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- 08/07/15--02:55: _Taro Provides Resul...
- 08/10/15--07:11: _Mindteck Reports Pr...
- 08/11/15--21:41: _Andersen Global Est...
- 08/12/15--05:00: _WNS (Holdings) Limi...
- 08/12/15--22:29: _Pro Fin Capital to ...
- 08/14/15--00:58: _Western Union Found...
- 08/14/15--22:00: _The Rohatyn Group t...
- 08/17/15--22:44: _TSYS Names Patricia...
- 08/18/15--22:05: _UAE Exchange India ...
- 08/19/15--04:21: _Kohli Ventures Inve...
- 08/19/15--22:40: _The SESAMES Awards:...
- 08/24/15--02:26: _Square Yards Launch...
- 08/24/15--05:45: _Visa Checkout Expan...
- 08/24/15--06:08: _I Squared Capital P...
- 08/24/15--23:56: _Scepter Partners Fo...
- 08/25/15--01:31: _Denham Capital Back...
- 08/25/15--03:00: _Exide Life Insuranc...
- 08/26/15--23:52: _Paytm to Launch Fin...
- 08/27/15--04:00: _Opus Consulting Acq...
- 08/27/15--05:30: _Square Capital Regi...
- 08/07/15--02:55: Taro Provides Results for Quarter Ended June 2015
- Net sales of $215 million, reflects an increase of $85 million. Last year’s quarter net sales were negatively impacted by a $79 million provision for price protection (current quarter’s price protection provision was $14 million). On a pro-forma basis, adjusted for the price protection provisions, the net sales increase would have been 10%. Sales volumes declined 10% as the result of an increase in competitor activity in the U.S. market.
- Gross profit was $172 million as compared to $85 million. Excluding the impact of the aforementioned price adjustments in both periods, the gross profit increase would have been 13% over the same period last year.
- Research and development (R&D) and Selling, marketing, general and administrative expenses remained relatively flat.
- Operating income increased $80 million to $134 million, primarily due to the benefits realized from the price adjustments in the prior year. Excluding the non-recurring items, operating income on a comparable basis, would have increased approximately 17%.
- Net income attributable to Taro was $104 million compared to $46 million, a $58 million increase, resulting in diluted earnings per share of $2.42 compared to $1.08.
- Cash flow provided by operations was $68 million compared to $36 million for the three months ended June 30, 2014.
- Cash, including short-term bank deposits and marketable securities, increased $77 million to $998 million from March 31, 2015.
- 08/10/15--07:11: Mindteck Reports Profit For Q1 2015-16
- Acquiring a new client that manufactures control and automation systems.
- Winning an offshore project with a semiconductor company specializing in data conversion and signal processing technology.
- Acquiring new business in the data center consolidation space with a large systems integrator.
- Designing a smart wearable device for a multinational electronics company.
- 08/11/15--21:41: Andersen Global Establishes a Presence in Brazil
- 08/12/15--22:29: Pro Fin Capital to Increase Stake in TERA
- A US$250,000 total grant to Teach For All’s efforts to increase and accelerate the impact of programs that are cultivating the leadership necessary for change in their countries.
- A US$100,000 total grant to support Teach For All partners Enseña por México, Teach For Austria, Teach For India, and Teach First in the United Kingdom. The grant will advance education, including secondary level education, through professional development and training of Teach For All program teachers.
- 08/17/15--22:44: TSYS Names Patricia Watson as CIO
- 08/19/15--04:21: Kohli Ventures Invests in Renewable Energy
- Kohli Ventures provides smart capital – financial and intellectual capital, guidance and connections; the Group takes an equity stake and representation on a company’s board.
- Unlike many other venture capitalists, Kohli Ventures’ investment horizon is medium to long-term - typical investment horizon is five years with a clearly defined exit strategy to deliver superior returns on investment such as via an Initial Public Offering or trade sale.
- The Group is not interested in small ideas operating in tiny niches – any investment must have the potential to benefit and improve the quality of life for all those around them.
- 08/19/15--22:40: The SESAMES Awards: Innovations That Herald Future Trends
- United States: Best Buy, Barnes & Noble, Barnes & Noble College, Cle de Peau Beaute, delivery.com, EllenShop.com, JustFab, LivingSocial, Shiseido, ShoeDazzle, Shutterfly, Sport Chalet Mobile, StudentUniverse, Under Armour, Taco Bell, Title Nine and zulily
- Australia: Event Cinemas, Village Cinemas, Hoyts, Moshtix, The Roses Only Group and Ticketek
- Canada: Grand & Toy and Heart and Stroke Foundation
Colombia: Archies, Agrocampo, BabyMarket, Carulla.com, Exito.com, Falabella.com, Myriam Camhi and Unicef (due to technology partner IATAI integrating Visa Checkout)
- China: China Merchants Bank, Shanghai Pudong Development Bank, China Everbright Bank, Bank of Guangzhou, and The Card Center, China Minsheng Banking Corp. Ltd.
United Arab Emirates: Mashreq, Emirates NBD, Majid Al Futtaim Finance, Dubai Islamic Bank, Emirates Islamic Bank
- In just the last two months alone, Visa Checkout saw a surge of activity, with an average monthly enrollment growth rate of over 30 percent in June and July 2015.
- Only one year after launching, the service has more than six million registered users, and has seen registered user sign ups increase by more than 92 percent since the beginning of 2015.
A unique plan that offers 3 variants to suit your life stage needs - Maxima Invest, Maxima Family, Maxima Child
The plan offers 3 optional investment strategies to help maximize wealth creation potential depending on your risk appetite
The plan provides flexibility for investing additional amounts, switching between 6 different funds and withdrawing money as well
- Choose from 3 Plan options to suit one’s life stage needs: Maxima Invest, Maxima Family and Maxima Child. One of the key highlight is that one can increase life cover in the same policy by moving from one plan option to the other in line with life stage needs and risk appetite
Comprehensive Life Cover: In case of an eventuality, the family receives payouts as per plan option chosen :
- Maxima Invest: The family gets higher of the life cover amount or the accumulated fund value
- Maxima Family: The family gets both the life cover amount and the accumulated fund value
- Maxima Child: The family gets the Life cover amount immediately. In addition, this plan option offers Premium Funding Benefit where all future premiums are funded by Exide Life Insurance till maturity
- Manage yourself: Choose from 6 fund options and switch between funds as per customer’s need
- Systematic Transfer Plan: Ensure exposure to equity in a systematic manner. Premium is initially invested in a Debt fund and then every month a pre- determined proportion is switched to an Equityfund
- Automatic Asset Rebalancing: Automatically adjusts equity exposure over the policy term. Starts with high exposure at the start of policy and gradually reduces it to conserve the fund as the policy approaches maturity
- Loyalty benefits added at the end of 10th, 15th, 20th Policy anniversaries
Business Wire India
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) provided unaudited financial results for the quarter ended June 30, 2015.
Quarter ended June 30, 2015 Highlights - compared to June 30, 2014
Cash Flow and Balance Sheet Highlights
Mr. Kal Sundaram, Taro’s CEO stated, “As we have stated in the past, we remain cautious of the ever-increasing pressure on our business from strong competition and the continuing industry and customer consolidations. We continue our commitment to building a strong, quality pipeline of products through our investment in our R&D efforts which, along with our business development efforts, will help to fuel our medium and long-term growth”.
