GMDC Unveils ₹3,500 Crore Rare Earth Project

 Key Takeaways from the Announcement

• GMDC has earmarked ₹2,200 crore for mining and processing, plus an additional ₹1,300 crore for the REE processing hub.
• The project is expected to produce 12,000 tonnes of rare earth oxides (REO) annually by FY 2028.
• The Ambadongar deposit, located in Gujarat’s Chota Udepur district, is among the largest sources of REEs worldwide and is key to GMDC's plan to establish a global rare earth processing hub.
• The initiative is set to cater to 15% of India's Nd-Pr demand, contributing significantly to the clean energy sector.

In a landmark move to advance India's self-sufficiency in rare earth elements (REE), Gujarat Mineral Development Corporation Limited (GMDC) has received exploration and geological data for the Ambadongar rare earth deposit. This strategic data transfer from the Atomic Minerals Directorate for Exploration & Research (AMD) to the Chief Minister of Gujarat took place at a prestigious event held in Gandhinagar on September 19, 2024.

According to a stock exchange filing, the project will involve an investment of ₹2,200 crore for mining and processing, with an additional ₹1,300 crore dedicated to establishing a rare earth processing hub. GMDC targets an annual production of 12,000 tonnes of rare earth oxides (REO), with operations expected to commence by FY 2028. The initiative is poised to create thousands of jobs and supply 15% of India’s demand for neodymium-praseodymium (Nd-Pr), critical components for clean energy technologies.

The Ambadongar deposit, located in Gujarat's Chota Udepur district, is considered among the biggest deposits of rare earth elements in the world. These minerals are essential for the production of clean energy technologies like electric vehicles (EVs) and wind turbines. GMDC's project intends to create a full supply chain from mining to manufacturing and make Gujarat the leader in rare earth processing. 

About Gujarat Mineral Development Corporation Limited (GMDC)

Gujarat Mineral Development Corporation Limited (GMDC) is a state-owned mining company in India, based in Ahmedabad. Established in 1963, GMDC produces key energy minerals like lignite as well as industrial minerals such as bauxite and fluorspar.

Jyothy Labs Limited announced on Thursday, September 19, the acquisition of the laundry service brand Quiclo from Smartwash Solutions Private Limited. This acquisition, which includes the brand’s software and customer database, marks a strategic step for Jyothy in expanding its laundry service business, particularly in Hyderabad.

Key Takeaways from the Acquisition:

• Jyothy Labs acquires the Quiclo brand, software, and customer database from Smartwash Solutions Private Limited for Rs 70 lakhs.
• The acquisition strengthens Jyothy's existing laundry service operations, with a particular focus on expanding its customer base in Hyderabad.
• The deal, completed on September 19, was conducted through a cash consideration and does not involve any related party transactions.

Jyothy Labs Limited has acquired the laundry service brand “Quiclo” from Smartwash Solutions Private Limited. The purchase includes the brand's software and customer database, though no entity or division was acquired. The transaction was finalised at a cash consideration of Rs 70,00,000 plus applicable taxes. 

This acquisition aligns with Jyothy's strategic goals, particularly in expanding its laundry service business and strengthening its customer base in Hyderabad. The deal was completed on September 19, 2024, without the need for any additional governmental or regulatory approvals as disclosed in a stock exchange filing.

This acquisition reinforces Jyothy’s focus on expanding its laundry service footprint in India, aiming to deliver enhanced services and reach a broader consumer base in Hyderabad.

About Jyothy Labs Limited:  

Founded in 1983 by Mr. M. P. Ramachandran in Thrissur, Kerala. Jyothy Labs Limited is a renowned brand in the domestic FMCG industry. They have a diversified product portfolio spanning four major categories of fabric care, dishwashing, household insecticides (HI), and personal care. The company is known for its household products, including Ujala, Maxo, and Exo. The company has been diversifying into new sectors, including laundry services, to grow its presence in the consumer market.

Key Takeaways from Infosys’ Partnership with Posti

• Infosys expanded its relationship with Posti to modernise and streamline the way customers receive services while improving the operational efficiency of the entire logistics industry.
• The engagement will be driven using Infosys Topaz to power an AI-first approach, fully enabled by generative AI technologies, to power operational efficiencies and quality of services.
• The company will use Cobalt to allow Posti to scale NextGen Application Management Services through the Live Enterprise Application Management Platform (LEAP).
• The partnership has significantly improved IT resilience at Posti over the last five years by reducing outages and disruptive events.
• Infosys has bolstered Posti's prevention and response to cyber threats while also modernising consumer-facing applications through the replacement of out-of-date systems and processes.

