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BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 21, 2020

RIL Completes Fundraise for Retail Arm

  • Billionaire Mukesh Ambani's Reliance Industries completed the sale of about 10 per cent stake in its retail unit to a clutch of foreign investors for Rs. 47,265 crore.
  • Since September 25, the company has sold 10.09 per cent stake in Reliance Retail Ventures Ltd (RRVL) to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds Mubadala, ADIA and PIF.
  • RRVL has received cumulative subscription amount of Rs. 47,265 crore from the following financial partners and allotted 69.27 crore equity shares to them.

ABB to Exit Three Divisions with Revenues of $1.75 Billion

  • ABB plans to offload three business units that generate $1.75 billion in sales, equivalent to 6% of its annual revenue.
  • The company is exploring all options to exit turbocharging, mechanical power and power conversion.
  • ABB, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Rosengren took over in March. The former Sandvik boss has said ABB has been weighed down by a business model that was too complicated.
  • Earlier this year, ABB completed the sale of its power grids business to Hitachi.

IRDAI Issues Master Circular

  • The Insurance Regulatory and Development Authority of India (IRDAI) issued Master Circular for unclaimed amounts of policyholders.
  • All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, every year have to transfer the same to the Senior Citizens' Welfare Fund (SCWF) on or before March 01 of the financial year.
  • The Master Circular also provides for convergence in compliance taking into account various circulars issued by the Authority on the subject as well as the Senior Citizens' Welfare Fund (SCWF) Act and the Rules notified there under.

ABB to Exit Three Divisions with Revenues of $1.75 Billion

  • ABB plans to offload three business units that generate $1.75 billion in sales, equivalent to 6% of its annual revenue.
  • The company is exploring all options to exit turbocharging, mechanical power and power conversion.
  • ABB, whose products range from electric ship motors to factory robots, has been carrying out a review of its operations since Rosengren took over in March. The former Sandvik boss has said ABB has been weighed down by a business model that was too complicated.
  • Earlier this year, ABB completed the sale of its power grids business to Hitachi.

India and New Development Bank Sign Agreement of 500 million USD

  • India and the New Development Bank signed an agreement of 500 million USD. Under the agreement, the New Development Bank is to lend the funds to implement Delhi- Ghaziabad-Meerut Regional Rapid Transit System project. The funds will be used to provide reliable, fast, safe and comfortable public transport system in the region.
  • India and the New Development Bank signed an agreement of 500 million USD. Under the agreement, the New Development Bank is to lend the funds to implement Delhi- Ghaziabad-Meerut Regional Rapid Transit System project. The funds will be used to provide reliable, fast, safe and comfortable public transport system in the region.

Mastercard and USAID Launch "Project Kirana"

  • Mastercard and United States Agency for International Development launched "Project Kirana". The programme will enable women entrepreneurs to grow, launch and thrive.
  • Under Project Kirana, a two-year programme is to be rolled out in selected cities such as Kanpur, Lucknow and Varanasi of Uttar Pradesh. The project will work to increase revenue, digital payments and expand financial inclusion.
  • The project aims to build digital literacy and financial literacy of the women in the state. It will improve business management skills of women.
  • USAID is United States Agency for International Development. It is an independent agency that is responsible to administer foreign aid and development assistance.

ICICI Bank Introduces 'Cardless EMI'

  • ICICI Bank announced the launch of a fully digital mode of payment called 'Cardless EMI'. The fully digital mode of payment facility allows its pre-approved customers to buy gadgets and home appliances by using their mobile phone and PAN in lieu of wallet or cards. They can convert the high-value transactions into 'no-cost' monthly installments by inputting their registered mobile number, PAN and OTP (received on mobile number) on the PoS machine at retail outlets.
  • As per reports, the bank has tied up with Pine Labs to offer this facility across pan-India outlets of retailers such as Croma, Reliance Digital, My Jio Stores and Sangeetha Mobiles.
  • The Bank will add many more brands as well as retailers under this facility in near future.

