Sify Technologies Announces Appointment Of Sharad Agarwal As CEO Of Sify Infinit Spaces Limited

Sify Technologies Limited (NASDAQ: SIFY), India’s leading Digital ICT solutions provider with global service capabilities spanning Data Center, Cloud, Networks, Security and Digital services, today announced the appointment of Mr. Sharad Agarwal as the Chief Executive Officer of Sify Infinit Spaces Limited, wholly owned subsidiary of Sify Technologies Limited.

Sharad moves into this role on the strength of his technopreneurship across several domains like ecommerce, logistics, retail, Cloud and Data Center. An active industry veteran, he comes equipped with a combination of sales and project management skills that will help him expand the footprint and acceptance of Sify’s data centers.

Prior to Sify, Sharad was at Vantage, where he was mandated to build their Data Center business. This was preceded by a long stint at Amazon Web Services where he front-ended capacity delivery for an APAC region.

Chairman of Sify, Mr. Raju Vegesna, said, “Sharad brings a valuable blend of entrepreneurial and managerial experience in the data center domain across the APAC region. This diverse background positions him well to drive our strategic initiatives and operational excellence. His insights and proven track record will contribute significantly to advancing our objectives and reinforcing our leadership position in the industry”.

Mr. Agarwal, said, “I have followed Sify’s remarkable journey as they evolved as a Data Center leader. This impressive growth trajectory underscores Sify’s commitment to innovation and excellence. My mandate is to maximize Sify’s potential across the entire ICT value chain by focusing on strategic growth and operational efficiency and by delivering cutting-edge solutions and unparalleled value to our clients and stakeholders.”

About Sify Technologies

A Fortune India 500 company, Sify Technologies is India’s most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses.

Sify’s infrastructure comprising state-of-the-art Data Centers, the largest MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, make it the first choice of start-ups, SMEs and even large Enterprises on the verge of a revamp.

More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Digital services and conduct their business seamlessly from more than 1700 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore.

Sify, www.sify.com, Sify Technologies and www.sifytechnologies.com are registered trademarks of Sify Technologies Limited.

Igus India Strengthens Its Presence with Major Expansion; Inaugurates 92,000 sq ft Manufacturing Plant in Bengaluru

• Plans to invest over Rs 100 crores (12 million euros) in new facility; Focuses on new emerging industries like semiconductors and renewable energy News Summary

• Opening of a new two-acre, 92,000 sq ft manufacturing plant in Mandur near Budigere, Bengaluru

• Focusing on new industry like semiconductor and renewable energy

• Igus anticipates impressive revenue growth, with an expected revenue of Rs 340 crores this year

• Plans to establish logistics and assembly centers in Pune, Gurugram, and Noida

In a strategic move to fortify its footprint in the Indian market, Igus, a global leader in motion plastics, has inaugurated a state-of-the-art, 92,000 sq ft manufacturing plant in Mandur near Budigere in Bengaluru. This development marks a significant milestone for Igus India, as it prepares to focus on new divisions dedicated to the semiconductor and renewable energy sectors, areas poised for substantial growth. The expansion is part of Igus’s long-term strategy to enhance its operational capabilities and support its extensive customer base in India.

Igus India, a wholly-owned subsidiary of the German-based Igus GmbH, has been a major player in the motion plastics industry since its establishment as a subsidiary in 2000. With over 19,000 customers in India, Igus India has built a robust presence. The company boasts an extensive catalogue of 125,000 parts, which can be used for innumerable customer demand-based assemblies done locally. On an average over 200 new products are introduced annually, underlining its commitment to innovation and customer satisfaction.

The new Bengaluru facility represents a substantial investment of over ?100 crores (approximately 12 million euros), underscoring igus’s commitment to the Indian market. The financial allocation includes ?20 crores for setting up the factory, ?40 crores for advanced injection moulding machines, and ?20 crores for the manufacturing process. The plant is equipped with cutting-edge technology and infrastructure designed to meet the high standards of motion plastics production, ensuring that Igus India continues to deliver world-class products to its customers. We are still also on a look out for purchasing own land.

