Weekly Media Update - December 19, 2022

1. (This document comprises news clips from various media in which Balmer Lawrie is mentioned, news
related to GOI and PSEs, and news from the verticals that we do business in. This will be uploaded on
intranet and website every Monday.)
ADB keeps India's GDP growth
unchanged at 7% for current financial
year
Asian Development Bank (ADB) has kept its
outlook for India's economic growth unchanged at
7 per cent for the current fiscal year while
forecasting a weaker-than-previously expected
pace for developing Asia. ADB's 7 per cent growth
projection for fiscal 2022-23 (April 2022 to March
2023), unchanged from its September forecast,
compares to 8.7 per cent GDP growth in 2021-22.
For 2023-24, the GDP growth has been kept
unchanged at 7.2 per cent. The Manila-based ADB
in a report on Wednesday saw Asia expanding 4.2
per cent this year before accelerating to 4.6 per
cent in 2023. These projections compare to the
previously estimated expansion of 4.3 per cent
and 4.9 per cent, respectively. "Despite recent
global headwinds, the Indian economy is expected
to grow by 7.0 per cent, as projected in the
Update, supported by a strong domestic base.
"While some recent high-frequency indicators are
more favourable than expected -- notably
consumer confidence, electricity supply and
purchasing managers' indexes -- others are a little
less favourable, in particular exports, largely
textiles and iron ore, and the index of industrial
production of consumer goods," it said.
Business Standard - 14.12.2022
https://www.business-
standard.com/article/economy-policy/adb-keeps-
india-s-gdp-growth-unchanged-at-7-for-current-
financial-year-122121400327_1.html
Retail inflation moderates to 11-mth
low of 5.9% in Nov
Retail inflation slowed to an 11-month low in
November on the back of moderating food
prices and a favourable base effect, bringing
much-needed relief from stubborn price
pressures and triggered prospects of less
aggressive interest rate hikes in the months
ahead. Data released by the National Statistical
Office (NSO) on Monday showed retail inflation,
as measured by the Consumer Price Index
(CPI), rose an annual 5.9% in November,
slower than the 6.8% in October and above the
4.9% in November last year. The food price
index slowed to 4. 7% during the month from
7% in October. Rural inflation was higher at
6.1% while urban was at 5.7%. Retail inflation
has moderated below the Reserve Bank of
India’s upper tolerance band of 6% after 10
months. The finance ministry said the measures
taken by the government to contain food prices
have helped bring inflation below the central
bank’s tolerance limit. In a series of tweets, the
ministry said the impact of the trade related
measures to soften the prices of cereals, pulses
and edible oils is expected to be felt more
significantly in the coming months.
The Times of India - 13.12.2022
https://epaper.timesgroup.com/article-
share?article=13_12_2022_015_001_toim_TO
I
WPI inflation eases to 21-month low as
pricing pressure softens in November
The wholesale price index (WPI)-based inflation
rate for November decelerated sharply to a 21-
month low of 5.85 per cent, on the back of a higher
base and broad-based easing of pricing pressure
in food, fuel and manufactured products. The data
released by the commerce & industry department
on Wednesday showed that food inflation also
eased to a 20-month low of 2.17 per cent in
November from 6.48 per cent in October, as fruits
and vegetables, along with protein-rich items such
as eggs, meat and fish dragged down prices.
Meanwhile, the prices of cereals, wheat, paddy,
On track to meet FY23 fiscal deficit
target, inflation within RBI band: FM
The Centre will be able to achieve its fiscal
deficit target of 6.4 per cent of gross domestic
product (GDP) for 2022-23 (FY23) even after
factoring in the Rs 4.36-trillion additional
spending, Finance Minister Nirmala Sitharaman
said on Wednesday. Replying to the debate on
the first batch of supplementary demands for
grants for FY23 in the Lok Sabha, Sitharaman
said she had been able to allocate more funds
because of the buoyancy of revenues, to
respond to developing situations on the ground.