FDA Approvals and Filings
The Company recently received approvals from the U.S. Food and Drug Administration (“FDA”) for the Abbreviated New Drug Applications (“ANDAs”) Desloratadine Oral Solution, 0.5 mg/mL and Loratadine Oral Solution USP, 1 mg/mL (Sugar Free, Bubble Gum Flavor, OTC). The Company has a total of thirty-two ANDAs and one NDA for Orphan indication, awaiting FDA approval.
Form 20-F Filings with the SEC
On July 1, the Company filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2015.
The Company cautions that the foregoing financial information is presented on an unaudited basis and is subject to change.
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.
SAFE HARBOR STATEMENT
The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company.The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2016.Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained.Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F.Forward-looking statements are applicable only as of the date on which they are made.The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share data)
|Three Months Ended June 30,|
|Cost of sales||43,474||44,863|
|Research and development||14,540||14,988|
|Selling, marketing, general and administrative||22,892||22,386|
|Settlements and loss contingencies||-||(6,500||)|
|Financial Expenses, net:|
|Interest and other financial income||(3,269||)||(1,568||)|
|Foreign exchange expense||4,200||5,242|
|Other income, net||352||406|
|Income before income taxes||133,793||51,225|
|Income from continuing operations||103,704||46,322|
|Net loss from discontinued operations||(31||)||(124||)|
|Net income attributable to non-controlling interest||37||100|
|Net income attributable to Taro||$||103,636||$||46,098|
|Net income per ordinary share from continuing operations attributable to Taro:|
|Net loss per ordinary share from discontinued operations attributable to Taro:|
|Basic||$ (0.00)*||$ (0.00)*|
|Diluted||$ (0.00)*||$ (0.00)*|
|Net income per ordinary share attributable to Taro:|
|Weighted-average number of ordinary shares used to compute net income per ordinary share:|
|*Amount is less than $0.01|
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
|Cash and cash equivalents||$||438,998||$||481,641|
|Short-term bank deposits||555,122||434,899|
|Restricted short-term bank deposits||-||199|
|Accounts Receivable and other:|
|Other receivables and prepaid expenses||257,228||250,911|
|TOTAL CURRENT ASSETS||1,570,950||1,513,807|
|Property, plant and equipment, net||152,902||153,045|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Current maturities of long-term debt||$||925||$||912|
|Trade payable and other current liabilities||248,079||309,093|
|TOTAL CURRENT LIABILITIES||249,004||310,005|
|Long -term debt, net of current maturities||4,740||4,976|
|Deferred income taxes and other long-term liabilities||5,260||5,381|
|Taro shareholders' equity||1,524,312||1,411,720|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||1,789,017||$||1,737,745|
TARO PHARMACEUTICAL INDUSTRIES LTD.
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
(U.S. dollars in thousands)
|Three Months Ended June 30,|
|Adjustments required to reconcile net income to net cash provided by operating activities:|
|Depreciation and amortization||3,913||3,964|
|Gain (loss) on sale of marketable securities and long-lived assets||48||(39||)|
|Increase in long-term debt due to currency fluctuations||-||206|
|Decrease in trade receivables||25,809||35,636|
|Change in derivative instruments, net||(5,198||)||(3,989||)|
|Increase in other receivables, prepaid expenses and other assets||(5,785||)||(42,651||)|
|Decrease (increase) in inventories||1,317||(8,656||)|
|Foreign exchange effect on intercompany balances||1,716||5,209|
|Decrease in trade and other payables and accruals||(57,226||)||(144||)|
|Net cash provided by operating activities||68,267||35,734|
Purchase of property plant & equipment
(Investment in) proceeds from sale of property plant & equipment and other intangible assets
|Investment in long-term deposits and other assets||(20,000||)||(14,708||)|
|(Investment in) proceeds from short-term and bank deposits||(92,124||)||90,078|
|Investment in marketable securities, net||(16||)||-|
|Net cash (used in) provided by investing activities||(114,548||)||69,390|
|Proceeds from the issuance of shares, net||-||13|
|Repayments of long-term debt||(223||)||(209||)|
|Net cash used in financing activities||(223||)||(196||)|
|Effect of exchange rate changes||3,861||2,978|
|Net (decrease) increase in cash||(42,643||)||107,906|
|Cash at beginning of period||481,641||209,967|
|Cash at end of period||$||438,998||$||317,873|
Business Wire IndiaMindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2015.
The company’s consolidated revenue for the quarter stood at Rs. 80.19 crore as against Rs. 82.41 crore for the corresponding quarter of the previous year ended June 30, 2014. Net profit for the quarter stood at Rs 5.00 crore as against Rs. 4.97 crore for the corresponding quarter of the previous year.
Commenting on the financial performance, Mr. Yusuf Lanewala, Chairman & Managing Director, said, “The Company is in its final phase of consolidation and we are excited with respect to the new initiatives we are taking in emerging areas, such as smart cities, smart health, smart governance, and the tremendous potential we foresee in the IoT space”.
Key highlights of this quarter include securing a wearable project for the world's first full-service semiconductor foundry, wherein Mindteck will be providing a wrist wearable Wi-Fi Wireless Notification Device (WND) hardware with firmware along with a ‘Bridge Software’. Mindteck also acquired a large medical device company as a new customer, and signed for business with a MNC semiconductor company for developing their communication protocol.
Mindteck’s notable activities in the recent past include:
Mindteck, a global technology company, provides Product Engineering solutions and Information Technology services to top-tier Fortune 100 companies, start-ups, leading universities and government entities worldwide. Its depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Mindteck has offices in the US, UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India, and four development centers: one each in the US and Singapore, and two in India (Kolkata and Bangalore). The company is listed on the Bombay Stock Exchange (BSE 517344) and is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). It is also a Founding Member of ‘The Atlas online’ – an interactive tool that provides visualizations of growth opportunities for over one hundred countries worldwide – for the Center for International Development (CID) at Harvard University.
Please contact email@example.com. www.mindteck.com
Business Wire India
Andersen Global is proud to announce a new presence in São Paulo and Campinas, Brazil with the addition of INOVV Consultores Associados. After joining the Andersen Family, INOVV will be known as Andersen Tax in Brazil. INOVV is the third member firm to adopt the name and the first to join Andersen Global in South America.
“I am confident that INOVV will be a great addition to Andersen Global,” shared Mark Vorsatz, CEO of Andersen Tax. “Their specialization in corporate international taxation will perfectly complement our international business development efforts and support our model of best in class service. Brazil is an important market and will have increasing global importance.”
Joining Andersen Global will be a total of 10 highly skilled professionals including partners Bernardo Oliveira and Leonardo Mesquita. Before starting INOVV, both Oliveira and Mesquita spent significant time at PWC. Together, they maintain extensive expertise in various service lines including indirect taxation (including VAT), direct taxation, tax advisory, labor & social security and international tax for individual and corporate clients of all sizes.
