Sloggi enters into the Indian market

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October 6, 2021

Sloggi, an international bodywear brand, has entered the Indian market and plans to grow its retail presence with the help of franchise partner Solar Group. According to a statement, Sloggi, a brand of Triumph International, a Swiss underwear company, aims for a 10% market share in the next two years.

By 2022, it intends to open ten outlets across India. It will concentrate on tier-2 cities as well as significant metros, according to its strategy.

Triumph India and Sri Lanka Commercial Director Santhosh Sivaramakrishnan stated the company plans to explore the possibilities of this market segment in India by expanding its operations. “We have already witnessed exponential growth here with our parent brand Triumph,” he added.

Sivaramakrishnan further said, “Going forward we are taking a page from the Triumph’s retail book and are looking at 1,000 plus consumer experience (POS) points to start within the first two years. We have leveraged our strength in MBO (Multi-Brand Outlet) partners, after which we plan on expanding into LFS (Large Format Stores) stores as well. We also plan to open ten exclusive retail stores by the end of next year”.

Sloggi will open outlets in Navi Mumbai, and Pune with the support of its franchisee partner Solar Group between October and December this year.

Royal Dutch Shell in discussion with CESL to invest $500 million

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October 4, 2021

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According to two people familiar with the situation, Royal Dutch Shell Plc is in talks with state-run Convergence Energy Services Ltd (CESL) to invest $500 million in the state-run firm’s decentralized solar sector. “The discussions have been on for a while, with the final term sheet expected to be signed shortly. The proposed investment is planned at the asset level,” one of the two people said, requesting anonymity.

In 2016, Shell established its New Energies branch. It also owns a 49% ownership in Cleantech Solar Energy, a Singapore-based company with a 500-megawatt (MW) portfolio in nations including India.

Global oil firms are increasingly interested in India’s green economy, which coincides with a growing global focus on enterprises that meet positive environmental, social, and governance (ESG) standards. Thailand’s PTT Group has purchased a 41.6% stake in Avaada Energy Pvt. Ltd for $454 million.

Malaysia’s state-owned oil and gas company Petronas and French energy giant Total are other global energy giants in India’s green energy field. Italy’s Eni SpA, Norway’s Statoil ASA, and Russia’s Rosneft are all interested in exploring the possibilities.

The talks between CESL and Royal Dutch Shell come at a time when the commercial and industrial (C&I) segment is gaining interest.

C&I projects are typically protected from hazards such as discom tariff shopping and power procurement curtailment.

Dr. Oetker buys startup Kuppies

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October 1, 2021

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Dr. Oetker, a German food company, has acquired Noida-based startup Kuppies to penetrate India’s vegetarian ready-to-eat cake market. The move pits the company, specializing in mayonnaise in India, against FMCG behemoths like Britannia, Mondelez, and ITC. After purchasing FunFoods in 2008, this is the company’s second purchase.

“We are trying to go where the consumer is. Globally, one strong pillar for us is cakes and the ingredients around cakes depending on whether people prefer to bake or consume ready-to-eat cakes,” Oliver Mirza, MD & CEO at Dr. Oetker, Indian subcontinent, said.

According to Mirza, Dr. Oetker India has set a target of Rs 300 crore in annual sales from the new market during the next 5-7 years. Food ingredients and ready-to-cook mixtures bring in about Rs 400 crore per year for the company.

Pride Hotels aims to add 50 properties by 2022

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September 30, 2021

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The Pride Group of Hotels announced on Wednesday that its portfolio would grow to 50 hotels by 2022. Presently, the group has approximately 3200 keys spread across 34 locations. Pride Hotels plans to have 50 locations with over 5000 rooms once the future openings are complete. According to an official corporate release, the group also intended to add 72 and 35 rooms to its five-star facilities in Nagpur and Pune.

