Archive: December 1, 2021

gaming

Sportz Village Xp organizes Red Bull Shuttle Up 2021, resuming brand-led sports programs post-pandemic

Dec 1, 2021 by Rekha Nair 0 Comments #Chief Business Officer, #Mr. Parminder Gill, #Sportz Village Xp

Sportz Village Xp, India’s premier sports management company successfully organized the third season of Red Bull’s women’s double badminton championship program called ‘Red Bull Shuttle Up’. Shuttle Up is India’s first exclusive women’s double badminton open championship program and serves as a platform for budding female badminton players (age category 16+ years) to showcase their skills.

Sportz Village Xp has had a long-established partnership with Red Bull since 2018 and this is the third consecutive year wherein the company has envisioned and executed the badminton tournament for Red Bull. In 2020 when the pandemic hit, the entire country was under lockdown due to which all the sports events had halted. Post the COVID lockdowns, the Shuttle Up 2021 program marks the resumption of brand-led on-ground sports activation.
With the growing popularity of the sport be it viewership or participation, Red Bull Shuttle Up, India’s first-ever exclusive women’s doubles tournament, aims to further boost and improve participation and popularity amongst aspiring women players.

Speaking about the Shuttle Up 2021 Mr. Parminder Gill, Chief Business Officer, Sportz Village Xp, said, “Sportz Village Xp has a long-standing partnership with Red Bull since 2018, and this is the third successive year of conceptualizing and organizing the event. Brand Red Bull believes in the power of live sports programs to engage youth, and Shuttle Up was specially curated keeping the brand’s cause in mind that is to encourage young girls to participate and scale their game. Post pandemic, we are elated to be back on the ground with our partner brand Red Bull and engaging young audiences in sports.”

Adhering to all COVID and government-regulated protocols, this year’s event was conducted in five cities Mumbai, Delhi, Hyderabad, Guwahati, and Chandigarh. For the tournament, Sportz Village Xp ensured maximum participation by driving registrations in schools and colleges across major cities. With the action-packed season, the National finals were conducted at the Thyagaraj sports complex in Delhi. The winners of the tournament also got a chance to play against Ashwini Ponnappa, one of India’s best doubles badminton players as she is the face of the program.

Sportz Village Xp has been very actively organizing and managing many such customized Experiential Sports Marketing programs for leading brands like Boost, Tata Tea, Reliance Foundation, Skoda, and more.

Business

Upstox allows IPO application and demat account opening through WhatsApp

Dec 1, 2021 by Rekha Nair 0 Comments

Mumbai: Upstox, one of the fastest-growing investment platforms in India, today announced that it will now allow investors to invest in initial public offerings (IPOs) and open demat account through WhatsApp.

Upstox provides end-to-end support for IPO applications via WhatsApp, empowering customers by easing the process of account opening. Upstox had grown its customer base by 1 million in October 2021 alone, taking the total customer base to over 7 million. The company aims to increase its customer base to 10 million by the end of FY2022.

Upstox launched its new service on WhatsApp after launching a brand-new platform with user-friendly features and an intuitive design that makes investments effortless. Backed by extensive research, the new Upstox platform equips investors with an easy-to-use interface, handpicked market insights, and a wide range of investment choices.

The key highlight of the latest feature is that all investors, whether they are registered with Upstox or not, can now subscribe to any IPO, without moving out of the WhatsApp chat window at any point during the application journey. With this integration, Upstox aims to achieve a five-fold growth in IPO applications.

The entire journey of account opening has also been made quick, easy and accessible. It takes just a few minutes now to open an account with Upstox via WhatsApp. Tabs such as ‘Upstox Resources’ and ‘Get Support’ provide customers with direct access to FAQs and all the necessary information about Upstox in real time with just a click.

Mr. Shrini Viswanath, Co-Founder, Upstox, said, “Today consumers want on-the-go access to investments and we at Upstox strive to offer superior technology-enabled investment solutions to customers. With an aim to further strengthen our customer base in deep India and encourage more millennials to invest, we have integrated with WhatsApp, which is being widely used by users across the country.

