General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jan 07, 2024

GAIL, Vital Asia Sign Long-term LNG Deal

GAIL (India) Limited and Vital Asia Pte Ltd officially entered into a long-term deal for the supply of approximately one million metric tonnes of liquefied natural gas (LNG) annually over ten years, starting in 2026.
In this partnership, Vital Asia will source LNG from its global portfolio and deliver it to GAIL in India on a national scale.
GAIL is an Indian natural gas company that specialises in gas trading, transmission, LPG production and transmission, LNG regasification, petrochemicals, city gas, and E&P.
Vital Asia is a prominent player in the energy sector that trades 7.4 million barrels per day of crude oil and products. The company, founded in Rotterdam in 1966, has a global LNG portfolio with long-term supplies from North America, Africa, the Middle East, and Asia.

Canara Bank CGM P. Santhosh Appointed as MD of NARCL

The banking sector in India witnesses a significant change as P. Santhosh, the Chief General Manager (CGM) of Canara Bank, was appointed as the Managing Director (MD) of the National Asset Reconstruction Company Limited (NARCL). This transformative appointment came at a crucial juncture, where the Indian financial sector is navigating challenges arising from non-performing assets (NPAs) and bad loans. Santhosh's extensive experience and proven expertise in banking operations position him as a strategic leader to drive NARCL's objectives effectively.
P. Santhosh's proficiency in managing credit, risk, and operations within the banking domain aligns seamlessly with the pivotal role NARCL would play in addressing the mounting issue of NPAs.
NARCL a government entity was incorporated in July 2021 with majority stake held by Public Sector Banks and balance by Private Banks with Canara Bank being the Sponsor Bank. NARCL is registered with the Reserve Bank of India as an Asset Reconstruction Company under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

PhonePe Appoints Ritesh Pai to Lead Fintech Firm's Global Expansion Plans

Walmart-owned fintech firm PhonePe appointed Ritesh Pai as Chief Executive Officer of its international payments business. The move came at a time when India is looking to take the Unified Payments Interface (UPI) global. Countries like Japan, Singapore, the United Arab Emirates, France, the United Kingdom, and others are looking to embrace the UPI model.
Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally.

Jan 06, 2024

Sanjiv Aggarwal Appointed as NIIF's CEO and MD

National Investment and Infrastructure Fund Limited (NIIFL) announced that its board of directors appointed Sanjiv Aggarwal as Chief Executive Officer (CEO) and Managing Director (MD) of the company.
The appointment follows a search process conducted by NIIFL's board of directors.
Aggarwal has significant experience in the infrastructure and energy sectors. He joined Actis, a leading global investor in sustainable infrastructure, in 2008, where he became a partner in 2010.
National Investment and Infrastructure Fund Limited (NIIFL) is an Government owned company which maintains infrastructure investments funds for international and Indian investors anchored by the Government of India.
The Government of India founded the National Investment and Infrastructure Fund Limited (NIIFL) in February 2015 as a sovereign-anchored fund. Its creation was announced in the Union Budget of 2015-16 by the then Finance Minister Arun Jaitley.
It has its headquarters in Mumbai.

Shashi Singh Appointed As New President of AIRIA

Shashi Singh was elected as the new President of All India Rubber Industries Association (AIRIA), the foremost authority representing India's rubber industry. He succeeded Ramesh Kejriwal.
With a rich history of over two decades in the rubber industry, Singh has been an integral part of AIRIA. Before his election as President, he served as the senior vice president. His tenure in the association is distinguished by his roles in various committees and as the chief convener for the western region. Notably, Singh orchestrated the successful National Rubber Conference in 2019, showcasing his leadership and organisational skills.
Alongside Singh, Zafar Ahmed, the Managing Director of New India Rubber Works Pvt Ltd, was elected as the senior vice-president for 2023-24. In addition, Indra Parekh took on the role of vice president. This new leadership team is expected to bring a blend of experience, insight, and fresh perspectives to AIRIA.
Established in 1945, All India Rubber Industries Association (AIRIA) is the largest not-for-profit non-government body serving the rubber industry and trade.
The Association has its Head Office at Mumbai with four regional offices at New Delhi, Kolkata, Chennai and Mumbai and a Chapter Office at Pune. It works closely with the government on policy issues, enhancing efficiency, competitiveness, and expanding business opportunities for the industry.

