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BUSINESS AND ECONOMY - March 2015

Mar 2015

May 20, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.

May 19, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

India's First Agriculture Export Facilitation Centre Launched in Pune

  • The Mahratta Chamber of Commerce, Industry, and Agriculture (MCCIA) launched India's first agro-export facilitation centre in Pune, in collaboration with National Bank for Agriculture and Rural Development (NABARD). The new Facilitation Centre will work as a one-stop-centre for the exporters in the agricultural sector as well as boost agricultural exports from the region, as per global standards.
  • The center would guide the prospective exporters on various relevant aspects of the farm-to-fork chain of agro-exports through its experts. It would organise awareness programs, training programs and workshops on the related aspects, organise visits to export houses for getting practical guidance, organise buyer-seller meetings etc.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.

May 18, 2021

TVS NTORQ crosses 1 lakh sales mark in international markets

  • TVS Motor Company's scooter brand NTORQ 125 crossed one lakh sales milestone in the international markets. The company currently sells the scooter, which comes with various industry first technologies like bluetooth connectivity feature, in 19 countries across South Asia, Latin America, Middle East, and ASEAN.
  • "This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers," TVS Motor Company Director and CEO KN Radhakrishnan said.

India Loses Iranian Gas Field Discovered by OVL

  • India lost the ONGC Videsh Ltd (OVL)-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.
  • The National Iranian Oil Company has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf. The deal was signed in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran. The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60% is recoverable. It also holds gas condensates of about 5,000 barrels per billion cubic feet of gas.
  • The buyback contract signed envisages daily production of 28 million cubic meters of sour gas over five years.

May 17, 2021

Warburg Pincus Ends JV with Lemon Tree Hotels

  • Warburg Pincus has ended a two-year-old joint venture (JV) with Lemon Tree Hotels for student housing and co-living spaces.
  • As per reports, Warburg was not happy with the way the JV had progressed in the last two-three years.
  • Lemon Tree promoters bought back the stake from Warburg, adding that Rahul Pandit, chief executive officer (CEO) and managing director (MD) of the company also quit.
  • Warburg was an early investor in Lemon Tree. In 2018, Warburg shed 12 per cent stake in Lemon Tree Hotels after 13 years during the company's initial public offering (IPO) and remaining 12.4 per cent a year later.
  • Recently, Warburg bought a 24.48 per cent stake from HDFC in Goldman Sachs-backed student housing company Good Host Spaces for Rs. 216 crore.

Adani Green in Advanced Talks for SoftBank-backed SB Energy

  • As per reports, Adani Green Energy Ltd., majority-owned by Indian billionaire Gautam Adani, is in advanced talks to acquire privately-held SB Energy Holdings Ltd.
  • The deal could value SB Energy, owned by SoftBank Group Corp. and Bharti Enterprises Ltd., at more than $650 million. Adani Green is exploring a buyout of the renewable energy company through an all-stock deal.
  • The deal could help Adani Green to reach its planned generation capacity of 25 gigawatts by 2025. Shares in Adani Green have risen more than 370% in the past year, giving the company a market value of about $23 billion.

Flipkart Hires Bain & Co Partner Dinkar Ayilavarapu as VP-corp Strategy

  • Flipkart has appointed Dinkar Ayilavarapu, a partner at consulting firm Bain & Company, as vice president for corporate strategy at the e-commerce firm. In this role, Ayilavarapu will report to Flipkart Group chief executive officer Kalyan Krishnamurthy. The development comes at a time when the company is aiming for an initial public offering (IPO) by next year.
  • Ayilavarapu will lead the corporate strategy team working closely with our business leaders to further strengthen our vision and OKR (objectives and key results) planning.
  • Ayilavarapu comes with 18 years of rich experience. Prior to joining Flipkart, he was a partner at Bain & Company. He spent 14 years at Bain, in their India, New York and South Africa offices and was a part of their technology, media, telecom and M&A practices.
  • He was a key member of Bain's Results Delivery and Technology, Media and Telecommunications (TMT) practices in the Asia-Pacific region.

India's Anti-dumping Probe

  • The Ministry of Commerce initiated the anti-dumping investigation against China, Vietnam and Thailand. The investigation is against the import of solar cells from these countries. The investigation has been started by the Ministry following the application submitted by the Indian Solar Manufacturer Association.
  • The solar cells are the basic ingredients in the manufacturing of solar modules. The solar cells that are being imported from China are 15% to 20% less expensive as compared to that of the solar cells produced in India. This is affecting the business of solar modules produced using locally available raw materials. Ultimately it is increasing the price of domestic solar modules.
  • The Government of India in 2018 had imposed 25% of safeguard duty on solar imports from Malaysia and China. This was later extended to July 2021 at a rate of 15%. After the imposition of this safeguard duty, the imports from Thailand and Vietnam have increased. Between 2018 and 2020, the import of solar cells from Thailand and Vietnam grew at 5,750% and 800% respectively!
  • Also, an anti-dumping investigation against the import of solar cells from Malaysia, Taiwan and China was initiated by the Government in 2017. However, it was eventually called off on 2018.
  • The GoI has introduced Rs 4,500 Production Linked Incentive Scheme for solar module manufacturing.

