Month: October 2024

 

Škoda Auto had made its ambitions to grow the brand in India clear with the announcement of a compact SUV in February this year. A nation-wide naming campaign got the Kylaq its name, which will be premiered globally on November 6, 2024. With the Kylaq, Škoda Auto India will offer a range of SUVs including the luxury offering Kodiaq and the first launch from Škoda Auto’s India 2.0 project, the mid-sized SUV, Kushaq. The Kylaq will see Škoda Auto present in the sub-4m segment, which holds almost 30% of the total Indian car market and is one of the fastest-growing segments in India. The Kylaq is set to add a new dimension to the compact SUV segment with its modern, bold and muscular styling, proven Škoda driving dynamics, uncompromising safety and a good mix of features making it a compelling value offering. The launch of the Kylaq will see Škoda Auto entering a ‘New Era’ in India, which is the most important market for the brand outside Europe.

 

Piyush Arora, Managing Director and CEO, Škoda Auto Volkswagen India says, “I’m proud to present Kylaq – the first compact SUV from Škoda India. Kylaq is designed and made with high levels of localisation, thereby strengthening our ‘Make In India’ commitment. It represents the Group’s DNA of driving dynamic, safety and comfort, along with the practical features desired by our value conscious customers. I’m sure the product will resonate with Indian customers mindset. Kylaq, designed and engineered in India, for India will be a gamechanger.”

 

Modern, Bold and Muscular: Kylaq to appeal to a new set of customers

The Kylaq has been designed keeping in mind the evolving aspirations of Indian customers. It will see the implementation of the Škoda global design language in India. This design is defined by clear, reduced lines that reflect the simplicity, solidity and quality of Škoda cars. Bold and muscular shapes around the fenders provide an enhanced stance and road presence to the car.

 

This Škoda will also have a high ground clearance and space around the wheel for tackling uneven road surfaces and lend the car that SUV character. The design will retain the typical Škoda SUV language in the front and add details like refined and precise DRL light signatures. The upcoming SUV will also feature a hexagon pattern on the side and rear of the car lending more value to the design.

 

Petr Janeba, Brand Director, Škoda Auto India shares, “Expanding our portfolio is a key part of our growth strategy which will enable us to welcome more customers into the Škoda family. We committed to adding a new SUV – Kylaq — to our offerings, and we are well on track for our biggest-ever launch in India. This is a huge milestone in our India journey, and will enable us to double our addressable market share. From the teasers shared, you can tell that this will be a stunning-looking SUV. The Kylaq is now undergoing the final set of testing, and as a result we cannot reveal the car in all its glory, yet. The Kylaq is the car that will democratise European technology in India. Among other things, it has over 25 active and passive safety features standard across all its variants, and about 30 in specific variants. The Kylaq is almost ready for its debut, and will lead the charts when it comes to safety and dynamics.”

 

Power, performance, safety and features

The Kylaq is powered by the proven and efficient 1.0 TSI engine, mated to the choice of a six-speed manual or six-speed automatic transmission. The engine produces 85Kw of power and 178Nm of torque. The car is based on the same MQB-A0-IN platform as the Kushaq and Slavia. These two cars have already scored a full 5-stars in Global NCAP tests for adults and children. The Kylaq comes standard with over 25 active and passive safety features, including six airbags, traction and stability control, anti-lock brakes, Electronic Brake Distribution, Brake Disc Wiping, Roll Over Protection, Motor Slip Regulation, Electronic Differential Lock, Passenger airbag de-activation, Multi Collision Braking and ISOFIX seats among many others.

 

Kylaq will offer a good mix of space and comfort for the driver and passengers. The Kylaq will offer first-in-class six-way adjustable driver and passenger seats with ventilation function. The Kylaq will lead Škoda Auto’s presence in the fastest-growing and most competitive segment in India.

