FUEL Felicitates 90 Underprivileged Girl Students with Scholarships on its 17th Foundation Day

 

• The distinguished presence of Shri Rahul Narvekar, the Honorable S2023peaker of the Maharashtra Legislative Assembly, graced the felicitation ceremony. 

• Industry Leaders and policymakers congregate for the Future Skills Summit at FUEL's 17th Foundation Day Celebration

PUNE 8th OCTOBER, 2023 (APN): FUEL, a non-profit organization dedicated to empowering marginalized youth, celebrated its 17th Foundation Day in Pune, reaffirming its commitment to uplift underprivileged communities. The event featured engaging activities and included the awarding of scholarships to 90 unprivileged female students, showcasing FUEL's dedication to improving lives through skill development and vocational training. Eminent personalities, policymakers, industry leaders, and government delegates were present at the momentous occasion.

The main highlight of the celebration was the Future Skills Summit. The summit was graced by renowned industry leaders and policymakers. The summit delved into future skills, talent acquisition, and innovation in CSR in education and skill development. Notable guests included Hon’ble Speaker of Maharashtra Legislative Assembly Shri Rahul Narvekar, Social Worker and Corporator BMC,  Harshita Narvekar, Vice-President Hitachi Air Conditioning India, Col. Rajesh Ohol, Vice President Corporate Communications Bajaj Group, Sanjay Ojha, Director-International Business Serum Institute of India, Parag Deshmukh, Chief Sustainability Officer LTI Mindtree, Paneesh Rao, Founder and Chairman of FUEL, and FUEL Business School (FBS), Ketan Deshpande and Santhosh Huralikoppi, Chief Mentor at FUEL.

The foundation day featured various programs, including a touching ceremony where 90 deserving female students from underprivileged backgrounds were awarded scholarships. These scholarships were part of an MoU between FUEL, LTI Mindtree, and the Oracle Scholarship Program, specifically for female PGDM students at FUEL Business School (FBS). The goal is to empower these students for higher education and promising careers. The event also included the unveiling of "FUEL Hope Stories," a book showcasing the perseverance of FUEL students, and the launch of the Saksham Digital Skill Program. This program equips student leaders with essential skills like computer literacy, coding, data analysis, online communication, cybersecurity, and proficiency with digital tools and software applications.

The guest of honor Shri Rahul Narvekar, Honorable Speaker, Maharashtra Legislative Assembly said, " On FUEL's 17th Foundation Day, I congratulate Ketan Deshpande and the entire team for their outstanding work in empowering underprivileged youth through skill development, training, and scholarships. Their commitment to social progress, evidenced by collaborations with major MNCs and NITI Ayog, is commendable. Providing over 1 million career counseling sessions has been pivotal in guiding countless individuals toward meaningful careers. I extend my best wishes for continued success as FUEL enters a new phase with its university campus.

The Host Mr. Ketan Deshpande, Founder and Chairman of FUEL and FUEL Business School Said, “On our 17th Foundation Day, I'm proud to acknowledge progress in supporting underprivileged students. While witnessing positive outcomes is gratifying, I recognize more must be done. The ongoing success of our mission to empower every student relies on unwavering support from stakeholders. Together, we must continue striving for our goal, ensuring no student is left behind in their pursuit of knowledge and empowerment. We have envisioned a future with equal access to career opportunities for every student, achieved through proactive initiatives like endowment scholarships, volunteer-guided internships, blended learning, and collaboration with social organizations for on-the-ground implementation.

FUEL has  a big influence on over 45,976 girl students since 2007 by emphasizing education, employability, and empowerment. The organization has played a crucial role in enhancing skills and employability among underprivileged populations across states. With a track record of providing education, granting 10,000+ scholarships, and equipping over 98,667 individuals with skills, FUEL has facilitated placements for 62,753+ youths in diverse careers, supported 350 entrepreneurs, and conducted 1 million career counseling sessions. FUEL's Career EduConnect initiative targets students from Class 7 to Class 12, offering insights into education and career paths to address unemployment. The organization provides courses in Digital Marketing, Artificial Intelligence, Internet of Things, and 3D Printing, empowering marginalized communities for improved employability.Ends

Vibhor Steel Tubes files draft papers with Sebi to raise Rs 66.47 crore via IPO

MUMBAI, 5th OCTOBER, 2023 (APN): Vibhor Steel Tubes, the two-decade-old manufacturer of steel pipes and tube products, has filed preliminary papers with the capital markets regulator Sebi to raise Rs 66.47 crore via an initial public offering (IPO). 

The offer consists of only a fresh issue by the company and there is no offer-for-sale component. The company will utilise net fresh issue proceeds mainly for working capital. The company’s offering comprises a fresh issue of equity shares (face value Rs. 10 each), aggregating to an issue size of up to Rs. 66.47 crore, through book-building route. There will be no Offer for Sale component. 

The company will utilise net fresh issue proceeds mainly for working capital requirements of Rs 55 crore, and the remaining for general corporate purposes. The company has appointed Khambatta Securities Limited as Lead Manager to the Issue and KFIN Technologies Limited as the Registrar to the Issue. 

The company will utilise its net proceeds from the issue to fund its working capital requirements. The company’s equity shares are proposed to be listed on the NSE and BSE. The company will utilise net fresh issue proceeds mainly for working capital requirements of Rs 55 crore, and the remaining for general corporate purposes. 

The company has appointed Khambatta Securities Limited as Lead Manager to the Issue and KFIN Technologies Limited as the Registrar to the Issue. The company will utilise its net proceeds from the issue to fund its working capital requirements. The company’s equity shares are proposed to be listed on the NSE and BSE. VSTL manufactures steel products such as Electric Resistance Welded Pipes, Hot-dipped Galvanized Pipes, Hollow section pipes, Primer painted pipes, SS Pipes and Crash Barriers at its plants located in Maharashtra, Telangana and Haryana with a total capacity of 2,23,160 MTPA.

The company supplies its products to western and southern market companies in Maharashtra, Gujarat, Madhya Pradesh, Telangana, Karnataka and Tamil Nadu. 

Commenting on this, Vijay Kaushik, Chairman and Executive Director, Vibhor Steel Tubes Limited, said, “Our consistent efforts in manufacturing and supplying the best quality steel products over the years have paid off in the form of satisfied clientele across India. As we are all set to explore new opportunities and geographies for our products and strengthen our supply chains, we are raising funds through IPO. In an industry laden with unstable policy regimes, we have successfully built the product line and have been part of the domestic manufacturing narrative for a while now.” The company has mapped out business plans to expand its operations by setting up a manufacturing unit with a capacity of 1,20,000 MTPA in Orissa and expanding the current unit’s capacity in Telangana from 96,000 MTPA to 1,52,000 MTPA. VSTL has also entered into an agreement with Jindal Pipes Limited in April 2023. As part of the agreement, the company manufactures and supplies finished goods worth 1,00,000 MTPA to “Jindal Pipes Limited, which sells the products under the brand name “Jindal Star”. 

The company’s total revenue for FY23 stood at Rs. 1,112.11 crore compared to Rs. 817.99 crore in FY22. Its EBIDTA for FY23 was Rs. 46.84 crore, compared to Rs. 30.18 crore in FY22. The company’s PAT was 21.06 crore in FY23, compared to Rs. 11.33 crore in FY22. In the last five years, finished steel production has grown at a CAGR of 4.8% to 122 MT in FY23 from 101 MT in FY19. 

The production growth has been backed by a rise in domestic steel consumption on account of growing economic activities in the country, supported by an increase in infrastructure and construction spending by the government and a rise in automobile and consumer durable demand, among others. During YTD FY24, finished steel production grew by 13.4% on a y-o-y basis, backed by strong demand in the domestic market.Ends

Polymatech Electronics Files Draft Papers With Sebi To Mobilize Rs 750 Cr Via IPO

MUMBAI, 5 OCTOBER, 2023 (APN): Semiconductor chip maker Polymatech Electronics on Thursday said it has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an initial public offering (IPO).

The maiden public issue is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to a company statement. The Chennai-based company will utilize proceeds to the tune of Rs 566 crore to purchase new machinery to boost its existing facility in Tamil Nadu.Besides, a portion of the funds will be used for general corporate purposes. 

Polymatech Electronics was formed in 2007 as a foreign company, owned and promoted by foreign shareholders. Later, the company was acquired by Eswara Rao Nandam and Uma Nandam, current promoters, through share purchase agreements executed and amended in 2016 and 2017, respectively. 

In 2019, the firm commenced its journey of designing and producing opto-semiconductor chips in 2019, using the latest European and Japanese technologies. Its solutions are used in diverse industries for large-area lighting at commercial places. Also, it has developed and completed trials for products in medical applications, data transmission, specialised lighting for photosynthesis, aqua lighting and sanitisation, among others. 

According to an industry report published by CARE Advisory Research and Training Ltd (CARE Edge), global opto-semiconductor market was estimated at Rs 2.73 lakh crore in 2018 and has grown at a CAGR (compound annual growth rate) of 4 per cent to Rs 3.32 lakh crore in 2022. Further, this industry is expected to reach Rs 4.87 lakh crore by 2028, growing at a CAGR of 5.4 per cent from 2022 to 2028.Ends