Latest news with #Finland-based
Mint
a day ago
- Business
- Mint
Huhtamaki India plots big M&A push with up to $500 million in kitty
MUMBAI : Armed with a $400-500 million war chest, Finnish packaging major Huhtamaki Group's Indian subsidiary is looking to scoop up local assets in a bid to expand its product base and bulk up revenues, two people with knowledge of the development said. This comes in the backdrop of a consolidation wave playing out in the packaging industry, with large companies such as Essel Propack, Manjushree as well as Huhtamaki looking to acquire assets in a bid to expand their product and geographical base, these people said. 'Companies such as Huhtamaki are in the market to scout for packaging companies that have scaled up and can be taken into fold," the first person cited above said on condition of anonymity. The second person added that aside from earmarking around $400-500 million for its inorganic move, the company 'has the ability to raise debt domestically, too, to finance these acquisitions". In response to queries from Mint, a Huhtamaki India spokesperson said, 'As a policy, we don't comment on market speculations. Should there be any developments to share, they will be communicated through official company channels." Set up in 1935, Thane-based Huhtamaki India Ltd is a listed company that is one of the leaders in the domestic flexible packaging industry, manufacturing flexibles, labels and cylinders. The company has 10 manufacturing facilities in Maharashtra, Dadra and Nagar Haveli, Uttarakhand, Assam, Karnataka, Andhra Pradesh and Himachal Pradesh. Its parent, Espoo, Finland-based Huhtamaki Oyj, held 67.73% equity stake in the Indian subsidiary as on 31 March 2025, according to shareholding data from the BSE. A ratings release by Crisil in September 2024 showed that the company sold land parcels in Thane and Ambernath areas near Mumbai in FY23. 'HIL enjoys strong liquidity supported by unutilized fund-based bank lines and healthy cash and liquid surplus, led by consideration received from sale of land and building in Thane and Ambernath," the Crisil release said. 'Expected net cash accrual for 2024 to 2026 will be sufficient to meet annual capex and working capital requirement. The utilisation of proceeds from sale of land parcels will be a key monitorable." Armed with this capital and the parent's ability to help it raise money domestically, the company is in talks with several small and mid-sized businesses in India to acquire them, according tothe second person cited above. For the financial year ended 31 March 2024, Huhtamaki India earned a revenue of ₹2,550 crore as against ₹2,984 crore in the previous financial year, according to data from Crisil. The company's profit after tax stood at ₹410 crore in FY24. The packaging sector in India has shown substantial growth potential, driven by demand across India's consumer, industrial, pharmaceutical, and export industries, making it an attractive proposition for private equity (PE) firms and strategics. According to a Technopak report last year, India's packaging sector was valued at $74.7 billion in FY23, and is expected to reach $100 billion over the next five years, driven by various factors such as rising disposable incomes, urbanization, increased demand for processed and packaged goods, and a thriving e-commerce sector. The report added that other government initiatives focused on organized retail and food safety are further propelling demand for high-quality, standardized packaging solutions.
United News of India
2 days ago
- Business
- United News of India
AM Green Group acquires 17.5 pc stake in Greenko Energy Holdings from ORIX
Kakinada (Andhra Pradesh), June 30 (UNI) AM Green BV today said it has signed definitive documents to acquire 17.5 per cent equity stake in Greenko Energy Holdings from ORIX Corporation, through its wholly owned subsidiary AM Green Power BV. AMG will own 25 percent stake (along with AMG promoter's current stake) in Greenko post-closing of this transaction in July 2025, the company said in a release here. As part of this transaction, ORIX has also entered into an agreement to invest in a convertible note issued by AM Green (Luxembourg) S.à.r.l ("AMG Lux"), the parent company that holds all shares of AMG. This investment will provide ORIX long-term exposure to green hydrogen, ammonia, SAF and other next-gen molecules, aligning with its capital recycling strategy. 'This transaction is a key milestone in building one of the world's fully integrated and scalable green energy platforms,' said Anil Chalamalasetty, Founder and CEO of AM Green. 