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BUSINESS AND ECONOMY - November 2015

Nov 2015

Oct 28, 2021

SBI General Insurance Collaborates with Google Pay to Offer Health Insurance

  • SBI General Insurance announced its technological collaboration with Google Pay that will enable users to buy SBI General's health insurance on the Google Pay app.
  • This is in line with SBI General's vision to consistently expand its distribution of general insurance solutions through digital channels. The collaboration also marks Google Pay's first such alliance with an insurer in the country and will make health insurance available to customers.
  • Users will be able to buy both individual and family plans under Arogya Sanjeevani policy through Google Pay Spot.

Swiss Re to Invest Rs. 920 crore for Stake in Paytm's General Insurance Biz

  • Financial services firm Paytm's associate, Paytm Insuretech Private Limited (PIT), entered into a strategic partnership with Swiss Re, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer.
  • Swiss Re will invest about Rs. 920 crore in PIT for an aggregate stake of 23 per cent on a fully diluted basis.
  • Paytm Insuretech plans to leverage Paytm's customer base and merchant ecosystem to develop innovative insurance products and solutions.

Adani Ports to Exit Myanmar Investment by June Next Year

  • Adani Ports and Special Economic Zone Ltd (APSEZ) has decided to exit its investment in Myanmar by June next year.
  • APSEZ, the largest port developer in India, is part of the globally diversified Adani Group.
  • In August 2021, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.

Wipro Appoints Kimberly Watson as Country Head and MD for Canada

  • Wipro announced the appointment of Kimberly Watson as Country Head and Managing Director for Canada.
  • Watson would focus on Wipro's vision for business growth, localization, brand building and significant transformational and modernization engagements with clients in key sectors.
  • Watson is a veteran who has been in the Information and Communications Technology (ICT) field for over 30 years in various leadership roles including development, sales, engineering, delivery, software, managed services, and outsourcing. In her most recent role, Watson was Vice President and General Manager for the Federal Market at IBM Canada. She has also held several leadership positions at IBM and Bell Canada.

Axis Bank to Elevate Rajiv Anand as Deputy Managing Director

  • The country's third largest private sector lender Axis Bank announced that it will elevate Rajiv Anand as the Deputy Managing Director.
  • Anand, an Executive Director in charge of wholesale banking at present, has been with the Axis Group for 12 years.
  • The bank's board of directors has approved the appointment and the same will have to be ratified by the Reserve Bank and shareholders of the lender.
  • In his new role, Anand will continue to lead the wholesale banking side and also work closely with the board in strengthening control and governance aspects.

Oct 27, 2021

ICICI Bank Surpasses HUL to Occupy 5th Spot in m-cap

  • Private sector lender ICICI Bank crossed the market capitalisation of Hindustan Unilever to become the fifth largest company by market value.
  • According to BSE data, ICICI Bank's market capitalisation (m-cap) stood at Rs. 5.83 lakh crore, just above HUL's Rs. 5.76 lakh crore. This follows the bank posting its highest ever quarterly net profit in the July to September 2021 quarter.

HDFC, India Post Payments Bank Tie up to Offer Home Loans

  • India Post Payments Bank (IPPB) and HDFC Limited announced a strategic alliance to offer home loans to nearly 4.7 crore customers of IPPB.
  • India post will leverage its country-wide network of 650 branches and over 1,36,000 banking access points to make available HDFC home loan products to customers across India.
  • The partnership aims to take HDFC home loan products to customers,
  • especially those in unbanked and underserved areas with many of them having little or no access to finance.
  • According to the agreement, credit, technical and legal appraisals, processing and disbursements for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans.

Indian Bank Gets New Executive Director

  • Ashwani Kumar has assumed charge as Executive Director of Indian Bank. A chartered accountant, postgraduate in commerce and a certified member of Indian Institute of Bankers, Mr. Kumar was Chief General Manager of Mumbai Zone at Punjab National Bank. Mr. Kumar has served in the Bank of Baroda, the Corporation Bank, and the Oriental Bank of Commerce.