This integration would serve as an enabler for novice investors and make investing an easy, accessible and effortless experience. With a huge uptick in IPOs and investors rushing to invest in IPOs, we see this as an opportunity to encourage more investors to open an account and invest through Upstox. We are optimistic that we will close FY2022 with 10 million customers, from the current customer base of over 7 million.”

How to start transacting on Upstox via WhatsApp

The customer needs to connect with Upstox’s verified WhatsApp profile number, 9321261098, to his/her ‘contacts’ on the mobile phone and send to this number from his/her mobile number

Steps for investing in an IPO with Upstox through WhatsApp

Say ‘Hi’ to WhatsApp Chat BOT ‘Uva’ on the official Upstox Whatsapp number – 9321261098
Using WhatsApp Chat BOT ‘Uva’, click on ‘IPO Application’
Enter the registered mobile number and OTP (One-time password (OTP) generated)
Click on ‘Apply for IPO’
Select the IPO which you want to subscribe

Steps for account opening with Upstox through WhatsApp

Using WhatsApp click on ‘Open an Account’
Enter mobile number (OTP generated)
Enter email address (OTP generated)
Enter Date of Birth
Enter your PAN details and the bot will direct you to the Upstox page for a few basic formalities and the process is complete!

*Note: No documents will be uploaded over WhatsApp and no documents will be sent as an attachment over the chat.

These services are open to all registered Upstox users as well as non-registered users who have accounts with other brokers.

Business World

Runwal Group launches a new phase ‘Prime Avenue’ at Runwal Gardens, Dombivli

Dec 1, 2021 by Rekha Nair 0 Comments

Mumbai: Runwal Group, one of Mumbai’s leading real estate developers has launched a new phase ‘Prime Avenue’ at their project Runwal Gardens, Dombivli. After the successful record sales witnessed for the other phases West Avenue, North Avenue, South Avenue and East Avenue; the Group is all set to launch its new residential phase within the 115 acres township. Prime Avenue is as of now under development and will have around 1500+ units of 1 BHK configurations, going from 322 sq ft to 347 sq ft. with a starting price of 34.5L* onwards. The homes that are designed for a world class lifestyle have over a hundred amenities and will exceed the home buyer’s expectations. With over 6,000 homes sold Runwal Gardens has emerged as the preferred choice for home buyers who consider connectivity, convenience and green open spaces to be an important factor for buying a property.

The township is set keeping all fundamental and lifestyle needs within a 5-minute walking distance. Be it a well-known school – EuroSchool, plush high street retail & a top-notch shopping mall, office spaces, or a multi-specialty clinic; everything is within its premises and will be easily accessible to its residents. The township which is located right on Kalyan-Shil road will have large green open spaces with a central park of approx. 11 acres of land and 14 gardens within the vicinity. Residences at Runwal Gardens will have multiple configurations of 1, 2 and 3 bed homes. The vast majority of the apartments have been planned to keep in mind the wonderful view of the garden side and nature’s mesmerising beauty.

Commenting on the new Phase launch, Mr. Rajat Rastogi – Executive Director, Runwal Group says, “We are extremely delighted by the overwhelming response for Runwal Gardens. With the launch of Prime Avenue, we look forward to provide a world class lifestyle at a very attractive price for our residents. The kind of response we have received for the project is the affirmation of the fact that good projects by trusted developers are doing well. As a matter of fact, this Iconic development has given the highest appreciation since its launch and has broken many sales records. This iconic development has struck a chord with customers, and many have appreciated the fact that their homes will be surrounded by massive green open spaces, while having all conveniences just a short walk away.”

Runwal Gardens offers over a hundred amenities such as a cricket ground, amphitheatre, gazebo picnic areas, reflexology park, pet zone, star gazing deck, health juice kiosks, herb garden, skating rink, toddler park, 3.4 km jogging & cycling track, senior citizen area, and many more to spend your leisure time. Many of these amenities are ready and customers can take a walk in the beautiful and green 11 Acre Central Garden to experience them. The clubhouses at Runwal Gardens are spread over 1,17,000 Sq. ft. and are one of the largest in the region. They will include a state-of-the-art gym, swimming pool and various sports facilities such as tennis, squash, badminton etc. A separate indoor swimming pool has been planned exclusively for ladies.