The finance ministry had said last week that the
WEEKLY MEDIA UPDATE
Issue 580
19 December 2022
Monday

2. potato, onion and milk products shot up. The
inflation rate for fuel (17.35 per cent) and
manufactured items (3.59 per cent) also
decelerated during the month. This is the second
time in the current fiscal year that factory-gate
inflation has been recorded in a single digit figure,
primarily driven by softer global commodity prices
and a favourable base. Core inflation representing
non-food and non-fuel items also eased for the
seventh consecutive month to 3.5 per cent in
November from 4.7 per cent in October, led by a
slower rise in the prices of manufactured products.
Business Standard - 13.12.2022
https://www.business-
standard.com/article/economy-policy/wpi-
inflation-eases-to-21-month-low-as-pricing-
pressure-softens-in-november-
122121400756_1.html
Centre’s net direct tax collection grew 24.3 per
cent to Rs 8.77 trillion — 62 per cent of the FY23
target — during the April-November period. The
government is expected to comfortably cross
the full-year target of Rs 14.2 trillion. “On the
fiscal deficit, I have given a commitment, which
was earlier given in the Budget, and I repeat
that. And the current situation also very clearly
gives me the feeling that we will be able to
comply with what we have said in the Budget,”
she said.
Business Standard - 14.12.2022
https://www.business-
standard.com/article/economy-policy/will-be-
able-to-achieve-fiscal-deficit-target-of-6-4-of-
gdp-in-fy23-fm-122121401156_1.html
November exports growth flat at USD 32
billion, trade deficit widens
India’s exports recorded a flat growth of 0.59% to
Rs 31.99 billion in November as against $31.8
billion recorded in the same period last year. Trade
deficit widened to $23.89 billion during the month,
according to the data released by the government
on Thursday. Imports rose by 5.37% to $55.88
billion in November as compared to $53.03 billion
in the corresponding month a year ago, the data
showed. During April-November 2022, exports
increased by 11% to $295.26 billion as compared
to $265.77 billion in the same month last year.
Imports, however, rose by 29.5% to $493.61
billion during the eight months period of this fiscal.
It was $381.17 billion during April-November
2021, as per the data. The merchandise trade
deficit for April-November 2022 has increased to
$198.35 billion as against $115.39 billion in April-
November 2021. India’s exports entered negative
territory after a gap of about two years, declining
sharply by 16.65% to $29.78 billion in October,
mainly due to global demand slowdown, even as
trade deficit widened to $26.91 billion.
The New Indian Express - 16.12.2022
https://www.newindianexpress.com/business/20
22/dec/16/november-exports-growth-flat-at-usd-
32-billion-trade-deficit-widens-2528682.html
CAD seeing swelling to a 37-quarter
high of 4.4% of GDP in Q2
Falling exports and high crude prices are set to
push up current account deficit (CAD) in the
second quarter to a 37-quarter high of 4.4 per
cent of GDP at USD 36 billion as against USD
9.7 billion or 1.3 per cent in the year-ago
period, estimates a report. As a percentage of
GDP, the previous high was in the first quarter
of 2013-14 when CAD had scaled to 4.7 per
cent, but in absolute terms the previous high
was in the third quarter of 2012-13 when it
touched USD 31.8 billion. In the first quarter of
this fiscal the deficit was USD 23.9 billion or 2.8
per cent, according to an assessment by India
Ratings. Global headwinds facing merchandise
exports had the shipments contracting by close
to 20 per cent in October 2022, first time since
February 2021 and the agency expects
merchandise exports to slip to an eight-quarter
low of USD 88.2 billion in Q3FY23 which would
be 17.4 per cent lower than Q3FY22.
