain this same momentum with paints. While we are not in a rush to go pan-India, we will strategically and incrementally introduce our products into different markets, with the aim of covering the entire country within the next three years.”

Astral Paints is designed to cater to a broad spectrum of applications, ensuring there is a perfect solution for every project. The range includes decorative paints for interior and exterior emulsions in luxury, premium, and economy segments, under various product names: Elita, Esteema, and Styla for interior emulsions, and Extura Plus, Extura, and Raga for exterior emulsions. Additionally, Astral Paints offers a wide range of undercoats through primers and putties, synthetic enamels, and ancillary products like rollers and brushes.

 

Astral Paints also boasts an extensive colour palette, with over 1400 refreshing colours ranging from timeless classics to the latest trends, providing an unparalleled selection to bring any vision to life. Understanding consumer needs, Astral has also introduced specialty paints, such as Kitchen Special Paint, which features high durability and oil-resistant properties.

The company hosted a launch event at a leading hotel in Bengaluru that saw the attendance of over 300 channel partners and featured the presence of promoters, the Engineer family, alongside the senior Astral Limited team. The event witnessed enthusiastic participation from all attendees, with the Engineer family unveiling the ‘Astral Paints Logo’ followed by the launch of the ‘Astral Paints Product Range’.

Astral Limited, which recently celebrated 25 years in the building construction industry, has become a renowned household name across the nation. Originally, a pipes company, Astral quickly rose to become one of the leading pipe manufacturing company in India. In a short span, the company diversified into various product categories, including water tanks, adhesives, construction chemicals, waterproofing, and now paints.

Myprotein, a leading online sports nutrition brand, proudly celebrates Impact Week, an exclusive online event running from now until 31 May offering customers significant discounts, promotions, and special offers, as well as innovative new products.

A centrepiece of Impact Week is the introduction of Impact Whey Protein Cinnamon Danish, a delectable new flavour added to Myprotein’s flagship Impact Whey Range. This latest addition underscores the brand’s continuous innovation and commitment to providing diverse, high-quality nutrition options.

Each serving of Impact Whey Protein Cinnamon Danish is packed with 23g of high-quality protein, providing the essential nourishment your body needs daily. With only 1.9g of fat, 1.8g of carbs, and 114 kcal, it supports muscle growth and bone maintenance. Rich in essential amino acids and BCAAs, it ensures your body remains strong and resilient.

Since its inception in 2004, Myprotein has been dedicated to delivering high-quality, innovative products that support athletes and fitness enthusiasts worldwide. The brand’s commitment to excellence has fuelled its growth into a comprehensive health and wellness provider, consistently pushing the boundaries of sports nutrition.

Neil Mistry, CEO, THG Nutrition, said:“As we celebrate 20 years of Myprotein, we reflect on our incredible journey and the lives we’ve impacted along the way. Our success is built on a foundation of quality and innovation, driven by a passion for helping our customers achieve their fitness and wellness goals. We are excited to invite our community to join us in celebrating this milestone through our Impact Sale, where we offer exclusive discounts and introduce new, cutting-edge products.”

Join Myprotein in this landmark celebration and take advantage of Impact Weekfrom now until 31 May. To find more details visit Myprotein website here.

●     Beginning with Term Life Insurance the company will further expand its offering to Health, Motor and Travel insurance

●     HDFC Life is among the first insurers to partner with Upstox and feature on the platform

 

Upstox, one of India’s premier wealth management platforms, today announced its entry into the insurance distribution business. While Upstox has traditionally been recognized for its offerings in Stocks, F&O, and Mutual Funds, the introduction of Insurance marks a significant stride towards evolving into a comprehensive wealth-building platform.  Today, Upstox is a one-stop-shop for a wide array of financial instruments including Stocks, IPOs, F&O, Commodities, Currencies, Fixed Deposits, P2P Lending, Government Bonds, T-Bills, NCDs, Gold, Insurance and much more.

 

With this launch, the company aims to revolutionise India's insurance landscape by offering its users a simplified, transparent and customised experience of purchasing insurance in line with their needs. Currently, Upstox is offering Term Life Insurance on its platform and is planning to roll out Health, Motor and Travel Insurance soon. HDFC Life is among the first insurers to partner with Upstox and feature their Term Insurance plans on the platform.

