Corporate News - April 2024

PERSONS IN NEWS

BharatPe appoints Mr. Nalin Negi as Chief Executive Officer

BharatPe, the fintech company that has been making waves in the Indian payments landscape, has officially elevated Mr. Nalin Negi as its Chief Executive Officer. This move comes 15 months after Mr. Negi took charge as the company's interim CEO and Chief Financial Officer, during a period of significant upheaval and transition. Under his leadership, BharatPe has recorded a remarkable 182% increase in revenue from operations in the financial year 2023. Moreover, the company achieved its first Ebitda-positive month in October, showcasing its ability to navigate the challenges and emerge stronger.

Wipro appoints New Chief Executive Officer, Mr. Srinivas Pallia

Wipro, the IT giant, has announced the resignation of its CEO, Mr. Thierry Delaporte. In his place, the company's Board of Directors has appointed Mr. Srinivas Pallia as the new Chief Executive Officer and Managing Director, effective April 7, 2024. Mr. Srinivas Pallia, the new CEO, has had an illustrious career spanning over three decades at Wipro. He has a comprehensive understanding of the company's diverse geographies, functions, service lines, and business units, which will enhance his leadership role. Pallia has held various leadership positions, including serving as the President of Wipro's Consumer Business Unit and the Global Head of Business Application Services. Most recently, he excelled as the CEO for Americas 1, Wipro's largest and fastest growing market.

Tata International appoints Mr. Rajeev Singhal as Managing Director

Tata Group's global trading and distribution arm, Tata International, has announced the appointment of Mr. Rajeev Singhal as its new Managing Director (MD). His appointment to the new position is effective from April 1, 2024. He succeeds Mr. Anand Sen, who superannuated (retired) on March 31, 2024. Prior to this appointment, Mr. Singhal was the Executive Director and Chief Operating Officer (COO) at Tata International. He brings over 36 years of experience to his new role as Managing Director. He has transitioned from Tata Steel, where he served in various positions, including Vice President for marketing and sales for flat products. Tata International is the global trading and distribution arm of the Tata Group, with a presence across multiple sectors and regions worldwide. The appointment of Mr. Rajeev Singhal as the Managing Director of Tata International marks a significant leadership transition within the company. With his extensive experience and expertise, he is expected to provide strategic guidance and drive growth for Tata International's global operations.

REGULATORY

RBI introduces FEMA Regulations for Direct Listing on International Exchanges

The Reserve Bank of India (RBI) has unveiled regulations under the Foreign Exchange Management Act (FEMA) to facilitate the direct listing of Indian companies on international stock exchanges. These regulations aim to streamline foreign exchange transactions and reporting procedures, offering companies greater flexibility in utilizing funds raised through overseas listings. The regulations stipulate that proceeds from the purchase or subscription of equity shares of Indian companies listed on international exchanges must either be remitted to an Indian bank account or deposited in a foreign currency account of the Indian company. Sale proceeds, net of taxes, can be remitted abroad or credited to the bank account of the permissible holder. Reporting of foreign exchange transactions will be conducted by the investee Indian company through an authorized dealer. If a Foreign Portfolio Investor (FPI) invests through a stock exchange, the authorized dealer will report to the RBI. These regulations, building upon the Finance Ministry's scheme for direct listing of equity shares on international exchanges, signify India's commitment to fostering a conducive environment for global competitiveness and attracting foreign investments. Aligning corporate strategies with these regulations will enable companies to leverage international finance opportunities effectively and contribute to India's economic growth on a global scale.

CRISIL's ESG ratings unit gets Sebi's approval for ESG scoring

SEBI has granted approval to CRISIL ESG Ratings & Analytics as a Category 1 provider of ESG ratings, marking a significant development in the realm of environmental, social, and governance (ESG) assessments in India. This accreditation underscores the growing importance of independent ESG ratings in financial markets, particularly in guiding decision-making for issuers and investors towards sustainable practices. With the establishment of CRISIL ESG Ratings as a subsidiary, the focus on ESG scoring intensifies, aligning with global best practices while considering India's unique sectoral nuances. The SEBI approval not only validates CRISIL's expertise in ESG assessment but also sets a precedent for foreign agencies seeking to provide ESG rating services in India. ESG ratings serve as vital tools for asset managers and investors, facilitating informed decisions aligned with sustainability goals and ethical considerations.

Central Government looking at differentiated regulatory frameworks for civilian, industrial use drones

The civil aviation ministry is considering a separate regulatory framework for civilian and industrial drones to promote indigenous development of the drone ecosystem. The government is planning to make India a global drone hub by 2030. In October, 2023, it came out with amended rules to create a thriving drone ecosystem. The Drone (Amendment) Rules 2023, had done away with several roadblocks, like stringent requirements for obtaining a Remote Pilot Certificate. The government is supporting indigenous development of critical items, research and development, cameras, sensors installed in drones and will sustain the development of the sector.

