Tag: Business

Offering Comprehensive On-the-Job Training in Multiple Disciplines

New Delhi (India), August 1: WTiCabs, a prominent player in the transportation industry, has announced the initiation of its highly anticipated second batch of the Graduate Trainee Program. This program provides recent graduates with a unique opportunity to embark on a transformative journey of professional development and acquire valuable skills across various domains. With locations in Delhi, NOIDA, Gurugram, Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Kolkata, WTiCabs is committed to nurturing talent and fostering the next generation of leaders.

The Graduate Trainee Program spans 12 months and offers full-time, on-the-job training in Operations, Sales, Digital Marketing, HR, Finance, and IT. It is designed to provide trainees with a holistic view of WTiCabs, its processes, and operations. By immersing themselves in all aspects of the business, trainees will gain comprehensive knowledge and develop the skills required for a successful career in the transportation industry.

“We are looking for ambitious and talented individuals to join our team as Graduate Management Trainees,” said Hema Bisht, Director at WTiCabs. “Through this program, trainees will undergo rigorous training in various departments, allowing them to gain hands-on experience and a deeper understanding of our organization.”

The program’s curriculum is carefully crafted to ensure trainees receive a well-rounded education. They will work closely with experienced professionals who will guide and mentor them throughout their journey. By rotating through different departments, trainees will gain exposure to a diverse range of functions and develop a comprehensive skill set.

Comment from Ashok Vashist, Founder & Group CEO of WTiCabs:

“We are excited to kick off the second batch of our Graduate Trainee Program at WTiCabs. This program is a testament to our dedication to cultivating young talent and providing them with comprehensive training across various business functions. We believe in investing in our future leaders and empowering them to drive our company’s growth and success. I extend my warmest welcome to the new trainees and wish them a fulfilling and enriching journey ahead. Together, we will continue to redefine the transportation industry and deliver outstanding services to our valued customers.

Upon successful completion of the training program, trainees will receive a pre-placement offer at WTiCabs, effective from either 1st June 2024, 1st July 2024, or 1st August 2024, depending on the batch they join. This offers a promising career path and an opportunity to contribute to the growth and success of the organization.

The Graduate Trainee Program is scheduled to commence on 1st June 2023, with three batch start dates to accommodate university exam schedules. The start dates are as follows: 1st June, 3rd July, and 1st August 2023. Trainees will begin their journey with a three-day orientation, on the third day of orientation, candidates will be required to move to their designated training location, which will be communicated in advance.

“We believe in providing a nurturing and supportive environment for our trainees,” said Vivek Laroia, CEO at WTiCabs. “We aim to equip them with the skills, knowledge, and confidence needed to excel in their respective fields. The Graduate Trainee Program is a stepping stone to a successful and fulfilling career.”

As part of its commitment to trainee success, WTiCabs offers a quarterly bonus along with a joining bonus upon successful completion of the program*. The program is designed to provide trainees with comprehensive industry exposure, ensuring they are well-prepared for their future roles.

Interested candidates who meet the eligibility criteria are encouraged to apply with their updated resumes at info@wti.co.in . The selection process includes a pre-placement talk, screening round, group discussion, panel interview, and psychometric assessment.

WTiCabs is dedicated to nurturing talent, shaping future leaders, and providing a platform for individuals to thrive in the Employee Transportation Industry. 

WTiCabs is a leading transportation services company with a strong presence across various cities in India. With a focus on providing reliable and convenient travel solutions, WTiCabs has emerged as a trusted brand in the industry. Their commitment to excellence is reflected in their corporate car rental services, Employee transportation services, seamless airport transfers, efficient outstation cab services, and prompt railway station pick-up and drop-off services. WTiCabs prioritizes customer satisfaction by delivering exceptional experiences through their well-maintained fleet of vehicles, professional drivers, and advanced technology integration. 

For more information, please visit https://www.wticabs.com/ 

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Arbitration, when compared to adjudication of disputes through Court, though being an expedited process, is generally an expensive affair. More often than not, litigation costs for litigants are generally unwanted and therefore it makes commercial sense for a litigant to secure such costs by entering into an agreement with a third party, who is otherwise unconnected to the litigation and who agrees to bear the costs and expenses for the litigation in return for a share in damages or claim. If third party funding can be effectively and properly used in the context of transactions, it can benefit by increasing the access to justice for parties and have the effect of putting parties on a level playing field in the dispute resolution process. In this article, we intend to delve through the various factors which often fall for consideration from the perspective of the litigant, the third party, and the arbitral tribunal or courts.

The contractual arrangement between the litigant and third party is one where the third party agrees to bear the costs of a dispute resolution process in return for a share in the claim or damages.

Third Party Funding Transactions and how the Indian Courts view it

In common law countries, such third-party funding transactions would be tantamount to ‘champerty’ and would therefore be considered illegal and tortious. In India, law does not define ‘champerty’, and such transactions in the nature of ‘champerty’ are not barred by law. In fact Courts have, time and again, held that a third-party funding agreement where the returns are made contingent on the outcome of the case is not per se illegal unless such third party is an advocate. However, such transactions also ought to be reviewed from the perspective of them being ‘extortionate’, ‘unconscionable’ or ‘made for improper objects’, in which case, the same will be considered illegal and invalid. This view also resonates from a reading of Section 23 of the Indian Contract Act, 1872 (‘Act’).

From the Indian perspective, therefore, while third-party funding transactions are not per se illegal, there is a possibility that Courts would endeavor to scrutinize the agreement from the perspective of Section 23 of the Act and, therefore a conclusion as to whether a transaction is legal or not, will possibly depend on the terms and conditions, set-out in each such agreement. Recently, the Hon’ble Gujarat High Court, without concluding on a third-party funding transaction in relation to an immovable property litigation, opined that such transaction in typical facts of the case must require deeper scrutiny in view of the possibility that such transaction would be inequitable and unconscionable.

