General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Oct 21, 2023

Kotak Mahindra Bank Gets RBI Nod to Acquire Sonata Finance

Kotak Mahindra received approval from the Reserve Bank of India to acquire Sonata Finance for Rs. 537 crore.
The bank had announced to acquire 100% stake of the Non-Banking Finance Company, Sonata Finance Private Limited, in February 2023. After the completion of the transaction, Sonata will become a 'wholly-owned subsidiary of the bank'.

RBL Bank Launches GO Digital Savings Account

RBL Bank launched its latest digital banking product, GO Savings Account --a zero-balance account with simple account opening process and easy-to-operate features.
The GO Savings Account signifies a modern shift in the world of banking, presenting a novel subscription-based model. The product offers multiple customer-friendly advantages.
The streamlined account opening process will enable customers to open an account in minutes by providing their PAN and Aadhaar details. Further, GO Account holders will enjoy fee-free transactions.

NCLT Approves Himadri, Dalmia Group's Joint Resolution Plan of Birla Tyres

Birla Tyres announced that the National Company Law Tribunal (NCLT) approved the resolution plan for the company. Shortly after Birla Tyres filing, Himadri Speciality Chemical Ltd also received verbal approval of a joint resolution plan from the tribunal.
Birla Tyres was demerged in 2018 from Kesoram Industries. In May 2022, the company began insolvency proceedings with the Kolkata bench of the NCLT after a case was filed by chemicals firm SRF Ltd, an operational creditor of the B K Birla group firm.
The Dalmia Group had submitted a debt resolution plan of Rs. 1,100 crore and offered to repay Rs. 300 crore of the outstanding loans of the two-wheeler tyre manufacturer.

Kedar Upadhye New Chief Financial Officer of Biocon Biologics

Former Cipla global Chief Financial Officer (CFO) Kedar Upadhye was appointed as the new CFO of Biocon Biologics. Current CFO, MB Chinappa took on a strategic finance role at Biocon Group.
Chinappa has served as CFO of Biocon Biologics since his appointment in January 2020 and has played an integral role in developing business strategy and enabling profitable growth.
Kedar Upadhye has over 23 years of experience in senior global leadership at leading pharma, energy and fast-moving consumer goods (FMCG) players such as Cipla, Dr. Reddy's, PepsiCo, and Thermax.
He joined Biocon from ReNew Energy Global Plc, a NASDAQ-listed decarbonisation, and renewable energy company, where he was the Chief Financial Officer (CFO).

Oct 20, 2023

Solara Active Appoints P. V. Raghavendra Rao as Chief Financial Officer

Drugmaker Solara Active Pharma Sciences appointed P. V. Raghavendra Rao as the Chief Financial Officer (CFO) of the company and was given the designation of key managerial personnel.
Rao is a chartered accountant from the Institute of Chartered Accountants of India (ICAI) and has about two and half decades of post-qualification experience. Rao has a strong track record of handling multiple industries, including pharmaceuticals.
Previously, he was at Macleods Pharmaceuticals Ltd and Dr Reddy's Laboratories Limited, for over 14 years where he handled various roles in finance. Rao also has experience in handling manufacturing plants spread across India and overseas, along with experience in strategy, identifying moves and handling strategy deployment processes.

Sberbank Becomes First Russian Bank to Register with SEBI as FPI: NSDL

Sberbank of Russia became the first Russian bank to register with the Indian markets regulator as a foreign portfolio investor (FPI), according to data available on the website of National Stock Depository Ltd (NSDL).
Sberbank of Russia, a state-owned bank which already has a presence in India, registered with the Indian markets regulator for a Category I FPI licence earlier this month (October 2023).
Sberbank's registration took the total number of Russia-based FPIs in India to five, with all others being non-banks. Till now (as in October 2023), Alfa Capital Management, First Asset Management, Igor Noskov, and Vesvolod Rozanov were granted FPI registrations.
Sberbank received approval from the Reserve Bank of India (RBI) in May 2010 to set up a branch in India and commenced its banking business from January 2011.

Oct 19, 2023

Diagnostic Services Firm Manipal HealthMap Acquires Medcis Pathlabs

Manipal HealthMap, which provides diagnostic services, fully acquired Hyderabad-based Medcis PathLabs to expand its presence in 16 states with more than 100 centres.
Bengaluru-based Manipal HealthMap is expanding its services under its parent brand Manipal TRUtest. Manipal HealthMap, in April 2022, acquired a 84 per cent stake in Medcis PathLabs for Rs. 100 crore in an all-cash transaction. In the new deal, it acquired the remaining 16 per cent stake for an undisclosed amount.
Medcis PathLabs has 23 laboratories in India, including a central facility in Hyderabad that has accreditation for Molecular, Cytogenetics, Histopathology, and Microbiology. The remaining laboratories offer tests for Biochemistry, Haematology, and Immunology tests.

Birlasoft Appoints Selvakumaran Mannappan as Chief Operating Officer

Birlasoft Ltd, part of the $2.9 billion diversified CK Birla Group, announced the appointment of Selvakumaran Mannappan as Chief Operating Officer (COO) with immediate effect.
Selvakumaran will be instrumental in elevating Birlasoft's delivery excellence strategy embodying state‐of‐the‐art technologies to deliver exceptional value to our customers.
Selvakumaran has over 29 years of experience in the IT industry, and a proven track record of delivering innovative and scalable solutions to customers across the globe. In his previous role, Selva was the delivery head of BFSI‐Americas (Banking, Financial Services & Insurance) at Cognizant Technology Solutions.

