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BUSINESS AND ECONOMY - December 2018

Dec 2018

Nov 08, 2023

L&T to Construct Greenfield Airport in Andhra's Bhogapuram

Larsen and Toubro (L&T) Construction secured a large order to construct the greenfield Bhogapuram International Airport project in Andhra Pradesh.
The project cost is estimated to be in the Rs. 2,500-5,000 crore range.
The project will initially be developed to handle 6 MPA (million passengers per annum) capacity to be further enhanced to the capacity of 12 MPA.
The key development works include cut & fill works, terminal works with airport systems, ATC tower, airfield development works (south runway 3,800 m length, apron, taxiways, airfield ground lighting, fuel hydrant works and other facilities), landside facilities (roads, landscapes, etc.), utilities & other support facilities.
Larsen & Toubro is presently executing the construction works of major airports in Delhi, Hyderabad, Bangalore, Chennai, and Navi Mumbai.

Razorpay Makes Rahul Kothari Chief Operating Officer for India, Malaysia

Razorpay made Rahul Kothari, the fintech company's Chief Business Officer (CBO), its Chief Operating Officer (COO) for India and Malaysia.
Kothari got the new role at a time when Razorpay is expanding globally, focusing on South East Asia first. Kothari will guide the company's strategy to achieve revenue goals in India and Malaysia.

Mundra Becomes India's First Port to Handle 16.1 Million Tonnes of Cargo

Adani Group's flagship Mundra Port in Gujarat set another record by handling 16.1 million tonnes of cargo in October, the highest-ever volume by any port in India.
It is the largest port in the country with 102 MMT of cargo handled so far this year with a good 9 per cent year-on-year growth. The port crossed the 100 MMT mark in 210 days, surpassing the record of 231 days last year (2022).

IndiaFirst Life Becomes the First Life Insurance Company to Obtain GIFT

IndiaFirst Life Insurance Company Ltd became the first Indian life insurance company to get the Gujarat International Finance Tec (GIFT) City's International Financial Services Centre Registration.
Aim: To enhance our market presence and capitalize on the customer outreach opportunities at a global level.
Its foray into the hi-tech and ultra-modern financial ecosystem of GIFT City IFSC, will empower us to secure lives and create value for our international customers.

Bharat Botanics to Open India's Largest Cold Oil Production Facility

Bharat Botanics announced the opening of its wood-pressed cold oil processing facility in Gondal, Rajkot Gujarat.
This 16,000 square feet automated facility is one of its kind, promoting 100% hygiene and transparency.
At Bharat Botanics facility, seeds are crushed using traditional "Wooden Ghani's" with the cold-pressed technique, resulting in natural, chemical-free edible oils rich in healthy nutrients, natural flavor, and a scintillating aroma.

Nov 07, 2023

Reliance Retail to acquire Arvind Fashions' Beauty Retail Business

Reliance Retail has entered into the fast-growing beauty business with Tira, an omnichannel beauty retail platform.
Reliance Retail Ventures (RRVL) is buying Arvind Beauty Brands Retail, a subsidiary of Arvind Fashions that runs the Sephora India business for ₹99 crore.
This acquisition follows earlier reports in local media suggesting that Sephora and Reliance Retail had terminated discussions regarding a potential retail partnership in the Indian market.
Reliance Retail, in response, launched its own beauty retail platform, Tira, in April, positioning itself to compete with established players like Nykaa and the Tata Group.

RBI imposes penalties on Punjab National Bank, Federal Bank

Reserve Bank of India imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations.
The central bank has imposed a penalty of Rs 72 lakh on PNB, Rs 30 lakh on Federal Bank, Rs 13.38 lakh on Kosamattam Finance.
PNB received the penalty due to several violations, including levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution.

HSBC India launches e-bank guarantee services for MSMEs

The move is aimed to digitize trade and ease the guarantee issuance process digitally with the introduction of e-stamping and e-signing. With the new solution, the applicant will be able to instantly view a bank guarantee on the NeSL portal.
Private sector lender HSBC India has launched electronic bank guarantee services for its MSMEs and corporate clients in association with National E-Governance Services Ltd (NeSL) to replace the conventional time-intensive paper-based bank guarantee.
NeSL, under the aegis of the Insolvency and Bankruptcy Code, 2016 serves as a repository of legal evidence holding the information about any debt/claim, as submitted by the financial or operational creditor and verified and authenticated by the parties to the debt.
The e-guarantees will reduce the transaction cycle time from 2-3 days to a few minutes. The e-bank guarantee will also provide secure and swift options and avoid pitfalls of the paper-based guarantee process.

