General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Aug 04, 2023

Cashfree Payments Rebrands Zecpe as Ecom360

Payments and banking technology firm Cashfree Payments announced the rebranding of its subsidiary Zecpe to Ecom360. The entity addresses end-to-end growth challenges that direct-to-consumer (D2C) businesses face.
Cashfree Payments acquired Zecpe, a one-click checkout company, in February this year (2023). With the rebranding exercise, Ecom360 aims to address a broader set of core problems that D2C businesses face.

Cabinet Approves PLI Scheme worth Rs 1.97 Trillion for 14 Sectors

Keeping in view India's vision of becoming 'Atmanirbhar', Production Linked Incentive (PLI) Schemes for 14 key sectors were announced with an outlay of Rs. 1.97 lakh crore (over US$26 billion) to enhance India's manufacturing capabilities and exports.
The 14 sectors are: (i) Mobile Manufacturing and Specified Electronic Components, (ii) Critical Key Starting Materials/Drug Intermediaries & Active Pharmaceutical Ingredients, (iii) Manufacturing of Medical Devices (iv) Automobiles and Auto Components, (v) Pharmaceuticals Drugs, (vi) Specialty Steel, (vii) Telecom & Networking Products, (viii) Electronic/Technology Products, (ix) White Goods (ACs and LEDs), (x) Food Products, (xi) Textile Products: MMF segment and technical textiles, (xii) High efficiency solar PV modules, (xiii) Advanced Chemistry Cell (ACC) Battery, and (xiv) Drones and Drone Components.
The purpose of the PLI Schemes is to attract investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
These schemes have the potential of significantly boosting production, employment and economic growth over the next five years or so.

Aug 03, 2023

RBI Fines 4 PSUs for Late Reporting of Overseas Investments

The Reserve Bank of India (RBI) imposed late submission fees (LSF) of Rs. 2,000 crore on ONGC Videsh Ltd (OVL), Indian Oil Corp, GAIL (India) and Oil India for delayed reporting of their overseas investments. The firms are now making efforts to secure an extension from the central bank.
The hefty fines could impact the overseas work commitments of the four state-run energy companies. The central bank could relent so that operations are not affected.
The Oil Ministry reportedly believes responsibility to report overseas investments lies with authorised dealer bank, which is State Bank of India (SBI) for the 4 PSUs.
According to RBI's Foreign Exchange Management (Overseas Investment) Regulations, 2022, those failing to submit investment evidence within the stipulated timeframe can do so with a late submission fee.

Tata Power Renewable Signs Pacts with Maharashtra Discom for Two Solar Projects

Tata Power announced that its subsidiary Tata Power Renewable Energy Ltd. (TPREL) entered into power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).
The subsidiary of Tata Power signed two PPAs with MSEDCL for the commissioning of two solar projects of 200 MW and 150 MW capacities, respectively.
These projects are located in Maharashtra and will help in meeting the state's targets of renewable energy, along with taking a significant step in acknowledging India's efforts to accelerate the adoption of renewable energy and challenges related to combat climate change.

Aug 02, 2023

Franklin AMC Appoints Debt Head, Explores to Foray into Alternatives Business

Franklin Templeton appointed Rahul Goswami as the Chief Investment Officer (CIO) & Managing Director (MD) – India AMC Fixed Income. Rahul will oversee the fixed income functions of the locally managed and distributed debt schemes of Franklin Templeton Mutual Fund. Prior to joining Franklin Templeton, Rahul was the CIO of fixed income at ICICI Prudential Asset Management.
Rahul Goswami has over 24 years' experience managing fixed income funds investing in government securities, corporate bonds, besides monitoring key economic developments.
Santosh Kamath, current Chief Investment Officer (CIO) of India AMC Fixed Income funds, assumed a new role as the President and CIO of Franklin Templeton Alternative Investments India Pvt. Ltd (Alternatives). The India Alternatives business led by Santosh will initially focus on alternative credit, covering listed and unlisted corporate bonds and structured credit.

Reliance Signs MoU with Brookfield for Renewable Power Equipment Manufacturing in Australia

Reliance Industries and Brookfield Asset Management signed a Memorandum of Understanding (MoU) to explore opportunities to manufacture renewable energy and decarbonisation equipment in Australia.
The MoU aims to accelerate and de-risk Australia's energy transition by enabling it to locally produce clean energy equipment such as photovoltaic modules, long-duration battery storage, and components for wind energy.
According to the initial agreement, Brookfield will collaborate with Reliance to explore avenues for direct capital investment and the development of skills, knowledge, and expertise in the renewable energy sector of Australia. This collaboration aims to facilitate the nation's journey towards a net-zero future.
The MoU with Reliance forms a significant part of Brookfield's efforts to bring global manufacturing technology and expertise to Australia.

Microsoft Appoints Puneet Chandok to Lead India Operations

Microsoft appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023. He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment came during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
Puneet joined Microsoft after leading the India and South Asia business for AWS, where he worked closely with enterprises, digital businesses, start-ups, and SMBs to drive innovation and agility. Before that, he held senior roles at McKinsey and IBM.

Aug 01, 2023

Foxconn Inks Pact with TN Govt. to Set up Mobile Component Manufacturing Facility

Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government to establish a new mobile component manufacturing facility for Rs. 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. The LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu.
With this proposed investment and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country but also significantly increase its electronics exports in the coming years.

Jul 31, 2023

Indradhanush Gas Grid Limited, GAIL Sign Interconnection Agreement

Indradhanush Gas Grid Limited (IGGL) and GAIL India signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL.
The agreement was signed by IGGL chief executive officer Ajit Kumar Thakur and GAIL's zonal chief general manager R. Choudhury.
The interconnection agreement will facilitate connection of the NEGG with the BGPL at three locations - Jalpaiguri in West Bengal and Baihata and Panikhaiti in Assam.
The interconnection agreement will pave the way for making the NEGG a part of the National Gas Grid.

India and ADB Signs $200 mn Loan Deal to Enhance Urban Services in Rajasthan

The Central Government and the Asian Development Bank (ADB) inked a $200 million loan agreement to bolster the ongoing Rajasthan Secondary Towns Development Sector Project. The project's objective is to expand water supply and sanitation systems, while also enhancing urban resilience and promoting heritage conservation in selected towns.
The loan agreement was signed by Vumlunmang Vualnam, Additional Secretary of the Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Takeo Konishi, the country director of ADB's India Resident Mission, representing ADB.

BSNL's Shivendra Nath Set to be Next CMD of EPIL

Shivendra Nath was appointed as the Chairman and Managing Director (CMD) of Engineering Projects (India) Ltd., a public sector undertaking (PSU) under the Ministry of Heavy Industries and Public Enterprises.
Currently, Nath is serving as the senior general manager in Bharat Sanchar Nigam Limited (BSNL) and has been recommended for the CMD position by the Public Enterprises Selection Board (PESB) panel.
In his new role, Nath will be the Chief Executive of the company working under the board and directors. He will be responsible for the smooth functioning of the company in order to achieve the organisational objectives.

Jharkhand CM Hemant Soren Nod for Country's First Hydrogen Fuel Related Industry

Jharkhand Chief Minister Hemant Soren gave nod to the nation's first hydrogen fuel related industry to be set up at an investment of over Rs. 350 crore in Jamshedpur.
The capacity of the proposed unit will be over 4000 Hydrogen IC Engine/Fuel Agnostic Engine and 10,000+ Battery system, for which an investment is Rs. 354.28 crore would be made.
According to an estimate, the unit will provide employment to more than 310 people directly or indirectly.

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