Business Wire India | August 11, 2016
Pune, Maharashtra, India
India’s First Mobile App for Instant Cash, EarlySalary.com offers quick personal loans ranging from Rs. 10,000 to Rs. 1 lac
Equipped with Digital Underwriting, Social algorithm and machine intelligence that enables instant decisioning
EarlySalary is building real time payments and loans disbursal systems
EarlySalary.com, a mobile based company that gives instant credit has appointed Vivek Jain from Infosys as the Chief Technology Officer (CTO). He will be based in Pune and will lead the technology initiative for the FinTech Startup.
Vivek is an industry veteran with close to two decade of experience. Prior to joining EarlySalary, he was the Principal Architect at Infosys and lead core Banking and Financial Services automation and technology development and implementation. He has also worked with organizations like Dubai Customs as Enterprise Architect and Franklin Templeton Investments in the past.
At EarlySalary, Vivek will spearhead the technological prospects for the company. He will be responsible for building real-time automation in underwriting, decision systems & payments layer. His overall experience includes – software design, development and project leadership in building high performance, scalable software products and platforms in cluster/distributed computing, database and m-commerce domain.
Further to appointing Vimal Saboo of Edelweiss group as Chief Business Officer few weeks back, this is the second strategic hire by EarlySalary.com.
Speaking on this occasion Vivek Jain, CTO, EarlySalary, said, “FinTech is the most innovative and disruptive space in the country and is poised to change the way banking happens in India. EarlySalary is investing in building a strong technology layer to power real-time payments & loans, which will be leveraged by real-time decisions linked to social media based analytics. This ground-breaking innovation from EarlySalary will enable the same.”
Adding to this Akshay Mehrotra, Co-Founder & CEO of EarlySalary commented, “We welcome Vivek on board to build the country’s 1st digital social lending & instant credit platform. We hope to build a strong technical team and build innovative product to help more consumers and offer better credit in the country.”
Key Facts to EarlySalary
Based in FinTech Corridor of Pune
Currently launched in 5 cities – Pune, Bangalore, Chennai, Mumbai & NCR (including Delhi, Gurgaon and Noida)
Offers instant loans of upto Rs. 1 Lacs decisioned in 10 minutes
Loans to young working individuals from 7 days to 30 days
Headquartered in Pune, EarlySalary.com is a Fintech Start-Up that uses new age technology for lending funds. The company aims to deliver a revolutionary new business model which is set to change the lending market in India. EarlySalary.com is an innovative lending platform that will change the way loans in India are taken.
Being a new age online brand, we bring together new credit scoring systems for superior customer profiling; our mobile first strategy will help customers get loans within minutes. The online platform is backed by a strong leadership team that aims to build a new credit scoring platform that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts.
EarlySalary.com is the first financial product from Social Worth Technologies, which was founded in October 2015 and operates in Pune with a team of 40+ young professionals who are working towards a solution to cater to your daily financial needs.
For more information please visit www.earlysalary.com
Business Wire India | August 11, 2016
Mumbai, Maharashtra, India
First of its kind loan product in the country for the urban low income segment
‘Nano Credit’ to offer unsecured loans of up to INR15,000 per individual, by way of a term loan or overdraft
‘Nano Credit’ can be availed by 35 million existing customers of Suvidhaa from any of the 22,000 Suvidhaa Axis Bank BC outlets
Quick disbursal within 1-2 hours, easy access to loan amount through pre-paid card, withdrawal through any ATM / merchant payment through POS machines.
Axis Bank, the third largest private sector bank in India and Suvidhaa Infoserve, a major player in domestic remittance and digital payments sector, today announced the roll out of ‘Nano Credit’ – pre-approved, instant and unsecured loans for the urban low-income segment.
The product offers credit of up to INR 15,000 which can be availed by all existing customers of Suvidhaa by simply walking into any of the 22,000 Suvidhaa outlets across India and following an instant check of their loan eligibility by the respective outlet agent.
A first of its kind product in the country, ‘Nano Credit’ is designed to benefit the unbanked and digitally excluded urban low income segment.
With flexible repayment options and instant transaction processing capability, the product helps overcome one of key challenges of this customer segment – the need for cash on a daily basis and related irregularities in cash flow.
