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இயக்குநர் பாலா மீது தயாரிப்பாளர் விஏ துரை தொடர்ந்த வழக்கை

 *இயக்குநர் பாலா மீது தயாரிப்பாளர் விஏ துரை தொடர்ந்த வழக்கை தள்ளுபடி செய்தது சென்னை மாநகர உரிமையியல் நீதிமன்றம்* இயக்குநர் பாலா இயக்கத்தில் ...

Tuesday 30 June 2020

Sakshi Agarwal thanks the Indian

Sakshi Agarwal thanks the Indian Government for banning 59 Chinese apps!

Actress Sakshi Agarwal has expressed her heartfelt thanks to the Indian Government for its decision to ban 59 Chinese applications which includes Tik Tok. The actress, while congratulating the government for having made this landmark decision, said that this was an important decision that would take India to the next level in self-reliance.




Actress Sakshi Agarwal only a few days ago deleted her account in Tik Tok and announced that she would be boycotting Chinese products and not be doing Chinese endorsements any more.

டிக்டாக் உள்ளிட்ட 59 சீனா

டிக்டாக் உள்ளிட்ட 59 சீனா செயலிகளுக்குத் தடை - மத்திய அரசுக்கு நன்றி கூறிய நடிகை சாக்‌ஷி அகர்வால்




சில நாட்களுக்கு முன் நடிகை சாக்‌ஷி அகர்வால்,  தன்னை டிக்டாக்லிருந்து விலக்கி கொண்டு சீனாவில் தயாரிக்கப்படும் பொருட்களை உபயோகப்படுத்த போவதில்லை என்றும், சீன தயாரிப்புகளின் விளம்பரங்களில் நடிப்பது இல்லை என்றும் முடிவு செய்துள்ளதாக அறிவித்தார்.

நேற்று மத்திய அரசு டிக் டாக், யுசி பிரவுசர் உட்பட சீனாவின் 59 செல்போன் செயலிகளுக்குத் தடை விதித்திருப்பதை அறிந்து தனது நன்றியை தெரிவித்துள்ளார் நடிகை சாக்‌ஷி அகர்வால்

இது இந்தியாவை அடுத்த கட்டத்திற்கு எடுத்து செல்லும் முக்கிய முடிவு என்றும், இந்த முடிவு இந்தியாவின் சுயசார்பு திறனை மேம்படுத்தும் என்று கூறியுள்ளார்.

FICCI FLO presents 'No Going Back' an

FICCI FLO presents 'No Going Back' an enlightening conversation with Nobel Laureate Prof. Muhammad Yunus on 6th July

FICCI FLO presents Muhammad Yunus, Nobel laureate, co-founder of Yunus Social Business, and founder of Grameen Bank in a webinar as he speaks on 'No Going Back’, Forging a new future in the wake of Covid 19. Streaming live from Dacca, Prof. Yunus will talk about how we should not want to return to what used to be normal in finance and economics.


How the present day situation is a perfect foil to start new practices and business for social good. He will share his insights on some of the most pressing global challenges like poverty alleviation. He will also speak on humane capitalism and how the creation of social businesses can address and solve problems around the world. This webinar is being hosted in partnership with Yunus Centre


Date: 6th July 2020
Time: 3.30 pm


The following link can be followed for more details and updates
https://www.facebook.com/ficciflochennai/

Exide Life Insurance in FY 2019-20 delivers


Exide Life Insurance in FY 2019-20 delivers strong growth in profits (INR 29 Crs, up 141%) with growth in premiums (INR 3220 Crs, up 12% vs FY 2018-19)



Key Highlights

·         Profits up by 141% at INR 29 Crores
·         Gross Written Premium up by 12% at INR 3,220 Crores
·         Claim Settlement Ratio improved to 98.15%
·         Assets Under Management grew by 10% to INR 15,795 Crores
·         Policyholder Bonus distribution of INR 324 Crores, growth of 13.1%
·         Solvency Ratio at 210% versus regulatory requirement of 150%



Exide Life Insurance, a 100% owned subsidiary of Exide Industries, reported a growth of 141% in Profits Before Tax (PBT) at INR 29 Crores in the Financial Year ended March 2020, compared to INR 12 Crores in the previous Financial Year (FY 18-19). This is the eighth consecutive year in which the Company has reported profits.

