Tata Power To Double Its Capex To Rs 12,000 Cr; Well Positioned To Lead Green Energy Transition: Says N. Chandrasekaran

* Tata Power set to offer round the clock renewable power solutions

Offering hybrid renewable solutions along with battery storage, pumped hydro projects to benefit commercial and industrial consumers through group captive and open access routes

To leverage new technologies such as offshore wind, green hydrogen to ensure stable, reliable, and consistent supply from renewable power sources; also exploring new technologies like small modular nuclear reactors

•            The Company has an open order book of >4GW of large utility scale projects, amounting to more than Rs 17,000 Cr

•            To expand to 25,000+ EV charging points over the next 5 years

•            Plans to reach 40 million+ consumers over the next 5 years in the Distribution Business

•            Tata Power committed to become Carbon Net Zero by 2045 and 100% Water Neutral by 2030

•            The Company recommends a dividend of Rs 2/- per equity share

Tata Power, one of India's leading integrated power companies, today held its 104th Annual General Meeting (AGM) of shareholders virtually for the Financial Year 2022-23. Tata Power Chairman Mr. Natarajan Chandrasekaran, in his speech to shareholders, highlighted the Company's financial performance, strategic plans, and commitment to clean energy solutions.

“Tata Power, being one of the largest integrated power players, is well positioned to take advantage of the growth opportunities in the sector. To meet the growth targets, Tata Power plans to invest about Rs 12,000 crore this financial year, which is double the Capex spent in FY23. Given the company’s successful track record in turning around Discoms, it will look to participate in privatisation opportunities as and when the policy reforms are undertaken,” said Mr. Chandrasekaran while addressing the shareholders.

Tata Power is well transitioning to become the round the clock green energy solutions provider. It is developing clean energy solutions like battery storage, pumped hydro projects for its commercial and industrial consumers.

The Company is exploring new technologies such as offshore wind, green hydrogen to ensure stable, reliable, and consistent supply from renewable power source. Tata Power, over the years, has continued its pursuit of excellence, growth and technological advancement. The Company continues to deliver on all its stated commitments across financial, operational, and ESG metrics.

This year, the Company has allocated an additional capex of Rs 12,000 crore and the amount of capex allocation will increase in future years with new project opportunities in Renewables and T&D businesses. Over last 3 years, the Company has deployed a capex of almost Rs 18,000 crore

Tata Power continues to focus on renewable capacity addition and transforming into a consumer-oriented business. Its renewable portfolio currently stands at 7 GW with 3.9 GW operational and 2.7 GW under implementation. Tata Power has an open order book of >4GW of large utility scale projects, amounting to more than Rs 17,000 crore.

The Company already has a clean and green capacity (non-carbon) of 37%, which is expected to increase to 70% by 2030.  

Tata Power is actively transforming into a consumer-centric company by expanding its power distribution network across the country and establishing new-age energy solutions such as Solar Rooftop, EV Chargers, and Energy Management Solutions.

To meet the supply chain challenges of Solar Module and Cell, Tata Power is setting up 4 GW greenfield solar cell and module manufacturing capacity in Tamil Nadu with an investment of around Rs 3,000 crore. The project is on track and will get operational in this financial year.

Tata Power is a leading solar rooftop provider in India with installed capacity of almost 1,650 MW. The company’s network is spread over 275 districts and 450+ dealers across India. The Company is driving new green power solutions such as Green Open Access, hybrid solutions and round the clock power solutions for commercial and industrial consumers.  

Tata Power is also focusing on growing its business footprint through emerging technologies like Pumped Hydro Storage, Offshore Wind and Green Hydrogen. It is also exploring new technologies like small modular nuclear reactors. The Company will develop Pumped Hydro Storage at its existing hydro plants in Lonavala/ Pune, where the existing water reservoirs will be used.

Tata Power plans to expand its EV Charging points to 25,000+ over the next 5 years. As the largest EV charging point operator with nearly 60% market share in the country, the Company has installed 40,000+ home chargers, 4000+ public and semi-public charging points, and 250 bus charging points. It is present in 550 cities and expanding.