Deepak Paul, Managing Director of Igus India, emphasized the strategic importance of this expansion, stating, “The Indian market presents tremendous potential for Igus, as demonstrated by our continued growth and investment here. Our objective is to deliver cutting-edge products and solutions not only to our customers in India but also on a global scale. Igus’s global focus on cost-sensitive and sustainable solutions, encapsulated in our motto ‘Tech up, cost down,’ is perfectly aligned with the Indian approach to technology and innovation. This alignment has been a key driver of our significant growth in the country. As we look forward, our plans include expanding beyond Bengaluru, with logistics and assembly centers set to be established in Pune, Gurugram, and Noida.”

Igus India is currently the 6th largest subsidiary among Igus’s 38 global subsidiaries, a position that reflects its strong performance and growth potential. Over the past two years, Igus India has doubled its market growth, with revenue figures climbing from ?199 crores to ?313 crores. The company expects this upward  trajectory to continue, projecting a revenue of ?340 crores for 2024. Additionally, Igus India has invested in a clean room testing facility in Germany and plans to establish a similar setup in India, further enhancing its product development and quality assurance capabilities.

Santhosh Jacob, Country Manager and Director of Igus India, added, “Technology and innovation are at the core of everything we do at Igus. With a catalogue of 125,000 parts and 247 new products introduced this year, we are constantly inspired by our customers’ needs to push the boundaries of what is possible. Our ongoing expansion of the motion plastics product world, coupled with the integration of digitalization and AI, is a testament to our long-term corporate strategy. We are making significant progress in embedding digitalization as a key technology at Igus, which will play a crucial role in our future growth and success.”

Talking about Igus’ focus on sustainability and commitment to the environment, Igus will focus on the emerging semicon and renewable energy businesses by investing on people, and participating in Industry specific shows with the presence of Industry specialists from Germany.

About Igus:

Igus GmbH develops and produces motion plastics. These lubrication-free, high-performance polymers improve technology and reduce costs wherever things move. In energy supplies, highly flexible cables, plain and linear bearings as well as lead screw technology made of tribo-polymers, igus is the worldwide market leader. The familyrun company based in Cologne, Germany, is represented in 31 countries and employs 4,600 people across the globe. In 2022, igus generated a turnover of €1,15 billion.

Research in the industry's largest test laboratories constantly yields innovations and more security for users. 234,000 articles are available from stock and the service life can be calculated online. In recent years, the company has expanded by creating internal startups, e.g. for ball bearings, robot drives, 3D printing, the RBTX platform for Lean Robotics and intelligent "smart plastics" for Industry 4.0. Among the most important environmental investments are the "chainge" program – recycling of used e-chains - and the participation in an enterprise that produces oil from plastic waste.To Know more log on to: https://www.igus.in/  

Marriott International's 600th Property In Asia Pacific Excluding China Celebrates Flagship Brand With Opening Of Adelaide Marriott Hotel

Marriott International, Inc. (Nasdaq: MAR) today announced the opening of its 600th property in the Asia Pacific excluding China (APEC) region with the Adelaide Marriott Hotel. Paying homage to the company’s flagship brand, the opening marks the first Marriott International property in South Australia, underscoring the company’s focus on growing its presence in emerging destinations.

With the 150-year-old landmark Adelaide General Post Office (GPO) building as its façade, the Adelaide Marriott Hotel boasts a 14-storey tower with 285 guestrooms, including 12 suites with sweeping views of the city skyline. This opening aligns with the rising trend of domestic and intra-regional travelers seeking unique travel experiences in new destinations closer to home.