Free Press Journal - 14.12.2022
https://www.freepressjournal.in/business/cad-
seeing-swelling-to-a-37-quarter-high-of-44-of-
gdp-in-q2
Changes make IDBI Bank sale smoother:
Relaxed listing norms to give a leg up to
CPSE privatisation
The recent relaxations to listing regulations by the
Securities and Exchange Board of India (Sebi)
have paved the way for greater investor interest
for IDBI Bank and the several CPSEs being
privatised. This is because of an enabling provision
in the new regulations which will make it much
more certain the market regulator will take a
Govt to sell up to 5% stake in IRCTC
via OFS; floor price fixed at Rs 680 per
share
Government on Wednesday announced sale of
up to 5% stake in IRCTC through an offer for
sale. Floor price has been fixed at Rs 680 per
share, at nearly 7.5% discount from the scrip's
close of Rs 735 on Wednesday. At that price,
offloading 5% of IRCTC could fetch around Rs
2,720 crore, a Reuters estimate showed. The

3. pragmatic view of the minimum public
shareholding (MPS) norm. Potential buyers of
these entities have been looking for leeway in
terms of a longer timeline to comply with the
public float condition. The regulator and the
finance ministry has been in dialogue for the
easing of these norms, to which the latter feels
would fast-track privatisation. The revised public
sector enterprises policy seeks to limit the number
of CPSEs to a minimum in strategic sectors while
the government will fully exit the non-strategic
sector businesses. With dozens of CPSEs to be
privatized in the coming years including public
sector banks, the changes in listing regulations
were necessary to give a reasonable transition
period for the firms post-privatization.
The Financial Express - 16.12.2022
https://www.financialexpress.com/market/chang
es-make-idbi-bank-sale-smoother-sebis-revised-
listing-norms-to-give-a-leg-up-to-cpse-
privatisation/2914884/
OFS has base size of 2.5% and a green shoe
option of 2.5%. IRCTC OFS for non-retail
investors will open on December 15 and for
retail on December 16. "Indian Railway Catering
and Tourism Corporation Ltd proposes to sell up
to 2,00,00,000 (2 crore) equity shares of the
Company, (representing 2.5% of the total
issued and paid up equity share capital of the
Company) with an option to additionally sell
2,00,00,000 (2 crore) equity shares," said
IRCTC in a stock exchange filing. IRCTC's
revenue had ''reduced drastically'' by almost
64% during 2020-21 as compared to 2019-20
due to Covid-related travel restrictions, Railway
Minister Ashwini Vaishnaw said on Wednesday.
Business Today - 14.12.2022
https://www.businesstoday.in/latest/corporate
/story/govt-to-sell-up-to-5-stake-in-irctc-via-
ofs-floor-price-fixed-at-rs-680-per-share-
356427-2022-12-14
No hike fuel price since April; WB, Kerala,
TN yet to cut VAT: Puri
Union Minister for Petroleum and Natural Gas
Hardeep S. Puri on Thursday said that prices of
petrol and diesel have not been increased by
public sector oil marketing companies (OMCs)
since 6 April 2022, despite record high
international prices. In reply to a question in Lok
Sabha, Puri said due to no hike in petrol and diesel
prices, the three public sector OMCs -- IOCL, BPCL
and HPCL -- have booked a combined loss of
₹27,276 crore in H1 of current financial year 2022-
23. While the average price of Indian basket of
Crude oil increased by 102% (from $43.34 to
$87.55) between November 2020 and November
2022, the retail prices of Petrol and Diesel have
increased in India by only 18.95 % and 26.5 %
during this period, he said. He also mentioned that
the Centre lowered the excise duty twice during
November 2021 to May 2022, while opposition
ruled six states have still not lowered the value
added tax (VAT) on the fuel.
Mint - 16.12.2022
https://www.livemint.com/industry/energy/no-
hike-fuel-price-since-april-wb-kerala-tn-yet-to-
cut-vat-puri-11671112220508.html
India will contribute 10% of
incremental global petchem demand
growth: Puri
India, whose per capita consumption is
significantly lower than that of developed
economies, will contribute 10 per cent of the
incremental growth of global petrochemical
demand, Oil Minister Hardeep Singh Puri has
said. Petrochemicals, which turn oil and gas into
all sorts of daily products — such as plastics,
fertilisers, packaging, clothing, digital devices,
medical equipment, detergents or tyres — are
rapidly becoming the largest driver of global oil
consumption. They are set to account for more
than a third of the growth in oil demand by
2030, and nearly half by 2050, ahead of trucks,
aviation and shipping, according to IEA. India
is poised to grow strongly from its current level
of only 4 per cent of global capacity to satisfy
increasing domestic demand. "Petrochemical
market size is currently in India about $190
billion, whereas the per capita consumption of
petrochemical segments is significantly lower,
compared to that in developed economies.