Adidas to set up its first Asia GCC outside China in Tamil Nadu

Adidas is setting up its first and only global capacity centre (GCC) in Asia outside China in Chennai, to focus on 'key processes. This significant development underscores the growing trend of multinational corporations choosing India as a prime destination for setting up their GCCs, capitalizing on the country's abundant software skills.
Adidas' decision to set up its GCC in Chennai is seen as a substantial boost for Tamil Nadu's growing GCC ecosystem.

Jan 05, 2024

REC, Bank of Baroda Sign MoU to Finance Power, Infra and Logistics Projects

In a significant development aimed at boosting India's infrastructure, state-owned REC Limited signed a Memorandum of Understanding (MoU) with the Bank of Baroda (BoB) to jointly finance projects in the power, infrastructure, and logistics sectors over the next three years.
The MoU was signed in presence of Vivek Kumar Dewangan, IAS, Chairman and Managing Director (CMD), REC Limited and Debadatta Chand, Managing Director and CEO, Bank of Baroda along with Lalit Tyagi, Executive Director, Bank of Baroda.

SEBI Appoints G. Ram Mohan Rao as Executive Director

The Securities and Exchange Board of India (SEBI) appointed G. Ram Mohan Rao as Executive Director (ED) for a period of three years. Rao will be handling the investigation department and the internal inspection department. He has been with the markets regulator for over 25 years during which he has supervised diverse portfolios such as inspections, litigation, recovery, investor awareness, grievance redressal, etc. Prior to the appointment, Rao was the Regional Director of the Eastern Regional Office of SEBI.

Adani Ports Elevates Karan Adani to MD, Appoints Ashwani Gupta as CEO

Adani Ports and Special Economic Zone (APSEZ) elevated its CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani Group Gautam Adani.
Gautam Adani was re-designated as executive chairman of APSEZ.
The company's board also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new Chief Executive Officer of APSEZ.

Jan 04, 2024

IT Company Mphasis Appoints New Europe & GBPS Head

IT solutions provider Mphasis announced the reallocation of its leadership positions globally. It appointed Ashish Devalekar as Head of Europe, while Anurag Bhatia will lead the Global Business Process Service (GBPS) for the company.
Mphasis specialises in cloud and cognitive services and is based in Bengaluru. It had launched a dedicated AI Business unit, which will now be headed by Anurag.
In his new role, Anurag will focus on driving growth, with a strong focus on driving adoption of multiple AI-powered deal archetypes and leveraging AI and automation to improve efficiency and effectiveness in client operations.
Ashish's deep understanding of the UK & European market, combined with his strong focus on customer success and building strategic partnerships, makes him the ideal leader to transform Mphasis' European business to the next level.

Tata Pay Secures RBI Payment Aggregator License for E-commerce Transactions

Tata Pay, the digital payments app under Tata Digital, was granted a payment aggregator (PA) license by the Reserve Bank of India (RBI). This license positions Tata Pay among industry leaders such as Razorpay, Cashfree, and Google Pay, enabling it to efficiently handle ecommerce transactions within its subsidiary entities.
Tata introduced its digital payments app on the Unified Payments Interface in collaboration with ICICI Bank in 2022.
This move signifies Tata's second foray into the payments sector within the group, following the acquisition of a license for 'white label ATMs' under Tata Communications.

Air India Appoints P. Balaji as Chief of Regulatory and Corporate Affairs

Tata Group-owned Air India appointed P. Balaji in the newly created role of 'group head- governance, regulatory, compliance (GRC) and corporate affairs'. The announcement followed hours after the news surfaced that Balaji had resigned as Vodafone Idea's director of regulatory and corporate affairs.
With over 30 years of experience in the Telecom & IT Sector, Balaji's stint with Tata brings him back to the very company he began his career with - Tata Administrative Services.

