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).
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.
Oct 08, 2024
IFC Partners with Axis Bank for India's First Blue Loan of $500 Million
In a landmark move, the International Finance Corporation (IFC) has partnered with Axis Bank to provide a $500 million loan aimed at scaling up blue finance and green projects in India. This is IFC's first blue investment in the country and the largest climate finance initiative by IFC in India to date. Blue loans focus on funding water and wastewater management, reducing ocean plastic pollution, restoring marine ecosystems, and promoting offshore renewable energy, among others.
The partnership marks a significant step toward fostering sustainable development in India. With rapid urbanisation, India has immense potential for water efficiency, wastewater treatment, and green infrastructure, projected to grow into a $3 billion market by 2029. The blue loan aims to attract private sector investment to boost India's climate resilience, particularly in sectors like green buildings, which could see a $1.4 trillion investment opportunity by 2030.
BoB to Sell Oman Operations to Bank Dhofar
State-owned Bank of Baroda (BoB) has announced its decision to sell its Oman operations to Bank Dhofar as part of a broader strategy to rationalise its foreign business footprint. This acquisition will take place on a going concern basis, pending approval from regulatory authorities. The total business of BoB's Oman operations is valued at 113.35 million Omani Rials, with a net worth of 25.54 million Omani Rials.
Established in 1990, Bank Dhofar is one of the leading commercial banks in Oman. It is located in Muscat, Oman.
It is a publicly traded company on the Muscat Stock Exchange, with a diverse shareholder base, which offers a wide range of banking services, including personal banking, corporate banking, investment services, treasury operations, and Islamic banking products.
RBI Deputy Governor M. Rajeshwar Rao's Tenure Extended for One Year
The government has approved a one-year extension for M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI), effective October 9, 2024. This decision was made by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, following a notification dated October 4. Rao's tenure was initially set for three years starting from October 2020, and this marks his second consecutive one-year extension.
Rao is an accomplished central banker, holding an economics degree and an MBA from the University of Cochin. Since joining the RBI in 1984, he has gained extensive experience across various departments within the bank. Before becoming Deputy Governor, he served as an executive director since November 2016.
India's E-commerce Market Set to Reach $325 Billion by 2030: Deloitte Report Analysis
The Indian e-commerce landscape is undergoing a transformative evolution, with Deloitte's latest report forecasting a monumental growth trajectory. The projection of reaching $325 billion by 2030 represents not just a number, but a fundamental shift in how India conducts commerce.
This 21% Compound Annual Growth Rate (CAGR) signifies a digital revolution that's reshaping the retail ecosystem.
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