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Last Updated: January 21, 2020 1 day ago

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  • IMF reduces India's economic growth forecast to 4.8 percent

    1 day ago
    The International Monetary Fund (IMF) has reduced India's economic growth forecast to 4.8% for the current fiscal year. The decline is due to the crisis in the non-banking financial sector (NBFC) and weak rural demand. It has also cut the world's growth estimate. Report: ♦ The IMF projection, 1.3% points lower than its earlier estimates, is less than the 5% projected by the official advance estimates.  ♦ The IMF projected India's economy to grow by 5.8% next year. It is 1.2% points less than its earlier forecast.  ♦ It also forecasts the economy to grow by 6.5% in 2021-22 which is 0.9% point lower than earlier projections. ♦ The IMF estimated world economic growth at 1.9% for 2019, 0.1% point lower than its earlier forecast.

    India stands among the top 10 recipients of FDI flow

    1 day ago
    The Global Investment Trend Monitor report stated that India was among the top 10 recipients of Foreign Direct Investment (FDI) in 2019. The report was compiled by the United Nations Conference on Trade and Development (UNCTAD).  Report Highlights: ♦ The report stated that India has attracted around $49 billion in inflows, a 16% increase from the previous year. ♦ It stated that the global FDI remained flat in 2019 at $1.39 trillion, a 1% decline from the revised $1.41 trillion in 2018. It is due to the weaker macroeconomic performance and policy uncertainty for investors, including trade tensions. ♦ It reported that the developing economies continue to absorb more than half of global FDI flows.  ♦ It highlighted that South Asia has recorded a 10% increase in FDI to $60 billion. The reported growth was driven by India and the majority went into services industries, including information technology. ♦ The FDI flows in the developed countries remained low level, decreasing by a further 6% to an estimated $643 billion. ♦ The report stated that the United States remained the largest recipient of FDI. It is followed by China with an FDI flow of $140 billion and Singapore with $110 billion. ♦ The report also said that GDP growth, gross fixed capital formation and trade are projected to rise, both at the global and market level.

    Microsoft vows to be carbon negative by 2030

    4 days ago
    Microsoft Corporation is an American multinational technology company with headquarters in Redmond Washington.Microsoft announced that it would become carbon negative by the year 2030. The announcement made in the form of its increased efforts to combat climate change. The company announced that it vows to eliminate all the carbon emissions created by the company since its inception in 1975. Microsoft announced its investment of $1 billion in a climate innovation fund for technology for carbon capture and removal.

    Amazon to invest 1 billion USD in India

    4 days ago
    Amazon.com chief Jeff Bezos announced USD 1 billion over Rs 7,000 crore investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025. The online retail giant committed USD 5.5 billion investments in India - Amazon's most important market outside of the US and a key growth driver. Amazon - India  The long-term partner of India and actions speak louder than words. Amazon will invest an incremental USD 1 billion to digitize micro and small businesses across India, helping them reach more customers than ever before. This initiative will use Amazon's global footprint to create USD 10 billion in India exports by 2025,. The millions of more people into the future success of India and, at the same time, expose the world to the Make in India products that represent India's rich, diverse culture. The company previously said it expected e-commerce exports from India to reach USD 5 billion by 2023 under its global selling program. SMBhav summit  The SMBhav summit - an Amazon India gathering for small and medium businesses. The Competition Commission of India initiated a formal investigation into alleged deep discounts, preferential listing, and exclusionary tactics adopted by Amazon and Flipkart, and small store owners demonstrating on the streets against online retailers driving them out of business by offering discounted products sharply. The Confederation of All India Traders, an association of about seven crore brick-and-mortar retailers, has said it will protest across 300 cities during his visit. The government tightened rules for e-commerce marketplaces with foreign investment. These rules barred such platforms from offering products of sellers in which they hold a stake and banned exclusive marketing arrangements among other clauses. Amazon is pumping millions of dollars across various operations like a marketplace, payments, infrastructure, and supply chain management as well as marketing and promotion as it looks to strengthen its position in the fledgling Indian e-commerce market. Amazon invested over Rs 1,700 crore into its payments and commercial business units in India, while in October it had infused over Rs 4,400 crore (more than USD 600 million) in its various groups in India, including marketplace and food retail. Bezos last visited India in 2014 when he presented Amazon's Indian unit with a giant cheque for USD 2 billion. Amazon has pledged a further USD 3.5 billion to expand in the country, and the USD 1 billion investment announced Wednesday would take the total committed investment to USD 6.5 billion. The USD 1 billion investment would be to digitize 10 million micro, small, and medium enterprises (MSMEs) and traders across India, including manufacturers, resellers, local offline shops, and brands. Amazon will establish 100 Digital Haats in cities and villages throughout India. More than 5,50,000 sellers on the Amazon India marketplace, and more than 60,000 Indian manufacturers and brands are exporting them Make in India products to customers worldwide on Amazon.

    India to double the crude oil imports from the US

    11 days ago
    India is planning to double crude oil imports from the US. The move is a part of its effort to reduce dependence on the West Asia region. India's major oil imports: India started to purchase Oil from the US in 2017-18. So far, it has already crossed about 6 million tonnes a year. India also has long-term oil supply contracts with Russia and oil-producing countries in Africa. India is depending highly on oil imports from West Asia.  The top 3 suppliers of Oil to India in 2018-19 are:  ♦ Iraq with about 46.6 million tonnes (MT) ♦ Saudi Arabia with 40.3 MT  ♦ The UAE with 17.5 MT. It should be noted that Kuwait has also supplied 10.8 MT to India in 2018-19. These countries supplied about 51% of the total of 226.5 MT of oil worth Rs.7.83 lakh crore ($111.9 billion) that India imported in 2018-19.

    World Bank estimates India's growth in FY20 to dip to 5 percent

    11 days ago
    The World Bank estimated a 5% growth rate in fiscal 2019-2020 for India. The World Bank's update is in line with the Reserve Bank of India's (RBI) October policy estimate in which it slashed the Indian economy's expected growth to 5% for the fiscal year 2019-2020. Report Highlights: ♦ The report estimated that weakness in credit from non-banking financial companies (NBFCs) will linger during the fiscal, but the rate might recover to 5.8% in the next fiscal.  ♦ The reports said that insufficient credit conditions in NBFCs are contributing to a substantial weakening of the domestic demand in the country. ♦ It stated that the regional growth in South Asia is expected to pick up gradually, to 6% in 2022 ♦ It also estimated the world economic growth at 2.5% in FY20

    NSO estimated India's GDP growth rate as 5 percent for the current fiscal

    14 days ago
    National Statistical Office (NSO) has estimated India's GDP growth rate for 2019-20 estimated at 5% on 7 January 2020. It has seen dipping to an 11-year low of 5% in the current fiscal. This is mainly due to poor showing by the manufacturing and construction sectors. The previous low economic growth was recorded at 3.1% in 2008-09. Report highlights: ♦ As per the first advance estimates of the national income released by NSO, the estimated growth of the Indian economy of 5% in 2019-20 as against 6.8% in the previous fiscal.  ♦ The report also states that the output of the manufacturing sector is expected to decelerate to 2% in 2019-20 from 6.2% in the previous fiscal. The reduction was also witnessed in sectors like construction and electricity, agriculture, gas and water supply.  ♦ Some sectors like mining, public administration, and defence have shown minor improvement.  ♦ The estimated growth of real Gross Value Added (GVA) in 2019-20 is 4.9% as against 6.6% in 2018-19. ♦ Also, Gross Fixed Capital Formation (GFCF) at current prices has been estimated at Rs.57.42 lakh crore in 2019-20 as against Rs.55.70 lakh crore in 2018-19. ♦ NSO has estimated the per capita income at current prices at Rs.1,35,050, showing a rise of 6.8% against Rs.1,26,406 during 2018-19 with a growth rate of 10.0%. National Statistical Office (NSO): NSO is responsible to conduct large scale sample surveys in diverse fields on an All India basis. It functions under the Ministry of Statistics and Programme Implementation (MSoPI). It maintains a frame of urban area units for use in sample surveys in urban areas. The four divisions of NSO are Field Operations Division (FOD), Survey Design and Research Division (SDRD),  Survey Coordination Division (SCD), and Data Processing Division (DPD).

