Latest news with #Shivalik
Time of India
4 days ago
- Business
- Time of India
SCI inducts huge carrier to further self-reliance in LPG transport
NEW DELHI: The govt-owned Shipping Corporation of India (SCI) on Thursday inducted into its fleet LPG carrier 'Sahyadri', which has the capacity to transport up to 82,000 cubic metres of liquefied petroleum gas (LPG). Tired of too many ads? go ad free now The induction of the South Korea-built 225-metre-long, 36-metre-wide, carrier raises SCI's deadweight tonnage to 5.2 million tonnes and the strength of its owned fleet to 57 vessels. Sahyadri, named after the mountain range along India's western coast, will transport LPG between the Persian Gulf and India, ensuring vital energy supply. Another Very Large Gas Carrier (VLGC) vessel, to be renamed Shivalik, will join SCI's fleet later this financial year. Officials said the acquisition reflects the govt's push to build a self-reliant, globally competitive shipping sector and reduce dependence on foreign tonnage for strategic cargo. 'Every addition to our fleet is a step towards a stronger, self-reliant maritime India. With the growing fleet of Indian flagged vessels, we are moving towards our maritime goal of becoming Atmanirbhar and propelling economic growth to become Viksit Bharat,' port and shipping minister Sarbananda Sonowal said. In a statement, the SCI said, 'With Sahyadri joining the fleet, India sails one step closer to its 2047 goal — a proud maritime nation commanding a larger share of global trade and securing its economic future at sea'.
Time of India
5 days ago
- Business
- Time of India
Shivalik Small Finance Bank raises Rs 100 cr from investors led by SMBC Asia Rising Fund-Japan
Shivalik Small Finance Bank (SSFB) on Thursday said it has raised Rs 100 crore in equity capital from a clutch of investors led by SMBC Asia Rising Fund- Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC). Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Besides, the bank's existing investors, Accel , Quona Capital, Lightspeed, and Sorin Investments, also participated in this funding round. "This fresh infusion of capital marks a significant milestone in Shivalik's journey to build a truly digital-first bank, especially focused on India's underserved MSME and retail segments. The funds will be utilised to strengthen the bank's technology stack, expand its workforce across critical functions such as product, engineering, and operations, and to develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) proposition," the bank said in a statement. With a strong digital backbone and a partner-first approach, Shivalik aims to simplify financial access for small businesses and emerging consumer segments across semi-urban and rural India, it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gold Is Surging in 2025 — Smart Traders Are Already In IC Markets Learn More Undo Commenting on the development, Anshul Swami, MD & CEO of Shivalik Small Finance Bank, said, "Our growth plans have banking-as-a-service as a key pillar - powering a range of use-cases through innovative products and easy partner integrations. We believe that our technology stack, depth of banking knowledge, and commitment to partners will continue to allow us to deliver scalable solutions that resonate with our core audience." Shivalik Small Finance Bank has a legacy of over 25 years in retail banking, originating as Shivalik Mercantile Co-operative Bank in 1997. It became the first urban cooperative bank in India to transition into a Small Finance Bank in April 2021 under the Reserve Bank of India's voluntary transition scheme. Live Events The bank operates with a strong digital foundation built on Infosys Finacle's Core and Digital Banking Suite, allowing it to deliver seamless, cloud-native experiences across web and mobile platforms. Speaking on the investment, Rajeev Kannan, managing executive officer & head of India division at SMBC, said, "Through our collaboration with Shivalik, leveraging its digital-native technology stack and strategic partnerships with high-growth external platforms, we are excited to advance the provision of inclusive and scalable financial solutions across India." As of FY 2024, Shivalik serves over 9 lakh customers across 79 branches and 114 business correspondents (BC) outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of over Rs 6,000 crore and generated annual revenue of Rs 423 crore in the last fiscal year.