IDFC Gets CCI Nod for Merger with IDFC First Bank

The Competition Commission of India (CCI) gave its approval for the merger of the Infrastructure Development Finance Company (IDFC) and IDFC First Bank. This approval was communicated through a regulatory filing.
The merger had previously received the green light from the board of directors of both IDFC and IDFC First Bank in July.
However, for the merger to be finalised, it still needs approval from various statutory and regulatory bodies.
These include the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the National Company Law Tribunal (NCLT).
The merger also needs the consent of stock exchanges, as well as the agreement of shareholders and creditors of both IDFC and IDFC First Bank.

Oct 18, 2023

Government to Exit Hindustan Zinc Ltd

The Indian government is gearing up to sell its remaining stake in Hindustan Zinc Ltd (HZL), a subsidiary of Vedanta, in smaller tranches over an extended period, aiming to maximise its value. The residual stake is valued at approximately Rs. 40,000 crore at current market prices. The government's planned stake sale was halted last year (2022) due to Vedanta's proposal for a related party transaction, adversely impacting investor sentiment.
Presently, Vedanta Ltd holds a 64.92 per cent stake in HZL. In 2002-2003, HZL, India's largest zinc/lead miner, was privatised in favour of Vedanta, with the government's 29.54 per cent stake categorised as public float. In 2021, after Vedanta lost the case to acquire the residual stake from the government, the Supreme Court allowed the government to exit by offloading the stake through public offers.

Indian Railways' PSUs, RITES Ltd and IRCON Granted Navratna Status

Ircon International Limited (IRCON) and RITES Ltd (RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, were announced as 15th and 16th Navratna respectively among CPSEs. The Ministry of Finance conferred 'Navratna' status on RITES and IRCON.
Entering its 50th year of incorporation, RITES Ltd is a leading transport infrastructure consultancy and engineering firm in India. It provides services in the diverse sectors of transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management.
The award of Navratna status will enable RITES to further nurture its brand, compete more effectively in the global market and pursue new frontiers more aggressively for growth.
The core competence of IRCON in 47th years is in railways, highways & extra high tension substation engineering and construction.

RBI Imposes Penalty against ICICI Bank, Kotak Mahindra Bank over Norm Violations

The Reserve Bank imposed a penalty of Rs. 12.19 crore on ICICI Bank and Rs. 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank was imposed for contravention of norms related to 'Loans and Advances-Statutory and Other restrictions' and 'Frauds classification and reporting by commercial banks and select Fls'.
The penalty on Kotak Mahindra Bank Limited was imposed for contravention of directions related to 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks', 'Recovery Agents engaged by Banks', 'Customer Service in Banks", and 'Loans and Advances - Statutory and Other Restrictions'.
In both cases, the RBI said that the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Oct 17, 2023

Midcap IT Services Company Mphasis Appoints Ayaskant Sarangi as CHRO

Midcap IT services company Mphasis appointmented Ayaskant Sarangi as its new Global Chief Human Resource Officer (CHRO). Sarangi joined the Executive Council and would report directly to Nitin Rakesh, Chief Executive Officer and Managing Director of Mphasis.
Before joining Mphasis, Sarangi served as CHRO at Wipro Enterprises, where he led human resources functions. He also held various HR leadership roles at Wipro Technologies. In his new role, Sarangi will spearhead Mphasis's global human resources strategy and operations, overseeing talent management, recruitment, leadership development, and all aspects of HR operations.
Sarangi succeeded Srikanth Karra, who has been the CHRO of the company since 2017. Srikanth will assume the role of Chief Administrative Officer (CAO) to facilitate a smooth transition until his superannuation in April 2024.

BimaKavach Receives IRDAI's Approval for Direct Insurance Broking

BimaKavach received a direct insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), enabling the firm to actively market its customised range of insurance products for businesses across India.
The company specialises in digitising and offering instant quotes for cyber and crime insurance, thereby facilitating online purchases and serviceability. Additionally, it provides tailored solutions and guidance.
With a portfolio of 18 insurance products divided into categories such as liability, asset, engineering, marine, and group health insurance, BimaKavach simplifies the insurance acquisition process for businesses.

Cashfree Payments, Global Trade Plaza Partner to Lift Cross-border Payment

Cashfree Payments, a firm specialising in API banking solutions, announced its collaboration with Global Trade Plaza, a global B2B marketplace, to simplify cross-border payments for Indian exporters. The partnership aims to facilitate international trade promotion by allowing Indian exporters to collect payments in over 15 foreign currencies. Funds received will be converted into Indian Rupees and transferred to local Indian bank accounts within 48 hours.

Zydus Appoints Punit Patel as President and CEO for North American Operations

Global life sciences firm Zydus Lifesciences announced the appointment of Punit Patel as President and Chief Executive Officer for the Americas. Stationed at the Zydus office in Pennington, New Jersey, Patel will oversee the company's North American operations across various healthcare sectors. These include generics, injectables, specialty businesses, as well as portfolios focusing on rare and orphan diseases and possible forays into therapeutics.
Punit Patel brings over 20 years of experience in both generic and branded pharmaceutical sectors. Prior to joining Zydus, he served as President of Red Oak Sourcing, leading a multi-billion-dollar portfolio of generic drugs.

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