Speaking on the occasion, Rajiv Anand, Executive Director, Axis Bank said “This new initiative with Suvidhaa will strengthen our presence in the Urban Microfinance space. The pre-approved Overdraft facility is amongst the first in the Indian market for low income households. Axis Bank is committed to catering to the financial needs of this traditionally excluded category by extending innovative products based on state of the art technology. This programme is being launched in Mumbai and shall thereafter be offered in Surat, Pune and Delhi in this financial year.”
Elaborating on the product, Paresh Rajde, Founder of Suvidhaa Infoserve said, “This is a truly disruptive and revolutionary product which reaches to the under-served segment of customers who is most needy of such loan facility. Suvidhaa has a rich repository of transaction history for 35 million customers who have been engaged in various service transactions including remittances, payments of insurance premium, bill, ticketing etc. and mapped using Aadhar’s e-KYC. This enables us to exactly gauge the client’s loan repayment capacity, thus reducing risks for the bank. Suvidhaa’s robust analytics and technology helps Axis Bank reduce the time for disbursement making ‘Nano Credit’ an instant loan facility offered on a prepaid account – something that has never been done in this country.”
With the national rollout, Axis Bank & Suvidhaa will focus on Delhi-NCR, Surat and Pune in the coming months. The loans under “Nano Credit” are Aadhaar e-KYC verified, pre-approved, collateral free, individual loans with a simple documentation process.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 3,006 domestic branches (including extension counters) and 12,871 ATMs across the country, as on 30th June 2016, the network of Axis Bank spreads across 1,855 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
Suvidhaa is a leading payments company that offers financial services such as remittances, interoperable open loop prepaid cards besides a large suite of value added services such as ticketing (Rail/Air/Bus), Utility bill payments, Mobile/DTH/Data recharges, Insurance premium payments, Corporate cash collection and mobile-based merchant acquiring services. These services are offered through Suvidhaa’s 90,000 retail touch points in over 9500 PIN Code locations across India. Over 300 service providers ride on Suvidhaa’s robust S-Commerce platform to reach their last mile. Suvidhaa has now forayed into micro credit with its unique & first-of-its-kind Nano Credit Program targeted towards its 35mn unique customers. Mr. Paresh Rajde promoted Suvidhaa in 2007 and was angel funded by Mr. Shapoorji Pallonji Mistry.
Business Wire India | August 11, 2016
New Delhi, Delhi, India
Through its customizable toolset, Betaout allows e-commerce companies to retain users effectively and helps them recover lapsed users.
According to a Morgan Stanley Research report the Indian e-commerce market will be worth $119 billion by 2020. Currently the Indian ecommerce market is about $38 billion. The report also said that Internet penetration could increase from 32% in 2015 to 59% in 2020 which would lead to a 2x growth of the Internet user base. The report says India will have almost 320 million online shoppers by 2020 compared with 50 million in 2015.
As the e-commerce market heats up, companies that will emerge as leaders will be the ones who are able to attract and retain a customer base that is spoiled for choices. Typically multiple and unsynced marketing tools such as emails, notifications, and messages are in use by e-commerce companies, which can inundate and irritate users and drive them away from the platform.
There is a crying need in this growing and highly competitive market, for marketing tools which do not defeat the exact purpose for which they were developed, and that help e-commerce companies engage and retain users. This is extremely crucial in a market dominated by multiple companies vying for the same customer base.
Betaout offers a customized set of tools that e-commerce companies can use to differentiate themselves and thereby address specific customer needs. The market right now is dominated by vanilla tools which are generic and not customizable.
Betaout differentiates itself by the following features and functionality:
Sophisticated CRM: Betaout’s highly sophisticated CRM can tell e-commerce companies how much money a customer has spent on their site in total. It can also predict how much more money the customer is going to spend in the future and on what categories and products.
Mobile Push and in-App Notifications: With over a billion mobile connections in India, smartphones are geared to drive the next phase of e-commerce in the country. Betaout’s mobile integration with both iPhone and Android further helps e-commerce companies target the right users with the ability to perform timely mobile push and in-app notifications.
On-site Personalisation: Betaout is also the only on-site engagement product at this point that can personalise the entire website and mobile site, based on the customer segments and lifecycles, created by an e-commerce company. This tool allows e-commerce companies to personalize the same without any coding or additional technical knowledge.
