General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Aug 02, 2023

Franklin AMC Appoints Debt Head, Explores to Foray into Alternatives Business

Franklin Templeton appointed Rahul Goswami as the Chief Investment Officer (CIO) & Managing Director (MD) – India AMC Fixed Income. Rahul will oversee the fixed income functions of the locally managed and distributed debt schemes of Franklin Templeton Mutual Fund. Prior to joining Franklin Templeton, Rahul was the CIO of fixed income at ICICI Prudential Asset Management.
Rahul Goswami has over 24 years' experience managing fixed income funds investing in government securities, corporate bonds, besides monitoring key economic developments.
Santosh Kamath, current Chief Investment Officer (CIO) of India AMC Fixed Income funds, assumed a new role as the President and CIO of Franklin Templeton Alternative Investments India Pvt. Ltd (Alternatives). The India Alternatives business led by Santosh will initially focus on alternative credit, covering listed and unlisted corporate bonds and structured credit.

Reliance Signs MoU with Brookfield for Renewable Power Equipment Manufacturing in Australia

Reliance Industries and Brookfield Asset Management signed a Memorandum of Understanding (MoU) to explore opportunities to manufacture renewable energy and decarbonisation equipment in Australia.
The MoU aims to accelerate and de-risk Australia's energy transition by enabling it to locally produce clean energy equipment such as photovoltaic modules, long-duration battery storage, and components for wind energy.
According to the initial agreement, Brookfield will collaborate with Reliance to explore avenues for direct capital investment and the development of skills, knowledge, and expertise in the renewable energy sector of Australia. This collaboration aims to facilitate the nation's journey towards a net-zero future.
The MoU with Reliance forms a significant part of Brookfield's efforts to bring global manufacturing technology and expertise to Australia.

Microsoft Appoints Puneet Chandok to Lead India Operations

Microsoft appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023. He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment came during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
Puneet joined Microsoft after leading the India and South Asia business for AWS, where he worked closely with enterprises, digital businesses, start-ups, and SMBs to drive innovation and agility. Before that, he held senior roles at McKinsey and IBM.

Aug 01, 2023

Foxconn Inks Pact with TN Govt. to Set up Mobile Component Manufacturing Facility

Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government to establish a new mobile component manufacturing facility for Rs. 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. The LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu.
With this proposed investment and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country but also significantly increase its electronics exports in the coming years.

Jul 31, 2023

Indradhanush Gas Grid Limited, GAIL Sign Interconnection Agreement

Indradhanush Gas Grid Limited (IGGL) and GAIL India signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL.
The agreement was signed by IGGL chief executive officer Ajit Kumar Thakur and GAIL's zonal chief general manager R. Choudhury.
The interconnection agreement will facilitate connection of the NEGG with the BGPL at three locations - Jalpaiguri in West Bengal and Baihata and Panikhaiti in Assam.
The interconnection agreement will pave the way for making the NEGG a part of the National Gas Grid.

India and ADB Signs $200 mn Loan Deal to Enhance Urban Services in Rajasthan

The Central Government and the Asian Development Bank (ADB) inked a $200 million loan agreement to bolster the ongoing Rajasthan Secondary Towns Development Sector Project. The project's objective is to expand water supply and sanitation systems, while also enhancing urban resilience and promoting heritage conservation in selected towns.
The loan agreement was signed by Vumlunmang Vualnam, Additional Secretary of the Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Takeo Konishi, the country director of ADB's India Resident Mission, representing ADB.

BSNL's Shivendra Nath Set to be Next CMD of EPIL

Shivendra Nath was appointed as the Chairman and Managing Director (CMD) of Engineering Projects (India) Ltd., a public sector undertaking (PSU) under the Ministry of Heavy Industries and Public Enterprises.
Currently, Nath is serving as the senior general manager in Bharat Sanchar Nigam Limited (BSNL) and has been recommended for the CMD position by the Public Enterprises Selection Board (PESB) panel.
In his new role, Nath will be the Chief Executive of the company working under the board and directors. He will be responsible for the smooth functioning of the company in order to achieve the organisational objectives.

