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BUSINESS AND ECONOMY - January 2015

Jan 2015

May 15, 2025

PNB to Sell Entire Stake in ISARC for Rs. 34 crore

To streamline its investment portfolio, Punjab National Bank (PNB) signed an agreement to offload its entire stake in India SME Asset Reconstruction Company Ltd (ISARC) for Rs. 34.04 crore.
The deal involves the sale of 2.09 crore shares at Rs. 16.29 each, with the transaction expected to wrap up by the end of the first quarter of the 2025–26 financial year. The move aligns with PNB's wider strategy to primarily focus on its core banking operations while exiting non-core investments.

Wipro announces Digital Transformation Partnership with Hachette UK

Wipro announced a digital transformation partnership with Hachette UK, one of the largest publishing groups in the United Kingdom.
As part of the project, Wipro will upgrade Hachette UK's IT systems by implementing SAP S/4HANA, using RISE with SAP. The goal is to improve efficiency, speed up finance operations, and make it easier for Hachette to respond to changing market conditions.
Wipro will lead the transformation by creating a full roadmap to modernise HUK's systems across finance, procurement, and sales — all while keeping disruption to a minimum. The program aims to improve flexibility, data-based decisions, and overall business performance.

UnitedHealth CEO Steps Down

UnitedHealth CEO Andrew Witty stepped down for personal reasons and the nation's largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs.
Chairman Stephen Hemsley became CEO with immediate effect.
Hemsley was UnitedHealth Group CEO from 2006 to 2017. He will remain Chairman of the company's board. Witty will serve as a senior adviser to Hemsley.

May 14, 2025

Gail to Run Dabhol LNG Terminal in Monsoon

Indian gas transporter GAIL (India) will operate its 5 million-tonnes-per-year liquefied natural gas (LNG) import terminal in western India during the monsoon season for the first time, after completing a breakwater facility, Chairman Sandeep Kumar Gupta said.
The company typically shuts the Ratnagiri terminal - popularly known as the Dabhol LNG plant - for four months from May 25 each year to avoid high tides. The new breakwater will now enable ship arrivals during the monsoon.
Separately, GAIL's head of business development Rajeev Kumar Singhal said that the company plans to expand Dabhol's capacity to 6.3 million tonnes per year by mid-2027, and to 12.5 million tonnes by 2031-32.

Ashwini Vaishnaw Inaugurates First 3nm Semiconductor Design Hubs in Noida and Bengaluru

Union Minister Ashwini Vaishnaw inaugurated the country's first 3nm chip design centres in Noida and Bengaluru. Set up by Renesas Electronics India, these state-of-the-art facilities represent a transformative leap in India's chip design capabilities, aligning with the nation's vision of becoming a global semiconductor powerhouse under the Aatmanirbhar Bharat mission.
The initiative aims to build a self-reliant chip ecosystem, supporting manufacturing in smartphones, medical devices, automobiles, defense, and more.

ONDC Appoints COO Vibhor Jain as Acting CEO

The government-backed e-commerce platform, Open Network for Digital Commerce (ONDC), announced that its current Chief Operating Officer, Vibhor Jain, assumed the role of acting Chief Executive Officer (CEO) with immediate effect.
While the organisation continues its process of identifying a new Managing Director and CEO, all executive powers will be transitioned to Jain. Jain is also currently a member of the eight-member Executive Committee at the platform.
With the transition to a single point of leadership, the responsibilities previously overseen by the Executive Committee will now be integrated under the acting CEO's purview, marking the conclusion of the Committee's interim role.

PayU Receives Final Authorisation from RBI to Operate as an Online Payment Aggregator

PayU, one of India's leading online payments services providers, received the final authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator under the Payment and Settlement Systems Act, 2007.
PayU Payments Private Limited, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (e-commerce brands, banks and consumers) through technology solutions.

BillDesk's M. N. Srinivasu Appointed IAMAI Chairperson for Two-year Term

BillDesk co-founder M. N. Srinivasu was appointed as the chairperson of the Internet and Mobile Association of India (IAMAI), following the governing council elections at the organisation. Srinivasu succeeded Dream Sports co-founder and Chief Executive Officer (CEO) Harsh Jain.
Razorpay co-founder and CEO Harshil Mathur was elected vice-chairperson, PhonePe founder and CEO Sameer Nigam took over as the treasurer of the association.
The appointment of the top brass at IAMAI reflects the growing influence of the emerging fintech sector in the country.
The new 24-member governing council and the new executive council of IAMAI will take charge for the next two years, until 2027.