Time of India
5 days ago
- Business
- Time of India
Japan's SMBC Fund invests $7 million in Shivalik SFB
Kolkata: SMBC Asia Rising Fund , a corporate venture capital fund cofounded by Japan's Sumitomo Mitsui Banking Corporation , has picked a 4.99% stake in Shivalik Small Finance Bank , the only small finance bank in India to have transformed from a cooperative entity. The fund has invested $7 million, or about ₹60 crore, for the stake, making the bank's enterprise value around ₹1,200 crore, Shivalik managing director and chief executive officer Anshul Swami told ET. The existing investors of Shivalik such as Accel , Quona, Lightspeed and Sorin Investments have also participated in this round, having put in another ₹40 crore between them on a pro-rata basis, taking the total equity raise to ₹100 crore. "The fresh equity will be used as growth capital," Swami said. "We are building a strong digital foundation to serve the MSME and retail customers across Bharat." The funds will be utilised to strengthen the bank's technology stack and expand its workforce across critical functions such as product, engineering, and operations, he said. Rajeev Ranka, partner at SMBC Asia Rising Fund, said the fund seeks "partnerships with regulated entities that can enable our portfolio companies to collaborate and co-create products." "Shivalik's partner-first model aligns well with this objective," he told ET. This was the third equity raise by Shivalik since its transition into a bank. It had raised ₹100 crore in June last year from global venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments along with participation from existing investors Accel India VII (Mauritius) and Quona Accion Inclusion Fund III. Accel and Quona first invested in the bank in FY22. At present, institutional investors together have a 29.31% interest in the bank while the promoters hold around 40%. The balance is with retail investors, who are mostly old cooperative members. The bank is not listed on the stock exchanges. The capital infusion will boost the bank's capital adequacy ratio to 24% from 19% at present and support a 35-40% targeted business growth target this fiscal. The investment in Shivalik is SMBC Asia Rising Fund's sixth in India. The fund was cofounded by SMBC along with Incubate Fund of Singapore for the purpose of accelerating business development and partnerships through investments in high potential Asian startups. Rajeev Kannan, managing executive officer and head of India division at SMBC, said the group is "committed to contributing to the broad-based growth of the Indian economy." Shivalik, an urban cooperative bank since 1997, got itself converted into a small finance bank in 2021. It has a retail banking legacy. Now, it serves over 900,000 customers across 79 branches and 114 business correspondent outlets in 11 states. Its business size crossed ₹6,700 crore and manpower count rose to 1,000. It earned a revenue of ₹423 crore in FY25. Besides organic expansion, Swami said, the bank management is open to acquisitions for faster growth. "We are open to acquiring a small entity in the affordable housing finance space or in the secured MSME lending space," he said. "People keep approaching us. But there is nothing concentre on the table at this point." About 90% of the bank's business is secured lending while 50% consists of affordable home loans, business loans and gold loans.
India Gazette
01-07-2025
- Business
- India Gazette
Project 17A indigenous stealth frigate Udaygiri delivered to Indian Navy
New Delhi [India], July 1 (ANI): Yard 12652 (Udaygiri), the second ship of Project 17A stealth frigate, being built at Mazagon Dock Shipbuilders Limited (MDSL), was delivered to the Indian Navy on Tuesday, Defence Ministry said in a release. The Project is a follow-on of the Shivalik class (Project 17) frigates active in service. Udaygiri is the second among the seven P17A frigates under construction at MDL, Mumbai and GRSE, Kolkata. These multi-mission frigates are capable of operating in a 'Blue Water' environment dealing with both conventional and non-conventional threats in the area of India's Maritime Interests, Defence Ministry said. Udaygiri is a modern Avatar of its predecessor, erstwhile INS Udaygiri which was a Steam Ship, decommissioned on 24 August 2007 after rendering 31 years of glorious service to the nation. P-17A ships have enhanced stealth features and fitted with 'State of the Art' weapons and sensors, a significant upgrade from the P17 class. Defence Ministry said that the ships represent a quantum leap in Indian Navy's in-house design capabilities at the Warship Design Bureau. The newly designed ships are also being built employing the philosophy of 'Integrated Construction', which involves extensive pre-outfitting at the Block stages to reduce the overall build periods. Udaygiri has been delivered to the Indian Navy, in