Its location will offer excellent rail and road connectivity to Thane, Navi Mumbai and Mumbai as it is within close proximity to multiple existing and upcoming transport lines. It is situated right on the main Kalyan-Shil Road and is just 15 minutes away from Dombivli railway station. It is also within close proximity to the proposed R-Mall and Metro line, Vasai-Panvel railway line, Mumbai-Ahmedabad Bullet train, Virar-Alibaug multimodal corridor and the Airoli-Katai tunnel freeway. These will make the everyday commute easy and cut down travel times significantly.

With numerous amenities and a flourishing location with seamless connectivity, Runwal Gardens is all set to redefine the best of living experiences for generations to come.

Education

FLAME University, the first University in India to launch the Taiwan Studies Project

Dec 1, 2021 by Neel Achary 0 Comments

~Signs MOU with the Education Division, Taipei Economic and Cultural Centre (TECC)~

Pune, December 1, 2021: FLAME University, along with the Gateway House, the Center for South and Southeast Asia Studies (CSSAS) and the Taipei Economic and Cultural Center in India (TECC) hosted the ‘India-Taiwan: Partners for the Future’ roundtable. The event also witnessed the launch of the Taiwan Studies Project by FLAME University in the presence of H.E. Amb. Baushuan Ger, the Representative, Taipei Economic and Cultural Center (TECC).

During the roundtable, an MoU was signed by Peters Chen, Director of Education Division, TECC, and Prof. Roger Liu of the FLAME University, in the presence of Dr. Dishan Kamdar, Vice-Chancellor, FLAME University, and Taipei Economic and Cultural Centre Representative Ambassador Baushaun Ger, Deputy Representative Dr. Mumin Chen, Secretary Ms. Jen-Chun Tsai, Science Division Director Dr. Chin-Tsan Wang, Assistant Director Ms. Ellie Chiang, Ms. Manjeet Kripalani, Founding Executive Director, Gateway House, along with scholars and practitioners from India and abroad.

Taiwan’s Ministry of Education initiated the Taiwan Study Project in 2003 to work with top universities in the world including Cambridge University, University of California – Berkeley, Boston University,  Japan’s Waseda University, as well as other prestigious higher education institutions in the world. The project aims at expanding the knowledge of international scholars about Taiwan.

Dr. Dishan Kamdar, Vice-Chancellor of FLAME University welcomed the participants and panellists at the roundtable and stated, “I am delighted to announce that FLAME University is the only university in India hosting the Taiwanese Studies project along with other prestigious global educational institutions. The process of getting to know about a different country, their values, their systems, etc. can be a good learning experience and I am sure that it would be beneficial for both scholars and students.”

H.E. Amb. Baushuan Ger, Representative of the Taipei Economic and Cultural Center praised FLAME University for providing liberal education and also congratulated the University for this initiative and hoped that more academic links between the two democracies would happen. He also spoke about the possible actions that can be taken in the future to strengthen bilateral ties.

The research focus of the Taiwan Studies Project at FLAME, according to Dr. Roger Liu, the Principal Investigator of the Project, is to conduct a comparative study on democratic governance and its practice in India and Taiwan, both of which are democracies but with different political, economic, historical and geographical backgrounds. By comparing the democratic governance practices in areas such as environmental governance, public health, women’s rights, and foreign policy practice, the Project aims to create dialogues and conversations among the Indian, Taiwanese and international academic communities to produce high-quality research in comparative perspectives.

During the roundtable organized by Dr. Roger Liu, Associate Professor, Department of Social Sciences, FLAME University and chaired by Ms. Manjeet Kripalani, Executive Director, Gateway House, scholars and experts discussed political, educational and technological development and its lessons for India-Taiwan relations.

Business

Indian Cricket Star’s Funded Startups

Dec 1, 2021 by Neel Achary 0 Comments

Once a cricketer nears retirement, speculations begin about his future; some choose to do what they do best – cricket as coaches, managers, mentors, selectors, etc., and others take the unconventional route. One such unconventional route that many cricketers of late have taken is investing in budding startups. Some people may feel that cricketers trying to invest in startups seems a bit out of their league, but you would be surprised to know that modern cricketers and the startup ecosystem have an inherent connection, as evident by the sponsors and brand associations in the Indian Premier League (IPL). Furthermore, Indian cricket team players have been the face of numerous brands over the years.

