Philips Appoints Bharath Sesha as Managing Director for the Indian Subcontinent
Philips, a global leader in health technology and innovation, announced the appointment of Bharath Sesha as managing director for the Philips Indian subcontinent, effective September 1, 2024.
In this role, Bharath will spearhead Philips' growth strategy in India, with a strong focus on enhancing customer satisfaction and driving operational excellence. He will manage the healthcare business headquartered in Gurgaon, and hold responsibility for Philips' Licence to Operate in India, which includes the Philips Innovation Campus (PIC) in Bengaluru, the Healthcare Innovation Centre (HIC) in Pune, and Global Business Services (GBS) in Chennai.
Bharath succeeds Daniel Mazon, who was vice chairman and managing director for the Philips Indian Subcontinent until April 1, 2024 and has since taken on a global role at the Philips headquarters in Netherlands.
Bharath is a seasoned leader with over two decades of global experience, bringing a profound understanding of the Indian market, particularly within the pharmaceutical and chemical industries. His expertise spans strategic leadership, business development, and operational excellence. Prior to joining Philips, he served as managing director at Heubach Colorants India Ltd., Renowned for his ability to inspire and lead teams toward achieving world-class performance, he consistently delivers results while driving innovation. He holds a Master's degree in International Management from the Thunderbird School of Global Management and an MBA from the Institute for Technology & Management (ITM).
Bisleri International Pvt. Ltd. Partners with Government of Goa
Bisleri International Pvt. Ltd. has partnered with the Government of Goa to improve waste management in Mormugao, Vasco. This collaboration was solidified during the Green Goa Summit 2024, where a Letter of Intent (LOI) was exchanged between Bisleri and the Goa State Pollution Control Board, with the presence of Chief Minister Dr. Pramod Sawant. The partnership aims to enhance plastic waste management under Bisleri's CSR initiative, 'Bottles for Change,' focusing on sustainable development and environmental stewardship.
Government Approves Rs. 3,300 crore Semiconductor Unit in Gujarat's Sanand
The Union Cabinet, led by Prime Minister Narendra Modi, has given the green light to Kaynes Semicon Pvt Ltd for establishing a new semiconductor unit in Sanand, Gujarat.
This unit represents India's fifth semiconductor facility and is part of the country's efforts to build a robust semiconductor ecosystem.
The planned investment for this unit is Rs 3,300 crore. It will have the capacity to produce 60 lakh chips per day. These chips will be used in various applications, including industrial systems, automotive technology, electric vehicles, consumer electronics, telecom equipment, and mobile phones.
Sep 02, 2024
Indian Oil and RBL Bank Launch Co-Branded Credit Card
India's energy major, Indian Oil Corporation Limited launched a co-branded credit card in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai.
This strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto250 litres of free petrol annually. Customers can also manage their finances and fuel purchases through a single platform while earning valuable reward points on every transaction.
Sep 01, 2024
RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd
The Reserve Bank of India (RBI) levied penalties on two financial entities for regulatory non-compliance. UCO Bank was fined Rs. 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent Bank Home Finance Ltd faced a Rs. 2.1 lakh penalty for failing to adhere to Know Your Customer (KYC) regulations. The RBI clarified that these penalties were imposed for regulatory compliance issues and do not impact the validity of transactions or agreements between the banks and their customers.
NHPC, SECI, Railtel, and SJVN Gain Navratna Status
Finance Minister Nirmala Sitharaman granted 'Navratna' status to four Central Public Sector Enterprises (CPSEs): NHPC, Solar Energy Corporation of India (SECI), Railtel Corporation of India (RCIL), and Satluj Jal Vidyut Nigam (SJVN). This brings the total number of Navratna CPSEs in India to 25. The Navratna status provides these entities with increased financial and operational autonomy.
The Navratna status is awarded based on criteria including excellent performance ratings, a composite score of 60 or above in selected performance indicators, and the CPSEs' status as Miniratna I and Schedule 'A'. The scheme, introduced in 1997, aims to recognize and support CPSEs with significant comparative advantages, enabling them to pursue global expansion and increased autonomy in various operational areas.
Singapore Airlines Receives Approval for Vistara-Air India Merger
In a boost to the Air India-Vistara merger, Singapore Airlines (SIA) received approval from the Government of India for foreign direct investment (FDI) in a deal with the Tatas, the airline said in an exchange filing.
Singapore's flagship carrier, which has a 49 per cent stake in Vistara, had announced the plan to merge the Indian airline and Tata-owned Air India in November 2022. Tatas own 51 per cent in Vistara.
The FDI approval takes the Tata-SIA Joint Venture one step closer to their aim of creating a dominant full-service airline in the domestic and international markets.
Aug 31, 2024
Mastercard Launches Payment Passkey Service in India
Mastercard debuted its Payment Passkey Service in India, aiming to enhance online shopping security and convenience. Unveiled at the Global Fintech Fest in Mumbai, this service, initially piloted with Indian payment leaders like Juspay, Razorpay, and PayU, along with banks such as Axis Bank, leverages biometric authentication—replacing traditional passwords and OTPs with more secure fingerprint or facial recognition methods. The service addresses the sharp 300% increase in online fraud cases in India over the past two years by offering a frictionless, tokenized payment process, ensuring that payment details remain secure.
