Volvo Car India Starts Delivery Of India’s First Locally Assembled Full-Electric Luxury SUV – XC40 Recharge

* First XC40 Recharge gets delivered in “KARNATAKA”

* The XC40 Recharge is only sold online directly by the company

Volvo Car India has commenced the delivery of its full electric XC40 Recharge in the country. Volvo XC40 Recharge is India’s first Locally Assembled Luxury Electric SUV. The company is assembling the cars in their facility based at Bangalore, Karnataka.

“It is indeed a milestone for all of us at Volvo to have the first of the India assembled pure electric XC40 Recharge luxury SUV delivered.  This delivery is historic as this marks the beginning of our journey towards becoming an all-electric car company by 2030. The response to the XC40 Recharge has been really encouraging with 150 cars sold online within 2 hours of opening booking. I am delighted to announce that we already have close to 500 advance orders with us, and we will be delivering around 100 of them before the year-end. Rest of the customers will get their cars during the next year.” said Mr. Jyoti Malhotra - Managing Director, Volvo Car India.

The XC40 Recharge was launched on July 26th this year at Rs 55.90 lakh ex-showroom with a hassle-free ownership package. Volvo’s first electric SUV garnered an overwhelming response from luxury car buyers in India, with the business registering online bookings of 150 cars within few hours of starting bookings on July 27th. The XC40 Recharge has a phenomenal range of more than 400 kilometres on a single charge. This feature has increased consumer confidence and addressed common misconceptions regarding EV range.

All XC40 Recharge owners will also get membership of the exclusive Tre Kronor program. Tre Kronor membership offers benefits and services designed exclusively for Volvo XC40 Recharge car owners, keeping their satisfaction and comfort in mind.

By 2030, the company wants to offer exclusively purely electric vehicles and phase out all vehicles with internal combustion engines, including hybrids. This is aligned with the Company's worldwide climate plan, which aims to minimize the life cycle carbon footprint per car through tangible action on a consistent basis.

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..

IIMA And Aura Art Collaborate To Launch An Art Index To Promote Indian Art And Artists Globally

~The Art Index will support, art enthusiasts, financiers, insurers, and others to estimate the market price of artworks based on data instead of a ' gut feeling'

~The Art Index has been developed based on an analysis of the actions of art by top 25 Indian artists across the world over 20 years

The Indian Institute of Management Ahmedabad (IIMA), a premier global management institute, today announced the launch of the IIMA-AuraArt Indian Art Index (IAIAI) in collaboration with Mumbai-based Aura Art Development Pvt Ltd (Aura Art), an art infrastructure solutions provider and specialist in art transactions.

The IAIAI comes as timely intervention for the Indian art market which despite being at a nascent stage is emerging a burgeoning market. This index is a first of its kind that trace the price appreciation journey of Indian artists at auction globally. The need is pressing as the nation has had limited experience with art indices and most purchases are still driven by a ‘gut feeling’.  

In such a scenario, the IAIAI, which is based on a hedonic pricing model, will serve as a Constant-Quality Art Price Index. The index has been put together using a data-driven methodology that analyses price variations in artwork auctions of top 25 Indian artists across the globe over 20-years. IAIAI therefore can offer, art enthusiasts, financiers, insurers, and other stakeholders across the sector, data to calculate the percentage change in the likely market price of an artwork over time.

Speaking of the potential benefits of the Index, Professor Errol D’Souza, Director, IIMA, said: “Art and artists are not only to be appreciated but they also have a significant investment value. Recently, the total worth of art works auctioned in India has been just shy of a hundred million dollars per year. At IIMA we are also focussed on the emerging importance and needs of the art investing community and the assets it invests in. This art price index will bring a higher degree of transparency to the realm of art investment. We believe that it will also encourage investment in art and, thus, the artists.”

Unlike financial assets which are homogenous in nature, real assets such as artwork are highly heterogenous, which is one of the primary challenges in creating a reliable index. Moreover, markets for such real assets are illiquid and thinly-traded. Artwork prices are a combination of factors related to artists, media, subject, size, etc. Thus, comparing prices across artwork varying in multiple factors is fraught with cognitive errors. An intuitive workaround is to summarize art price transactions observed in a period into a central tendency measure such as average, or median. However, indices based on central tendencies may be misleading indicators of price movements. Consider an investor who bought a Jamini Roy oil rendering of tribal culture in 2010, and today wants to assess the percent change in its price since then. But recent auctions have been dominated by relatively abstract works of Souza and Hussain. So, the average change in price is not just due to passage of time; but also due to changing quality of the artwork auctioned. This renders the index irrelevant to Roy’s work. IAIAI addresses this issue such that it is generalizable to a larger asset class despite the sample changing its quality over time.

