State Bank of India Approves Sale of 4% Stake in SBI General Insurance

State Bank of India (SBI) at its Executive Committee meeting of the Board held today approved the sale of 86.2 lac shares of INR 10 each, equaling to 4% stake in its subsidiary SBI General Insurance Company Limited (SBI GI) for INR 482 crores (~US$ 66 mn).  Axis New Opportunities AIF – I represented through its investment manager Axis AMC Ltd. and PI Opportunities Fund – I, an AIF of Premji Invest, will purchase 1.65% and 2.35% stake respectively from SBI. The proposed transaction values SBI GI at over INR 12,000 crores. The transaction completion is subject to regulatory approvals.

Upon completion of the transaction, SBI will hold 70% stake in SBI GI while its joint venture partner, IAG International Pty Ltd., will continue to hold 26%.

Rajnish Kumar, Chairman, SBI said, “State Bank of India happily welcomes Axis New Opportunities AIF and Premji Invest as our incoming partners in SBI GI. Insurance segment is still young and nascent in India, it is a highly under penetrated market, we foresee a significant scope of growth for SBI GI to achieve size, scale and profitability. We shall continue to extend our support and are excited about SBI GI’s bright journey ahead”

Dinesh Khara, MD, Global Banking and Subsidiaries said, “We are delighted to welcome Axis New Opportunities AIF and Premji Invest as incoming investors of SBI GI. SBI GI has a high quality management team having an institutional framework with systems and processes in place. This is demonstrated through consistent high growth and positive underwriting results. This transaction values SBI GI at around INR 12,000 crores reflecting significant value creation within 7 years of business operations.”

Pushan Mahapatra, MD & CEO said, “SBI GI is the fastest growing general insurance company in the private sector. Company is just 7 years into operations and has already achieved sizeable scale, making it the 7th largest private general insurance player as at end of June 2018. Company follows a robust multi-channel distribution model encompassing Auto manufacturers, Brokers, Agency, Direct and has been the top bancassurance non-life insurers in the country. Company is present in every district of the country through its own branches, branches of SBI and RRBs with access to 29,500+ branches. Company has wide and comprehensive product bouquet meeting needs of customers in every segment. SBI GI has a very balanced product mix with robust and unique risk based pricing and risk management framework. We are glad to partner with Axis New Opportunities AIF and Premji Invest and look forward to an enriching association to support SBI GI’s continued growth and sustainable profitability”

Kaushal Shah, Executive Director, Kotak Mahindra Capital Company Limited said, “The transaction showcases the strength of the SBI franchise and their ability to create market leading businesses. SBI GI, due to its superior performance and robust standing, attracted immense interest from marquee investors and is evident from the record timeline within which the deal got consummated. It also highlights that investors are keen to participate in differentiated stories overlooking market volatility and valuing the fundamental strength and long term potential of the companies.”

Kotak Mahindra Capital Company Limited acted as the financial advisor for the transaction and J. Sagar Associates is the legal advisor for the transaction.

Leaders of Government, Media, Fashion Advertising and Entertainment Unite to Declare Bengaluru "MUSIC CITY"

Rishi Shah, Publisher & CEO Crossbones Media Pvt Ltd, along with Advisory Board Members Dr. J. Alexander, Dr. R.C. Sinha, Padmashree Vikku Vinayakram hosted an exclusive showcase at the ITC Windsor Manor, to launch RAVE 2.0. The launch happened over music, cocktails & dinner and was attended by music aficionados, advertising agencies and brand managers. Bengaluru witnessed the beginning of a new chapter in Hip Hop, Rap and classical music. Grammy Award winner & Carnatic music legend Padmashree Vikku Vinayakram, legend L. Subramaniam, percussionist Selva Ganesh, singers Kavita Krishnamoorthy & Kailash Kher, along with Rishi Shah, pledged their support to make Bengaluru the music capital of India.

