General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 07, 2023

Max Life Insurance Appoints Rajiv Anand as Chairman

Max Life Insurance, a material subsidiary of Max Financial Services, appointed Rajiv Anand as the new Chairman. This follows the stepping down of Analjit Singh from the Chairmanship and membership of the Board of Directors of Max Life Insurance.
Before this elevation, Anand, a non-executive director of Max Life, was nominated by Axis Bank Ltd as Chairman of Max Life Insurance.
Max New York Life (MNYL) is the first private sector insurance company to be incorporated in India on July 11, 2000, within a week after IRDAI permitted the incorporation of private sector insurance companies. On November 15, 2020, MNYL received its certification of registration from IRDAI.

Ambuja Cements Completes Acquisition of Sanghi Industries

Ambuja Cements completed the acquisition of Sanghi Industries Limited (SIL), at an enterprise value of Rs. 5,185 crore.
As part of the deal's completion, Ambuja Cements also executed a trade (in on and off-market trade) to acquire 54.51 per cent of the voting share capital from the promoters of Sanghi Industries. The acquisition of shares is fully funded through internal accruals.
Ambuja Cements on Tuesday also agreed to lend an additional Rs. 1,810 crore to Sanghi Industries under an inter-corporate deposit agreement, for the repayment of outstanding amounts in relation to the credit facilities availed by Sanghi.

Swiggy Appoints Anand Kripalu as Independent Director, Chairperson of Board

Food delivery firm Swiggy appointed FMCG veteran Anand Kripalu as an independent director and the chairperson of its Board of Directors.
With close to 40 years of experience in the fast-moving consumer goods (FMCG) industry, Anand Kripalu is the Managing Director and Global Chief Executive Officer of EPL Ltd (formerly Essel Propack Limited), the world's largest specialty packaging company. Prior to that, he was the Managing Director and Chief Executive Officer of Diageo India, India's leading beverage alcohol company. He has also held leadership roles at Mondelez International (formerly Cadbury) and Unilever.

Dec 06, 2023

Jithesh John Assumes Role as IBBI Executive Director

Jithesh John, a 2001 batch Indian Economic Service Officer, took charge as Executive Director of the Insolvency and Bankruptcy Board of India (IBBI). Earlier, John served as an economic adviser in the Ministry of Power.
It was established on October 1, 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on May 5, 2016.
It has its headquarters in New Delhi.

LIC Fourth Largest Insurer in the World Based on Reserves: S&P Global Study

Insurance behemoth Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.
The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company.
According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
The reserves of LIC and Nippon Life Insurance Company reflect the reserves of the financial year 2023 (April 2022 to March 2023).
The S&P list of the top 50 global life insurance companies was dominated by European firms, taking 21 spots. On an individual country basis, the US has the highest number of life insurers on the list, with eight companies headquartered in the region, followed by the UK with seven companies.

Bharti Airtel Becomes the 8th Company to Surpass Rs. 6 Lakh Crore Mcap

Bharti Airtel, one of India's leading telecommunications companies, achieved a significant milestone by becoming the 8th company to surpass Rs. 6 lakh crore. This surge was attributed to the positive market sentiment following the Bharatiya Janata Party's resounding victory in state elections.

Dec 05, 2023

Warburg Pincus Names Vishal Mahadevia as Asia Private Equity Head

Private equity firm Warburg Pincus named India head, Vishal Mahadevia, as head of Asia private equity, a newly created position, while veteran China head Frank Wei will step down amid an Asia-wide reshuffle at the U.S. investment firm.

Bajaj Group Becomes Fifth Conglomerate to Breach Rs. 10 Lakh Crore in Mcap

The Bajaj Group achieved a significant milestone by surpassing Rs.10 lakh crore in market capitalisation, making it the fifth business houses to attain this feat. This elite club already includes prominent names like Tata, Reliance Industries, HDFC Bank and the Adani Group.
While Bajaj Group's achievement is noteworthy, the Tata Group continues to lead the league table with an aggregate market capitalization of Rs. 26.4 lakh crore. Reliance Industries, HDFC Group and the Adani Group occupy the subsequent positions with market valuations of Rs. 16.6 lakh crore, Rs. 14.2 lakh crore and Rs. 11.9 lakh crore, respectively.

Dec 04, 2023

India Resumes Venezuelan Crude Oil Imports, Explores Direct Deals

Indian refiners, including Reliance Industries, reinitiated the import of Venezuelan crude oil through intermediaries. The move came in the wake of the temporary lifting of U.S. sanctions on Venezuela, opening avenues for direct deals between Indian companies and Venezuela's state-owned oil firm, PDVSA.
India's renewed engagement with Venezuelan oil could influence its overall import costs, providing an alternative to its significant reliance on Russian oil.
This move diversifies India's oil sources, potentially reducing its dependency on the Middle East.

Sheshadri Appointed IDRCL Chair, Incumbent Gupta to Head NARCL

Former KPMG managing partner, Narayan Seshadri, is set to assume the role of Chairman at India Debt Resolution Co Ltd (IDRCL), the agent to government-backed bad bank, following the resignation of Diwakar Gupta. Gupta, in turn, is expected to take over as Chairman of NARCL. This leadership shift aims to expedite the resolution of bad loans, a process that has faced challenges and delays.
Since its initiation in January 2022, NARCL has acquired only six companies.
Total debt acquired stands at 14,166 crore, significantly below the 82,845-crore target set by SBI Chairman Dinesh Khara in January 2022.
NARCL pays 15% of the loan amount in cash and the rest in security receipts, guaranteed by the government for five years.

Dec 03, 2023

HUL Appoints Former Revenue Secretary Tarun Bajaj as Independent Director

FMCG major Hindustan Unilever (HUL) appointed former Revenue Secretary Tarun Bajaj as its independent director for five years.
Bajaj, a 1988-batch IAS officer of the Haryana cadre, served as the Revenue Secretary in the Indian government before superannuating in November 2022.
As the Revenue Secretary, he played a key role in stabilising the Goods and Services Tax (GST) and contributed towards a substantial increase in revenue collections under GST and Income Tax.

RBI Inks Pact with Bank of England on Bond Clearing Settlement

The Reserve Bank of India signed an agreement with the Bank of England (BoE) on exchange of information for settlement of bond trades through Clearing Corporation of India Ltd (CCIL).
Under the new memorandum of understanding (MoU), the BoE will assess and recognize CCIL as a counterparty to clear and settle bonds and overnight indexed swap trades done by England-based banks and investors.
CCIL is the RBI-supervised central counterparty which hosts the trading platform for Indian government bonds and overnight indexed swaps.

India to Act as Automaker Toyota Motor Corporation's Regional Hub

Japanese auto major Toyota Motor Corporation announced a regional restructuring with India being integrated into its 'Middle East, East Asia & Oceania Region' operations and slotting the country to act as the hub of the new geography.
As part of this development, Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) -- the company's joint venture in India with the Kirloskar Group -- is concurrently the Regional CEO.

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