Through its collaboration with Aura Art, IIMA analysed data provided by the former, which comprised auction results of over 9,000 artworks by the top 25 Indian artists (List of artists analysed available below), auctioned across 11 houses around the world, over a more than 20-year period, from April 1, 2001 to June 30, 2022. These artists were selected based on the number of artworks auctioned. These artists offered a critical mass of artworks adequate to be included in the index formation. The first batch of data included a total auction price worth INR 45 bi (approx. $0.75 bi @ ?60/US$) for the whole sample period.

Professor Prashant Das, IIMA faculty who ideated the programme algorithm for development of the index, said, “As an asset class, art has a great similarity with real estate: Each asset is unique, and the market is stratified. Even if produced in multiple copies, the products are not identical. Clubbing such assets into a unified price index is an analytical challenge that we attempt to address through this index. The index is broadly relevant irrespective of which quality of art works dominated the sample over time.”

Speaking at the launch, Mr Rishiraj Sethi, Director, Aura Art Development Pvt Ltd, said, “The Art Index is a great example of a head-heart confluence, which normally results in the best of both.  Our collaboration reflects a confluence of IIMA’s analytical prowess and Aura Art's grasp on esoteric factors that drive art value. We aim at measuring heartbeats of the Indian Art market.”

MAHE To Host ADVENTURE RACE In Collaboration With Nth Adventures

* The adventure race commences from 9th-11th December 2022

* Team of 4 will race in multiple sports like Kayaking, Hiking, Trail Running, Mountain Biking, Orienteering (Navigation) and local cultural elements

MAHE will collaborate with NthAdventure and become the first college in India to be part of “World’s Toughest Team Sport”. The adventure racing will be held on 9th, 10th & 11th December 2022. Adventure Racing is team sport which incorporates Team Spirit, Strategy, Communications skills, problem solving, decision making, time management, the skills which associates with the objective of universities.

Adventure Racing is an internationally recognized sport started in 1968 and now held around the world varying between 500+ km spread across 7 to 10 days along with Annual AR World Championship attracting the Top teams around the world to claim the most coveted title.

Speaking about on the adventure race, Vice Chancellor of MAHE Lt. Gen. (Dr.) M. D. Venkatesh said, “Sports is always an essential part of education and MAHE is focused to create various avenues in collaboration with Nth Adventure. Looking at Adventure Racing aiming to be the part of World’s Toughest Team Sport, it reminds us of various challenges professionally and personally we tackle in day-to-day life. We welcome Adventure Racing to MAHE and wish every student to experience this sport.  We might soon see our students evolving as champions in every field of sports.”

Pro Chancellor Dr. HS Ballal said, “We are happy to be associated with a sport which aligns with the values of MAHE. By supporting such sports, we encourage our students to explore, learn and push their limits to learn life skills like Kayaking, Hiking, Trail Running, Mountain Biking, Orienteering (Navigation) and local cultural elements through Adventure Sports. Since inception of MAHE, our students have proved to be excel in various fields and this could also be something they may aspire. We never know, MAHE may also have future AR World Champions. This is the time to showcase the other side of our students”

Race Directors Ms. Ajita Madan and Mr. Sayeesha Kirani said, “We are super proud to be associated with India’s top university MAHE. To grow the sport in the country and identify the young talent for international racing platforms we need the support from institutions like MAHE. Udupi which is known for its rich history, hospitality, vast culture, cuisines, and amazing yet versatile landscapes is perfectly suited for adventure racing, a team sport which is beyond just endurance. We can’t wait to showcase the beauty of this sport to MAHE students, our national and international teams on the second edition of Namma Adventure Race.”

For 2022 there are 2 categories, “Namma Adventure Race 2.0” which is part of prestigious Adventure Racing World Series – Asia Region open to all Asian countries will be a 120KM (24-Hour) team event where team of 4 will race in multiple sports disciplines which includes, Kayaking, Hiking, Trail Running, Mountain Biking, Orienteering (Navigation) and local cultural elements. For all the beginners “MAHE Adventure Race” a 30KM format team of 2 categories with a theme of “KNOW YOUR MANIPAL” will be hosted.

Registrations are open at www.nthadventure.com

Cyient Strengthens Leadership At Cyient DLM To Expand Its Manufacturing Business

Cyient, a leading consulting-led, industry-centric global technology solutions company, announced that it has significantly strengthened the leadership of Cyient DLM in a bid to expand its Electronics Manufacturing Services (EMS) capabilities.

Cyient DLM focuses on high-reliability EMS offerings and has grown significantly over the last few years with a strong outlook for the future. The industry is witnessing a significant growth driven by changing global trends and a focus on key new technologies like IoT, Industry 4.0, etc. The advancement of the China Plus One strategy, increasing need for electronics manufacturing, significant focus on the Indian market, and opportunities in Built to Spec (B2S) are key global trends that present a unique opportunity to grow Cyient DLM business.

