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BUSINESS AND ECONOMY - June 2022

Jun 2022

Jan 27, 2024

Zomato Receives RBI Approval to Operate as Online Payment Aggregator

Food delivery major Zomato received authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This allows the company to facilitate online transactions through its platform.
The Gurugram-based food delivery major had in 2023, announced a partnership with ICICI Bank to launch its own payments business, Zomato Pay.
Zomato joined the likes of companies like Razorpay, Cashfree Payments, and EnKash, among others, who have also been granted payment aggregator licences.

Sajjan Jindal-owned JSW Forays into Defence Manufacturing Business

Sajjan Jindal-owned JSW Group became the latest conglomerate to enter the defence manufacturing sector space by acquiring a majority stake in Gecko Motors Private Ltd, an off-road vehicle company.
The company secured an order of Rs. 250 crore from the Ministry of Defence to manufacture and supply 96 Specialist Mobility Vehicles (SMVs), branded as ATOR N1200. Post-acquisition, Gecko Motors would be renamed JSW Gecko Motors Pvt.

Government Allows Direct Listing of Securities by Indian Companies on GIFT IFSC

The government on Wednesday permitted the direct listing of Indian companies on the Gujarat International Finance Tec's (GIFT's) international exchanges to boost foreign investments. The Ministry of Finance issued a notification, amending the Foreign Exchange Management Act (FEMA) to permit the listing on the international exchanges in the International Financial Services Centre (IFSC). The corresponding provision to enable listing has also been made to the Companies Act.

Jan 26, 2024

Simpl Launches Merchant Business Offering to Reduce CoD Settlement Time

Simpl, a checkout network company, launched its business offering, 'Early Settlement', for direct-to-customer (D2C) orders.
As per the company, the product aims to reduce the settlement time for cash-on-delivery (CoD) orders by up to 90 per cent and improve daily sales by 40 per cent.
The Bengaluru-headquartered company said that this offering settles prepaid orders with merchants, while providing merchants with the ability to improve their cash flows with same-day settlement of both CoD and prepaid orders.

Jan 25, 2024

Colliers' Sankey Prasad New Chairman and Managing Director for India and Colliers Project Leaders...

Global diversified professional services and investment management company Colliers appointed Sankey Prasad as Chairman and Managing Director (CMD) for India and Middle East Engineering and project management business, which is under the name of Colliers Project Leaders Middle East.

Mazagon Dock Shipbuilders Bags Rs. 1,070 crore Contract from MoD

The Defence Ministry signed a contract worth Rs. 1,070 with Mazagon Dock Shipbuilders for the acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG).
These multi-role FPVs will be indigenously designed, developed and manufactured by MDL under the Buy (Indian-IDDM) Category and will be delivered in a total of 63 months.
The FPVs will be designed to be equipped with multipurpose drones, artificial intelligence capability, and wirelessly controlled remote water rescue craft lifebuoy in a bid to give the ICG an edge in the face of modern security challenges, the government noted.

CCI Greenlights JSW Group's 38% Stake Buy in MG Motor India

The Competition Commission of India (CCI) gave the nod to significant business transactions, signalling a shifting landscape in the corporate sector. Among the approved deals is the JSW Group's strategic move to acquire a substantial 38% stake in MG Motor India. Facilitated through JSW Ventures Singapore, a newly established subsidiary of JSW International Tradecorp Pte Ltd, the acquisition is poised to reshape the dynamics of the automotive industry.
Tata Electronics received CCI approval for the complete acquisition of Wistron Infocomm Manufacturing (India) Pvt Ltd.
CCI also granted approval for Burman Family entities, namely Puran Associates, M.B Finmart, VIC Enterprises, & Milky Investment, to acquire shareholding in Religare Enterprises.
CCI approved the merger between Fincare Small Finance Bank Limited and AU Small Finance Bank, designating AU Small Finance Bank as the surviving entity.