May 13, 2025

Sumitomo May Merge India NBFC with YES Bank after Acquiring 20% Stake

Japanese major Sumitomo Mitsui Financial Group (SMFG) may merge its Indian non-bank arm SMFG India Credit with YES Bank after its group entity SMBC completes acquiring 20 per cent stake in YES Bank.
Technically, if Sumitomo wants to increase stake in YES Bank, since they already have a NBFC in India — SMFG India Credit — they may want to merge that NBFC with YES Bank. This is because of the RBI's norms that for lending side businesses, banks should have a single point of presence.

Kotak Mahindra Bank to End Complimentary Debit Card Insurance from July

Kotak Mahindra Bank announced that it will discontinue all the complimentary insurance benefits associated with its debit cards, effective July 20. The bank communicated this change directly to its customers, urging them to review the updated terms and conditions.
Key insurance benefits that will be discontinued
Previously, the bank offered the following insurance benefits to its debit cardholders:
Personal accidental death cover:Coverage up to Rs. 15 lakh, applicable in case of accidental death due to rail or road accidents.
Lost card liability: Protection against unauthorised transactions up to Rs. 6 lakh, depending on the card variant
Purchase protection: Coverage for loss of goods purchased using the debit card, up to Rs. 1.5 lakh, within 60 days of purchase.
Lost baggage insurance: Coverage up to Rs 1 lakh for loss of baggage during travel, provided the travel ticket was purchased using the debit card.
Air accident insurance: Coverage up to Rs. 5 lakh for accidents occurring during air travel.

May 12, 2025

Ajoy Chawla to Succeed C.K. Venkataraman as Titan's MD from January 2026

Titan Company Ltd., a Tata Group enterprise, announced the appointment of Ajoy Chawla as its next Managing Director. Chawla, currently leading Titan's highly successful jewellery division, will assume the role on January 1, 2026, succeeding C. K. Venkataraman, who retires at the end of December 2025.
Chawla has led the jewellery division since October 2019, more than doubling sales and profits during his tenure.
He joined Titan in 1991 and has held pivotal roles across watches, accessories, jewellery, and new ventures like SKINN and Taneira.

Centre Terminates Services of SECI Chairman R. P. Gupta with Immediate Effect

The Union Government terminated the services of R. P. Gupta, Chairman and Managing Director of Solar Energy Corporation of India (SECI), with immediate effect.
Gupta was at the helm of SECI from June 2023 and his tenure was supposed to end next month (June). This abrupt termination came in the wake of several controversies involving SECI and various sector majors. At the same time, the core task of SECI to sell-purchase renewable energy (RE) has come under severe criticism, with the agency facing a major backlog.

India Secures 'BBB' Rating with Stable Outlook from Morningstar DBRS

India's robust economic reforms, consistent fiscal consolidation, and resilient banking system have led global credit rating agency Morningstar DBRS to upgrade the country's sovereign credit rating. As of May 9, 2025, India's Long-Term Foreign and Local Currency Issuer Ratings have been upgraded from 'BBB (low)' to 'BBB' with a Stable outlook. This positive revision signals growing investor confidence and international recognition of India's economic trajectory.
Morningstar DBRS is a leading global sovereign credit rating agency.
Morningstar DBRS uses a rating scale similar to Fitch and S&P (uses "high"/"low" instead of "+"/"-").
Sovereign Credit Ratings assess a country's ability to repay its debts.
'BBB' is considered investment grade, showing moderate credit risk.

May 11, 2025

LG Electronics India Limited Begins Construction of Its Third Manufacturing Plant in India

LG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh. The new plant is expected to commence operations by the end of 2026.
Strategically located in Sri City's industrial area, the new manufacturing facility will enhance LGEIL's production capacity and also enable local employment in the region. The new facility will be LG Electronics' third plant in India. The other two plants are located in Greater Noida, Uttar Pradesh and Pune, Maharashtra.

Adani Signs MoU for 5,000 MW Hydro Projects in Bhutan

Gautam Adani-led Adani Group signed an agreement with Druk Green Power Corporation (DGPC) of Bhutan to jointly develop hydropower projects totalling 5,000 MW capacity in the neighbouring country.
The agreement was signed in Thimphu by DGPC's MD and Adani Green Hydro Ltd's COO (PSP & Hydro) in the presence of the PM Dasho Tshering Tobgay. This MoU builds on the ongoing partnership for the Wangchhu Hydropower Project, in which DGPC will hold a majority 51 per cent stake.

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