Federal Bank Delivers Highest Ever Quarterly Net Profit At Rs 541 Crore

* Federal Bank announced its audited financial results for the quarter and year ended 31st March 2022 today. 

Highlights

Net Profit @ Rs 541 Cr, grew by 13% YoY

ROA for Q4 at 1.03% and ROE at 11.93%

CASA grew by 15% YoY and CASA Ratio at all-time high level of 36.94%

The Capital Adequacy Ratio (CRAR) of the Bank stood at 15.77%, up by 115 bps YoY

Core Fee Income @ ?453 Cr, increase of 25% YoY & 10% QoQ

GNPA and NNPA brought down to 2.80% and 0.96% respectively

Agri Business grew by 20% YoY

Business Banking grew by 15% & Commercial Banking grew by 12% YoY

Market Share in Personal Inward remittance business at 20.16% (Q3 FY22)

OPERATING REVIEW

Total Business

The total business of the Bank reached Rs 3,29,340.02 Cr as on 31st March 2022 from Rs 3,07,521.19 Cr as on 31st March 2021, registering a growth of 7.10%.

Credit Growth

Gross Advances reached Rs 1,47,639.45 Cr as on 31st March 2022 from Rs 1,34,876.71 Cr as on 31st March 2021 registering a growth of 9.46%. Agri Advances registered a growth of 19.93% to reach ? 19,238.00 Cr from Rs 16,041.43 Cr. Business Banking Advances registered a growth of 15.00% to reach Rs 13,869.00 Cr. Commercial Banking Advances registered a growth of 12.00% to reach Rs 14,806.00 Cr. 

Deposit Growth

Deposits recorded a growth of 5.25% to reach Rs 1,81,700.57 Cr as on 31st March 2022 from Rs 1,72,644.48 Cr as on 31st March 2021. The CASA deposits reached Rs 67,121.21 Cr as on 31st March 2022. CASA Ratio stands at 36.94%. Resident Savings Bank deposit registered a growth of 16.04% to reach Rs 29,953.44 Cr as on 31st March 2022.

Operating Profit & Net Profit 

The Bank delivered an annual operating profit of Rs 3,757.85 Cr as on 31st March 2022. The annual net profit is at Rs 1,889.82 Cr as on 31st March 2022 up from Rs 1,590.30 Cr as on 31st March 2021.

Income & Margins

Annual Net Interest Income increased from Rs 5,533.71 Cr to Rs  5,961.96 Cr registering a growth of 7.74% as on 31st March 2022. Net Interest Margin stood at 3.20 % for FY22. Net total income registered a growth of 7.46% to reach Rs. 8,051.05 Cr.

Asset Quality

The Gross NPA of the Bank as on 31st March 2022 stood at Rs  4,136.74 Cr. Gross NPA as a percentage to Gross Advances is 2.80% as on 31st March 2022. The Net NPA stood at Rs 1,392.62 Cr and Net NPA percentage is at 0.96% as on 31st March 2022. The Provision Coverage Ratio stood at 65.54% as on 31st March 2022.

Capital Adequacy & Net worth

The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.77% as on 31st March 2022, up by 115 bps YoY. The Net Worth of the Bank was at Rs 18660. 98Cr as on 31st March 2022. 

Dividend

The Board of directors at its meeting held today has recommended a dividend of 90% per equity share having face value of 2 for the year ended 31st March 2022. The dividend will be paid after the approval of shareholders at the Annual General Meeting.

Awards & Accolades

Won Finnoviti Award instituted by Banking Frontiers for ‘Fed-E-Studio’, the self-service banking kiosk for customers 

Won the award for Best use of Cloud in Banking at the 3rd Annual BFSI Technology Excellence Awards 2022

Winner of 'Best Fintech Adoption', runner up for 'Best Technology Bank of the Year', and special mention award for 'Best Cloud Adoption' at IBA’s 17th Banking Annual Technology Awards 