The Company has continued its emphasis on protection products resulting in the protection business mix increasing from 9% of Annualized Premium Equivalent (APE) in FY 18-19 to 11% in FY 19-20.

The Company has achieved its highest ever Claims Settlement Ratio at 98.15% and has a healthy Solvency Ratio of 210% versus the regulatory requirement of 150%.

Continuing with a very strong track record of declaring bonus payouts to participating policyholders every year since inception, the Company has announced Policyholder Bonus distribution of INR 324 Crores in FY 2019-20, a growth of 13.1% over previous FY.

Commenting on the results, Kshitij Jain, MD & CEO, Exide Life Insurance said, “Our primary focus remains value creation for customers and shareholders. Our long term strategy is to grow new business faster than the industry while continuing to improve on the quality of business.

Our commitment to this philosophy has paid off and our business performance has manifested in superior returns to our policyholders, with us being able to pay bonus to participating policyholders every year since inception. Needless to say we live by our promise and our core brand essence of Lamba Saath, Bharose Ki Baat.”

Performance Summary
Key Business Drivers
Unit
Financial Year Ended
YoY Growth
Mar 19
Mar 20
Gross Written Premium Income
INR Cr
2,886
3,220
12%
New Business premium (Individual + Group)
INR Cr
803
889
11%
Renewal  Premium (Individual + Group)
INR Cr
2,084
2,331
12%
Shareholder Profit (PBT)
INR Cr
12
29
141%
Active Policies (individual)
In Lakh
15.02
15.82
5%
Assets Under Management
INR Cr
14,377
15,795
10%

Policyholder Bonus
Considering the surplus that arose over the Financial Year in the Participating fund, the Company announced policyholder bonus of INR 324 Crores in FY 2019-20, a growth of 13.1% over FY 2018-19

Solvency Ratio
The solvency ratio of the Company stood at 210% as on 31st March 2020, compared to the regulatory requirement of 150%.

Assets under Management
The Company’s Assets under Management (AUM) recorded a growth of 10% over the last financial year and stands at INR 15,795 Crores.

Profit Before Tax (PBT)
During FY 2019-20, the Company recorded Profit Before Tax of INR 29 Crores, compared to INR 12 Crores in FY 2018-19.  

Claim Settlement Ratio
The Company continued its growth journey with ‘Individual Claims Settlement Ratio’ improving to an all-time high (since inception) of 98.15% in FY 2019-20. The Company paid death claims worth INR 213.70 Crores (Individual INR 88.95 Crores and Group INR 124.75 Crores) during the Financial Year 2019-20.

Renewals and Persistency
The Company achieved 12% growth in individual renewal premiums at INR 2,221 Crores with improvement in persistency ratios for 13th month, 25th month as well as 37th month.

Protection Business Mix
The mix of protection business was further strengthened to 11% of the individual new business premium (Annualized Premium Equivalent).

Life Insurance Coverage (Sum Assured)
The Company has increased its total coverage and now has total Sum Assured of INR 3.44 Lakh Crores as on 31st March 2020.

Awards
The Company’s all round performance on value creation continued with receiving external recognition in various areas of business. Some of the noteworthy awards won are:
1.    Exide Life Smart Term Plan voted as Product of the Year 2019
2.    Helmet Saves CSR initiative won:
a.    Best BTL campaign for a socio economic program in Masters of Modern Marketing
b.    Brandvid (Gold) Best brand integration in Music Video
c.     Brandvid (Silver) – Best brand film for Social initiative
d.    FICCI best CSR initiative in Life Category

RITES FY20 Revenue up by

RITES FY20 Revenue up by 22.1%, PAT up by 29.3%
Final dividend of Rs 6 per share
RITES Ltd. (NSE: RITES, BSE: 541556), the leading Transport  Infrastructure Consultancy and Engineering firm, announced its standalone and consolidated financial results for the Quarter and Year ended on 31st March, 2020. 
        
