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  • PFC and JKPCL signs agreement for Liquidity Infusion for Jammu and Kashmir UT

    2 days ago
    Government-owned Power Finance Corporation Ltd (PFC), India's leading NBFC, has sanctioned Rs.2790 crore to Jammu Kashmir Power Corporation ltd (JKPCL) for clearing its outstanding dues. Highlights: ♦ PFC and JKPCL signed and exchanged an agreement for Liquidity Infusion Scheme under "Aatmanirbhar Bharat Abhiyaan" for the Jammu and Kashmir Union Territory.  ♦ The money sanctioned under the scheme will be used to clear the outstanding dues of CPSU, GENCOs & TRANSCOs, IPPs and RE Generators on March 31 2020. ♦ The exchange agreement was signed in the presence of Shri RohitKansal, Principal Secretary, PDDalong with senior officers from JKPDD, KPDCL, JPDCL, PFC & REC. ♦ In May, the Government announced an Rs.90,000 crore liquidity infusion for discoms under which these utilities would get loans at economical rates from PFC and REC.  ♦ This scheme was an initiative of the Government to help gencos to remain afloat. Later, the liquidity infusion package was increased to Rs.1.2 lakh crore.

    National Fish Farmers Day 2020 Obseved on 10th July

    100 days ago
    63rd National Fish Farmers Day India celebrates 10th July every year as the "National Fish Farmers Day" to honor the fish farmers, aquapreneurs& fisher folks in recognition of their accomplishments in the field and their contribution in the growth of the fisheries sector in the country. This year it was 63rd National Fish Farmer's Day. On July 10th, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying in association with the National Fisheries Development Board (NFDB) hosted a webinar on the occasion of National Fish Farmers Day. Background History: Every year, on 10 July, the National Fish Farmer's Day is celebrated in memory of scientists Dr. K. H. Alikunhi and Dr. H.L. Chaudhury who successfully demonstrated induced breeding (Hypophysation) technology in Indian Major Carps on 10 July 1957 at the former CIFRI Pond Culture Division in Cuttack, Odisha. (presently Central Institute of Freshwater Aquaculture, CIFA, Bhubaneswar). The event aims to draw attention to changing the way the country manages fisheries resources to ensure sustainable stocks and healthy ecosystems. The event is celebrated every year by congratulating outstanding farmers, aquapreneurs, and farmers in appreciation of their accomplishments in the field and their contribution to the development of the country's fisheries sector. Apart from officials, scientists, professionals, entrepreneurs, and stakeholders, fishermen, and fish farmers from across the nation will participate in the event. About NFBD Webinar: On  July 10th the Department of Fisheries, Ministry of Fisheries, Animal Husbandry, and Dairying in association with the National Fisheries Development Board (NFDB) hosted a webinar on the occasion of National Fish Farmers Day. Shri Giriraj Singh, Union Minister for Fisheries, Animal Husbandry and Dairying, Shri P. C. Sarangi, Minister of State for Fisheries, Animal Husbandry and Dairying, Dr. Rajeev Ranjan, Secretary, Department of Fisheries, Government of India and senior officials from the Department of Fisheries graced the occasion. Interacting with fishermen, officials, scientists, entrepreneurs at various locations across the country, Union Minister for Fisheries, Animal Husbandry and Dairying, Shri Giriraj Singh observed that to consolidate the achievements of the Blue Revolution and pave the way from NeeliKranti to ArthKranti, under the leadership of Prime Minister Shri Narendra Modi The "Pradhan MantriMatsyaSampadaYojana" (PMMSY) has been launched with the highest investment ever of Rs. 20,050 crore over the next five years in order to realize its goal of doubling the farmer 's income. This scheme would tackle critical gaps in fish production and sustainability, efficiency, technology, post-harvest infrastructure and management, improving and enhancing the value chain, traceability, creating a comprehensive system for fisheries management and welfare for fishermen. Shri Giriraj Singh said that providing ‘Quality Seed’ of fish is very important in enhancing production and productivity in the country.  On the occasion of 'National Fish Farmers Day,' Shri Giriraj Singh announced that the NFDB, in collaboration with the NBFGR, will undertake the work of developing 'Fish Cryobanks' in various parts of the world, which will promote the availability of 'fish sperms' of desired species to fishermen at all times. This will be the first time in the world when "Fish Cryobank" will be created, which can bring a revolutionary change in the country's fisheries sector to boost fish production and productivity, thereby enhancing prosperity among the fishermen.  