Padmashree Vikku Vinayakram opened the session by doing what he is best at: playing Ghatam along with his troupe. His son Selva Ganesh played his signature drum set wherein he plays it with his fingers as against conventional drumsticks. Selva’s son and Vinayakram’s grandson, Swami who is also a percussionist played his part and Selva’s brother Umashankar played the Ghatam too.  

Emerging music is the cornerstone of music industry and in India, its importance can be gauged from the sheer fact that we have multiple genres in 30 odd languages. Ironically, how India goes about discovering and developing new artists is by no means straightforward. Singer Kailash Kher is on record that way back in early 2003, it was Rishi Shah who spotted him and promoted him at a time when others had given up on him. Rishi Shah – who is part of the international music fraternity and member of the Multicultural Motion Pictures Association of America (MMPA) – has been spearheading the cause of emerging music and protection of artists’ rights. He was also inducted on the Executive Board of American Society of Young Musicians (ASYM) along with executive board members Quincy Jones, Paramount Pictures president of music and soundtracks Randy Spendlove and Dionne Warwick.

Says Rishi Shah: “CrossBones Media business model for music is simple yet powerful – discover, develop, produce, package, promote, distribute and collect. We discover talent, help them develop and rehearse their craft, get the best audio and visual representation of their music, which in today's digital age, is the most essential  editorial content needed to support, and then package the artist as well as his / her craft. Followed by this is the promotion of artist and distribution of music. RAVE (CrossBones Media) excels in something that most companies ignore – collection of monies for the artists. In the last two years, RAVE has been responsible for direct artist’s payment more than any music publishing company or artist’s society or any record company in India.”

Continues Rishi Shah: “If the Rs 850 crore Indian music industry has to breach the billion dollar mark, then it has to fall back on emerging music and make room for artists to grow alongside. To this effect, we have hired India’s first multi-floor integrated audio recording & video production studio. This will enable young & emerging talent to record and shoot their music and complete the post production work, all within the studio premises based out of Hebbal off International Airport Road. I strongly believe that there is tremendous potential in non-Bollywood music and particularly in Southern states of India.” 

CrossBones Media operates four business verticals:

* RAVE World: e-magazine with a tagline ‘The Voice of Independent Music’

* RAVE Events: Promote and discover emerging talent. Present the emerging talent in a newer and smarter way, and wherever possible, align them with our living legends in classical music.

* RAVE DIGITAL STUDIO: RAVE will provide a digital mastering of any song, compliant with Apple Music, Spotify, SAAVN, GAANA, etc. for Rs 999 within 24 hours. We will create HD music video for Rs 4,999, again within 24 hours. We have a library of over 38,000 loops and samples.

* RAVE RIGHTS: Musicians don't realize that if you just register your music, you will start earning royalties from your music. RAVE will help any artist register their music, publishing and sound recordings, for just Rs 9,999. Once they are registered, they will earn 100% of their royalties (as against the platform earning it). 
      
Concluded Rishi Shah: “There is amazing raw talent in India’s blocks which we refuse to categorize it the way government and planners have called it. Talent from places such as Dharavi (Mumbai), Nochikuppam (Chennai), Rajendra Nagar (Bengaluru), Indiramma Nagar Hyderabad etc are potential blocks for emerging talent. Besides, today we have launched ‘15 seconds to Fame’ wherein anybody can send us his / her 15 seconds of video recording of Rap or Hip-Hop and we will select five best rappers weekly basis and provide mastering of video for free.

Nine Things You Can't Miss at CLOUDSEC India 2018

It's the time of the year again for cybersecurity industry's most exciting annual event -- CLOUDSEC 2018. Organized by Trend Micro, a leading global cybersecurity technology provider, CLOUDSEC India 2018 will take place on October 25 at Grand Hyatt, Mumbai, India.

Cybersecurity matters continue to confuse and befuddle governments, businesses, and users at large today. Compounding the issue is the fact that the conversation is constantly evolving. In 2017, the keyword in the industry was ransomware. This year, IoT-related attacks and GDPR have taken over as the hottest topics. In an ecosystem where things change almost every day, it is essential that government officials and companies keep themselves informed of the latest discussions in cybersecurity.