Winner of Finacle Client Innovation Awards in the mid-size bank segment in 5 categories namely Corporate Banking Digitization (Automatic Opening of Accounts through BPM), Customer Journey Reimagination (Fed-e-Point self-service customer portal), Modern Technologies-led Innovation (AI based Digital Lending Platform), Process Innovation (Be Your Own Master - Top Up Demand Loan) and Product Innovation (Cross Border Remittance Automation and Insta-Demat). The Bank also emerged as a runner up in the category Ecosystem-led Innovation (Neo-Banking)

Recognized as the 'Best mid-sized Bank' in the 26th 'Business Today - KPMG Annual Survey

Recognized as a Great Place to Work in a study conducted by the Great Place to Work® Institute for the second time in a row

Major Partnership

Partnered with Mashreq Bank to facilitate NR account opening for Indians in UAE, making it first of its kind

Partnered with BSE to promote listing of SMEs & Start-Ups

Partnered with Central Board of Indirect Taxes and Customs to help customers pay their taxes through various channels of the Bank

Footprint

The Bank has 1282 branches, 1885 ATMs/ Recyclers as on 31st March 2022. The Bank also has its Representative Offices at Abu Dhabi and Dubai and an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).

Q4FY22 Vs Q4FY21 

Resident Savings Bank deposit registered a growth of 16.04% to reach Rs 29,953.44 Cr

Total Deposits grew from Rs 1,72,644.48 Cr to Rs 1,81,700.57 Cr registering a growth of 5.25%

CASA recorded a growth of 14.99% to reach Rs 67,121.21 Cr

NRE deposits reached Rs 67,416.25 Cr from Rs 63,958.84 Cr registering a growth of 5.41%

CV/CE advances grew 40.11% to reach Rs. 1275.00 Cr

Gross Advances increased from Rs 1,34,876.71 Cr to Rs 1,47,639.45 Cr registering a growth of 9.46% 

Business Banking Advances and Commercial Banking Advances grew 15.00% and 12% to reach Rs 13,869.00 Cr and Rs 14,806.00 Cr respectively

Agri advances reached Rs 19,238.00 Cr from Q4FY22 Vs Q4FY21 

Resident Savings Bank deposit registered a growth of 16.04% to reach Rs 29,953.44 Cr

Total Deposits grew from Rs 1,72,644.48 Cr to Rs 1,81,700.57 Cr registering a growth of 5.25%

CASA recorded a growth of 14.99% to reach Rs 67,121.21 Cr

NRE deposits reached Rs 67,416.25 Cr from Rs 63,958.84 Cr registering a growth of 5.41%

CV/CE advances grew 40.11% to reach Rs. 1275.00 Cr

Gross Advances increased from Rs 1,34,876.71 Cr to Rs 1,47,639.45 Cr registering a growth of 9.46% 

Business Banking Advances and Commercial Banking Advances grew 15.00% and 12% to reach Rs 13,869.00 Cr and Rs 14,806.00 Cr respectively

Agri advances reached Rs 19,238.00 Cr from Q4FY22 Vs Q4FY21 

Resident Savings Bank deposit registered a growth of 16.04% to reach Rs 29,953.44 Cr

Total Deposits grew from Rs 1,72,644.48 Cr to Rs 1,81,700.57 Cr registering a growth of 5.25%

CASA recorded a growth of 14.99% to reach Rs 67,121.21 Cr

NRE deposits reached Rs 67,416.25 Cr from Rs  63,958.84 Cr registering a growth of 5.41%

CV/CE advances grew 40.11% to reach Rs. 1275.00 Cr

Gross Advances increased from Rs 1,34,876.71 Cr to Rs 1,47,639.45 Cr registering a growth of 9.46% 

Business Banking Advances and Commercial Banking Advances grew 15.00% and 12% to reach Rs  13,869.00 Cr and ? 14,806.00 Cr respectively

Agri advances reached ? 19,238.00 Cr from Rs 16,041.43 Cr registering a growth of 19.93 %

 16,041.43 Cr registering a growth of 19.93 %

 16,041.43 Cr registering a growth of 19.93 %

Abbott Launches HBsAg Next Assay In India To Accelerate Early And Enhanced Detection of Hepatitis B

