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BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 19, 2021

Mahindra & Mahindra Financial Services Launches its Leasing and Subscription Business 'Quiklyz'

  • Mahindra & Mahindra Financial Services launched a leasing and subscription business 'Quiklyz'.
  • This venture is a new-age digital platform for vehicle leasing and subscription, that aims to provide great convenience, flexibility and choice to customers across cities. Mahindra Finance sees this as a great opportunity to create value for its stakeholders with a profitable business model and build a strong balance sheet out of emerging opportunities in this adjacent business vertical.

NPCI Arm, Network Int Join Hands for UPI Payment System in UAE

  • The National Payments Corporation of India (NPCI) said that its international arm NIPL and global digital commerce enabler Network International have signed an agreement for mobile-based real time payment system in the UAE.
  • Network International enables digital commerce across the Middle East and Africa.
  • The proposed rollout of UPI mobile payment solutions on Network International's merchant network in the UAE is expected to commence in the first quarter of 2022 across the company's key retail merchant partner outlets. It will also be facilitating UPI payments in sectors such as jewellery, supermarkets, and duty free retailers.

NPCI Ties up with Leading Payments Provider PPRO to Take UPI Global

  • NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI) has collaborated with fintech firm PPRO, a global provider of local payments infrastructure, to expand growth of India's digital payments ecosystem.
  • The agreement aims at expanding RuPay card and UPI acceptance across PPRO's global clients such as payment service providers (PSPs) and global merchant acquirers.
  • RuPay is a global card payment network from India with over 635 million cards issued to date.
  • This partnership will drive NIPL's continued expansion into foreign markets and will add India to PPRO's Local Payment Method (LPM) coverage map.

GMR Wins Bid for Development, Operations of Kualanamu Airport in Indonesia

  • GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, won a bid for the development and operation of Kualanamu International Airport in Medan, Indonesia.
  • Medan is the fourth largest urban area in the country and is capital of North Sumatra province. GMR will enter into 49:51 partnership with AP2 for this project. The consortium will transform Kualanamu International Airport into Western International hub of Indonesia.

EaseMyTrip Acquires Hospitality Management Firm Spree Hospitality

  • Online travel platform EaseMyTrip announced the acquisition of hospitality management firm Spree Hospitality for an undisclosed amount.
  • EaseMyTrip aims to expand Spree to 200 properties in the next five years.
  • This acquisition will help EaseMyTrip to add a new revenue vertical for the company and enable it to scale up its hotel and holiday portfolios. This would also enable the online travel platform to offer exclusive deals and offer on Spree Hospitality to its customers while doing bookings.

Nov 18, 2021

FSS Partners with Bangladesh Bank for Digital Commerce Growth

  • Chennai-based FSS (Financial Software and Systems), a leading provider of integrated payment products and a payments processor, announced its collaboration with BRAC Bank, a leading bank in Bangladesh, to catalyse the growth of digital commerce in the country.
  • This partnership will enable FSS to provide its omni-channel acquiring platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints--in-store, mobile and online.

India's First Fisheries Business Incubator in Gurugram

  • The first-of-its-kind, dedicated fisheries business incubator was inaugurated in Gurugram, Haryana to nurture fisheries start-ups under real market-led conditions. The incubator is known as LINAC- NCDC Fisheries Business Incubation Centre (LlFlC). It was inaugurated by the Union Minister of Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala.
  • The centre has been established at a cost of Rs. 3.23 crore under the central flagship Pradhan Mantri Matsya Sampada Yojana (PMMSY).
  • The National Cooperative Development Corporation (NCDC) is the implementing agency for the LIFIC.
  • The first batch of ten incubators from four states (Bihar, Himachal Pradesh, Gujarat and Maharashtra) has already been identified.

IndusInd Bank Launches Mobile App for Merchants

  • Private sector IndusInd Bank launched a comprehensive mobile application (app) 'Indus Merchant Solutions' to enable merchants, retailers and professionals to carry out banking transactions digitally, on a single platform.
  • 'Indus Merchant Solutions' will enable merchants and retailers to undertake an array of activities such as accept instant cashless payments on mobile phones from customers through multiple digital modes, track inventory via in-built dashboards, apply for an exclusive Point of Sale (PoS) machine to facilitate card based payments, as well as avail small ticket business loans from the bank in a completely digital and paperless manner, without having to visit a bank branch.

