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BUSINESS AND ECONOMY - May 2018

May 2018

Nov 30, 2024

IICA Hosts MoU Signing Ceremony with Executive Search Leaders, Launches New Governance Initiatives

The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, Government of India, hosted the MoU Signing Ceremony with Executive Search Leaders at the National Financial Reporting Authority (NFRA) Headquarters, New Delhi. The event was presided over by Ajay Bhushan Pandey, Chairman, NFRA, and DG & CEO, IICA.
The MoUs were signed with six leading executive search firms: Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. These partnerships aim to enhance the selection and appointment processes for Independent Directors in Indian boardrooms, a critical step towards advancing corporate governance excellence in Indian Boardrooms.

SBI Funds Management Limited Appoints Nand Kishore as MD and CEO

SBI Funds Management Limited, a joint venture between State Bank of India and Amundi, Europe's largest asset manager, announced the appointment of Nand Kishore as Managing Director and Chief Executive Officer.
Nand Kishore, Deputy Managing Director of State Bank of India, took over as the Managing Director and Chief Executive Officer of SBI Funds Management Limited from Shamsher Singh.
Kishore has more than 34 years of rich experience working with the State Bank of India across major banking verticals such as branch banking, international operations, treasury operations, investment banking, corporate banking, and retail operations.

Vijay Chandok, New MD and CEO of NSDL

Vijay Chandok, a financial market veteran, joined the National Securities Depository Ltd (NSDL) as its Managing Director and Chief Executive Officer.
Prior to joining NSDL, Chandok served as the MD and CEO of ICICI Securities. He held pivotal roles at the ICICI Group, including on the board of ICICI Bank as an executive director.
A seasoned banker and a financial market veteran with over three decades of experience, Chandok brings a wealth of expertise in the BFSI sector.

Nov 29, 2024

SAIL and John Cockerill India Sign MoU to Drive Innovation and Green Steel Technologies

Steel Authority of India Limited (SAIL), a Maharatna and India's largest public sector steel producer, signed a Memorandum of Understanding (MoU) with John Cockerill India Limited (JCIL), the Indian arm of the global John Cockerill Group in Mumbai. This MoU aims to leverage the combined strengths of the two companies, including cutting-edge technologies, extensive industry expertise and a shared vision for innovation and sustainability. Anil Kumar Tulsiani, Director (Finance), SAIL and Michael Kotas, Managing Director-Metals Division, John Cockerill India Limited signed the MoU.
The focus areas of this collaboration will be Cold Rolling and Processing for Carbon Steel, Green Steel and Silicon Steel — specifically CRGO (Cold Rolled Grain Oriented) and CRNO (Cold Rolled Non-Oriented) steels. Additionally, the partnership seeks to integrate green technologies into iron and steel making processes and incorporate advanced steelmaking technologies to enhance efficiency and sustainability.

Ministry of Mines Launches the First Ever Tranche of Auction of Mineral Blocks in the Offshore Areas

The first ever tranche of e-auction of mineral blocks in the offshore areas of India was launched by G. Kishan Reddy, Union Minister of Coal and Mines. This landmark event is a major step forward in India's journey to explore and utilize its extensive offshore mineral resources within its Exclusive Economic Zone (EEZ).
This first tranche of auction includes 13 mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of minerals, such as construction sand, lime-mud and polymetallic nodules and crusts. These minerals are critical for infrastructure development, high-tech manufacturing and the green energy transition.

Russia Hands over BRICS Chairmanship to Brazil at Sherpa Meeting in Ekaterinburg

The final Sherpa and Sous-Sherpa meeting of BRICS in Ekaterinburg concluded with the ceremonial handover of the BRICS chairmanship from Russia to Brazil, marking the end of a pivotal year for the bloc under Russia's leadership.
Sergey Ryabkov, Russia's Deputy Foreign Minister and BRICS Sherpa, reflected on the achievements of Russia's presidency during the past year.
During its tenure, Russia organized over 250 events to strengthen cooperation within BRICS, with additional meetings still scheduled before the year's end.

