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BUSINESS AND ECONOMY - May 2018

May 2018

Oct 14, 2021

India Retains 3rd Position in Renewable Energy Investment Attractiveness Index

  • India retained the third rank in the Renewable Energy Country Attractiveness Index released by consultancy firm EY.
  • India remained at the third position in the 58th edition of EY's 'Renewable Energy Country Attractiveness Index' (RECAI), which ranks the world's top 40 markets (nations) on the attractiveness of their renewable energy investment and deployment opportunities.

Hero MotoCorp Joins Hands with Gilera to Expand Operations in Argentina

  • Hero MotoCorp tied up with Gilera Motors Argentina to reinvigorate and expand its operations in one of the key markets in South America, in line with its aggressive global business strategy.
  • As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina.
  • The company's immediate focus is to develop a robust and widespread sales, service and spare parts network across the entire country.

EESL Appoints Arun Kumar Mishra as CEO

  • State-owned Energy Efficiency Services Ltd (EESL), a joint venture of NTPC Ltd and Power Grid Corp. of India Ltd, appointed Arun Kumar Mishra as chief executive officer (CEO) on deputation.
  • This follows EESL's executive vice chairperson Saurabh Kumar resigning. The PSU, set up under union power ministry, has been allotted the demand aggregation of electric three-wheeler and electric bus component under the Rs. 10,000 crore Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (Fame) scheme of the central government.
  • Mishra is a veteran in the energy sector, with more than three decades of experience in National Thermal Power Corporation Limited (NTPC) and Power Grid Corporation of India Limited (PGCIL) including Policy perspective as Director, National Smart Grid Mission (NSGM)– Project Management Unit (PMU) and Vice Chair, International Smart Grid Action Network (ISGAN).

Hurun Rich List 2021: Meet India's Wealthiest Self-made Entrepreneurs under 40

  • The IIFL Wealth and Hurun India released the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2020, a ranking of the self-made entrepreneurs with a wealth of INR 1,000 crore, aged forty years. These self-made entrepreneurs hail from India.
  • Media.net's Divyank Turakhia: The 39-year-old topped the Hurun Rich List 2021 with a net worth of Rs. 12,500 crore.
  • BrowserStack's Nakul Aggarwal: Nakul Aggarwal, co-founder, and CTO of BrowserStack was ranked 2nd in the Hurun's Rich List 2021 by registering a total wealth of Rs. 12,400 crore.
  • BrowserStack's Ritesh Arora: Ritesh Arora, co-founder, and Chief Executive Officer of BrowserStack has ranked 3rd in Hurun's Rich List 2021 with a net worth of Rs. 12,400 crore.

Paralympian Deepa Malik Joins OYO's Board as Independent Director

  • Oravel Stays Limited (OYO) appointed the current President of the Paralympic Committee of India (PCI) Deepa Malik as an independent director to its Board.
  • An Indian athlete and a silver-medalist at the 2016 Paralympic Games, Malik joined OYO in September 2021.
  • Malik joins the board of OYO that has three other independent directors and one nominee director, besides Ritesh Agarwal who is the chairman.

Oct 13, 2021

Four Indian Entities among 20 Largest Asia Pacific Banks in Q3: S&P Analysis

  • Four Indian lenders were among the 20 largest banks in the Asia-Pacific region in terms of market capitalisation in the third quarter of 2021, according to data compiled by S&P Global Market Intelligence.
  • HDFC Bank was ranked seventh with a market cap of $119 billion, which represented a quarter-on-quarter rise of 6.7 per cent. It was followed by ICICI Bank, which saw its market cap rise 11.2 per cent QoQ to $65.5 billion, helping it move up three spots to 12th.
  • State Bank of India climbed two spots to 17th on the list after its market cap rose 8.1 per cent to $54.5 billion. Kotak Mahindra Bank made it to the list after logging a 17.5 per cent gain in market cap, the highest on the list.