India Ranks 9th in VC Funding for Climate Tech Globally

  • According to a report, India ranked at the ninth spot globally for climate tech investment, with the country's climate tech firms receiving USD 1 billion in venture capital funding between 2016 and 2021.
  • Venture capital (VC) investment in climate technology companies has gone up globally since 2016, as per the report jointly prepared by international trade promotion agency London & Partners and Amsterdam-based database management company Dealroom.co.
  • Global climate tech venture capital investment soared from USD 6.6 billion in 2016 to USD 32.3 billion in 2021.
  • The top 10 countries for climate tech VC investment between 2016 and 2021 are -- US (USD 48 billion), China (USD 18.6 billion), Sweden (USD 5.8 billion), UK (USD 4.3 billion), France (USD 3.7 billion), Germany (USD 2.7 billion), Canada (USD 1.4 billion), Netherlands (USD 1.3 billion), India (USD 1 billion) and Singapore (USD 700 million).

India's First 'Skill Impact Bond' Launched

  • The National Skill Development Corporation (NSDC) on Tuesday launched the first-of-its-kind and the largest 'Impact Bond' for skilling in India in collaboration with global partners, involving a USD 14.4 million fund which will benefit 50,000 youth by making them employment ready.
  • Along with the NSDC, the global coalition comprises of HRH Prince Charles's British Asian Trust, the Michael & Susan Dell Foundation (MSDF), The Children's Investment Fund Foundation (CIFF), HSBC India, JSW Foundation and Dubai Cares, with FCDO (UK Government) & USAID as technical partners.
  • The Skill Impact Bond (SIB) is also the first impact bond involving public, private partners and a public private partnership organization.

RIL-bp Launch their First Co-branded Petrol Pump in Navi Mumbai

  • Reliance Industries (RIL) and bp's fuel and mobility joint venture, Reliance BP Mobility (RBML) launched its first Jio-bp branded Mobility Station (basically a fuel pump) at Navde, Navi Mumbai, Maharashtra. A statement from RIL said that the existing network of over 1,400 fuel pumps will be rebranded as Jio-bp.
  • These Jio-bp Mobility Stations will bring together a range of services for consumers– including fuels with additives (RIL is calling them additivised fuels), electric vehicle charging, refreshments and food. These outlets also plan to offer more low-carbon solutions over time.

Oct 26, 2021

CCI Approves HDFC Bank's Acquisition of 4.99% Stake in HDFC ERGO

  • Fair trade regulator CCI approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company.
  • In June 2021, HDFC Bank's board had given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs. 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
  • HDFC is the promoter and related party of the bank.
  • The proposed combination will enable the lender to participate in the growth opportunity of HDFC ERGO General Insurance and create long-term value for its shareholders, as per a combination notice filed with the regulator.

Eicher Shareholders Approve Proposal to Re-appoint Siddhartha Lal as MD

  • Eicher Motors' shareholders have approved a proposal to re-appoint Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year.
  • The members also cleared the proposal to increase Lal's remuneration.
  • In the latest round of voting, 93.75 per cent votes favoured the re-appointment, while 6.25 per cent votes opposed the proposal.

Govt. Signs Share Purchase Agreement with Tatas for Air India Sale

  • The Centre has signed the share purchase agreement (SPA) with Tata Sons for the privatisation of national carrier Air India.
  • The wholly-owned subsidiary of Tata Sons, Talace Pvt Ltd, earlier this month had emerged as the successful bidder to buyout government's shareholding in Air India.
  • Talace had placed a bid to acquire Air India for Rs. 18,000 crore, which involved retaining debt of Rs 15,300 crore of the national carrier, and a cash component of Rs. 2,700 crore. Only two bids were placed to acquire the national carrier, with another one by Spicejet Chairman Ajay Singh in his personal capacity.

SBI, UCO Bank Agree to Invest in Amrapali Projects

  • The Supreme Court was told that the State Bank of India (SBI) and the UCO Bank have agreed to invest Rs. 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process.
  • Senior advocate and court-appointed receiver R. Venkataramani submitted before a bench headed by Justice U.U. Lalit that six banks have agreed in principle, but things have not moved in the desired direction for nearly two months. He added that in order to accelerate the process, a little nudge from the top court was needed.

