Punjab National Bank “Financial Results For The Quarter Ended 31st March 2023”

Punjab National Bank announced their Annual Financial Results for the FY 2022-2023. Net profit for Q4 FY23 was at Rs 1159 Crore and grew by 473.6% on YoY basis. Operating Profit was at Rs 5866 Crore during Q4 FY23 grew by 11.4% on YoY basis. Net interest income increased by 30.05% YoY to Rs 9499 Crore in Q4 FY’23. Global NIM improved by 48 bps on YoY basis to 3.24% in Q4 FY23 from 2.76% in Q4 FY’22. GNPA ratio improved by 304 bps on YoY basis to 8.74% as on March’23 from 11.78% as on March’22. NNPA ratio improved by 208 bps on YoY basis to 2.72% as on March’23 from 4.80% as on March’22. Provision Coverage Ratio (including TWO) improved by 530 bps on YoY basis to 86.90% as on March’23 from 81.60% as on March’22. Credit Cost declined by 73 bps on YoY basis to 1.72% in Q4 FY’23. Global Business increased by Rs 234522 Crore (12.14%) on YoY basis to Rs 2165844 Crore as on March’23 as against Rs 1931322 Crore as on March’22. Global deposits grew by 11.77% on YoY basis to Rs 1281163 Crore as on March’23. Global Advances grew by 12.68% on YoY basis to Rs 884681 Crore as on March’23. RAM share improved by 408 bps on YoY basis to 55.31% as on March’23. 

Business Performance in Key Parameters (March’23) were good. Savings deposits increased to Rs 463987 Crore as on March’23 from Rs 451680 Crore as on   March’22. Current deposits were at Rs 74028 Crore as on March’23. CASA Share (Domestic) stands at 43.0% as on March’23. Core Retail Advances grew YoY by 15.21% to Rs 137335 Crore as on March’23. Within Core Retail Credit: Housing Loan increased by 10.92% on YoY basis to Rs 81863 Crore. Vehicle loan increased by 30.62% on YoY basis to Rs 16478 Crore. Personal Loan increased by 48.87% on YoY basis to Rs 18152 Crore. Agriculture Advances grew by 14.34% on YoY basis to Rs 142105 Crore in March’23. MSME Advances grew by 4.12% on YoY basis to Rs 130178 Crore in March’23 

Profitability witnessed a growth. Net interest income was at Rs 9499 Crore for Q4 FY’23 recording growth of 30.0% on YoY basis and Rs 34492 Crore for FY’23 recording growth of 20.2% on YoY basis. Total Income of the Bank for Q4 FY’23 was Rs 27269 Crore and Rs 97287 Crore for FY’23 recording growth of 29.3% and 11.6% respectively on YoY basis. Total Interest Income of the Bank for Q4 FY’23 was at Rs 23849 Crore and Rs 85144 Crore for FY’23 recording growth of 27.9% and 13.7% respectively on YoY basis. Non-interest income for Q4 FY’23 was at Rs 3420 Crore and it grew by 39.6% on YoY basis. Total Interest Expenses of the Bank for Q4 FY’23 was at Rs14350 Crore and Rs 50652 Crore for FY’23 recording growth of 26.5% and 9.7% respectively on YoY basis. Other Operating Expenses for Q4 FY’23 was at Rs 2482 Crore and it grew by 6.5% on YoY basis.  

Efficiency Ratio saw the Global Yield on Advances improved to 7.94% in Q4 FY’23 as compared to 6.64% in Q4 FY’22. Global Cost of Deposits increased to 4.54% in Q4 FY’23 as compared to 3.90% in Q4 FY’22. Business per employee improved to Rs 21.64 Crore in March’23 from Rs 19.41 Crore in March’22.. Business per branch improved to Rs 209.53 Crore in March’23 from Rs 187.73 Crore in March’22. Net profit per employee improved by 5.74 times to Rs 4.82 lakh in Q4 FY’23 from Rs 0.84 lakh in Q4 FY’22. Net profit per branch improved to Rs 46.64 lakh in Q4 FY23 from Rs 8.11 lakh in Q4 FY’22. 

