PERSONS IN NEWS

Ms. Deepti Gaur Mukherjee Assumes Charge as MCA Secretary

Ms. Deepti Gaur Mukherjee, a 1993 batch IAS officer of the Madhya Pradesh cadre, has assumed the role of Secretary at the Ministry of Corporate Affairs (MCA). She succeeds Mr. Manoj Govil, who recently took charge as Expenditure Secretary. Prior to this appointment, Ms. Mukherjee served as the Chief Executive Officer (CEO) of the National Health Authority. She steps into her new position at a critical time for the Ministry, which is currently focused on a range of significant legislations and reforms expected to be introduced in the coming months. Key agenda items under her leadership include the drafting of the Digital Competition Bill, the rollout of IBC 2.0, and enhancing the capacity of the National Company Law Tribunals (NCLTs).

Nasscom Appoints Ms. Sindhu Gangadharan, MD of SAP Labs India, as Chairperson

Nasscom has announced the appointment of Ms. Sindhu Gangadharan, Managing Director of SAP Labs India, as its new Chairperson. Ms. Gangadharan, who previously served as Vice Chairperson, succeeds Mr. Rajesh Nambiar, who has been named Nasscom President Designate. In her new role, Ms. Gangadharan will work alongside the President Designate to position India as a leading global tech ecosystem and drive sectoral growth. Her focus will include advancing disruptive technologies such as AI, strengthening India's role as a global tech talent hub, advocating for favorable policies, and enhancing R&D capabilities. Ms. Gangadharan, who was the first woman to lead SAP Labs India, will continue her role as Head of Customer Innovation Services at the company. Additionally, she serves on the boards of Siemens India and Titan Company Limited and is a member of the Steering Committee of the Indo-German Chamber of Commerce.

Ms. Subhasri Sriram Appointed MD & CEO of Shriram Capital

Shriram Capital, the holding company of the Shriram Group, has appointed Ms. Subhasri Sriram as its new Managing Director and CEO, effective 1 September. Ms. Sriram, who previously served as Joint Managing Director, has been a key figure in the company since joining as an Officer in the NBFC business in 1991. She is a Fellow of the Institute of Company Secretaries of India and the Institute of Cost & Works Accountants of India. Previously, she also held positions as Executive Director and CFO of Shriram City Union Finance (now Shriram Finance).

MERGERS AND ACQUISITIONS

hcltech's arm to acquire french software firm zeenea for 24 million euros

HCLTech's subsidiary, HCLSoftware, plans to acquire a 100% stake in France-based software firm Zeenea SAS for €24 million, aiming to enhance its data and analytics offerings. The all-cash transaction is expected to close in September 2024, according to HCLTech's regulatory filing. Mr. Kalyan Kumar, Chief Product Officer of HCLSoftware, stated that the acquisition will enable the company to provide a unified data intelligence solution, helping enterprises discover, govern, connect, and manage data more effectively in their data engineering and GenAI initiatives.

Wipro Enterprises' hydraulics business Acquires US rival Columbus

Wipro Infrastructure Engineering (WIN) has declared the acquisition of its US competitor Columbus Hydraulics by its hydraulic cylinder manufacturing unit, Wipro Hydraulics. The agreement is intended to enhance manufacturing capabilities in North America, according to a statement from the company. The acquisition cost was kept undisclosed. This acquisition enhances Wipro's product and customer portfolio, enabling the company to offer a broader range of hydraulic solutions for diverse applications. The integration of Columbus Hydraulics' skilled workforce will further empower Wipro to drive innovation and address both current and future customer needs.

Zomato Acquires Paytm's Entertainment and Ticketing Business for INR 2,048 Crore

Zomato has approved the acquisition of Paytm's entertainment and ticketing business for INR 2,048 crore in an all-cash deal. This strategic move marks Zomato's expansion into the broader lifestyle services sector, encompassing dining, movies, sports ticketing, live performances, shopping, and staycations. Paytm will refocus on its core financial services following this divestment. The acquisition is set to strengthen Zomato's presence in the lifestyle services market. With the launch of the new app 'District,' Zomato aims to integrate various services into a single platform. Given Zomato's track record and the limited competition in the 'going-out' segment, the company is well-positioned for growth. For Paytm, the sale enables a concentrated focus on its financial services and cashback offers, potentially boosting financial performance and shareholder value. However, some analysts suggest that the immediate net value of the transaction may not be as significant as the stock price reaction indicates.