Announcing the development, S P Jain, managing director, Pride Hotels Limited, said, “We would be expanding our footprints to 50 hotels nationally by 2022. The focus will be on an asset-light model for our expansion with a major slice of the portfolio managed directly by us. Most of these upcoming properties will be located in popular tourism & pilgrimage circuits, primarily in tier 2 and tier 3 cities. Over the years, we have significantly adapted to a new hospitality normal while also pursuing our growth plans. Presently we are treading cautiously on capital expenditure. However, once the market reaches the pre-pandemic level, we will come back to expansion mode for our flagship properties”.

Dehradun, Amritsar, Dwarka, Apati, Chandigarh, Faridabad, Gurgaon, Ujjain, Ratlam, Vadodara, and other cities are part of the new portfolio. The Pride Wonderland Resort in Apati is a resort and amusement park located halfway between Vadodara and Kewadia.

Pride Hotel Group owns and manages the Pride Plaza, Pride Resort, Pride Hotel, and Pride Biznotel brands.

Walton Street BlackSoil finalizes two projects

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September 30, 2021

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Walton Street BlackSoil Real Estate Debt Fund II (WSBREDF-II) has completed two transactions and invested Rs 110 crore in two residential projects in Chennai and Hyderabad.

The fund has invested Rs 65 crore in Krishnaiah Projects’ ‘Zion’ in Chennai and Rs45 crore in Jain Housing Constructions Ltd’s ‘Salzburg’ project in Hyderabad. Both developments fall into the middle-income housing category.

WaltonStreet BlackSoil Real Estate Loan Fund II announced in September that it had completed its first close of Rs 360 crore and will provide debt financing to mostly mid-income residential projects in India’s top six cities.

The debt fund is classified as a Category II Alternative Investment Fund (AIF) by India’s Securities and Exchange Board (Sebi). The fund aims to raise Rs 500 crore in its target corpus, with a green-shoe option of Rs 250 crore. Wholly funded by December, the fund has received investments from domestic high-net-worth individuals (HNIs) and family offices.

Both deals follow WSBREDF-strategy II’s of investing in residential structured debt projects with developers who prioritize execution and delivery.

The fund will make six to eight further investments in Hyderabad, Bengaluru, Chennai, Pune, Mumbai, and the National Capital Region.

According to the company, the deals are expected to provide debt capital support to developers and a steady cash flow to help them complete existing projects on time.

Zion is the final phase of a 1,800-family township being developed by Krishnaiah Projects in Chennai. Jain Housing’s ‘Salzburg’ has a reasonable price range and a proven track record of success. At the time of entrance, both projects had a significant amount of existing sales.

“The mid-income housing segment has shown great promise. In the last one year, the segment has gained prominence and has led the share of new launches. Gradual pickup in sales volume has been witnessed in this market segment following the recent relaxations in the lockdowns and other factors such as higher absorption than supply, improved affordability, and favorable government policies,” said Vimal Jangla, Managing Partner at Walton Street India.

“The focus of our second fund is to provide financing to developers with proven track records of execution across the mid-income housing sector in our key markets driven by end-user demand, to invest in key in-fill projects with full control over cash flow and visibility on financial closure and completion,” Jangla added.

Walton Street India and BlackSoil have collectively deployed approximately ₹1,500 crores of loan capital across fifty real estate deals since 2013, before the launch of WSBREDF-II.

BlackSoil recently bought Walton Street India’s real estate loan company and the previous India-based management team of Walton Street Capital, L.L.C. Kaushik Desai, Vinit Prabhugaonkar, and Jangla, lead the India management team. Walton Street India is no longer linked with Walton Street Capital, L.L.C., due to the buyout.

Marriott International signs 22 new agreements in South Asia

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September 29, 2021

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Marriott International announced 22 new hotel agreements in South Asia during the last 18 months, bringing the total number of rooms in the region to over 2,700. India, Bhutan, Bangladesh, Sri Lanka, the Maldives, and Nepal are among them.

