The Fashion+Jewellery combination can make India a coveted and preferred wedding destination for the world: Union Minister Shri Piyush Goyal

MUMBAI, 4^th JANUARY, 2024 (NHM): The Largest Ever 16th edition of GJEPC's IIJS Signature (India International Jewellery Show | Signature) 2024 was inaugurated by Union minister Piyush Goyal today at JIO World Convention Centre in BKC. It is expected to have over 32,000 visitors (including international buyers) from 800 Indian cities and 60 countries and over 1,500 exhibitors occupying 3,000 stalls.

Union minister Piyush Goyal on Thursday said the government is keen to expand ECGC cover and asked gems and jewellery industry leaders to form a committee to help exporters in the sector.

"We have started giving ECGC (formerly Export Credit Guarantee Corporation of India) cover for the whole turnover...we are keen to expand, and I ask the captains of the industry to see how we can have an industry-ECGC-government partnership, which will ensure the baggage of the past can be erased.

"If the industry and the government can come together and work together, I am sure we can look at individual policies also for individual exports," Goyal said while addressing the inaugural session of the 4-day IIJS (India International Jewellery Show) Signature 2024 Gem and Jewellery Trade Show.

The commerce and industry minister suggested forming a committee consisting of ECGC, the government and GJEPC representatives to develop a certain mechanism that will help the industry to cross the hump and start giving exporters credit cover.

Meanwhile, he said, India has the potential to become the global epicentre of the gem and jewellery industry with a holistic ecosystem encompassing all diverse constituents and elements.

"Massive investments are being made to create a world-class infrastructure, including the 20-acre India Jewellery Park in Navi Mumbai and a common facility centre in SEEPZ Mumbai," he added.

The minister also urged the industry to promote 'Wed for India', which will help India become a destination wedding centre and boost the domestic textile, gem and jewellery, tourism and hospitality sectors.

"Destination weddings in India are going to be the next big opportunity for economic value addition, particularly for the tourism, hospitality, gem and jewellery and textile sectors. I will urge all of you to market the concept 'Wed in India', which will be great for our business and domestic gold jewellery, which has grown by 20 per cent in the current year," Goyal said.

Gem Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah said India is today a powerhouse of jewellery manufacturing and the domestic gem and jewellery market, and after the India-UAE CEPA bilateral trade agreement, the sector is looking forward to trade agreements with GCC, the UK, EU and Canada.

"And we will grow India's share in world exports of gems and jewellery from 4.6 per cent to more than 10 per cent by 2030," he added.Building world-class infrastructure in the gem and jewellery business will entail an investment of more than Rs 2 Lakh crore within the next five years."We are investing heavily in infrastructure through finance from trade members only, be it commissioning the largest diamond bourses in the world like Bharat Diamond Bourse at Mumbai and now Surat Diamond Bourse or recently announced Gem Bourse in Jaipur or the largest Jewellery Park in the world, the India Jewellery Park, Mumbai," Shah said.

The government is also investing to create a mega Common Facility Centre (CFC) at SEEPZ, NEST 1 and NEST 2. The government's active involvement in all of these facilities will help bring back the Indian gem and jewellery businessmen from foreign destinations of Belgium, UAE, Thailand, USA and other countries," Shah added.

GJEPC Convener - National Exhibitions, Nirav Bhansali said, " As the first show of the year, IIJS Signature plays a crucial role in gauging demand from both domestic and global buyers. It also offers vital insights into the trends in different markets as per the buying behaviours. These insights, particularly at the year's outset, prove invaluable for manufacturers. The dual-venue expansion is intended to provide exhibitors and visitors with additional space, creating a conducive and spacious atmosphere for productive business interactions.”

“The IIJS Signature show alone is set to enable a staggering Rs. 35,000 crore worth of business. When considering the collective impact of all three IIJS shows, the total business generated will amount to an impressive Rs. 1.25 lakh crore. This establishes the IIJS as a truly unparalleled platform within the global gems and jewellery industry, added Bhansali.

