TBO acquires Spain’s Jumbo Tours’ online business for 25 million Euros

NATIONAL, 20 DECEMBER, 2023 (NHM): TBO Tek Limited (“TBO”) announced that its wholly owned subsidiary, Tek Travels DMCC, has acquired 100% shareholding of Jumbonline Accommodations & Services S.L.U., which has been demerged as an online business from Jumbo Tours Group. With this acquisition, TBO intends to further increase its presence in Europe.

Jumbo Tours Group is one of the biggest international tourism operators offering a range of services and products to tourism operators and travel agencies worldwide. The Jumbonline business distributes an extensive range of products for wholesalers and tour operators all on one single platform. The advanced API solution provides access to over 120,000 hotels with 15,000 hotels directly contracted in an unbeatable response time. Complementing this business, there are two other brands, Jumbobeds, the leading online wholesaler for Travel Agencies and Jumbotransfers which offers a wide range of transport services at great prices.

Gaurav Bhatnagar, [Co-Founder & Director] of Tek Travels DMCC, said: “This acquisition will give us not only access to Jumbo’s clientele but quality content from across prime destinations in Europe right down to the Caribbean. We continue to expand our global footprint by staying true to our commitment to simplifying global travel”. 

Commenting on the announcement, Ginés Martinez, CEO, Jumbo Tours Group, said “We are very excited with this partnership and look forward to leveraging TBO’s strengths in travel distribution across the world, specifically Middle East & APAC. Their tech, talent and growth have been very impressive, and we are happy to be a part of the TBO family”.

Gabriele Burgio, President and CEO of Alpitour World has commented “we strongly believe that there is a big potential in this alliance, TBO is a great partner in technology and highly specialised in the online business, while Jumbo Tours Group is a great provider of operations, contracting, local knowledge and representation in the destinations, we are sure both parties will get the most out of this joint project.”. 

This development reflects the growth plans that TBO has set globally as it continues to step up investments by constantly looking at similar partnerships to expand, hire and improve customer experience towards its vision of simplifying and empowering the travel ecosystem.Ends

Suraj Estate Developers Limited’s Initial Public Offering to open on Monday, December 18, 2023, sets price band at ₹ 340 to ₹ 360 per Equity Share

Price Band of ₹ 340 – ₹ 360 per equity share bearing face value of ₹5 each (“Equity Shares”)

• Bid/Issue Opening Date – Monday, December 18, 2023 and Bid/Issue Closing Date – Wednesday, December 20, 2023.

• Minimum Bid Lot is 41 Equity Shares and in multiples of 41 Equity Shares thereafter.

• The Floor Price is 68 times the face value of the Equity Share and the Cap Price is 72 times the face value of the Equity Share.

MUMBAI, DECEMBER 13, 2023 (NHM): Mumbai-based realtor Suraj Estate Developers Limited has developed real estate across the residential and commercial sectors in South Central Mumbai region, and has residential portfolio located in the markets of Mahim, Matunga, Dadar, Prabhadevi, and Parel, has fixed the price band at ₹340 to ₹360 per Equity Share for its maiden initial public offer.  The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, December 18, 2023, for subscription and close on Wednesday, December 20, 2023. Investors can bid for a minimum of 41 Equity Shares and in multiples of 41 Equity Shares thereafter.

The Public Issue of face value of ₹5 per Equity Share is entirely a fresh issuance of Equity Shares worth Rs 4000 million with no Offer for Sale (OFS) component.

Founded in 1986 by Rajan Meenathakonil Thomas, Suraj Estate Developers focuses primarily on value luxury, luxury segments and commercial segment in South Central Mumbai region and now venturing into residential real estate development in Bandra sub-market. We specialise in the redevelopment of tenanted properties.

With a longstanding presence of over thirty-six years in the real estate market, it has completed forty-two (42) projects with a developed area of more than 1,046,543.20 square feet in the South-Central Mumbai region. In addition to the Completed Projects, it has thirteen (13) Ongoing Projects with a developable area of 20,34,434.40 square feet and saleable carpet area 6,09,928 square feet and sixteen (16) Upcoming Projects with an estimated carpet area of 7,44,149 square feet.

