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<p>Cochin International Airport Limited (CIAL) is set to auction a diverse array of unclaimed cargo, including high-end electronics, apparel, and various other items, on July 17. The auction will feature 202 lots of goods left unclaimed at the airport, sold on an 'as is where is' basis as a single lot, according to CIAL's tender notification.</p> <p>Among the items up for auction are premium electronic devices such as the iPhone 12 Pro Max, iPhone 11 Pro Max, MacBook Pro, MacBook Air, and AirPods, alongside gadgets from other top-tier brands, including headphones, cameras, and watches. The auction also includes a variety of other products, such as shoes, jackets, tires, bags, batteries, books, toys, and flasks. Smaller items like earrings, pencils, knives, keychains, needles, masks, and soap dispensers are also part of the unclaimed goods.</p> <p>The items have been in the custody of customs authorities, often abandoned by owners due to the customs duty exceeding the original value of the products. A CIAL spokesperson explained that many travelers choose not to reclaim their baggage under these circumstances, leading to this upcoming auction aimed at clearing out the customs-held items.</p> <p>This auction provides a unique opportunity for buyers to acquire a wide range of products, including sought-after electronics and everyday items, at potentially significant discounts.</p> <p>Cochin International Airport Limited (CIAL) is set to auction a diverse array of unclaimed cargo, including high-end electronics, apparel, and various other items, on July 17. The auction will feature 202 lots of goods left unclaimed at the airport, sold on an 'as is where is' basis as a single lot, according to CIAL's tender notification.</p> <p>Among the items up for auction are premium electronic devices such as the iPhone 12 Pro Max, iPhone 11 Pro Max, MacBook Pro, MacBook Air, and AirPods, alongside gadgets from other top-tier brands, including headphones, cameras, and watches. The auction also includes a variety of other products, such as shoes, jackets, tires, bags, batteries, books, toys, and flasks. Smaller items like earrings, pencils, knives, keychains, needles, masks, and soap dispensers are also part of the unclaimed goods.</p> <p>The items have been in the custody of customs authorities, often abandoned by owners due to the customs duty exceeding the original value of the products. A CIAL spokesperson explained that many travelers choose not to reclaim their baggage under these circumstances, leading to this upcoming auction aimed at clearing out the customs-held items.</p> <p>This auction provides a unique opportunity for buyers to acquire a wide range of products, including sought-after electronics and everyday items, at potentially significant discounts.</p>
<p>Waaree Renewable Technologies Ltd., a subsidiary of Waaree Energies Ltd., announced on Monday that it has secured a significant engineering, procurement, and construction (EPC) contract from Juna Renewable Energy Pvt., a subsidiary of Acciona Energy. This project involves the development of a 412.5 MWp/335 MW photovoltaic solar plant in Rajasthan.</p> <p>Located in Kawani Village, Bikaner district, this utility-scale solar installation will utilize bifacial solar modules provided by Waaree. These advanced modules will be mounted on horizontal single-axis trackers, optimizing energy output by enhancing light absorption and tracking the sun’s movement throughout the day.</p> <p>As the EPC contractor, Waaree Renewable Technologies is tasked with delivering end-to-end services, including design engineering, procurement, construction, and commissioning. The comprehensive scope of work also encompasses the installation of a 33/220 kV substation, power transformers, and the integration of both automatic and semi-automatic cleaning robots to maintain the solar modules.</p> <p>This project highlights Waaree's commitment to advancing solar technology and contributing to India's renewable energy goals.</p>
<p>Waaree Energies, a prominent player in the solar PV module manufacturing sector, announced on Thursday the appointment of Sanjeev Pushkarna as their new Chief Procurement Officer (CPO).</p> <p>Expressing his enthusiasm, Pushkarna highlighted the critical role of supply chain management in the energy sector's progress. "I am eager to contribute to Waaree Energies’ mission of enhancing supply chain operations. Our goal is to position Waaree Energies Limited at the forefront of the global energy transition," he stated.</p> <p>The company’s official announcement emphasized that Pushkarna’s appointment aligns with their strategic focus on implementing advanced supply chain practices and establishing sustainable procurement policies. This move reflects Waaree Energies’ commitment to fostering a greener and more sustainable future, both in India and globally.</p> <p>As of June 30, 2023, Waaree Energies boasts an impressive installed capacity of 12 GW, reinforcing their leadership in the renewable energy sector.</p> <p>Pushkarna brings a wealth of experience to Waaree Energies, having previously spearheaded procurement and supply chain initiatives in several high-profile energy companies. His expertise is expected to drive efficiency and innovation within Waaree's supply chain operations, further solidifying the company’s competitive edge.</p>
