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Corporate India redefines diversity through wellness, inclusion, and empathy

Mumbai: The landscape of workplace diversity is undergoing a profound transformation, revealing complex layers of challenges and innovative solutions across corporate India. At the heart of this evolution lies a nuanced understanding that diversity extends far beyond gender representation, encompassing mental wellness, infrastructure, cultural mindsets, and systemic barriers.

At the recently concluded Diversity, Equity & Inclusion (DEI) Forum & Awards 2025, hosted by the Bombay Chamber of Commerce and Industry, participating organisations discussed in detail the idea that true inclusion requires a holistic approach. Companies like Novo Nordisk India are pioneering initiatives that strategically recruit talent from tier-two cities, creating pathways for women who might otherwise be overlooked. Similarly, Aditya Birla Capital has achieved a remarkable 30 percent diversity rate by implementing comprehensive wellness programmes that address not only professional challenges but also personal health concerns such as menopause, hormonal changes, and mental well-being.

The conversation around diversity is increasingly intersectional, moving beyond binary gender discussions to embrace LGBTQ+ representation. Companies like Crompton Greaves and Raymond Ltd have taken a groundbreaking approach by integrating LGBTQ+ professionals into design departments, demonstrating how diverse perspectives can be transformative. This approach challenges traditional workplace structures and unlocks innovative potential.

Infrastructure has emerged as a critical yet often overlooked aspect of inclusion. Speakers at the DEI Forum & Awards 2025 highlighted the stark reality that many operational roles remain inaccessible to women due to inadequate sanitation and hygiene facilities. This infrastructure gap reflects deeper systemic challenges that require deliberate, organisation-wide commitment to change.

Cultural transformation is equally crucial. Participants candidly discussed how deeply ingrained societal norms perpetuate gender inequalities—from childhood conditioning that prioritises male needs to workplace environments that expect women to silently endure challenges. Breaking these cycles demands conscious effort at individual, organisational, and societal levels.

Mental wellness has emerged as a pivotal dimension of inclusive workplaces. Stockholding Corporation’s comprehensive approach—which includes counselling sessions, flexible work policies, and extensive health coverage—represents a progressive model of employee support that transcends traditional diversity metrics.

Particularly compelling was the discussion around Micro, Small, and Medium Enterprises (MSMEs), where invisible barriers such as the ‘glass ceiling’ and ‘sticky floor’ significantly impede women’s professional growth. These organisations require targeted interventions to create equitable opportunities.

Speakers emphasised that diversity cannot be an HR-driven initiative alone—it must be embraced by business leadership. The most successful approaches integrate diversity strategies into the core organisational DNA, viewing inclusion as a strategic imperative rather than a compliance exercise.

Innovative companies are extending their diversity efforts beyond corporate boundaries. Aditya Birla Capital’s collaboration with UN Women to conduct financial literacy programmes in rural areas exemplifies how organisational commitment can drive broader societal transformation.

The emerging narrative is clear — diversity, equity, and inclusion are not static concepts but dynamic, evolving strategies that require continuous learning, adaptation, and genuine commitment. Success lies not in tokenistic representation, but in creating environments where every individual, regardless of gender, background, or ability, can thrive and contribute meaningfully.

As organisations navigate this complex landscape, the key lies in fostering a culture of empathy, understanding, and genuine respect — transforming workplaces from mere employment spaces into platforms for human potential and collective growth.

(Write to us at editorial@bombaychamber.com)

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Invitation for Bids (IFB) – State Pharmaceuticals Manufacturing Corporation of Sri Lanka

Bid Ref. No. – SPMC/02/2025 – Pharmaceutical Raw Materials

I wish to inform you that, the Chairman, Procurement Committee, State Pharmaceuticals Manufacturing Corporation of Sri Lanka has invited sealed bids for the supply of Pharmaceutical Raw Materials.

Foreign principals who are not represented by local agents may download the Bid Document from SPMC Website. Such offers must be accompanied by a bank draft in US dollars, equivalent to the bid document fee.