Asset Quality 

Gross Non-Performing Assets (GNPA) were at Rs 77328 Crore as on March’23 as against Rs 92448 Crore as on March’22 declined by 16.36% on YoY basis. Net Non-Performing Assets (NNPA) were at Rs 22585 Crore as on March’23 as against Rs 34909 Crore as on March’22 declined by 35.30% YoY basis. Provision Coverage Ratio (PCR) Excluding TWO improved by 855 bps YoY to 70.79% in March’23. Slippage ratio improved to 2.10% in Q4 FY23 from 6.47% in Q4FY’22. 

Capital Adequacy (CRAR) improved from 14.50% as on March’22 to 15.50% as on March’23. Tier-I is at 12.69% (CET-1 was at 11.22%, AT1 was at 1.47%) and Tier-II is at 2.81% as at March’23.  

PNB Digitalization showed an upward progress last fiscal. Share of Transaction through Alternate Delivery Channels increased to 92% in March’23 from 79% in March’22. Share of Digital Transactions increased to 85% in March’23 from 69% in March’22. Number of UPI Transactions increased YoY by 81% to 362 Crore during FY’22-23. Internet Banking users recorded 15% YoY Growth during FY’22-23. 

PNB One App Adoption saw average daily downloads increased by 2.2 times from 14.6 thousand in March’22 to 32.2 thousand in March’23. Average daily active users increased from 3.3 Lakh in March’22 to 6.3 lakh in March’23. Daily login improved from 6 Lakh in March’22 to 12 Lakh in March’23. Daily Transactions improved from 76 thousand in March’22 to 135 thousand in March’23. 

Digital Journey of the bank started more than 40 digital initiatives during FY’2023 such as PAPL, e-OTS, eOD against FD, e-Mudra, Pre approved business loan, Fresh Digital KCC, Digital collection of EMI’s-UPI apps etc. Bank has disbursed ?4007 Crore through Pre Approved Personal Loan (PAPL).Turnaround time of personal loan has reduced to 4 clicks from 3 days due to introduction of   PAPL. 

As on March’23, the Bank has 10,076 number of Domestic branches, of which, 3895 (39%) are in Rural, 2454 (24%) in Semi-Urban, 1997 (20%) in Urban & 1730 (17%) in Metro. The bank has 2 branches at Dubai and Gift City, Gandhi Nagar for international business. In addition to the above, the bank has 12,898 ATMs and 24,227 Business Correspondents as part of banking outlets. 

Comprehensive HR transformation process started in the bank to improve employee productivity in following ways: 

Market-linked targets for each branch and Clarity of roles & expectations from each employees with well-defined, measurable Key Responsibility Areas (KRA). 

Comprehensive leadership development program to prepare future Bank leaders on functional and behavioral aspects. 

Personalized, role-based training interventions to upskill functional capabilities and Performance- linked rewards to acknowledge & motivate contributors. 

The bank won numerous awards & accolades last year such as MSME Banking Excellence Award 2022 by Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) for Best MSME Friendly Bank, Govt. Schemes implementing Bank, Implementing COVID related scheme Bank. Punjab National Bank was felicitated with ET Best BFSI Brands. Best MSME Bank (Runner Up) at 9th MSME Excellence Awards and Summit by ASSOCHAM. Achievement award for "Excellent Guarantee Coverage (number)" FY’23 by “Ministry of MSME”. First prize for outstanding contribution under PMEGP in Uttar Pradesh. Bank was recognized in third NPS Reward Recognition Programme (Maximum number of fresh Subscriber Registration) for FY’2022-23. 

City Man Undergoes A Critical Bilateral Lung Transplant At MGM Healthcare In Chennai

MGM Healthcare, a multi-specialty quaternary care hospital located in the heart of Chennai, has recently achieved a significant milestone by successfully performing the BLT procedure on Mr. Madhusudhanan, a 61-year-old male diagnosed with Interstitial Lung Disease (ILD). The surgery was performed by a team of doctors including Dr. K. R. Balakrishnan, Dr. K.G. Suresh Rao and Dr. Apar Jindal.

The patient was suffering from Chronic Obstructive Pulmonary disease over a long period of time. The inflammation led to Interstitial Lung Disease (ILD) that caused subsequent scarring of the walls of the air sacs and reduced lung capacity and function. The patient was evaluated by experts at MGM Healthcare and was added to the transplant list. He was awaiting a suitable donor for two months and remained on oxygen support.

