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BUSINESS AND ECONOMY - December 2017

Dec 2017

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.

Oct 26, 2022

Netherlands Becomes India's Third-largest Export Market

The export pecking order changed dramatically this fiscal. The Netherlands emerged as India's third-largest export destination, ahead of China and Bangladesh. It moved up two spots in the list of India's top ten export destinations since FY22, thanks to a 106% surge in despatches until August this fiscal from a year before to $7.5 billion.
Similarly, Indonesia moved up seven notches to grab the 7th position. However, amid a demand slowdown, only two European nations, the Netherlands and the UK, are among India's top ten markets, against 4 in FY22. Germany and Belgium, which featured in the list last fiscal, are out of it now.
But what comes as a greater surprise is that Brazil, which occupied the 21st spot in FY22, is now India's 8th biggest export market.
Meanwhile, the US and the UAE continue to be the largest and second-largest export destinations, respectively, for India. The exports to the US climbed 18.3% until August to $35.2 billion, while those to the UAE shot up 27.3% to $13.8 billion.

ICICI Bank Re-appoints Sandeep Bakhshi as MD and CEO

ICICI Bank's board of directors re-appointed Sandeep Bakshi as the Managing Director (MD) and Chief Executive Officer (CEO) for a period of three years.
The tenure Sandeep Bakshi was till October 3, 2023. The re-appointment period is from October 4, 2023 to October 3, 2026, which is subject to approval from Reserve Bank of India, and the shareholders of ICICI Bank.
He was appointed as the banks's MD and CEO since October 15, 2018. He has served as Wholetime Director and the Chief Operating Officer (COO) of the bank, prior to his appointment as MD and CEO.
Bakhshi has been with the ICICI Group for 36 years and has handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.

BSE Launches Electronic Gold Receipts

BSE, or the Bombay Stock Exchange, launched Electronic Gold Receipt (EGR) on its platform.
It introduced two new products of 995 and 999 purity during the Muhurat trading on Diwali. Trading would be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram.
India is the second largest consumer of gold globally, with annual gold demand of approximately 800-900 tones, and holds an important position in the global markets. Despite being second only to China, in consumption of gold, India has remained only as a price-taker in the global markets.
To address the issue, Government of India has authorized the introduction of a gold exchange where the metal will be traded in Electronic Gold Receipts (EGR) form on Indian exchanges (BSE, NSE etc.)

IndusInd Bank Raised USD 150 Mn Loan from US DFC

IndusInd Bank executed an agreement with the United States International Development Finance Corporation (DFC) for a $150 million loan to expand its microfinance portfolio.
The private sector lender would use the proceeds to lend to women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.
IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families.
The bank had acquired Bharat Financial Inclusion in 2019, which kick-started its journey in microfinance. The loan from DFC will help support the bank in increasing its reach and enhance lending to women in the targeted states.

PNB's Goel Re-elected as IBA Chairman

The Managing Committee of the Indian Banks' Assocation (IBA) re-elected A. K. Goel, Managing Director & CEO, Punjab National Bank, as the Chairman of the Associaion for the term 2022-23.
The Committee also elected three Deputy Chairmen: Dinesh Kumar Khara, Chairman, State Bank of India (re-elected); A. S. Rajeev, MD & CEO, Bank of Maharashtra; and Madhav Nair, Country Head & CEO, Mashreq Bank PSC. N. Kamakodi, Managing Director & CEO, City Union Bank, was elected as the Honorary Secretary.
IBA was set up in 1946 to look after the interests of the banking industry. The vision of the Association is to work proactively for the growth of a healthy, professional and forward-looking banking and financial services industry, in a manner consistent with public good.

Oct 25, 2022

Air India Appoints Henry Donohoe as Head of Safety, Security & Quality

Air India appointed Henry Donohoe as the Head of Safety, Security and Quality from November 7.
An Irish national, Donohoe started his career at Aer Lingus in 1978 and became its Chief Pilot before going on to head key departments including Safety, Quality, Flight Operations and Engineering.
Donohoe then spent seven years with Emirates in various safety roles and ultimately as Divisional Senior Vice President Flight Operations and Primary Crisis Director.
Most recently, Donohoe served as Senior Vice President Safety, Security, Compliance & Emergency Response at Norwegian Air.
He has a long history on the international safety stage, serving with both the IATA Safety Committee and Flight Safety Foundation Board of Governance.