Closing date for the submission of above IFB is on 30th July 2025 at 10.00 am (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the bid notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Invitation for Bids – SriLankan Airlines Ltd

Ref. No. 202530179

I wish to inform you that, Chairman of Enterprise Procurement Committee, Ministry of Finance, Planning and Economic Development on behalf of SriLankan Airlines Ltd. has invited bids for the following;

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

From Bricks to Blocks: Bombay Chamber Explores the Future of Real Estate Investments through REITs: Asset Tokenisation Conclave 2025

Mumbai, June 25, 2025 – The Bombay Chamber of Commerce and Industry hosted the REITS – Asset Tokenisation Conclave 2025: From Bricks to Blocks at ITC Grand Central, Mumbai, bringing together senior regulators, policy influencers, industry pioneers, and legal experts to discuss the shifting contours of real estate investment in India. As the sector moves towards greater digitisation, accessibility, and transparency, the Conclave served as a timely platform to spotlight how fractional ownership and tokenisation are reshaping the real estate investment landscape.

The event began with a welcome address by Sandeep Khosla, Director General of the Bombay Chamber, who underscored the Chamber’s role in taking forward critical conversations that influence industry thinking and regulatory evolution. He emphasised that the Chamber remains committed to being a forum that not only reflects business sentiment but also actively steers emerging discussions—especially those at the intersection of innovation, finance, and policy.

Setting the thematic foundation, Sanjay Dutt, Director at Bombay Chamber and MD & CEO of Tata Housing Development Company, traced the arc of India’s real estate sector from a modest 750 million square feet of office space in 2000 to its projected expansion to 1.3 billion square feet in the next few years. He called attention to the sector’s growing complexity and promise, with emerging segments such as data centers, logistics, warehousing, co-working spaces, and senior living. He described the sector as “a supernova”—brilliant and explosive in its growth—and highlighted how new investment tools like REITs, SM REITs, and tokenisation are unlocking access to a broader investor base and building a new category of mid-ticket capital.

In his keynote address, G.N. Bajpai, Former Chairman of LIC and SEBI, examined the global financial environment and its implications for Indian investors. Speaking to a room filled with institutional stakeholders, millennials, and professionals, he emphasised that in today’s inflation-prone and uncertain world, democratising investment through technology is no longer aspirational but essential. He argued that tokenisation, backed by strong regulatory support, has the power to transform real estate into an accessible and liquid asset class for the common investor—not just the ultra-wealthy.

Shri Pramod Rao, Executive Director at SEBI, delivered a special address focusing on the regulatory view of fractional ownership and tokenisation. He offered a nuanced distinction between regulated products like REITs and unregulated financial innovations like tokenised real estate. Highlighting SEBI’s openness to learning from sandbox approaches and pilot projects, he called for thoughtful differentiation between these instruments and urged industry players to prioritise investor protection. He also pointed to the significant monetisation potential in government and municipal assets and shared his optimism on how technology and regulatory engagement could bridge investment gaps.

The first panel, moderated by Neil Borate, Deputy Editor of LiveMint, brought together Shiv Parekh,  Founder & CEO, hBits, Vivek Mimani, Partner- Investment Funds Practice Group, Khaitan & Co; and Saurabh Rathi, Managing Director & Co-Head of Real Estate, Motilal Oswal, to explore the current state and future potential of fractional ownership and SM REITs. The discussion delved into key market triggers—from faster licensing and simplified processes to investor education and institutional viability. The panellists also addressed the importance of platform credibility, noting that investor confidence will grow when there are clear skin-in-the-game mechanisms and greater governance frameworks.

The second panel, moderated by Jyoti Tandon, Compliance Consultant and Co-Founder of FinCrimeExpert, featured Manish Kumar, Co- Founder & CEO, RealX; Anand Narayanan, Co- Founder & CEO, Alt DRX; Prasanth Kalangi, Founder & CEO, Zoniqx, and Anil Choudhary, Partner, Finsec Law Advisors. This panel navigated the layered dimensions of real estate tokenisation—touching upon the technology stack, financial implications, and legal frameworks. The panelists shared insights into how smart contracts, cybersecurity, and interoperable platforms are foundational to scaling tokenisation. 