    TVS acquires Britain iconic sporting motorcycle brand Norton

    184 days ago
    TVS Motor Company announced the acquisition of the UK’s most iconic sporting motorcycle Norton for £16 million, by acquiring certain assets of Norton Motorcycles (U.K.)  The brand is known for its classic models and eclectic range of luxury motorcycles, ranging from the authentic retro classic reboots. Finally TVS Motor Singapore Pte. Ltd signed an asset purchase agreement with Norton Motorcycles Holdings Ltd and Norton Motorcycles (UK) Ltd TVS Motor enhanced its cost-reduction measures. The focus would be on developed markets. The company has committed to absorbing all 55-60 employees. Due to the challenges it had in the last few years, the firm feels the scale-up potential to create value is quite large. TVS is excited about existing and upcoming products at Norton Motorcycles, including Commando, Dominator, and V4 RR.

    IMF Chief confirms World economy to suffer severe recession in 2020

    184 days ago
    IMF chief Kristalina Georgieva confirmed the world economy was already sluggish before the coronavirus outbreak now bound to suffer a "severe recession" in 2020. Addressing the Development Committee Meeting during the annual Spring Meeting of the International Monetary Fund (IMF) and the World Bank, the IMF Managing Director said a massive global contraction in the first half of this year was inevitable. She said the coronavirus pandemic hit the world economy when it was already in a fragile state as it was weighed down by trade disputes, policy uncertainty, and geopolitical tensions. The global coronavirus outbreak is a crisis that is like no other and poses daunting challenges for policymakers in many emerging markets and developing economies (EMDEs), especially where the pandemic encounters weak public health systems, capacity constraints. Countries that were affected early-such as China, South Korea, and Italy-have suffered massive contractions in manufacturing activity and services, exceeding the losses recorded at the onset of the global financial crisis. The idea of a trade-off between saving lives and saving livelihoods is a false dilemma.

    CBDT refunds over five thousand 204 crore rupees to help MSME

    184 days ago
    CBDT informed the Income-tax refunds are obtained over eight lakh small businesses worth over five thousand 204 crore rupees issued in the last ten days. Income tax refunds will help MSME to carry on their business activities without pay cuts and layoffs in COVID-19 pandemic situations. Income tax department issued nearly 14 lakh refunds up to five lakh each to date to help taxpayers.CBDT will issue refunds worth of Rs.760 crore. CBDT gave its request to taxpayers to respond regarding reconciliation queries about outstanding tax demands. Around one lakh 74 thousand cases, responses are awaited from taxpayers

    IMF reports that COVID-19 pandemic will bring Asia's 2020 growth to halt for 1st time in 60 years

    186 days ago
    The International Monetary Fund (IMF) in its report on the Asia-Pacific region stated that Asia's economic growth in 2020 will grind to a halt for the first time in 60 years due to the COVID-19 pandemic. Report Highlights: ♦ The IMF's Asia and Pacific Department directed the policymakers to offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic. ♦ IMF forecasted a 7.6% expansion in Asian economic growth in 2021 on the assumption that containment policies succeed. It also said that the outlook is highly uncertain. ♦ It also stated that The impact of the coronavirus on the region will be severe, across the board, and unprecedented. ♦ It suggested that the Asian countries need to use all policy instruments in their toolkits. ♦ Asia is set to fare better than other regions that suffered economic contractions. The projection is expected to be worse than the 4.7% average growth rate throughout the global financial crisis. International Monetary Fund (IMF): Formed on: 27 December 1945 Headquarters: Washington, D.C., The US Managing Director: Kristalina Georgieva Chief Economist: Gita Gopinath Membership: 189 countries Official language: English IMF promotes international monetary co-operation and facilitates international trade. It aims to foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties.

