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BUSINESS AND ECONOMY - February 2016

Feb 2016

Jul 30, 2022

Egypt Signs $8 Billion Agreement with India for Suez Canal Economic Zone

Egypt and an Indian company signed a memorandum of understanding (MoU) to construct a green hydrogen factory in the Suez Canal Economic Zone, according to a cabinet announcement. The MoU states that Indian ReNew Power Private Limited (RENE.BO) will invest $8 billion to construct a facility that will create 20,000 tonnes of green hydrogen annually.
According to the Chairman of the renewable energy company, ReNew Power and the Egyptian government signed a preliminary deal to invest up to $8 billion to create green hydrogen there.
ReNew is one of numerous Indian businesses exploring the potential of green hydrogen, which is thought to be essential for decarbonizing difficult-to-reduce heavy industries.

Cabinet Clears BSNL-BBNL Merger

The Union Cabinet cleared the merger of Bharat Broadband Network Limited (BBNL) into the state-owned telecom operator Bharat Sanchar Nigam Limited (BSNL) during the cabinet meeting.
With the merger, BSNL will get an additional 5.67 lakh kilometres of optical fibre which was laid across 1.85 lakh village panchayats in the country using the Universal Service Obligation Fund (USOF). Currently, it has an optical fibre cable network of over 6.83 lakh kilometres.

Jul 29, 2022

Bandhan Bank Opens Currency Chest in Patna

Private sector lender Bandhan Bank opened a currency chest in Deedargunj, Patna. This is the bank's first ever currency chest and will help in cash management in the city.
This initiative will help the public, MSMEs and small traders with supply of currency notes to the bank branches and the ATMs.
The bank plans to open more than 530 new branches across the country during the current financial year, mainly distributed in north, west and south India.
As per C. S. Ghosh, MD & CEO, Bandhan Bank, the currency chest is one-step forward in enhancing customers' convenience in the banking services that the bank offers.

Parle Products Remains most Chosen FMCG Brand for 10 Years in a Row

For record 10 years in a row, Parle Products topped the rankings for most chosen FMGG brands, according to a report by Kantar India. It was followed by Amul, Britannia, Clinic Plus, and Tata Consumer Products in the latest 2021 report, which ranked the most chosen FMCG brands based on consumer reach points (CRPs).
With a CRP score of 6,531 million, Parle held the top spot. Overall, CRPs increased from 89 billion to 98 billion, with the growth rate going up from 3 per cent in 2020 to 9 per cent in 2021, the report said.
As per the report, this growth in CRPs was driven by the food, health & beauty, and beverages categories.

Tata Motors Partners Indian Bank to Provide Retail Car Loans

Tata Motors tied up with Indian Bank to facilitate easy financing for its passenger vehicles customers.
As part of the partnership, Tata Motors' customers would be able to avail car loans from over 5,700 branches of Indian Bank across the country.
Such partnerships would make the car purchasing process seamless for customers and positively impact their overall buying experience of Tata cars.

RBI allows IDBI Bank Bidders to Own more than 40%

The Reserve Bank of India (RBI) accepted the Centre's request for allowing non-financial institutions and non-regulated entities to own more than 40 per cent of IDBI Bank, as the Union government and Life Insurance Corporation (LIC) look to sell 51-74 per cent stake in the lender through the strategic divestment process.

Jul 28, 2022

Piramal Enterprises Receives Approval from RBI to Start NBFC Business

Piramal Enterprises received the approval from the Reserve Bank of India (RBI) to start non-banking finance company (NBFC) operations. The licence is for initiating an NBFC not accepting public deposits.
The approval from the RBI came after the company received clearance of the shareholders to demerge its pharmaceuticals business and simplify its corporate structure.

Roshni Nadar Remains Richest Indian Woman

HCL Technologies' chairperson Roshni Nadar Malhotra retained her position as the richest woman in India, with a 54 per cent jump in her networth to Rs. 84,330 crore in 2021.
Falguni Nayar, who quit her investment banking career to start the beauty focused brand Nykaa around a decade ago, emerged as the richest self-made woman with a networth of Rs. 57,520 crore, as per the Kotak Private Banking-Hurun list.
Nayar saw a 963 per cent increase in her wealth during the year and is also the second richest woman overall, trailing Malhotra, the daughter of HCL Technologies' founder Shiv Nadar.
Biocon's Kiran Mazumdar Shaw witnessed a 21 per cent decline in her fortune and moved down one rank to be the third richest woman in the country with a wealth of Rs. 29,030 crore.

CCI Clears Axis Bank-Citi Deal, One of India's Largest Financial Agreements

Competition Commission approved Axis Bank's proposed acquisition of Citi's consumer business in India, one of the largest deals in the country's financial services space.
Under the deal worth Rs. 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
The parties involved in the deal are Axis Bank Ltd, Citibank, N.A. (acting through its India branch) and Citicorp Finance (India) Ltd.

Jul 27, 2022

Nokia Awards Wipro a Five-year Contract for Digital Transformation

Wipro Ltd., a company with its headquarters in Bengaluru, signed a five-year contract for digital transformation with Nokia of Finland. The new contract expands on a connection that was first formed more than 20 years ago. Wipro would provide business services in support of Nokia's updated operating model, putting a special emphasis on process optimization, touchless processing, and improved user and customer experience across order management, supply chain, finance, and accounting operations.

