Saudi Destinations Inspire the World in Indian Premiere League

• India continues to show rapid growth as a Saudi source market, expected to bring two million visitors this year 

• The IPL partnership welcomes Indian travelers living right across the world to visit Saudi, boosting STA’s growing network of global partnerships

• IPL - one of the biggest events on the international sporting calendar – taps into a large fan base, including youth

Mumbai, 31 May 2023 – The Saudi Tourism Authority (STA) partnership with the TATA Indian Premier League (IPL) has deepened ties between Saudi and India, helping to harness the extraordinary potential of sport and tourism to bring people together and enrich lives.

Saudi is set to welcome two million visitors from India this year and India is expected to become its largest tourism source market by 2030. 

Saudi support for India’s sports sector is a strong example of market collaboration delivering results.

Cricket is the most popular sport in India and the IPL has an immense global audience, third to only the English Premier League and the National Football League.

STA is tapping into this fanbase to boost awareness of Saudi as an exciting new year-round destination for Indian travelers, especially young people. The strategic partnership is broadening how India and Saudi are engaging with similarly overwhelmingly young demographics – with more than half of both populations below the age of 30. 

Alongside the IPL partnership, Saudi is easing access for millions of visitors across India, inspiring Indian travelers to explore the authentic home of Arabia. Saudi has opened nine VFS Tasheel offices in different locations across India such as Hyderabad, Mumbai, Chennai, Kochi, Ahmedabad, and Bangalore.providing practical support to Indian travelers interested in a trip to Saudi.

Indian visitors are eligible for the new Stopover Visa, introduced earlier this year, which will allow passengers traveling to a final destination on SAUDIA or Flynas to visit Saudi for up to 96 hours, which includes a complimentary hotel night for Saudia passengers. Additionally, Indian passport holders that have UK, US and Schengen visa that has been used at least once will now be able to apply for a Saudi e-visa online.

These developments follow the rapid advancements in air connectivity between India and the Kingdom with seven direct carriers in operation – SAUDIA, Flynas, Air India, Air India Express, Indigo Airlines, Spice Jet and Vistara and the recently launched route between Jeddah and Ahmedabad by Indigo airlines which increases the accesbility between the two countries.The expansion is part of Saudi’s Air Connectivity Progam and will turn Riyadh into a global hub that will be able to accommodate 120 million passengers in the next seven years.  

Alhasan Aldabbagh, APAC President at Saudi Tourism Authority, said, “Partnerships like the IPL are a key pillar of Saudi’s tourism strategy as they bring fans, athletes, and nations together while sparking curiosity from those that may want to be among the first to visit Saudi as a destination.”

Saudi has a fast-growing love for cricket. In 2020, the Saudi Arabian Cricket Federation (SACF) was set up, managing 16 regional associations in 11 cities, 8,000+ registered players, and 400+ registered clubs, with a total participation of 35,000 in domestic cricket tournaments and championships. The Saudi cricket national team is presently ranked 32nd out of 108 nations in cricket.

The collaboration will not only strengthen Saudi’s commitment to India as an important market but seeks to broaden Saudi’s association with cricket – with the Saudi Vision 2030 plan aiming to increase community participation in sports from 13 per cent to 40 per cent by 2030.

The country is home to six UNESCO World Heritage sites like nowhere else in the world. The ancient city of AlUla is the world’s largest living museum, holding 200,000 years of largely unexplored human history with vast canyons, rock-cut tombs and stunning landscapes, along with world-class restaurants and trailblazing luxury resorts. 

Saudi’s diverse landscape can be enjoyed year-round, from the cool, green highlands of Asir where the locals holiday in the summer to the pristine waters of Saudi’s 1,700km long Red Sea coast where you can swim amongst rare fish and the world’s fourth-largest coral reef.

Find out more about Saudi’s tourism offerings and visa programs on the Visit Saudi website.

About Saudi Tourism Authority

Saudi Tourism Authority (STA), launched in June 2020, is responsible for marketing Saudi Arabia’s tourism destinations worldwide and developing the Kingdom’s offering through programs, packages, and business support. Its mandate ranges from developing the country’s unique assets and destinations, through to hosting and participating in industry events, and promoting Saudi Arabia’s tourism brand locally and overseas.

KASHISH 2023 TO SHOWCASE FLUIDITY THROUGH FILMS AT ITS 14TH EDITION

MUMBAI, 31 MAY, 2023: The 14th edition of KASHISH Mumbai International Queer Film Festival, South Asia’s biggest LGBTQIA+ film festival, will be celebrated in-person at Liberty Cinema from June 7th to June 11th 2023, with an online festival in the following week. 

The theme of KASHISH 2023 is ‘Be Fluid, Be You!’, giving wings to the aspirations of the contemporary generation that is fluid in their thoughts, actions and sexualities; which is expressed through films, art and poetry that is universal in its appeal.

The esteemed Advisory Board, Narrative Films Jury Students Short Jury and the Documentary Films Jury members were in attendance at the press conference held by festival director, Sridhar Rangayan & Saagar Gupta, Director of Programming. 

Member of the Advisory Board, Arunaraje Patil said, "I love coming back to Kashish every single year. KASHISH as a film festival is a big movement!" While Dolly Thakore said, "I have personally spoken to several eminent personalities to come out and be proud. The progress is slow but will certainly happen." Filmmaker Onir expressed, "I wish we have more personalities from the mainstream to come ahead and support KASHISH. Sridhar and Saagar are doing commendable work by bringing global LGBQTIA+ cinema to the mainstream."

Jury members of the Narrative Films section also chimed in, Lillete Dubey shared, "The entries in this section were no less than an eye-opener. I was moved." While Actor Anup Soni said, "Being a part of the Narrative Films Jury has been a learning for me. I feel like I've become a nicer person." Filmmaker Jitin Hingorani said, "This is my first association with an Indian Film Festival. Watching the films made me proud as an Indian-American."

Members of the Documentary Films Jury were ecstatic to be a part of KASHISH this year. "Films teach us a lot. I'm honoured to be a part of KASHISH for the second time." said Documentary filmmaker Nandan Saxena. Aanchal Kapoor expressed, "The first film I'd screened at my film club was Sridhar's 'Gulaabi Aaina'. To be at KASHISH on the eve of Pride Month is special to me." While filmmaker Shanti Bhushan Roy said, "If we categorise people as LGBTQIA+, we are failing as humans. The documentaries in KASHISH portray the pain, longing to be loved, to be held."

The members of the Students Short Jury echoed, Rucha Pathak said, "KASHISH is special to me. Voices will flourish and will be protected." While Screenwriter Atika Chohan said, "KASHISH is like first home. It is a metaphor for everything the city of Mumbai is." Samarth Mahajan added, "The films under the Students Short Films category are an echo from the future. I love being at KASHISH because I can connect and grow all the more."

About KASHISH Mumbai International Queer Film Festival

KASHISH Mumbai International Queer Film Festival is South Asia’s biggest queer film festival, and the first LGBTQ+ film festival in India to be held in a mainstream theatre. It is the first Indian LGBTQ+ festival to be held with approval by the Information & Broadcasting Ministry, Government of India. Founded in 2010, KASHISH has grown to become an important medium for exhibition, production and distribution of LGBTQ+ films and the most needed platform to nurture the Indian LGBTQ+ movement. KASHISH has been voted as one of the Top 5 LGBT Film Festivals in the World, and also one of the Top 5 Film Festivals in India.

The Tennis Premier League Just Got Bigger as Bengal Wizards Is Gearing Up to Play in Season 5

~The Bengal Wizards Owned by Mr. Yatin Gupte and Leander Paes will compete in the latest edition of the league~

Mumbai, 29th May 2023: The Tennis Premier League on Monday announced their latest franchise Bengal Wizards owned by the Wardwizard Group which is led by Chairman, Mr. Yatin Gupte and Kolkata-born tennis icon Leander Paes, who is the driving force behind the Bengal Franchise, graced the event with their presence. The announcement was made at a grand ceremony in Mumbai at the Club Millennium Juhu Tennis Courts.