CCI Clears Two Private Equity Players' Stake Purchase in Yes Bank

The Competition Commission of India (CCI) approved the proposed Rs. 8,900 crore deal wherein two entities will buy stakes in Yes Bank.
CA Basque Investments, part of the Carlyle Group, and Verventa Holdings, an affiliate of funds managed by Advent International are to acquire 10 per cent stake each in the private sector lender.
In July, Yes Bank announced raising of equity capital of Rs. 8,900 crore from funds affiliated with two private equity investors -- Carlyle and Advent International.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.

Oct 24, 2022

REC, PFC ink MoA with STPL for Financing Buxar Thermal Power Plant

REC and Power Finance Corporation (PFC) - CPSEs under the Ministry of Power - signed a memorandum of loan agreement with SJVN Thermal (STPL) for financing 2x660 MW coal based Buxar Thermal Power Plant (BTPP). STPL is a 100% wholly owned subsidiary of SJVN (Mini Ratna CPSE under administrative control of Ministry of Power, Govt. of India).
STPL is currently executing 2x660 MW coal based Buxar Thermal Power Plant (BTPP) which is a green field project designed on supercritical technology with the objective to improve the reliability of India's Eastern Electricity region and providing power to the state of Bihar.

LGT Group Forays into Indian Wealth Management Space via LGT Wealth India

LGT Group, a Liechtenstein-based private banking and manager, forayed into the Indian wealth management market through its entity, LGT Wealth India.
Majority owned by LGT Group, LGT Wealth India employs more than 200 staff and has a presence in 14 cities across India, including Mumbai, Delhi, Chennai, and Bengaluru. With LGT Wealth India, LGT is gaining a foothold in the Indian wealth management market and is further strengthening its Asia presence, including offices in Hong Kong, Singapore, Thailand, Australia and India.

Oct 23, 2022

HDFC Securities Opens Women-Only Digital Centre in Bengaluru

Leading stock brokerage firm, HDFC Securities, announced the opening of the first-ever women-only Digital Centre (DC) in India. This pioneering centre, staffed with a team of women, will serve both male and female investors. This closely follows the company's announcement regarding the opening of multiple DCs across India to ease access to services and promote digital adoption.
The women-only DC is another step in HDFC Securities' aim to foster diversity within the organization, while also empowering its customers with technology that eases their journey to financial freedom.

Sachin Tendulkar Partners with Digital Cricket NFT Platform Rario

Digital cricket collectibles platform Rario announced that it has partnered with former cricketer Sachin Tendulkar to enter the non-fungible token (NFT) market.
With this partnership, Tendulkar not only serves as a strategic investor, but also makes it possible for fans to purchase his digital collectibles exclusively on the platform.
Many legendary and upcoming cricketers are already on Rario's platform exclusively, including Aaron Finch, Faf Du Plessis, Quinton de Kock, Shakib Al Hasan, Rishabh Pant, Virender Sehwag, Zaheer Khan, Smriti Mandhana, Arshdeep Singh and Axar Patel.
"The NFT technology brings fans closer to sports, giving them an opportunity to treasure their favourite moments.

Wipro Appoints Suzanne Dann as CEO for Americas 2 Strategic Market Unit

Wipro appointed Suzanne Dann as Chief Executive Officer of Wipro Americas 2 Strategic Market Unit, effective immediately. Dann would also join the Wipro Executive Board.
In her new role, Dann would focus on increasing bookings, large deal signings, and revenue in high-growth strategic areas. She will also direct operational changes to improve margins and continue investments in talent to serve clients' changing needs.
Dann joined Wipro in April 2021 as US Senior Vice President for Capital Markets and Insurance.

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