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BUSINESS AND ECONOMY - June 2020

Jun 2020

Feb 21, 2021

Pakistan to register Himalayan pink salt as Geographical Indications

Pakistan has decided to register Himalayan pink salt as Geographical Indications (GI) to prevent its unauthorized use by other countries.
A GI tag is a sign used on products that have a specific geographical origin and possess origin-based qualities and reputation in the region.
The precious salt is extracted from the Salt Range in Punjab which extends along the south of the Potohar Plateau and the north of the Jhelum River.

Feb 20, 2021

ICICI Bank to Buy Stake in Fintech Startup Thillais Analytical Solutions

ICICI Bank Ltd. has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt. Ltd. to buy 9.65% stake in the company.
Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and micro, small and medium enterprises (MSMEs) and helps banks deepen their customer relationships.
The deal agreed for a cash consideration of Rs. 1.1 crore is expected to be closed by the end of March 2021.
Post the investment, ICICI Bank will hold 9.65% shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 compulsory convertible preference shares.

RBI Forms Expert Panel to Explore Consolidation of Urban Co-op Banks

The Reserve Bank of India (RBI) has constituted an eight-member expert panel to draw up a regulatory road map for urban co-operative banks (UCBs) and study the sector's consolidation prospects.
Among the terms of reference of this committee will be to suggest effective measures for faster rehabilitation and resolution of UCBs.
It has been tasked to look into regulatory measures that the central bank has taken with respect to UCBs and evaluate the impact it has had over a period of five years. It has also been asked to suggest measures to strengthen the sector after amendments to the Banking Regulation Act, 1949, which gives the central bank more teeth to supervise them. The expert committee has been asked to submit its report within three months.
The expert committee will also evaluate the need for differential regulations and look at the prospect of allowing greater flexibility in permissible activities for UCBs with a view to enhance their resilience.

ISRO on a Mission to Give Leg-up to Space Start-ups

ISRO has embarked on a mission to take startups in the space sector to a higher orbit with a string of initiatives to help them realize their business potential. It is keen on formulating an exclusive space startup programme -- "Space Entrepreneurship & Enterprise Development (SEED)".
SEED is conceived as a competitive early stage encouragement programme to startups and MSMEs (Micro, Small, Medium Enterprises) keen on developing products/services in focus areas of interest to ISRO with the space agency helping them to use its facilities.

Maharashtra Govt. Signs MoU with Flipkart to Promote Wooden Toys

In order to promote wooden toys, local artefacts, handicrafts Maharashtra Small Industries Development Corporation and Maharashtra State Khadi & Village Industries Board have signed a Memorandum of Understanding with Flipkart.
State Minister for industries Subhash Desai said that this MoU will enable artisans, weavers, craftsmen & MSMEs from Maharashtra to showcase their products to millions of customers in India. Flipkart will provide free training for packaging and branding to all these manufacturers. Also, product photography will also be done by the company.

Cairn Oil & Gas Seeks Bids for Sale of Natural Gas from Rajasthan Block

Mining magnate Anil Agarwal's Vedanta Ltd invited bids for the sale of natural gas from its prolific Rajasthan block at rates equivalent to the price of imported LNG from the spot market or Brent oil price.
Cairn Oil & Gas, Vedanta's oil and gas arm, produces about 3.5 million standard cubic meters per day of gas from its largely oil-bearing block in Rajasthan.
The output is being ramped-up to more than 5 mmscmd.
The company invites Expression of Interest (EoI) from interested parties with proven capabilities and demonstrated presence in the natural gas business to participate in the national competitive e-auction process for the purchase of natural gas produced from our flagship block in Barmer, Rajasthan

Feb 19, 2021

Production Starts in Two New Iron Ore Blocks

Both the mines — Jiling-Langlota iron ore block and Guali iron ore block — have a production capacity of 15 lakh tonnes per month. They possess about 275 million tonnes of consolidated iron ore reserves.
These blocks have been just lately reserved for state-owned Odisha Mining Company (OMC) inside a short while of 25 days, after a request was made by the state authorities to the Centre, to ease the scarcity of iron ore in Odisha.

Piramal Group gets RBI Approval for DHFL's Acquisition

The Reserve Bank of India (RBI) cleared the Rs 34,250-crore acquisition of Dewan Housing Finance Corporation (DHFL) by the Piramal group.
The Ajay Piramal-led group had outbid US-based asset management firm Oaktree. Piramal plans to merge DHFL with its financial services business as soon as the National Company Law Tribunal (NCLT) approves the transaction.
The acquisition is in line with the Piramal group's strategy to diversify its loan book, and a step towards the demerger of the group's financial services and pharma businesses in the future. A Piramal group official said the company planned to merge its financial services business with DHFL and retain all employees; it could even hire additional staff to grow the business.

Feb 18, 2021

ICICI Lombard Partners with Flipkart to Offer 'Hospicash' Insurance

E-commerce company Flipkart has partnered with ICICI Lombard to offer 'Group SafeGuard' insurance, a group insurance policy to its consumers.
Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout for each day of hospitalization.
The fixed daily amount enables consumers to pay for incidental medical or emergency expenses, it said.
The insurance is affordably priced, paperless, and flexible; covering both accidental hospitalizations or planned surgeries/treatment.
With daily cash benefits starting from Rs. 500, 'Hospicash' benefit under Group SafeGuard insurance will provide cover to Flipkart consumers.