This year's CLOUDSEC provides a platform for different parties in the ecosystem to mingle and learn from each other, be it the latest threats or the newest cybersecurity technologies. Only by exchanging experience and knowledge can we move forward as an industry. Here are 9 reasons why CLOUDSEC 2018 is the cybersecurity event of the year.

1. Are you afraid to connect? Fear not!

This year's theme is Freedom to Connect, in line with the rapid developments in IoT, artificial intelligence, and more.

Today, businesses know they have to be connected to the internet, but they are simultaneously concerned about exposing themselves to various cyberthreats and data breaches. During the conference, we will share tips and best practices of securing internet-connected operations.

2. Beware of false horizons

Digital transformation is creating a lot of anxiety and hype. Facing a growing collection of cybersecurity technologies, companies are often confused about which ones to adopt, and how to connect the dots between different technologies. 

Steve Quane, Executive Vice President, Network Defense and Hybrid Cloud Security, Trend Micro, will share tips and advice on how to utilize and integrate new technologies such as endpoint detection and response (EDR), AI, cloud workload protection, and more into one holistic and all-round strategy.

3. Advanced cybersecurity strategies and solutions

While enterprises in India are spending more on cybersecurity each year, organizations are still not confident of their ability to protect, detect, and respond to cyberthreats.

Nilesh Jain, Vice President, Southeast Asia and India, Trend Micro, will talk about the strategies and solutions that enterprises can implement to thrive in the fast-changing threat landscape.

4. Leap into the cloud conversation

We are honored to have our cloud and virtualization partners - AWS and VMware - joining us this year. Together with Trend Micro, they will hold a panel discussion and a series of breakout sessions sharing their insights on securing the various types of cloud and virtual environments. Is your organization transitioning to cloud? Are you looking at DevSecOps or container technology? This is the best opportunity to meet the experts and ask them your questions. 

5. Hear from the industry analyst

Andras Cser, Vice President and Principal Analyst, Forrester, will participate in this year's conference to talk about how to stay ahead of rapidly evolving cybersecurity landscape.

6. Listen to what the CIOs say

CIOs from GSTN, Reliance Jio, and Bajaj Allianz will participate in CLOUDSEC and share how they’re securing their systems. Come hear their cybersecurity strategies and best practices first-hand! 

7. Demystify EDR/MDR 

The hottest topics in cybersecurity today are endpoint detection and response (EDR) and managed detection and response (MDR). But do you know what they are? How are they different from endpoint protection most organizations are doing now? Our engineers will host dedicated tracks that aim to give you the A to Z of these two new industry terms. 

8. Old and new threats 

Martin Rosler, Senior Director for Forward-Looking Threat Research, Trend Micro, has deep knowledge and background in threat research. Having led multiple underground research projects and taken down cybercriminal activities together with law enforcement, Martin will share with the audience his latest threat research and what to look out for in the near future. 

9. Rub shoulders with luminaries in the cybersecurity field

The event will see attendance from CIOs and CISOs from various companies in India, as well as prominent figures from Forrester giving feature talks.

With more than 6,500 attendees globally in 2017, CLOUDSEC has become one of the biggest international cybersecurity events that attract professionals from various fields looking to improve their cybersecurity practices. Here you will find some of the most influential people in cybersecurity, and it's the perfect opportunity to ask them questions and have a meaningful conversation.

Hitachi Brings Together Leading Data-Driven Innovators at NEXT 2018

Hitachi Vantara, a wholly owned subsidiary of Hitachi, Ltd., recently at NEXT 2018, the company’s second annual user conference, unveiled new enhancements and partnerships to help enterprises maximize the value of their data. Hitachi first introduced Hitachi Vantara at NEXT 2017 as a new business entity that delivers business and societal outcomes to enterprises through the power of data.