GJEPC has successfully enlisted the IIJS Signature 2024 Exhibition under the “Procurement and Marketing Support” scheme of the Ministry of MSME. The scheme provides financial assistance to micro and small enterprises for participating in domestic and international trade fairs and exhibitions. As a result, the eligible exhibitors can now avail themselves of a grant of ₹1.50 lakh each, which will help them cover costs and enhance their visibility and competitiveness in the global market.

Along with IIJS Signature, the India Gem and Jewellery Machinery Expo (IGJME 2024) is held simultaneously at BEC, featuring over 100 companies and 150+ stalls. This edition promises an enhanced experience, presenting a wider array of compelling business opportunities.

Additionally, GJEPC has introduced a dedicated section for luxury connoisseurs and couture jewellery buyers called “The Select CLUB” at IIJS Signature 2024 in the Jio World Convention Centre. This exclusive section allows Couture jewellery manufacturers to showcase their extensive collection of high-end, exclusive jewellery designs to a curated audience. 

‘The Select CLUB’ for Couture Jewellery manufacturers at IIJS Signature 2024, aims to bring forth a unique blend of traditional craftsmanship and contemporary designs that will resonate with the discerning taste of patrons at the luxurious JWCC venue. ‘The Select CLUB’ at IIJS Signature 2024 is poised to empower Couture jewellery manufacturers, providing a platform to showcase their diverse array of exclusive high-end jewellery designs to our discerning audience."

This IIJS Signature edition brings not just a showcase of the latest trends and innovations but also a forum for knowledge exchange. Innov8 Talks, seminars designed to inspire and educate, and the networking evenings foster connections that go beyond business transactions.Ends

Paytm issues over 1 million QR tickets for Chennai Metro; CMRL offers 20% discount on QR tickets booked via Paytm

MUMBAI, 4^th JANUARY, 2024 (NHM): One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading digital payments and financial services company and the pioneer of QR code, soundbox and mobile payments, today announced that it has issued over 1 million QR code-based ticketing for Chennai Metro to passengers since its launch using Paytm app in August 2023. This has enabled users with a convenient, and hassle-free way to purchase tickets for their metro rides. 

Additionally, Chennai Metro Rail Ltd (CMRL) is offering a 20% discount on all the QR code-based tickets booked via Paytm. Passengers can pay for their QR-code based tickets using various payment methods, including Paytm Payments Bank Wallet, Paytm UPI, Paytm UPI Lite, net-banking, or cards.

The QR-based ticketing at Chennai Metro stations leads to an efficient, and seamless movement for millions of metro commuters in Chennai.

How to book Chennai Metro QR ticket on Paytm app

• Open Paytm app, and navigate to 'All Services'
• Select 'Metro' and choose 'Chennai Metro'
• Tap on 'Metro QR Ticket', add the destination 'from' and 'to', and number of passengers
• Click on ‘Proceed to Pay’ to get a Chennai metro ticket 

Upon reaching the entry station, approach the AFC gate and scan the QR code on Paytm app. The gate will open, allowing the user to proceed to the platform. To complete the metro journey, the user needs to repeat the process at the AFC gate of the destination station.

Abhay Sharma, Chief Business Officer - Payments, Paytm said, "With over 1 million QR code-based tickets issued, Paytm has become an integral part of the Chennai Metro experience. As the pioneer of QR based payments, this milestone is a testament to the company's commitment to providing innovative and user-centric solutions for urban mobility. Paytm's QR code-based ticketing has not only simplified the ticketing process but has also reduced queues and improved overall passenger flow at Chennai Metro stations."

Grasim Industries announces ₹4,000 crore rights issue

MUMBAI, 4^th JANUARY, 2024 (NHM):  Grasim Industries, on Thursday, announced the price for its ₹4,000-crore rights issue at ₹ 1,812 per share, reflecting a 12.47% discount from the prevailing market price. It plans to issue up to 2.2 crore shares to promoters and the promoter group, the company said in its exchange filing.

The rights issue is structured with a ratio of six shares for every 179 shares held as of the record date, scheduled for January 10. The subscription period for the issue is from January 17 to January 29.