“Joining Andersen Global is a unique opportunity for us to rapidly grow our practice,” shared Mesquita, who will be the Office Managing Director of the São Paulo location. “We now have the opportunity to offer our clients comprehensive service around the world.”
With the addition of locations in São Paulo and Campinas, Andersen Global now has 43 international locations and more than 1,100 professionals worldwide. Andersen Global was founded by Andersen Tax in the United States in 2014. Andersen Tax was previously known as WTAS before changing its name in September 2014 after acquiring the rights to the Andersen name.
Business Wire IndiaWNS (Holdings) Limited (NYSE: WNS), a leading global Business Process Management (BPM) provider, today announced that the annual general meeting of its shareholders will be held on Monday, September 28, 2015, beginning at 11:00 am (Jersey time), at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, Channel Islands.
The Company's annual report on Form 20-F for the financial year ended March 31, 2015, containing its annual consolidated financial statements for the financial year ended March 31, 2015 and the auditors' report thereon, was filed with the Securities and Exchange Commission on May 5, 2015. The Company distributed the notice of annual general meeting, proxy statement and form of proxy on or about August 12, 2015.
The Annual Report, notice of the annual general meeting, proxy statement, form of proxy and ADR voting card are available on the investor relations page of the Company's corporate website, www.wns.com. Shareholders may also obtain a copy of the Annual Report, notice of the annual general meeting, proxy statement, form of proxy and ADR voting card, free of charge, by sending a written request to the Company Secretary, Computershare Company Secretarial Services (Jersey) Limited, of Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES, Channel Islands (attention: Client Secretariat, telephone: +44 (0)1534 281 800) or firstname.lastname@example.org, attention: Anupama Pai.
WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 200+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer care, technology solutions, research and analytics and industry specific back office and front office processes. As of June 30, 2015, WNS had 29,672 professionals across 37 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, United Kingdom and the United States. For more information, visit www.wns.com.
Business Wire IndiaPro Fin Capital Services Ltd. (PROFINC) (BSE: 511557), the leading financial solutions and services provider has intimated the Bombay Stock Exchange (BSE) that it has decided to acquire 80 per cent of the equity capital of Tera Natural Resources and Pellets Private Limited (TERA) in due course.
TERA, the bauxite mining company is an existing subsidiary of PROFINC which presently holds 46.92 per cent of its equity capital. The move, on part of PORFINC, is aimed at expanding its decision making ability in TERA and to mobilize the vast reserves of bauxite for which the company has obtained necessary approvals for mining.
TERA commenced commercial operations for bauxite mining in the Kolhapur District of Maharashtra, sometime in the first week of July 2015. The total reserves of bauxite in the mines are estimated to be 25 million tons.
“We are pleased with the positive development with TERA, so far and this move will further reinforce our belief in the market potential for bauxite. TERA has obtained necessary approval from the Office of the Director General of Mines for bauxite mining and the commercial contracts for selling the bauxite are in place,” says Mr. Anupam Gupta, Chairman, Pro Fin Capital Services Ltd.
PRO FIN CAPITAL SERVICES LTD.:
Profin Capital is one of the leading providers of solutions and services in the realm of financial sector. Promoted by a group of professionals, Profin Capital has grown consistently since inception. The Mumbai based Pro Fin Capital Services was incorporated in 1991 and since then has evolved as a services company with a focus on underwriting and marketing IPOs.
Business Wire India
The Western Union Foundation, reiterating its commitment to education, announced US$350,000 in total grants to Teach For All and four of its network partners in Mexico, Austria, India, and the United Kingdom.
These grants are part of Education for Better, a three-year commitment launched at the UN General Assembly in September 2012 by Western Union and the Western Union Foundation. The initiative includes philanthropic grants from the Western Union Foundation, advocacy, products/services, volunteer and marketing support for secondary and vocational education around the world:
The partner organizations have a shared vision for expanded educational opportunity in their countries, by recruiting and developing diverse individuals from a range of academic disciplines to commit two years to teach in high need classrooms and to work throughout their lives, both within and outside of education, in pursuit of expanded opportunity for children.
“Teach For All is proud to work with the Western Union Foundation to help expand educational opportunity across the globe,” said Wendy Kopp, co-founder and CEO, Teach For All. “The Foundation’s financial support, employee engagement, and volunteer activities continue to be key to the success of Teach For All’s efforts globally and to the efforts of our partners locally. We appreciate their support of these programs impacting thousands of teachers and students across 36 countries worldwide.”
Teach For All aspires to the vision that, one day, all children will have the opportunity to attain an excellent education. Given the breadth and severity of the problem, however, incremental improvements in education will not be enough to change outcomes for children from marginalized communities. Teach For All believes that mobilizing promising young leaders around the world and equipping them to drive innovative, broad-scale, and systemic change will help to catalyze the transformational improvements required to expand educational opportunity.
Today, Teach For All is a global network of more than 35 partner organizations, and its partners are fielding more than 16,000 teachers (selected from more than 100,000 applicants) who are reaching over 1.15 million children and have fielded over 43,0000 alums.
“Education plays a powerful role in changing peoples’ lives for better – translating into stronger, more resilient communities and economies worldwide,” said Patrick Gaston, president, Western Union Foundation. “Our partnership with Teach for All and its global network is an integral component of the Foundation’s Education for Better program, and demonstrates our continued commitment to financial inclusion and economic development.”
To date, the Education for Better initiative has provided more than US$12.7 million to enhance education efforts in 54 different countries for an estimated 1 million students and 17,000 teachersworldwide via charitable organizations such as UNICEF, Teach For All, UNESCO, Mercy Corps, Pratham, Save the Children and Jobs for America’s Graduates.
About The Western Union Foundation
The Western Union Foundation is dedicated to creating a better world, where the ability to realize dreams through economic opportunity is not just a privilege for the few but a right for all. Through its signature program, Education for Better, and with the support of The Western Union Company, its employees, Agents, and business partners, The Western Union Foundation works to realize this vision by supporting education and disaster relief efforts as pathways toward a better future. Our combined social ventures efforts make life better for individuals, families and communities around the world. Since its inception, The Western Union Foundation has paid more than $103 million in grants and other giving. These funds have been pledged to more than 2,760 nongovernmental organizations in more than 136 countries and territories. The Western Union Foundation, is a separate §501(c)(3) recognized United States charity. To learn more, visit www.westernunionfoundation.org, or Follow us on Twitter @TheWUFoundation.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit www.WesternUnion.com.
About Teach For All
Teach For All is a global network of more than 35 locally led and funded independent partner organizations with a shared vision for expanded educational opportunity in their countries. Each partner recruits and develops diverse leaders to commit two years to teach in their nations’ high-need classrooms and to work throughout their lives to increase opportunity for children.
Business Wire India
The Rohatyn Group (“TRG”), a leading emerging markets asset management firm, today announced that the firm, along with other existing shareholders, has entered into a definitive agreement with BNP Paribas SA (“BNPP”), a leading international banking and financial services provider, for a complete exit in Sharekhan Limited (“Sharekhan” or “The Company”). TRG-advised funds led the consortium of shareholders that invested in Sharekhan in 2007.
