The 125th anniversary of the iconic Kodaikanal Solar Observatory (KSO) was celebrated on 1 April 2024 by Indian Institute of Astrophysics (IIA), an autonomous institute of the Department of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and honour its legacy was a milestone for astronomy in India.
Established on 1 April 1899 by the British, the Observatory has one of the longest continuous daily records of the Sun in the world, and this unique database has been digitised and is publicly available for astronomers from across the globe.
Starting with these celebrations, IIA has planned a number of events over the coming months to highlight the Observatory’s rich history, its diverse achievements, and its ongoing research. which in turn, arose from the Madras Observatory established in 1792.
Currently, KSO is operational as a field station under the Indian Institute of Astrophysics, which is an autonomous institution under the Department of Science and Technology. 1st April is also celebrated by Indian Institute of Astrophysics as its Foundation Day, commemorating when it was constituted as an institution under the Department of Science & Technology in 1971.
The Competition Commission of India has approved the proposed acquisition NFCL Assets and 100% shareholding of ZeroC by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and Platinum Rock. AM Green B.V., AM Green Ammonia Holdings B.V., AM Green Ammonia B.V., AM Green Ammonia (India) Private Limited are collectively referred asAMG Entities
Gentari International Renewables Pte. Ltd. (Gentari) is a newly incorporated company in November 2022, controlled by the PETRONAS Group. It is a clean energy company operating 3 core portfolios - (i) renewable energy; (ii) hydrogen; and (iii) green mobility.Greenko ZeroC Private Limited (ZeroC) is not engaged in any revenue generating business activities in India at present
The Competition Commission of India (CCI) has approved the acquisition of Compulsorily Convertible Preference Shares (CCPS) in Northern Arc Capital Limited (Northern Arc/Target) by the International Finance Corporation (IFC). The Proposed Combination involves the acquisition of fully paid Series C CCPS (‘Subscription Shares’) in Northern Arc by IFC.
The Subscription Shares represent approximately 6% of the total issued and paid-up share capital of Target on a fully diluted basis along with certain affirmative voting rights and board nomination rights. IFC, an international organization is a member of the World Bank Group with its own Articles of Agreement, share capital, financial structure, and management.
The Competition Commission of India (CCI) has approved acquisition of 100% equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively.
Mirae Asset Securities Co. Ltd. is a public limited company currently listed on the Korea Exchange, having wealth management, investment banking, sales and trading, and principal investment as its principal businesses, among others.Sharekhan Ltd. is currently engaged in the business of stock broking, commodities/currency derivatives broking and related product and services.
The Competition Commission of India (CCI) has approved subscription of compulsorily convertible preference shares of Pritam International Private Limited (Target) by India Advantage Fund S5 I (IAF S5 I), HCL Corporation Private Limited (HCL Corp), Mirabilis Investment Trust (Mirabilis), Mr. Aashil Apurva Shah and Mr. Ansh Ashit Shah (collectively referred to as ‘Acquirers’)
The Proposed Combination involves the subscription of compulsorily convertible preference shares of Target by the Acquirers. IAF S5 1 is registered with the Security Board of India (SEBI) as a category II Alternative Investment Funds (AIF) and carries on activities subject to the SEBI (AIF) Regulations, 2012. Its investment objectives as set out in its fund documents.
HCL Corp is a registered Non-Banking Financial Corporation and is part of the HCL Group. It is incorporated with the primary objective to carry on the business of holding investments in various entities within its group. Mirabilis Investment Trust is registered under the Indian Trust Act,1882, and is not part of any group.
The Competition Commission of India (CCI) has approved the acquisition of 10.39% shareholding of Annapurna Finance Private Limited and subscription to its certain debentures by Piramal Alternatives Trust. Annapurna Finance Private Limited is a non-deposit-taking non-banking financial company registered with the Reserve Bank of India under the Reserve Bank of India Act, 1934
Piramal Alternatives Trust is a trust belonging to Piramal Enterprises Limited. Piramal Alternatives Trust is a fund management business that provides customised financing solutions to high-quality corporates through - 'Piramal Credit Fund', a performing, sector-agnostic credit fund.
The Competition Commission of India (CCI) has approved the subscription to 14,25,79,161 equity shares of Max Life Insurance Company Limited by Axis Bank Limited. Axis Bank is an Indian private sector bank involved in the business of banking. Max Life Insurance is engaged in the business of providing life insurance and annuity products and investment plans in India.
The Competition Commission of India (CCI) has approved the acquisition of shares of MG Motor India Private Limited by IndoEdge India Fund – Large Value Fund (LVF) Scheme. The Acquirer is a large value fund for accredited investors, a scheme by IndoEdge India Fund (IndoEdge).
The proposed combination relates to the acquisition of up to approximately 8% of the share capital (8.70% of the voting and economic rights) of the MG Motor India Private Limited (Target) along with certain rights by the IndoEdge India Fund – LVF Scheme (Acquirer) (Proposed Combination).
IndoEdge is a contributory determinate trust registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund, under the SEBI (AIF) Regulations, 2012.
The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent. According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1 per cent in 2025.
According to the World Bank’s most recent South Asia Development Update, overall growth in South Asia is forecast to be strong at 6 per cent in 2024, driven mostly by robust development in India and recoveries in Pakistan and Sri Lanka.
Fintech-focused software start-up Perfios has appointed former Adobe India’s financial services head Sridhar Narayan as its Chief Business Officer. Prior to joining Perfios, Sridhar has led the banking, financial services, and insurance (BFSI) business at Adobe India. Previously, he spent a decade at Microsoft, SRI, and IBM in the past.
Tata AIA Life Insurance Co. Ltd. (Tata AIA) has unveiled a premium payment service via WhatsApp, making it the first type in the industry. Previously limited to UPI-based transactions, Tata AIA customers can now use a variety of payment options on WhatsApp. Policyholders can now conveniently make renewal payments via WhatsApp using credit card, debit card, or net banking.
Policyholders can now pay up to INR 1 crore premiums instead of the previous limit of INR 2 lakh. Tata AIA introduced an industry-first digital payment function in June 2023, which allows for instant premium payments using WhatsApp and UPI-enabled payment alternatives. Tata AIA offers 27 services to its customers through WhatsApp.
These include soft copies of the Policy document, premium certificate, claim initiation and updates, renewal premium payments, contact information updates, service request tracking, NEFT updates, unit statements, and fund value updates. The company also features a TASHA interactive service bot that replies to user concerns 24 hours a day, seven days a week.
In a strategic move aimed at bolstering its risk management capabilities, the Bank of Maharashtra named Subhasish Roy as its Chief Risk Officer. The decision, effective from April 1, 2024, marks a significant milestone for the bank as it seeks to enhance its operational resilience and fortify its position in the financial landscape.
Magma HDI General Insurance Company, a prominent player in India’s general insurance sector, and Suryoday Small Finance Bank, renowned for its rapid growth in the small finance banking arena, have forged a Corporate Agency Agreement. This partnership aims to offer Suryoday Bank’s Commercial Vehicle Loan clients health insurance.
Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance
By capitalizing on Suryoday Bank’s extensive urban and rural network, this collaboration seeks to bridge the gap in health insurance accessibility. Suryoday Bank Commercial Vehicle Loan customers can now access customised health insurance solutions, which aligns with the bank’s commitment to social inclusion.
