JP Morgan opens new facilities in Mumbai, Bengaluru

JP Morgan Chase opens new tech facilities in Mumbai, Bengaluru

JPMorgan Chase has opened two new facilities in Mumbai and Bengaluru, strengthening its presence in India. The new facilities are the firm’s largest technology and operations centres globally.

The Mumbai campus is a 1.16-million sqft facility located on the 23-acre Nirlon Knowledge Park (NKP), one of Mumbai’s largest finance and technology hubs.​ The new 1.12-million sqft Bengaluru hub is located within Embassy Tech Village (ETV).

“Over the last two decades, our corporate centres in India have evolved to provide technology solutions, business and functional support to serve all of our clients globally,” said Daniel Wilkening, Chief Administrative Officer and Head of Services for Commercial Banking and Executive for India and Philippines Corporate Centres, JPMorgan Chase. “Mumbai and Bengaluru are an integral part of our sustained success, and these new facilities demonstrate our continued commitment to India and our people.”

In India, JPMorgan Chase has over 50,000 employees who provide technology and business operations support for every division of the firm. It serves clients in India through its local investment banking, global markets, wholesale payments, and custody services businesses.

GPS Renewables acquires German company Proweps Envirotech

GPS Renewables, a Bengaluru-headquartered biofuels technology company, has acquired Germany-based Proweps Envirotech GmbH, a design and engineering company that specialises in technologies to utilise municipal and industrial organic waste and agri-residue for biogas production.

Biogas is one of the most important sources of energy from a climate perspective, as it can be further upgraded to produce RNG (also known as bio-CNG or CBG), which is a cleaner alternative to CNG or clean electricity. Proweps has extensive international experience in the construction business of waste treatment, anaerobic digestion, and biogas upgrading plants.

GPS Renewables’ technology spans biofuels such as biogas, RNG, 2G ethanol, and green hydrogen. The company has set up over 100 biogas plants.

NIIT Learning Systems lists on stock exchanges following demerger

NIIT Learning Systems Limited (NIIT MTS), which offers managed training services to companies in North America and Europe, marked its debut on the Indian stock exchanges BSE and NSE.

NIIT MTS operates NIIT’s Corporate Learning Business (CLG), which has been demerged from NIIT Limited to NIIT Learning Systems Limited upon the approval of the Composite Scheme of Arrangement.

The demerger became effective on May 24, 2023, post approval from various stakeholders and the NCLT. Consequent to the demerger, each shareholder of NIIT Limited has been allotted one share of NIIT Learning Systems Limited for each share of NIIT Limited held by them on the record date, which was fixed as June 8, 2023.

In FY23, the company recorded revenue of Rs 1,362 crore, up 20% YoY with EBITDA at Rs 315 crore at an operating margin of 23%. PAT was at Rs 1.92 crore.

Brillio forms GenAI partnership with Google Cloud

Brillio, a digital services and solutions provider, has partnered with Google Cloud to build solutions for financial services and healthcare organisations using the latter’s generative AI (GenAI) capabilities.

As part of this partnership, Brillio will also launch new consulting services to help organisations utilise GenAI in their businesses. The collaboration will also expand Brillio’s ability to infuse GenAI into its customer experience, engineering, and data offerings, thus enabling clients to unlock greater value by industrialising processes and reducing time-to-market and cost-to-serve.

Brillio’s GenAI solutions, powered by Google Cloud’s Vertex AI, will enable financial services companies to interpret loan applications, empower call centre executives, provide investment advice, and summarise portfolios more effectively.

It will also provide a holistic view of customer financial information, allowing financial services organisations to offer innovative products and services, provide personalised customer experiences, and diversify revenue streams.