Nov 06, 2023

Intel announced collaboration with eight Indian electronics manufacturing services (EMS) companie...

The Indian companies joining forces with Intel include Bhagwati Products Ltd, Dixon Technologies India Ltd, Kaynes Technology India Ltd, Optiemus Electronics Ltd, Panache Digilife Ltd, Smile Electronics Ltd, Syrma SGS Technology Ltd, and VVDN Technologies Private Ltd.
For some of these companies, this venture represents their inaugural entry into the laptop manufacturing arena. The collaboration between Intel and the Indian manufacturing ecosystem aims to equip these firms to meet both domestic and global demand for laptops.
Union Minister of State for Electronics and IT, Skill Development, and Entrepreneurship, Rajeev Chandrasekhar said, "I am very pleased that global organisations like Intel are partnering with India, helping to build and catalyse the electronics manufacturing ecosystem for laptops and compute.
This aligns with Prime Minister Narendra Modi's vision to drive India's Digital Economy to $1 Trillion and enable the electronics manufacturing ecosystem to contribute $300 billion by 2025-26."

Nov 04, 2023

EESL Launched 'National Efficient Cooking Programme' To Transform Cooking Practices In India

Energy Efficiency Services Limited (EESL), a joint venture of Public Sector Undertakings under the Ministry of Power, unveiled two groundbreaking initiatives, the National Efficient Cooking Programme (NECP) and the Energy Efficient Fans Programme (EEFP) on November 2, 2023, in New Delhi.

RBI Prescribe Norms For Closure Of DCCB Branches

The Reserve Bank of India (RBI) has recently made an important announcement regarding District Central Co-operative Banks (DCCBs).
These banks are now permitted to close their un-remunerative branches without seeking prior permission from the central bank, although they will require approval from the Registrar of Cooperative Societies of the respective state. This decision aims to streamline the functioning of DCCBs and ensure that the process of branch closure is carried out responsibly and transparently.

Nirmala Sitharaman inaugurated SBI's branch in Trincomalee

Finance Minister Nirmala Sitharaman has inaugurated the State Bank of India's branch in Trincomalee, Sri Lanka.
Governor of Eastern Province of Sri Lanka Senthil Thondaman, High Commissioner of India to Sri Lanka Gopal Baglay, and SBI Chairman Dinesh Khara graced the event.
Recognizing SBI's 159-year-long presence, Mrs. Sitharaman praised its commitment to growth at home and abroad, especially during the Sri Lankan economic crisis.
SBI's endeavors facilitated the smooth extension of a Line of Credit worth 1 billion dollars by the Government of India to Sri Lanka.
SBI Sri Lanka has been a pivotal support for international trade corporations and has actively bolstered remittance activities through a robust digital platform.

RBI launches two key surveys for monetary policy inputs

The Reserve Bank of India (RBI) has announced the introduction of two crucial surveys, namely the 'Inflation Expectations Survey of Households' and the 'Consumer Confidence Surveynetary'.
They're aimed at gathering essential data for the upcoming bi-monthly monetary policy. The next monetary policy review is scheduled to take place from December 6-8.

Nov 03, 2023

Zurich Insurance Company to acquire 51% stake in Kotak General Insurance

Zurich Insurance Company to acquire 51% stake in Kotak General Insurance
Kotak Mahindra Bank on Thursday announced that Zurich Insurance Company Ltd will acquire 51% stake in Kotak General Insurance for ₹4,051 crore.
Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into definitive agreements with Zurich Insurance Company Ltd, whereby Zurich will invest approximately ₹4,051 crore to acquire a 51% stake in Kotak General Insurance, the private sector lender said in a release.

BoB Appoints 'Kadgatoor Sheetal Venkatesmurt' As Head Of Digital Channels

Bank of Baroda (BOB) is facing a significant change in its digital leadership as Akhil Handa, the head of digital lending, has decided to leave the organization.
Handa was a key figure in the development of BOB's mobile banking application 'bob World,' but his departure comes in the wake of regulatory restrictions imposed by the Reserve Bank of India (RBI).

SBI Card Partners With Reliance Retail To Introduce 'Reliance SBI Card'

SBI Card and Reliance Retail came together to launch the co-branded Reliance SBI Card.
The lifestyle-focused credit card will offer a holistic and rewarding shopping experience to customers.
Aim: To leverage the extensive network of SBI Card with the vast consumer reach and unique retail proposition of Reliance Retail to bring a spectrum of exclusive rewards.
To unlock rewards and benefits while transacting at Reliance Retail's extensive and many more.

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