Torrent Pharmaceuticals to acquire Curatio Healthcare for ₹2,000 crore

Torrent Pharmaceuticals has entered into definitive agreements to acquire 100% of Curatio Healthcare for ₹2,000 crore, the company said in a regulatory filing

Torrent Pharmaceuticals on September 27 said it will acquire Curatio Healthcare for ₹2,000 crore to strengthen its presence in the dermatology segment.

The company has entered into definitive agreements to acquire 100% of Curatio Healthcare for ₹2,000 crore, Torrent Pharmaceuticals said in a regulatory filing.

“The consideration includes ₹115 crore [on the date of signing] of cash and cash equivalents in the acquired business indicating an enterprise value of ₹1,885 crore,” it added.

The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit, Torrent Pharmaceuticals Director Aman Mehta said.

“Curatio has built a commendable set of high market share brands in cosmetic and pediatric dermatology that we look forward to adding to our product offerings,” he added.

Chennai-headquartered Curatio has a portfolio of over 50 brands, including Tedibar, Atogla, Spoo, B4 Nappi and Permite, in the cosmetic dermatology segment in India. Its top ten brands account for around 75% of total revenue.

It clocked a revenue of ₹224 crore in FY22 and dermatology accounts for 82% of Curatio’s revenue, the filing said.

The acquisition will catapult Torrent Pharma into the league of top 10 players in the dermatology segment and make it a leader in the cosmetic dermatology space, the company said.

“With this acquisition, Torrent Pharma will add a field force of 600 medical representatives and a distribution network of 900 stockists,” the filing added.

Besides the promoters of Curatio, Sequoia and ChrysCapital will be exiting from the company through the transaction.

The transaction is subject to conditions precedent and is expected to close within one month, Torrent Pharma said.

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Now apply for Police Clearance Certificate at Post Office Passport Seva Kendras

The increased demand for PCCs is indicative that a large number of Indians are returning to their jobs abroad

As part of the Indian government’s passport-related services, the facility to apply for Police Clearance Certificates (PCC) will be included at all online Post Office Passport Seva Kendras (POPSK) across the country beginning from September 28, the Ministry of External Affairs (MEA) announced on Monday. 

“This step would significantly add to the availability of PCC appointments slots, and at an earlier date,” the MEA’s notification said. The notification stated that the move would address the “unanticipated surge in demand” for PCCs.

The increased demand for PCCs is indicative of the fact that a large number of Indians are returning to their jobs abroad as post-pandemic economic recovery continues across the world.

The decision is aimed at helping Indian citizens seeking jobs abroad and also for other PCC requirements “such as in the case of education, long term visa, emigration etc.”. According to the Consular, Passport and Visa Division of the MEA, PCCs are “issued to Indian Passport holders in case they have applied for Residential Status, Employment or Long-term visa or for immigration”.

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Five GenNext Winners

Five winners of the INIFD presents GenNext talent discovery programme have been named, and they will display their collections at the upcoming FDCI X Lakme Fashion Week, which will take place in Mumbai from October 12-16.

One of the most well-known and reliable platforms in the market for aspiring designers, GenNext has already established more than 200 designers. Aseem Kapoor and Pooja Haldar (Aseem Kapoor), Ateev Anand (Re-), Somya Goyal (Somya Goyal), Arshna Raj (Stoique), and Ankur Verma have been named the champions for its 34th batch (TIL).

For the GenNext programme, entries were requested as in every season. An experienced panel comprised of Mehernaaz Dhondy (Editor-Grazia), Aparna Badlani (Creative Director-AZA), Sumati Mattu Head of Innovations, Lakme, Sabina Chopra GenNext Mentor, and Jaspreet Chandok Head of RISE Fashion & Lifestyle reviewed the collections of the shortlisted designers.

The INIFD presents GenNext programme has won praise for spotting and giving budding designers a chance to develop their abilities and gain prominence in the fashion business.