    World Bank forecasts FY21 India growth at 1.5-2.8 percent

    188 days ago
    The World Bank in its "South Asia Economic Focus report" said that India's economy is expected to grow 1.5% to 2.8% in the 2020-21 fiscal year which started on 1 April 2020. It stated that India might record its worst growth performance since the 1991 liberalization in the current fiscal year 2020-21 due to the coronavirus outbreak which severely disrupted the economy Report Highlights: ♦ The report estimated India will grow 4.8% to 5% in 2019-20 fiscal that ended on 31 March. ♦ COVID-19 pandemic will further slow down the Indian economy which was already slowing due to persistent financial sector weaknesses.  ♦ It also stated that growth is expected to rebound to 5% in the Fiscal year 2022 (FY 2021-22) when the impact of COVID-19 dissipates.  Other forecasts: Other forecasts include the Asian Development Bank (ADB) which said that India's economic growth is slipping to 4% in the current fiscal. S&P Global Ratings slashed India's GDP growth forecast for the country to 3.5% from a previous downgrade of 5.2%. Fitch Ratings has estimated India's growth at 2% and India Ratings & Research has revised its FY21 forecast to 3.6% from 5.5% earlier.

    Fiscal deficit may increase in March despite nationwide lockdown

    192 days ago
    Data released by the Government of India stated that India's fiscal deficit stood at 5.07% of gross domestic product (GDP) in February 2020. The report stated that the government might not meet its revised target of 3.8% of GDP due to the COVID-19 pandemic. Report highlights: ♦ The fiscal deficit target was increased to Rs.7.66 lakh crore (3.8%) of the GDP in July 2019 by invoking the escape clause under the Fiscal Responsibility and Budget Management Act (FRBM). ♦ As per the data from the Controller General of Accounts (CGA), India's fiscal deficit reached Rs.10.36 lakh crore at the end of February 2020.  ♦ It also stated that government revenues are likely to take a substantial hit in March, despite nationwide lockdown. ♦ It also highlighted that expenditures for the month should rise due to various costs arising from the virus containment efforts and enforcing the lockdown. ♦ According to the report, the state governments received about Rs.90,000 crore as tax devolution and around Rs.29,000 crore for various schemes in FY20. 

    CCI approved acquisition of GMR Kamalanga Energy Limited by JSW Energy Limited

    194 days ago
    The Competition Commission of India (CCI) has approved the acquisition of GMR Kamalanga Energy Limited, the target, by JSW Energy Limited, the acquirer. The acquisition was done under Section 31(1) of the Competition Act, 2002 on 7 April. Acquisition: As per the move, JSW Energy Limited acquires the 100% shareholding of the GMR Kamalanga Energy Limited. JSW has a power generation capacity of 4,541 MW comprising of a portfolio of thermal (3,140 MW), hydro (1,391 MW) and solar (10 MW). GMR Kamalanga Energy Limited is engaged in the generation of power through its coal-based thermal power plant at Kamalanga village, Odisha. JSW Energy Limited: Founded: 1994 Headquarters: Mumbai, India Chairman: Sajjan Jindal JSW Energy is in various areas of power including Generation, Transmission, and Trading. The operational generating capacity of JSW Energy is 5681 MW. The products of the company include Electricity Generation and transmission, Hydroelectricity, energy trading, Mining, Power Plant Equipment Manufacturing.

    Tata Power commissioned Shuakhevi HPP in Georgia

    202 days ago
    Tata Power Company's joint venture (JV) with Norway's Clean Energy Invest (CEI), and International Financial Corporation (IFC) began its commercial operation of a 178 megawatt (MW) hydropower project (HPP) in Georgia. The information was given by the Tata group utility on 30 March.  About Joint Venture: ♦ Adjaristsqali Georgia LLC, a joint venture company, is setting up one of the largest projects in Georgia at an overall project cost of approximately $500 million. Once the 178 MW-Shuakhevi HPP is completed, the JV is planning to commission a 9 MW units, namely Skhalta Hydro Power project.  ♦ The project is expected to generate around 450 GWh of clean energy to reduce the emission of greenhouse gases (GHG) by more than 200,000 tonnes a year. The commercial operation of the Shuakhevi HPP in Georgia is an important milestone for Tata Power and its partners.