Rajnish Kumar Joins BharatPe as Chairman

  • Rajnish Kumar, former chief of State Bank of India, joined the Board of BharatPe, a fintech firm, as chairman.
  • He will be involved in defining the company's short-term and long-term strategies, and will so work closely with the other Board Members and CXOs on key business and regulatory initiatives.
  • BharatPe-Centrum Capital received an in-principle nod from the Reserve Bank of India to set up a small finance bank which would take over ailing Punjab Maharashtra Bank.
  • Rajnish Kumar completed the term as chairman of country's largest lender SBI in October 2020. At present, Kumar is also working as advisor (resource raising) to Andhra Pradesh government. He is also an independent non-executive director at HSBC Bank, Asia and L&T Infotech.

RBI Authorises Karur Vysya Bank to Collect Direct Taxes on Behalf of CBDT

  • Private sector Karur Vysya Bank commenced the integration process with the Central Board of Direct Taxes to collect direct taxes on its behalf, following the approval it received from the Reserve Bank.
  • "Reserve Bank of India has authorised Karur Vysya Bank to collect direct taxes on behalf of Central Board of Direct Taxes. Following the approval received, the bank has initiated the integration process with CBDT.
  • Once the integration process gets completed, the bank customers can remit the direct taxes through any branch or through net banking or mobile banking services (DLite Mobile application).

Govt. Accords 'Maharatna' Status to Power Finance Corporation

  • The government accorded the 'Maharatna' status to state-owned Power Finance Corporation (PFC), a move that will pave the way for the company's greater financial and operational efficiency.
  • Incorporated in 1986, PFC is the largest infrastructure finance company dedicated to the power sector under the administrative control of the Ministry of Power.
  • The grant of 'Maharatna' status to PFC will impart enhanced powers to PFC's board while taking financial decisions.

Govt. Gets Financial Bids for Central Electronics after Air India Deal

  • Following the successful completion of the Air India sale, the government has now received financial bids for strategic divestment of Central Electronics Ltd, taking the privatisation process of the public sector undertaking (PSU) to the concluding stage.
  • Financial bids for strategic disinvestment of Central Electronics Ltd (CEL) were received by Transaction Adviser.
  • The government is looking to disinvest its 100 per cent shareholding in the PSU under the administrative control of the Ministry of Science and Technology.

Foxconn's Bharat FIH Opens Research, Development Centre in Chennai

  • Electronic manufacturing services firm Foxconn's subsidiary Bharat FIH, formerly known as Rising Stars Mobile India, opened a research and development centre at the IIT Madras Research Park in Chennai.
  • It will be among the first R&D centres in India to design end-to-end 5G devices and will offer end-to-end services to customers, including product design, tooling and moulding, global sourcing and manufacturing services for smartphones and other products and services in the electronics segment.
  • Bharat FIH makes devices for Xiaomi and Nokia.

HCL Tech, Google Cloud Expand Tie up for Healthcare, Life Science Solutions

  • HCL Technologies expanded its strategic partnership with Google Cloud to jointly launch healthcare and life sciences solutions for customers.
  • This partnership will deliver the best of HCL and Google Cloud's deep health care and life sciences domain capabilities and investments through co-innovation and address the shifts in the industry.
  • HCL Technologies will establish a joint centre of excellence (CoE) for Google Cloud with industry subject matter experts and Google Cloud-certified ideapreneurs to deliver solutions for payer, provider, medtech and biopharma customers.
  • HCL's Google Cloud Native Labs will help accelerate these solutions with Google Cloud support, which is positioned to deliver solutions through its native data and AI offerings and its security capabilities across the healthcare and life sciences value chain.

