General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Mar 23, 2021

ArcelorMittal Emerges as Sole Bidder for Uttam Galva Steels

ArcelorMittal is the sole bidder for debt-laden Uttam Galva Steels, where it was once a co-promoter. Six other firms, including JSW Steel, Jindal Steel & Power (JSPL) and Vedanta-owned ESL Steel, had submitted an expression of interest (EOI) for Uttam Galva. But after due diligence, only ArcelorMittal submitted a resolution plan.

Hinduja Group Launches New Berryllus Capital Wealth Advisory JV

The UK-headquartered Hinduja Group announced the launch of Berryllus Capital, a new joint venture (JV) focussed on investment management, investment banking and real estate advisory for ultra-high net worth families around the world.
The new JV with NASDAQ-listed Focus Financial Partners Inc, a leading partnership of independent, fiduciary wealth management firms, is dubbed a multi-family office that will cater to some of the most prominent families in the world through offices in London, Geneva and Singapore. The firm will provide advice and integrated strategies for managing client investments, philanthropic endeavours and legacies.
Founded by four well-known senior wealth advisors who are said to be focussed on the value of an independent, global, open-architecture approach, Beryllus Capital will be led by Amit Kotha a founder and veteran senior wealth advisor based in London.

LIC Introduces New Plan 'Bachat Plus'

Life Insurance Corporation of India has introduced 'Bachat Plus' — a non-linked, participating, individual, savings plan which offers combination of protection and savings. It provides financial support to the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders.

India Slips to 56th Rank in Global Home Price Index

India has slipped 13 spots in the latest global home price index to finish last at 56th rank in the quarter ending December 2020. Against its 43rd rank a year ago, India saw a decline of 3.6% year-on-year (YoY) in home prices, leading to the drop in global position, showed Knight Frank's Global House Price Index. India was the weakest-performing country during the fourth quarter of 2020, with a decline of 3.6% in home prices, followed by Morocco with a drop of 3.3%.
According to the report, markets like New Zealand (19%), Russia (14%), the US (10%), Canada and UK (both 9%) have recorded accelerated growth in rankings in the last three months due to a growth in housing demand.
The index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics. In the 12-month percentage change for the period Q4 2019 – Q4 2020, Turkey continues to lead the annual rankings with prices up by 30.3% on-year, followed by New Zealand at 18.6% and Slovakia at 16.0%.

RBI Sets up External Advisory Committee for Evaluating Banking Applications

The Reserve Bank of India (RBI) set up a standing external advisory committee, which will evaluate applications for universal banks and small finance banks (SFBs). The committee has five members, with former RBI deputy governor Shyamala Gopinath as the chairperson.
Other members include Revathy Iyer, director, central board, RBI; B Mahapatra, former executive director, National Payments Corporation of India; T N Manoharan, former chairman, Canara Bank; and Hemant G Contractor, former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority.
According to guidelines, applications for universal banks and SFBs will first be evaluated by the RBI to ensure prima facie eligibility of the applicants, after which the newly formed committee will evaluate the applications.

Mar 22, 2021

Saudi Aramco to Prioritise Energy Supply to China

Saudi Aramco will ensure China's energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time.
Saudi Arabia, the world's biggest oil exporter, retained its position as China's top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd).
The kingdom beat Russia to keep its ranking as China's top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the COVID-19 pandemic.

Reliance Affiliate Picks 3/4th of gas from Own CBM Block

Reliance Industries Ltd has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 at current oil prices.
India Gas Solutions Private Limited, a 50: 50 joint venture of RIL and UK's bp, bought 0.62 million standard cubic meters per day out of 0.82 mmscmd gas bid out in an auction last week.
State-owned gas utility GAIL India Ltd cornered 0.17 mmscmd while 0.03 mmscmd was picked by Reliance Gas Pipeline - the entity that transports gas from the coal-bed methane (CBM) blocks in Madhya Pradesh to consumers.
Reliance had last month bids for 0.82 mmscmd of coal gas from the Sohagpur coal-bed methane (CBM) block for one year beginning April 1, 2021

Mar 21, 2021

CCI Clears Tata Power's Purchase of NESCO Utility

The Competition Commission of India (CCI) approved acquisition of 51 per cent equity share of North Eastern Electricity Supply Company of Odisha (NESCO Utility) by Tata Power Company Limited (TPCL) from Grid Corporation of Odisha Limited (GRIDCO).
The proposed combination relates to the acquisition of 51 per cent of equity share capital of NESCO Utility by the TPCL from GRIDCO pursuant to the competitive bidding process initiated by the Odisha Electricity Regulatory Commission (OERC) under Section 20 of the Electricity Act, 2003.
TPCL, incorporated on September 18, 1919, is a public listed company and is primarily engaged in the business of power generation, transmission and distribution. It is a part of the Tata group.
NESCO Utility, incorporated on November 19, 1997, is engaged in the business of distribution and retail supply of power in five districts of Odisha namely Balasore, Bhadrak,Jajpur, Keonjhar and Baripada.