As the event drew to a close, Sandeep Khosla delivered the vote of thanks, reiterating the Bombay Chamber’s commitment to providing a platform for forward-looking, inclusive, and solutions-oriented engagement at the intersection of industry, innovation, and regulation.

My No. MUM/TRD/TENDERS

Mr. Sandeep Khosla

Director General

Bombay Chamber of Commerce & Industry

Dear Mr. Sandeep Khosla,

Invitations for Bids – Sri Lankan Catering Ltd.

Ref. No. SLC/DPC/GOODS/2025/082 & SLC/MIPC/GOODS/2025/028

I wish to inform you that, Sri Lankan Catering Ltd. has invited bids for the following;

Please find attached herewith a copy of the bid document of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

CEO NITI Aayog B.V.R Subrahmanyam delivers impactful message at Bombay Chamber’s
189th AGM; Rajiv Anand takes over as Chamber president

Mumbai, June 25, 2025: The Bombay Chamber of Commerce and Industry held its 189th Annual General Meeting in Mumbai, bringing together eminent business leaders, policymakers, and members of the Chamber for an evening of reflection, renewal, and forward-looking dialogue. Rajiv Anand, Deputy Managing Director, Axis Bank took over as the Bombay Chamber President while Sudhanshu Vats, Managing Director, Pidilite Industries, became Sr Vice President of the Chamber.

In his keynote address, B.V.R. Subrahmanyam, CEO of NITI Aayog, delivered an inspiring vision for India future, highlighting the nation remarkable transformation since independence. “In 1947, many doubted India’s ability to survive – today we have emerged as a potential economic powerhouse, projected to become the third-largest economy by 2027.”

Subrahmanyam emphasised the critical role of the Bombay Chamber in driving India growth, highlighting Mumbai potential as a global economic hub. While taking note of the vision shared by the incoming president, he appreciated the Chamber efforts and stressed on the need to frequently engage with the government to implement Mumbai’s economic plan, focus on micro, small and medium enterprises (MSMEs), and drive innovation and sustainability. Additionally, the Chamber should leverage Mumbai position as a hub of industry, finance, and talent to drive India leadership in frontier technologies like artificial intelligence (AI), quantum computing, and biotechnology.

The AGM started with Pinky Mehta, outgoing President Bombay Chamber and Director, Aditya Birla Sun Life Insurance Co Ltd. & CFO, Aditya Birla Capital Ltd. welcoming the members and sharing her reflections on the Chamber’s impactful journey over the past year. Under her leadership, the Chamber championed four key pillars—Digitalisation, ESG & Sustainability, Ease of Doing Business, and Diversity, Equity & Inclusion—hosting over 100 knowledge-led events that advanced innovation, sustainability, and inclusive growth. She highlighted global engagements such as the Indian delegation to Cyprus during Prime Minister Narendra Modi’s visit to the country, thought leadership at the International Agri Hackathon, the third edition of the Chamber’s DEI Forum and Awards, and dialogues with diplomats and regulators. She also reaffirmed the Chamber’s digital and green commitments through initiatives like the CSR in the Digital Era Conclave, the Green Growth Forum, and the Smart City Leaders’ Conclave.

Following this, Rajiv Anand, President Designate, Bombay Chamber and Deputy Managing Director, Axis Bank, shared his vision for the year ahead under the theme ‘Shaping the Future: Innovation, Inclusion, Impact.’ He outlined five strategic priorities for 2025–26: catalysing sustainable economic growth, driving technology and innovation through the launch of a Centre for Emerging Technologies, empowering human capital with a focus on women and youth  deepening public–private partnerships, and modernising the Chamber for the next generation. He stressed the Chamber’s mission to align closely with national priorities such as Atmanirbhar Bharat and Viksit Bharat@2047, and work in tandem with NITI Aayog on entrepreneurship, energy transition, and inclusive development.

