Asia Press Agency

Tag: Partnership

  • India-France to Launch Fund for Startups and Climate Innovation

    India-France to Launch Fund for Startups and Climate Innovation

    New Delhi and Paris are poised to unveil a groundbreaking initiative later this year aimed at bolstering startups and fostering climate-focused innovations across the Indo-Pacific region, according to sources familiar with the matter. The fund agreement, along with the allocated funding, has already been finalized, with anticipated projects set to span the Western Indian Ocean and the broader Indo-Pacific area.

     

    The genesis of this collaborative endeavor traces back to Prime Minister Narendra Modi’s visit to France for Bastille Day celebrations in July 2023. During this visit, the two nations agreed to establish the Indo-Pacific Triangular Cooperation (IPTDC) Fund, marking a significant milestone in their bilateral partnership. The fund, rooted in a unique model of Triangular Development Cooperation, is designed to support initiatives that promote climate resilience and advance the Sustainable Development Goals (SDGs) in third countries across the Indo-Pacific region.

     

    The ‘Horizon 2047’ joint vision statement released during Modi’s visit underscored the strategic importance of this initiative. By facilitating the scaling up of green technologies and fostering innovation, the IPTDC Fund aims to address pressing environmental challenges while driving sustainable development in the region. Through this collaborative effort, India and France aim to harness the transformative potential of technology and entrepreneurship to catalyze positive change across the Indo-Pacific.

     

    France, with its significant presence in the Indo-Pacific region through overseas territories such as La Reunion, New Caledonia, and French Polynesia, emerges as a natural partner for India in this endeavor. Leveraging their shared commitment to fostering innovation and combating climate change, the two countries are poised to jointly identify and support projects that align with the objectives of the IPTDC Fund.

     

    The establishment of the IPTDC Fund represents a significant step forward in providing viable funding alternatives to innovators and entrepreneurs in the Indo-Pacific region. By nurturing a conducive ecosystem for innovation and entrepreneurship, the fund aims to unlock the region’s potential and drive inclusive growth.

     

    While the specifics of the projects to be supported by the IPTDC Fund are yet to be disclosed, the initiative holds immense promise for fostering collaboration and driving positive change in the region. Through strategic partnerships and targeted investments, the fund has the potential to catalyze innovation, spur economic development, and address pressing environmental challenges across the Indo-Pacific.

     

    In addition to the IPTDC Fund, India has been actively engaged in triangular cooperation mechanisms with other strategic partners, including Germany, the United States, and the United Kingdom. These partnerships aim to promote trade, connectivity, and sustainable development in the region through innovative initiatives and collaborative projects.

     

    For instance, India is collaborating with Japan and Bangladesh to enhance trade and connectivity through the Bay of Bengal Northeast Industrial Value Chain concept, aimed at creating a new regional supply chain and boosting economic growth in the Northeastern states of India. Similarly, India has initiated projects with Germany in several African nations, focusing on areas such as agribusiness and agricultural technology.

     

    Furthermore, under the Global Innovation Partnership with the United Kingdom, India is exploring opportunities to leverage Indian innovation to drive development in strategically important third countries. Discussions are underway to identify potential collaboration on renewable energy projects in Sri Lanka, highlighting the diverse range of initiatives aimed at fostering sustainable development and addressing regional challenges.

     

    Overall, the launch of the IPTDC Fund underscores the growing momentum towards collaborative efforts to promote innovation, entrepreneurship, and sustainable development in the Indo-Pacific region. As India and France forge ahead with this ambitious initiative, they are poised to play a pivotal role in driving positive change and building a more resilient and prosperous future for the region.

  • India-US Relationship: Beyond Boundaries and Expectations

    India-US Relationship: Beyond Boundaries and Expectations

    Union Minister of External Affairs, S Jaishankar, expressed his thoughts on the ever-evolving relationship between India and the United States (US) during a recent community event in Washington D.C. On Sunday, he emphasized the boundless potential of this partnership, comparing it to the Chandrayaan mission and how it could potentially go even beyond.

