Corporate News - March 2024

PERSONS IN NEWS

Mr. Naveen Jindal takes over as President of the Indian Steel Association (ISA)

Mr. Naveen Jindal, Chairman of Jindal Steel and Power, has been unanimously elected as the President of the Indian Steel Association (ISA) by the apex committee, which is the governing body of the ISA. He will be succeeding Mr. Dilip Oommen, CEO of ArcelorMittal Nippon Steel India. ISA is the apex body of the domestic steel industry and works collectively to highlight the issues of the sector.

Mr. Nidhu Saxena appointed as MD & CEO of Bank of Maharashtra

The central government approved the appointment of Mr. Nidhu Saxena as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank of Maharashtra. This appointment will be effective for a period of three years starting on March 27, 2024. Mr. Saxena will take over the top leadership role at the Bank of Maharashtra from Mr. A. S. Rajeev, who has been selected as the Vigilance Commissioner in the Central Vigilance. Mr. Saxena brings with him over 26 years of experience in the banking sector, having worked across diverse areas. Prior to this appointment, he served as the Executive Director at Union Bank of India. During his tenure at Union Bank, he oversaw crucial verticals such as treasury, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, and audit.

Mr. M. V. Rao elected as New Chairman of Indian Banks Association

The Indian Banks' Association (IBA) has elected Mr. M. V. Rao, Managing Director and Chief Executive Officer of the Central Bank of India, as its new Chairman. The decision was taken during the IBA's managing committee meeting. As the chairman of IBA, Mr. Rao will play a key role in representing the interests of Indian banks and fostering collaboration within the banking sector. The IBA is a representative body of Indian banks, comprising public sector, private sector, foreign, cooperative, and regional rural banks. It plays a crucial role in shaping banking policies and promoting best practices in the Indian banking industry. The election of the new leadership team at the IBA is expected to provide fresh impetus and direction to the association's efforts in addressing the challenges and opportunities faced by the banking sector in India.

M&A

Apple buys Canadian AI startup – DarwinAI, as it races to add features

Apple buys DarwinAI, a startup that can make AI systems faster and smaller. Apple is making strides in the AI sector with its recent acquisition of AI startup DarwinAI. The company's focus on AI technology comes after reports of it shutting down its electric car project, indicating a shift in priorities towards AI. As part of the acquisition, Alexander Wong, an AI researcher who played a role in DarwinAI's development, joined Apple as a director in its AI group, the report states. Dozens of Darwin AI's employees are also a part of Apple's AI division now. DarwinAI specialised in AI technology used for visually inspecting components during the manufacturing process and catered to clients across various industries.

Reliance, Disney announce deal to create $8.5 billion media goliath

Reliance Industries Limited (RIL), Viacom18, and Walt Disney have signed definitive agreements to form a joint venture by merging Viacom18's media operations into Star India through a court approved scheme of arrangement. The Mukesh Ambani-led RIL has committed to investing Rs 11,500 crore ($1.4 billion) in the joint venture, which is valued at Rs 70,352 crore ($8.5 billion) post-money, excluding synergies. RIL, Viacom18, and Disney will own 16.34%, 46.82%, and 36.84% of the joint venture, respectively. RIL will control the joint venture as it also owns a majority stake in Viacom18.

TECHNOLOGY

Microsoft and OpenAI forge $100 billion partnership to make a supercomputer

Tech titans Microsoft and OpenAI have unveiled plans to construct a revolutionary supercomputer named ‘Stargate’’ representing a significant leap forward in artificial intelligence (AI) technology. Estimated to cost a staggering $100 billion, this ambitious project underscores the escalating demand for advanced data centres capable of supporting cutting-edge AI applications, heralding a new era in AI development. The venture is anticipated to be primarily financed by Microsoft. Scheduled for launch in 2028, Stargate is poised to lead a series of supercomputers envisioned by Microsoft and OpenAI over the next six years, as part of a comprehensive strategy aimed at unlocking the full potential of AI. Microsoft and OpenAI are advancing through the third phase of their strategic plan, with Stargate marking the pinnacle of this multi-phased approach. Stargate promises to revolutionise AI infrastructure.

