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BUSINESS AND ECONOMY - October 2018

Oct 2018

Dec 02, 2018

Banks Strike over Mergers

  • A day after Indian Banks' Association (IBA) raised its wage hike offer to 8 percent from 6 percent, the United Forum of Bank Unions (UFBU) called a nationwide strike on December 26 against bank mergers and pay revision.
  • UFBU, the consortium of nine unions in the banking sector, is opposed to the merger of Bank of Baroda, Dena Bank and Vijaya Bank.

India Presents a 9-point Agenda to G-20 countries

  • India presented a nine-point agenda to G-20 countries, calling for "strong and active cooperation" among them to comprehensively deal with fugitive economic offenders. PM Narendra Modi presented the agenda in the second session of the G-20 Summit on International trade, financial and tax systems.
  • PM Narendra Modi announced that India will host the G-20 summit in 2022, the year the country would celebrate the 75th year of Independence.

Dec 01, 2018

Lockheed Open to Help India in Production of Tejas

  • America's top fighter jet manufacturer Lockheed has said that it is open to help India in the production of the indigenously-designed light combat aircraft Tejas.
  • Currently, the state-run Hindustan Aeronautics Ltd (HAL) is producing around eight Tejas annually and the defence ministry wants it to increase the number to 18 planes per year.
  • Lockheed Martin has a strong record of successful international industrial partnerships, many of which happen to be directly related to the F-16.
  • Lockheed has proposed to shift its entire F-16 manufacturing base to India, subject to it getting a major order from the Indian armed forces.

GDP Growth Rate Slows

  • India's gross domestic product (GDP) (at market prices) grew at 7.1% between July 31 and September 30 (Q2 2019), a decline of 1.1 percentage points compared to the period between April 30 and June 30 (Q1 2019), not so much because of a slowdown in economic activity but the so-called base effect which amplified growth in the last quarter.
  • Gross Value Added (GVA) growth went down by an equal amount between Q1 2019 and Q2 2019.

Ginni Buys Zwing ERP Software

  • Ginni Systems Pvt. Ltd., a retail software company, has acquired Pune-based Roxfortech Infosolutions' ERP product Zwing.
  • The strategic acquisition would add to the strength of Ginni Systems that already holds a significant market share with their flagship ERP software, Ginesys, that covers the entire retail value chain from manufacturing to distribution to retail.
  • Ginni Systems plan to invest $2 million in Zwing in the coming financial years.

Lockheed Open to Help India in Production of Tejas

  • America's top fighter jet manufacturer Lockheed has said that it is open to help India in the production of the indigenously-designed light combat aircraft Tejas.
  • Currently, the state-run Hindustan Aeronautics Ltd (HAL) is producing around eight Tejas annually and the defence ministry wants it to increase the number to 18 planes per year.
  • Lockheed Martin has a strong record of successful international industrial partnerships, many of which happen to be directly related to the F-16.
  • Lockheed has proposed to shift its entire F-16 manufacturing base to India, subject to it getting a major order from the Indian armed forces.

Nov 30, 2018

RBI Relaxed the Securitisation Norms

  • In a move to make more liquidity available to non-banking finance firms, the Reserve Bank of India has relaxed the securitisation norms by relaxing the minimum holding period requirement.
  • The move follows a demand from the government for a special window for NBFCs, to provide them liquidity support.
  • RBI has decided to relax the Minimum Holding Period (MHP) requirement for originating NBFCs, as they are now allowed to securitise loans with maturity of more than five years after holding them for six months on their books, as compared to one year earlier.
  • The relaxation on the minimum holding period will be allowed when the NBFC retains 20% of the book value of these loans.

US Slams Harmful China Trade Policies

  • US Trade Representative Robert Lighthizer slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies that harm US workers and industry, and threatened tariffs on Chinese autos.
  • The latest trade threat against China comes days before President Donald Trump is due to meet with Chinese leader Xi Jinping at a G20 summit in Argentina to defuse the ongoing trade conflict between the world's top two economic powers.