Three FIIs Jointly Acquire 2.64% stake in HFCL

  • Three foreign institutional investors--Vanguard, Quant Mutual Fund and Norges--have bought collectively acquired 2.64 per cent in telecom gear makers HFCL Ltd.
  • While Vanguard bought 1.86 per cent through four entities--Vanguard Emerging Markets Stock Index Funds, Vanguard Total International Stock Index Fund, Vanguard Fiduciary Trust and Vanguard FTSE All World Small Caps Index--Quant acquired 0.55 per cent and Norges 0.23 per cent.

Future Generali India Insurance Enters into bancassurance Tie-up with Bank of India

  • Private sector general insurer Future Generali India Insurance (FGII) has entered into a bancassurance tie-up with the Bank of India (BoI) for further penetration of its general insurance products.
  • Through this alliance, FGII will offer its wide array of best-in-class and innovative insurance solutions to 5,084 BoI branches spread across 28 States and 8 Union Territories.

CCI Clears Phoenix Parentco's Acquisition of Parexel International Corp

  • Competition Commission of India (CCI) approved acquisition of Parexel International Corporation by Phoenix Parentco Inc.
  • Headquartered in the US, Paraxel provides biopharmaceutical outsourcing services to biopharmaceutical companies.
  • The proposed transaction pertains to acquisition of 100 per cent of the equity shareholding of Parexel International, according to a notice filed with the regulator.
  • Phoenix Parentco is a special purpose investment vehicle that operates solely as an investment holding company. It is jointly controlled by EQT Fund Management S. r.l. and The Goldman Sachs Group Inc.

Oct 25, 2021

RBI Proposes Stricter Capital Norms for Exim Bank, NABARD, NHB and SIDBI

  • The Reserve Bank of India has proposed minimum 11.5% capital for the four all India financial institutions (AIFI) in line with Basel III framework to raise their resilience in periods of stress.
  • The stricter capital norms would be applicable to Exim Bank, National Bank for Agriculture & Rural Development, National Housing Bank and Small Industries Development Bank of India from the next fiscal.
  • As per RBI, these institutions should have minimum total capital at 9% from April 1 2022 along with minimum capital buffer at 2.5%. Minimum common equity tier 1 (CET1) capital would be 5.5% while minimum tier 1 capital requirement proposed at 7%.

Ramnath Krishnan is MD and Group CEO of ICRA

  • The board of ICRA appointed Ramnath Krishnan as the company's Managing Director and Group Chief Executive Officer.
  • Krishnan was earlier President – Ratings and Chief Rating Officer at ICRA. He joined the credit rating agency in 2020.
  • Krishnan succeeded N. Sivaraman, who stepped down from the position of MD & CEO for personal reasons.

Bharti AXA Sign Bancassurance Partnership with Utkarsh Small Finance Bank

  • Bharti AXA Life Insurance Company Limited (Bharti AXA Life) entered into a bancassurance partnership with Utkarsh Small Finance Bank to ensure distribution of life insurance products through the bank's network across India. This partnership will enable the Bharti AXA life to reach Tier II and Tier III markets with insurance solutions and increase the reach of insurance in India.
  • Under this partnership, the Bharti AXA Life's insurance comprehensive suite of life insurance plans including the protection, health, savings and investment plans will be made available for the customers of the bank across 202 districts of 19 states and 2 Union territories.

AU Small Finance Bank Launches Sound Box for Payment Alerts

  • With an aim to enhance its reach in digital payments, leading small finance bank -- AU Small Finance Bank (AU SFB) – launched a QR Code Sound Box.
  • The Jaipur-headquartered SFB said that the QR Sound Box will help small merchants to run their operations smoothly without the hassle of reading SMS every time when a customer makes a payment. So far the bank has deployed over two lakh QR Codes.
  • The QR Code Sound Box is a small and portable speaker which comes with a dedicated SIM slot for data connectivity which gives voice notification. The new sound box is available in five languages including Hindi, English, Punjabi, Gujarati and Marathi.