Sharekhan, based in Mumbai, India, is one of the country’s leading online retail broking house and a diversified consumer franchise. Launched in 2000 as an online trading portal, Sharekhan today has a pan-India presence with over 2,100 outlets serving more than one million private clients across 575 cities through its customizable internet platform and network of share shops. The Company provides services, including trade execution in equities, futures & options, commodities and currencies, portfolio management, investment advisory and distribution of mutual funds and other financial products. Sharekhan’s innovative and scalable trading platform seamlessly interfaces with all of the major banks for real-time cash transfers. It was also the first trading platform to offer a streaming interface for traders.
Tarun Shah, CEO of Sharekhan stated: “Despite weak market conditions in the years following the financial crisis, the investors led by TRG provided full support to our team. TRG’s strategy of calibrated growth helped us grow market share, increase customer acquisitions and expand physical footprint without compromising on profitability. We would like to thank TRG for its active role in the business as well as in finding a long term partner for Sharekhan’s next phase of growth.”
Siva Shankar, Managing Director of TRG, stated: “We were fortunate to have had the opportunity to work with Sharekhan’s world-class management team led by Tarun Shah to strengthen the Company over the course of our partnership. We are proud that Sharekhan has become one of India’s most recognized online brands. We believe that Sharekhan has a bright future ahead.”
Rajeev Kalra, Managing Director and Head of India at TRG, said: “TRG has made several successful investments in the financial services space in India across banks, non bank finance companies and brokerage companies. We are very pleased with our investment in Sharekhan, which validates TRG's investment strategy of backing proven management teams, leading businesses in their segment and creating value for all shareholders through an active partnership approach."
The transaction is subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.
Founded in 2002, The Rohatyn Group is a leading emerging markets asset management firm. Headquartered in New York, with offices around the globe including, Singapore, Hong Kong, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi. For more information, please visit www.rohatyngroup.com.
Business Wire India
TSYS (NYSE: TSS) announced that Patricia A. Watson, a 17-year veteran of the financial services industry, has been named senior executive vice president and chief information officer (CIO) effective September 14.
“Patty is well respected throughout the financial services industry, brings an impressive roster of skills and successes, is a demonstrated leader and clearly reflects the heart of TSYS as a concerned and active advocate for the people in her community and the world,” said M. Troy Woods, chairman, president and chief executive officer, TSYS. “I am thrilled to welcome her to the TSYS executive leadership team, and I know she will set the enterprise technology agenda to enable and deliver future global growth at TSYS.”
Watson comes to TSYS with more than 17 years of experience in the financial services industry serving in a variety of technology-related roles. Most recently she has served as vice president and global CIO for The Brinks Company, based in Coppell, Texas. Prior to joining Brinks, Watson worked with Bank of America for more than 14 years in a number of technology positions with increasing responsibility, including the role of senior technology executive for the bank’s treasury, payments and credit area.
Watson earned her bachelor’s degree in applied mathematics from Saint Mary’s College at Notre Dame in Indiana, and is also a graduate of the University of Dayton in Ohio, where she received her Master of Business Administration. Watson spent 10 years serving in the United States Air Force as executive staff officer, flight commander and director of operations.
Watson will report to Woods. She succeeds Ken Tye, who, during his 44-year career with the company, created the strategic direction that drives TSYS’ market-leading technology solutions for the payments industry.
At TSYS® (NYSE: TSS), we believe payments should revolve around people, not the other way around. We call this belief People-Centered Payments®. By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend®, A TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.
TSYS’ headquarters are located in Columbus, Ga., U.S.A., with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS is a member of The Civic 50 and was named one of the 2015 World's Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website. For more, please visit us at www.tsys.com.
Business Wire IndiaThe success of an organization dwells in the heart of customers, as “Acceptance worth 100 accolades”. The excellence in products and services of UAE Exchange India gained recognition in the minds of customers, around the nation to crown the “Most admired service provider in financial sector”.
UAE Exchange India, the leading financial institution has won the Asia’s Banking, Financial Services and Insurance Excellence awards for the category “Most Admired Service Provider” in Financial Sector. For the grand award ceremony held at Singapore, Mr. Mohd Khabir Mohd Yasin received the award on behalf of UAE Exchange India. “We really honor the great support and admiration of our customers and the devoted service of our people that has lead the way to this prestigious award” said V George Antony, Managing Director, UAE Exchange India on this occasion.
With the growing demand in financial solutions, UAE Exchange India carved the services to satisfy needs of customers. In the fast moving digital world, services and products were served to limit cost and time with greater convenience. UAE Exchange India had always a deeper perception towards improving people lives through meaningful innovation in the areas of financial solutions.
UAE Exchange India has diversified financial convenience best suited for changing perspective of the customers and therefore has been admired for its excellence in service through its 390 branches. The whole range of products served under one hub includes Foreign Exchange, Send Money Abroad, Air Ticketing & Tours, Gold, Vehicle and Personal loan, Inward Money Transfer, Domestic Money Transfer, Insurance and Share Trading. Stepping success, UAE Exchange India launched XPay Wallet, the new mobile app for easy payments and transactions, limiting cost and time.
Business Wire India
Kohli Ventures, a company focused on investing in pioneering advances that help transform people’s lives, today announces that it has invested in a leading renewable energy company called Zynergy. The multi-million dollar consideration is undisclosed.
Zynergy is a Singapore headquartered group offering end-to-end solar solutions; it currently operates across the emerging markets with a particular focus on India and has participated in various public-private partnership (PPP) initiatives and has within its portfolio solar energy generation plants with power purchase agreements in place. Furthermore, Zynergy has executed large distributed generation projects in India and has strong commercial ties with a number of African states to build Solar energy projects catering to the growing demand in the region.
Zynergy has a high calibre engineering team, offering Engineering, Procurement and Construction (EPC) turnkey solutions and an exceptional Research & Development division specializing in creating innovative and affordable energy solutions. Its significant intellectual property has the ability to disrupt prohibitive cost barriers and democratise solar energy by making the products more affordable to the mass market. Compared to standard water pumps, Zynergy Solar Water Pumps cost significantly less, solving a big problem for farmers throughout the emerging markets and beyond. Zynergy has an innovative line of products not only in solar lighting but also in water filtration, water pumps, and refrigeration, at a fraction of the cost.
Commenting on the transaction, Tej Kohli, the visionary entrepreneur and Chairman of Kohli Ventures, said:
"Zynergy is a high tech, renewable energy business that has the ability to transform lives by increasing access to powerful technology through innovation and engineering excellence.It is our intention to use our extensive experience and financial resources to exploit the full commercial potential of this business globally whilst making a major social impact as part of our growing portfolio of investments in this sector."
The Company has targeted a revenue stream in excess of $400m by 2017, and is confident to achieve this given the forward purchases on its order book.
The founder and Managing Director of Zynergy, Rohit Nath, who has helped build the company to where it is today, said:
“This alliance is a huge leap forward for Zynergy in realising its strategic goals to become a leading player in the renewable energy sector. Our objective is to directly impact the lives of the masses through integrating the latest technology in the market and reducing harm to the environment, whilst at the same time help create additional income for ordinary people. Kohli Ventures’ philosophy is the perfect fit for Zynergy, as the Group prides itself on real social enterprise. The fit could not be better for us under the leadership of the Chairman, Tej Kohli.”
