Schaeffler AG Published Offer Document For Unsolicited Tender Offer For Vitesco Technologies Group AG

Vitesco Technologies acknowledges that Schaeffler today published the offer document for the unsolicited voluntary public tender offer for Vitesco Technologies. The Executive Board and Supervisory Board of Vitesco Technologies will comprehensively assess the offer document taking into account the interests of all stakeholders and publish a reasoned statement on the offer in due course.

 The Executive Board and the independent Special Committee of the Supervisory Board will determine whether the price offered by Schaeffler is financially adequate for all shareholders. Vitesco Technologies notes that several shareholders have publicly stated that the offered price of €91 per share is inadequate given Vitesco Technologies’ value and attractive growth prospects as an independent company. It is further the intention of the Vitesco Technologies boards to ensure that the success factors of Vitesco Technologies will be maintained and protected in any potential future corporate structure. Vitesco Technologies is therefore in talks with Schaeffler on the parameters of a potential business combination. 

Canara HSBC Life Insurance Launches New Product – GAIN (Guaranteed Assured INcome)

* A limited premium, non-linked, non-participating, individual, life insurance, savings cum protection plan

Canara HSBC Life Insurance has launched a non-linked and non participating product Guaranteed Assured INcome (GAIN) – a life insurance cum savings plan designed to provide financial stability and security to the customers with the flexibility to tailor their coverage period basis the financial requirements and aspirations.

Guaranteed Assured INcome is a new age solution that empowers individuals to secure their alternate income or long term savings and achieve their dreams. Insurance plan comes with three flexible income options, allowing customers to select a period that aligns best with their financial goals.

Guaranteed Assured INcome is a guaranteed regular income stream, ensuring policyholders maintain a stable financial condition. Customers opting for GAIN enjoy flexibility of choosing an income period between 5 to 39 years, aligning with different life stages and income requirements. The plan further accommodates to various budgets of the customers with flexible premium payment terms.

The flexible Option offers three distinct plans to meet customer requirements. Short Term and Long Term Income Options provide parallel income and a lump sum at maturity. The Early Income Option offers immediate income with a final benefit equal to 100% of total premiums.

The plan provides life insurance for family’s financial stability, an alternate savings source for one’s goals, and guarantees a regular income stream with premium return flexibility. GAIN seamlessly combines life insurance and wealth creation, ensuring a family's financial well-being and a secure investment with benefits.

Commenting on the launch of the product, Mr. Akshay Dhand, Appointed Actuary, Canara HSBC Life Insurance says, “Canara HSBC Life Insurance is proud to launch "Guaranteed Assured INcome - GAIN", the name itself  affirms that a customer while opting for the policy stands assured of the guaranteed returns basis their purchase and desired requirements.  The life insurance plan is thoroughly designed to provide families with unmatched financial stability and security in a longer run. GAIN offers guaranteed regular income stream with the flexibility to get the premiums back at the end of policy term.”

About Canara HSBC Life Insurance: 

Established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture promoted by Canara Bank (51 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent). Punjab National Bank is also a shareholder of the Company, holding 23% as an investor. One of the major bancassurance led insurance company with its head office at Gurugram, Harayana and more than 100 branch officer pan India brings together the trust and market knowledge of public and private bank.

For more than 15 years now, the Company sells and services customers though multiple channels and well diversified network of Canara Bank and HSBC located in Tier 1, 2 and 3 cities of the country. The Company has a vast portfolio of life insurance solutions and offers various products across individual and group space comprising of life, health, online term plans, retirement solutions, credit life and employee benefit segments through direct, digital, agency model and direct field force.

With the support of distribution partners, the Company is able to maintain an aggressive growth trajectory since inception. The Company continues to focus and invest in agile and technologically advanced methods of soliciting business, servicing customers and marketing products. With an aim to provide simpler insurance and faster claim process, the Company intends to keep the promises of their customers alive with their “Promises Ka Partner” philosophy.

