General Awareness

BUSINESS AND ECONOMY - June 2017

Jun 2017

Oct 31, 2022

RBI Revokes Authorisation Certificate of Chennai-Based GI Technology

The Reserve Bank on Thursday said it has revoked Certificate of Authorisation of Chennai-based GI Technology Private Limited over governance concerns in the company.
The company is in business of issuance and operation of prepaid payment instruments.
"Governance concerns and non-compliance with regulatory requirements" are the reasons for revocation of Certificate of Authorisation (CoA), the central bank said in a statement.
Following the revocation of the CoA, GI Technology cannot transact the business of issuance and operation of prepaid payment instruments, it said.

Dabur Acquires 51% Stake in Badshah Masala for Rs. 587.52 Crore

Dabur India to acquire 51 percent stake in Badshah Masala in a Rs. 587.52 crore deal. Dabur India marks its entry into the fast-growing spices and seasoning category.
The company signed definitive transaction agreements to acquire 51 percent shareholding of Badshah Masala Pvt. Ltd.
Badshah Masala Pvt. Ltd. is a firm engaged in manufacturing, marketing, and export of ground spices, blended spices, and seasoning.
The acquisition is in line with the company's strategic intent of entering into new adjacent categories in the food space.

Oct 30, 2022

Vedanta Arm Wins 10-year Production Sharing Contract for Rajasthan Block

Cairn Oil & Gas, a Vedanta Ltd unit, secured approval from the government to extend the production sharing contract (PSC) for its Rajasthan block for ten years until May 2030. The firm said that this contract extension will spur capex investment and encourage private players entering the sector.
The Rajasthan block is of crucial national significance and is home to a number of technology firsts. The field has been the first in the country to apply micro seismic hydrofrac monitoring technology and has also executed the world's largest jet-pump operation. It is also home to the world's largest enhanced oil recovery (EOR) polymer flood project and the world's largest Alkaline Surfactant Polymer (ASP) project.
The field also marks the starting point of the Mangala pipeline – the world's longest continuously heated and insulated pipeline-that carries crude from the fields of Rajasthan to refineries in Gujarat.

Elon Musk Closes USD 44 Billion Deal to Acquire Twitter

Billionaire Elon Musk completed his USD 44 billion takeover of Twitter and fired the social media company's four top executives, including CEO Parag Agrawal and legal executive Vijaya Gadde.
The Twitter executives who were fired are Agrawal, Gadde, Chief Financial Officer Ned Segal and General Counsel Sean Edgett.
The deal's closing removed a cloud of uncertainty that hung over Twitter's business, employees and shareholders for much of the year.
Agrawal was appointed Twitter CEO in November 2021 after the social media site's co-founder Jack Dorsey had stepped down.

Oct 29, 2022

Shareholders Nod to Ahlem Friga Noy Appointment as Adani Green Director

Shareholders of Adani Green Energy approved the appointment of Ahlem Friga Noy as a director (non-executive, nominee director) in an Extraordinary General Meeting (EGM) of the company.
the board had recommended for the approval of the members for the appointment of Ahlem Friga Noy as a director of the company, from July 27, 2022.
The approval of shareholders for the appointment of a person on the board of directors has to be taken either at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier.
Ahlem had given her consent to act as a director of the company. She is a seasoned public affairs, geopolitical adviser and negotiation expert with 20 years' experience in the public as well as private sector.

Infibeam Avenues Gets RBI in-principle Nod for Payment Aggregator Licence

Infibeam Avenues, which operates CCAvenue, received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). It joins a list of entities who have received the in-principle approval from RBI for a PA licence.
This would enable the company to further expand its reach in multiple business segments for both online and offline digital transactions.
Several payment providers such as Razorpay, Pine Labs, Stripe, 1Pay, Innoviti Payments, MSwipe, and a few others have received in -principle nod from the RBI for a PA license. More players are also expected to get the central bank's nod for a PA license.

Oct 28, 2022

Coca-Cola's Sprite Becomes Billion-dollar Brand in Indian Market

Global soft drinks major Coca-Cola's lemon and lime-flavoured soft drink Sprite became a billion-dollar brand in the Indian market.
The company recorded a strong volume growth in its India business in the third quarter of 2022, helped by its sparkling soft drinks portfolio and fruit drink brand Maaza.
India is the fifth largest market for Coca-Cola globally.

Indian Bank Offers Bouquet of Digital Products under Project Wave

Public sector lender Indian Bank rolled out six new digital initiatives under 'Project WAVE' for enhancing customer experience through integrated services on its digital platform.
The new products were rolled out by the bank MD & CEO S.L. Jain in the presence ED Imran Amin Siddiqui and Universal Sompo General Insurance Co. Ltd., MD & CEO Sharad Mathur in Chennai.

Jakson Green to Invest Rs. 22,400 cr in Green Hydrogen Project in Rajasthan

Jakson Green to invest Rs. 22,400 crore to set up green hydrogen and green ammonia project in Rajasthan. The Jakson Green company signed an MoU with the Government of Rajasthan to this effect. Jakson Green will set up a 3,65,000 tons per annum Green Hydrogen and Green Ammonia plant along with an integrated hybrid renewable power complex in phase wise manner.
The project initiated by Jakson Green and Rajasthan Government is expected to generate over 32,000 direct and indirect employment opportunities across various phases of the scale-up.
The MoU was signed by Vish Iyer, Global Chief Commercial Officer, Jakson Green, and Bhaskar S. Sawant, Principal Secretary of Energy to the Government of Rajasthan.
The government of Rajasthan would facilitate Jakson Green in obtaining necessary registrations, approvals, and clearance, and provide incentives.

Oct 27, 2022

Tata Steel's Dutch Arm Signs MOU to Supply Ford with Green Steel

Tata Steel's Dutch arm plans to supply Ford plants in Europe with green steel after 2030, under a preliminary agreement reached by the two companies.
Tata plans to start producing green steel - or steel made without using fossil fuels - in 2030 at its plant in Ijmuiden, Netherlands.
The Memorandum of Understanding signed between Tata and Ford of Europe does not oblige Ford to buy a specified amount of steel at a specified price.
Separately, Ford also signed supply MOUs with Tata, ThyssenKrupp and Salzgitter to supply "low carbon" steel for use in manufacturing the new electric crossover model it plans to start producing in Cologne next year.

Hero MotoCorp Partners with Terrafirma Motors to Enter Philippines

Two-wheeler maker Hero MotoCorp announced its plans to enter the Philippines for which it has partnered with Terrafirma Motors Corporation for assembly and distribution of its vehicles.
A part of the Columbian Group of Companies, Terrafirma Motors Corporation (TMC) would be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines.
Currently, Hero MotoCorp has presence in 43 countries in Asia, Africa, the Middle East, and South and Central America. It has eight manufacturing facilities, including six in India, and one each in Colombia and Bangladesh.

IRDAI Forms 24-member Panel to Develop Insurance Cover for Rural Population

The Insurance Regulatory and Development Authority of India (IRDAI) set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population.
While the proposed cover would be a benefit based / parametric structure, called Bima Vistaar, IRDAI also asked the panel, headed by Thomas M. Devasia, Member (non-life) IRDAI, to recommend a regulatory framework for the cover.
The insurance regulator also asked the committee to develop and suggest constitution and operation of a preferably, women centric distribution channel to focus on reaching untapped/ rural areas – Bima Vahak – and recommend the regulatory framework.
The committee would explore and recommend on how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar and the digital platform – Bima Sugam.

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