Bengal Wizards will be in action in season 5 of the Tennis Premier League along with Pune Jaguars, owned by Sonali Bendre, Hyderabad Strikers, owned by Rakul Preet Singh, Bengaluru Spartans with Sania Mirza as ambassador and Punjab Tigers, owned by Taapsee Pannu. The Season 5 of the league will be played in December 2023.

The Wardwizard group strives for innovation with Joy e-Bike as one of the flagship brands, among others including Quikshef and Snack Buddy under its umbrella. The group also has its reach across multiple verticals including Automobiles, FMCG Medicare, and Aviation.

Speaking on his association with the league, Mr. Yatin Gupte, Chairman, Wardwizard Group said, "The Tennis Premier League is transforming the landscape of tennis in India with its revolutionary format and high-octane matches. Co-founders Kunal and Mrunal have done a brilliant job, providing the private sector a golden opportunity to invest in the sport in India. We, as an organisation, are always searching for innovative ideas for a brighter future, which ties in well with the ethos of the league."

"Bengal has a magical connection with sports. Hence, the name Bengal Wizards fit perfectly. We hope to mesmerise fans with our magical performance on court,” the visionary businessmen and sports enthusiast added.

Indian Tennis Icon Leander Paes, a driving force behind the team further expressed his excitement and said, “It is an honour for me to be part of the Bengal Wizards. Being born in Kolkata, I have a deep connection with Bengal. I learnt how to play the sport in the city of joy, which is also considered the Mecca of Indian tennis. With this team, my bond with tennis and Bengal will only grow stronger. We hope the magical performance of the Bengal Wizards inspire young tennis players from the region.”

Speaking about the addition of the Bengal Wizards ahead of the fifth season, Co-Founder Mr. Kunal Thakkur said, “We are delighted to have Leander be a driving force behind the Bengal Wizards. His expertise will also allow the team to showcase their potential. I am sure the team will add to the rich history of tennis in Bengal and pave the way for future stars to emerge.”

Mr Mrunal Jain, Co-Founder of the league added, “We are grateful to have Bengal Wizards owned by the Wardwizard group join our league. They will certainly add a new dimension to the competition and their presence will make season 5 of the Tennis Premier League bigger than ever before.”

About Tennis Premier League

The Tennis Premier League is a unique tournament that brings to the courts some of the most talented players from across the globe, in a franchise tournament along with a unique and revolutionary format. The Tennis Premier League began in 2018 and there have been four seasons of the tournament so far, and a fifth edition is around the corner. The Tennis Premier League is the brainchild of Mr Kunal Thakkur, and Mr Mrunal Jain, the Co-Founders of the league who started the league to shine a spotlight on the sport of tennis in our nation.

The Tennis Premier League has impressed everyone with the likes of the legendary Leander Paes and Sania Mirza putting their weight behind the movement and even taking up management roles in franchises taking part in the league. Celebrities such as Sonali Bendre, Rakul Preet Singh and Taapsee Pannu are also owners of various franchises that participate in the league.

All teams will play a total of 5 matches to qualify for the semi-finals as the league’s revolutionary format captures the imagination of tennis fans. All matches between two franchises will comprise Men's Singles, Women's Singles, Mixed Doubles and Men's Doubles. There will be 80 points at stake in each tie between two franchises where each category would be worth 20 points. Each team will play a total of 400 points (80 points x 5 matches) at the league stage. All games of the Tennis Premier League will be played in the Balewadi Stadium in Pune. The Tennis Premier League will be conducted in association with the All-India Tennis Association (AITA) and Maharashtra State Lawn Tennis Association (MSLTA).      

Blox Announces Strategic Partnership with VDV Developers for Real Estate as a Service (REaS) Platform

Mumbai, May 31, 2023: Blox, India's revolutionary online home buying platform, is excited to announce its strategic partnership with VDV Developers for two assets valued at $100 million, located in Tardeo and Mulund. These assets, covering an area of approximately 210,000 sq. ft, will be launched this calendar year. This partnership is a part of Blox's REaS /Development Management platform, which aims to target $500 million worth of revenue potential projects over the next three years.

 

Blox has already launched its first project under this platform with VDV Developers, where they will execute and sell real estate projects. The first development, a 41-storey architectural masterpiece known as "The Altitude," is located in Tardeo, with plans for the next project in Mulund towards the end of this year.

 

In just 60 days since its launch on March 9th, The Altitude has seen over 2000 customer walk-ins and is projected to generate approximately $30 million in revenue this calendar year. Blox's blox.xyz platform has a network of 8000+ RERA registered channel partners, in addition to D2C sales directly from its platform www.blox.xyz.

 

Blox's cutting-edge technology platform offers expertise in various areas, including brand conceptualization, go-to-market strategy, sales and marketing support across channels, channel partner activation, sales collection process, and custom CRM development. By providing these services, Blox ensures that the projects they work with have successful sales. This approach enables the developer to concentrate on building high-quality products and sourcing additional projects, without having to worry about the actual product sales.

 

Commenting on the partnership, Aditya Jhaveri, Founder and CEO of Blox, stated, "Partnering with VDV Developers is a strategic move for Blox as we aim to revolutionise the real estate industry in India. With this partnership, we plan to take on multiple projects across Mumbai and Thane, leveraging VDV's core expertise in real estate development and Blox's cutting-edge technology platform. Our platform, powered by AI, will enable 3D project planning, AR/VR, and advanced customer visualisation tech, ensuring that developers, brokers, and customers can transact seamlessly. By automating lead generation, CRM, sales and marketing, and financial management, Blox will enable VDV to focus on their core competencies, while providing world-class customer service and increasing sales velocity."

 

Blox and VDV Developers aim to launch multiple assets over the next three years with a particular focus on emerging redevelopment markets such as South Mumbai and Worli by providing real estate as a service to enable redevelopment and self-redevelopment of housing societies and slums.

 

Blox is the first and only platform in India to allow e-booking of apartments on its website blox.xyz, with payments being made to and receipts being generated directly from the developer. Blox has an unparalleled sales and marketing infrastructure, powered by complex machine learning algorithms and AI, enabling huge efficiency creation and increasing sales velocity for the developer while increasing transparency and world-class customer service for the homebuyer.

 

About Blox:

Blox is India's revolutionary online home buying platform that helps customers buy their dream home in just seven clicks. To date, Blox has raised USD $14 Mn in VC funding from Silicon Valley investors. Through its fully integrated online-to-offline system, Blox is revolutionising the way Indians buy real estate. Blox allows clients to compare properties fairly, do site visits, manage documentation and project financing requirements and helps with a dedicated relationship manager who handholds every customer throughout their home buying journey.

 

About VDV Developers:

VDV Developers is the development arm of renowned Indian architect Bhalchandra Walanju, who has a successful track record of delivering projects for over four decades. Mr. Walanju has been the design mastermind behind several landmark projects such as 12 Taj Gateways, TCS Mumbai Campus, and Novotel Hotels. His residential developments have accommodated more than 1000 happy families and have been designed to meet the needs of users while enhancing the surrounding communities. With expertise in residential, commercial, and institutional architecture, Mr. Walanju is proficient in traditional and modern design styles and constantly seeks new and innovative approaches for each project.

 

Apex Group of Hospitals Doctors & Paramedical staff appeals to quit tobacco on the occasion of World No Tobacco day

Mumbai- 'World No Tobacco Day' is celebrated every year in Mumbai and adjoining cities with great enthusiasm. Various activities are being carried out in government and private hospitals, charitable organizations and schools and colleges in the city on the occasion of Tobacco Day. World No Tobacco Day provides an ideal platform to launch various anti-tobacco campaigns, rallies, marches, and public debates, involving people from all walks of life. Nurses, doctors, Medical students and Paramedical staff of Apex Group of Hospitals today jointly took “Quit Tobacco Abhiyan '' to raise awareness among youth about dangers of tobacco use. Under Quit Tobacco Abhiyan rally was taken out from Borivali railway station which crossed through Borivali Vegetable Market near the station area and returned to the Apex Hospitals, Chandvarkar Road covering around 2.5 km. In this rally more than 200 citizens have taken oath to quit tobacco in this Abhiyan.