RBI Remains Net Purchaser of US Dollar in January

The Reserve Bank of India (RBI) remained net buyer of the US dollar in January after it bought USD 2.854 billion from the spot market.
In the reporting month, RBI purchased USD 18.225 billion and sold USD 15.371 billion in the spot market, the RBI said in its monthly bulletin for March 2021.
In December 2020, RBI net purchased USD 3.991 billion from the spot market.
In January 2020, RBI was a net buyer of USD 10.266 billion. It had purchased USD 11.486 billion and sold USD 1.22 billion during the month.

Mar 20, 2021

Government Sells Stake to Exit Tata Communications

The government exited Tata Communications after selling 10 per cent stake to Tata Sons' arm Panatone Finvest in an off-market trade.
The Government of India held 26.12 per cent stake while Panatone Finvest had 34.80 per cent, Tata Sons 14.07 per cent and the remaining 25.01 per cent was with the public before the transaction.
The stake is part of the government's disinvestment process. The government has set a target to realise Rs. 32,000 crore in this fiscal.

Bank of Japan Fine-tunes Massive Stimulus in Drive to Boost Prices

The Bank of Japan slightly loosened its grip on long-term interest rates and laid the groundwork to taper its huge asset purchases, as part of steps to make its stimulus sustainable enough to weather a prolonged battle to fire up inflation.
In a review of its policy tools announced after a two-day meeting, the BOJ said it would allow long-term interest rates to move up and down by 0.25% around its 0% target, instead of by the current implicit band of 0.2%.
To give itself more room to wind down its massive stimulus, the central bank also removed an explicit guidance to buy exchange-traded funds (ETF) at an annual pace of roughly 6 trillion yen ($55.21 billion).
Instead of buying at a set pace, the BOJ said it would step in only when markets destabilise under a 12-trillion-yen ceiling set last year when the initial COVID-19 hit jolted stock prices.

Bankers, Financial Institutions to Take around 95% Hair Cut in NOCL

Bankers and other financial institutions will take around 95 per cent hair cut in Nagarjuna Oil Corporation (NOCL). Haldia Petrochemicals (HPL) has agreed to pay Rs. 600 crore to revive NOCL and Liquidator of NOCL inturn has agreed to pay Rs. 560 crore (of the Rs. 600 crore) to Secured Financial Creditors for which the company need to owe Rs. 9,864.16 crore. On the principal the lenders will recover 25 per cent.
Earlier the National Company Law Tribunal (NCLT), Chennai gave its nod for Haldia Petrochemicals (HPL) scheme, submitted through the Liquidator V Mahesh, for the revival of Nagarjuna Oil Corporation Limited (NOCL).

Uttarakhand Govt. to Allow Completion of 7 Hydel Projects

The Centre has decided to allow the completion of seven under-construction hydropower projects in Uttarakhand, a top official in the environment ministry said, indicating the government's desire to push ahead with these projects despite opposition from activists and local residents, which has resurfaced again in recent weeks following the February 7 flash flood on the Rishi Ganga that claimed at least 72 lives and damaged two projects.
The decision has been taken by the ministries of environment, power and Jal Shakti, and will be communicated to the Supreme Court, which is hearing a matter on hydropower projects.

SC Approves SBI MF Plan for Franklin Templeton Schemes

The Supreme Court accepted the standard operating procedure (SOP) prepared by SBI Funds Management (SBI MF) to monetise assets and distribute the proceeds to unit holders of the six debt schemes of Franklin Templeton (FT) Mutual Fund. The SOP was prepared in consultation with FT Mutual Fund and market regulator SEBI.
The six shuttered schemes have already distributed Rs. 9,122 crore to investors and have accrued another Rs. 1,370 crore in cash earlier this month. The six schemes were frozen by the FT Mutual Fund in April 2020.