    CRISIL cuts GDP growth forecast to 3.5 percent

    206 days ago
    CRISIL has cut its base-case Gross Domestic Product (GDP) growth forecast for fiscal 2021 to 3.5% from 5.2% expected earlier. Highlights: ♦ The global growth forecasts have reduced geometrically due to the COVID-19 pandemic spread geometrically. ♦ It highlighted that the world economy, unlike the Global Financial Crisis of 2008, has jeopardized financial stability and brought enormous human suffering. ♦ CRISIL has cut ifs early forecast of 5.2% GDP growth to 3.5% for fiscal 2021. But it has worsened notably. ♦ The pandemic in India poses a material risk to the India economic outlook. ♦ It also reported that the slump in growth will be concentrated in the first half of the next fiscal, while the second half should see a mild recovery. ♦ It highlighted that the inability to control the pandemic and extension of the lockdown will aggravate supply and demand shocks. CRISIL: Earlier known as: Credit Rating Information Services of India Limited Founded on: 1987 Headquarters: Mumbai, Maharashtra CFO Intern: Anurag Shukla MD & CEO: Ashu Suyash

    UNCTAD stated that FDI inflows dropped by 15 percent due to CoronaVirus outbreak

    222 days ago
    The UN Conference on Trade and Development (UNCTAD) has issued a warning that global foreign direct investment (FDI) could drop by up to 15% on previous estimates due to the Coronavirus outbreak. Reports: ♦ The downward pressure on FDI will be -5% to -15%, as compared to previous forecasts that projects marginal growth in the FDI trend for 2020-2021. ♦ UNCTAD stated that the impact on FDI would be concentrated in the countries that are most severely hit by the Coronavirus outbreak. The economic impact of supply chain disruptions will affect investment prospects in other countries. ♦ It also projected a stable level of global FDI inflows in 2020-2021 with a potential increase of +5%, which is relatively marginal for FDI.  ♦ UNCTAD highlighted that the top 5000 MNEs, which accounts for a significant share of global FDI, have shown downward revisions of 9% due to Covid-19. Also, the automotive industry with -44%, airlines with -42% and energy and basic materials industries with -13%. The developing country multinational enterprises (MNE) profit guidance has been revised downwards by 16%.

    World economy faces worst performance since the past decade

    232 days ago
    Bank of America Corporation (BofA) economists stated that the world economy is heading for its worst performance since the 2009 financial crisis. The decline is due to the increasing spread of coronavirus across the world. The economists stated that they are expecting 2.8% global growth in 2020, which is the weakest since 2009. The forecast did not include a global pandemic that would basically shut down economic activity in many major cities. BofA forecast about the financial crisis: Bank of America: Founded on: 1998 Founded by: Amadeo Giannini Headquarters: Charlotte, North Carolina, US Chairman and CEO: Brian Moynihan