Millennium Post - 19.12.2022
https://www.millenniumpost.in/business/india-
will-contribute-10-of-incremental-global-
petchem-demand-growth-puri-502634
Goldman sees oil market surplus in early
2023, slashes price forecasts
Goldman Sachs slashed its oil price forecasts for
2023, saying it sees a market surplus early next
year easing risks of winter price spikes. The Wall
Street bank in a note dated Tuesday cut its Brent
oil forecasts for the first and second quarter of
India imports record 1.7 m b/d of
Russian crude in November: S&P
Global
India imported 1.7 million barrels per day (b/d)
of crude oil from Russia in November with
inbound shipments surging to a record high
ahead of the European Union’s (EU) December

4. 2023 to $90 and $95 a barrel from $115 and $105
per barrel respectively. The bank said there was
less risk of oil prices spiking this winter with China
consuming less than previously expected, Russia
exporting near pre-war levels, and production
issues easing in Kazakhstan and Nigeria. Goldman
expects the oil market to end the current quarter
with a surplus of 1.6 million barrels per day (bpd),
while seasonally lower demand would leave the
first quarter next year with a surplus of 1.3 million
bpd. It forecasts global demand will grow by 2
million bpd in 2023, as China reopens and
international travel recovers.
The Economic Times - 16.12.2022
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/goldman-sees-oil-market-surplus-
in-early-2023-slashes-price-forecasts/96242514
5 import ban and the G7 price cap, S&P Global
Commodity Insights said. “Russia’s seaborne
crude exports were little changed in November
at just over 3 million b/d after flows to India
surged to a record high, absorbing barrels
displaced from Europe where imports sank to
all-time lows ahead of the EU’s Dec. 5 import
ban and G7 price cap," according to tanker
tracking data. “While Russian crude flows to the
EU slumped 308,000 b/d to average a record
low of 464,000 b/d in the month (November
2022), Indian refiners stepped up their buying
of Russian oil by 272,000 b/d to a record 1.17
million b/d," the report said.
Mint - 13.12.2022
https://www.livemint.com/news/india-imports-
record-1-7-m-b-d-of-russian-crude-in-
november-s-p-global-11670863015549.html
Russia replaces Iraq as top oil supplier to
India in Nov with 23% share
Russia has for the first time emerged as top oil
supplier to India replacing Iraq as refiners last
month snapped up oil from Moscow fearing a price
cap from Dec. 5 could hit supplies and choke
payment avenues, data obtained from trade
sources showed. India's oil imports from Russia
rose for the fifth straight month, totalling 908,000
barrels per day (bpd) in November, up 4% from
October, the data showed. The Group of Seven
nations, Australia, and the 27 European Union
countries have imposed a price cap of $60 a barrel
on Russian seaborne oil from Dec. 5 as the West
tries to limit Moscow's ability to finance its war in
Ukraine. The price cap plan calls for G7 countries
to deny insurance, finance, brokering, navigation,
and other services to oil cargoes priced above the
price cap on crude and oil products. Russian oil
accounted for about 23% of India's overall import
of about 4 million bpd oil in November, the data
showed.
Business Standard - 14.12.2022
https://www.business-
standard.com/article/economy-policy/russia-
replaces-iraq-as-top-oil-supplier-to-india-in-nov-
with-23-share-122121400763_1.html
After EU ban, Russian oil sold to India
below the price cap of $60: Sources
India is reported to have bought Russia’s Urals
crude at a heavy discount - well below a USD
60 price cap - in December following the ban on
Russian oil imports imposed by the West.