In his keynote address, the NITI Aayog CEO also spoke about India ambitious goal to become a developed nation by 2047, with a targeted gross domestic product (GDP) of $30 trillion and a per capita income of $14,000. He said that this transformation isn’t just an economic target, but a national movement that requires participation from every citizen. He also stressed on India’s rise as a friendly, non-threatening power with relevance for developing regions worldwide.

Subrahmanyam shared critical viewpoints focusing on several strategic areas. He spoke extensively on human capital development covering aspects like leveraging India demographic dividend (median age of 29), expanding higher education to 9 crore students, increasing women workforce participation and comprehensive skilling programs.

On the economic transformation front he spoke about expanding manufacturing from half a trillion to $8-10 trillion, becoming a global services hub, developing agriculture beyond traditional cereal crops and creating global-standard financial and banking systems.

Urban development, Subrahmanyam said, needs special focus wherein cities have to be prepared to accommodate 50% of population by 2047, creation of economic growth hubs and developing comprehensive urban infrastructure.

Subrahmanyam called for business and industry leaders to be agents of change, working together to achieve a bold and inclusive vision for India’s future.

The evening also saw the launch of the “Dispute Resolution @ Bombay Chamber” website, an initiative focused on mediation as a structured and efficient tool for resolving commercial disputes. The launch was presented by Ashok Barat, Past President, Bombay Chamber and Mentor, Dispute Resolution @ Bombay Chamber & Director, Bata India, who emphasised the need for industry-led mechanisms to ease legal burdens and promote amicable solutions.

Concluding the evening, Sudhanshu Vats, Sr Vice President Designate, Bombay Chamber and Managing Director, Pidilite Industries, delivered the vote of thanks, expressing gratitude to the speakers, members, and stakeholders for their continued support and commitment. He reiterated the Chamber’s vision to serve as a forward-thinking, solutions-oriented platform for business leadership and policy engagement, dedicated to building an inclusive and prosperous future for Mumbai and India.

Corporate reorganisations take centre stage at Bombay Chamber seminar

Mumbai: The Bombay Chamber of Commerce and Industry, through its Direct Tax Committee, hosted a seminar on Recent Trends in Corporate Reorganisation, offering a comprehensive platform for dialogue and insight into evolving approaches to tax and corporate structuring.

The seminar featured two focused panel discussions — Strategic value unlocking and promoter shareholding realignment, and IPO and upside sharing — both moderated by Ravikant P Kamath, Chairperson of the Direct Tax Committee, Bombay Chamber and Partner at Ernst & Young LLP.

Expert speakers shared perspectives on key aspects of corporate reorganisation, including strategic value unlocking, realignment of promoter shareholding, upside sharing mechanisms, and fast-track mergers and demergers. Case studies based on recent trends offered attendees practical frameworks to navigate increasingly complex reorganisation scenarios.

In the first session, Navin Jain, Taxation Director – South Asia, Hindustan Unilever Ltd; K Mahesh, Vice President & Group Head – M&A and Divestments, Larsen & Toubro Ltd, and Archit M Shah, Tax Partner, EY India, shared their experiences on aligning reorganisation strategies with long-term business goals. Discussions focused on tax implications and value creation arising from promoter realignments and transaction structuring.

The second session, centered on initial public offerings and upside sharing, featured insights from Veenit Surana, FAAS Partner at EY India, Amish Dedhia, Principal at Chiratae Ventures, Tejas Mody, Tax Partner at EY India and Nikhil Naredi, Partner at Shardul Amarchand Mangaldas, and moderator Kamath. Their commentary addressed the shifting deal landscape — from private transactions to public offerings — alongside complexities such as lock-in restrictions and withholding tax during offer for sale (OFS) events.

Additional themes covered included advance tax obligations, cost of acquisition, accounting and disclosure frameworks, tax treaty compliance, evolving tax insurance practices, and valuation methodologies within earn-out structures and cross-border mergers or demergers.