Announcing the latest batch of GenNext designers, Sumati Mattu, Head of Innovations, Lakme said, “Discovery of new Talent has been a key pillar of Lakme Fashion Week in partnership with FDCI. The Gen Next program is a testament to the platform’s longstanding commitment towards identifying, nurturing and promoting young designers who will define the face of tomorrow’s fashion. As we come back to Mumbai for the first time in two years & since the pandemic, we can’t wait to bring alive what the young GenNext designers showcase this season. As Lakme celebrates an iconic seven decades of reinventing beauty this year, we look forward to seeing the GenNext winners elevate and reimagine contemporary beauty looks inspired by Lakme’s trend-setting product statements.”

The INIFD presents GenNext programme has won praise for spotting and giving budding designers a chance to develop their abilities and gain prominence in the fashion business.

Announcing the latest batch of GenNext designers, Sumati Mattu, Head of Innovations, Lakme said, “Discovery of new Talent has been a key pillar of Lakme Fashion Week in partnership with FDCI. The Gen Next program is a testament to the platform’s longstanding commitment towards identifying, nurturing and promoting young designers who will define the face of tomorrow’s fashion. As we come back to Mumbai for the first time in two years & since the pandemic, we can’t wait to bring alive what the young GenNext designers showcase this season. As Lakme celebrates an iconic seven decades of reinventing beauty this year, we look forward to seeing the GenNext winners elevate and reimagine contemporary beauty looks inspired by Lakme’s trend-setting product statements.”

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Shibasish Sarkar to head Producers Guild of India

Delighted to pass the baton on to the able hands of Shibasish: Siddharth Roy Kapur, the incumbent president of the Guild.

Film industry professional Shibasish Sarkar was unanimously elected as the president of the Producers Guild of India.

Sarkar was elected at the first meeting of the Guild’s newly constituted Guild Council of Management.

Siddharth Roy Kapur, the incumbent president of the Guild, said he is delighted to pass the baton to Sarkar.

“It has been a pleasure and an honour serving the production fraternity and I am delighted to pass the baton on to the able hands of Shibasish. I am sure he will do a stellar job and add further lustre to the Guild’s reputation of spearheading the industry’s interests,” Roy Kapur said in a statement.

Sarkar, who has close to three decades of corporate experience in handling multiple verticals across films, television, animation, gaming content and operations of digital & new media platforms, said he looks forward to building on what his predecessor has accomplished.

In his six years as Guild president, Siddharth has been a tireless, passionate and committed champion for our industry at a time of unprecedented challenges. I look forward to building on what he has accomplished and working alongside my colleagues to help address the challenges and build on the opportunities we have before us as an industry,” he said.

Sarkar is the chairman and CEO of International Media Acquisition Corp. He has also served as the Group CEO at Reliance Entertainment, a part of the Reliance ADA group and held senior positions at Viacom18, UTV Disney and Godrej Sara Lee.

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Two Diving Support Vessels for Navy launched in Vizag

 Aimed at adding niche deep sea capabilities to the Indian Navy, two Diving Support Vessels being built by Hindustan Shipyard Ltd (HSL), Visakhapatnam, were launched on Thursday.

Upbeat about the launch, the Indian Navy in a statement said, “The Diving Support Vessels (DSVs) are first of the kind ships indigenously designed and built at HSL for the Indian Navy. The vessels are 118.4 metres long, 22.8 metres at the broadest point and will have a displacement of 9,350 tons.”

As per the maritime tradition, the vessels were launched by Kala Hari Kumar, President Navy Welfare and Wellness Association (NWWA), who performed the traditional honour and naming them. Admiral R Hari Kumar, Chief of the Naval Staff, was the Chief Guest at the launching ceremony.

Speaking on the occasion, Admiral Kumar said, “It is a matter of great pride and satisfaction that approximately 80% of the DSV project’s equipment are indigenously sourced from more than 120 MSMEs across India. The launch of these sophisticated and first-of-its-kind platforms also cements India’s status in an elite group of nations having the capability to design and build niche platforms. This is another step towards the Navy becoming 100% AatmaNirbhar by 2047 an aim we have set for ourselves.”
Once commissioned, these indigenous Diving Support Vessels or DSVs will serve as Indian Naval Ships Nipun and Nistar.