Leveraging the group synergy, Tata Power is providing solar rooftop and group captive solutions not only to Tata Group companies like Tata Motors, Tata Steel, IHCL & Tata Chemicals, but also to other large corporates and industries to support them in transitioning their energy requirements. The Company is set to improve its market share to 30% through evolved offerings.

Tata Power is working on opportunities for transmission projects through Tariff Based Competitive Bidding for over 10,000 ckm over the next 5 years.

Tata Power has emerged as the largest private power distribution company in the country serving nearly 13 million consumers across Delhi, Mumbai, Ajmer and the State of Odisha. The number of consumers served by Tata Power is greater than the combined number of consumers served by all private distribution utilities in the country. The four Odisha discoms have improved reliability of power through network strengthening, infrastructure development and technology deployment, including SCADA & GIS systems, ERP and CRM. They have also reduced AT&C losses by nearly 10%

This experience of supplying power in both urban and rural areas will help the Company to take up similar opportunities in other States, once they open up for similar public-private partnerships. Tata Power plans to reach  >40 million consumers over the next five years.

Mundra plant operated under Section 11 of the Electricity Act, 2003 issued by the Ministry of Power, where the tariff is cost neutral. This has helped the plant sustain its operations while supplying power to its procurers.

Tata Power has focused on strengthening its balance sheet, improving its net debt to underlying EBITDA from 3.92 to 2.66, and reducing its debt to equity from 1.53 to 1.03. These efforts have enhanced value creation for stakeholders.

The Company's return on equity increased from 9.5% in FY22 to 12.6% in FY23, while the return on capital employed rose from 7.8% to 9.3% during the same period.

Based on the robust performance for FY23, the Company is recommending a dividend of 200%, which is Rs 2/- per equity share of Re 1/- as against Rs 1.75 per equity share in FY22.

Tata Power's consolidated revenue witnessed a growth of 32% at Rs 56,033 crore in FY23 compared to Rs 42,576 crore in FY22. This growth can be attributed to higher availability in the Mundra Thermal Plant, increased sales across distribution companies, and robust additions to the Renewables portfolio.

The Company's consolidated EBITDA grew by 23% at Rs 10,068 crore in FY23, showcasing consistent performance in existing Generation, Transmission, Distribution businesses, and new capacity additions in Renewables. Consolidated reported PAT also witnessed a significant increase of 77% at Rs 3,810 crore in FY23 due to improved performance across all business clusters.

Tata Power is fully aligned with Tata Group's Project Aalingana, which outlines the Group’s approach to reduce emissions and become carbon net zero by 2045. The Company is committed to becoming carbon neutral by 2045, 100% Water Neutral by 2030, no Net Impact on Biodiversity before 2030 and becoming an organisation with Zero Waste to landfill before 2030. The Company has also taken multiple initiatives to conserve biodiversity in and around its operational areas.

About Tata Power:

Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 14,110 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, and trading. The Company developed the country’s first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 5,250 MW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 37% of the overall portfolio, the company is a leader in clean energy generation. It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from the Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.

Tata Power is currently serving more than 12.9 million consumers via its Discoms, under a public-private partnership model viz Tata Power Delhi Distribution Ltd. with the Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.

With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions provider by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al. In its 108 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come. For more information visit us at: www.tatapower.com

India's First B.Tech. Program In Computer Science And Financial Technology Launched By Manipal Institute of Technology

* MIT Manipal is the first and only institute in India to offer this degree that offers graduates to be industry ready focusing on Fintech: Banking, Insurance, and Capital Markets

Manipal Institute of Technology, a constituent unit of Manipal, MAHE, one of India's premier higher education institutions unveiled a first-of-its-kind undergraduate program in B. Tech program in Computer Science and Financial Technology. As the sole institute in India offering this ground-breaking degree, MIT Manipal solidifies its reputation as a pioneer in innovative education.