    India Forex reserves touch all time high of 457.468 billion

    18 days ago
    India's foreign exchange reserves got by 2.520 billion USD to touch a record high of 457.468 billion USD in the week on 27th December 2019. The foreign currency assets, a significant part of the overall reserves, rose by 2.203 billion USD to 424.936 billion USD. The reserves surged by 456 million USD to end at 454.948 billion USD. Gold reserves increased by 260 million USD to end at 27.392 billion USD. India's exclusive drawing rights with the International Monetary Fund, however, dipped by 2 million USD to 1.441 billion USD, while the country's reserve position increased by 58 million USD to 3.7 billion USD. International Monetary Fund International Monetary Fund, is an international organization headquartered in Washington, D.C Membership: 189 countries

    Adani to buy 75% stake in Krishnapatnam Port

    18 days ago
    India’s largest private sector port operator agreed to buy a 75% stake in Krishnapatnam Port Co. Ltd (KPCL) at an enterprise value of ₹13,500 crores, APSEZ. Krishnapatnam Port The Krishnapatnam Port is located in southern Andhra Pradesh and is a multi-cargo facility. It handled 54 million tonnes (mt) of cargo in the year ended 31 March 2019. The purchase will accelerate the Adani Ports plan to expand its cargo-handling capacity to 400mt by 2025. The acquisition will be funded internal accruals and existing cash balances.The credit metrics of APSEZ consolidated to change with this transaction. The net debt-to-Ebidta of consolidated APSEZ, including KPCL, in FY21, is expected to be around 3.2x. The acquisition is subject to regulatory approvals and the transaction to be completed within 120 days. The infrastructure and the distinct hinterland catered by KPCL, this acquisition will not just increase our market share to 27% add a remarkable value to our pan-India footprint. The APSEZ will look to expand cargo volume at KPCL to 100mt in around seven years and will double its Ebidta in about four years. This is the second acquisition by Adani Ports in the past seven days. On 27 December. The wholly-owned unit of Adani Ports will buy a 40.25% stake in Snowman from Gateway Distriparks Ltd.

    No extra charge on digital payments via RuPay and UPI from 1st Jan 2020

    22 days ago
    The central government decided to wave off the Merchant Discount Rate (MDR) to promote digital payments. Finance Minister Nirmala Sitharaman recently announced that the digital transactions using RuPay or UPI would not face additional charges from January 1, 2020. The central government amended two acts, Payments and Settlement Systems Act and the Income Tax Act. The Department of Revenue (DoR) will notify UPI and RuPay as the approved mode of payment for digital transactions without any Merchant Discount Rate (MDR). MDR charge When a person swipes card in any merchandise the shopkeeper has to pay to his service provider is called MDR Charge. The MDR charges can range from 0% to 2% of the transaction amount. MDR charge also has to be paid for online transactions based on QR Code.

    Finance minister launches 102 trillion National Infra Pipeline plan

    22 days ago
    Finance minister Nirmala Sitharaman launched a National Infrastructure Pipeline coordination mechanism with an investment plan worth ₹102 trillion in the next five years. The economic affairs secretary Atanu Chakraborty submitted its first report after consultation with 70 different stakeholders for four months. The task force set up after prime minister Narendra Modi to roll out an ambitious infrastructure push worth ₹100 trillion over the next five years to make India a $5 trillion economy. Project Details The projects spread across 21 ministries and 18 states and Union Territories. The center and states will contribute 39% each of the project cost; private sectors contribute 22% of the cost. The projects included in the pipeline, 43% are under implementation, 33% are at a conceptual stage, and 19% are under development. The projects belong to sectors such as power, including renewable, railways, urban development, irrigation, mobility, education, health, water, and the digital industry.This will include reforming the PPP-based contracts, enforcement of agreements, and dispute resolution process.

    Adani Electricity set to raise up to $1.5 billion abroad

    22 days ago
    Adani Electricity the flagship power transmission and distribution company in Gautam Adani's empire to raise to Sl 5 billion in what could be one of the largest overseas borrowing exercises by an Indian company in the New Year The company subsidiary of Adani Transmission Ltd is expected to raise about Sl billion via bonds and S400- 500 million through syndicated loans, three people with direct knowledge.refinance loans taken to fund the acquisition of Anil Ambani's Mumbai power distribution company two years ago Adani aims to reduce costs by tapping relatively cheap money available overseas.  The company coordinates with foreign banks to raise up to $500 million through syndicated offshore loans will be used to expand capacity next year. The syndicated loans would be three- or five-year money and be priced after adding 250 275 basis points over and above the London Inter-bank Offered Rate. Indian companies raised a record $30 25 billion in overseas borrowings this year. Adani Power Adani Power Limited is the power business subsidiary of Indian conglomerate Adani Group with head office at Ahmedabad, Gujarat. The company is India's largest private thermal power producer, with a capacity of 12,410 MW and ranked as the 73rd largest corporation in India in Fortune India 500 list of 2018.

    HDFC Life Insurance partners with Paytm to expand its distribution

    23 days ago
    HDFC Life Insurance partnered with Paytm to expand its distribution.  Aim: The main objective is to enable customers of Paytm to purchase insurance products from HDFC Life. The company increases the insurance penetration in India and to simplify the customer experience right from the purchase to the claim process. HDFC Life Insurance HDFC Life is a long-term life insurance provider with its headquarters in Mumbai Paytm  Paytm is an Indian e-commerce payment system and financial technology company.

    China to issue GDP figures under new mechanism from 2020

    23 days ago
    China will revise its regional GDP data under a unified accounting mechanism. The Chinese economy grew at an annual pace of 6.0 percent in the July-September quarter, the slowest growth since 1992. National Bureau of Statistics The National Bureau of Statistics new mechanism unifies the standards and procedures for calculating national and local GDP numbers calculated under different accounting methods adopted by local and national statistics authorities since 1985. The reform is expected to close the current discrepancy between national and regional figures improving data quality while enhancing the credibility of the government statistics. It is the deputy-cabinet level agency directly under the State Council of the People's Republic of China. Founded: 7 August 1952