 

·       The next-generation qualitative assay solution supports earlier and enhanced detection of the Hepatitis B Virus (HBV) to help improve healthcare outcomes

·       Assay to help detect HBV infections and mutants at an earlier stage even in vaccinated individuals

·       Facilitates early diagnosis and treatment in high-risk patients

Global healthcare leader Abbott has announced the launch of the HBsAg Next Qualitative solution in India to enhance detection of the Hepatitis B virus (HBV). This assay will help improve patient outcomes while maintaining safe blood supplies. This highly sensitive chemiluminescent microparticle immunoassay (CMIA) assists in the early and enhanced detection of HBV in human serum and plasma (blood) samples and in population screening. A chemiluminescent immunoassay is a variation of the standard enzyme immunoassay, a biochemical technique used in immunology.

Early identification of HBV infections allows patients to receive the necessary care to prevent or delay progression of advanced liver diseases. Moreover, it also reduces the risk of transmission.

The HBsAg Next Qualitative assay is an advanced, next generation solution to better support the earlier detection of HBV. It detects HBV surface antigen (HBsAg) in human serum and plasma. Moreover, it overcomes traditional challenges by showcasing the highest level of assay performance required to detect infection in immunocompromised groups.

Dr. Jaganathan Sickan, Senior Associate Director, Medical Affairs, Core Diagnostics at Abbott said, “In India, Hepatitis B screening is vital since it is vastly under diagnosed. With HBsAg Next qualitative assay, laboratories in India can now detect HBV earlier than ever. This will help physicians identify at risk patients sooner, which in turn leads to early treatment and care. This assay represents the next generation of HBV diagnostic performance and will enhance our comprehensive infectious disease portfolio.”

Hepatitis B is a liver infection caused by Hepatitis B virus. It can be acute or chronic, with chronic cases potentially leading to liver failure, cirrhosis, or liver cancer. About 296 million people worldwide currently live with chronic hepatitis B,[i] with 10 to 15% of the world’s HBV carriers (40 million) found in India alone.[ii] Moreover, co-infections with HIV are also prevalent, with roughly 1 in 10 people living with HIV estimated to have Hepatitis B. However, Hepatitis B virus is often silently undiagnosed, with only 10.5% of all people estimated to be living with Hepatitis B aware of their condition.[iii]

Dr. Ekta Gupta, Professor, In-Charge, Department of Clinical Virology, ILBS, New Delhi, said, “The national burden of Hepatitis B is significant but due to the extremely low rate of diagnosis in India, we are unaware of the actual situation. This assay not only aids in earlier detection of the infection, it reduces the risks of undetected virus. With such highly sensitive qualitative assays, doctors will be able to identify at-risk patients and provide appropriate treatment sooner.”

With the HBsAg Next Qualitative Solution, laboratories can now better detect, analyze the infection and reduce the risks of undetected virus, have a consistent detection of all HBV genotypes and enhance detection and confirmation of mutants. Additionally, it can detect HBV in specimens on Abbott’s Alinity i or ARCHITECT systems. Testing for HBV can be performed for diagnostic purposes, as a screening test, or even after death (post-mortem) to prevent HBV spread to recipients of blood, blood components, cells, tissues, and organs.

Dr. John Fletcher, Professor, Dept of Clinical Virology, CMC Vellore commented, “CMC’s commitment to screen HBsAg started around 1970s and we continue to embrace the state-of-the-art technologies and chemistries. HBV identification involves overcoming several obstacles like window identification, detection of mutants, occult infections, breakthrough infections and reactivations.

Next generation HBsAg assays with superior performance characteristics can enhance stringent early detection and identification of challenging phases of HBV infections as well as efficient monitoring of functional cure. Cumulatively, these benefits converge to significantly reduce the risk of transmission and overall improve the global continuum of care by reducing the pernicious first gap.”  

The World Health Organization (WHO) has set targets to eliminate viral hepatitis as a public health concern by 2030 to reduce infection incidence and related complications. Effective diagnostic solutions for early and accurate diagnosis can help achieve these goals. The HBsAg Next assay, with better sensitivity and specificity, will help India advance towards its goals of HBV diagnostics and care.

