UP Govt. Approves Warehousing Logistics Policy 2022
The Uttar Pradesh Cabinet approved the 'UP Warehousing and Logistics Policy-2022', a move will help it become a USD 1-trillion economy.
The policy's approval comes ahead of the Global Investors' Summit scheduled to be held in Lucknow in February 2023.
The objective of this policy is to create a strong transport infrastructure network, upgrade and improve the existing warehousing and logistics infrastructure.
JK Cement Enters Paint Segment, Acquires 60% Stake in Acro Paints
JK Cement announced its foray into the paints business by acquiring 60 per cent stake in Rajasthan-based Acro Paints in a Rs. 153 crore deal.
Its wholly-owned subsidiary JK Paints and Coatings Ltd entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 per cent controlling stake in the company.
The remaining 40 per cent shall be acquired over a period of 12 months as per the definitive agreement entered between the parties.
Acro Paints is a manufacturer of architectural and high-performance paints and coatings.
This acquisition is a step towards fast-tracking JK Cement's entry into the paints business, expanding its product offerings and potentially forays into new markets.
Flipkart Forays into Home Product Service Business
E-commerce firm Flipkart entered into the home product services domain by launching services like repairs, maintenance, and installation for all appliances on its app.
Leveraging network of its service arm Jeeves, the company had started pilot for home product services few months back. The services will now be available across 19,000 pin codes at the customers' doorstep, including the pick and drop services.
With this, Flipkart will be competing with unicorn Urban Company and startups like Mr Right, OnSiteGo etc.
Dec 24, 2022
Tata Communication to Acquire US-based Switch Enterprises
Tata Communications will acquire New York-based end-to-end live video production company The Switch Enterprises in an all-cash deal for Rs. 486 crore.
With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring live production capabilities helping organisations to produce high quality immersive content faster and efficiently.
Tata Communications (Netherlands) B.V., a wholly-owned indirect subsidiary of Tata Communications Limited, will acquire 100 per cent equity stake of Switch Enterprises, LLC, USA and, as part of the transaction.
The company will acquire the assets of the subsidiaries of Switch Enterprises, LLC based out of Canada, the United States of America and the United Kingdom.
Aloke Singh to be Chief of Air India's Low Cost Carrier Business
The Air India management appointed Air India Express CEO Aloke Singh as the chief of Air India's low-cost airline business from January 1, 2023.
The Low Cost Carrier (LCC) business will consist of AirAsia India and Air India Express. In November 2022, Air India signed agreements to complete the acquisition of 100 per cent shareholding in AirAsia India (AAI) and to subsidiarise it under Air India.
SBI Funds Management Appoints Shamsher Singh as New MD, CEO of Company
SBI Funds Management Ltd appointed Shamsher Singh as Managing Director and Chief Executive Officer of the company.
Singh, who was Deputy Managing Director at State Bank of India (SBI), took over the charge from Vinay M. Tonse following his repatriation to the public sector lender.
Singh has more than 32 years of rich experience working with SBI in various verticals, including investment banking, treasury, corporate banking and branch banking. He had joined SBI as probationary officer in June 1990 and moved up the ranks to become deputy MD by successfully managing leadership roles across domains besides serving international stints in the US, Bahrain and UAE.
HPCL Forays into Petrochemical Business, Launches HP Durapol
Maharatna oil company Hindustan Petroleum Corporation made a foray into the petrochemical business through polymer marketing with the launch of polymer brand 'HP Durapol'.
The Secretary for Petroleum and Natural Gas, Pankaj Jain, launched the HPCL's first polymer brand in the presence of HPCL Chairman and Managing Director Push Kumar Joshi and senior officials from the ministry. They inaugurated the brand, logo, product brochure and package for the polymer products.
As per the Ministry of Petroleum and Natural Gas, HP Durapol would cover various grades of high-density polyethylene, linear low-density polyethylene and poly propylene.
Dec 23, 2022
Delhi Leads with Highest Crypto Adoption in India: CoinSwitch
CoinSwitch, a cryptocurrency trading platform in an annual investor report informed that New Delhi had the highest cryptocurrency adoption in India followed by Jaipur, measured in terms of value invested.
According to the report, India's Portfolio 2022, providing an insight into how the country responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge.
An insight from the report was that investing patterns followed by men and women were largely similar in India, though, at 8%, women represent a small albeit growing pie of India's crypto investors.
Worldline ePayments India Receives RBI Nod to Act as Payment Aggregator
Digital payments services platform Worldline ePayments India received in-principle approval from the Reserve Bank of India to act as a payment aggregator (PA).
The authorisation by the RBI was under the provisions of the Guidelines on Regulation of Payment dated March 17, 2020.
Worldline ePayments India, part of Worldline group, offers solutions for all sorts of payment needs offering in-store, online, and omnichannel payments to its customers.
Dec 22, 2022
Jammu & Kashmir Tops Scheme to Assist Microenterprises
Jammu & Kashmir generated the most number of jobs among all the states and Union territories under the Prime Minister's Employment Generation Programme (PMEGP) in the current fiscal year. The credit-linked subsidy scheme facilitates employment generation opportunities by assisting in setting up of new self-employment projects and microenterprises in the non-farm sector.