ESG

Adani Green Energy Builds World's Largest Renewable Energy Park in Gujarat

Adani Green Energy Limited, an Adani Group company, is building the world's largest renewable energy park in Khavda, Kutch district of Gujarat. The park is spread over 538 square kilometers, which is about five times larger than the total size of the French capital, Paris. The share of solar energy in the proposed capacity of 30 GW is 26 GW, while wind energy will be 4%. When the park is fully operational, it will generate 81 billion units of electricity, which can supply the entire demand of countries like Belgium, Chile, and Switzerland. Gujarat Industries Power Company Limited (GIPCL) has been appointed as the nodal agency for the Hybrid Renewable Energy Park. The project to build this park was prepared as part of Prime Minister Modi's efforts to reduce carbon emissions, and work on the project has been ongoing since 2021.

Apple and CleanMax Collaborate to advance Renewable Energy in India

Apple has partnered with CleanMax to deploy 14.4 megawatts of rooftop solar installations across six industrial sites in India, aimed at reducing emissions associated with its operations in the country. Apple and CleanMax have established a joint venture to invest in renewable energy projects in India. The venture has already installed rooftop solar solutions across six industrial sites, totaling 14.4 megawatts. The collaboration features a unique business model where the environmental benefits support Apple's efforts to address emissions from its operations in India.

HPCL and Tata Join forces to Build Nationwide EV Charging Network

Tata Motors, has announced a strategic partnership with Hindustan Petroleum Corporation Ltd. (HPCL) to establish a nationwide network of 5,000 public charging stations. Tata Passenger Electric Mobility (TPEM), a unit of Tata Motors, has announced a strategic partnership with Hindustan Petroleum Corporation Ltd. (HPCL) to establish a nationwide network of 5,000 public charging stations for electric vehicles (EVs) by the end of 2024. The collaboration will leverage HPCL's extensive network of over 21,500 fuel stations across the country. TPEM's insights from over 1.2 lakh Tata EVs on Indian roads will help identify locations frequently visited by Tata EV owners for setting up charging stations.

G7 agrees to phase out coal-fired power plants by mid-2030s

The G7 agrees to phase out non-capturing coal plants by 2030s in line with COP28 and Paris Agreement. They also address global plastic pollution issues, aiming to reduce production and emissions. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The energy and climate ministers of these countries have agreed a time frame for phasing out coal-fired power plants that are not equipped to capture emissions in a significant step towards curbing fossil fuel use. The Group of Seven two-day meeting in Turin, Italy is the first big political session since the world pledged at the UN's COP28 climate summit in December 2023 to transition away from coal, oil and gas.

BUSINESS NEWS

Jio surpasses China Mobile to Lead Global Telco Industry in Data Traffic

Reliance Jio, the telecom leader in India, has outpaced China Mobile to become the world's largest mobile operator by data traffic consumption. With a subscriber base of 481.8 million, including 108 million on its True5G Standalone network, Jio's dominance underscores its position in the global telecom market. A significant portion of this traffic, 28%, originates from its 5G subscribers, indicating a swift adoption of next-generation connectivity. With the completion of 5G rollout, attention is now turning towards monetization strategies in the 5G era. Jio's leadership in data traffic reaffirms its position as a formidable force in the global telecommunications industry, poised for further growth and innovation.

Air India expands Partnership with Japan's ANA

Air India has entered into a codeshare partnership with All Nippon Airways (ANA), Japan's largest airline. This agreement, effective from May 23, 2024, will allow passengers of both airlines to combine flights between India and Japan using a single ticket. Under the codeshare agreement, Air India will add its 'AI' designator code to ANA's flights between Tokyo Haneda and Delhi, as well as Tokyo Narita and Mumbai. Similarly, ANA will add its 'NH' code to Air India's flights between Tokyo Narita and Delhi. The two airlines have expressed interest in further expanding their cooperation by adding more routes to their codeshare arrangement. This move aims to provide enhanced connectivity and convenience for travelers between India and Japan. This partnership is expected to strengthen the aviation links between India and Japan, providing better travel options for passengers traveling between the two countries. It aims to promote growth in passenger operations for both airlines and offer a more convenient and comfortable travel experience. As Air India continues to expand its global footprint, code share agreements like this one with ANA demonstrate the airline's commitment to providing its passengers with a seamless and enhanced travel experience worldwide.

TECHNOLOGY

Microsoft's VASA-1: Brings images to Life with AI

Microsoft's newly introduced VASA-1 AI model represents a significant advancement in the field of generative artificial intelligence. This AI model has the capability to produce hyperrealistic talking faces from just a single portrait photo and a corresponding speech audio track. The name “VASA” stands for Visual Affective Skill, which highlights the model's focus on generating lifelike, expressive facial animations that are synchronized with audio inputs. VASA-1 excels in creating audio-driven talking faces in real-time, showcasing a wide range of facial expressions with precise lipsyncing and natural head movements.