Yes Bank Set To Come Out Of The Yes Bank Reconstruction Scheme 2020 Initiates Process For Formation Of Alternate Board

• On the back of YES Bank’s turnaround and having achieved significant progress post the implementation of the YES Bank Reconstruction Scheme March 2020 (“Reconstruction Scheme”), the Board of Directors of the Bank appointed under the Reconstruction Scheme, have recommended to its shareholders, the formation of an alternate Board in line with the directions of the Scheme.

• The alternate Board is being constituted and will operate under the applicable laws & regulations as against the current Board which was constituted and is functioning under the ambit of the Reconstruction Scheme.

Commenting on the occasion of the Board’s decision on forming the alternate Board, the Chairman of the Board, Mr. Sunil Mehta said “YES Bank today accomplishes a significant milestone of coming out of the Reconstruction Scheme by initiating the process of formation of the alternate Board. On this occasion, I wish to compliment and thank my colleagues on the Board, the Reserve Bank of India, Government of India, State Bank of India and all other investors, Bank’s customers and importantly the 24,000 plus highly dedicated employees of YES Bank for having achieved a historic turnaround of one of the largest private sector banks of this country.

It has been a fascinating experience and truly a privilege to lead the Board during this very difficult period and achieve very distinct milestones over the course of more than 2 years. My special gratitude to Mr. Mahesh Krishnamurti and Mr. Atul Bheda who will be demitting office along with me on formation of the alternate Board. The most satisfying and fulfilling outcome for us has been the renewed business momentum and trust we have regained with our customers, employees, regulators, investors and all our stakeholders. As demonstrated over the last several quarters, the Bank is now ready to grow profitably and sustainably, on behalf of the Board, I assure all our stakeholders that the Bank has built a strong ethos of integrity, trust and transparency which shall remain uncompromised. The Bank now is fully ready to achieve its long term growth trajectory under the direction of the alternate Board being formed.“

BACKGROUND

• Government of India had notified the YES Bank Reconstruction Scheme, 2020 on March 13, 2020. The existing Board of the Bank was constituted under the rules laid out in Para 5 of the Reconstruction Scheme which included appointment of following directors:

a. Four Directors including MD&CEO and Chairman as mentioned in the Reconstruction Scheme:

- Mr. Sunil Mehta, Chairman of the Board

- Mr. Mahesh Krishnamuti, Board Member

- Mr. Atul Bheda, Board Member

- Mr. Prashant Kumar, MD & CEO

b. Two SBI nominee directors who are the officers of SBI

c. Two RBI appointed Additional Directors

• Further, the Reconstruction Scheme stated that the members of the Board, other than the Additional Directors appointed by RBI, shall continue in office for a period of one year, or until an alternate Board is constituted

• Since the implementation of the Reconstruction Scheme, the Bank has undertaken multiple transformational initiatives that have helped the Bank to resurrect and rebuild its foundation and now remains on course to achieve its growth and profitability objectives. The Bank also expanded the Board in 2021. Some of the key milestones include:

a. FY22 was a first full year profit for the Bank at INR 1,066 Crores after two successive years of heavy losses in FY20 and FY21

b. Near doubling of the deposit book from ~ INR 1.05 Lakh Crores (Mar-20) to ~ INR 1.97 Lakh Crores (Mar-22). CASA Ratio back in excess of 30%.

c. Significant corrections and improvements in the liquidity position and funding structure of the Bank expressed through CD Ratio improving from 163% to 92% and Liquidity Coverage Ratio improving from 37% to 128%

d. Raised INR 15,000 Crores of equity capital in July 2020 through one of the largest public issues in this country. CET1 Ratio improved from 6.3% (Mar-20) to 11.6% (Mar-22)

e. Continuous granularization of the Balance-sheet, with Retail / MSME mix improving from 44% (Mar-20) to 60% (Mar-22).

f. Focus has moved from consolidation of the balance-sheet to growth. In FY22, Loan Book grew by ~9% with Gross Disbursements of ~INR 70,000 Crores across all segments.

g. Bank has undertaken multiple initiatives to review and make necessary changes to it’s Governance Frameworks and processes with a key focus on the Credit underwriting policies and practices.

h. Maintained leadership in Digital Payments with highest market share in UPI. 1 of every 3rd digital transaction is process by YES Bank infrastructure.