Marriott Hotels, the flagship brand of Marriott International, has had a rich heritage rooted in family values since its inception in 1957.  The first Marriott Hotels hotel in the APEC region opened in Sydney in 1989 with the Sydney Harbour Marriott Hotel at Circular Quay. Today, there are over 50 Marriott Hotels operating in the region, with close to 40 in the pipeline. This growth is a testament to the trust and confidence that owners, franchisees, and guests have in the Marriott Hotel brand, which carries a legacy of wonderful hospitality and heartfelt service.

“We are thrilled to celebrate our 600th property milestone in the region with the Adelaide Marriott Hotel, a brand that bears the name of our founding family,” said Rajeev Menon, President, Asia Pacific excluding China, Marriott International. “With 600 operational properties across the APEC region and close to 400 in the pipeline, our growth trajectory is robust. Our strategy to be everywhere our guests want us to be is further reinforced by our recent announcement of plans to enter the midscale hospitality segment, providing more opportunities to extend our portfolio presence in new markets and beyond the major gateway cities."

Marriott International’s growth strategy includes a focus on giving back to the communities in which it operates to help drive long-term economic impact. With over 95,000 associates from both managed and franchised properties in the region, Marriott International has been instrumental in creating job opportunities and nurturing the next generation of talent. By the end of 2024, nearly 10% of Marriott International managed associates would have taken new roles within APEC, which will allow them to deepen their skillsets and further their work experiences. Marriott’s recent certification as Great Place to Work in 8 APEC countries, including Australia, demonstrates the company’s dedication to putting people first.

Zomato Acquisition To Bolster Going-Out Business

BUY

Information Technology  

Company Update  

August 22, 2024

TARGET PRICE (Rs) : 270

Zomato has announced the acquisition of Paytm's entertainment ticketing business for a cash consideration of ~Rs20.5bn (~1.0x trailing EV/FY24 GOV). The acquisition gives size and scale to Zomato's ‘going out’ business, acting as an additional growth engine over the medium-to-long term. It also lends credence to the company's aim of building a one-stop destination for ‘Going-out’ and would be part of the new ‘District’ app (to be launched in the next few weeks). Mgmt. believes that going-out experiences will continue to see strong growth, with overall growth in lifestyle and consumption. Post-acquisition, the management estimates going-out GOV at >Rs100bn in FY26. Mgmt. expects the going-out business to operate near break-even on adjusted EBITDA basis, while potentially delivering 4-5% adjusted EBITDAM as a % of GOV over the medium-to-long term. Mgmt’s strong execution track record grants confidence that going-out will add further value over the long term. We will consider the acquisition in our estimates after deal closure. We retain BUY with TP of Rs270.

Deal contours

Zomato has entered into definitive agreements for purchase of Paytm™s entertainment ticketing business, including movies, sports, and events (live performances) ticketing for ~Rs20.5bn. As part of the agreement, Zomato will enter into a Share Purchase and Subscription Agreement (SPSA) with One97 Communications (OCL), Wasteland Entertainment Private (WEPL), and Orbgen Technologies Private (OTPL), to acquire their entertainment ticketing business. As part of the transaction: 1) OCL movies and events ticketing businesses will be carved-out and transferred by way of slump sale to OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively. 2) Zomato will do a primary infusion into OTPL and WEPL for an amount equal to the slump sale consideration, which will be used to discharge the consideration payable to OCL for the slump sale. 3) Simultaneously, Zomato will acquire 100% stake in OTPL and WEPL from OCL. 4) Post-deal closure, OTPL and WEPL will become wholly-owned subsidiaries of Zomato. The transaction is expected to be completed within 90 days of the execution of SPSA. As part of the transaction, ~280 employees will move to Zomato.

Expanding Going Out Presence

Zomatoâ going-out business comprises of two main segments: a) Dining-out, which includes discovery, table reservation, and transactions for dining-out across restaurants in India and the UAE. b) Zomato Live, which includes discovery and ticketing of events in India. Zomato™s going-out segment reported annualized GOV of ~Rs50.7bn in Q1FY25 with 0.8% adj. EBITDAM as a % of GOV. The acquisition of Paytm’s entertainment business will bolster Zomato’s going-out business. In FY24, the acquired business generated a combined GOV of >Rs20bn (29% YoY growth) by enabling purchase of 78mn tickets by >10mn unique customers on its platform. The acquired business reported revenue of ~Rs3bn and adj. EBITDA of ~Rs0.3bn in FY24 (translating into ~1.5% adj. EBITDAM as a % of GOV).