Hitachi Vantara uniquely combines Hitachi’s deep expertise in operational technology (OT) with its trusted and proven history in information technology (IT) innovation. This powerful combination delivers superior infrastructure and analytics technologies that help customers along the entire data journey of storing, enriching, activating and monetizing data for maximum business benefit. Only Hitachi can provide this return on data no matter where it resides – from the data center to the cloud and out to the edge.

Importance of Deriving Value out of Data

According to McKinsey, 127 new devices connect to the internet every second and generate vast amounts of data. The organizations that can use technologies such as artificial intelligence (AI) to gain actionable insights from data can expect revenue to grow by 10%. With extraordinary business momentum in its first year, Hitachi Vantara is today announcing unprecedented customer traction and new solutions to help customers capitalize on this opportunity through data. The new solutions announced today help enterprises modernize their data centers, simplify and accelerate their cloud initiatives, enhance data governance and use IoT and analytics to improve maintenance and repair operations across multiple industries.

News Highlights From Day One of NEXT 2018:

Hitachi Vantara Marks One Year Since Launch With Significant Company Momentum
Hitachi Vantara Advances IT Infrastructure Portfolio With Updated Converged and Hyperconverged Systems, Enhanced Applications Support
Hitachi Vantara Helps Customers Govern and Protect Data in a Multicloud World
Hitachi Vantara Enhances Cloud Services With Container Security and Innovative Multicloud Support for DevOps and Data Services
Hitachi Vantara Strengthens Lumada Portfolio With Applications for Intelligent Maintenance and Repair
Hitachi Vantara Expands Smart Data Center Intelligence and Automation for Self-Optimizing Data Centers

“In today’s data-driven economy, organizations that are slower to adopt digital strategies will find it challenging to compete and stay relevant,” said Brian Householder, CEO of Hitachi Vantara. “Hitachi Vantara is a data company that gives our customers the combination of trusted solutions and expertise to deliver a return on data at every step of their digital journey.”

Enhanced Infrastructure Portfolio and Expanded Intelligence and Automation To Drive Data Center Modernization

Hitachi Vantara announced technology enhancements across its leading IT infrastructure portfolio that help customers modernize their data centers as part of their digital transformation strategies. These enhancements include Hitachi’s first all-NVMe converged system delivering dramatically improved performance and efficiency for customers of Hitachi Unified Compute Platform HC (UCP HC) hyperconverged systems. Hitachi also introduced smart data center intelligence and automation for self-optimizing data centers. These advancements can lower data center costs with intelligent SAN optimization, automated provisioning and AI-based cooling optimization.

Improved Data Governance, Protection and Security for Multicloud Environments

To help customers control how their data is stored, protected, governed and accessed across workloads and in multicloud environments, Hitachi Vantara introduced updates to its Hitachi Content Platform (HCP) portfolio. HCP makes sensitive data tamper-resistant with the latest governance capabilities including compliance enforcement in the public cloud, data retention enhancements and protection against cybersecurity risks.

Expanded Lumada Portfolio Includes New Applications for Intelligent Maintenance and Repair

Based on highly accurate, prescriptive and predictive algorithms, the new Lumada Maintenance Insights solutions help customers anticipate breakdowns and guide them on necessary maintenance repairs, improving operations and avoiding equipment downtime. New applications, powered by Hitachi’s Lumada, incorporate cutting-edge machine learning models that can be rapidly customized for specific environments. Lumada provides modular platform technologies, applications and professional services expertise that enable organizations to adopt IoT with confidence.

Murata Exhibiting Smart Factory Automation Solutions at Electronica India 2018

Murata, a global leader in the design, manufacture and sale of ceramic-based passive electronic components & solutions, communication modules and power supply modules, announced today that it is participating in Electronica India 2018, South Asia's leading international trade fair for electronic components, systems and applications, beginning today.

During the three-day event, Murata is showcasing its cutting-edge sensor, communication and power technology products and solutions, which enable enterprises in the industrial and automotive sectors to migrate seamlessly to Industry 4.0 through adoption of IoT. The Murata booth is also presenting products and solutions for smart-factory automation, which is expanding the demand for smaller devices with improved reliability and data processing.

