General Awareness

BUSINESS AND ECONOMY - November 2015

Nov 2015

Oct 06, 2021

TVS Motor Signs Agreement with Tata Power to Develop EV Ecosystem

TVS Motor Company, the flagship firm of the $8.5-billion TVS Group and India's third-largest two-wheeler maker, has entered into a strategic partnership with Tata Power for the implementation of electric vehicle charging infrastructure (EVCI) across the country.
As part of the memorandum of understanding (MoU) signed between the two companies, apart from the implementation of EVCI, solar power technology will be deployed at TVS Motor's select locations. The partnership aims at creating a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India.
This will give customers of TVS iQube Electric access to a widespread charging network by Tata Power through the TVS Motor customer connect application (app) and Tata Power EZ Charge app across India.

US-based Dairy.com Buys 100% Stake in Mr. Milkman

US-based dairy technology, services, and intelligence provider, Dairy.com, made its first investment in India with the acquisition of Mr. Milkman, a last-mile dairy supply chain SaaS platform. The company has acquired a 100% stake in Mr. Milkman to strengthen its integrated supply chain solution offerings for dairies worldwide.
The two companies will use their combined agribusiness technologies, development resources, and industry expertise to enable and innovate last-mile dairy supply chain solutions for markets in India and abroad.
Mr Milkman works with Akshayakalpa, Gyan Dairy, Whyte Farms, Abis Dairy, Carnival Group, Fortune Dairy, Binsar Farms, Nutrimoo, Healthways, and many others in India.

Sloggi Forays into Indian Market

International bodywear brand Sloggi has forayed into the Indian market and plans to expand its retail presence through franchise partner Solar Group.
Sloggi, a brand from the house of Swiss undergarment maker Triumph International, eyes to achieve 10 per cent market share in the next two years.
It has plans to open 10 stores pan India by 2022. As per its strategy, it will focus on tier-2 cities along with key metros.

B. C. Patnaik Takes Charge as MD of LIC

B. C. Patnaik took charge as Managing Director of Life Insurance Corporation of India. He was appointed as Managing Director by the Government of India. Prior to taking charge as Managing Director of LIC, Patnaik was Secretary-General, Council for Insurance Ombudsmen, (CIO) Mumbai. He joined LIC of India in March 1986 as a Direct Recruit Officer.

Govt. Amends Rules to Allow 50% Sale of Coal from Captive Mines

The Ministry of Coal has amended Mineral Concession Rules, 1960 with a view to allowing sale of coal or lignite, on payment of additional amount, by the lessee of a captive mine up to 50 per cent of the total coal or lignite produced in a financial year, after meeting the requirement of the end use plant linked with the mine.
The move is likely to benefit over 100 captive coal and lignite blocks with over 500 million tonnes per annum peak rated capacity as well as all coal and lignite bearing states.
Earlier this year, the Mines and Minerals (Development & Regulation) Amendment Act had been amended to this effect.
This is applicable for both the private and public sector captive mines.
With this amendment, the government has paved the way for releasing of additional coal in the market by greater utilisation of mining capacities of captive coal and lignite blocks, which were being only partly utilised owing to limited production of coal for meeting their captive needs.

HDFC Bank Launches Festive Treats 3.0

HDFC Bank announced its Festive Treats 3.0 campaign which will provide over 10,000 offers on cards, loans and easy EMIs.
The private sector lender has partnered with over 10,000 merchants across more than 100 locations to offer its customers an opportunity to avail deals specifically created for their personal and business needs.
Benefits offered to the customers include cashbacks and no-cost EMIs on premium mobile phones, up to 22.5 per cent cashback and no-cost EMI on electronics and consumer goods like washing machines and refrigerators, and personal loans starting at 10.25 per cent with instant disbursal in account.
There is zero processing fee and funding of up to 90 per cent on tractor loans and 50 per cent discount on processing fee on commercial vehicle loans.
The lender is offering collateral-free business loans up to Rs 75 lakh and 50 per cent off on processing fee.