The Company caters to the discerning clientele across the "value luxury" and "luxury" segments, offering a diverse range of properties priced from ₹10.00 million to ₹130.00 million. It has constructed and sold built-to-suit corporate headquarters to institutional clients, which includes Saraswat Co-operative Bank Limited (Prabhadevi) and Clearing Corporation of India Limited (Dadar). To cater to the increasing need for independent office buildings in the commercial segment, it is currently proposing a 16 storey commercial building situated in Tulsi Pipe Road, Mahim.

Its customer centric business model focuses on addressing customer requirements in various locations, ticket sizes and configurations.

Positioned for future growth and expansion, the company holds certain strategic land parcels in Bandra (West) and Santacruz (East) for development. As of October 31, 2023, it possesses Land Reserves of 10,359.77 square meters, intending to capitalize on the entire FSI potential of more than index 2.0, subject to marketability and receipt of regulatory clearances. They have land parcels spanning 9,631.35 square meters in Bandra (West), Mumbai, Maharashtra, and 728.42 square meters in Santacruz (East), Mumbai, Maharashtra, showcasing its commitment to strategic real estate investments and future projects.

During the three months’ period ended on June 30, 2023 and Fiscal 2023, 2022 and 2021, the  consolidated EBITDA was Rs 467.32 million, Rs 1,510.03 million, Rs 1,317.33 million and Rs 866.29 million respectively, whereas consolidated EBITDA margin during the three months’ period ended on June 30, 2023 and Fiscal 2023, 2022 and 2021 was 45.64%, 49.39%, 48.30% and 36.10% respectively.

As on October 31, 2023, it has redeveloped houses for more than 1,011 tenants in 42 Completed Projects, free of-cost under regulation 33(7) of the Development Control and Promotion Regulation, 2034 (“DCP Regulations”).

The Issue is being made through the Book Building Process, wherein not more than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders.

ITI Capital Limited, and Anand Rathi Advisors Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.Ends

GJEPC questions timeline and implementation of G7 Russian diamond import restrictions

Vipul Shah, Chairman, GJEPC 

MUMBAI, 10 DECEMBER, 2023 (NHM): The Gem and Jewellery Export Promotion Council’s chairman Vipul Shah has questioned the timeline and implementation of the G7’s decision to restrict Russian diamond imports. While respecting the mandate, Shah made a statement to voice the Indian industry’s concerns. 

“While respecting the G7’s decision, we would like more details on how such decisions will be implemented,” said Shah in his statement, the GJEPC  reported on its website. “We have questions about what is meant by a major rough diamond importer in the G7 and the powers it will have in determining the compliance of Indian diamond exports to the G7.”
 
A recent statement by the G7 leaders informed on their decision to restrict Russian-origin diamond imports from January 1, 2024. The organisation also plans to restrict imports of Russian diamonds processed by third countries from March 1, 2024. The GJEPC has called for more flexibility with the proposed timelines to take into consideration the diversity of the Indian diamond industry. 

“We are happy to note that the G7 will remain engaged with us as diamond manufacturers,” said Shah. “GJEPC will strongly advocate that when regulating the sanctions the interests of SMEs [small and medium enterprises] and marginal diamond units should be kept in mind, recognising their active contribution to this industry and the millions of livelihoods which are dependent on it. We will also be discussing with WDC [World Diamond Council] and aligning all stakeholders to ensure that their businesses are not disrupted.”Ends

Ace Cricketer David Warner teams up with DP World ILT20 & Zee Entertainment for ILT20 Season 2 marketing campaign

 “Koi Kasar Nahi Chhodenge” campaign to commence on 6th December. Campaign also features the league’s ambassador Harbhajan Singh 

• Gearing up for a blockbuster Season 2 following the big success in Season 1 which established the league as 2nd most watched T20 cricket league attracting 367 million viewers from India and around the world

• Following a deep distribution strategy, ZEE Entertainment will broadcast the league across its 10 linear channels

• Exclusive digital partner ZEE5 to offer free-to-view streaming
  
  

MUMBAI, DECEMBER 6, 2023 (NHM): ZEE Entertainment Enterprises Ltd., the leading Indian media & entertainment powerhouse, unveiled the highly anticipated marketing campaign for the 2nd season for DP World ILT20. This season, the marketing campaign is being led by world’s top cricketer David Warner along with Indian super star Harbhajan Singh. 