The Indian startup ecosystem is just another pitch for Indians to showcase their talent. Below we list cricketers turned businessmen who, with their sheer dedication, passion, and talent, have achieved the best in both fields:

Virat Kohli’s Universal Sportsbiz

Sportsbiz is a prominent Fashion startup that recently received funding of Rs. 19.3 crores by Cornerstone Sports LLP, representing Virat Kohli.

In fact, Virat Kohli and Cornerstone Sports firm hold a total of 4282 shares of the company. And the cost of each share is around Rs. 47,571 along with Rs 10 of nominal value.

Founded in 2012 by Anjana Reddy, Universal Sportbiz has forged multiple partnerships with famous sports and movie personalities to co-create apparel brands, which are sold to customers via online and offline channels. It has previously collaborated with Kohli for his fashion brand Wrogn.

Mahendra Singh Dhoni’s Khatabook

Popularly known as ‘Captain Cool’, former India captain Mahendra Singh Dhoni has donned the hat of an investor by infusing capital in multiple startups. Dhoni invested an undisclosed amount in the Bengaluru-based business ledger app Khatabook. Besides investing in that startup, he has also become its brand ambassador.

Khatabook was launched in 2018, and the company has raised $87 Mn from investors such as Sequoia Capital’s Surge, partners of DST Global, Falcon Edge Capital, Facebook co-founder Eduardo Saverin’s B Capital Group, Tencent Holdings, Better Capital as well as angel investors such as Cred founder Kunal Shah, Snapdeal co-founder Rohit Bansal.

Yuvraj Singh’s Healthians

After successfully combating a cancerous tumour in his left lung, Yuvraj Singh started his foundation, YouWeCan. YouWeCan Ventures, one of the entities of the YouWeCan Foundation, supports entrepreneurs. Started in 2013, YouWeCan Ventures invested aggressively in 10-11 startups. One of the most promising among these investments was Healthians, founded in 2015 by Deepak Sahni, a serial entrepreneur with a passion for new-age diagnostics.

Healthians is a technology-driven D2C healthcare ser­vice that offers pathology testing and follows it up with advice and consultation for screening, monitoring and checkup. At present, Healthians is amongst India’s leading ‘health test at home’ service providers. The company currently owns and operates through a network of over 30 government-certified labs and is expanding swiftly. Healthians has also been recognised for its constant efforts and endeavours in the healthcare space.

Gautam Gambhir’s FYI Health

Cricketer-turned-politician Gautam Gambhir also stepped into the field of investments. Gambhir has invested an undisclosed amount in a health tech startup, FYI Health, a company dedicated to developing solutions for offices as they reopen post the pandemic.

FYI Health works on educating employees at workplaces primarily focuses on conducting daily health checkups in offices.

Sourav Ganguly

Former India captain and Board for Control of Cricket In India (BCCI) president Sourav Ganguly invested an undisclosed amount in an Edtech startup, ClassPlus. He has also been appointed as its brand ambassador.

ClassPlus was founded in 2018 by Mukul Rustagi and Bhaswat Agarwal. The Delhi NCR-based startup provides mobile-first software for coaching institutes, tuition centres, and private tutors to set up online classes.

Health

Laparoscopic liver transplantation saves two Amritsar patients with liver cirrhosis

Dec 1, 2021 by Neel Achary 0 Comments

Two Amritsar Women becomes life saviours, donate liver to save family members

Amritsar, 1st December, 2021: Making use of the advancements in the field of liver transplant surgeries, doctors at Fortis Hospital Gurugram successfully saved lives of two men from Amritsar, who were severely suffering from liver cirrhosis.

Women from their family stepped forward to save lives of their loved ones and donated a part of the liver. Both of them successfully underwent laparoscopic liver transplant surgery, which was performed in a minimally invasive manner, thus making a swift recovery with minimal risk of infection.

Mr Harsharan Singh (47-Year-old) was diagnosed with liver cirrhosis due to alcohol and had been suffering for over 10 years. Mr Gurpreet Singh (51-year-old) was diagnosed with Non – Alcoholic Steatohepatitis (NASH) related Liver Cirrhosis, 5 years back. They were initially taking medicines in consultation with the local doctors, however, their illness continued to progress requiring hospitalization multiple times in Amritsar with complaints of jaundice, fluid in stomach, pain in chest & stomach and mental confusion. Accordingly, both patients consulted the doctors from Fortis Hospital, Gurugram who makes their monthly OPD visits to Sarvhit Gastrocity and were advised to undergo liver transplant.