Commenting on this occasion, Dr. Tanvi Shah, Director, Apex Group of Hospitals, says,” we tried to make people, especially youth aware of the dangers of tobacco use and encourage them to quit smoking. The theme for World No Tobacco Day 2023 is “We Need Food, Not Tobacco”. “World No Tobacco Day is an important opportunity to raise awareness about the dangers of tobacco use. We need to educate people about the health risks of tobacco use. 8 million people are killed by tobacco products every year & 1 million people die annually from exposure to second-hand smoke. It is very important to explain the ill effects of addiction to the citizens who are addicted to tobacco. If you are a smoker or chewing tobacco try to quit.  If you are a non-addict, encourage others to quit.  Citizens who smoke and are addicted to tobacco have a 50 percent higher risk of serious illness and death. According to the Ministry of Health and Family Welfare, tobacco use can lead to four major non-communicable diseases, including cardiovascular disease, cancer, chronic lung disease and diabetes."

Tobacco use and smoking are very harmful to health. Tobacco use poses a serious health risk and often carries a life-threatening illness. Smokers inhale toxic chemicals, which not only damage the airways and lungs but also deprives the body of oxygen, thereby making them more prone to developing pneumonia and other life-threatening respiratory conditions. Cancer is one of them!  Apex Group of Hospitals will carry out various activities in the western suburbs in the next 15 days, added by Dr. Tanvi Shah, Director, Apex Group of Hospitals.

Apex Group of Hospitals is a chain of Hospitals managed and run by expert Medical Professionals with experience of 25 years. Currently Apex group of Hospitals manages more than 350+ beds and provides qualitative healthcare services to the people of Mumbai and surrounding areas. Apex Hospitals is located in Borivali, Kandivali & Mulund.

www.apexgroupofhospitals.com

 

TiE Mumbai announces TiECon Mumbai 2023 Unboxing India 3.0 – Anti fragile| Conscious| Innovating

 

Mumbai, 31 May 2023: TiE Mumbai has announced the 16th edition of its flagship conference - TiEcon Mumbai which will be held on the 2nd of June 2023 at the prestigious Jio World Convention Centre. BKC - India's largest and first state of the art Conference and Exhibition center. India stands at the forefront of a significant transformation that has caught the attention of the world. The country's focus on high-tech manufacturing, digital technology, knowledge capital, life sciences, and tech entrepreneurship has positioned it to lead the global revolution in a significant way. Given the current dynamic scenario of entrepreneurship in India, this year's conference will be based on the theme "Unboxing India 3.0 – Anti fragile| Conscious| Innovating". 

Ranu Vohra, President – TiE Mumbai said “India is poised to play a pivotal role globally, becoming the epicenter for High Tech Manufacturing, Supply of Knowledge Capital to the world, and providing the – fastest growing market for digital consumers. We want to explore these facets of India 3.0 and articulate the role of Startups and new age (tech & digital) businesses in developing this landscape. The environment of the last year including big moves in generative AI and environmentally friendly technologies have presented a large opportunity for Indian entrepreneurs. At TiEcon 2023, we intend to introspect & go back to basics and recalibrate business models for them to stand the test of time. We further want to rethink business and fund-raising strategies and hence create more robust companies.”

TiEcon Mumbai is the largest Entrepreneurial conference in the West of India, and it attracts all the key Industry Leaders from Mumbai and India, Startup Founders and Investors. TiEcon sees close to 3000+ people attending the conference. At the conference, TiE Mumbai is all set to take the plunge and capture the momentum of businesses that are emerging and thriving through the disruption cycles. It will investigate the nuances of the current global and technological disorder that is shaping a new mindset and breed of startups who are emerging stronger from these disruptive cycles.

“The focus of the conference is to integrate all the ecosystem players in the conference and dwell deeper into conversations on building efficient businesses and models that shall pave the way for a more mature industry. TiEcon 2023 will attract around 45+ India's leading Unicorns and the key focus of the conference would be $10T GDP, 850+ Soonicorns - Understanding their Journey, Emergence of Indian Decacorns, G20 opportunities, Unit Economics & Profitability in Ushering Amrit Kaal, New Horizons - AgriTech, HealthTech, Climate Action, FinTech & Smart Living, Innovate for India, Open AI/Chat GPT.” said Dr. Apoorva Ranjan Sharma, President Elect, TiE Mumbai

The upcoming conference seeks to explore the shifting landscape of digital consumption and lifestyle, examining critical issues such as the transformative impact of start-ups on consumer habits, the rise of seamless convenience, the increasing volume of transactions across sectors, and the pressing need to upskill talent to meet the demands of the rapidly evolving market. It would thus provide a comprehensive understanding of the current market trends and help businesses stay ahead of the curve.

What to Expect at TiEcon 2023 - 45+ Unicorns, 100+ Soonicorns, 500+ Investors, 100+ Corporates, 2500+ Entrepreneurs, 100+ Bankers, 200+ Industry leaders, 25+ Private Equity attending the event.

Unboxing TiEcon Mumbai 2023- The conference will look at the sessions from the macro lens on the main stage. The main stage will feature leaders delivering their thoughts on macro-level issues, such as India 3.0, funding interests and innovation in India and beyond. It's going to be packed with Expo Zone with more than 100 startups and other networking zones.

Some of the key speakers who will be part of this year’s TiEcon Mumbai are Ranu Vohra -President, TiE Mumbai & Co-Founder and Executive Vice Chairman, Avendus Capital,  Dr. Apoorva Ranjan Sharma   President-Elect, TiE Mumbai & Co-Founder, Venture Catalysts & 9Unicorns, Anupam Mittal - Founder & CEO, People Group, Atul Nishar – Founder Hexaware, Azent Overseas Education & Techpro Ventures , Prashant Pitti - Co-Founder, EaseMyTrip, Anish Shah - Managing Director & CEO, Mahindra Group, Aakrit Vaish - Co-Founder & CEO Haptik, Rizwan Koita - Co-founder- CitiusTech & Co-founder – Koita Foundation, Vishal Gondal - Founder & CEO, GOQii ,  Mayank Kumar - Co-Founder & MD, upGrad, Ashwin Damera – Co-Founder & Executive Director , Eruditus, Neeraj Roy - Founder & CEO, Hungama Digital Media Entertainment Ltd, Sameer Nath - Chief Investment Officer & Head - Venture Capital & Private Equity, 360 One Asset, Pratik Sethi - Managing Director & Head – Digital & New Age Business, Ambit, Anuj Golecha - Co-Founder, Venture Catalysts & 9Unicorns, Nishith Desai – Founder & Managing Partner, Nishith Desai & Associates, Srikanth Velamakanni - Co-Founder, Group Chief Executive & Vice Chairman, Fractal AI, Amritagandha Dutta – Founder & CEO, Expand AI, Vinayak Shrivastav- Co-Founder & CEO, VideoVerse, Arjun Vaidya - Ventures Lead India, Verlinvest, Siddharth Shah - Co-Founder, PharmEasy, Nitish Mittersain - Founder, Jt MD & CEO,  Nazara Technologies Ltd, Devangi Parekh - Managing Director, Aza Fashions, Darpan Sanghvi – Group Founder & CEO, Good Glamm Group, Sagar Agravwal - Co-Founder & Managing Director, Beams FinTech Fund, Dhanpal Jhaveri - Vice Chairman, Everstone Group, Mayank Jain - CEO-New Auto, CarDekho, Abhay Pandey - General Partner, A91 Partners, Sreevathsa Prabhakar - Founder & CEO, Servify, Sameer Narkar - Founder, Konnect Insights, Deena Jacob – Co-Founder & CFO, OPEN,  Abhay Pruthi – Business & Product, CRED, Ahana Gautam, Co-Founder & CEO, Open Secret,  Akhilesh Ayer – EVP Global Head, WNS Triange, Bhavin Patel - Co-Founder & CEO LenDenClub,  Chef Harpal Singh Sokhi – Celebrity -Chef & Founder Turban Tadka Hospitality, Eshwar K Vikas -Co-Founder & CEO, Mukunda Foods, Farzana Haque – TCS Leadership, Philanthropist, Board Member, Mentor, Gaurav Kachhawa – CPO, Gupshup, Ido Peleg – President & Founder, Facetrom, Kartikey Hariyani – Founder & CEO, ChargeZone,  Manan Dixit – Co-Founder & CEO, FidyPay, Manoj Pardasani – Partner, ESG Tax, KPMG in India, Ms. Michelle Wade – Commissioner to South Asia State Government of Victoria, Australia, Mukund Pandey – Managing Director, Enterprise, Cisco,  Murali Krishnan – Co-Founder & CMO, Wow!Momo, Navin Honagudi – Managing Partner, Elev8 Venture Partners, Nitin Singh – MD & CEO, Avendus Wealth Management, Pallab Roy – Partner in Business Consulting , KPMG in India, Parag Shah – Member of Group Executive Board, Mahindra Group, Piyush Kumar – Founder & CEO, Rooter, Pratekk Agarwaal – Founder & Managing Partner, GrowthCap VC, Punit Goyal – Co-Founder, Blusmart, Ravi Ranjan – Chief of Events & Partnership, Venture Catalysts,  Ritesh Jain – Co-Founder, FlexiLoans, Sanket S. – Founder, Scandalous Foods, Shaleen Sinha – Head BCG Growth Tech India, Boston Consulting Group (BCG), Vidit Bahri – Co-Founder, Sukoon Health, Vikram Gupta – Founder & Managing Partner, IvyCap, Vishesh Khurana – Co-Founder, Shiprocket, Vishnu Pillai – Financial Services Technology Leader, Office Managing Partner -Kochi, KPMG in India, Wouter Vanhees – Trade and Investment Commissioner, Flanders Investment & Trade, Chandra R Srikanth – Editor -Technology Startups & New Economy, MoneyControl & Ganesh Natarajan – Chairman, Honeywell Automation & F5 World.

