Latest news with #Zaveri
Time of India
11-08-2025
- Automotive
- Time of India
NRB Bearings fully focused on executing new growth strategy
Harshbeena Zaveri is absolutely confident that the stage is set for her company to grow from strength to strength in the coming years. 'Now that we have resolved the family settlement and completed the demerger of our industrial company, we are fully focused on executing our growth strategy,' the Vice Chairperson and Managing Director of the Mumbai-headquartered NRB Bearings told ETAuto. From her point of view, the ₹1,500 crore component maker's strength lies in its ability to engineer product disruptive innovation, to be able to partner with the world's finest automotive and Tier one entities and truly launch the next generation platforms by doing the friction solutions for them. 'We are talking about Magna, Dana, ZF, Meritor, BorgWarner and many other companies with a particular focus on EV agnostic applications,' she elaborated. That means 'we have specifically focused our company on to the next generation platform of, for example, an electronic app cell for the chassis, e-steering applications and all the other non-engine electronic innovations where the same platform is going to be used, whether it's hybrid, ICE or e-mobility'. According to Zaveri, the way the business has been firewalled for the truck and car and also going forward, the tractor market, is that 'we will be there' with the same or a higher portfolio of business, whether it's ICE, EV, or hybrid. Risk mitigation strategy 'And that is one of our strengths because we place a lot of focus on our strategy which is really about risk mitigation. So, I don't want to sit here and predict the future and say EV is coming in such and such year, ICE is going to die in this year or hybrid is going to prevail over EV,' she clarified. On the contrary, NRB would just want to be as deeply entrenched and as sticky with its customers, irrespective of which of the three technologies prevail and what kind of timeframe it takes and for all the years that they coexist. When it comes to two-wheelers, the bearings manufacturer is strongly focused on the higher end and large volume EV players. At the same time, continued Zaveri, there would be a differentiation between low end EV for two-wheelers and high-performance bikes. So while 'you might lose a little bit of business' in the midsize vehicle as it moves into becoming more EV and more lower end, there will also be a huge opportunity in the 250-300cc, 350cc and then maybe 500cc which is going to slowly replace and attract the performance customers. 'And that also gives us more than enough opportunity for engineering design capabilities and complex bearings and more bearings,' she explained. Industrial mobility The other important focus area is industrial mobility, which is off highway and more and more agricultural applications. Right now, NRB is in a very strong position globally in the truck market. 'If you see at the consolidated level 30 per cent of our business comes from overseas. So, the 70:30 is a very strong risk mitigated model. These are predominantly European companies,' said Zaveri. NRB also supplies into global defense which may be niche but is highly profitable. It also caters to agriculture and those two business segments together are approximately 11 to 14 per cent of total sales. Summing up, the CV business and two wheelers are about 30 per cent each, replacement market 14 per cent and the rest is the passenger vehicle market. We now have all the technology and capabilities to make spherical roller bearings, taper roller bearings, to make larger sizes and expand our cylindrical bearing businessHarshbeena Zaveri NRB has now got the top ten global customers but still remains 'very under-penetrated' there. 'We have ₹500 crore of future business already tied as nominations and starting to play out, which we have to supply over the next four years,' explained Zaveri. This is the reason why NRB has earmarked a ₹200 crore investment plan. 'So, you are talking about ₹110 crore of current capacity per month, which will be improved with operational excellence, overlapping and going to about ₹115 crore when the new capacity starts coming in slowly step by step starting from next year,' she explained. And adding another approximately ₹175 crore because ₹30-40 crore of the ₹200 crore will be put into infrastructure. 'This is because we will require much larger buildings and more sustainable plants where we need them to be more solar-friendly and reduce the carbon footprint,' said Zaveri. Flexible approach to investments NRB's debt equity is 0.1 and, 'even with all these investments', is not going to move beyond 0.3. This translates into a 'very healthy' situation where investments can be made very flexibly, keeping in mind all the changes in the world as opposed to companies that already have a lot of capacity. 'We now have all the technology and capabilities to make spherical roller bearings, taper roller bearings, to make larger sizes and expand our cylindrical bearing business,' she added. As for new geographies, NRB is in the process of closing in on the US for a facility which could be either in North or South Carolina. The next transition would 'definitely be' setting up research, development, and application engineering capabilities in the US and in Germany. 