Fast Facts about the company

MD and CEO – Mr. Anuj Mathur

Shareholders - Canara Bank: 51% and HSBC: 26%, Punjab National Bank: 23%

Products – Online Term Plans, Term Insurance Plans, Savings Plans, Retirement Solutions, Child Insurance Plans and Health Insurance.

Visa Tokenisation Report Forecasts Six Digital Payment Trends In India

Key Highlights:

Underscores the rapid progress India has made, issuing over 560 million tokens in a year

The progress in tokenisation, backed by regulator and payment ecosystem collaboration, signals a secure and connected digital future for India.

Visa’s 300 million tokens is a substantial portion of its over 7.5 billion tokens issued globally[1] and has led to card authorisation rates rising by 4.5%[2] since the introduction of tokenisation

Visa, the global leader in digital payments, unveiled a comprehensive report detailing how tokenisation is driving India's digital economy. The report, "Enabling the Digital Shift: Tokenisation in India’s Economic Landscape", marks one year since the effective date of the RBI’s mandate on tokenization for ecommerce transactions. It underscores the rapid progress India has made, issuing over 560 million tokens within a year[3], including 300 million tokens issued by Visa. This is a substantial portion of its over 7.5 billion tokens issued globally, and leading to card authorisation rates rising by 4.5% since the introduction of tokenisation.

The report provides a comprehensive view of India’s tokenisation journey, considering the perspectives of key stakeholders such as merchants, issuers, and payment processor and identifies six future trends on account of India’s tokenisation success:

Simplified Payments: Tokenisation will make payments much easier including through voice assistants and smart devices that employ augmented and virtual reality.

Revolutionising Commerce: Issuing digital cards will be faster, subscription-based services simpler, and even change the retail experience with grab-and-go stores.

Faster Token Provisioning:  Simplified ways of tokenisation will make the process of moving tokens (digital representation of card information) between the card issuer and destination wallets and website faster and easier

Frictionless Authentication: Tokenisation can be combined with biometric authentication (like fingerprint or facial recognition) to reduce card-related fraud.

Improved B2B Payments: Thanks to tokens, businesses can streamline reconciliation, issue unlimited virtual cards and set transaction spending limits to mitigate risks

Contextual Commerce: By combining tokenisation with social media, users can enjoy a seamless shopping experience right within their favorite platforms.

Shri Vasudevan P, Executive Director, RBI, while commenting on the report, said, “The Visa report provides valuable insights into the transformative role of tokenisation in India's digital payments landscape. As the country pushes towards a digital economy with an increasing volume of transactions, tokenisation has immense potential to further digitise the payment ecosystem. We appreciate the efforts of all ecosystem players, including Visa, in championing tokenisation and highlighting its benefits. With a substantial 560M tokens already in circulation and a fast-paced growth rate, we foresee tokenisation becoming a pivotal force in the evolution of digital payments.”

Sandeep Ghosh, Group Country Manager for India & South Asia at Visa, commented, "The RBI’s visionary policies and supportive regulatory framework have positioned India as a global leader in digital payments. This has catalysed the rapid growth of digital payments and the seamless implementation of innovations like tokenisation. We, at Visa, are proud to have issued over 300M tokens in India and by embracing innovations such as biometric authentication, contactless payments, and integrated commerce solutions, we aim to enhance customer experiences, reduce fraud, and drive the expansion of digital payments."

Insights gathered from an industry survey conducted as part of the report forecast:

Lower data breach risk, fewer frauds, and easier compliance for the industry

Better security, increased trust in digital payments, and improved payment experiences for consumers

Mobile based contactless payments and payments through wearables emerged as top use cases

94% of respondents anticipate reduced data breaches while 88% expect enhanced consumer security going forward

76% predict a rise in contactless payments across devices and merchant categories

As India marches towards a $1 trillion digital economy by 2030[4], the rise in cyberattacks from 0.2 million in 2018 to 1.3 million in 2022[5], necessitates growth, sustainability, and robust consumer protection. The progress in tokenisation, backed by regulator and payment ecosystem collaboration, signals a secure and connected digital future for India.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com. 