Jubilant Life Arm Inks Pact to Acquire Inipharm Inc

  • Jubilant Life Sciences' subsidiary Drug Discovery and Development Solutions Ltd. (DDDSL) Singapore, has entered into an agreement to acquire 10% stake in Inipharm Inc. USA for around $28.5 million (over Rs. 199 crore).
  • DDDSL has entered into a stock purchase agreement to acquire 5,34,194 shares of common stock of Inipharm, for $534.20 per share.

Sri Lanka Agrees Port Deals with China

  • Sri Lanka signed two multi-million dollar contracts with Chinese firms for a port upgrade project in the middle of a political hiatus that has raised doubts over the legitimacy of the government and the legality of the deals.
  • The debt-saddled island has long been a target of Beijing's ambitious Belt and Road infrastructure scheme to connect China with countries cross Asia and beyond, while regional power India has also been vying for deals to counter China's influence.

TAFE Joins Hands with ISEKI & Co

  • Tractors and Farm Equipment Limited (TAFE), the flagship company of the Amagamation Group, has joined hands with ISEKI & Co., Ltd. of Japan to make compact tractors that complement the Indian manufacturer's range of tractors in terms of horsepower and end-use.
  • ISEKI is the largest Japanese farm machinery manufacturer for tractors. It also makes tractors for AGCO, a well-known global name in the area of design, manufacture and distribution of agricultural solutions.
  • TAFE has over five decades of association with AGCO, and is also a significant shareholder in AGCO Corporation.

Government to Move Nearly Half of Air India's Debt

  • As per R.N. Chaubey, Secretary, Ministry of Civil Aviation, the government has decided to transfer more than half of Air India's nearly Rs. 55,000-crore debt into a special purpose vehicle (SPV) to help the airline cut expenditure on servicing the huge loan.
  • More than Rs. 29,000 crore will be moved from Air India into an SPV, which will also house the non-core assets such as the ground-handling arm and land.
  • Liquidation of these assets will enable paying off the debt. This will help Air India to reduce an expenditure item because of the interests it pays on its loans.

Nov 29, 2018

Unilever Frontrunner for Glaxo's Horlicks Business

Unilever has emerged as the leading bidder in a tight contest for GlaxoSmithKline's Indian Horlicks nutrition business.
If it is able to clinch the deal, Unilever will trump fellow European consumer giant Nestle, the other main contender to buy Horlicks and other GSK consumer healthcare assets in India.
Unilever had been given "preferential treatment" to complete the deal but did not have exclusivity in negotiations, so it was possible GSK might re-open talks with Nestle if it could not agree terms with Unilever.

SpiceJet Asked to Pay Dues

The Airports Authority of India (AAI) has served a notice to Ajay Singh-controlled budget carrier SpiceJet, asking it to pay Rs. 20 crore by November end to partially clear its dues.
The authority claims the airline's dues have crossed the 80 per cent threshold of its security deposit.
As per the AAI norms, all the carriers are supposed to keep their dues within 80 per cent of their security deposit with the state-run aerodrome operator.
SpiceJet's outstanding towards landing, parking and route navigation charges currently stands at Rs. 117 crore, against its security deposit of Rs. 104 crore.

SBI Hikes Fixed Deposit Rates

Country's largest lender State Bank of India (SBI) has increased Domestic Term Deposits or Fixed Deposit (FD) rates for some select maturity periods with immediate effect.
The revised FD rates apply for amount less than Rs 1 crore. After the revision in the rates, FDs with maturity period of one to two years will fetch 6.8 percent interest as compared to 6.7 percent previously. Similarly, for senior citizens the FD for maturity period of one to two years has been revised to 7.30 percent, from 7.2 percent earlier.

