Gulf Oil Shifts Gears With A Controlling Stake In Tirex Transmission, A Leading DC Fast Charger Manufacturer For Electric Vehicles

• To invest ~ INR 103 Crores to Acquire 51% Stake

• This Marks the Third Significant Investment in EV Charging in line with Gulf’s Global Mobility strategy.

• The Acquisition Positions Gulf Oil to capture a share of India Market potential evaluated at USD 1 Billion to USD 1.4 Billion in 5-7 years.

In a strategic move to bolster its presence in the Electric Vehicle (EV) segment, Gulf Oil Lubricants India Limited (GOLIL), a Hinduja Group Company, announced to acquire controlling stake in Tirex Transmission Pvt Limited for ~ INR 103 Crores subject to the completion of definitive agreements and the satisfaction of predetermined closing conditions.

This is part of Gulf’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 Bn currently and expected to cross $200 Bn by 2030. As part of the same, GOLIL and its parent Gulf Oil International (GOI) have invested in Indra Renewables- a UK based AC charging (slow charging) company with a ~8% share of the UK home charging market. Indra has developed a leading bi-directional charging technology enabling V2G and V2X configurations. GOLIL has also invested in ElectreeFi, a leading EV SaaS player which provides charging management software (CMS) solutions for major OEM’s in India. The investment in Tirex, which is a manufacturer of DC Fast Chargers, will enable Gulf towards a synergistic end to end play in the global EV charging ecosystem.

Tirex Transmission is a key player in manufacturing DC Fast Chargers for EVs in India. With a track record of deploying over 400 high-capacity EV fast chargers across the country. It has carved a niche for itself as a leading technology player and a reliable brand in the fast-charging domain, with its comprehensive range of DC chargers, spanning from 30KW to 240KW. Tirex caters to a diverse clientele, including PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail with range of chargers available for all vehicles types, including e-Buses.

Projections from the India Energy Storage Alliance (IESA) suggest a demand surge for around 1 million chargers by 2030, translating to a potential market value ranging from $1 billion to $1.4 billion in India alone. Further, there is a multi-billion-dollar opportunity in the global market where DC Charging is a fast-growing segment. Coupled with Tirex’s differentiated technology roadmap, Gulf is well positioned to capture a significant global market share in the coming years.

Mr. Ravi Chawla, MD & CEO of Gulf Oil Lubricants India Ltd, said, "This acquisition of majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and make a significant play in EV value chain where Gulf in India and globally, in recent years, have already invested in a slow AC charger company Indra Technologies, UK and ElectreeFi, an EV SaaS provider. Tirex's strong performance in the DC charger market, combined with Gulf Oil's robust brand strengths, distribution reach and relationships with OEMs & Infra/B2B customers, sets the stage for a synergistic partnership. Our combined strengths will undoubtedly pave the way for groundbreaking advancements in EV charging, both domestically and internationally in line with our Global Mobility strategy.”

He added, “Tirex is respected for its innovation and customer service, which align with our vision, and their products are well established with a diverse range of customers. It's an exciting time for us to be working together. We plan to leverage our current business model to penetrate the EV market and accelerate our growth plans."

Echoing this sentiment, Mr. Arth Patel, CEO of Tirex, stated, "Aligning with a global powerhouse like the Hinduja Group heralds a transformative chapter for Tirex. As we continue our journey in the rapidly evolving EV charger space, this collaboration will undoubtedly amplify our growth trajectory and technological advancements, fortified by Gulf Oil's financial strengths, extensive reach and business expertise."

The capital infusion into Tirex is earmarked primarily for invigorating R&D initiatives and scaling up production capacities and extending the service network. A concentrated push towards obtaining EU and UL certifications, backed by Gulf Oil International, will further solidify Tirex's global outreach. Gulf Oil's acquisition of Tirex accentuates its holistic approach to the EV charging ecosystem, dovetailing seamlessly with its prior investments in the Slow Chargers sector as this completes the portfolio of Slow AC chargers and DC fast chargers within Gulf globally. This strategic alignment fortifies Gulf Oil's ambition to emerge as a one-stop solution provider, addressing the entire spectrum of EV charging needs.