The league’s global stature and the participation of marquee T20 cricketing talent; viewers will witness the players push their limits to emerge victorious, leaving ‘no stone unturned’ as they embark upon one of the toughest cricket leagues. Positioned as the biggest challenge for the cricketers at the start of new year 2024, the campaign “Koi Kasar Nahi Chhodenge” underscores their preparation, competitiveness, and commitment to the fans.  Following the success of the inaugural edition, ZEE is committed towards further strengthening the league’s appeal for viewers and partners alike.

Slated to be the biggest T20 cricketing event at the beginning year 2024; the league features a roster of the most talented and celebrated international T20 cricketers. The 34-match event will be played at the three iconic cricketing destinations – Abu Dhabi, Dubai and Sharjah - starting from 19 January, 2024 until 17 February, 2024.

Speaking at the campaign launch, Australian cricket star David Warner said, “As I gear up for my debut in one of the world's most competitive T20 leagues, it's truly an honor to be the face of this season’s marketing campaign. This campaign distinctly captures the league’s unparalleled stature and the exciting live cricketing contest viewers will enjoy over the 34 matches. It underscores the individual effort required at the world stage, with each cricketer giving their ultimate best. I am certain that the players will leave no stone unturned in their preparations ahead of the second season, as they strive to emerge victorious in the upcoming edition of the prestigious DP World ILT20.” Ace Australian cricketer David Warner is all set to make his debut in DP World ILT20, as part of the Dubai Capitals squad.

The franchise-style tournament with six teams and 34 matches is played across the UAE. The league’s six franchise teams include Abu Dhabi Knight Riders (Kolkata Knight Riders), Desert Vipers (Lancer Capital), Dubai Capitals (GMR), Gulf Giants (Adani Sportsline), MI Emirates (Reliance Industries), and Sharjah Warriors (Capri Global). Cricket fans can watch this action-packed event on Zee’s most widely distributed and viewed 10 linear TV channels: &Pictures, &Pictures HD, Zee Cinema HD, Zee Anmol Cinema, Zee Zest, Zee Ganga, Zee Cinemalu HD, &Flix, &Flix HD and Zee Zest HD and on one of India’s leading OTT platforms - ZEE5.

Rahul Johri, President – Business, ZEE Entertainment Enterprises Limited (ZEEL), “We are delighted to have David Warner along with league’s ambassador and commentator Harbhajan Singh to kick off DP World ILT20 Season 2 marketing campaign. The upcoming season will truly standout as one of the most significant T20 challenges and promises to offer thrilling action for cricket enthusiasts in India and around the world. With both David Warner and Harbhajan Singh seen in distinctive new avatars, the campaign film accentuates the fiercely competitive nature of DP World ILT20. At ZEE, through both linear television and streaming platform ZEE5, we aim to bring the excitement of the game to audiences like never before.”

David White, CEO, DP World ILT20, “We are delighted to have David Warner and Harbhajan Singh in our Season 2 ad film. Warner is a fantastic cricketer and his passion for the game is well regarded around the world. Harbhajan is another great of the game, like Warner, Harbhajan has also made a big mark both as a cricketer, commentator and an entertainer. The two have done an incredible job in the ad film and I am sure that the ad film will leave a mark on cricket fans not only in India but around the world. The DP World ILT20 Season 2 will be richly entertaining for the fans, our broadcast partners Zee Network have put in an incredible effort in taking the tournament live around the world. We cannot wait for the action to begin on Friday, 19 January.”

Some of the world’s most prominent cricket stars are slated to play in the Season 2, including David Warner, Dasun Shanaka, Rahmanullah Gurbaz, Sam Billings, David Willey, Sunil Narine, Andre Russell, Alex Hales, Tom Curran, Rovman Powell, Shimron Hetmyer, James Vince, Ambati Rayudu, Corey Anderson, Dwayne Bravo, Kieron Pollard, Trent Boult, Chris Woakes and Martin Guptill.