Jharkhand CM Hemant Soren Nod for Country's First Hydrogen Fuel Related Industry

Jharkhand Chief Minister Hemant Soren gave nod to the nation's first hydrogen fuel related industry to be set up at an investment of over Rs. 350 crore in Jamshedpur.
The capacity of the proposed unit will be over 4000 Hydrogen IC Engine/Fuel Agnostic Engine and 10,000+ Battery system, for which an investment is Rs. 354.28 crore would be made.
According to an estimate, the unit will provide employment to more than 310 people directly or indirectly.

Jul 30, 2023

Mahindra & Mahindra Buys 3.53% Stake in RBL Bank

Mahindra & Mahindra, a prominent Indian conglomerate, invested in RBL Bank by acquiring a 3.53% stake for Rs. 417 crore. The acquisition was announced through a regulatory filing, and Mahindra & Mahindra expressed its potential to make further investments in RBL Bank, subject to pricing, regulatory approvals, and required procedures. However, the company clarified that it would not exceed a stake of 9.9%.
RBL Bank has experienced a turbulent period over the last few years. Vishwavir Ahuja, the former Managing Director and CEO of the bank, stepped down in December 2021 when the Reserve Bank of India (RBI) chose not to extend his term. Following his departure, the RBI appointed one of its officials to the bank's board, raising concerns about RBL Bank's financial strength and asset quality.

Qatar Sovereign Fund in Talks for Minority Stake in Reliance Retail

As per reports, Qatar's sovereign wealth fund is in talks to invest up to $1 billion for a one per cent stake in the retail business holding firm of Reliance Industries Ltd (RIL).
Qatar Investment Authority's investment will likely be at a valuation of around $100 billion for Reliance Retail Ventures Ltd (RRVL). RIL is looking at ways to unlock the potential of its retail and telecom arm, including listing them separately and giving an exit option to investors who had invested in RRVL in 2020 at a valuation of $55 billion.

Jul 29, 2023

HDFC Bank Partners Dvara KGFS for Micro Loans

Dvara KGFS, a Chennai-based NBFC, entered into a co-lending partnership with HDFC Bank to provide capital to micro business units operating primarily in the unorganised sector.
The tie-up aligns with the NBFC's this year's (2023) Annual Operating Plan (AOP) looking to enable credit for micro businesses across the 10 states that it serves.
As per LVLN Murty, MD, and CEO of Dvara KGFS, the co-lending partnership with HDFC Bank will enhance the company's capabilities in empowering micro businesses operating in rural areas.
Dvara KGFS had launched its enterprise loan vertical in 2020, focusing on three value chains viz., grocery, dairy, and agri. So far, "the company has assisted numerous beneficiaries with working capital and business growth loans, improving their livelihood generation capabilities and facilitating their inclusion in the Indian economy.

MRPL Becomes Largest Single-location PSU Refinery in India

The Mangalore Refinery and Petrochemicals Limited (MRPL), a mini-Ratna CPSE PSU refinery based in coastal Karnataka and a subsidiary of ONGC, became the single largest PSU-refinery (single location) in the country for the year 2022-23. MRPL achieved this feat by processing 17.14 million metric tonnes of crude oil during the past financial year.
This is also the highest-ever throughput processed by any single-location PSU refinery in India's petroleum refining history. MRPL processes 10 per cent of the total crude oil refined by the PSU petroleum refineries in the country. Set up as a joint venture refinery in 1988 with a 3.69 MMTPA (million metric tonnes per annum) capacity, MRPL later underwent a second and third-phase expansion to raise its capacity to 15 MMTPA.

Razorpay Launches MoneySaver Export Account

Payment and banking company Razorpay launched an account for Indian exporters, the MoneySaver Export Account.
With this product, Indian exporters can now open a smart account in any country of their choice and receive payments locally via bank transfers on the Razorpay platform.
The initiative allows exporters to receive international bank transfers from 160 countries.
This is India's first smart account to offer 50% savings on international bank transfers for exporters, and helps save them from high transfer costs, chargebacks and payment failures.

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