'We thank ORIX for their continued partnership and belief in our vision,' he added. ORIX stake acquisition strengthens AM Green's upstream integration through Greenko, one of India's leading renewable energy companies, operating over 10 GW of renewable and pumped storage assets. Greenko is on track to build the world's largest 'Intelligent Energy Storage Cloud Platform' with over 100 GWh of daily storage capacity by 2030. Founded in 2023 by Greenko co-founders, Anil Chalamalasetty and Mahesh Kolli, AMG is one of the largest fully integrated Power-to-X (P2X) platform with access to end to end industrial decarbonization solutions including renewable power (solar, wind, hydro), long-duration storage (pumped hydro), most competitive round the clock carbon free power and green molecules (green hydrogen, green ammonia, low carbon caustic soda, ethanol, and sustainable aviation fuel). AMG has plans to produce 5 million tonnes per annum (MTPA) of green ammonia, with the first 1 MTPA project under construction in Kakinada (Andhra Pradesh). AMG has also signed green ammonia supply term sheets with several industrial and power companies in the OECD markets including Uniper SE, an energy company, and Yara Clean Ammonia, a trader and distributor of ammonia. AMG has also signed globally the largest power purchase agreements for supply of round the clock carbon free energy for its first 2 MTPA green ammonia projects and has access to electrolyzers through its manufacturing JV with John Cockerill. AM Green's Kakinada industrial complex, currently under construction, will be the world's first and largest integrated green industrial zone. It will house 2 MTPA of green ammonia production, 2 GW electrolyzer gigafactory and facilities for SAF and green chemical production. In 2024, AMG acquired Chempolis, a Finland-based innovator in sustainable biomass processing, to support its Bio2X platform. Known for its low-emission, low-water, and zero-waste process, Chempolis technology offers a scalable solution for circular bioeconomy applications, aligning with AM Green's commitment to decarbonization. Greenko's flagship 1.7 GW pumped storage project in Andhra Pradesh has already been commissioned with its next two pumped storage projects in Madhya Pradesh and Karnataka (2.5 GWs) are expected to be commissioned in 2026 and 2027 respectively. UNI KNR RN
Time Magazine
6 days ago
- Business
- Time Magazine
How Oura Keeps Pushing Smart Ring Tech Forward
On a Monday morning in late April, Oura CEO Tom Hale was feeling well-rested despite having stayed up later than usual the night before to catch the latest episode of The Last of Us . Clicking through data logged by his smart ring, he ticked off stats he was pleased with. Hale had gotten close to eight hours of sleep ('pretty rare' for him these days), including nearly 90 minutes of deep sleep. His 'efficiency'—how much time in bed he was actually sleeping—was 91 out of 100. 'My timing was perfect,' he says. 'I didn't get up in the middle of the night, which is a very typical thing for me.' Hale's sleep stats are the very reason he decided he wanted to join Oura, the Finland-based company that pioneered the smart ring category. During a stressful period in the fall of 2021, he was having trouble sleeping. He bought an Oura Ring and then made a handful of behavior changes based on its feedback about his sleep habits, like no longer drinking alcohol to unwind in the evenings. Within six weeks, he experienced dramatic results. The fix 'made me want to be a part of the company,' he says. It just so happened that Oura was searching for a new CEO, and the company is now thriving under Hale's leadership. In December, Oura announced its member base and revenue more than doubled in 2024. It's now sold more than 2.5 million rings, including the Oura 4, which was released in October. That device introduced the company's 'smart sensing' technology, which tracks blood oxygen levels, heart and respiratory rates, skin temperature changes, and movement. TIME spoke to Hale about what he attributes the company's success to, how health data can spur action, and why Oura is prioritizing women's health. This interview has been condensed and edited for clarity. These days, the ring can collect data on more than 20 biometrics. Which are you most excited about? I'm trying to age gracefully, and the two things I'm concerned about are heart health and metabolic health. I hate to admit this, but I have a sweet tooth. So for me, the metabolic part is controlling my blood sugar. Right now, I'm wearing a continuous glucose monitor. As of May, our partnership with Dexcom supports integration of that data, which means it can flow between Dexcom devices and the Oura ring and app. What I don't like to see is an enormous blood-sugar spike. I've learned there are some foods that aren't what you might consider to be a sugar bomb, but still have that effect. Rice turned out to cause a huge spike. Just by dialing back rice in my diet or consuming smaller portions, I'm able to stay within my range. That's important, because I don't want to go into prediabetes. The partnership with [glucose monitor maker] Dexcom seems like a natural fit—two companies that value data. We met with the CEO of Dexcom, and when he and his staff walked into the room, they were all wearing Oura rings. I was like, 'Well, I'm wearing a Dexcom sensor right now.' That technology was developed for people with diabetes. We want to be part of the solution that keeps people from even getting to that stage. Part of that is understanding which foods are going to affect you in a very discreet way. The thing that's so powerful about this tool is that your glucose and your glycemic