As per the Navy, “These ships would be deployed for deep sea diving operations. Additionally, with the Deep Submergence Rescue Vehicle (DSRV) embarked, the DSVs are designed to undertake submarine rescue operations, in case a requirement exists. Furthermore, these ships will be capable of sustained patrolling, conducting Search & Rescue operations and carrying out Helicopter Operations at high seas.” 

Defence ministry signs deal to buy 35 BrahMos missiles for Navy
New Delhi: The Ministry of Defence (MOD) signed a contract on Thursday to acquire 35 combat and three practice BrahMos supersonic surface-to-surface cruise missiles from the M/s BrahMos Aerospace Pvt. Ltd. (BAPL). These missiles costing Rs 1,700 crore are to be deployed on the two P-15B class of stealth guided missile destroyers and “is going to significantly enhance the operational capability of Indian Navy (IN) fleet assets” , said the MoD. The MoD said, “BAPL is a Joint Venture (JV) between India and Russia making a crucial contribution to augment the new generation Surface-to-Surface Missiles with enhanced range and dual role capability for land as well as anti-ship attacks.” 

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From building SS Jala Usha in 1941 to launching two Diving Support Vessels, Hindustan Shipyard Limited has come a long way

Constructing INS Dhruv in 2013 was the turning point, says CMD

With the launch of the two Diving Support Vessels INS Nistar and Nipun at the Hindustan Shipyard Limited on Thursday, the shipbuilder has reached a unique milestone of building 200 ships and completing 2,000 repairs since its inception in 1941.

HSL’s foray into shipbuilding began with its first project called SS Jala Usha — a 8,000-tonne steam ship that was launched on March 14, 1948 by Jawaharlal Nehru.

Originally founded as Scindia Shipyard, it was built by visionary industrialist Walchand Hirachand and was then part of the Scindia Steam Navigation Company.

After navigating several ups and downs, the shipyard was nationalised in 1961 and was renamed as Hindustan Shipyard Limited and brought under the Ministry of Shipping. However, in 2010, it was transferred to the Ministry of Defence and since then has been a part of the MoD.

At the launch of the two DSVs on Thursday, Chairman and Managing Director of HSL Commodore Hemant Khatri said that the shipyard was primarily built to construct merchant ships and built two warships for the Indian Navy for the first time in 1959.

“Thereafter, there was a gap of three decades, and in the 1990s we built four offshore patrol vessels (OPVs) for the Navy — INS Savitri, Sharada, Sujata and Sayura. Again, there was a gap of over two decades after which we got an order to build INS Dhruv in 2013,” said Cmde Khatri.

“Constructing INS Dhruv was the turning point for HSL. It was a different class of ship that needed state-of-the-art technology, as it was a research vessel and missile range instrumentation ship,” he said.

INS Dhruv was commissioned in October 2020 and is jointly operated by the Indian Navy, National Technical Research Organisation (NTRO) and Defence Research Development Organisation (DRDO).

“Since then, we haven’t looked back and the building of two DSVs concurrently is a feather in our cap,” Cmde Khatri said.

HSL achieved a turnover of ₹750 crore in the last financial year, the highest so far, and also recorded a profit of ₹51 crore.

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Kerala-based Jesudas Puthamana makes 13 kinds of personalised Japanese kitchen knives

Hankotsu, usubanakiri… Jesudas Puthumana of Chendamangalam, Kerala, makes 13 kinds of personalised Japanese kitchen knives

Nirvana 2019, the house Jesudas Puthmana built on Valiya Pazhampilly Thuruth — one of the tiny islands that dot the Periyar and make up Chendamangalam, Kochi — looks especially Marquezian on a rain-drenched day.

Fashioned in such a way that it seems like an extension of the scenery, it is a labour of love, and a passion project, for which he drew the plan, sourced the material, designed the floor tiles and even calculated the angle of the sun’s shade on the roof. He built a wood-fired masonry oven for its kitchen, where he bakes pizza, bread, cake and naan. Jesudas also makes artisanal Japanese kitchen knives under Urukk Blades. 