<p>Oyo, the Gurugram-based hospitality firm, has successfully raised Rs 416.85 crore (about $50 million) from InCred Wealth and Investment, marking its first major fundraising event in almost three years.</p> <p>Per documents filed with the Registrar of Companies (RoC), Oyo's board has approved the issuance of 14,37,41,379 Series G Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 29 each. This move values the company at around Rs 19,756 crore ($2.38 billion) post-allotment, granting the new investor a 2.11% stake.</p> <p>The newly acquired funds will be utilized to support Oyo's growth and international expansion, including potential acquisitions and enhanced business strategies, as outlined in the filing.</p> <p>This investment comes as Oyo's valuation has significantly dropped. Back in August 2021, Microsoft had invested $5 million in Oyo, valuing it at $9.6 billion. The current funding round reflects a substantial valuation reduction of over 70% from its previous peak.</p> <p>Oyo's founder, Ritesh Aggarwal, recently announced the company’s first-ever annual net profit of Rs 100 crore for FY24. However, revenue details for the last fiscal year were not provided. In FY23, Oyo's operational revenue rose by 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22, while losses were cut by 33.7% to Rs 1,287 crore.</p> <p>The company has also withdrawn its draft red herring prospectus (DRHP) twice due to unfavorable market conditions. Oyo may refile for an IPO after the current funding round, which is expected to bring in more capital, concludes.</p> <p>Previously, SoftBank, a major investor in Oyo, reduced its valuation of the company to $3.4 billion in 2022, a markdown that Oyo did not accept at the time.</p>
<p>Cochin International Airport Ltd (CIAL) is on a mission to greatly expand its solar energy capabilities over the next 5-10 years, as revealed by its Managing Director, S Suhas, in an interview with ETEnergyWorld. CIAL, the world's first airport to be fully powered by solar energy, currently boasts a solar power capacity of 50 MW, supported by seven solar plants, a solar carport, and floating solar panels.</p> <p>Suhas outlined CIAL's ambitious plan to double its solar power generation capacity in response to anticipated increases in energy demand. "We are focused on doubling our solar capacity within the next decade and are ready to develop new solar production facilities if energy needs grow, possibly in adjacent districts," Suhas stated. This initiative will include the establishment of new solar plants in remote locations, similar to the existing Payyanur plant.</p> <p>Regarding technological innovations, Suhas emphasized CIAL's exploration of smart grid technologies to enhance energy efficiency and management. "We are closely monitoring advancements in energy storage solutions, geothermal energy, and bioenergy, which could augment our current infrastructure. Our strategy is to evaluate and pilot these technologies to boost CIAL's operational efficiency," he explained.</p> <p>CIAL's solar power production exceeds its consumption, generating 200,000 units of power daily, thus positioning the airport as a power-positive entity. By April 2024, CIAL had produced 350 million units of power, contributing to a reduction of 28,000 metric tonnes of carbon emissions annually.</p>
<p>Hexaware Technologies has announced plans to significantly expand its global workforce by hiring between 6,000 and 8,000 new employees in 2024, depending on favorable market conditions. The IT services company currently employs over 30,000 people worldwide.</p> <p>This hiring initiative aims to bolster Hexaware’s talent pool across its offshore, onshore, and near-shore centers located in India, the US, Canada, Mexico, Poland, and the UK. </p> <p>“This wave of hiring underscores Hexaware’s dedication to fostering innovation and improving client service capabilities,” the company said in a statement. Rajesh Balasubramanian, Executive Vice President and Global Head of Talent Supply Chain, expressed his enthusiasm: “We are excited to announce Hexaware’s expansion. We are actively searching for skilled professionals globally to join our team.”</p> <p>In India, Hexaware plans to recruit in cities such as Hyderabad, Noida, Coimbatore, Dehradun, and Bengaluru, with additional recruitment drives in Ahmedabad, Indore, Pune, Mumbai, Chennai, Dehradun, Kochi, and Thiruvananthapuram.</p> <p>In the US, recruitment efforts will focus on McLean (Virginia), Chicago (Illinois), Dallas (Texas), Iselin (New Jersey), and Reston (Virginia). The company also aims to fill specific roles in Poland and the UK.