Disclosure before Court or Arbitral Tribunal

In India, as such, there is no mandatory requirement for disclosing the existence or otherwise of such third-party financing agreements. Such disclosure would be necessitated only when the third-party seeks to be impleaded or joined in the litigation by name. Despite such disclosure, it is not necessary for the Courts or the Tribunals to implead such third-party funder, more particularly when the latter is not a party to the contract which is under dispute and, therefore, as such, would not fall within the ambit of either a ‘necessary party’ or a ‘proper party’. The third-party funder would only step into the shoes of the litigant. Disclosure of a third-party funding agreement would be necessary if the Arbitral Institution under whose aegis the arbitration is being conducted mandates it. Decisions on impleadment, however, would depend on the facts and circumstances of each case and the terms and conditions set-out in the agreement entered into between the litigant and the third-party funder.

The Litigant and the Third Party

A litigant, irrespective of the fact whether he is a claimant or a respondent, who seeks to enter into a funding agreement with a third party, will necessarily have to provide to the third party all details in relation to the claim/dispute, irrespective of whether such information is confidential or privileged, so as to enable the third party funder to conduct a SWOT analysis of the claim or the defense, the likelihood of success on merits, the ability to recover such costs or damages or claims from the opposite party, etc. Implications of non-disclosure agreements or confidentiality agreements or risks of sharing data with third-parties, is a factor which needs consideration before a decision is made to enter into a third-party funding agreement for a dispute.

Where the third-party funder approves of the litigant’s case, the funder and the litigant would thereafter proceed to negotiate the agreement. The position, of equality or dominance, of the third-party funder will play a major role in how the agreement is negotiated, which in turn will have an impact on the determination of the legality or otherwise of such transaction from the perspective of it being ‘extortionate’, ‘unconscionable’ or ‘made for improper objects’ when the same is placed for consideration before an appropriate Court or Tribunal. It is necessary for the benefit of the parties that every aspect of the dispute and its contingencies and their implications ought to be discussed and agreed upon, including in relation to providing securities during the course of litigation or payment of adverse cost awards, if any. Upon having so agreed, the third-party funder will start to bear costs of the litigation, including but not limited to administrative fees, fees of arbitrators, attorney fees, etc.

For third-party funders, what ought to actually matter the most is (i) the possibility of success on merits, and (ii) enforceability of the award passed by a Tribunal or a decree passed by a Court. As a word of caution, litigation outcomes generally, and more particularly in India, are unpredictable and therefore come with their share of uncertainty.  As far as India is concerned, the entire scenario needs to be viewed from the following perspective:-

• Arbitral Awards
  1. Arbitrations in India, by statute, are required to be concluded within a period of 1 year from the date of completion of pleadings or within a further extended period of 6 months. Therefore, arbitrations in India are a time-bound process. However, a challenge to an award under Section 34 of the Arbitration and Conciliation Act, 1996 (‘Arbitration Act’), either before a Commercial Court or before the High Court[1], as the case may be, takes time to get heard and decided upon. Generally, Courts in India, direct anywhere between 50-100% of the decretal amount to be deposited with the court, as a pre-condition for the grant of stay on the execution of the award.
  2.  A delay in the disposal of a challenge to the award by courts and the consequent stay on execution proceedings sometimes make the process cumbersome and time-consuming. Needless to mention that any order passed under Section 34 of the Arbitration Act can be a subject matter of appeal under Section 37 of the Arbitration Act. This delay is enforcement of the award results in the delayed realization of the consideration by the third-party funder, in addition to incurring additional costs for either defending or challenging such an award.
• Judgement and Decree of Court
  1. Commercial Disputes are adjudicated by specially designated Commercial Courts in India. While the Commercial Courts Act, 2015 prescribes a time-bound adjudication of disputes, the same is only directory and not mandatory. While Commercial Court do decide upon and dispose-off Commercial Suits faster than regular Suits, this time period is much more than the time taken in concluding arbitral proceedings.
  2. A Judgement and Decree of a Commercial Court can be a subject matter of a First Appeal in accordance with the provisions of the Code of Civil Procedure, 1908. It is pertinent to mention that the scope of judicial review of a Judgement and Decree in a First Appeal is far wider as compared to the limited scope of challenge under Section 34 of the Arbitration Act, thereby making the appellate process lengthy. Needless to mention, the availability of a remedy in the form of a Second Appeal.
  3. It is also necessary to note that during the entire process of appeal and challenge to a judgement and decree, the execution proceedings (which otherwise take substantial time) remain stayed. However, in cases of money decrees, depending on the facts and circumstances of the case, Courts do insist on a pre-deposit before granting any stay on execution proceedings.
  4.  While the process in India does take some-time, there are multiple strategies which can be adopted during proceedings and even thereafter, which are prescribed in law, in order to ensure a timely realization of amounts for the third-party funders. It will also be necessary to note that such contracts, which seek to reap the fruits of a future contingent event, may also be viewed partly as ‘contingent contracts’ as defined in Section 31 of the Act.

Funders and Funding Relationships

Internationally, third-party funders are either law firms, insurance companies or an outside institution such as a corporation or a financial institution. For example, in admiralty cases (whether in India or abroad), vessels are generally covered by a Protection and Indemnity insurance. Therefore, in such instances, where a vessel is arrested for a maritime claim and/or arbitral proceedings are initiated, the litigation is often handled or funded by the concerned institution which has rendered the Protection and Indemnity insurance. Similarly, in case where a litigant has an insurance policy that covers the situation at hand, then such insurance company will cover the litigation or arbitration expenses. Alternatively, a litigant can also seek to obtain a traditional loan or a non-recourse funding where the repayment in contingent upon the litigant succeeding in the litigation. Obviously, such loans will require to be repaid.