Notes to Editors:
Business Wire India
Organised as part of CARTES SECURE CONNEXIONS, the SESAMES Awards are given to the 10 best technological innovations in the smart card, digital security, identification, secure transactions and contactless technologies sectors.
For this 20th edition, participants from 15 countries have presented their projects to the keen and critical scrutiny of a panel of international experts.
The SESAMES Awards: Banking & Payment Application category well represented
An undisputed hallmark of excellence, the SESAMES Awards, which celebrate their 20th anniversary in 2015, will once again pay tribute to projects that reflect the dynamism of innovation in the trust-based technologies industries.
The 2015 edition has attracted a host of entrants and introduced two new categories: Best Joint Initiative, awarded to projects carried out in partnership between several companies with common economic and social objectives and Best Connected Objects Applications, which acknowledges the rapid development of connected objects in recent years.
Olivier Trebucq1, panel member for the "Discovery" category observes: "Once again, the SESAMES awards 2015 has been a huge success. Most technologies and applications were seen in the "Best Banking & Payment Application" with almost 50 proposals. Many projects in the "Best IT Security Solution" and "Best Identification Application" categories also meet growing requirements for security and ID verification in online exchanges and commerce. In general, the innovations that have been presented meet the expectations of network operators and service providers who need to take account of mobile use".
A competition showcasing innovation and providing media exposure
The 2015 competition has attracted companies from 15 countries and was open to all innovative projects regardless of whether the entrants are exhibiting at the CARTES SECURE CONNEXIONS exhibition. This free competition draws entries from all types of companies from start-ups and SMEs to major global leaders.
The winners of this 20th edition will be announced at the awards ceremony which will take place on 17 November, the first day of CARTES SECURE CONNEXIONS.
After the ceremony, the winners of each category have the chance to present their innovation during "Innovation Breaks" on "Innovation TV", the television platform set up at CARTES SECURE CONNEXIONS. Throughout the exhibition, images will be broadcast offering the winners unique exposure and credibility as testified by the winners of the 2014 edition.
Mareike NEUMAYER, Senior Communications Manager, business Solutions Division - Morpho: "As winners of a SESAMES in 2014 with the MorphoTablet™, we were able to present our new product to a relevant audience and enhance our brand reputation. CARTES Secure Connexions allowed us to access additional communication channels. Communication about the SESAMES awards gave our product a lot of visibility. Our award-winning product MorphoTablet™ has been deployed in significant numbers in various countries throughout the world. A new-generation biometric tablet is will soon be release. The SESAMES competition is a great platform through which Morpho was able to show its innovative credentials."
Henning MOELLER, Product Manager OTAbility - Comprion: "It was a great honour for the entire OTAbility development team to win a SESAMES Award in the Manufacturing and Tests category. Convincing an independent panel motivated us to develop our OTA solution with our clients. OTA solutions are on a roll thanks to the growth of M2M, IOT and eUICC. OTAbility has become a standard part of our full range of testing tools. We view the SESAMES Awards as a seal of quality which we highlight in our marketing and communication operations throughout the year.
Mattias Eld, CEO and Co-founder - Fidesmo AB: "The SESAMES Awards are the most prestigious innovation awards in the smart card and secure transactions industry. As such, it shows that we are recognised as an innovative company in the sector. This opens doors for us in terms of the media and new clients, which are the most difficult hurdles for a startup to overcome.
We have recently launched our service with the Swedish Sunfleet Group and the website triply.se. We are currently developing our service for other form factors and applications. The SESAMES Awards are a rare opportunity to show the entire industry what you have achieved. When you win one, you can be genuinely proud as you know that the judges are aware of all the work that has gone into the product and all the fine detail required to reach this level. It was one of the proudest moments of my life."
A panel of international experts to choose the 10 winners
Entries are submitted to a panel of 34 international experts all recognised within their field of expertise.
Here is a list of panel members for the 2015 edition of the SESAMES Awards:
BEST IDENTIFICATION APPLICATION
|Donald E. Malloy, Chairman - Initiative for Open Authentication - OATH|
|Max Snijder, CEO - European Biometrics Group|
|Frédéric Trojani, Chairman - Secure Identity Alliance|
BEST IT SECURITY SOLUTION
|Jean-Noël Georges, Global Program Director - Frost & Sullivan|
|Jorge F. Krug, CIO and IT Director - Banrisul|
|Al Pascual, Senior Analyst – Security, Risk & Fraud - Javelin Strategy & Research|
BEST TRANSPORTATION APPLICATION
|Laurent Cremer, Executive Director - OSPT Alliance|
|Greg Pote, Chairman - Asia Pacific Smart Card Association (APSCA)|
|Nicolas Raffin, President - Smart Payment Association|
BEST BANKING & PAYMENT APPLICATION
|Stefano Vincenzo Ciminelli, Executive Director, EMEIA Financial Services - Ernst & Young|
|Michelle Evans, Senior Analyst, Consumer Finance - Euromonitor|
|Eric Nizard, President - EESTEL European Experts in E-Transactions Systems|
|David Robertson, Publisher - The Nilson Report|
|Christophe Uzureau, Research VP - Gartner Industry Advisory Services|
BEST MOBILE SECURITY SOLUTION
|Daniel Bachenheimer, Unique Identity Services, Global Head - Accenture|
|Sergio Cozzolino, VP Strategy & Innovation - Telecom Italia - GSMA|
|Kevin Gillick, Executive Director - GlobalPlatform|
|Nathan Hilt, Director - PwC|
|Liisa Kanniainen, VP, Corporate Mobile Solutions - Nordea Bank|
BEST RETAIL SOLUTION
|Angelo Caci, Owner - Caci Consulting|
|Vincent Druguet, Deputy General Manager - DigitasIbi|
|David Parker, Director - Polymath Consulting|
BEST MANUFACTURING & TESTS PRODUCT
|Pierre Métivier, Founder - NET7 Innovation|
|Jean-Jacques Quisquater, Director - Math RiZK|
|Fredy Yiap, Publisher & Editor in Chief - CardsNow! Magazines|
BEST CONNECTED OBJECTS APPLICATIONS
|Pierre Courrieu, Partner – Cepheid/Consulting|
|Jean-Christophe Lecosse, General Manager - CNRFID|
|Thierry Spanjaard, Chief Editor - Smart Insights|
BEST JOINT INITIATIVE
|Marilyn Bochicchio, CEO - PayBefore|
|Frazier Evans, Payments Director - Booz Allen Hamilton|
|Timothée Mangenot, President - Eurosmart|
|John Devlin, Principal Analyst and Founder - P.A.I.D Strategies|
|Guillaume Rio, Technology Trends Manager - L’Echangeur|
|Olivier Trebucq, Head of Cloud, Big Data, Privacy - INRIA|
Panel members selected the finalists and winners of the SESAMES Awards based on 3 fundamental criteria: how innovative the product/service submitted is, how suitable it is for the market and the strength of the pitch.
Upcoming dates for the competition:
The panel will examine entries throughout August up until 27 September with product finalists officially announced on 1 October.