Dr. Vivek Vij, Chairman, LTP & HBP Surgery, Fortis Hospitals, Delhi-NCR said, “These patients were brought to us at a stage of Cirrhosis, a late stage of scarring (fibrosis), in which normal liver functioning is severely affected and undergoing liver transplant is the only option. At this stage it is imperative that the patients should be referred to the liver transplant team on time. “

Liver is a very unique which has the capacity to grow back to the near normal size and functioning in a period of few months to a year. Any healthy family member who is of age 18-50 years with no major medical problems can be assessed for being a liver donor. Over the years, the donor surgery procedure has evolved and become very safe.

Dr Vij further added, “The main problem we face with such patients is delay in referral to liver transplant centre and finding a suitable liver donor. The laparoscopic liver donor surgery which is the latest innovation in this field, is very advantageous over conventional open donor surgery due to less pain, faster recovery, and better aesthetic outcomes.

After being diagnosed with liver disease 10 years back, I did not follow the treatment regime and discontinued medications. I was told to completely cut down on alcohol strictly, which I dint adhere to. During the COVID- 19 lockdown my alcohol consumption increased further which impacted my liver even more and in December 2020 my pain aggravated and I had to get admitted due to continued jaundice. Whenever I used to drink, I had chest and stomach pain along with vomiting. While admitted in hospital for two month I started to lose my consciousness, my oxygen level dropped and I was shifted to ICU with oxygen support. Dr Vivek and his team during his OPD visit at Sarvhit Gastrocity advised me to undergo liver transplantation. Now I do not have any pain, don’t have nausea and have resumed my work like normal.” Said Mr. Harsharan Singh, the patient.

I am thankful to my sister who volunteered to donate a part of her liver and the treating doctors. I was diagnosed with fatty liver disease in 2016, and my condition has been deteriorating ever since, with complaints of heaviness in chest and nausea. After confirmation of liver cirrhosis through an ultrasound, I was managed through medications along with necessary precautions. After a year I started to bleed from the mouth even though endoscopy reports were clear. Due to severe hypotension (due to loss of blood) I was hospitalized and continued on medication until I witnessed breathing difficulties and continuous swelling in stomach and feet, due to fluid accumulation. While the only option to save my life was a liver transplantation.” Said Mr Gurpreet Singh, the patient.

Dr Gurbilas Singh, Director, Gastroentrology, Hepatology & Interventional Endoscopy, Sarvhit Gastrocity, Amritsar said, “Sarvhit Gastrocity is a centre for all gastroenterology and liver diseases serving the patients in this region for over the last 3 years. We have been treating patients with liver diseases and guiding them for tertiary care procedures like liver transplant surgeries which are not done as a routine in Punjab. Contrary to the popular misunderstanding, the doctors here strongly believe that quality of life as well it’s meaningful prolongation is possible after such procedures in carefully selected patients. Team of doctors from Fortis Gurugram coming to Sarvhit makes it easier for timely intervention in serious cases.”

Business

Edelweiss Mutual Fund to launch third tranche of ‘BHARAT Bond ETF’ on 3rd December 2021

Dec 1, 2021 by Neel Achary 0 Comments

Mumbai, December 1, 2021: Edelweiss Asset Management today announced the launch of the third tranche of BHARAT Bond ETF starting from 3rd December, after the successful launch of 4 ETFs in last 2 years. The BHARAT Bond ETF program is an initiative of the Government of India, from the Department of Investment and Public Asset Management and the latter has given the mandate to Edelweiss Mutual Fund to design, launch and manage the product.

This new BHARAT Bond ETF and BHARAT Bond Fund of Fund (FOF) series will mature on 15th April 2032. NFO will start from 3rd December 2021 and end on 9th December 2021. Through the launch of this new series in third tranche, Edelweiss Mutual Fund proposes to raise an initial amount of Rs. 1,000 crores with an open green shoe option.