Plan to launch new app”District

Zomato plans to launch new app District™ in the next few weeks, to cater to use cases like booking movie tickets, IPL tickets, dining-out table reservations, discovering live entertainment, booking weekend getaways, etc. Following this acquisition, the going-out business would be spread across multiple different platforms: 1) Zomato™s existing going-out business would continue to run on the Zomato app, and 2) the acquired business (movie + sports + event ticketing) would continue to run on Paytm's main app (for a transition period of up to 12 months), along with Insider and TicketNew apps. In the short term, the District app will duplicate the offerings above and over time; it will gradually nudge customers to move to the District app.

Experian India Launches AiDRIAN: AI-Driven Solution To Tackle Fraud In The Financial Industry

* AiDRIAN detects potential fraud in real time.

* Customers globally have seen revenue boost up to 15% through reduced false positives.

* Eases risk management team’s burden by minimizing manual reviews.

Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that detects potential fraud. AiDRIAN offers a comprehensive approach for detecting potential fraud at its source, preventing the possibility of financial loss in real time, and maintaining the company's reputation. The tool enhances customer experience while reducing the need for manual reviews and interventions.

According to Experian’s 2024 Future of Fraud Forecast report, nearly 70% of businesses report increased fraud losses in recent years, and over half of consumers feel more vulnerable to fraud than before. AiDRIAN addresses these challenges with its advanced capabilities to detect potential fraud. The platform integrates device profiling, analysing over 150 device parameters to create unique device IDs and identify anomalies. This real-time protection improves customer experience and adapts new tactics through self-learning capabilities.

Manish Jain, Country Managing Director of Experian India, said, “With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges. Experian recognized the need for lenders to reduce fraud levels without impacting conversion rates, leading to the creation of AiDRIAN. This innovative solution focuses on revenue growth by aiming to differentiate between legitimate customers and potential fraudsters, significantly reducing false positives. With this solution, we have seen customers in other markets grow their revenues by up to 15%."

He added, “AiDRIAN has very high accuracy in identifying potentially suspicious devices from where fraudulent transactions may be generated, which minimizes the volume of manual reviews and eases the burden on fraud teams. Its machine learning model is self-learning and continuously re-trained with new data, offering increasingly accurate recommendations over time. For the lending industry, where trust and security are paramount, adopting advanced technologies to detect potential fraud with AiDRIAN is essential to mitigate risks and build competitive advantage.”

AiDRIAN seamlessly integrates with existing fraud detection systems of organizations and prevents potential frauds at the source. The tool plans to offer a Closed User Group (CUG), a restricted data-sharing network where members may exchange information about known potential fraudulent activities. This aids in cross-platform detection, identification of fraud hotspots using IP-geolocation data, and recognition of multiple identities on one device.

TiE Bangalore & Atria University Partner To Launch Sustainable Entrepreneurship School & Youth Engagement

Highlights:

* Atria School of Sustainable Entrepreneurship supported by TiE Bangalore (ASSET) to offer a comprehensive suite of educational programs, stackable certification courses, a four-year degree through sprints, and a unique  entrepreneurship  Beyonder Studio.

*  Global GreenFlame Campaign kicks off, targeting 100,000 pledges to drive global sustainable entrepreneurship, culminating at TiE Global Summit 2024 (TGS2024) in Bengaluru

In a significant development on World Entrepreneurs Day, TiE Bangalore and Atria University have signed a Memorandum of Understanding (MoU) to launch the Atria School of Sustainable Entrepreneurship supported by TiE Bangalore (ASSET). This strategic partnership aims to create a pioneering platform dedicated to advancing sustainable business practices by equipping future entrepreneurs with vital skills and knowledge. In conjunction with this partnership, TiE Bangalore has launched the TGS2024 GreenFlame of Entrepreneurship Global Campaign. This initiative is set to engage the global entrepreneurial community, secure 100,000+ pledges to drive meaningful action toward a sustainable future among youth.

