Corporate News - May 2024

PERSONS IN NEWS

Mr. Rushabh Gandhi appointed as Managing Director and Chief Executive Officer of IndiaFirst Life Insurance

The board of IndiaFirst Life Insurance has appointed Mr. Rushabh Gandhi, the current Deputy Chief Executive Officer, to the position of Managing Director (MD) and Chief Executive Officer (CEO). Mr. Gandhi's appointment marks a significant milestone for the company, aligning with its succession strategy. Mr. Gandhi will assume his new role on July 1, 2024, or upon receiving the necessary regulatory approvals, whichever is later. His appointment is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI), the company's shareholders, and other statutory clearances. The appointment of Mr. Rushabh Gandhi is subject to the scrutiny and approval of the insurance industry regulator, IRDAI. This regulatory oversight ensures that the leadership transition aligns with industry standards and best practices, safeguarding the interests of policyholders and stakeholders.

NASA appoints Mr. David Salvagnini as Chief Artificial Intelligence (AI) Officer

NASA has given a new role to Mr. David Salvagnini, as the agency's Chief Artificial Intelligence (AI) Officer. This is an addition to his current job as Chief Data Officer. Mr. Salvagnini's appointment follows President Biden's order on the safe, secure, and trustworthy development and use of AI. In his expanded role, Mr. Salvagnini will be responsible for the strategic planning and vision for how NASA uses AI across the agency. NASA is developing ways to use emerging AI technology for its goals and missions. AI can help analyze images from Earth science, search for data on planets outside our solar system, schedule communications for Mars rovers, and more. Mr. Salvagnini joined NASA in June 2023 after over 20 years of leadership in technology for the intelligence community. Before NASA, he was the chief architect and director of a group at the Office of the Director of National Intelligence. With Mr. Salvagnini leading AI efforts, NASA aims to embrace new technology responsibly for space exploration and scientific discoveries that benefit humanity.

RBI approves the appointment of Mr. Pradeep Natarajan as IDFC FIRST Bank's Whole Time Director

The Reserve Bank of India (RBI) has given its nod for the appointment of Mr. Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, marking a significant development for the private sector lender. The approval, granted for a tenure of three years, underscores the bank's commitment to strengthening its leadership team.

TECHNOLOGY

Infosys receives ISO 42001:2023 Certification for responsible AI Management

Infosys, a global leader in digital services and consulting, has been awarded the ISO 42001:2023 certification by TUV India, for its Artificial Intelligence Management System (AIMS). This certification highlights Infosys' commitment to implementing responsible AI practices and adhering to regulatory standards. Infosys sees this certification as a guiding beacon for its clients and stakeholders in navigating AIrelated risks adeptly. It positions Infosys to foster constructive transformations in the world of AI, championing Responsible AI principles. Infosys' AIMS framework, part of the Topaz Responsible AI Suite, focuses on fostering responsible AI practices. The suite includes 10+ offerings built around the Scan, Shield, and Steer framework, aimed at monitoring and protecting AI models and systems.

Unlocking the potential of Phi-3-mini: Microsoft's Breakthrough in AI

Phi-3-mini marks a significant milestone in AI innovation, offering unparalleled performance and efficiency. Microsoft's latest small language model (SLM) has surpassed benchmarks, demonstrating superiority over models of similar and larger sizes. Leveraged by prominent entities like India's ITC, Phi-3-mini showcases Microsoft's commitment to delivering cutting-edge AI solutions. Phi-3-mini sets a new standard for AI excellence, outperforming its predecessors and rivaling models ten times its size. Microsoft's Phi-3 models, including Phi-3- mini, demonstrate remarkable reasoning and logic capabilities, empowering organisations to tackle complex challenges with confidence. As evidenced by its adoption by ITC for the Krishi Mitra app, Phi-3-mini embodies the potential of AI to drive meaningful innovation and societal impact.

NASA announces plan to build first railway system on the moon

NASA has unveiled its ambitious plan to construct the first lunar railway system, known as FLOAT (Flexible Levitation on a Track) designed to revolutionize payload transport on the Moon. This innovative system aims to provide reliable, autonomous, and efficient transportation essential for the daily operations of a sustainable lunar base, aligning with NASA's Moon to Mars initiative and mission concepts like the Robotic Lunar Surface Operations 2 (RLSO2). The main purpose of FLOAT would be to provide transportation services in areas of the moon where astronauts are active. This will include carrying loads of lunar soil and other materials to different areas of the lunar surface. The other main use of the railway would be to transport larger loads of materials and equipment to and from the areas where spacecraft land.