response and your insulin response are going to be different based on how rested you are, what activity you've done and when you did that activity. Your genetics and biome also play a role. So a big part of what we're trying to do is educate people. You've described the Oura Ring as a doctor in the pocket—a tool to help scale up preventive care. What exactly does that mean? Wearables are a tool—they're not the answer for everything. But they're a very powerful tool, both from the perspective of predicting things or giving you feedback, and educating you and motivating you to do the things that are hardest in preventive care—changing behaviors. For example, I stopped drinking alcohol [at night], and that was a behavioral change rooted in 30 years of my adult life. I changed it very quickly when I saw that alcohol ruined my REM sleep. We're not trying to be like doctors—but the fact of the matter is, there simply aren't enough in the U.S. With Oura, you have something on your body that's monitoring you and knows when you have a deviation from the norm. I would call it algorithmic care. There's a set of conditions in your biometrics, and we can say, 'Hey, you're getting sick, you're getting a cold, maybe you need to be checked out for something a little more serious. Maybe you should go talk to a doctor and share this data.' It's ultimately a tool that's part of your overall care. I've heard Oura staffers call what the company does 'giving your body a voice.' Is that a common phrase around the office? We say it all the time. What's really different about Oura is the fidelity of the information because of overnight tracking, as well as the accuracy of the finger [as a data collection site]. Getting it right builds trust. Lots of competitors are popping up, yet Oura's membership keeps growing. Do you attribute that to the trust you're describing? It's a couple things. If the Oura Ring says to you, 'Hey, it looks like you're getting sick,' you might go, 'Oh, I feel fine.' But two days later, when you're on the couch surrounded by Kleenex, you realize: 'It told me something I didn't already know.' That's the magic. The degree to which Oura can surprise you with something you don't know happens frequently and is, on balance, more often right than it is wrong. It's not always perfect, but it's pretty close. That gives us an edge. The other thing that's really important is that we nailed the use cases for women. How do you see women using the ring? Maybe in your late teens or early 20s, it's about knowing when you're going to have your cycle and planning for contraception. Then, as you enter your late 20s or 30s, maybe it's conception. A lot of Oura customers are trying to conceive. One of the things Oura does is it gives you a really good signal about your fertile window—which is actually our first U.S. Food and Drug Administration-approved feature. Then there's pregnancy, a real focus for us this year. How do your biometrics change during pregnancy? What should you expect? Is this something maybe you need to talk to your OB-GYN about? But our vision is that we should be able to serve women and give their body a voice over pregnancy, postpartum, perimenopause and menopause—that entire timeframe. Are there stories you've heard from Oura users that really stand out in your mind? So many. There was the grandfather who started to see his metrics decline. His grandkid was looking at it and said, 'Hey, grandpa, this doesn't look good. We should get you checked out.' It turns out he was on the brink of a myocardial infarction [heart attack]. There's a Paralympian who was visiting his parents at home. He's a sprinter, and he's like, 'You know, I'm not feeling great.' He's looking at his app and it's saying, 'Major signs, major signs, something is going on,' and he's like, 'No, I don't want to tell my parents because they'll put pressure on me to suck it up and keep competing.' It turns out he had appendicitis, and he basically credited Oura with helping him have the courage to say, 'I need to get this checked out. Something is going on.' Those kinds of stories aren't strictly speaking happy stories. But people get the opportunity to have agency in their health journey and to take action. That's really powerful. Disclosure: Investors in Oura include TIME owner and co-chair Marc Benioff
Yahoo
6 days ago
- Politics
- Yahoo
In Finnish border town, worry mounts over Russian military build-up
