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BUSINESS AND ECONOMY - November 2016

Nov 2016

Jul 01, 2025

Jindal Steel Commissions First Continuous Galvanising Line in Odisha

Naveen Jindal-controlled Jindal Steel commissioned its first continuous galvanising line at Angul integrated steel complex in Odisha. This is part of a Rs. 3,400 crore investment in a cold rolling mill (CRM) complex.
The new line will produce galvanised and galvalume products under the Jindal Panther Galvanised and Zinkalume brands, catering to various industries, including appliances, automotive, infrastructure, and construction.

Jun 30, 2025

Karnataka Bank's MD, ED Resign

Karnataka Bank's Managing Director & CEO, Srikrishnan Hari Hara Sarma, resigned from his position.
Sarma cited personal reasons, including his decision to relocate back to Mumbai, for his resignation. The Board of Directors of Karnataka Bank accepted his resignation, which will be effective from July 15, 2025.
The Bank's Executive Director, Sekhar Rao, also submitted his resignation, citing his inability to relocate to Mangaluru and other personal reasons. His resignation was also accepted by the Board and will be effective from July 31, 2025.
The Bank formed a search committee to identify suitable candidates for the positions of Managing Director & CEO and Executive Director.

Ravi Agrawal Re-appointed CBDT Chairman

The Appointments Committee of the Cabinet approved the re-appointment of Ravi Agrawal, as Chairman of the Central Board of Direct Taxes (CBDT) on a contract basis for one year, effective from July 1, 2025, to June 30, 2026, or until further orders.
Last year (2024), Agrawal, a 1988-batch IRS officer, was appointed as the new Chairman of the Central Board of Direct Taxes, the administrative body for the Income Tax Department.
The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary.

Jun 29, 2025

India's First Quantum Computing Valley to Launch in Amaravati by January 2026

In a leap towards making the state a global hub for deep-tech innovation, the state government is establishing the Quantum Valley in Amaravati, first-of-its-kind in India.
Spearheaded by Chief Minister N. Chandrababu Naidu and aligned with India's Rs. 6,003 crore National Quantum Mission, the Amaravati Quantum Valley is expected to become a game-changer for both the state's economy and India's position in the global quantum ecosystem.
The project is scheduled for inauguration on January 1, 2026.
Spread over 50 acres, this futuristic tech park will house India's most powerful quantum computer, the 156-qubit IBM Quantum System Two, and is being developed by Larsen & Toubro (L&T).

Jun 28, 2025

Adani and Reliance Join Forces to Share Fuel Infrastructure

Adani Total Gas Ltd (ATGL) and Reliance BP Mobility Ltd (Jio-bp), two leading private energy firms, entered into a strategic partnership to dispense each other's fuels at select outlets across India. This marks a noteworthy collaboration between two corporate giants, aimed at strengthening their footprint in a market still dominated by public sector oil companies.
The agreement marks the second major partnership between the Adani Group and Reliance Industries within months.

Jun 27, 2025

IDFC First Bank Introduces UPI Services for NRI Customers across 12 Countries

IDFC First Bank announced that Non-Resident Indian (NRI) customers of the bank can now make UPI payments using their international mobile numbers. NRIs can now make real-time UPI payments from their NRE or NRO accounts with IDFC First Bank through the Bank's mobile application, without incurring any charges. Additionally, they have the flexibility to link their IDFC First Bank accounts to other UPI-enabled applications. This facility is available to all IDFC First Bank NRI customers from 12 countries Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK, and the USA - for INR-denominated transactions within India.

India Launches First Maritime NBFC �" Sagarmala Finance Corporation Limited (SMFCL)

Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal inaugurated the country's first dedicated Non-Banking Financial Company (NBFC) for the maritime sector — Sagarmala Finance Corporation Limited (SMFCL). The event was also attended by Union Minister of State for MoPSW, Shantanu Thakur, and Secretary of MoPSW, T. K. Ramachandran.
SMFCL, formerly known as Sagarmala Development Company Limited was officially registered as a NBFC with the Reserve Bank of India (RBI) in June 2025. It has also earned the status of a Mini Ratna, Category-I, Central Public Sector Enterprise.

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