NEWS

Posted On:
26-04-2024

ITC expands global footprint with maiden overseas hotel in Colombo

In a strategic move towards global expansion, ITC, the diversified conglomerate headquartered in Kolkata, inaugurated its first hotel outside India in Colombo on Thursday. The inauguration of "ITC Ratnadipa" marks the conglomerate's foray into overseas ventures within the hospitality sector, with plans for further expansion across international markets. Sanjiv Puri, Chairman and Managing Director of ITC Ltd, stated that the conglomerate is open to exploring potential in international markets for hotel openings, mainly through management contracts. Puri also highlighted the company's strong credentials in the hospitality sector, expressing confidence in expanding its footprint beyond Indian borders.The newly inaugurated property, ITC Ratnadipa, situated on prime sea-facing land spanning 5.86 acres in Colombo, boasts 352 guest rooms, suites, and service apartments. With a $500 million investment, the hotel aims to cater to the Meetings, Incentives, Conferences, and Exhibitions (MICE) segment, along with inbound tourism in Sri Lanka. WelcomHotels Lanka, a wholly-owned subsidiary of ITC Ltd, spearheaded the property's launch. Puri also emphasised the conglomerate's focus on "proximal markets" for its worldwide hospitality expansion strategy. While the immediate focus remains on these markets, ITC is open to exploring compelling opportunities beyond them, including the Middle East and Nepal.

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Posted On:
29-04-2024

Himadri Speciality to invest Rs 220 cr to expand carbon black capacity

Himadri Speciality Chemical Ltd, a Kolkata-based speciality chemicals major, to expand its speciality carbon black capacity in a brownfield expansion project in West Bengal, with an estimated investment of Rs 220 crores, a company official said on Sunday. The expansion is envisaged to meet the increasing demand from Europe amid an impending ban on Russian carbon black imports in the EU.The expansion, scheduled to be operational within the next 18 months and located at Singur in the Hooghly district, will be funded through internal accruals. This additional capacity of 70,000 tonnes per annum will increase the company's speciality carbon black capacity to 1.3 lakh tonnes per annum, enhancing the cumulative capacity to 2.5 lakh tonnes from the current 1.8 lakh tonnes, the official added."We foresee a significant uptick in demand for speciality carbon black, especially with the impending ban on Russian carbon black imports into the European Union. The gradual increase in the proportion of high-margin speciality carbon black will undoubtedly enhance our profitability and diversify our product mix," Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd said. He also mentioned that exports, currently contributing around 25 per cent of their turnover, are expected to increase to 35 per cent in the next three years.

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Posted On:
29-04-2024

Rapid adoption: India's BPM industry on cusp of revolution amid GenAI use

India’s business process management (BPM) industry is on the cusp of revolutionising with the use of generative artificial intelligence (AI). K Krithivasan, chief executive officer and managing director of Tata Consultancy Services, the country’s largest and globally second-largest information technology (IT) services company, said that there would be a ‘minimal’ requirement for call centres due to the rapid adoption of AI.“In an ideal scenario, if you ask me, there should be very few inbound call centres handling incoming calls at all. We are at a point where technology should be able to predict incoming calls and proactively address customer concerns," said Krithivasan in an interview with the Financial Times.Meanwhile, the BPM industry has been growing faster than the IT services sector, which has been impacted by macroeconomic uncertainties. While India is one of the largest players in the call centre business, many companies have shifted away from low-end voice-based services. A sizeable portion of voice work has also moved to geographies like the Philippines. Even the industry, once referred to as BPO (business process outsourcing), was rebranded as BPM in 2012 to reflect the maturity in the services it offers.

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Posted On:
29-04-2024

Go First revival chance fades as HC allows lessors to reclaim 54 aircraft

The recent Delhi High Court ruling permitting lessors to deregister and reclaim the 54 Go First aircraft has ended creditors' hopes of obtaining a favourable valuation for the now-defunct airline. Without these planes, there are few assets left for the airline to be sold as a viable entity, potentially disrupting the current bankruptcy proceedings with no prospect of revival. The lenders will meet on Monday to determine the future course of action.The Economic Times (ET) quoted a source saying, "The latest court order makes the airline unsustainable. There was very little value in the airline because of the time taken for this process; now even that is not there. Lenders will have to seriously consider whether there is any value left in continuing the process or whether it is better to concentrate recovery efforts on other viable options."The High Court instructed the Directorate General of Civil Aviation (DGCA) on Friday to proceed with deregistering and surrendering all 54 aircraft to the lessors. Additionally, it mandated the resolution professional (RP) to furnish all relevant airline information to the lessors while prohibiting the airline from removing any documents or spare parts from the planes.

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Posted On:
30-04-2024

Expect to log a record profit this time: J&K Bank CEO, MD Baldev Prakash

Jammu and Kashmir Bank (J&K Bank) has scripted a turnaround of sorts. From cutting its NPA by half, to upgrading its 15-year-old “outdated” internal software, a breeze of change is wheezing through it. And, sitting at the helm, its first managing director and chief executive officer (MD & CEO) Baldev Prakash, is quite reasonably a happy man. Prime Minister Narendra Modi too recently praised the turnaround due to government efforts. Subhomoy Bharttacharjee spoke to CEO Prakash to find out what is behind all this

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