Currently, the insurance penetration in India stands at just 4.2% with a considerable portion of the population still being dependent on traditional and agent-driven models to purchase policies. Along with that, there is a lack of awareness, overload of choices, heavy paperwork and complex jargon involved in the process of buying insurance. Through its research, Upstox recognized that often users succumb to a one-size-fits-all approach; and opt for a term insurance plan without proper assessment. Upstox has thus set out to solve the gross mis-selling of insurance products and embarked on a monumental task of streamlining Life, Health, Motor, Travel insurance for its customers. By leveraging advanced technology and industry expertise, Upstox aims to simplify the insurance process – from identifying the top plans in each category to purchasing insurance and finally making the claim process smooth.

Upstox is also trying to encourage younger Indians to consider and start thinking about insurance earlier as that effectively helps them reduce their premium costs.  To make its customers' journey more simple and intuitive, the company has done the heavy lifting for customers by tying up with the top insurance providers in the country and analysing various plans to provide their customers with the most suitable option.

 

By guiding customers through a set of targeted questions, Upstox then navigates them towards the most suitable plan. Additionally, the feature of the cover amount calculator empowers users to accurately assess their insurance requirements, enabling them to determine the optimal coverage amount.

 

Kavitha Subramanian, Co-Founder, Upstox said, “We are thrilled to expand our offerings on Upstox and foray into the insurance distribution segment. We have recognized that navigating the insurance landscape is a daunting task. Customers are inundated with so many questions – which is the right plan, what should be the correct criteria to select a plan, how much insurance cover will be enough. At Upstox, we understand these challenges, and we’re dedicated to helping our customers get answers to all of these without overwhelming them. Our aim is to help customers cut through the noise and help Indians Invest Right. We are constantly working towards making our platform simple, secure, fast, and intuitive. With the launch of insurance on our platform, we will remain steadfast in our endeavour of helping our users manage their wealth effectively for a secure financial future. And to accomplish this, we’re delighted to have HDFC Life as our first insurance partners.”

 

Commenting on this collaboration, Suresh Badami, Deputy Managing Director, HDFC Life said, “We are pleased to announce our partnership with Upstox. This marks another stride towards realising India’s goal of ‘Insurance for All’ by 2047. We aim to utilise our distribution and digital capabilities to extend our insurance solutions to their entire customer base and enhance the value of this partnership.”

In addition, insurance offerings on Upstox are very transparent. With upfront insights on claim settlement ratios for 1 and 3 years, the volume of complaints, amount settlement ratios, solvency ratios (below 1.7 are considered risky), plan features, inclusions/exclusions, and settlement timelines, Upstoxaims to educate the user about what they are purchasing. Upstox is now home to a user base of over 1.3 crore and constantly strives to help users cut through the market noise and Invest Right. 

Worldmark Gurugram, the premier mixed-use development by Brookfield Properties, successfully concluded its vibrant and soothing event, “Shabd,” exceeding all expectations and captivating audiences with a spellbinding mixture of Shayari, storytelling, and poetry performances.

 

“Shabd” held on 17^th May 2024 at Worldmark Gurugram was an intimate and experiential poetry event, designed to captivate and engage audiences. The celebration featured a rich blend of poetry, music, and storytelling, with a diverse lineup of talented artists, offering attendees a unique opportunity to immerse themselves in the art and engage directly with the performers.

 

The event commenced at 6 PM at Worldmark Gurugram, located in Sector 65, and unfolded into an enchanting evening filled with Hindustani stories, music, and poetry. The lineup included renowned artists such as Gopal Dutt, Rajat Sood, Mukul Sharma, Vanika Sangathani, Gunjan Saini, Niyab Midha, and Akanksha Grover. Their performances celebrated the beauty of Urdu, Hindi, and Hindustani languages.

 

“Shabd” succeeded in delivering on its promise of creating a magical experience, bringing together artists, art lovers, wordsmiths, and those who appreciate diverse cultures. Attendees were immersed in the magic of stories, experiences, music, and verses, fostering a sense of community and connection.

 

The event celebrated the roots and spirituality expressed through poetry, stories, and songs, providing a couple of hours filled with moving and memorable moments. This reflected Brookfield Properties’ philosophy of creating vibrant spaces that inspire connection, learning, and growth. By crafting a unique experience that transcends entertainment, the event fostered cultural exchange, strengthened community ties, and created lasting memories for all involved.

 

Brookfield Properties is a leading global developer and operator of high-quality real estate assets, known for its commitment to creating vibrant, sustainable, and innovative spaces. With a diverse portfolio that includes residential, retail, and mixed-use developments, Brookfield Properties aims to foster community and connection through thoughtful placemaking.

 

Worldmark Gurugram, located in Sector 65, is a premier mixed-use development offering a dynamic blend of office spaces, retail outlets, and dining options. Designed to create a vibrant community hub, Worldmark Gurugram is committed to fostering cultural exchange and community growth through a variety of engaging events and activities.