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BUSINESS AND ECONOMY - October 2018

Oct 2018

Jun 02, 2021

Suzlon Bags Order to Develop 252 MW Wind Power Project from CLP India

  • Suzlon Group has bagged an order from CLP India to develop a 252 MW wind power project at Sidhpur in Gujarat.
  • According to the statement, Suzlon will install 120 units of S120-140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, with rated capacity of 2.1 MW each.
  • The project, located in Sidhpur, is expected to be commissioned in 2022. Suzlon will execute the project with a scope of supply, foundation, erection and commissioning.
  • CLP India is owned by the CLP Group, one of the largest investor-owned power businesses in Asia, and Caisse de dpt et placement du Qubec (CDPQ), a global investment group. Founded in 2002, CLP India has gradually grown its footprint to become one of the largest foreign investors in the Indian power sector.

Capgemini Sets up 5G Lab in Mumbai

  • France-headquartered IT services major Capgemini has set up a 5G lab in Mumbai to accelerate the deployment of 5G solutions among its customer base. This is the third such lab from the company globally, the other two are in Paris and Portugal.
  • Capgemini has launched this lab in collaboration with Ericsson to accelerate the deployment of 5G solutions.
  • 5G adoption is still in the early days. This lab is primarily for their clients to understand the tech, innovate and experiment with us. It will be a great accelerator in the adoption of 5G among our client base.

A. K. Vinod is Chief Compliance Officer of Union Bank of India

  • State-owned Union Bank of India has nominated A. K. Vinod as its chief compliance officer.
  • A. K. Vinod, chief general manager, has been nominated as the chief compliance officer with effect from June 1, 2021 in place of K. L. Raju, general manager.
  • Vinod has been nominated as the CCO for a minimum period of three years.

Noel Tata, Pramit Jhaveri Front Runners to Join Tata Sons Board

  • Noel Tata, chairman of retail chain Trent and former Citibank India head, Pramit Jhaveri are frontrunners to get a seat on the board of Tata Sons, the holding company of the Tata Group.
  • Both are currently on the board of Tata Trusts and will represent the trusts on Tata Sons board, CNBC TV18 reported. Tata Sons declined to comment on the report. As of now, Venu Srinivasan, chairman of TVS group and Vice Chairman of Tata Trusts, is representing the Tata Trusts on Tata Sons board.
  • Noel Tata was inducted on the board of Tata Trusts in 2019 for three years.
  • Jhaveri joined Dorabji Trust last year.

SBI Invites Bids from ARCs for Two Accounts for Recovering Rs. 409 crore

  • SBI will auction two NPA accounts later this month for recovery of dues worth Rs. 409.45 crore from the companies -- Kamachi Industries Ltd and Tantia Agrochemicals Ltd.
  • The e-auction will take place on June 25.
  • As per the bank's revised policy on sale of financial assets, in line with regulatory guidelines, SBI placed these accounts for sale to banks, ARCs (asset reconstruction companies), NBFCs or FIs (financial institutions).
  • Kamachi Industries has an outstanding of Rs. 355.93 crore against the bank and Tantia Agrochemicals owes Rs. 53.52 crore.

Jun 01, 2021

Raymond Limited Appoints Harmohan Sahni as CEO of Realty Business

  • Raymond Ltd appointed Harmohan Sahni as chief executive officer (CEO) of its realty business.
  • Harmohan was till recently the COO of Real Estate business of ECL Finance Ltd (Edelweiss Group) and has enormous experience in executing projects.
  • With a 100 acre plus land parcel in the heart of Thane city in Maharashtra, Raymond forayed into the real estate space in 2019 with its maiden project 'Aspirational District', which is spread over 14 acres.

Ananth Narayanan Starts Mensa Brands

  • After getting a blockbuster exit from the PharmEasy-Medlife deal, Ananth Narayanan has launched a new venture Mensa Brands which aims to create a technology-led 'House of Brands' built for the e-commerce industry.
  • Mensa has also closed its Series A funding round, raising about $50 million. The round was led by Accel Partners, Falcon Edge Capital, Norwest Venture Partners as well as prominent angel investors such as Kunal Shah, Mukesh Bansal, Rahul Mehta of DST Global and Scott Shleifer of Tiger Global. Additionally, debt financing facilities from Alteria Capital and InnoVen Capital are also secured.
  • Mensa's vision is to partner and invest in digital-first brands and scale them exponentially. Over the next 3 years, the firm will acquire over 50 brands across categories including home, garden, apparel, personal care and beauty. It would also take these brands to global markets such as the U.S and the Middle East.

Panel to Examine GST Exemption on Covid Material

  • The Centre constituted an eight-member ministerial panel under the convenership of Meghalaya chief minister Conrad K. Sangma to examine Goods and Services Tax (GST) exemptions on a range of Covid-19 essentials such as vaccines, drugs, testing kits and ventilators.
  • Other members of the group of ministers (GoM) are – Gujarat deputy chief minister Nitinbhai Patel, Maharashtra deputy CM Ajit Pawar, Goa transport minister Mauvin Godinho, Kerala finance minister KN Balagopal, Odisha finance minister Niranjan Pujari, Telangana finance minister T Harish Rao and UP finance minister Suresh Kr Khanna.
  • The GoM will submit its recommendations to the GST Council on or before June 8.