Russian producers, facing cut-throat
competition after the closed market in Europe,
have been scrambling to sell oil at deeper
discounts. The new price cap imposed by the G7
nations (Canada, France, Germany, Italy,
Japan, the United Kingdom, and the United
States) has compelled the Russian sellers to cut
down the price to lure the Asian market by
dodging the offers of suppliers in Asia, Europe
and the Middle East. Russia aims to exploit
Asian countries as an alternative market and
seeks to supply around 1 million barrels per
day. The G7 nations have imposed a price cap
of USD 60 per barrel to curb the Kremlin’s
capability to fund its war against Ukraine.
The Economic Times - 16.12.2022
https://energy.economictimes.indiatimes.com/
news/oil-and-gas/russian-oil-sold-to-india-
below-price-cap-in-buyers-market/96243044
India may split planned mega refinery to
various sites
India is considering building several refineries
instead of a single mega plant planned with Saudi
Aramco and Abu Dhabi National Oil Company
(ADNOC), due to challenges in acquiring land,
three sources familiar with the matter said.
Hurdles in land purchases are one of the key
reasons for sluggish infrastructure development in
Asia's third-largest economy. Aramco and ADNOC
joined a consortium of Indian state-run firms in
Def, Space Agencies Release 99% of
EEZ Prohibited Areas for Oil E&P
In a significant strategic call to prioritise energy
security, the government has got defence and
space agencies to release 99% of areas
prohibited for security reasons in India’s
Exclusive Economic Zone (EEZ) for oil
exploration and production (E&P). Until
recently, 42% of EEZ were ‘no go’ areas, which
is now down to just 1%. Further, these agencies
— essentially the Navy, Defence Research and

5. 2018 to set up a 1.2 million barrels-per-day
coastal refinery and petrochemical plant in
western Maharashtra, seeking a reliable outlet for
their oil. Delays in acquiring a 15,000-acre land
parcel have almost stalled the project, initially
planned for 2025, and boosted costs by 36% to
$60 billion, as per estimates made in 2019. "There
is a proposal that instead of one we can actually
have three, which is a matter of discussion
between the companies involved," said one of the
sources.
Mint - 15.12.2022
https://www.livemint.com/news/india/india-may-
split-planned-mega-refinery-to-various-sites-
report-11671094816954.html
Development Organisation, the Department of
Space and its affiliates — have firmed up an
operating framework to ensure safety of E&P
operators. This framework with its set of
guidelines underwent a thorough one-month
trial in August before being recently notified. In
all, India’s EEZ is about 2. 36 million sq. km, of
which 1 million sq. km, about 42%, was in the
‘no go’ zone. From an oil exploration
perspective, of India’s 3. 4 million sq. km
sedimentary basin area that could be searched
for resources, 1.73 million sq. km lay offshore.
The Economic Times - 19.12.2022
https://epaper.timesgroup.com/article-
share?article=19_12_2022_002_001_etkc_ET
India taps oil, natural gas, coking coal in
Russian Arctic Region
Russia is not only eyeing China as part of its
outreach for the resource-rich Arctic region but is
also engaging India on the Arctic route to increase
bilateral trade and investments in oil, natural gas
and coking coal sectors, ET has learnt. Delhi and
Moscow plan to focus on harnessing huge natural
resources in the Arctic region including in the field
of oil, natural gas and coking coal, ET gathers. The
recent revival of the Vladivostok-Chennai shipping
route has enhanced bilateral trade of items
sourced from the Arctic. Simultaneously, India is
exploring to link the Northern Sea Route in the
Arctic to the International North-South Transport
Corridor. Indian energy giants are interested in
getting additional stakes in Russian energy assets
in the Arctic and Russian Far East including
additional shares in the Sakhalin 1 oil venture,
where Indian oil and gas producer ONGC already
holds a 20% stake, according to people familiar
with the subject. Liquefied Natural Gas from the
Arctic was supplied to India last year.
The Economic Times - 17.12.2022
https://epaper.timesgroup.com/article-
share?article=17_12_2022_003_010_etkc_ET
India cuts windfall tax on crude,
aviation fuel
India has cut windfall tax on crude oil and
aviation turbine fuel (ATF) and reduced export
tax on diesel, according to a government order
dated Dec. 15. It cut the tax on locally produced
crude oil steeply to 1,700 rupees ($20.52) per
tonne from 4,900 rupees, effective Friday, the
order said. The federal government also cut
export tax on diesel to 5 rupees per litre from 8
rupees, while slashing the windfall tax on ATF
to 1.5 rupees per litre from 5 rupees, the
document showed. The move comes amid a
14% slump in global crude since November.
