General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Apr 13, 2018

HCL and SEP Ally to Buy Actian

HCL Technologies and Sumeru Equity Partners (SEP) have signed a definitive agreement to acquire Actian Corporation in an all-cash deal valued at $330 million.
HCL will own 80% while SEP will own approximately 20% stake in the JV.
Palo Alto, U.S.-based Actian is a hybrid data management, cloud integration and analytics solutions provider.

India and Morocco Sign Pact

India has inked a pact with Morocco under which the focus would be laid on evaluation of potential mineral resources and promoting exploration and mining through participation of both public and private sectors.
An MoU in the field of Mining and Geology for a period of 5 years was signed.

March CPI Inflation Eases

According to government data, India`s annual retail inflation eased for the third straight month in March to 4.28 mainly driven by cooling down in prices of food.

Boeing Joins Hands with HAL and Mahindra

Eying the mega IAF contract for 110 fighter jets, Boeing has announced a partnership with PSU Hindustan Aeronautics Limited (HAL) and Mahindra Defence Systems (MDS) for manufacturing the F/A-18 Super Hornet in India.
The US aerospace major said that the partnership will also work for joint development of future technologies in India, saying it will transform India's aerospace and defence ecosystem.

Apr 12, 2018

Saudi Aramco Signs Deal for Indian Refinery Complex

Saudi Aramco, the world's biggest oil company, announced a $44-billion deal to build a giant refinery complex in India with three Indian firms.

The refinery at Ratnagiri on the west coast will handle up to 1.2 million barrels of oil a day.

The three Indian firms with whom the Saudi company has signed a memorandum of understanding are: Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

The project cost is estimated at around $44 billion.

Kalyani, Russia's UVZ Ally to Produce Battle Tank Parts

The Kalyani Group and JSC Research and Production Corporation 'Uralvagonzavod' (UVZ) of Russia have decided to form a strategic partnership for delivery of components for assembly, service and repair of 125-mm smoothbore gun to be used in repair and modernisation of T-72 and T-90 tanks.

UVZ is one of the largest scientific and industrial complexes in Russia and one of the world's largest main battle tank manufacturers.

VA Tech Wabag Bags Government Orders

VA Tech Wabag Ltd. a leader in the Indian water treatment technology market, has bagged a Rs. 147-crore order from Bihar Urban Infrastructure Development Corp. Ltd., under the National Mission for Clean Ganga (NMCG) to design, build and operate a 60 MLD sewage treatment plant at Pahari, Patna.

The project will be jointly financed by the World Bank and the NMCG.

Wabag also won a repeat order for Rs. 83 crore to design, build and operate a 124-MLD water treatment plant from the Kolkata Metropolitan Development Authority.

The company has also secured an order worth Rs. 290 crore from HPCL-Mittal Energy Ltd. for an effluent treatment plant at the Guru Gobind Singh Refinery in Punjab.

Apr 11, 2018

NASSCOM's New Chairman for 2018-19

IT industry body Nasscom has appointed Wipro Chief Strategy Officer and Board member Rishad Premji as its Chairman for 2018-19.

Besides, Nasscom has appointed WNS Group CEO Keshav Murugesh as the Vice Chairman for the year 2018-19.

Rishad Premji succeeds Raman Roy, Chairman and Managing Director of Quatrro Global Services.

Iran Agrees to Take OVL's Farzad-B Gas

Iran has agreed to take the gas produced from Farzad-B field, discovered by ONGC Videsh Ltd. in the Persian Gulf, but differences remain over returns on investments made by the Indian firm.

Jet Drops Out of AI Divestment Process

Jet Airways said that it would not be participating in the Air India disinvestment process.

Jet Airways is the second domestic airline after IndiGo to make such a decision in less than a week.

The strategic stake sale of loss-making Air India as well as its two subsidiaries seems to be hitting air pockets with the two potential bidders deciding to keep away citing the contours of the process.