Cart Recovery: A big problem faced by e-commerce companies is cart recovery, wherein users don’t complete their purchases which can result in significant losses to e-commerce companies. Betaout’s cart recovery tool uses multiple marketing channels to get the user to complete the purchase, and thereby positively impacts sales.
Dedicated Customer Managers: Betaout offers not just online help with its product but also has dedicated customer success managers in India and Indonesia to ensure that e-commerce companies can solve any hiccups with the tool, instantly.
Advanced Analytics for Marketers: Most analytics tools available are generic in nature and do not provide insightful data that can be implemented in making key marketing decisions. Betaout’s analytics tools are more granular and insightful in nature since it’s created specifically for its end users, the marketers themselves (our software is specially designed for ecommerce. For eg: With the help of conversion booster one gets to know about the campaign performance across all channels. It helps you to calculate total attribution and conversion for a campaign across all channels. You can target a user according to their last conversion).
Customer Segmentation and Lifecycles: Most automation software have this feature, but they support either lifecycles or customer segments. Betaout is the only company at the moment that allows e-commerce companies to support both, wherein it helps build lifecycles/ funnels (where a customer can only be in one lifecycle) and also segments (where a customer can be in multiple segments). This feature also allows e-commerce companies to do customer tagging.
In order to stay competitive, and engaged with a dynamic customer base, e-commerce companies will need to engage with them at multiple touch points where they are most active such as on mobile devices, in-apps, desktops, social networks and the like. The need of the hour for e-commerce companies is to unify their marketing channels so that they talk to each other instead of each functioning in isolation. By using a hassle free and easy-to-use marketing tool such as Betaout’s, e-commerce companies are able to align their marketing efforts, giving them the much needed edge over their competitors.
Conference provides a platform for design engineers to exchange ideas and best practices
Business Wire India | August 11, 2016
Bangalore, Karnataka, India
Cadence Design Systems (India) Pvt. Ltd., a subsidiary of Cadence Design Systems, Inc. (NASDAQ: CDNS), successfully concluded its annual flagship user conference CDNLive India 2016. The conference brought together users and industry experts from semiconductor and electronics product and design services companies.
The two-day conference, held on August 9 and 10, provided an opportunity for participants to network with peers and industry leaders, share best practices, understand the latest solutions and discover new techniques to address their most difficult design challenges.
Speaking about the conference, Jaswinder Ahuja, corporate vice president and managing director of Cadence India, said, “Over the years, CDNLive India has become one of the most eagerly awaited conferences for the EDA and electronic ecosystem. It’s inspiring to see the enthusiasm amongst the attendees, many of whom have been attending the event for several years, which is a testament to the growing semiconductor and electronics design community in India.”
On Day 1, August 9, Michal Swinski, vice president product management, System and Verification Group, Cadence Design Systems, Inc., gave a keynote talk on “Expanding your Opportunities with System Design Enablement”. The guest keynote on Day 1 was Dr. Karthik Sankaran, general manager, IoT Platform, Analog Devices, Inc., who addressed the audience regarding “Internet of Things (IoT) – Technology and Application Driver for the Semiconductor Industry”. On Day 2, August 10, Vivek Mishra, vice president of product engineering in the Digital and Signoff Group, Cadence Design Systems, Inc., presented a keynote on “Expanding your Opportunities with System Design Enablement”. The guest keynote on Day 2 was Balaji Kanigicherla, founder, CTO and vice president of engineering, Ineda Systems, who talked about “Internet of Things – Opportunities and Challenges”.
The conference featured 10 tracks and 85 paper presentations. More than 30 companies involved in the semiconductor, software and electronics industries participated in this year’s event.