In a Finnish town a stone's throw from Russia, Moscow's reported military build-up on its side of the border is raising concerns about the Nordic country's security, locals told AFP. Finland, which dropped decades of military non-alignment to join NATO in 2023, shares a 1,340-kilometre (830-mile) border with Russia. Recent satellite images obtained by media outlets including the New York Times, Finnish public broadcaster Yle and Swedish broadcaster SVT have revealed an expansion of Russian military infrastructure in various locations near the Finnish border. Speculation is rife that Russia could be preparing for future military action against Finland once its war in Ukraine is over. Moscow has repeatedly warned Finland of repercussions since it joined NATO after Russia's full-scale invasion of Ukraine in 2022. "We have now noticed some new organisational changes, such as new divisions which are beginning to appear near Finland's borders," military expert Emil Kastehelmi, of Finland-based Black Bird Group which analyses Russia's invasion of Ukraine and the Russian forces near NATO's eastern border, told AFP. "Russia continues to build, prepare and train in the vicinity of Finland's and NATO's eastern border," he said. Kastehelmi said the Russian activity was a reaction to Finland's NATO accession, as well as an attempt to step up recruitment of soldiers and a result of the re-establishment of the Leningrad Military District near the border last year. In May, the Finnish Defence Forces told AFP that "Russia is building more infrastructure to be able to bring in more troops after the war (in Ukraine) is over". Finnish Defence Minister Antti Hakkanen told AFP that Helsinki was "closely monitoring and assessing Russia's activities and intentions" together with its allies. - Preparing for different scenarios - In the small border town of Kuhmo, around 600 kilometres north of Helsinki, 49-year-old Samuli Pulkkinen was selling seasonal berries and vegetables outside a grocery store. He said locals were increasingly worried about another war with Russia -- the last one, in 1939-1940, saw Finland cede 11 percent of its territory. "After a long period of peace, everyone is of course now talking about war and the threat of war," Pulkkinen told AFP. "It's really sad that it's as if this time of peace is already over, that there is a constant threat that something bad will happen or will happen in the next few years." "I myself think it's very likely," he added ominously. Kuhmo, with a population of less than 10,000, is located some 60 kilometres from the closed Vartius border crossing. The proximity to Russia has always influenced Finland's eastern border regions. Many locals have family on both sides of the border, and tourism and cross-border trade were important sources of income before 2022. "I'm not worrying too much, because living with fear is challenging in one's daily life," said a 67-year-old man who asked to remain anonymous. "But thinking about the future generations, children and grandchildren, I worry about their future." - Closed border - Finland is building a 200-kilometre border fence aimed at preventing Russia from "instrumentalising migrants" across its border to destabilise Finland. The Nordic country shut its border with Russia in December 2023 until further notice, after the arrival of around 1,000 migrants without visas. Helsinki said the surge was orchestrated by Russia -- a claim Moscow denied. Tomi Tirkkonen, deputy commander of the Kainuu border guard district which includes Kuhmo, said the border guard was monitoring activity along the eastern border on a daily basis, and was "very well updated about the situation on the Russian side." "There is no reason to be scared, the situation is completely under the control of the Finnish border guard," he told AFP during a visit to the Vartius border crossing, located amidst lush forest. "We are prepared for the many different kinds of scenarios," Tirkkonen said, unable to divulge "operational and classified" details. Finland has beefed up its military investments and preparedness since joining NATO, and has urged citizens to increase their civil preparedness. - 'No immediate threat' - The Nordic country backs NATO's five percent spending target and has launched a reform of its defence forces to tackle the security threat. Pirjo Rasinkangas, who was visiting relatives in Kuhmo, said she supported Finland's decision to shut the border and build the border fence, saying it gave her a "sense of safety". "I am still trying to be a bit positive and think that it won't get worse at least," she said. "Of course we discuss what comes next with my family. Because it feels like there are such bleak prospects cropping up all the time," the 54-year-old added. Analyst Kastehelmi said the increased Russian military activity posed no immediate threat to Finland's security nor indicated Russia was preparing a military attack. Finnish President Alexander Stubb assured in a CNN interview in May that Russia's military bases along the border were nothing new and "there is a normal build-up" of troops there. "The most important question is what happens when the war in Ukraine ends," Kastehelmi said. "It (would be) a very worrying sign if, for example, Russia doesn't discharge or demobilise soldiers after the active military operations in Ukraine end." ank/po/giv
Int'l Business Times
6 days ago
- Politics
- Int'l Business Times
In Finnish Border Town, Worry Mounts Over Russian Military Build-up
