Tag: Business

‘SOMA’, cultural festival celebrating traditional art and crafts by Shankaraa Foundation

A three-day cultural festival that celebrates traditional art and crafts will be held from 10th -12th February at Shankara Foundation, Kanakapura Road

Bangalore (Karnataka) [India], February 8: Shankaraa Foundation, a registered trust situated in South Bangalore, presents ‘SOMA’, an annual cultural festival to celebrate traditional art and crafts. The festival will be held from 10-12th February at Shankaraa Foundation, Kanakpura Road from 10AM onwards.

The festival is a celebration of arts and crafts, featuring 6 large scale productions in theatre, dance, and music, along with 100+ traditional craft stalls. The Food Festival boasts 20+ traditional food options. The event also includes workshops, seminars, and demonstrations, and will feature performances by renowned artists such as Rukmini Vijayakumar, Vasu Dixit, Manasi Prasad, and Dr. Suma Sudhindra among others.

Illustrious artists from the fields of Theatre, Music, and Dance are set to perform at Shankaraa’s iconic stages. The line-up includes Vasu Dixit’s Folk-Rock music concert, Rukmini Vijayakumar’s selected dance choreographies, “Wings of Melody,” a classical music ensemble by Dr. Suma Sudhindra and Manasi Prasad inspired by bird sounds, Satyanarayana Raju’s dance theatre performance “Rama Katha,” SN Sethuram’s direction and performance of the Kannada play “Gati,” and “Chekhov to Champagne,” a Kannada play on Anton Chekhov’s life and stories, directed by Abhimanyu Bhupathi and performed by BENGALURU THEATRE ENSEMBLE. These talented artists will showcase their artistry, making the festival a truly memorable experience.

The festival also features meticulously curated craft forms from over 100 traditional artisans and up-and-coming social entrepreneurs from across the country. In addition, there will be a series of workshops, classes, demonstrations, and seminars aimed at educating attendees about the richness of traditional art and craft forms. Finally, the Food Festival offers a unique traditional culinary experience that highlights the diversity and wisdom of traditional Indian cooking.

Rashme Hegde Gopi, Managing Trustee, Shankaraa Foundation, said “SOMA, Shankaraa’s annual Cultural Festival is a joyous convergence of visual and performing arts, rich craft traditions, social consciousness and an abundance of creativity. It is our way of expressing gratitude to those who cherish our proud cultural heritage. It is an effort to turn the focus back on traditional artists and artisans and give them a platform and opportunity to tell their story.”

Tickets are available on: https://tinyurl.com/SomaTheFestivalForTheArts

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The herbal products of the brand include shampoo, oil, facewash, conditioner, and toner

New Delhi (India), February 8: Modern personal care products are often criticized for the chemicals used to produce them. The use of harmful chemicals often leads to long-term skin damage, side effects, and other complications. To thrive in an industry dominated by young consumers, personal care brands struggle to find a connection between their audience and nature.

Treading this thin line, Herba Grace produces modern personal care products with the essence of nature. It uses indigenous ingredients like rice water, fenugreek, tea tree, peppermint, black seed, etc., to build a healthy relationship between plants and humans. Herba Grace believes that natural ingredients have all the qualities required to nourish one’s hair and skin. If developed using the right ingredients, 100% herbal products can become important additions to the millennial and Gen-Z generations’ self-care routine.

Raunakh Loya, the Managing Director, and Ronak Gattani, the Director of Herba Grace, ventured into the personal care sector after a successful stint with groceries. While dealing with natural ingredients and realizing their potential to enhance hair and skin, they decided to package these ingredients into modern products for younger consumers.

Moreover, Herba Grace has generated a range of unique formulations with plant-derived bio-actives and botanicals to provide clinically proven results to its customers. It blends nature and science to produce foolproof personal care products for customers who take self-care seriously. Along with popularizing the use of natural ingredients in the personal care sector, Herba Grace aims to spread awareness about the relevance of ingredient-based products in a sector loaded with potentially harmful chemicals. By targeting the younger section of society, the brand wishes to bring about a change in the perception toward herbal products.

Talking about an increase in the demand for 100% natural self-care products over time, Raunakh says, “The current generation of consumers is highly aware of the ingredients used in the products they use. They are not willing to compromise their self-care routine at any cost. With Herba Grace, we package traditional products into modern offerings to reach the younger consumers who know the true value of such products.”