</p> <p>The Indian hiring strategy will prioritize skills in high demand, including ServiceNow tech leads, automation testing specialists, AEM architects, big data leads, and Workday financial consultants. In the US, Canada, and Mexico, Hexaware is seeking Cloud application architects (Azure), ESM architects (ServiceNow), Java full-stack engineers, test analysts with automation expertise, and senior Java full-stack developers with AWS expertise. The UK recruitment will focus on test managers (manual and automation), AEM, DevOps (Azure), Service Desk professionals, and full-stack developers (Java and .NET). In Poland, the company is looking to hire full-stack developers.</p>
<p>Waaree Energies has announced a significant contract win from Serentica Renewables India to supply 900 megawatts (MW) of solar modules for an upcoming project in Rajasthan. The delivery timeline for these top-con series bifacial modules is set between August 2024 and February 2025, according to a statement from Waaree Energies Ltd.</p> <p>Under the terms of the contract, Waaree Energies will handle the entire process, including manufacturing, testing, packaging, and transportation of the solar photovoltaic (PV) modules. The company emphasized its commitment to maintaining high-quality standards and ensuring the project is executed on schedule.</p> <p>This strategic partnership is expected to drive product innovation and efficiency, contributing significantly to India's renewable energy landscape. Waaree Energies, a well-established player in the solar manufacturing sector, is known for its robust production capabilities and adherence to international quality standards. This project will further solidify Waaree's position as a key supplier in the renewable energy market.</p> <p>Although the financial specifics of the deal were not disclosed, Akshay Hiranandani, CEO of Serentica, expressed confidence in the partnership. He noted, "Collaborating with Waaree Energies, a leader in module manufacturing, we anticipate significant product innovation and efficient execution in the coming months, which will play a crucial role in enhancing India's energy infrastructure."</p> <p>The Rajasthan project is part of Serentica Renewables' broader strategy to increase its renewable energy footprint across India. The company is investing heavily in solar and wind energy projects to meet the growing demand for clean energy and to support the government's ambitious renewable energy targets.</p> <p>In addition to the technological advancements expected from this collaboration, the project aims to create numerous job opportunities in the region. From construction to ongoing maintenance, the initiative will require a skilled workforce, providing a boost to the local economy.</p> <p>Waaree Energies' CEO, Hitesh Doshi, highlighted the importance of this project in Waaree's portfolio. "This contract marks a milestone for Waaree Energies, reinforcing our capability to deliver large-scale projects. Our state-of-the-art manufacturing facilities and experienced team are well-prepared to meet the demands of this significant order," he said.</p> <p>As India continues to push towards its renewable energy goals, partnerships like that of Waaree Energies and Serentica Renewables are crucial. These collaborations not only advance technological progress but also demonstrate the potential for large-scale renewable energy projects to make a substantial impact on the nation's energy landscape.</p>
<p>HDB Financial Services has announced plans to raise Rs 500 crore ($59.85 million) by reissuing bonds that are set to mature in September 2027. This move was disclosed by three bankers on Friday. </p> <p>The reissued bonds will carry an annual yield of 8.35%, making them an attractive investment option for institutional investors and banking institutions. HDB Financial Services has scheduled a bidding session for these bonds on Monday, inviting interested bankers and investors to participate. </p> <p>This bond reissue is part of HDB Financial Services' broader strategy to strengthen its financial position and support its lending operations. The raised funds will be utilized to expand the company's loan book, providing more financial services to its customers across India. </p> <p>Investors often view such bonds as a stable investment, given the company's solid track record and the attractive yield offered. The 8.35% yield is particularly notable in the current market environment, where interest rates have been relatively low. This reissue allows HDB Financial Services to tap into a pool of investors seeking higher returns compared to traditional fixed deposits and other conservative investment options.</p> <p>By opting for a reissue of existing bonds, HDB Financial Services can leverage the already established terms and conditions, simplifying the issuance process. This approach also signals confidence in their financial stability and their ability to meet future obligations.</p>