ICICI Bank Launches Contactless Payment Solution through iMobile Pay

ICICI Bank launched a contactless payment service through its banking app 'iMobile Pay', that enables customers to tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets. The service offers improved convenience to over 1.5 crore debit and credit card customers of the bank as they no longer need to carry their cards for payments at retail stores. Based on the Near Field Communications (NFC) technology, the innovative payment service empowers customers to create digital versions of their physical ICICI Bank debit and credit cards on the iMobile Pay app. Using the digital cards, customers can initiate electronic payments at merchant outlets from NFC enabled Android smartphones by just waving their phone near a contactless POS device.
Mr Sudipta Roy, Head- Unsecured Assets, ICICI Bank said, ".This contactless mobile payment solution offers cashless payments to the Bank's customers using just their smartphones, thereby eliminating the need to carry cash or debit and credit cards. We believe, with 'Tap to Pay' payment solution, customers will experience enhanced convenience as it provides instant, safe and secure payments.
The facility of 'Tap to Pay' through iMobile Pay is now available on Visa cards and it will soon be activated on Mastercard cards too.

Future Retail, 7-Eleven Terminate Franchise Agreement

Financially troubled, Future Retail and Texas-based convenience store chain, 7-Eleven have decided to mutually terminate their franchise agreement after the Kishore Biyani company failed to meet the target of opening stores and payment of franchise fees.
In February, 2019, both companies had signed the franchise agreements for developing and operating 7-Eleven branded stores within India. Future group was planning to set up 7-Eleven convenience stores all over India to sell soft drinks to grocery items.

Oct 05, 2021

Adani Green Acquires SB Energy

Adani Green Energy Ltd (AGEL) has completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed in May 2021.
With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 Billion (Rs. 26,000 crore) and marks the largest acquisition in the renewable energy sector in India.
SB Energy India has 5 GW renewable assets across four states in India through its SPVs. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction. Solar capacity accounts for 84 per cent of the portfolio (4,180 MW), wind-solar hybrid capacity accounts for 9 per cent (450 MW) and wind capacity accounts for 7 per cet (324 MW).

Metlife to Hike its Stake in PNB Metlife

Metlife International Holdings is looking to acquire the combined 15.27 per cent shareholding of IGE (India) Private Limited and Elpro International Limited in PNB Metlife India Insurance Company for a cash consideration of Rs. 1,906 crore, subject to regulatory approvals.
After the completion of this transaction, Metlife's shareholding in PNM Metlife life insurance will increase to 47.325 per cent, making it the largest shareholder in the private life insurer.
Other shareholders of PNB Metlife include Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited (JKB), and other private investors.

Paytm Acquires 100% Ownership of Lending Start-up CreditMate

Online payment services provider, Paytm has acquired a 100% stake in Mumbai-based digital lending start-up CreditMate. However, the transaction details of the deal have not been disclosed. The Paytm Group will now be the 100% beneficial owners of the business, while the co-founders of CreditMate will exit the business.
CreditMate was founded in 2019 by Jonathan Bill, Ashish Doshi, Swati Lad and Aditya Singh as a collection platform that helps lenders collect overdue payments from borrowers.

SBI and Indian Navy Launch SBI's NAV-eCash Card

The Indian Navy and State Bank of India (SBI) launched SBI's NAV-eCash Card onboard India's largest Naval Aircraft Carrier INS Vikramaditya. The launch of this card was done in presence of C. S. Setty, Managing Director (Retail & Digital Banking), SBI and Vice Admiral R. Harikumar, Flag Officer Commanding-in-Chief, Western Naval Command.
The infrastructure at naval ships inhibits traditional payment solutions particularly when the ship is in high seas where there is no connectivity.
NAV-eCash card, with its dual-chip technology, will facilitate both online as well as offline transactions.
C. S. Setty said that the concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem.

RBI Names Advisory Committee to Assist Administrator of 2 Srei Group Firms

After superseding the boards of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed a three-member Advisory Committee to assist the administrator of the two crisis-ridden firms.
The Reserve Bank of India (RBI) appointed Rajneesh Sharma, ex-chief general manager, Bank of Baroda, as the administrator of the Advisory Committee.
The members of the Advisory Committee are R. Subramaniakumar (former MD and CEO, Indian Overseas Bank), T. T. Srinivasaraghavan (former managing director, Sundaram Finance Limited), and Farokh N Subedar (former chief operating officer and company secretary, Tata Sons Limited).

Oct 04, 2021

Reliance Floats Subsidiary in United Arab Emirates

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities.
Reliance International Ltd has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates (UAE).
The plans follow an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Co. to produce chemicals that can be used for infrastructure and consumer goods.
RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.

Tech Mahindra to Acquire Beris Consulting

IT company Tech Mahindra will acquire IT consultancy service provider Beris Consulting Gmbh for 7 million euros or about Rs. 60 crore through its German subsidiary.
Beris has over 125 employees and the company had revenues of 10.1 million euros for the financial year ended December 31, 2020.
The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry as a result of EV, sharing and mobility.