Rajeev Menon – president Asia Pacific (excluding Greater China), Marriott International, said, “It is a sign of confidence from our owners and franchisees who have been an integral part of our growth journey. We are grateful for their continued support and trust in the power of our brands as we continue to welcome back travelers.”

More than one-third of the recently signed projects are luxury hotels and resorts, including JW Marriott and W Hotels. This shows the increasing desire for personalized, top-of-the-line amenities and services among travellers. In 2024, the W Hotels brand will make its debut in Jaipur with the opening of W Jaipur.

Over the next five years, the JW Marriott Ranthambore Resort & Spa in The Ranthambore National Park, the JW Marriott Chennai ECR Resort & Spa in Chennai, the JW Marriott Agra Resort & Spa in Agra, and the JW Marriott brand’s debut in Goa and Shimla are just a few of the hotels to look forward.

The JW Marriott Hotel Bhutan, Thimphu, is expected to open in 2025 and will feature customized experiences that honour the country’s peaceful culture.

The JW Marriott Resort & Spa, Embhoodhoo Finolhu – South Male Atoll, with 80 pool villas, will open in 2025, making it the Maldives’ second JW Marriott hotel. The agreement follows the release of the recently opened The Ritz-Carlton Maldives, Fari Islands, boosting Marriott’s footprint in the renowned leisure destination.

Marriott’s select brands, including Courtyard by Marriott, Fairfield by Marriott, Four Points by Sheraton, Aloft Hotels, and Moxy Hotels, continue to resonate across South Asia, accounting for more than 40 percent of the 22 new hotel projects inked. The Moxy brand, famed for its experiential, whimsical style and approachable pricing range, is set to launch in India and Nepal in 2023 and 2025, respectively, with Moxy Mumbai Andheri West and Moxy Kathmandu.

Courtyard by Marriott aims to add five more properties to its existing operating portfolio of 20 hotels in South Asia due to the recently signed agreements. Courtyard by Marriott Gorakhpur, Courtyard by Marriott Tiruchirappalli, Courtyard by Marriott Goa Arpora, and Courtyard by Marriott Ranchi are all set to launch in the next five years and will be located in India’s main tier-two markets. In Jaipur, Fairfield aims to open two new homes. The Courtyard by Marriott Colombo, which is set to open in 2022, is expected to be the country’s first Courtyard property.

The Katra Marriott Resort & Spa in India and the Le Meridien Kathmandu, which will be the first Le Meridien property in Nepal, are both expected to contribute to the rise of premium brands in South Asia. In addition, the Marriott Hotels brand is expected to make its debut in Bangladesh with the opening of the Bhaluka Marriott Hotel in 2024.

Godrej Properties signs a project in Mumbai

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September 29, 2021

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Godrej Properties Ltd announced on Wednesday that it has signed a deal to redevelop a plot of property in Mumbai’s Wadala region.

The 7.5-acre project will offer approximately 1.6 million square feet of saleable space, principally residential apartments in various layouts.

“We are happy to add this important new project in Wadala. This marks our entry into an important micro-market within Mumbai and fits within our current strategy of adding large projects across the country’s leading real estate markets. We will seek to ensure this project delivers an outstanding lifestyle for its existing and future residents,” said Mohit Malhotra, managing director, and CEO, Godrej Properties.

Godrej Properties, located in Mumbai, is launching several projects across the country this year. It has also been progressively acquiring projects to add to its portfolio, primarily made up of residential developments.

In December, the property developer agreed to buy an 18-acre land parcel in Bengaluru’s Whitefield area outright for an undisclosed price.

The project has a development potential of 2.4 million sq ft of saleable area, with the majority of the units being residential apartments in various layouts. Before that, it has added two more projects in Mumbai and Bengaluru.

On the inauguration day of the second phase of its ‘Godrej Woods’ project in Noida in September, the business said it had sold 340 residences totaling half a million square feet for Rs 575 crore.