SIDBI, Finance Department UT of J&K Entered Into Agreement For Availing of SIDBI Cluster Development Fund For MSME Cluster

Small Industries Development Bank of India (SIDBI) signed Agreement for SIDBI Cluster Development Fund (SCDF) with UT of Jammu & Kashmir to accelerate MSME Cluster infrastructure development in UT of Jammu & Kashmir. SIDBI and UT of J&K partnered for supporting modernization/ upgradation or establishment of infrastructure / development of MSME Cluster related infrastructure in the Jammu & Kashmir region. SCDF would facilitate to augment the low cost, longer repayment funds for holistic coverage of cluster development projects falling under three broad categories viz (1) Industrial and Agri-allied sectors in the MSME eco-space, (2) Social Sector projects in and around MSME clusters and (3) Connectivity to MSME Clusters. The Agreement was signed at office Honorable Lieutenant Governor of Jammu & Kashmir in the august presence of Shri Manoj Sinha, LG UT of J&K and Shri S Ramann, CMD SIDBI. While SIDBI shall facilitate availability of SCDF to enhance infrastructure development of both greenfield (induced clusters) and brownfield clusters, Finance Department, Jammu & Kashmir would act as nodal agency to coordinate and submit the proposals to be considered under SCDF.  

On this occasion Shri Sivasubramanian Ramann, Chairman and Managing Director of SIDBI said, “We are poised to be an ever strong and vibrant MSME ecosystem in the country and more so in Jammu and Kashmir. To further strengthen the infrastructure gap, SIDBI join hands with State government and Union Territories and transforming both hard and soft infrastructure shall be mainstay of such collaborations. This structured support will lend impetus to the culture of enterprise development in the Union Territory of Jammu and Kashmir.  

Dr S.S. Acharya, CGM SIDBI while signing the Master Agreement reiterated SIDBI’s commitment for MSMEs and vision to take forward the industrial growth in the country.  We envision that by creating such focused MSME infrastructure development fund, States and Union Territories may improve the ease of doing business and aspire youth to become entrepreneurs and be a job creator than job seeker. 

Shri Santosh D Vaidya, IAS Principal Secretary to Govt., Finance Department expressed happiness at the signing of Agreement with SIDBI and said that “this partnership with SIDBI shall lead to many innovative infrastructure improvement and development in the UT and in overall growth of the entrepreneurship ecosystem in Jammu & Kashmir. It will be an endeavor to build processes and systems with the support of SIDBI to utilize SCDF by key departments supporting MSMEs like Industries and Commerce, Tourism, Power and Skill Development etc.”  

About SIDBI:  

SIDBI is India's principal financial institution in India for promotion, development and financing of Micro, Small, and Medium Enterprises (MSMEs). SIDBI plays a critical role in supporting entrepreneurship, economic growth, and financial inclusion across the nation though various programs like credit guarantee, direct credit, venture capital, digital platforms, government program management, etc. 

For more information, visit:  https://www.sidbi.in/   

Pump Up Your World Cup Finals With The Ultimate Sound Upgrade From GOVO At Just Rs. 12,999/-

* Experience Cricket Cheers Like Never Before with Dolby Audio

GOVO a new challenger in the audio technology space recently introduced its newest addition to its soundbar lineup, the GoSurround 970 Soundbar. This exceptional product is the ultimate ticket to a sensational World Cup finals experience. This new addition is not just a soundbar but a front-row pass to audio nirvana at just Rs. 12,999/-

The soundbar market in India achieved a total size of US$ 153.5 Million. Looking ahead, IMARC Group anticipates substantial growth, with the market projected to reach US$ 284.1 Million by 2028. This expected growth reflects a robust compound annual growth rate (CAGR) of 10.9% during the period from 2023 to 2028. Soundbars are audio systems designed to deliver stereo effects and provide high-quality audio and immersive surround sound while requiring minimal space

Commenting on the launch of the GOVO GoSurround 970 Soundbar, Mr. Varun Poddar, Founder of GOVO said, “We’re excited to introduce the GOVO GoSurround 970 – the perfect sound upgrade for the Cricket World Cup finals. As cricket fans gear up for this epic event, our aim is simple: to enhance the excitement with top-notch audio. With Dolby Audio, every cheer and boundary will resonate with the energy that defines the game. The GOVO GoSurround 970 isn't just a soundbar; it's your way to take the sound experience of the Cricket World Cup finals to a whole new level!"

