Tag: Business

Women-led MSMEs in India employed 11% more females than those owned by men: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Women-led MSMEs in India employed 11% more females than those owned by men, a new report has revealed. An analysis by Kinara Capital, a leading fintech facilitating financial inclusion for MSMEs, also said one-third of the new jobs generated by women-led MSMEs went to female employees, contributing significantly to local economic growth.

As per the analysis, women employees constituted over 32.4% of all jobs created by women-owned MSMEs.

Hardika Shah, Founder & CEO of Kinara Capital, said their MSME Insights data was concrete evidence that the financial inclusion of women entrepreneurs is a critical step towards closing the gender gap. She also claimed that the women entrepreneurs’ demonstrated better repayment of their business loans, created more jobs for other women and experienced an income increase for themselves.

“Access to credit is the first step towards financial independence and we expect this data will inspire more to adopt a gender lens approach to driving financial inclusion and introduce specific women-focused products and services,” she said.

ALSO READ | 76% working women in top Indian cities want to start their own business: Survey

As per a report by NITI Aayog, India ranked 57th among 65 countries in the Mastercard Index of Women Entrepreneurs12 (MIWE, 2021). Estimates suggest that by accelerating women’s entrepreneurship, India could create more than 30 million women-owned enterprises, potentially creating 150-170 million jobs.

Despite the wave of female entrepreneurs across various fields of India, including MSMEs, there are challenges within. The NITI Aayog report also mentions that women-owned MSMEs face challenges in accessing credit due to a lack of collateral and tangible assets, limited avenues to prove creditworthiness and perceptual biases against lending to female entrepreneurs or women-owned enterprises.

ALSO READ: ‘23% salaried women in India’s metros perceive gender pay gap’: Survey

“As most women-owned businesses are home-run, micro and informal, they have limited exposure to market spaces and marketing skills,” the report stated. “Female entrepreneurs need to deal with mobility and logistics challenges, time poverty and unpaid care work and safety and security issues to manage the business and achieve the required growth for the enterprise.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Waters Corporation opens Global Capability Center in Bangalore as a catalyst for scientific technology advancements

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

If you have consumed any food or water today, or taken a pill or supplement, or driven in an electric vehicle, chances are, you have benefited from the work Waters Corporation does. For more than six decades, Waters has been a stalwart in ensuring the efficacy of drugs, safety of food, and quality of materials. In these six decades, they have grown to nearly $3 billion in annual sales and gathered a global workforce of approximately 8,000 employees.

Today, Waters Corporation has reached a significant milestone with the inauguration of its Global Capability Center (GCC) in Bangalore. CNBC-TV18’s Paromita Chatterjee met with Dr. Udit Batra, President and CEO, and T. Anil Kumar, General Manager of Waters India at the GCC to better understand how this move reflects the company’s commitment to driving advancements in analytical instruments and solutions for science globally.

The GCC is positioned as a strategic center for collaboration, bringing together diverse development teams to enhance synergy of talent and engage directly with customers. Dr. Batra sees Bangalore as a hotbed of technological talent, making it an ideal location to harness innovation in key areas of technology such as AI, machine learning and data analytics.

As part of its strategic vision, Waters’ foray into creating more advanced analytical methods and instruments to aid in development and testing of biosimilars and biologics, acknowledges the evolving landscape of the pharmaceutical industry. They are already in conversations with policy makers and manufacturers, creating an ecosystem that will help cement the efficacy and safety of biosimilars and biologics emerging from India.

Beyond its technological innovations, Waters places strong emphasis on inclusivity and sustainability. The company goes beyond being a mere technology provider, fostering an inclusive culture and adopting sustainable practices to minimise its environmental impact. The integration of generative AI and machine learning points to Waters Corporation’s commitment to simplifying complex procedures and aligning with one of the company’s larger goals to democratise innovation in, and access to, life-changing medicines.

However, the company’s mission extends beyond the medical sciences. As Dr. Udit Batra said, “We’re a set of engineers, scientists and economists that have come together in a terrific mission: we want to make sure that the food that we eat is safe, that the medicines that we’re consuming are of the highest quality, that the batteries in our vehicles are as safe as anything can be… this is only possible if we create an environment that is inclusive and where people can collaborate and bring the best ideas to the table to create tools and software that leave our world better than we found it.”