In a recent report published by the Boston Consulting Group (BCG) in May 2023, it was projected that the global revenues of the Financial Technology (Fintech) sector will grow sixfold, reaching a staggering $1.5 trillion by 2030. The report highlighted the Asia-Pacific (APAC) region as the leading fintech market by 2030, surpassing the United States. The driving force behind this growth will be the significant presence of fintech firms in India, China, and Indonesia, along with a tech-savvy youth population, an expanding middle class, many small and medium-sized enterprises, and underbanked populations. The compound annual growth rate (CAGR) for this sector is estimated at 27 percent.

Commander (Dr) Anil Rana, Director, Manipal Institute of Technology (MIT) said "We are thrilled to launch the first-ever B.Tech. program in Computer Science and Financial Technology in India. MIT Manipal is committed to providing cutting-edge education that aligns with the evolving needs of the industry and equip students with hands on experience to make them industry ready. This program will facilitate students interested in a career in fintech with knowledge of the fintech domain and technology. This will help the students to contribute to India's emergence as a global This program is unique as:

• MIT Manipal is the first institute and the only institute in India to offer this degree

• AICTE approved B.Tech. program

• The program is delivered through the three Departments at MIT, Manipal:  Department of Humanities and Management jointly with the Department of Computer Science and Engineering, and the Department of Mathematics

• The courses are designed with input from the Fintech experts for making the graduates industry ready

• The courses are handled by experienced academicians along with industry experts

fintech powerhouse”.

Recognizing this immense potential, MIT Manipal has taken the initiative to bridge the gap between computer science and finance by introducing the B.Tech. program in Computer Science and Financial Technology. This unique program, approved by the All-India Council for Technical Education (AICTE), aims to equip students with the skills and knowledge required to thrive in the rapidly evolving fintech industry.

Drawing inspiration from the rich banking history of Udupi and Dakshina Kannada districts in Karnataka, MIT Manipal remains committed to its legacy of pioneering advancements. Late Dr T. M. A Pai, Padmashri awardee, the founder of the Manipal Group, was also the founding father of Syndicate Bank and is credited with designing the 'pigmy deposit schemes,' which served as the first step towards small-scale savings in India.

Prof. Yogesh Pai, Professor & Head, Department of Humanities & Management, MAHE said "The introduction of the B.Tech. program in Computer Science and Financial Technology at MIT Manipal is a significant milestone in the Indian education landscape. We are excited about the opportunities this program will create for students and the transformative impact they will have on the industry”.

With this latest addition to its list of accomplishments, MIT Manipal continues to set new benchmarks in education. The institution's unwavering dedication to innovation, coupled with its strong industry partnerships, ensures that graduates of the B.Tech. program in Computer Science and Financial Technology will possess the skills and expertise to excel in the dynamic fintech landscape. The institute will start offering this course beginning from July 2023.

Rain-Proof Your Home Safety: Safeguarding Your Home Locks This Monsoon

By Shyam Motwani, Business Head, Godrej Locks & Architectural Fitting and Systems

A safe home means that one can enjoy a sense of tranquillity. And I believe that a safe home, starts with a reliable door lock, it is after all, our first line of defence. However, a lot of us may not know how to safe guard this crucial element in our home, especially during severe weather conditions. I believe that this guide is ideal for this particular season as the monsoons arrive, so let's delve into the depths and explore effective ways to safeguard your mechanical as well as electronic locks this monsoon.

Step 1: Inspect and run a maintenance check

Before the monsoon arrives, it's crucial to conduct a detailed inspection and maintenance check of your locks. Examine the lock's physical components, such as the latch, bolt, springs, as well as the area surrounding the locks for any gaps or cracks on the door. These openings can allow rainwater to seep in and damage the lock mechanism.