1 Cloud, Big Data, Privacy – Directorate General for Data Transfer, INRIA
Business Wire IndiaSquare Yards, a technology-enabled transaction platform for primary real estate, announces the launch of its Square Connect mobile app for real estate brokers, independent financial agents, stock broking firms and financial institutions. The app provides them access to a much larger primary real estate inventory opening up more possibilities to do business outside the current area of operations and helping them potentially earn higher commission slabs from developers.
Square Connect is India’s first mobile-only aggregation platform for primary real estate and has already pre-enrolled 10,000+ real estate brokers across 12 different cities. It has tie ups with 25+ top stock broking firms, financial institutions and online firms. It aims to reach 100,000 brokers and hit 100+ institutional tie ups by the end of FY16. This would be the largest distribution network of primary real estate anywhere in the world.
Small real estate brokers and agents have excellent local relationships with customers but they are constrained in their ability to source good deals from grade-A developers. Even when they are able to get a good deal, they are not able to demand a good account receivable period because of the relatively low number of transactions. Most of these agents are forced to then work with smaller developers or resell where margins are typically low. Similarly independent financial consultants and stock broking firms, in spite of having a large and influential customer base, are not able to offer real estate asset class to their clients because of their lack of relationships with the developers.
Brokers and agents who are enrolled for the Square Connect program can use the app to view exclusive sourced deals from grade-A developers in top 12 cities in India, make bookings through the platform and track status of their payments with complete transparency. The app provides a dashboard to view complete transactional details and history of a booking and gives notifications on key changes in the status of the transaction like client KYC approval, slab confirmation, collections from developers and payments of earned brokerage – all this with support of a dedicated relationship manager and a CRM help desk – to ease out the operational difficulties faced by them while dealing individually with the developer.
Tanuj Shori, Founder & CEO of Square Yards, says – “With the Square Connect program, we are pivoting our business model to be more of a technology-enabled aggregator and distributor of primary real estate rather than a pure play transactions advisory. In the last 20 months, Square Yards has been able to generate exceptional growth rates in all key metrics, and currently transacts >300 transactions/month and USD1M+ Net Revenues/month with GTV ~USD 40mn/month - more than any organized online or offline real estate player in India. Square Connect’s unique platform will help Square Yards to reach the targeted 20% market share of primary residential market in India by consolidating supply and demand, creating significant barriers of entry through scale, sourcing capabilities, and use of technology to enable multi modal distribution platforms”.
Sahil Shah, Co-founder & Principal partner, who also heads the Square Connect program, adds – “Just like how an Ola/ Uber brought about a change in the lives of the cab drivers, life of a real estate agent will now see such a major transformation with the Square Connect program and mobile app. We are creating a platform where they get access to exclusively sourced deals and inventory from grade-A developers across India, an opportunity to earn higher commission slabs from developers with the power of demand aggregation, and increased productivity without worrying much about operations hurdles - in a way enabling them to focus on their core business i.e. meeting clients and closing transactions.”
App Download Link: https://play.google.com/store/apps/details?id=in.squareconnect
About Square Yards
Square Yards is a technology-enabled transaction and aggregation platform for Global real estate. Founded in 2013 and growing at a scorching pace, Square Yards is already the #1 pan-India distributor by revenues for the primary residential real estate in India, and it enjoys a virtual monopoly in the NRI markets. In the last 20 months, Square Yards has been able to generate exceptional growth rates in all key metrics, and currently transacts >300 transactions with GTV crossing USD 400mn a year.
Headquartered in Gurgaon, Square Yards has established its presence in 21 Indian cities, 6 countries and serves more than 3500 satisfied customers. It is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 850 employees. Square Yards has and is creating significant barriers of entry through scale, sourcing capabilities, demand aggregation, and use of technology to enable a multi modal distribution platform which will help consolidate its positioning as one of the most innovative, largest and scalable aggregator and e-commerce enabled platforms in India.
Business Wire India
Visa Inc. (NYSE:V) today announced continued global success of Visa Checkout, the online check out service that allows shoppers to pay with their cards online and on any device, with just a few clicks. In recent months, no less than thirty-three new merchants, ranging from Best Buy and Under Armour to Barnes & Noble and Taco Bell, have signed on to offer Visa Checkout.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20150824005196/en/
The rapidly expanding list of merchants will continue to make it easier for consumers to buy everything they need online, on any device, using Visa Checkout. The newly signed merchant partners by country include:
“At Barnes & Noble College, we are all about delivering the ultimate experience to our students and other customers, and that includes offering choice and convenience in their payment options,” said Lisa Malat, vice president, operations, and chief marketing officer of Barnes & Noble College, which serves over 5.3 million students and faculty members, and operates 724 campus stores nationwide. “Our partnership with Visa Checkout offers exactly that, making the purchasing process simpler for students, while offering them opportunities to save money through discounts on back-to-campus purchases. We’re very excited to be partnering with Visa Checkout to bring this strong value proposition to our students.”
In addition to the range of new, global merchants, more issuers around the world are also offering Visa Checkout to their customers to enable fast, secure online shopping from anywhere. This is especially true in China and United Arab Emirates, where consumer demand for overseas goods continues to grow, and issuer partners now include:
As of August 10, 2015, China Merchants Bank (CMB) and Shanghai Pudong Development Bank (SPDB) are the first two issuers in the world who have launched Visa Checkout’s mobile app inline provisioning within their banking apps, providing their customers with an easy way to enroll in Visa Checkout for shopping online at overseas merchants.
“It’s great to see banks like CMB and SPDB bringing best-in-class enrollment experiences to their customers in China who are eager to shop overseas,” said Senior Vice President of Visa’s Digital Solutions, Sam Shrauger, who recently outlined Visa’s Checkout strategy in a pymnts.com article. “As more merchants and issuers integrate Visa Checkout, the number of consumers seeing the benefit of a faster online checkout experience also grows. We’re starting to see the network effect kick-in.”
Co-Marketing Success Stories
Visa Checkout’s early success is due not only to its international expansion, but also to a series of successful co-marketing campaigns that have helped drive consumer usage while bringing new value to our innovative partners’ brands. For example, during a recent co-marketing campaign with Visa Checkout, Gymboree observed that nearly half (43 percent) of customers using Visa Checkout to make a purchase were net new customers to their Gymboree site.
To kick-off the fall, Visa Checkout will partner with The Ellen DeGeneres Show for the season 13 premiere week. Viewers will see Visa Checkout and key merchant partners in and around Ellen’s exciting premiere week, both in Los Angeles and New York City.
Visa Checkout will launch several new global co-marketing campaigns with merchants this fall, ranging from consumer promotions to social media campaigns and sponsorship marketing. Merchants that have previously partnered in successful promotional campaigns include Dunkin’ Donuts, Fandango, Gymboree, Pizza Hut, Virgin America, Williams-Sonomaand zulily in the U.S., Cineplex Theatres and Indigo Books & Music in Canada and Freedom Pizza in the United Arab Emirates.
Growth by the Numbers
The expanded list announced today brings the number of merchants offering Visa Checkout to nearly a quarter million globally, while financial institution partners have grown to over 330.
