General Awareness

BUSINESS AND ECONOMY - November 2022

Nov 2022

Oct 15, 2024

Manoj Kumar Dubey as New CMD and CEO of IRFC

Manoj Kumar Dubey, a 1993-batch Indian Railway Accounts Service officer, was appointed as the Chairman and Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC). IRFC is a miniratna public sector enterprise under the Ministry of Railways.
Manoj Kumar Dubey previously served as Director (Finance) and Chief Financial Officer at the Container Corporation of India (CONCOR).
He has a strong track record in financial management and strategic operations.
Established in 1986, IRFC mobilises funds from domestic and international markets to meet the Extra Budgetary Resources (EBR) needs of Indian Railways.

L. Satya Srinivas New CEO of GeM Portal

The Indian government appointed L. Satya Srinivas, currently serving as Additional Secretary in the Department of Commerce, as the additional CEO of the Government e Marketplace (GeM). This decision follows the appointment of the previous CEO, P. K. Singh, as secretary of the renewable energy ministry. Srinivas, an officer from the 1991 batch of the Indian Revenue Service (Customs & Indirect Taxes), will oversee online procurement processes for all central government ministries and departments. The GeM portal, launched on August 9, 2016, aims to streamline and enhance the public procurement process.
Since its inception, the GeM portal has revolutionized government procurement, providing a digital platform for the purchase of goods and services, promoting transparency and efficiency in the procurement process for various government entities.

Oct 14, 2024

Noel Tata New Chairman of Tata Trusts

Ratan Tata's successor as Tata Trusts chairman was announced less than 48 hours after the patriarch passed away at the age of 86. Putting an end to all speculation around succession, Noel Naval Tata, half brother of Ratan Tata, was named chairman of Tata Trusts and all trusts covered under it.
The unanimous decision, which came into immediate effect, was made at an hour-long meeting of the trustees of Tata Trusts. There was no discussion on any other contender for the top post at Tata Trusts, which has a 66 per cent stake in Tata Sons, the parent company of the $165-billion salt-to-software conglomerate.

Adani Energy Signs Pact to Operate Electricity Transmission Lines in Kenya

Indian billionaire Gautam Adani-led conglomerate signed a pact to build and operate key electricity transmission lines in Kenya for 30 years.
Adani Energy Solutions Ltd signed a project agreement with the Kenya Electricity Transmission Company Ltd (Ketraco).
This agreement marks the beginning of a transformative initiative to develop, finance, construct, operate, and maintain key transmission lines and substations across Kenya.

HAL Becomes 14th Maharatna Company

Hindustan Aeronautics Limited (HAL) was upgraded to the status of Maharatna, making it the 14th Central Public Sector Enterprise (CPSE) to receive this prestigious classification from the Government of India. This announcement enhances HAL's operational autonomy and financial capabilities, allowing it to invest up to 15% of its net worth in projects and up to Rs. 5,000 crore in foreign ventures without government approval.

Oct 11, 2024

RBI Gives Nod to Appoint Partha Pratim Sengupta as MD & CEO of Bandhan Bank

Private sector lender Bandhan Bank received approval from the Reserve Bank of India (RBI) for the appointment of Partha Pratim Sengupta as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, w.e.f. November 10, 2024.
Partha Pratim Sengupta has nearly 40 years of banking experience, with leadership roles at State Bank of India (SBI), and Indian Overseas Bank. He has worked in areas focusing on retail, corporate banking, and technology driven growth.

Suzlon Gets Jindal Renewables Wind Plant Deal for Green Steel Production

Suzlon won a 400 megawatt (Mw) order from JSP Green Wind 1, a special-purpose vehicle of Jindal Renewables, to decarbonise steel production. The project is the largest commercial and industrial wind energy order in India.
Suzlon will install 127 wind turbine generators (WTGs) with a rated capacity of 3.15 Mw each, utilising Hybrid Lattice Tubular (HLT) towers in Koppal region in Karnataka.
The power generated will be used for captive consumption at steel plants in Chhattisgarh and Odisha, boosting operational sustainability and contributing to India's broader renewable energy goals. The order raises Suzlon's total order book to nearly 5.4 gigawatt (Gw).