This fundraising initiative by the Aditya Birla Group is directed towards supporting its ongoing capital expenditure plan and settling existing debt obligations. The board had granted approval for this proposal in October of the preceding year

The company announced that the promoters and the promoter group are committed to fully subscribing to their rights entitlement. Additionally, they express their intention to subscribe to any unsubscribed portion.

In September, the cement manufacturer revealed the brand name for its upcoming foray into the paint business. The market debut of Birla Opus is slated for the fourth quarter of the ongoing fiscal year.

Grasim aims to provide a comprehensive range of premium products in the decorative paints segment. It had initially pledged an investment of ₹10,000 crore to establish the paints business, encompassing a total annual capacity of 1,332 million litres.Ends

Ghaziabad-based Divine Power Energy Limited aims to surpass Rs. 400 crore revenue by 2026; plans to float IPO soon

GHAZIABAD, JANUARY 3, 2024 (NHM):  Divine Power Energy Limited (The company or DPEL), a leading manufacturer of insulated wires and strips, aims to achieve Rs. 400 crore in revenue by March 2026. The Ghaziabad-based company intends to expand its production capacity by raising capital through an initial public offering (IPO). 

It has appointed Khambatta Securities as the Book Running Lead Manager for the issue. DPEL manufactures insulated and bare wires as well as strips with copper and aluminum for its customers in India. Its product line includes Paper Covered Conductors, Fiber-Glass Insulation, Double Cotton Covered and Super-Enameled Insulation, widely used in transformers, motors and other electrical devices. 

Elaborating on the company’s expansion plans, Mr. Rajesh Giri, Managing Director, Divine Power Energy Limited, said, “We aspire to be a market leader in the manufacturing of insulated copper and aluminum wires and strips, setting benchmarks for quality and sustainability. We are planning to raise funds from the capital markets to unlock our full potential by expanding our manufacturing capacity, broadening our product portfolio and exploring new geographies. Embarking on this ambitious journey, we are confident of doubling our revenue by 2025 to Rs. 300 crore and surpassing the Rs. 400 crore mark by March 2026.” 

The company has been manufacturing and supplying superior quality products, consistently meeting customer demand and rigorous industry standards at competitive prices for the last two decades. 

DPEL operates a manufacturing unit spread across 40,000 Sq Ft in Ghaziabad. DPEL supplies its products to both public and private companies, including Tata Power, BSES, Uttarakhand Power Corporation Limited, Jharkhand Bijli Vitran Nigam Limited, Pashchimanchal Vidyut Vitran Nigam Limited, South Bihar Power Distribution Company Limited, Purvanchal Vidyut Vitran Nigam Limited, Dakshinanchal Vidyut Vitran Nigam Limited and many others. 

The company gets its raw materials from market leaders like NALCO, Aditya Birla’s Hindalco and Balco. For more information, please visit: https://www.dpel.in/

New Delhi-headquartered Esconet Technologies files DRHP with NSE Emerge

NEW DELHI, 2nd JANUARY, 2024 (NHM): Esconet Technologies Limited (The company), a leading homegrown integrated IT solutions company, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. 

The company’s initial public offering comprises a fresh issuance of 33,60,000 Equity Shares, each with a face value of Rs. 10. Corporate Capital Ventures has been appointed as the Book Running Lead Manager for the issue while Skyline Financial Services is the Registrar. 

The New Delhi-headquartered company manufactures high-performance supercomputers, data servers and workstations, besides providing a comprehensive range of IT solutions to SMEs, large organizations, and public sector clients, including data storage, networks, security, virtualization, and data protection. 

Recognizing the burgeoning demand in the Indian market, Esconet introduced its brand, HexaData, specializing in high-end Servers, Workstations, and storage systems through the Make in India initiative. Furthermore, Esconet's strategic collaboration with NVIDIA has propelled remarkable growth in the AI and ML domain, enhancing their servers and workstations. 

According to the DRHP document, Esconet proposes to utilize Rs. 16 crore of the IPO proceeds towards funding its long-term working capital requirements, besides investing Rs. 2.5 crore in its wholly-owned subsidiary, ZeaCloud Services Private Limited, to reinforce its infrastructure by acquiring additional hardware and software, with a goal of bolstering capacity, elevating security measures, and enhancing overall monitoring capabilities. 