Speaking about the transplant, Dr. K R Balakrishnan, Director - Institute of Heart and Lung Transplant & Mechanical Circulatory Support, MGM Healthcare said, “The transplant was medically complex and required optimisation and careful planning. Organ transplant procedures require an expert team of surgeons, anesthetists, nurses, perfusionists, intensivists, transplant-specific physicians, and other multi-disciplinary team right from pre-operative to post-operative care. Right from diagnosis, deciding on the need and timing of the transplant, preparing the individual for the surgical procedure, during the procedure up to discharge from the hospital and long-term surveillance, represent a complex journey where every step needs meticulous care and expertise.”

Dr Suresh Rao KG, Co-Director, Institute of Heart and Lung Transplant & Mechanical Circulatory Support, MGM Healthcare, said, “The bilateral lung transplantation is a high-risk procedure. In heart and lung transplants, regardless of the blood group and tissue typing, sizing is very important. The donor's lungs should fit the size of the chest cavity of the recipient. Lungs tend to shrink. We often cannot use donor lungs because of size mismatch.

In this case too, they were a little over sized but we waited and allowed them to adjust to the recipient's cavity.”

Commenting on the procedure, Dr. Apar Jindal, Clinical Director & Consultant, Department of Lung Transplant & Interventional Pulmonology said, “The patient was presented with shortness of breath, fatigue, and weight loss. Detailed study and diagnosis revealed irreversible scarring of the lungs. ILD is an umbrella term used for a large group of diseases that cause scarring (fibrosis) of the lungs, leading to stiffness in the lungs which makes it difficult to breathe. Lung damage from ILDs is often irreversible and tends to worsen with time. Lung transplant was the best suitable option in this case and hence he underwent a bilateral lung transplant which has greatly improved his quality of life.”

Post the transplant, the patient’s hemodynamic gradually improved and the tracheostomy tube weaned off and he was able to breath normally in room temperature. The patient was discharged and is leading a normal life.

Air India Fast Tracks Tier Status Upgrade To Reward Loyalty Members

* Flying Returns transforming into India’s most rewarding airline loyalty programme

Air India, India’s leading airline and a Star Alliance member, has given wings to its Frequent Flyer Programme – ‘Flying Returns’ (FR) with a limited-time opportunity for members to fast-track their tier status upgrade or renewal with just 50 % of the usual required qualifying FR points.

This accelerated path to enjoying the benefits offered by Air India and other members of the 25-strong Star Alliance is in line with the airline’s mission to establish Flying Returns as amongst the most rewarding loyalty programmes globally.

Commenting on the promotion, Nipun Aggarwal, Chief Commercial Officer, said, “As we continue to transition to a global best aviation loyalty programme, we wanted to have many more of our members experience the benefits of India’s oldest and largest loyalty program, at a time when we have significantly improved the member experience and continue to make further improvements. We are committed to the needs and preferences of our passengers and will continue to deliver innovative programmes and products to enhance our members’ experience.”

The refreshed Flying Returns programme offers compelling benefits and rewards for every member.  These include:

Star Alliance Advantages: Flying Returns is the only airline programme in India that offers its members access to the global network connectivity provided by Star Alliance through its 25 other international member airlines. With Flying Returns, members have access to over 1 lakh redemption seats every month on Air India and Star Alliance partner airlines. Members can fly Air India or any other 25 global Star Alliance member airlines and earn points every time they travel.  Air India has recently refreshed its website and members can now easily use the Miles Calculator to track accrual rates on each route. Gold & Maharaja Club Members also enjoy access to a global lounge network across 200 countries.

No Blackout Date: Air India is one of the few airlines which has done away with blackout dates, so a redemption seat will be available for members even during peak season and festival periods.

Benefits Related to Travel: With easier access to premium tiers through the Fast Track promotion, more members will get access to an array of services such as Family Pooling plans, global lounge access via Star Alliance Network, best-in-class extra baggage allowance, and priority check-in and boarding for Tier Members. 