Tech Mahindra Appoints Richard Lobo as Chief People Officer

Mumbai-headquartered IT major Tech Mahindra announced the appointment of Richard Lobo as chief people officer.
Prior to joining Tech Mahindra, he was the executive vice president and HR head for Infosys. He has served as a director on the boards of Infosys Consulting and Infosys China. He started his career in 1996 with the Godrej group.
Lobo replaced Harshvardhan Soin, who took over the role of president- Asia Pacific & Japan.
Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.
Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm.

Flipkart's Binny Bansal Launches OppDoor

Binny Bansal set up a new ecommerce start-up named OppDoor, his second entrepreneurial venture after Flipkart which he co-founded.
According to the website of OppDoor, it is a 'managed services platform for global expansion'. It will help ecommerce brands by offering them end-to-end services on global markets, customer behaviour, taxation and compliance, partnerships and third-party vendors.
The start-up is housed under a Singapore-registered entity which was earlier called Three State Ventures but has now been named OppDoor. Bansal's venture fund is also called Three State Ventures.

Jan 03, 2024

CK Birla Group's Birlasoft Names Manjunath Kygonahally as Overseas CEO

Birlasoft, part of the $2.9 billion diversified CK Birla Group, named Manjunath Kygonahally as the Chief Executive Officer (CEO) for the Rest of the World (ROW) region with immediate effect. Kygonahally will oversee the business operations in the ROW region, comprising all regions outside of the Americas.
Kygonahally has been credited with being a seasoned services industry professional with expertise spanning 'market strategy, business development, service delivery, and operations'.

Bank of Baroda Introduces NCMC RuPay Prepaid Card

Bank of Baroda announced the launch of the National Common Mobility Card (NCMC) RuPay reloadable prepaid card. Aligned with the 'One Nation, One Card' initiative, the Bank of Baroda's new chip-enabled contactless prepaid card can be used to pay for public transport on the metro and upcoming use cases for bus, train, cab, ferry, tolls and parking as well.
The card can also be used for day-to-day ATM cash withdrawals and payments through POS (point of sale) and e-commerce.
The card can be availed by both customers and non-customers at Bank of Baroda branches, and will be immediately activated for real-time use.
The card supports both online transactions as well as offline transactions at NCMC-specific terminals.
The maximum online wallet balance allowed is Rs. 1 lakh and the maximum offline wallet balance allowed is Rs. 2,000 at any point of time.

Ravindra Kumar Tyagi New CMD of Power Grid Corporation

Power Grid Corporation, a leading state-owned enterprise, appointed Ravindra Kumar Tyagi as the new Chairman and Managing Director (CMD). He succeeded Sreekant Kandikuppa who retired upon reaching the age of superannuation.
With over 33 years of experience in the power sector, Tyagi has held various key positions in central public sector undertakings (CPSUs). His tenure at Power Grid is marked by his expertise in handling multidisciplinary work across different business areas, including Asset Management, Engineering, and Business Development, both domestically and overseas.
The Power Grid Corporation was incorporated on October 23, 1989 under the Companies Act, 1956.
Its original name was the 'National Power Transmission Corporation Limited' and was changed to Power Grid Corporation of India Limited, in October 1992.

Nivea India Appoints Geetika Mehta as its New Managing Director

Nivea India appointed Geetika Mehta as Managing Director (MD).
Mehta's previous stint was at Hershey India for two and a half years as MD, and before that she was at the country's largest FMCG firm, Hindustan Unilever, for 18 years.
Geetika, with a distinguished career in the FMCG sector, has a proven track record of developing small businesses as well as managing large-scale corporations across markets including South Asia, Thailand, Brazil, and South Africa. Her extensive experience and strategic vision align seamlessly with Nivea India's objective of providing consumers with superior product quality in line with its care proposition.

Kia India Appoints Gwanggu Lee as MD and CEO, succeeds Tae Jin Park

Kia India appointed Gwanggu Lee as the new Managing Director and CEO with immediate effect.
Lee succeeded Tae Jin Park, who retired after a 36-year journey with Kia Corporation including a four year stint with Kia India.
Lee has held leadership positions in various capacities in both developed and developing economies, including roles in the US, Canada, Italy, Mexico, Kia Headquarters in Central and South America, and Kia Europe Headquarters in Germany.

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