ZeaCloud offers an extensive range of cloud and managed services, including Private and Public Cloud services, Backup-as-a-Service (BaaS), Disaster Recovery-as-a-Service (DRaas) and Desktop-as-a-Service (DaaS). 

ZeaCloud operates its data centers in Noida and Mumbai. The company is embarking on a transformative roadmap by integrating cutting-edge Object Storage into its infrastructure to bolster the immediate customer onboarding capabilities. Apart from fortifying the backup capabilities, this will establish ZeaCloud as a leading provider of advanced and versatile Object Storage solutions to its clientele. 

Founded in 2012 by second-generation entrepreneurs Santosh Kumar Agrawal and Sunil Kumar Agrawal, Esconet has been forging fruitful partnerships to deliver innovative and resilient IT solutions. The company counts renowned global technology firms - AMD, Amazon Web Services, Cisco, Dell Technologies, HP Enterprises, Intel, Microsoft, Nutanix, NVIDIA, Sophos, Suse One, Trend Micro, and Veeam, among its technology partners. 

Its prestigious clientele includes the Ministry of Defence, National Informatics Centre (MeitY), National Informatics Centre Services Inc (MeitY), IIT, Bharat Electronics Limited, ONGC, Engineers India Limited and many others. 

As per the restated consolidated financial statements, Esconet achieved a robust revenue of Rs. 71.46 crore and earned a profit (PAT) of Rs. 3.05 crore during the first half of the current fiscal year, which ended September 30, 2023, compared to a revenue of Rs. 96.90 crore and a profit (PAT) of Rs. 3.18 crore in FY2022-23. A significant portion of the company’s revenue in the last three years was generated from Government projects. 

 

The company has received crucial certifications such as ISO 9001:2015 for Quality Management System, ISO/IEC 27001:2022 for Information Security Management Systems, ISO/IEC 20000-1:2018 for Information Technology Service Management, and ISO 14001:2015 for Environmental Management Systems, demonstrating its dedication to quality and security.Ends

 

PM Shri Narendra Modi, GJEPC Chairman Vipul Shah in Rapaport's "People of the Year 2023” in global diamond industry

NATIONAL, 30^th DECEMBER, 2023 (NHM): The world’s most influential and most read diamond-focussed publication ‘Rapaport’ named Hon. Prime Minister of India Shri Narendra Modi among the movers and shakers of the global diamond industry in the year 2023. Other members including Vipul Shah, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC); Gina Drosos, CEO, Signet Jewelers; Feriel Zerouki, president, World Diamond Council (WDC); Mokgweetsi Masisi, president, Botswana; Gabi Tolkowsky, Belgian diamond cutter;   were at the forefront hailed by Rapaport the most powerful/ influential people in the world to shape the future of the diamond industry.

Our “People of the Year” reflect the realities of 2023, said Rapaport in its foreword. Some of these individuals were directly involved in solving the industry’s acute problems — facilitating India’s freeze on rough imports, for example, or identifying ways to adapt retail strategy to the situation. As with the famous Time Person of the Year, inclusion in this list is not necessarily a recognition of an individual’s positive contribution, but rather of his or her influence on the diamond industry and/or presence in the headlines. We have chosen to spread the honors among several figures rather than picking a single person of the year,

Mr. Vipul Shah said, “India’s leadership and significance in the global diamond trade continues even in 2023. We are proud of the millions of workers connected to India’s gem & jewellery. We are proud and privileged that our Government with the Hon. Prime Minister support us to keep the sparkle intact.”

Prime Minister Shri Narendra Modi had a number of contact points with the jewelry industry in 2023, says Rapaport. He inaugurated the Surat Diamond Bourse in December. He also raised a few eyebrows by referring to lab-grown diamonds as “green diamonds”, said Rapaport. 