Merging Two-state Owned Power Lenders

India is considering a proposal to combine two state-run lenders to utilities, REC Ltd. and Power Finance Corporation as it seeks to raise funds to bridge a budget gap.
The first phase of the deal will see REC acquiring a majority stake valued at about $2.5 billion in Power Finance, possibly by the year ending March 2019. Subsequently, the plan is to merge the subsidiary with REC, a departure from the original plan to keep their operations separate.
The merger plan is being considered after REC expressed concern that just acquiring a controlling stake in Power Finance would weaken its credit profile and wouldn't yield any operational benefit.

Goyal to Sell Controlling Stake in Jet Airways

Naresh Goyal has agreed to sell his controlling stake and give up operational control of the struggling carrier.
Although Goyal has been reluctant to relinquish his controlling stake in the 25-year-old airline, he is said to have met all three prospective buyers - Tata Group, Etihad Airways and a consortium of Air France - KLM and Delta Air Lines Inc.
Goyal has, however, laid out certain conditions including retaining a minority stake of below 5 percent and a board seat on the firm.

NGT Allows Sterlite to Reopen Plant

A three-member committee of the National Green Tribunal has found no grounds for the closure of Sterlite's controversial copper plant in Thootukodi, Tamil Nadu, in a move that puts the state government, which ordered the shutdown, in a spot.
As per Tamil Nadu Industries Minister M. C. Sampath, the government will take all necessary legal steps to ensure that the factory, closed for causing pollution, remains closed.

Nov 28, 2018

Sun Pharma to Acquire Pola Pharma

Sun Pharma will acquire Japan-based Pola Pharma for around USD 1 million to strengthen its presence in dermatology segment across the globe.
The company has entered into a definitive agreement to acquire Pola Pharma, which is engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan.
The transaction is expected to close on or before January 31, 2019, subject to completion of closing conditions.
Sun Pharma forayed into the Japanese prescription market in 2016.

Ashok Leyland Expands Footprint 

As part of its expansion drive, Hinduja Group flagship company Ashok Leyland has set up a new 3S facility IFAD Autos in Dhaka, Bangladesh. The facility would cater to the entire range of Ashok Leyland vehicles.

India-China Amend Double Taxation Avoidance Treaty

India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information.
The Government of India and the People's Republic of China have signed a protocol this month to amend the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.

Government to Sell Air India's Ground Handling Arm

A proposal for strategic sale of Air India's ground handling subsidiary AIATSL has been cleared by a ministerial panel.
The approval comes amid the government working on ways to revive the fortunes of Air India, estimated to have debt burden of more than Rs. 50,000 crore, including sale of non-core assets.
The Alternative Mechanism has approved EoI (Expression of Interest) together with Preliminary Information Memorandum for Air India Air Transport Services Limited (AIATSL) sale.
Proceeds from the sale of AIATSL would be used to pay-off part of Air India's debt.

NTT Data Acquired Stake in Atom

Japan-based NTT Data has acquired a majority stake in Atom Technologies, a payment services solutions company owned by 63 Moons Technologies, which was formerly known as Financial Technologies India Ltd (FTIL).
63 Moons Technologies has executed a share purchase agreement with NTT Data Corporation for sale of its 55.35% stake in Atom Technologies.
This signals NTT Data's foray into the rapidly expanding Indian payments market.

Neeraj Arora has Quit WhatsApp

Indian -origin Chief Business Officer Neeraj Arora has quit WhatsApp.
Arora has been with WhatsApp since 2011, well before the mobile messaging service's $19 billion acquisition by Facebook. An alumnus of the Indian School of Business (ISB), Arora played a key role in closing the acquisition of WhatsApp. He worked with Google before joining WhatsApp.

TechM Bags Deal from Coal India

Tech Mahindra has bagged a Rs. 270-crore deal to enable digital transformation of Coal India Limited (CIL).
The engagement, aimed at enterprise modernisation, would span a five-year period.
The project would be implemented in phases.
The deal also includes supply and implementation of hospital information management system across all eight subsidiaries of CIL, covering 21 hospitals.
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