Tag: Bharti Enterprises

Business World, News

Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billion

May 19, 2021 by Rekha Nair 0 Comments #Adani Group, #Bharti Enterprises, #Chairman, #Chairman & CEO of SoftBank Group Corp., #Corporate Officer, #Mr. Gautam Adani, #Mr. Masayoshi Son, #Mr. Sunil Bharti Mittal, #Representative Director

Ahmedabad: Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion.

The target portfolio consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited. The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.

With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW (1) and operating renewable capacity of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions.

Mr. Gautam Adani, Chairman, Adani Group, said: “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030. India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage). We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward.”

Mr. Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said: “We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India’s growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.”

Mr. Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: “I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank.

Business World

Bharti Axa Unveils Integrated Campaign to Choose Certainty for Important Life Goals with Guaranteed Solution

Mar 15, 2021 by Neel Achary 0 Comments #Bharti Enterprises, #Chief Operating Officer, #Jt. NCD – L&K Saatchi & Saatchi, #Kartik Smetacek, #Mr. Manik Nangia

MUMBAI: March 15, 2021: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced the launch of its new integrated campaign on ‘Bharti AXA Life Guaranteed Income Pro’ that urges consumers to choose certainty when it comes to taking decisions regarding life’s big goals like retirement plan, children’s college education and securing family’s future with a guaranteed solution.

Through this campaign, Bharti AXA aims to engage with the age group of 30-55 years in urban India, especially in 20 cities which captures 8 per cent of Indian population and accounts for 33 per cent of household savings of India. It lands a sharp narrative for the over four crore tax payers and encourages them to choose the path of certainty while planning for the big goals in life. It builds on the insight, that when planning for important life goals like retirement plan, children’s education and marriage; one cannot afford to take chances owing to uncertainties caused by interest rates and fluctuating markets. Hence, it makes a simple and straightforward case for Bharti AXA Life Guaranteed Income Pro Plan.

Manik Nangia

Unveiling the campaign, Mr. Manik Nangia, Chief Operating Officer, Bharti Enterprises, said, “We have contemporized the campaign narrative in view of the evolving needs and preferences of consumers amid uncertainties. It is built on piercing insights and extensive customer segmentation, and engages in a direct dialogue with consumers to address their financial indecision about life milestones upfront. The creative rendition of using a question mark symbolizes uncertainty in consumers’ minds and further paves the way for certainty with life protection cover and assured financial returns.”

The brand campaign emerges from a very strong consumer insight that the customers could get lured towards financial investments that carry a risk or uncertainty of returns. When choosing for important life goals – retirement plan, child’s college education, or entire family’s future – one cannot take chances. It inspires consumers with an assured solution in Bharti AXA Life Guaranteed Income Pro that provides life insurance coverage, benefits of a savings product and the sound financial returns amid uncertain markets.

The brand narrative ‘Do The Smart Thing’ empowers the new-age consumers to deal with unpredictability in achieving life goals through assured financial returns on maturity.

Bharti AXA Life Insurance has embarked upon a 360 degree multimedia campaign across television, print, digital and social media platforms to build awareness about meeting different financial needs at various milestones of life by removing uncertainties from their growth cycle. The pan-India product-specific campaign is present in the market through impact media properties like India vs. England T20 Cricket encounters on television, and Times of India and Hindustan Times on print, and multiple roadblocks on digital websites. With this, Bharti AXA Life Insurance aims to reach more than 20 million insurance intenders.

Speaking on the campaign launch, Kartik Smetacek, Jt. NCD – L&K Saatchi & Saatchi, said, “The TVC exhibits Bharti AXA Life Guaranteed Income Pro as a solution for varied life-stage uncertainties. Further, it also marks the fresh brand proposition for Bharti AXA Life – ‘Do the Smart Thing’. We wanted to portray the brand as no-nonsense and straight-talking, out to challenge the category conventions of grand promises and glowing futures. This is the signature style and tone we hope to carry forward in subsequent communication as well.”

The multilingual campaign in Hindi, Bengali, Tamil, Telugu, Kannad and Malayalam is created and conceptualized by Creative Agency L&K Saatchi & Saatchi and educates people to do the smart thing in crafting a robust financial security cover.

Business World

Bharti Axa Life Insurance Posts 10% Growth in Renewal Premium to Rs 594 Crore in H1 FY2020-21

Nov 30, 2020 by Neel Achary 0 Comments #Bharti AXA Life Insurance, #Bharti Enterprises, #Managing Director and Chief Executive Officer, #Mr. Parag Raja

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company registered 10 per cent growth in its renewal premium to Rs 594 core in the first half of the financial year 2020-21 from Rs 541 crore in the corresponding fiscal period a year ago.

The COVID-19 crisis and subsequent disruptions hit the company’s new business premium income which stood at Rs 318 crore in the half-year ended September 30, 2020, as compared to Rs 415 crore in the same period during 2019-20. Its annualized new business premium was Rs 207 crore in the first six months of the financial year 2020-21.

Total premium income fell moderately to Rs 912 crore in the April-September period of this fiscal from Rs 956 crore in the first six months of the last financial year.

The ongoing pandemic notwithstanding, the company recorded a surge of 25 per cent in its asset under management at Rs 7,987 crore in the first half of 2020-21 against Rs 6,404 crore in the corresponding period of the last fiscal.

Commenting on the company’s business performance in the first half of the current financial year, Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ‘’The spread of COVID-19 pandemic has impacted the economy and the business sentiment in the short-term. Despite the challenging macro-environment affecting the new business adversely, we registered steady performance on many parameters and achieved double-digit growth in the renewal premium collection in the first six months of the current financial year. Further, our asset under management saw a strong growth amid the slowdown triggered by the COVID uncertainty. With the economic activities picking up after the easing of restrictions, we are confident about our business recovery and growth in the second half of this fiscal.’’

Bharti AXA Life Insurance, which has 261 branches and 36,526 advisors, plans to expand its distribution footprints across the country and strengthen its multi-channel architecture.

The company is focusing on digital innovation within its distribution bandwidth to meet the rising bar of higher service standards and growing customer expectations. It maintained business momentum amid uncertainties by embracing new digital tools and capabilities and enhanced experiences of customers, employees, partners and other stakeholders.

‘’We are also looking at potential enhancements to the customer experience and additional opportunities for growth and scalability, apart from creating awareness about life insurance and capitalising on growth opportunities,’’ said Mr. Raja.

He noted that the ongoing pandemic has invigorated the awareness about life insurance across India and made protection as a stronger segment for future financial security of the people.

‘’Our long-term outlook towards the life insurance business remains positive. We are building a robust and digitally-enabled frame of operations to adapt to the new normal. In addition to our robust digital architecture for seamless and smoother services to the customers, we are also very sensitive and focused about claims management in these critical and challenging times to ensure customer satisfaction,’’ Mr. Raja added.