Total and Indian Oil Form Joint Company in India to Offer High-Quality Bitumen Derivatives

Indian Oil Corporation, India’s largest refiner and marketer of petroleum products, and Total, broad energy company with headquarters in Paris, France, announce the formation of a 50:50 Joint Venture(JV) company that will manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India. 

Total is the leading bitumen manufacturer and supplier in Europe, while Indian Oil is the largest player in the Indian bitumen market. The two companies have already an established business relationship in India, notably in LPG and fuel additives businesses. 

The new JV will combine the R&D and marketing strengths of both Indian Oil and Total to manufacture and market innovative bitumen formulations and superior quality products such as polymer-modified bitumen, crumb rubber modified bitumen, bitumen emulsions and other specialty products. The JV will set up manufacturing units across the country with cost-effective logistics solutions, keeping innovation, safety and sustainability at the helm of its operations. The JV will also explore possibilities to cater to other South Asian markets. 

“India is a strategic country for the future of Total and we are delighted by this partnership, yet another testimony of our commitment to this fast-growing market.” highlighted Patrick Pouyanné, Chairman and CEO of Total. “Today, Total is further cementing its longstanding business cooperation with Indian Oil, into a strong and sustainable new partnership. With this agreement, we are pursuing the growth of businesses with key Indian energy players, adding to our ongoing developments in renewables, gas and power.” 

Shrikant Madhav Vaidya, Chairman of Indian Oil said: “The Indian Oil-Total joint venture company would combine Indian Oil’s credentials as India’s Flagship National Oil Company and the Total’s strength as an International Energy Major. This would cater to B2B customers involved in road infrastructure development, both in the government and private sectors and I am confident that this would start a revolution in road construction activities in the country by providing superior technology products at competitive prices”. 

He added: “This joint venture company would bring in latest technologies and formulations for Polymer Modified Bitumen (PMB) and other fast-growing non-conventional derivatives such as Cold Mix & Micro Emulsion, Block Bitumen, etc. to the Indian market. The operations of this JV would commence by taking over an existing plant of Total at Jodhpur and subsequently set up new Greenfield plants”. 

The Government of India has a strong focus on developing the country’s road infrastructure with mega projects like the ‘Bharatmala project’ which envisages development of 34,800 km of roads at an estimated investment of over Rs. 5 lakh crore in the first phase (equivalent to approximately 66 billion USD). 

The demand for aggregate material and manufactured material for the highway construction and rehabilitation sector in India is very high, especially for good-quality bitumen derivatives. The Indian Oil and Total JV will offer high-spec products using sustainable technologies. 

Future Generali India Insurance Announces Increment for all its Employees in Wake of COVID-19 Pandemic

In the face of an ongoing economic crisis, Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture between retail giant Future Group and global insurer Generali, announced promotions, annual increments & variable payouts to all its employees. The company declared that there will be no layoffs of its employees during these unprecedented and volatile times.

They also made provision of an immediate relief fund of INR 50,000 to each of its business-active agents and their families if they are tested positive for COVID-19. 

With over 125 branches across India, the company has decided not to compromise on hiring and plans to recruit employees as per the business requirement. During this lockdown phase alone, FGII has onboarded over 70 employees across various levels using various digital tools for engaging, interviewing, enrolling, and inducting. The company will continue to hire as in any other year. 

FGII has also taken multiple initiatives towards employee wellness and engagement during the lockdown period. The company has introduced a confidential counselling helpline for employees and their families to help them cope with changes brought about by the pandemic such as anxiety, stress or work-life balance. This is supplemented by live sessions promoting physical and mental health through yoga sessions. It has also organized various engagement programmes such as talent shows and conducted virtual training sessions for employees to help them connect and learn while they work from home.

Mr. Anup Rau, MD & CEO, Future Generali India Insurance said, "We are a people-first company, period. We made sure that every single employee- right from the CXOs to our housekeeping staff - got their due credit and bonuses and increments in time. I don’t believe one can be a customer-centric company without being employee-centric; they are both congruent. Now, more than ever, our employees and partners need certainty and stability in their lives. We are building an organization for the long term and have the wherewithal to handle uncertainty. We are a fundamentally strong company and have the ability to respond to the new realities of the marketplace.”

About Future Generali India Insurance Company Limited

Future Generali India Insurance Company Limited is a joint venture between Future Group – the game changers in Retail Trade in India and Generali – a 189 years old global insurance group featuring among the world’s 60 largest companies*. The Company was incorporated in September 2007 with the objective of providing retail, commercial, personal and rural insurance solutions to individuals and corporates to help them manage and mitigate risks.

Future Generali India has been aptly benefitting from the global Insurance expertise in diverse classes of products of Generali Group and the Indian retail game-changer Future Group. Havingfirmlyestablisheditscredentials in this segment and effectively leveraging on the skill set of both its JV partners, Future Generali India has evolved to become a Total Insurance Solutions Company.

*As per Fortune Global 500 Ranking (2017)

*Future Generali India Insuranceiscertified ‘Great Place to Work’ (December2019-November 2020)

About Generali Group

Generali is an independent, Italian insurance Group, with a strong international presence. Established in 1831, it is one of the largest global insurance providers present in over 60 countries with total premium income exceeding €68 billion in 2017. With nearly 71,000 employees in the world and 57 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in Central and Eastern Europe as well as in Asia.

Toshiba to take over 100 percent of Panasonic LCD JV

Japan's Toshiba Corp plans to take a 100 per cent stake in its struggling liquid crystal display (LCD) joint venture with Panasonic Corp, a source with knowledge of the matter said.

Toshiba Matsushita Display Technology, currently owned 60 per cent by Toshiba and 40 per cent by Panasonic, is the world's second-largest maker of small and midsized LCD panels used in cell phones, car navigation systems and other devices.

Toshiba has decided to buy Panasonic's 40 per cent stake for several billion yen, the source said, confirming an earlier report in the Nikkei business daily.

No one at Toshiba or Panasonic, formerly named Matsushita Electric Industrial, was immediately available for comment.

The source spoke on condition of anonymity because the deal has not yet been made public.

Hit by falling prices and sluggish demand, Toshiba Matsushita Display is expected to post an operating loss of 30 billion yen on sales of 270 billion yen for the financial year ending this month.

Despite the earnings downturn, Toshiba still views the small and midsize display business as an important business and taking a 100 per cent stake will allow it to accelerate decision-making and restructuring, the source said.

Toshiba is planning to cut costs by 300 billion yen in the next business year from April as it braces for its worst-ever annual loss in the year ending this month.

At the same time the deal should allow Panasonic, the world's top maker of plasma TVs, to focus more of its resources on large displays, though it will still hold 25 per cent in another small and midsized LCD venture majority-owned by Hitachi Ltd.

Toshiba Matsushita Display held 10.3 per cent of the global market for small and midsize LCDs in 2008, second only to Sharp Corp's 20.2 per cent share, the Nikkei said, citing figures from research firm DisplaySearch.

The move will mark the latest realignment of the LCD sector.

Earlier this month NEC Corp said it would close a LCD plant in Japan while Sony Corp and Seiko Epson Corp announced that they were considering an alliance in small-sized LCDs.

After making the venture wholly-owned, Toshiba plans to scale back production of amorphous silicon panels, which have been hit hard by sliding prices, and focus on higher-end polycrystalline silicon panels, the Nikkei said.

Agencies