To know more about the event & register, please click here https://tieconmumbai.org/register 

About TiE Mumbai

The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. Since 1992. TiE has been supporting entrepreneurs by offering education, mentorship, networking and funding opportunities. The mission of TiE is to foster entrepreneurship globally through the 5 pillars of TiE : mentoring, networking and education, funding and incubation. Dedicated to the virtuous cycle of wealth creation and giving back to the community. TiE’s focus area is to generate enable the next generation of entrepreneurs. There are currently 11,000 members, including over 2,500 charter members in 60 chapters across 17 countries. TiE’s mission is to foster entrepreneurship globally through mentoring, networking, and education. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing our next generation of entrepreneurs.

ONGC declares results for FY’23; posts net profit of Rs 38,829 crore for FY’23, highest ever total dividend of 225% for FY’23

New Delhi | 26th May, 2023

Highlights:

• Gross Revenue Rs. 36,293 crore in Q4FY’23, up by 5.2 %; Rs. 1,55,517 crore in FY’23, up by 40.9%

• Total dividend for FY’23 Rs. 11.25 per share (225%) considering interim dividend of Rs. 10.75 per share (215%) and Final dividend of Rs. 0.50 per share (10%) 

• Eight discoveries made and three monetized in FY’23

ONGC Board of Directors in its 364th Meeting held on 26th May, 2023, approved the annual results for FY’23. 

1. Financial Performance (Standalone)

Particulars Q4FY’23 Q4FY’22 % Var FY’23 FY’22 % Var

Gross Revenue (Rs. Crore) 36,293 34,497 5.2 1,55,517 1,10,345 40.9

Exceptional items (including current year provision for ST/GST on royalty)* (12,107) - - (12,107) - -

Profit/(loss) Before Tax (PBT) *

(Rs. Crore) (979) 11,714 (108.4) 50,395 41,040 22.8

Profit/(loss) After Tax (PAT)*

(Rs. Crore) (248) 8,860 (102.8) 38,829 40,306 (3.7)

* The company has reviewed the entire issue of disputed Service tax and GST on royalty and has decided to make a provision towards these disputed taxes as a prudent and conservative practice. Accordingly, during the quarter and year ended March 31, 2023, the Company has provided Rs. 12,107 crore towards disputed taxes of ST/GST on Royalty for the period from April 1, 2016 to March 31, 2023 together with interest thereon.

The above adjustments have adversely impacted the profitability for Q4 and FY’23. However, the Company shall continue to contest such disputed matters before various forums based on the legal opinion.

Crude Oil Price-Nominated

Realization (US$/bbl) 77.12 94.98 (18.8) 91.90 76.62 19.9

Realization (Rs./bbl) 6,344 7,147 (11.2) 7,388 5,709 29.4

Particulars Q4FY’23 Q4FY’22 % Var FY’23 FY’22 % Var

Crude Oil Price-JV

Realization (US$/bbl) 77.11 95.53 (19.3) 93.02 77.15 20.6

Realization (Rs./bbl) 6,343 7,189 (11.8) 7,478 5,748 30.1

Gas Price

Price on GCV basis ($/mmbtu) 8.57 2.90 195.5 7.34 2.35 212.3

2. Dividend pay out

The total dividend for FY’23 would be 225% (Rs.11.25 per share of face value Rs 5 each) with a total payout of Rs. 14,153 crore. This includes interim dividend of 215% (Rs. 10.75 per share) already paid during the year and final dividend of 10% (Rs.0.50 per share) recommended by the Board. 

3. Production Performance

Particulars Q4FY’23 Q4FY’22 % Var FY’23 FY’22 % Var

Crude Oil–ONGC (MMT) 4.518 4.651 (2.9) 18.540 18.604 (0.3)

Crude Oil–JV share (MMT) 0.442 0.513 (13.8) 1.901 2.162 (12.1)

Condensate (MMT) 0.275 0.226 21.7 1.044 0.941 10.9

Total Crude Oil (MMT) 5.235 5.390 (2.9) 21.485 21.707 (1.0)

Gas – ONGC (BCM) 5.073 5.167 (1.8) 20.628 20.907 (1.3)

Gas – JV share (BCM) 0.188 0.172 9.3 0.723 0.773 (6.5)

Total Gas (BCM) 5.261 5.339 (1.5) 21.351 21.680 (1.5)

Value Added Products (KT) 612 753 (18.7) 2,598 3,089 (15.9)

The decrease in oil/gas production is mainly due to delay in implementation of KG-98/2, cluster-II project and less than envisaged production from WO-16 and Cluster-7 and reservoir issues in S1-VA fields.

4. Exploration Performance

a. Discoveries notified during FY 2022-23:

ONGC has declared total 8 discoveries (5 in onland and 3 in offshore) during FY 2022-23 in its operated acreages. Out of these, 3 (2 in onland and 1 in offshore) are prospects and 5 (3 in onland and 2 in offshore) are pools.

The details of the latest discovery notified during FY 2022-23, since last press release in this regard on 14.02.2023 are as under:

(i) Hatipoti-1 (NGAE) in Mekeypore-Santak-Nazira ML, Assam & Assam Arakan Basin

Exploratory well Hatipoti-1(NGAE) in Mekeypore-Santak-Nazira ML, Assam & Assam Arakan Basin flowed oil @ 142 m3/day and gas @29,101 m3/day from one object and oil @ 34.55 m3/day and gas @ 14,328 m3/day from another object. This success has opened up the play in this area for further exploration. The discovery has been put on production through fast track monetization.

Out of eight discoveries notified during FY 2022-23, three discoveries viz. Mandapeta-60, Kesanapalli West Deep-7 and Hatipoti-1 have been monetized by ONGC during the year itself.

b. Discoveries notified during FY 2023-24:

During FY 2023-24, ONGC has notified two new prospect discoveries so far (both in offshore OALP blocks)

(i) MBS182HDA-1 (MBS182HDA-A) in OALP block MB-OSHP-2018/2, Mumbai Offshore Basin

Exploratory well MBS182HDA-1 (MBS182HDA-A) in OALP block MB-OSHP-2018/2, Mumbai Offshore Basin flowed oil @ 786 BPD and gas @ 7,154 m3/day. The discovery has been named as “Moonga”.