“Consumers expect to get what they want, when they want it in digital commerce channels and eliminating friction in the buying experience is a big part of that,” said Thad Peterson, Senior Analyst at Aite Group. “Shopping cart abandonment has been a big problem for merchants and providing a secure and seamless shopping experience increases sales. It’s essential that merchants provide customers with the tools to make shopping and buying fast and easy—and Visa Checkout does just that.”
Visa Checkout: The Easier Way to Check Out
Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, and click a button to complete the purchase.
Since its launch less than a year ago, more than six million customers have signed up for Visa Checkout accounts. Nearly a quarterly million large and small merchants and over 330 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, and Virgin America.
Visa Checkout is available in 16 countries around the world. These are: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
MULTIMEDIA AVAILABLE :
Business Wire India
I Squared Capital, through its ISQ Global Infrastructure Fund, is pleased to announce an investment in Amplus Energy Solutions Private Limited (“Amplus”), an owner and operator of distributed rooftop solar power in India.
Amplus constructs and operates distributed rooftop solar projects for industrial and commercial customers under long-term power purchase agreements. Rooftop solar power eliminates the need for costly and inefficient transmission by generating and consuming electricity within the same area. According to the Central Electricity Authority (CEA), power generation in India produced 0.82 metric tonnes of carbon dioxide for every megawatt hour of net electricity generated in 2014. In contrast, Amplus generates power with zero emissions, while at the same time enabling its customers to lower their long-term electricity costs. The current Amplus portfolio contains projects for diverse customers, including leading multinational companies.
Amplus was founded in 2012 and is run by veterans of the power industry with extensive experience in global companies like AES, NTPC, Mirant and SBI Capital Markets. With the investment from I Squared Capital, Amplus seeks to expand its footprint and become a leader in rooftop solar in India and Southeast Asia. Amplus is setting up a state-of-the-art centralized monitoring facility in the outskirts of Delhi and growing its project and field teams across India.
Distributed or rooftop solar is a green technology that can provide significant economic and environmental benefits. Under the Modi government, the Ministry of New and Renewable Energy has targeted the development of 40 gigawatts of rooftop solar by 2020. “Meeting such a goal requires substantial investment from both the public and private sectors,” said Gautam Bhandari, Partner at I Squared Capital. “We are proud to partner with Amplus to bring this efficient and sustainable technology to more customers in India and beyond. Amplus is setting up an office in Singapore to pursue opportunities there as well as in other Southeast Asian countries.”
“Rooftop solar installed by Amplus allows industrial and commercial customers to lower their electricity bills with no upfront capital costs,” said Sanjeev Aggarwal, CEO of Amplus. “We provide construction capital, guaranteed implementation timelines as well as ongoing operations and maintenance. Our power purchase agreements offer customized tariff options lower than grid tariffs—the resulting savings can begin from day one of installation. With sizeable backing from I Squared Capital, we now have the resources and capital to build a leading distributed solar company in India and Southeast Asia.”
About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.
Business Wire India
Scepter Partners, a standing syndicate of sovereign investors and ultra-high net worth families, announced the formation of its core merchant banking division with veteran investment banker Anthony J. Steains and his former Blackstone Advisory Partners Asia team. Mr. Steains will lead all merchant banking activities of Scepter, which will consist of syndication, structuring and execution.
The formation of Scepter’s merchant banking division creates one of the most experienced merchant banking specialists focused on family offices and sovereign wealth. The team led by Mr. Steains has directly advised on many landmark transactions and is one of the most experienced M&A teams in Asian industrials and natural resources. Scepter will announce a series of vehicles in the coming months around its focus to acquire high quality large cap assets in natural resources, infrastructure and real estate.
Headquartered in Bermuda with offices in New York, London, and Beijing, Scepter is a standing syndicate of ruling families, ultra-high net worth industrialists and sovereign wealth funds led by Chairman and CEO Rayo Withanage. Scepter’s core stakeholders have committed over $14 billion in discretionary assets to underwrite and execute large cap transactions for participation by some of the largest direct investors in the world. For more information, please visit www.scepterpartners.com.
Neither Scepter Partners nor its merchant banking division are authorized by the Financial Conduct Authority to carry on an investment business, licensed by the Securities and Exchange Commission or authorized/licensed by any financial services regulatory body. Nothing in this announcement is intended to be, or should be construed as an invitation, offer or inducement to any person to engage in any investment activity.
Business Wire India
Denham Capital, a leading global energy-focused private equity firm, and Nexif, a Singapore-based independent power management company, announced today a partnership to develop, finance, construct and opportunistically acquire conventional and renewable power generation assets across Southeast Asia. The platform marks a return to the region for Denham and builds upon Nexif’s strong experience and relationship base.
“We are excited to team with Denham in chartering the next phase of Nexif’s growth. Southeast Asia has a tremendous need for new power generation and we look forward to working with governments, our partners and the region’s communities to provide electricity solutions that are both economical and reliable,” said Surender Singh, a Founder and Co-Chief Executive Officer of Nexif Energy.
With Singh and fellow Founder and Co-Chief Executive Officer Matthew Bartley are Nexif’s team of highly experienced power development professionals. Together, they have developed, financed, constructed or exited more than four gigawatts of projects with an enterprise value of $4.3 billion in Asia, Australia and the Middle East.
“The Denham and Nexif Energy teams are leaders in the power generation development and investment space, having undertaken several projects in Asia and other global markets. We will be in a privileged position to take advantage of opportunities in our target markets and look forward to establishing this new platform as a leading power generation developer in Southeast Asia and Bangladesh, with potential future expansion into other regional markets,” added Bartley.
During the last five years, the Nexif team worked as the manager for InfraCo Asia, an infrastructure platform funded by several European government development finance institutions. Prior to that, the core senior team also worked together under the leadership of Singh and Bartley in the Southeast Asia region for many years.
“Denham Capital is delighted to partner with Surender, Matthew and their proven team with an outstanding track record in power sector,” noted Scott Mackin, Managing Partner and Co-President at Denham Capital. “They are perfectly suited to build on our previous work in the region, which includes the successful development, construction and ultimate sale of our interest in GNPower’s 600 megawatt Mariveles power generating plant in the Philippines. Through the Nexif Energy platform we anticipate investing more than $200 million in project equity across the region.”
In addition to its GNPower investment, Denham’s Power team is currently active in Australia through its portfolio company, OneWind Australia. It also recently exited its investment in international solar developer Fotowatio Renewable Ventures (FRV), which has significant activities and a team on the ground in Australia.
“The partnership with Nexif follows our strategy of backing the best management teams to develop and construct contracted power generation assets in high-growth markets with a fundamental need for power,” added Saurabh Anand, Director at Denham Capital.
Nexif was established by experienced professionals with a proven track-record in the development, financing, acquisition, restructuring, management and divestment of infrastructure assets. Nexif is headquartered in Singapore, and has offices and extensive networks across Asia. Since 2010, Nexif, as manager of InfraCo Asia, has been originating and developing infrastructure project for InfraCo Asia through its subsidiary Nexif (InfraCo) Management Pte. Ltd. It is currently in the process of transitioning from that role with InfraCo Asia to undertake other growth opportunities. For more information about Nexif, visit www.nexif.com.