NOTE: THIS IS A PARTNERED POST.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kixx Aims to Become Top Lubricant Brand Around the World, Highlighting Its Advanced Industrial Lubricants

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

With decades of technical know-how, Kixx, under the GS Caltex brand, has been manufacturing high-performance lubricants that help industries around the world run more smoothly. For seven years running, the company has taken home the title of Korea’s No. 1 lubricant at the Korea First Brand Awards in recognition of their superior quality lubricants.

The awards, organized annually by the Customers Council, are based on consumer surveys conducted online by customers from around the country. Kixx has risen to become a household name among lubricants in Korea thanks to GS Caltex’s advanced technology and world-class production facilities. Since its launch in 2005, Kixx has been working towards becoming the top lubricant brand worldwide by innovating emerging technology and tapping into what global consumers need most in a lubricant. Continuing this legacy, Kixx is now setting its sights on cementing its position as a top industry lubricant manufacturer by highlighting its lineup of advanced industrial lubricants. For India, this includes hydraulic, gear, transmission, and heavy-duty engine oils, as well as industrial grease.

Established in 1969, Kixx has provided dependable engine oils and industrial lubricants for more than 50 years. Leveraging advanced technical expertise and impressive infrastructure, including the world’s fourth largest oil refinery in a single site, Kixx delivers 200 types of quality products that meet the highest of industry performance standards.

Included in its roster of customers are key construction equipment companies such as Volvo, Doosan, and Hyundai. Furthermore, for more than two decades, Kixx has partnered with leading global players such as Kia Motors, LG Electronics, and POSCO, building brand recognition around the globe.

Kixx has driven its brand forward even further in recent months by engaging in key industry events, meeting with partners and potential new clients. These include conferences in Hannover Messe 2022 in Germany, an in-person conference in Bengaluru, India, a two-day introductory event in Mongolia as well as MTA Hanoi 2022 in Vietnam. Throughout these events, Kixx was able to highlight the time and cost-cutting benefits of its industrial lubricants with the help of distribution partners.

Whether its manufacturing, construction, mining, agriculture, or forestry, Kixx industrial lubricants are optimized to reduce deposits that can cause friction leading to wear and tear as well as help maintain optimal temperatures for equipment and vehicles to prevent damage from overheating. Ultimately this means reduced TCO, boosted equipment and vehicle performance, improved efficiency, and strengthened reliability.

Kixx offers a wide range of high-performance industrial lubricants for the India market, including the below :

• HDEO – Kixx HDX: a high performance, heavy-duty multigrade diesel engine oil that provides excellent protection and performance for diesel vehicles
• Hydraulic oil – Kixx Hydro HVL: a multi-viscosity, anti-wear fluid designed for hydraulic systems subject to a wide variation in working temperatures
• Gear oil – Kixx GearTec: a high-performance, thermally stable automotive gear lubricant that helps smooth shifting
• Transmission oil – Kixx Unitrans: an all-weather transmission lubricant protecting agricultural equipment from rust and corrosion
• Grease – Kixx Moly EP: a multipurpose grease providing extra protection in shock loading conditions

For a more detailed look at Kixx’s industrial lubricant product lineup, please visit Kixx’s official site at www.gscaltexindia.com.

As Korea’s No. 1 lubricant and a trusted brand around the world, including in India, Vietnam, China, and Russia, Kixx will continue to strive to become a global leader in engine oil and industrial lubricants.

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KPMG Presents ‘The Blueprint: Business In The New Normal’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

“Fiscal policies of the Government as an enabler to the “Make in India” initiative and way forward

How is the government of India playing an enabler’s role in taking the ‘Make in India’ initiatives forward? To discuss this and more, KPMG presents ‘The Blueprint: Business In The New Normal’ wherein industry experts such as Bill Blair, VP & Chief Executive at Lockheed Martin India Pvt Ltd; Gyanesh Chaudhary, Vice Chairman and Managing Director at Vikram Solar; Josh Foulger, MD at Bharat FIH Limited; and Gaurav Mehndiratta, Partner and Head of Corporate and International Tax at KPMG in India have shared their respective views.