Oct 10, 2024

Manish Tiwary New Managing Director of Nestlé India Limited

Manish Tiwary, former head of Amazon India, was appointed as the Managing Director of Nestlé India Limited. His tenure will begin on August 1, 2025, following the retirement of the company's current Chairman and Managing Director, Suresh Narayanan, who will step down on July 31, 2025. This leadership change marks an important phase for Nestlé India as it moves forward under the guidance of a seasoned business leader with nearly three decades of experience in the consumer goods and e-commerce sectors.
Manish Tiwary's appointment as the Managing Director of Nestlé India is being viewed as a move towards driving digital transformation and supply chain modernization in the FMCG sector. Tiwary brings with him a wealth of experience, having spent the majority of his career leading large-scale operations, both in the consumer goods and e-commerce industries.

Tata Electronics Appoints Bobby Mitra as CIO & prez of AI, Digital Wing

Tata Electronics appointed Bobby Mitra as Chief Information Officer (CIO) and President of AI and Digital Transformation.
In this role, Mitra will drive enterprise-wide initiatives in AI and digital transformation for electronic manufacturing services, semiconductor assembly and test, semiconductor foundry, and design services businesses.
Mitra and his team will be instrumental in advancing Tata Electronics' commitment to AI-led manufacturing excellence, particularly in establishing India's first semiconductor Fab in Dholera, Gujarat and the first indigenous semiconductor assembly and test facility in Jagiroad, Assam.

Oct 09, 2024

India, UAE to Interlink UPI & AANI for Seamless Cross-border Transactions

Union Commerce Minister Piyush Goyal informed that the Indian and UAE governments are working on interlinking of UPI of India and the AANI of UAE. It will facilitate seamless cross-border transactions between two countries. This will benefit over 3 million Indians residing in the UAE enabling them to use the power of UPI and AANI. Goyal was addressing a press conference after the 12th meeting of the India-UAE high-level joint task force on investment in Mumbai. The meeting was co-chaired by the Managing Director of Abu Dhabi Investment Authority HH Sheikh Hamed bin Zayed Al Nahyan.

HDFC Bank Divests 100% Stake in HDFC Education

HDFC Bank announced the divestment of its entire 100% stake in HDFC Education and Development Services Pvt. Ltd (HDFC Edu) to Vama Sundari Investments for Rs. 192 crore. This all-cash transaction aligns with the bank's strategy to comply with regulatory requirements and streamline its operations following the merger with e-HDFC Ltd.
The divestment will occur in two phases: the sale of 91% of HDFC Edu's shares is expected by October 31, 2024, while the remaining 9% must be sold by June 30, 2025. This move comes in response to a directive from the Reserve Bank of India (RBI), mandating that HDFC Bank fully divest from HDFC Edu within two years of the merger.

Global Skincare Sensation Augustinus Bader Arrives in India through Reliance's Tira

Reliance's beauty platform Tira announced the launch of globally luxury skincare and haircare brand Augustinus Bader for the Indian Market. Known for its scientifically advanced and award-winning formulas, Augustinus Bader products are now available exclusively on Tira.
At Tira Reliance aims to bring the best of global and home-grown brands to the Indian consumer.
The introduction of Augustinus Bader in India is yet another step in our endeavour to offer luxury, high-performance skincare that resonates with India's growing community of beauty connoisseurs.
The Augustinus Bader brand is the brainchild of Professor Augustinus Bader, a world-renowned expert in stem cell research and regenerative medicine, whose scientific background informs the brand's unique approach to skincare.

Central Bank Keeps Key Interest Rates Unchanged

Reserve Bank of India Governor Shaktikanta Das said that the monetary policy committee decided to keep key policy rates unchanged for a tenth consecutive meeting amid inflationary pressures and announced change in policy stance to 'neutral' from 'accommodation', thus opening the door for rate cuts.
The central bank kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December.
The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

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