Nov 20, 2020

Oaktree, Varde Offer Funding to Vodafone Idea

  • A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to Vodafone Group Plc's listed Indian arm.
  • Oaktree teamed up with several other firms including Varde Partners for the potential deal with Vodafone Idea Ltd. The investor group made a proposal to provide around $2 billion to $2.5 billion of capital to Vodafone Idea.
  • Vodafone Idea said in September it plans to raise as much as 250 billion rupees ($3.4 billion) selling shares and debt to shore up its finances as competition heats up in the Indian wireless industry. It wasn't immediately clear how a potential deal with the Oaktree-backed consortium would be structured.

L&T's Construction Arm Wins Order for Bullet Train Project

  • Infrastructure major Larsen and Toubro's (L&T) construction arm has won a 'mega' contract worth more than Rs. 7,000 crore from National High-Speed Rail Corp. Ltd (NHSRCL) to construct 87.57 km long stretch of Mumbai-Ahmedabad high-speed rail (MAHSR)- also known as the bullet train project.
  • This order to construct the C6 Package of MAHSR comes closer on the heels of the earlier one for the C4 Package of the project, the biggest EPC contract awarded in the country to date, involving the construction of a 237.1 km stretch.
  • The scope of the MAHSR – C6 package includes the construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works.

Nov 19, 2020

Special Term Loan Scheme for Company Secretaries from Poonawalla Finance

  • Pune-based Poonawalla Finance tied up with the Institute of Company Secretaries of India (ICSI) to offer collateral-free loans to over 65,000 financial professionals.
  • The non-bank entity is a part of Cyrus Poonawalla Group, which owns Serum institute, engaged in developing vaccines for the coronavirus.
  • The company signed a MOU with the ICSI for the special term loan plans, which should help its members fulfil the financial requirements for their professional practice as well as personal emergencies.
  • According to C.S. Ashish Garg, President of the ICSI, with the tie-up with Poonawalla Finance, the Institute has once again aligned its initiative with the government, by providing financial credit to Company Secretaries to boost economic recovery and help in building Atmanirbhar Bharat.

RBI Restricts Withdrawals from Jalna-based Mantha Urban Coop Bank

  • The Reserve Bank of India imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
  • As per the directions from RBI, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
  • The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.

Apple to Pay $113m to Settle iPhone 'Batterygate'

  • Apple will pay $113m (£85m) to settle allegations that it slowed down older iPhones.
  • Thirty-three US states claimed that Apple had done this to drive users into buying new devices.
  • Millions of people were affected when the models of iPhone 6 and 7 and SE were slowed down in 2016 in a scandal that was dubbed batterygate.
  • Apple declined to comment, however, it has previously said that the phones were slowed to preserve aging battery life.
  • The deal is separate from a proposed settlement Apple reached in March to pay affected iPhone owners up to $500m in a class action lawsuit.
  • In 2016 Apple updated software on models of the iPhone 6, 7 and SE, which throttled chip speeds on aging phones.

Vedanta Puts in EoI to Buy Govt's Entire Stake in BPCL

  • Vedanta Group confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL).
  • Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business.
  • The government is selling its entire 52.98 per cent stake in BPCL and last date of putting EoI was November 16.

Few Takers for RBI's One-time Debt Recast Scheme

  • According to a report by Crisil Ratings, with improvement in economic activities and expectation of recovery in the next fiscal, almost 99% of non-MSME companies are unlikely to opt for the Reserve Bank of India's one-time debt restructuring.
  • The finding is based on a preliminary analysis of 3,523 Crisil-rated non-micro, small and medium enterprises. In August, the RBI had allowed one-time restructuring for personal loans and for non-MSME corporate borrowers having an aggregate exposure of greater than Rs. 25 crore and was affected by Covid-related stress.

