Axis Bank to merge a wholly-owned investment
banking arm with a major chunk of financial
services firm, Enam Securities .
The all-share deal that gives Enam shareholders
5.7 shares of Axis for every Enam share values
the company at 2,067 crore (around $450
For Enam, faced with the challenge of low
brokerages and tough competition from global
investment banks that are more savvy ,
especially in areas like fund-raising in global
capital markets, the move makes eminent sense.
Enam is only the latest of the domestic
brokerages to be wooed.
For Axis Bank, the merger should provide
scope to grow its low-risk fee-based income.
The Insurance Regulatory Authority of India
(IRDA) will formulate guidelines for mergers and
acquisitions (M&A) for non-life insurance
companies, IRDA Chairman J Harinarayan.
At present, the Insurance Act provides for the
M&A pertaining to life insurance companies only.
There are 22 life insurance companies and 21
non-life insurance companies operating in the
country. The proposed M & A norms are expected
to spur consolidation leading to fewer but
stronger players in the insurance sector.
State Bank of India (SBI) has nominated G D
Nadaf as officer-employee director on the
central board of the bank.
Nadaf, who joined the bank as cashier in
1972, is serving as deputy manager in
He is also General Secretary of the All India
State Bank Officers’ Federation (AISBOF). He
will be in the SBI board for the period of
Hindustan Unilever has chalked out an
ambitious plan to halve greenhouse gas
emissions waste production and water usage
by the company and its suppliers, and source
all its agricultural supplies such as tea and
palm oil from sustainable sources by 2020 .As
the manufacturer of Surf detergent and
Lakme cosmetics it launched the Unilever
sustainable living plan across the world
It is a 10-year plan and sets out over 50
social, economic and environmental targets
Telecom giant Bharti, which had acquired Zain Telecom's
operations in Africa launched its brand "airtel" in 16
countries in the continent replacing the Zain brand.
The ZAP mobile money service will be re-branded Airtel
Money with immediate effect. As part of the new brand
launch, airtel also announced the launch of a new ultra
low cost handset package which effectively provides a
mobile phone free of charge to all new subscribers.
The package, launched in conjunction with Nokia, will
be priced at approx NGN 3,500 (USD 23) and includes a
brand new Nokia 1280 mobile phone, a free SIM card
and the equivalent value in free airtel talk time and SMS
text messages. In the past four months airtel has
already made tariff interventions in 11 of its 16 markets
in Africa for the benefit of its customers.