Ambuja Cements & ACC Hold “Concrete Talk” With Leading Engineers And Architects

EDITOR’S SYNOPSIS 

* ‘Concrete Talk’ is Ambuja Cements and ACC’s outreach initiative to help customers make the right choices when they buy cement and other related building materials.  

Ambuja Cements and ACC host workshops to assist construction industry professionals understand the value of composite cement in construction.  

Ambuja Cements and ACC, the cement and building material companies of the diversified Adani Group,as part of its initiative to support professionals from the construction industry held “Concrete Talk”, a day-long workshop focused upon value of composite cement, concrete technology, and aimed to educate engineers and architects regarding sustainable concrete with mineral admixture. 

‘Concrete Talk’ is a part of Ambuja Cements and ACC’s outreach programme that aims to help customers take informed decisions when they buy cement and other building materials.  The companies expect to achieve this objective by educating engineers and architects about products and best practices that will deliver better results for their customers in terms durability and environmental sustainability. 

These workshops focused on utilising composite cement in Reinforced Cement Concrete (RCC) structure by using Pozzolanic and GGBFS to build a durable structure and foundation and on sustainable concrete with mineral admixture highlighting the effects of this mixture on durability.  

Mr. Ajay Kapur, CEO, Cement Business, said, “Through initiatives like ‘Concrete Talk’, we help cement buyers to take well-informed decisions and train them to use our products for achieving best results. We believe this can be best achieved by educating professionals in the construction industry like architects and engineers understand our products better. We are also using it as an opportunity to help cement buyers understand the use of eco-friendly products and educate on sustainable construction practices.” 

The strength of Ambuja Cements and ACC brands have been recently validated when TRA Research recognised them as India’s ‘Most Trusted Cement Brands’ in its 2023 Brand Trust Report. 

BMW Group India Appoints KUN Exclusive As Its Dealer Partner In Bengaluru

* Navnit Motors to transition its business and operations in Bengaluru to KUN Exclusive in pursuit of their strategy to explore new engines of growth and through consolidating business operations.

* Seamless business continuity ensured for BMW and MINI customers as Sales and Service Locations remains the same and existing employees will continue to work under BMW Banner.

* #BMWIndia #SheerDrivingPleasure #MINIIndia #BIGLove

BMW Group India announced the appointment of KUN Exclusive as its dealer partner for Bengaluru.

After successful operations in Bengaluru since 2007, Navnit Motors has transferred its business and operations in Bengaluru to KUN Exclusive in pursuit of strategically bolstering its operations in Mumbai. Seamless business continuity will be ensured for existing BMW and MINI customers with complete understanding of their needs as the existing Sales and Service locations remains the same and existing employees will continue to work under the BMW banner.

Mr. Vikram Pawah, President, BMW Group India said, “I would like to thank Navnit Motors for their valuable contribution and unwavering commitment to BMW and MINI customers in Bengaluru. We recognize their accomplishments and wish them great success for future. Bengaluru is an important market for BMW Group India, and we are committed to serve our customers with best-in-class service. We are excited to appoint our trusted partner KUN Exclusive as the dealer partner in Bengaluru. Their knowledge of current trends in the luxury industry, attention to needs of our esteemed clientele and curation of bespoke experiences will be instrumental in creating a complete customer centric engagement.” 

Mr. Sharad Kachalia, Dealer Principal, Navnit Motors said, “BMW holds a special place for Navnit Motors and our journey has been rewarding and continues to be a memorable one. As we align to newer and more focused strategic growth vectors, Navnit Motors will concentrate on further growing its business operations in Mumbai. We now pass the baton in Bengaluru into the safe hands of KUN Exclusive. We would like to thank our customers for their loyalty and assure a smooth transition to KUN Exclusive. We also thank BMW Group India for their continuous support and close collaboration during this phase. We look forward to setting higher benchmarks in providing world class services to our discerning customers in Mumbai.”

The Bengaluru dealership is headed by Ms. Vasanthi Bhupati, Dealer Principal, KUN Exclusive.

KUN Exclusive also represents BMW Group India with sales and service facilities in Tamil Nadu (Chennai, Coimbatore, Madurai), Andhra Pradesh (Vijayawada, Vizag) and Telangana (Hyderabad).