India is the world's third largest consumer and
importer of oil. Meanwhile, Reuters had
reported that India has bought Russian crude
barrels at well below a $60 price cap agreed by
the West. India's fuel demand climbed to an
eight-month high in November, government
data released last week showed. On July 1,
India imposed the windfall tax on crude oil
producers and levies on exports of gasoline,
diesel and aviation fuel after private refiners
sought overseas markets to gain from robust
refining margins, instead of selling at lower-
than-market rates in the country.
Reuters - 17.12.2022
https://www.reuters.com/world/india/india-
cuts-windfall-tax-crude-aviation-fuel-2022-12-
16/
Sharp rise in oil shipments changes India
export map
Netherlands has emerged as India’s third largest
export destination, trailing the US and UAE, during
April-October this year, rising from the eighth spot
a year ago. Brazil, which was India’s 20th biggest
export destination between April and October
2021, is currently placed eight, according to the
latest disaggregated data available with the
commerce department. And, Tanzania has seen
OPEC sees robust global oil demand
growth in 2023 after 2022 Chinese
contraction
OPEC on Tuesday said it expected to see robust
global oil demand growth in 2023 with potential
economic upside coming from a relaxation of
China's zero-COVID policies, which this year
have pushed the country's oil use into
contraction for the first time in years. World oil
demand in 2023 will rise by 2.25 million barrels

6. imports from India soar three times to $2. 4 billion
during the first seven months of the current
financial year. While the three countries may be
spread across different continents, there is a
common thread — oil exports. In the case of
Tanzania, over 80% or $1. 3 billion of the $1. 6
billion in exports from India is on account of more
petrol and diesel shipped to the African nation.
While an increase in prices has certainly played a
role, the increase in oil exports comes at a time
when the Russia-Ukraine conflict has upset the oil
economics around the globe. During April-
October, India’s total exports went up 12. 5% to
over $263 billion, while oil product exports soared
nearly 70%. In the case of the Netherlands, Brazil,
Tanzania, Togo, Israel and Oman, oil shipments
have soared at a much higher pace.
The Times of India - 19.12.2022
https://epaper.timesgroup.com/article-
share?article=19_12_2022_017_005_toikc_TOI
per day (bpd), or about 2.3%, the Organization
of the Petroleum Exporting Countries (OPEC)
said in a monthly report. The forecast was
steady from November, after a series of
downgrades. "Although global economic
uncertainties are high and growth risks in key
economies remain tilted to the downside,
upside factors that may counterbalance current
and upcoming challenges have emerged as
well," OPEC said in the report. "A resolution of
the geopolitical conflict in Eastern Europe and a
relaxation of China's zero-COVID policy could
provide some upside potential," the report said
in a separate section.
Reuters - 14.12.2022
https://www.reuters.com/business/energy/ope
c-sticks-2022-2023-oil-demand-growth-
forecasts-after-downgrades-2022-12-13/
HSBC to stop funding new oil and gas
fields as part of policy overhaul
HSBC (HSBA.L) will stop funding new oil and gas
fields and expect more information from energy
clients over their plans to cut carbon emissions,
the banking giant said on Wednesday, as part of a
wider update of its sector policy. Activist groups
that have been critical of HSBC in recent years
mostly hailed the move by one of the biggest
lenders to energy companies in the world as a
keenly awaited update that will drive companies
towards a cleaner future. "HSBC's announcement
sets a new minimum level of ambition for all banks
committed to net-zero," said Jeanne Martin, a
campaigner at Share Action. HSBC is among the
biggest banks to confirm it would not support oil
and gas projects that received final approval after
the end of 2021, a move the International Energy
Agency has said is needed for the world to reach
net-zero emissions by 2050. HSBC said it would
continue to finance energy companies at the
corporate level to help them overhaul their
businesses and drive development of cleaner
energy sources and would assess their strategic
plans annually.