Internationally, insurance is the most common form of third-party funding and traditionally in such instances, the insurance companies would demand that the litigant ceded much or all control over the management of the litigation and any possible settlement negotiations or agreement that may arise. Before the Event (BTE) and After the Event (ATE) insurances are specifically intended to cover the insured’s own legal expenses, or the legal expenses of the winning party if the insured loses the case, or both. In BTE and ATE insurances, generally, the litigant is not required to cede control over the management of the litigation and in turn the litigant is not completely insulated from the risk of having to pay the amount awarded or the decretal amount, in case such litigant loses the case.

Another form of hedging on the litigations, is by way of assignment of a claim to an institution or an asset restructuring company. The third-party in whose favour the claim is assigned, steps into the shoes of the litigant and pursues the legally available remedies against the opponent. Generally, the litigant would assign the claim to a third-party at a value lesser than the actual claim and the difference in the amount actually paid to the litigant and the amount actual realized from the litigation, being the consideration for the assignee.

In India, however, as discussed earlier, lawyers or law firms cannot enter into such transactions. As regards financial institutions or banks, the regulatory guidelines do not clearly permit such high-risk funding transactions and to that extent there exists a grey area. However, Protection and Indemnity insurance in relation to maritime claims, Director & Officer Insurances to secure the company from claims and prosecutions against its directors and key personnel, are available and largely prevalent in India. Further, assignment of claims or debt to institutions or asset restructuring companies is also legally and statutorily permissible. Assignment of debts and claims is a practice generally adopted in debt recovery or insolvency proceedings, and is not yet typically gain prominence in arbitrations. Traditionally, third-party funding in India is typically done through individuals who have the means and mode to support a litigation in lieu for a substantial consideration out of the results of such litigation. Recently, however, there has been an increase in institutionalized third-party funders who seek to finance international arbitrations, high-stake commercial litigations, or insolvency litigations.

Third Party Funding – World Over

1. USA – At present, the US legal and regulatory framework relevant to third party funding exists at the individual state level – in state statutes, state common law and state professional codes. The state law framework includes both historical laws and rules that pre-date the rapid rise of the current litigation finance industry in the United States but have potential application to legal financing arrangements, as well as a handful of recently enacted laws and rules in response to the recent growth in use of third party funding in the United States. Additionally, while there have been attempts to regulate issues surrounding third party funding at the federal level, no such attempts have been successful to date.
2. United Kingdom – third-party funding transactions are not yet statutorily legalized in England and Wales. However, such transactions have received approval from the English Court of Appeal in the year 2005. Further, in 2009, Justice Jackson submitted a report to promote justice at a proportionate rate and in the said report, Justice Jackson endorsed third party funding as providing an additional and sometimes only means of funding litigation and promoting access to justice. Apropos the same, Association of Litigation Funders of England and Wales (‘ALF’) was established on 23.11.2011. As the name suggests, ALF is an association of individuals engaged in third party funding and is being managed and administered by a voluntary Code of Conduct and the membership is open to third party funders. Apart from the procedure and terms and conditions for third party funding, the code also provides a mechanism to resolve the inter-se disputes between third party funder and the member.
3. Singapore and Hong Kong – Third-party funding in Singapore has, historically been, illegal whereas the position in Hong Kong was not clear. Both the countries legalized third-party funding in the year 2017.
4. Australia – While there is no separate legislation governing the third party funding in Australia, such transactions have received the approval of Courts in Australia as early as in the year 2006. Further, the Treasurer of the Commonwealth of Australia on 22.05.2020 declared that litigation funders are included under the Corporations Act and are subject to greater regulatory oversight by requiring them to hold an Australian Financial Services Licence (AFSL) and comply with the managed investment scheme regime.
5. China – there are currently no regulations or legislations legalizing or recognizing third-party funding. However, the need for third party funding has also made a significant place in International Arbitration in China, and therefore the Beijing Fourth Intermediate People’s Court upheld the legality and validity of third party funding in Arbitration.

To Conclude

While there can be no straight-jacket principle for the approval or rejection of a third-party funding transaction, its validity will largely depend on how balanced and conscionable such transactions are. In cases where the Courts will view such transaction as being ‘extortionate’, ‘unconscionable’ or ‘made for improper objects’, the same will be considered illegal and invalid. In India, the Delhi High Court has recently approved third-party funding transactions as being vital. We will only conclude by extracting the relevant paragraph of the judgement, which essentially summarizes the entire third-party funding scenario in India:-

“ Third-party funding is essential to ensure access to justice. In the absence of third-party funding, a person having a valid claim would be unable to pursue the same for recovery of amounts that may be legitimately due.  In many cases, the claimants become impecunious on account of the very cause for which they seek redressal. The cost for pursuing claims in arbitration are significant; the same not only include fees paid to arbitrators and institution but also professional fees for legal counsels and experts and other attendant expenses. A person without the necessary means would have no recourse, in the absence of third party funders. Third party funders play a vital role in ensuring access to justice.

It is essential for the third-party funders to be fully aware of their exposure. They cannot be mulcted with liability, which they have neither undertaken nor are aware of. Any uncertainty in this regard would dissuade third-party funders to fund litigation.”

The present Article has been co-authored by Parth Contractor and Nikita Barot of the Chambers of Parth Contractor in India. They can be reached at parth@pcchambers.com

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New Delhi (India): ATHARV, a real estate company based in Vile Parle, has achieved recognition and success since its establishment in 2013. In less than a decade, ATHARV has become a prominent developer in Mumbai Suburban by creating notable landmarks in the city. The company’s expertise lies in design and innovation, enabling them to not only construct homes but also build a lifestyle for their customers.

Recently, ATHARV was honoured with the “TOP EMERGING DEVELOPER – MUMBAI SUBURBAN” award at the Times Realty Conclave and Icons 2023. This prestigious event, hosted by Times Realty Conclave and NAREDCO (National Real Estate Development Council), took place on April 26th, 2023, at The Westin Hotel in Gurgaon, New Delhi. The conclave aimed to bring together leading stakeholders in the real estate and infrastructure sectors to discuss ideas and initiatives for the industry’s improvement.

