March was a month full of activity and we worked across many fronts.
We faced significant financial challenges, which meant there was a risk of delay in Project Jagriti. To tackle this, we decided to take loans at higher interest rates, believing that in the time ahead we will generate profits and refinance at lower rates. We must all keep faith in ourselves and continue working together. We must walk the path shown to us by the universe and leave no gap in our contribution towards the earth. For this effort, we are grateful to our well-wisher and guide, Himanshu ji. These funds should reach us in the month of April, enabling us to make further progress in our work.
We are also bringing several changes to the Moulded Fiber side. This month, our team launched the new delivery container at the Aahar Exhibition and it was appreciated by all those who tried it. We now need to put in more work to bring this product to market. We have decided to make changes in our plant and replace all machines in Moulded Fiber with new ones that will allow us to produce at lower costs and compete more effectively.
A major decision was taken to move our Innovation Centre from Bengaluru to Ayodhya. We had set up the centre in Bengaluru believing it would bring us closer to customers and help us find the right talent, however we felt that being away from production was causing delays in bringing products to market on time, and there is a need to bring energy and momentum to this area.
We have decided that our R&D Centre will be built above the Project Office, and on the next floor we will move the Admin Office, so that everyone can come together and coordination can improve.
Business has also been impacted due to developments in the Middle Eastern Gulf region, and our sales team is actively working to spread our products into other markets. We all need to support one another to rise above this situation.
Through the efforts of the Policy team, we received subsidy approval for the Jagriti Project under the UP Industrial Policy. This strengthens our competitive position. Our team will now work within the framework of the Bio-Packaging Policy to try and double the funds coming our way. I commend the entire team for this achievement.
Several of our team members gathered in the beautiful surroundings of Bhimtal for our Annual Planning, where many discussions and deliberations took place. Together we set ambitious and challenging targets once again, and now we must strive collectively to achieve them and move closer to our goals.
It is essential that we all stay focused in one direction, and towards this end, changes to our monthly PI system were deliberated upon. A proposal was put forward that the PI be unified across the entire organisation and be based on total revenue. This proposal will now be presented before you so that we can make a decision and work together in one direction.
Project Jagriti faced several challenges and progress was slow. It is essential that we accelerate this programme and commission the machine by the month of July. I am hopeful that once the financial challenges are resolved, we will be able to get things back on track.
Vibha ji has taken charge of leading Human Development, and this month Mayank ji will take on the responsibility of managing the Wrap and Carry business. Both leaders are highly experienced and I am confident that through their efforts we will continue to learn and grow.
Wishing you all a Happy New Financial Year. This year we must work with even greater dedication and commitment to achieve our goals.
With warm regards,
Yours,
Ved