“Murata aims to develop new business together with its Indian partner-customers, including by supporting smart-factory automation, in response to government initiatives to increase manufacturing and efforts to increase process efficiency for factory automation,” stated Choi Yong Suk, Managing Director of Murata Electronics (India) Private Limited.

1.    Low Power Wide Area (LPWA)

Murata is displaying communication modules incorporating LPWA communication standards, which combine extended-range data transmission and decreased power consumption. From process management to logistics and warehouse management, LPWA technology offers diverse applications for smart-factory automation.

2.    Predictive Maintenance with Vibration Sensor Node and Gateway*
Murata offers a small IP65-rated device for monitoring vibrations and surface temperatures in critical rotating machines and other industrial machinery. An embedded processor in the sensor node sends data wirelessly via a gateway. The wireless vibration sensor node and gateway support signal measurement, data provision, etc. for diagnostic purposes and predictive maintenance, such as early detection of machine breakdown, reduced engineering labor and maintenance costs, minimized downtime, and improved operational reliability and worker safety.

3.    Work-In-Progress Monitoring with RFID Technology
RFID technology will play a major role in future smart factories, enabling devices to communicate in real time via radio waves with manufacturing systems hosted on the cloud. Murata offers solutions for smart factories, logistics and human management that connect things in factories (products, production equipment, etc.) to the Internet for higher industrial efficiency and new business creation. The exhibit is presenting cases of these solutions being used with passive RFID products (tags) in smart factories.

4.    Assets Tracking with BLE Mesh Solution*
This Murata solution is an indoor positioning system that uses Bluetooth® Low Energy (BLE) radio waves for location identification and flow-line analysis in indoor environments such as factories and warehouses. The BLE tag transmits radio waves periodically to track both assets and workers. Murata’s unique receivers capture the transmissions and forward them to a gateway through the company’s BLE mesh multi-hopping solution. Murata’s SyCloud calculates each tag position based on information from the gateway. Murata’s uniquely simple wireless system is easy to install, another benefit for factory environments.

*Sold in Japan but currently unavailable in the Indian market

Murata is also exhibiting its team of demonstration robots, The Murata Cheerleaders. The popular robots incorporate the company’s latest sensor, communication and highly advanced group control technologies, which reflect the endless possibilities of electronics, including technologies for improved automotive safety and other smart-city applications.

Goa Institute of Management Organized Conclave on Ethical Data Leadership in Bengaluru

In the 25th year of its existence, Goa Institute of Management in keeping with its philosophy of espousing Principle-Centred Leadership, organized a conclave on Ethical Data Leadership in Bengaluru. The event was well attended by thought leaders and alumni from the field of analytics, big data and information technology.

The event featured a keynote speech by Bhaskar Pramanik, former Chairperson of Microsoft India, and a panel discussion with Dr. Avik Sarkar, an Officer on Special Duty at NITI Aayog, Prof Rahul De, Hewlett-Packard Chair Professor in ICT for Sustainable Economic Development at IIM Bangalore, Mr. Anoop Nambiar, Partner with Deloitte Touché Tohmatsu India LLP, Narasimha Murthy, Vice President of Cartesian Consulting, and Dr. Nitin Upadhyay, Chair and Head Centre of Innovation, Member Big Data Analytics Goa Institute of Management.  

Pramanik shared his deep insights about science fiction predicting the technology we are now witnessing around us today highlighting how writers right from Aldous Huxley in the sixties to Harari today have brought into focus the ethical dimensions that these revolutions will or are throwing up. Every advance in technology raises more questions on ethics. He emphasized that with these advancements there will be a greater need for technologists to understand humanities and for humanists to appreciate technologies that are evolving today.

The panelists also raised important points on the provenance of data, the need for human judgment overriding artificial intelligence, taking a 360-degree view of customers as well as the emerging imperatives on technology by way of better confidentiality, integrity and availability of the data that has proliferated.