Impact of initiatives on driving manufacturing in India and the effect they are having

More than three decades have passed since India’s economy was liberalised, and the country has seen tremendous change in that time, with the goal now of becoming a global manufacturing hub if the target of becoming the third-largest economy in the world by 2029 is to be met. To that effect, the production-linked incentive scheme for 15 sectors amounting to 26-billion-dollars to make India Atmanirbhar or self-reliant that takes centre stage to drive up India’s production capabilities.

Why then are these incentives so critical for these sectors? Sharing his thoughts, Mr. Mendiratta said, “Since 2014, ‘Make in India’ has been a pillar for India’s progress going forward. The last few years have witnessed a thrust and an all-around attack on the fiscal policy. The first one is the 15% corporate tax rate, which is one of the best in the world, has been offered to companies who want to get into manufacturing and start commercial production by 2024.

The other notable Central Government initiative that has been attracting investments to the tune of Rs.1.98 lakh crores in 13 sectors is the PLI scheme. Moreover, there has also been a Rs 75,000 crore investment in the semiconductors and fire manufacturing space, and this is yet another massive step taken by the central government. Even from the state-level perspective, several of them are vying for more investments by offering incentives like capital subsidy, investments in plant and machinery, electricity, and duty revision to promote Make in India.”

On the demand side as well, the government has come up with a public procurement order whereby the procurements done by them, or their public-sector undertakings, have to go through companies that have certain value-addition norms. In the defence sector, for example, 400 items that were earlier imported have been reserved for production in India.

Insight Into the Electronics ecosystem

This trend has spread to the states, which are now engaged in a healthy rivalry with one another. The state of Maharashtra has established Mumbai as India’s financial centre, and the state of Tamil Nadu has established itself as the automobile and electronics powerhouse.

India wants to play a pivotal role in the electronics industry’s global value chain so that it can meet the needs of consumers all over the world. Smartphones produced in India have experienced a meteoric rise. To what extent fiscal incentives are going to drive this electronics ecosystem forward? Sharing his thoughts, Josh said, “For India, there is a great attraction for engineering jobs. India offers exceptional operational excellence which is important while looking at global value chains. The PLI scheme is a great start for the government, and the first disbursements have already started. The face manufacturing program for mobile phones and EVs has also been a great starter to reach out to markets beyond India. Lastly, having strategic FTAs with good partners in importing countries is key.”

Impact of incentives on the solar ecosystem

Vikram Solar’s meteoric rise mirrors the transformation in India’s solar ecosystem, which has led to the country becoming the third-largest installer of solar power in the world at 62 GW. What role will incentives play in getting us to our solar targets? Mr Gyanesh furthers his comments by saying, “India has taken leaps and bounds of progress with respect to renewables. The greatest motivation is to save the planet, which is why solar panels are becoming increasingly popular. In the post-COVID-19 era, India’s leadership has come to terms with the fact that the country can’t rely on steady imports from its neighbours. The solar industry’s production landscape shifted dramatically in June after India announced a historic 40% customs charge. It also sent a message to the rest of the world that India can produce its goods independently. These plans have sparked massive manufacturing, investment, and economic expansion.”

Impact of incentives on the defence system

Mr Bill discussed the role that incentives play in the local and international defence value chain and India’s position. He remarked, “India has come a tremendously long way in terms of being self-reliant and evolving the “Make in India” initiative. When you look at the level of indigenous content that we’ve created, at the subset level, there has been great progress. Our difficulty is figuring out how to implement this across the entire platform.”

To watch the full episode, click here: https://youtu.be/TaMKea5jjao

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How Qualys has redefined cyber security at scale

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Cyber security is a vital prerequisite to help organisations to shift gears digitally

As digital transformation initiatives across the globe go into overdrive, cyber security is no longer viewed as an afterthought but as a vital tool to help organisations shift gears digitally. Small wonder that today, cyber security is among the most important subjects that occupies the minds of business leaders within and outside India. Sumedh Thakar, President and Chief Executive Officer of Qualys, a leading provider of cloud-based IT, security and compliance solutions joined CNBC TV18 to talk about cyber security’s importance in today’s day and age.