Tuhin Kanta Pandey, Secretary, DIPAM, Ministry of Finance said, “BHARAT Bond ETF program has achieved some important objectives that were envisioned while creating the blueprint of this program. It has provided aggregate savings in borrowing cost for participating CPSEs/CPSUs/CPFIs. It has provided easy access to investors into bond markets, especially retail investors who are looking alternative to Fixed Deposit. Further, adequate Liquidity on the exchange is encouraging investor participation and helping in deepening the bond markets. BHARAT Bond ETF program has led to promising impact on the overall Debt Passives landscape in India with many other AMCs also launching similar target maturity ETFs and Index Funds in the recent times. The organic increase in AUM of existing BHARAT Bond ETFs in the last 2 years resembles investor’s confidence in the product and we are very happy with its overall impact on the market.”

Radhika Gupta, CEO, Edelweiss Mutual Fund said, “We are excited to see the growth of Passive Debt category in India, post the launch of Edelweiss MF Bharat Bond ETFs. Around 20 new passive debt funds have been filed and 9 passive debt funds have been already launched by different AMCs post the launch of BHARAT Bond ETF in Dec 2019. The total AUM of this category has reached around Rs. 50,000 cr. as on October 2021 and Edelweiss AMC is a leader in this space with more than 80% market share. With this new launch of BHARAT Bond ETF, we now have five maturities on the yield curve – 2023, 2025, 2030, 2031 and 2032 which will help investors to choose the right maturity according to their needs. We are happy to see a healthy demand from investors for these ETFs in the current environment where safety is paramount.”

The ETF will invest in constituents of the NIFTY BHARAT Bond Indices, consisting of AAA rated public sector companies. BHARAT Bond Fund of Funds (FOF) with similar maturities will also be launched for investors, who do not have Demat accounts. The BHARAT Bond ETF AUM stood at Rs 36,359 Cr. in the end of October 2021.

Business

Genesys Earns 2021 Great Place to Work Certification

Dec 1, 2021 by Neel Achary 0 Comments

BENGALURU, November 30, 2021– Genesys®, a global cloud leader in customer experience orchestration, today announced that it has been Certified™ as a Great Place to Work® in the United States. As the global authority on workplace culture, Great Place to Work recognizes organizations that go above and beyond for their employees based on what current employees say about their experiences. According to a survey conducted in connection with the certification, overall, 88% of Genesys employees said it’s a great place to work — 29% higher than the average for US companies.

Over the last two years, under the helm of CEO Tony Bates, Genesys has undergone a transformation that has re-energized its culture as the organization pioneers the Experience as a ServiceSM market. This means fostering an environment in which people not only look at things differently, but also do things differently. The company believes that the best way to achieve this shift is through a culture of inclusion, rich with unique perspectives, where every employee is empowered to bring new ideas to the table, feels safe to voice when they believe something isn’t working and sees opportunities to grow.

Genesys employees overwhelmingly recognized the company for its inclusive culture, with more than 90% of employees reporting they felt they’re treated fairly, regardless of sexual orientation, race, gender or age. The results reflect the company’s focus on empathy, which underpins why employees feel valued and excited to watch their efforts have a significant impact on advancing the company’s mission. Genesys believes its culture is central to delivering empathetic customer experiences — and that’s evident in the company’s record-setting fiscal year 2021 and continued momentum.

“Our people are at the heart of our success, and we’re committed to fostering a culture that enables them to thrive,” said Eva Majercsik, Chief People Officer at Genesys. “At Genesys, we’re focused on cultivating an environment where individuals feel seen, heard and understood. That’s how we help drive the passion, purpose and engagement of our employees and how we’re able to go big for our customers every day.”

Other highlights from the employee survey include:

  • 92% of employees felt new hires are made to feel welcome when joining the company
  • 91% of employees are proud to tell others they work at Genesys
  • 90% of employees believe people care about each other at Genesys

Genesys is a Great Place to Work worldwide, with certifications in the United States, Australia, Brazil, Ireland, Japan, New Zealand and the Philippines, as well as five consecutive years in India, where the company was also named a Best Place to Work for Women in 2020 and 2021.

At Genesys, more than 6,000 employees are building careers and defining the future of customer experience. Learn more about life at Genesys and open roles here.

