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BUSINESS AND ECONOMY - November 2017

Nov 2017

Sep 10, 2023

360 ONE Launches Global Platform 360 ONE Global, Appoints New Team

360 ONE wealth and alternatives-focused asset management group, earlier known as IIFL Wealth & Asset Management, launched its global platform, 360 ONE Global. It roped in industry veteran Vikram Malhotra as co-founder and Chief Executive Officer (CEO) of the platform.
360 ONE Global will start the business by developing a product and service proposition for offshore wealth and investment advisory to complement the existing platform in the Indian onshore market.
Malhotra has served as the global market head for Global South Asia & Middle East at the Bank of Singapore. He has over three decades of experience across several institutions, including Barclays, UBS, and ABN AMRO, in countries like Singapore, Hong Kong, Dubai and the UK.

Amazon India Inks Pact with 5 States to Empower Persons with Disabilities

Amazon India signed a pact with five state governments to engage with employable Persons with Disabilities (PwDs) and enable their participation in the mainstream workforce.
These states are Haryana, Maharashtra, Gujarat, Karnataka and Tamil Nadu.
The memorandum of understanding which extends until 2026 aims to provide skilling and employment opportunities to PwD candidates in the five states.
With this, Amazon aims to provide PwDs support with on-the-job training, intervention and an environment of acceptance and inclusion.
"The opportunities will be provided across Amazon's Operations Network, that is fulfilment centres, sortation centres and delivery stations for various roles, including stowing, picking, packing, and sorting among other roles.

'Moon Man of India' Mylswamy Annadurai Joins the Board of SS Innovations

Noted scientist Mylswamy Annadurai joined the Board of Directors of SS Innovations. Annadurai also called the 'Moon Man of India' for his contributions to ISRO's Chandrayaan-1 mission, would be the Director of SS Innovations Pvt Ltd and the global firm SS Innovations International Inc.
Annadurai is credited with putting India on the global map. His scientific temper in the field of robotics and new-age technologies like artificial intelligence, machine learning, and sophisticated engineering projects augurs well for SS Innovations.

Sep 09, 2023

Groww Mutual Fund Receives SEBI Approval to Launch Its First Index Fund

Online stock broking firm Groww received the approval of the Securities and Exchange Board of India (SEBI) to launch its first index fund, Groww Nifty Total Markets Index Fund, through new fund offering (NFO).
According to sources, Groww Mutual Fund submitted draft documents with the SEBI on September 5 for the launch of its index fund.

United Breweries Brings on Vivek Gupta as MD & CEO

United Breweries Limited (UBL), part of the Heineken Company, appointed Vivek Gupta as Managing Director and Chief Executive Officer Effective from 25 September.
Gupta has spent more than two decades in leadership and commercial roles at Procter & Gamble (P&G), working across various categories, from everyday consumption to premium ones.
Together with the UBL leadership team, he will be responsible for driving sustainable growth for the company. He will spearhead the premiumisation of UBL's portfolio, including enhancing the iconic status of Kingfisher.

Sep 08, 2023

SBI Card Unveils Additional Features on its Super-premium Card 'AURUM'

SBI Card, India's largest credit card issuer, launched new features of its super-premium card 'AURUM', targeted at the premium section of society, such as high-net-worth individuals. With the enhancements, AURUM cardholders will be able to avail benefits worth up to Rs. 2 lakh annually, based on their spending. The card offers unlimited international lounge access to cardholders, as well as four international lounge visits for accompanying guests. In addition, the card also offers a one-year Club Marriott membership as a welcome gift.
AURUM has been tailored to meet the discerning taste and lifestyle of the globetrotting and high-flying executives who pursue excellence in every aspect of their life. It has become one of the most coveted cards in the super-premium segment.

India Launches 'Hello UPI' and 'Bharat BillPay Connect' for Conversational Payments

In a significant move aimed at enhancing convenience and accessibility for users, the National Payments Corporation of India (NPCI) unveiled two conversational payments initiatives during the Global Fintech Fest. These initiatives, 'Hello UPI' and 'Bharat BillPay Connect,' mark a significant step forward in facilitating seamless digital transactions through natural language conversations.
'Hello UPI' empowers users to conduct payments effortlessly through interactive conversations with their smart phones. Whether it involves splitting a restaurant bill, sending money or settling utility bills, this initiative simplifies the payment process.

Sep 07, 2023

Hitachi Payment Services Launches India's first-ever UPI-ATM with NPCI

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, launched of India's first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM, with the National Payments Corporation of India (NPCI).
According to the company, the ATM offers cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app.
Hitachi Payment Services has been at the forefront of bringing innovative offerings in the payments domain and presently is the only White Label ATM operator to offer Cash Deposit facility. This service can be accessed at more than 3,000 ATM locations.