(ii) MBS181HCA-1 (MBS181HCA-A) in OALP block MB-OSHP-2018/1, Mumbai Offshore Basin

Exploratory well MBS181HCA-1 (MBS181HCA-A) in OALP block MB-OSHP-2018/1, Mumbai Offshore Basin flowed oil @ 1,668 BPD and gas@ 90, 672 m3/day. The discovery has been named as “Moti”.

c. Reserve Accretion (Estimated Ultimate Recovery: EUR, 2P): FY’23

(in MMTOE)

ONGC operated domestic areas 40.62

ONGC share in Domestic JVs 0.42

Total Domestic 41.04

ONGC Videsh’s Share in Foreign Assets 6.62

ONGC Group 47.66

d. Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas

Reserve Replacement Ratio (2P) from domestic fields (excluding JV share) was 1.01. With this, ONGC has achieved Reserve Replacement Ratio (2P) of more than one for the 17th consecutive year.

5. Consolidated Financial Results

1. Consolidated Turnover Rs. 6,84,829 Crore in FY’23 as against Rs. 5,31,793 Crore in FY’22

2. Consolidated Group Net Profit (PAT) Rs. 32,778 Crore in FY’23 as against Rs. 49,294 Crore in FY’22

6. ONGC Group of Companies

1. Oil and Natural Gas Corporation Ltd

2. Subsidiaries:

i ONGC Videsh Ltd 

ii Hindustan Petroleum Corporation Ltd 

iii Mangalore Refinery and Petrochemicals Ltd

iv Petronet MHB Ltd

3. Joint Ventures

i ONGC Petro Additions Ltd

ii ONGC Tripura Power Company Ltd

iii Mangalore SEZ Ltd

iv Dahej SEZ Ltd

v ONGC TERI Biotech Ltd

vi Indradhanush Gas Grid Ltd

4. Associates:

i Petronet LNG Ltd 

ii Pawan Hans Helicopters Ltd

iii. Rohini Heliport Ltd.

7. ONGC Videsh Ltd

Production

ONGC’s overseas arm, ONGC Videsh Ltd. registered production of oil and gas of 10.171 MMTOE in FY’23, as compared to 12.330 MMTOE in FY’22. Key factors affecting overseas production include Russia-Ukraine conflict leading to declaration of Force Majeure with effect from 21st April 22, FPSO shutdown in BC-10; expiry of Nare Association Contract in MECL Colombia with effect from 4th November 2021; Wells resumption deferment and heavy floods in GPOC, South Sudan and Block 06.1, Vietnam project nearing end of life/expiry.

Production     Unit FY’23 FY’22

Crude Oil MMT 6.349 8.099

Natural Gas BCM 3.822 4.231

Total Oil and Oil Equivalent Gas MMTOE 10.171 12.330

Turnover

The Company has achieved a turnover of Rs. 11,676 crore during FY’23 against the turnover of Rs. 17,322 crore during FY’22. 

Profit After Tax (PAT) and Dividend

The Company registered a PAT of Rs.1700 crore in FY’23, as against a PAT of Rs. 1,589 crore in FY’22. The Board of Directors of the Company has recommended final dividend of Rs. 0.50 per share on fully paid equity share par value of Rs. 100 each, subject to approval by the shareholders. The total dividend amounts to Rs.75 crore.

8. Hindustan Petroleum Corporation Ltd (HPCL)

Refining throughput and Sales Volume

Highest ever combined crude thru-put of 19.09 MMT was achieved by HPCL in FY 22-23 with a growth of 36.7% over 13.97 MMT crude processed during FY 21-22. Highest ever annual MS, HSD and LOBS production was also achieved during the year. HPCL achieved its highest ever annual sales during FY 22-23 of 43.45 MMT (39.14 MMT during corresponding period of previous year) with growth of 11%.

With commissioning of 1,161 new Retail outlets, HPCL has crossed the milestone of 21,000 Retail outlets during the year and has a total of 21,186 Retail outlets under its network.

Gross Refinery Margin (GRM)

The combined GRM for HPCL Refineries for FY2022-23 is US$ 12.09/bbl compared to US$ 7.19/bbl in the corresponding previous year. 

Turnover and PAT

HPCL reported its highest ever Revenue from Operations of Rs. 4,66,192 crore for FY 2022-23 as against Rs. 3,73,897 crore last year, growth of 24.7%. For the FY 22-23, exceptionally high international oil prices along with suppressed marketing margins on select Transport fuel, had severely impacted the profitability, resulting in Net Loss of Rs. 8,974 crore for FY 2022-23 as compared to Profit after Tax (PAT) of Rs 6,383 crore during the corresponding period of previous year.

9. Mangalore Refinery and Petrochemicals Ltd (MRPL)

Throughput

MRPL achieved highest ever throughput of 17.14 MMT for the FY’23 as against 15.05 MMT during last year due to increase in demand.

During the year the company has added 31 Retail Outlets making total retail outlets to 63 as on 31.03.2023. 

Turnover

MRPL has achieved revenue from operations of Rs. 1,24,736 crore during FY’23 as against Rs. 86,094 crore during the FY’22 

Gross Refinery Margin (GRM)

MRPL registered a GRM of US$ 9.88/bbl during FY’23 as against GRM of US$ 8.60/bbl during FY’22.

Profit After Tax (PAT) 

MRPL has posted net profit of Rs. 2,638 crore in FY’23 as against Rs. 2,955 crore in FY’22. 

10.   Petronet MHB Limited (PMHBL)

Petronet MHB Limited (PMHBL) is a subsidiary company of ONGC where ONGC and its subsidiary HPCL hold 49.99% shareholding each. PMHBL achieved throughput of 3.894 MMT during FY’23. PMHBL has earned total revenue of Rs. 168 crore with profit of Rs. 85 crore in FY’23. During the year PMHBL has paid interim dividend of Rs. 1.47 per equity share and ONGC got its share of dividend amounting to Rs. 40.33 crore. 

11.   ONGC Petro additions Limited (OPaL)

ONGC Petro Additions Ltd (OPaL) a JV company of ONGC has stabilized its operations and has established itself in domestic / export market with sale of prime grade products. OPaL operated at average 95% capacity in FY’22-23. OPaL has earned revenue from operations of Rs. 14,593 crore during FY’23 as against Rs. 16,048 crore during FY’22. OPaL has reported EBIDTA of Rs.486 crore in FY’23. The company has successfully completed its first major turnaround (MTA) in the current financial year. 

12.   ONGC Tripura Power Company (OTPC)

OTPC’s two power units of 363.3 MW each are fully operational. Power generation increased to 4936 MU in FY 23 as compared to 4124 MU in FY 22. This is the highest production by any gas based power station in India for FY 23.

In FY’23, OTPC has earned revenue from operations of Rs. 1,631 crore and PAT of Rs. 201 crore. The company has paid interim dividend of 7% i.e. Rs. 0.70 per share during the year. The company has also declared final dividend of 6% i.e. 0.60 per share. ONGC would get a total dividend of Rs. 72.8 crore from OTPC for FY’23.

13. Other Highlights:

• ONGC received Gold Award in Risk Management Category by Grow Care India on 03rd April 2023, recognizing the effectiveness of established Risk Management Process in the governance structure during FY 2022-23.

• On 25 March 2023, ONGC received Green Ribbon Champions Award for biodiversity conservation by CNBC, Network18 Group, in recognition of its commitment to sustainability and consistent efforts in protecting biodiversity surrounding its operational areas.

• On 16 February 2023, ONGC conferred with Governance Now 9th PSU Award for its contributions to nation-building & Corporate Communications Team received the Governance Now 9th PSU Award that recognizes its outstanding Communication Outreach.

• ONGC was awarded for being the ‘Leading Alternative Dispute Resolution (ADR) User 2023’, on behalf of its contributions to ADR by the Asia Pacific Center for Arbitration and Conciliation (APCAM) at its first International ADR Summit in New Delhi during 6-7 May 2023.