The event featured panel discussions on topics such as “Real Estate in the ERA of RERA” and “New Construction Technologies.” Prominent figures from the realty, architecture, interior design, branding, marketing, and technology sectors attended the event, sharing their insights and contributions to the community, city, and Indian economy. The conclave provided a platform for stakeholders of all ages to exchange knowledge, address concerns, and promote transparency and technological advancements in the real estate sector.

Rajan Bandelkar, President of NAREDCO, expressed his gratitude to the Times of India for organizing the event and emphasized the importance of sharing experiences and knowledge to achieve the sector’s goals. Nitin Mittal, Chairman & Managing Director of Knest, highlighted their commitment to shaping an efficient and sustainable real estate landscape for the future. Jay Morzaria, President of NAREDCO Nextgen, emphasized the significance of involving the younger generation to bring fresh perspectives and contribute to the industry.

The event was hosted by Raman Bhanot, a renowned TV presenter and commentator, and was graced by the presence of actor Aditya Roy Kapur. The panel discussions were moderated by industry experts, and the conclave also witnessed the launch of the National Institute of Real Estate Development (NIRED) by NAREDCO and RERA Delhi. NIRED aims to provide training and coaching to real estate professionals, enhancing the sector’s quality and productivity.

The Times Realty Conclave & Icons 2023 recognized and celebrated the achievements of top leaders in the real estate industry, setting new benchmarks for excellence. The event was supported by various partners and sponsors, including Knest, NAREDCO Nextgen, KAFF Appliances, and OneXtel Media Pvt Ltd. Bhawana Bhatnagar, the founder of Casa Exotique, participated in a special session where she shared insights about the real estate market and her experiences as a successful entrepreneur.

Overall, ATHARV’s recognition at the Times Realty Conclave and Icons 2023 reflects their commitment to excellence and their contributions to transforming the real estate landscape in Vile Parle and beyond.

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New Delhi (India), July 31: With great pride, LG inaugurates the highly-anticipated launch of the All-New AI Direct Drive™ Washing Machine, featuring an innovative in Built Heater & Steam technology. The grand event takes place at various Reliance Digital stores, where customers eagerly await the product’s unveiling in the presence of Mr. Amit Yadav, RBH LG Electronics, Mr. AnirudhDeshmukh, Branch Manager LG Electronics, and Mr. Abhay Gupta, Reliance Digital. This cutting-edge washing machine is set to transform the way we approach laundry care.

The AI Direct Drive™ Washing Machine elevates laundry care to a whole new level, boasting intelligent features that optimize water waves automatically based on load weight and fabric type. The result is a gentle treatment for delicate fabrics and the perfect amount of water for thorough cleaning in heavy loads. Expect cleaner clothes with enhanced fabric protection and unrivaled convenience.

Outstanding Performance with 6 Motion Direct Drive

Renowned for their performance, LG washers reach new heights with the AI Direct Drive™ Washing Machine. Featuring 6 Motion Direct Drive, this machine emulates the motions of hand-washing, ensuring a superior wash for your clothes. Whether it’s gentle tumbling or powerful scrubbing, the washing machine intelligently selects the best combination of motions, providing an exceptional wash while preserving your clothes’ quality.

“I am thoroughly impressed with LG’s AI Washing Machine and its innovative 6 Motion Direct Drive technology. It’s like giving my clothes a personalized hand-wash experience every time.” – A Laundry Enthusiast

Powerful Washing with Time Saving

Laundry tasks no longer have to be time-consuming, thanks to LG’s TurboWash technology. TurboWash significantly reduces washing times while delivering deep cleaning and fresh laundry. Now, you can spend less time on laundry and focus on the things that truly matter to you.

In-Built Heater & Steam – Banishing Stains, Allergens, and Bacteria

The AI Direct Drive™ Washing Machine’s In-Built Heater & Steam feature is a game-changer in combating tough stains, allergens, and bacteria. Steam proves highly effective in breaking down and removing stubborn stains, ensuring spotless and hygienic clothes. With this technology, wear your favorite clothes with confidence, knowing even stubborn stains and allergens are taken care of.

Jet Spray+ Hands-Free Wash

LG brings true convenience with the fully-automatic Jet Spray+ Hands-Free Wash. Say goodbye to traditional manual washing. Jet Spray+ harnesses the power of a strong water spray to wash off dirt and excess detergent, providing the best wash without the need for manual intervention. This not only saves time but also keeps your hands healthy and beautiful.

The AI technology in this washing machine is truly impressive. It optimizes water usage based on the load, ensuring efficient cleaning while being gentle on delicate fabrics. Moreover, the AI takes care of selecting the right wash cycle for different types of clothes, eliminating the guesswork and providing the best results every time.” – A Working Professional

Bigger Capacity with Smooth Operation

Understanding the needs of modern households, LG designed the AI Direct Drive™ Washing Machine with a bigger capacity, enabling more laundry in a single load. This reduces the number of cycles, saving water and energy. Additionally, the washing machine’s smooth operation, coupled with reduced vibration and higher spin speed, ensures a quiet and efficient laundry experience.

A Powerful Yet Gentle Way to Scrub

The AI Direct Drive™ Washing Machine’s TurboDrum™ technology provides a powerful yet gentle way to scrub clothes. The Tub &Pulsator rotate independently, creating strong water currents that circulate the laundry left and right, resulting in a thorough and effective scrubbing effect. Your clothes receive the care they deserve without compromising on cleaning power.

“No more worrying about forgetting to start the laundry; I can simply use my smartphone to start a wash cycle, and it will be ready when I get home. It’s an absolute time-saver.” – A Housewife

The All New AI Direct Drive™ Washing Machine with Built Heater & Steam from LG is a ground-breaking appliance that harmonizes innovation, convenience, and performance. With intelligent care, powerful washing, hands-free features, and more, doing laundry will no longer be a chore. Embrace the future of laundry with LG’s AI Direct Drive™ Washing Machine and experience a new level of cleanliness and freshness for your clothes.

