The boards of Tata Motors, Tata Capital, and Tata Motors Finance have approved a merger of Tata Motors Fin with Tata Capital through an NCLT, scheme of arrangement. Tata Capital (TCL) will issue its equity shares to the shareholders of Tata Motors Finance (TMFL), resulting in the automobile company effectively holding a 4.7 per cent stake in the merged entity.
Tata Motors will hold the stake indirectly through its 100 per cent subsidiary TMF Holdings Limited, an RBI (Reserve Bank of India) registered non-banking finance company-core investment company (NBFC-CIC). The merger is subject to approval from the market and banking regulator, and also the National Company Law Tribunal.
The Netherlands has emerged as India's third largest export destination after the US and UAE during 2023-24, even as the country's merchandise shipments dipped by over 3 per cent, according to the commerce ministry data.
The main commodities which registered healthy exports growth in the Netherlands include petroleum products, electrical goods, chemicals and pharma.
India's trade surplus with the Netherlands has increased to USD 17.4 billion in the last fiscal from USD 13 billion in 2022-23.
The Netherlands has taken over major destinations such as the UK, Hong Kong, Bangladesh and Germany. India's exports to the Netherlands rose by about 3.5 per cent to USD 22.36 billion in 2023-24 as against USD 21.61 billion in 2022-23.
In 2023-24, the bilateral trade between the two countries marginally dipped to USD 27.34 billion as against USD 27.58 billion in 2022-23.
The Netherlands is among the top trading partners of India in Europe, after Germany, Switzerland, the UK and Belgium.
Volvo Cars is launching the world's first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production. The passport was developed by Volvo (VOLCARb.ST) which is owned by China's Geely (GEELY.UL), in partnership with UK startup Circulor.
Battery passports will be mandatory for electric vehicles (EVs) sold in the European Union from February 2027 showing the composition of batteries, including the origin of key materials, their carbon footprint and recycled content.
The Department of School Education signed an MoU with the National Book Trust in New Delhi to create an institutional framework for the Digital Library Platform, Rashtriya e-Pustakalaya. The Rashtriya e-Pustakalaya will be available round-the-clock, irrespective of respective of the geographic location of the readers, making the books more accessible to them.
South Korea has officially launched its space agency, the Korea AeroSpace Administration (KASA), to lead policy and industrial development in its aerospace sector. The establishment was made possible after the Country’s national assembly passed a special law in January to unify government organizations in charge of space policy and projects.
South Korea plans to make a Mars landing by 2045 and spend 100 trillion won ($72.6 billion) until then on space exploration. South Korea became the seventh country to own an indigenous space launch vehicle and satellite development technology with the launch of the Nuri rocket in May last year that put a commercial grade satellite in orbit.
Kedar Jadhav has announced his retirement from all forms of cricket at the age of 39. Jadhav played 73 ODIs and nine T20Is for India after making his international debut in 2014. Initially a part of the Royal Challengers Bengaluru development squad, he was drafted in by the Delhi franchise in 2010. He has represented Kochi Tuskers, RCB, Chennai Super Kings and SRH.
Led by the United Nations Environment Programme (UNEP) and held annually on 5 June since 1973, World Environment Day is the largest global platform for environmental public outreach and is celebrated by millions of people across the world. In 2024, it is hosted by Saudi Arabia.
The 2024 theme of the World Environment Day says, "Land Restoration, Desertification, and Drought Resilience." 2024 will mark the 30th anniversary of the UN Convention to Combat Desertification. The sixteenth session of the Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification (UNCCD) will be held in Riyadh in December 2024.
Indian Railways theme World EnvironmentDay: Our Land, Our Future
To address the issue of illegal, unreported and unregulated (IUU) fishing activities, the UN General Assembly (UNGA) declared 5 June as the International Day for the Fight Against Illegal, Unreported and Unregulated Fishing. The Un first declared it in 2018.
The day is the opportunity to draw attention to the threats posed by IUU fishing activities to the sustainable use of fisheries resources as well as to ongoing efforts to fight these activities.
Defence Accounts Department (DAD), Ministry of Defence has signed Memoranda of Understanding (MoUs) with Bank of India, Canara Bank, Central Bank of India and Utkarsh Small Finance Bank in New Delhi to onboard them as SPARSH [System for Pension Administration (Raksha)] Service Centres across 1,128 branches of the four banks across the country.
With these MoUs, SPARSH Services would now be available at over 26,000 branches of a total of 15 banks across the country. This is in addition to 199 dedicated service centres of DAD, and more than 3.75 lakh Common Service Centers across the country. SPARSH is an initiative of the Ministry of Defence which aims to provide comprehensive solution to the defence pensioners.
Department of Telecommunications(DoT has launched an initiative to support Micro, Small and Medium Enterprises along with Startups in Industry 4.0 transformation. It has called for proposals for “Industry 4.0 Baseline Survey among MSMEs” that aligns with the broader vision of fostering digital transformation and preparing industries for the advent of 5G and 6G technologies.
The survey will seek to cover five sectors each in North and Southern parts of India. The Department said that the key recommendations will form the platform for policy interventions to achieve the transformative adoption of Industry 4.0. Organizations and Startups are invited to submit proposals by 11 June to participate in this survey.
NPCI International Payments Ltd (NIPL) and the Reserve Bank of Peru have announced a partnership to enable UPI-like real-time payments system in the Latin American country. This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology, NIPL said in a statement.
CEO of NPCI International: - Ritesh Shukla
Payments and API banking company Cashfree Payments has announced the appointment of former NPCI MD & CEO Abhaya Hota as an Independent Director of the company. He was the Managing Director & CEO of the National Payments Corporation of India, where he played a critical role in the design, development, and implementation of payment systems and policies in India.
Punjab National Bank's board has approved the initiation of the process for divesting 10 percent shareholding in its associate company Canara HSBC Life Insurance through an initial public offering (IPO) route. Currently, PNB holds a 23 percent stake in Canara HSBC Life Insurance.
According to the exchange filing made, The Board in its meeting has accorded its approval for initiating the process of diluting a 10 percent stake of the Bank in Canara HSBC Life Insurance Company, an associate company of the bank, by listing the company in Stock Exchanges (BSE/NSE) through Initial Public Offer (IPO). The same shall be subject to regulatory approvals.
Arka Fincap Limited, an NBFC and subsidiary of Kirloskar Oil Engines Limited (KOEL), has been given a Certificate of Registration to function as a Corporate Agent (composite) by India’s IRDAI. This registration allows Arka to expand into insurance distribution, adding to its existing financial solutions portfolio to meet consumers diverse needs.