Ms. Vasanthi Bhupati, Dealer Principal, KUN Exclusive said, “KUN Exclusive’s partnership with BMW Group India has flourished year on year and we are very proud of the growth we have achieved. With thriving business operations in Tamil Nadu, Andhra Pradesh and Telangana, establishing a new presence as the dealer partner in Karnataka is another step in building our legacy in the country. We thank BMW Group India for this opportunity and are excited to add another chapter of success to our story. We promise the same unparalleled services and luxurious experiences to BMW and MINI customers in Bengaluru they have always enjoyed and look forward to welcoming new ones to KUN Exclusive family.”

After the transfer of operations, KUN Exclusive will sell and service BMW, MINI and BMW Premium Selection vehicles as usual. 

SBI Streamlines Access For Masses, Introduces Aadhaar-Based Enrolment For Social Security Schemes

* Empowering Financial Inclusion through technology-driven innovation

The State Bank of India, the country’s largest public sector bank, has taken a significant step towards enhancing accessibility and convenience for its customers. In a strategic move aimed at leveraging technology for greater financial inclusion, Chairman Dinesh Khara, unveiled an innovative CSP functionality that enables hassle-free enrolment for social security schemes through Aadhaar.

With this pioneering feature, customers visiting Customer Service Points (CSPs) will need only their Aadhaar to enroll in pivotal social security schemes i.e. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). The functionality does not require customers to carry passbooks to the CSP outlet for enrolment. SBI's advance system simplifies and expedites the enrolment process making it faster and more convenient than ever before.

The driving force behind this innovation is SBI's commitment to utilizing technology to strengthen its offerings and extend the benefits of crucial schemes to the masses. By adopting this streamlined approach, the bank aims to uplift the financial inclusion ecosystem through unique solutions that directly impact the lives of marginalized and deprived sections of the society.

Speaking on the occasion, Shri Dinesh Khara, Chairman SBI emphasized, "Our goal is to empower every stratum of the society by removing the barriers that hinder access to financial security. This technology driven enhancement is a testament to SBI's commitment to improve financial inclusivity and social welfare through digitization."

This dynamic step is expected to significantly enhance the coverage of social security schemes, ensuring that the advantages of these schemes are leveraged by the ones who need them the most. By reducing paperwork and simplifying processes, SBI aims to champion customer convenience and contributing to the larger goal of a digitally empowered and financially secure India.

About State Bank of India:

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.53 lakh crore. As of June 2023, the bank has a deposit base of over Rs. 45.31 lakh crore with CASA ratio of 42.88% and advances of more than Rs. 33 lakh crore. SBI commands a market share of 33.4% and 19.5% in home loans and auto loans respectively. SBI has the largest network of 22,405 branches and 65,627 ATMs / ADWMs in India with 78,370 BC outlets. The number of customers using internet banking and mobile banking stand at 117 million and 64 million respectively. With SBI’s digital strategy right on track – the bank witnessed 63% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. SBI observed 23,400 new digital savings bank accounts being opened per day via YONO in the quarter ended June 2023. YONO, which has more than 6.36 crore registered users, witnessed more than 1 crore average daily logins in Q1 FY24. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,428 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

Toyota Kirloskar Motor's iCARE Initiative Transforms School And Community On International Youth Day 2023

Toyota Kirloskar Motor (TKM) marked an important milestone with the celebration of the 27th edition of its impactful iCARE initiative on International Youth Day. The endeavour underscored TKM's unwavering dedication to sustainable community development, striving to create an enhanced learning environment for the students from Government High School, Bidadi. TKM employees and their families joined, in a collective effort to support to this noble cause. The primary objective of the activity was a comprehensive revamp of the school by refining its infrastructure to significantly augment the educational experience of the students.

The event was graced by Deputy Commissioner & District Magistrate Dr Avinash Menon Rajendran, IAS, Govt of Karnataka, in the presence of senior officials from TKM.

TKM's passionate volunteers embarked on an overhaul of the school that encompassed exteriors, corridors, classrooms, and metal grills. Notably, they also championed a plastic-free environment within the school premises, with a focus on greener surroundings, the volunteers planted saplings thereby contributing to healthier atmosphere for learning.