To accelerate this mandate, Cyient DLM is strengthening its leadership and has appointed a new Chief Executive Officer (CEO) and a Chief Operating Officer (COO).

Anthony Montalbano has joined Cyient DLM as the CEO and has more than three decades of experience in Engineering and Electronics Manufacturing Services in leadership roles with top global technology companies. He has led many global initiatives for business growth, including some of the largest transactions in the industry. His rich industry experience will enable the Cyient DLM business to accelerate growth.

Ram Dornala takes on the COO mantle at Cyient DLM. He has over two decades of experience in electronics design and manufacturing, having worked with leading manufacturers. In his most recent role, Ram led strategic initiatives like increasing global footprint and EMS capability and market adjacencies for Original Design Manufacturer (ODM). As the COO at Cyient DLM, Ram will work closely with Anthony to strengthen and expand DLM operations.

Commenting on the announcement, Krishna Bodanapu, MD and CEO of Cyient, said, “With a focus on highly complex, low-volume electronics manufacturing for safety-critical segments, DLM has a unique positioning in the market. With a strengthened leadership at Cyient DLM, I am confident that we are well-positioned to leverage the global trends to build strong growth momentum for the business. There are significant synergies between Cyient services and Cyient DLM’s business, with a common set of customers and a potential to realize the B2S strategy. Cyient will continue to leverage these synergies to accelerate  growth.”

Tata Power-DDL To Organize Special ‘Lok Adalat’ Nov 27 For On-The-Spot Settlement Of Electricity Theft And Disconnection Cases

* Lok Adalat will be held at the EAC office, Sector-3, Rohini, Delhi

Tata Power Delhi Distribution Limited (Tata Power-DDL), a leading power utility supplying electricity to a populace of 7 million in North Delhi, will organize a ‘Special Lok Adalat’ in collaboration with Delhi State Legal Services Authority (DSLSA), on Sunday, 27 November from 10 AM to 4 PM at the EAC office, Sector-3, Rohini. The adalat will offer on-the-spot settlement of Electricity Theft and Disconnection Cases.

To participate in the upcoming Lok Adalat session, all litigants need to register before the Lok Adalat by dialling – 19124 or writing to eac.care@tatapower-ddl.com. Litigants need to carry their photo ID and a copy of their theft bill as well.

Cases that are pending or yet to be filed in any Court of Law will be taken up in the upcoming Lok Adalat session. Those wanting of settling their electricity theft cases can either attend in person or through their authorised representatives carrying authorisation letter.

Consumers who look forward to settling their power-theft cases can use this opportunity for an amicable and on-the-spot settlement of unsolved cases. In case of a default, the company will be compelled to initiate criminal proceedings against these consumers under the relevant provision of the Electricity Act, 2003. Consumers can pay their bills through various modes such as Demand Draft, Cheque, Credit Card, Debit Card, Online Modes or Cash.

To ensure the success of the Lok Adalat, Tata Power-DDL is actively informing customers through various channels.

Signify Appoints Irani Srivastava Roy As Chief Human Resources Officer For Indian Subcontinent

Signify (Euronext: LIGHT), the world leader in lighting, has announced the appointment of Irani Srivastava Roy as Chief Human Resources Officer for the Indian Subcontinent with effect from October 2022. Irani has more than 23 years' experience across HR leadership, strategy consulting and business partnering in both domestic and international markets. In her new role, she will be responsible for aligning the organization's people strategy with business objectives, building a transformational and diverse organization, talent development and management and implementing HR systems and policies.

Commenting on Irani’s appointment, Sumit Joshi, CEO & Managing Director, Signify South Asia said, “We are confident that Irani, with her rich experience and proven track record, will further accelerate the growth momentum of Signify in India. India is a growth engine for Signify globally and Irani’s extensive experience in building organizations that enable employees to thrive in their careers while also supporting organizational goals and business priorities, will be of tremendous value for our company.”

Expressing her delight regarding the new role, Irani said: “I am excited to join the world’s largest lighting company that has a rich legacy of more than 130 years and is also a household name in India. I look forward to further strengthening the company’s culture by focusing on inclusivity, equity and diversity and thereby attracting best-in-class talent that will enable the organization to grow and further strengthen its market leadership.”

In her previous assignment, Irani worked with Max Life Insurance as Head of HR for Distribution, Diversity, Equity & Inclusion and CSR. She was responsible for end-to-end people priorities across distribution channels, DEI strategy and implementation and organizational CSR initiatives. Prior to Max, she worked for several leading organizations such as Accenture Strategy Consulting, IMGC, RBS, ABN Amro, HDFC Bank and PwC. As an HR professional, she has gained rich experience in global HR transformation, organization design & change, talent strategy and mergers & acquisitions.

