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BUSINESS AND ECONOMY - February 2017

Feb 2017

Apr 26, 2021

Seven-point Action Plan 'ONGC Way Forward'

  • The petroleum ministry has told India's largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
  • Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, 'ONGC Way Forward' that would help the firm raise oil and gas production by one-third by 2023-24.

Apr 25, 2021

Accenture India Head Rekha Menon to Take over as NASSCOM Chairman for FY2

  • The National Association of Software and Services Companies (NASSCOM), the information technology service body appointed Rekha M Menon, Chairperson and Senior Managing Director at Accenture in India as its Chairperson for 2021-22.
  • Menon succeeds U B Pravin Rao, Chief Operating Officer, Infosys, who served as Chairman of NASSCOM for the year 2020-21. NASSCOM named Krishnan Ramanujam, President and Head of Business & Technology Services, Tata Consultancy Services as the Vice Chairperson for this financial year.
  • Menon is the first woman to take on the role of Chairperson for NASSCOM in the association's 30-year history.

South Africa's FirstRand Bank to Exit India after 12 Years

  • Close on the heels of Citigroup's decision to exit retail banking business in India, South Africa's second largest bank - FirstRand Bank - with $118 billion in assets is the latest foreign bank to exit India. The news was broken to FirstRand staff in Mumbai - its only branch. FirstRand's exit is the second retreat by a foreign lender in India within a week after US giant Citibank announced plans to sell its consumer banking business in 13 markets, including India late last week. FirstRand India is a licensed financial services provider in India and operates as a "branch" of FirstRand Bank South Africa. In 2019, FirstRand Bank completed 10 years of operations in India under its corporate and investment banking franchise. According to FirstRand's Bank India's annual report (2019-20), its deposits stood at Rs. 318 crore and advances at Rs. 420 crore at the end of March 2020. Its investment book was of Rs. 1,208 crore.

Apr 24, 2021

Tata Steel Takes Liberty Steel to Court in UK over Missed Payments

  • Indian steel major Tata Steel has filed a commercial court claim in the UK against British Indian steel tycoon Sanjeev Gupta led GFG Alliance, which owns Liberty Steel, over alleged missed payments from an acquisition dating back to 2017.
  • Liberty Steel had stepped in to acquire Tata's Speciality Steels business employing more than 1,700 people in Yorkshire, Lancashire and the West Midlands in an estimated 100 million pounds deal, which Tata Steel announced as complete in May 2017.
  • Now, it has emerged that payments have been missed in that transaction resulting in Tata launching proceedings against Liberty Speciality Steels, Liberty House Group PTE and Speciality Steel UK all parts of GFG Alliance.

Torrent Power Bags 300 Mw Long-term Solar Power Generation PPA

  • Ahmedabad-based Torrent Power Limited has been awarded a long-term power purchase agreement (PPA) for 300 Mw capacity of solar power generation to be set up in Gujarat. The PPA was awarded from its licensed distribution business unit towards fulfilment of its renewable purchase obligation (RPO).
  • To be commissioned within 18 months from the date of execution of the PPA, the project will have a tariff of Rs. 2.22/ kWh for a period of 25 years. According to Torrent Power, the cost involved in the project is about Rs. 1,250 crore.
  • Having entered the renewable energy space with a 50 Mw wind power plant in 2012, Torrent Power has to date implemented various renewable projects aggregating to around 786.5 Mw (648.5 Mw wind project and 138 Mw solar projects).

Tiger Global Makes its First India Cryptocurrency Firm Investment

  • CoinSwitch Kuber, an Indian cryptocurrency investment platform, has raised $25 million (Rs. 181 crore) in a Series B round of funding from Tiger Global Management, at a valuation of over $500 million.
  • This marks the New York-based Tiger Global's first investment in an Indian cryptocurrency company. This also makes CoinSwitch the highest-funded cryptocurrency player in India. It sets CoinSwitch on the growth trajectory of global cryptocurrency platforms like Coinbase and Binance in the Indian market.

Apr 23, 2021

Dish TV Promoter Jawahar Goel Pledges Shares to Rescue Essel Group

  • Jawahar Goel, promoter and managing director of Dish TV, has offered a substantial portion of his equity in the firm as security for the credit facilities availed of by the Essel Group, Subhash Chandra, chairman and group promoter, said.
  • Chandra's statement acquires significance as the group has struggled with debt for a while. Dish TV is a direct-to-home (DTH) company, and the stake of the promoter family – led by Goel, who is Chandra's brother – stands at 7.3 per cent.
  • However, this promoter stake has been pledged to lenders, who have been revoking shares — in just a year, the stake has fallen from nearly 55 per cent to 7.3 per cent. Consequently, pledged shares as a percentage of total equity have dropped to 3.74 per cent from 51 per cent.
  • Lenders such as YES Bank are now among the key shareholders in Dish TV, holding 24.2 per cent in the firm. Deutsche Bank, Housing Development Finance Corporation (HDFC), and IndusInd Bank hold 6.2 per cent, 4.7 per cent, and 3.8 per cent, respectively.

