OCTOBER 20248ADITYA BIRLA BOOSTS THEIR DIGITAL PORTFOLIO WITH LATEST INVESTMENT IN WROGNINDIA'S ENERGY DEMAND SURGE FORECASTED TO GROW 35 PERCENT BY 2035 REPORTS IEAAditya Birla Digital Fashion Ventures Ltd, a subsidiary of Aditya Birla Fashion and Retail, has invested Rs 75 crore in Wrogn, a men's wear brand co-founded by cricketer Virat Kohli and backed by Accel. This investment According to a recent study from the International Energy Agency (IEA), India is expected to experience a growth in energy supplies soon because of its increasing population and higher demand in different industries. By 2035, India is expected to see an increase of more than 12,000 cars on the roads every day, as projected by Stated Policies Scenario increases Aditya Birla's stake in Wrogn from 17.10 percent to 32.84 percent on a fully diluted basis. The purpose of this new infusion is to enhance ABDFVL's portfolio of digital-first brands, continuing the strategy of milestone-based valuations for its investments.The investment was detailed in a stock exchange filing, indicating that this funding represents the final portion of the stated primary investments into Wrogn. Earlier, on June 19, it was reported that TMRW House of Brands, an e-commerce rollup venture under the Aditya Birla Group, had invested Rs 125 crore in Wrogn.Wrogn, founded in 2014 by Anjana and Vikram Reddy, caters to men aged 18-30 and offers a range of casual clothing, footwear, and accessories characterized by bold prints, vibrant colors, and streetwear influences. The brand operates through both online and offline retail channels, aiming to establish a significant presence in the men's fashion market.ABFRL, an Indian fashion retail company based in Mumbai, is known as Aditya Birla Fashion and Retail Limited. It came to light following the merging of Aditya Birla Group's branded apparel businesses, including ABNL's Madura Fashion division, PFRL, and MFL, in May 2015. After merging, PFRL's name was changed to Aditya Birla Fashion and Retail. (STEPS). Each year, more than 1 billion square meters of new buildings will be completed, surpassing the existing total amount of constructed space in South Africa. India is projected to see a 35 percent rise in total energy demand and its electricity production capacity is forecasted to hit 1,400 GW by 2035, triple the current capacity.The IEA report mentioned, "The population size and the scale of rising demand from all sectors mean that India is poised to experience more energy demand growth than any other country over the next decade."India is looking to boost its coal-based electricity capacity by about 60 gigawatts by 2030, even with the closure of certain outdated coal plants. The World Energy Outlook 2024 report, suggests that India will continue to depend on coal in its energy combination.The IEA confirmed India's goal of reaching net zero emissions by 2070 and stated that coal will remain an integral component of the country's energy demand in the near future. India plans to increase its coal-fired power capacity by approximately 60 gigawatts by 2030, despite shutting down some older coal plants. According to the report, there will be a growth of more than 15 percent in coal-based electricity generation.The IEA noted a drop in coal usage in Europe and the US in 2023, with an uptick of 8 percent in India and 5 percent in China. TOP STORIES
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