Following the opener in Sharjah between Sharjah Warriors and Gulf Giants on Friday, 19th January, Dubai Capitals will play MI Emirates at the Dubai International Stadium on Saturday 20 January. Last year’s runner-up Desert Vipers will open their campaign against the Abu Dhabi Knight Riders on Saturday at the Dubai International Stadium. 

All single header matches will be broadcast LIVE at 8 PM India prime time, starting with the pre-match presentation at 7:30 PM. The afternoon match on the double-header’s day will start at 4:00 PM. 

The campaign film is produced by tiqui-taka and their founder Jigar Fernandes, who has also directed the film. Check out the ad film by clicking on the link below:

LINK: https://youtu.be/S3yy2r7Aej0

- ENDS -

KFC LAUNCHES 1000TH RESTAURANT IN THE COUNTRY AS PART OF ITS LONG-STANDING COMMITMENT TO GROWING TOGETHER WITH INDIA

 

~ Looks to add to the nation’s economic growth and fuel over 1 lac jobs nationally over the next few years~

NATIONAL, 6^th DECEMBER, 2023 (NHM): Ever since the launch of the first KFC restaurant in India in 1995, the brand has been deeply embedded in the country and committed to serving finger-lickin’ good food at scale through inclusive, equitable and sustainable business practices. As testament to the belief of growing purposefully with India, KFC has launched its 1000^th restaurant in the country, a significant milestone in a journey of over 25 years.

Over the decades, KFC has evolved dynamically with the changing consumer landscape. The brand has been focused on deepening its relevance in India while retaining the distinctiveness and craveable taste it is known for globally. KFC India’s menu is a strong mix of universally loved products like the iconic Hot & Crispy Bucket, Zinger Burger, Popcorn as well as innovative limited time offerings that are rooted in local flavors such as the KFC Chizza, Rice Bowlz, Chicken Roll, Veg and Tandoori Zinger amongst others. All of KFC India’s food is freshly prepared from locally sourced, high-quality ingredients.

The brand has also been at the forefront of tech disruptions in the QSR industry, across operations and offerings. KFC currently has 20+ all-digital Smart Restaurants, which are powered by state-of-the-art technology, making consumer access much easier & faster; in addition to the installation of self-ordering digital kiosks and App ordering across its restaurants.

KFC’s growth is fueled by its strong commitment to people and the planet. KFC Kshamata, the brand’s flagship Diversity and Inclusivity program is focused on bridging the gender & ability gap by increasing its women workforce by 2X and doubling the number of Special KFCs (restaurants operated by speech & hearing-impaired employees) it operates. Over the past decade, KFC has grown to 42 Special KFCs and a team of 220+ speech & hearing-impaired employees. In 2021, the brand launched KFC’s India Sahyog – its focused efforts to support 1000 local restaurants & food joints post the COVID-19 pandemic in a bid to help them revive business. 

To mark the opening of the 1000^th restaurant, KFC has pledged to support 1000 underprivileged families across India with food rations.  

KFC’s franchise partners Devyani International Limited and Sapphire Foods India Limited (SFIL) have played an integral part in fueling the brand’s growth. In the next phase of the India journey, KFC is optimistic about further fueling over 1 lac jobs across the country, adding to the positive growth outlook of the Indian economy.

Mr. Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, “Congratulations to KFC India on achieving this incredible milestone. At Devyani International, we are extremely proud to have been a part of the brand’s journey since it entered India in 1995. We wholly support KFC’s ambitions to grow inclusively with India and contribute to the economy along the way. We look forward to unlocking this next phase of growth, together.”

Mr. Sanjay Purohit, Group CEO, Sapphire Foods India Ltd (SFIL), said, “1000 restaurants in India is such a big milestone for the KFC brand, and Sapphire Foods is proud to be a part of that journey. KFC’s focus on consistently high quality, tasty food, exceptional customer service and inclusive and purposeful growth has made it among the most loved restaurant brands in the country. Sapphire Foods believes that this is just the start of many years of growth, and we are excited to be a part of the next chapter of KFC in India. We look forward to a sustained and fruitful partnership with Yum and KFC for many decades to come.” 