     

    Jaishankar shared, “I am often asked, where do you think this relationship (India-US) is going…now it’s hard for me today, really, to put a limit on it, to define it, to even voice expectations because in every way this relationship has exceeded expectations, which is why today we don’t even try to define it. We actually keep raising the bar.”

     

    He also spoke about the New Delhi G20 Leaders Declaration, describing it as a success not just for India but for the G20 nations as a whole. Jaishankar emphasized that it was also a testament to the strong partnership between India and the United States. He urged for continued support for this partnership, stating, “Please keep giving this partnership the support it needs, the support it deserves, and the support it expects. And I can promise you that this relationship, like the Chandrayaan, will go to the moon, maybe even beyond.”

     

    During his five-day visit to the United States, Jaishankar had discussions with Secretary of State Antony Blinken and other senior members of the US government. He noted that in a changing world, India and the United States have grown closer to each other, seeing each other as highly desirable and comfortable partners. He expressed hope about the prospects of the relationship, highlighting the chemistry and comfort that define it today.

     

    However, Jaishankar’s visit to the US occurred amidst a diplomatic tussle between India and Canada. Canada had alleged that “agents of the Indian government” were linked to the murder of Khalistani terrorist Hardeep Singh Nijjar. The situation became more complex when it was revealed that the United States, as part of the Five Eyes alliance, assisted Canada in uncovering evidence related to India’s alleged involvement in the killing.

     

    US Secretary of State Antony Blinken urged the Government of India to cooperate in the investigation. This diplomatic issue adds a layer of complexity to India’s external affairs during Jaishankar’s visit.

     

    S Jaishankar’s reflections on the India-US relationship emphasize its limitless potential and the mutual trust and comfort between the two nations. The Chandrayaan analogy serves as a testament to the optimism surrounding the future of this partnership. However, ongoing diplomatic challenges, such as the India-Canada tussle, highlight the need for diplomatic finesse and cooperation in managing external affairs.

  • Hrithik Roshan Becomes Exxon Mobil’s New Brand Ambassador

    Hrithik Roshan Becomes Exxon Mobil’s New Brand Ambassador

    Exxon Mobil, a company with a 150-year legacy of developing and applying next-generation technologies in the energy sector, has enlisted renowned actor Hrithik Roshan as the new brand ambassador for its lubrication brand, Mobil™.

     

    Hrithik Roshan, known for his confidence and boundless energy, was a natural fit as the face of the brand. His persona resonates with Mobil’s core brand values, which include building confidence, driving human progress, and enabling customers to unlock their true potential. Mobil has consistently been at the forefront of lubrication technology innovation and offers a range of expertly formulated industrial lubricants to meet diverse market needs.

     

    Expressing his enthusiasm about the partnership with Mobil, Hrithik Roshan stated, “I am really looking forward to partnering with Mobil and its trusted brand name that is recognized the world over. I strongly believe that confidence is the real driving force of champions to make a difference in people’s lives and the community, and this is what the Mobil brand is all about.”

     

    Vipin Rana, CEO of ExxonMobil Lubricants Pvt Ltd, announced the collaboration with the actor, saying, “We are excited to partner with Hrithik Roshan for our Mobil lubricants in India. We believe his personality will resonate well with trade partners and consumers, instilling confidence in what Mobil can deliver to meet India’s lubrication needs.”

     

    This isn’t the first time Hrithik Roshan has endorsed the Mobil brand. As Mobil establishes its presence in India to contribute to the country’s growth story, it had previously partnered with Hrithik Roshan’s action thriller film, ‘Vikram Vedha.’ The film conveyed the message that prioritizing wellness through informed choices is essential.

     

    For over a century, Mobil has been a leader in meeting global lubrication needs with cutting-edge technology and as a trusted partner. Mobil products are engineered to provide exceptional engine performance and protection for cars, trucks, and motorcycles. In the business realm, Mobil has assisted customers across various industries worldwide in reducing costs, enhancing productivity, and improving equipment efficiency.