<p>Craft beer producer Bira 91 has obtained $25 million through an External Commercial Borrowing (ECB) from Kirin Holdings, an existing investor. This recent funding brings Bira 91's total capital raised in the last three months to $50 million, following a $25 million investment from Tiger Pacific Capital in March.</p> <p>The company's board approved the $25 million ECB from Kirin Holdings in two $12.5 million tranches, according to regulatory filings accessed from the Registrar of Companies. The documents also reveal that Kirin Holdings has the option to convert this ECB into Series D Compulsorily Convertible Preference Shares (CCPS).</p> <p>Tiger Pacific Capital's recent investment secured a 4% stake in Bira 91, valuing the company at approximately $600 million pre-money. Additionally, sources indicate that Bira 91 raised around Rs 100 crore ($12 million) through non-convertible debentures over the past four months.</p> <p>To date, Bira 91 has garnered approximately $350 million in funding, including a $70 million Series D round led by Kirin Holdings in November 2022. Data from TheKredible, a startup intelligence platform, lists Peak XV (formerly Sequoia Capital) as the largest external stakeholder with a 24.83% share, followed by Kirin Holdings with 21.25%.</p> <p>Bira 91 offers various beer types, such as Bira White, Gold, Bira Blonde, and Boom Super Strong. The company operates across more than 1,000 towns in 25 countries and produces its beer at six facilities in India.</p> <p>While the company's latest fiscal figures remain undisclosed, Bira 91 recorded a 17% year-on-year growth in FY23, with revenues approaching Rs 850 crore. However, the company also reported a loss of Rs 446 crore for the fiscal year ending March 2023.</p>
<p>On Monday, Oyo, a prominent travel technology platform, announced the opening of its first luxury hotel in Dubai, named Palette Royal Reflections Hotel and Spa. This development aligns with Oyo's broader strategy to expand its portfolio of premium properties globally as it gears up for an initial public offering (IPO).</p> <p>Following the recent easing of visa regulations for Indian citizens, Oyo expects a notable rise in the number of Indian tourists to Dubai in 2024.</p> <p>"We anticipate that more than 100,000 Indian tourists will visit Dubai this year. Dubai has always been a favored destination for Indian travelers, celebrated for its luxury shopping, stunning architecture, and vibrant cultural scene. The timing of this launch is perfect as Dubai prepares to welcome a record influx of Indian visitors in 2024," an Oyo representative stated.</p> <p>This launch is part of Oyo's ongoing mission to strengthen its premium property footprint worldwide, particularly in the Middle East.</p> <p>Oyo currently operates over 700 properties in the UAE, with more than 200 of these located in Dubai.</p> <p>India continues to be the top source of tourists for Dubai. In 2023, India led the list with 11.9 million visitors, followed by Saudi Arabia with 6.7 million, and the UK with 5.9 million.</p> <p>Nitin Gupta, Business Head for Oyo Middle East, noted, "We've seen a surge in demand for luxury accommodations from Indian tourists. Through this initiative, Oyo plans to meet the needs of visitors coming to Dubai."</p>
<p>Waaree Energies Limited, a leading Indian solar PV module manufacturer with an installed capacity of 12 GW as of mid-2023, has secured a significant agreement to supply 280 MW (DC) of advanced solar modules for deployment in Bikaner, Rajasthan.</p> <p>Under this agreement, Waaree Energies will deliver their state-of-the-art ELITE Series, featuring the N-Type TopCon 580Wp modules, starting from December 2024. This initiative underscores their commitment to bolstering India's renewable energy infrastructure.</p> <p>Sunil Rathi, Director Of Sales at Waaree Energies Limited, highlighted the importance of this agreement in driving India's clean energy transition. He expressed pride in supporting ambitious renewable energy projects and reiterated their commitment to promoting eco-friendly solutions through strategic alliances. This collaboration aims to showcase Waaree Energies' technological prowess and their vision for a sustainable future.</p> <p>Waaree Energies' ELITE Series modules are renowned for their N-Type TopCon technology, ensuring high performance and durability with a 30-year output performance warranty. This agreement solidifies Waaree Energies' reputation as a reliable leader in the solar energy sector and is expected to make a substantial impact on India's renewable energy landscape.</p> <p>This initiative exemplifies Waaree Energies Limited's dedication to propelling India towards a greener and more sustainable future, fostering innovation and sustainability for future generations.</p>
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