    Ratan Tata Gautam Adani among India's top 10 most Googled business tycoons

    25 days ago
    Tata Sons chairman Ratan Tata emerged as India's most searched business tycoon on Google in 2019. Google released a Year in Search 2019 report shows what was trending on the world's largest search engine during the year in India.  Here is the top 10 list of trending searches for business personalities in India. 1) Ratan Tata: The Tata Group patriarch Google's most searched Indian business personality in 2019. He heads the Tata Group for 21 years credited with transforming the group from a conventional corporate house into a $100 billion global conglomerate with high-profile acquisitions abroad. 2) Azim Premji: The Indian IT industry who turned Wipro from a cooking oil company into an $8.5 billion IT behemoth retired this July as the conglomerate's chairman and managing director. The third richest Indian with a wealth of ₹1,17,100 crore according to the latest IIFL Wealth Hurun India Rich List. 3) Lakshmi Mittal: LN Mittal-led global steel giant ArcelorMittal concluded a ₹42,000 crore acquisition of debt-laden Essar Steel. 4) Cyrus S. Poonawalla:  Cyrus Poonawalla is not only one of the richest men in India, one of the most popular on Google. The 77-year-old runs the Serum Institute of India, the world's biggest vaccine manufacturer, by several doses produced and sold. In one of the largest real estate deals in Mumbai, the billionaire had bought Lincoln House in the Breach Candy area of south Mumbai for a mind-boggling sum of ₹750 crore. 5) Anand Mahindra: One of the few industrialists to pour his heart out on Twitter almost daily. Mahindra & Mahindra chairman Anand Mahindra will transition to the role of non-executive chairman from 1 April 2020. 6) Shiv Nadar HCL Technologies is now an $8.6 billion global IT company. He is also known for his philanthropic initiatives. 7) Gautam Adani: A college dropout, the billionaire, is known as the ports tycoon of India. 8) Kiran Mazumdar-Shaw: He is among the 100 most influential people in the world in 2010, Kiran Mazumdar-Shaw is the Chairperson and Managing Director of Biocon, Asia’s leading bio-pharmaceuticals enterprise. 9) Uday Kotak: The 60-year-old billionaire banker is the managing director and CEO of Kotak Mahindra Bank. 10) Radhakishan Damani: The retail king of India runs Avenue Supermarts operates D-Mart retail stores. A college dropout, Damani had started his career as a stockbroker.

    CCI approves acquisition of shares in My Home Industries by My Home Constructions

    25 days ago
    Competition Commission of India (CCI) approves the acquisition of shares in My Home Industries Private Limited by My Home Constructions Private Limited. The combination acquisition of 50% of the shareholding of My Home Industries Private Limited (My Home Industries) by My Home Constructions Private Limited (MHCPL), Jupally Real Estate Developers Private Limited (JREDPL) and Dr. Rameswar Rao Jupally. MHCPL and JREDPL part of My Home Group based out of Hyderabad, Telangana. The real estate development, manufacturing and supply of grey cement, power consultancy, power generation, power trading, transportation and logistics, media and broadcasting, pharmaceutical, and education. Home Industries Home Industries is a 50:50 joint venture between CRH India Investments B.V. and the Acquirers. It is engaged in the manufacturing and supply of grey cement under the brand name Maha Cement in India. It is present in the states of Andhra Pradesh, Tamil Nadu, Union Territory of Puducherry, Telangana, Kerala, Karnataka, Odisha, West Bengal, Bihar, Maharashtra, Jharkhand, and Chhattisgarh. The company totally deal with the power generation activities from waste heat and solar power sources for captive consumption.

    Ashok Leyland signed two-year deal with YES Bank for vehicle financing

    25 days ago
    Hinduja group flagship firm Ashok Leyland inked a pact with Yes Bank for vehicle finance for a period of two years. The companies inked a memorandum of understanding (MoU) regarding the partnership.  Yes,Bank and Ashok Leyland will help the company design customized financial solution and the combined pan-India reach will help customers to choose the financial solution. Ashok Leyland Ashok Leyland is an Indian automobile company headquartered in Chennai, India owned by the Hinduja Group. Headquarters: Chennai Founder: Raghunandan Saran

    Bharat Heavy Electricals commissions India first lignite based 500 MW thermal unit

    25 days ago
    Bharat Heavy Electricals Ltd (BHEL) commissioned the first lignite-based 500 MW thermal unit of the 2x500 MW Neyveli New Thermal Power Project in Tamil Nadu. The country’s first lignite-fired 500 MW power plant, but also its highest-rated pulverized lignite-fired thermal unit commissioned. Bharat Heavy Electricals Ltd (BHEL) The plant is based on the Once-Through and Tower Type Boiler design adopted for the first time in the country for a lignite-based thermal unit. It is located in Tamil Nadu’s Cuddalore district, the project is owned by NLC India Ltd. The second unit of the project an advanced stage of commissioning. NLC placed the order for a Boiler, Turbine & Generator (BTG) package for the two units with BHEL. BHEL’s scope of work envisaged design, engineering, manufacture, supply, erection, testing and commissioning, along with the associated civil works of BTG, and associated auxiliaries and electricals, besides Controls & Instrumentation (C&I) and Electrostatic Precipitators (ESPs). The project manufactured by BHEL at its Haridwar, Tiruchi, Hyderabad, Ranipet, Bhopal and Bengaluru works, while the construction of the plant undertaken by the company's Power Sector - Southern Region, Chennai. It successfully delivered higher-rated units of 600 MW, 660 MW, 700 MW, and 800 MW thermal sets with a high degree of indigenization. Its strength of an installed base of over 1,85,000 MW of power plant equipment coupled with its vast experience with Indian coal and conditions.

    ONGC gets green nod for Rs 3,500 cr onshore exploration project in Assam

    26 days ago
    State-run ONGC received environment clearance (EC) for carrying out onshore exploration, development and production of oil and gas in 100 locations in the non-forest area of Assam, that would entail an investment of Rs 3,500 crore, according to official documents. The company to carry out drilling in 100 locations to evaluate the hydrocarbon potential of 21 different onshore Petroleum Mining Lease (PML) blocks in a non-forest area covering 944.39 km in Assam and Assam Arakan Basin covering whole of the Upper Assam North in Sivasagar district. The company put the field under development and production. The cost is estimated to be Rs 3,500 crore. According to ONGC, there is still a lot of scopes in exploring new sub-surface structures in Assam for hydrocarbons. North Assam Shelf The total area of Sivasagar district PML is 957.73 square kilometre in which Lake, Rudrasagar, Geleki and its adjoining areas are important oil-producing fields in North Assam Shelf of Sivasagar district. More than 500 wells (including exploratory wells and development wells) drilled in this field with depths ranging from 2,400 metres to 4,200 metres. The current EC granted for exploratory drilling of 100 wells which is a part of ongoing exploration efforts in various PML areas falling within the three main blocks of North Assam Shelf in Sivasagar district. India is dependent on imports for crude oil, and the government is encouraging the exploration and production of oil and gas. Around 70 per cent of the country's crude oil and 60 per cent of its natural gas. ONGC  It is an Indian Multinational Crude Oil and Gas Corporation. Its registered office now in New Delhi.

    NTPC to invest 50,000 crores for 10 GW solar capacity

    27 days ago
    NTPC planning to add 10 GW of solar energy generation capacity by 2022. An investment of  ₹50,000 crores to be funded mainly by green bonds. NTPC installed renewable energy capacity of 920 MW, which constitutes mainly solar energy. It formulated a long-term plan to become a 130 GW company by 2032 with 30% non-fossil fuel or renewable energy capacity. The company will tender 2,300 MW of solar energy capacity by the end of this fiscal. NTPC plans to add 10 GW solar energy capacity assume significance in view of India’s ambitious target of having 175 GW of clean energy by 2022. The power would set up some of its solar energy projects under a scheme to keep the tariff below the ₹3-per-unit level. The company will also set up solar energy projects without long-term (25 years) power purchase agreements as it aims to sell the electricity to industrial as well as commercial consumers and also at energy exchanges. The Central Electricity Regulatory Authority approved the real-time power market and 48 sessions of half an hour each in a day to allow consumers to get the desired power supply within an hour. NTPC NTPC Limited known as National Thermal Power Corporation Limited.It is Founded on the year 1975 and headquartered at New Delhi.