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Hyderabad (Telangana) [India], August 1: Growatt, a global leader in the renewable energy industry, organized the prestigious SHINE ELITE INDIA – HYDERABAD EDITION Solar Technical Program at Hotel Raddison Blue on July 27, 2023. The event witnessed the launch of the much-anticipated MID 30-50KTL3-X2 PV inverter and garnered participation from esteemed guests and key distributors from all over India.

The event was graced by prominent personalities, including Shri N. Janaiah, VC & MD of TSREDCO, who was the Guest of Honor, and Shri Y. Satish Reddy, Chairman of TSREDCO, who presided as the Chief Guest. Also in attendance was GV Prasad, GM at TSREDCO. The esteemed presence of these dignitaries reflects the significance of the event and Growatt’s commitment to promoting solar awareness and sustainable energy solutions in the region.

The highlight of the occasion was the launch of the MID 30-50KTL3-X2 PV inverter. With features like higher yields, maximum efficiency of 98.8%, and compatibility with high-power modules, the MID 30-50KTL3-X2 sets a new standard in power density innovation with a maximum 50kW per unit. Moreover, the inverter’s safe and reliable design, including IP66 protection degree, fuse-free design, and Type2 SPD on DC&AC side, ensures superior performance and safety for customers.

Speaking at the event, Shri Y. Satish Reddy appreciated Growatt’s efforts in the renewable energy sector and extended the support of the Telangana Government and TSREDCO for all the company’s initiatives and expansion plans in the state. This collaboration signifies a vital step towards promoting clean and sustainable energy solutions in Telangana.

Shri N. Janaiah emphasized the tremendous growth in Telangana’s renewable energy sector over the past 6-7 years and reaffirmed TSREDCO’s commitment to creating promotional activities that increase solar awareness among the people. He assured full support from TSREDCO for Growatt’s future endeavors in the region.

Growatt, founded in 2011 in Shenzhen, China, has emerged as a global leader in the renewable energy industry, providing a diverse range of products and solutions, including PV inverters, energy storage, EV chargers, and smart energy management systems. The company’s products have been installed in over 180 countries worldwide, solidifying its international presence. Growatt’s extensive network with 44+ offices and warehouses worldwide ensures fast product delivery, efficient customer service, and technical support.

Key members of the Growatt team present at the event were Mr. Shantanu Sirsath (Technical Head India), Mr. Abhishek Samaiya (General Manager – Sales), Mr. Bhaskar Reddy (Key Account Manager – Sales – South India), and Mr. Sunesh Menon (Product Engineer India). Their expertise and dedication reflect Growatt’s commitment to providing smart and innovative PV solutions.

Among the attendees were major key distributors from the solar industry across India, including Suntek Suresh, Praveen Sharma & Sudheer Raju from 3S Solutions, who are the Authorized Distributors for Growatt in India.

The SHINE ELITE INDIA – HYDERABAD EDITION was a resounding success, showcasing Growatt’s commitment to driving solar adoption and sustainable energy solutions across the country. With the launch of the MID 30-50KTL3-X2 PV inverter, Growatt further solidifies its position as a pioneering force in the renewable energy sector.

For more information about Growatt and its innovative PV solutions, visit www.growatt.com .

About Growatt:

Growatt is a leading global provider of smart PV solutions, offering a wide range of products and services, including PV inverters, energy storage systems, EV chargers, and smart energy management solutions. Founded in 2011 in Shenzhen, China, Growatt’s mission is to promote renewable energy and create a sustainable future for all.

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New Delhi (India), August 1: In a world where quality healthcare remains inaccessible to many, especially in rural areas, Vedanta Aluminium’s Mobile Health Unit (MHU) services has emerged as a beacon of hope for the people of Jharsuguda District. By providing essential medical services directly to the doorsteps of underserved communities, the MHU has not only improved the well-being of thousands of people in rural areas but also enabled them to lead healthier, more fulfilling lives.

MHU Services: A Lifeline for Jharsuguda’s residents

Vedanta Aluminium’s MHU service was launched with the aim of ensuring the last-mile delivery of quality healthcare services to underserved rural areas, where the remote location or lack of suitable infrastructure often mean that people need to travel far in search of good healthcare.  Vedanta’s MHU service caters to several villages in the vicinity of the plant’s mega operations in Jharsuguda. This crucial initiative has successfully provided essential medical services completely free-of-cost, resulting in improved overall well-being for the overall district. Today, the MHU services have become a lifeline for the residents of Jharsuguda, offering accessible and comprehensive primary healthcare services. Dedicated healthcare professionals, through their remarkable efforts, conduct regular health check-ups, treat common illnesses, and help boost health and hygiene awareness across the district.

Bhawani Buda, a diabetes patient from Brundamal village, is among the many beneficiaries whose health has remarkably improved with support from the MHU services. With regular check-ups in his village every Tuesday, along with free medicines provided by the MHU, Bhawani’s sugar levels dropped significantly from over 300mg/dl to 110 mg/dl. His story is just one example of the positive impact that the MHU has had on the lives of innumerable individuals in the region.

Similarly, Jayaram Kanta, a 60-year-old resident of Keldamal village, had been struggling to afford proper treatment for severe gastritis pain, nausea, and acidity issues. Through the MHU, Dr. Jayaram Pujari examined him, prescribed medicines, and provided crucial advice on managing his condition. By following the doctor’s recommendations, Jayaram is now completely cured of his health problems.

Providing Comprehensive Healthcare Services

The MHU offers a wide range of medical services, catering to the diverse healthcare needs of the community. Expert healthcare professionals conduct frequent health check-ups, diagnose and treat common illnesses, and refer serious patients to nearby hospitals for further treatment. Men, women, and children all benefit from this initiative. The MHU also provides counselling and education on preventive healthcare measures.