Flipkart introduces its digital payments solution, Flipkart UPI

E-commerce marketplace Flipkart launched its own unified payments interface (UPI) handle to enhance its digital payment offerings for all customers. In the first phase, Flipkart UPI will be powered by Axis Bank. With UPI emerging as the preferred payment option, the launch of Flipkart UPI will provide unparalleled convenience and zero-cost solutions, democratising access to seamless payment options.

BUSINESS NEWS

Tristars consolidated revenues jump 31% to AED 4 billion in 2023

Dubai headquartered Tristar Group recorded a substantial 31% increase in consolidated revenues to AED 4 billion. Growth in revenue was driven by the Fuel Farms segment and the strong maritime results from favourable freight markets. The Tristar Group continues to maintain a strong focus on growth by leveraging the partner of choice relationship enjoyed with Core Customers as a result of best in class service to its Primary Customers and a strong focus on cost control and performance excellence. Tristar also continues to explore entry into new markets with new products, including but not limited to electric vehicles, biofuel, and renewable energy, in its drive to make its own energy transition going forward. The company expects to continue this momentum in 2024 and beyond with its recent partnership with US based RM Parks Inc. and Shell, with a licence to operate with over 150 Shell branded fuel sites across Sri Lanka for over a 20 year period. The company is currently engaged in serious negotiations for several blue chip projects with oil majors that will ensure long term financial and environmental sustainability for the group beyond the immediate future.

ESG

BNP Paribas AM launches a global net zero transition fund

BNP Paribas Asset Management (BNPP AM) launches the BNP Paribas Global Net Zero Transition Equity fund, a new active fund aimed at offering investors with exposure to a decarbonization and sustainable investment focused strategy, with sector, regional and market cap diversification. The new fund will target a high conviction portfolio selected from more than 1,000 global companies focusing on achieving net zero, including both 'adopters' and 'solution providers' contributing to global emissions reduction. The investment universe is diversified by geography, size, and sector. Thus, reducing industry risk compared to the benchmark, and stock selection for the fund utilizes the firm's proprietary net zero alignment framework, the fund is one of the few in the market to focus on achieving net zero with a Just Transition lens, referring to the social implications of delivering a low carbon economy.

AGREEMENT NEWS

C-DOT and Qualcomm sign MoU to boost make in India vision

At the Mobile World Congress 2024, Centre for Development of Telematics (C-DOT) and Qualcomm Technologies forged a collaboration to advance Atmanirbhar Bharat and drive innovation within India’s telecom sector. This initiative aims to expedite the development of indigenous telecom products, aligning with the Make in India vision. The collaboration seeks to facilitate access to foundational chip technologies for startups, OEMs, and academia.

Eight industry giants including Mitsubishi form e-NG coalition for electric natural gas

Mitsubishi Corporation has entered into an MOU with other large international companies to sponsor the creation of a global coalition, the e-NG Coalition, which is exclusively dedicated to electric natural gas (e-NG or e-natural gas), also referred to as e-methane. The founding members of the e- NG Coalition include: Engie, Mitsubishi Corporation, Osaka Gas, Sempra Infrastructure, TES, Tokyo Gas, Toho Gas, and TotalEnergies. e- NG is a synthetic gas produced by the combination of renewable hydrogen 2 and recycled CO through methanation. With a molecular composition identical to conventional natural gas, it can be transported and stored utilizing existing infrastructures. e-NG is considered a sustainable 'drop-in' solution for gas consumers as it does not require the modification of industrial processes and applications to be used in place of conventional natural gas. The e-NG Coalition will be a global platform to raise awareness about e-NG, promote global trade and use of e-NG, foster policy support and harmonization of applicable regulation and standards, and bolster collaboration across geographies and stakeholders along the e-NG value chain. Its purpose is to accelerate the development of e-NG in a reliable, affordable and sustainable way.

Google partners with Shakti to combat online misinformation and deepfakes

Google has taken a significant step to bolster the fight against online misinformation by announcing its support for Shakti, a consortium of news publishers and fact checkers. This initiative is aimed at the early detection of online misinformation, including deepfakes, and establishing a common repository for news publishers to effectively tackle such challenges. The primary goal of Shakti is to provide a collaborative platform for independent fact checkers and Indian language publishers.