    Union Cabinet approves transfer of administrative control of Brahmaputra Cracker and Polymer

    29 days ago
    Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the transfer of administrative control of Brahmaputra Cracker and Polymer Limited (BCPL). The central Public Sector implementing the Assam Gas Cracker Project (AGCP) from the Department of Chemicals & Petrochemicals to the Ministry of Petroleum & Natural Gas. Feedstock subsidy to BCPL for 15 years of plant operation to maintain minimum Internal Rate of Return (IRR) of 10% (post-tax).   BCPL estimated feedstock subsidy of approximately Rs.4600 crore for the project for 15 years of plant operation.  BCPL will submit the proposal on a yearly basis from the next financial year onwards and the administrative Ministry / Department devise a mechanism to examine the proposal in consultation with the Ministry of Finance. Ministry of Petroleum & Natural Gas to make firm arrangements through concerned PSUs for the supply of committed quantity and quality of feedstock to the project as envisaged in the earlier CCEA approval of 2006. The project is seen as a part of the implementation of the Assam Accord and would give impetus to the development of the north-eastern region of the country and improve the socio-economic conditions of the people of Assam through increased employment.

    Wipro to launch skilling platform to train 10,000 engineering students

    30 days ago
    Wipro partnered with Nasscom to launch a skilling platform for new-age technologies like AI that will reach 10,000 students over 20 engineering colleges in India. Future Skills will bridge the industry-academia skill gap and help students keep pace with emerging technologies. It is a part of Wipro's Corporate Social Responsibility program, TalentNext.  Aim The quality of engineering education by preparing faculty and academic leaders to train students. The Future Skills is a platform built to bridge the industry-academia skill gap with the emerging technologies Artificial Intelligence, Big Data, Cloud Computing, Cybersecurity, and Internet of Things (IoT). This will create a talent pool of students, certified by Wipro and Nasscom. The magic of this platform is that it allows content and people to come together. It will enable learning at one’s own pace. The aim to add 90 million working professionals to the industry by 2030 and the partnership with Wipro will ensure they possess the right skills to be employed.

    Three combinations get automatic approval under CCI Green Channel

    33 days ago
    Competition Commission of India (CCI) received the following three Green Channel combinations filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) . It is regulation 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations): 1) Acquisition of IDBI Asset Management Ltd. (IAML) and IDBI MF Trustee Company Ltd. (IMTL) by Muthoot Finance Limited (MFL) The notification relates to the acquisition of 100% equity shares of both IAML and IMTL by MFL. It is a non-deposit taking NBFC registered with the RBI and provides secured and unsecured loan against collateral of gold jewellery to companies and individuals. IDBI Bank holds 100% shareholding in IMTL. 2) Acquisition of Adani Electricity Mumbai Limited (AEML) and Adani Electricity Mumbai Services Limited (AEMSL) by Qatar Holding LLC (QH) The notification relates to the acquisition by QH of 25.1% equity shares of AEML and AEMSL from Adani Transmission Limited.  QH, registered as an FPI with SEBI, is an investment holding company of Qatar Investment Authority (QIA).   AEML AEML is the licensee for an integrated power distribution, transmission and generation business. AEMSL is a newly incorporated entity and is currently not engaged in any business activity. AEMSL intends to provide certain captive services to AEML and ATL. 3) Acquisition of GVK Airport Holdings Limited (GVKAHL ) by Green Rock B 2014 Limited (Green Rock), National Investment and Infrastructure Fund (NIIF) and Indo-Infra Inc. (Indo-Infra) The notification relates to acquisition of shares of, and control over, GVKAHL (and / or of its affiliates) and through GVKAHL (and / or through its affiliates), control over GVKAHL’s subsidiaries, Mumbai International Airport Limited (MIAL) and Navi Mumbai International Airport Private Limited (NMIA) by Green Rock, NIIF, and Indo-Infra. They made investments in India and does not carry out any business activities directly in India. NIIF is an alternative investment fund with a focus to provide long-term capital to the country’s infrastructure sector. Indo-Infra is a holding company and part of the PSP group. PSP is a Canadian Crown corporation established by the Canadian Parliament under the Public Sector Pension Investment Board Act. GVKAHL is an affiliate of the GVK group. GVKAHL is a holding company for MIAL and its subsidiaries and joint ventures, and is also intended to engage in the business of developing infrastructure facilities and investing in companies directly or indirectly developing, operating and managing airports. CCI Green Channel The automatic system of approval for combinations under Green Channel. The combination is deemed to have been approved upon filing the notice in the prescribed format. This system would significantly reduce the time and cost of transactions and thereby contributing towards ease of doing business in India.

    IFC to invest USE 200 million to support MSME

    48 days ago
    International Finance Corporation (IFC), an arm of World Bank Group, has anchored an investment round of $200 million in Mahindra and Mahindra Financial Services. Among the investment, IFC has invested $75 million from its own account and is mobilizing another $125 million as parallel loans. Aim: The investment aims to create a dedicated pool of financing for the Ministry of Micro, Small and Medium Enterprises (MSMEs) in low-income states.  IFC's investment: Among the total of $200 million, a sum of $100 million will be earmarked for women-owned micro, small and medium enterprises (MSMEs). This amount will be supported by blended finance from the IFC-Goldman Sachs' Women Entrepreneurs Opportunity Facility. In the financial year 2018-19, IFC lends more than $19 billion in long-term financing for developing countries to boost the private sector to end extreme poverty. International Finance Corporation (IFC): ♦ Formed on: 20 July 1956 ♦ Headquarters: Washington, U.S. ♦ Membership: 184 countries ♦ Executive Vice President & CEO: Philippe Le Houérou ♦ Parent organization: World Bank Group

    Saudi Arabia, UAE plans refinery in Maharashtra

    54 days ago
    The United Arab Emirates and Saudi Arabia is planning to set up a refinery in Maharashtra, India. The minimum estimated cost to set up the refinery is $70 billion. It exceeds the initial $44 billion estimate that was previously announced. The meeting was held between the Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan. Refinery in Maharashtra: The initiative was first announced in 2018. The aim is to develop the petrochemicals complex and refinery which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India's market. It has been decided that the project would be run by a consortium that includes Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).

    RIL became first Indian firm to cross Rs.9.5 lakh crore m-cap

    63 days ago
    Reliance Industries Limited (RIL) became the first Indian firm to cross the Rs.9.5 lakh crore market capitalization mark. Reliance Industries share price rose up to 3.66% to Rs.1,511.9 compared to the previous close of Rs.1,458.50 on BSE. In October 2019, RIL hit the milestone as the first Indian company to cross the staggering Rs.9 lakh crore market-cap mark. RIL's share rise: The rise in RIL share price comes after Vodafone India and Bharti Airtel announced a tariff hike from December. The tariff hike by the telecom will attract more subscribers for Reliance Jio. TCS: TCS stands next to RIL in terms of market capitalization. It recorded an m-cap of Rs.7.91 lakh crore on BSE. TCS's share price was trading 2% lower at Rs.2110 on BSE.