• On the back of the above and basis recommendation received from SBI the largest shareholder of the Bank, the Board has now initiated the process of forming the alternate Board. As a first step, the Board has recommended to the Shareholders the appointment of Directors as recommended by SBI on the alternate Board. The Shareholders’ meeting (AGM) is scheduled on Friday, July 15, 2022 to consider the relevant resolutions.

Pursuant to SBI’s recommendation, the composition of the proposed alternate Board subject to shareholders approval would be as under:

a. Mr. Atul Malik

b. Ms. Rekha Murthy

c. Mr. Sharad Sharma

d. Ms. Nandita Gurjar

e. Mr. Sanjay Kumar Khemani

f. Mr. Sadashiv Srinivas Rao

g. Mr. T Keshav Kumar

h. Mr. Sandeep Tewari

i. Mr. Prashant Kumar

• The Term of Two Additional Directors Viz. Mr. R. Gandhi and Mr. Ananth Narayan Gopalakrishnan appointed by RBI is valid upto March 23, 2023 or till further orders, whichever is earlier.

• Mr. Sunil Mehta, Chairman, Mr. Mahesh Krishnamurti and Mr. Atul Bheda – Board members as appointed under the Notification dated March 13, 2020 of the Reconstruction Scheme, would be handing over charge to the alternate Board having overseen the significant turnaround of the Bank in record time and having achieved the primary purpose for which they were mandated per the YES Bank Reconstruction Scheme, 2020.

The Bank’s largest shareholder, State Bank of India, has proposed Mr. Prashant Kumar’s candidature for the position of MD&CEO of the Bank for a period of three years, which will be subject to approval of the alternate Board, Reserve Bank of India and the Shareholders.

ABOUT YES BANK

YES BANK is a 'Full Service Commercial 'Bank' providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.

YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank's website at http://www.yesbank.in/

Goldmedal Electricals Announces The Launch Of Insignia - The Powerful Ceiling Fan

* The decorative ceiling fan is available in three exciting colours: Angel White, Topaz Gold and Indigo Blue

Goldmedal Electricals, one of India’s leading Fast Moving Electrical Goods (FMEG) Company, announced the launch of a decorative ceiling fan – Insignia. The company forayed into the fan segment last year and has been expanding its ceiling fan portfolio ever since. The company is in-line with the government’s mission of making India truly Atmanirbhar and has manufactured the Insignia fan in India.

Insignia decorative fan is a stylish and highly functional fan that delivers superfast cool air that helps Indian consumers beat the scorching heat. Insignia is meticulously designed with premium fittings that can match the aesthetics of every modern home. The blades of Insignia are built to be aerodynamically superior and offer excellent airflow while being extremely quiet. The use of high-grade copper in the motor makes it robust and durable. The powerful motor enables it to operate smoothly and silently even at high speeds. It is an amazingly efficient fan that has a sweep of 1200MM and offers exceptional air delivery of 230 CMM at a speed of 380 RPM. Available in three exciting shades: Angel White, Topaz Gold and Indigo Blue, Insignia is priced at Rs. 4500/-

Commenting on the launch of this fan, Mr. Bishan Jain, Director at Goldmedal Electricals said, “We're ecstatic to introduce yet another elegant ceiling fan to our consumers, especially now that summer is at its peak. Insignia is one of our high-speed fans that operate without producing any noise, even at its highest speed. It has an attractive and modern look that will easily complement the décor of any contemporary home. The fan is available in three stylish colours which add to its unique look and is unlike anything available in the market. We are excited to share this exciting product and are sure that it will be well received by our customers.”

Goldmedal is constantly expanding its customer base by introducing consumer-centric fan and leveraging its trusted brand image to flourish across India. Ceiling fans, table fans, wall fans, personal, pedestal, portable, axial, and ventilation fans are just a few of the Goldmedal fan categories. Goldmedal fans are available in Andhra Pradesh, Telangana, Kerala, Tamil Nadu, and Karnataka in South India, as well as West Bengal, Jharkhand, Bihar, and Uttar Pradesh in East India, and Delhi NCR, Jammu and Kashmir, Punjab, Rajasthan, Himachal Pradesh, and Assam in North India.

About Goldmedal Electricals

Goldmedal Electricals is a home grown electrical company which was established in the year 1979 with a vision to create electrical switches and accessories that make a positive difference to the lives of consumers. The company is known in the industry for manufacturing high quality wiring devices and introducing a host of innovations in the industry. The company has manufacturing units in Vasai outside Mumbai, Bhiwadi in Rajasthan, and Vijayawada in Andhra Pradesh. It is one of the few companies in the industry to have a completely in-house, state-of-the-art tool room and testing facility. Today, the company manufactures a vast range of electrical products including various types of Switches, Home automation systems, LEDs, Fans, Security Systems, Entertainment devices, Doorbells, Wires, Cables, DBs and more for residential buildings as well as commercial establishments.