Benefits Related to Reservation: Members now also get access to a diverse range of benefits on booking, including a Welcome Bonus on first travel after enrolment as well as an additional bonus on booking through the Air India website and mobile app.

Extended Validity of FR Points: Air India has recently extended the validity of Flying Returns points and tier status till June 30, 2023. Points validity can be further extended to the end of the year if members undertake any accrual or redemption activity in their account from April 1st to June 30th 2023. 

Family Pooling: The Family Pooling facility allows two or more individual members, who are related to each other, to link their accounts and combine earned Flying Returns into a single account for easier redemption. Each member will still have a different account number, but they can use miles from the connected accounts when making a redemption.

Retro Claim Offer: Flying Returns now also allows members to claim points for past flights via the 'Retro Claim' option. Members can claim points for travel on Air India within the past one year, or six months on any Star Alliance partner airline.

Enhanced Customer Care: Air India’s website now provides a single point of contact for Flying Returns members, with premium call centre service for Tier Members to be launched soon.

The revamped website of Air India offers a refreshed loyalty experience for members, making it easier for them to check the status of their miles on the website while presenting all relevant information at a glance. 

The Flying Returns programme will continue to be enhanced. The entire range of offers and benefits of Flying Returns is just a click away at www.airindia.in/about-flying-returns-new.htm

About Air India: 

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South-East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a Government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart.  

Vihaan.AI is Air India’s transformational roadmap over five years with clear milestones.  It will be focussing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance. The airline will also be taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent. Vihaan.AI is aimed at putting Air India on a path to sustained growth, profitability and market leadership. 

About the Tata Group: 

Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The Group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own Board of Directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022.

Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.

WRI India’s Latest Report Assesses The Viability Of Dual-Utility Autorickshaws For Commercial Deliveries

* Dual utilization of autorickshaws can raise driver incomes by about 15 percent, mitigate carbon dioxide emissions by nearly 51.5 percent per trip, paper indicates.

WRI India launched a research paper that examines the potential impact of using autorickshaws for the dual purpose of transporting passengers and goods. The paper titled Assessing the Viability of Using Autorickshaws for Urban Freight Delivery in India, indicates that dual utilization of autorickshaws can not only overcome supply gaps in the freight ecosystem but can also provide an additional source of income to autorickshaw drivers.

Daily commercial deliveries in India are expected to grow 40 percent annually by 2025 (GLG Insights 2021). As demand for urban freight delivery increases, a framework to ensure delivery of goods in every load range is pertinent. Currently, there is no vehicle category for transporting goods between 30 kg and 350 kg. The WRI India paper looks at the current Indian urban freight ecosystem and examines the market gap that can be filled by the dual utilization of autorickshaws. The versatility of autorickshaws on Indian roads, their lower environmental impact compared to un-optimized cargo vehicles, complementarity with passenger trips, and their potential to generate higher income, make them a viable option for dual use.

The working paper was launched in the presence of Dr. O.P Agarwal, Senior Advisor, WRI India, at the India Habitat Centre. A subsequent interactive panel discussion explored the viability of dual use autorickshaws and potential opportunities. The panel featured Dr. Pawan Kumar, Associate Town and Country Planner, Ministry of Housing and Urban Affairs; N Mohan, CEO, Delhi EV Cell (Transport), Government of Delhi; Shubhra Jain, Public Policy Manager, Amazon India and Pranav Goel, Chief Executive Officer, Porter.

WRI India conducted primary surveys in five cities — Bengaluru, Delhi, Hyderabad, Lucknow and Pune — with business owners, retailers, dealers, distributors and drivers, among others. The analysis suggests that dual utilization of autorickshaws can increase driver income by 15 percent and reduce the cost of logistics for Micro, Small & Medium Enterprises (MSMEs). 72 percent respondents said they already make dual trips. This held true across regions, with close to three-quarters of respondents adopting dual utility in Bengaluru, Hyderabad and Delhi. The research also indicates that optimum utilization of passenger autorickshaws for freight could potentially reduce CO2 emissions by 51.5 percent on every trip.

Rohan Rao, Program Manager, Electric Mobility, WRI India and the lead author of the paper, said “this working paper lays the groundwork to enhance awareness on the concept of dual use of three-wheeler autorickshaws for urban freight operations and provides initial solutions for its implementation. However, there is room for further study, especially regarding safety parameters, the design of autorickshaws, and exploring other micro mobility options to facilitate goods transportation.”