Bharti Global to Acquire 24.5% Stake in BT Group

Bharti Global, the international investment arm of Bharti Enterprises, is set to acquire a 24.5% stake in British telecom giant BT Group plc for approximately $4 billion. This acquisition, to be executed through Bharti Televentures UK Ltd, a wholly owned subsidiary of Bharti Global, represents a major expansion of Bharti's global telecom ambitions and is expected to enhance bilateral relations between India and the UK. The initial phase of the acquisition involves Bharti Global purchasing a 9.99% stake in BT Group from Altice UK S.à r.l. The remaining 14.51% stake will be acquired following the necessary regulatory approvals. This move deepens a relationship that began in 1997, when BT acquired a 21% stake in Bharti Airtel. The deal is anticipated to foster collaboration in AI, 5G research and development, and core engineering, potentially driving significant advancements in telecom technologies.

TECHNOLOGY

Nations Developing AI Models Boost Nvidia's Chip Demand

Nations creating AI models in their own languages are driving up demand for Nvidia's chips, as generative AI gains prominence among businesses and governments. Nvidia's third-quarter sales forecast for AI chips, like those powering OpenAI's ChatGPT, fell short of investor expectations. However, the company noted a surge in global interest, including from governments seeking AI solutions. New AI model development by various countries may add low double-digit billions to the company's revenue for the financial year ending January 2025, up from the previous forecast of high single-digit billions.

India Approves Indigenous RT-PCR Kit for detecting Mpox

The Central Drugs Standard Control Organisation has approved Siemens Healthineers to manufacture RT-PCR kits for detecting Mpox. The kits will be produced at Siemens' Vadodara unit, which can produce one million tests annually. The World Health Organisation (WHO) declared Mpox a global health emergency on August 14, noting its spread to 12 other African countries. India's Union Health Ministry granted approval for the kit last week. The country has 32 labs equipped for Mpox testing and is considered at moderate risk for cases with sustained transmission.

SUSTAINABILITY

Adani Incorporates New Power Company in UAE to Invest in Power and Infrastructure

Adani Power Limited has established a wholly-owned subsidiary, Adani Power Middle East Ltd., in Abu Dhabi, United Arab Emirates. The new subsidiary will focus on investments in power, infrastructure, and related sectors, according to the company's exchange filing. The authorized capital of Adani Power Middle East Ltd. is USD 27,000, divided into 27,000 shares of USD 1 each. Adani Power owns 100% of the shares in the newly incorporated entity. With a power generation capacity of 15,250 MW, Adani Power Limited is the largest private thermal power producer in India. The company operates thermal power plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, and also has a 40 MW solar power project in Gujarat.

Zero-Carbon Energy accounts 40% of Global Power in 2023: Bloomberg

In 2023, zero-carbon technologies accounted for 40% of global electricity generation, according to Bloomberg NEF. This includes 17% from renewables (wind and solar) and 24% from hydro and nuclear. Fossil fuels (coal and gas) still make up 57% of global electricity.

Despite this progress, global commitments are insufficient to meet the 1.5°C target of the Paris Agreement. The IEA estimates that advanced economies need to cut emissions by 80% by 2035. At COP28, countries pledged to triple renewable energy capacity by 2030, but Bloomberg NEF notes this will require 1.6 times more investment from 2024 to 2030. Investment in renewables has stagnated, with $313 billion in H1 2024, unchanged from 2023. The US has increased spending by 63% since the 2022 Inflation Reduction Act, while Chinese investment has dropped by 4% due to lower equipment costs. However, demand for renewables in China remains strong.

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