The pandemic acted as a catalyst to accelerate digital transformation with application of advanced technologies such as machine learning and artificial intelligence. With people getting used to being catered to from within their homes, said Mr Thakar, “there was a big shift in moving towards cloud and mobile technology to connect with the customer”. The new remote and now hybrid work environments also have made companies offer their tools from the comfort of the employees’ homes.

This has increased “the attack surface”, according to Mr Thakar. “So security teams have to figure out ways to have an environment where they can secure that digital transformation, no matter whether it’s in the cloud, whether it is on prem, or whether it is a remote workforce. And I think that’s been the biggest dramatic shift”, he added.

There is a lot in it for cybercriminals to hatch plots against enterprises for a big financial gain. “The value that these attackers get from selling data [appropriated illegally] is very high”, said Mr Thakar. He drew a comparison between cyber security with cloud computing which allows companies to create bandwidth and space at will depending upon the traffic at any given moment. “Similarly, cloud-based cybersecurity, the way Qualys has been providing, really helps in that because we’re able to suddenly provide a large amount of capabilities in a very short period of time, because we are able to scale on our back end”, he said.

Unlike an anti-virus, a relic of the past, today, a comprehensive platform for cyber security has a compelling reason to exist. “What we are able to do is take various areas such as devices, on-prem, cloud environments that you could be attacked in and then provide a capability that is seamless on a single platform. Customers can see all their cloud, non cloud, remote, everything in one place, and then actually be able to take a remediation action”, stressed Mr Thakar.

For all the efforts that the cyber security teams put in, it is also important to translate those to the top management in a language that they understand. For instance, according to Mr Thakar, whereas CISOs have found a seat at the board table, it is still a challenge for them to convey the return on investment of various cyber-security measures. Such efforts need to be quantified. “So if we cannot boil it down to something meaningful, then we’re just giving updates of hundreds of things we’re doing”, added Mr Thakar.

At the end of the day, it will be the speed at which organisations move to apply new patches or upgrade their systems that will determine if they can safeguard themselves from online miscreants. This is especially true of India which has embraced digital transformation like few other countries. Cyber crooks will always lurk on the web to snag vital information. The alacrity with which outfits can stay ahead of the game will differentiate the great companies from the good ones.

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WebEngage rallies enterprise businesses for retention-led Digital Transformation at EngageMint in Gurugram

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

EngageMint Enterprise Gurugram, the Sixth edition of WebEngage’s flagship conference and the first-ever Enterprise-focused event, concludes after bringing several enterprises together to create a community for better knowledge flows on customer retention strategies

WebEngage, a leading full-stack Retention Operating System, has concluded its landmark flagship conference in Gurugram. The first-of-its-kind conference by WebEngage for legacy businesses, ‘EngageMint Enterprise Gurugram’ witnessed enthusiastic participation from over 250 audience gathering to listen to 15 speakers from across industries discussing retention-first strategies.

On September 15th, executives of leading enterprises in India gathered at Le Méridien, Gurugram, for what was to be a watershed moment in the region’s marketing automation space. In line with its mission to simplify retention, EngageMint Enterprise saw experts demystify the why, the what, and the how of user engagement and retention through data analytics and hyper-personalization.