CII Elects T. V. Narendran as its New President

  • Industry chamber CII elected T. V. Narendran, CEO and MD, Tata Steel, as its new president for 2021-22. He takes over from Uday Kotak, Managing Director, and Chief Executive Officer, Kotak Mahindra Bank.
  • He was the Chairman of CII Eastern Region during 2016-17 and has led CII national panels on leadership and HR besides being Chairman of CII Jharkhand.

Construction Firm J Kumar Infraprojects Bags Order from MMRDA

  • Civil engineering and construction company J Kumar Infraprojects Ltd bagged an order worth Rs. 1,307.88 crore from the Mumbai Metropolitan Region Development Authority.
  • In a regulatory filing the company said the order is for part design and construction of balance works of Mumbai Metro Rail project.

May 31, 2021

State Bank of India Raises Cash Withdrawal Limits

  • The State Bank of India (SBI) has increased the cash withdrawal limits through cheques and withdrawal forms for its customers at non-home branches.
  • The revised ceiling for cash withdrawal for self through withdrawal form accompanied by savings bank passbook has been raised to Rs. 25,000 per day.
  • Further, the ceiling for cash withdrawal by a customer for himself through cheque has been raised to Rs. 1 lakh.
  • In terms of third-party cash withdrawals, the bank has increased the daily upper limit to Rs. 50,000. Withdrawals for third parties would be allowed only through cheques and no cash payment would be allowed through withdrawal forms.

Saudi Arabia Committed to Meet India's Crude Oil Requirement

  • Saudi Arabia, the world's largest oil exporter, is committed to meet India's requirements of petroleum products, an affirmation that came in the wake of the country pitching for easing global output cuts to rein in surging oil prices.
  • Saudi ambassador Dr. Saud bin Mohammed Al Sati said that Saudi Arabia made investments worth USD 2.81 billion in India in 2020 and is looking at a greater momentum in bilateral economic ties in areas like petroleum, renewable energy, IT and artificial intelligence.
  • His comments came in response to a question on Saudi Arabia's position on India pressing for easing cuts in crude oil production by OPEC and OPEC Plus as high oil prices are hurting the consumption-led recovery of several countries like itself.

Govt. Expands Credit Lifeline for MSMEs amid Second Wave

  • The government has expanded the Rs 3-trillion Emergency Credit Line Guarantee Scheme (ECLGS) to help businesses hit by the second wave of the Covid-19 pandemic. Dubbed ECLGS 4.0, the scheme has added the civil aviation sector and loan to health institutions for on-site oxygen generation plants.
  • The Centre has also removed the loan outstanding ceiling of Rs. 500 crore of loan outstanding. However, the maximum additional loans they can take under the scheme is limited to 40 per cent of the outstanding loan, or Rs. 200 crore, whichever is lower.
  • Loans given under ECLGS 1.0 will be eligible for additional assistance up to 10 per cent, raising the total guaranteed loan up to 30 per cent of outstanding as on February 29, 2020.
  • The 100 per cent guarantee cover offered to hospitals, nursing homes, clinics, and medical colleges for setting up oxygen plants will be available for loans up to Rs 2 crore, with the interest rate capped at 7.5 per cent.

FDI in Computer Software, Hardware Jumps Threefold

  • Foreign direct investment (FDI) in computer software and hardware jumped over threefold to USD 26.14 billion during 2020-21 on account of significant growth in the country's technology space, according to data from the Department for Promotion of Industry and Internal Trade.
  • The sector received USD 7.67 billion FDI in 2019-20 and USD 6.41 billion in 2018-19.
  • The computer software and hardware sector accounted for about 43 per cent in the total USD 59.63 billion foreign inflows that India attracted in 2020-21.

May 30, 2021

Banks Begin Process of Restructuring of Loans up to Rs. 5 crore

  • To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs. 25 crore in line with the Covid-19 relief measures announced by the Reserve Bank earlier this month.
  • Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
  • For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.

IBF to be Renamed as IBDF

  •  Apex body of broadcasters, Indian Broadcasting Foundation (IBF) has extended its purview to cover digital streaming platforms. Also, it will be renamed as Indian Broadcasting and Digital Foundation (IBDF).
  • Extended coverage will bring broadcasters and OTT (over-the-top) platforms, under one roof. Decision was taken in the view of substantial jump in their viewership base during covid-19 pandemic.
  • To regulate them, IBDF is considering to form a new wholly-owned subsidiary which will handle all matters of digital media. A self-regulatory body called 'Digital Medic Content Regulatory Council (DMCTC)' will also be established for digital OTT platforms.
  • IBF is a unified representative body of television broadcasters, established in 1999. About 250 Indian television channels are associated with it. IBF act as spokesman of India Broadcasting Industry. It is the parent organisation of Broadcasting Content Complaints Council (BCCC), established in up 2011, to examines content-related complaints. IBF will now be renamed as "Indian Broadcasting and Digital Foundation" to bring digital OTT platforms under its purview.