The best paper award winners were:
Comprehensive and Efficient GLS using Innovative Apps
System/Verification: Advanced Methodology
Fault Verification Of Safety Centric Automotive Mixed Signal Chip
Functional Safety Analysis Demystified With Cadence Safety Verification Solution
System/Verification: Hardware Assisted
Enhancing Transaction Based Acceleration Performance using Efficient SCE-MI modelling
PCB Design & IC Packaging
Seagate Technology HDD India Pvt Ltd
High Speed Signal Routing Techniques & Challenges
A Novel EMIR Methodology For Embedded Memories
Comprehensive Automated Design Validation Suite for Standard Cells
System-to-Signoff: Digital Implementation
Physical Implementation tricks & techniques with Innovus for large designs
System-to-Signoff: Digital Front-End
Abstract Boundary Model Based Test Architecture
Freescale Semiconductors Pvt. Ltd. (part of NXP Semiconductors Group)
Signoff Timing Analysis Challenges and Solutions for Hierarchical Designs
Cadence enables global electronic design innovation and plays an essential role in the creation of today’s integrated circuits and electronics. Customers use Cadence® software, hardware, IP and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers and research facilities around the world to serve the global electronics industry. More information about the company, its products and its services is available at www.cadence.com.
In an endeavor to strengthen its fast growing global footprint, Wadhwani Foundation today announced the appointment of Suman Sasmal, Managing Director – India and Asia, Javier Campos, Managing Director – Latin America and Varsy Wanjau, Managing Director – East Africa. This further shores up the highly skilled and experienced global management team at the Foundation and reaffirms its global job creation strategy led through entrepreneurship, innovation and skills development initiatives.
This strategic hiring aligns with the Wadhwani Foundation’s mission of accelerating economic development in emerging economies. The Foundation is present in India, Indonesia, Malaysia, Philippines, Bangladesh in Asia, Kenya, Uganda, Tanzania and Ethiopiain East Africa and soon in Mexico, Chile, Columbia and Peru in Latin America. In each of these countries the Foundation is forging partnerships with governments, educational institutes, corporates, mentors / investors networks, associations, to create entrepreneurial and skilling eco-systems by sharing IP, resources and experiences from its journey in India. It has plans to expand to 15-20 more countries in Southeast Asia, Africa and Latin America, by 2020.
Emphasizing on the strategic importance of these hires, Dr. Ajay Kela, President and CEO, Wadhwani Foundation said, “The Foundation has developed a tried and tested model for job creation and job fulfillment in India, and is now rapidly scaling operations in multiple emerging economies. Leveraging technology, building capacity networks and establishing government partnerships form the cornerstone of this expansion strategy. Having tested this expansion model in Malaysia and Indonesia earlier, the Foundation is now launching its initiatives in multiple countries in East Africa, Latin America and Asia. To achieve these objectives, the Wadhwani Foundation is pleased to have on board three seasoned professionals, Suman Sasmal, Javier Campos and Varsy Wanjau to head India & Asia, Latin America and East Africa regions respectively. With their years of experience managing businesses and technology, the Foundation hopes to accelerate scaling and accessibility of its entrepreneurship and skilling initiatives, globally”.
As Managing Director, India and Asia of Wadhwani Foundation, Suman Sasmal will be responsible for all product development and deployment across most Wadhwani Foundation initiatives, including NEN, SDN, OND,in India and South East Asia. With a successful career in the IT services industry spanning almost three decades, Suman has a unique track record of working across multiple roles and geographies. Prior to joining Wadhwani Foundation, Suman had worked with Infosys as Global Head of Delivery for Healthcare, Insurance and Life Sciences and Head of the Infosys Development Centre at Bangalore.
“After spending years in the technology sector, this exciting opportunity to work with the Wadhwani Foundation caters to a long unfulfilled dream of contributing to the society and providing high-value jobs to millions, by amplifying human potential. I am grateful to be part of a movement that has a laser sharp focus on outcome of high-value jobs providing family supporting wages for 25 million by 2022”, says Suman Sasmal, Managing Director,India and Asia, Wadhwani
Javier Campos as the Managing Director, Latin America will be based in Mexico City and will be responsible for the Foundation’s Latin America Operations. With over 20 years of a successful career across markets and industries in Europe and Latin America, Javier’s entrepreneurial spirit, business development strategic thinking and global deployment experience led to germination and expansion of several start-ups and new divisions of global organizations. Prior to joining Wadhwani Foundation, Javier was the Vice President of the International Division of USS, where he was instrumental in the development and implementation of the international growth for the company. Previously, as the Managing Director of Stanley Security Mexico, Javier was instrumental in launching the company in the region and establish it as a strong player in the market. Javier started his career at Schneider Electric, where he took various management roles in Latin America, Europe and the Middle East to create growth strategies focused on Industrial, Aerospace and Defence markets.