 

To the moon and back

The Kylaq has been tested over 800,000 kms of Indian terrain including urban, highway, uphill and rough roads. That is more than the distance from Earth to the moon and back. And more than 20 trips around the circumference of Earth. This all-new compact SUV has been put through temperatures varying from -10 to +85 degree Celsius and across elevation ranging from sea level to 3,000 metres above sea level. To ensure thorough monsoon preparedness and perfect sealing from the elements, 100 random samples of the Kylaq have been exposed to 25-30 litre per minute/sq mt. of water at an angle of upto 16 degrees. This ensures the Kylaq has zero water ingress in extreme monsoons. The Kylaq has also been put through a vehicle shaker test to ensure the interiors remain silent and rattle-free under all road surfaces. The car has also spent two years in open weather to test all the polymeric parts to ascertain there is no discolouration, distortion or loss of function under extreme sun or other external elements.

 

The 189 mm of ground clearance in the Kylaq ensured it tackled all obstacles it was put through for the test. Moreover, the Kylaq undergoes many quality practices in the manufacturing process itself ensuring class-leading safety and dynamics. The roof and other joints are laser-blazed, the geometry setting of the Kylaq is robotised, inline measurements of the chassis are done at two locations and AI cameras at the assembly line inspect for variations and inconsistencies on the engine surface. And hot-stamped steel, with a redone crash management system ensures the best possible safety in the Kylaq and is best in the segment.

 

• Up to 40% discount will also be applied to domestic shipments in India
• Customers will be given the option to leverage the GoGreen Plus service to ensure deliveries are more sustainable while spreading the joy of the season
• The offer is valid until 2^nd November 2024
•  

DHL Express, the global leader in international express services, is adding to the festive cheer of Diwali by offering customers discounts on international and domestic outbound shipments. This limited-time offer, valid until 02^nd November, 2024, allows customers to share festive greetings and gifts with their loved ones across the world while enjoying up to 50% off on international shipments and up to 40% off on domestic shipments. Customers can visit https://express-resources.dhl.com/Diwali2024_DHLExpress.html to receive the promotion code and avail the offer.

 

As one of India’s most widely celebrated festivals, Diwali, the festival of light, is an occasion for families to come together and exchange sweets and gifts. DHL Express recognizes the importance of togetherness during these times. It aims to bring loved ones together despite being miles apart, by providing customers with reliable and cost-effective shipping solutions. Customers can enjoy up to 50% off on international shipments weighing between 3 kg and 25 kg; while a 40% discount is offered on domestic shipments weighing between 2kg and 10kg. The offer is available at over 650 DHL Express service points across India.

 

Notably, customers can opt for an environmentally friendly shipping option. Through the DHL GoGreen Plus service, which uses the book-and-claim method, the buyer ‘books’ a specific quantity of sustainable aviation fuel at the time of purchase and then ‘claims’ the greenhouse gas emissions reduction toward their sustainability targets. Sustainable aviation fuel reduces Scope 3 greenhouse gas emissions for DHL’s customers. The initiative aligns with the company’s broader goal of reducing greenhouse gas emissions across its global logistics network.

 

Sandeep Juneja, Vice President of Sales and Marketing, DHL Express India said, “Diwali is a time to celebrate and connect, and we are proud to present an offer that brings our customers closer to their loved ones while delivering value through competitive rates. At DHL, we understand the importance of seamless, reliable logistics, particularly during festive seasons, when timely and efficient deliveries are paramount. We remain committed to delivering superior logistics solutions that ensure these connections are maintained. Additionally, our continued focus on sustainability through initiatives like GoGreen Plus, underscores our dedication to offering innovative solutions that allow customers to reduce their carbon footprint without compromising on quality or efficiency.”

 

Utilizing DHL's extensive global network, which spans more than 220 countries and territories, customers can easily send their Diwali gifts. The offer ensures complete shipment visibility, with proactive SMS and email updates ensuring smooth and hassle-free deliveries worldwide. To inquire about this offer, customers can contact DHL Express via the toll-free number 1800 11 1345 or visit the DHL website at https://mydhl.express.dhl/in/en/home.html#/createNewShipmentTab to get a quote and book a shipment online.