The MoU was signed by Shri Madan Padaki, Chair of TGS2024 and President of TiE Bangalore, and Shri Dr. Rajeevan Madhavan Nair, Vice Chancellor of Atria University and former Secretary in the Ministry of Earth Sciences (MoES), Government of India.

The Atria School of Sustainable Entrepreneurship supported by TiE Bangalore (ASSET) will offer a comprehensive suite of educational programs, including workshops, certification courses, diploma programs, and a four-year degree. These offerings will cover crucial areas such as NetZero, Circular Economy, Asset Tokenization, and Responsible AI, while also focusing on Design Thinking, Rapid Prototyping, and Market Validation. The degree program will also include 8 additional sprints concentrating on Entrepreneurship, such as Ideation to Design, Validation & Viability, Market Sizing, and Business Model Innovation, with mentoring support from Entrepreneurs-in-Residence (EiRs). TiE mentors and angel investors will guide and shape startup projects, provide monthly talks/ masterclass  by successful entrepreneurs, and offer internships in TiE startups. Atria University will also provide a dedicated co-working space, Beyonder Studio, which will host sustainability-focused startups recommended by TiE. These startups will benefit from open access to academic sprints, interaction with CoE practitioners and faculty, and collaboration with Atria University students across various majors.

Present at the signing of the Memorandum of Understanding (MoU), Madan Padaki, President TiE Bangalore and Trustee, TiE Global said, “The 20th-century industrial revolution borrowed from the future to pay for the present. We must break this pattern and find ways to achieve sustainable economic growth uncoupled from environmental degradation. This is where sustainable entrepreneurship comes into play. By combining traditional business acumen with a deep understanding of environmental and social issues, sustainable entrepreneurs aim to create solutions that address global challenges while generating profit. This partnership represents a pivotal moment in our commitment to nurturing sustainable entrepreneurship. By combining our strengths with Atria University’s academic excellence, we aim to create a vibrant ecosystem that not only supports but accelerates the growth of innovative and sustainable enterprises.”

Dr. Rajeevan Madhavan Nair, Vice Chancellor of Atria University and former Secretary, Ministry of Earth Sciences (MoES), Government of India, emphasizes the importance of this approach.  "We are seeing a fundamental shift in how we view economic opportunities. Global challenges like climate change and biodiversity loss aren't just problems to solve – they are opportunities for innovation and new business models. We are thrilled to embark on this journey with TiE Bangalore. The launch of the Atria School of Sustainable Entrepreneurship on World Entrepreneurs Day underscores our shared vision of fostering a new generation of entrepreneurs who will lead with sustainability at the core of their business practices.”

The TGS2024 Green Flame campaign will feature a vibrant virtual green flame animation symbolizing the global movement towards sustainable entrepreneurship. As the campaign progresses, each TiE chapter globally will be spotlighted on the microsite map as the flame reaches its region. Chapters will maximize engagement by sharing inspiring messages, celebrating green entrepreneurs, and posting impact stories on social media. The campaign aims to secure 100,000 pledges and achieve millions of social media impressions, showcasing the global entrepreneurial community's commitment to sustainability.

“The TGS2024 Green Flame of Entrepreneurship embodies our collective commitment to building a future where business success is deeply intertwined with sustainable practices. This initiative is not just about pledges; it’s about igniting a global movement that will inspire young entrepreneurs to lead with purpose and responsibility.” Madan Padaki added.