Here are the salient features of the GOVO GoSurround 970 Soundbar:

Dolby Audio : Enjoy dramatic, high-quality surround sound from 5.1 separate audio channels with Dolby Audio

DSP Enabled Subwoofer: Enjoy your theatre experience with the deep bass of the 6.5" subwoofer

Dynamic LED Lights: Get the acoustic experience to the next level with the most stylish LED lights in the GOVO's signature colour

5 Equalizer Modes: Switch through Movie, News, Music & 3D modes, and enjoy your home cinema experience

Remote control: Adjust the Bass, treble & volume with the most stylish remote control

Multiple Connectivity: Connect with HDMI (ARC), AUX, USB & OPT

Bluetooth V5.3: Connect automatically your mobile device and enjoy the music louder than ever

Integrated Controls: Control your music experience and pairing through the key panel on the soundbar

LED Display: Check the status of your soundbar through the LED display

Dynamic Mounting (Wall/Shelf): Place it in front of the TV or mount it on the wall, the choice is yours.

The GOVO GoSurround 970 Soundbar is available at GOVO and Amazon at an exclusive price of Rs.12,999/- This product comes with a one-year warranty and is available in the colour Platinum Black.

About GOVO:

GOVO is an emerging audio technology company that is making waves in the industry. With a passion for innovation and a commitment to delivering exceptional audio experiences, GOVO is quickly gaining recognition for its cutting-edge products. From wireless Bluetooth speakers to powerful Soundbars, GOVO seamlessly integrates advanced technology with sleek designs to create immersive audio solutions. With a strong emphasis on quality, performance, and customer satisfaction, GOVO is poised to become a leading player in the competitive audio technology market. 

CHARGE+ZONE Unveils 360KW SuperCharging Station, Adds To Its High Speed EV Charging Network

CHARGE+ZONE, India's fastest growing EV charging company, today announced the launch of India's first-ever SuperCharging Network, pioneering comprehensive solutions for high-speed EV charging. This network strategically places superchargers on major highways and within city centers, offering amenities such as washrooms, restaurants, and shopping facilities. Additionally selected stations also incorporate solar panels on canopies for sustainability.

The first supercharging stations are set to become operational in Mumbai and CCD, Vellore in November 2023. These stations are equipped with 180 KW dual gun chargers and 360 KW power cabinets, which include a groundbreaking feature: four guns that can deliver 60 KW each at 200 Amp, and one gun that can deliver 500 A (DC) current with liquid cooling. This is the first time this technology has been introduced in India. CHARGE+ZONE's superchargers are designed to convert alternating current (AC) to direct current (DC), supplying high-power DC voltage and current directly to EV batteries for swift charging.

Speaking on the occasion, Mr. Kartikey Hariyani, Founder and CEO at CHARGE+ZONE, expressed his enthusiasm, stating "The introduction of our SuperCharging Network signifies our unwavering dedication to transforming the landscape of EV charging in India. We are proactively addressing the escalating need for rapid, efficient charging solutions, both along the highways and within the bustling city hubs as a new generation of EV buses and EV trucks are being launched in the country. CHARGE+ZONE's SuperCharging Network is positioned to meet the growing demand for convenient and swift EV charging options, which are crucial for facilitating the widespread adoption of electric vehicles. Whether on long highway journeys or within the bustling city centers, the network aims to provide accessible and high-speed charging, aligning with the evolving needs of Indian EV users. This initiative showcases CHARGE+ZONE's commitment to being a trailblazer in the EV charging sector and contributing to a sustainable and electric vehicle-friendly future.”

Additionally, Mr. Ravindra Mohan, Director (Operations & Technology), CHARGE+ZONE also shared his thoughts on the launch stating, “The EV charging process is seamlessly managed by the vehicle's Battery Management System, incorporating system health checks and automatic cost deductions. These superchargers possess high capacity, with at least one capable of delivering 400/500 A DC current. They serve the needs of long-haul transportation and city-based EVs, providing a comprehensive charging solution with an estimated charging time of 15 to 20 minutes, depending on the vehicle's battery capacity.”