Executives of some of the leading brands such as Unilever, ICICI Securities, DBS Bank, Duroflex, India Today, The Postcard Hotel, Shoppers Stop, Fabindia, Health & Glow among others, shared their insights and journeys, emphasizing retention-led growth. The keynotes by Deepak Saluja, Head of Marketing at ICICI Securities and Kapil Chopra, Founder of The Postcard Hotel, touched upon building a 360-degree customer view through contextualized data and cutting-edge analytics, and building service excellence as a moat. Vaidyanath S, Global Head of Technology at Unilever spoke about building a tech-first culture and retention-first mindset in a fireside chat with Keyur Dhami, VP-Customer Success at WebEngage. Smita Murarka, CMO – Duroflex took the stage to present a case study on how the brand redefined itself post-pandemic to jump back to prominence using tech-enabled user engagement. Sushant Junnarkar, COO & Head E-commerce – Health & Glow, Rajat Tangri, Head of Performance Marketing & Automation – Fabindia and Atul Shinde, Sr. Marketing Manager – Shoppers Stop led a panel on digital transformation and retention in the retail industry moderated by Harminder Singh Ari, VP – India Sales, WebEngage. EngageMint also saw Megha Manchanda, VP Marketing at DBS bank on a fireside chat titled ‘Keeping Up With The Unicorns’ with Apoorv Sood, Vice President of Global Business Development and Partnerships at WebEngage talking about the digital-first approach in the BFSI sector.

“With EngageMint Enterprise Edition, we feel very proud to be playing a pivotal role in helping these legacy businesses shape the thought and to enable learning from each other while moving towards a uniform and qualitative user engagement and retention. Customer retention is an evolving skill set. Over the years, through our flagship initiatives like EngageMint, we have committed ourselves to the cause of improving the quality of retention marketing talent. We will continue to invest in our community initiatives for the ecosystem to build a large pool of specialist marketers, product and technology practitioners who are retention-first in their thought process”, said Avlesh Singh, Co-Founder & CEO, WebEngage.

The leading SaaS platform has enabled many enterprises to achieve their objectives through its full-stack Retention OS. Concurrently, WebEngage is investing in community education initiatives such as EngageMint to foster retention-first marketers in the region. The Enterprise Edition lived up to EngageMint’s reputation as the largest retention marketing conference in all of Asia and became a worthy successor to previous successful editions in Mumbai, Bangalore, Dubai and Riyadh. EngageMint Enterprise saw over 250 attendees gathering to listen to 15 speakers.

Watch the EngageMint video here: https://youtu.be/0DCzgGZjvxM

For more information, visit www.webengage.com.

About WebEngage

Ranked #1 consistently across all review platforms on ease of use and comprehensiveness of the platform, WebEngage is used by 600+ brands across India, the Middle East, Latin America, Europe and SouthEast Asia markets. WebEngage is on a unique mission to ensure that no business should ever have to work hard to retain its customers. WebEngage helps them scale through a robust customer data and analytics platform – unifying data across silos, the best-in-class journey builder enabling automated triggers and campaign orchestration across channels. The third piece of the stack is the personalization engine that includes all the data in the system and AI/ML-driven product recommendations that boost the conversion for all channels including the web and mobile apps. This puts immense power in the hands of marketers as they try to live up to the consumer expectation of a personalized user experience, a habit formed by the Amazon and Netflix of the world. The company is working across several industries like E-Commerce, Edtech, Fintech, Foodtech, Media & Publications, Gaming, BFSI, Healthcare, Online Retail. The key clientele includes marquee brands like IKEA, eXtra Stores, HNAK, Vezeeta, Tabiyat, Unilever, L’Oréal, Bajaj Auto, Unacademy, Myntra, Pluralsight, Pepperfry, Junglee Games, HT Media, FirstCry, GoIbibo and many more.

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Thomson Reuters Explores the Future of Global Capability Centres in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Global Capability Centres (GCC) in India have come a long way from being cost centres; they have evolved into hubs that deliver enterprise value and drive strategic decision making.

From a GCC perspective, India currently stands out as a strategic location to operate in. This is validated by the fact that about 50% of GCCs, the world over, are located within the country. Having journeyed from maintaining systems to managing business operations and leading product engineering and design, GCCs in India are a beacon of transformation for their respective organisations.

To understand the role of these centres as support systems that drive transformation and innovation, CNBC-TV18 and Thomson Reuters hosted a series of panel discussions, under the banner ‘The Future of Global Capability Centres’. Moderated by Nisha Poddar, Anchor & Editor at CNBC-TV18, the deliberations witnessed leading domain experts offering their views on the growing potential of GCCs in India. The subject matter experts discussed how these centres could enable companies to build the right capabilities and accelerate their change management journeys.