 

RizingTV, an entrepreneurial information network that explores the business, finance and technology realms, partnered with the CGTMSE (The Credit Guarantee fund Trust for Micro and Small Enterprises) – which was jointly formed by the Government of India, the Ministry of MSME and SIBDI – to curate The Rizing Equality Entrepreneurship Forum – The Hyderabad Chapter.

 

Following the resounding successes of the Rizing Equality Summit in Mumbai in February 2024 and The Rizing Equality Entrepreneurship Forum – The Delhi Chapter in Delhi in July 2024, RizingTV decided to have the next pit stop of its series in a city looking to become India's AI capital: Hyderabad, marking the third event of this series. RizingTV will continue to extend this series across India to foster smart and meaningful discussions nationwide. The Hyderabad Chapter gathered a mix of founders, tech entrepreneurs, investors, MSME and startup professionals & other stakeholders.

 

The underlying premise of this event was to explore the key role that MSMEs and startups play as the unsung heroes of growth, innovation and job creation in India. The agenda of The Hyderabad Chapter featured sessions that included an entrepreneurial resilience panel, an AI panel, a fundraising panel, a speaker talk by CGTMSE and a legal workshop by Khaitan & Co.

 

Prominent speakers included MSRK Murthy of the CGTMSE, Udayarkar Rangarajan and Aniruddha Basu of Khaitan & Co, Ashwani Singh of 35North Ventures, Arvind Modi of Sathguru Catalyser Fund, Deepak MV of OpenPlay Technologies, Namit Agarwal of Omega Healthcare Management Services, Raj Samala of Pushpak.ai and more.

 

A special mentorship pitch session at The Hyderabad Chapter allowed MSMEs/startups to present their business plans, with the ability to be eligible for collateral-free loan guarantees from the CGTMSE.

 

According to Manish Sinha, CEO of the CGTMSE, “One of the major challenges faced by MSEs, when starting their ventures, is the lack of collateral, which has, increasingly, become a significant barrier for bankers in offering loans to them. Recognizing this, the Credit Guarantee fund Trust for Micro and Small Enterprises (CGTMSE) is stepping in to support MSEs. Through its credit guarantee scheme, the CGTMSE is providing 75% to 85% of guarantee coverage to lenders, mitigating the need for collateral security and making access to finance easier for MSEs”.

 

The CGTMSE aims to catalyze the flow of institutional credit to MSEs, augmenting credit delivery systems and broadening finance access to include the underserved and the underprivileged & bolster availability of finance from conventional lenders to new-gen entrepreneurs. Since its inception, the CGTMSE is said to have been instrumental in providing guarantee cover to collateral and/or third-party guarantee-free credit facilities extended by eligible Member Lending Institutions (MLIs) to MSEs.

 

Udayarkar Rangarajan, Partner at Khaitan & Co, remarks, “India has witnessed a revolution with new-age businesses, startups and MSMEs reshaping the economy. These agile and resilient enterprises excel in navigating a constantly evolving business landscape, adapting quickly to new challenges and opportunities. At the same time, they must remain cognizant of impending challenges around entrepreneurship, such as understanding the complex regulatory ecosystem, safeguarding intellectual property and ensuring comprehensive documentation. It is also crucial to plan ahead and account for emerging regulations related to ESG, as well as the intricacies of funding through mechanisms like convertible notes”.

 

Khaitan & Co is a top-tier and full-service law firm with over 1000 legal professionals, including 270+ leaders & a presence in India and Singapore. With more than a century of experience in practicing law, they offer end-to-end legal solutions in diverse practice areas to their clients across the world. They have a team of highly motivated and dynamic professionals, delivering outstanding client service and expert legal advice across a wide gamut of sectors and industries.

 

RizingTV is a new-age and inclusive entrepreneurial information network that aims to be the true mirror reflecting Indian business, finance and technology in the expanse of not just Asia, but also, the global stage. Crafted for the intellectually curious, it explores the tenets that could help India become a $5 trillion economy: capital, innovation, technology, ESG, sustainability, policy and more.