1166 Health Camps: 26,500 Beneficiaries

One of the key reasons for the remarkable success of the MHU services is its ability to reach remote areas that lack adequate healthcare facilities. Vedanta Aluminium has successfully bridged the gap in access to essential healthcare by bringing medical attention directly to the doorsteps of underserved communities. From April 2022 to March 2023, i.e. within a single year, Vedanta’s MHU services conducted an impressive 1166 health camps in several far-flung areas, serving over 26,500 beneficiaries.

Transforming Lives and Empowering Communities

As the Mobile Health Unit continues to expand its reach and impact, it is evident that Vedanta Aluminium’s commitment to improving healthcare accessibility is making a lasting difference in the lives of individuals and communities in Jharsuguda. This remarkable initiative is a shining example of how innovative and sustainable solutions can transform lives, empower communities, and bring about positive change in society. It serves as a reminder that when businesses prioritize the well-being of the communities they operate in, they have the power to create a healthier and more inclusive world for all.

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New Delhi (India), July 31: Debt funds are increasingly becoming popular, with investors seeking stable income, lower risk, and diversification in their investment portfolios.

As of April 2023, debt funds made up about 30% (INR 12.98 crores) of the total assets managed by mutual funds in India.

Debt funds primarily invest in debt instruments issued by corporations and governments. But what are debt instruments?

Debt instruments are issued by governments and companies to raise funding for their operations and business. You can buy these instruments to earn returns and generate income from your savings.

In this article, we discuss debt funds and explore them from an investment perspective.

How do debt funds work?

Debt funds pool money from investors and invest in various types of debt instruments based on their investment objectives.

Each debt instrument has its own set of characteristics like interest rate, yield to maturity, maturity date, credit rating etc.

The primary objective of the fund manager of debt funds is to construct an optimised investment portfolio composed of debt instruments. The fund manager also has to ensure that the debt fund follows its mandate and strikes the right balance between risk and return.

Where do debt funds invest?

The allocation to different types of securities depends on the debt fund’s investment mandate and risk profile. Here are some prominent fixed-income securities that debt funds invest in:

●Government bonds: Issued by the central and state government to finance welfare and infra projects.

●Treasury bills: Issued by the central government to manage short-term cash flows

●Corporate bonds: Issued by companies for working capital or general business purposes

●PSU bonds: Issued by Public Sector Undertakings, have an implicit guarantee from the government.

Wealth management companies specialise in high-yield debt instruments and debt mutual funds to preserve their client’s wealth.

Types of debt funds

Currently, more than 1,500 debt funds across dozens of categories are available for investments in India.

Let’s look at the 6 most popular debt mutual fund categories.

1. Liquid funds: Low-risk mutual funds that invest in short-term debt securities with maturities of up to 91 days, offering high liquidity and stable returns.

2. Money market funds: Invests in short-term, low-risk instruments like treasury bills and commercial papers with a maturity of up to 1 year, providing safety and steady income to investors.

3. Gilt funds: Mutual funds that exclusively invest in government securities are considered relatively low-risk due to the government’s backing.

4. Corporate bond funds: Corporate bond funds invest primarily in the highest-rated (AAA) bonds issued by private and public companies.

5. Banking & PSU funds: These funds primarily invest in debt instruments issued by banks and public sector undertakings, combining safety with slightly higher returns than liquid funds.

6. Credit risk funds: Funds that invest in lower-rated debt securities, offering potentially higher returns but carrying a higher risk of default. Investors should be cautious due to the increased credit risk.

Should you invest in debt funds?

Investing in debt funds provides liquidity, stability, diversification, and the potential for regular income. The risk involved in debt funds is lower than equity or stocks, making them suitable for conservative investors.

These funds have the potential to offer better returns compared to bank fixed deposits (FDs). Additionally, investors seeking regular payouts, similar to the interest received in FDs, can opt for a systematic withdrawal plan (SWP) on the funds.

Risks associated with debt funds

Although debt funds are considered low-risk investments, they are not risk-free. Investors should consider the following risks before investing:

●Interest Rate Risk: Changes in interest rates can affect the value of fixed-income securities held by debt funds, leading to fluctuations in their net asset value (NAV).

●Credit Risk: Debt funds are exposed to the risk of default by the issuers of the underlying bonds in their portfolio.

Investing in bonds and mutual funds through expert-led investing platforms like Dezerv can help you minimise investing risks while improving your portfolio performance.

Tax implications in debt funds

Capital gains or profits from debt funds are of two types:

1. Short-term capital gains or STCG (for holding periods less than 3 years)

2. Long-term capital gains or LTCG (for  holding periods more than 3 years)

For investments made prior to 1 June 2023, STCG was taxed at your marginal income tax rate, whereas LTCG was taxed at a flat rate of 20% with the benefit of indexation.

Indexation refers to adjusting the value of gains to inflation, reducing the tax burden on investors.

However, for investments made after 1 June 2023, the LTCG and indexation benefit will not be applicable on the capital gains or profits from debt funds. Instead, all gains, irrespective of the holding period, will be taxed at your marginal income tax rate.

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Jake Hughes with his Guinness World Record Certificate

London (UK), July 31: A revolutionary Formula E electric race car, the GENBETA, has smashed the indoor land-speed world record by more than 50 km/h reaching a top speed of more than 218km/h inside a building in London.

The official GUINNESS WORLD RECORDS title was achieved by driver Jake Hughes of NEOM McLaren Formula E Team who competed with a rival in the ABB FIA Formula E World Championship, Mahindra Racing team driver Lucas di Grassi, to set the world record for the fastest speed achieved by a vehicle indoors.

The pair went head-to-head in the ‘Duels’ format used in qualifying for Formula E races to see who could set the fastest speed indoors, on just 346 metres of straight race track, using the same GENBETA car. 

Neither driver had ever been behind the wheel of the GENBETA before, but both beat the previous world record of 165.2km/h set in February 2021 on all three of their practice runs before their official world record attempts.