KamaSutra Launches First Ever NFTs In Sexual Wellness Category Across India

* 6 NFTs launched along with Bobble AI 

* The funds generated from the sale of the NFTs will be donated towards promoting sexual wellness among youngsters 

KamaSutra India’s leading sexual wellness brand has launched the country’s first ever NFTs in the category. Being a pioneering brand that is reckoned for introducing the concept of sex as a pleasure to India today joined forces with Bobble AI, the country’s largest conversation media platform with 65 million users globally, to launch its six distinct NFTs as part of its sexual wellness campaign.

As the first mover in its category to enter the space, KamaSutra, a brand of Raymond Consumer Care, will donate the funds generated from the NFT sales to Pathfinder International, a global non-profit that focuses on sexual wellness and reproductive health.  

With its strong presence of over three decades in the space, the launch is set to elevate relevance and desirability for the brand and its products amongst GenZ.

Speaking about KamaSutra’s foray in the NFT space, Pooja Sahgal, Chief Marketing Officer, Raymond Consumer Care, said; “Being an iconic brand with memorable campaigns. Now, with our category-first foray into the NFT space, KamaSutra has ventured into the Web 3.0 world, and it is onwards and upwards from here. The idea is to create futuristic brand experiences, which is only possible through great partnerships and adopting new-age technology. We are delighted to team up with Madison and Bobble AI, platforms with unique solutions and a penchant for facilitating immersive conversations for the same.”

In the first phase, KamaSutra launched a conversation media marketing campaign wherein nine KamaSutra-branded stickers were created. These stickers, denoting exciting flavours of condoms by KamaSutra could be used in the conversational space on leading chat platforms. The three best-performing stickers were then selected for the second phase of the campaign, coupled with three more NFTs that have been created from scratch, and minted as NFTs. These NFTs have been featured on the social media platforms of both KamaSutra and Bobble AI.

A few thoughts from Vandana Ramkrishna, COO, Madison Media Ace who facilitated this partnership ‘’we are breaking new grounds and exploring new opportunities in a VUCA environment with KamaSutra. It's a category first. Metaverse is a paradigm shift in how we experience the digital universe. Leaping in can enable brands to explore unique, connected experiences. Delighted to touch new heights for our brand and be a partner in their Digital entry into the Metaverse"

Sharing his thoughts on the partnership with KamaSutra, Ankit Prasad, Co-Founder and CEO of Bobble AI, said, “Being a category first and we pledge our support to the brand’s cause in enabling the GenZ to spread awareness around sexual wellness. At Bobble, we have been collaborating with brands across industry verticals to make conversations fun through stickers, GIFs, and more. Through our partnership with KamaSutra, we are taking it a step further – into the metaverse. Consumers will be able to incorporate Bobble AI’s stickers into their daily conversations and even purchase the NFTs at nft.bobble.ai.”

Three of the nine stickers have been consistently popular on the Bobble AI platform, garnering 6.5 million impressions and upwards of 55K shares within the first month. The sticker themes included banana, strawberry, and orange flavors of KamaSutra condoms. Millennials and GenZ are excited to discover and adopt the KamaSutra-branded content into their daily conversations, while some of them may even purchase the NFTs at nft.bobble.ai. The strategically driven & executed campaign by Madison Media for KamaSutra has certainly made waves in the media fraternity & with millennials/GenZs alike.

MongoDB Unveils Vision For A Developer Data Platform At MongoDB World 2022

* Company introduces a unified set of new capabilities in Atlas to address the growing data needs of developers to build modern applications

MongoDB, Inc. (NASDAQ: MDB), today unveiled its developer data platform vision with a series of new groundbreaking capabilities at MongoDB’s annual conference, MongoDB World at the Javits Center in New York City. With these announcements, MongoDB is empowering development teams to innovate faster by addressing a wider set of use cases, servicing more of the data lifecycle, optimizing for modern architectures, and implementing the most sophisticated levels of data encryption, all within a single integrated developer data platform.