To effectively lubricate a manual lock, choose a suitable lubricant such as lightweight machine oil or graphite-based lubricant while avoiding thick oils or greases that attract dust. Apply a thin layer of oil to the moving parts of the lock, including the latch, bolt, springs, and other visible components. Insert and remove the key several times to distribute the oil evenly within the lock mechanism, ensuring gentle movements to prevent breakage. One can effectively maintain the smooth operation of the lock, prevent rust formation, and prolong its lifespan.

To ensure the proper functioning of digital locks, check the battery levels regularly, as they rely on batteries for their operation. Moreover, check for software updates provided by the lock's manufacturer. Periodically updating the lock's software can enhance its safety features and ensure compatibility with the latest technologies.

Step 2: Keep the moisture out

To ensure optimal functionality of door locks during the monsoon season, it is crucial to avoid direct exposure to rain or water.

Do you know what ‘door sag’ is? It’s the effect where water gets absorbed in the door to an extent  where the doors do not lock properly. This can be avoided by air drying, sanding, painting, polishing and other techniques.

For our digital locks, humidity can cause condensation inside the lock, leading to malfunctioning. Utilize those dehumidifiers or moisture absorbers in the vicinity to maintain optimal humidity levels and minimize the chances of moisture-related issues.

Step 3: Call the experts

If there are some issues one cannot solve at home, do not hesitate to call professionals. Contact certified locksmiths or the customer support of your lock's manufacturer for accurate guidance and necessary repairs.

Step 4: Have a backup

These days with automation solutions that are dependent on electricity, battery or even internet, one must understand safe back up options. For example, we at Godrej create highly advanced technological locks that also come with manual access options like a physical key. In case of emergencies, this is the best option.

I believe that preparing your locks for the monsoon is crucial to ensure their reliable operation and longevity. By implementing these easy tips, you can enjoy peace of mind and make the most of your smart lock technology even during inclement weather conditions.

JLR Harnesses The Power Of AI To Protect And Strengthen Supply Chain

* New collaboration with Everstream gives JLR advanced supply chain risk warnings.

* Investment strengthens JLR’s supply chain including supporting stable future battery.

* Supply for next generation electric vehicles, central to JLR’s Reimagine strategy.

JLR has announced a new collaboration with Everstream Analytics, the industry-leading supply chain mapping and risk analytics experts, which will embed AI into JLR’s supply chain management.

With this new technology, JLR can monitor its supply chain in real-time in order to help avert any future global supply issues, protecting the production of its current models and next generation of pure-electric vehicles.

The technology analyses data using a combination of AI, predictive analytics, machine learning and human intuition to plot emerging incidents such as natural disasters, strikes, data breaches and export issues on a global map, alerting JLR to any potential impact on its supply chain.

This capability, which updates in real-time, takes measures to avoid any industrial disruption, which could impact production and increase costs.

The unprecedented global pandemic and semi-conductor crisis caused huge disruption to the automotive supply chain. Through the tireless work of its teams dedicated to securing supply, JLR is now emerging from this period of disruption enabling the quarterly growth in production and wholesale volumes since Q3 FY23.

JLR is introducing the Everstream technology as part of a wider strategy to build a state-of-the-art digitally enabled supply ecosystem delivering end-to-end visibility and security. Using Everstream’s insights, JLR has already taken positive action to avoid disruption at global freight ports to support delivery of vehicles to clients.

Barbara Bergmeier, Executive Director, Industrial Operations at JLR: “As part of our Reimagine Strategy, we are building a robust digital-first Industrial Operations ecosystem consisting of advanced technology and long-term strategic relationships that gives us end-to-end visibility of global shocks in an increasingly unpredictable world.”

“Through our collaboration with Everstream Analytics, we are harnessing the power of AI to proactively manage risks before they cause disruption to production, ensuring we are resilient and can deliver onthe commitments we make to our clients. This foresight will become even more critical as we develop a new value chain around our next generation ultra-desirable modern luxury electric vehicles.”

Julie Gerdeman, Chief Executive Officer, Everstream Analytics: "The global value chains serving electrified vehicles are among the most complex to navigate. Everstream Analytics' AI-driven supplier visibility and insights empower JLR to proactively mitigate risks, enhance agility, and promote supply chain resilience. We are proud to partner with this visionary leader on their journey to drive positive, sustainable change in the automotive industry."

