General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Sep 12, 2018

National Fund Set to Buy IDFC Infra Debt Fund

The National Investment and Infrastructure Fund (NIIF), in which Abu Dhabi Investment Authority and Temasek are investors, is close to purchasing IDFC Infrastructure Finance, a dedicated debt infrastructure fund, for around Rs. 1,000 crore.

The purchase will help India's first sovereign fund rustle up debt for infrastructure projects, while equity will be provided by the NIIF's master fund of Rs 14,000 crore. NIIF is a joint venture with India owning 51% and the rest by sovereign funds and other local banks.

TGBL Integrates Global Operations

Tata Global Beverages Ltd. has merged its operations across international geographies into a single unit. The company has identified back office processes in human resources, finance and operations, for outsourcing to Tata Consultancy Services.

GAIL, EIL, Container Corp May be Replaced

The Finance Ministry is likely to replace GAIL, Engineers India Ltd (EIL) and Container Corporation with new PSUs in the CPSE Exchange Traded Fund (ETF) since the government holding in these companies has fallen below 55 per cent.

CPSE ETF, which functions like a mutual fund scheme, comprises scrips of 10 bluechip PSUs namely ONGC, Coal India, IOC, Oil India, PFC, Bharat Electronics, REC, GAIL, EIL and Container Corporation of India.

Sep 11, 2018

India's Share in Asia-Pacific's GDP Rises

According to a report released by ADB, India's share in the GDP of Asia and Pacific region has increased to 17.3 per cent in 2017 from 14.6 percent in 2000.

As per the ADB's report on 'Key Indicators for Asia and the Pacific 2018', the Asia and Pacific region accounts for more than two-fifths of the share of global GDP in PPP (Purchasing Power Parity) terms.

Three Projects Launched Via Video Link

Three projects were jointly inaugurated by Modi, his Bangladesh counterpart Sheikh Hasina and Chief Ministers of West Bengal and Tripura, Mamata Banerjee and Biplab Deb respectively.

The projects are 500 MW additional power supply from India to Bangladesh through the existing Bheramara (Bangladesh)-Baharampur (India) interconnection; Akhaura-Agartala rail link; and rehabilitation of the Kulaura-Shahbazpur section of Bangladesh Railways.

Sun Pharma Arm to Acquire Israeli Firm

Drug major Sun Pharma said it has agreed to acquire 18.75% shares of Israel-based Tarsius Pharma for a cash consideration of $3 million (over Rs. 21 crore). One of the company's wholly-owned subsidiaries has agreed to acquire 3,45,622 ordinary shares of Tarsius Pharma, of nominal value of NIS (or New Israel Shekel) 0.01 each by way of subscription, representing 18.75% of shares of Tarsius.

India May Overtake China

As per reports, India is set to gain the top slot in farmed shrimp production, overtaking China in 2019-20.

India overtook China in shrimp exports last year.

Bajaj Allianz Life Forays into Health Insurance

Bajaj Allianz Life Insurance Company has forayed into the health insurance segment with the launch of a critical illness cover.

Under the Bajaj Allianz Life Health Care Goal, the new product, a family of up to six members can be covered in a single policy with one premium.

Sep 09, 2018

Axis Bank's Next MD and CEO

Axis Bank has announced the appointment of Amitabh Chaudhry as its new managing director and chief executive officer (CEO) from January 1, 2019.

Chaudhry will take over from outgoing MD & CEO Shikha Sharma, after she demits office on December 31, 2018.

Presently, Chaudhry heads HDFC's life insurance arm, HDFC Life, as its MD and CEO.

Department of Posts to Set Up Insurance Company

The Department of Posts is working to set up an insurance company after launching of a payments bank and the parcel directorate.

Department of Posts has decided to set up insurance firm as a special business unit in two years.

At present, the postal department offers one of the oldest life insurance schemes for benefit of government and semi-government employees-Postal Life Insurance (PLI), which was introduced in 1884.

Sep 08, 2018

NuMetal Can Bid for Essar Steel

The National Company Law Appellate Tribunal (NCLAT) ruled as eligible the second bid of Russian VTB Bank-promoted consortium NuMetal for debt-ridden Essar Steel. And, rival bidder ArcelorMittal would have to first clear all the dues of Uttam Galva and KSS Petron, in which it holds stakes, to become eligible to bid for the steelmaker.

Banks Fined for Delay in Fraud Detection

The Reserve Bank has imposed a total penalty of Rs. 3 crore (Rs. 1 crore each) on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts.

India to Manufacture Two-seater Aircraft

State-run National Aerospace Laboratories (NAL) of the Council of Scientific and Industrial Research (CSIR) has tied up with Delhi-based Mesco Aerospace to develop two-seater Hansa-NG aircraft.

The agreement between the companies to design, develop, produce and market the Hansa-Next Generation (NG) aircraft will ease the availability of indigenous aircraft for pilot training.

Paytm Enables Visa Credit Card Payment

Digital payments platform Paytm has tied up with global payment service provider Visa to enable credit card payments through its mobile app.

Paytm has also integrated BHIM UPI on the app for the customer to source funds to make credit card bill payments.

11 CPSEs Shortlisted for Buyback

The Finance Ministry has shortlisted about a dozen companies, including Coal India, NTPC, Nalco and NMDC, for a possible buyback of shares in the ongoing financial year.

The other companies which are in the list include NLC, BHEL, NHPC, NBCC, SJVN, KIOCL and Hindustan Aeronautics.

Sep 07, 2018

Monetary Limit Doubled for Debt Recovery Cases

The Union government doubled the pecuniary limit to Rs. 20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRTs) by banks and financial institutions, to help reduce pendency of such cases. As a result, any bank or financial institution or a consortium of banks or financial institutions cannot approach DRTs if the amount due is less than Rs. 20 lakh.

Transport Subsidies for Industrial Units

A state-level committee, headed by the Industries' Director, has approved transport subsidies worth Rs. 176 crore for industrial units in Himachal Pradesh for 2015-16.

Mitsubishi Arm Invests in Shriram SPV

Japan's Mitsubishi Corporation, through its investment arm, DRI India Co. Ltd., has made its maiden foray into India's real estate sector by investing Rs. 180 crore in an ongoing residential development project of Shriram Group.
The Mitsubishi arm has picked up 70% stake in Shriram Park 63, the special purpose vehicle (SPV). The project is located at Perungalathur on the GST Road near Chennai.

Temasek Inks Pact to Invest in NIIF

Singapore-based global investment firm Temasek has signed an agreement to invest up to $400 million in the National Investment and Infrastructure Fund (NIIF) of India with an option for co-investment with NIIF in the future.
As part of the agreement, Temasek will join the Government of India, Abu Dhabi Investment Authority (ADIA), HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank as an investor in NIIF's Master Fund and as a shareholder in National Investment and Infrastructure Limited, NIIF's investment management company.

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