India Received $87 Billion in Remittances in 2021

  • According to World Bank latest report, India received $87 billion in remittances in 2021, and the United States was the biggest source, accounting for over 20% of these funds.
  • India is followed by China, Mexico, the Philippines, and Egypt. In India, remittances are projected to grow 3% in 2022 to $89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return.

Akasa Air Signs $4.5-bn Deal to Buy CFM Engines

  • Ace investor Rakesh Jhunjhunwala-backed Akasa Air signed an agreement to purchase CFM LEAP-1B engines to power its Boeing 737 MAX airplanes and the overall deal is estimated to be worth $4.5 billion.
  • The announcement comes a day after the upcoming ultra low-cost carrier said it would buy 72 Boeing 737 MAX planes from Boeing Co.
  • With this purchase and services agreement, Akasa Air will have from day one of its operations an innovative and comprehensive maintenance programme delivered by CFM.
  • The pact was signed with CFM at the Dubai Airshow. The deal includes spare engines and long-term service agreement.

Nov 17, 2021

Hindalco Emerges as World's most Sustainable Aluminium Company

  • Hindalco Industries Ltd, the metals flagship of Aditya Birla Group, has once again emerged as the world's most sustainable aluminium company in the Dow Jones Sustainability Indices 2021.
  • Hindalco has achieved the No. 1 rank in the aluminium industry for its sustainability performance in the 2021 edition of the S&P Dow Jones Sustainability Indices (DJSI) corporate sustainability assessment (CSA) rankings.
  • Hindalco is the only aluminium company to enter the exclusive DJSI World Index in 2021 and retains its membership in DJSI Emerging Markets Index.
  • The DJSI World Index comprises the top 10 per cent of the largest 2,500 companies by market capitalisation in the S&P Global Broad Market Index based on long-term economic and ESG (environmental, social and governance) factors.

Myntra Forays into Luxury Segment, Unveils Myntra Luxe on its App

  • Online fashion retailer Myntra has unveiled a dedicated store for all things luxury, 'Myntra Luxe', on its app. This is another step for the firm towards strengthening its position as one of the leading fashion, beauty, and lifestyle brands in the country.
  • The new segment offers luxury connoisseurs access to a curated collection of their favourite luxury brands, which also includes many first-time luxury brands available on Myntra across categories. It is allowing brand partners an exclusive online storefront to showcase their collections to the luxury consumer base of India.
  • With this pro-position, Myntra forays into the luxury segment, strengthening its commitment to creating value for its wide customer base by making a vast range of brands and styles accessible to them.

PVR, Kotak Mahindra Bank Launch Co-branded Movie Debit Card

  • PVR Cinemas partnered with Kotak Mahindra Bank and launched a co-branded movie debit card.
  • "With the Kotak PVR Movie Debit Card, cardholders will receive joining vouchers and earn points on every transaction on the debit card at PVR and outside PVR as well, with no upper limit on the points earned, the points can be redeemed all year round on PVR movie tickets and on food and beverages at PVR.

Mensa Brands Becomes India's Fastest Start-up to Turn Unicorn

  • Mensa Brands, the brand aggregator and rollup firm founded by former Myntra CEO and Medlife cofounder Ananth Narayanan, is the latest startup in India to achieve unicorn status. The company began operations just six months ago but is now valued at more than $1 billion, making it the fastest Indian startup to join the unicorn club.

Nov 16, 2021

CCI Approves Blackstone Group Entity's Stake Buy in ASK Investment

  • The Competition Commission of India (CCI) gave its nod for the acquisition of over 71 per cent stake in ASK Investment Managers by a Blackstone Group entity.
  • The proposed combination envisages the acquisition of 71.25 per cent shareholding of ASK Investment Managers by BCP TopCo XII Pte Ltd.
  • The acquirer is an affiliate of funds advised or managed by the affiliates of The Blackstone Group Inc.
  • ASK Investment Managers is an asset and wealth management company.

Govt. Inks USD 61 mn Loan Pact with ADB for Development Projects in Agartala

  • The government and Asian Development Bank (ADB) signed a USD 61 million loan to improve liveability, harness technology and promote new developments to accommodate the expanding population in Agartala city while building the capacity of state agencies for improved service delivery.
  • The loan agreement for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the government and Takeo Konishi, Country Director of ADB's India Resident Mission.
  • The project is aligned to the vision of the government Smart City Mission to upgrade urban infrastructure services and will improve liveability in Agartala with the provision of better road connectivity, flood resilient measures and making tourist places more attractive.

BharatPe Launches World's 1st Merchant Shareholding Programme

  • BharatPe launched the World's 1st Merchant Shareholding Program (MSP) for its merchant partners. It is a $100 million worth program, under which the company offers its merchant customers an opportunity to buy BharatPe's equity shares and become a partner. The company plans a public listing by 2024 and targets a public listing value of $1 billion.
  • The merchant payments and financial services company will roll out the incentive to its more than 7.5 million existing merchant partners. The programme will also be offered to new merchants joining the platform.
  • The stock programme is designed to address the gap in wealth creation for merchants and recognize them as active growth partners, BharatPe said, adding that the programme aims to build and sustain loyalty among its merchant partners in a fast-growing fintech segment in India.

HDFC Bank Launches the Second Edition of "Mooh Band Rakho"

  • HDFC Bank launched the second edition of its "Mooh Band Rakho" campaign in support of International Fraud Awareness Week 2021. Through this initiative the bank aims to increase awareness on all types of frauds and the importance of keeping your mouth shut to ensure their prevention. This year, HDFC Bank through its Mooh Band Rakho campaign is urging customers to take a pledge and not share confidential banking information with anyone. The bank has rolled out this campaign to commemorate the global movement to minimise the impact of fraud which is being held from November 15 – 21, 2021.

Rivigo Names Rohan Mittal CFO

  • Rivigo, a leading full-stack logistics services provider, announced the appointment of Rohan Mittal as its new Chief Financial Officer (CFO). As per the company Mittal's appointment at Rivigo demonstrates Rivigo's focus on making logistics safer, efficient, and more human.
  • Founded in 2014, Rivigo has been at the forefront of transforming the sector with their relay trucking model and a strong interplay of technology, data, culture and operations to consistently provide unparalleled delivery times and reliability to their clients.

Nov 15, 2021

UP Gets its First Operationalised Private Sector Defence Manufacturing Facility

  • Defence Minister Rajnath Singh inaugurated the first operationalised private sector defence manufacturing facility in the Uttar Pradesh Defence Industrial Corridor (UPDIC) in Lucknow.
  • The facility, run by Aerolloy Technologies, a wholly owned subsidiary of PTC industries, will manufacture parts for aircraft engines, helicopter engines, structural parts for aircrafts, drones and UAV, submarines, Ultra-Light Artillery guns, space launch vehicles and strategy systems.
  • Singh also laid the foundation stone for an integrated metal manufacturing facility under PTC Industries that will produce key raw materials in titanium and other exotic alloys for aerospace applications.
  • PTC Industries recently obtained clearance certificate for critical On-line Fittings (OLF) for defence applications from the Defence Ministry.

UP Gets its First Operationalised Private Sector Defence Manufacturing Facility

  • Defence Minister Rajnath Singh inaugurated the first operationalised private sector defence manufacturing facility in the Uttar Pradesh Defence Industrial Corridor (UPDIC) in Lucknow.
  • The facility, run by Aerolloy Technologies, a wholly owned subsidiary of PTC industries, will manufacture parts for aircraft engines, helicopter engines, structural parts for aircrafts, drones and UAV, submarines, Ultra-Light Artillery guns, space launch vehicles and strategy systems.
  • Singh also laid the foundation stone for an integrated metal manufacturing facility under PTC Industries that will produce key raw materials in titanium and other exotic alloys for aerospace applications.
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