Pankaj Tripathi Emphasizes Performance And Durability In EcoLink’s New Campaign

* The campaign consists of 2 films that use humor to highlight the great performance and durability of EcoLink LED lights and Fans

Signify (Euronext: LIGHT), the world leader in lighting, has launched a new campaign for its EcoLink range of Fans and LED lights, featuring actor and EcoLink’s brand ambassador Pankaj Tripathi.

The campaign has been conceptualized by BBH India and features 2 films that play on the quirky and endearing relationship between Pankaj Tripathi and his grandmother to drive home EcoLink’s brand promise of ‘high-performance products with the promise of reliability’ to viewers.

The EcoLink Fans film starts with Pankaj interrupting his grandmother’s phone call and she scolds him for making too much noise. He reacts by saying that EcoLink’s Silent fans are so silent that now even his whispers appear loud to her. The film ends with Pankaj delivering the campaign tagline, "Hawa zor se, Bina shor ke", underlining the product proposition of silent fans that deliver great performance without the noise. 

The LED lights film shows Pankaj again being scolded by his grandmother for replacing the old lights with EcoLink downlighters. In his signature style, Pankaj clarifies that the old lights were quite old and had started flickering and he had to replace them. She gets offended and says that I am also old, will you replace me also? He pacifies her by telling her that these are best quality EcoLink downlighters that are bright and long lasting just like her. The essence of the narrative is succinctly captured in the tagline “Lamba chale, Brightest jale”.

Commenting on the new campaign, Nikhil Gupta, Head of Marketing & Integrated Communications and Commercial Operations, Signify Innovations India Limited said, “We are really excited to welcome Pankaj Tripathi as the brand ambassador for EcoLink. As a new brand in the lighting and fans space, we want to cut through the clutter and create high brand recall amongst consumers. Pankaj Tripathi has immense appeal across India and a genuine, down-to-earth personality that resonates with EcoLink’s brand promise. We feel that customers will relate to this light-hearted campaign showcasing the usual banter and tiffs that take place between a grandmother and grandson in every Indian household.”

“Powerful fans that are silent and bright lights that are long lasting. That’s what EcoLink brings to the people. No overpromises, no tall claims. Just some sweet banter between dadi and grandson and, their refreshing relationship to tell this simple story” said Ranadeep Dasgupta, NCD, BBH Gurgaon.

TVC Links:

EcoLink Fans - https://www.facebook.com/100066838484524/videos/525607578974376/?extid=CL-UNK-UNK-UNK-AN_GK0T-GK1C

EcoLink LED Lights https://www.facebook.com/100066838484524/videos/834098817550251/?extid=CL-UNK-UNK-UNK-AN_GK0T-GK1C

Strengthening The Access To Rare Disease Treatment In Indian Market

* Orchestrating Collaborative Actions to Generate Rare Disease Crowdfunding

* Takeda And United Nations Global Compact Network of India (UNGCNI) Join Hands

Takeda Pharmaceutical Company Limited, a global values-based, R&D-driven biopharmaceutical leader, together with UNGCNI launched a national initiative for improving early access to treatment for Rare Disease Patients in India. The joint rare disease initiative took charge of addressing the challenges to ensure access to treatment for rare disease patients waiting on the crowdfunding portal in an integrated manner. Through the initiative, 300+ PSUs and Corporate leaders were reached, which has helped to generate a pool of insights and recommendations that will help in shaping the future of access to rare disease treatment in the country.

The 6-months intensive initiative has been able to bring together stakeholder groups (private sector, PSUs, corporate giants, etc.) that can support mobilizing and operationalizing funding for the rare disease under CSR grants and donations for strengthening the existing crowdfunding mechanism and pathways set in the India Rare Disease Policy. Furthermore, it has created the roadmap for addressing rare disease funding requirements in alignment with the Government policies and guidelines Ministry of Corporate Affairs, Department of Public Enterprises, and Ministry of Health and Family Welfare, Govt of India.