“Hundreds of millions of new applications will be developed over the coming years that deliver compelling customer experiences, enable new capabilities to transform businesses, and increase operational efficiency via more sophisticated automation – and these applications all require a highly scalable, cloud-native, globally distributed data platform,” said Dev Ittycheria, President & CEO of MongoDB. “Our vision is to offer a developer data platform that provides a modern and elegant developer experience, enables broad support for a wide variety of use cases, and delivers the performance and scale needed to address the most demanding requirements.”

Addressing a wider spectrum of use cases

MongoDB has extended its compelling and unique approach of working with data beyond operational and transactional use cases to serve search and analytics use cases, all within a unified platform. These enhancements allow teams to accomplish more while preserving a consistent developer experience and reducing the complexity of the data infrastructure required to support modern applications.

MongoDB announced a number of capabilities that make it easier for developers to build in-app analytics and power richer application experiences. Column store indexing, available later this year, will enable users to create and maintain a purpose-built index that dramatically speeds up many common analytical queries without requiring any changes to the document structure or having to move data to another system. Furthermore, analytics nodes can now be scaled separately, allowing teams to independently tune the performance of their operational and analytical queries without over- or under-provisioning.

MongoDB time series collections make it easier, faster, and lower cost to build applications that monitor physical systems, track assets, or deal with financial data. In the upcoming MongoDB 6.0 release, time series collections will support secondary indexes on measurements, and feature read performance improvements and optimizations for sorting time-based data more quickly.

Atlas Search is the fastest and easiest way to build relevance-based search capabilities into applications. Now, with Search Facets, developers are able to rapidly build search experiences that allow end users to more seamlessly browse, narrow down or refine their results by different dimensions.

Servicing more of the data lifecycle 

MongoDB announced new products and capabilities that enable development teams to better analyze, transform, and move their data in Atlas while reducing reliance on batch processes and ETL jobs that can create delays, limit productivity, and increase costs.

Atlas Data Lake will feature fully managed storage capabilities that provide the economics of cloud object storage while optimizing for high-performing analytical queries. Atlas Data Lake reformats, creates partition indexes, and partitions data as it is ingested from Atlas databases, creating a highly performant companion data lake.

Atlas’s Data Federation capabilities allow teams to create virtual databases so that they can work with data that resides in a range of different sources. Development teams can query, transform, or create views across one or more collections, MongoDB clusters, and storage buckets.

Atlas SQL Interface provides a great experience for data analysts, who work mainly in SQL tools, to interact with Atlas data in a read-only interface. This makes it easy to natively query and visualize Atlas data with SQL-based tools while preserving the flexibility of the document model.  Additionally, you can query data across Atlas clusters and cloud object stores using SQL without the need for data manipulation, schema definition, or flattening of data.

Optimizing for modern application architectures

In addition to supporting a wide range of workloads, organizations need to have the flexibility to deploy the right application architectures to serve their needs. 

Atlas Serverless is now generally available and allows users to support a wide range of application requirements with little to no initial configuration and ongoing capacity management. Users benefit from the ability to scale to zero and deploy in all three major cloud providers, and tiered pricing automatically reduces the cost for large workloads without upfront commitments.

Vercel integration will allow teams using Vercel’s platform to develop, preview and ship websites and applications to more easily get started with MongoDB Atlas as their backend database. Using Vercel's Integrations Marketplace, developers can now deploy new web experiences on Atlas with zero configuration and instantly start building with documents that map directly to their code.

Cluster-to-Cluster Synchronization provides the continuous data synchronization of MongoDB clusters across environments whether in Atlas, in private cloud, on-premises, or on the edge. Cluster-to-Cluster Synchronization allows users to easily migrate data to the cloud, create test environments, create dedicated analytics environments, and support data residency requirements.

Atlas Device Sync connects a fully managed backend database in Atlas to Realm, the popular mobile database on edge and mobile devices. MongoDB’s new Flexible Sync option grants granular control over the data synced to user applications with intuitive language-native queries and hierarchical permissions.

The Data API is a secure API for accessing Atlas data over HTTPS without any operational overhead. This provides developers a way to easily extend Atlas data into other apps and services in the cloud or into their serverless architectures.

"The ability to leverage Cluster-to-Cluster Synchronization (C2C) for our many existing MongoDB-based travel applications is something we've been wanting for a long time and will be a huge benefit to us. It will greatly improve many facets of our software lifecycle, such as supporting "blue/green" deployments, data distribution, cloud migration and further increasing our high levels of geographic availability for our airline customers," said Sylvain Roy, Senior Vice-President, Technology Platforms & Engineering (TPE), Amadeus.