He brings out five handmade knives, in different stages of completion, and lovingly explains each. For use in the kitchen and by chefs, the knives are personalised with the name stamped on one side of the blade and a unique serial number on the other. Japanese kitchen knives are varied, each with a different purpose, for example, usuba, a traditional knife used for vegetables and intricate cutting, hankotsu, a boning knife, nakiri, a vegetable cleaver for up and down chopping. Jesudas makes 13 types of knives, with a choice of four finishes and three types of wood handles.  

Meat cleavers to bread blades

Since March 2022, when he started, he has delivered 45 knives, to a clientele that includes chefs Thomas Zachariah of The Locavore, Hussain Shahzad of The Bombay Canteen, and Avin Thaliath, co-founder and director, Lavonne Academy of Baking Science and Pastry Arts.

“I want my knives to be used, and chefs who understand a good knife because it is their primary tool,” says the 44-year-old mechanical engineer. The Serbian meat cleaver among the Japanese kitchen knives proves he is up for a challenge. Next, he plans to make a bread knife for a Mumbai-based baker by adapting a serrated type of Japanese kitchen knife. 

He forges, sharpens and polishes knives out of Ultra High Carbon (UHC) steel also known as tool steel for the same reason as he built his house and its wood-fired oven — “the feeling of making something from zero, to build something out of scratch.” Or, if he were to be ‘arrogant’, he jokes, “because I can!”

If he were to pinpoint what piqued his interest in swords/knives, he pegs it on a documentary on Japanese Katana swords. While working for a construction company in Dubai, with access to a workshop, he made a couple of knives on a whim.

Steeped in geometry

However, a visit to a blacksmith in Palakkad, in early 2022, to get knives custom-made revived his interest. “The blacksmith had an order of Japanese-style knives, which he was making while I was there. It got me curious enough to go back to Kochi and spend a month on homework for the types, design, and drawings of the first set of knives. On the next visit, I made the three knives.” Reference material for the blacksmith was some photographs; at the end of the stay, he carried home what he saw and learnt. 

While locally-made knives are forged from High Carbon steel, “the geometry or shapes are random, these are made as per the blacksmith. Japanese knives have a continuous tradition where each knife’s geometry has evolved to specific usage because of which knives with specific names and functions exist.”

Jesudas put that knowledge to use in March this year when he finally decided to take the plunge, encouraged by the response to his first three knives. “I did nothing else but work on them.” The knives can be ordered on his socials, via Facebook or Instagram.

He shows Excel sheets of the knives he has made so far, he has the specs down to the measurements and weight of each knife. He works with a couple of local smithies near his house, hours working with blacksmiths forging and hammering UHC steel blanks into knives. Although he does not work continuously, each knife is more than 15 hours of work.   

The handles — rosewood, beech and olive — are made by an artisanal carpenter. The other processes are done by hand in his workspace at home hand wrought by Jesudas: sharpened on a whetstone and polished in his workspace at home. Customisation requests include dominant hand preference, he charges a small amount for some requests. He has, however, not been asked for customisation for a particular hand.

Focus on functionality

Gyutosantoku and bunka are all-purpose knives suitable for a variety of functions — cutting/chopping meat, seafood, and vegetables. The most popular of the lot is gyuto, which accounts for 30% of orders. “Japanese knives have evolved over centuries, and the nuances of knife edge geometry have been streamlined perfectly. The edge geometry differs from conventional Western knives as most of these have a single bevel (sloping surface or edge) and a steeper bevel angle. UHC steel can maintain such steep and thin edges.” While designing the logo, he tapped in on the artist in him. Although in Malayalam, the font, style and colours have a distinctly Japanese vibe. 

Listening to him talk about metallurgy and steel, its origin in South India and how it was taken from here to other parts of the world, one gets the sense of where his interest lies. He jokes about wanting to make urukk steel or Wootz Damascus (Damascus Steel) from iron ore, “People will think I am crazy!” For now, he wants to keep it to forging knives. 