Oct 12, 2021

RBI Issues Revised Operational Guidelines on on-tap SLTRO Scheme for SFBs

  • The Reserve Bank of India (RBI) issued revised operational guidelines on the special long-term repo operations (SLTRO) scheme for small finance banks (SFBs).
  • In the monetary policy announced last week, the RBI had extended the on-tap SLTRO for SFBs till December 31, 2021. This facility was earlier made available till October 31, 2021.
  • As per the RBI, all SFBs eligible under the liquidity adjustment facility (LAF) can participate in the scheme.

Adani Group Takes over Management of Jaipur International Airport

  • Adani Group took over the responsibilities of the Jaipur International Airport from the Airports Authority of India (AAI).
  • The airport has been leased out to the group by the government of India for a period of 50 year.
  • Airport director J. S. Balhara handed over a symbolic key of the airport to Chief Airport Officer Adani Jaipur International Ltd Vishnu Jha.

RBI Retains Advisory Committee on Srei Group Companies

  • The RBI decided to retain the advisory committee of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) to advise the administrator in the operations of the two Srei group companies during the corporate insolvency resolution process.
  • After superseding the boards of SIFL and SEFL last week, the Reserve Bank had appointed a three-member advisory committee to assist Rajneesh Sharma, administrator of the two crisis-ridden firms.
  • The members of the committee are: R Subramaniakumar (Former MD & CEO, Indian Overseas Bank), T T Srinivasaraghavan (Former Managing Director, Sundaram Finance Limited), and Farokh N Subedar (Former Chief Operating Officer and Company Secretary, Tata Sons Limited).

RBI Imposes Penalty on Janata Sahakari Bank

  • The RBI imposed a penalty of Rs. 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions.
  • Janata Sahakari Bank Ltd, Pune was imposed with a penalty for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism.

Akasa Air Gets Nod to Operate in India

  • The Ministry of Civil Aviation gave a no-objection certificate (NOC) for the operation of Rakesh Jhunjhunwala-backed new airline 'Akasa Air' in India.
  • The new airline aims to start operations by the summer of 2022, the holding company, SNV Aviation Private Limited.

Morgan Stanley Names Anahita Tiwari Head of India Global in-house Centres

  • Morgan Stanley announced the appointment of Anahita Tiwari as the new Head of its India Global Centers, the global in-house centres of the firm in India.
  • Tiwari will be based in Mumbai, and will be responsible for implementation of the firm's global growth and deployment strategy in India.
  • She joins Morgan Stanley from JP Morgan Chase India where she was the head of Global Finance and Business Management and is a certified chartered accountant.
  • Tiwari has over 25 years of experience in finance and technology consulting, project management, corporate finance and business transformation.
  • Tiwari takes over from John McGrory who will head the Morgan Stanley's global center in Baltimore and will also functionally lead the Institutional Securities Group (ISG) Product Operations team in Baltimore.

Oct 10, 2021

Guwahati Airport Handed over to Adani Group for Operations, Management

  • The Lokpriya Gopinath Bordoloi International Airport in Guwahati was handed over to the Adani Group for operations, management and development responsibilities.
  • In 2018, the government of India included the Guwahati airport in the group of six airports -- Ahmedabad, Lucknow, Mangalore, Jaipur and Thiruvananthapuram -- set for privatisation for operations, management and development (OMD) for a period of 50 years.
  • Adani Enterprise Limited emerged as the successful bidder for all the six airports.

Mukesh Ambani Joins Jeff Bezos, Elon Musk in World's Exclusive $100 billion Club

  • Asia's richest individual Mukesh Ambani has now joined Tesla CEO Elon Musk and Amazon founder Jeff Bezos in the $100 billion club as Reliance Industries' stock climbed to a record high. As per Bloomberg Billionaires Index, the Reliance Chairman & Managing Director is now worth $100.6 billion and has officially joined 11 other men in the world's most exclusive wealth club.
  • Mukesh Ambani had inherited the oil-refining and petrochemicals businesses of his late father Dhirubhai Ambani's empire back in 2005. Since then, Ambani has sought to transform his energy business into a retail, technology, and e-commerce juggernaut.