'We still do not have a very large footprint in the US yet because we were hinging that on a Make-in-USA strategy. So that means we are very protected even from the current tariff conversations,' said Zaveri. We built so much stock because all these two-wheeler companies agree to come back to us and buy from usHarshbeena Zaveri Deep domain training All the company's sales team members are in the international business side and application engineers have had deep domain training in the engineering centre before being moved overseas. 'We also have international employees and consultants who are strong in those fields and are considering looking at setting up R&D facilities both in Europe and America,' she said. NRB's focus over the next three years is going to be revenue and profitability, revenue growth and sustainable profitability at 19 per cent plus and 'really stretching our revenue growth from 12 per cent annually, taking it to 14 per cent and then crossing 17 per cent per annum'. As Zaveri put it, scaling up is going to be the entire focus over the next three to five years. According to her, the company had been consistently delivering an extremely strong and aggressive performance for years. However, recently, growth slowed down – 'a major factor not widely known'. A big fire at the Waluj facility, Aurangabad, in 2023 damaged one line completely as well as the stores. Rebuilding Waluj after the fire 'Our immediate focus shifted to restoring production lines and rebuilding inventory. At the same time, we engaged in a thorough due diligence process with our insurance company, given the high quality of our insurance coverage,' said Zaveri. With the family settlement also underway then, this created some misunderstandings in the market. 'Most people mistook the slow growth as a failure on NRB's part while being unaware of the major issue, the backdrop of the fire. Additionally, we limited our investor communications and reluctant to discuss the family situation in the larger scheme of things,' she added. There was some confusion because a land sale in Thane, Maharashtra, brought in a large chunk of cash, around ₹170 crore, which was an exceptional gain. Subsequently, when the fire broke out, it led to a slowdown. 'We had insurance money coming in and we had this final payout of ₹55 crore for the company settlement which was an exceptional loss. In the last two financial years, there was exceptional gain yet people reported that the company was not having adequate profitability,' explained the NRB chief. Manufacturing line hit Just as the recovery from COVID was happening, the company was restructured but then the fire struck. and the manufacturing line directly hit was actually for that business plan of approximately ₹80 crore. 'The two-wheeler industry really grew and we lost about ₹90 crore because for four months our stores got impacted and we had to rebuild the stock. We built so much stock because all these two-wheeler companies agree to come back to us and buy from us,' said Zaveri. This is because they also wanted NRB to risk mitigate the lines by duplicating capacities and building adequate stock for safety. Stock reduction has also happened as everything is in place now and the money that tied up in working capital is also getting released. 'We have virtually no debt and have as much money as we want to invest in the future strategy,' she added. Today, the company's production capacities are around ₹Rs 110 crore per month and the business is all coming back to normal. 'And actually, from January onwards we got our whole production capacity back in and we have moved to a consolidated growth of 14 per cent and a very strong profitability of 20 per cent plus,' says a visibly pleased Zaveri. Correcting misconceptions She also drives home another important point. Post-COVID, all the international entities were put into a holding company. According to her, people are comparing standalone numbers of the past to those of the present whereas 'you must compare the standalone of the past to the consolidated results of the present'. Hence, when people look at this, they think that the company has gone into low growth and a lot of interest waned off even in terms of the industry per se without realising this was due to the fire. 'Despite the potential to expand aggressively in the industrial market, as a trustee, I was bound by principle, not to compete. This created a paradox – while I wanted to push growth at the company level, I was constrained by my responsibilities on the trust side,' said Zaveri. The fire clearly complicated matters in terms of the NRB growth story. The de-promoteriation process is on but as part of the settlement, 'they cannot buy a single share for the next 10 years and we step off as promoters from each other's companies'. Beyond this, care was taken to ensure that the brand name was protected from being sold to some unknown entity. 'We did not cut any corners either. My board was extremely particular and negotiated the inter-company arrangement and got all the right terms. In the end, the patience paid off as far as NRB is concerned thanks to our uncompromising stand,' said Zaveri.