CapitaLand Raises Rs. 1,700 crore Green Loans in India

  • Singapore's CapitaLand Ltd has secured its first three green loans in India, worth Rs. 1,700 crore, from DBS Bank India Ltd and Hong Kong and Shanghai Banking Corporation Ltd India.
  • The debt will be used to finance the development of its green-certified International Tech Parks in Chennai, Gurugram, and Pune. The green loans mark CapitaLand's entry into sustainable finance in India.
  • The four and a half-year Rs. 625 crore and three-year Rs. 425 crore green loans raised from DBS will be used to fund the development of Phase 1 of International Tech Park Chennai, Radial Road and Phase 1 of International Tech Park Gurugram respectively.
  • The four-year Rs. 650 crore green loan provided by HSBC India will be used to finance the development of International Tech Park Pune in Kharadi.

Nov 18, 2020

Yes Bank Launches Co-branded Prepaid Card with Neokred

  • Yes Bank in partnership with Neokred Technologies launched 'Yes Bank Neokred Card', a co-branded prepaid card, encouraging cashless payments.
  • The card offerings can be personalised to suit the requirements of corporates seeking salary cards or expense cards for their employees.
  • The prepaid card can be loaded with balance and used for spends such as purchases, payment for utility bills, online shopping, ticket bookings and cash withdrawal at ATMs along with various benefits.
  • As per Neokred Technologies founder and Chief Business Officer Rohith Reji, Yes Bank has been instrumental in the growth of various fintechs over the years - giving a strong reason why fintechs and corporates prefer Yes Bank over other banks.

ONGC Signs Contract for 7 Blocks, OIL 4 Blocks

  • State-owned Oil and Natural Gas Corp (ONGC) signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector.
  • Oil India Ltd signed up for the remaining four blocks awarded under the fifth bid round of Open Acreage Licensing Policy (OLAP).
  • Oil Minister Dharmendra Pradhan said that with the latest bid round, the government has in the last four years awarded 1.56 lakh square kilometre of acreage for finding and producing oil and gas.

Amazon Launches Online Pharmacy in New Contest with Drug Retail

  • Amazon.com Inc launched an online pharmacy for delivering prescription medications in the United States, increasing competition with drug retailers such as Walgreens, CVS and Walmart.
  • Called Amazon Pharmacy, the new store lets customers price-compare as they buy drugs on the company's website or app. Shoppers can toggle at checkout between their co-pay and a non-insurance option, heavily discounted for members of its loyalty club Prime.
  • The move builds on the web retailer's 2018 acquisition of PillPack, which Amazon said will remain separate for customers needing pre-sorted doses of multiple drugs.

PM Seeks FDI for Urbanisation

  • Prime Minister Narendra Modi invited foreign investors to take a closer look at the opportunities opening up due to urbanisation of India.
  • Speaking at the third annual Bloomberg New Economy Forum via video conferencing, the PM said that if you are looking to invest in urbanisation, mobility, innovation and sustainable solutions, India has exciting opportunities for you.
  • He spoke about the selected 100 smart cities which have prepared projects worth almost Rs. 2 lakh crore rupees ($ 30 billion).
  • Projects worth almost Rs. 1.40 lakh crore ($ 20 billion) have been completed or nearing completion.

Lakshmi Vilas Bank Placed under Moratorium

  • Private sector lender Lakshmi Vilas Bank was brought under moratorium with immediate effect till December 16, 2020. All actions and proceedings against this banking company have been stayed during this period.
  • During the month-long moratorium, the cash withdrawal limit has been capped for customers at Rs. 25,000 in a month. The moratorium was imposed on the basis of an application submitted by the Reserve Bank of India (RBI) under Section 45 of the BR Act.
  • Last month, credit rating agency CARE Ratings downgraded the 93-year-old private sector bank's already issued and proposed securities. In a regulatory filing, the bank had stated that CARE has downgraded its ratings of the Rs 50.50 crore unsecured redeemable non-convertible subordinated lower tier-II bonds to CARE BB Minus with Negative Outlook.