Amazon introduces roaming robot

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September 29, 2021

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The latest Amazon robot can hear, see, and follow you around the home, but it’s not Rosey the Robot.

Astro, Amazon’s version, doesn’t cook or clean like the animated character from “The Jetsons,” but it can check if the stove is on while you’re away and send an alert if someone it doesn’t recognise enters the house.

It avoids walls and dogs with the help of cameras, sensors, and artificial intelligence, and Amazon claims that Astro — which is also the name of the Jetsons’ dog — will only get wiser over time. It may carry snacks or a can of soda across the house.

Amazon announced a plethora of devices Tuesday as part of its annual event ahead of the holidays, including a $1,000 robot which will be sent out to customers later this year.

Astro, on the other hand, was the star of the show. During the virtual event, Amazon executive David Limp invited the 17-inch (43-centimeter) tall robot on stage and asked to beatbox. As it performs duties, its round digital eyes close and enlarge, giving it a human-like feel.

Amazon stated that only a limited quantity of Astros will be sold, but did not specify how many.

Aside from the robot, Amazon also introduced a picture frame-like screen with Amazon’s Alexa voice assistant embedded in that can be placed on a wall. According to the business, users will be able to see recipes, check their calendar, or watch a TV while cooking.

Also, on Tuesday, the Seattle-based business announced that its Echo listening devices will be installed in Disney hotel rooms next year, allowing customers to get towels from room service or inquire about the quickest route to a theme park.

Elon Musk becomes the Richest Person again

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September 28, 2021

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On Monday, Elon Musk became the third person in history to be worth $200 billion, thanks to a surge in Tesla shares, which made him the world’s richest person. His achievement follows that of Amazon founder and space competitor Jeff Bezos, who crossed the $200 billion threshold for the first time in August 2020, and luxury billionaire Bernard Arnault, who did so briefly last month. Musk’s electric vehicle firm Tesla’s stock maintained its four-month rise, finishing up 2.2 percent at $791.36, the highest level since February. Musk’s net worth increased by $3.8 billion on Monday, to $203.4 billion at the conclusion of trading. He surpasses Jeff Bezos, whose fortune dropped $1 billion to $197.7 billion on Monday as Amazon shares lost 0.6 percent. Musk is now even wealthier than he was at Tesla’s high in January, when he temporarily became the world’s richest billionaire for the first time, thanks to fresh stock option awards that have boosted his ownership in the company; he now owns roughly 73.5 million Tesla options worth $53 billion.

L&T Infotech collaborates with eClinicalHealth

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September 28, 2021

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Larsen & Toubro Infotech Ltd (LTI) and eClinicalHealth Ltd have signed a strategic partnership to drive digital innovation in the R&D Clinical Trials Management process for patient-centric drug development. By establishing new clinical research benchmarks, the alliance is expected to assist clients in decentralizing clinical trials.

The partnership is significant because an estimated 86% of clinical studies are delayed owing to patient engagement difficulties, mainly recruiting and retaining participants, which is a time-consuming and expensive procedure, according to LTI.

To solve this issue, eClinicalHealth recently launched Clinpal, a cloud-based patient-centric software-as-a-service (SaaS) solution that boosts patient participation throughout the clinical trial process.

LTI will accelerate collaborative go-to-market efforts and faster deployment for Clinpal adopters as part of this agreement. The solution will employ exponential technologies like analytics and artificial intelligence (AI) to improve patient engagement and speed up clinical research.

“Our endeavour with eClinicalHealth partnership is to accelerate and streamline the enablement of decentralized trials, to reduce patient burden and drive acceleration of clinical trials. With this partnership we aim to accelerate the development and deployment of eClinicalHealth’s Clinpal platform in clinical trials for the industry,” said Archana Ramanakumar, global delivery head – Life Sciences, Media, Consumer & Technology, LTI.

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