Reuters - 14.12.2022
https://www.reuters.com/business/finance/hsbc-
cut-funding-new-oil-gas-fields-2022-12-14/
Number of operational airports in
country rise to 140 from 74 since 2014:
Officials
With Prime Minister Narendra Modi set to
inaugurate the Mopa International Airport in
Goa on Sunday, official sources said the number
of operational airports in the country has almost
doubled from 74 to over 140 since he took over
in 2014. The government plans to develop and
operationalise 220 airports in the next five
years, they said. Modi has laid a strong
emphasis on boosting connectivity and led this
initiative from the front, inaugurating and laying
the foundation stone of various airports, the
sources said. He had inaugurated greenfield
Donyi Polo Airport at Itanagar in Arunachal
Pradesh in November, Deoghar Airport in July,
laid the foundation stone of the Noida
International Airport in Jewar, Uttar Pradesh in
November last year and inaugurated
Kushinagar International Airport, a famous
Buddhist site, in October last year. The Mopa
International Airport's foundation stone was
also laid by the prime minister in November
2016.
Millennium Post - 13.12.2022
https://www.millenniumpost.in/big-
stories/number-of-operational-airports-in-
country-rise-to-140-from-74-since-2014-
officials-501837
PESB picks Krishnakumar Gopalan as the
next CMD of BPCL
The Public Enterprises Selection Board (PESB) has
picked Krishnakumar Gopalan for the post of
Chairman and Managing Director (CMD) at India’s
second largest oil refining and marketing company
Shaji K V takes over charge as NABARD
Chairman
Shaji K V has taken the charge as Chairman of
National Bank for Agriculture and Rural
Development (NABARD) with effect from
December 7, 2022, the government on Monday

7. Bharat Petroleum Corporation Ltd (BPCL), the
government’s headhunter said on its website.
Krishnakumar is currently an Executive Director
(other units) at the Mumbai headquartered
company. An electrical and electronics engineering
graduate from the National Institute of
Technology, Tiruchirapalli and a post-graduate in
finance management from the Jamnalal Bajaj
Institute of Management Studies, joined BPCL as
a management trainee in April 1987.
The Economic Times - 13.12.2022
https://energy.economictimes.indiatimes.com/ne
ws/oil-and-gas/pesb-picks-krishnakumar-
gopalan-as-the-next-cmd-of-bpcl/96179756
informed Parliament. He has taken over from
Suchindra Misra, Additional Secretary,
Department of Financial Services, Ministry of
Finance, who was holding additional charge,
Minister of State for Finance Bhagwat Karad
said in a written reply to the Lok Sabha. Further,
Karad said there are two board level vacancies
in the organisation while 514 vacancies are at
the group A level. Replying to a question, the
minister said more than 12 lakh loans have
been extended by public sector banks in rural
areas across the country for setting up
business, after the Covid period, that is, from
April 2020 to November, 2022.
The Economic Times - 13.12.2022
https://economictimes.indiatimes.com/industr
y/banking/finance/banking/shaji-k-v-takes-
over-charge-as-nabard-
chairman/articleshow/96174303.cms
NHPC appoints Rajeev Kumar Vishnoi assumes additional charge as CMD
Sate owned NHPC Ltd on Wednesday announced that the company has appointed Rajeev Kumar
Vishnoi as the Chairman and Managing Director (CMD) with effect from Tuesday. “Accordingly, in line
with the aforesaid order of Ministry of Power, the Board of Directors through resolution by circulation
passed on 14.12.2022 has appointed Shri Rajeev Kumar Vishnoi (DIN: 08534217) as Chairman and
Managing Director of NHPC Limited w.e.f. 13.12.2022 i.e. the date of assumption of charge of the post
of CMD, NHPC," NHPC said in its regulatory filing.
Mint - 14.12.2022
https://www.livemint.com/companies/news/nhpc-appoints-rajeev-kumar-vishnoi-assumes-
additional-charge-as-cmd-11671026910659.html