Dr. Ajit Parulekar, Director Goa Institute of Management says that “This data conclave furthers GIM’s objective of being a management thought-promoter and providing a platform for cutting edge discussions in emerging business domains such as Big Data Analytics.”

Goa Institute of Management through such events as these intend to continue to place important debates on Ethics and Leadership in front of industry and academia, helping form opinion and direct thought to this ever-challenging issue.

Blue Dart Expands Reach in Order to Deliver to Every Indian Home by December 2018

Blue Dart, India’s leading logistics services provider, and part of Deutsche Post DHL Group (DPDHL), today announced major expansion plans to deliver to every Indian home by December 2018, amidst rising demand for deliveries in tier II, III & IV towns in India. The initiative is one of the biggest drives undertaken to expand Blue Dart’s reach to every corner of India and aims to reach 19,100+ pin codes by December 2018.  

Through the initiative, the goal is to reach every Indian home, further strengthening Blue Dart’s leadership position in the Express Logistics industry in India for B2B and B2C. It is the largest and most preferred third party logistics service provider for leading industry verticals and has truly differentiated itself with world-class products and services, high service quality, state-of-the art infrastructure and innovative technology to deliver superior services to the customer. 

The initiative was launched in January 2018 and since then Blue Dart has expanded its reach from 6,164 pin codes to 17,677+ pin codes across the country, currently. As of September 2018, Blue Dart has achieved 100% pin code coverage in 16 states and union territories which include Madhya Pradesh, Bihar, Odisha, Uttar Pradesh, Haryana, Delhi, Punjab, Goa, Telangana, Gujarat, Jharkhand, West Bengal, Pondicherry, Daman & Diu, Chandigarh and Dadra & Nagar Haveli. 

Anil Khanna, Managing Director, Blue Dart Express Limited said, “As India’s leading logistics company, we are committed to delivering only the best for our customers. We are aggressively expanding our network to reach every Indian home by December 2018 to enable fast, efficient and reliable deliveries for both B2B and B2C customers. We are well on our way to cover all pin codes in India, with already 17,677+ pin codes and 100% pin code coverage in 16 states and union territories. Blue Dart’s strategy is in alignment with the Government’s Make in India vision and various state initiatives, to further enable business and generate employment across the country”. 

As part of the expansion, Blue Dart has opened over 939+ new facilities (called NBDO - New Blue Dart Offices) to cater to the large consumer base in rural and remote locations.

Interesting facts about India’s pin codes:
·         Service to 422604 – Rajur - Covers Kalsubai, the highest point in Maharashtra, also called 'Everest of Maharashtra'
·         India’s Last Pincode (as of Feb 2018): 855117 Kishanganj district in Bihar.
·         Services pin code 443302 in Lonar which covers Lonar lake, the only known hyper velocity impact crater in basaltic rock anywhere on earth
·         India’s First Pincode: 110001 in Central Delhi
·         Blue Dart services pin code 444807- Chikhaldara, the only coffee growing area in Maharashtra, situated at an altitude of 1118 m. 
·         Pincode with Highest Temperature: Phalodi (Rajasthan) 342301 
·         Blue Dart also services pin code 414105 in Sonai, which covers Shani Shingnapur village, a village where none of the houses have doors. The village is famed for its temple dedicated to Shani, the planet Saturn.
·         Pincode at Highest Altitude: Hikkim (Himachal) 172114
·         In Coimbatore, Blue Dart also services the most interior towns such as Kalpeta (673121) Sulthanbathery (673592), Gudalur (625518) and Pyakara (643237)
·         Richest Village in India (with 60 millionaires):  Hiware Bazar, Maharashtra 414103
·         Most Modern Village (all houses equipped with CC TVs and WiFi & all street lights are solar powered: Punsari, Gujarat 383305 
·         Village of Twins (More than 400 twins): Kodinhi, Kerala 676309
·         Village with 100% SANSKRIT speaking population: Mattur, Karnataka 577203
·         Cleanest village of Asia: Mawlynnong, Meghalaya 793109