The first panel discussion, themed ‘GCCs: Reshaping NOW, Reimagining NEXT’, featured Lalit Ahuja, Founder & CEO, ANSR; Naveen Mohan, Head – Global Business Services India and CFO of Siemens Technology and Services Private  Limited; Pradeep Lankapalli, MD, Shared Service, Global Content, Thomson Reuters and Sumit Mitra, CEO, Global Business Service, Tesco. They explored why India is pegged as the preferred hub for capability centres and how GCCs would evolve in the future to offer improved services to global businesses.

India, being a large commercial market, has everything from enterprise leadership, talent and business maturity to service providers, start-ups, technology product companies and venture capitalists, amongst others. This unique and diverse business ecosystem enables GCCs to become a melting pot with all the constituents that encourage them to flourish and rise to the next level.

The panelists observed that India’s GCC business models, which are  industry, size and destination agnostic have proven to be a success. These GCCs have claimed a seat at the table of their respective organisations’ strategy councils by delivering value creation and connecting directly to the purpose of the organisation. With capabilities to leverage data and undertake activities that drive customer intimacy, commercial acumen and much more, they are effectively focusing on skills of the future.

Projections show that India has become a destination of choice with over 100 MNCs looking at setting up centres within the country. What will differentiate India from other global locations is that it is in the final iteration of the GCC revolution, which began almost two decades ago.

After deep diving into the potential of GCCs in India, the second episode of the series, themed ‘Global Capability Centres: Driving Value Leveraging Knowledge-based Processes’ investigated the holistic approach of GCCs to technology and how this can be used to standardise processes, revolutionise financial reporting and tax and build next-generation finance processes.

The panel, comprising of leading practitioners from the space – Arvind Subramanian, Chief Accounting Officer, Philips; Gaurav Gupta, Partner, Deloitte, India; Rajesh Ojha, MD & Lead – GIC-GCC, Accenture and Vishal Parekh, Regional Head – India, SE Asia, Middle East & Africa, Thomson Reuters – discussed a range of thought-provoking subjects around the central theme.

They observed that as markets and the regulatory environment are becoming more complex, from a risk and compliance perspective, there is a shift in the focus of organisations to areas like finance and taxation management, with the aim of reducing the risks that prevail in a very distributed set up.

Rather than a question of cost or value, till fairly recently, the greater consideration was whether automating complex functions was possible. Vishal Parekh noted, “Until even seven years ago, complex functions like tax were considered hard to automate and nearly impossible to centralise. It required complex, multi-step processes and a considerable amount of human talent. But now,  people are leveraging our solutions to do the same job with around 80% less resources and 80% more efficiency.” Consequently, there is a growing trend of companies centralising these functions.

They also discussed the next level of GCC aspirations in terms of the value curve, envisioning the creation of data lakes that can be leveraged to step up change. As companies evolve, they will find the need for new, unified and intelligent supply chains, made robust with technology. GCCs could also play a role in statutory reporting, due to their ability to standardise in a central environment, drive automation, leverage capability and sustain knowledge.

As GCCs deliver higher quality outcomes, at faster turn-around-times and lower costs, the dependence on third party providers in the market will decrease, which in turn will drive efficiency further. Further, with greater scalability, consistency and efficiency, the implementation of best practices becomes a given.

In the past, roadblocks for GCCs typically revolved around people and technology. The panel discussed strategies for retention of talent and adopting the right technology, which are the cornerstone of success of a GCC. They concluded that future proofing talent requires knowledge-transfers and training in soft-skills and cultural fit, while future proofing of technology involves keeping track of emerging trends that facilitate scale, optimization and sharing.

The last session in the series was themed ‘Global Capability Centres: Roadmap to the Future’. It put a spotlight on how Indian GCCs are moving up the ladder to lead global R&D efforts. The knowledgeable panel, featuring David Fox, Vice President & MD, Corporate Business, AEM, Thomson Reuters; Milton Fernando, Head Finance Business Service, Renault Nissan and Rajib Basu, Head – Record To Report & Bill to cash, Bosch GBS India, envisioned how GCCs in India could evolve to chart their journey with a complete growth mind-set.