  • Morgan Stanley to Launch AI Chatbot in Partnership with OpenAI

    Morgan Stanley to Launch AI Chatbot in Partnership with OpenAI

    Morgan Stanley is preparing to debut an innovative generative artificial intelligence chatbot later this month, developed in collaboration with OpenAI, according to a report by Reuters. The bank has been testing this AI tool with approximately 1,000 financial advisers for several months, although specific details of the program have not been disclosed.

     

    The primary objective behind the chatbot is to enhance the efficiency of financial advisers’ interactions with clients. With clients’ permission, the AI bot is designed to perform various tasks, such as creating meeting summaries, drafting follow-up emails suggesting next steps, updating the bank’s sales database, scheduling follow-up appointments, and even learning to assist advisers in managing clients’ financial matters, including taxes, retirement savings, and inheritances.

     

    Additionally, Morgan Stanley employees will be able to utilize the chatbot to quickly access research or forms, eliminating the need to sift through extensive document archives.

     

    Morgan Stanley’s Chief Information Officer of Wealth and Investment Management, Sal Cucchiara, believes that the impact of AI in this context will be profound and potentially comparable to the transformative impact of the internet. He was quoted in the report as saying, “The impact (of AI) will be very significant.”

     

    Cucchiara also highlighted the pivotal role of OpenAI in this endeavor, stating that the partnership became evident after their initial discussions, as OpenAI was significantly ahead of other technology vendors.

     

    The partnership between Morgan Stanley and OpenAI was formalized last summer, granting the bank preferred access in product development for wealth management. This collaboration was celebrated during a dinner hosted by Andy Saperstein, Morgan Stanley’s co-president and head of wealth management, who is also a potential candidate for the bank’s next CEO.

     

    While the AI chatbot will provide valuable insights and administrative support to financial advisers, it’s important to note that investment advice will remain the responsibility of human professionals. Sal Cucchiara emphasized that the adviser remains at the center of the process, and employees view the technology as a helpful tool rather than a replacement for their roles.

     

    This AI initiative is part of Morgan Stanley’s broader strategy to bolster its wealth division. The company has seen a surge in net revenue and new client assets in recent quarters, aiming to reach $10 trillion in assets under management. Other major financial institutions, including JPMorgan Chase and Bank of America, have also been actively exploring the integration of AI technology into their operations.

     

    The partnership between Morgan Stanley and OpenAI represents a significant step forward in the financial services industry’s adoption of AI to enhance client services and operational efficiency while preserving the human touch in investment decision-making.

  • Hero MotoCorp to Invest ₹550 Crore in Ather Energy

    Hero MotoCorp to Invest ₹550 Crore in Ather Energy

    Hero MotoCorp has approved an investment of up to ₹550 crore in the rights issue of Ather Energy, marking a significant move in the Indian electric vehicle (EV) market. Before this investment, Hero MotoCorp held a 33.1% share in Ather Energy.

     

    The Company, a Bengaluru-based startup, has been making strides in the EV sector with its electric scooters. Last month, it launched the entry-level electric scooter model, the 450S, priced at ₹1.29 lakh (ex-showroom Delhi). The 450S offers a battery capacity of 2.9 kWh, a range of 115 kilometers, and a top speed of 90 km/hour.

     

    The funding from Hero MotoCorp comes at a pivotal time for Ather Energy, which is planning to launch an initial public offering (IPO), potentially in 2024. The company raised $50 million in equity funding in October 2022, led by its existing investor Caladium Investment Pte Ltd, with participation from Navam Capital-backed Herald Square Ventures.

     

    Ather Energy is focused on expanding its market share in the electric scooter segment and aims to capture 30-40% of the market with the launch of its 450S scooter in the 125cc category. The company already has over 1,400 chargers across 100 cities and recently partnered with Bharat Petroleum Corporation Limited (BPCL) to expand its charging network.

     

    Through this collaboration, Ather will have access to BPCL’s extensive network of over 21,000 fuel stations across India, enabling the installation of Ather’s public fast-charging grid. In August, Ather Energy sold around 6,835 electric scooters, signaling the growing demand for EVs in India.