Business

Ariel University & University of St. Petersburg hold the world’s first conference on “Autoimmunity, COVID and Post-COVID”

Dec 1, 2021 by Neel Achary 0 Comments

Last weekend, the world’s first conference on autoimmunity, COVID and Post-COVID international congress was held. The two-day conference was held in collaboration between Ariel University and the University of St. Petersburg, where the conference was held and the first Russian Post-COVID Clinic was instituted.

Ariel University & University of St. Petersburg

The conference discussed mechanisms by which the virus causes multiple autoimmune symptoms, as well as the consequences of the virus on the infected several months after recovery. The conference featured experts from around the world who hold specializations in infectious diseases and autoimmune symptoms.

The conference was chaired by Professor Yehuda Shoenfeld, President of Ariel University, and Professor Leonid Churilov, an expert researcher in pathophysiology, research partners with thanks to a prestigious grant from the Russian Federation Government.

Business

SMFG completes the purchase of 74.9% stake in Fullerton India

Dec 1, 2021 by Neel Achary 0 Comments

Sumitomo Mitsui Financial Group, Inc. (“SMFG”) completed on 30 Nov 2021 the purchase of a 74.9% stake in Fullerton India Credit Company Limited (“Fullerton India”) from Fullerton Financial Holdings Pte. Ltd. (“FFH”). Post completion of the purchase, Fullerton India has become a consolidated subsidiary of SMFG. SMFG will eventually purchase 100% of Fullerton India over a period of time.

The transaction marks the largest M&A of a private company in Indian financial services in the last 2 years and the largest ever inbound control acquisition by a Japanese enterprise entering the Indian market. The acquisition gives SMFG access to a pan-India footprint across 25 states, 600 towns and 58,000+ villages through 698 branches. It reinforces SMFG’s push into Asian consumer and MSME lending, and reaffirms the strength of Fullerton India’s platform underpinned by best-in-class corporate governance, risk management, prudent liquidity management, agile technology, and advanced analytics.

As part of the transaction, Fullerton India’s Board will be reconstituted to comprise Mr. Nobuyuki Kawabata, Mr. Rajeev Veeravalli Kannan, Mr. Hong Ping Yeo, Mr. Anindo Mukherjee, Mr. Shantanu Mitra, Mr. Shirish Moreshwar Apte, Dr. Milan Robert Shuster and Ms. Sudha Pillai. Fullerton India’s management team will continue to operate under the leadership of Mr. Mitra, Managing Director and CEO of Fullerton India.

“We are delighted to welcome Fullerton India as a member of SMFG and our business partner in India. The foundation of a country’s development is not just the growth of its corporates but also that of its citizens – Fullerton India will play an important role to promote inclusive growth in line with our long-term strategy for India,” said Mr. Jun Ohta, President & Group CEO of SMFG. Mr. Ohta added, “We are excited to work with the Fullerton India management team led by Mr. Shantanu Mitra and are confident that we will be able to unlock the potential of the Fullerton India platform and drive significant value creation through synergies between SMFG and Fullerton India. SMFG is committed to supporting the growth plan of Fullerton India by leveraging our customer network and through funding support.”

“FFH is a leading Asian operator investor in financial services promoting financial inclusion for mass market consumers and MSMEs. We are delighted to partner with SMFG who is as committed to delivering differentiated financial products and services, empowering customers and creating broader stakeholder impact as we are,” said Mr. Hong Ping Yeo, CEO of FFH. “We believe that SMFG’s experience in building high qualityhigh-qualityfranchises and digital platforms in emerging markets is valuable to the next leg of Fullerton India’s journey. At the same time, FFH will partner with SMFG as a significant minority shareholder and work with SMFG to ensure a smooth and successful transition,” Mr. Yeo added.

“With the rapid deployment of vaccines and steady decline in COVID infection rates, we are witnessing a strong revival of economic activity in India. There is a steady pick up in credit demand and healthy loan growth. In addition, portfolio quality is also demonstrating encouraging signs of improvement,” said Mr. Shantanu Mitra, Managing Director and CEO of Fullerton India. Mr. Mitra added, “With the support of two reputed multinational houses as shareholders, Fullerton India is well positioned to further strengthen the franchise and capitalize on the growth in the Indian market.”