Amish Mehta Appointed as New MD & CEO of CRISIL

Amish Mehta was appointed as the new Managing Director and Chief Executive Officer (MD & CEO) of rating agency CRISIL. He has replaced Ashu Suyash. CRISIL is owned by S&P.
Mehta has more than two decades of leadership experience across industries and joined CRISIL in October 2014 as President and Chief Financial Officer. In July 2017, he was elevated as the President and Chief Operating Officer, responsible for the global analytical centre, India research and SME, the global innovation and excellence hub and corporate strategy.

Tata Asset and Max Life Insurance Get Approval to Set up Pension Funds

Tata Asset Management and Max Life Insurance Co have recently received a nod from the pension sector regulator for setting up pension fund managers.
The Pension Fund Regulatory and Development Authority (PFRDA) in July had opened 'on tap' registration of pension fund managers.

Indian Bank Picks up Stake in NARCL

Indian Bank picked up 13.27 per cent stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL).
The lender has subscribed to 1,98,00,000 equity shares of NARCL for cash consideration of Rs. 19.80 crore.
The investment of equity stake of 13.27 per cent would be reduced to 9.90 per cent by December 31, 2021.
Three state-owned lenders -- SBI, Union Bank of India and PNB -- had picked up over 12 per cent stake each in NARCL earlier.

IFSCA Constitutes an Expert Panel on Sustainable Finance

The International Financial Services Centres Authority (IFSCA) set up an expert panel headed by former Enviornment and Forest Secretary C. K. Mishra to suggest a framework to develop a world-class sustainable finance hub at IFSC.
India aspires to be a frontrunner in climate action, which is evident in its commitment towards its intended Nationally Determined Contributions under Paris Agreement.
As per the terms of reference, the panel would identify existing and emerging opportunities in Sustainable Finance for GIFT-IFSC to act as a gateway to meet India's requirements and recommend a short, medium, and long-term vision/road map on sustainable finance.
IFSCA was established in April last year under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.
IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the maiden international financial services centre in India.

Oct 03, 2021

Labour Minister Launches DigiSaksham to Enhance Employability of Youth

Union Labour and Employment Minister Bhupender Yadav launched DigiSaksham, a digital skills programme to enhance the employability of youth by imparting digital skills that are required in an increasingly technology driven era.
This joint initiative with Microsoft india is an extension of the government's ongoing programmes to support the youth from rural and semi-urban areas.
Through DigiSaksham initiative, free of cost training in digital skills including basic skills as well as advance computing will be provided to more than 3 lakh youths in the first year.
Under the DigiSaksham initiative, there will be basically three types of training viz, Digital Skills self paced learning, VILT mode training (virtual instructor led) and ILT mode training (instructor led).

NTPC REL Signs First Green Term Loan Pact of Rs. 500 crore with Bank of India

NTPC Renewable Energy ltd (REL) a fully-owned subsidiary of state-owned power generator NTPC, has signed its first green term loan agreement for Rs. 500 crore.
The loan agreement is at a competitive rate with a tenure of 15 years with Bank of India for its 470 Mw solar projects in Rajasthan and 200 Mw in Gujarat.
NTPC-REL currently has renewable project portfolio of 3,450 Mw, of which 820 Mw is under construction and 2,630 Mw projects have been won, for which power purchase agreements (PPAs) are yet to be executed.

Adani Seals Deal to Develop Western Container Terminal at Colombo Port

India's Adani Group sealed a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port's Western Container Terminal.
As the first-ever Indian port operator in Sri Lanka, Adani Group will have a 51 per cent stake at the port's Western Container Terminal (WCT).
Adani Group signed a build-operate-transfer (BOT) agreement with its local partners John Keells Holdings and the SLPA to develop the WCT at the Colombo Port.
The two local entities would hold 34 and 15 per cent stakes of the new joint company titled the West Container International Terminal.

Tata Steel Sells Entire Stake in NatSteel Holdings

T S Global Holdings (TSGH) Singapore, a 100 per cent indirect subsidiary of Tata Steel Limited, executed definitive agreements with TopTip Holding Pte Ltd to divest its entire equity stake in NatSteel Holdings Pte Ltd for an equity value of $172 million (Rs. 1,275 crore).
TopTip Holding Pte Ltd is a Singapore-based steel and iron ore trading company.
In the current deal with TopTip Holdings, Tata Steel has exited part of Singapore business, while retaining the Thailand and wire business of Singapore.
Tata Steel, the country's oldest steel producer, had bought NatSteel Singapore in 2004 for about Rs. 1,300 crore.