The interactive format allowed participants to engage with EY M&A Tax Partners, who provided hands-on guidance for navigating structuring challenges across sectors. The seminar underscored the importance of multidisciplinary collaboration and regulatory clarity in executing successful reorganisations.

(Write to us at editorial@bombaychamber.com)

Ref.: MCM/ADM/11                                                                      25 June 2025

The Director General

Bombay Chamber of Commerce and Industry

Mackinnon Mackenzie Building

3rd floor, 4, Shoorji Vallabhdas Road

Ballard Estate, Mumbai – 400 001

Dear Sir/Madam,

Invitation for Bids

Please see enclosed notices for invitation for bids from organizations in Mauritius.

Prospective bidders may be requested to regularly visit the website to take cognizance of any addendum and/or clarification(s) issued.

The Consulate would highly appreciate if you could kindly circulate the Notices among the members of your Organization.

Thank you for your understanding and cooperation.

Yours sincerely,

D. K. Bucktowar
Consul and Head of Mission
Consulate of the Republic of Mauritius
1107, Regent Chambers

11th Floor, Jamnalal Bajaj Marg

208, Nariman Point

Mumbai – 400 021

Tel. : 022 22825421 /22

Roundtable Discussion on “Future of Insurance Distribution in India – Innovation, Access, and Accountability”

The Bombay Chamber of Commerce & Industry successfully hosted a high-level roundtable discussion on the Future of Insurance Distribution in India – Innovation, Access, and Accountability on June 19, 2025. The closed-door event brought together senior leaders, policy influencers, and stakeholders from the insurance ecosystem to deliberate on emerging trends and regulatory shifts shaping the distribution landscape.

Shri. Satyajit Tripathy, Member – Distribution, IRDAI, was the Chief Guest for the Roundtable Discussion. His insightful address set the tone for a meaningful exchange of ideas and perspectives around digital innovation, distribution accessibility, and the evolving accountability frameworks within the sector.

The session was inaugurated by Sandeep Khosla, Director General, Bombay Chamber, followed by an introductory overview by Ravi Reddy, Executive Director, Beacon Insurance Brokers Pvt. Ltd. & Member, BFSI Committee, Bombay Chamber.

The highlight of the event was a strategic dialogue with Shri. Tripathy, where participants explored collaborative approaches to navigate regulatory challenges and futureproof distribution strategies in a rapidly digitizing environment.

The event concluded with a vote of thanks by Sandeep Khosla, Director General, Bombay Chamber, followed by lunch and informal networking.

Empowering India’s Growth Engines: Bombay Chamber’s MSME Conclave Spotlights Jobs, Finance & Global Trade

“MSMEs are not just the backbone of Maharashtra’s economy—they are its growth engines, its job creators, and its promise for the future,” said Hon’ble Shri Uday Samant, Cabinet Minister, Ministry of Industries, Government of Maharashtra, during his special address at the Bombay Chamber of Commerce and Industry’s MSME Conclave 2025 – 1.0, held on June 18 at the Taj Santacruz in Mumbai.

Themed “New Business Opportunities for MSMEs,” the conclave brought together a distinguished gathering of policymakers, industry leaders, diplomats, and financial experts to chart new pathways for the growth and global integration of India’s MSMEs. A key highlight of the day was the unveiling of the Bombay Chamber’s new survey report titled “MSME Workforce Insights 2025.” The report was launched jointly by Sandeep Khosla, Director General of the Bombay Chamber; Pinky Mehta, President of the Bombay Chamber and CFO of Aditya Birla Capital Ltd; Shri Uday Samant; Rajan Raje, Chairperson of the MSME Forum; and R. Srinivasan, Co-Chairperson of the MSME Forum. The insights from the survey formed the foundation of Shri Samant’s address, shaping the context for several key announcements.