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Business Standard
07-08-2025
- Business
- Business Standard
Australia lifts 2026 foreign student cap by 8%: Will Indians benefit?
After two years of curbing international student inflows, the Albanese government will ease its stance in 2026. On Monday, it announced that the annual target for new international student enrolments will rise from 270,000 in 2025 to 295,000 in 2026. This increase signals a modest relaxation, but experts say the international education sector won't find the road ahead any easier. 'The cap remains approximately 8 per cent below the pre-pandemic peak, indicating a cautious approach to expansion,' said Manisha Zaveri, joint managing director at Career Mosaic. 'Additionally, the government has introduced sector-specific allocations and visa preferences favouring Southeast Asia, which may limit opportunities for students from other regions,' he told Business Standard. Zaveri pointed out that the government's tilt toward public universities and vocational education and training (VET) providers could reduce options for international students, particularly those considering private institutions. 'These factors suggest that while the cap increase is a positive step, the international education system in Australia will continue to face complexities in the near future,' she said. Mamta Shekhawat, founder of a study abroad platform, agreed that challenges remain. 'Institutions experience slower visa processing, creating uncertainty for both universities and prospective students,' she said. 'Housing shortages and stricter eligibility criteria also mean the increase doesn't translate into an open-door policy.' What is the current system for 2025? Under the 2025 framework, Australia has a target of 270,000 international students, divided into: < 176,000 for higher education < 94,000 for vocational education Each institution receives a maximum allocation within these totals. However, after the Senate rejected a bill to impose legal caps in November 2024, the government shifted to a 'soft cap' system. This means that once a provider reaches 80 per cent of its allocation, future visa applicants are pushed into a slower processing stream. While not legally binding, these targets act as a regulatory brake. What changes for institutions in 2026? In 2026, all institutions will receive at least the same number of spots they were allotted in 2025. But the bulk of the new capacity will go to higher education: < Higher education providers will share 196,750 student places — roughly two-thirds of the total < Public universities can apply for additional places if they're making 'good progress' towards their 2025 cap To access extra spots, universities must show they're addressing two government priorities: 1. Expanding student accommodation 2. Strengthening engagement with Southeast Asia The accommodation requirement links back to one of the key drivers of the student cap policy: domestic housing pressure. Institutions offering a higher number of student beds in relation to their enrolments may benefit the most. The Southeast Asia focus builds on a 2023 report commissioned by the government on its economic strategy for the region. This shift could favour institutions with campuses in countries like Vietnam and Malaysia, or those that already enrol large numbers of Southeast Asian students. Private not-for-profit universities will also see increased caps to bring them closer in line with public institutions. Other private higher education providers will receive a 3 per cent increase. Will Indian students benefit from the cap increase? 'Yes, Indian students absolutely stand to benefit from Australia's increased student cap, even with a stronger engagement focus on Southeast Asia,' said Mayank Maheshwari, co-founder and COO of University Living. 'India remains one of the largest and most important source countries for Australia's international education sector, and that isn't changing,' he said. According to Maheshwari, the policy's regional emphasis is more about diversifying than displacing existing markets. 'The emphasis on Southeast Asia is about ensuring balanced growth, not about replacing one region with another.' 'With more seats available overall — rising from 270,000 to 295,000 — Indian students will have greater opportunities, especially if institutions continue to expand their capacity and support services,' he said. Maheshwari also pointed to strong alignment between Australia's offerings and Indian student aspirations. 'Australia's globally ranked universities, strong post-study work rights, and sectoral demand in areas like healthcare, IT, and sustainability remain attractive,' he said. Why is Indian demand for Australia falling? Despite the cap increase, interest from India is dipping sharply. 'Recent reforms in visa regulations have led to a 48 per cent drop in student visa approvals for Indian nationals, creating uncertainty and discouraging potential applicants,' said Zaveri. 'Several Australian universities have imposed regional restrictions, halting applications from students in states like Punjab, Haryana, and Gujarat — which represent a large share of the Indian market,' she added. Rising costs have compounded the problem. 