Apart from the brand’s official website, Herba Grace’s products are available on platforms like Flipkart, Amazon, Meesho, etc. The company is planning to offer its products through Nykaa, Ajio, Purplle, and other online storefronts soon.

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Mumbai (Maharashtra) [India], February 7: Network People Services Technologies Limited (NSE EMERGE – NPST), engaged in providing software and digital payment solutions to the banking and finance sector, has announced its unaudited Financial Results for the Q3 & 9M FY23.

Financials at a Glance: 

For Q3 FY23:

• Total Income at ₹32 crore; a 127.59% YoY growth
• EBITDA at ₹43 crore; a 345.45% YoY growth
• EBITDA Margin was at 33.27%; higher by 1,627 bps
• PAT at ₹81 crore; a 1,031.25% YoY growth
• PAT Margin was at 17.56%; higher by 1402 bps
• Reported EPS was at ₹80; a 1,020% YoY growth

For 9M FY23:

• Total Income at ₹72 crore; a 58.78% YoY growth
• EBITDA at ₹75 crore; a 159.01% YoY growth
• EBITDA Margin was at 29.16%; higher by 1,128 bps
• PAT at ₹68 crore; a 235% YoY growth
• PAT Margin was at 13.59%; higher by 714 bps
• Reported EPS was at ₹14; a 191.55% YoY growth

Commenting on the performance, Mr. Deepak Thakur – Chairman and Managing Director of Network People Services Technologies Limited said, “We have received a robust response to our digital payment services and that is clearly visible in our financial performance.

The digital payment ecosystem is gaining rapid momentum and it is just the beginning of the digital revolution in the Indian economy, we are confident with our quality services & track record we will grow along with the digital payment ecosystem and increase our market share in the coming years.”

About Network People Services Technologies Limited:

Incorporated in 2013, Network People Services Technologies Limited (NPST), is engaged in providing software and Digital payment solutions to the banking and finance sector, primarily focusing on mobile banking applications, Payment switch solutions (such as IMPS & UPI), Merchant acquiring platform and digital wallet. Currently, NPST is rendering services to esteemed clients i.e., Canara Bank, Kerala Gramin Bank, Karnataka Gramin Bank, IBM India Private Limited, and Cosmos Co-operative Bank with a 60 crores monthly transaction volume.

NPST is an authorized Merchant Payment Service Provider, approved by NPCI, acquiring merchants, and providing payment applications to users across various segments. The Company also provides digital ERP over the cloud to manage and operate the financial value chain of a business. The company recorded 8 Mn+ average transactions per month with an 85,000+ sub-merchant base.

In 2022, the Company built a “Super App” for one of the largest PSU banks powered with 256 services creating an API hub and processing engine.

For FY22, the Company has reported revenues of Rs 19.5 crore with 26% YoY growth and net profit of Rs 1.5 crore with 39% YoY growth.

NPST is listed on NSE Emerge with NSE Code: NPST.

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Bangalore (Karnataka) [India], February 7: Yokogawa Electric Corporation (TOKYO: 6841) announces that it has made a US$10 million Series B investment* in Ideation3X Pte. Ltd. (i3X), a Singapore-based venture company that is targeting the rapidly expanding integrated solid waste management (ISWM) sector in India with a process that adopts a circular economy approach. The two companies have also signed a business collaboration agreement. With this investment in the high-growth ISWM field, Yokogawa aims to develop its business in the Indian market.

Founded in 2017, i3X has been backed since its inception by Unison Capital Group, a Japanese private equity firm. i3X possesses unique know-how in the ISWM field, such as technology for producing high-quality alternative fuels from waste. In addition, due to Unison Capital’s support, the company’s ESG management has been highly evaluated and is one of the factors for it being entrusted with waste treatment projects in three Indian cities, including New Delhi.

In India, the Modi government is promoting the Clean India Mission to improve the environment in cities throughout the country. One of its goals is to hygienically treat all the waste in the approximately 3,000 landfills that currently exist across the country by 2030, and at the same time establish a waste disposal model based on circular economy principles. This initiative is attracting a lot of attention due to the immense social impact that it can have and its importance in countering global warming. As it is rolled out, it is expected to generate demand not only for conventional waste disposal facilities, but also plants that produce alternative fuels from waste and small-scale thermal power plants that generate electricity from these alternative fuels.