The collaboration formed the cornerstone of this transformational effort, as TKM partnered with the Education Department and School Administration to ensure the longevity and maintenance of the upgraded facilities. The Bidadi Municipal Corporation support also complemented the effort in executing a comprehensive cleaning operation, fostering an environment conducive to learning.

Expressing his thoughts on the occasion, Deputy Commissioner & District Magistrate Dr. Avinash Menon Rajendran, IAS said, "It's truly heartening to witness the remarkable efforts of TKM through their iCARE initiative. The transformation of the Government High School in Bidadi stands as a shining example of their commitment to community development and education. This collaborative endeavour not only enhances the  infrastructure but also underlines the importance of environmental consciousness thereby providing a good and hygienic learning environment for our children. Such initiatives resonate deeply with the values of progress and inclusivity that we prioritize in our district. I commend TKM for their impactful contributions to the society and being a beacon of positive change."

Speaking about the iCARE initiative, Mr. Vikram Gulati, Country Head and Executive Vice President, Toyota Kirloskar Motor said, “As we celebrate the 27th iCARE activity, we are deeply humbled by the collective spirit and energy that school children, key stakeholders, and our employees along with their families have brought to this noble cause. Through the iCARE initiative, we are not just transforming physical spaces, but also nurturing a culture of community engagement, symbolizing our commitment of creating a brighter future for the next generations. We will continue to focus our efforts on areas that require our intervention and work tirelessly towards building a better society.”

Since its inception in 2017, the iCARE initiative has witnessed a resounding response, with over 1,760 employees passionately engaging in more than 26 multifaceted endeavours. These encompass domains such as Education, Environment, Road Safety, Skill Development, Disaster Management, and providing support for special children. This collective endeavour has fostered transformative experiences, touching the lives of both employees and society at large. iCARE embodies TKM's vision of empowering and inspiring its employees to partake in endeavours, signifying their commitment to uplifting communities through impactful initiatives.

Bengaluru’s First Gold Bar Challenge By MMTC-PAMP

* The Gold Bar Challenge in captivated gold enthusiasts as they competed to remove a 5.7kg gold bar from a glass enclosure, showcasing their skills and aiming for the coveted prize. 

* Twelve winners were rewarded with MMTC-PAMP’s prestigious Banyan Tree 10 gm silver bar.  

MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold & silver refinery, hosted the exciting Gold Bar Challenge at their MMTC-PAMP’s exclusive store a.k.a PVC (Purity Verification Centre) in Bengaluru. The event took place on Wednesday, Aug 23rd, at Ambedkar Veedhi, Bengaluru, Karnataka.  

MMTC-PAMP hosted the Gold Bar Challenge, an open event at their exclusive outlet, offering participants the chance to retrieve a 5.7-kilogram gold bar from a glass enclosure within the designated time limit. The event aimed to provide gold enthusiasts with an exciting opportunity to demonstrate their skills and win a coveted prize. Twelve winners, who completed the activity, received MMTC-PAMP's Banyan Tree 999.9 purity 10 gm silver bar, symbolizing longevity and fulfilment, featuring India's national tree. Safety and fairness were ensured by following rules and regulations throughout the event. 

Speaking about the event, Mr. Vikas Singh, Managing Director and CEO of MMTC-PAMP said, "MMTC-PAMP stores are destination stores which serve unique and distinctively crafted products in purest gold and silver. We’ve now taken this a step further by adding fun and excitement for our customers by providing them with a new distinctive and engaging experience, with our Gold Bar Challenge event. It is a testament to our commitment to add moments of joy for our customers who have always trusted us for their Gold & Silver needs. Our focus on offering cutting-edge products and unique experiences underscore our commitment to enhance customer engagement and satisfaction in a unique and fun manner. By fostering a healthy spirit of competition, we aim to build stronger connection with our customers and create a truly memorable experience for them." 

