Business news and happenings from Q1 of this year.
By Ashima Sethi
PSS Group (pictured above) have announced a joint venture with Europe’s leading independent renewable energy producers, Amarenco, committing THB 15 billion to developing projects around Thailand in the next five years. This move is aimed at improving the economic competitiveness of Thai companies as a result of potential savings on energy bills, and to deploy climate resilient and climate mitigating agricultural infrastructure that will benefit Thai farmers greatly in the long-term. Speaking about the venture, CEO of PSS Group, Sam Yamdagni, stated “We are extremely excited to have Amarenco as our JV partner. With deep expertise in PV, storage, AgriPV, wind, etc. and a deep commitment to hydrogen and EV, Amarenco has a dynamic team, highlighted by their engagement and agility to bring pioneering solutions that unify stakeholders and make strong ecological commitments. We are committed to the purpose of ‘RE.Generation Thailand with Green Power.’
Kind Kones raises USD 1.1 million in its series A round led by DSG Consumer Partners
Kind Kones, a Singapore-headquartered plant-based ice cream startup, have announced that they have raised USD 1.1 million in its series A round led by DSG Consumer Partners. This has subsequently lifted the company’s valuation to approximately USD 7.4 million according to media platform Tech in Asia. In the past year alone, the business has doubled its revenue to USD 1.7 million. The business was founded in 2017 by Ishpal Bajaj and Serina Bajaj and specialises in all-natural, vegan desserts, with outlets in Singapore, Malaysia, and plans to expand to Thailand and Indonesia in the near future. The company has stated that this recent investment will help with the next phase of transitioning their products from solely retail to packaged goods available in supermarkets.
Boutique Corporation PCL ventures into the blockchain space with CannaThai420
Boutique Corporation PCL, led by Group CEO and President, Prab Thakral, have ventured into the cannabis industry via Bespoke Life Science Limited (Bespoke). In partnership with Rajamangala University of Technology Lanna Nan (RMUTL), Bespoke has received approval from the nation’s FDA to cultivate cannabis for medicinal purposes, becoming one of only a few to receive this distinction thus far. The company has also announced plans to launch CannaThai420, which will develop NFTs on the Ethereum blockchain that will mirror the lifecycle of cannabis, from cultivation through to growth, harvest and sale. Each NFT will correspond to one of 99 cannabis seed plants that have already been planted in their state-of-the-art nursery at RMUTL, so owners can watch each step of their plant’s growth cycle as well as enjoy special privileges at Bespoke’s cannabis clinics and wellness centres across the country.
Aloke Lohia named Bangkok Post’s CEO of the Year
CEO of Indorama Ventures PLC, Aloke Lohia, has been named Bangkok Post’s CEO of the Year. The company is recognised as the world’s largest PET producer and recycler, operating in 33 countries, across 124 sites, and with over 244,000 global employees. Despite the challenges of the pandemic, the company had several highlights from the last year, including their acquisition of Oxiteno SA Industria e Comercio based in Brazil; their plans to move ahead with building a facility in West Java that will recycle 2 billion plastic bottles per year; and completing its acquisition of CarbonLite Holdings’ facility in Texas, USA to increase recycling capacity. Beyond this achievement, Mr. Lohia also received the Petrochemical Heritage Award, which will be presented on 27th March at the International Petrochemical Conference in San Antonio, Texas.
Nikorn Sachdev appointed as a mediator by the Ministry of Justice Thailand
The Indian Association of Thailand’s (IAT) Youth Chairperson, Nikorn Sachdev, upon completion of his mediator training course, has been appointed as a mediator by the Ministry of Justice Thailand earlier this month. For those who are unaware, the act of mediation in law is to aid parties in discussing their disputes with the assistance of trained, impartial mediators. As an individual who has continued to commit to fostering the growth of the Thai-Indian community, this marks Mr. Sachdev’s next step into serving the community, the local community beyond it, and making a difference.