The prices of the knives range from ₹4000 to ₹10,000, @urukkblades on Instagram

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How Bridlen is using its Indo-Japanese collaboration to craft Goodyear welted shoes in Chennai

Bridlen, a family owned business from Chennai, on its Indo-Japanese collaboration to craft Goodyear welted shoes

Leather shoes, made to order, that fit like a glove, and look like a dream. That is a rare luxury in a market dominated by e-commerce, where even  designer brands are churning out collections by the season. For the true shoe connoisseur, only a customised product, can fashion a sartorial statement. So following slow food and slow fashion, now there’s a focus on slow manufacturing. At Bridlen, a shoemaking enterprise in Chennai that started in 1986, making Goodyear welted shoes the old-school way is a rich legacy that has continued into the 21st Century. 

Started by the late K Mohamed Hasan, who began his career in shoemaking with solely creating uppers , he then turned his eye to create not just custom shoes, but footwear that would please, whom he considered the most discerning customers — the Japanese. As a first-generation shoemaker with clients in the UK, France, Italy, Germany, Switzerland, Spain and Portugal, he found a friend in Jose Maria Watanabe, a Japanese shoemaker with four decades of experience in the business. What started as a unique friendship, then turned into a partnership that coalesced  the best of Japanese design and Indian craftsmanship. 

The Japanese connect

Following the untimely demise of its founder in 2019, Bridlen is now managed by his son, Mohamed Affan Kolandaiveedu. Affan explains why their Goodyear welt design is a cut above the standard, “ We don’t attach a cotton rib to the insole. We take a channel on a much thicker insole and stitch the welt to that. This is what separates us from most other brands at our price point or even a few brackets above. A search on the authorities of the classic shoe world from Simon Crompton at Permanent Style or Jesper of shoegazing.com have singled out this feature as a point of strength, something that you don’t normally find on factory made shoes,” explains Affan.

The story of Bridlen is fashioned by an Indian team guided by Watanabe. A  Goodyear welted shoemaker based in Spain, he worked with a European partner, and was looking for a  manufacturing capacity closer to Japan, when he heard about a small factory in India and came to visit. “Watanabe and Hasan really hit it off with their philosophy for quality, ethics in business and demeanour that they decided to do something together even though the original plan to move the Spanish production to India did not work,” states Affan.

Watanabe looked to pass on his skills, to Indian craftsmen who were serious about preserving the trade. “My project with Affan Shoes was the production of a finished shoe, something they had never experienced before, and at the same time it was a quality standard that was accepted worldwide.” Explaining how his mentor acclimatised to the new workspace, he adds, “Watanabe took great pains in the early days to get along with the workforce in our factory. He learnt a bit of Tamil and taught basic Japanese to some of the staff and their children on weekends. He would spend half the year in Chennai, and loved to partake in social gatherings, our festivals, and cultural practices.”

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Adani names son Karan to run cement firms; injects ₹20,000 crore in Ambuja Cement

Adani completes acquisition of Ambuja Cements and ACC

Billionaire Gautam Adani’s son Karan will helm the cement firms his group has acquired to become India’s second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.

In a media statement, Adani group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of $6.5 billion which includes the buyout of Swiss major Holcim’s state in the two firms and subsequent open offers to minority shareholders.

Soon after Adani’s takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs.

The conglomerate named its founder chairman Gautam Adani as the head of Ambuja Cements. His son Karan, who currently heads the group’s ports business, was named as a director of both the cement firms and as chairman of ACC Ltd.

Adani group also quickly named independent directors on the boards of the two firms. These included former State Bank of India (SBI) chairman Rajnish Kumar on the Ambuja Cement board and former Shell India head Nitin Shukla on the ACC board.

It named Ajay Kumar as the new CEO of Ambuja Cement in place of Neeraj Akhoury and Sridhar Balakrishnan for ACC.

Karan, 35, is an economics graduate from Purdue University, U.S., and has been overseeing Adani Ports and SEZ Ltd, which has grown from two ports to a string of 10 ports and terminals.