    Maruti Suzuki India cuts production for 8th straight month in October

    74 days ago
    Maruti Suzuki to cut its production for the 8th consecutive month. The company's total vehicle production last month stood at 119,337 units against 150,497 in October last year. The production of passenger vehicles down 117,383 units from 148,318 in October last year, while Van produced slipped nearly by half from 13,817 in October 2018 to 7,661 last month. The segment has models such as Alto, S-Presso, Old WagonR. These models like New WagonR, Celerio, Ignis, Swift, Baleno, OEM Model, Dzire, the number of units produced last month was 64,079 from 74,167 in the corresponding month last year. Maruthi Suzuki Maruti sold a total of 1,44,277 units (inclusive of OEM sales) during October 2019 in the domestic market, recording a 4.5 percent growth over the same month a year ago.

    India Yamaha Motor launches BS-VI compliant variants of bikes

    74 days ago
    India Yamaha Motor (IYM) launched BS-VI compliant variants of FZ-FI and FZS-FI bikes, priced between ₹99,200 and ₹1.02 lakh ex-showroom. The company will further announce the launch of other BS-VI compliant line-ups in the coming time. The new FZ-FI and FZS-FI BS-VI versions come with various features like single-channel ABS in the front wheel, front, and rear disc brakes along with a single piece two-level seat. Yamaha reveals from its new product line-up, the BS-VI compliant FZ motorcycles will be available across Yamaha showrooms from November 2019.

    Mergers and acquisitions in India to remain stable

    78 days ago
    Baker McKenzie reported that in 2019, India is expected to see mergers and acquisitions (M&A) deals of over $52.1 billion. Baker McKenzie released the fifth annual Global Transactions Forecast 2020. It was published jointly with Oxford Economics.  Report Highlights: ♦ Despite various global issues, mergers and acquisitions in India are expected to remain stable in the next few years, with private investments that will revive the backdrop of a more favorable business environment.  ♦ The reports said India's Gross Domestic Product (GDP) would grow by 7% through 2019-2022, whereas the global GDP average growth rate will be 2.8% for the same period.  ♦ In Initial public offerings (IPOs), the total proceeds are expected to reduce from $3.4 billion in 2019 to $2.7 billion in 2020. It might increase to $4.3 billion in 2021.  Mergers and acquisitions (M&A): Mergers and acquisitions (M&A) referred to the transactions in which the ownership of companies are consolidated or transferred with other entities. In the view of strategic management, M&A helps the enterprises to grow and change the nature of their business or competitive position. Baker McKenzie: Founded on: 1949 Headquarters: Chicago, The United States Baker McKenzie is a multinational law firm.

    CCI approved acquisition of ANI and Ola by HMC and KMC

    83 days ago
    Competition Commission of India (CCI) approves the acquisition of a shareholding in ANI Technologies Private Limited (ANI) and Ola Electric Mobility Private Limited (OEM) by Hyundai Motor Company (HMC) and Kia Motors Corporation (KMC). CCI approved the acquisition under Section 31(1) of the Competition Act, 2002.  Partnership: In March 2019, Hyundai and Kia announced an investment of $300 million in Bengaluru-based Ola. The partnership was intended to help Ola to intensify its battle with its rival Uber. This partnership enabled the companies to extensively collaborate on developing unique fleet and mobility solutions, building India-specific electric vehicles (EV) and infrastructure. The companies also agreed to co-create solutions to operate and manage fleet vehicles.  About the companies: HMC, KMC: HMC, and KMC are a part of the Hyundai Motor Group (HMG). The companies are involved in the business of manufacturing and distribution of automobiles, automobile parts, and accessories, after-sales service, research and development of automotive engineering across several countries in the world. ANI: ANI is a ride-sharing company that integrates city transportation for customers and driver-partners onto an online platform. It will ensure convenient, transparent, and quick service fulfillment.  OEM: OEM operates and envisages operations primarily in the electric vehicles value chain, with a focus on the market for charging infrastructure.

    DPIIT to introduce exercise to ease FDI norms

    84 days ago
    The Department for Promotion of Industry and Internal Trade (DPIIT) launched a new exercise to relax India's foreign direct investment (FDI) norms. The decision was made in an inter-ministerial meeting held at DPIIT to discuss further opening up in sectors, especially where 100% FDI is not allowed on the automatic route. Earlier, the government opened FDI in contract manufacturing and eased norms for overseas investors in single-brand retail and coal mining.  FDI Prohibited areas: FDI is prohibited in nine sectors namely gambling and betting including casinos, lottery business, chit funds, trading in transferable development rights, real estate business or construction of farmhouses, Nidhi companies, manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes, atomic energy, and certain railway operations. India prohibits foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract for lottery business and gambling and betting activities.

    World Bank to fund USD 6 bn annual lending support to India

    85 days ago
    World Bank, the multi-lateral funding agency, has announced that it is to continue providing a $6 billion annual lending target for India to support infrastructure development and alleviate poverty. The announcement was made by President of World Bank David Malpass during his visit in the backdrop of the recently released World Bank report on Ease of Doing Business 2020. As of now, around 97 projects are being currently executed in India with loan assistance from the World Bank. For the 97 projects, it has provided $24 billion. It is expected that the program will continue and reflect on the projects and reforms that were going on in India. About the World Bank:  Headquarters: Washington, D.C., U.S. Membership: 189 countries (IBRD), 173 countries (IDA) President: David Malpass MD and CFO: Anshula Kant Parent organization: World Bank Group World Bank is a component of the World Bank group. The bank provides loans and grants to poor countries to support infrastructure development and their capital projects.  It constitutes of two institutions: ♦ International Bank for Reconstruction and Development (IBRD) ♦ International Development Association (IDA)

    India and France explore 3rd country projects in Western Indian Ocean region

    87 days ago
    India and France have taken concrete steps to firm up their strategic partnership in the western Indian Ocean part of their Indo-Pacific strategies, within two months of Prime Minister Narendra Modi's trip to Paris. They consisting of Comoros, Madagascar, Mauritius, and Seychelles in the western Indian Ocean currently meeting for the first time in the Reunion Islands (French territory) for exploring economic and development partnership.  India represented by the minister of state for external affairs V Muraleedharan at the meet. India has longstanding defense partnerships with Mauritius and Seychelles, its defense ties with Comoros and Madagascar are growing as part of India's Indo-Pacific outreach to ensure peace and stability. Indo-French defense partnership extends to the western part of the Indian Ocean. The joint statement issued after Modi's meeting with French President Emmanuel Macron had indicated enhancement in the Indo-French partnership in the western Indian Ocean. The swift implementation of the conclusions of the joint strategic vision of India-France cooperation in the Indian Ocean region, adopted during the state visit to India of President Macron in March 2018.