Mar 19, 2021

NCLT Approves Haldia Petrochemicals Scheme to Revive Nagarjuna Oil Corp

The National Company Law Tribunal (NCLT), Chennai has given its nod for Haldia Petrochemicals (Haldia Petro) scheme, submitted through the Liquidator V Mahesh, for the revival of Nagarjuna Oil Corporation Limited (NOCL).
Haldia Petro is planning to invest around Rs. 50,000 crore to convert this refinery into a petrochemical complex.
Haldia Petro was among the three prospective bidders, the other two were Accord Distillers and Brewers P Limited and Adani Ports and Special Economic Zone Limited. However, Accord Distillers & Brewers P. Ltd., in September 2019 withdrew from the bidding process.

HSBC in Talks to Sell French Retail Banking to Cerberus

HSBC has entered final negotiations to sell its French retail banking business to private equity firm Cerberus.
The planned disposal is part of HSBC Chief Executive Noel Quinn's strategy to slash costs across the banking group and Reuters previously reported that Cerberus was among two remaining bidders.
The talks are conditional on price and terms and may not necessarily result in a sale.
HSBC is working with Lazard to sell its 270 retail branches in France, but has been struggling to attract interest as bidders fret over restructuring costs and complex talks with local regulators.

HC Restrains Future from Moving Ahead with Reliance Deal

The Delhi High Court upheld the Singapore Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs. 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.
Justice J R Midha directed Kishore Biyani-led FRL not to take further action in relation to the deal with Reliance and held that the Future Group wilfully violated the EA's order.
The high court imposed a cost of Rs. 20 lakh on the Future Group and others associated with it and directed them to deposit the amount in Prime Minister's Relief Fund within two weeks for providing COVID-19 vaccines to senior citizens of Below Poverty Line (BPL) category.
The high court's order came on Amazon's plea seeking direction to order enforcement of the award by Singapore's EA on October 25, 2020, restraining FRL from going ahead with its Rs. 24,713 crore deal with Reliance Retail.

India Signs Contracts to Develop Water Supply and Sewerage Network in Maldives

Contracts to develop Water Supply and Sewerage network across 34 islands of the Maldives were signed in the presence of Minister of Planning, Housing and Infrastructure, Mohamed Aslam, Minister of Finance, Ibrahim Ameer, Secretary (Multilateral) from the Ministry of Foreign Affairs Dr. Hala Hameed and Deputy High Commissioner of India Rohit Rathish.
Development of Water Supply and Sewerage System in 34 islands of the Maldives is the most geographically dispersed of the 9 mega infrastructure projects being undertaken under EXIM Bank of India's Lines of Credit (LoCs) extended to the Maldives.
The 34 islands chosen by the Government of the Maldives for the project span across 16 atolls viz. Haa Alifu, Haa Dhaalu, Shaviyani, Noonu, Lhaviyani, Kaafu Alifalifu, Alif Dhaalu, Vaavu, Meemu, Faafu, Dhaalu, Thaa, Laamu, Gaafu Alifu and Gaafu Dhaalu.

Jio, Airtel, Voda Idea make Upfront Payments for Spectrum

Reliance Jio, Bharti Airtel, and Vodafone Idea made upfront payments for the spectrum bought in the recently concluded auctions. It is learnt that while Reliance Jio has made a payment of Rs. 15,019 crore, Bharti Airtel and Vi paid Rs. 6,323 crore and Rs. 574 crore, respectively.
The telecom department had issued demand notes to the three operators on March 8, and the deadline for making the upfront payment was Thursday. Reliance Jio emerged the highest bidder in the 4G telecom spectrum auction, beating incumbents Bharti Airtel and Vodafone Idea by a wide margin.
The Centre would get Rs. 77,815 crore from the two-day auction — one of the shortest in a decade. While the amount has exceeded the government expectation, the total mop-up is far below the Rs. 3.92 trillion worth of airwaves put up for sale.
The spectrum has been sold across a few preferred bands at the base price.

Hero Sets up Global Headquarters in London

Hero Motors Company (HMC) announced the setting up of its international headquarters Hero International (HIT) in London to strengthen its global presence. HIT is aimed at bringing HMC's European businesses under one umbrella and giving its electric bike business a major boost globally.
The move will unify the HMC-owned European businesses, including HNF GmbH in Germany and Insync Bikes in the UK, by bringing them under one umbrella. The company aims to take up its European revenue up to €300 million by 2021.
HMC's Global R&D is currently centralised in Berlin with HNF which is a premium engineering unit.

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