General Awareness

BUSINESS AND ECONOMY - August 2019

Aug 2019

Dec 23, 2021

Central Bank of India Signs co-lending Deal with Fintech platform U GRO Capital

MSME lending fintech platform, U GRO Capital signed a co-lending agreement with Central Bank of India.
Under this partnership, the two entities aim to disburse up to Rs. 1000 crore to U GRO Capital's varied MSME segments under its programmes like Pratham, Sanjeevani, Saathi, GRO MSME and Machinery financing, in the next 12 months.
The co-lending arrangement with Central Bank of India will work towards providing formal credit to underserved MSMEs at affordable rates across all product categories of U GRO Capital.

Mahindra's SsangYong Joins Chinese Firm for EV Battery Development

SsangYong Motor Co, the South Korean unit of Indian carmaker Mahindra and Mahindra Ltd, signed an initial pact with Chinese electric vehicle maker BYD Auto Co for EV battery development.
The partnership with BYD would pave the way for the company's plan to transform itself into an EV maker in the era of electrification
BYD's wholly owned battery manufacturer FinDreams Industry Co. would participate in the battery development project.

GoI & German Bank Signed Euro 442.26 mn loan for Surat Metro Rail Project

Government of India and the Germany Development Bank- KfW (Kreditanstalt fur Wiederaufbau) signed a 26 million euros loan for a 40.35 km Surat Metro Rail project in Gujarat. The total cost of the project is Euro 1.50 billion, out of which KfW is financing Euro 442.26 million. The project is co-financed by French Development Agency, AFD (Agence Française de Développemet) with Euro 250 million.
Prime Minister Narendra Modi had launched the Ahmedabad Metro Rail Project Phase-II and the Surat Metro Rail Project in January 2021. The project is aimed at reducing traffic congestion and long delays on major travel corridors in Surat city and urban areas.
The 40.35 km Surat Metro project aims to strengthen the transport infrastructure of the urban part of Surat. It comprises two corridors. While corridor-1 is 21.61 km long and is from Sarthana to Dream City. Corridor-2 is 18.74 km long and is from Bhesan to Saroli.

Himanshu Chakrawarti is Snapdeal President for Value Commerce Strategy

E-commerce platform Snapdeal appointed Himanshu Chakrawarti as its president, firming up its leadership after filing for an initial public offering (IPO).
Chakrawarti would lead various functions at Snapdeal to drive its value commerce strategy and steer various growth-related and operational initiatives. He was the chief executive officer (CEO) of Unlimited Fashion, Arvind Lifestyle Brands' value-fashion retail chain. V-Mart Retail acquired Unlimited Fashion earlier this year, adding its nearly 75 stores in West and South India to its national footprint.

Rupen Jhaveri Appointed Group President of Piramal Enterprises

Piramal Enterprises Limited (PEL) appointed Rupen Jhaveri as its Group President, with primary focus on financial services.
In the newly created role, Jhaveri would be responsible for business development, strategy, merger and acquisition, capital allocation and corporate finance. The appointment is effective January 24, 2022.
His appointment is following the company's announcement in October 2021 that it would demerge its financial services and pharmaceuticals operations, aimed at simplifying PEL's corporate structure and unlocking value.
Jhaveri joins PEL from global investment firm KKR, where he was a managing director at its India private equity team. Prior to joining KKR, he was with Goldman Sachs & Co in its Principal Investment Area (PIA) and Warburg Pincus in Mumbai.

Dec 22, 2021

Axis Bank Emerges Top Bidder for Citi Business

Private sector lender Axis Bank emerged as the highest bidder to buy Citi's consumer banking business.
American banking major Citibank in April announced its plan to exit from the consumer banking business in India as part of a global strategy.
The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.

Samsung Takes over Intel as Top Chipmaker by Revenue in Q3

Samsung Electronics took over the top spot in the global semiconductor market by revenue in the third quarter on the back of strong memory chip sales.
Industry tracker Omdia said that Intel, which had been the top chipmaker for 11 straight quarters, slipped to number two behind Samsung "as the memory segment, where Samsung is the number one DRAM and NAND supplier, was the largest growth area for semiconductor" in the three months ending in September.
As a result, three of the global top four chipmakers were memory-focused semiconductor companies -- Samsung, SK hynix and Micron Technology -- in the same period.