Karnataka VLSI (K-VLSI) Program Celebrates First Cohort Valediction Function At IIIT-B

In a momentous event, the first cohort of the Karnataka VLSI (K-VLSI) programme celebrated their valediction today at the International Institute of Information Technology Bangalore (IIIT-B). Seventy seven students were awarded the certificates in a grand ceremony, marking the successful completion of a transformative journey designed to bridge the gap between academic knowledge and industry requirements in the VLSI domain.

The valedictory ceremony was graced by distinguished guests, including Shri. Priyank Kharge, Hon. Minister for Rural Development, Panchayat Raj, IT, BT, and Science & Technology, and Dr. Ekroop Caur, IAS, Secretary of the Department of IT, BT & ST, Government of Karnataka. Other notable attendees included Mr. BV Naidu, Chairman of KDEM, Mr. Ashok Mishra, EC Member of IESA, representatives from FutureWiz, the NOIDA-based ed-tech training partner, and industry partners from Karnataka.

In his address, Prof. Dr. Debabrata Das, Director of IIIT Bangalore, emphasized the collaborative effort of Department of IT-BT, Governmnet of Karnataka, IIIT-Bangalore, KDEM, IESA, and SFAL, stating, “The Next Generation Karnataka-VLSI (K-VLSI) Design Program addresses the urgent need for skilled professionals in VLSI design in IIITBangalore. By collaborating with ITBT Department of GoK, IESA and KDEM, we are providing a rigorous 6-9 month training program designed to equip students with the skills necessary to excel in the rapidly expanding Electronics System Design and Manufacturing (ESDM) industry.”

Minister Shri. Priyank Kharge remarked, “The K-VLSI program exemplifies how public-private partnerships can drive innovation and skill development. We are proud of the achievements of this first cohort and excited to see their impact on the semiconductor industry.”

The K-VLSI program, supported by the Karnataka Digital Economy Mission (KDEM), the India Electronics and Semiconductor Association (IESA), and the Semiconductor Fabless Accelerator Lab (SFAL), aims to advance semiconductor technology in India. The initiative provides intensive training and hands-on experience, preparing students for the future of semiconductor technology.

Out of a competitive pool of 521 applicants from various institutes across Karnataka, 120 students were shortlisted, and 77 were selected based on their academic performance and potential. Most of the students hail from rural areas such as Tiptur, Bellari, Bagalkotte, Chikmagalur, Tumkur and other places of Karnataka showcasing the program's reach and inclusivity. The selection process involved rigorous assessments and interviews to ensure that the most promising candidates were chosen.

The six-month program included over 300 hours of specialized training, blending live classes, practical sessions, and internships with leading VLSI firms. The students gained expertise in design systems, verification systems, embedded systems, and hands-on experience within the VLSI domain. Funded predominantly by the Karnataka Government, which is highly subsidized by the Government of Karnataka, the program underscores the state’s commitment to nurturing technological talent.

The successful completion of the KVLSI program marks the beginning of a new chapter for these graduates, who are now equipped with the skills and knowledge to excel in the rapidly evolving field of VLSI technology. As Karnataka solidifies its role as a tech hub, housing 46% of India’s innovative companies and contributing 10% of industrial output, this initiative highlights the state's growing commitment to the tech sector.

These graduates represent the first batch of a new tech experts, poised to contribute to India’s expanding semiconductor industry. Through proactive programs like K-VLSI, Karnataka is reinforcing its role as a key player in shaping the future of technology.

About IIIT-Bangalore 

IIIT-Bangalore is a premier institute dedicated to undergraduate and postgraduate programs specializing in Computer Science and Engineering (CSE), Electronics and Communication Engineering (ECE), Data Science and Artificial Intelligence (DSAI), IT for Society, and broader fields of IT and research. Situated in the heart of Electronic City, Bangalore, it holds a prominent position in the academic landscape. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). IIIT-Bangalore secured the 74th position in the National Institutional Ranking Framework (NIRF) rankings for the second consecutive year, 2024 reflecting its commitment to academic excellence. The institute was ranked number 9 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students’ cognizant of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

For more information about IIIT-Bangalore, please visit www.iiitb.ac.in.