'Tuition fees, housing expenses, and visa costs have made Australia less affordable, pushing students toward more cost-effective destinations,' said Zaveri. 'Countries like the UK and emerging European nations now offer competitive alternatives with more favourable immigration policies.' Shekhawat added that these developments have shifted perception. 'These realities have forced many Indian students and families to reconsider Australia as their top choice despite the recently raised cap,' she said. Maheshwari echoed that sentiment, pointing to broader global trends. 'As highlighted in University Living's Europe Report, destinations like Germany, France, and Italy are gaining traction due to lower tuition fees, strong public education systems, and increasing post-study pathways,' he said. Still, Maheshwari added, 'Australia continues to offer a high-quality academic environment and strong employment outcomes. The key will be sustained clarity on policies, adequate housing, and a renewed focus on affordability.' Can Australian universities meet their 2025 caps? That remains uncertain. India is Australia's second-largest international student source country after China, but demand has dropped drastically. In the first half of 2025, higher education visa applications from India were less than half of their 2023 peak, and 30 per cent below 2019 levels. Institutions that depend on Indian enrolments may struggle to reach their 2025 soft cap — which means they won't be eligible for a higher allocation in 2026. What happens next in Australian international education? The raised cap comes just a month after the Australian government increased the student visa application fee — from A\$1,600 to A\$2,000. For many in the sector, Monday's announcement was unexpected. However, this is not a return to pre-pandemic policy settings. The government has confirmed plans for a new Australian Tertiary Education Commission to take over international student number regulation from 2027. Maheshwari said student choices are now guided more by return on investment than visa policy alone. 'While the recent visa fee increase is a factor, students are prioritising post-study work rights, career prospects, and institutional quality,' he said. 'With two to six years of post-study work eligibility under the Temporary Graduate Visa (subclass 485), strong demand in sectors like healthcare, IT, and sustainability, and globally ranked universities, Australia continues to be a preferred destination,' Maheshwari added.
Time of India
12-05-2025
- General
- Time of India
MURAL DUTY: PRESERVING GUJARAT'S VISUAL LEGACY
A New Book Documents State's Unique Mural Heritage — From Maratha-Era Masterpieces To Colonial Depictions — Revealing A Tradition Of Blending Mythology With Modern Elements Inside the Kashi Vishwanath Mahadev temple, located on the banks of the Narmada in Chandod, Vadodara, visitors pause in silent reverence. Heads tilted skyward, they are transfixed by its magnificent dome — a 25-foot diameter masterpiece believed to have been created during the 18th century Maratha rule. This arresting work of art showcases intricate multilayered paintings featuring 23 manifestations of the Devi alongside vivid scenes from the Ramayana . 'But what makes this place unique is its exceptional portrayal of Ravana's army wielding guns and cannons. This represents the artists' ability to incorporate contemporary elements into mythological narratives — even finding space to weave in popular 17th-century folklore like Dhola Maru,' says Pradip Zaveri , who has meticulously documented Gujarat 's murals, frescos and wall paintings over two decades. Zaveri co-authored the newly released book, 'Fading Treasure of Gujarat's Wall Paintings' (Gujarati: Gujarat no Visarato Bhintchitro no Kalavaibhav), published by Kalatirth Trust . His fellow author, Purvi Goswami, brings her expertise in the Kutch region's artistry to the collaboration. The book traces the history and evolution of wall paintings across Gujarat, examining materials, themes and regions where they remain preserved. The authors identify Kutch, Mehsana, Gandhinagar, Panchmahal, Vadodara, Narmada, Bharuch, and Bhavnagar as the districts with significant collections of these preserved murals. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo 'The origin of the murals can be traced to long-standing traditions of the pothi chitra used in manuscripts in regions like Gujarat and Rajasthan. Of course, India has a long tradition of murals from places such as Ajanta Caves, but when it comes to modern murals in the context of Gujarat, we see the majority of examples from the Maratha era (17th-18th centuries). Compared to the finer style of Rajasthan, centred around the Shekhawati region, thanks to Pichhwai art, one may find examples from Gujarat relatively less evolved,' says Zaveri. 