Nourish Foods For Healthy Freaks For Yoga Day From Platform 65

Who doesn't enjoy meals that are both delicious and healthy? Imagine going to a restaurant where machines carry healthy diet food to you on a toy train without any human interaction. Sounds improbable? The good news is that everything is happening right now in our own city.

Platform 65 is India's largest toy train-served restaurant offering you to taste and enjoy a delicious range of mouth-watering diet dishes at your place. Platform 65 is excited to announce the launch of its special yoga food dishes in celebration of International Yoga Day, which falls on June 21. The restaurant has crafted a menu that incorporates healthy and nourishing ingredients to help promote mindfulness and overall wellness.

Sadgun Patha, Managing Director and Founder of Platform 65 said, “Like the art of yoga, the introduction of salad on International Yoga Day is a harmonious union of nourishment and well-being. Our special dishes celebrate the union of flavors and wellness, crafted with utmost care to promote a healthy diet for our cherished customers. This dish is a reflection that aligns with the principles of yoga – balance, vitality, and nourishment. I am cheerful to do this kind of activity, together, let’s embrace the art of eating well, and savor the taste of inner harmony.”

The special dishes incorporate healthy and nourishing ingredients to promote wellness and aim to support the holistic approach to the health and wellness of their customers. “The special menu features a variety of plant-based dishes, including vegan and gluten-free options, which are rich in nutrients and antioxidants, promoting overall well-being. The menu that highlights which includes capsicum Ground Nut Subbji, salads, and more…” said Himabindu, Executive Director of Platform 65, Bengaluru.

Worldline Partners With Mswipe To Enable Brand Equated Monthly Instalments On Its Smart POS Terminals Across India

Worldline (Euronext: WLN), a global leader in payment services, today announced its partnership with India’s leading payment aggregator, Mswipe Technologies, to offer  Brand Equated Monthly Instalments (EMI) as a value-added service that enables businesses to provide No-Cost EMI financing from several leading brands on Worldline Android Smart POS devices across the country.

This partnership will enable Worldline and Mswipe to work together in helping their partners increase sales through attractive checkout offers to their customers. It will also help them to avail mid- and high-value purchases at retail outlets powered by Worldline Android Smart POS machines.

Vishal Maru, Executive Vice President, Financial Institutions, Worldline India, commented: “Consumer demand across different product and service categories are increasing. But when it comes to purchasing somewhere a latency sets in, when the customer sees higher cost of product while purchase. The need to offer accessible and affordable finance is extremely important for businesses today. We are happy to partner with Mswipe to offer Brand EMI service which is popularly referred as No-Cost EMI and this value added service will help businesses not only to provide seamless payment experience but will benefit them immensely in maximizing their sales.”

Mr. Ketan Patel, CEO, Mswipe Technologies said: “As India becomes more globalized, technologically advanced and economically prosperous, consumer lifestyles are constantly evolving. Indian consumers are becoming more aspirational and are looking for flexible payment options, such as Brand EMI, that allows them to spread their purchases over a period of time. We are excited to collaborate with Worldline India to extend our tech enabled EMI solutions to their merchant base and help fulfill their aspirations of new India. This partnership will help both the brands reach a larger base of merchants and contribute to the digital growth journey of India. Through this partnership, we aim to democratise high-value purchases, while enabling our merchants to increase their sales through yet another value-added services.”

Worldline and Mswipe have seen that the Brand EMI options are popular across Mobiles, Electronics, Clothing, Beauty Spas, kitchens, Households, Furniture, and Automobiles. With tie-ups across all the leading banks, this partnership will offer EMIs through various payment modes like credit and debit cards and from Buy Now Pay Later providers in India.