TVS Motor Company, Bahwan International Group Join Hands for Iraq Market

  • Leading two- and three-wheeler maker TVS Motor Company has roped in a distribution partner to strengthen its presence in Iraq. The company signed a tri-party deal with Bahwan International Group in Muscat, Oman.
  • The agreement was signed by Sheikh Ahmed Bahwan, Chairman Bahwan International Group, and Sudarshan Venu, Joint Managing Director – TVS Motor Company.
  • As per the deal, ARATA International FZC, registered in the UAE and a subsidiary of Bahwan International Group (Big), Oman, will be the new distributor for TVS Motor in Iraq.
  • ARATA International FZC, a part of the Bahwan International Group LLC (BIG), comes with rich experience, deep understanding and vast industry knowledge. Iraq is an important market for us, and ARATA International FZC's extensive distribution network, along with our shared ethos and values, makes them the ideal strategic partner.

Ramnath Krishnan is MD and Group CEO of ICRA

  • The board of ICRA appointed Ramnath Krishnan as the company's Managing Director and Group Chief Executive Officer.
  • Krishnan was earlier President – Ratings and Chief Rating Officer at ICRA. He joined the credit rating agency in 2020.
  • Krishnan succeeded N. Sivaraman, who stepped down from the position of MD & CEO for personal reasons.
  • In his new role, he will drive ICRA's business strategy and augment its organisational capabilities among others.

IBDF Re-elects K. Madhavan as President

  • K. Madhavan, Country Manager & President - The Walt Disney Company India and Star India, was re-elected as president of the Indian Broadcasting and Digital Foundation (IBDF).
  • This is the second consecutive term for Madhavan.

AU Small Finance Bank Launches Sound Box for Payment Alerts

  •  With an aim to enhance its reach in digital payments, leading small finance bank -- AU Small Finance Bank (AU SFB) – launched a QR Code Sound Box.
  • The Jaipur-headquartered SFB said that the QR Sound Box will help small merchants to run their operations smoothly without the hassle of reading SMS every time when a customer makes a payment. So far the bank has deployed over two lakh QR Codes.
  • The QR Code Sound Box is a small and portable speaker which comes with a dedicated SIM slot for data connectivity which gives voice notification. The new sound box is available in five languages including Hindi, English, Punjabi, Gujarati and Marathi.

Oct 24, 2021

Adani Green Energy Subsidiary Bags 450 MW Wind Energy Project

  • Adani Green Energy subsidiary Adani Renewable Energy Holding Fifteen has received a letter of award (LOA) for setting up a 450 MW wind energy project.
  • Adani Renewable Energy Holding Fifteen Limited, a wholly-owned subsidiary of Adani Green Energy Limited had participated in a tender issued by Solar Energy Corporate of India Limited (SECI) for setting up 1,200 MW ISTS-connected Wind Power Project (Tranche-XI) and has received the Letter of Award (LOA) to set-up 450 MW wind power project under this tender.
  • The fixed tariff for this project capacity is Rs 2.70/ kWh for 25 years.
  • With this, AGEL now has a total renewable energy project portfolio of 20,284 MWac capacity, out of which 5,410 MWac projects are operational, 5,724 MWac projects are under construction, and 9,150 MWac projects are near construction.

HDFC Bank, USAID, Others Launch $100-mn Covid-19 Credit Facility for MSMEs

  • HDFC Bank in partnership with Mastercard, US International Development Finance Corporation (USIDFC) and US Agency for International Development (USAID) launched a USD-100 million credit facility to promote and encourage small businesses in India to digitise while also helping them, particularly women-owned ones, to recover from the pandemic.
  • The credit facility will extend working capital loans to small businesses that need financing to support their digitisation and recovery from the effects of the pandemic. The facility will be available only to new credit customers with a goal of at least 50 per cent of them being woman entrepreneurs.
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