       Highlights for FY20 Standalone Financials
      §  Total Revenue up by 23.1% to  Rs 2665 crore, highest ever
§  Achieved growth of 21.9% against targeted growth of 17% in operating revenue
§  Exports increased by 161.6% to Rs 541 crore
§  Profit After Tax up by 34.1% to Rs 596 crore, highest ever
§  Final Dividend of Rs 6 per share recommended by Board of Directors
§  Highest ever annual dividend of Rs 400 crore

     Highlights for FY20 Consolidated Financials

§  Total Revenue up by 22.1% to Rs 2735 crore, highest ever
§  Profit After Tax up by 29.3% to Rs 633 crore, highest ever
§  Order Book as on 31.03.2020 stands at Rs 6223 crore
§  EPS at Rs 24.64 as compared to last year’s Rs 18.78 up by 31.2%

   Highlights for Q4 FY20 Standalone Financials

§  Total Revenue stands at Rs 596 crore as against Rs 765 crore in Q4FY19
§  Profit After Tax stands at Rs 131 crore as against Rs 133 crore in Q4FY19
§  Margins maintained across segments

Highlights for Q4 FY20 Consolidated Financials

§  Total Revenue stands at Rs 614 crore as against Rs 789 crore in Q4FY19
§  Profit After Tax stands at Rs 144 crore as against Rs 150 crore in Q4FY19
§  EPS at Rs 5.56 as compared to last year’s Rs 5.81

Revenue and Profit Growth
Consolidated
RITES total consolidated revenue has gone up by 22.1% to Rs 2735 crore. Similarly, the operating revenue, excluding other income, increased by 20.9% and reached Rs 2474 crore. Consolidated EBITDA and PAT have gone up by 19.6% and 29.3% to `929 crore and Rs 633 crore, respectively, over FY19. This significant growth came with sustained EBITDA and PAT margins which stand at 34% and 23.2% respectively. These margins are the result of strategic focus on order execution and increased human resource productivity.

Standalone
RITES total standalone revenue has gone up by 23.1% to Rs 2665 crore. Similarly, the operating revenue, excluding other income, increased by 21.9% and reached `2401 crore in FY20. EBITDA and PAT have gone up by 21.6% and 34.1% to `867 crore and `596 crore, respectively, over FY19. Consultancy and leasing helped to maintain profit margins and EBITDA and PAT margin stand at 32.5% and 22.4%, respectively during the year. Key performance was in Exports which saw a jump of 161.6%. Consultancy revenue remained almost flat because of various reasons including disruption in March’20 and certain foreign projects suffered due to lockdown in those countries. Other than exports, leasing and turnkey also saw high growth of 16.5% and 18.7% respectively.

Q4FY20 (standalone)
Q4FY20 total revenue stands at `596 crore as against `765 crore in Q4FY19. Revenue moderated during the quarter due to lockdown and major exports shipments were already completed till Q3FY20. Similarly, the operating revenue, excluding other income, stands at `553 crore in FY20. EBITDA and PAT margin stand at 31.9% and 22%, respectively which remained intact on better margins from consultancy.

Performance of our Subsidiary and JV
Revenue from our subsidiary REMCL has remained almost flat amounting to `81 crore against `83 crore in the previous financial year. PBT has shown a slight growth of 0.6% with `50 crore against `49 crore in FY19. Revenue from this subsidiary got impacted in Q4FY20 due to low demand from railways during lockdown and maintenance work for wind mills.

Our wagon manufacturing Joint Venture, SRBWPL, has achieved a profit of `16 crore with revenue of `265 crore during FY20. The wagon manufacturing joint venture has produced and rehabilitated 1066 wagons during the last financial year.

Commenting on the results, Mr. Rajeev Mehrotra, Chairman and Managing Director, RITES Limited, said, “Notwithstanding the challenging business environment, I am pleased to share that our company has demonstrated sustained growth momentum across the segments during FY20 and again surpassed the revenue and profitability targets. Rolling stock exports remained our strategic growth area duly supported with Govt of India’s Make in India program. We achieved a major success by securing an export order of `706 crore from Mozambique for cape gauge locomotives and coaches. We plan to develop products for standard gauge countries too. ”

Dividend
After declaring 2 interim dividends of `150 crore (`6 per share) and `100 crore (`4 per share) for FY20, Board of Directors have recommended a final dividend of `150 crore (`6 per share) for FY20 which is 60% of paid-up capital. This dividend will take the dividend payout of the company to 67% for the FY20 based on the PAT of FY20 and it will make it the highest ever annual dividend declared by the company.

Growth Outlook for FY21
Commenting on the outlook, Mr. Mehrotra said, “The Company has successfully surpassed the guidance for FY20. Some uncertainties have emerged in recent times due to Covid-19, which may impact the business operations in FY21 but sufficient order book, diversified business segments and opportunities in infrastructure sector at domestic level as well as abroad are expected to help in quick recovery and future business growth.”

HZL’s Sewage Treatment Plants expands

HZLs Sewage Treatment Plants expands capacity to 55 MLD

HZL has established an additional 10 MLD STP plant to make Udaipur’s lake and river free from pollution by sewage inflow & develop alternative source of use and conserve potable water. The plant is commissioned and now producing treated water, which is being sent to Aayad River.

Hindustan Zinc had set-up Udaipur’s first ‘Sewage Treatment Plant (STP)’ under Public-Private-Partnership model in 2014. Initially this STP had a capacity to treat 20 million litres of sewage per day which was expanded by setting up another 25 MLD plant during FY 2019, taking the capacity to a total of 45 MLD.

In another 15 MLD capacity expansion, a 10 MLD (million litres per day) plant has been established taking the overall capacity to 55 million litres of sewage treatment per day. With this expanded capacity, the Company expects to treat maximum of Udaipur’s domestic sewage, helping reduce the dependencies on fresh water.

Commenting on the initiative, Mr. Sunil Duggal, CEO, Hindustan Zinc & Vedanta Limited, said, “We at Hindustan Zinc have always believed in empowering communities through ideas, resources and efforts. In 2014, we set-up Udaipur’s first sewage treatment plant with a capacity of 20 MLD under Public-Private-Partnership model. Over the past six years, we are inching towards tripling this capacity. This state of the art 10 MLD plant will further boost our efforts in pursuing our dream of a cleaner and water positive city.”

Commenting on the same, Mr. Ankit Kumar Sing, IAS, Commissioner, Municipal Corporation Udaipur said, “We appreciate the efforts of HZL management for setting and completion of 55 MLD Sewage Treatment Plant (STP) including 10 MLD STP at Udaipur city, within the scheduled period, in accordance to the agreement. Vedanta’s Hindustan Zinc has always been one of the most preferred partners of Udaipur Municipal Corporation for all social development projects, and we appreciate the efforts they have done.” 



Udaipur generates roughly 70 Million Litres per Day (MLD) of sewage. Part of the cities selected under the Government of India’s Smart City Mission, Udaipur has benefitted from HZL’s endeavour to treat the city’s domestic sewage. Sewage inflow into Udaipur’s lakes was one of the biggest problems plaguing the 'City of Lakes' giving rise to high volumes of pollution. There was a need to develop alternative sources of potable water and conserve the same. HZL’s units operate on the principle of ‘zero discharge’ and the Sewage Treatment Plants (STPs) represent a significant action taken towards conserving water as well as reducing discharge into the lakes.

The latest STP plant is designed on sequential batch reactors (SBR) technology. Sewage water is treated through various steps that include chemical free and biological processes, wherein the end product consists of clean treated water, part of which is sent to the rivers.

Following the commissioning of the new STP, 50% of the treated water will be sent to the rivers. The SBR technology has a better energy conservation rate whilst also providing chemical free treated water. The energy consumption has reduced on account of fully automated plant running on a hydraulics mechanism. The process of treatment is environment-friendly as well, since no hazardous emissions are generated during the process.

An additional contribution to green and renewable energy also comes from the fact that Hindustan Zinc has efficiently utilised the space for these STP’s by developing solar panels in close vicinity.
HZL is also in the last leg of commissioning an additional 5 MLD plant, taking the STPs total capacity to 60 MLD, thereby treating almost the entire sewage of Udaipur city and recirculating clean water.

SBI launches ‘YONO Branches’ on

SBI launches ‘YONO Branches’ on eve of its 65th Bank Day

·         Gives YONO, SBI's digital banking app, a brick and mortar presence
·         SBI launches first three YONO Branches in Navi Mumbai, Gurugram and Indore
·         Aims to enable walk-in customers to adopt digital banking, assisted by dedicated YONO Hosts
·         Self-serve machines enable customers to do a wide range of transactions on their own with ease
·         SBI plans to scale up YONO Branches across the country over the next 5 years

State Bank of India, the country's largest bank, launched state-of-the-art ‘YONO Branches’ on the eve of the 65th anniversary of its Foundation Day. SBI’s integrated digital and lifestyle platform – YONO - is set to offer an enthralling experience for the customers by a perfect assimilation of human interaction and digital integration in the banking industry. The bank has launched YONO Branch in three cities – Navi Mumbai, Indore and Gurugram as part of its pilot.  With an aim to improve customer experience, YONO branches will focus towards driving adoption of digital banking among its customers.

SBI has re-imagined its traditional branch design to create a 'Digital-first’ operating model. Through the self-service zone, customers can deposit cheque into Smart Cheque Deposit Kiosks, withdraw cash using YONO Cash, deposit cash, and print passbook 24 x 7, without depending on branch staff. Self-assist kiosks with touch screen consoles will allow customers to use YONO to avail broad range of services, such as booking FD or creating an account, all on their own. In availing services digitally, customers will receive personalized assistance from dedicated YONO Hosts for a comfortable banking experience.

A large video wall will play informational content on YONO and bank's other digital banking products and services. Dedicated meeting pods will facilitate conversation between customers and branch staff around loans, credit card, insurance, mutual funds and more, at the end of which these can be availed digitally. All services will be simplified, paperless and real-time, as much as possible. SBI plans to scale up YONO Branches across the country in the next 5 years

Shri Rajnish Kumar, Chairman, SBI said, “We are glad to witness YONO SBI venturing into brick and mortar model and are delighted to launch YONO Branch on the auspicious occasion of State Bank Day. We believe YONO Branch will enable and empower customers to adopt digital banking to enjoy all banking services with ease. With a gamut of banking services being available in a specially designed YONO Branch, we are hopeful customers will walk away with a unique and memorable banking experience. At SBI it is our constant endeavor to provide new experiences to our valued customers through an innovative touch to our products and services.”

In this journey of digital transformation, the constant endeavor of YONO SBI is to offer its customers a gamut of banking and lifestyle services at their convenience. The Platform has now reached global markets with YONO Global in UK & Mauritius. YONO has also crossed the landmark of 5.1 crore downloads and 2.4 crore registered users. It has partnered with more than 85 e-Commerce players across 16 plus categories. SBI through YONO has also come up with various initiatives which include YONO Cash (Card-less withdrawal facility from ATMs), Pre-approved Personal Loan, YONO Krishi etc. catering to all categories of customers.”

Equitas Small Finance Bank Limited Gold Loans helping

EQUITAS SMALL FINANCE BANK LIMITED

Equitas Small Finance Bank Limited Gold Loans helping
to meet customers’ financial requirements

 Gold loans offered at an interest rate of 12% pa for agriculture and at 14% pa for others


Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), is offering gold loan to customers to meet their cash requirements.

With an aim to provide best service to the customers, [the gold loan is processed through easy documentation and instant cash. NACH repayment is also available for this product.

Loans secured by gold jewellery of customers, repayable by monthly instalments or interest modes scheme rather than on one-time repayment basis only. Average ticket size of loans is in the range of Rs. 30,000 to Rs. 4 million. The maximum loan tenure for any scheme is 24 months.

Customers can avail this loan by visiting a nearest branch of Equitas SFB. Customers availing gold loans can repay through EMIs and Equitas SFB also offers overdraft facility in this product.

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited, said, “Equitas SFB aims  to offer best in class products for its existing as well as prospective customers. We believe in India gold loan is one of the segments in loan products which is likely to witness growth in the coming times. It generally helps the customers to meet their urgent financial requirement. The gold loan market is further expected to grow at a CAGR of approximately [10% over the next three years to Rs. 3.8 trillion by Fiscal 2022. Stable demand and initiatives to increase awareness are expected to help the industry grow moderately along with geographic diversification and rising interest from the northern, western and eastern regions.”

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. 

These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.

L&T Achieves Major Milestone in

L&T Achieves Major Milestone in Manufacturing Cryostat for Global Fusion Project     

Dignitaries Flag-off Final Assembly of the Cryostat to ITER, France

L&T Achieves Major Milestone in Manufacturing Cryostat for Global Fusion Project”.     

Also attached is the “Backgrounder on LT's Role in Building ITER”.

Highlights:
·         Larsen & Toubro flagged-off the most complex and final assembly of Cryostat, the largest stainless-steel, high-vacuum pressure chamber in the world.
·         This is an important milestone in the global nuclear fusion arena as well as a moment of pride for the Make in India initiative.
·         The Cryostat assembly referred as the Top Lid, weighing 650 MT (metric tons), is to be installed with other Cryostat segments for ITER (International Thermonuclear Experimental Reactor) in a Reactor pit in southern France.
·         L&T has already delivered the Base section, the Lower Cylinder and the Upper Cylinder for the Cryostat.
·         The Cryostat’s function is to provide cooling to the fusion reactor and to keep very high temperatures at its core under control.

Key dignitaries and L&T officials present at L&T’s Hazira Manufacturing Complex were:
·         Dr. Bernard Bigot, Director-General, ITER Global
·         Mr. K.N. Vyas, Chairman Atomic Energy Commission, India
·         Mr. U.K. Baruah, Project Director, ITER‐India
·         Mr. V.K. Saraswat, Member, NITI Aayog
·         Mr. A.M. Naik, Group Chairman
·         Mr. S.N. Subrahmanyan, CEO & MD, L&T
·         Mr. Adil Zainulbhai, Independent Director
·         L&T, Mr. S.N. Roy, Whole-time Director, L&T and CEO & MD, L&T Power
·         Mr. M.V. Satish, Whole-time Director & Sr. EVP (Buildings, Minerals & Metals),
·         L&T, Mr. J.D. Patil, Whole-time Director & Sr. EVP (Defence & Smart Technologies), and
·         Mr. A.V. Parab, EVP & Head, L&T Heavy Engineering

The heavy engineering arm of Larsen & Toubro, India’s leading engineering, construction, technology, manufacturing and financial services conglomerate, has flagged-off the most complex and final assembly of Cryostat, the largest stainless-steel, high-vacuum pressure chamber in the world. This is an important milestone in the global nuclear fusion arena as well as a moment of pride for the Make in India initiative.

The flag-off ceremony took place in the August virtual presence of Dr. Bernard Bigot, Director-General, ITER Global, Mr. K.N. Vyas, Chairman Atomic Energy Commission, India, Mr. U.K. Baruah, Project Director, ITER‐India, Mr. V.K. Saraswat, Member, NITI Aayog, Mr. A.M. Naik, Group Chairman, Mr. S.N. Subrahmanyan, CEO & MD, L&T, Mr. Adil Zainulbhai, Independent Director, L&T, Mr. S.N. Roy, Whole-time Director, L&T and CEO & MD, L&T Power, Mr. M.V. Satish, Whole-time Director & Sr. EVP (Buildings, Minerals & Metals), L&T, Mr. J.D. Patil, Whole-time Director & Sr. EVP (Defence & Smart Technologies), and Mr. A.V. Parab, EVP & Head, L&T Heavy Engineering at L&T’s Hazira Manufacturing Complex.

Commenting on this occasion, Dr. Bernard Bigot, Director-General, ITER organization said, “Today, in Hazira, we celebrate with you the completion of fabrication of all the segments of the Cryostat, including most recently the segments of the Cryostat Lid — again achieved under these challenging conditions. The ITER Project and ITER-India were very fortunate to have Larsen & Toubro as our partner and the primary contractor for Cryostat fabrication…(as) the challenge of the Cryostat was unique.”

Commenting on this achievement, Mr SN Subrahmanyan, CEO & MD, L&T said, “This is a proud moment for the company, as it has completed another milestone in the development of world’s largest stainless-steel, high-vacuum pressure chamber. The company has used innovative and digital manufacturing techniques to ensure uninterrupted supply of high-quality, high-precision assemblies to ITER. This will further pave a way for the installation of Cryostat at the project site in France and eventually lead to the demonstration of large-scale feasibility of fusion power. It has empowered India to tread towards Atma Nirbhar Bharat by acquiring knowledge in this highly specialised field of science and technology.”

The Cryostat assembly referred as the Top Lid, weighing 650 MT (metric tons), is to be installed with other Cryostat segments for ITER (International Thermonuclear Experimental Reactor) in a Reactor pit in southern France. L&T has already delivered the Base section, the Lower Cylinder and the Upper Cylinder for the Cryostat. The Cryostat’s function is to provide cooling to the fusion reactor and to keep very high temperatures at its core under control.

Mr Anil V. Parab, Executive Vice President and HeadL&T Heavy Engineering said “With the supply of the Top Lid sector, we have successfully completed our India scope of the project ahead of the schedule. The fabrication of these components has been an engineering marvel both in terms of its massive size and its stringent quality standards. This is a proud moment for L&T Heavy Engineering, which is showcasing Indian capabilities in the high technology arena at the global stage.”
   
The project scope for L&T Heavy Engineering is divided into three aspects. Firstly, the company was to manufacture assemblies at its state-of-the-art Hazira manufacturing complex. The second aspect involved constructing a temporary workshop at the project site in Cadarache, France for the assembly of various sectors. And finally, it is to integrate the Cryostat with the Tokamak Reactor building. With this flag-off, L&T Heavy Engineering has completed the manufacturing work planned in India.

L&T’s Heavy Engineering business won this prestigious contract from ITER India, a wing of Department of Atomic Energy, for the ambitious mega scientific project, conducted in collaboration of seven elite countries including India and with a project outlay of around $20 billion.

L&T Heavy Engineering has state-of-the-art, fully integrated, world-class manufacturing facilities at Hazira (Surat), Powai (Mumbai) and Vadodara. The Heavy engineering business of L&T has a proven track record of supplying technology-intensive equipment and systems to global customers in Refinery, Oil & Gas, Petrochemicals, Fertilizers and Nuclear Power industries.

The virtual flag-off ceremony at Hazira manufacturing complex was attended by officials from Niti Ayog, ITER, India, ITER global, DAE, Rajiv Gandhi Science & Technology Commission, NPCIL, AERB and BARC joining through digital platforms.