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BUSINESS AND ECONOMY - February 2017

Feb 2017

Nov 24, 2020

Singapore and Saudi Companies Push Indian Solar Tariffs to Record Low

  • The Indian units of Singapore-based Sembcorp Industries Ltd and Saudi Arabia-based Aljomaih Holding Co won government auctions to sell solar power for a record low of 2 rupees ($0.0270) per kilowatt hour (kWh).
  • The tariff represented a discount of nearly a sixth from the lowest bid for solar power of 2.36 rupees in the auctions conducted by Solar Energy Corp of India Ltd (SECI) in June.
  • India, the world's third-biggest greenhouse gas emitter, has set a target of raising its renewable energy to 175 gigawatts (GW) by 2022 from about 90 GW now.
  • Sembcorp's Indian unit Green Infra Wind Energy Ltd will operate a solar plant with a capacity of 400 megawatts (MW), while Aljomaih Energy and Water Co will construct a 200 MW plant, a screen grab of the results of the auctions conducted by state-run Solar Energy Corp of India Ltd (SECI) showed.

Alpha Bank Picks Davidson Kempner as Preferred Bidder for $12 Billion Bad Loans

  • Greek lender Alpha Bank has selected U.S. investment fund Davidson Kempner as its preferred bidder to buy a $12 billion portfolio of non-performing loans in what will be Greece's largest-ever sale of bad debt.
  • The portfolio, known as Galaxy Project and worth 10.8 billion euros ($12.81 billion), also includes the disposal of Alpha's bad loan servicing unit, Cepal.
  • Davidson Kempner has valued the assets at about 290 million euros, trumping a rival offer by U.S. investment giant Pacific Investment Management Company (PIMCO).
  • The sale, which is expected to be finalised by the end of 2020, is the most significant attempt by a Greek bank to clean up its balance sheet amid fears that the proportion of soured loans to businesses and individuals will surge as a consequence of the COVID-19 crisis.

EbixCash Acquires AssureEdge Global

  • Cross-border remittance and financial services player EbixCash has acquired 70% stake in AssureEdge Global Services, a Business Process Outsourcing (BPO) firm — eyeing sales synergies amid growing demand for insurance in India.
  • The company said that AssureEdge CEO and founder Bhupesh Tambe will continue to lead the firm with a 30% stake.
  • The BPO, which currently has 1,800 employees, will be rebranded as EbixCash Global BPO Services.
  • AssureEdge can serve to handle fulfillment, collections and last-mile delivery for EbixCash, as we converge it with our EbixCash financial and insurance technology platforms. 

Twenty-two Billion Barrels of Crude Oil Discovered in Abu Dhabi

  • An estimated 22 billion barrels of non-conventional and recoverable crude oil has been discovered in Abu Dhabi, the capital of the United Arab Emirates (UAE).
  • In the announcement, Abu Dhabi's Supreme Petroleum Council (SPC) said that the latest major onshore discovery could increase the country's conventional oil reserves by 2 billion barrels.
  • The SPC also approved on the same day to increase the capital investment in Abu Dhabi National Oil Company to 448 billion dirhams ($122 billion) from 2021 to 2025.

India Subjecting FDI Proposals from Hong Kong

  • As per reports, India is subjecting foreign investment proposals from Hong Kong at par with China as part of a new policy that makes approval mandatory for plans from countries that share a land border.
  • Nearly 140 investment proposals valued at over $1.75 billion, mostly from China and Hong Kong have been put on hold pending scrutiny.
  • Amid a border standoff with China, the Indian government tightened rules for foreign direct investment from all nations sharing a land border, making scrutiny mandatory for such investments, a restriction that was earlier applicable only to Pakistan and Bangladesh.
  • The delays may complicate deal-making and impact the flow of capital from private equity firms and hedge funds, which often include investors domiciled in China or Hong Kong. This may starve Indian companies of investment in the midst of the pandemic-induced economic contraction.

Nov 23, 2020

Indian Overseas Bank Expects Resolution of NPAs in Second Half of FY21

  • State-owned Indian Overseas Bank (IOB) expects resolution of about Rs. 18,000 crore of non-performing assets (NPAs) under the insolvency and bankruptcy process during the second half of the current fiscal, a move that will boost its bottom line.
  • Besides, the Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal.
  • On the back of resolution and pick up in advances, the bank aims to bring down the gross NPAs below 10 per cent mark by March.

RBI Becomes only Central Bank in World to Get a Million Followers on Twitter

  • With one million Twitter followers, the Reserve Bank of India has become the first central bank in the world to reach this milestone.
  • The Reserve Bank of India (RBI) has beaten the US Federal Reserve and European Central Bank on Twitter by emerging as the most popular central bank on the microblogging site with one million followers.
  • As per the latest information available on the RBI's twitter handle '@RBI', the number of followers has increased from 9.66 lakh in September 2020 to one million or 10 lakh.
  • In contrast to this, the world's most powerful central bank, the US Federal Reserve, has only 6.67 lakh Twitter followers and the Frankfurt-headquartered European Central Bank (ECB), the second most powerful monetary authority in the world, has 5.91 lakh followers.