Expressing happiness on joining the Foundation, Javier Campos, Managing Director, Latin America, Wadhwani Foundation said, “Early in my career, I questioned myself as to why I had been given the opportunity to learn and grow both personally and professionally, helping global organizations to expand around the world. Now, I’ve learnt that it all comes down to serve a greater purpose: To give back to society. Joining the Wadhwani Foundation to lead and deploy its mission of accelerating economic development through large-scale job creation in Latin America will allow me put all my experience, knowledge, passion and energy to fulfil this noble purpose”
Varsy Wanjau, Managing Director, East Africa is based in Kenya and will be responsible for building and leading operations and managing business partnerships with the Government, Academia and Industry. With over 15 years of experience in customer service and administration, Varsy will also be responsible for building a strong bonded community of beneficiaries (start-ups, SMEs and skilled personnel) and partners (mentors, investors, associations, corporates, academic institutions, government officials). Prior to joining Wadhwani Foundation, Varsy worked with Rapidol Pty Ltd, South Africa as the Country Manager and other organizations like Ceva Sante Animale France, Nestle’ Kenya Ltd., HACO Industries BIC France Alberto Culver USA; East and Central Africa and Procter & Gamble East Africa.
Elated by his new role, Varsy Wanjau, Managing Director, East Africa, Wadhwani Foundation, said “I am excited and enthused to be deploying Wadhwani Foundation’s skilling and entrepreneurship-led initiatives in East Africa starting with Kenya, Uganda, Ethiopia and Tanzania. The Foundation has made phenomenal impact in India and taken significant strides in other markets like Malaysia and Indonesia and I will be looking replicate this success in East Africa. For over 15 years I have turned around several corporations under challenging circumstances and I am now honoured to be part of the Foundation’s job-creation endeavors.”
Senior Hires to accelerate its job-creation efforts in emerging economies
About Wadhwani Foundation
Wadhwani Foundation was founded in 2000 by Dr. Romesh Wadhwani with the primary mission of accelerating economic development in emerging economies through large-scale job creation. The Foundation is present in India, Indonesia, Malaysia, East Africa and Latin America operating in association with governments, corporates, mentors, investors and educational institutes and has plans to expand soon to other countries in Asia, Africa, and South America. Its five Initiatives are driving job creation through innovation, entrepreneurship and skill development.
National Entrepreneurship Network (NEN) inspires, educates, and supports student entrepreneurs, start-ups, and SMEs for creating high-value jobs. Over the past ten years, NEN has trained over 3,000 faculty across 500 institutes, who now regularly offer entrepreneurship courses to more than 100,000 students annually. NEN recently signed an agreement with Ministry of Skill Development and Entrepreneurship to scale this to 3000 institutes. NEN has also ventured into creating city based entrepreneurial ecosystems that would consist of mentors, investor and incubators supporting start-ups and SMEs.
Skills Development Network (SDN) aims to equip non-college-bound high school graduates with sufficient work-skills to command family supporting wages. Today, SDN works across 3000 high schools and with over 200,000 students and is embarking on scaling this to 15,000 schools over the next three-five years, in partnership with the Indian government. SDN is also working with the Central and State Governments to transform ITIs to modern manufacturing training hubs and multi-skill institutes and with employers to engage in providing adjunct faculty, internships and apprenticeships.
Opportunity Network for Disabled (OND) mainstreams the educated disabled into sustainable, high-quality corporate jobs through a business value proposition. 8,000 people have been placed through this initiative and OND, in partnership with the government and industry, is building capacity to place 100,000 over the next five years with the ultimate goal of corporates recognizing the business value of hiring and mainstreaming the disabled.
Research and Innovation Network (RIN) aims to create a world-class innovation ecosystem in India with the goal of propelling India towards the top ten innovative nations in the world. The Wadhwani Research Centre for Biotechnology (WRCB) at IIT Bombay and Shanta Wadhwani Centre for Cardiac and Neural Research (SWCCNR) at NCBS, Bengaluru, are the two pioneer centers set up by RIN. The Start-up and Small Business Innovation (SSBI) initiative aims to create national ecosystems in critical sectors of high importance.