• ONGC has received a Certificate of Merit for FY 2022-23 at the 35th CFBP Jamnalal Bajaj Award for “Fair Business Practices” in the Manufacturing Enterprises-Large Category.

• On 12 April 2023, ONGC signed MoU with French research & training organization IFPEN in Paris

• Institute of Drilling Technology (IDT) Dehradun & RelyOnNutec Digital inked MoU on 21 March 2023 for collaboration in areas of training, knowledge-sharing, competency & management

• On 25 April 2023, ONGC secured patent from Government of India for "Composition for Completion fluid for use in ultra-High Pressure & High Temperature applications". 

• On 4 March 2023, ONGC secures patent from Government of India for reassessment of offshore platforms based on innovative reverse engineering.

• ONGC Energy Center (OEC) received a patent from Controller General of Patents, Designs and Trademarks under Ministry of Commerce & Industry, Govt of India, on 24 April 2023 for developing a novel catalyst system for CO2 valorization.

• ONGC's premier Institute Keshava Deva Malaviya Institute of Petroleum Exploration (KDMIPE) received its third patent in FY 2022-23 on “Development of geochemical methodology to characterize diagenesis in sandstone reservoirs” on 28 March 2023.

Disclaimer

This Press Release is intended to apprise the public regarding the highlights of Audited Financial Results of ONGC on standalone and consolidated basis, for the year ended 31st March, 2023 approved by the Board of Directors in their meeting held on 26.05.2023, in addition to informing about other major and / or related highlights/ developments which in view of the management may be considered as important. These are not to be taken as forward looking statements and may not be construed as guidance for future investment decisions by investors / stakeholders.

 

MCGM Showcases the highly anticipated Coastal Road Project to the CREDAI MCHI Youth Wing providing an insight into the city’s development.

Mumbai, 29 May 2023 -  CREDAI-MCHI Youth Wing and Committee Members visited the highly anticipated Coastal Road Project to witness first-hand how a project of this size and magnitude can be effectively traversed with immaculate planning, professional intervention, teamwork, and great mental fortitude on 17th May 2023.

The youth real estate fraternity faces similar challenges whilst completing a project and this site visit was an eye-opener of sorts that even MCGM can get into the developer's shoes for once and show them how it's done. 

MCGM has taken a record number of approvals, permissions, and NOCs for this project. The single project encompasses the construction of tunnels under the sea, under Priya darshani park and land mass, over water bridges, reclamation of huge parcels of land, crisscrossing multi-directional roads for providing a multitude or entry and exit points and provision of promenades, jogging & cycling tracks, landscaping and multiple underground parking lots.

The project boasts of India's largest tunnel-boring machine being used in its implementation. This is the first time that innovative Saccardo fans or ejectors are used in India. This technology helps in tunnel ventilation and airflow. Being installed only at the edges of the tunnel makes maintenance easy and cost-effective.

Various aspects like water inflow/outflow, maintenance, waterproofing, the need for injection grouting in case of minor damp spots, etc were discussed in depth. The construction of the multilayer high tide wall and the elevated cantilevered promenade were also discussed.

Officials from MCGM explained the various challenges like controlled blasting in a residential neighborhood, ensuring the vibrations and noise levels are controlled throughout the project execution. Further, the legal challenges faced by the project were brought up, and how the officials managed to circumvent the legal obstacles whilst ensuring that cost overruns were kept in check and idle charges kept to a minimum. The detailed thought process involved in the project was evident for all to see right from the dedicated bus lanes to keeping emergency lanes vacant within the tunnels, the central monitoring outpost to monitor all activities in the tunnel including during emergencies, contingency planning by connecting the 2 tunnels to ensure the flow of traffic through 1 tunnel by using the emergency lane.

The technical presentation which was meant to be a 30-minute session got extended to more than an hour as the youth wing members kept asking pertinent questions and the MCGM team patiently explained in-depth about the project, the thought process, and the answer to various queries. The free-wheeling technical session was followed by a visit first on foot to the underground tunnel and then by cars and buses on the under-construction coastal road itself. The ride was mesmerising as we are always used to watching the sea from the city but never the other way around and catching a glimpse of the iconic city skyline and the historic monuments literally from the sea was an exhilarating experience. The Study tour ended with a group photo and a vote of thanks wherein senior committee members, Nayan Shah, Jayesh Shah, and Mukesh Shah thanked the MCGM profusely for planning, conceptualising, and implementing a project of such magnitude that would change the lives of millions of its citizens and help change the face of south Mumbai and Providing a sneak peak of the project to the MCHI CREDAI Youth wing which was a great learning experience in how to deal with complexity and adversity through meticulous planning and implementation.

On a lighter note, the officers of MCGM pointed out that CREDAI MCHI was a partner in such a great project as the majority of the funding had come through the premiums, fungible, etc paid by the Developers, the cess in stamp duty, etc. All in all, it was a morning well spent and each and every member left the tour with a sense of pride for its city and a fair bit of anticipation that come 2024, they would be using these world-class facilities.

Speaking on the occasion, Mr. Domnic Romell, President, CREDAI-MCHI expressed their profound admiration for the Coastal Road Project, acknowledging its role as a catalyst for regional development. They emphasized the project's potential to create new opportunities, attract investments, and enhance the overall quality of life for residents and visitors.

Moreover, the visit received accolades from Mr. Naman Shah, Convener, Youth Wing, who joined on this enlightening study tour. The Convener praised the Coastal Road Project's innovative approach and its ability to inspire young professionals to actively participate in shaping the future of infrastructure development.

*About CREDAI-MCHI:*

CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognised body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organisation and progress. 

*About Youth Wing*

CREDAI-MCHI's Youth Wing which comprises the strength of next generation leaders of the Real Estate Industry. Embark upon growth with different facets of the business with the young and dynamic members of the Youth Wing.

Apollo Navi Mumbai eighth successful Heart Transplant

An inspiring journey of survival and resilience as a 40-year-old heart transplant patient triumphs over a rare heart condition; receives new heart after 2-year wait

Navi Mumbai, 30 May 2023: Apollo Hospitals Navi Mumbai, one of the most advanced multi-speciality quaternary care hospitals in the Mumbai Metropolitan Region, proudly announces its successful eighth heart transplant surgery. The heart transplant is a testament to the inspiring journey of survival and resilience of a 40-year-old male, grappling with the rare and life-threatening condition of ‘Amyloidosis’, which has culminated in an inspiring victory against the odds. It also exemplifies Apollo’s dedication to world-class healthcare with a skilled and empathetic team. Apollo also supports their economically compromised patients through trust & crowd funding helping the outreach of its advanced medical facilities to deserving & needy patients.

The patient came from Buldhana, Maharashtra to Apollo suffering from severe chest pain, frequent breathlessness, and fatigue. An extensive investigation revealed that the patient was in irreversible heart failure due to Amyloidosis. Amyloidosis is characterized by the accumulation of proteins in the form of abnormal, insoluble fibres that are deposited in tissues and organs throughout the body, impairing their normal function. In the patient’s case, the amyloidosis had affected his heart, causing amyloid cardiomyopathy and heart failure. The heart’s functioning was severely disrupted with a heart transplant the only option for survival.

On April 4th, 2023, AHNM was informed of a brain-dead individual at a South Mumbai hospital. Apollo’s expert heart transplant team swiftly retrieved the heart and, with the commendable assistance of the traffic control police, Mumbai & Navi Mumbai, the donor heart was transported to Apollo through a green corridor, covering 40 km in just 46 minutes. The heart transplant surgery was conducted successfully with no complications. The patient was financially supported for the surgery and treatment through trust funding.

"Recognizing the severity of his condition, we immediately began symptomatic management and after counselling, put the patient on the transplant waiting list," said Dr. Sanjeev Jadhav, Consultant, CVTS, Heart & Lung Transplant Surgery at Apollo Hospitals Navi Mumbai. "The patient's resilience and the unwavering support from his family helped him manage the disease for two years while waiting for a heart donor. This case is an example of the power of medical science, and the importance of organ donation."