At Rs. 5 trn, Adani Now Asia's 2nd Richest

India has achieved the milestone of having over 1,000 individuals with net worth of Rs. 1,000 crore.
The IIFL Wealth-Hurun India Rich List 2021 revealed that 1,007 individuals across 119 cities have a net worth of Rs. 1,000 crore.
The report cited that cumulative wealth was up 51 per cent, while average wealth increased by 25 per cent.
Besides, it showed that 894 individuals saw their wealth increase or stay the same, of which 229 are new faces, while 113 saw their wealth drop and there were 51 dropouts.
Currently, India has 237 billionaires, up 58 compared to last year.
Reliance Industries' Chairman and Managing Director Mukesh Ambani continued to be the richest man in India for the 10th consecutive year with a wealth of Rs. 7.18 trillion.
With Rs. 5.05 trillion, Gautam Adani & family moved up two places to the second spot in the IIFL Wealth Hurun India Rich List 2021.

Oct 02, 2021

Bajaj Auto Signs Share Swap Deal for Stake in KTM Group Company

Bajaj Auto and Pierer Industrie, its partner in KTM AG, finalised a plan to simplify shareholding in premium bike maker KTM through a share swap deal. Following this, Bajaj will become an indirect stakeholder in other brands of the Austrian partner — including Husqvarna, GasGas, and Ramon.
Earlier, Bajaj Auto and Pierer Mobility AG (PMAG) held around 48 per cent and 52 per cent, respectively, in KTM AG. Bajaj's shareholding was through its Netherlands-based subsidiary Bajaj Auto International Holdings BV (Baibhv).
As part of the two-step deal, Bajaj Auto has transferred 46.5 per cent of its total stake in KTM to PTW Holding AG, the majority shareholder in PMAG. In return, Baibhv has been granted a 49.9 per cent stake in PTW Holding AG.

AU SFB, NABARD Ink MoU for Development Initiatives in Rajasthan

AU Small Finance Bank (SFB) inked an MoU with NABARD for rural development initiatives in Rajasthan.
The MoU involves joint initiatives by AU SFB and NABARD for benefit of farmers, farmer producer organisations, self help groups (SHG), joint liability groups (JLG), rural artisans, agri-preneurs, agri start-ups among others.
The collaboration between NABARD and AU Bank would enhance rural prosperity through the convergence of institutional lending and ongoing development initiatives. It will give impetus to lending in the state especially in areas pertaining to agriculture and rural development.
Jaipur-based AU Bank began its small finance bank operations in April 2017.

India, US Extend Trade Facilities to Exporters

India's Central Board of Indirect Taxes and Customs (CBIC) and the US Customs and Border Protection have agreed to extend greater facilities to exporters, from each other's country, who meet certain compliance criteria.
This was agreed upon as part of a mutual recognition agreement by the two agencies of the authorised economic operator (AEO) programme, a scheme that allows certain privileges to players in international trade that are accredited by authorities based on their track record. Privileges include greater trust in declarations, besides faster tax refunds and expedited adjudication of disputes.

SBI Signs Pact with 3 NBFC-MFIs for Co-lending to Joint Liability Groups

India's largest lender State Bank of India (SBI) has signed a Master Agreement with Vedika Credit Capital Ltd (VCCL), Save Microfinance Pvt Ltd (SMPL) and Paisalo Digital Ltd (PDL), for co-lending to individual members of Joint Liability Groups (JLGs) to undertake agriculture and allied activities including other income generation activities.
With these partnerships, SBI would be able to further increase its reach in the rural and semi-urban areas of the country offering small ticket loans. SBI is actively looking at co-lending opportunities with multiple NBFCs / NBFC-MFIs for financing Farm Mechanisation, Warehouse Receipt Finance, Farmer Producer Organisations (FPOs), etc., for enhancing credit flow to double the farmers'/individuals' income.
RBI had issued guidelines on co-lending schemes for banks and NBFCs / NBFC-MFIs for Priority Sector Lending to improve the flow of credit to unserved and underserved sectors of the economy and to make funds available to borrowers at an affordable cost. The co-lending model aims to give the borrower the best interest rate and better reach.

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