Hero MotoCorp Partners with CG Motors to Expand Operations in Nepal

Hero MotoCorp announced that it appointed CG Motors as its distributor in Nepal.
Hero MotoCorp forayed into Nepal in 2014 and, over the years, has established itself as a leading player in the country, with overwhelming response for its brands such as the Super Splendor and Xpulse 200 motorcycles. Nepal is one of the key markets for the company in Asia.
Hero MotoCorp and CG Motors will set up a state-of-the-art greenfield facility for assembling products in Nepal. The facility will be located in Nawalpur district and have a capacity of 75,000 units per annum. Operations will begin in March 2024.

Jan 24, 2024

Switzerland-India Free Trade Agreement Concluded After 16-Year Negotiation Saga

In a historic breakthrough, Switzerland and India finally sealed a free-trade agreement (FTA) following a 16-year negotiation period. The announcement came from Swiss Economy Minister Guy Parmelin, who, after attending the World Economic Forum in Davos, swiftly headed to India for crucial discussions with his counterpart, Piyush Goyal.
The protracted negotiations signify a landmark achievement in diplomatic and economic relations between the two nations. The FTA holds immense promise for fostering stronger ties and economic collaboration.

HDFC Bank First Lender to Issue 20 Million Credit Cards

HDFC Bank, India's largest private sector bank, became the first lender in the country to achieve the milestone of 20 million credit cards in force.
The lender forayed into the credit card business in 2001 and hit the 10-million mark in 2017.
HDFC Bank is the largest issuer of card issuers in the country, which commands over a fourth of the overall card market in terms of numbers.
HDFC Bank is followed by SBI Card, ICICI Bank, and Axis Bank, in terms of the number of credit cards issued.

India Overtakes Hong Kong as World's Fourth-largest Stock Market

India's stock market overtook Hong Kong's for the first time in another feat for the South Asian nation whose growth prospects and policy reforms have made it an investor paradise.
The combined value of shares listed on Indian exchanges reached $4.33 trillion as of January 22 close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg. That made India the fourth-biggest equity market globally.
The surge in India's stock market was attributed to several factors.

Jan 23, 2024

Sony Terminates $10 Billion Merger Deal with Zee Entertainment

Sony issued a notice terminating the merger agreement with Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Private Limited (CME), formerly known as Sony Pictures Networks India Private Limited. The $10-billion deal, signed in December 2021, faced challenges in meeting closing conditions within the specified timeframe.
Despite engaging in good faith discussions to extend the merger cooperation agreement's end date, Sony and Zee failed to reach an agreement by the January 21 deadline. The termination came after over two years of negotiations, with disappointment expressed by Sony over unmet closing conditions.

InterGlobe Enterprises Appoints Aditya Pande as its Group Chief Executive Officer

InterGlobe Enterprises, the parent company of domestic carrier IndiGo, announced the appointment of Aditya Pande as its Group Chief Executive Officer.
Pande would report to Rahul Bhatia, CEO, InterGlobe, and all the existing direct reports would, in turn, report to Pande.
This move by InterGlobe was to strengthen its current leadership team as it moves ahead with its ambitious and diversified global plans.
Pande joined InterGlobe after a successful stint of over three years as Group CFO at India's largest business-to-business e-commerce firm Udaan.

Four DISCOMs Secured A+ Rating in the Latest CSRD Report for Exceptional Consumer Service

Four electricity distribution companies (DISCOMs) from Delhi and Uttar Pradesh achieved the prestigious A+ rating in the latest Consumer Service Rating of DISCOMs (CSRD) report. The report, unveiled by Power Minister R. K. Singh, is a comprehensive evaluation of DISCOMs across the country, aimed at enhancing their accountability towards consumers.
Out of the 62 DISCOMs evaluated, Delhi emerged as the frontrunner, with three companies securing the top A+ rating. The notable achievers included BSES Rajdhani Power Limited (BRPL), BSES Yamuna Power Limited (BYPL), and Tata Power Delhi Distribution Limited (TPDDL). This recognition reflects their commitment to delivering exceptional customer service and operational efficiency.
Adding to the accolades, Noida Power Company Limited (NPCL) from Uttar Pradesh also earned an A+ rating, showcasing a dedication to outstanding customer service and operational excellence.

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