Blockchain Job Postings in India

As per a report, cryptocurrency or blockchain related jobs have seen a significant increase across metro cities in India with Bengaluru leading the blockchain job creation.

According to leading global job site Indeed, Bengaluru is the leading city for those seeking job opportunities in the blockchain sector, with over 36 per cent of all the blockchain job postings in India. Bengaluru is followed by Mumbai, Hyderabad, Pune and Chennai.

Liebherr Appliances to Start Aurangabad Plant Next Month

Liebherr Appliances India, a subsidiary of Switzerland's Liebherr-Hausgeräte GmbH, will start operations at its Aurangabad manufacturing plant in May and target 100 cities in southern India to sell its refrigerators.

The company would partner with major dealers and retail chains in south Indian cities and aim to garner 40% of its Indian sales from the region.

GST E-way Bills for Intrastate Goods

The roll out of e-way bill system for intrastate movement of goods in five states will be made operational from April 15.

E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal).

Movement of goods of more than INR 50,000 in value cannot be made by a registered person without an e-way bill.

The following are the five states where the e-way bill system for intrastate movement of goods will be implemented: Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh.

Apr 10, 2018

EESL and BRPL Tie up to Promote Energy Efficiency

State-owned Energy Efficiency Services (EESL) and BSES Rajdhani Power (BRPL) have entered into a strategic partnership to promote energy efficiency and renewables among over 24 lakh consumers in South and West Delhi.
The scope of this association will cover developing technologies like solar power, roof top solar, smart meters, electric vehicles (EV) / charging stations, solar irrigation pumps and energy storage solutions.

Xiaomi Opens Smartphone Units in India

China's technology firm Xiaomi has set up three new smartphone manufacturing units in India, taking the total number of units to six in the country.
The firm is also hosting its global component suppliers to showcase opportunities in India. These suppliers could potentially bring in as much as Rs. 15,000 crore in investment while creating as many as 50,000 jobs.

Bank of India to Wind up Dubai Office

Bank of India (BoI) will wind up its representative office in Dubai. The proposal has been approved by the central bank of the United Arab Emirates (UAE).
BoI did not disclose the reason for the move which comes in the backdrop of the Centre's plans to consolidate overseas operations of public sector banks (PSBs).
PSB have about 165 overseas branches besides subsidiaries, joint ventures and representative offices.

Apr 09, 2018

Swiss Aviation Advisory Firm Interested in Air India

According to a senior official in the Ministry of Civil Aviation, global advisory firm Swiss Aviation Consulting has expressed interest in acquiring Air India.

Founded in 2005, the Hunenberg-headquartered firm has affiliates in the UAE, Malaysia and South Africa.

The company's keenness to buy Air India was shared with the Ministry of Civil Aviation months before the Centre formally invited bidders to participate in the disinvestment process.

The last date for submission of the EoI is May 14 and intimation to qualified interest bidders would be made on May 28.

SBI and PNB Put 15 NPAs for Sale

Leading public sector lenders State Bank of India (SBI) and Punjab National Bank (PNB) have put up their 15 non-performing assets worth Rs. 1,063 crore for sale. Both the banks said that they would conduct the e-auction on April 20.

SBI has put up 12 accounts with total outstanding of Rs. 848.54 crore for sale. PNB will offer three NPA accounts with total outstanding of Rs. 214.45 crore for sale to ARCs, NBFCs, banks or other financial institutions.

Tata Chemicals to Buy Allied Silica

Tata Chemicals entered into a business transfer agreement with Allied Silica Ltd. to acquire its business of precipitated silica for a consideration of Rs. 123 crore on a slump sale basis.

The deal is expected to be closed within three months. This acquisition is a part of the Rs. 295 crore investment approved by the Board in February 2017, towards this speciality business. This agreement included the acquisition of an existing manufacturing site in Tamil Nadu to produce Highly Dispersible Silica (HDS).

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