    Tata Sons board okays 6,500 cr equity infusion in Tata Motors

    87 days ago
    Tata Motors Ltd its board approved an equity infusion of ₹6,500 crores from its promoter Tata Sons Pvt. Ltd. Tata Motors will allot ordinary shares and warrants to the developer in return, subject to shareholder approval. The board approved raising ₹3,500 crores via external commercial borrowing, which will be used to refinance its existing debt. The total debt stands at around ₹50,000 crores, of which ₹20,000 crore is in its stand-alone business. The equity infusion from the promoters will help Tata Motors to reduce its absolute debt levels primarily.  The fundraise will help Tata Motors' stand-alone business, where the balance sheet has debt issues. Jaguar Land Rover's (JLR's) balance sheet, however, is secure and is in no need of capital infusion currently. Tata Motors reported a consolidated net loss of ₹217 crore in the September quarter on higher tax expenses and accumulated losses from joint ventures, primarily from the Cherry JLR Automotive Co. Ltd, its joint venture unit in China.Tata Motors' joint venture units reported accumulated loss of ₹363 crore in Q2 as against a profit of ₹86 crore in the year-ago period. On a year-on-year basis, the company managed to narrow down its quarterly loss, which stood at ₹1,049 crore in Q2FY19.Tata Motors reported an operating revenue of ₹65,432 crore in Q2 FY20, as against ₹71,981 crore in the year-ago period. The 9% year-on-year (y-o-y) fall in revenue was on account of subdued performance across JLR and its domestic business.Tata Sons chairman N. Chandrasekaran dismissed reports that Tata Motors was looking to sell JLR, although he had added that the company was open to the idea of a suitable partner to collaborate amid the ongoing demand slump and technological disruptions across the automotive industry. The company's stand-alone revenue was down 44% y-o-y at ₹10,000 crore in Q2 FY20 on the continued demand slump for passenger and commercial vehicles in India. Tata Motors reported a sharp drop of 44% in its wholesales, which stood at 106,349 units in Q2 FY20. Medium and heavy commercial vehicle wholesales were the most hit with a decline of 59%. The company's stand-alone Ebit (earnings before interest and tax) stood at -9.8% on an adverse mix and negative operating leverage.

    India, US defence trade to reach Rs.1.2 lakh crore

    95 days ago
    The US Department of Defence said that the bilateral defence trade between India and the US is expected to reach $18 billion (over Rs.1.2 lakh crore) by the end of 2019. The statement comes before the 9th India-US Defence Technology and Trade Initiative (DTTI) meeting in New Delhi in October. US-India: ♦ The US Department of Defence also reaffirmed its commitment to strengthening its partnership with India.  ♦ In 2008, the bilateral defence trade was zero between India and the US. ♦ The US also granted the India Strategic Trade Authority Tier 1 designation to Indian in August 2018. It provides India with greater supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under streamlined processes.

    RIL became the 1st Indian company to cross the Rs.9 lakh crore of mcap

    95 days ago
    Mukesh Ambani-led Reliance Industries Limited (RIL) became the first Indian company to cross the Rs.9 lakh crore of market capitalization (m-cap). It is followed by Tata Consultancy Services (TCS) with a market capitalization of Rs.7,69,483 crore as its shares were trading up 1% at Rs.2050.70. Bank of America Merrill Lynch said that RIL could become India'sIndia's first company to hit $200 billion market capitalization in the next 24 months. RIL aims to double the revenue on retail and telecom segments by 2025. According to Shares of RIL were trading up 1.76% at Rs.1,420.75 in a firm Mumbai market. It valued RIL at Rs.9,00,666 crore, anticipating double-digit growth in profitability. The company has a 15% growth in profitability due to superior refining margins and corporate tax rate cut announced by the government. RIL's previous record: In August 2018, RIL became the first company to reach the Rs.8 lakh crore mark. RIL was also the first company to hit the $100 billion mark in market-cap in 2007.  Market-Cap: Market cap (market capitalization) is the total value of all a company's shares of stock. It can be calculated by multiplying the price of a stock and the total number of outstanding shares.

    Adani awards USD 68.30 mn contract to Martinus Rail

    95 days ago
    India's Adani Enterprises awarded an A$100 million ($68.30 million) contract to Martinus Rail, an Australian based in the regional city of Rockhampton rail company. The deal aims to support its new thermal coal mine in Queensland state. The construction of Carmichael mine and rail project is on progress and has been lined up as to ramp up activity. Carmichael coal mine: The Australian government approves the Carmichael coal mine in the north of the Galilee Basin in Central Queensland, Australia. The mine was first acquired by Adani in 2010. The project has been estimated to produce 8 million-10 million tonnes of thermal coal a year initially that can cost up to $1.5 billion.  Australian environmentalists said that the Carmichael project is the major cause of climate change concerns in Australia. 

    Adani group inks MoU for $ 4 billion chemical venture

    96 days ago
    BASF and Adani have jointly announced the signing of a Memorandum of Understanding (MoU) with Abu Dhabi National Oil Company to undertake a joint feasibility study to evaluate collaboration on for the establishment of a chemical complex in Mundra. They are potential partners at various structure options for the chemical complex that will leverage the technical, financial, and operational strengths The joint feasibility study is likely to be finalized by the end of 2020. The total investment for the project is estimated to be up to $4 billion  Rs 28,500 crore (approximately). The collaboration includes evaluating a joint world-scale propane dehydrogenation (PDH) plant to produce propylene-based on propane feedstock supplied by ADNOC. The Propylene will be partially used as feedstock for a polypropylene (PP) complex, It is owned by ADNOC and Borealis - based on proprietary Borealis Borstar technology The PP complex will be the first overseas production joint investment by ADNOC and Borealis, as part of a strategic framework with their current joint venture Borouge. The international partners to establish a Chemical Manufacturing Complex at Mundra Port. We stand committed to the 'Make in India' initiative and serve the larger purpose of aligning growth opportunities with the creation of goodness for the nation. The work together with our partners in establishing a chemical cluster in Mundra, and to supplying the Indian market high-quality downstream products. Basic Products of BASF Oxo-C4 (butanols and 2-ethyl hexanol), butyl acrylate (BA) and potentially other downstream products as part of a joint venture of BASF and Adani. The products are predominantly for the Indian market, serving a range of local industries, including construction, automotive and coatings.The chemical complex in Mundra is intended to be entirely supplied by renewable energy resources. The partners are evaluating co-investment in a wind and solar park. The world's first world-scale CO2-neutral petrochemical site to be fully powered by renewable energy. BASF It is a German chemical company and the largest chemical producer in the world.

    CCI approves Kora to invest on Edelweiss Securities

    97 days ago
    The Competition Commission of India (CCI) approved the Kora Master Fund LP investment of $75 million up to 10% in Edelweiss Securities Ltd. US-based Kora signed an agreement with Edelweiss in August 2019. As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries. Kora Master Fund LP: Kora is a foreign portfolio investor. The principal activity of Kora is investment holding and related activities. The target entities that belong to the Edelweiss Group with Edelweiss Financial Services are the ultimate holding company. Competition Commission of India (CCI): Formed on: 14 October 2003 Chairman: Vijay Kumar Agarwal Secretary: PK Singh CCI is responsible to enforce the Competition Act 2002 across India. It aims to prevent activities that will cause an appreciable adverse effect on competition in India. CCI is a Trade Practices Commission.

    World Bank forecasts India's GDP forecast to 6 percent

    99 days ago
    World Bank said that India's growth rate is projected to fall to 6% in 2019-20 following the deceleration in the initial quarters of this fiscal. World Bank said that India is expected to gradually recover to 6.9% in FY21 and 7.2% in FY22 in its latest edition of the South Asia Economic Focus. In April 2019, World Bank projected India's growth rate as 7.5%. The World Bank report said that in the first quarter of 2019-20, the Indian economy experienced a significant and broad-based growth deceleration with a sharp decline on the demand side and the weakening of growth in both industry and services on the supply side. In 2018-19 the headline inflation averaged 3.4%. It reflected the below-trend economic momentum and low food prices. It remained well below the RBI's mid-range target of 4% in the first half of 2019-2020. This also allowed the RBI to ease monetary policy via a cumulative 135 basis points (bps) cut in the repo rate from January 2019.