First All Women-run Cooperative Bank Coming up in Rajasthan

The first all women-run financial institution in the cooperative sector is coming up in Rajasthan following a memorandum of understanding (MoU) signed with the Telangana government's Stree Nidhi Credit Cooperative Federation. The new body would promote women's empowerment by supporting their enterprises.
The Rajasthan Mahila Nidhi would be set up on the lines of the Stree Nidhi of Telangana. The MoU was signed between Rajasthan Grameen Ajeevika Vikas Parishad's (Rajeevika) Mission Director Manju Rajpal and Stree Nidhi Managing Director G. Vidya Sagar Reddy in the presence of Rural Development Minister Ramesh Chand Meena.
Mahila Nidhi would strengthen the women's self help groups in the State by extending timely loan facility for their enterprises. The institution would be operated entirely by women and would act as a complementary body with the formal banking system.

Ashish Chauhan Quits as BSE Chief, to Join NSE as MD & CEO

Ashishkumar Chauhan resigned as Managing Director and CEO of BSE and was relieved of his roles and responsibilities at the exchange.
Chauhan would be joining rival National Stock Exchange (NSE) as Managing Director and Chief Executive Officer (CEO).
He was part of the founding team of NSE but left it in 2000 for various roles at Reliance Industries group, before returning to the stock exchange arena as deputy CEO of BSE in 2009 and then as CEO in 2012.

Jul 26, 2022

City Union Bank, Aditya Birla Health Signs Bancassurance Pact

Private sector lender City Union Bank and health insurer Aditya Birla Health Insurance Co Ltd (ABHICL), the health insurance subsidiary of Aditya Birla Capital Ltd, announced a bancassurance partnership for the distribution of health insurance products of the latter through the former's network of branches across the country.
This is the third health insurance tie-up for CUB as it has entered into such bancassurance pacts with Star Health and Alliance Insurance as also Care Health (formerly known as Religare Health Insurance Co).

HDFC Securities Partners Equitas SFB to Offer Demat, Trading Services

Stock broking company HDFC Securities partnered with Equitas Small Finance Bank to provide its clients with a demat account and broking investment services.
With the new partnership, Equitas Small Finance Bank would offer its customers a "3-in-1″ account for accessing the services of HDFC Securities.
Also, all Equitas Small Finance Bank customers would be able to open their demat and trading accounts for buying and selling shares and trading in futures, options and even currencies.
HDFC Securities offers investment and direct trading services through buying and selling of equities, along with
currency derivatives, mutual funds, NCDs, fixed deposits, bonds, and more.

YES Bank Appoints R.S. Gandhi as Additional Independent Director

Private sector lender YES Bank announced the appointment of Rama Subramaniam Gandhi as an additional independent director of the bank for a period of five years.
Gandhi is a financial sector policy expert and adviser. Currently, he advises banks, finance companies, fintech entities, payment system entities, investors and funds on subjects ranging from financial regulations and Indian economy. He is an independent director on the boards of several financial sector entities.
Gandhi was a Deputy Governor of the Reserve Bank of India for three years from 2014 to 2017. He had been a seasoned and accomplished central banker for 37 years. He had a three-year secondment to the Securities and Exchange Board of India (SEBI), the capital market regulator. He also held the charge of Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad.

Zimbabwe Debuts Gold Coins as Legal Tender to Stem Inflation

Zimbabwe launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country's unstable currency.
The unprecedented move was announced by the country's central bank, the Reserve Bank of Zimbabwe, to boost confidence in the local currency.
Trust in Zimbabwe's currency is low after people saw their savings wiped out by hyperinflation in 2008 which reached 5 billion, according to the IMF.
The first batch of the coins was minted outside the country but eventually they will be produced locally, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.
The coins can be used for purchases in shops, depending on whether the shop has enough change.

Nakul Jain Joins As CEO of Paytm Payments Services

Paytm's parent One97 Communications appointed Nakul Jain as the CEO of Paytm Payments Services Ltd (PPSL). Praveen Sharma, who is now serving as the acting CEO of PPSL, has been promoted to oversee the organisation's commerce vertical in addition to his other duties.
Jain earlier served as managing director of private banking, priority banking, deposits and branch banking at Standard Chartered Bank. He holds over 22 years of experience in retail banking and has worked in sub-sectors such as branch banking, wealth management, product and segments, distribution, retail assets and acquisition.

Ex-L&T Infotech CEO Sanjay Jalona Joins ChrysCapital

Private equity investor ChrysCapital Funds,announced the appointment of former L&T Infotech CEO Sanjay Jalona as an Operating Partner for investments in the business services sector.
He would be based out of the US and will work with the advisory team led by Akshat Babbar, in sourcing, identifying, evaluating, managing and exiting investments made in this sector.
Jalona, who has over three decades of experience in the IT services industry, is well known in the tech industry for L&T Infotech's transformation into a technology consulting and digital solutions company. He guided the firm through its IPO and helped it cross the $2 billion revenue milestone.

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