'But the works found in Gujarat possess their own visual grammar and distinct style.' The authors observe that most murals feature religious motifs — deities, celestial beings, epic scenes from Ramayana and Mahabharata , historic battles and flora and fauna. Yet some pieces capture fascinating temporal contexts: Kheda houses murals depicting steam engines, while Gajera near Jambusar in Bharuch portrays European-administered capital punishment and Indian women serving European colonisers. For history buffs, depictions of contemporary attire and customs in these murals shed light on specific eras. Since most works lack dating, experts determine their age through contextual clues — deities portrayed in period-specific styles, horses and palanquins with characteristic adornments, distinctive headgear, women's attire, weaponry and other cultural markers. Ramnik Zapadia, Kalatirth Trust trustee, said that few attempts have been made to document the state's rich mural heritage. 'Throughout the state's diverse regions, we have found varied expressions of wall art that began as temple and residential embellishments before evolving into artistic expressions. Through this book, we intend to galvanize the artistic community and society at large towards preserving this rapidly vanishing cultural legacy,' he says. A peek into the treasure trove Tambekar Wada | Vadodara This former residence of a Baroda state diwan (1849-1854) showcases some of the finest murals from central Gujarat. Its wooden surfaces feature celestial maidens, flora and fauna, reflecting both Indian and European sensibilities, Hindu deities inspired by miniature painting traditions and dramatic scenes from the 1802 battle between Maratha-English allied forces and the Arabs. Sarveshwar Mahadev | Bhilapur Some of the well-preserved murals in the temple are inspired by Kalidasa's Kumara Sambhavam. The themes of other murals are inspired by Vishnu Purana, Shiv Purana, Dashavatara and Ramayana. The highly evocative style is primarily inspired by the Maratha school of painting. Kashi Vishwanath Mahadev | Chandod This 18th-century temple's murals present a remarkable pantheon of Indian goddesses, including forms such as Wagheshwari, Shitala, Tulja and Momai Devi. Created using just five mineral pigments — including geru for orange, mineral-derived green and smoke-produced black — these works display distinctly Rajasthani stylistic influences. Darbar Gadh | Shihor Created using sophisticated tempera techniques circa 1790, these wall paintings dramatically chronicle the Battle of Chital. Experts believe the original watercolour compositions were subtly enhanced with oil paints during the 1940s. Rughnathji Temple | Patan This exceptional example of Gujarati mural artistry, dating to approximately 1840, features distinctive astronomical themes executed in the Kamangar painting style. Visitors can observe various planetary deities aboard their vehicles — Mars (Mangal) in a bullock cart and Jupiter (Guru) commanding an elephant-drawn chariot. Swaminarayan Temple | Vadtal Constructed between 1820 and 1823, during Sahajanand Swami's lifetime, this temple displays murals depicting events from the Mahabharata and Puranas. Notable Salati-style paintings include scenes featuring foreign dignitaries, diplomatic meetings and military processions. Wall paintings | Gajera The exterior walls of these residences, estimated to be over 150 years old, feature rare depictions of railway carriages and British colonial execution practices. The Salati style paintings are present in four of the major wooden havelis of the village along with a few residences on Kanva road. Many of these paintings have faded and are now facing wear and tear due to its location. Science of the a rts The authors explain that Gujarat's murals predominantly employ tempera techniques, combining pigments with water-soluble binders such as egg yolk. The artists often prepared surfaces using conch powder or gypsum mixed with lime and sand. Lime underwent extended water immersion before being ground with neem gum and urad dal to create the application mixture. The walls were often kept moist for days before they were painted. Artists utilized larger-than-standard brushes and derived colours from natural sources ranging from minerals to vegetable dyes. Gold and silver leaf pigments were reserved exclusively for temple decorations. This traditional methodology remained largely unchanged until German synthetic dyes arrived in the 19th century. Preservation challenges Experts identify both natural deterioration and human intervention as the primary threats to Gujarat's mural heritage. Neglect and ownership changes frequently result in irreversible damage when murals are painted over. Environmental factors like vehicle emissions gradually erode lime layers and pigmentation. Misguided restoration attempts by inexperienced painters over the past half-century have sometimes disfigured original motifs due to inadequate technical understanding of historical surfaces and colours. Nevertheless, some preservation initiatives have been taken up by citizens to restore and conserve these artworks for posterity. In some cases, artists themselves have joined conservation efforts, including a dedicated couple in the Kutch region who are associated with notable restoration projects, according to Zaveri. Experts also point at new electricity or water connections, seepage of water, repairs that may damage the wall as some of the reasons some priceless murals are now lost forever. Hamfeshwar Mahadev temple's old murals are now lost forever after the construction of a dam. Attempts are now on to at least document the murals.