 

RizingTV was founded by Shrija Agrawal, who has been named one of India's Top 100 Women In Finance in India and who has, previously, played pivotal roles at VCCircle, Hindustan Times and LiveMint. With 14 years of experience tracking the private markets, she’s, now, embarking on a journey to shape the future of information with her own venture: RizingTV, an inclusive organization looking to unpack the intricacies of business, finance, tech and private markets in a meaningful and compelling manner that's committed to celebrated diversity and equality.

 

“If India wants to become a $5 trillion economy by 2027, the MSME sector could turbocharge that ambition”, quips Agrawal.

Airtel Secure Digital Internet is India’s first fully managed, Zero Trust Architecture (ZTA) based cyber protection solution

 

Airtel Business, the B2B arm of Bharti Airtel (“Airtel”), one of India’s leading telecommunications service provider has partnered with Zscaler, a global cloud security leader, to launch ‘Airtel Secure Digital Internet’– India’s first, fully-managed Zero Trust Architecture (ZTA) based solution designed to protect enterprises from a wide range of cyber threats.

 

Strengthening enterprise cybersecurity, ‘Airtel Secure Digital Internet’ is a fully-managed solution that integrates Airtel’s Internet Leased Line (ILL) connectivity with Zscaler’s cloud security technology & Security Service Edge (SSE) technology as well as Zscaler Internet Access^TM (ZIA^TM) to provide advanced security features such as comprehensive threat protection, SSL inspection, cloud firewall and secure access to cloud applications. Built on the core principle of ‘never trust, always verify the User, Device and Network’ – ‘Airtel Secure Digital Internet’ will enable enterprises in India to navigate the complexities of the digital world by leveraging its unique capabilities in an effective, scalable and cost-efficient manner.

 

Sharat Sinha, CEO – Airtel Business said, “We are excited to partner with Zscaler to launch ‘Airtel Secure Digital Internet’ – a holistic solution for safeguarding enterprise networks. The cutting-edge solution will ensure that every internet interaction is rigorously verified, authenticated and authorized to deliver a robust layer of security that protects enterprises from evolving cyber threats. Together with Zscaler, we will offer a seamless and secure experience for businesses across India, enabling them to operate with confidence in today’s complex digital environment”.

 

Anant Nag, Area Vice President, India & SAARC, Zscaler, added “We are thrilled to expand our partnership with Airtel Business to create a solution to help the growing needs of our customer base. Cybersecurity is a critical business priority and enterprises across the market are doubling down on implementing zero trust solutions to keep their organization secured. The inception of this joint solution stemmed from the market needs and growing demand and we are looking forward to helping our customers in their cloud security transformation journeys together with Airtel.”

 

India is at the forefront of technology innovation and adoption with enterprises, small and large, leading the way on a global scale. However, this exponential growth has also caught the attention of threat actors who are increasingly targeting local entities to launch attacks. For instance, according to ZscalerThreatLabz, in the past year alone, Indian enterprises have seen over 79 million phishing attacks and more than 5 billion encrypted attacks, making India among the top three most-targeted markets globally. Now, more than ever before, it is important for organisations in India to strengthen their cybersecurity while managing multi-vendor security stacks, budget constraints, skill gaps and time-to-market issues.The zero trust architecture of ‘Airtel Secure Digital Internet’ reduces attack surfaces while simplifying security management by centralising policy enforcement. Its inherent cloud-native security ensures consistent protection for users across all locations. The scalable, cloud-based platform also eliminates the need for costly hardware, enhancing operational efficiency and reducing total cost of ownership.

 

To further optimise its network performance and minimise latency, Airtel has also strategically enhanced its Internet Points of Presence (PoPs) through the integration of Zscaler's advanced security stack. As a distinguished Managed Security Services Provider (MSSP) partner of Zscaler, Airtel is equipped to deliver comprehensive managed services, encompassing the entire security lifecycle—from initial deployment to continuous, premium-grade support. Enterprises can now leverage Airtel's extensive, pan-India Internet Leased Line (ILL) connectivity to achieve secure, consistent connectivity across all their office locations. Enterprises also have the flexibility to procure Zscaler SSE as a standalone solution, bundled with Airtel's managed services that can be further tailored for their unique requirements. 

Offering dual plan options, Promise4Future combines long term protection with wealth creation

and customizable savings and income solutions

 

Canara HSBC Life Insurance, today, announced the launch of ‘Promise4Future,’(UIN: 136N119V01)a Non-Linked, Participating plan designed to offer policyholders a unique combination of life protection and savings. This innovative offeringcombines the dual benefit of long-termprotection and the opportunityto benefit from the returns generated in the participating fund of the company.

 

According to a recent survey by Canara HSBC Life Insurance, more than 50% of Indian consumers prioritize savings and financial security of their family when purchasing a life insurance policy. Conceptualized in alignment with the modern consumers’ preferences, Promise4Future will enable policyholders with an opportunity to create a robust savings corpus while ensuring a long-term protection cover for their loved ones.

 

Mr. Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, “Customers today seek a blend of protection and wealth-creation solutions to create a solid savings foundation while keeping a sharp eye on securing their future. At Canara HSBC Life Insurance, we design products leveraging the keen insights from customer research such as our recent customer survey. We recognize the need for offerings that provide both financial security and some degree of upside beyond guaranteed returns. With the introduction of Promise4Future, we are addressing these expectations through a product that combines life-stage protection with opportunities for income generation and eventual wealth creation for our policyholders. This plan empowers policyholders with the options and relevant tools to navigate their financial journeys confidently.”

 

The plan is being offered in twovariants:

·         Savings4Futurewill enable the policyholder to grow their savings while staying protected at every stage of life. In case of death, thenominee will receive the higher of the sum assuredon death and bonuses (if any)or 105% of premiums paid. At the end of the policy term, the policyholder will be entitled to Guaranteed Sum Assured plus bonuses.

·         Income4Futurewillenablea steady income stream, and a lump-sum benefit to meet interim financial needs of the policyholder. At the end of the policy term, the policyholder will receive a lump-sum payout, guaranteed income, and cash bonuses, ensuring financial security for the future. In the event of the demise of the policyholder, the nominee willbe entitled to the sum assuredon maturityand bonuses.

 

The product further offers a range of valuable benefits, includingflexible premium payments, high-premium boosters, and the option for partial or full withdrawals under deferred survival benefit. Annual bonuses will be payable upon death or maturity, with the potential for a terminal bonus to further enhance the policy's value at maturity.Moreover, Promise4Future includes an option for policyholders to revive their lapsed or paid-up policies, within five years of the first unpaid premium, subject to underwriting approval.

 

This product will be made availablethrough the multiple distribution channels of Canara HSBC Life Insurance ensuring wide accessibility and convenience for policyholders.

 

With Promise4Future, Canara HSBC Life Insurance reaffirms its commitment to providing dependable financial solutions that offer peace of mind and financial security at every stage of life.

The Indian Navy, on 08 October 2024, signed a Memorandum of Understanding with one of India’s leading private life insurers to provide life insurance solutions to the civilian personnel of the Indian Navy. As part of this collaboration, Bajaj Allianz Life will offer a variety of life insurance products, ensuring comprehensive coverage at affordable rates.

 

Highlighting the importance of the occasion as part of activities for the ‘Year of Naval Civilians,’ Vice Admiral Sanjay Bhalla, Chief of Personnel, appreciated the life insurance solutions offered by Bajaj Allianz Life, which have been specifically tailored to meet the needs of Indian Navy civilians.

 

Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is indeed a proud moment for all of us at Bajaj Allianz Life, to have an opportunity to offer life insurance services to the Indian Navy Civilians. In line with the Indian Navy’s 2024 – Year of Naval Civilians – we will commence our operations for the Naval Civilians. I believe it will also be a huge step towards taking the benefits of life insurance to many more Indians and taking critical steps towards bridging the insurance penetration gap within our country. We will ensure we deliver only the most effective and seamless solutions to the Indian Navy.”