"From the retrieval of the donor's heart to its successful implantation in the recipient, the Apollo transplant team worked in perfect synchrony, ensuring the heart was safely transported, carefully preserved, and expertly transplanted, all within a critical time frame. The intricate heart transplant surgery, spanning over 4 hours, is a testament to our team's precision and expertise. The heart transplant was a success and an example of the proficiency that are hallmarks of the organ transplant program at Apollo Hospitals Navi Mumbai," explained Dr. Jadhav. "The patient is now in the recovery phase in the heart transplant ICU, demonstrating remarkable progress every day."

The patient, overwhelmed by his life-changing experience, expressed his gratitude. "I am forever indebted to the entire team at Apollo Hospitals for giving me a second chance at life. From being placed on the transplant waiting list in 2021 to receiving a new heart in April 2023, it was Apollo’s continuous medical & financial support and unwavering commitment to my health that gave me strength for two years. I feel like I can finally start living again and this new lease on life is a gift I cherish every day."

This milestone achievement also highlights the dedication of the Heart Transplant team at AHNM, which included Dr. Sanjeev Jadhav, Dr. Shantesh Kaushik – Consultant CVTS, Dr. Saurabh Tiwari - Consultant Anaesthesiology, Dr. Haridas - Consultant Anaesthesiology, Dr. Leena - Consultant Anaesthesiology, and Dr. Gunadhar Padhi- Consultant Critical Care.

Mr. Santosh Marathe, Regional CEO – Western Region, Apollo Hospitals praised the team's efforts, stating, "This successful surgery stands as a testament to our commitment to providing advanced health services at par with the best in the world. We are extremely proud of our heart transplant team for their unparalleled dedication and expertise. This success story strengthens our resolve to continue making a difference in the lives of our patients as we strive to stay at the forefront of advanced medical care, helping our patients battle the most complex health conditions. AHNM runs a very active transplant program comprising liver, kidney, heart & corneal transplants. We have a multidisciplinary team facilitated by post-operative care, competent nursing staff, rehab program and a heart failure clinic.”

100+ Police officials gather to pledge against tobacco addiction in a unique initiative by Sir HN Reliance Foundation Hospital

To mark the occasion of World No Tobacco Day, the hospital hosted an awareness workshop on the perils of tobacco use

Mumbai, May 30, 2023: Sir HN Reliance Foundation Hospital (HN RFH) hosted a workshop for over 100 policemen on how to curb tobacco addiction. They also pledged against its use to mark the occasion of World No Tobacco Day tomorrow. Through this initiative, HN RFH aims to spread awareness about the dangers of tobacco addiction and to pledge against tobacco consumption, and move a step further towards better health and cancer-free lives. 

In India, around 28.6% of adults use tobacco. These alarming statistics translate into a substantial burden of tobacco-related cancer in the country. In India, tobacco use is responsible for nearly 50% of all cancer cases, including lung and head and neck cancers, making it the leading cause of cancer-related deaths. Implementing prevention over cure, HN RFH aims to spread awareness and save lives through this initiative. 

Dr. Tarang Gianchandani, CEO, of Sir HN Reliance Foundation Hospital, said, “We at Sir HN Reliance Foundation Hospital are committed to providing best-in-class care across specialties including Oncology. With this initiative, we hope to take an effective step towards encouraging cancer prevention by spreading more awareness and accountability to curb tobacco use. We are grateful to the policemen of our city for the work they do and are honored to have them here today. We will continue our initiatives to educate and empower maximum people on the perils of tobacco use; as prevention is the key to a better and healthier society.”

The workshop was conducted by senior doctors like Dr. Suresh Advani, Mentor, Dr. Vijay Haribhakti, Director Onco Sciences, Dr Sewanti Limaye, Director, of Medical Oncology and Precision Oncology, and Dr. Prasad Dandekar, Head of Radiation Oncology. The discussion focused on ailments caused by tobacco consumption and dwelled on educating and highlighting the ill effects of tobacco use, ways of quitting, and preventing future generations from this habit. 

Dr. Vijay Haribhakti, Director, Onco-science, Sir HN Reliance Foundation Hospital, expressed, “Tobacco alone is responsible for 50% of cancer incidence in the country. Policemen are a crucial pillar on which the city stands tall. Their good health, therefore, becomes even more critical. We are proud to host them here and encourage them to pledge against the use of tobacco. The major focus of the activity remains on the awareness, prevention, and treatment of oral cancer. Similarly, there are other measures that can help prevent oral cancer. Healthcare continues to evolve as it is working hand-in-hand with technology, modern science, and advanced medicine in order to treat cancer and provide quality of life to patients.”

Dr Sewanti Limaye, Director, Medical Oncology and Precision Oncology, Sir HN Reliance Foundation Hospital pointed out, “With cancer being amongst the most researched diseases in the world, there is no single cause and no single cure. However, tobacco is one of the many proven carcinogens that are DNA-damaging, and cause carcinogenesis. No organ is spared when it comes to carcinogenic impact of tobacco in its different forms. With cancer, it is always for the best to not take major risks and choose prevention over cure. Curbing proven carcinogens is the first step in walking towards a cancer-free world. We come together to welcome our policemen who stand together to protect us from harm and just like them, we must come together to protect them from ill effects of tobacco use by raising awareness regarding tobacco cessation and empowering them to remain cancer free by introducing cancer screening programs”

Dr. Mohit Garg (IPS) Deputy Commissioner of Police Zone 2 Mumbai, said, “Lawfully protecting the citizens from crime and monitoring the nation is what we as law enforcement professionals strive for. Maintaining good health would allow us to grow our vision of a lawful nation. To be able to quit something which hampers our being is tough yet much needed. I am most grateful to partner with Sir HN Reliance in order to encourage good health and longer lives for my officers.”

To formalize the pledge, the policemen placed handprints dipped in paint on a pledge wall created at the hospital. 

About HN Reliance Foundation Hospital:

Located in Girgaon, Mumbai, Sir H. N. Reliance Foundation Hospital is a 345-bed, multi-Speciality tertiary care hospital with top level expertise in areas of Cardiac Sciences, Oncology, Gastroenterology & Hepatobiliary Sciences, Liver Transplant, Nephro-Urology, Neuro Sciences, Orthopaedics & Spine, and Woman & Child Health. The Hospital has a medical Mall with progressive diagnostic services, including Laboratories, Radiology & Imaging, and Nuclear Medicine. This is a technologically-advanced institution designed to international standards and the most stringent criteria in infrastructure, medical care, fire-safety norms, and environmental guidelines.

Aspiration of Developed economy can’t be built on archaic tax regulation” says FIRST India

 Genuine online sellers caught in crossfire of GSTIN fraud crackdown, FIRST India urges fair treatment

  

Mumbai, May 30, 2023: The ongoing nationwide initiative led by Central and State Tax administrations to detect and eliminate fraudulent Goods and Services Tax Identification Numbers (GSTINs) is creating challenges for genuine online sellers and small businesses. Unlike the previous drives, jurisdictional officers now possess the authority not only to verify but also to suspend licenses during the campaign. This approach has raised concerns for genuine sellers who have registered their businesses using Virtual Places of Business (VPOBs), such as accountant premises or co-working spaces, as officers are demanding physical records and the presence of employees/directors.

 

Addressing these pressing issues, the Forum for Internet Retailers, Sellers, and Traders (FIRST) India organized a roundtable discussion, where Mr. Vinod Kumar, President, India SME Forum, and Trustee and President, FIRST India, said, "India, under PM Modi's leadership, has been at the forefront of enabling crores of job creators and not job seekers through path breaking initiatives like MUDRA, STAND UP INDIA, PMEGP. While the Government is enabling entrepreneurs to go fully compliant in order to fulfil the dream of a digital India, we cannot afford to have roadblocks and end up making life tougher for micro and small sellers by threats of cancellations of registrations and inspector. Most micro and small enterprises use shared warehouse spaces or co-working spaces as their registered addresses in various cities as GST registrations are required in each state. Insisting for records to be kept at all such locations and absence of proprietors on site, is being interpreted as non-compliance, leading to cancellation of their licenses and most such entrepreneurs are not savvy enough in legal terminology or communication to convince the officers of their genuineness. Due to this, many MSMEs who are providing crores of jobs may decide to wind up their businesses in the face of tough compliance and paperwork. This would dent the Indian business ecosystem for Micro Enterprises, massively. He also stated, “Earlier access to finance was seen as the biggest hurdle for MSMEs, but now it is becoming GST related complications.”