Policy Research Center (PRC) provides data-driven research inputs for informed policy action towards accelerating economic growth. PRC has assessed the performance of two of India’s most comprehensive and largest programs initiated by the Department of Biotechnology and administered by Biotechnology Industry Research Assistance Council (BIRAC) – SBIRI and BIPP. The assessment led to evidence-based recommendations for policy makers to improve impact and scale of innovation programs in small and medium-scale industries. The Foundation envisions creating partnerships with various central government organizations to initiate innovation grants to 25,000 companies over five years as part of the SSBI Initiative.
HDFC Ltd. goes live on CIBIL Consumer Connect solution
Newsvoir | August 11, 2016
Mumbai, Maharashtra, India
Credit Information Bureau (India) Limited (CIBIL), India’s leading credit information company, today announced a unique offering for HDFC Ltd. customers. HDFC Ltd. has implemented the CIBIL Consumer Connect solution through which its customers can now purchase their CIBIL Score and Report directly on its website within seconds.
Mrs. Renu Karnad, Managing Director, HDFC Ltd. said, “We are committed to partnering in the financial journey of our customers by helping them make decisions that assist with their goal of purchasing a home. Given that the CIBIL Score & Report is important in our decision to lend, creating awareness and providing quick access to their own CIBIL Score on our website is a step in that direction. Regular monitoring of one’s CIBIL Score and Report will help ensure that there are no surprises when one applies for a loan at HDFC”.
CIBIL Consumer Connect solution assists credit institutions in connecting better with their customers in order to improve customer delight and build a loyal customer base while driving consumer awareness on credit discipline.
While explaining the CIBIL Consumer Connect solution Mr. Satish Pillai, Managing Director and CEO, CIBIL said, “Our motive is to create information solutions that help drive growth for the credit industry while fuelling faster, easier and cheaper access to finance for the consumers. CIBIL Consumer Connect is a unique solution that can help credit institutions in enhancing customer delight and propagating awareness and financial literacy on credit management “
The CIBIL Score and Report has become one of the most trusted indicators of an individual’s credit risk and repayment capability and therefore today almost no loan or credit card gets sanctioned without checking the applicants CIBIL Report and Score. By accessing and understanding their CIBIL Score and Report – consumers are able to better manage their credit history and ease their access to finance in the form of loans and credit cards. CIBIL data indicates that more than 79% of new credit is sanctioned to borrowers above a score of 750. It is important that borrowers therefore access their CIBIL Score and report regularly to assess their own credit worthiness.
CIBIL is India’s leading credit information company. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. It also provides services and education to consumers to help them better manage their finances.
Global technology company to harness the power of the digital industrial ecosystem
Business Wire India | August 9, 2016
Bengaluru, Karnataka, India
Mindteck, a global technology company (BSE: 517344 and NSE: Mindteck), today announced that it has entered into the GE Digital Alliance Program which focusses on growing the digital industrial ecosystem.
“This alliance will enable Mindteck to further its IoT competency into the Industrial space, and will provide customers with the right insights and analytics for their businesses to eliminate any inefficiencies,” commented Yusuf Lanewala, Chairman & Managing Director, Mindteck.
Mindteck has developed its own Ignite platform, a key component of the Internet of Things (IoT) ecosystem. As a result of joining this new alliance, Mindteck will have the capability to develop industrial apps using Predix, GE’s cloud platform for the Industrial Internet.
About Mindteck (India) Limited
Mindteck is a global technology company that provides Product Engineering solutions and Information Technology services to top-tier Fortune 50-1000 companies, start-ups, leading universities and government entities. The company’s depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Office locations span the US, UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India. In addition, there are four development centers: US, Singapore and India (Kolkata and Bangalore). Mindteck is listed on both the Bombay Stock Exchange (BSE 517344), as well as the National Stock Exchange. The company is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). It is also a Founding Member of ‘The Atlas online’ (www.atlas.cid.harvard.edu) for the Center for International Development (CID) at Harvard University.
Rs. 180 crore Capex to set up a new Multi-Purpose Plant for specialty chemicals
Rs. 165 crore capex to set up SRF’s second Chloromethane Plant
SRF Board, in tune with the company’s strategic intent of expanding its chemicals business, approved two separate capex proposals aggregating Rs. 345 crore in the meeting held on Monday, August 8, 2016. One of the proposals pertains to setting up a Multi-Purpose Plant for specialty chemicals at an estimated cost of Rs. 180 crore and the second one for Chloromethane (CMS) plant at an estimated cost of Rs. 165 crore in its Chemical Complex at Dahej in Gujarat.