Commenting on the milestone, Mr. Moksh Chopra, General Manager, KFC India & Partner Countries said, “KFC is proud to be a part of the India growth story along with our franchise partners. KFC is a global brand with a local heart, committed to growing together with the nation and we are especially proud of our restaurant teams, including the specially abled teams, who have played a pivotal part in our journey. We are grateful to the people of the country for their love and look forward to the next chapter of continued growth for and with India.”

KFC is committed to driving meaningful change and pioneering sustainable development in India. With an aim to make a positive impact on the planet, KFC has launched 20+ sustainable restaurants in the country. The design and operations of these sustainable restaurants integrates energy efficiency, usage of responsible materials and waste diversion.

The brand has also begun the switch from plastic to recyclable, compostable or biodegradable packaging, that is sourced from 100% sustainable FSC certified sources. Through changes such as switching to paper straws, wooden cutlery, paper cups, KFC India has saved over 3000 metric tonnes of plastic wastage so far.

Today the brand is present in 240+ towns and cities, with 20+ new geographies entered in 2023. The 1000^th KFC restaurant is located in Gurgaon’s popular retail destination, DLF Cyber Hub. It is operated and managed by an all-women team and marks the brand’s first restaurant in India with 100% table service.

To know more about KFC India, please visit https://online.kfc.co.in/.

About KFC

KFC, a subsidiary of Yum! Brands, Inc. (NYSE: YUM.), is a global chicken restaurant brand with a rich, decades-long history of success and innovation. It all started with one cook, Colonel Harland Sanders, who created a finger lickin’ good recipe more than 80 years ago, a list of secret herbs and spices scratched out on the back of the door to his kitchen. Today we still follow his formula for success, with real cooks breading and freshly preparing our delicious chicken by hand in more than 26,000 restaurants in over 145 countries and territories around the world.

For more information, visit https://online.kfc.co.in/

 

 

Godrej aer O redefines consumer experiences with affordable yet exceptional car fragrance solution

Mumbai, December 06, 2023 (NHM): Godrej aer, India's pioneering brand in and home and car fragrances, announced the launch of its latest breakthrough innovation, Godrej aer O – gel based hanging car freshener. Aer O comes with a unique product design, this car fragrance range is poised to revolutionize the way car owners indulge in freshness on-the-go. It brings an invigorating and sophisticated aroma to cars, making your car smell as good as new. This is the first-ever branded hanging car fragrance in India at a disruptive price-point of INR 99.

As the car ownership trend in India continues to rise at approx. 9% CAGR, the affordable car segment (hatchback, mini-SUV, sedans) commands a staggering 55-60% share of the market. Godrej aer, India's top-ranking air freshener brand, has identified the immense potential within the car fragrance category. With approximately 30% market penetration, this category presents significant room for growth as 70% still don’t use any car fresheners. 

People don’t use branded car fresheners largely due to the high cost associated with them. Because of this affinity, some end up using unbranded car fresheners which hardly meet the desired standards of quality and experience and while some misuse hanging bathroom fresheners in the car. 

Godrej Aer recognized the need for an affordable yet superior-quality car fragrance option. Godrej aer O, a pioneer in the car fragrance category for 10 years, boasts an innovative gel membrane technology that ensures a linear and continuous diffusion of fragrance. This cutting-edge technology, coupled with the hanging format, provides a consistent and pleasant aroma that lasts for up to 30 days. The built-in end of life indicator lets you know when it's time for a fragrant farewell. Godrej aer O comes in three variants - Musk After Smoke, Rose Blossom, and Cool Aqua - each catering to distinct preferences and moods, thereby enhancing the driving experience and transforming the car interior into a personal sanctuary of freshness. 

Speaking about the launch of this product, Shivam Singal, Category Lead – Aircare & Hygiene, Godrej Consumer Products Ltd (GCPL), said, "Godrej aer O marks a significant milestone in our journey of redefining consumer experiences. As the car ownership landscape evolves, we recognize the need for an affordable yet exceptional car fragrance solution. With Godrej aer O, we are not only elevating the commute experience but also setting a new standard of affordability in the car fragrance segment. Godrej aer O is one such innovation that will improve consumers car riding experience as well as boost category adoption.”