Britain’s Jake Hughes was the first to go with three practice drives, instantly becoming the unofficial world record holder with his first run of 214.80 km/h. He then pushed that unofficial world record even further in his next two practice runs with recorded speeds of 215.05 km/h and 217.65 km/h.

Hughes, in his first season of racing in Formula E, set off on his fourth and official run. He achieved a top speed of 218.71 km/h earning him the world record title before the onlooking Lucas di Grassi entered the competition.

The Brazilian started strongly with a first run of 216.87 km/h, faster than Hughes’ initial practice, and looked to be on course to snatch the world record from his championship rival when his next practice clocked 217.92km/h before the third and final practice hit 218.18 km/h, a fraction off Hughes’ official world record.

Alas, it was not to be for the former Formula E champion who won the first-ever Formula E race in Beijing in 2014 and is the most successful driver in the history of the championship. His fourth and official run achieved a top speed of 217.65 km/h meaning Hughes had won this unique Duel and was officially declared the holder of the GUINNESS WORLD RECORDS title as a driver of the fastest-ever vehicle indoors.

The GENBETA car driven by both drivers to set the new world record featured a range of modifications to effectively ‘unlock’ the specifications of the GEN3 race car. Introduced this season in Formula E, the GEN3 is the fastest, lightest, most powerful and most efficient electric race car ever built. With a top speed of more than 322 km/h, the GEN3 is used by the 11 teams and 22 drivers in the ABB FIA Formula E World Championship. 

The modifications to the GEN3 as part of the GENBETA project include:
– Enhanced battery power output of 400kW, up from 350kW in the GEN3, through the activation of the front powertrain kit in traction, delivering all-wheel drive for the first time in a Formula E car. The battery was charged by ABB, the title partner and official charging partner of the Championship.

– New, softer iON Race tyre compound allows faster warm-up and better peak grip, developed by Hankook Tire, the official tyre supplier of Formula E.

– 3D printed front wing endplates, wheel fins and a wind deflector with circular, more sustainable thermoplastic solutions developed by SABIC, principal partner of the ABB FIA Formula E World Championship, to optimise aerodynamics for enhanced straight-line speed of the GENBETA.

In addition to technology innovations on the GENBETA car, Google Cloud provided generative artificial intelligence (AI) for analysis of the drivers’ runs. Using their leading platform, Vertex AI, Hughes and Di Grassi were able to interpret real-time telemetry data to generate speed, power and grip recommendations. This gave them the ability to interact and converse with an interface to help fine-tune their approach across their three attempts.

Experts from McKinsey & Company, led by its AI arm, Quantum Black, built data and analytics components to create the driver interface that analysed and queried data in real-time through generative AI for the record attempt.

An adjudicator from Guinness World Records monitored the attempts to ensure the drivers met strict criteria. To set the official indoor land-speed record, the GENBETA car had to set off from a static start and come to a complete halt inside one continuous building structure. 

The drivers started from a standstill inside the ExCeL London events arena and navigated a 130-degree turn at around 40 km/h before quickly accelerating along the 346m straight of the race track. 

The indoor straight is part of the 2.09km track which is unique in world motorsport for extending inside and outside the 100,000 sq/m ExCeL London events arena in the Docklands area of east London which will host the final two races in the ABB FIA Formula E World Championship tomorrow (Saturday) and Sunday.

Their speed was measured by a sophisticated speed trap system at a fixed point just five metres before the drivers entered the braking zone – the length of track needed to come to a complete stop and remain inside the building. 

The world record was set late at night on Tuesday, 25 July after construction work to install the track and grandstands at the venue was completed for the day.

Former World’s Strongest Man, Eddie Hall, who has broken multiple weightlifting world records, was part of the driver support team sharing his personal insights and advice on mental preparation for a world record attempt. 

World record holder Jake Hughes, Driver, NEOM McLaren Formula E team, said:

“Driving the GENBETA car and setting the GUINNESS WORLD RECORDS title for the fastest speed achieved by a vehicle indoors was a really special experience. I feel very honoured to have been asked and to be involved in such an exciting project. It wasn’t something I ever imagined I’d have the opportunity to even attempt, so now to hold the record is pretty incredible, especially in a Formula E car. I didn’t realise how much I wanted this record until I saw Lucas [Di Grassi] trying to break the record after me. When I was announced I was the record holder I felt a massive sense of pride.”

Jeff Dodds, CEO of Formula E, said:

“Huge congratulations to Jake and big thanks to Lucas for competing together to smash a world record and showcase the incredible potential of EVs. Everyone involved in the GENBETA project is driven by the same goal of pioneering innovation and development in EV technology and bringing that game-changing tech to the cars we drive on city streets to create a cleaner, electric future.”

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Mr. Mahendra Patel, MD, Lincoln Pharmaceuticals Ltd

Company in the elite club of just 16 companies out of 4,200 plus companies listed on the Indian Stock Exchange to do so

Ahmedabad (Gujarat) [India], July 31: Lincoln Pharmaceuticals Limited, one of India’s leading healthcare companies, has achieved the milestone of reporting a profit growth every single year from FY13 to FY23. It is among only 16 companies out of 4,200 plus listed companies in the Indian stock exchange to do so as per the analysis of Morningstar.

Financial Overview – Lincoln Pharmaceuticals FY 13 to FY23

Figure in Rs cr except for EPS

During 10 years from FY13 to FY23, Company has delivered a robust CAGR of over 22% in Net profits, 19% plus EBITDA and over 10% in Revenue. The liquidity position of the company is on a strong foundation, supported by healthy cash accruals, no-term debt, and healthy return ratios. Backed by improvement in the company’s financial risk profile, steady growth in scale & margins, and healthy profitability, rating agency ICRA has upgraded the company’s long-term and short-term bank facilities to A and A1, respectively.

