General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jan 25, 2023

NARCL Acquires First Stressed Account from IDBI Bank-led Lenders

The National Asset Reconstruction Company Ltd (NARCL) acquired its first stressed asset, Jaypee Infratech, from lenders. It acquired their exposure aggregating about Rs. 9,200 crore at a 55 per cent haircut.
IDBI Bank, the lead bank to the consortium of lenders with an exposure of Rs. 3,750 crore, received Rs. 253 crore (15 per cent of the Rs. 1,687.50-crore recovery in cash) and Rs. 1,434.5 crore (85 per cent of the recovery) in the form of security receipts.
The other lenders will receive cash and security receipts depending on their exposure to the company. The cash recovery is expected to boost banks bottom line in the fourth quarter.

Citi Names Aditya Bagree Markets Head for India, South Asia Cluster

Citi appointed Aditya Bagree as head of markets for Citi India and the South Asia cluster which consists of Sri Lanka and Bangladesh.
Bagree will report to Citi India's CEO Ashu Khullar and Citi's Asia Pacific head of markets, Julia Raiskin.
Bagree, who is now part of the Citi leadership team for India and the Asia Pacific markets operating committee, also took over as country treasurer from Badrinivas NC, who was appointed as head of markets treasury for Citi Asia Pacific.

Tata Trusts Appoints Siddharth Sharma as CEO, Aparna Uppaluri as COO

Tata Trusts appointed former government official Siddharth Sharma as the Chief Executive Officer (CEO) of the Trusts.
The trusts, chaired by Tata Group patriarch Ratan Tata, also appointed Aparna Uppaluri as the Chief Operating Officer. Both appointments will take effect on April 1, 2023.
Sharma was in government service for two decades, where he handled important assignments in key ministries of the government, and as the financial advisor to the 13th and 14th Presidents of India. Later, he joined the Tata Group where he was heading the newly formed sustainability portfolio.
Aparna Uppaluri was earlier working with the Ford Foundation for 20 years. She served as programme director to oversee different verticals at the Ford Foundation.

IndiGrid to Acquire 100% Stake in Khargone Transmission

India Grid Trust (IndiGrid) will acquire a 100 per equity stake in Khargone Transmission at an enterprise value of about Rs. 1,497.5 crore.
The acquisition will be for a cash consideration of an enterprise value not exceeding Rs. 1,497. 5 crore.
IndiGrid signed a share purchase agreement this month (January), for the acquisition of a 100 per cent shareholding and economic interest, in one or more tranches, in Khargone Transmission Ltd from Sterlite Power Transmission Ltd (one of the Sponsor of IndiGrid).
The completion of the acquisition would depend upon receipt of unit holders' consent, regulatory and other relevant approvals as well as completion of contractual obligations, it explained.
The Khargone Transmission was incorporated on November 28, 2015.
The transmission project was awarded by the Ministry of Power for a 35-year period from the scheduled commercial operation date, on a BOOM basis.

Jan 24, 2023

Tata Motors and ICICI Bank Tie up to Offer Financing Solutions to its EV Dealers

Tata Motors partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle dealers.
Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank's funding to dealers for diesel and petrol models.
Through this partnership the EV dealers can avail flexible repayment tenures.

Manish Gunwani to Replace Anoop Bhaskar as CIO-Equities at IDFC MF

Manish Gunwani is set to join IDFC Mutual Fund (MF) as the chief investment officer (CIO)- Equities. Gunwani, who left Nippon India MF in November 2022, will replace Anoop Bhaskar, who is moving out of IDFC MF.
Gunwani joined Nippon India MF in 2017. Before this, he served as Deputy CIO-Equity at ICICI Prudential Mutual Fund. At Nippon, he was managing schemes like Nippon India Flexi Cap Fund, Nippon India Growth Fund and Nippon India Balanced Advantage Fund.
Bhaskar has been in the MF industry for over 27 years. He joined IDFC AMC in February 2016. Prior to joining IDFC AMC, he was associated with UTI MF as Head of Equity.

Jan 23, 2023

Sanjay Mohan New Chair of IAMAI's TravelTech Committee

The Internet and Mobile Association of India (IAMAI) announced the appointment of Sanjay Mohan, group chief technological officer (CTO), MakeMyTrip India as the chair of the TravelTech Committee. Additionally, Rikant Pittie, co-founder, EaseMyTrip and Yang Li, head-public affairs (APAC), Booking.com, were appointed as the new co-chairs.
According to IAMAI, the new leadership of the TravelTech Committee will actively engage with the government as well as industry representatives to address some of the key challenges faced by the sector through policy and advocacy at both domestic and international levels.

Co-founder of Netflix, Reed Hastings Steps Down as CEO

Netflix Inc co-founder Reed Hastings said that he will step down as chief executive, handing the reins of the streaming service to longtime partner and co-CEO Ted Sarandos and the company's chief operating officer, Greg Peters.
Sarandos and Peters will share the title of chief executives, with Hastings serving as executive chairman. The change is effective immediately, representing the culmination of a decade of succession planning by the board. Both Peters and Sarandos were promoted in July 2020 amid a challenging time for the company.

Canara Bank Transfers Entire 40% Shareholding in Russian JV to SBI

Canara Bank plans to sell its stake in Russian Joint Venture(JV) Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs. 114 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
Based on the share sale agreement and with the consent of the Central Bank of Russia, the entire shares held by Canara Bank were transferred to SBI on November 30, 2022.
Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.

Jan 22, 2023

Tanishq Enters American Market

Tanishq, India's leading jewellery retail brand from the house of Tata, entered the American market and its first store, in New Jersey's Little India, was inaugurated by Senator Robert Menendez.
The 3750+ square foot, two-story showroom on New Jersey's Oak Tree Road, offers over 6,500 unique designs in 18 and 22 KT gold and diamond jewellery, as well as solitaires and coloured stones.
Tanishq has been in the US market through e-commerce for over a year and received positive community feedback.

ICSI Appoints Manish Gupta as New President

The Institute of Company Secretaries of India (ICSI) appointed Manish Gupta as the president and B. Narasimhan as the vice president of the institute. They will be serving for the current year 2023.
Manish Gupta is a law graduate and has a master's degree in commerce. He has been associated with the profession of Company Secretaries for the last 18 years, as a Practicing Company Secretary.
B. Narasimhan is a postgraduate in economics and a fellow member of the Institute of Company Secretaries of India (ICSI) and has over 4 decades of experience in corporate law and management with a special emphasis on the capital market.
The Institute of Company Secretaries of India (ICSI) is a premier professional body set up for the regulation and development of the profession of Company Secretaries in India.

Jan 21, 2023

Manasi Takes Over as Toyota Kirloskar Motor VC

Toyota Kirloskar Motor said that Manasi Tata, daughter of late Vikram Kirloskar, took over as its new Vice Chairperson.
She also took over as the Vice Chairperson of Toyota Kirloskar Auto parts (TKAP).
Tata is already serving as a member of the board of directors at Toyota Kirloskar Motor Pvt Ltd and is an integral part of TKM's corporate decisions and strategic operations.

PNB First Public Sector Bank to Launch Credit Cards for FDs

Punjab National Bank became India's first public sector bank to launch credit cards for its fixed deposit customers. The bank informed its customers via a tweet.
You get a RuPay or VISA credit card online in exchange for one or more FDs with an 80% credit limit.
PNB has raised the interest rate on fixed deposits across all tenures by 50 basis points to draw in more deposits.

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