Route Mobile Appoints Owen as Chief Executive Officer

  • Route Mobile (UK) Ltd, a wholly-owned subsidiary of Route Mobile Ltd, appointed John Owen as the chief executive officer (CEO) of its Europe and Americas operations.
  • The appointment, effective immediately, marks a new chapter in Route Mobile's exciting journey as the company embarks on an ambitious trajectory of growth for the next decade.
  • Owen brings over 30 years of international senior executive leadership experience. He most recently served as the group CEO at Mastek Ltd.
  • Prior to Mastek, Owen held senior executive roles in organisations like Serco, HP, Sycamore Networks and Nortel.

May 16, 2021

Cisco to Acquire Kenna Security

  • Networking major Cisco has announced to acquire Kenna Security, makers of a risk-based vulnerability management platform, for an undisclosed sum.
  • This is the third acquisition by Cisco this week. The company announced its intent to acquire Sedona Systems and Socio Labs earlier this week.
  • Kenna is the first significant acquisition for Cisco's security business since its $2.35 billion purchase of Duo Security in 2018.
  • Kenna Security is a recognised leader in risk-based vulnerability prioritisation with over 14 million assets protected and over 12.7 billion managed vulnerabilities.

Zensar Technologies Signs Agreement to Acquire M3bi

  • Zensar, an RPG company, has entered into a definitive agreement to acquire M3bi, a Scottsdale, Arizona-based data engineering and digital engineering firm.
  • This acquisition will be completely funded by internal accruals.
  • The addition of M3bi reinforces Zensar's new strategy, which focuses on areas of market opportunities that allow Zensar to concentrate organization resources, investments and alliances to deliver maximum business impact.
  • M3bi augments Zensar's thrust in the data engineering, analytics and AI/ML and advanced engineering services.
  • The acquisition will add marquee clients to Zensar's portfolio in both Banking, Financial Services & Insurance and other verticals, allowing Zensar and M3bi to jointly drive an expanded set of offerings to these global firms.

Airtel Payments Bank Launches 'DigiGold'

  • Airtel Payments Bank launched DigiGold, a digital platform for its customers to make investments in gold. DigiGold has been launched in partnership with SafeGold, a provider of digital gold.
  • With DigiGold, Airtel Payments Bank's savings account customers can invest in 24K gold using the Airtel Thanks app. Customers can also gift DigiGold to their family and friends, who have a savings account with Airtel Payments Bank.
  • The gold purchased by customers is stored securely by SafeGold at no additional cost and can be sold through Airtel Thanks app at any time.

L&T Arm Bags Contracts for Chennai Metro

  • The construction arm of Larsen & Toubro has secured orders worth Rs. 2,500-5,000 crore from its heavy civil infrastructure business in India.
  • It has secured an order from Chennai Metro Rail Corporation Limited (CMRL) to construct nearly 12 km Twin Bored tunnels from Kellys station to Taramani Road Junction station.
  • It also involves construction of diaphragm walls of station box and entry and exit structures of Chetpet Metro, Royapettah Government Hospital, Thiruvanmiyur Metro Stations and part diaphragm wall of Greenways Road Metro Station, including launching and retrieval shafts in these stations.

Rural Infrastructure Development Fund

  • The National Bank of Agriculture and Rural Development (NABARD) announced that it would provide Rs. 12136 crore to Assam in 2020-21 from its Rural Infrastructure Development Fund (RIDF).
  • RIDF was created in 1995-96 with an initial corpus of Rs. 2,000 crore.
  • In 2020-21, Rs. 29,848 crore was allocated to RIDF. With this the cumulative allocation has reached Rs. 18,500 crore.
  • The fund shall be used for 37 eligible activities as approved by the GoI. These eligible activities are classified under the three broad categories. They are social sector, agriculture and related sector and rural connectivity.

Bata India Appoints Gunjan Shah as Country CEO

  • Footwear major Bata India has appointed Gunjan Shah as its new chief executive officer. Shah, who has been serving at Britannia Industries as its chief commercial officer, will take up his new role next month.
  • Sandeep Kataria, Bata India's current CEO, has been elevated to the position of global CEO of Bata brands. An alumni of IIM Calcutta, Shah has experience of working in sectors like consumer durables, FMCG and telecom. He worked for Asian Paints and Motorola early in the career, before joining Britannia in 2007.
  • Shah holds a Bachelor of Technology (Computers) from VJTI, Mumbai and will be joining Bata during June 2021 and will be based out of Gurugram.
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