The Brand EMI service will drastically improve the average transaction value and upgrade the products purchased with suitable financing options. It will help partners to maximize their sales. Among the other benefits, it offers a user-friendly and superior UI/UX interface for partners to integrate and list different offers from all the brands in one place.

In India, Worldline  offers one-stop shop for all payment needs – In-store payments, Online payments, and Omnichannel Payments. Worldline covers the whole payment value chain and end-to-end processes that facilitate services to over 1.5 million merchants across 5000 towns and cities in India.

PNB Housing Finance Makes A Mark In Bangalore, Enabling Affordable Homeownership Opportunities

·         PNB HFC announced the inauguration of its Roshni-focused branches in 12 new branches

·         Roshni Home Loans offer opportunities to a wide range of customers, including those new to credit and self-employed individuals with low/middle incomes

·         Flexible repayment options with lower EMIs and tenures of up to 30 years

PNB Housing Finance Limited opens 4 new branches exclusively offering affordable housing product- Roshni in Bangalore, in-line with its long-term goal of assisting individuals in achieving their dream of owning a home. The company has established a distinct affordable vertical within its structure, comprising dedicated teams for sales, credit, collections, and operations.

The inauguration of the Kengeri Branch was graced by the presence of Girish Kousgi, MD & CEO of PNB Housing Finance. Considering Bangalore’s stature as a prominent metropolitan city with progressive infrastructure, it is an opportune destination for PNB Housing Finance to strategically concentrate its market endeavours. 

Also, they have inaugurated similar branches in Hoskote, Yelahanka and Attible, which was inaugurated by Mr. Amit Singh, Chief People Officer, Mr. Prashanth Shenoy, National Head Products & Mr. Vishal Kaushik, Head of Administration from PNB Housing Finance.

With Roshni, the organization shall provide affordable home loans particularly in outskirts of tier 1, & tier-2 and tier-3 cities. The scheme comprises a diverse selection of loans catering to various needs, including the purchase of house property, self-construction, home extension/renovation, plot purchase plus construction, and loans against property. Therefore, whether applicants are first-time credit users, self-employed without a formal income and salaried from a low-income group with a household income as low as Rs10,000 to the middle-income group category, all will be eligible for loans.

PNB Housing Finance MD and CEO, Girish Kousgi, said, “With an unwavering vision to support homeownership, we strive to empower and uplift individuals' aspirations. Our mission is to facilitate accessible home loans thereby, fostering socio-economic progress for both individuals and communities. We are particularly thrilled to include Bangalore among the new locations, given its thriving real estate market and demand for affordable housing. Through Roshni, we are dedicated to expanding our affordable housing portfolio, enabling us to reach a wider audience across the nation in line with the Central Government's 'Housing for All' initiative. In three years, there will be a good mix between affordable housing loans and prime loans within the entire retail space”.

Making inroads across the country, the Company announced the inauguration of its Roshni-focused branches in 12 new branches which includes Hoskote, Kengeri, Yelahanka and Attibele, Wagholi, Bolinj, Old Panvel Thillai Nagar, Nagercoil, Mathura, Jodhpur and Ahmedabad spread across 6 states.  With the opening of these branches the company has expanded to 88 Roshni branches spread across over 150 districts and 500-plus locations and are actively working towards further expansion.

With more than 34 years of industry presence and customer trust, a pan-India branch network and a robust service delivery model, PNB Housing Finance serves home loan seekers across the country. The Company intends to grow across 15 states, including Uttar Pradesh, Uttarakhand, Madhya Pradesh, Chhattisgarh, Rajasthan, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra and Delhi-NCR.

About PNB Housing Finance Limited

PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company was listed on the Indian stock exchanges on 07 November 2016. The Company’s asset base comprises retail loans and corporate loans. The retail business focuses on organized mass housing segment financing for the acquisition or construction of houses. In addition, it also provides loans against properties and loans for the purchase & construction of non-residential premises. Corporate loans are mainly to developers for the construction of residential/commercial properties, corporate term loans and lease rental discounting. PNB Housing Finance is a deposit-taking Housing Finance Company.