Tata Steel-HSBC Do Blockchain-enabled Paperless Trade Deal

  • Tata Steel, along with HSBC, has executed a blockchain-enabled paperless trade transaction. According to the company, this is a global first for the steel industry.
  • The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE.
  • The end-to-end paperless transaction, executed over the Contour platform, was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The letter of credit was issued by HSBC UAE for Univ¬ersal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).
  • This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.
  • Tata Steel has also signalled its intent to explore similar opportunities in other geographies as well.

South Africa's FirstRand Bank to Exit India after 12 Years

  • Close on the heels of Citigroup's decision to exit retail banking business in India, South Africa's second largest bank - FirstRand Bank - with $118 billion in assets is the latest foreign bank to exit India. The news was broken to FirstRand staff in Mumbai - its only branch. FirstRand's exit is the second retreat by a foreign lender in India within a week after US giant Citibank announced plans to sell its consumer banking business in 13 markets, including India late last week. FirstRand India is a licensed financial services provider in India and operates as a "branch" of FirstRand Bank South Africa. In 2019, FirstRand Bank completed 10 years of operations in India under its corporate and investment banking franchise. According to FirstRand's Bank India's annual report (2019-20), its deposits stood at Rs. 318 crore and advances at Rs. 420 crore at the end of March 2020. Its investment book was of Rs. 1,208 crore.

Atanu Chakraborty Appointed as the Part-time Chairman of HDFC Bank

  • The Reserve Bank of India has approved appointment of Atanu Chakraborty as the Part-time Chairman of HDFC Bank.
  • The bank in an exchange filing said that the central bank has approved the appointment of Mr. Atanu Chakraborty as the Part Time Chairman of the Bank for a period of 3 years.
  • Chakraborty is a seasoned bureaucrat and last served as the economic affairs secretary until his superannuation on 30 April. He served the Government of India, for a period of thirty five years, as a member of Indian Administrative Service (IAS) in Gujarat cadre.

Ola Electric to Set up World's Largest EV Two-wheeler Charging Network

  • Ola Electric revealed its plans to set up the world's largest electric two-wheeler charging network. SoftBank-backed Ola Electric plans to provide charging solutions to all its electric two-wheeler customers. It unveiled the Ola Hypercharger Network, the charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched in the coming months.
  • The Ola Hypercharger Network will be the widest and densest electric two-wheeler charging network in the world, with more than 100,000 charging points across 400 cities. In the first year alone, Ola is setting up over 5,000 charging points across 100 cities in India, more than double the existing charging infrastructure in the country. Ola along with its partners would set it up at an estimated cost of $2 billion over a period of five years.

Apr 22, 2021

Pankaj Gupta Quits as Google Pay Engineering Head

  • Pankaj Gupta is leaving Google Pay after leading the company's engineering in India and Asia-Pacific at a time when it competing with rivals for a share in the financial services market.
  • Google Pay competes with players such as Walmart-owned PhonePe, Amazon Pay, and Alibaba-backed Paytm, which are also making significant inroads into the financial services market as well as payments.
  • An alumnus of Stanford University and IIT-Delhi, Gupta was the founder and CEO of Bengaluru-based Halli Labs that sepcialised in artificial intelligence and machine learning. He joined Google after it acquired Halli Labs in 2017. He headed all engineering in APAC for Google Tez (now called Google Pay India) right from launch. He also headed global engineering across countries for Google Pay Consumer Products.

DCB Acquires Stake in NBFC Techfino Capital

  • DCB Bank acquired 9 per cent stake in non-banking financial company Techfino Capital which is engaged in providing technology-based education and healthcare loans.
  • Techfino is a Bengaluru based non-banking financial company (NBFC) which using its modern technology platform to provide customised consumer loans in education and healthcare sectors.
  • DCB Bank and Techfino complement each other's strengths, and this is an opportunity for both organisations to grow the customer franchise.

Merger of TV18 Broadcast, Hathway, Den Networks into Network18 Called Off

  • A year after announcing the merger of Den Networks, TV18 Broadcast and Hathway Cable & Datacom into Network18 Media, Mukesh Ambani-led Reliance Industries (RIL) called off the transaction.
  • Den Networks, a cable distribution company owned by RIL, said that it had decided against proceeding with the composite scheme of arrangement in which it was to merge into Network18 along with its sister concerns.
  • The development comes within a month of an offer for sale (OFS) launched by RIL to pare its stakes in Den and Hathway. RIL subsidiaries were looking to offload 19.1 per cent in Hathway and 11.63 per cent in Den for Rs. 853 crore and Rs. 269 crore, respectively.
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