The success of the Gold Bar Challenge in Ghaziabad, Noida, Chennai, Hyderabad and now Bengaluru has paved the way for MMTC-PAMP to expand this unique event to other cities. Mr Vikas Singh added, "The gold bar challenge is a unique event that has rarely been witnessed in the Indian market and we are happy to announce that we will be bringing this event to the cities of Pune and Chandigarh as well in future" 

MMTC-PAMP, known for its commitment to providing high-quality, culturally diverse products to consumers, hosted this event at its one-stop-shop for any gold & silver needs. To ensure the product’s authenticity, each MMTC-PAMP product carries a unique number and comes packaged in a certified signed by an Assayer. Each gold and silver product bought from MMTC-PAMP offers a positive weight & purity balance, which guarantees that every coin or bar you buy weighs more than the listed weight, ensuring customers get the highest value for their investment. 

All products come with MMTC-PAMP’s stamp of authenticity and deliver on the promise of 999.9+ purity and are crafted to the highest standards using the latest Swiss technology. There is a wide variety of purest gold and silver products to choose from this season and one can purchase them from MMTC-PAMP’s exclusive stores, leading jeweller partners, online marketplaces like Amazon and Flipkart or directly from MMTC-PAMP’s website, shop.mmtcpamp.com. 

About MMTC PAMP: A joint venture between Switzerland-based bullion refinery, PAMP SA, and MMTC Ltd, a Miniratna and Government of India Undertaking. MMTC-PAMP is the only LBMA-accredited gold & silver good delivery refiner in India and is accepted across global commodity exchanges and central banks. The company seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry. MMTC-PAMP has received several awards since its inception from local and global industry bodies for transparency and sustainability that it rigorously upholds in its sourcing, refining, and supply of precious metals in the Indian market. 

Glenmark and IADVL Release Special Cover in collaboration with Indian Postal Service Supporting Vitiligo Patients in India

* Glenmark Pharmaceuticals Partnered With IADVL To Release A Special Postal Stamp In Support Of Vitiligo Patients

* Initiative aims to raise awareness and combat stigma associated with the skin pigmentation disorder

* Winning artwork from a painting competition is featured on the commemorative postal stamp

 Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led, integrated, global pharmaceutical company, has joined forces with The Indian Association of Dermatologists, Venereologists, and Leprologists (IADVL) to unveil a special commemorative postal stamp aimed at raising awareness and support for individuals living with vitiligo, a skin disorder that affects pigmentation.

Vitiligo, a condition characterized by the loss of skin pigmentation due to the malfunction or destruction of melanin-producing cells, impacts not only physical appearance but also psychological well-being. Despite its prevalence and impact, vitiligo often remains misunderstood, leading to societal stigmatization and prejudice. India is home to the highest rate of vitiligo cases globally, with one in ten individuals being affected by the condition.

In an effort to combat misinformation and promote acceptance, Glenmark Pharmaceuticals and IADVL conducted a unique painting competition named "Power of Paint and Brush" on World Vitiligo Day, June 25, 2023. The competition aimed to spotlight the significance of awareness, understanding, and treatment for vitiligo patients. Dermatologists from across the country participated, submitting over 100 entries that creatively portrayed the journey of patients with vitiligo and advocated for the importance of embracing diversity.

Dr. Naushin Ara from Jaipur SMS Medical College crafted the winning painting, titled “Colour of Thoughts.” The winning artwork has been transformed into a captivating commemorative postal stamp that will serve as a constant reminder of the significance of empathy, acceptance, and respect for those affected by vitiligo.

Alok Malik, President and Business Head, India Formulations, Glenmark Pharmaceuticals Ltd. said, "This initiative echoes Glenmark's core commitment to inclusivity and positive influence. Beyond medicines, we believe in shaping a better society through collaborations that enhance medical education and well-being. This collaboration underscores our steadfast dedication to fostering empathy and harmony, reaffirming our pledge to create a meaningful difference in people's lives."

IADVL spokesperson XX said, "We believe in the power of collective efforts to create awareness and acceptance. This commemorative stamp is a small but impactful step towards supporting vitiligo patients and promoting a more inclusive society."

"As partners in delivering meaningful messages, we are proud to contribute to this event that fosters awareness and compassion. This commemorative stamp carries the spirit of unity and education for vitiligo support, reflecting our dedication to impactful initiatives," said xx from Indian Postal Services.

A panel of judges, including Mr. Uday Parker, a Gold Medalist from JJ School of Arts, and key representatives from IADVL, meticulously reviewed the submissions to select the winning piece.