TCS Signs £800 Million Contract with Digital Unit of JLR

India's largest IT services company Tata Consultancy Services (TCS) signed a £800 million contract with the digital unit of Jaguar Land Rover (JLR), aiming to drive transformation, simplification, and effective management of JLR's digital assets.
This collaboration between the Tata Group companies seeks to forge a cutting-edge technology architecture, aligning with JLR's 'reimagine' strategy.
With a decade-long history of collaboration, TCS has been a trusted partner to JLR Digital, assisting the luxury automaker in optimising its growth and innovation endeavours. The new alliance, valued at 800 million pounds over the next five years, represents an expansion and deepening of this enduring relationship.

IREDA Inks MOUs with Bank of Baroda, Union Bank of India to Fund Renewable Energy Projects

Indian Renewable Energy Development Agency (IREDA) signed a Memorandum of Understanding (MOU) with the Union Bank of India and Bank of Baroda to co-finance renewable energy (RE) projects. Through the agreement, IREDA will collaborate with the banks in co-lending and loan syndication of emerging and established RE projects.
Union Bank of India said that the MOU came into effect immediately and is valid for a period of 5 years. The MOU will be extended if both parties consent. Union Bank said that the collaboration will include co-originating projects including small hydro projects and ethanol projects.

Sep 06, 2023

Pepperfry Elevates Ashish Shah as CEO

Pepperfry, the e-commerce furniture and home goods marketplace, elevated its co-founder, Ashish Shah, to the position of Chief Executive Officer (CEO). This appointment follows the untimely demise of Ambareesh Murty, Pepperfry's co-founder and former CEO.
Shah, who co-founded the company alongside Ambareesh Murty in 2012, brings with him a wealth of experience spanning two decades in the Indian e-commerce landscape.

IDFC First Bank Makes Digital Rupee App Interoperable with UPI QR Codes

IDFC First Bank announced the integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app aimed to enhance the adoption of digital rupee and boost its utilisation.
Being one of the banks that are a part of RBI's CBDC initiative for retail users, this new feature will simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with digital rupee.
The digital rupee is an initiative by the Reserve Bank of India launched last year. This digital form of legal tender is issued by the central bank and shares the essential attributes of physical currency, such as trustworthiness, security, and transaction finality with instantaneous settlement in the digital realm.

Coherent Corp. Picks Chennai for its Global Centre of Excellence in India

Coherent Corp, an American manufacturer of optical materials and semiconductors, signed an agreement with Guidance Tamil Nadu, a state government agency, and IIT Madras Research Park (IITMRP) to establish a global centre of excellence (CoE) in Chennai.
The CoE, the first such by the company, will be set up in the IITMRP campus in Taramani to research and develop products and services for lasers, optical networking components and systems, electric vehicle (EV) batteries, and semiconductor devices. Coherent, which is headquartered in Saxonburg, Pennsylvania, is a global leader in materials, networking, and lasers for industrial, communications, electronics, and instrumentation markets.
The company has research and development (R&D), manufacturing, sales, and distribution facilities in more than 130 locations across over 20 countries.

Bharti Airtel to Acquire 23,000 MWh of Energy for Nxtra Data Centres

Bharti Airtel announced its commitment to purchase 23,000 MWh of renewable energy by Q4 FY 23–24 to power its data centre subsidiary, Nxtra. Airtel will acquire stakes in renewable energy project companies Continuum Green India Pvt. Ltd. and Vibrant Energy Holdings Pte. Ltd. to facilitate this endeavour.
This initiative is aligned with Airtel's goal to reduce its carbon footprint and promote sustainability. Through an open access route, Airtel will acquire stakes in Continuum Green's project company, which will supply green power from solar and wind projects to six Nxtra Edge data centres located in Madhya Pradesh.

Mukesh Ambani, Gautam Adani Top the Fortune India Rich List for 2023

Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion.
With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group held the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stood fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claimed the fifth spot on the India Rich List with a wealth of $23.4 billion.
The Who's Who of India Inc, including the Shiv Nadar family, Azim Premji, Godrej, Bajaj, and Kumar Mangalam Birla, have made it to the top 10 rich list.

SBICAP Securities Appoints Suresh Shukla as Chief Business Officer

SBICAP Securities announced the appointment of Suresh Shukla as its Chief Business Officer, strengthening its top management team. In his new role, Shukla will be at the helm of driving the company's business operations and play a strategic role in spearheading the next level of growth.
With more than 2.5 decades of rich industry experience, Shukla brings an understanding of equity markets, sales and revenue, digital transformation, business strategy, and customer experience. Before joining SBI Securities, he held key leadership positions at Kotak Securities Ltd, where he played a pivotal role in initiating and scaling up businesses, contributing significantly to Kotak Securities' business growth.

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