Based on inputs from over 100 MSMEs across the Mumbai Metropolitan Region, the report revealed pressing employment-related challenges in the sector. It found that MSMEs currently require 55,000 skilled workers, with the majority of demand for fitters, electricians, and welders. At the same time, unemployment remains high, particularly in the technology and creative sectors, where skill mismatches persist. The survey also highlighted that MSMEs prefer hiring candidates who have completed 12th grade, and that most recruitment happens informally, through personal networks. With 41 percent of Maharashtra’s MSMEs located in the MMR, the findings underscored the urgent need for targeted job creation strategies and formalised skilling pathways.

Building on this, Shri Samant announced that the MSME sector in the MMR alone has the potential to create 80,000 jobs. He emphasised the state government’s commitment to supporting this vision through a series of robust initiatives. These include the allocation of ₹300 crore towards MSME development, the establishment of Smart MSME Hubs across all 36 districts with 20 percent land reserved exclusively for MSMEs, and the development of dedicated industrial clusters. Among the new developments are a tribal business cluster on 75 acres in Nashik, a pital metal cluster in Chandrapur, a mega textile hub in Amravati, and a women-led business cluster to encourage female entrepreneurship. The Minister also announced plans to assign chemical labs to MSMEs for product testing and quality certification.

Citing the transformation of Gadchiroli from a naxalite-affected region to an emerging industrial township, Shri Samant described the far-reaching impact of government-industry collaboration. He referenced upcoming infrastructure projects such as Wadhwan Port and the Chhatrapati Sambhaji Nagar Industrial Corridor as major catalysts for MSME growth. He called on businesses to work alongside the government to ensure that benefits reach the grassroots, noting that ₹9,500 crore in incentives have already been disbursed in the last three years, with MSMEs receiving top priority.

In her welcome address, Mehta reflected on the Bombay Chamber’s 189-year legacy of supporting India’s industrial and economic progress. Srinivasan set the tone for the conclave by emphasising the importance of preparing MSMEs for global supply chains and export readiness.

A high-impact session on Trade Finance and Factoring featured presentations by Ranveer Singh, MLP Head for Mumbai South at Union Bank of India; Manish Sinha, CEO of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE); Harish G. Aldangadi, General Manager of Retail Credit and Retail SME Processing at SVC Co-Operative Bank and Arun Gopal, Assistant General Manager, along with Tania Das, Senior Manager at Bank of Baroda. These sessions explored practical financing solutions aimed at improving liquidity, supporting working capital, and scaling exports for MSMEs.

This was followed by a session on digitisation opportunities for MSMEs, led by Harish Narayanan, Chief Marketing and Digital Officer at HDFC Asset Management Company and Hareesh Tibrewala, CEO of Anhad Consultancy Services. The speakers discussed how digital tools and platforms can transform operational efficiency, customer outreach, and competitiveness for small and medium enterprises.

K. Ramesh, General Manager at New India Assurance delivered a presentation on comprehensive insurance solutions tailored to MSMEs under the Bima Sathi initiative, while Durgesh Srivastava, Vice President for Forex Settlement at CCIL, spoke on building secure, transparent, and efficient forex infrastructure for exporters.

The final segment of the conclave was a session on bilateral trade opportunities, featuring the diplomatic community. H.E. Mr. Gustavo González Zbinden, Consul General of Chile in Mumbai; Mary Overington, Trade and Investment Commissioner – South Asia at the Australian Trade and Investment Commission (Austrade); Tibor Kovács, Trade Attaché at the Consulate General of Hungary in Mumbai; and Eva Verstraelen, Trade and Investment Commissioner for Flanders (FIT) in Mumbai, each presented opportunities for MSMEs in their respective regions. The session explored areas such as sourcing, market representation, joint ventures, and strategic collaboration.

The event concluded with closing remarks and a vote of thanks by Rajan Raje, who reiterated the Bombay Chamber’s commitment to enabling access, information, and institutional support for MSMEs. He expressed confidence that the deliberations and insights shared during the conclave, especially those drawn from the Chamber’s survey, would spark actionable partnerships and policy alignment across Maharashtra and beyond.