N Mohan, CEO, Delhi EV Cell, commented, “allowing passenger autorickshaws for goods transport needs regulations in place under the Central Motor Vehicles Rules. This report focuses on assessing viability for introducing such regulations through a framework to ensure safety, efficiency and scalability. This report is a good starting point, and the government will have to work with original equipment manufacturers (OEMs) to design dual utility vehicles. Consolidation of demand will also be a critical parameter to enable a practical application of this idea.”

Pranav Goel, Chief Executive Officer, Porter, said, “India has the capacity to save USD 3 billion annually by optimizing urban freight which directly aligns with the overarching vision of the National Logistics Policy of optimizing and reducing the current logistics cost in the country. Optimizing the usage of vehicles like three-wheeler autorickshaws, which are 50 percent emission efficient as compared to three/four-wheeler cargo vehicles, will enable the shift to low-carbon pathways - a critical element in helping India achieve the net zero target for 2070. In this light, the suggested dual utility of vehicles in urban context is encouraging, and we are ready to support the implementation of such initiatives.”

While current regulations of The Motor Vehicles Act 1988 prohibit transportation of goods in contract carriages like autorickshaws, recent amendments to the Act in 2019 provide discretionary powers to the Central Government to develop a National Transportation Policy in concurrence with state governments, exempting specific vehicle categories from older regulations. This can enable nurturing of innovative applications in mobility and pave the way for regularizing dual utility of autorickshaws.

Read the full report here: Assessing the Viability of Using Autorickshaws for Urban Freight Delivery in India | WRI INDIA (wri-india.org)

Wakefit.co Clocks INR 825 Crore In FY 2022-23 And Aims To Achieve ~INR 1100 Crore By FY 2023-24

* Plans to continue the growth trajectory to become a market leader in the home and sleep solutions space, with an eye on profitability in FY 2024

Wakefit.co, India’s largest D2C home and sleep solutions company, today announced that it has clocked in revenue of ~INR 825 crore in FY 2022-23 as per the provisional unaudited financials. The brand has put in focused efforts towards omnichannel expansion, scaling supply chain operations, and enhancing brand building initiatives. Having registered a 30% Y-o-Y growth in revenue compared to FY 2021-22, Wakefit.co continues its growth trajectory and moves towards becoming a one-stop-shop for everything home in India.

With an eye on profitability, Wakefit.co has set its sights on crossing the INR 1000 crore revenue mark in FY 2023-24. The company is pegging its next stage of growth on an ever-expanding portfolio and a wider geographic and demographic spread. Wakefit.co has serviced over 19,000 pin codes across the country, catering to over 2 million customers across seven years. The company aims to help Indians make the most of their homes by being a one stop home solutions partner during their different life stages over many years. 

Sharing his views on the company’s growth, Chaitanya Ramalingegowda, Director and Co-founder, Wakefit.co, said, “We are delighted to have served customers across the nation with our home and sleep solutions offerings. The 30% Y-o-Y growth in revenue is a testament to the immense satisfaction people have found in our products and we look forward to serving them even better this year. We are continuously working towards bringing premium-quality products at affordable prices and will continue to move towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”

Ankit Garg, CEO and Co-founder, Wakefit.co, added, "We forayed into the home solutions market in 2020 and, since then, have witnessed rapid growth in those categories. FY 2023 further solidifies our position in the home and sleep solutions industry. This growth has been possible due to the continued support our customers have shown us. This year, our focus will be on pursuing our goal to become a market leader in the home and sleep solutions category.”

Omnichannel and Omnipresent

In FY 2023, Wakefit.co launched 22 physical stores across 15 cities in the country, which has helped in penetrating deeper pockets and being available closer to customer hubs in both metro and tier-2 cities. The offline stores have played a key role in clocking INR 825 crores in revenue in FY 2023 with stores steadily contributing a higher percentage of monthly revenue. The omnichannel push will continue to be a strategic growth driver in the next 3 years, with plans to open close to 100 stores across the country. 