Yokogawa established a local subsidiary in the Indian market in 1987 and has since been delivering control systems for plants in the energy industry, monitoring systems for water supply and wastewater networks, and other industrial products and solutions. The company also has significant experience in providing control systems for waste-to-energy plants around the world. Through this investment in i3X, Yokogawa will be able to contribute to the formation of a circular economy based ISWM framework that is appropriate for the Indian market, and make full use of its measurement and control technologies to support the achievement of the Clean India Mission. While providing technical support for the development of i3X’s business, Yokogawa will also look to expand its engagement in this sector by undertaking the formation of a consortium with related organizations and companies.

Tsuyoshi Abe, a Yokogawa senior vice president and head of the Marketing Headquarters, commented, “Yokogawa has been investing strategically to develop business opportunities in the growing Indian market. This investment enables us to bring together Ideation3X’s knowhow, the ecosystem that will form around its business, and Yokogawa’s technology and experience. I feel confident that we will be able to expand our business while helping to address one of India’s most serious social issues. According to the United Nations and other sources, the world population continues to increase at a rate of 140 people per minute. In addition, the average life expectancy is getting longer, and we must be prepared for the increased burden on the global environmental as we approach the age of 10 billion people and 100-year lifespans. By utilizing our ability to measure and connect, we aim to fulfill our responsibilities for the future of our planet.”

An investment round following the Series A round for start-up companies. In contrast to Series A, which focuses on development of the product, the main objective of Series B is to develop a successful business.

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Mumbai (Maharashtra) [India], February 7: Shri Keshav Cement & Infra Limited (BSE – 530977), engaged in the manufacturing of Cement and Solar Power Generation and Distribution in the state of Karnataka has announced its unaudited Financial Results for the Q3 & 9M FY23.

Key Financials at a Glance:

For 3M FY23:

• Revenues at₹81 crore; up 20.53%
• EBITDA at₹40 crore; up 9.36%
• EBITDA Margin at 29.88%
• PAT at ₹39 crore, PAT Margin at 3.99%
• EPS at ₹16

For 9M FY23:

• Revenue at ₹94 crore; up 17.23%
• Revenues from manufacturing and trading in cement was at ₹95 crore as against ₹63.69 crore 
• Revenues from solar power generation and supply were at ₹98 crore as against ₹7.86 crore 
• EBITDA at ₹72 crore; up 9.08%
• EBITDA Margin was at 30.90%
• PAT for at ₹29 crore; up 348%, PAT Margin was at 31.21%
• EPS at ₹18

Commenting on the performance, Mr. Venkatesh Katwa, Chairman of Shri Keshav Cement & Infra Limited said, “Good demand for cement and price hike were taken during the quarter enabled us to report 20% plus growth in revenues.  Our capacity expansion on existing land by balancing processes and modernising equipment will help us report better revenues and improvement in profit in the coming period. Revenue from solar capacity almost doubled during nine months of the current financial year.”

About Shri Keshav Cement & Infra Limited:

Incorporated in the year 1993 Shri Keshav Cement & Infra Limited (KCIL), formerly Katwa Udyog Limited) is engaged in the manufacturing of Cement and Solar Power Generation and Distribution in the state of Karnataka India.

The Business segments are divided into two verticals 1) Manufacturing of cement and 2) Generation of Electricity using Solar Power. The cement plants are located in Bagalkot district, Karnataka, and the Solar power plant is located at Koppal, Karnataka.

The Company manufactures 43-grade and 53-grade Ordinary Portland Cement. The inception of the company began with the acquisition of a sick cement plant of 20 TPD (Tons per day) in 1994. The capacity of the plant gradually increased year after year to reach 600 TPD. The further acquisition has added 300 TPD to the existing capacity. The current capacity of the company is 1,100 TPD with two cement manufacturing plants – one operating with a vertical shaft kiln (VSK) having a capacity of 300TPD in Kaladgi, Bagalkot, and another unit having a capacity of 800 TPD operating with rotary kiln technology located at Nagnapur, Bagalkot.

The company owns three very renowned regional brands of cement “Jyoti Power” “Jyoti Gold” & “Keshav Cement”. The company supplies cement in North Karnataka, Coastal Karnataka, Goa, and some parts of Maharashtra and Kerala. “Keshav Cement” is a premium brand of the company. SKCIL is producing cement by using 100% green energy (Solar) since April 2018.

