Alchemy India Long Term Fund Relocates from Mauritius to Gift City IFSC
Alchemy India Long Term Fund, an offshore fund, re-domiciled from Mauritius to the Gift City IFSC. Kotak Mahindra Bank acted as the custodian and issued the first-ever foreign portfolio investor (FPI) license to the fund incorporated in Gift City.
The government had allowed India-sponsored funds and managers to relocate to Gift City. As per Industry players, more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction.
One of the important objectives of IFSC initiative is to bring back India centric business from offshore to onshore in GIFT IFSC.
Singapore's Vantage Point is Highest Bidder for Bankrupt SKS Power
Singapore's Vantage Point Asset Management emerged as the highest bidder for bankrupt SKS Power Generation (Chhattisgarh) by offering Rs. 1,800 crore. Ahmedabad-based Torrent, came a close second with a difference of just Rs. 7 crore from Vantage's offer.
Nagpur-based Sarda Energy and Jindal Power, which is owned by Naveen Jindal, also made good offers.
SKS owns a 600-mw power plant in Chhattisgarh that is now run by state-owned NTPC, which didn't make an aggressive bid for the company.
The company was sent to bankruptcy court after it defaulted on loans worth Rs 1890 crore to State Bank of India and Bank of Baroda. Hong Kong-based Agritrade Resources bought the plant from Indian lenders in November 2018 in a one-time settlement. Agritrade itself fell into financial problems and could not service the loan.
The market capitalisation (m-cap) of state-owned aerospace & defense company Hindustan Aeronautics (HAL) crossed the Rs. 1-trillion mark.
HAL claimed the 52nd spot in the overall market cap ranking, the BSE data showed.
HAL, a defence public sector undertaking (DPSU), is engaged in the business to undertake design, development, manufacturing, maintenance, repair, overhaul, and servicing of products like aircraft, helicopters, engines and other related systems like avionics, instruments, and accessories.
It also engages with the Indian Space Research Organisation (ISRO) to contribute to the space programmes of the country. The Government of India (GoI) remains HAL's largest shareholder, with a current shareholding of around 75 per cent.
May 03, 2023
LIC Unveils Group Post-retirement Medical Benefit Scheme
The Life Insurance Corporation of India (LIC) introduced Group Post Retirement Medical Benefit Scheme, a non-linked, non-participating, life, group savings insurance product for those employing 50 or more persons.
It is intended to help meet employers' obligation for post-retirement medical benefit to their employees. The plan also offers a fixed life cover benefit (sum assured) to each member. The product is an addition to the bouquet of LIC's eleven group products and one group accident benefit rider.
Airtel Signs Binding Term Sheet to Merge Sri Lanka Ops with Dialog Axiata
Bharti Airtel Limited, Dialog Axiata Plc, and Axiata Group Berhad entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited.
As per the company, the proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. Airtel would accordingly be issued new shares in Dialog upon completion of the transaction.
Discussions with respect to the proposed transaction are ongoing between the parties and also with the relevant regulatory authorities as per applicable laws and regulations. The proposed transaction is subject to the signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.
Airtel Payments Bank Rolls Out Face Authentication for AePS
Airtel Payments Bank rolled-out face authentication for Aadhaar-enabled Payment System (AePS) at its 500,000 banking points as part of its collaboration with the National Payments Corporation of India (NPCI).
Airtel Payments Bank is amongst the first four banks to offer Face Authentication for AePS in the country.
NPCI's AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account.
BharatPe Acquires Majority Stake in Mumbai-based NBFC Trillion Loans
Fintech firm BharatPe Group completed acquiring a 51 per cent stake in Trillion Loans, a non-banking financial company (NBFC).
BharatPe also revealed that Ravindra Pandey, Nalin Negi and Sabyasachi Senapati were appointed to the Board of Trillion Loans.
This acquisition is in line with BharatPe Group's vision to be at the forefront of addressing the credit gap for millions of businesses and consumers in India.
Trillion Loans is a fast-growing NBFC that claims to offer a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans. Additionally, the company offers a range of products for consumers, such as education loans, auto and gold.
May 02, 2023
Ceylon Beverages to Fill Campa Cans for Reliance
Reliance Consumer Products (RCPL) tied up with Sri Lanka's Ceylon Beverage International to co-pack and manufacture the cans for Campa soft drink. Ceylon Beverages is promoted by former cricketer Muttiah Muralitharan and is one of Sri Lanka's largest can and filling companies.
The co-packing partnership was already signed, and the two companies are close to signing the deal to set up manufacturing units in India for Campa soft drinks. Reliance will also reportedly get distribution rights for some of Cylon's products in India.
Ceylon Beverages was established in 2020 and partners with several companies making mineral water, energy drinks, soft drinks and flavoured milk in cans. It has an hourly output of over 48,000 cans and 34,000 bottles. The company's plant is equipped to fill 300 million cans per year.
The Reliance Group acquired Campa from Pure Drinks last year for an estimated Rs. 22 crore. This is Campa's first scale manufacturing partnership in India for cans.
JPMorgan to Acquire First Republic Bank after Seizure by Regulator
JPMorgan Chase and Company will buy First Republic Bank after the crisis-stricken lender was taken over by regulators. According to a statement by the California Department of Financial Protection and Innovation, JP Morgan will take possession of all deposits and all assets of the bank.
The FDIC accepted a bid from JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all deposits, including all uninsured deposits, and substantially all assets of First Republic Bank.
First Republic Bank is the third major US bank to fail in two months after Silicon Valley Bank and Signature Bank. Those failures came after crypto-focused Silvergate voluntarily liquidated.