David Fox set the tone for the discussion, saying, “There has been a significant change in the way corporations approach their GCC strategies. From the mind-set of low-cost labour models being pivotal, they are now looking at end-to-end process ownership, with senior business leadership appointments at these centres. This has enabled decision making capabilities to take place globally out of GCCs.” He also added, “With technology playing a crucial role, knowledge bases processes that require expertise – like tax, trade and compliance – are being undertaken at GCCs and play a key role in advancing the value that these centres are providing to multinational organisations.”

They shared that in general, GCCs have been essential value drivers for organisations across the spectrum. However, forward looking GCCs have turned into global powerhouses for processes, centralisation of which was thought of as unimaginable in the past. Such GCCs were able to envision and articulate the business case internally and successfully chart the journey of their evolution, with a growth mind-set.

All in all, the three-part series ‘The Future of Global Capability Centres’ clearly emphasised that the best is yet to come for GCCs in India. Despite ~25% of its workforce operating from GCCs in Bengaluru and Hyderabad, Thomson Reuters believes that the potential of GCCs is India still demonstrates immense untapped opportunities. Powered by skilled talent, content-driven technologies and an innovative workplace culture, GCCs in India can deliver a stronger value proposition to organisations around the world.

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Interview with Praveen Rawal, Managing Director of Steelcase India, SAARC and the design centre at Kuala Lumpur for Asia-Pacific

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In this exclusive conversation, Praveen Rawal talks about the future of work. The pandemic has changed both personal and professional lives for good. Companies have woken up to the new reality and have changed their “business as usual” approach despite offices slowly opening up again across the country. Mr Rawal reckons that working environments will need to conform to the new reality. That is where outfits like Steelcase are spending time, money and efforts to realign and refocus their products. In this free-flowing conversation, Mr Rawal offers his vision for Steelcase and where he thinks the industry is headed. Overall, as an eternal optimist, he thinks that this is a start of a new era.

This is a Partnered Post

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Allcargo Logistics reports best quarterly performance; logs a nearly five-fold rise in profit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Allcargo Logistics on Friday reported a nearly five-fold rise in consolidated net profit at Rs 246.85 crore for the quarter ended March 31, 2022. The company had posted a net profit of Rs 53.71 crore for the year-ago period, Allcargo Logistics said in a filing to BSE.

Income went up to Rs 5,786.65 crore in the quarter from Rs 3,360.07 crore in the year-ago period, the filing said. This has been the best ever performance recorded by the company, setting the stage for the next phase of growth on the back of strategic acquisitions and transformational initiatives undertaken by Allcargo, it said in a statement.

According to the company’s chairman Shashi Kiran Shetty, Allcargo Logistics’ record performance is a result of sustained strategic initiatives over the last few years. “The company’s sharp focus on technology has benefitted it in many ways, be it using data science and automation to drive optimisation, or digital platforms to serve customers better,” he said.

Also Read | Hindalco Industries reports highest-ever quarterly net profit of Rs 3,851 crore

“Alongside, our market-leading operational capabilities have allowed us to generate strong cash flows and profits also, besides exceptional growth in revenue. This approach has attracted business leaders across the world to join our management team, positioning us well to drive the next phase of asset-light growth,” he said.

Further, the recently announced demerger will provide strategic independence and financial flexibility to businesses boosting growth in the long term, Shetty added.

Allcargo Logistics, a part of Allcargo Group, is a global leader in multimodal logistics solutions.

Also Read | BPCL March quarter profit slides to Rs 2,130.5 crore despite 25% jump in revenue

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JSW Group may spend $1.7 billion to buy Mytrah Energy’s wind and solar assets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

In yet another instance of a big-bang deal brewing in the Indian clean energy segment, Sajjan Jindal-led JSW Group has signed an exclusivity agreement with Hyderabad-based Mytrah Energy to buy the latter’s wind and solar assets, multiple industry sources with knowledge of the development told Moneycontrol.