The cement industry is highly energy-intensive and power cost constitutes around 30% of the manufacturing cost in the cement manufacturing process. The current power requirement of the cement plants is 12 MW. The Company has two power plants that cumulatively generate 37 MW of power. After using it for its business operations, the balance of 25 MW is sold by the Company.

The other group companies are, Katwa Infotech Ltd and Katwa Construction Ltd. The shares of SKCIL are listed on BSE (530977).

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New Delhi (India), February 7: It’s not every day that you hear of someone under the age of 17 stepping out of their comfort zone to buy a luxury car. But that’s exactly what Mohammad Afzan Hasan, India’s youngest entrepreneur has done – setting a record by buying one of the most expensive cars in India at the tender age of 17. Mohammad Afzan Hasan and his incredible journey from being an average student to becoming the owner of a luxurious Vip car. We’ll also discuss how he achieved success so young, and what it takes to become a successful entrepreneur in today’s world.

Mohammad Afzan Hasan is India’s youngest entrepreneur.

Afzan Hasan is India’s youngest entrepreneur. At just 17 years old, he has already made a name for himself in the business world. Afzan started his first company, Hasan Enterprises when he was just 16 years old. The company specialized in importing and exporting goods from India to other countries.

In 2018, Afzan made headlines when he bought a new VIP car worth Rs 40 lakhs (approximately $50,000). The purchase made him the youngest person in India to own such a luxurious car.

Despite his young age, Afzan has already accomplished a lot in his short career. He is an inspiration to other young entrepreneurs who are looking to make their mark on the world.

In India, 17-year-old Mohammad Afzan Hasan is the youngest entrepreneur. He started his first business at the age of 12 when most kids his age were still in school. His business was a small mobile phone and accessory shop in his hometown of Nagpur.

Hasan’s business quickly grew, and he soon had multiple shops across Nagpur. At the age of 18, he decided to expand his business into other cities in India. Today, Hasan’s company has over 200 stores across India.

In addition to running his successful business, Hasan is also pursuing a degree in business administration from the University of Mumbai. He plans to continue growing his company and eventually take it public.

He has now bought a new VIP car

India’s youngest entrepreneur Mohammad Afzan Hasan has bought a new VIP car. The 17-year-old, who is the owner of Hasan Automobiles, based in Nagpur, made the purchase last week.

The new car is a Fortuner S-Class, which is worth Rs 50 lakhs (Nagpur-Showroom). Afzan had earlier said that he wanted to buy a Rolls-Royce but decided on the Fortuner because it was “more value for money”.

He had also said that he would be taking delivery of the car in December but it seems like he got it a bit earlier. The VIP car is likely to be used by Hasan for his personal commute as well as for business purposes.

Nagpur-based Mohammad Afzan Hasan, who is just 17 years old, has already made a name for himself as a successful entrepreneur. His businesses are doing very well, and he has now added a new VIP car to his fleet.

Hasan started his first business, a food delivery service when he was just 16 years old. He then went on to launch an online marketplace for home services. His businesses have been growing steadily, and he now employs over 100 people.

The new VIP car is a reflection of Hasan’s success. He says that he wanted to buy a car that would make heads turn when he drives it around town.

In the future, Mohammad Afzan Hasan plans to expand his businesses by opening more branches of his companies in different parts of India. He also plans to venture into new businesses and industries. With his hard work and dedication, he is sure to achieve even greater success in the years to come.

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Mumbai (Maharashtra) [India], February 7: Sushim Gaikwad and Karan Rajora owning a production house named Rajora Entertainment for a long and they are doing several events, film making albums. Song-making under the Rajora Entertainment banner. Recently they launched their film ‘Ajmer Ki Gali’ both partners said their plans for the movie are different. They are collaborating with the southern industry also. Their core buss is finance & marketing. Sushim and Karan said their finance experience helped them a lot in the film industry, the film is all about finance and art, recently Dadasaheb Phalke IT 2023 award was held in Taj hotel Mumbai, and among all the production houses Rajora Entertainment manage to win this award, both said they are very happy winning this award, such kind of appreciation gives a lot of motivations to do more good work. Recently production house did an agreement with Actor Kumar Kanhaiya Singh for a new project.