     

    Hero MotoCorp’s increased investment in Ather Energy underscores its commitment to the electric mobility sector and its intention to expand its electric vehicle portfolio.

  • ACME Group Partners with Tata Steel SEZ for Green Hydrogen

    ACME Group Partners with Tata Steel SEZ for Green Hydrogen

    Renewable energy firm ACME Group has announced a significant partnership with Tata Steel Special Economic Zone (TSSEZL) to establish a green hydrogen and green ammonia project in Odisha’s Gopalpur Industrial Park. Under the agreement, ACME Group will acquire 343 acres of land from TSSEZL for the ambitious venture.

     

    The primary objective of the project is to set up a 1.3 million metric tons per annum (MTPA) green ammonia production facility. This green ammonia will be produced using green hydrogen and will be manufactured with the support of renewable power sources. The production process is designed to be sustainable and environmentally friendly.

     

    ACME Group plans to leverage its partnership with Japan’s IHI Corporation to realize this groundbreaking project. The green ammonia produced at the facility will be exported to markets in both Western and Eastern regions, utilizing the existing Gopalpur port facilities.

     

    Manoj K. Upadhyay, founder and chairman of ACME Group, highlighted the significance of this endeavor in terms of offering competitively priced green hydrogen and green ammonia to both domestic and international markets. He also emphasized the importance of the partnership with IHI Corporation, which has demonstrated its commitment to investing in green energy projects in Odisha.

     

    Hemant Sharma, IAS, Principal Secretary of the Industries Department and Chairman of IDCO & IPICOL, Government of Odisha, expressed his vision for the state to become a prominent hub for green hydrogen and green ammonia. He emphasized that the government is offering attractive incentives to catalyze this vision and position Odisha as a leader in the green fuel economy.

     

    This partnership between ACME Group and Tata Steel SEZ marks a significant step towards realizing a sustainable and green energy future for the region. As the project progresses, it will contribute to the state’s efforts to establish itself as a manufacturing hub for both domestic and export-oriented industries, in line with TSSEZL’s Gopalpur Industrial Park development plans.

  • Reliance Industries Partners with Oberoi Hotels

    Reliance Industries Partners with Oberoi Hotels

    Reliance Industries, a prominent conglomerate, has announced a strategic collaboration with Oberoi Hotels and Resorts to jointly manage three luxury properties across India and the UK. This partnership is set to provide travelers with exceptional experiences at iconic destinations. The properties included in this collaboration are:

     

    • Anant Vilas Hotel, Mumbai: Anant Vilas is poised to be a unique addition to Oberoi’s prestigious ‘Vilas’ portfolio of luxury properties. Positioned in Mumbai’s bustling business district, the Bandra Kurla Complex (BKC), Anant Vilas aims to offer a distinct and iconic experience for discerning visitors. The property is strategically located in an area that is becoming a vibrant mixed-use destination, catering to various needs such as business, hospitality, shopping, dining, arts, culture, education, and residences.

     

    • Stoke Park, UK: Owned by Reliance Industries’ subsidiary Stoke Park Limited, Stoke Park is nestled in Stoke Poges, Buckinghamshire, UK. The facility boasts a range of amenities, including a hotel, sports facilities, and a highly regarded golf course that ranks among the best in Europe. The collaboration with Oberoi Hotels aims to elevate the property into a world-class destination by upgrading facilities and enhancing the overall guest experience. Plans for Stoke Park’s comprehensive enhancement, encompassing golf and other sports facilities, are currently in the works.

     

    • New Project in Gujarat: Reliance Industries and Oberoi Hotels have also embarked on a project in Gujarat, envisioning another iconic luxury hotel. This project seeks to harness the tourism potential of the state and further enhance the region’s hospitality offerings. Although currently unnamed, this project holds promise as a unique addition to Gujarat’s hospitality landscape.

     

    • Oberoi Hotels and Resorts are renowned for their impeccable customer service and global presence in the hospitality industry. With a history of enhancing palaces and historic properties while preserving their character and essence, Oberoi has consistently delivered outstanding guest experiences.