Bharti Airtel, Bridgepointe Technologies Launch New Strategic Partnership
Bharti Airtel announced its strategic partnership with Bridgepointe Technologies, a tech advisory firm that helps mid-market and enterprise companies bridge the gap between tech investments and business results.
The Airtel-Bridgepointe partnership will enable US enterprises interested in expanding to India and Africa to leverage Airtel's digital infrastructure solution.
Pernod Ricard India Appoints Jean Touboul as MD
Pernod Ricard India appointed Jean Touboul as its new Managing Director with immediate effect.
Touboul leads the India operations of Pernod Ricard after serving as the Managing Director of Pernod Ricard South-East Asia entity, based in Singapore.
He will continue to report to Philippe Guettat, chairman and CEO of Pernod Ricard Asia, and will be a member of the Pernod Ricard Asia Executive Committee.
Touboul has held several leadership roles in Eastern Europe and headquarters, before moving to Asia as managing director, Taiwan in 2014, and later chairman & CEO of Pernod Ricard Korea.
He was appointed to lead as managing director for South-East Asia in 2021. He joined the Pernod Ricard Group in 2004 as financial controller & internal auditor of Pernod Ricard Europe.
NTPC, NPCIL Sign Agreement for Joint Development of Nuclear Power Plants
NTPC Ltd signed a supplementary joint venture agreement with Nuclear Power Corporation of India Ltd (NPCIL) for the development of nuclear power projects.
This supplementary joint venture agreement marks a pivotal step for NTPC Ltd and NPCIL to collaborate and cooperate in the field of development of nuclear power projects which shall help the country in meeting its clean energy commitments to achieve a net zero emission target by 2070.
Initially, the JV company will develop two pressurised heavy-water reactor (PHWR) projects, Chutka Madhya Pradesh Atomic Power Project 2x700 MW and Mahi Banswara Rajasthan Atomic Power Project 4x700 MW, which were identified as a part of fleet mode nuclear projects.
The agreement was signed by Ujjwal Kanti Bhattacharya, director projects, NTPC Ltd and Ranjay Sharan, director projects, NPCIL.
May 01, 2023
Govt. Appoints Debadatta Chand as Managing Director of Bank of Baroda
Bank of Baroda said that the government appointed Debadatta Chand, who is currently (as in May 2023) the Executive Director, as the Managing Director (MD) and Chief Executive Officer (CEO).
His appointment to the top post is for a period of three years with effect from the date of assumption of office on or after 01.07.2023, or until further orders, whichever is earlier.
Chand succeeds Sanjiv Chadha, whose tenure was extended by the government for about five months till June 30. Chadha's original tenure was up to January 19. 2023.
Rajneesh Karnatak Selected as MD and Chairman of Bank of India
Rajneesh Karnatak was chosen by government as the Managing Director (MD) of Bank of India (BOI). Karnatak was Union Bank of India's Executive Director. As per repots, he would serve as MD & CEO of Bank of India for a term of three years beginning on the day of assumption of office or until further instructions.
Siddhartha Mohanty is New Chairperson of LIC
The government officially appointed Siddhartha Mohanty as the Chairperson of state-run Life Insurance Corporation (LIC) of India for two years.
Mohanty, who is one of the four Managing Directors at LIC, was already named as interim Chairperson in March 2023 for three months.
The term of M. R. Kumar as Chairperson of LIC of India completed on March 13, 2023.
Mohanty began his career as a direct recruit officer with the LIC of India in 1985 and has since held various senior positions within the company, gradually rising through the ranks.
Apr 30, 2023
Arya.ag Announces Partnership with Shivalik Small Finance Bank
Shivalik Small Finance Bank announced a strategic partnership with Arya.ag, a grain commerce platform, to provide financing to small farmers against warehouse receipts. The collaboration will enable Arya.ag to further its mission of driving financial inclusion for farmers and Farmer Producer Organizations (FPOs) in India. Through the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs under Warehouse Receipt Finance, using the stored crops as collateral. The business correspondent model partnership will facilitate loan disbursement, credit assessment, documentation, and recovery. This partnership will help in promoting financial inclusion in rural areas and strengthening the agriculture ecosystem in India.
Under the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs through warehouse receipt finance. This means that farmers can use their stored crops as collateral for securing loans from the bank, which can help them in accessing credit and managing cash flow efficiently.
Razorpay Joins Hands with ONDC to Offer Payment Reconciliation Service
Razorpay, a fintech payments and banking platform for businesses, joined the Open Network for Digital Commerce (ONDC), a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for internet shopping.
With this, the Tiger Global-backed firm became the first payment gateway to launch a Payment Reconciliation Service for Network Participants (NPs) like buyers, sellers, and logistic partners on ONDC. This will provide them with an integrated single view of all their transactions.
Founded in 2014 by Kumar and Harshil Mathur, Razorpay is backed by the likes of Y Combinator and other marquee investors such as TCV, GIC, Tiger Global, Sequoia Capital India, Matrix Partners, Salesforce Ventures, and MasterCard have invested a total of $741.5 million in the firm. The company is currently valued at around $7 billion.
Embassy REIT CEO Vikaash Khdloya Resigns
Embassy Office Parks REIT's CEO Vikaash Khdloya resigned and the company appointed Aravind Maiya as the new CEO with effect from July 1, 2023.
Maiya has been previously associated with Embassy REIT as its Chief Financial Officer and comes with over 22 years of experience, including in real estate, capital markets, audit and consulting.
Embassy REIT, sponsored by Blackstone and realty firm Embassy Group, is India's first publicly listed Real Estate Investment Trust (REIT).
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