Implementing the most sophisticated levels of data encryption

Every organization must be able to secure the most sensitive information in any environment without compromising the ability to build rich application experiences that make use of that data. While existing encryption solutions (in motion and at rest) cover many use cases, none of them protect sensitive data while it is in use. Queryable Encryption, available in preview with MongoDB 6.0, introduces the industry’s first encrypted search scheme using breakthrough cryptography engineering. This technology gives developers the ability to query encrypted sensitive data in a simple and intuitive way without impacting performance, with zero cryptography experience required. Data remains encrypted at all times on the database, including in memory and in the CPU; keys never leave the application and cannot be accessed by the database server. This end-to-end client-side encryption uses novel encrypted index data structures in such a way that for the first time, developers can run expressive queries on fully encrypted confidential workloads. Queryable Encryption is based on well-tested and established standard NIST cryptographic primitives to provide strong protection from attacks against the database, including insider threats, highly privileged administrators and cloud infrastructure staff.

For the full list of new features and enhancements released at MongoDB World 2022 visit: https://www.mongodb.com/new  

About MongoDB                                            

MongoDB is the developer data platform company empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. Headquartered in New York, MongoDB has more than 35,000 customers in over 100 countries. The MongoDB database platform has been downloaded over 265 million times and there have been more than 1.5 million registrations for MongoDB University courses.

Third Wave Coffee Marks Opening Of Its 50th Store At Lavelle Road

* *The new flagship store also features a live roastery that is a delight to all your senses. The premium brand plans to take the aroma of its specially-curated Arabica coffee, range of milk and non milk beverages, baked goodies and freshly prepared food to 10+ Indian cities by 2023.*

Not one, but two exciting news from Third Wave Coffee this month. The café, which has created a niche for itself in the Indian Coffee scene has now opened doors to its Flagship store in Bangalore, at Lavelle Road. 

Spread across 2,300 sq.ft., the flagship outlet emanates a cozy warmth with its modern and minimalistic interiors and the sensory aroma of coffee welcoming each visitor. One of the most loved cafés Third Wave Coffee is 27 outlets strong in Bangalore and has 50+ outlets spread all across the country, including cities like Delhi, Gurgaon, Mumbai, Pune, Chandigarh, and Coonoor. With further expansion plans, Third Wave Coffee continues to create a strong community of coffee aficionados.

 “It’s a proud moment for the brand to open our 50th cafe in India and our flagship at an iconic location in Bengaluru. It’s a one-of-a-kind cafe that transcends the customer experience - from the coffee roastery to the range of specially curated coffee and beverage pairings, this TWC store is a must-visit for all coffee patrons. Our thoughtfully put-together menu of savory and sweet food products & specialty coffee continues to delight customers. Lavelle Road has been the home for several Indian and international brands in Bengaluru, and we are excited to launch TWC here.” said Ayush Bathwal Co-Founder, Third Wave Coffee.

Popular for its freshly prepared iconic beverages like Classic Cappuccino, Signature Filter Kaapi, and Classic Cold Coffee created by their talented baristas, the café also serves freshly prepared delicious eats like Hummus & Pita Platter, Baked Chili Cheese Toast, and fresh bakes like Cinnamon Cream Cheese Roll to Banana Walnut Tea Cake. 

What's more? The Flagship store also features a live roastery. The aim is to provide a recognizable identity for the flagship space, which is as comfortable as a cup of Cappuccino, subtly highlighting the coffee and elevating the whole cafe experience. 

The coffee foam beige walls and repetitive use of signature terracotta tile create an ownable visual identity that intuitively reminds one of coffee. While there is a single primary color, the many textural differences add movement. We wanted the customers to explore and discover their favorite spots, so the space is designed for different personas - workers, friends, family, and those who just want to enjoy a cup of delicious coffee

The Roastery is introduced up-front, parallel to the main bar counter, while the outdoors offers a snug atmosphere, and is modeled after the Laal Bagh botanical gardens providing local context. A library corner, a central amorphous bench seating, and comfortable yet stylish furniture blend well with the interior on the second floor. Other details, including the mug shot wall and the floating mocha display, bring forth the three principal design intentions - Coffee, Compassion, and Community. 

*About Third Wave Coffee*

The brainchild of three young coffee aficionados — Sushant Goel, Ayush Bathwal, and Anirudh Sharma — who traveled across several Arabica coffee estates across North Karnataka to find the perfect coffee brew for the Indian palate. Today, the brand sources 100 % Arabica beans from 14 different estates and curates high-quality, ethically sourced coffee accompanied by a thoughtfully put-together menu of savory and sweet food products for its band of loyalists across its cafes.