Centre Okays Grant for Food Processing Projects

  • The government approved a grant of Rs. 107.42 crore for implementing 28 food processing projects spread over 10 states that are likely to generate jobs for nearly 10,000 people. 
  • A decision in this regard was taken in the virtual meeting of the Inter-Ministerial Approval Committee (IMAC) chaired by Food Processing Industries Minister Narendra Singh Tomar.
  • The committee considered the projects applied through a unit scheme of Creation and Expansion of Food Processing and Preservation Capacities (CEFPPC) under the Pradhan Mantri Kisan Sampada Yojana (PMKSY) for necessary grants-in-aid.     
  • The projects will create a processing capacity of 1,237 tonne daily and are spread across the states of Madhya Pradesh, Gujarat, Uttar Pradesh, Maharashtra, Jammu and Kashmir, Karnataka, Tamil Nadu, Uttarakhand, Assam, and Manipur.         

Bharti Airtel to Acquire Stake in Avaada MHBuldhana

  • Bharti Airtel would acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs. 4.55 crore in an all-cash deal.
  • Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.
  • It is a subsidiary of Avaada Energy Private Limited (AEPL).
  • AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and the first independent power producer to cross 1 GW installed capacity milestone in India.

Nov 22, 2020

PM Modi, Bhutanese PM Jointly Launch Rupay Card Phase-2

  • Prime Minister Narendra Modi along with his Bhutanese counterpart Lotay Tshering launched RuPay card Phase-II that will allow Bhutanese card holders to access the RuPay network in India.
  • The Prime Ministers of both the countries had jointly launched Phase-I of the project during Modi's state visit to Bhutan in August last year.
  • The implementation of Phase-I of RuPay cards in Bhutan has enabled visitors from India to access ATMs and Point of Sale (PoS) terminals across Bhutan.
  • Phase-II will now allow Bhutanese card holders to access RuPay network in India.
  • The RuPay card is an Indian debit and credit card payment network, with acceptance at ATMs, POS devices and e-commerce websites.

Karnataka Eyes 50% of $100 Billion Bioeconomy by 2025

  • Karnataka has set a target of achieving 50 per cent market share of the $100-billion national bio-economy by 2025.
  • "The state has been at the forefront of harnessing biotechnology over the past two decades" said Chief Minister B.S. Yediyurappa at the Bengaluru Tech Summit.
  • Bioeconomy is an activity involving the use of biotechnology in the production of goods, services or energy from biological material as the primary resource base.

Govt. Okays Subsidised Loans for Micro-irrigation Projects

  • The Union Agriculture Ministry gave nod for subsidised loans worth Rs. 3,971.31 crore for implementing micro-irrigation projects.
  • The interest subvented loans are being offered under Micro Irrigation Fund (MIF) created with National Bank for Agriculture and Rural Development (NABARD) for implementing micro-irrigation projects.
  • This fund with a corpus of Rs. 5,000 crore was operationalised in the 2019-20 fiscal with an objective to facilitate states in availing subsidised loans for expanding coverage of micro irrigation.
  • Out of this, maximum loan of Rs. 1,357.93 crore has been approved for Tamil Nadu, followed by Rs. 790.94 crore for Haryana, Rs. 764.13 crore for Gujarat, Rs. 616.13 crore for Andhra Pradesh, Rs. 276.55 crore for West Bengal, Rs. 150 crore for Punjab and Rs. 15.63 crore for Uttarakhand.

India Signs Agreement with World Bank for Meghalaya Transport Project

  • India and World Bank signed 120 million USD to modernise transport sector in the state of Meghalaya. The project aims to improve 300 km of strategic road segment through climate resilient and nature-based solutions.
  • The project will help Meghalaya to emerge as the major connecting hub of trade with border countries such as Nepal, Bhutan and Bangladesh. The project will cater small scale industries, agriculture areas, tourism, health and education centres. Currently, around 5,362 habitations in Meghalaya lack transport connectivity. It will increase access to health facilities. More than 500,00 inhabitants of the state will benefit in the state. The project is expected to generate direct employment of 8 million person days.
  • The project will act as a boost to "Restart Meghalaya Mission".
  • The Restart Meghalaya Mission was launched in August 2020 on the occasion of the 74th Independence Day. Around six projects were announced under the mission. A total investment of Rs. 8,753 crores is to be used for infrastructure projects. The mission will construct 13 major roads at a cost of Rs. 850 crores. Under the mission, 400 agricultural entrepreneurs are to be provided with power tillers at subsidised rates. The mission will also develop tourism.

Mphasis Gains after Acquiring UK-based Datalytx

  • Mphasis gained 1.93% to Rs. 1,325.55 after the IT company announced the acquisition of Datalytx, a leading next-gen data engineering and consultancy company.
  • Mphasis through its wholly owned subsidiary, Mphasis Consulting, acquired Datalytyx for consideration up to GBP 13.3 million. Datalytyx is a leading UK-based, Snowflake and Talend partner specializing in Next-Gen Data Engineering and consultancy company.
  • Mphasis said that the acquisition is expected to provide access to strengthen company's next-gen Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services. The acquisition also provides access to highly skilled data professionals and sales professionals thereby creating an offshore pool of Snowflake and Talend expertise.

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.
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