Gautam Adani, 60, the world’s third richest man, has two sons Karan and Jeet. The younger son Jeet, a graduate from the University of Pennsylvania – School of Engineering and Applied Sciences, is vice president for group finance at the conglomerate.

The new board of Ambuja Cements approved an infusion of ₹20,000 crore in the company by way of preferential allotment of warrants to equip the firm “to capture the growth in the market.” The acquisition of the two cement firms is the largest ever buyout in the infrastructure and materials sector so far in the country and also the biggest acquisition by Adani.

The Adani family, through their special purpose vehicle Endeavour Trade and Investment Ltd, completed the acquisition after completing the transaction with Swiss firm Holcim and open offer, as per a statement.

“Post the transaction, Adani will hold 63.15% in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements),” the statement said.

The combined market capitalisation of Ambuja Cements and ACC Ltd is $19 billion as of date, it added.

“The transaction was financed by facilities aggregating to $4.50 billion availed from 14 international banks”, which includes Barclays Bank and Deutsche Bank AG.

Adani Group Chairman Gautam Adani described cement as an exciting business, with headroom for growth in India, which exceeds that of every other country well beyond 2050.

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PM Modi releases Namibian cheetahs at Madhya Pradesh’s Kuno National Park

When cheetahs run again in Kuno National Park, the grassland ecosystem will be restored, biodiversity will increase further, the Prime Minister said

Prime Minister, Narendra Modi on September 17, released a coalition of cheetahs into the Kuno National Park, in Madhya Pradesh.

Eight Cheetahs — five of which are female — were flown from Windhoek, Namibia to Gwalior, followed by a helicopter ride to the grasslands of Kuno Palpur.

The cheetahs were brought in wooden crates and will be released in a specially designed enclosure where they will live for a month and begin a lifetime of acclimatisation to Indian prey and forest conditions.

Mr. Modi, in a televised address, said it could be “months” before ordinary citizens could visit Kuno to spot the animals. “They have now come as guests and it will take some time before they can be used to living in India,” he said.

The cheetah are radio-collared and their movements will be tracked. Each animal has their dedicated tracking team. There is also a team of wildlife scientists, biologists and Laurie Marker, a renowned zoologist and founder of the Cheetah Conservation Fund which has worked on restoring the species in Africa.

The introduction of the cheetah in India is being done under Project Cheetah which, according to the Environment Ministry, is the first time a large carnivorous species has been moved across continents for establishing a new population.

“Decades ago, the age-old link of biodiversity that was broken and became extinct, today we have a chance to restore it,” said Mr. Modi, adding “Today the cheetah has returned to the soil of India.”

He remarked that even though cheetahs had become extinct from India in 1952, no meaningful effort was made to rehabilitate them for the past seven decades.

The process to bring cheetahs into India spans several decades including an ingenious proposal in 2005 by the CSIR — Centre for Cellular and Molecular Biology, Hyderabad, to clone an Asiatic cheetah. This came to naught after Iran, where the species was extant but dwindling, refused to share an animal.

In 2010, the Environment Ministry put together a plan recommending locations in India suitable for the cheetah and for sourcing cheetahs from Africa. This however brought legal problems as conservationists challenged estimates by the Wildlife Institute of India, an autonomous government body, of the suitability of Indian sanctuaries for the animal. Kuno Palpur, one of the recommended sites, was originally intended as a second home for the Asiatic lions in Gir, but which the Gujarat government has opposed despite a Supreme Court order directing the transfer.

In 2012, the Supreme Court stayed the Environment Ministry project to bring African cheetahs to Kuno.

In 2017, the National Tiger Conservation Authority revived the proposal and appealed to the Supreme Court to “clarify its order”. The Supreme Court in 2020 removed its bar on importing the cheetah and allowed it in on an experimental basis and this paved the way for the first batch of cheetahs.

About 10-12 cheetahs are expected to be brought into India every year and around 35 are believed to be necessary to create a sustainable population.

The success of this batch of animals will be the touchstone of India’s initiative to be home to four wildcats — the tiger, lion, leopard and cheetah.

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