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BUSINESS AND ECONOMY - February 2017

Feb 2017

Oct 18, 2021

Power Global to Invest $25 mn to Set up Battery Infra Facility in India

US-based clean energy and mobility products start-up Power Global plans to invest around USD 25 million (around Rs. 185 crore) to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years.
The company, which is setting up a one gigawatt hour capacity battery plant at Greater Noida in Uttar Pradesh, is also targeting to retrofit around 8 lakh existing conventional three-wheelers in India for conversion into electric versions.
It will tap these retrofitted vehicles for its batteries, which would be offered for swapping through a subscription model.

Oct 17, 2021

BPCL Unveils Automated Fuelling System 'U-Fill'

Indian government-owned, Bharat Petroleum Corporation Limited (BPCL) unveiled an automated fuelling technology system, known as U-Fill to ease the customers with a better experience at the outlets. The technology obviates the need for looking at zero or final reading and such offline manual interventions.
According to Bharat Petroleum Corporation Limited, the new automated fuelling technology is secure, fast, and smart. The new U-Fill outlets have been launched in 65 cities and are likely to be launched soon across the country. The customers need not download any app to use the U-Fill technology. When payment is concerned, a customer can use any desired application for payment, such as Google pay, Paytm, and others.

RBI Approves Pankaj Kumar Panja as Karnataka Bank Non-executive Chairman

Karnataka Bank Ltd has received approval from the Reserve Bank of India to appoint Pradeep Kumar Panja, an Independent Director of the bank, as part-time non-executive Chairman with effect from November 14, for a period of three years. He will succeed P. Jayarama Bhat, who will complete his term on November 13.
Pradeep Kumar Panja retired as Managing Director (Corporate Banking) of State Bank of India (SBI). Prior to this, he also held the post of Managing Director of State Bank of Travancore for about a year.

Oct 16, 2021

IIFL Finance First BNFC to launch instant business loan on WhatsApp

IIFL Finance launched instant business loan on WhatsApp, whereby users of the latter will be able to avail loan up to Rs. 10 lakh with minimum documentation and get approval in five minutes.
The retail-focussed non-banking finance company (NBFC), in a statement, claimed that it has become the first NBFC in the country to launch instant business loan on WhatsApp.
WhatsApp's 45 crore-plus users across India can avail a 24x7 loan facility to get a loan in under ten minutes from IIFL Finance.

UCO Bank Chief A. K. Goel is New IBA Chairman

A. K. Goel, Managing Director and Chief Executive Officer (MD & CEO), UCO Bank is new chairman of banking industry lobby group Indian Banks. Association for 2021-22. He succeeded Rajkiran Rai G, MD & CEO, Union Bank of India.
The Managing Committee of IBA at its meeting held in October 2021 elected Goel as chairman of the association.

IndusInd Bank Gets Authorised by RBI to Collect Direct and Indirect Taxes

IndusInd Bank was given authorisation by the Reserve Bank of India for collection of direct and indirect taxes on behalf of the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs.
The authorisation was awarded basis a recommendation from the Controller General of Accounts as well as the Ministry of Finance (Govt. of India), and comes close on the heels of the Bank being appointed as an 'Agency Bank' of the RBI to conduct government business.
With this, IndusInd Bank customers can pay their Direct and Indirect taxes through the Bank's state-of-the-art digital platforms such as 'Indusnet' - its net banking platform and 'IndusMobile' - its mobile banking application.

RBI Clears Re-appointment of Amitabh Chaudhry as MD of Axis Bank

The Reserve Bank approved re-appointment of Amitabh Chaudhry as managing director of private sector Axis Bank for a period of three years.
The extended three-year term would be effective from January 1, 2022.
The board of the bank had in April 2021 approved the extension of his tenure for further period of three years subject to regulatory clearance.

Oct 15, 2021

Adani Group Takes over Thiruvananthapuram International Airport

The Adani Group took over the operation, management and development of the international airport in Thiruvananthapuram, saying it is now a Gateway to Goodness.
Announcing the formal takeover of the airport, the business giant said that it was privileged to serve and welcome passengers to God's Own Country.
The group took over the operations of the airport despite protest by both ruling LDF and opposition UDF against handing it over to private players.

RBI Grants Banking Licence to Unity Small Finance Bank

The Reserve Bank of India has granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.
RBI had accorded "in-principle" approval to CFSL, a wholly-owned subsidiary of Centrum Capital, on June 18 to set up a small finance bank (SFB). Centrum's MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

Taliban Delegation in Turkey for 1st High-level Talks

A high-level delegation of Afghanistan's new Taliban rulers was in Turkey for talks with Turkish officials.
The meetings in the capital of Ankara were first between the Taliban and senior Turkish government officials after the group seized control of Afghanistan. The visiting delegation was led by Amir Khan Mutaqi, the acting Foreign Minister.
Turkey has been working with Qatar to re-open the airport in the Afghan capital of Kabul to international travel. However, repairs are needed before commercial flights can resume.