The eminent experts from public and private sector organizations participated in the initiatives including MoHFW, AIIMS (New Delhi), Kerala State Legal Services Authority (KELSA), CoEs (SGPGI, Lucknow, KEM, Mumbai, SSKM, Kolkata), and 24 PSUs and Corporate Leaders (e.g., BHEL, Bharat Petroleum, ONGC etc).

Mr. Aseem Kumar, Officiating Executive Director, UNGCNI said, “Rare diseases, underpin a situation where health lies at an intersection of several Sustainable Development Goals, going well beyond only SDG 3 (Good Health and Well-being). The need to address rare diseases on priority was made a reality in 2019 when UN Member States adopted the historical Political Declaration on Universal Health Coverage. This included a commitment to strengthen efforts to address rare diseases as it was for the first-time that rare diseases were included within a UN declaration. This   helped in channelizing collaborative efforts with multi-stakeholders to strengthen the national rare disease policy execution”.

Ms. Serina Fischer, General Manager, Takeda India says, “Patients remain at the core of decision making at Takeda and we are fully committed to the fight against rare diseases by advancing treatments and addressing diagnostic delays and gaps in access to treatment. The need of the hour is to bring all stakeholders together for rare to strengthen capacity-building efforts and find sustainable funding mechanisms that ensure the treatment of people living with rare diseases. We are pleased that our association with UNGCNI has successfully generated insights and mobilized support which in the long run will be important in solving issues related to access of treatment for rare disease patients.”

“Rare disease presents itself as one of the most challenging health areas to be tackled. The first step to handling rare diseases for India was the release of NRDP in 2021 which has given direction to the efforts of rare disease players to start with. But, as in any health area, policy implementation faces its set of challenges, especially when policy provisions are there but awareness about those provisions is absent or blurred by perceived challenges. Therefore, for inspiring change in the rare disease ecosystem, it is important for policymakers, payors, providers, and patients to come together as one unit and work using the continuum of care approach for applying integrated solutions”, Dr. Ruchi Sogarwal, Head-Public Affairs & Patient Advocacy, Takeda India.

Mr. Ajeet Kumar Sharma, AGM, Bharat Heavy Electricals Ltd. & Secretary, UNGCNI expressed, “CPSEs are key players in CSR domain, working relentlessly for equitable wellbeing of society through their CSR initiatives. They have the needed capacity of extending help to the needy patients suffering from rare diseases. However, there is a need for enhancing awareness and understating of rare diseases, issuing of appropriate guidelines & directions by concerned government agencies and enhanced connect between Centers of Excellence and CPSEs. This initiative has immensely helped in clarifying the perceived barriers in flow of CSR fund from CPSEs towards this cause.”

“The Government of India’s support to rare diseases in form of the National Policy for Rare disease-2021 is laudable and it has made rare diseases a national priority. The step has been vital in showcasing India's commitment not only to addressing the needs of the rare disease patients but also to achieving universal health coverage (UHC). The onus now lies on us as citizens of the country, be it individuals, large or small organizations, institutions or the general public to support the Government Notified Centre of Excellences in the smooth implementation of the policy. UN-GCNI is dedicated to Improving Early Access to Treatment for Rare Disease Patients by encouraging the stakeholders such as PSUs, CSR mandated organizations, corporates, and experts to come together in support of underserved patients, with the firm belief that UHC will never be completely realized if people living with rare illnesses are left behind”, Dr. Somnath Singh, Programme Manager, UNGCNI. 

Toyota Group Signs MoU With Government of Karnataka For Big Investments

* Toyota Group of Companies (TKM & TKAP) & its related company TIEI* together invests INR 4,800 crores

* Toyota’s large-scale investment to make deeper cuts in CO2 emissions

* Aims to enhance electrification & shift towards greener technologies

* Promote ‘Atma Nirbhar Bharat’ to manufacture for India and the world

Toyota’s additional investment coincides with 25 years of successful journey of Toyota Kirloskar Motor

The Investments are focused towards ‘Greener Technologies’ and ‘Make in India’ (Go Green. Make in India)

In its effort to contribute to the country’s vision of “Make in India” and to enable a faster reduction in carbon emissions, out of total investment of INR 4,800 crores, Toyota Group of Companies that constitutes of Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts today announced their Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores. This announcement coincides with Toyota Kirloskar Motor’s 25 years of successful journey in India, by winning the hearts of millions of happy customers.

