General Awareness

BUSINESS AND ECONOMY - October 2022

Oct 2022

Oct 02, 2022

IndiGo Inducts First Freighter Aircraft, Converted from a Passenger Plane

No-frills carrier IndiGo inducted its first freighter aircraft, converted from a passenger plane.
The airline is already a market leader in the domestic passenger segment in the country with a fleet of over 275 aircraft, operating over 1,600 daily flights to and from 74 domestic destinations.
In addition, as part of its international operations, it caters to 26 destinations in the overseas market.
The induction of A321 P2F (passenger to freighter) would help the airline offer cargo services on both domestic and international routes.
The aircraft would be able to service markets between China in the east and the Gulf in the west, as well as the CIS countries to the north.

PNB to Sell Its Entire Stake in ARCIL

State-owned lender Punjab National Bank (PNB) announced plans to sell its entire 10.1% stake in Asset Reconstruction (India), amounting to 3.25 crore shares. The deal is expected to be completed by December 2022.
The sale process of PNB stake in Asset Reconstruction (ARCIL) is subject to the approval of the RBI, and when completed the bank will cease to be a sponsor of ARCIL.
The bank is selling its shareholding in ARCIL as the Reserve Bank of India (RBI) norms stipulate that a bank can sponsor only one asset reconstruction company (ARC) and its stake in other ARC should be less than 10%.

Rajeev Ranjan Appointed MD of McDonald's North and East India

Fast food chain McDonald's North and East India elevated Rajeev Ranjan as the chain's Managing Director for the region.
Ranjan will continue to report to Sanjeev Agrawal, chairman, McDonald's India North and East. Ranjan joined the company in 2020 as senior director and was named as the chief operating officer in 2021.
The McDonald's business is split between two development licensees in India - Connaught Plaza Restaurants Pvt. Ltd that operates the chain's business in North and East India; its South and West operations are managed by Mumbai-based Westlife Development Limited.

Oct 01, 2022

Adani Green Commissions World's Largest 600 MW Wind-solar Plant in Rajasthan

Adani Green Energy Ltd (AGEL) commissioned the world's largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan.
The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs. 2.69/kwh for 25 years.
The project consists of 600 MW solar and 150 MW wind plants, it said adding it shall not only reduce intermittency of renewable energy power, but also help the country in optimal utilisation of transmission network.
In May 2022, AGEL operationalised India's first hybrid power plant with a capacity of 390 MW in Jaisalmer.

Yubi Partners SBI to Provide Credit Access to Priority Sector

Yubi (earlier, CredAvenue) partnered with the State Bank of India (SBI) to help grow the bank's co-lending portfolio. SBI would be integrated with Yubi Co.Lend, a co-lending marketplace that enables lenders to collaborate with multiple partners and disburse joint loans to the priority sector.
Yubi is a unified credit platform with a comprehensive product suite catering to all stages of the debt lifecycle.

Akash Ambani on Time's 100 Emerging Leaders' List

Akash Ambani, son of billionaire Mukesh Ambani and head of India's largest telecom firm Jio, was named in the Time100 Next -- the magazine's list of world's rising stars.
He is the only Indian on the list. There is, however, another Indian-born American business leader, Amrapali Gan, also on the list.
The list highlights 100 emerging leaders who are shaping the future of business, entertainment, sports, politics, health, science and activism.

TVS Motor Signs MoU with FCDO to Offer Chevening Scholarships for Students

Two and three-wheeler major TVS Motor Company signed a memorandum of understanding with The Foreign, Commonwealth and Development Office to offer Chevening TVS Motor Company Scholarships to candidates who show great potential to become decision-makers.
The Chevening Programme, is a scholarship programme that aims to attract select students around the world who demonstrate greatest potential to become leaders, decision-makers in their own country.
The United Kingdom government's global scholarship programme is awarded to those individuals with strong academic backgrounds who can also demonstrate their leadership potential.

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