In a Finnish town a stone's throw from Russia, Moscow's reported military build-up on its side of the border is raising concerns about the Nordic country's security, locals told AFP. Finland, which dropped decades of military non-alignment to join NATO in 2023, shares a 1,340-kilometre (830-mile) border with Russia. Recent satellite images obtained by media outlets including the New York Times, Finnish public broadcaster Yle and Swedish broadcaster SVT have revealed an expansion of Russian military infrastructure in various locations near the Finnish border. Speculation is rife that Russia could be preparing for future military action against Finland once its war in Ukraine is over. Moscow has repeatedly warned Finland of repercussions since it joined NATO after Russia's full-scale invasion of Ukraine in 2022. "We have now noticed some new organisational changes, such as new divisions which are beginning to appear near Finland's borders," military expert Emil Kastehelmi, of Finland-based Black Bird Group which analyses Russia's invasion of Ukraine and the Russian forces near NATO's eastern border, told AFP. "Russia continues to build, prepare and train in the vicinity of Finland's and NATO's eastern border," he said. Kastehelmi said the Russian activity was a reaction to Finland's NATO accession, as well as an attempt to step up recruitment of soldiers and a result of the re-establishment of the Leningrad Military District near the border last year. In May, the Finnish Defence Forces told AFP that "Russia is building more infrastructure to be able to bring in more troops after the war (in Ukraine) is over". Finnish Defence Minister Antti Hakkanen told AFP that Helsinki was "closely monitoring and assessing Russia's activities and intentions" together with its allies. In the small border town of Kuhmo, around 600 kilometres north of Helsinki, 49-year-old Samuli Pulkkinen was selling seasonal berries and vegetables outside a grocery store. He said locals were increasingly worried about another war with Russia -- the last one, in 1939-1940, saw Finland cede 11 percent of its territory. "After a long period of peace, everyone is of course now talking about war and the threat of war," Pulkkinen told AFP. "It's really sad that it's as if this time of peace is already over, that there is a constant threat that something bad will happen or will happen in the next few years." "I myself think it's very likely," he added ominously. Kuhmo, with a population of less than 10,000, is located some 60 kilometres from the closed Vartius border crossing. The proximity to Russia has always influenced Finland's eastern border regions. Many locals have family on both sides of the border, and tourism and cross-border trade were important sources of income before 2022. "I'm not worrying too much, because living with fear is challenging in one's daily life," said a 67-year-old man who asked to remain anonymous. "But thinking about the future generations, children and grandchildren, I worry about their future." Finland is building a 200-kilometre border fence aimed at preventing Russia from "instrumentalising migrants" across its border to destabilise Finland. The Nordic country shut its border with Russia in December 2023 until further notice, after the arrival of around 1,000 migrants without visas. Helsinki said the surge was orchestrated by Russia -- a claim Moscow denied. Tomi Tirkkonen, deputy commander of the Kainuu border guard district which includes Kuhmo, said the border guard was monitoring activity along the eastern border on a daily basis, and was "very well updated about the situation on the Russian side." "There is no reason to be scared, the situation is completely under the control of the Finnish border guard," he told AFP during a visit to the Vartius border crossing, located amidst lush forest. "We are prepared for the many different kinds of scenarios," Tirkkonen said, unable to divulge "operational and classified" details. Finland has beefed up its military investments and preparedness since joining NATO, and has urged citizens to increase their civil preparedness. The Nordic country backs NATO's five percent spending target and has launched a reform of its defence forces to tackle the security threat. Pirjo Rasinkangas, who was visiting relatives in Kuhmo, said she supported Finland's decision to shut the border and build the border fence, saying it gave her a "sense of safety". "I am still trying to be a bit positive and think that it won't get worse at least," she said. "Of course we discuss what comes next with my family. Because it feels like there are such bleak prospects cropping up all the time," the 54-year-old added. Analyst Kastehelmi said the increased Russian military activity posed no immediate threat to Finland's security nor indicated Russia was preparing a military attack. Finnish President Alexander Stubb assured in a CNN interview in May that Russia's military bases along the border were nothing new and "there is a normal build-up" of troops there. "The most important question is what happens when the war in Ukraine ends," Kastehelmi said. "It (would be) a very worrying sign if, for example, Russia doesn't discharge or demobilise soldiers after the active military operations in Ukraine end." Finland is building a 200-kilometre border fence AFP Kuhmo, with a population of less than 10,000, is located some 60 kilometres from the closed Vartius border crossing AFP Finland has beefed up its military investments and preparedness since joining NATO AFP