Oriental Insurance Co Categorised as Public Shareholder in Axis Bank

Axis Bank said that The Oriental Insurance Company was categorised to public category from promoter category shareholder in the bank.
In October, applications were made to BSE and NSE for reclassification of The New Oriental Insurance Co to public category from promoter category.

Dec 21, 2021

Equitas Small Finance Bank Empanelled as Maharashtra's Banking Partner

Equitas Small Finance Bank was empanelled as a banking partner of the Government of Maharashtra to offer its services to the state government employees.
As per an agreement, Equitas Small Finance Bank is entitled to distribute salaries and allowances to the existing employees as well as make provision of pension to pensioners, thereby providing solutions to institutions and value-added services for individuals.
Bandhan Bank, Karur Vysya Bank, South Indian Bank are the other three banks that are assigned the role of distributing salaries, allowances to government employees.
The agreement is for the liability base. The government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra.

Adani Bags Rs. 17,000 crore e-way, Country's Largest PPP Project

Adani Enterprises Ltd (AEL) received the letter of award from Uttar Pradesh Expressways Industrial Development Authority to implement three major stretches of the greenfield Ganga Expressway.
The company also said that the project cost is over Rs. 17,000 crore and this is India's largest-ever expressway project awarded to a private company under the public-private partnership (PPP) framework.
AEL will construct three groups of the access-controlled six-lane expressway, expandable to eight lanes in Uttar Pradesh and the concession period will be 30 years.
The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India's longest expressway to be implemented on the design, build, finance, operate and transfer (DBFOT) basis.

Dec 20, 2021

IFSCA Sets up Panel for Creating Framework to Transfer Stressed Loan

The International Financial Services Centres Authority (IFSCA) set up a committee for creating a framework for transfer of stressed loans from domestic lenders to financial institutions in IFSC.
Former executive director of RBI G. Padmanabhan would be chairing the committee which will also include representatives from law firm and other market participants possessing expertise in banking and legal issues.
The committee has been mandated to examine the provisions of the RBI directions pertaining to transfer of stressed loans by lending institutions to entities in IFSCA, identify areas/issues of the directions which require further clarification from RBI, suggest both the contents of the framework to be put in place by IFSCA to enable such transfers and amendments to the RBI directions to make it easier to effect such transfers.
IFSCA has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. Currently, GIFT IFSC is the only international financial services centre in the country.

Twin Health Expands its Operations in India; Appoints Prabh Singh as CEO

Twin Health, makers of the Whole-Body Digital Twin™ technology, appointed Prabh Singh as the CEO for its India operations. Founded in 2018, Twin Health invented the Whole-Body Digital Twin™ to reverse and prevent chronic metabolic diseases like Type 2 Diabetes, while improving energy and physical health. The health tech firm had recently raised $155 million Series C funding to scale its presence in India and the U.S.
Prabh Singh will head the India operations for strategy, marketing, regulatory, public policy, go-to-market, product, and technology divisions. He will be responsible for scaling Twin Health in India as the country has the second-highest number of lifestyle-related diseases in the world after China.

Dec 19, 2021

UP Assembly Passes Supplementary Budget for FY22

The Uttar Pradesh Assembly passed the second supplementary budget of Rs. 8,479.53 crore for the ongoing fiscal by voice vote.
The Opposition parties raised an objection regarding the supplementary budget, terming it as irrelevant.
The Assembly also approved a proposal for expenditure of Rs. 1,68,903.23 crore through 'Vote on Account' for the first four months of the next financial year. The supplementary budget and Vote on Account were presented in the Assembly by state Finance Minister Suresh Khanna.

Good Glamm Names Reckitt's Sukhleen Aneja CEO for Beauty and FMCG Brands

Good Glamm Group, India's first beauty and personal care unicorn with a $1.2 billion valuation appointed Sukhleen Aneja as the CEO to head the Brands business. The move would help to step-change its growth ambition on creating Digital first House of Brands leveraging content to commerce as its moat.
In her new role Aneja, a former executive at consumer goods giant Reckitt, will be responsible for creating a strategic road map for leading digital-first brands at the Good Glamm Group. This includes integrating and scaling the recent acquisitions and leveraging the unique digital ecosystem including content, creator and communities for creating India's largest content to commerce powerhouse.

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