Mastercard's choice of India reflects the country's evolving payment landscape and aligns with the Reserve Bank of India's goals for a resilient payment infrastructure. The Payment Passkey Service aims to reduce cart abandonment and boost consumer trust in digital payments by eliminating the need for passwords or OTPs.
LIC Pays Rs. 3,662 Crore Dividend to Indian Government
Life Insurance Corporation of India (LIC) presented a dividend cheque of Rs. 3,662.17 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This follows the shareholder approval of a final dividend of Rs. 6 per share for 2023-24, up from Rs. 3 per share in the previous fiscal year. Earlier in March 2024, LIC had paid an interim dividend of Rs. 2,441.45 crore, bringing the total dividend payout to the government for the year 2023-24 to Rs. 6,103.62 crore.
The Indian government, which holds a 96.5 percent majority stake in LIC, received this dividend payment as part of LIC's annual returns.
Hurun India List: This Indian City Overtakes Beijing to Become 'Billionaire Capital of Asia'
India's financial capital Mumbai emerged as the "billionaire capital of Asia," having more billionaires than Beijing, the capital of China, according to the 2024 Hurun India Rich List.
Mumbai saw an increase of 58 billionaire individuals, taking its total to 386 on the list.
"Home to 25% of the list - Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad," the Hurun list data stated.
Among the top cities of residence of Hurun India Rich Listers 2024, Mumbai is followed by Delhi, which has added 18 new billionaires, taking its rich list entries to 217.
Meanwhile, Hyderabad took a significant leap and surpassed Bengaluru, for the first time, and took the third position in the number of wealthy residents.
A surge of 17 new billionaires took the total number in Hyderabad to 104, followed by Bengaluru at the fourth position with 100 wealthy individuals.
Among other cities in the top 10 are Chennai (82), Kolkata (69), Ahmedabad (67), Pune (53), Surat (28) and Gurugram (23).
Berkshire Hathaway Becomes First Non-tech US Firm to Hit $1 Trillion Market Cap
Warren Buffett's conglomerate, Berkshire Hathaway, reached an important milestone by becoming the first US company outside the technology sector to surpass a market value of $1 trillion.
Berkshire Hathaway, based in Omaha, Nebraska, now joined a select group of companies that have reached this milestone, a group previously dominated by technology giants like Alphabet Inc., Meta Platforms Inc., and Nvidia Corp.
Although Berkshire is not a tech firm, its stock performance this year (2024) is not far behind the so-called 'Magnificent Seven,' which refers to the top tech stocks, up 35% in 2024.
Aug 30, 2024
Kaivalya Vohra, Youngest Indian on Hurun Rich List 2024
In a major sign of quick commerce firms' electric rise in India, 21-year-old Zepto co-founder Kaivalya Vohra retained the tag of youngest billionaire on the Hurun India Rich List 2024 with a total net worth of Rs. 3,600 crore.
The 2003-born entrepreneur made his debut for the first time on the IIFL Wealth Hurun India Rich 2022 at the age of 19.
Vohra's friend and 22-year-old co-founder Aadit Palicha is the second youngest billionaire in the country with a net worth of Rs. 4,300 crore, according to the 2024 rich list.
Apart from Palicha and Vohra, Shashvat Nakrani of BharatPe (Rs. 1,300 crore, age 26), Ritesh Agarwal of Oyo (Rs. 1,900 crore, age 30), Alakh Pandey of Physics Wallah (Rs. 4,500 crore, age 32), and Harshil Mathur (Rs. 8,700 crore, age 33) and Shashank Kumar (Rs. 8,700 crore, age 33) of Razorpay make the list. Most of these billionaires run payment services firm, online hotel booking website, and edtech company.
Cabinet Approves Setting up of 12 Industrial Smart Cities across 10 States
The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved setting up of 12 industrial smart cities under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs. 28,602 crore.
The project spans across 10 states and is strategically planned along six major corridors. These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in, Maharashtra, Palakkad in Kerala, Agra and Prayagraj in Uttar Pradesh, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh and Jodhpur-Pali in Rajasthan.
The move is set to transform the industrial landscape of the country creating a robust network of industrial nodes and cities that will significantly boost economic growth and global competitiveness.
Shah Rukh Khan Makes Debut on Hurun India Rich List 2024
Bollywood superstar Shah Rukh Khan, often hailed as the 'King of the Indian Entertainment Industry,' made his debut on the 2024 Hurun India Rich List.
Khan's wealth is estimated at a whopping Rs. 7,300 crore, a milestone driven by his successful stakes in Kolkata Knight Riders and Red Chillies Entertainment.
Following Shah Rukh Khan in the list, actress Juhi Chawla sits on the second spot of silver screen pioneers boasting wealth of Rs 4,600 crore.
Actor Hrithik Roshan holds the third position, with wealth of Rs. 2,000 crore aided by his athleisure company HRX.
Meanwhile, Amitabh Bachchan and family, and actor, producer and director, Karan Johar, are positioned fourth and fifth, respectively.
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