a record time of 37 months from the date of launching, release stated. According to Defence Ministry, the hull of P17A ships is geo-symmetrically larger by 4.54 per cent vis-a-vis P 17. These ships are fitted with an advanced weapon and sensors suite with enhanced 'sleek and stealthy' features compared to the P 17 class. The ships are configured with Combined Diesel or Gas (CODOG) main propulsion plants, comprising a Diesel Engine and Gas turbine, driving a Controllable Pitch Propeller (CPP) on each shaft and a state-of-the-art Integrated Platform Management System (IPMS). The weapon suite comprises supersonic Surface-to-Surface missile system, Medium-Range Surface to Air Missile system, 76 mm Gun, and a combination of 30 mm and 12.7 mm rapid-fire close-in Weapon Systems, the release stated. Aatmanirbharta in Ship Building and Employment Generation. The delivery of Udaygiri showcases the nation's ship design, ship construction and engineering prowess enabled by a strong industrial ecosystem supported by over 200 MSMEs. The warship is fitted with major weapons and sensors sourced from indigenous OEMs, it added. Defence Ministry said that the shipbuilding requirements of the Project have led to direct employment generation for about 4,000 personnel and more than 10,000 personnel through indirect/ ancillary sources. 'The positive spin offs of the shipbuilding project included self-reliance, economic development, employment generation, growth of MSMEs and ancillary ecosystem in the country.' The remaining five ships of the P 17A Class are at various stages of construction at MDL, Mumbai and GRSE, Kolkata and would be delivered progressively by end 2026, release stated. (ANI)
India.com
27-06-2025
- India.com
Say Goodbye To The Heatwave! Explore These 10 Scenic Hill Stations Near Mohali
photoDetails english 2922908 Updated:Jun 27, 2025, 11:11 AM IST 1 / 12 As the summer sun scorches the plains of Punjab, escaping to the nearby hills becomes not just a luxury but a necessity. Fortunately, Mohali is perfectly located near the majestic Shivalik and Himalayan ranges, offering a range of serene and refreshing hill stations. Whether you're looking for peace, adventure, or just a cool breeze, here are the top 10 hill stations near Mohali that are perfect for a summer retreat. Kasauli (60 km) 2 / 12 Best for: Peaceful getaways & nature walks A quaint cantonment town, Kasauli offers stunning colonial charm, pine-covered hills, and panoramic views. Don't miss the sunset point and Gilbert Trail for a rejuvenating experience. Shimla (120 km) 3 / 12 Best for: Family vacations & sightseeing The capital of Himachal Pradesh, Shimla is a timeless favorite. From Mall Road and Jakhoo Temple to toy train rides and cafes, it's a perfect blend of culture, nature, and comfort. Chail (105 km) 4 / 12 Best for: Offbeat travelers & solitude seekers Famous for having the world's highest cricket ground, Chail is less crowded than Shimla and offers forested trails, royal palaces, and a calm ambiance ideal for nature lovers. Solan (70 km) 5 / 12 Best for: Quick weekend trips Known as the 'Mushroom City of India', Solan lies between Kalka and Shimla. It's ideal for a quiet break and has attractions like Shoolini Mata Temple and the Mohan Meakin Brewery. Morni Hills (45 km) 6 / 12 Best for: One-day trips & picnics Located in Haryana, Morni Hills is the closest hill station to Mohali. It's perfect for boating, trekking, and birdwatching around the Tikkar Taal lakes. Nahan (130 km) 7 / 12 Best for: Heritage lovers & serenity This hidden gem in Himachal Pradesh is known for its scenic beauty, old temples, and the calm Renuka Lake. A lesser-known but worthy summer destination. Barog (75 km) 8 / 12 Best for: Scenic train journeys & quiet escapes Barog is a sleepy hamlet famous for its railway station and tunnel on the Kalka-Shimla route. A peaceful place surrounded by pine forests and ideal for couples or solo travellers. Parwanoo (65 km) 9 / 12 Best for: Cable car rides & quick getaways A perfect blend of industry and nature, Parwanoo offers a short drive from Mohali. Enjoy the Timber Trail cable car for thrilling views of the surrounding hills. Mashobra (130 km) 10 / 12 Best for: Nature lovers & luxury stays Close to Shimla yet more peaceful, Mashobra is a haven of deodar trees, apple orchards, and luxurious resorts. Ideal for a relaxed, romantic summer holiday. Kufri (135 km) 11 / 12 Best for: Fun activities & family time Just beyond Shimla, Kufri is known for adventure activities like horse riding, ziplining, and Himalayan wildlife zoo. It's especially enjoyable for kids and young travellers. 12 / 12 Whether you're craving quiet mountain air or fun-filled adventures, these hill stations near Mohali offer the perfect escape from the summer heat. Most of them are easily accessible within a few hours, making them ideal for weekend getaways or extended vacations.