Eight Start-ups Selected Under National Quantum Mission

In a stride towards cementing India as a global quantum technology leader, Union Minister Jitendra Singh announced the selection of eight pioneering start-ups under the National Quantum Mission (NQM) and the National Mission on Interdisciplinary Cyber-Physical Systems (NMICPS). These start-ups, chosen after meticulous evaluation, are positioned to drive cutting-edge research and innovation, contributing to national security, healthcare, energy efficiency, and environmental sustainability.

Nov 28, 2024

Alphabet Gets CCI Nod to Invest in Flipkart

The Competition Commission granted approval to Alphabet's arm Shoreline International Holdings LLC to acquire a stake in Walmart Group firm Flipkart.
Shoreline International Holding is a wholly-owned subsidiary of Google's parent firm Alphabet Inc. It is a holding company and does not own or operate any Google products or services.
The deal includes subscribing to Flipkart shares and an arrangement between Shoreline's affiliate and Flipkart's subsidiary for specific services.
Flipkart operates primarily in wholesale trade and e-commerce, facilitating transactions between Indian sellers and customers. The investment aligns with Alphabet's broader push into the Indian digital economy.

Google Appoints Ex-Apple Executive Mitul Shah to Lead Pixel Business

Google roped in the former head of consumer sales at Apple India Mitul Shah to lead its Pixel smartphone devices and services business in the country.
With more than nine years of experience in the tech field, Shah will help lead the effort to increase sales of Google's Pixel smartphones in India.
This move shows how serious Google is about expanding its influence in India, where there is a huge market for smartphones.

Nov 27, 2024

Wipro Appoints Omkar Nisal as CEO of Europe Strategic Market Unit

Information technology major Wipro appointed Omkar Nisal as its new Europe Chief Executive Officer, succeeding Pierre Bruno.
Omkar's strategic vision, combined with a strong understanding of the European market dynamics, well positions him to lead Wipro's ambitious plans for growth and expansion. With a strong customer-centric approach, Omkar will help build a resilient and adaptable organisation poised for sustainable growth in the region.
Based in London, Nisal has been a part of Wipro for over 12 years now. During his stint, he has led Wipro's banking-EMEA business, working closely with large and niche financial institutions across the UK, Europe, the Middle East, and Africa.

Saudi Arabia Signs $9 bn Metals Deals with Firms Including Vedanta, Zijin

Saudi Arabia agreed nine investment deals in metals and mining worth more than 35 billion riyals ($9.32 billion) with companies including India's Vedanta and China's Zijin Group.
The deals were announced during the World Investment Conference in Riyadh by the Global Supply Chain Resilience Initiative, a government programme under the Saudi government's National Investment Strategy.
Oil to metals conglomerate Vedanta will build copper facilities with a capital expenditure of 7.5 billion riyals at Ras Al-Khair, including a smelter and refinery with capacity of 400,000 metric tons per annum (tpa) and a 300,000 tpa copper rod plant.

Nov 26, 2024

India-EFTA Trade Deal: $100 Billion Investment & Boost to Exports

India signed a historic Trade and Economic Partnership Agreement (TEPA) with four European countries, Switzerland, Iceland, Norway, and Liechtenstein, forming the European Free Trade Association (EFTA). This agreement is expected to provide India access to 99.6% of EFTA's market, generating $100 billion in foreign direct investment (FDI) and creating 1 million direct jobs over the next 15 years. With strong commitments from both sides, the deal aims to enhance India's global market position and reinforce initiatives like "Make in India" and "Atmanirbhar Bharat."
The pact is set to create 1 million direct jobs in India, supporting its young workforce. This aligns with India's projected economic rise, with expectations to become the third-largest economy in the world in the next 3-4 years. The agreement also focuses on promoting sectors like IT, pharmaceuticals, chemicals, renewable energy, and banking.
TEPA will expand India's service exports, particularly in IT, business, and educational services, by improving access to EFTA countries. Additionally, the deal facilitates technological collaboration, offering India access to advanced technologies in precision engineering, health sciences, and renewable energy.

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