Furniture for everyone

In 2022, Wakefit.co unveiled India’s largest furniture factory, with the capacity to furnish almost 1 lakh Indian homes every month. This significantly improves the company's manufacturing capabilities and positions it to become India's most loved home solutions brand. With a range of products such as sofa, wardrobes, dining sets, bedside tables, shoe racks, coffee tables, bed frames, soft furnishings etc. that are part of the furniture portfolio, the segment currently contributes to ~20-25% of Wakefit.co’s revenue. 

In FY 2022, the company clocked in a revenue of INR 636 Cr. In the past year, Wakefit.co has significantly ramped up its furniture portfolio and has also emerged as the most searched brand in the home and sleep solutions category. The company also emerged as the highest reviewed home and sleep brand having recorded over 6,00,000 reviews across online platforms.

About Wakefit.co

Wakefit.co is a research and innovation-driven sleep and home solutions company established in March 2016. It was founded by Ankit Garg and Chaitanya Ramalingegowda, with a vision to become India’s most loved home and sleep solutions brand. With a portfolio that previously included mattresses, pillows, bed frames, mattress protectors, comforters, neck pillows, and back cushions, Wakefit.co has now expanded to include home products such as sofas, dining sets, wardrobes, study tables, bookshelves, shoe racks, TV units, bedside tables, coffee tables, cushions, floor rugs, curtains, towels, and more. The company manufactures its products in-house at factories in Bengaluru, Jodhpur, and Delhi. It sells across the country through its own online portal, offline retail stores and through other popular online marketplaces. Wakefit.co prides itself on its customer experience, with over 2 million customers serviced over 7+ years. The company has raised 4 rounds of funding (Series A through D) from marquee investors such as Sequoia Capital India, Verlinvest, SIG and Investcorp. 

Making History, AirAsia India, Praj And IOCL Join Hands To Fly First Commercial Flight In India Powered By Sustainable Aviation Fuel

* Hardeep Singh Puri, Hon. Union Minister, MoPNG receives First Commercial Flight in India powered by Indigenous Sustainable Aviation Fuel, at New Delhi

In a significant development in the decarbonization of the aviation sector, India’s first commercial passenger flight using an indigenously produced Sustainable Aviation Fuel (SAF) blend was successfully flown earlier today. AirAsia India flight i5-767 departed from Pune to New Delhi using a blend of indigenous Sustainable Aviation Fuel (SAF) supplied by Indian Oil Corporation Ltd. (IOCL) in partnership with Praj Industries Ltd. (Praj). Hon. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, received this special flight at the airport.

This flight is a significant milestone in the country's efforts towards sustainable aviation and demonstrates the commitment of the Air India group, IOCL, and Praj Industries, with the support and guidance of the Ministry of Civil Aviation and the Ministry of Petroleum and Natural Gas, to develop and propagate indigenous solutions to mitigate the environmental impact of aviation and pave the way for the widespread adoption of SAF in India. In keeping with the country’s Aatmanirbhar Bharat Abhiyan mission, the SAF was produced indigenously by Praj Industries using captive agricultural feedstock.

The SAF sourced for this initiative by Praj Industries, is in partnership with Gevo Inc., which has developed a breakthrough Alcohol-to-Jet (ATJ) technology for the production of SAF using bio-based feedstock. Praj produced SAF samples in its R&D facility, Praj Matrix, which underwent detailed testing at IOCL laboratories before it was blended for the special flight.

Describing the occasion as a significant milestone in the country's efforts towards Net Zero emissions by 2070, Mr. Puri said, “I am glad to witness this historic occasion and receive the first commercial flight fuelled by an indigenous SAF blended ATF. This would be the First domestic commercial passenger flight with SAF blending up to 1% as demonstration mode”. “By 2025, if we target to blend 1% SAF blending in Jet fuel, India would require around 14 crore litres of SAF/annum.  More ambitiously, if we target for 5% SAF blend, India requires around 70 crore litre of SAF/annum.”

Congratulating the home grown giants in their respective sectors, AirAsia India, IndianOil, and Praj Industries, Shri Puri reiterated the vision of the Hon’ble Prime Minister for an Atmanirbhar Bharat by developing indigenous solutions to mitigate the environmental impact of aviation and pave the way for the widespread adoption of SAF in India.

