Apple supplier Pegatron partners with Microsoft

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October 6, 2021

Pegatron, an Apple supplier, is partnering with Microsoft to build private 5G networks, according to Nikkei Asia.

According to the article, Pegatron, the second-largest iPhone assembler after Foxconn, has worked on 5G technologies since late 2019. The company is now looking beyond Apple as the smartphone market slows.

“The company has been looking for new growth drivers as the smartphone industry has peaked,” a Pegatron executive told Nikkei, asking not to be named. “We see possibilities in the rising 5G market, and the top management team fully supports the allocation of resources to catch these opportunities.”

According to Nikkei, Pegatron has invested over 1 billion New Taiwan dollars (USD 36 million) and hired over 200 networking engineers to support its 5G commercial goals.

After nearly three years of work, Pegatron’s collaboration with Microsoft has resulted in the company’s first private 5G network implementation.

The iPhone assembler joins the likes of Foxconn, Quanta Computer, and Compal Electronics in their pursuit of a private 5G network.

In fact, at its Xindian production site in Taipei, the Taiwanese firm is already deploying a private 5G network. It’s also testing a specialized local network in Tokyo to show off its potential and attract international clients.

Zoomcar sets up office in San Francisco

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October 6, 2021

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Zoomcar, a car-sharing firm, has announced the launch of a new office in San Francisco.

Geiv Dubash, Zoomcar’s newly appointed CFO based in San Francisco, will be essential in assisting Zoomcar with future capital markets transactions, including a potential public market listing.

Zoomcar has already grown in Southeast Asia and the Middle East, dominating India’s self-drive car rental market.

Zoomcar’s drive to build a global car-sharing platform will be bolstered by opening a new office in the United States, which will help the company prepare for a broader international market.

Commenting on the new office opening Greg Moran, CEO & co-founder Zoomcar, said, “At Zoomcar, we’re focused on becoming a public company in the next 12 months. As we continuously evaluate the best possible alternatives for a public listing, our new office in San Francisco will help the company for this next phase of growth as we expand the platform and brand globally.”

“Like Geiv, we plan to hire more key roles who will bring a wealth of relevant industry knowledge and expertise to the company at this critical inflection point as we rapidly emerge from the pandemic,” Moran added.

Tata Power signs an agreement with BluWave-ai

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October 6, 2021

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Tata Power, India’s largest integrated electricity provider, has inked a three-year commercial agreement to implement artificial intelligence in day-to-day power distribution in Mumbai with BluWave-ai, the world’s first renewable energy AI company.

This agreement follows a successful trial project in which Tata Power tested the BluWave-ai cloud platform’s performance in generating intra-day and day-ahead dispatches for use in its power scheduling operations.

India recently enacted legislation requiring accurate energy scheduling and establishing a real-time market to improve renewable energy integration into the national grid. As a result, electricity distribution companies are now subject to hefty penalties if they deviate from their scheduled energy usage, which is increased by power scheduling inaccuracy. Tata Power has opted to use artificial intelligence (AI) to improve power scheduling and respond to changing regulatory requirements.

The company has implemented several AI technologies, including the Central Control Room for Renewable Assets (CCRA), which employs machine learning to estimate loss, forecast, and issue alerts and notifications. Tata Power’s Coastal Gujarat Power Limited (CGPL) and Maithon Power Plant (MPL) plants use the pit to plant coal supply management and management strategic review (MSR) solutions to optimize coal supply and order inventory management. In addition, the company’s Mumbai distribution team has deployed a sentiment analysis tool for email classification and routing, which will aid in proactive consumer requirements assessment.

“We are working with BluWave-ai to operationalize Artificial Intelligence in our day-to-day power distribution in Mumbai. Working with AI enabled system improvements via cloud computing in real-time operations enhances our baseline systems resulting in higher operational efficiency and accuracy,” said Sanjay Banga, president, T&D, Tata Power.

Apart from BluWave’s forecast, the PSCC team has developed and implemented change overload prediction and RTM optimization, which use neural networks and linear programming, respectively, to ensure optimal power purchase and keep power purchase costs low.

“Our team at BluWave-ai has sought out innovative early adopters of complex AI technologies to onboard our products. We have focused on working with leading global energy companies, such as Tata Power, to build the world’s premier AI cleantech company,” said Devashish Paul, CEO of BluWave-ai.

The BluWave-ai software-as-a-solution (SaaS) has been live in operation 24x7x365 since February 2020. It also quickly adapted to last year’s major COVID-related shutdowns and subsequent Mumbai lockdowns. The current agreement is for three years, with a five-year extension option.

Raymond Realty penetrates commercial development

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October 6, 2021

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Raymond Realty intends to build ‘Grade A’ commercial and high-street retail space on 9.5 acres of land in Thane, the company said in a media release.

The company also intends to construct 1 million square feet of residential units with 3 & 4 BHK configurations.

Raymond Realty said it is examining various options in the Mumbai Metropolitan Region through a joint development partnership that does not require land acquisition.

“The current project has given us enough confidence now to expand our horizons beyond Thane, and our venture into real estate is not limited to land monetization only. We are exploring various options of joint development without land acquisition outside Thane,” said Gautam Hari Singhania, chairman and managing director of the company.

Raymond forayed into the real estate industry in 2019 with its project ’10X,’ which is sprawled over 14 acres and has a land parcel of over 100 acres in Thane.

“Structurally, the first three towers of our maiden project are complete, and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline,” said Singhania.

Sloggi enters into the Indian market

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October 6, 2021

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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.

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