SRF’s Chemical Complex at Dahej, Gujarat
The new Multi-Purpose plant is expected to further augment SRF’s capability to develop and commercialise new molecules for agrochemicals and pharmaceutical sectors. Set up essentially with a view to providing further flexibility in its manufacturing capability, the new unit will enable SRF to cater to wider range of specialty products for emerging needs of the sector. The capex is in tune with the business objective of enhancing its product portfolio in order to continue to serve its customers on an ongoing basis.
The second project that got approved in the Board, aims to double SRF’s capacity for Chloromethanes to 80,000 tonnes per annum. The existing Chloromethane plant is situated at Bhiwadi in Rajasthan.
The new Chloromethane plant will enable SRF to meet the growing needs of its Pharma customers for Methylene Dichloride (MDC) and will strengthen its foothold in the Indian market, which remains a net importer of Methylene Dichloride (MDC). SRF already enjoys an enviable reputation of a credible domestic supplier of MDC with most of the leading Pharma customers in India over the last 20 years. Besides, MDC is a key raw material for HFC 32, the refrigerant that SRF recently started manufacturing at its Bhiwadi plant with its own technology. The new plant will thus make SRF the only Indian integrated producer of HFC 32, a refrigerant to be increasingly used in room air-conditioners in future.
The expansion of Chloromethanes plant is, however, strongly linked to captive consumption of Chloroform, which has limited usage. SRF is, therefore, uniquely positioned to leverage the opportunity as it has the capability for captive consumption of the other two ingredients, Chloroform and Carbon Tetra Chloride (CTC).
Apart from its usage as a solvent in the growing pharmaceutical drugs, MDC is also used for various applications such as foam blowing segments, Aerosols, Polycarbonate Resins and Adhesive formulations. Chloroform is mainly used as raw material to manufacture HCFC 22 and also in Pharma and CTC as feedstock in agrochemical intermediates.
SRF will thus consume a large part of Chloroform for manufacturing HCFC 22, which will be increasingly used as a feedstock for specialty chemicals, a business of SRF that has been growing steadily for last five to six years. Similarly, the captive consumption of CTC at SRF will also increase as feedstock for its specialty chemicals.
The new Chloromethane plant with an annual capacity of 40,000 tonnes is scheduled to be commissioned in December 2017.
The Chloromethanes along with Trichloroethylene (TCE), Perchloroethylene (PCE) and Dilute Hydrofluoric (DHF) acid jointly form SRF’s portfolio of solvent products under its Fluorochemicals Business. The other products of the business include a wide range of refrigerants, sold under the brand name of FLORON both in India and abroad.
Established in 1970, SRF, as a group, has today grown into a multi-business global entity with operations in 3 countries. With proven R&D capabilities, especially in the niche domain of Chemicals, SRF strives to stay ahead in business through innovations in operations and product development. The company is not only a domestic leader in refrigerants, but also continues to be the only manufacturer of indigenously developed refrigerant, HFC 134a in India. The company also enjoys global leadership position in Technical Textiles. Besides, the company enjoys a significant presence among the key domestic manufacturers of Packaging Films and Specialty Chemicals as well. A winner of the prestigious Deming Prize for two of its businesses namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with the TQM as its management way.
Business Wire India | August 8, 2016
Kochi, Kerala, India
ThinkPalm, a premier product engineering and IT services company, unveiled its fresh identity today with a revamped website, logo and tag line. The rebranding is the upshot of the company’s steady penetration into the global market, diversification into multiple business segments and the incredible propulsion of the company.
ThinkPalm commenced its operations in 2010 and focuses on Communications, Enterprise, Mobility, Embedded Systems and Testing verticals. An ISO 9001:2008 certified company, ThinkPalm operates from three global delivery centres at Cochin, Thiruvananthapuram and Chennai in India and has an extensive clientele in US, Japan, Europe and Middle East. With a workforce of over 250 employees, the company has transcended boundaries and entered the big league.
The revamped website, accessible at www.thinkpalm.com, embodies the strong point of the company to innovate and deliver like a large conglomerate, yet maintain the approachability and flexibility of a nimble organization.