     

    The collaboration between Reliance Industries and Oberoi Hotels signifies a commitment to providing travelers with world-class luxury and memorable stays across diverse destinations. This partnership seeks to leverage Oberoi’s expertise in delivering exceptional hospitality with Reliance Industries’ commitment to quality and innovation. As these iconic properties are managed and upgraded, travelers can look forward to enhanced offerings and unparalleled experiences.

  • ItsCredible Forays in Middle East through Partnership with Yallaschools for Enhanced Credentialing

    ItsCredible Forays in Middle East through Partnership with Yallaschools for Enhanced Credentialing

    Yallaschools, a technology-driven platform that simplifies school selection and connects Educators, Parents, and Students seamlessly forming a trusted global education network, is thrilled to announce its partnership with ItsCredible, a pioneering name in digital credentialing solutions. Yallaschools has selected ItsCredible as its digital credentialing partner for all their prestigious award ceremonies.

     

    With this collaboration, ItsCredible is expanding its footprint to the Middle East through Strategic Partnership with Yallaschools in UAE. This partnership makes ItsCredible accessible to Schools, Universities and Institutions in the region who want to seamlessly transition to instantly verifiable digital certificates

     

    ItsCredibles innovative platform empowers Yallaschools to elevate their recognition process by seamlessly transitioning to instantly verifiable digital certificates and awards. This strategic alliance enables Yallaschools to honor awardees with dynamic and secure digital certificates, forging a future where accomplishments are celebrated with enhanced impact and authenticity.

     

    Yallaschools commitment to informed-decision making and accessibility align perfectly with ItsCredibles mission to turn recognition into trusted recognition. The partnership symbolizes a shared vision with technology & trust at its forefront. It is yet another milestone in Yallaschools journey to providing the best to its deserving students, teachers and educational institutions.

     

    “This partnership is a natural extension of our dedication to revolutionize education technology,” stated B.Saurav, CEO of Yallaschools. “ItsCredible perfectly aligns with our shared vision of transforming education through innovation. The benefits of the platform are many as it not just provides us with a digital infrastructure to swiftly and seamlessly create, issue, manage and notify shareable and verifiable certificates but also empowers our educators, students and schools with enhanced credibility and opportunities.”

     

    “Educational institutions partnering with Yallaschools will experience a paradigm shift. By adopting ItsCredibles technology, schools gain an arsenal of benefits. Administrative efficiency is bolstered as paper processes switch to secure digital platforms. Moreover, as ItsCredible’s digital certificates enable students to amplify their achievements in their networks, schools are likely to benefit from the increased brand visibility and lead-generation ability.”

     

    “In alignment with the success story of Prometheus School, a leading school in India, ItsCredible is set to empower schools within the Yallaschools network. Through seamless provision of secure, verifiable digital credentials, badges, and certificates, this initiative will bolster schools credibility, administrative efficiency, and brand visibility, enabling them to amplify their admission numbers,” commented Mr. Mukesh Sharma, Founder of ItsCredible. “Our blockchain technology guarantees the credibility of digital credentials, which is a testament to the dedication both organizations share towards a more connected, sustainable, and empowered educational landscape.”

     

    About Yallaschools : Yallaschools has long championed the cause of accessible education. Founded in 2019 by a group of educationalists and entrepreneurs, the platforms mission centers on enabling parents to find and apply to schools across the Middle East. The multi-language platform is designed to be an engaging experience for Parents, Students, Schools simplifying the process of School Search and Admission, based on SMART Technology and providing them with an ultimate virtual experience from the comfort of their home or office, 24×7, 365 days, a year.

     

    About ItsCredible : ItsCredible is a leading provider of innovative digital credentialing solutions that empower organizations to create, issue, notify and manage verifiable and shareable digital certificates, badges and other credentials. ItsCredible redefines the concept of conventional certificates and makes them lead-generating tools for issuing organisations. ItsCredible ensures the utmost credibility and integrity of credentials, creating a future where achievements are recognized and valued with trust and transparency.