Rapaport lauded the efforts and initiatives undertaken by Shri Vipul Shah amidst headwinds faced by the indigenous industry. The GJEPC holds a monthly online forum with representatives of the industry to discuss trends and concerns, said Rapaport. In September of this year, with polished prices tumbling amid weak retail sales and an oversupply, the Indian trade body decided the situation warranted a broader, physical gathering. The attendees came to a unanimous conclusion: India needed a voluntary pause in rough-diamond imports to stop inventories from getting out of control. The industry implemented this freeze for two months, from October 15 to December 15, taking the pressure off the sector and enabling the market to stabilize.

Insiders at the GJEPC say it was an industry-wide call for an import moratorium and that the country has made similar moves in past crises. However, it was the GJEPC that brought people together and managed the process following the crunch meeting. Vipul Shah, its chairman, was at the forefront, said Rapaport.

About The Gem and Jewellery Export Promotion Council (GJEPC)

The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 9500 members in the sector.  With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.

Facebook: www.facebook.com/GJEPC
Instagram: www.instagram.com/gjepcindia
Youtube: www.youtube.com/gjepcindia
Twitter: www.twitter.com/GJEPCIndia 

 

Panchkula-headquartered Emmforce Autotech Limited files DRHP with BSE SME

MUMBAI, 28 DECEMBER, 2023 (NHM):  Auto components manufacture Emmforce Autotech Limited announced the filing of its Draft Red Herring Prospectus (DRHP) with the BSE SME. The offering comprises a fresh issuance of 55 lakh equity shares, each with a face value of Rs 10. Beeline Capital Advisors has been appointed as the Book Running Lead Manager, and Link Intime India Private Limited is the Registrar.

The Panchkula-headquartered company manufactures niche automotive drivetrain parts and exports most of the products to six continents, primarily to North America and Asia. Emmforce manufactures a wide range of automotive drivetrain parts such as Differential Housings, Differential Lockers, Differential Covers, 4WD Locking Hubs, Spindles, Axles and Shafts, Gear Shifters, Yokes, Differential Spools, Differential Tools and various differential forged/cast parts primarily for 4-wheel Drive and performance racing vehicles. It operates a manufacturing plant spread across 1,50,000 Sq Ft at Baddi in Himachal Pradesh.

According to the DRHP, the company intends to invest Rs 10 crore from the IPO proceeds in its recently acquired subsidiary company – Emmforce Mobility Solutions Private Limited (EMSPL), for setting up a new manufacturing plant at Jharmajri, Baddi, Himachal Pradesh, in the form of equity or debt to meet the requirement of working capital and margin money for term loan of subsidiary company and Rs 27 crore to meet Emmforce’s working capital requirements and for general corporate purposes.

EMSPL is going to manufacture Blades used in Rotavators / Other agriculture implements and Steel Forgings for the automotive / engineering industries and commercial production at its upcoming manufacturing unit at Jharmajri, Baddi in Himachal Pradesh is expected to commence in February 2024.

Ashok Mehta, Chairman and Managing Director, Emmforce Autotech Limited, said, “Being a one-stop solution for a variety of drivetrain parts makes us a preferred supplier to our customers, enabling them to save big on logistics and management bandwidth. We are planning to invest proceeds from the IPO in our subsidiary company EMSPL to expand its manufacturing capabilities and cater to untapped territories, including Europe, South America, Africa, the Middle East, Asia Pacific and India. Apart from supplying 4-wheel drive and performance racing vehicles, we are looking to broaden our product line to serve unexplored sectors like Agriculture, Off Highway, EV, Railways and Defence.”

The company recorded a total revenue of Rs 48.75 crore in FY2022-23 and Rs. 71.38 crore in FY 2021-22. In FY 2022-23, the company made a profit (PAT) of Rs 4.38 crore and Rs 7.32 crore in FY 2021-22, the press release noted.India’s auto components industry’s market share has grown dramatically, led by rising demand for automobiles by the growing middle class and exports globally. According to IBEF, the Indian automobile component industry turnover stood at Rs. 5.6 lakh crore (US$ 69.7 billion) between 2022-23, the industry had revenue growth of 32.8% as compared to 2021-22. Domestic OEM supplies contributed around 66% to the industry’s turnover, followed by domestic aftermarket (roughly 12%) and exports (approximately 22.3%), in FY23.Ends