Kanhaiya said that he knows both of the producers for a long Sushim Gaikwad produced one film with me once in 2019 called ‘Romio Idiot Desi Juliet’ starrer Ruslan Mumtaz and Rashmi.

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Chennai (Tamil Nadu) [India], February 7: In a major development in MSME Ecosystem space Rupeeboss.com -MSME loan Fintech which is a National distributor for 100 plus Banks and NBFC’s for MSME loans has launched MSME BHARAT MANCH – A Nation-wide Initiative, to create an empowering ecosystem to help scale MSME sector in a big way.

Mr. PN Shetty CEO and Founder with his entire Senior management team and Ecosystem Partners from across the country were present in the Business Leadership League – 5 Trillion dollar economy event held in Chennai on 4th Feb 2023.

Mr. Shetty has the vision to connect partners and collaborate with the thriving 6.3 crores MSME sector with this MSME BHARAT MANCH platform to help them scale. As a first step, MSME Bharat Manch will work on taking Government subsidies and Initiatives to the MSME community across India.

The Event was graced by Shri. NB Shetty, Chairman – Advisory Board MSME Bharat Manch, Shri. Narendra Mairpady Former CMD-Indian Overseas Bank, Shri. Ravi Nandan Sinha, Director-MSME Business Forum India, Dr. Avinash K Dalal, President- All India MSME Association.  The Key National Facilitators who would be contributing to this Ecosystem are See Change Consulting from the South,  Business Leadership League from the West, eGrowth from the North, and Bank keeping from the East besides Enqube Collaborations as Knowledge Partner, Sarathi as Mentor Partner, ENirmaan as Technology Partner, Ourea as Digital Partner, GST Dost as GST Partner. In addition, SMEStreet.in is also associated as the pan India MSME outreach and MSME Media Partner for MSME Bharat Manch. Mr. Jeroninio Almeida, International Coach, and Inspirational Speaker would be the Chief Mentor of MSME Bharat Manch, as highlighted by Dr.G.Rameshkumar, Director General, MSME Bharat Manch.

India’s MSME’s are facing lots of issues that hinder their business to grow and scaling. These problems arise as they lack a one-stop destination or a unique platform to get solutions from the core expert segment in terms of business support solutions. MSME Bharat Manch would provide an ultimate solution to cater to all the entrepreneur needs of the Indian MSME’s helping them to get empowered so as to scale and strengthen their business.

The Solutions under MSME Bharat Manch would cover Unsecured & Secured Finance including Working Capital, Free Loan Audit & SME Insurance Audit, Marketing & Sales Support, HR & Technology Support, Rectifying Credit, Credit Rating Support, Assistance for Samadhan, Awareness on MSME Schemes & Subsidies, Tender, Bill Discounting, Investment Banking Support, NPA Revival, Pitch Deck, Training, Coaching, Consulting, and many Professional Business Support.

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AKARA’s Comprehensive Solutions for Achieving Your Desired Body Shape

New Delhi (India), February 7: Do you struggle with managing weight, body posture, gut health, and other related health issues? While intense workout sessions can certainly help, they may not be the only solution. Sometimes, additional care and attention are needed to reach optimal health and physical fitness. One alternative approach is non-invasive weight loss, which is becoming increasingly popular as a way to achieve your desired body shape without surgery or invasive procedures.

Non-invasive technology for weight loss is becoming increasingly popular to shed unwanted pounds without the need for invasive surgery. These methods include things like ultrasound therapy, laser therapy, and radiofrequency therapy. These technologies work by targeting and breaking down fat cells in the body, allowing them to be naturally eliminated by the body. These treatments are relatively painless and have minimal side effects, making them a great option for people who are looking for a safe and effective way to lose weight. Additionally, non-invasive weight loss technology is also useful for people who may not be suitable candidates for more invasive weight loss procedures, such as surgery.

Overall, non-invasive weight loss technology is a great option for people who want to lose weight without the risks and recovery time associated with invasive procedures.

Significance of Non-Invasive Weight Management

Being extremely thin is no longer considered fashionable or desirable. Today, people prioritise overall health and fitness over a specific body size or shape. Starving oneself to achieve a “size zero” look is no longer the norm. Instead, many are turning to non-invasive weight loss methods, such as body sculpting and contouring, to achieve a more toned and defined physique.