“We aspire to strengthen our image, meanwhile advance our growth to new geographies. Our vision to be the world’s greatest service company calls for prolific contemporary and radical solutions that breathe new endurance into daily interactions with customers. To attain a positive vibe catalyzed by a new look, yet stay deep-rooted in the core values we cherish is the reason behind ThinkPalm’s unveiling of a new identity,” states Manoj KP, CEO of ThinkPalm Technologies.
The new logo symbolizing “Thoughts into Action”, represented by a palm with three dots, denotes the core values upheld by ThinkPalm namely innovation, smart solutions and people oriented approach. The revised tag line “Innovate. Connect. Empower” is in line with the company’s ability to continuously deliver innovative products and services with reduced time to market for customers across multiple industries, empowering them to advance in their respective arenas. Never losing the perspective and always having the big picture while taking small steps with assurance, strength, fortitude and action are at the core of the company’s philosophy.
ThinkPalm with its revamped website, logo and tag line has taken a new direction, expanding its portfolio of offerings to leverage emerging technologies such as DevOps, SDN, NFV, IOT, Big Data and more. Moving forward, the company aims to expand its presence globally, cater to broader customer segments and strengthen its workforce to deliver innovative solutions.
IDFC Bank today launched its services in Meghalaya, opening its first branch in the capital city of Shillong and setting up first-of-its-kind interoperable micro ATMs in the state’s rural locations.
This is IDFC Bank’s first step in establishing its presence in the North East and expanding reach to the region’s under-banked rural and semi-urban locations.
The branch was inaugurated by Mr. Prestone Tynsong, Hon’ble Minister for Community & Rural Development, Border Areas Development, Forest & Environment & Parliamentary Affairs, Government of Meghalaya, in the presence of Dr. M. Ampareen Lyngdoh, Minister for Urban Affairs, Municipal Administration & Labour, Government of Meghalaya, and Mr. Ravi Shankar, Head – Bharat Banking, IDFC Bank.
Speaking on the launch, Dr. Rajiv Lall, Founder Managing Director & CEO, IDFC Bank, said, “IDFC Bank has chosen to establish presence in the North East in its very first year of operations. This shows its intent to achieve inclusive growth by expanding financial access in under-banked locations. The Bank’s plans for Meghalaya will be shaped by the state’s goal of financial inclusion. IDFC Bank will bring to citizens of Meghalaya, the convenience of doorstep banking, customised financial products and increased access to capital for micro, small and medium businesses.”
IDFC Bank’s branch, located in Shillong’s Demseiniong area, is powered by a custom-designed solar power system.
IDFC Bank’s innovative Interoperable Micro ATMs are designed to make banking simpler and more accessible across Meghalaya. The first few Micro ATMs are now operational in Mawlyngbna, a hamlet on the Indo-Bangladesh border and Umsning.
The Micro ATM enables citizens to transact from the comfort of their neighbourhoods, while also encouraging local entrepreneurship. The device, which functions like a ‘Bank in a box’ enables digital transactions for customers of any bank. It also provides instant account opening and activation, working on multiple identifiers including mobile numbers, debit cards, bank account numbers or Aadhaar.
IDFC has been working with the Government of Meghalaya since 2012, initially in an advisory role, and subsequently implementing projects funded by IDFC Foundation. Last year, through IDFC Foundation, it implemented a solar street lighting project in Mawlynnong and Mawlyngbna village. IDFC Foundation is currently working on a drinking water and micro-hydel project at Mawlyngbna village.
IDFC Bank currently has a network of nearly 70 branches, of which 50 are in unbanked rural and semi urban locations in Madhya Pradesh, Karnataka and Andhra Pradesh. To deepen financial inclusion, the bank is placing special focus on segments such as marginal farmers, micro enterprises and the self-employed.
The Bank’s interoperable micro ATMs have gained popularity across geographies where it has a presence, being used by retail shops, dhabas, chemists, panchayat offices and entrepreneurs. The concept has been particularly successful in Andhra Pradesh where the bank was the first to enable Direct Benefit Transfer (DBT) such as pensions; and cashless PDS payments, through its partnership with the state government.
About IDFC Bank
IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders.
For more information, please visit www.idfcbank.com