Hindustan Times
03-05-2025
- Hindustan Times
Three arrested for defrauding diamond merchant of ₹22.75 crore
MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has arrested three individuals for allegedly defrauding a diamond manufacturer and exporter of ₹22.75 crore under the pretext of supplying gems to international clients. According to the EOW, the accused—Sameer Sanghani, 53, Himanshu Shah, 48, and Ashish Mane, 35—posed as diamond brokers and operated under the name 'Riddhesh Diamonds' from a store on Linking Road, Bandra West. They lured the complainant, veteran diamond trader Shreyas Zaveri, 67, into supplying high-value diamonds on credit terms, promising payment within 60 to 90 days. Zaveri, a Malabar Hill resident who co-runs 'A Rajeev and Company' with his wife from the Bharat Diamond Bourse in BKC, had met Sanghani in May 2022 after showcasing his collection at the NESCO exhibition in Goregaon. Claiming to represent clients in Kuwait and Qatar, the accused initially made token payments in cash to win the trader's trust. Between June 2022 and January 2023, Zaveri supplied 4,290 carats of high-quality diamonds valued at ₹24 crore across 42 transactions. However, he received only ₹1.25 crore in return. As the outstanding dues mounted, the trio continued to offer excuses, insisting that payments from international buyers were delayed. 'Eventually, the complainant discovered that the names and details of the foreign clients cited by the accused were fabricated,' an EOW officer said. Zaveri then lodged a complaint, leading to the registration of an FIR under IPC sections 409 (criminal breach of trust), 420 (cheating), 419 (impersonation), and 34 (common intention). The arrests were made by a team led by inspectors Nitin Patil, Vishal Gaikwad, and Rupesh Mane. Sanghani was picked up from Panchgani, Shah from Vile Parle, and Mane from Jaipur. Police also revealed that Himanshu Shah has six previous cases of cheating registered against him at the Marine Drive and Khar police stations. The trio often operated by taking commercial properties on rent and duping suppliers. The accused were produced before court and have been remanded to police custody till May 10.
Fashion Value Chain
30-04-2025
- Entertainment
- Fashion Value Chain
Nisschal Zaveri Brings Ghazal Back to Life with a Stirring Performance at Andaaz
The Aiwan-E-Ghalib Auditorium turned into a lyrical haven on Saturday evening as Nisschal Zaveri took the stage for Andaaz, an evening that paid homage to the soul of Urdu poetry through music that felt both personal and lasting. Ghazal singer, producer and composer Nisschal Zaveri The concert opened with Zaveri's original composition 'Kabhi Kaha Na Kisi Se' in Raag Miyan Malhar. Through a mix of classics and new compositions, he brought a fresh voice to the works of poets like Ghalib and Faiz. A standout moment was the qawwali 'Kar Qubool', composed by Zaveri and performed for the first time. Its energy had the audience on their feet. The performance closed with a heartfelt version of Ghalib's 'Hazaron Khwahishein Aisi.' Speaking after the concert, Zaveri said, 'Ghazals hold a kind of stillness that lets you reflect. I wanted the music to feel real, without chasing applause. It was about creating a space where people could connect with the words in their own way, at their own pace. That's what I hope they felt.' The evening was anchored by Dastangoi artist Syed Sahil Agha. Among the guests was Shazia Ilmi, National Spokesperson of the Bharatiya Janata Party (BJP). Zaveri was supported by Shamshir Ali on tabla, Arshad Khan on esraj, Rohan Kadam on keyboard, Abshar Ahmed on guitar, Eshwar Dayal on percussion, and Shashank Saha for sound engineering. Andaaz brought music and poetry together in a way that stayed with the audience long after the concert ended. For many, it was a return to a genre that continues to resonate across generations, carried forward with Zaveri's distinctive touch. Instagram Link:
