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BUSINESS AND ECONOMY - December 2015

Dec 2015

Sep 14, 2021

Kotak Fund invests Rs. 200 cr. in TVS Supply Chain Solutions

  • A Kotak Mahindra Bank arm announced a Rs. 1,000-crore investment into a third-party logistics (3PL) business promoted by the South-based TVS family.
  • Kotak Special Situations Fund (KSSF) has invested Rs. 200 crore in TVS Supply Chain Solutions and has provided Rs. 800-crore finance to T.S. Rajam Rubbers Private Ltd. through a non-convertible debentures route.

S. Korean Antitrust Agency Fines Google $177 mn for Abusing Market Dominance

  • South Korea's antitrust regulator fined Alphabet Inc's Google 207 billion won ($176.64 million), saying the U.S. technology giant abused its dominant market position to restrict competition in the mobile operating system market.
  • The Korea Fair Trade Commission (KFTC) investigated Google for allegedly blocking local smartphone makers from using other operating systems.
  • The fine is the latest antitrust setback for Google in South Korea. Earlier this month, parliament passed a bill to ban major app store operators such as Google from forcing software developers to use their payment systems and effectively stopping developers from charging commission on in-app purchases.

APSFL lost Rs. 121 Crore Owing to Lapses during TDP Regime

  • Andhra Pradesh State FiberNet Limited (APSFL) Chairman P. Goutham Reddy said the CID had detected irregularities that caused a loss of Rs. 121 crore to the government-owned company during the Telugu Desam Party regime, and booked cases against 18 persons, including the prime accused Vemuri Harikrishna Prasad, who was inducted into the board of directors after he was made to step down as the MD of a software firm.
  • Mr. Reddy alleged that Mr. Prasad, who headed the APSFL tenders committee, and the others had colluded with some private companies in the supply of signal meters, cables and other equipment and payments were made without the bills being submitted. There were massive irregularities in tenders worth Rs. 321 crore invited by the APSFL.

India, U.S. to Tie up on Green Energy

  • The United States is to collaborate with India to work towards installing 450 GW of renewable energy by 2030.
  • Currently India's installed power capacity is projected to be 476 GW by 2021-22, and is expected to rise to at least 817 GW by 2030.
  • Mr. Kerry is on an official visit to India from September 12-14, and is meeting Ministers and industrialists to "raise global climate ambition and speed India's clean energy transition," according to a communique from the U.S. State Department.

Sep 13, 2021

Indiabulls Housing Gets CCI Approval to Divest Mutual Fund Business

  • Indiabulls Housing Finance (IBHFL) received the CCI approval to divest its mutual fund business to Groww for Rs. 175 crore.
  • The company's wholly-owned subsidiaries Indiabulls Asset Management Company Ltd (IMACL) and Indiabulls Trustee Company Ltd (ITCL) had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities.
  • Groww commenced its financial services business in May 2016. It is currently one of the leading tech platforms for investing in stocks and mutual funds.
  • Headquartered in Bengaluru, it is backed by marquee investors like Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital.
  • Groww serves over 1.5 crore users in more than 900 cities across India.

Commerce Ministry Recommends Anti-dumping Duty on certain Aluminium Items

  • The commerce ministry's investigation arm DGTR has recommended the imposition of anti-dumping duty on certain aluminium products from China to guard domestic manufacturers from cheap imports.
  • The Directorate General of Trade Remedies (DGTR) has concluded in its probe that the dumped imports of 'Certain Flat-Rolled Products of Aluminium' from China have impacted the domestic industry.
  • The DGTR has recommended USD 65 per tonne and USD 449 per tonne on imports. The finance ministry takes the final decision to impose the duty.

Udaan Names Vaibhav Gupta as CEO

  • Udaan moved to a CEO-led structure and co-founder Vaibhav Gupta assumed the role of chief executive officer as the B2B e-commerce platform looks at becoming a publicly listed entity in the next 18-24 months.
  • The other two co-founders, Amod Malviya and Sujeet Kumar, as board members will actively work with Gupta to ensure that the organisation effectively transitions to a CEO-led structure for continued success.
  • The plan, that involves a CEO-led and board driven organisation, envisages building Udaan as a future-ready organisation with an aim to capitalise on the enormous growth opportunity that the Indian e-commerce market offers.

Sep 12, 2021

CCI Approves Stake-buy in ONGC Tripura Power Company by GAIL

  • Fair trade regulator CCI gave its nod for acquisition of 26 per cent equity stake in ONGC Tripura Power Company by GAIL (India).
  • The stake is being acquired from IL&FS group companies IL&FS Energy Development Company Ltd and IL&FS Financial Services Ltd.
  • GAIL had participated in an open bidding process and had emerged as the highest bidder pursuant to the expression of interest issued for acquiring 26 per cent stake held by the IL&FS Group in ONGC Tripura Power Corporation Ltd.

CoinSwitch Kuber Becomes India's Largest Crypto Exchange

  • Crypto trading platform and exchange CoinSwitch Kuber has become the largest crypto asset platform in the country after it onboarded more than 10 million users.
  • CoinSwitch Kuber has reached the milestone in just 15 months since starting operations in India in June 2020.
  • The surge in users for CoinSwitch Kuber is also a reflection of the rising acceptance of crypto investing in India despite uncertainty around government regulations. India alongwith Vietnam has seen the biggest surge in crypto adoption in the world over the past year.

Ujjivan Financial Services Appoints Sanjeev Barnwal as New CEO

  • Ujjivan Financial Services has appointed Sanjeev Barnwal as its new chief executive officer.
  • The company's board of directors at its meeting considered and unanimously approved the appointment of Sanjeev Barnwal as chief executive officer.
  • Ujjivan Financial said Barnwal will continue to be the company secretary (CS) and key managerial personnel (KMP) of the company.
  • His elevation comes as former head Carol Furtado assumed charge as the CEO of subsidiary Ujjivan Small Finance Bank last month.

ICICI Lombard Ceases to be ICICI Bank Subsidiary Post Bharti AXA Merger

  • ICICI Bank said that ICICI Lombard General Insurance has ceased to be its subsidiary, as shareholding of the bank has come down to 48 per cent after the merger of Bharti AXA with the insurer.
  • ICICI Lombard General Insurance Company (ICICI Lombard) had in September 2021, allotted equity shares of the company to the eligible shareholders of Bharti AXA General Insurance Company (Bharti AXA), as per the scheme of arrangement between the two insurers.
  • With the merger of Bharti AXA with ICICI Lombard, both the former owners of Bharti AXA have exited the non-life insurance business.

Sep 11, 2021

Google-backed Cuemath Appoints Vivek Sunder as CEO

  • Cuemath, a global online math learning platform backed by Google parent Alphabet's fund CapitalG has strengthened its senior management team with the appointment of Vivek Sunder as its new Chief Executive Officer.
  • Sunder joins from Swiggy, India's largest online food ordering and delivery platform, where he was chief operating officer.
  • The appointment follows a planned succession strategy, where Cuemath's founder, Manan Khurma, who has grown Cuemath by 10x since its inception, will now become Chairman.

UCO Bank Out of PCA Framework

  • Reserve Bank of India has taken public sector lender UCO Bank out of Prompt Corrective Action (PCA) framework on improvement in financial and credit profile. This decision gives the bank more freedom for lending, especially to corporations and grow the network, subject to presribed norms.
  • The Kolkata-based lender was placed under PCA in May 2017 on account of high Net Non-Performing Assets (NPAs) and negative Return on Assets (RoAs).
  • The decision on taking out UCO Bank from PCA restrictions is subject to certain conditions and continuous monitoring.
  • The bank has provided a written commitment to comply with the norms of Minimum Regulatory Capital, Net NPA and Leverage Tatio on an ongoing basis.

TCS Secures Contract from Transport for London

  • IT services major Tata Consultancy Services (TCS) has been selected by Transport for London (TfL) to design, implement and operate a new smart mobility system that will reimagine the administration of taxi and private hire vehicles in London.
  • Through the contract, valid for 10 years, and with the possibility of a five-year extension, TCS will digitally transform taxi and private hire licensing and administration, as well as implement continuous improvements and innovation, responding to evolving industry trends and customer demands. This deal will impact 115,000 taxis and private hire vehicles.
  • TfL is the foremost transportation authority in the world with its innovative approach to managing urban transportation with the use of technology and data. The new TCS-designed technology system will meet TfL's key objectives, enhance customer experience and enable future requirements including connected, shared, electric, autonomous vehicle registrations.

Centre Approves Rs. 10,683 crore PLI scheme for Textile Sector

  • Central government has approved the production-linked incentive (PLI) scheme of worth Rs. 10,683 crore for the textiles sector.
  • This PLI scheme was approved in order to boost domestic manufacturing and exports.
  • As a part of incentives approved for textiles sector, the payout will be spread over a period of five years.
  • PLI scheme was approved for textiles, MMF (man-made fibre) fabrics, MMF apparel and 10 segments or products of technical textiles.
  • This PLI scheme will impact and benefit special states including Uttar Pradesh, Gujarat, Maharashtra, Tamil Nadu, Punjab, Odisha.
  • This production-linked incentive scheme for textiles is a part of overall scheme that was announced for 13 sectors during Budget 2021-22, with an outlay of Rs. 1.97 lakh crore. With the PLI schemes for 13 sectors, minimum production in India is expected to be around Rs. 37.5 lakh crore in a period of five years.

Sep 10, 2021

Union Cabinet Approves Signing Pact between ICAI and CAAR

  • The Union Cabinet approved the signing of a memorandum of understanding between chartered accountants' apex body ICAI and Chamber of Auditors of the Republic of Azerbaijan (CAAR).
  • The signing of the MoU would help in establishing mutual cooperation in the areas of member management, professional ethics, technical research, professional accountancy training, audit quality monitoring and advancement of accounting knowledge, among other areas.
  • The Institute of Chartered Accountants of India (ICAI) is a statutory body. The CAAR was set up to regulate the audit profession in Azerbaijan.
  • Both ICAI and CAAR intend to strengthen cooperation in the areas of training of audit, finance and accounting professionals.

Karnataka Bank Launches POS Device 'WisePOSGo'

  • The Karnataka Bank has launched an all-in-one Point-of-Sales (POS) swiping machine dubbed as 'WisePOSGo', for its merchant customers to process business payments. The private sector lender has rolled out this POS device in collaboration with Mswipe Technologies Pvt Ltd. The introduction of 'WisePOSGo' is yet another step in the direction of expanding the digital payment infrastructure in the country and promote a cashless economy.
  • WisePOSGo is a compact, lightweight and user-friendly device, designed to keep in view the specific cost-centric requirements of the bank's MSME customers.
  • Apart from processing payments, merchants can also make calls using the WisePOSGo swiping machine.
  • This device is an all-in-one swiping machine loaded with advanced features such as contactless payment, mobile phone, QR code, pay by link, magstripe and barcode scanner.
  • The ease of processing transactions through 'WisePOSGo' will help the bank's retail and MSME customers augment their businesses by providing their consumers with a convenient and flexible way of shopping.

Bank of Baroda Launches One-stop Digital Platform 'bob World'

  • State-owned Bank of Baroda announced the launch of its digital banking platform 'bob World', aimed at providing all banking services under one roof.
  • The lender aims to provide an all-inclusive and seamless virtual banking experience, encompassing all digital banking services under one roof for the convenience of customers.
  • bob World' will offer a wide gamut of banking products and services, to be rolled out in phases, under four key pillars -- Save, Invest, Borrow and Shop.
  • The pilot of bob World began on August 23, and the application (app) is already being used by more than 50 lakh users.

Ujjivan Financial Services Appoints Sanjeev Barnwal as New CEO

  • Ujjivan Financial Services has appointed Sanjeev Barnwal as its new chief executive officer.
  • The company's board of directors at its meeting considered and unanimously approved the appointment of Sanjeev Barnwal as chief executive officer.
  • Ujjivan Financial said Barnwal will continue to be the company secretary (CS) and key managerial personnel (KMP) of the company.
  • His elevation comes as former head Carol Furtado assumed charge as the CEO of subsidiary Ujjivan Small Finance Bank last month.

Adobe Appoints Prativa Mohapatra as India MD and VP

  • US tech giant Adobe has announced the appointment of Prativa Mohapatra as vice president and managing director for Adobe India. In this role, Mohapatra will lead Adobe's India business across Adobe Experience Cloud, Adobe Creative Cloud and Adobe Document Cloud, reporting to Simon Tate, Adobe's president for Asia Pacific (APAC).
  • Mohapatra's career spans over 25 years in the technology industry. She joins Adobe from tech firm IBM, where she served as vice president of digital sales for APAC.
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