 

Bajaj Allianz Life’s offerings under this partnership include a range of life insurance solutions to meet the varied life goals of the civilians associated with the Indian Navy. Educational seminars and sessions will be conducted to help Indian Navy civilian personnel understand the importance of term insurance and adequate life insurance coverage to secure their life goals. The Company will also introduce unique processes catering specifically to the unique needs of naval civilians.

 

IIFL Finance Limited, one of India’s largest non-banking financial companies (NBFC), today said that it has appointed Ms. Preeti Kannan as President and Chief Human Resources Officer (CHRO). Ms. Kannan was previously the Head of HR for Retail Asset, Corporate Functions, Technology and Head – People Engagement at Kotak Mahindra Bank, preceded by senior roles at Bajaj Finance, Fujitsu Consulting, Oracle Financial Services, Mind Tree and Symbiosis College.

 

Ms. Kannan is a seasoned HR leader who draws on her 25 years of experience of being an impact oriented, trusted advisor to senior leaders across a variety of Indian and MNC organizations. She is passionate about effectively aligning people strategy with business objectives and in enabling individuals to unleash their inherent potential with extensive use of technology. She is a certified Coach and psychotherapist.

Ms. Kannan has done her MBA in HR from Pune University and MS in Psychotherapy and Counselling from Mumbai University.

 

Mr R Venkataraman, Joint Managing Director of IIFL Finance welcomed Preeti’s appointment and said, “IIFL Finance’s success has always been focussed on its people strategy and unique ‘ownership mindset’. As the CHRO, Preeti’s vast experience across diverse industries and work cultures will help IIFL Finance drive its talent management and succession strategy effectively enabling us enter the next orbit of growth.”

 

Commenting on the appointment Ms. Preeti Kannan said, “I am thrilled to join IIFL and excited to lead the change in driving digital transformation, ensuring we remain at the forefront of innovation in the financial sector. By fostering a culture of agility and focussing on robust succession planning, we will continue to empower our teams, embrace change and meet the evolving needs of our customers with confidence and resilience.”

 

IIFL Finance is a major employer in the financial services space in India and has over 15,000 employees in over 4,400 branches across India.  IIFL Finance’s loan asset under management was Rs 69,610 crores at the end of June 30, 2024. The company’s bouquet of products includes home loans, loan against property, gold loan, SME loans and micro finance loans.

 

·         Expand Sudarshan’s global presence with multiple synergies. 

·         Create a pigment portfolio with operations across 19 sites globally.

·         Sudarshan’s Managing Director, Mr. Rajesh Rathi, will lead the combined entity.

·         Customers to benefit from Sudarshan’s best in class product portfolio.

 

Sudarshan Chemical Industries Limited (“SCIL” or “Company”) today announced that it has entered into a definitive agreement with the Germany-based Heubach Group, on its acquisition in a combination of an asset and share deal.

 

This strategic acquisition will create a global pigment company, combining SCIL’soperations and expertise with Heubach's technological capabilities.

 

Post-acquisition, the combined company will have a broad pigment portfolio of high-quality products anda strong presence in majormarkets including Europe and the Americas. It will enhance SCIL’s product portfolio, giving it access to customersand a diversified asset footprint across 19 sites globally. The combined company will be led by Mr. Rajesh Rathi and a high performing management team with quality execution skills and technical competency.

 

The Heubach Group has a 200-year history and became the second largest pigment player in the world after its integration with Clariant in 2022. Heubach had over a billion euros in revenue in FY21 and FY22, with a global footprint especially in Europe, Americas, and the APAC region. The Group faced financial challenges over the past two years due to rising costs, inventory issues, and high interest rates. SCIL’s acquisition of Heubach will address these challenges with a clear turnaround plan.

 

Commenting on the transaction, Mr. Rajesh Rathi, Managing Directorof SCIL said “We are delighted with this transaction that brings together two businesses that will cater to major global markets. We will carefully integrate these two companies to create a truly global pigments company, with Frankfurt remaining a strategically important location. SCIL is known for its agility and efficiency, and we will embed this culture throughout the combined company to make it one of the most customer-centric and profitable pigment companies.”

growthg te lobal markets, givingst savings, synergies and benefits.