Four Indian Companies in Forbes World's Top 100 Best Employers List

Reliance Industries Limited (RIL) is among the top four Indian companies to work for, according to World's Best Employers rankings 2021 published by Forbes. Mukesh Ambani-owned RIL was placed at the 52nd position in the overall ranking of 750 global corporates.
Other Indian companies that made it to the top 100 rankings include ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90. Apart from that, State Bank of India (SBI) was ranked at 119, Larsen & Toubro at 127, Infosys 588, Tata Group at 746 and Life Insurance Corp (LIC) was placed at 504. Other Indian firms on the list include Bajaj at 215, Axis Bank at 254, Indian Bank at 314, Oil and Natural Gas Corp (ONGC) at 404, Amara Raja Group at 405, Kotak Mahindra Bank at 418 and Bank of India at 451. ITC was placed at 453, while Cipla was on 460 and Bank of Baroda at 496.
The top place in the Forbes rankings was occupied by South Korean giant Samsung Electronics, followed by US giants IBM, Microsoft, Amazon, Apple, Alphabet and Dell Technologies. China-based Huawei was the 8th in order of the best employer in the world.

True Elements Becomes India's 1st Food Brand Recognised as 'Clean Label'

True Elements, amongst India's leading healthy breakfast & snacks start-up brand, is now certified 'Clean Label' by the Clean Label Project, US.
True Elements rests on 4 pillars of True - True to our Food (Nutrition), True to our Word (Transparency), True to our Planet (Recycle), and True to our Families (People).
With the new certification, True Elements becomes the only Indian food brand to be globally recognised as both 'Clean Label' & '100% Wholegrain'. These coveted accreditations are awarded by leading US based non-profit organizations, Clean Label Project & Whole Grains Council respectively, who are known for raising the bar globally on food nutrition, food safety and driving consumer transparency.

World Steel Association Elects JSW Steel's Sajjan Jindal as Chairman

The World Steel Association (WSA) elected JSW Steel Chairman and Managing Director Sajjan Jindal as its Chairman for the 2021-22 period.
With this, Jindal became the first representative from India to serve as Chairman of the WSA.
WSA acts as the focal point for the steel industry, providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental, and social sustainability.

Oct 14, 2021

India Retains 3rd Position in Renewable Energy Investment Attractiveness Index

India retained the third rank in the Renewable Energy Country Attractiveness Index released by consultancy firm EY.
India remained at the third position in the 58th edition of EY's 'Renewable Energy Country Attractiveness Index' (RECAI), which ranks the world's top 40 markets (nations) on the attractiveness of their renewable energy investment and deployment opportunities.

Hero MotoCorp Joins Hands with Gilera to Expand Operations in Argentina

Hero MotoCorp tied up with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America, in line with its aggressive global business strategy.
As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina.
The company's immediate focus is to develop a robust and widespread sales, service and spare parts network across the entire country.

EESL Appoints Arun Kumar Mishra as CEO

State-owned Energy Efficiency Services Ltd (EESL), a joint venture of NTPC Ltd and Power Grid Corp. of India Ltd, appointed Arun Kumar Mishra as chief executive officer (CEO) on deputation.
This follows EESL's executive vice chairperson Saurabh Kumar resigning. The PSU, set up under union power ministry, has been allotted the demand aggregation of electric three-wheeler and electric bus component under the Rs. 10,000 crore Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (Fame) scheme of the central government.
Mishra is a veteran in the energy sector, with more than three decades of experience in National Thermal Power Corporation Limited (NTPC) and Power Grid Corporation of India Limited (PGCIL) including Policy perspective as Director, National Smart Grid Mission (NSGM)– Project Management Unit (PMU) and Vice Chair, International Smart Grid Action Network (ISGAN).

Hurun Rich List 2021: Meet India's Wealthiest Self-made Entrepreneurs under 40

The IIFL Wealth and Hurun India released the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020, a ranking of the self-made entrepreneurs with a wealth of INR 1,000 crore, aged forty years. These self-made entrepreneurs hail from India.
Media.net's Divyank Turakhia: The 39-year-old topped the Hurun Rich List 2021 with a net worth of Rs. 12,500 crore.
BrowserStack's Nakul Aggarwal: Nakul Aggarwal, co-founder, and CTO of BrowserStack was ranked 2nd in the Hurun's Rich List 2021 by registering a total wealth of Rs. 12,400 crore.
BrowserStack's Ritesh Arora: Ritesh Arora, co-founder, and Chief Executive Officer of BrowserStack has ranked 3rd in Hurun's Rich List 2021 with a net worth of Rs. 12,400 crore.

Paralympian Deepa Malik Joins OYO's Board as Independent Director

Oravel Stays Limited (OYO) appointed the current President of the Paralympic Committee of India (PCI) Deepa Malik as an independent director to its Board.
An Indian athlete and a silver-medalist at the 2016 Paralympic Games, Malik joined OYO in September 2021.
Malik joins the board of OYO that has three other independent directors and one nominee director, besides Ritesh Agarwal who is the chairman.

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