Speaking about the initiative, Mr. Aloke Singh, Managing Director, AirAsia India and Air India Express, said, "We are proud to announce that AirAsia India has successfully completed the first commercial flight using a blend of sustainable aviation fuel in collaboration with IOCL and Praj Industries. As part of the Tata group and a subsidiary of Air India, we are committed to innovation and collaboration in order to mitigate environmental impact. This flight marks a significant milestone in our ongoing efforts towards a more sustainable future for Indian aviation. We hope that this initiative will serve to further the adoption of indigenous, sustainable aviation fuel. Sustainability is deeply ingrained in our organisation's DNA, and we are determined to continue on the path towards more sustainable operations."

Speaking on this development, Dr. Pramod Chaudhari, Founder Chairman, Praj Industries, said, “Showcasing the capability to fly using locally produced SAF is a historic moment for India. This is another demonstration of the important role of the farming community, by way of Annadata to Urjadata, in India’s journey towards energy independence and green growth. We value our ongoing partnership with IOCL and are delighted that, on this occasion, AirAsia has joined us in the journey towards cleaner skies for tomorrow.“

Mr. Vaidya, Chairman, IndianOil, stated, “As the largest energy PSU in the country, IndianOil is committed to leading the change in the oil & gas sector and ushering in a greener tomorrow.” “Aligned with the vision of our Hon’ble Prime Minister, IndianOil has pledged for Net Zero Emissions by 2046. Under the aegis of MoPNG, we have begun this journey today, and I am confident that SAF will soon become the norm rather than an exception in the aviation industry. Mr. Vaidya added.

Global aviation is currently responsible for about 3% of total global GHG emissions. If the emission remains unchecked, it could be responsible for 22% of GHG emissions by 2050. The International Civil Aviation Organization (ICAO) has released Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) regulations that have defined a target of reducing CO2 emissions from the aviation sector by 50% by 2050. An alternative to the current use of fossil fuels is to use SAF that can result in high greenhouse gas (GHG) savings.

Tata Hitachi Announces Its First Edition of Annual Financiers’ Summit And Awards Show – Synergie 2023

Winners of First Edition of                 

Tata Hitachi’s Annual Financiers’ Summit and Awards Show – Synergie 2023

Category: Financial Partner of the Year 2022-23 - HDFC BANK LIMITED 

Category: NBFC Partner of the Year 2022-23 - HDB FINANCIAL SERVICES

Tata Hitachi, a leading provider of Construction and Mining Equipment, announced its First Edition of Annual Financiers’ Summit and Awards Show – Synergie 2023 at ITC Maratha, Mumbai.

Synergie 2023 – a Summit and Award Show for Financiers - gives Tata Hitachi a forum to thank Finance Partners and recognize their efforts by rewarding top performers.  It also provides a unique platform to engage and co-create better financial solutions for our esteemed customers.

Speaking on the occasion, Mr Sandeep Singh, Managing Director Tata Hitachi said, “It gives me great pleasure to host Synergie 2023 – the First of an Annual Summit to felicitate our Finance Partners. Financiers are an important stakeholder in our Construction Equipment ecosystem.

We believe that this summit will help further strengthen our relationship with our Finance Partners and help us to continue to grow and innovate.”

For any further details, visit our website www.tatahitachi.co.in

About Tata Hitachi: Tata Hitachi, one of India’s leading construction machinery companies and the largest Hydraulic Excavator manufacturing company, is a joint venture between Tata Motors and Hitachi Construction Machinery (HCM). The partnership with HCM commenced in 1984 and is today one of the longest-standing JVs in the industry. The company has a manufacturing presence in Dharwad and Kharagpur and over 275 customer-facing touchpoints spread across the country.

Set up in 1961 as the Construction Equipment Business Unit of Tata Engineering and Locomotive Company (TELCO), today, the company boasts a diverse portfolio of Mini Excavators, Construction Excavators, Mining Excavators, Backhoe Loaders, Wheel Loaders, and Dump Trucks, apart from a wide range of Attachments, Parts, and expert Service solutions.

Tata Hitachi is a leader in providing world-class construction equipment to address India’s Infrastructure and Mining needs.