 

 

Bram D’hondt from Heubach, said “By joining hands with SCIL, we aim to reclaim our 200+ years of legacy of serving customers with high quality products. Together, we will shape the future of the pigments industry by building on the ethos of customer centricity and product excellence. Our combined capabilities will enable us to serve our customers better. We look forward to working with SCIL as we enter this next chapter.”

 

Crawford Bayley and Noerr are acting as legal counsel to Sudarshan and DC Advisory is acting as financial advisor.

 

Culture of agility and customer focus will be at the center of this integration. The strategic and financial benefits of the combination are as follows:

 

·         A company with customer centricity (Sevā) at its heart: Post-acquisition SCIL envisages to become the supplier of choice for all customers.The company will have a wide product portfolio across segments and applications and it will be able to offer the best-in-class product portfolio to customers. SCIL’s R&D and innovation capabilities combined with the global supply chain network, will be an enabler for the company to serve customers efficiently.

·         Most valuable global pigment player: Thecombined entity aims to become the most valuable pigment company in the world with great financial strength and profitability. The acquisition enhances SCIL’s breadth of product portfolio in global markets, gives it an opportunity to serve global customers, especially in Europe and Americas, and a diversified asset footprint across 19 global sites.

·         An agile organization: The integration willcreate a culture of agility and efficiency, with significant synergies expected across functions. The combined company will implement best practices to maximize value for stakeholders.

 

·         Led by world-class managers and pigment experts: SCIL to create a high performing management team with quality execution skills and technical competency. The combined company will be led by Mr. Rajesh Rathi, SCIL’s Managing Director, after the close of the transaction. 

 

Heubach has a broad and high-quality product portfolio with a large percentage of specialties including customized products. It serves a strong customer base of global blue-chip customers with applications in coating, plastic, inks, automotive, electrical and electronics. Heubach has 17 manufacturing sites globally providing stability during any geopolitical and supply chain challenges, ensuring long-term relationships with suppliers and customers.

 

 

The acquisition is expected to close in 3-4 months, subject to the satisfaction of customary closing conditions, including approvals from regulators and SCIL shareholders. 

·         The Bank’s pre-approved customers can use credit for UPI transactions on the PhonePe app

ICICI Bank today announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company. The partnership enables millions of pre-approved customers of ICICI Bank to activate short term credit line instantly on the PhonePe app, and use it for UPI transactions in a seamless and secure manner. The Bank offers credit line on UPI for up to ₹2 lakh with a repayment period of 45 days.

The facility is announced during the festive season to empower customers to purchase high ticket items like electronics, travel and hotel bookings, bill payments, and much more.

Mr. Niraj Tralshawala, Product Head- Payment Solutions, ICICI Bank said, “We at ICICI Bank are delighted to partner with PhonePe to provide seamless and easy access of credit to millions of customers. At the anvil of the festive season, the pre-approved customers of ICICI Bank can activate the credit line instantly to make payments for their festive shopping needs on PhonePe. Aimed at providing seamless digital credit, this offering is likely to play an important role in the personal banking experience of our customers.”

Commenting on the partnership, Mr. Deep Agrawal, Head of Payments at PhonePe said, “We are excited to partner with ICICI Bank to extend the credit line on UPI offering to pre-approved ICICI Bank customers on our platform. This partnership will enable customers to avail flexible short-term credit through a fully digital user experience from within the PhonePe app instantly. Credit Line on UPI is yet another innovative product offering that will unlock and revolutionize access and use of credit in the country. At PhonePe, we are focussed on maximizing the reach and availability of this product and this partnership with ICICI Bank is a key milestone in that journey.”

This credit line is interoperable across various UPI payment applications and provides customers the facility of transacting using any UPI payment app

Steps to activate credit line on PhonePe:

·         Login to your PhonePe app

·         Click on the credit activation banner shown on the app

·         Check the product features, charges and proceed for activation

·         Complete all authentication steps

·         Once the credit line has been approved, the customer  can link it UPI, set up a UPI Pin and use it for UPI transactions