Tata Sons Acquires Air India

  • Tata Sons made winning bid of Rs. 18,000 crore for Air India. The salt-to-software conglomerate won the bid to acquire debt-laden state-run Air India offering Rs. 18,000 crore for acquiring 100 per cent shareholding.
  • Tata Sons defeated SpiceJet promoter to bag Air India. Tatas' bid of Rs. 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash. The government is selling 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.
  • Air India is the flag carrier airline of India, headquartered at New Delhi.
  • The airline was founded by J. R. D. Tata as Tata Airlines in 1932.
  • Air India had its origin as Tata Air Services later renamed to Tata Airlines.

Oct 09, 2021

Ola Launches Vehicle Buying Platform Ola Cars, Names Arun Sirdeshmukh CEO

  • Ola, India's largest mobility platform announced Ola Cars, its new vehicle commerce platform that will provide vehicle purchase and ownership experience to consumers.
  • It will compete with players such as Droom, CarDekho, Cars24, Spinny, Carwale and CarTrade. Ola Cars will begin with pre-owned and, over time, Ola will open it up for new vehicles from Ola Electric and other automotive brands.
  • Ola Cars will enable consumers to purchase both new and pre-owned vehicles through the Ola App. It will offer a bouquet of services to customers, beginning with purchase, vehicle finance and insurance, registration, maintenance including vehicle health diagnostics and service, accessories and finally resale of the vehicle back to Ola Cars. It will be a one-stop shop for customers looking at hassle-free buying, selling and managing their cars.

Badal Bagri resigns as CFO of Airtel; Soumen Ray is New CFO

  • Telecom operator Bharti Airtel said that Badal Bagri has resigned as Chief Financial Officer of the company to pursue other opportunities and that Soumen Ray has been appointed as new CFO with effect from December 21, 2021.
  • Ray will report to Gopal Vittal, Managing Director, and CEO (India and South Asia) of Bharti Airtel.
  • Ray is a Chartered Accountant with over 23 years of experience in Financial Planning, Management Accounting, Factory Commercial, Treasury, and Corporate Accounts. He will be joining Airtel from Bajaj Auto Ltd., where he is currently the Chief Financial Officer.

RBI to Introduce Internal Ombudsman for NBFCs for Grievance Redressal

  • In order to improve complaint redressal in finance companies, the Reserve Bank of India (RBI) will introduce the Internal Ombudsman Scheme (IOS) for NBFCs having a higher customer interface.
  • The IOS for NBFCs will be on the lines of IOS for banks and non-bank payment system participants. The finance companies will appoint an ombudsman in addition to the grievance redressal mechanism to examine complaints about deficiency in service.

Ola Launches Vehicle Buying Platform Ola Cars, Names Arun Sirdeshmukh CEO

  • Ola, India's largest mobility platform announced Ola Cars, its new vehicle commerce platform that will provide vehicle purchase and ownership experience to consumers.
  • It will compete with players such as Droom, CarDekho, Cars24, Spinny, Carwale and CarTrade. Ola Cars will begin with pre-owned and, over time, Ola will open it up for new vehicles from Ola Electric and other automotive brands.
  • Ola Cars will enable consumers to purchase both new and pre-owned vehicles through the Ola App. It will offer a bouquet of services to customers, beginning with purchase, vehicle finance and insurance, registration, maintenance including vehicle health diagnostics and service, accessories and finally resale of the vehicle back to Ola Cars. It will be a one-stop shop for customers looking at hassle-free buying, selling and managing their cars.
  • The company also announced the appointment of Arun Sirdeshmukh as chief executive officer of Ola Cars. Sirdeshmukh brings more than 30 years of experience in consumer internet, FMCG, retail and fashion industries, including with Amazon India, Reliance Trends and IBM Global Services. He will oversee the entire sales and distribution, service, marketing, customer support, and go-to-market strategy for the business.
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