    Air India buyers, BPCL not to get free to shed excess staff: DIPAM secretary

    258 days ago
    Purchasers of losses making aircraft Air India and oil firm Bharat Petroleum Corporation Ltd (BPCL) won't get a free hand to shed an abundance workforce as the legislature will work in confident assurance to representatives in the offer deal understanding. In a meeting with the secretary of the Department of Investment, Public Asset Management (DIPAM) mentioned the legislature would follow a two-organize offering process for selling its whole holding in Air India and BPCL. The first fundamental enthusiasm from potential bidders is welcomed, trailed by they being given access to information room on the organizations for due tirelessness. In the subsequent stage, value offers are welcomed. While on account of Air India, the declaration of intrigue (EoI) has been welcomed by March 17. An offer looking for the equivalent for BPCL is probably going to be skimmed in the following, not many days. Inquired as to whether the bidders will get a free hand to right-estimate the organizations after the obtaining, He didn't give subtleties of the conditionalities. A SPA will mark with the acquirer who offers the most elevated offer for purchasing out government stake.  Air India The administration is selling its whole 100 percent stake in Air India yet needs viable control to remain with Indian nationals. The carrier, which began as a Tata Airlines in 1932 and was later gained by the administration, has not made benefits since 2007. It has a total obligation of Rs 60,074 crore, of which bidder needs to takeover Rs 23,286.5 crore. On account of BPCL, the administration is selling its whole 53.29 percent stake in the organization that will give purchasers prepared access to 14 percent of India's oil refining limit and around one-fifth of the fuel piece of the overall industry on the planet's quickest developing vitality showcase.  Officials' associations of blue-chip open part endeavors (PSUs) have restricted the administration's choice to privatize India's second-greatest oil firm BPCL, saying family silver worth Rs 9 lakh crore is being sold for a small amount of the sum.  Privatization BPCL has a market capitalization of about Rs 1 lakh crore, and the administration stake at current costs is worth about Rs 54,000 crore. The effective bidder will likewise need to make a bright idea to different investors for procuring another 26 percent at a similar cost. Privatization of Air India and BPCL is fundamental for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment continues in the Budget for 2020-21.  This is the second venture available to be purchased from Air India after the bombed endeavor in 2018. Misfortunes, in any case, have some rewarding resources that incorporate prized spaces at London's stifled Heathrow air terminal, an armada of over 100 planes, and a massive number of prepared pilots and team. BPCL works four treatment facilities in Mumbai, Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam) with a joined limit of 38.3 million tons for each annum, which is 15 percent of India's complete refining limit of 249.4 million tons. While the Numaligarh treatment facility will be cut out of BPCL and offered to a PSU, the new purchaser of the organization will get 35.3 million tons of refining limit.  It additionally claims 15,177 petroleum siphons and 6,011 LPG wholesaler offices in the nation. Also, it has 51 LPG (melted oil gas) packaging plants. The organization disseminates 21 percent of oil-based goods expended in the country by volume as of March this year and has more than a fifth of the 250 aeronautics fuel stations in the nation.

    Economic Survey 2020 in the Parliament presented by the Finance Minister

    262 days ago
    The Economic Survey of the Fiscal Year 2020 tabled in both the Houses of Parliament. The survey highlights in the country. The Theme and its significance for the Economic Survey 2020: Wealth Creation, Promotion of pro-business policies, strengthening of trust in the economy. The investments grew between 2008 and 2013. Investment The investment grew between the year 2008 and 2013. The credit is declining mainly due to the global scenario of an economic slowdown. This decline in investments is the primary reason for the economic slowdown. Livestock becomes a major secondary source of income for rural families. The scheme proposed to set up one and a half Health and Wellness Centres (HWC) by 2022. So far 28,005 HWCs have been set up as on 14th January 2020.

    Amazon pickup point arrives at Kolkata's Sealdah railway station

    262 days ago
    Amazon India announced to expand points to Kolkata, with launching a kiosk at the Sealdah railway station that would act as a convenient and accessible point for customers. The kiosk is in partnership with the Eastern Railways. The company partnered the Indian Railways to launch pickup kiosks at four railway stations in Mumbai. The learnings from our pickup kiosks across Mumbai have helped us build our partnership with the Eastern Railways to provide another pickup option for customers in Kolkata as well. Customers can select this point as a pickup location on the checkout page of their order while shopping on

    Google announces $1-million grant to promote news literacy among Indians

    262 days ago
    Google News Initiative (GNI) announced a $1 million grant for Internews, a news literacy organization. The funding support is part of Google's broader, $10-million commitment to media literacy. The grant will work towards building a strong network of senior reporters and journalists who will counteract fake news in India. Google News Google’s initiative will focus on delivering news literacy, especially in non-metro cities. Under the program, Internews will put together a team of 250 journalists, fact-checkers, academicians, and NGO workers, who will be trained by global and Indian experts in a curriculum adapted to local needs and available in seven Indian languages. The local leaders roll out the training module for new Internet users in non-metro cities in the country, enabling them to navigate the Internet better and assess the information they find. Around 300 boot camps, workshops and sessions aim to help at least 25,000 new Internet users learn how to navigate the online information, understand better the nature and characteristics of content published online, and prepare them to help others around them sift the news from the sea of online misinformation.