DoT Allocates Spectrum to Telcos for 5G Trials

  • The Department of Telecom has allocated spectrum to telecom operators to start 5G trials in the country, sources said. "Telecom operators have been allocated spectrum in 700 Mhz band, 3.3-3.6 gigahertz (Ghz) band and 24.25-28.5 Ghz band across various locations.
  • Earlier in May 2021DoT had approved applications from Reliance Jio, Bharti Airtel, Vodafone Idea and MTNL for conducting 5G trials without using technologies from Chinese companies.
  • DoT had approved trials of 5G with Ericsson, Nokia, Samsung and C-DOT. Jio will conduct trials using its indigenous technology.

May 29, 2021

US Pips Mauritius as 2nd Largest Source of FDI in India in 2020-21

  • The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of USD 13.82 billion, according to government data.
  • Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at USD 17.41 billion.
  • During the last financial year, India attracted USD 5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
  • The island country was followed by UAE (USD 4.2 billion), Cayman Island (USD 2.79 billion), Netherlands (USD 2.78 billion), UK (USD 2.04 billion), Japan (USD 1.95 billion), Germany (USD 667 million), and Cyprus (USD 386 million).

Tata Group Acquires Majority Stake in BigBasket

  • After Tata Sons announced the acquisition of BigBasket, the e-grocery player's co-founder and Chief Executive (CEO), Hari Menon, said it is going to be business as usual at the company.
  • Cementing its foray into the online grocery market, Tata Sons, through its subsidiary Tata Digital, has acquired a majority stake in BigBasket. While the company declined to comment on valuations, reports suggest Bigbasket's valuation at $2 billion.
  • The Competition Commission of India had last month approved Tata Digital's acquisition of up to 64.3 per cent of the total share capital of BigBasket's parent company Supermarket Grocery Supplies.

Tata Consultancy Services Named the Best Big Company to Work for in the UK

  • Tata Consultancy Services has been listed among top 25 Best Big Companies to work for in the United Kingdom and among the Best Companies in the Consultancy sector.
  • The Best Big Companies list honours 25 organisations with at least 2,000 employees based on an anonymous survey that assesses employee experience across engagement, culture, work environment, leadership, well being, diversity and giving back to the community.
  • TCS was recognised for prioritising the health and wellness of its employees with initiatives like virtual access to a GP, HR outreach sessions and mental health awareness programmes, and commitment to reskill employees while on remote work.

Tata Group Acquires Majority Stake in BigBasket

 

RBI Slaps Fine on HDFC Bank over Violations in Auto Loan Portfolio

  • The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 10 crore on country's largest private sector lender HDFC Bank for violating regulatory compliance in auto loan portfolio.
  • The RBI in its statement said, upon examining the documents in the matter of marketing and sale of third-party non-financial products to the banks' customers, it found that the bank was in contravention of the provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949.
  • The RBI acted on the matter after it received a whistleblower complaint regarding the irregularities in the auto loan portfolio of the bank.

Ashoka Buildcon Bags Order from Maldives' Fahi Dhiriulhun Corp.

  • Highways developer Ashoka Buildcon bagged an order worth Rs. 1,018.36 crore from Maldives' Fahi Dhiriulhun Corporation for design and construction of 2,000 social housing units.
  • The company has received a letter of acceptance from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives, for the project viz. design and construction of 2,000 social housing units in Hulhumale on engineering, procurement and construction (EPC) basis.

Canara Bank Announces 3 Loan Schemes

  • State-run Canara Bank announced three loan schemes as part of the fight against the pandemic under which it will offer healthcare credit, business and personal loan to individuals.
  • The Canara Chikitsa healthcare credit facility will offer loans from over Rs. 10 lakh to Rs. 50 crore to registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology labs and all other units engaged in the servicing healthcare infrastructure.
  • The Canara Jeevanrekha healthcare business loan will offer loan up to Rs. 2 crore at a concessional interest rate for manufacture and supply of healthcare products such as medical oxygen and oxygen cylinders and oxygen concentrators to registered hospitals and nursing homes or other manufacturers and suppliers.
  • Under the third category of loan -- Canara Suraksha personal loan scheme -- the lender will offer loan from Rs. 25,000 – Rs. 5 lakh as immediate financial assistance to customers for COVID-19 treatment during admission or post discharge.

Canara Bank Gets Board Approval to Raise up to Rs. 9,000 cr in FY22

  • State-owned Canara Bank is looking to raise up to Rs. 9,000 crore through equity and debt this financial year, as per the approval granted by the board of directors.
  • The board of directors of the bank in its meeting approved the capital raising plan for the year 2021-22 amounting up to Rs. 9,000 crore by way of equity and debt instruments.
  • Under this capital raise approval, the bank will raise equity capital amounting up to Rs. 2,500 crore by way of qualified institutional placement (QIP) during the current fiscal.
  • Capital up to Rs. 4,000 crore is to be raised by issuing additional tier I Basel III compliant bonds, and the rest of Rs. 2,400 crore is to be raised by issuing additional tier II Basel III compliant bonds.
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