Bharti Airtel Buys Stake in DTH Arm

Bharti Airtel initiated the first step to unlock the value of its digital businesses by setting up a special committee of its board of directors.
Airtel said that the committee would evaluate various options for the re-organisation of businesses and shareholding structure of the company and its various subsidiaries to achieve the required flexibility and sharper focus on digital and non-telecom businesses. This, it said, would enable any unlocking of enhanced value for its stakeholders.
The company also announced the acquisition of Warburg Pincus's 20 per cent stake in its direct-to-home (DTH) arm.
Airtel, which is locked in a fierce competition with Reliance Jio in the telecom space, aims to align the ownership of its consumer-facing businesses, with the Warburg Pincus transaction.

Sri Lanka to Re-acquire 99 Oil Tanks Leased to Indian Oil Corporation

Energy Minister Udaya Gammanpila announced that Sri Lanka will re-acquire 99 World War II-era oil storage tanks leased to Indian Oil Corporation in the eastern port district of Trincomalee.
It is the second deal with India to be scrapped by Sri Lanka this year. Last month, the Sri Lankan government scrapped the trilateral deal with India and Japan to develop the Colombo Port's Eastern Container Terminal (ECT).
The Trincomalee Harbour is one of the deepest natural harbours in the world. It was developed by the British during World War II.
Sri Lanka in 2003 had leased out 99 oil tanks to the IOC for 30 years for an annual payment of $100,000.
The IOC was also given one third share of the Sri Lankan government entity, Petroleum Stirage Limited. However, the Ceylon Petroleum Corporation (CPC) trade unions had been pressing for the takeover of the tanks.

Nestle to Sell North American Water Brands

Nestle said that it would sell Pure Life and some other struggling North American water brands to two private equity firms for $4.3 billion, as the food giant doubles down on its premium offerings including Perrier.
The sale, to One Rock Capital Partners and Metropoulos & Co, includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead and Splash, as well as US office beverage delivery service ReadyRefresh.
Perrier, S.Pellegrino and Acqua Panna, which contributed to the growth recovery of Nestle's North American water business in the third quarter, are not part of the sale agreement.
This sale enables Nestle to create a more focused business around their international premium brands, local natural mineral waters and high-quality healthy hydration products.

Cabinet Okays Trade Deal with Mauritius

The Cabinet has approved the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius to encourage and improve trade between the two countries.
The Agreement is a limited agreement, which will cover trade in goods, rules of origin, trade in services, technical barriers to trade (TBT), sanitary and phytosanitary (SPS) measures, dispute settlement, movement of persons, telecom, financial services, customs procedures and cooperation in other areas. The CECPA will be the first trade agreement to be signed by India with a country in Africa.
The agreement covers 310 export items for the former, including foodstuff and beverages (80 lines), agricultural products (25 lines), textile and textile articles (27 lines), base metals and articles thereof (32 lines), electrical and electronic item (13 lines), plastics and chemicals (20 lines), wood and articles thereof (15 lines), and others.

Feb 17, 2021

Amazon Announces its First Electronic Devices Manufacturing Line in India

Amazon said it will begin manufacturing Amazon Devices, including Fire TV sticks, in Chennai later this year in partnership with Foxconn's subsidiary, Cloud Network Technology.
The e-commerce giant claimed that the production line will have an annual capacity of "hundreds of thousands" of units, and will also continuously evaluate manufacturing capacity based on domestic demand for its devices.
- The move, the company said, is in line with its plan to partner with the government's vision of a self-reliant India, or Atmanirbhar Bharat. It reiterated its commitment to invest $1 billion into the country to digitize 10 million small and medium businesses by 2025 and create 1 million additional jobs by then.

RBI Issues Draft Guidelines for Derivatives Trading in Credit Default Swaps

The Reserve Bank of India (RBI) came out with the draft guidelines for allowing derivatives trading in the credit default swaps (CDS) in over-the-counter (OTC) markets and on recognized stock exchanges in the country.
As per the draft, the debt instruments eligible to be a reference or deliverable obligation in a CDS contract will include commercial papers, certificates of deposit and non-convertible debentures of original maturity up to one year, rated corporate bonds (listed and unlisted) and unrated rupee bonds issued by the special purpose vehicles set up by infrastructure companies.

Gibraltar Tech Buys HCL Arm

UAE-based Gibraltar Technologies (GT) has acquired HCL Infotech Ltd, part of India's HCL Group, for 74.6 million dirhams (about Rs. 147 crore).
As part of the deal, the AI-based digital solutions company will absorb the assets, 800 employees and customer contracts managed by HCL Infotech.
Gilbraltar Technologies hopes to strengthen and grow its service offerings and offer better solutions to customers by combining its 20-year-long experience servicing large government organizations in the Middle East with the organizational capabilities of HCL Infotech.
This acquisition not only unlocks a huge market potential for GT, but also comes as a positive move for the partners, customers, employees and shareholders in the Middle East.

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