For FY23, the company has reported its Best-ever results in a financial year with the highest – Revenue, EBITDA and Net Profit. The company achieved milestones of Rs. 500 crore plus revenue and Rs. 100 crore plus profit before tax for the first time in a financial year.

Mr. Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said, “We are very happy and excited to know that Lincoln Pharma has been able to achieve profit growth every single year over the last 10 years and among a very few companies to do so. The company is growing from strength to strength over the years and expects to maintain the growth in years to come. Strategic growth initiatives, product and geographical expansion, and operational efficiency are likely to contribute to growth going forward. The company has set a target of achieving Rs. 750 crore in revenue by FY26 while maintaining or improving its margins. “

Lincoln Pharma Profits for the last 10 years

Lincoln Pharma has a state-of-the-art manufacturing facility unit at Khatraj in Ahmedabad, Gujarat, complying with stringent international quality and compliance norms and certified by EUGMP, WHO-GMP and ISO-9001: 2015. The company has developed 600 plus formulations in 15 therapeutic areas and has a strong product/brand portfolio in the anti-infective, respiratory system, gynaecology, cardio & CNS, anti-bacterial, anti-diabetic, and anti-malaria, among others. The company has filed 25-plus patent applications and has been awarded seven patents. The company has a strong presence in the domestic market nationally with a dedicated field force of over 600 personnel who cater to more than 30,000 doctors, and chemists across the country.

Lincoln Pharmaceuticals Limited: https://www.lincolnpharma.com/

Providing Affordable and Innovative medicines for healthier lives.

Lincoln Pharmaceuticals Limited is one of the leading healthcare companies in Gujarat, India. Established in the year 1979, the company develops and manufactures affordable and innovative medicines for healthier lives. The company has developed 600 plus formulations in 15 therapeutic areas and has a strong product/brand portfolio in the anti-infective, respiratory system, gynaecology, cardio & CNS, anti-bacterial, anti-diabetic, and anti-malaria, among others. The company has over 1,700 registered products and another 700 in the pipeline. The company has a strong presence in the Domestic market with good strength of its own field force and also exports to more than 60 Countries.  

The company has developed many new drug delivery dosage forms over the years and has a track record of launching many first-of-its-kind innovative products. The company works with a vision for nurturing innovations and bringing them to Indian patients at an affordable cost to create “Healthcare for All”.

Lincoln Pharma has two state-of-the-art manufacturing facility units at Khatraj in Ahmedabad and Mehsana, Gujarat. The company’s manufacturing facilities comply with stringent international quality and compliance norms and are certified by EU-GMP, WHO-GMP, TGA – Australia and ISO-9001:2015. The company is engaged in manufacturing pharma formulations like Tablets, Capsules, Injectables, Syrups, Ointments, etc.

The company’s key strength is embedded in its cutting-edge research and development capabilities. The company has a strong R&D team, including 30-plus scientists. It has filled 25-plus patent applications and has been awarded seven patents. The R&D facility of the company is recognised by the Department of Scientific and Technology, Government of India and furnished with state-of-the-art devices and equipment for internal physical, chemical and microbiological analysis of all products.

The company has a strong presence in the domestic market nationally, with a dedicated field force of over 600 personnel who cater to more than 30,000 doctors and chemists across the country. The company has a wide national distribution network through 21+ Super Stockists and over 50,000 retailers in 26 states across India.

Going green, the company has also set up a new Solar Plant of 1 MW at the factory’s rooftop in addition to two windmills. This way, we are producing renewable energy to our consumption by nearly 65% resulting in significant savings in the electricity cost and helping the company to become a self-sustainable and environment-friendly organization.

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New Delhi (India), July 29: Transline Technologies, a leading provider of advanced security solutions, has secured a significant contract to implement an IP-based Video Surveillance Solution at railway stations across multiple states in North India. This groundbreaking project, covering states such as Bihar, Delhi, Gujarat, Uttar Pradesh, Haryana, Punjab, Rajasthan, Uttarakhand, Himachal Pradesh, J&K, and MP, marks a significant milestone in enhancing the security infrastructure of the region’s railway network.

With a total of 1633 stations included in this project, Transline Technologies is set to transform the security landscape of North India’s railway stations. The IP-based Video Surveillance Solution will be tailored to meet the unique requirements of each station, ensuring comprehensive coverage and the safety of millions of passengers.

As part of the project, Transline Technologies will supply, install, and commission Video Management Systems (VMS) at the designated railway stations. This includes the deployment of state-of-the-art servers, workstations, storage systems, and panic buttons, enabling efficient monitoring and rapid response capabilities.

The integration of Network Video Recorders (NVRs), Video Analytics (VA), and Facial Recognition Systems (FRS) at the Railway Protection Force (RPF) main thanas will further augment the security measures. Additionally, RPF monitoring thanas will be equipped with Live Facial Detection (LFD) technology, enabling real-time identification and prompt action against potential security incidents.

To achieve comprehensive surveillance coverage, over 16,000 cameras will be strategically installed across the railway stations involved in the project. This extensive camera network will greatly enhance situational awareness and establish a robust security framework for the railways.

Mr. Arun Gupta, the Managing Director of Transline Technologies, expressed his enthusiasm about the project, stating, “We are honored to have been awarded this prestigious contract to implement an IP-based Video Surveillance Solution at railway stations in North India. This project showcases our commitment to delivering cutting-edge security solutions and solidifies our position as a trusted partner in securing critical infrastructure.”

Transline Technologies’ expertise in providing innovative and reliable security solutions, combined with their dedication to customer satisfaction, has played a pivotal role in securing this landmark project. By leveraging advanced technology and adhering to industry best practices, Transline Technologies aims to create a safer environment for railway passengers and personnel.

Under the visionary leadership of Mr. Arun Gupta, Transline Technologies is poised to lead the way in transforming security measures within the railway industry. With a focus on excellence, the company is spearheading the development of highly secure and technologically advanced railway stations across North India.

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