This network is a component of CHARGE+ZONE's larger strategy to establish over 150+ superchargers throughout the country, creating a robust and reliable EV charging infrastructure. The decision to expand the supercharger network in these specific cities was prompted by the high traffic volume on the Chennai-Bengaluru highway, one of South India's busiest routes, and the need for fast and convenient charging options in prime commercial complexes like BKC, Mumbai. These superchargers will provide truck and bus fleet operators the opportunity to transition their mid-mile transportation fleet to EVs, with quick and reliable charging. The dedicated EV tariff line laid by the Tamil Nadu Electricity Board (TNEB) and the separate substation installed by CHARGE+ZONE at CCD Vellore will make charging even more convenient for fleet operators.

As an early leader in the EV industry, CHARGE+ZONE has forged partnerships with various OEMs, eMobility companies, and locational collaborators, including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, MG Motors, KIA Motors, Marriott, Hyatt, Fortune, Landmark Group – all prominent players in India's growing EV ecosystem. By March 2023, CHARGE+ZONE had more than 3,200 charging points across over 1,600 EV charging stations operational or under construction in 37 Indian cities. Their network has covered over 10,000 kilometers of highways, with an ambitious goal to reach one million charging points by 2030. Additionally, CHARGE+ZONE plans to integrate solar and wind power generation for their charging stations wherever possible, in accordance with state policies and electricity regulations.

About CHARGE+ZONE

CHARGE+ZONE is a leading tech-driven EV Charging network company specializing in B2B and B2C charging services on both dedicated and opportunity-based charging using smart-grid networks. Based in India, with indigenous development of the technology of mobile-app and CMS with firmware/web-socket cloud-based computing for super-fast EV charging as well as battery swapping. CHARGE+ZONE is on a mission to establish one million charging points across important markets of EVs in India for cars, buses and even trucks. To know more, please visit www.chargezone.co.in or email at info@chargezone.co.in.

Global Training Initiative: Empowering Doctors From Africa and Asia In IVF Embryology

In a significant development for reproductive health and infertility treatment in Africa and Asia, twelve doctors from countries including Burundi, Gambia, Kenya, Nepal, Uganda, Tanzania, Botswana and Nepal have completed their specialized training in IVF Embryology at Manipal Academy of Higher Education (MAHE), India. This milestone was achieved through the collaborative effort of the Merck Foundation's 'Merck More Than a mother' campaign and MAHE’s Centre of Excellence in Clinical Embryology.

The Vice Chancellor of MAHE, Lt. Gen. Dr. MD Venkatesh, highlighted that the training program is a beacon of hope for childless women in Africa who face severe social challenges due to infertility. This initiative is expected to bring about a positive change in societal attitudes and provide much-needed medical assistance to infertile couples in Africa.

Since 2017, approximately one hundred African doctors have received training at the Centre of Excellence in Clinical Embryology, making significant strides in improving healthcare in this sector. "MAHE is committed to scaling up the Embryology training program to also include Southeast Asian countries and to strengthen industry participation in our programs," said Dr. Sharath Rao, The Pro Vice Chancellor of MAHE.

The beneficiaries of this program, like Dr. Tomusange Simon, a Gynecologist from Uganda, express immense gratitude for the opportunities provided by Manipal. This training has been instrumental in shaping their careers in IVF and enabling them to make a profound impact in their home countries. The event, which also saw the distribution of certificates to the graduating doctors, Dr. Satish Kumar Adiga, the Coordinator of IVF Embryology training gave overall brief about the program. Dr. Padmaraj Hegde, Dean of KMC Manipal, welcomed the gathering, while Dr. Prathima conducted the master of ceremony and rendered the vote of thanks.

This initiative by MAHE and the Merck Foundation is a significant step towards enhancing reproductive health services in Africa and beyond, empowering doctors with the knowledge and skills to combat infertility and make a lasting impact in their communities.