IRIS Business Launches Joint “Go To Market” With Hylobiz To Offer An Advanced Connected Business Experience

* The partnership will empower corporate and SME clients to meet their B2B financial and business goals through business process automations.

IRIS- Hylobiz partnership aims to facilitate businesses with automated cash flow, business banking, compliance and commerce digitisation leading to easier credit access for business growth.

Features to benefit businesses across industries:

• Pre integrated ERPs and easy to embed the existing tools in business.

• Auto reconciliation, quick settlement, and automated reminders enabling better cash flow

• Real time tracking of account receivables and payables with dashboards and reports

• Digital ledger tracking the financial data accurately

• Tracking of account balances and bank statements

• Seamless linking of bank accounts to Hylobiz

• Digitisation of collections and payouts

The offering will accurately track the outstanding bills and will automate invoicing, payouts and collections digitally to solve the primary glitches that cripple the cash flow and growth of businesses. The blend of technological excellence of Hylobiz platform and financial expertise along with IRIS’ state of the art GST compliance services ecosystem will drive the desired business goals of SMEs, corporates, freelancers, distributors, manufacturers, traders, wholesalers and every other B2B businesses across industries.

In July this year, IRIS was recognised as an authorised Invoice Registration Portal (IRISIRP) for businesses to register their invoices and other prescribed documents and generate IRN for their B2B transactions. With IRIS-Hylobiz, businesses can link their ERP Accounting systems with IRIS-Hylobiz and get access to connected ERP and GST facilities. Automated reconciliation In real time, automated reminders, digital e-invoicing, e-way bills, smart tracking and automation of pay-outs and collections, quick settlement, access to account balance and statement and beneficiary management are some of the top and most needed features every business can leverage on to improve operational and cash-flow efficiency.

”While IRIS helps regulators and companies across the globe to streamline their regulatory compliance reporting , in India we are also a leading provider of solutions to meet  the e-Invoicing and GST filing needs for taxpayers. Along with Hylobiz we will be able to offer a connected experience of cash, commerce and compliance to MSME customers which we feel is one of the key drivers to build a connected and digitised supply chain that will power a 5 trillion and growing economy in the coming decade”, said K. Balachandran, Co-Founder and Director, IRIS.

Vishal Gupta, Founder, CEO, Hylobiz said, “Hylobiz is one of the leading names in the corporate and SME supply chain network with innovative offerings for the segment. Together along with IRIS, we have built this joint offering to serve the SME ecosystem across the country better and deliver all their business needs through one single window. With new mandates on GST compliances being driven by the government to bring all businesses to comply with GST norms we see the impact we can make for tens of millions of SMEs in the country and help them grow their businesses with processes optimisation and access to working capital.

About IRIS

IRIS Business Services Limited [IRIS] is the only listed (BSE/NSE) Indian Fintech company operating in the area of Regtech (Regulatory Technology) with a stack of structured data solutions for organizations globally. Headquartered in Mumbai, India with subsidiaries in USA, Singapore and Italy, the Company has been supporting regulators and filers in about 44 countries and across 5 continents for the past eighteen years .

In recognition for the pioneering work done in the area of bank regulatory reporting in India, IRIS has received the Financial Express Best Fintech Award (2021) from the Union Finance Minister, Smt Nirmala Sitaraman. IRIS has also been voted as the Best Tax Technology solution provider by TIOL consecutively for years 2021(Silver) and 2022 (Jury).

IRIS is an authorized GST Suvidha Provider (GSP) and has been offering tax technology solutions to Indian companies through its tax technology offering - IRISGST since 2017. 

Visit website: https://www.irisgst.com

Twitter: https://twitter.com/IRISGST

LinkedIn: https://www.linkedin.com/company/irisgstofficial/

About Hylobiz

Hylobiz is a Fintech serving to simplify the processes in the B2B ecosystem and is currently operational in India, UAE and US and will soon launch in Indonesia, and Oman. With its Connected ERP and Connected Banking capabilities, the unified solution delivers Cashflow, Compliance, and Commerce automation thereby building Credit readiness through business health profiling and Credit delivery through digital credit infrastructure.

Its web portal and mobile app include the most needed features and benefits for businesses. E-invoicing, eway bills, reconciliation, inventory and invoice management, network sales visibility, business health score, smart dashboard and automated reports, digital storefront, real-time data visibility, pre-integrated ERP, real-time document and workflow and cash flow visibility are some of the services on the platform which bridges the financial and operational requirements of businesses. The Hylobiz is headquartered in Pune, Maharashtra.