Commenting on the innovation and category, Karn Bawari, Global Head for Category Direction and Development - Air Care, Godrej Consumer Products Limited (GCPL), said, “Globally, the highest volume driver for car air fresheners is the hanging format – a trend which seems to have caught on in India as well. However, it is noteworthy that this space is largely dominated by unbranded options that either don’t give the right level of fragrance or last as long as advertised. With Godrej aer O, we bridge product delivery and affordability, providing consumers with a value-driven solution that is also aesthetically appealing.”

With Godrej aer O's disruptive entry into the market, Godrej aer redefines the dynamics of car fragrances in India. The brand's unwavering dedication to innovation and customer satisfaction is evident in this groundbreaking product. Godrej aer O is not merely a car fragrance but a gateway to a world of superior car fragrance, where daily commutes become a sensorial delight.

ABOUT GODREJ CONSUMER PRODUCTS

Godrej Consumer Products is a leading emerging markets company. As part of the 125-year-young Godrej Group, we are fortunate to have a proud legacy built on the strong values of trust, integrity, and respect for others. At the same time, we are growing fast and have exciting, ambitious aspirations.

Today, our Group enjoys the patronage of 1.2 billion consumers globally, across different businesses. GCPL ranks among the largest Household Insecticides, Air Care and Hair Care players in emerging markets of India, Indonesia, and Africa. In Household Insecticides, we are the leader in India, the second largest player in Indonesia, and are expanding our footprint in Africa. We are at the forefront of serving the hair care needs of women of African descent, the number one player in Hair Colour in India and Sub-Saharan Africa, and among the leading players in Latin America. We rank number two in Soaps in India and are the number one player in Air Fresheners and Wet Tissues in Indonesia.

But for us, it is very important that besides our strong financial performance and innovative, much- loved products, we remain a good company. Approximately 23 per cent of the promoter holding in our Group is held in trusts that invest in the environment, health, and education. We are also bringing together our passion and purpose to make a difference through our 'Good & Green' approach to create a more inclusive and greener India.

At the heart of all of this, is our talented team. We take much pride in fostering an inspiring workplace, with an agile and high-performance culture. We are also deeply committed to recognising and valuing diversity across our teams.

SVC Bank Santacruz West Branch Celebrates 100 Years of Banking Excellence A Century of Trust, Gratitude, and Financial Excellence: Celebrating 100 years

Mr. Durgesh Chandavarkar – Chairman, SVC Bank along with key members from Board of Directors and Board of Management of SVC Bank encouraging the Branch Manager of SVC Bank Santacruz Branch on the occasion of the branch’s Centenary Year Celebrations – photo by NHM

97 yr old customer Mr. Dinkar Burde, associated with the branch since 75 years, being felicitated on the occasion of the Centenary Year Celebrations of Santacruz West branch – Photo by NHM 

SVC Bank Santacruz West Branch Celebrates 100 Years of Banking Excellence, A Century of Trust, Gratitude, and Financial Excellence: Celebrating 100 years.

Mumbai, December 05^th , 2023 (NHM):  SVC Co-operative Bank Ltd. (SVC Bank – earlier known as The Shamrao Vithal Co-operative Bank Ltd.) with a rich legacy spanning around 117 years, organised the Centenary Celebrations of its Santacruz West Branch, highlighting a remarkable journey of a century, dedicated to providing trusted financial services to the society.

In a heartfelt show of appreciation, a grand ceremony was held at its Santacruz West Branch premises and the Saraswat Club in Santacruz to express gratitude to its valued customers. The ceremony was also attended by ex-Staff, current staff, former Directors and the existing Board of Directors and Board of Management members. Visitors were greeted with a special Thank You Photo opportunity, capturing moments of joy as the Branch staff shared smiles and snapshots with customers, many of whom being cherished associates of the branch for over three decades. 97 yrs old customer, Mr. Dinkar Burde, expressed his thoughts saying, “I have been associated with the branch since 75 years now. They have provided me with prompt services throughout. Even today, they attend to me as an elderly man, promptly. I bless the branch and wish them continued excellence.” 