Flipkart Group Acquires AR Startup Scapic

  • Flipkart Group has acquired Scapic, an Augmented Reality company (AR), to enhance its e-commerce shopping experience capabilities. Scapic is a cloud-based platform which enables creation and publishing of Augmented Reality (AR) and 3D content, currently serving clients across e-commerce and marketing. Walmart-owned Flipkart which competes with Amazon and Reliance's JioMart did not reveal financial details of the transaction.
  • Bengaluru-based Scapic is a cloud-based platform which enables creation and publishing of Augmented Reality (AR) and 3D content, currently serving clients across e-commerce and marketing.
  • This is the second major technology company acquisition for Flipkart this year. Earlier this month Flipkart strengthened its gaming strategy through the acquisition of intellectual property (IP) from Mech Mocha, a mobile gaming start-up that runs India's first live-social gaming platform Hello Play.

Nov 17, 2020

DIPAM Signs Pact with World Bank

  • DIPAM, which mainly handles government's disinvestment programme, signed an agreement with the World Bank for providing advisory services for asset monetisation.
  • The Department of Investment and Public Asset Management (DIPAM) is mandated with facilitating monetisation of non-core assets of government CPSEs (central public sector enterprises) under strategic disinvestment.
  • The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetisation in India and bench marking its institutional and business models against international best practices as well as supporting development of operational guidelines and capacity building for their implementation.

RIL Acquires Stake in Urban Ladder

  • Reliance Industries' retail arm has picked up 96 per cent stake in online furniture retailer Urban Ladder for over Rs. 182 crore.
  • Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd.
  • RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder.
  • Besides, RRVL has proposed to make a further investment of up to Rs 75 crore in Urban Ladder. This acquisition will help RIL in bolstering its presence in the fast-growing e-commerce segment. 

India Will Not Join the RCEP Trade Pact

  • As per reports, confirmed about New Delhi's continuous stance on the issue over several reasons, India has reiterated it will not join the Regional Comprehensive Economic Partnership (RCEP) trade pact. 
  • India was one of the original 16 participating countries of the RCEP but had withdrawn in 2019 over several reasons, of which, one was Chinese goods flooding the Indian market.
  • Over the weekend, 15 countries of the region -- China, Japan, South Korea, Australia, New Zealand and all ten members of the ASEAN pact signed the mega Regional Comprehensive Economic Partnership RCEP trade pact. 
  • RCEP member countries of the economic pact announced that India can participate in the group's activities as an observer member and left a window open for India to join it on a future date.  

Volkswagen Accelerates Shift to Electric, Autonomous Era

  • Volkswagen is paring back the variety of combustion-engined cars and retooling more factories to build electric vehicles in an effort to keep up with rival Tesla.
  • German factories in Emden and Hanover will be converted to build electric cars as part of a 73 billion euros ($86 billion) investment plan to ramp up development of zero-emission and self-driving cars.
  • On top of focusing on achieving economies of scale in electric and combustion engine components, Volkswagen is seeking to also gain expertise in software programming, so it can build and develop intelligent self-driving vehicles.

Govt. Seeks Compliance of 26 per cent FDI in Digital News

  • The Ministry of Information and Broadcasting issued a public notice asking entities involved in streaming of news and current affairs through digital media to comply with the Centre's earlier order permitting 26 per cent foreign direct investment under the government approval route to such entities.
  • Under the notice, entities having foreign investment below 26 per cent may furnish an intimation to the Ministry of Information and Broadcasting within one month giving details of the company and its shareholding pattern along with the names and addresses of its directors/shareholders.
  • It has directed such entities to also provide the names and addresses of its promoters/significant beneficial owners and also a confirmation with regard to compliance with pricing, documentation and reporting requirements under the FDI policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019.
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