Body sculpting and contouring are ways of removing excess fat and reshaping specific areas of the body, such as the abdomen, buttocks, thighs, arms, back, and chin or neck. This procedure can be particularly effective in areas where weight loss is not effective or where the skin has become loose due to multiple lifestyle factors. Unlike traditional surgical options, new-age weight management clinics like AKARA by AAYNA offer non-invasive, non-surgical body sculpting and contouring, which results in minimal to zero downtime and less trauma to the body.

In addition to body sculpting and contouring, AKARA also offers body toning services. Body toning refers to the ability of the muscles to contract and work together in order to achieve a well-defined, athletic physique with a strong core and endurance. This can be accomplished through a combination of a healthy lifestyle and specific fitness exercises. AKARA provides personalised plans to help individuals achieve their desired body shape and overall fitness goals.

A Few AKARA Programs at a Glimpse:

• The AKARA weight loss clinic offers a comprehensive selection of programmes to help clients reach their weight loss goals. Each program is tailored to meet specific needs and preferences and utilizes cutting-edge FDA-approved technologies, as well as personalized diet plans.
• The AKARA Slim and Tone programme is designed for those looking to slim down and tone their body through a combination of non-invasive technologies and a healthy diet.
• The AKARA Strength and Sculpt program focuses on non-invasive body sculpting and muscle toning, with a particular emphasis on reducing abdominal fat.
• The AKARA Body Detox programme combines weight loss with a full-body detox using exclusive FDA-approved technologies.
• The AKARA Mommy Makeover program is tailored for new mothers and addresses post-pregnancy weight loss using safe, non-invasive technologies.

For those looking for a truly personalized weight loss experience, the AKARA clinic offers the Alchemy by AKARA program. This program is designed by experts and nutritionists and considers the client’s specific goals, health needs, and any allergies or health conditions.

With a variety of programmes to choose from, the AKARA weight loss clinic has something for everyone.

About AKARA Clinics in Delhi and Ludhiana

Led by Dr. Simal Soin, one of India’s leading dermatologists and aesthetic medicine specialists, the AKARA clinic is built on a foundation of innovation, aesthetics, and simplicity and is designed to help people achieve their desired body shape.

Our state-of-the-art clinic is equipped with the latest technology and techniques, ensuring that our patients receive the highest quality of care. With a team of highly skilled and experienced nutritionists and aestheticians, we are able to offer a wide range of treatments that address every weight-loss concern. All our treatments are FDA-approved, non-surgical, and non-invasive. We have multiple centers in Delhi and Ludhiana staffed with expert medical practitioners who can help you find the perfect solution for your weight loss journey.

At AKARA, our goal is to help you achieve and maintain your ideal weight and body shape in a safe and effective manner. With our advanced technology and unparalleled techniques, we aim to bring the latest weight management innovations to India, so you can achieve your desired body shape and live a healthier, happier life.

Call us to know more:

Mehrauli:         +91 704 229 7304

Khan Market: +91 987 039 6667

Ludhiana:        +91 857 500 6060

Instagram Page Link: https://www.instagram.com/akarabyaayna/

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Sri Hariram Garg, Managing Director, Indong Tea Company Ltd

Company to issue 50.04 lakh Equity shares of Rs. 10 face value at a price of Rs. 26 per share; Propose to list on BSE-SME Exchange

Highlights:- ·         Public issue opens for subscription from February 9 and closes on February 13 ·         Minimum lot size for application is 4,000 shares; Minimum IPO application amount Rs. 1.04 lakh ·         Funds raised through the issue will be used to fund expansion plans including installation of new plant & machinery, meeting working capital requirements for the company’s business activities etc ·         Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of Tea Plantation, Tea Factory, General Stores etc. ·         Since past several years, “Indong Gold” Tea has been fetching highest prices every year ·         For the FY21-22 company reported revenues of Rs. 19.92 crore and Net Profit of Rs. 1.31 crore ·         Finshore Management Services Ltd is the lead manager of the issue.

