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BUSINESS AND ECONOMY - September 2015

Sep 2015

May 22, 2020

ONGC, NTPC Sign MOU to Set Up Joint Venture for Renewable Energy Business

India's top oil and gas producer ONGC and country's biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects.
Oil and Natural Gas Corp (ONGC) and NTPC Ltd entered into a memorandum of understanding (MoU) on May 21, 2020 in New Delhi to formalize this arrangement.
The MoU will enable both companies to achieve their respective targets in renewable energy business.

May 21, 2020

Kotak Mahindra Bank Becomes First Indian Lender to Allow Video KYC

Kotak Mahindra Bank has introduced video-KYC facility for customers opening savings account on Kotak 811 - the banks digital banking platform. The private lender is the first Indian bank to offer video based "zero-contact" onboarding service.
The initiative is presently being launched on a pilot basis for savings accounts.
With Video KYC, verification of documents, signature are completed via a video call with representative from the bank without any physical interface.

Flipkart Ties up With Bajaj Allianz General Insurance for Digital Motor Cover

Flipkart and Bajaj Allianz General Insurance Company have partnered to offer a digital motor insurance policy to customers of the e-commerce major.
Consumers can buy this motor-insurance policy using their Flipkart app.
Bajaj Allianz General Insurance also offers mobile insurance on Flipkart.

May 20, 2020

Accenture Acquires Startup Byte Prophecy to Deliver AI Solutions to Enterprises

Accenture plc (stylised as Accenture), an Irish-domiciled multinational professional services company, has acquired Ahmedabad (Gujarat)-based AI (Artificial Intelligence) startup Byte Prophecy for an undisclosed sum.
Under this acquisition, more than 50 data science engineers from Byte Prophecy will now join Accenture's Applied Intelligence unit.
This acquisition will be very important for Accenture because as an IT (Information Technology) consulting company globally a better and different kind of digital facilities and automated solutions will attract clients.
Some time back similar acquisitions have also been done by Accenture's main rivals Infosys and TCS (TATA Consultancy Services Limited).

May 18, 2020

GCPL Acquires Balance 25% Stake in Kenya-Based Canon Chemicals

FMCG major Godrej Consumer Products Ltd (GCPL) announced acquisition of the balance 25 per cent stake in Kenya-based Canon Chemicals Ltd for an undisclosed sum.
Through this transaction, Canon Chemicals would now be a wholly-owned subsidiary of the company. The acquisition was made through its step down firm Godrej East Africa Holdings Ltd.
The Company through its wholly-owned subsidiary, has acquired the balance 25 per cent stake in Canon Chemicals Limited, said GCPL in a regulatory filing.
The Godrej Group firm had earlier acquired 75 per cent stake in Canon Chemicals Limited, Kenya, in 2016.

May 16, 2020

ONGC Awards 49 Marginal Fields to Seven Bidders

Oil and Natural Gas Corporation Limited (ONGC) has awarded 49 marginal oil and gas fields to seven successful bidders.
These fields span across 13 contract areas in Gujarat, Tamil Nadu, Andhra Pradesh and Assam.
The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held

Centre, WB Govt, AIIB Sign Agreement for USD 145 Million Project to Improve Irrigation

Government of India, West Bengal Government and the Asian Infrastructure Investment Bank, AIIB today signed a loan agreement for a 145 million dollar project to improve irrigation services and flood management in the Damodar Valley Command Area in West Bengal.
The West Bengal Major Irrigation and Flood Management Project will benefit about 27 lakh farmers from five districts of the state with better irrigation services and improved protection against annual flooding.
The agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs and Rajat Misra, Director General on behalf of the AIIB.

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