    India, China to set up high level group to tackle India's trade deficit

    100 days ago
    Indian Prime Minister Narendra Modi and Chinese President Xi Jinping agreed to set up a high-level group to tackle India's trade deficit at the summit held in Mamallapuram, Tamil Nadu. The high-level group will be led by Finance Minister Nirmala Sitharaman from the Indian side and Chinese Vice Premier Hu Chunhua.  Highlights: ♦ The leaders discussed to improve bilateral ties  ♦ The summit aimed to break through distrust over border disputes, trade rows, and China’s close military ties with Pakistan ♦ The leaders also said that a new mechanism would be established to discuss trade, investment, and services ♦ China urged India to take an independent decision on Huawei’s bid for India’s proposed 3G network without heeding to U.S. pressure It was also suggested that the two sides to expand cooperation in the military sector to boost trust ♦ India-China relationship: In 2018, the bilateral trade between India and China reached $95.54 billion the biggest India has with any country. The bilateral trade favored China with a trade deficit of $53 billion.

    Union Govt may restrict palm oil import from Malaysia over Kashmir stand

    102 days ago
    India is restricting imports of some products from Malaysia including palm oil in reaction to the Southeast Asian country's leader criticizing New Delhi for its actions in Kashmir. India is looking for ways to limit palm oil imports and may place restrictions on other goods from the country, said a government source and an industry source who participated in discussions led by the Ministry of Commerce and Industry on the planned restrictions. India's government was angered after Malaysian Prime Minister Mahathir Mohamad said last month at the United Nations that India had "invaded and occupied" Jammu and Kashmir and asked New Delhi to work with Pakistan to resolve the issue. Muslim-majority Kashmir is divided between India and Pakistan, which both claim it in full and have twice gone to war over the territory. India revoked the special constitutional status of its portion of Kashmir in August, angering Pakistan. The government wants to send a strong signal of its displeasure to Malaysian authorities. India, the world's biggest importer of edible oils, is planning to substitute Malaysian palm oil with supplies of edible oils from countries such as Indonesia, Argentina, and Ukraine. The Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. In the first nine months of 2019, India was the biggest buyer of Malaysian palm oil, taking 3.9 million tonnes, according to data compiled by the Malaysian Palm Oil Board.A spokeswoman for India's commerce ministry said the ministry could not comment on things that were under consideration.

    India jumps to 7th spot in Brand Finance Nation Ranking

    102 days ago
    India jumped two levels to 7th position in the Brand Finance Nation ranking of 2019 The overall economic growth due to slowdown in the manufacturing and construction sectors. The latest report by independent brand valuation consultancy Brand Finance, India has jumped to the seventh position from 9th last year, after recording a solid 19 percent growth in brand value to USD 2.6 trillion. The Indian economy to recover after the global financial crisis with growth now reduced by a recent slowdown in both the manufacturing and construction sectors. Canada secured 7th position dropped to 8th position. South Korea was at the 10th position last year managed to jump a level up to reach the 9th position. Italy which was at 8th position last year, slipped to the 10th.US, China and Germany continued to be the top three nations, respectively even in 2019. Brand Finance Nation Ranking Brand Finance is an independent branded business valuation consultancy. It advises branded organizations or those with intangible assets, on how to maximize their value through effective management, of their brand and other intangible assets. Founded: 1996 Headquarters: London, United Kingdom CEO: David Haigh

    WTO to host first World Cotton Day celebrations in Geneva

    107 days ago
    World Trade Organisation, WTO will host the first World Cotton Day (WCD) celebrations in Geneva . This event stems from the application by the Cotton-4 countries (Benin, Burkina Faso, Chad and Mali) to the United Nations General Assembly for its official recognition of a World Cotton Day, reflecting the importance of cotton as a global commodity. The five-day event of World Cotton Day being observed at Geneva beginning today. The plenary session will be attended by heads of states, heads of international organisations and executives from the private sector. World Cotton Day will celebrate the many advantages of cotton, from its qualities as a natural fibre, to the benefits people obtain from its production, transformation, trade and consumption. World Cotton Day will also serve to shed light on the challenges faced by cotton economies around the world because cotton is important to least developed, developing and developed economies worldwide. The World Cotton Day launch will give more than 30 countries exposure to producers, processors and businesses and more than 400 participants will be celebrating cotton in Geneva with thousand more around the world. A cotton exhibition is also being held where TEXPROCIL, Handloom Export Promotion Council (HEPC), Cotton Corporation of India (CCI) and the National Institute of Fashion Technology (NIFT) will be setting up their stalls. A sculpture of Mahatma Gandhi made out of cotton will be displayed to commemorate the 150th birth anniversary of the Father of the Nation. The Cotton Textiles Export Promotion Council (TEXPROCIL) will be displaying India’s high quality cotton textiles at the exhibition. HEPC will be displaying hand woven products from prominent clusters of India and will also have a live demonstration of the charkha by Pitta Ramulu, National Awardee weaver. The charkha will be donated to the WTO after the event. Cotton is a global commodity that is produced all over the world and a single tonne of cotton provides year-round employment for five people on average. Cotton is a drought-resistant crop ideal for arid climates, it occupies just 2.1 per cent of the world’s arable land, yet it meets 27 per cent of the world’s textiles need. In addition to its fibre used in textiles and apparel, food products are also derived from cotton-like edible oil and animal feed from the seed. World Trade Organisation WTO Headquarters: Geneva, Switzerland Membership: 164 member states Founded: 1 January 1995

    Mahindra agrees for JV with Ford

    111 days ago
    Ford Motor Co has agreed for a joint venture (JV) with Mahindra and Mahindra. A joint announcement was made by Anand Mahindra, chairman of the Mahindra Group, and Bill Ford, chairman of Ford. The transaction is expected to be completed by 2020. About the JV: ♦ As per the agreement, M&M will take control of most of Ford Motor Co. India. ♦ Ford's engine plant in Sanand, Gujarat, and Chennai-based Global Business Services unit will be controlled by a new joint venture company controlled by M&M. The employees in the plants will be acquired by M&M. ♦ M&M will acquire a 51% stake and will invest Rs.657 crore in the JV. Ford Motor Company: Ford is an American multinational automaker. Industry: Automotive Founded on: 16 June 1903 Founder: Henry Ford Headquarters: Michigan, U.S. Executive Chairman: William Clay Ford Jr. President & CEO: Jim Hackett

    CCI approved the acquisition of GAL

    113 days ago
    The Competition Commission of India (CCI) gave its approval to an arm of Tata Group, and its two overseas partners to acquire a majority stake in GMR Airports Limited (GAL) under Section 31(1) of the Competition Act, 2002. The announcement was made by the Ministry of corporate affairs. Deal: The approval relates to the acquisition of up to 55.2% equity stake in GAL collectively by TUTPL, Valkyrie, and Solis. It is expected that the deal will pump Rs.1,000 crore into GMR Airports. It also includes the purchase of Rs.7,000 crore of the airport unit’s equity shares from the parent. GMR currently operates Delhi international airport and the Hyderabad International airport, in India. Stake holders are: ♦ TATA group's arm TRIL Urban Transport Private Limited (TUTPL) ♦ Valkyrie Investment Pte. Ltd. (Valkyrie) ♦ Solis Capital (Singapore) Pte. Limited (Solis)