    Today Current Affairs: BSE signs licensing agreement with ICE Futures Europe

    263 days ago
    The Bombay Stock Exchange (BSE) signs a licensing agreement with Intercontinental Exchange (ICE) Futures Europe, an operator of global exchanges and clearinghouses. India is one of the largest consumers and importers of crude oil in the world, and Brent crude is highly co-related with the Indian crude oil market.  About the Agreement This agreement will serve the needs and interests of the Indian energy commodities space and market participants to access Rupee-dominated Brent benchmark prices. It will also help Indian commodity markets by providing convenient and cost-effective onshore hedging products and enable the price discovery of Brent crude prices in the Indian time zone. Bombay Stock Exchange  It is an Indian stock exchange located at Dalal Street, Mumbai. Founded: 9 July 1875

    Today Current Affairs: Reliance Industries launching new project to use plastics in road construction

    264 days ago
    Reliance Industries organization will try to work with India's highway authority and individual states to possibly supply a plastics-implanted blend. India, which utilizes around 14 million tons of plastic every year, comes up short on a sorted out framework for the administration of plastic waste.  Reliance Newbie Reliance Industries, India's most significant petchem player, is propelling a venture to utilize plastics in street development while developing worries over contamination in the nation of 1.3 billion whose vital urban communities are frequently tormented with brown haze and litter. India, which utilizes around 14 million tons of plastic yearly, does not have sorted out management for the administration of plastic waste, prompting across the board littering.  Prime Minister Narendra Modi is encouraging India to end the utilization of single-use plastics by 2022. The organization will try to work with India's thruway authority and individual states to possibly supply a plastics-imbued blend to make a portion of the vast number of kilometers of streets Modi needs to work to overhaul India's squeaking framework.  Plastic Management Light plastics, the sort utilized as convey packs or nibble wrappers, are commonly not suitable to reuse, thus end up in landfills, traffic intersections, or seas. Dependence needs to shred these plastics and blend them in with bitumen, a recipe the combination says is less expensive and longer-enduring. India was home to 15 of the 20 most dirtied urban communities on the planet in 2018, as per an investigation by two gatherings observing air contamination. New Delhi is the world's most contaminated capital, with brown haze causing school abrogations, flight preoccupations, and untold medical issues for its more than 20 million individuals.

    Today Current Affairs: Tech Mahindra set up Google Cloud Centre of Excellence in Hyderabad

    264 days ago
    IT services major Tech Mahindra to set up a dedicated Google Cloud Centre of Excellence (CoE) in Hyderabad. Aim To drive the digital transformation of enterprises globally. It will provide enterprises with access to the technology and services and deliver solutions to help them move critical workloads to Google Cloud, develop their Artificial Intelligence (AI) and data analytics solutions, and improve workplace productivity. TechMahindra - Google Cloud Centre of Excellence The Centre will offer clients a full spectrum of cloud services that include consulting, assessment, migration, optimization, and support services for enterprises looking to optimize their workloads on Google Cloud. Tech Mahindra mainly focuses on leveraging next-generation technologies to enable its customers to drive growth and enhance the customer experience. Centre of Excellence A center of excellence (COE) is a team along with a shared facility, or an entity that provides leadership, best practices, research, support, and training for a focus area. Due to its broad usage and vague legal precedent, a center of excellence in one context may have completely different characteristics from another. 

    IMF reduces India's economic growth forecast to 4.8 percent

    272 days 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

    272 days 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

    275 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

    275 days ago 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

    281 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

    282 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

    285 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

    288 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

    289 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

    292 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

    292 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

    293 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

    294 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

    294 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

    295 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

    296 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

    296 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

    296 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

    297 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

    298 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

    300 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

    301 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

    303 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

    319 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

    325 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

    334 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

    344 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

    344 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

    348 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

    354 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.

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