Mumbai (Maharashtra) [India], February 7: Public issue of Indong Tea Company Ltd – one of leading tea garden in the foothills of a Himalayan Range is scheduled to open for subscription on February 9. Company received approval to launch its public issue on BSE SME Exchange Platform. Company is planning to raise Rs. 13 crore through initial public offering to fund its expansion plans including capital expenditure towards installation of new plant and machinery for Tea processing unit at Indong Tea Estate at Jalpaiguri, West Bengal, meeting working capital requirement and general corporate purposes.  Finshore Management Services Ltd is the lead manager of the issue. Public issue will close on February 13.

The initial public offering will comprise a fresh issue of 50.04 lakh equity shares of face value Rs. 10 each at a price of Rs. 26 per share (including a premium of Rs. 16 per equity share) aggregating upto Rs. 13.01 crore. Minimum lot size for the application is 4,000 shares which translates in to Rs. 1.04 lakh per application.

Commenting on the development, Sri Hariram Garg, Managing Director, Indong Tea Company Ltd said, “As a part of our growth strategy our focus is on increasing sales, reduction of operational costs, achieve efficiency, quality assurance and leverage and enhance our goodwill in the market through expansion, diversification and spread in geographical outreach. We believe that our growth in local market can fetch us new business expansion and opportunities. Our emphasis is on scaling of our operations in other markets which shall provide us with attractive opportunities to grow our client base and revenues. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.”

Proceeds of the public issue will be utilised to fund company’s expansion plans at company’s Tea Estate, Jalpaiguri, West Bengal. Rs. 6.32 crore to be utilised towards Extension, Uprooting, Infilling of Tea Plantation and Irrigation at Indong Tea Estate, Jalpaiguri, West Bengal. Rs. 2.94 crore towards installation of additional plant and machinery for Tea Processing Unit, Rs. 2.24 crore for working capital requirements for expansion and to enter new geographical area in India and Abroad and general corporate purposes.

Post Issue the share capital of the company will increase to Rs. 15 crore from Rs. 9.99 crore before the public issue. Total Net-worth of the company will increase to Rs. 23.69 crore post the public issue from Rs. 10.68 crore before issue. Promoters and Promoters Group holds 96.09% stake in the company. Post-IPO promoter group holding will be 64.03%.

For the FY21-22 company reported revenues of Rs. 19.92 crore, EBITDA of Rs. 3.75 crore and Net Profit of Rs. 1.31 crore. For 6 months ended, 30 September 2022, company reported revenue of Rs. 13.24 crore, EBITDA of Rs. 3.32 crore and Net Profit of Rs. 2.04 crore.

Incorporated in the year 1990, Indong Tea Company Limited owns and operates a Tea Garden on long-term Government lease and is engaged in Tea Plantation & Manufacturing of CTC Tea at Indong Tea Estate situated at Jalpaiguri District of West Bengal. Company was acquired by Sri Hariram Garg in the year 2014, who has several decades of experience in this sector and other diverse sectors. The Indong Tea Estate is spread over an area of 740.38 Hectares which comprises of Tea Plantation, Tea Factory, Withering Trough House, Officer’s Bungalows, Staff Quarters, Labour Quarters, Pump House, General Stores etc.

Since past several years, “Indong Gold” Tea has been fetching highest prices every year breaking its own record of the Previous Year. Till 2020, it had achieved the highest price for CTC Category in West Bengal. Sale held on 22.12.2021, Indong Tea fetched Rs. 1151/- Per KG which is the highest Price in Auctions for CTC Tea in whole Country till date.

India is the second-largest producer of tea globally. Indian tea is one of the finest in the world due to strong geographical indications, heavy investment in tea processing units, continuous innovation, augmented product mix, and strategic market expansion. As of a 2018 survey, a total of 6.37 lakh hectares of area was cultivated in India for tea production. India is also among the world’s top tea-consuming countries, with 80% of the tea produced in the country consumed by the domestic population. India’s total tea production for the calendar year 2020 was 1,257.52 million kg and for the financial year 2020-21, it was 1,283 million kg.

IPO Highlights – Indong Tea Company Ltd
IPO Opens on	February 09, 2023
IPO Closes on	February 13, 2023
Issue Price	Rs. 26 Per Share
Issue Size (No of Shares)	50,04,000 Shares
Issue Size (Rs. Cr)	Rs. 13.01  crore
Lot Size	4,000 Shares
Retail Quota	23,76,000 equity shares – 50%
Non-Retail Quota	23,76,000 equity shares – 50%
Listing on	SME Platform of BSE Ltd

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