“There was a lot of interest from both global and strategic players as well as funds for this transaction as it’s a portfolio of sufficient size and scale and there aren’t many such assets up for grabs in the market. Mytrah Energy has signed an exclusivity pact with JSW Group which wants to purchase the entire portfolio,” one of the persons cited above told Moneycontrol.

A second person told Moneycontrol that JSW Group had edged ahead of other suitors and that the enterprise value of the deal was likely to be between $1.6 billion and $1.7 billion. He added that JSW Energy, the likely acquiring entity, was keen to bolster its green energy footprint. Mytrah Energy has 1.7 GW of operational wind and solar assets.

A third person also confirmed that JSW Group was the frontrunner to acquire Mytrah Energy’s assets. Moneycontrol had reported on the early stages of the deal post its launch on July 5, 2021. The report had added that investment bank Barclays was handling the sale process. All the three persons cited above spoke to Moneycontrol on condition of anonymity.

In response to an email query from Moneycontrol, a JSW Energy spokesperson declined to comment. Moneycontrol could not elicit an immediate response from Mytrah Energy and will update this article as soon as we hear from the firm. Phone calls to the management remained unanswered at the time of publishing this report.

Mytrah Energy, which had toyed with the idea of a US SPAC (special purpose acquisition company) listing earlier, owes more than Rs 2,000 crore in mezzanine debt (a form of financing that is part debt and part equity) to the likes of Piramal Group and APG Asset Management.

According to an earlier report by Mint, Singapore-based energy major Sembcorp and Spain’s Enfinity Global had also been shortlisted for the final round of the sale process for Mytrah Energy’s assets.

THE MYTRAH FOOTPRINT

In March 2022, in a big boost for the renewable energy sector, the Andhra Pradesh High Court reinforced the sanctity of power purchase agreements (PPAs) struck between wind and solar independent power producers and state discoms. The verdict gave a liquidity boost to local players like Mytrah Energy.

According to the Moneycontrol report dated July 5, 2021, Mytrah Energy’s assets are spread across 17 wind farms and 21 ground-monitored solar farms in nine states – Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Tamil Nadu. It sells power mainly to state grids through 13 to 25-year PPAs. In addition, its 100.5 MW project in Tamil Nadu sells power directly to industrial consumers on short-term agreements.

According to the firm’s website, it has the largest wind data bank in India, being the only independent power producer having a pan-India presence of over 240 wind masts.

INDIAN CLEAN ENERGY SECTOR: RED HOT FOR M&A

The domestic renewable energy segment has been buzzing with M&A activity for the past two years. “It’s a very active and fragmented sector and players want to exit or recycle capital. It has also caught the global fancy of ESG (environmental, social and governance) over the last 12 months,” said an industry executive on condition of anonymity.

In April, Tata Power announced that a consortium consisting of Blackrock and Mubadala would pump in Rs 4,000 crore in the former’s renewable energy arm.

The year 2021 saw the acquisition of Softbank Energy by the Adani Group for a record $3.5 billion. Earlier in the year, French energy major Total struck a $2.5-billion deal with the Adani Group via a combination of JV and stake-buy with Adani Green Energy. In February 2021, top domestic player ReNew Power and RMG Acquisition Corporation II announced the execution of a definitive agreement for a business combination that would result in ReNew becoming a publicly listed company on the NASDAQ.

According to the official announcement by ReNew Power, the pro forma consolidated and fully diluted enterprise value of the transaction was approximately $8 billion. This was a landmark transaction as it represented the first major overseas listing of an Indian company via the SPAC route, which has gained immense popularity over the last year on Wall Street.

Actis Llp’s purchase of 500MW of solar projects in India from Finland’s state-controlled power utility Fortum Oyj for around €280 million is another example of deal activity in the sector. Reports have also indicated that Morgan Stanley’s majority stake in Continuum Wind Energy is up for grabs as well after the likes of US firm SunEdison Inc and Norway’s Statkraft had earlier expressed interest in the asset.

The Indian government has set an ambitious renewable energy target to achieve 175 GW by 2022 and 450GW by 2030 as part of its climate commitments.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow