EaseMyTrip Resumes Bookings to the Maldives Following Improved Bilateral Ties

Key Takeaways from the Announcement

• EaseMyTrip resumes Maldives bookings after improved bilateral ties between India and the Maldives.
• Diplomatic fallout in recent years impacted travel, but efforts to mend ties have led to a more favourable travel environment.
• The decision aligns with growing demand for travel to the Maldives among Indian tourists.
• EaseMyTrip aims to provide seamless travel experiences for Indian travellers heading to this popular destination.

Over recent years, India and Maldives have experienced some amount of diplomatic fallout due to political fluctuations in the Maldives. Nevertheless, the initiatives toward reparative ties taken by both countries have allowed for a better travel and tourism atmosphere. This change is seen to pave the way for enhancing the economic, as well as co-cultural, links.

The reopening of travel to the Maldives by EaseMyTrip reflects confidence in the renewed relationship and aims to cater to the growing demand for travel to this popular destination among Indian tourists. The company is committed to providing seamless travel experiences and looks forward to welcoming travellers back to the beautiful islands of the Maldives.

About Easy Trip Planners Limited

EaseMyTrip, publicly listed on NSE and BSE, is one of India’s largest online travel platforms for air ticket bookings, as per the Crisil Report on India’s OTA industry (February 2021). With a CAGR of 47% in profits before tax from FY20-24, it ranks among the fastest-growing internet companies. Bootstrapped and profitable since its inception, EaseMyTrip offers comprehensive travel solutions, including air tickets, hotel stays, holiday packages, rail and bus tickets, along with additional value-added services.

Key Details of the Acquisition

• The acquisition provides for the commencement of activities in research and preclinical development in biologics and ADCs by Jasmin, a société par actions simplifiée established by Pierre Fabre.
• The acquisition aims to expand Jubilant Biosys' service offerings in emerging technologies and establish a stronger R&D presence in Europe to better serve European and US markets.
• The acquisition is expected to be finalised by the end of December 2024.

As per a stock exchange filing, the transaction involves an investment of up to €4.4 million for the 80% stake, with JBIRSPL committing to infuse this amount over a period of two years.

Jasmin was incorporated on September 11, 2024. It will assume Pierre Fabre's R&D Centre. Situated in Saint Julien, France, this centre consists of grounds, buildings, and almost 40 employees from the existing operations of Pierre Fabre's R&D.

The acquisition is not classified as a related party transaction, and there are no interests from promoters or group companies in the entity being acquired. It is subject to customary closing conditions and regulatory approvals, including Foreign Direct Investment approval from the French government.

About Jubilant Pharmova Limited

Jubilant Pharmova Ltd. is a global pharmaceutical company having three main business segments: pharmaceuticals, contract research and development services, and proprietary novel drugs. 

The Radiopharma segment accounted for about 44% of the total revenues for the nine-month period ended FY24. Jubilant Pharmova is the third largest producer of radiopharmaceuticals in the US, with the second-largest network of radiopharmacies in the United States, which operates in 46 locations. Notable products out of those that did particularly well within this time frame during this period include Mertiatide, sulphur colloid, and cardiac-imaging product Ruby-Fill. The company seeks to sustain its leadership in the North American market. 

Key Takeaways from P N Gadgil Jewellers financial Performance:

• P N Gadgil Jewellers reported a net profit of Rs 353.21 million for Q1 June 2024, a 59.5% increase year-on-year from Rs 221.5 million.
• The company's revenue from operations rose by 32.8% to Rs 16,681.82 million, up from Rs 12,568.02 million in the same quarter last year.
• EBITDA for the quarter reached Rs 166.24 million, a 16.5% increase compared to Rs 142.75 million in Q1 June 2023.

The company’s revenue from operations rose 32.8% at Rs 16,681.82 million compared to Rs 12,568.02 million a year ago.

EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter ended June 2024 was up 16.5% at 166.24 million compared to 142.75 million in the same quarter previous year.

About P N Gadgil Jewellers Limited:

PN Gadgil Jewellers Limited has a history that began 186 years ago with a small shop in Sangli, where the Gadgil family sold gold. Under the leadership of Purshottam Narayan Gadgil and later Dajikaka Gadgil, the business expanded to Pune and achieved great success. The company's rich legacy of fine craftsmanship and strong values is its greatest asset. 

The family has passed down business ethics through generations, and today, the company stands strong on three key principles: Trust, Purity, and Commitment. Trust is something that is earned over time through hard work, and PNG Jewellers has always prioritised it. The company believes that lasting success comes from genuine products, good service, and reliability, and it understands its responsibility to maintain the trust placed in it by customers and partners.

Key Takeaways from the Inauguration

• Shri Satish Chandra Dubey, Hon'ble Minister of State for Coal and Mines, inaugurated the resumption of operations at Hindustan Copper Limited’s (HCL) Surda Mine.
• The reopening of Surda Mine is expected to generate ₹100 crore in annual revenue and create significant employment opportunities, including 1,100 direct and 5,000 indirect jobs.
• HCL plans to increase Surda Mine’s capacity from 0.4 million tonnes per annum (mtpa) to 0.9 mtpa over the next seven years.

In his address, Minister Satish Dubey emphasised that the resumption of Surda Mine operations is a significant step toward achieving self-reliance in copper production in India. The operation is expected to generate employment opportunities, revive the local economy, and contribute approximately ₹100 crore in annual revenue. HCL plans to enhance the mining capacity of Surda Mine from the current level of 0.4 million tonnes per annum (mtpa) to 0.9 mtpa over the next seven years.

The Jharkhand Cabinet recently approved lease extensions for the Kendadih and Rakha mines on September 20, 2024. The reopening of these mines is anticipated this year and is projected to create 2,000 direct jobs and 10,000 indirect jobs for the local population while tripling production at the Indian Copper Complex.

Minister Satish Dubey appreciated the joint efforts of the officials of the Government of Jharkhand and the Central Ministry that facilitated the extension of the Surda Mining Lease, approved by the Jharkhand Cabinet on August 29, 2024, and executed by lease deed on September 26, 2024.

Shri Ghanshyam Sharma, CMD of Hindustan Copper Limited, stated that the resumption of operations at Surda Mine will provide direct employment to around 1,100 individuals and indirect employment to approximately 5,000 locals. He also mentioned that HCL will invest ₹50 crore in mining operations during the fiscal year 202425 to enhance corporate social responsibility (CSR) and welfare activities in surrounding villages.

About Hindustan Copper Limited (HCL)

Incorporated in 1967, Hindustan Copper Limited (HCL) is India's first public sector undertaking (PSU) and the only vertically integrated copper-producing company in the country. HCL was established to take over operations from the National Mineral Development Corporation Ltd. The company is involved in the entire copper production process, from mining and beneficiation to smelting, refining, casting, and converting refined copper into saleable products. As the only Indian PSU engaged in the full spectrum of copper production, HCL plays a critical role in meeting the nation's copper demands.