    Google partners with Dineout for reservations for consumers via Google Maps

    113 days ago
    Google to enhance the user experience by adding more features to Google Maps with the help of technology powered by Dineout. The users will now have more actions to explore within Google Maps by discovering dining out options near them, choosing from the available offers at restaurants and also reserve a table for their preferred time and date. Finding a restaurant with the best available offers at any day and time will now be easy on Google Maps via this partnership with Dineout. The Offers shortcut on Google Maps the service can be leveraged by Google Maps users across 15,000+ Dineout partner restaurants in 17 cities such as Mumbai, Delhi NCR, Bangalore, Hyderabad, Kolkata, Pune, Chennai, Surat, Ahmedabad, Indore, Lucknow, Kochi, Nagpur, Ludhiana, Chandigarh, Jaipur and Goa. Dineout has been a pioneer in technology and innovation in the food-tech industry and now has moved a step forward to provide both a convenient and instant experience that allows users a seamless dining out experience with their auto-reservations and confirmed bookings technology. This collaboration with Google is a perfect blend for the customers and is all set to enhance the dining out experience for them. Google enables users to have a personalized experience using machine learning and user preferences. With the dining-out contributing more than 70% to the total restaurant industry and a user dining out for an average of 6.6 times a month, there is a growing need for innovation in this industry and ‘Offers’ on Google Maps at restaurants powered by Dineout will help users to make a much more informed decision and quick access the ease of digitization. Google Founded: 4 September 1998 CEO: Sundar Pichai Parent organization: Alphabet

    Bharti Airtel is planning to raise via a bond issue

    113 days ago
    India’s second-largest operator by revenue Bharti Airtel is planning to raise via a bond issue by its subsidiary Network i2i. For this purpose, the company appointed seven joint bookrunners and joint lead managers to kick start the process of a potential fundraising exercise through dollar-denominated perpetual bonds. Fundraising: Beginning on 2 October, bankers including BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, HSBC, J.P. Morgan, and Standard Chartered Bank will be conducting a series of fixed income investor meetings/calls across Asia, Europe, and the US. The fundraising will be in the range of $750 million to $1 billion, and the final figure will be arrived at based on the market response. The proceeds from the issue will be utilized to clear off the debt of Bharti Airtel. Bharti Airtel's debt stood at Rs.1.16 lakh crore as of June 2019. Bharti Airtel: Founded on: 7 July 1995 Founder: Sunil Bharti Mittal Headquarters: New Delhi Chairman: Sunil Bharti Mittal MD & CEO: Gopal Vittal  It is a global telecommunications services company that operates in 18 countries across South Asia and Africa, and also in the Channel Islands.

    ITI Limited enters Cloud Services business

    114 days ago
    Public sector telecom firm ITI Limited launched its cloud services and solutions platform for central and State government entities, banks, public sector undertakings, small and medium enterprises and Start-ups in India. The services, which include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS) and Storage as a Service (STaaS) will be offered through a partnership with Connectivity IT Solutions,which is a data center provider. ITI claimed that its cloud facility is expected to achieve optimum utilisation of the infrastructure and speed up the development and deployment of various ICT-IOT based applications for customers help government and non-government enterprises to procure ICT services on demand. The data will be stored in Connectivity IT Solutions’ data center facility while the systems integration firm will also support ITI with Cloud infrastructure, R&D capabilities and technical manpower. The new cloud service offered by ITI Data Center are expected to provide end-to-end IT infrastructure . They including new age cloud services to all its customers in the coming years. The initiative also exhibits ITI’s commitment to the Government of India’s flagship initiatives like Digital India. The ITI cloud initiative is one of the outcomes of the guidelines recommended by Government of India in 2017 on setting up of IT infrastructure by government departments using cloud computing technology with a clause mandating that all data must be stored within the country. The cloud services of ITI Data Center will enable PSU Banks, Central, and State Government undertakings, MNCs, corporates and large enterprises to have their data located within the country.

    Pilot Project for ushering in Industry 4.0 in the country is launched

    116 days ago
    A Pilot Project for ushering in the Industry 4.0 in the country, is launched for implementation at the Modern Coach Factory (MCF), Raebareli. The Ministry of Railways and Department of Science & Technology have joined hands in partnership with IIT Kanpur for taking up a unique project on Industry 4.0 launching a Pilot Project for implementation at Modern Coach Factory, Raebareli. The launch ceremony exchange of Ideas between Railway Board (Member Rolling Stock), Shri Rajesh Agrawal, Secretary Department of Science & Technology Shri Ashutosh Sharma, Professor N.S.Vyas of IIT Kanpur, DG RDSO Shri Virendra Kumar, General Manager MCF Shri V.M. Srivatsava some other senior Officials of the Railway Board and the Ministry of HRD. The department recently launched a new programme “Interdisciplinary Cyber Physical Systems (ICPS)” to foster and promote R&D in this emerging field of research.  Around  4000 crore rupees are expected to be spent in years to come in this area. Railway Board (Member Rolling Stock), Shri Rajesh Agrawal, said that today's initiative is expected to make India an advanced Industrial economy with exponential growth in jobs. Industry 4.0 ‘Industry 4.0’ commonly referred to as the fourth industrial revolution, is a name given to the current trend of automation, interconnectivity and data exchange in manufacturing technologies to increase productivity. Industry 4.0 is a complex Cyber-Physical Systems which synergizes production with digital technologies, the Internet of Things, Artificial Intelligence, Big Data & Analytics, Machine Learning and Cloud Computing.Prime Minister Shri Narendra Modi in his address in Houston, USA on 22nd Sept 2019 had highlighted the importance of ‘Industry 4.0’ in global economy and India's advantage. The project launched undertake under the aegis of “Technology Mission for Indian Railways” (TMIR). It would be implemented by a consortium of Ministry of Railways, Ministry of Human Resource Development and Ministry of Science & Technology on an investment sharing model for taking up identified railway projects for applied research and use on Indian Railways for advancement and modernization.  It is a complex cyber/physical digital system. Therefore, the architecture to be conceptualized and formulated in MCF initially would be gradually expanded in a phased manner to encompass all complexities that constitute Industry 4.0 in all manufacturing spheres in the country.  The Full transition to the digital factory using ‘Industry 4.0’ across entire value chain from design to production will help enhance productivity hugely by providing insight into production process to take the decisions in real time basis, minimizing human errors by effective monitoring to ensure that resources are put to the best utilization measured by, what is called the Overall Equipment Effectiveness (OEE). The National Policy for Advanced Manufacturing envisages that manufacturing sector should contribute at least 25% to GDP.  All over the world, countries who have been able to achieve phenomenal growth, could do that with the advent of rapid strides in manufacturing sector. This initiative in Railways may have wider ramifications to spur growth in defence production as well as in private manufacturing sector also.  History - Modern Coach Factory (MCF), Raebareli  Modern Coach Factory (MCF), Raebareli established as a State of the Art coach manufacturing unit with the capacity to manufacture 1000 passenger coaches annually and has modern automated machines and robotic fabrication lines. During last one year, MCF has increased its production phenomenally to 1425 LHB coaches in 2018-19 vis-à-vis 710 LHB coaches in 2017-18. This was enabled significantly by the adoption of elements of Industry 4.0. on sophisticated machines. Inspection of MCF by the Prime Minister in December 2018 has been an inspiration to proliferate this initiative. The continuous demand for higher speed coaches with the comfort of international level and to meet the demand of a continuously growing economy, there is a need to employ the tools which will improve the productivity to next higher level with greater product flexibility. Industry 4.0 would be based cyber/physical-digital system and would involve various packages, systems, applications and Hardware within Design/Planning, Networking and Production to be added in a modular and incremental manner in MCF The Industry 4.0, areas such as Inspection, Machining, Welding, Measurement etc., will also be provided with the initial & Bigdata Analytics, Artificial-Intelligence.

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