In-addition to boosting the local manufacturing eco-system, the new development will provide an impetus to employment generation and local community development. This investment will also spur the growth of local supplier base and hence result in higher investments and further job creation.   

The MoU was exchanged between Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai and Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor, in the presence of Dr. Murugesh R. Nirani, Hon’ble Minister of Large & Medium Industries, Government of Karnataka, Mr. Ravi Kumar, IAS, Chief Secretary of Karnataka State, and among other dignitaries present at this momentous occasion of MoU Signing Ceremony.

As part of the MoU, Toyota Group of Companies will systematically invest towards making India a self-reliant manufacturing hub, thus contributing towards the Government’s Make in India and Atma Nirbhar Bharat mission. The investments are aimed at promoting greener technologies that will help lower dependence on fossil fuels and mitigate carbon emissions. This investment will also enable local production facilities to build electric powertrain parts and components, thereby cater to the electrified vehicle manufacturing in India. As a part of the Toyota Environmental Challenge 2050, Toyota will continue to focus on reducing carbon emissions in a holistic manner going beyond tailpipe emissions to address manufacturing and lifecycle CO2 emissions in order to realise its carbon neutrality goals by 2050, as announced earlier.

Speaking at the auspicious occasion, Hon’ble Chief Minister of Karnataka, Shri Basavaraj Bommai said, “Our aim is to build ‘New Karnataka for New India’ by creating new 21st century industrial townships and corridors. As a state committed to sustainable development and contributing to the nation’s progress, we want to make Karnataka a global supply-chain and manufacturing hub under our ‘Build for the World’ mission. This MoU with Toyota Group of Companies is a huge stride in this regard, and Karnataka Government is confident of Toyota’s commitment towards sustainable growth and local manufacturing quality for Karnataka’s growth and development. Karnataka being the hub of electric vehicles, welcomes this MoU which adds another feather to State’s cap as leader in this sector”.

Sharing his views on the MoU Signing, Hon’ble Minister for Large & Medium Industries, Government of Karnataka, Dr. Murugesh R. Nirani said, “Toyota Group investments will also enhance the local supplier growth in Karnataka, further leading to higher investments and more job creation. Besides boosting the local manufacturing sector, these investments will also support local community development.”

Since its inception, Toyota has been passionate and committed to build a stable, sustainable, and competitive local supply chain and has taken significant efforts in promoting localization of auto parts and components in line with Government’s ‘Make in India’ mission. The Group has invested in strengthening and increasing supplier base through consistently partnering with them to enhance their capacities and capabilities by sharing Toyota best practices, efficient processes and skilling of manpower, by imparting world-class training program to enhance the production excellence with high quality standards.

On upscaling the skill levels at suppliers, Toyota spent 40,000 man-hours every year to enhance processes through system, management, training, and hardware development. Further, another 8,500 man-hours are spent per year on suppliers’ people development.

Speaking on this occasion, Mr. Vikram S. Kirloskar, Vice-Chairman, Toyota Kirloskar Motor said, “Toyota is committed to enhance the pace of electrification strengthen domestic production with ‘Make in India’. Today’s MoU signing with the Government of Karnataka, in the gracious presence of Hon’ble Chief Minister Basavaraj Bommaiji and all dignitaries, is a very important milestone in terms of ushering in large-scale investment to make deeper cuts in carbon emissions, higher employment generation, creating local manufacturing hub not only for domestic needs but also for global markets, local community development and advancement in innovation. I believe that such investments are needed to provide technologically viable and economically competitive alternatives to fossil-fuel-intensive technologies in vehicle mobility space.