ESG

Adani Green Energy secures $400 million financing for 750 MW solar projects

Adani Green Energy Ltd. (AGEL) has successfully obtained a $400 million finance package from a consortium of five international banks to support its ongoing solar projects in Gujarat and Rajasthan. These projects, totaling 750 MW in capacity, are slated to commence operations from November 2024 onwards. The consortium providing financial support comprises Cooperative Rabobank U. A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation. One of the projects, with a 500 MW capacity, is being developed in Rajasthan and will benefit from a long-term power purchase agreement (PPA) with the Solar Energy Corp. of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world's largest renewable energy cluster in Khavda region of Gujarat. These projects are expected to come online from November 2024 onwards.

Indian Oil Corporation's investment in renewable energy: Rs 5,215 Crore for 1 GW Capacity

Indian Oil Corporation (IOC) has announced a significant investment of Rs 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC's broader diversification strategy beyond traditional oil and gas ventures. The move comes amidst IOC's diversification into renewable energy projects and electric vehicle segment. The company plans to offer EV charging facilities at 10,000 fuel stations and has also rolled out EV battery-swapping facilities in the national capital region. It has also signed a preliminary pact with Panasonic Group Company Panasonic Energy to form a joint venture for manufacturing cylindrical lithium-ion cells in the country.

MERGERS AND ACQUISITIONS

Noise acquires women's wellness platform SocialBoat to bolster smart ring innovation

Leading smartwatch and connected lifestyle brand, Noise, has announced the acquisition of the AI-powered women's wellness platform SocialBoat. This strategic move is part of Noise's broader strategy to advance innovation in smart rings, particularly its flagship wearable, the Luna Ring. SocialBoat, a startup with expertise in AI and women's health, analyzes data from various sources, including wearables, to offer personalized recommendations for nutrition, fitness, menstrual health, and overall well-being. With this acquisition, Mr. Swapnil Vats, Co-founder and CEO of SocialBoat, has joined Noise's innovation team, bringing his valuable experience in leveraging AI for wellness applications. The acquisition aligns with Noise's recent introduction of AI features in the Luna Ring, making it the first brand globally to integrate AI into a smart ring. The addition of AI is aimed at enhancing the Luna Ring's health and fitness tracking capabilities by providing advanced metrics and personalized insights. Noise's acquisition of SocialBoat underscores the company's commitment to driving innovation in the wearable technology space, particularly in the realm of smart rings. By integrating cutting-edge AI capabilities and specialized health analytics, Noise is poised to deliver a more personalized and comprehensive smart wearable experience for its users.

CyberArk acquires Venafi for $1.54 billion on May 21, 2024

CyberArk intends to acquire Venafi for approximately $1.54 billion, comprising cash and CyberArk shares. The transaction has received approval from the Boards of Directors of both CyberArk and Venafi, marking a significant step forward in enhancing machine identity security. By combining Venafi's capabilities with CyberArk's expertise, the unified platform will offer organisations enhanced security measures and faster risk mitigation in modern cloud environments. The integrated technologies, capabilities and expertise will address the needs of global enterprises and empower Chief Information Security Officers to defend against increasingly sophisticated attacks that leverage human and machine identities as part of the attack chain.

ECONOMY

China overtakes US as India's largest trading partner in FY24

According to data from the Global Trade Research Initiative (GTRI), an economic think tank, China has emerged as India's largest trading partner in the fiscal year 2023-24, surpassing the United States. The twoway commerce between India and China stood at $118.4 billion, slightly edging out the $118.3 billion traded with the US. China's Trade Surplus with India Widens - The data reveals that India's exports to China rose by an impressive 8.7% to $16.67 billion in the last fiscal year. Key sectors driving this growth include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, and plastic and linoleum. However, imports from China also increased, growing by 3.24% to reach a substantial $101.7 billion. Apart from China and the US, the United Arab Emirates emerged as India's third-largest trading partner in 2023-24, with a total trade of $83.6 billion. Other major trading partners included Russia ($65.7 billion), Saudi Arabia ($43.4 billion), and Singapore ($35.6 billion). As the global economic landscape continues to evolve, India's trade dynamics with its key partners are undergoing significant shifts, highlighting the need for strategic trade policies and diversification efforts to foster balanced and mutually beneficial relationships.

Maldives plans launch of RuPay to enhance bilateral ties with India

In a move that reflects the strengthening ties between India and the Maldives, the island nation has announced its intention to launch India's RuPay service. This decision underscores the growing economic and financial cooperation between the two countries. While the specific launch date for the RuPay service has not yet been disclosed, the upcoming integration holds promise for enhanced financial inclusivity and cost-saving measures. The launch of RuPay in the Maldives is expected to contribute to the growth of the tourism industry, a vital sector for the island nation's economy. By providing a seamless and cost-effective payment solution for Indian tourists, the adoption of RuPay can enhance the overall travel experience and potentially attract more visitors from India. The integration of RuPay in the Maldives serve as a testament to the growing importance of fostering stronger economic and financial ties between nations. This collaboration not only promotes financial inclusivity but also paves the way for enhanced trade, investment, and economic growth for both countries.