On the occasion, an audio-visual film showcasing the various milestones of the branch was presented.
The celebrations started with Lord Satyanarayan Puja followed by a Customer Rendezvous joined by Board of Directors and Senior Management Executives. The festivities concluded with a traditional lunch, symbolizing the completion of this celebratory occasion as the branch staff prepared to begin a new journey towards excellence. The branch also initiated various Wellness and Financial Education programs that will be held throughout the month at the branch premises, in addition to curated offers on banking products.

Mr. Durgesh Chandavarkar, Chairman, SVC Bank shared his thoughts, stating, “I am honoured to lead a legacy of financial innovation and an unwavering commitment. Santacruz West Branch’s 100 year journey highlights how a cooperative institution, deeply rooted in the welfare of its customers, not only withstands the test of time but also emerges as a dream fulfiller and a trusted partner for over a century. I am sure that the branch shall continue to chart a course towards continued growth, service and success with the same gratitude and determination that has helped it reach this summit of excellence.”

‘This is our second branch after SV Marg branch that has lived up to the trust of thousands of shareholders and customers for over a century now,” said Mr. Ravinder Singh, Managing Director, SVC Bank. He added, “It is the tenacity of these branches to keep doing the right thing in the interest of the discerning customers, irrespective of the challenge at hand, that has contributed in the blossoming of this magnificent tree of trust, seeds of which were sown 100 years ago. We owe this legacy to the values and principles given by our Founders and the faith bestowed upon us by our shareholders, customers and employees and express our sincere gratitude to all. We stand committed to the same principles of co-operation, values and ethos to carry forward the vision set forth by our Founders and continue to serve the community, society and ultimately our great nation.”

The rich legacy of Santacruz West Branch is filled with heart-warming stories, showcasing the unyielding faith of customers and shareholders alike. Originating in a small flat in 1923 within Saraswat Colony, Santacruz, the Branch set out with a noble agenda to cultivate a culture of savings among citizens during the burgeoning cooperative movement. Founded by the visionary Late Rao Bahadur S.S. Talmaki, also known as the Maharshi of Cooperatives, SVC Bank garnered support from local citizens who apart from, sharing from their monthly earnings, also became proud shareholders of the Bank. The Branch successfully navigated economic challenges during the Great Depression, the unemployment of 1939 and World War 2. In the 1960s, the Branch experienced a significant uptick as the Santacruz-Khar belt underwent a massive demographic change, earning the trust of customers along the way. Embracing the digital era in the 2000s, SVC Bank implemented the indigenously developed Core Banking Software, Genius, enhancing services for Santacruz West Branch customers with speed and personalization. The introduction of ATM, Debit Card, and Net Banking services between 2001 and 2011 positioned the Bank to appeal to a younger audience. A rebranded identity followed to take the youth connect ahead. Today, with a business exceeding Rs 400 Crores, the Branch competes effectively in retail, corporate, and international banking, standing out as a leader in the industry. The Branch draws strength from a century-old foundation of trust and a loyal customer base. Fuelled by the Bank’s commitment to adopting the latest technologies like Finacle CBS, Santacruz West Branch is poised to carry this rich legacy forward into a future filled with promise and possibilities, stated in a press release.

About SVC Bank: Set up in 1906, SVC Bank is a 116-year-rich institution that has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s cooperative Banking space. SVC is a multi-state scheduled Bank with its presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu. With a total business of INR 33,480.61 crore and a Net Profit of INR 176.31 crore (FY 22-23), it has proven its robust and strong fundamentals. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 214 ATMs and an employee strength of over 2300. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. SVC Bank was recently awarded for its 100+ years of service at the hands of Hon’ble Union Minister of Home Affairs and Cooperation – Shri Amitbhai Shah. It has also been acknowledged with many prestigious recognitions, like the ET Best BFSI Brands 2023, ET Best Organisation for Women 2023, Best Risk Management Initiative and Best Security Initiative in Large UCB category at NCBS & FCBA Awards 2023, Banco Blue Ribbon Best Bank 2022 Award (Above 15000 Crores Business Mix category), Best Bank Award by The Maharashtra Urban Co-operative Banks Federation (Large UCB category), Best Bank award by Maharashtra State Sahakari Bank Association Ltd. for FY 21-22. The Bank was among the first few cooperative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI in December 2007. In July 2008, it launched its International Banking Division, which handles more than Rs. 5,000 crore forex business today. Ends