Under the central sector scheme notified in 2008, 62,808 jobs were created by 7,851 assisted projects in Jammu & Kashmir till November 30, 2022, followed by Uttar Pradesh (50,904 jobs), Karnataka (27,944 jobs) and Tamil Nadu (27,232 jobs), according to the information provided by the Minister of State for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma.
The scheme by the Ministry of Micro, Small and Medium Enterprises (MSME) is implemented by Khadi and Village Industries Commission (KVIC), functioning as the nodal agency at the national level. At the state level, the scheme is implemented through State KVIC Directorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centres (DICs) and Banks.
The scheme seeks to provide continuous and sustainable employment to all segments of traditional and prospective artisans and rural/urban unemployed youth in the country, so as to prevent migration of rural youth to urban areas. The maximum cost of the project eligible in the manufacturing sector is Rs. 25 lakh and in the service sector, it is Rs. 10 lakh.
NCLT Approves Merger of Kalpataru Power Transmission, JMC Projects
According to Kalpataru Power Transmission Ltd (KPTL), the National Company Law Tribunal approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country's largest listed engineering and construction companies.
The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure.
Steel Minister Launches First Green Steel Brand of India
Steel Minister Jyotiraditya Scindia launched India's first Green Steel Brand – KALYANI FeRRESTA in New Delhi. This first-of-its-kind steel has been manufactured by a Pune-based Steel company, Kalyani Group by using renewable energy resources, leaving zero carbon footprints in the environment.
Scindia termed the launch as a paradigm shift in the Steel industry. He said, with the green steel manufacturing going on, India is leading the countries which have committed to achieving carbon neutrality.
The Minister expressed confidence that from now onwards, many countries will take inspiration from India to move towards green steel manufacturing and decarbonising of the industry.
Paytm in Collaboration with HDFC ERGO Launches Insurance for Digital Transaction
Paytm launched a group insurance plan called 'Paytm Payment Protect'.
According to Paytm, the insurance plan is in association with HDFC ERGO General Insurance and it is aimed to insure transactions made through UPI across all apps and wallets.
This product is expected to further enhance the trusted digital payments experience and increase the adoption of the same in India.
With the new insurance offering, which will come at a cost of Rs. 30 per annum, users would be able to secure themselves against mobile fraudulent transactions up to Rs. 10,000.
The partnership with HDFC ERGO is aligned with the mission of spreading financial awareness and propelling safer digital payments adoption, said Gupta.
Dec 21, 2022
Bandhan Bank Signs MoU with Defence Ministry for Defence Pensioners
Bandhan Bank signed a Memorandum of Understanding (MoU) with Controller General of Defence Accounts, Ministry of Defence, for extending banking services to the defence pensioners and their families through 557 branches.
The bank is aligned with the vision of the government in being a one-stop solution to all pension related activities of defence pensioners under the Outreach Programme for Defence Pensioners on System for Pension Administration Raksha (SPARSH).
The Defence Secretary virtually inaugurated a SPARSH Service Centre in Delhi Cantonment, offering various services such as service requests and grievance redressal, annual life certification, Pensioner Data verification (PDV), manage profile changes including Aadhaar number, PAN number, postal address and bank details.
UTs Top Performers in Social Progress Index
Four Union Territories (UTs) feature among the top-10 performers in the inaugural edition of the Social Progress Index (SPI) with Puducherry bagging the top rank. It was followed by the UTs of Lakshadweep (second), Chandigarh (eighth) and Jammu & Kashmir (tenth).
Among the states, Goa (third), Sikkim (fourth) and Mizoram (fifth) found place in the top-10 pecking order.
Assam, Bihar and Jharkhand feature at the bottom of the rankings.
The index was prepared for the states, UTs and districts of the country by the Institute for Competitiveness and Social Progress Imperative. It was mandated by the Prime Minister's Economic Advisory Council (EAC-PM).
The index uses 12 components across three critical dimensions of social progress to make the assessment. They are Basic Human Needs (like nutrition and basic medical care, water and sanitation, personal safety and shelter), Foundations of Wellbeing (access to basic knowledge, access to information and communication, health and wellness, and environmental quality), and Opportunity (personal rights, personal freedom and choice, inclusiveness, and access to advanced education).
Gadkari Launches Country's First-ever Surety Bond Insurance Product
The country's first ever 'Surety Bond Insurance' product developed by Bajaj Allianz General Insurance, a private general insurer, was launched by Nitin Gadkari, Union Minister of Road Transport & Highways.
Surety Bond Insurance, which will help replace bank guarantees, is expected to optimise capital for contractors while giving a fillip to the country's infrastructure sector.
This product launch is in line with the Government's vision to up-scale the infrastructure development in the country.
In Budget 2022-23, Finance Minister Nirmala Sitharaman had announced that Surety Bond Insurance would be allowed as a substitute for bank guarantees in case of government procurement and also for gold imports.
Surety Bond Insurance, which is mainly aimed at infrastructure development, is a risk transfer tool that shields the principal from the losses that may arise in case the contractor fails to perform their contractual obligation.
+91-85588-96644