About Denham Capital
Denham Capital is a leading energy and resources-focused global private equity firm with more than $7.9 billion of invested and committed capital across seven fund vehicles and offices in London, Boston, Houston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving power generation, oil and gas, and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.
Business Wire India
Exide Life Insurance Company Limited, an established and profitable life insurance company, today launched Exide Life Wealth Maxima - a unique unit linked insurance plan. In addition to the opportunity to maximize wealth creation, the plan gives the unique option to increase life cover at different life stages.
Commenting on the launch of Exide Life Maxima Wealth, Rahul Agarwal, Chief Distribution Officer, Exide Life Insurance said, “I am pleased to announce the launch of Exide Life Wealth Maxima that aims to help Indians tap the wealth creation opportunity in Indian capital markets over the long term. We advise our customers that in order to benefit from ULIPS, they must invest systematically and stay invested for the long term. Exide Life Wealth Maxima packs many features and benefits in a single plan. This allows customers to make the right decisions in line with their life stage needs and risk appetite. The plan also allows them to switch to another plan option in line with evolving protection needs.”
Key reasons why one should invest in Exide Life Wealth Maxima:
3 Investment strategies to suit risk appetite:
About Exide Life Insurance Company Limited:
Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001 and is head quartered in Bangalore. The company is profitable and serves over 10 lakh customers across India and manages over INR 8,800 crores in assets. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India.
Exide Life Insurance distributes its products through multi-channels viz. Agency, Alliances and Direct Channels. The Agency channel comprises of over 35,000 advisors who operate from over 200 company offices and customer care centers across the country. The Alliances business includes distribution relationships with banks, Corporate Agents, Brokers & Referral Partners.
Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in East and other parts of the country. The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
About Exide Industries Limited:
Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2015)
With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.
Please refer to the enclosed product leaflet for more details.
To Read the full PDF Click on the Link below:
Wealth Maxima Product Leaflet
Business Wire IndiaPaytm, India’s largest mobile commerce platform, is offering additional services for the benefit of its customers. It is all set to enter into the financial services business over the next two weeks. The company’s association with Manappuram Finance and Muthoot Fincorp will enable Paytm to diversify its portfolio of services.
The financial services business of Paytm will offer the customer the ability to repay his loans using Paytm. Paytm will kick-start the services with Gold loan repayment. Subsequently, Paytm would also provide the facility of renewing insurance policies on its platform. SBI General Insurance would be the first insurer to go live on Paytm.
Kiran Vasireddy, Senior Vice President – Paytm said, “We are excited to launch financial services which will enable us to tap into the ripe market for online financial transactions in India. We believe that this segment isn’t fully explored yet and we are set to disrupt the space with our technology infrastructure. The beta version for the new arm is ready and we will be leveraging data from our existing business to set the ball rolling.”
Paytm is India’s largest mobile commerce platform. With its mobile first strategy, Paytm does more than 100 million orders of various digital and physical goods every month. Launched in 2014, Paytm wallet is India's dominant mobile payment service platform. Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is head-quartered in Delhi NCR. The company’s investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.
Business Wire IndiaOpus Consulting, a leading provider of software solutions to the payments industry, today announced that it has reached another milestone in its growth journey by acquiring the prestigious MasterCard Emerging Payments Support Accreditation (MEPSA). The accreditation has been awarded as an acknowledgment for Opus expertise in general consulting, issuer and acquirer technical support activities.
MasterCard accredits third party companies to help their customers identify knowledgeable suppliers that can support them during and after migration to contact EMV, contactless chip products, deployment of new chip-enabled cards and terminals, mobile pay applications, cloud based payments, and digital enablement services.
On this recognition, Mr. Anand Ramakrishnan, President & CEO, Opus Consulting said, “This accreditation is a testimony of our deep domain knowledge and expertise in enabling our customers move to next generation payment systems seamlessly. With switchover to EMV becoming a norm, this development will play a crucial role in helping Opus increase its market share tremendously.”
Acquiring MasterCard Emerging Payments Support Accreditation is a stringent process and includes training of service provider’s staff, vetting their domain expertise and effectiveness in implementing software. The contenders were judged on all these parameters.
About Opus Consulting Solutions
Opus Consulting Solutions is a leading payments domain focused technology services provider headquartered in the US with solution delivery centers in Pune and Chennai. Our 800+ professionals combine a wealth of experience, domain expertise, technology capabilities and mature processes to deliver market-leading solutions in the service lines of platform transformation, digital, analytics, compliance and testing. Opus has provided innovative solutions for clients in more than 25 countries that include millions of sub-second stock transactions, prepaid card programs, card-less ATM withdrawals and integration of multiple channels such as traditional, web, mobile and kiosks for seamless service delivery.
For more information, please visit http://www.opussoft.com
Business Wire IndiaTaking a home loan after a property transaction is the most expensive borrowing that most of us would ever make in our lifetime. It involves whole life’s savings and encumbering oneself with lifelong EMIs. For such a vital decision, customers neither understand the fine print from various lending institutions, nor do they get unbiased advice to compare and discuss all the options under one roof. And when they get it in a learning and competitive environment, they make their decisions quickly.
Square Capital, the mortgage advisory wing under the aegis of Square Yards, today announced that it etched its mark in history by registering home loans worth 225 crores in just 2 days via a unique, first of its kind, finance workshop style home loan festival conducted in Mumbai. The financial Institutions who participated in the event were ICICI Bank, HDFC Ltd, Citibank, Standard Chartered Bank, Axis Bank & Aditya Birla Finance. There was a huge turnout witnessed for the event with 400+ customer registrations and approximately INR 2bn worth of home loans being registered under the advisory services of Square Capital.
The event was conducted in a finance learning workshop format where significant effort was put on educating the customers about various aspects of the borrowing process like interest rates, franking charges, multiple lender options, comparisons & documentation requirements. This was followed by a reverse pitching session where the lending institutions rolled out their best offers to the customers. On offer were best of deals and propositions from various banks in a healthy competitive atmosphere. Square Capital managed to get waive off on loan processing fee and Franking charges for the customers who registered on the spot. The loan processing is usually 0.50 – 1% of loan amount or INR 10,000/- + ST and Franking charges is approximately 0.20% of the loan amount.
Indrajit Sidhanta, Principal Partner & Business Head, Square Capital commented, “With Square Capital, we are creating a large advisory & aggregator business for mortgage industry in India. We are already among the top 5 in the country by revenues and are planning to significantly scale up the business through investment in technology. We are co-creating a platform that can manage the entire borrowing process on behalf of the client which includes credit scoring, helping choose of the right product from the appropriate lending organization, managing documentation, advising on professional issues pertaining to taxation & insurance and assisting the client till the entire loan is disbursed.”
Over Rs 20,000 crore worth of home loans are disbursed in India every month, as per a NHB report. The $250mn home loan mortgages advisory business in India is ripe for disruption by a true end to end service provider and aggregator that can offer unbiased and transparent advice to the customers and handholds them throughout their home loan journey from search, discovery to fulfillment and post transaction services.
Photo Caption : Indrajit Sidhanta from Square Capital, the mortgage wing of Square Yards, conducting the home loan finance workshop in Mumbai