Mr. Prahlad Kakar, Chairman, India SME Forum (ISF), said, "In the past, some MSMEs maintained multiple enterprise accounts to stay under the taxation limits, and at ISF, we tirelessly emphasized the importance of consolidating their accounts after GST to unlock better access to finance and credit support. However, the current threat of suspension/cancellation of GST is compelling small businesses to revert to a cash-based/multiple enterprises to stay under the GST limits. The challenges surrounding GST compliance, checks and audits, are making it difficult for many micro and small enterprises which contribute only around 13% of taxation revenues, to formalize their operations. The Government will be better off in looking at enterprises with turnovers higher than 5 crores to check evasion or fraudulent ITC claims."

The event aimed to assess the impact of GST officials' raids on genuine small businesses and propose recommendations to mitigate the challenges. FIRST India presented five key recommendations to alleviate the situation:

● Establish a robust procedure that enables genuine entities to present their case and provide the necessary documentation, reducing the compliance burden they face.

● Offer comprehensive knowledge to tax officers at the grassroots level regarding existing provisions and judicial precedents, safeguarding the interests of genuine businesses.

● Ensure transparent investigations for taxpayers and MSMEs identified during the drive.

● Establish a prompt redressal mechanism to resolve cases concerning genuine businesses, as delays can lead to significant financial implications.

● Accelerate the process of remediation to proactively mitigate operational disruptions and support uninterrupted growth.

Samir Lakhani, Tax Head, InCorp Advisory Services, said. “When GST officials visit a place of business to check if the business is genuine or not, they look for the GST certificate, name board, book of account, etc. at the location. However, it is not always possible to have it on the premises and the proprietor, who is the one point of contact, might also be traveling. When an official visits and the proprietor isn't there, the license often gets suspended. The GST officials need to account for all these things.”

An entrepreneur from Maharashtra said, “I need to travel for business purposes and for me to stay at the registered premise can result in heavy losses. I am trying to convince the officials that just because I was not there does not mean my license is fake. I am paying taxes and so there is no question of anything fake. But now I don’t know when I will get the license back.”

 

While combating fraudulent registrations is crucial, it is equally important to acknowledge the unique challenges faced by MSMEs. The business model of MSMEs and the complexities associated with the registration process require careful consideration. These businesses heavily rely on e-commerce operators (ECOs) and various services such as warehousing, workspaces, etc., and their circumstances should be taken into account during the drive. Attention should be given to ensure compliance with safety measures and legal provisions, including bank account validation, Aadhaar authentication, and providing necessary clarifications and rulings.

 

The collaborative efforts of the government, tax authorities, and industry stakeholders will be instrumental in striking a balance between combating fraud and supporting the growth of genuine MSMEs in India.

Stability and ability has added respectability to India: Union Minister of Coal and Mines

Sustainable and optimum mining technology is the need of the hour; Start-Ups are essential for the same: Union Minister for Coal and Mines

Union Minister of Coal and Mines, Shri Pralhad Joshi inaugurates 1st Mining Start Up Summit at IIT Bombay

Union Minister of State for Mines, Raosaheb Patil Danve chairs the concluding session of the 1st Mining Start Up Summit

Posted On: 29 MAY 2023 3:07PM by PIB Mumbai

Mumbai, 29 May 2023

 

“Today we are completing nine years of government. A lot has changed in these nine years. Stability and ability has added respectability to India” said Union Minister of Coal and Mines and Parliamentary Affairs, Shri Pralhad Joshi. He was speaking at the inauguration of the 1st Mining Start-Up Summit at IIT, Bombay in Mumbai. Also present on the occasion were Shri. Dadaji Bhuse, Minister of Mines, Government of Maharashtra, Shri. Vivek Bharadwaj, Secretary, Ministry of Mines, Government of India, Shri Sanjay Lohia, Additional Secretary, Ministry of Mines, Government of India and Shri Subhasis Chaudhuri, Director, IIT Bombay.

Speaking about the First Mining Start Up Summit, Shri. Joshi said, “Today, through the first Mining Start Up Summit we are moving a step forward towards changing aspirations of Atmanirbhar Bharat in this sector to a reality This first Mining Start Up Summit has 82 Start Ups and 140 participants. Dependence on imports leads to rise in costs and increase in foreign expenditure. To discourage imports we must have new ideas and thoughts.”

Elaborating on the development in the last nine years, the Union Minister further added, “From 500 million tonnes of coal production in 2014, today we are the largest producer and importer of coal. We have the fourth largest coal reserves. This year the production of coal has reached 850 million tonnes. We hope to stop import of thermal coal completely by 2025-2026. Further, a transparent system has been put into place for exploration and auction and all discretionary power has ended. From 300 Start-Ups in 2014, in the last nine years we have touched one lakh Start Ups and a hundred unicorns. They have created nine lakh jobs and added a cumulative value of 333 billion dollars. We however need to take this further. Sustainable and optimum mining technology is the need of the hour. For the same, Start-Up technology is essential.”

Explaining the stance of the government on supporting Start Ups, Shri. Joshi said, “The government is very clear on supporting the industry and businesses to do well. Through the revenue received from supporting industry and businesses, the government wants to help the economically weaker sections of the society. When people and government work with confidence and faith things change for the better.”

On the occasion he also appealed to PSUs to earmark some funds for buying products made by Start Ups.

The concluding session of the 1st Mining Start Up Summit was chaired by Shri Rao Saheb Patil Danve, Union Minister of State for Coal, Mines and Railways. 

Addressing the gathering, Shri. Danve said that the participants of the 1st Mining Start-Up Summit 2023 had brainstormed on solutions and ways to increase innovation in mining sector. The knowledge that emerges out of day-long sessions like this one, lead to many solutions. Prime Minister Narendra Modi has resolved to raise the innovation and development quotient in mining sector for realizing the dream of Aatmanirbhar Bharat. Our country is rich in mineral resources, yet we need to import some minerals. If modern technology can be employed to explore new mines, auction them and increase mineral production, then we may not need to import minerals anymore. 

Also present on the occasion were Shri. Vivek Bharadwaj, Secretary, Ministry of Mines, Shri. Sanjay Lohia, Additional Secretary, Ministry of Mines,  Ms. Farida Naik, Joint Secretary, Ministry of Mines and Dr. Sharad Kr. Saraf, Chairman, BOG, IIT, Bombay.

Addressing the audience, Secretary, Ministry of Mines Shri. Vivek Bharadwaj said, “This is a time of unlimited opportunity. Hence that is also the tagline of the Summit. The same is exemplified by the Prime Minister’s vision of Amrit Kaal.”

Earlier the Union Minister of Coal and Mines and Parliamentary Affairs, Shri Pralhad Joshi also inaugurated the state of art exhibition, showcasing the advancement of technology in mining sector.

   

 

About the 1st Mining Start Up Summit

The 1st Mining Start-up Summit has been organised in collaboration with Indian Institute of Technology, Bombay.  

The technical sessions that will follow the inauguration will witness the Ministry of Mines interact with the start-ups in the field of Mining and Metallurgy. This will help deliberate on how these start-ups equipped with different technology can contribute in the activities of mining sector and boost the capabilities of exploration and mining and enhance the efficiency of mining sector.

The summit will also be focusing on interaction with leading industries in the mineral exploration sector, financial institutions and banks. Students and young professionals working in the fields of exploration, virtual reality, automation, drone technology, consultancy, etc. will also be benefited from the event.

 

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PIB Mumbai |  Nikita / Darshana

 

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