Third Wave Coffee operates its own fully equipped center where coffee beans are roasted, brewed, and developed into bespoke blends. The brand has introduced a ‘Third Wave movement’ in India, that is dedicated to providing high-quality coffee brewed to perfection from farm to cup.  By March next year, Third Wave Coffee will have captured the largest market share for offline  coffee consumption in Bengaluru, which the brand aims to replicate across India.

For more information, visit: www.thirdwavecoffeeroasters.com

Volvo Car India Announces Local Assembly Of Its Pure Electric Offering XC40 Recharge

* Volvo to be the first luxury brand in India to offer a locally assembled Battery Electric Vehicle (BEV)

* Launch in July with deliveries starting in October

Volvo Car India today announced that its all-electric offering the XC40 Recharge will be assembled in India for the Indian market. The car with a range up to 418 kms per charge (according to the Worldwide Harmonized Light Vehicles Test Procedure “WLTP”) will be assembled at the company’s Hosakote plant near Bengaluru, Karnataka.

“We are committed to grow the Indian market and our plans to assemble our latest offering the XC40 Recharge at our plant in Bengaluru is a reflection of this resolute. The future of mobility is electric and as a company we have already stated that we will be an all-electric car company by 2030. Our focus on local assembly is a step in this direction. Our current range of internal combustion engine cars are already being rolled out from Hosakote plant to the exacting safety and quality global benchmarks that Volvo is known for.” said Mr. Jyoti Malhotra, Managing Director, Volvo Car India

Volvo has recently showcased their first pure-electric vehicle XC40 Recharge in India and the launch is planned in July with expected deliveries starting in October this year. Volvo Car India is committed to introduce a new all-electric model every year commencing 2022. Globally the company has announced that by 2030 Volvo will produce only electric cars.

Last year, Volvo has introduced the XC60, S90, and XC90 petrol with a 48V mild-hybrid system in support to their transition to an all-petrol portfolio and phased out all diesel models. The Volvo XC40 SUV, Volvo XC60 SUV, Volvo S60 sedan and Volvo S90 sedan were among the bestselling models sold by Volvo Car India.

The company started the local assembly in India in 2017 and since then the focus has been to continue adding models in the locally assembled line-up. At present, the flagship SUV XC90, the mid-size SUV XC60, the compact luxury SUV XC40 and the luxury sedan S90 is being locally assembled at the Bangalore plant. XC40 Recharge pure electric becomes the latest one to join the locally assembled portfolio in India.

Volvo Cars in India

Swedish luxury car Company Volvo established its presence in India in 2007 and has since then, worked intensively to market the Swedish brand in the country. Volvo Cars currently markets products through 25 dealerships in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi NCR – South Delhi, West Delhi, Gurgaon, Hyderabad, Indore, Raipur, Jaipur, Kochi, Kozhikode, Kolkata, Lucknow, Ludhiana, West Mumbai, South Mumbai, Pune, Raipur, Surat, Vishakhapatnam and Vijayawada.

Continental India Celebrates World Environment Day By Planting Saplings

The Water Conservation and Restoration project at Sunwara, Vanakanahalli Panchayat, Anekal Taluk, Bangalore Urban District is an initiative undertaken by Continental India in the environmental space. This is a large-scale sustainable water conservation project that is a part of an integrated rural development program. The project will help improve the groundwater table as it will slow down the movement of water, allowing increased percolation into the soil.

The infrastructure will include the construction of a mini reservoir, four check dams, and 500 absorption trenches that will eventually quantify into the conservation of 30,000,000 liters of water a year. This will subsequently facilitate benefits for eight of the surrounding villages set in 2200 hectares of land. Since the end of 2021, work has been on in full swing, and completion of the project is expected in another two months. The check dams will further help in preventing soil erosion, conserve soil moisture and recharge aquifer.

To celebrate the World Environment Day, Continental India organized a tree plantation drive on June 4th and planted close to 500 saplings around the Check Dam to enhance the ecosystem and further aid in water conservation.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of €33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Continental has been present in India for close to 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for its various businesses. Today, the tier 1 automotive supplier, tire manufacturer, and industrial partner operate across India – with about 8000 employees across 13 locations, including seven plants that cater to the Indian market and a Technical Center that supports Continental's global R&D activities.