As part of the engagement, Infosys will implement an AI-driven strategy on Infosys Topaz, its AI-first offering, that builds on generative AI technologies. This approach is designed to empower Posti with improved operational efficiencies and elevated service quality, ultimately enhancing the overall customer experience.

Additionally, Infosys will utilise its Cobalt platform to provide NextGen Application Management Services through its Live Enterprise Application Management Platform (LEAP). This cloud-enabled platform will facilitate Posti’s cloud journey, helping to drive productivity across the organisation.

The engagement has, over the last five years, significantly improved IT resilience, and resulted in reduced outages and disruptions of the business at Posti. Infosys has also strengthened the competencies of Posti to prevent and respond to cyber threats on time. Specifically, it has transformed the front-end applications of Posti-facing consumers through the replacement of legacy systems and processes.

“...The collaboration with Infosys will accelerate our digital transformation journey and help us deliver exceptional services, optimise our operations, and strengthen our position as a leading delivery and logistics provider”, Petteri Naulapää, CIO & SVP, ICT and Digitalisation, Posti Group, said.

Karmesh Vaswani, EVP and Global Head Retail, Consumer Goods & Logistics, Infosys, in his remarks, said: “This extension demonstrates our unwavering commitment to delivering next-generation services and solutions specifically tailored to address the unique challenges faced by our clients in the Nordics.”

About Infosys Limited:

Incorporated in 1981, Infosys Limited is a consulting and IT services company listed on the NYSE with more than 315,000 employees and revenues of $18.7 billion for LTM Q1 FY25, along with a market capitalisation of $77.31 billion. Over our 40-year journey, we have been instrumental in positioning India as a premier destination for software services talent, pioneered the Global Delivery Model and are the first Indian IT company listed on NASDAQ. A host of our employee stock options program also helped create some of India's first salaried millionaires.

About Posti Limited:

Posti is the leader in delivering and fulfilling orders in Finland, Sweden, and the Baltics. The company makes improvements to its customers' day-to-day lives and businesses through an extended range of postal, logistics, freight, and eCommerce services. Posti serves about three million households and businesses through Finland's most extensive network coverage daily. Despite being present in Finland, Sweden, Norway, Estonia, Latvia, Lithuania, and Poland, parcel traffic and contract logistics remain the key growth engines for this company in Finland, Sweden, and the Baltics. The firm has approximately 17,000 employees.

Key Takeaways from JSW Steel’s Achievement 

• JSW Steel USA achieved an impressive 25% energy reduction, demonstrating the company's commitment towards sustainability and conservation of energy.
• The US Department of Energy recognised the company for its outstanding performance in the Better Plants Challenge.
• Moreover, JSW Steel USA announced an investment of USD 145 million to its facility in Mingo Junction to support the production of steel for use in offshore wind energy projects which feed into the 'cleaner energy power revolution'.

In addition to energy savings, JSW Steel USA committed to strengthening the green future of its operations and announced an investment of $145 million for the Mingo Junction facility. This in turn will allow the production of monopile grade steel slabs for monopile pole towers used in offshore wind energy projects.

JSW Steel is featured in the DOE Better Buildings, Better Plants Solution Center, where partners have collectively saved nearly $22 billion in energy and avoided more than 220 million metric tonnes of greenhouse gas emissions.

“These industry leaders are demonstrating that decarbonization is not only possible – it’s happening now and it's good business. We invite organizations to take up the charge and join us to build the clean energy economy of the future", DOE Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Jeff Marootian said.

As a part of the improvement efforts, Parth Jindal, Director of JSW Steel USA, said the modernisations at the Baytown facility strengthen the company's focus on sustainability and lay on the long-term Environmental, Social, and Governance or ESG initiatives. He added that the investments will help JSW USA market high-quality steel products while increasing its niche in the speciality steel market, which will significantly reduce US dependence on imports from infrastructure and renewable energy sectors.

About JSW Steel Limited

JSW Steel is a flagship business of the diversified US$ 24-billion JSW Group and is one of the leading steel producers in India, the country's largest producer. With interests in energy, infrastructure, cement, paints, sports, and venture capital, the JSW Group has consolidated its organisational culture, which was certified to be a Great Place To Work in 2021. For three decades, JSW Steel has grown from a single manufacturing unit into India's premier integrated steel plant, having a capacity of 28.5 million tonnes per annum (MTPA) across India and the USA, the plans are to expand to 38.5 MTPA by FY25. Its largest plant at Vijayanagar, Karnataka, is 12 MTPA. Thus, it is India's single-largest steel production location. With a strategic partnership with Japan's JFE Steel, JSW Steel excels in research and innovations by exploiting cutting-edge technologies for high-value-added special steel products for different construction, automotive, or electrical applications.