As a part of our philosophy, we always conduct deeper studies, analyse and explore multiple technological pathways that are best suited to optimally achieve the national goals on lowering dependence on fossil fuels, make India truly self-reliant, reducing carbon emissions and creating jobs. Toyota remains committed to serve our nation and the community where we operate.”

Toyota believes that the choice of technologies for achieving our national goals should be practical, sustainable, best suited for unique local conditions that helps to realise the transition in the fastest possible manner. Thus, while our long-term decisions are shaped by our Global environment challenge of achieving zero carbon emissions by 2050, our immediate technology decisions are influenced by our desire to achieve maximum immediate societal & environmental benefits, which in turn is largely determined by, the local energy mix of the country, infrastructure readiness as well as customer acceptance in line with our belief of ‘Leave No One Behind’.

These companies have so far invested Rs. 11,812 crores and employ more than 8,000 people. Over the years, the group has consciously adopted sustainable business practices and transforming from a carmaker to a mobility company.

Toyota believes in holistic approach and aims to strongly contribute to the State and country’s sustainable growth, as we are stepping into the greener future. Toyota is confident in creating an electrified manufacturing hub in India, thereby achieve our goal of delivering ‘Mass Happiness to All’.

Generali Completes The Transaction To Become The Majority Shareholder In Its Indian P&C Insurance Joint Venture

Generali completed the acquisition from Future Enterprises Limited of 25% of the shares of Future Generali India Insurance (FGII) and will now hold a stake of around 74% in FGII.  

Generali received the approval from the relevant regulatory and competition authorities.  

The deal is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthening Generali’s position in fast-growing markets and confirms the Group’s commitment to deliver profitable growth whilst creating value for stakeholders. Generali is the first player among international insurers to step-up to a majority stake in both its Indian Life and P&C insurance Joint Venture companies since the new foreign ownership cap came into effect.  

Jaime Anchu?stegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming Lifetime Partners to an increasing share of Indian customers in both Life and P&C businesses.”  

Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position also in our P&C Indian insurance JV and to create more value for our customers, agents, partners and distributors.” 

Around 500 Students Congregate For Largest Intercollegiate Optometry Cultural Fest

* Reflektionz – Annual Cultural Festival of Sankara College of Optometry, Bengaluru completed successfully.

Sankara College of Optometry, Bangalore hosted ‘Reflektionz’, a National Intercollegiate Cultural Festival on 5th and 6th May 2022 at the Sankara Eye Hospital Campus. Around 500 students from optometry colleges across Karnataka, Kerala, Tamil Nadu & Puducherry participated in the festival.

Themed ‘Carnival’, to celebrate the 75th Year of India’s Independence, the 2 day event provided students with a platform to showcase their talent through a variety of literary events, cultural and performing arts events.

Professor Aditya Goyal, Principal, Sankara College of Optometry said ,“To achieve excellence in optometry, one requires hard work, diligence and a need to be empathetic. We are overwhelmed by the response to the event as students from different states have added much-needed vibrancy to the profession. We hope this edition has reignited the pride of being Indian and enhances harmony and brotherhood. This festival provided a real-life learning platform to our students who were involved from planning to execution.”

Conscious that these students would be the flag bearers of India as we enter the 75th year, the festival looked to encourage them to celebrate India and also take Responsibility. In a special address by Ms Rajni Jajodia, Chair Climate Change, CII – Young Indians Bangalore shared, “We need to be aware of how important it is to reuse & up-cycle products. Waste of any form be it in manufacturing or in fashion would only end in landfills and contribute to further climate change.” She appreciated the Art from Waste, which brought out creative ideas.

A special installation allowed participants to reflect on ‘India at 75’. Ms. Rachana Inder, Kannada actress Love 360 wrote, “Indians need to respect our soil and understand that each move of ours impacts it a lot”.

Mr. Avinash, lead actor Ranavyuha, said “ We understood in the last 2 years how difficult it is for health care workers. While we are the heroes on screen, all of you are real life heroes and we appreciate the work all of you carry out daily.”

The 9th edition of Reflektionz had 22 events and the valedictory function and handing of the rolling trophy to Nethradhama College of Optometry, Bangalore was the perfect curtain downer for the event.