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BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 29, 2024

Tata Group, Airbus Team Up to Make Helicopters

The Tata Group and European aerospace company Airbus signed an agreement to manufacture H125 civilian helicopters together in India. This announcement came as India and France adopted a joint defence production road map and an agreement on defence space partnership, following talks between Prime Minister Narendra Modi and French President Emmanuel Macron.

Shriram Group to Enter Wealth Management in FY25

Shriram Group is all set to enter the wealth management business in the next financial year FY 25 while it awaits regulatory approval from the Reserve Bank of India (RBI) to venture into asset reconstruction activities.
The Chennai-based conglomerate will launch its wealth management business through a subsidiary Shriram Credit, which is a subsidiary of Shriram Capital. Asset reconstruction would come under Shriram Capital.

Jan 28, 2024

Dhanlaxmi Bank's CEO to Continue Till the Successor Assumes Charge

The Reserve Bank of India (RBI) approved Dhanlaxmi Bank's proposal of continuing with J. K. Shivan as Managing Director and Chief Executive Officer till a successor assumes charge.
Shivan's term would have ended on January 29, 2024.
The reason behind allowing Shivan to continue is that he is the only whole time director on the board of the bank. A similar approach was taken in the case of Tamilnad Mercantile Bank after its Managing Director and Chief Executive Officer S. Krishnan resigned, who was asked to continue till a new Chief Executive Officer took charge.

Mukund Rao Joins Xoriant as President, Global Markets

Global engineering services firm Xoriant announced the appointment of Mukund Rao as President, global markets.
The appointment is part of a transformation at the ChrysCapital Company that commenced in 2023, including a series of senior appointments, acquisitions, and the introduction of new service offerings.
Mukund Rao took on the role of leading market expansion, strengthening strategic partnerships, and driving overall business growth as President, global markets at Xoriant.
Rao has an MBA from the University of Texas and has held leadership positions at Cognizant's Banking Financial Services team. Additionally, he also had a stint at Mphasis prior to that, where he led core accounts and was an early member of the consulting team.

Samina Hamied of Cipla Steps Down from Her Executive Role

Samina Hamied, the Executive Vice Chairperson of Cipla, announced her decision to step down from her current position. However, she will continue to remain associated with the company as a non-executive director who is liable to retire by rotation.
The company said that she would continue as a non-executive director.

Bhavish Aggarwal's AI Start-up Krutrim Turns Unicorn

Krutrim, an artificial intelligence (AI) venture co-founded by Bhavish Aggarwal of Ola, achieved unicorn status, a term used to describe start-ups valued at $1 billion or above, following its inaugural funding round. The round, which saw participation from notable investors, such as Matrix Partners India, garnered investments worth $50 million in equity at a valuation of $1 billion.
With this, Krutrim claimed the distinction of being India's first AI company to reach unicorn status and also the title of the country's fastest unicorn.

Jan 27, 2024

Zomato Receives RBI Approval to Operate as Online Payment Aggregator

Food delivery major Zomato received authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This allows the company to facilitate online transactions through its platform.
The Gurugram-based food delivery major had in 2023, announced a partnership with ICICI Bank to launch its own payments business, Zomato Pay.
Zomato joined the likes of companies like Razorpay, Cashfree Payments, and EnKash, among others, who have also been granted payment aggregator licences.

Sajjan Jindal-owned JSW Forays into Defence Manufacturing Business

Sajjan Jindal-owned JSW Group became the latest conglomerate to enter the defence manufacturing sector space by acquiring a majority stake in Gecko Motors Private Ltd, an off-road vehicle company.
The company secured an order of Rs. 250 crore from the Ministry of Defence to manufacture and supply 96 Specialist Mobility Vehicles (SMVs), branded as ATOR N1200. Post-acquisition, Gecko Motors would be renamed JSW Gecko Motors Pvt.

Government Allows Direct Listing of Securities by Indian Companies on GIFT IFSC

The government on Wednesday permitted the direct listing of Indian companies on the Gujarat International Finance Tec's (GIFT's) international exchanges to boost foreign investments. The Ministry of Finance issued a notification, amending the Foreign Exchange Management Act (FEMA) to permit the listing on the international exchanges in the International Financial Services Centre (IFSC). The corresponding provision to enable listing has also been made to the Companies Act.

Jan 26, 2024

Simpl Launches Merchant Business Offering to Reduce CoD Settlement Time

Simpl, a checkout network company, launched its business offering, 'Early Settlement', for direct-to-customer (D2C) orders.
As per the company, the product aims to reduce the settlement time for cash-on-delivery (CoD) orders by up to 90 per cent and improve daily sales by 40 per cent.
The Bengaluru-headquartered company said that this offering settles prepaid orders with merchants, while providing merchants with the ability to improve their cash flows with same-day settlement of both CoD and prepaid orders.

Jan 25, 2024

Colliers' Sankey Prasad New Chairman and Managing Director for India and Colliers Project Leaders...

Global diversified professional services and investment management company Colliers appointed Sankey Prasad as Chairman and Managing Director (CMD) for India and Middle East Engineering and project management business, which is under the name of Colliers Project Leaders Middle East.

Mazagon Dock Shipbuilders Bags Rs. 1,070 crore Contract from MoD

The Defence Ministry signed a contract worth Rs. 1,070 with Mazagon Dock Shipbuilders for the acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG).
These multi-role FPVs will be indigenously designed, developed and manufactured by MDL under the Buy (Indian-IDDM) Category and will be delivered in a total of 63 months.
The FPVs will be designed to be equipped with multipurpose drones, artificial intelligence capability, and wirelessly controlled remote water rescue craft lifebuoy in a bid to give the ICG an edge in the face of modern security challenges, the government noted.

CCI Greenlights JSW Group's 38% Stake Buy in MG Motor India

The Competition Commission of India (CCI) gave the nod to significant business transactions, signalling a shifting landscape in the corporate sector. Among the approved deals is the JSW Group's strategic move to acquire a substantial 38% stake in MG Motor India. Facilitated through JSW Ventures Singapore, a newly established subsidiary of JSW International Tradecorp Pte Ltd, the acquisition is poised to reshape the dynamics of the automotive industry.
Tata Electronics received CCI approval for the complete acquisition of Wistron Infocomm Manufacturing (India) Pvt Ltd.
CCI also granted approval for Burman Family entities, namely Puran Associates, M.B Finmart, VIC Enterprises, & Milky Investment, to acquire shareholding in Religare Enterprises.
CCI approved the merger between Fincare Small Finance Bank Limited and AU Small Finance Bank, designating AU Small Finance Bank as the surviving entity.

Hero MotoCorp Partners with CG Motors to Expand Operations in Nepal

Hero MotoCorp announced that it appointed CG Motors as its distributor in Nepal.
Hero MotoCorp forayed into Nepal in 2014 and, over the years, has established itself as a leading player in the country, with overwhelming response for its brands such as the Super Splendor and Xpulse 200 motorcycles. Nepal is one of the key markets for the company in Asia.
Hero MotoCorp and CG Motors will set up a state-of-the-art greenfield facility for assembling products in Nepal. The facility will be located in Nawalpur district and have a capacity of 75,000 units per annum. Operations will begin in March 2024.

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