Daily Current Affairs December 18th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India launches website for the Association of Registered Research Analysts of India   

• The Securities and Exchange Board of India (SEBI) launched the website for the Association of Registered Research Analysts of India (ARRAI) on December 16, 2024.
• ARRAI’s Purpose: ARRAI represents SEBI-registered research analysts in India, aiming to promote the interests of research analysts and contribute to the regulatory framework.

Goals of ARRAI:

• Fostering a strong and collaborative community among research analysts.
• Participating in shaping industry policies alongside SEBI and other regulators.
• Promoting ethical standards and best practices within the research analyst profession.
• Elevating the role of research analysts in fostering long-term investing and enhancing investor trust.
• Membership and Participation: The website will allow over 1,400 research analysts to join as members and participate in policy-making and consultations.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Life Insurance Corporation’s Unclaimed Maturity Amounts Reach Rs 881 Crore in FY24    

• In FY 2023-24, Life Insurance Corporation (LIC) had unclaimed maturity amounts totaling Rs 880.93 crore, with 372,282 policyholders not claiming their maturity benefits.
• The previous year (2022-23), unclaimed amounts were Rs 815.04 crore for 373,329 policyholders.
• 10 death claims worth Rs 14 lakh remained unclaimed during FY 2023-24.

Key Highlights :

• Measures to Reduce Unclaimed Claims:LIC has taken steps to reduce unclaimed claims, including:
• Advertisements in print, digital media, and radio jingles.
• Sending reminder letters through post, email, and SMS where available.
• Simplified claim settlement requiring only valid NEFT for settlement.
• Continuous follow-up with policyholders through agents and development officers.
• Foreign Exchange Reserves (FER):FER decreased by 2.63% for the week ended November 15, 2024.
• The largest decline in FER in the last 20 years occurred in the week ended October 24, 2008, with a decline of65%.
• Factors Affecting INR Exchange Rate:The exchange rate of the Indian Rupee (INR) is influenced by factors such as: Capital flows (including equity flows), Movement in the dollar index, Interest rates, Crude oil prices, Current account deficit.
• RBI intervention in the forex market is used to reduce excessive volatility in INR.
• Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs):As of June 30, 2024, 5,728 NBFCs and ARCs had their Certificate of Registration (CoR) cancelled by the Reserve Bank of India (RBI).
• 25 deposit-taking NBFCs were registered with the RBI.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India

Only four entities granted license a year after Reserve Bank of India issued payment aggregator cross-border norms   

• The Reserve Bank of India (RBI) introduced guidelines over a year ago to regulate Payment Aggregator Cross-Border (PA-CB) entities.
• PA-CB licences are required for entities involved in cross-border online payment processing.
• Licenses Granted:Only four companies have received PA-CB licences so far:

1. Cashfree Payments
2. Amazon Pay
3. BillDesk
4. Adyen India

• This contrasts with 41 companies licensed as domestic online payment aggregators (PAs).
• Importance of PA-CB Licence:The PA-CB licence is critical for cross-border payments, allowing businesses to collect payments from international customers or for foreign companies to receive payments from Indian customers.
• Obtaining a PA-CB licence is a challenging process, contributing to higher profit margins for licensed players.
• Cashfree Payments:Bengaluru-based Cashfree Payments was the first company to receive a PA-CB licence in July 2024.
• It was granted approval for operations in the import and export sectors.

Types of PA-CB Licences:

• PA-CB Export Licence: Enables businesses to collect payments from international customers.
• PA-CB Import Licence: Allows foreign businesses to receive payments from Indian customers.

Groww Approaches 13 Million Active Users in November                                  

• Financial services player Groww is the dominant player in the stockbroking space with 12.88 million active clients as of November 2024, maintaining its lead over competitors.
• Groww added 282,577 new users in November 2024, according to data from the National Stock Exchange (NSE).

Competitor Positions:

• Zerodha holds the second spot with 8.12 million active users.
• Angel One is in third place with 7.63 million active clients.
• Upstox is fourth with 2.87 million active users.
• Active Investor Definition: The NSE classifies active investors as those who have completed at least one transaction in the past 12 months.

About Groww :

• Founded in 2016 as a mutual fund investment platform, Groww expanded into stock trading in 2020.
• The company further diversified into consumer lending, payments, and asset management through subsidiaries.

Indian Banks Write Off Loans Worth ₹12.3 Lakh Crore in Last 10 Years    

• Between 2014-15 and 2023-24, Indian commercial banks wrote off ₹12.3 lakh crore in loans.

Key Highlights :

• Public Sector Banks’ Contribution: Public sector banks accounted for ₹6.5 lakh crore of the total write-offs during FY20-24.
• Peak Write-Offs in FY19: Write-offs reached a peak of ₹2.4 lakh crore in FY19, following an asset quality review.
• Write-Offs in FY24: The loan write-offs dropped to ₹1.7 lakh crore in FY24, representing 1% of the total outstanding bank credit.
• Public Sector Banks’ Share in New Loans: Public sector banks’ share of new loans decreased from 54% in FY23 to 51% in FY24.
• Gross NPAs of Public Sector Banks (PSBs): As of September 30, 2024, the gross NPAs for PSBs were ₹3,16,331 crore (3.01% of outstanding loans).
• NPAs for Private Sector Banks: Gross NPAs for private sector banks were ₹1,34,339 crore (1.86% of outstanding loans).
• Write-Offs by Major Banks: State Bank of India (SBI) wrote off ₹2 lakh crore, while Punjab National Bank (PNB) wrote off ₹94,702 crore in the last decade.
• Recovery Methods: Recovery methods used by banks include legal action, debt recovery tribunals, and negotiated settlements.
• Public Sector Banks’ Performance: Despite the write-offs, public sector banks reported record profits of ₹1.41 lakh crore in FY24 and ₹85,520 crore in the first half of FY25.
• Improvement in NPA Ratio: The gross NPA ratio for public sector banks improved to 3.12% by September 2024.

State Bank of India Invites Counter Bids to Sell ₹52,000 Crore Consortium Loans in Jaiprakash Associates Limited

• State Bank of India (SBI) invited counter bids to sell bad debt worth ₹52,074 crore to Jaiprakash Associates Limited (JAL) through a Swiss challenge auction.
• The auction was triggered by an anchor bid from National Asset Reconstruction Company Limited. (NARCL).

Key Highlights :

• NARCL’s Anchor Bid Details:NARCL offered ₹12,000 crore to acquire the debt of 25 lenders on a 15:85 cash-to-security receipts basis.
• This bid translates to a 23% recovery for the lenders.
• Previously, NARCL had proposed ₹10,000 crore but later increased it to ₹12,000 crore.
• Consortium of Lenders:The lenders include prominent banks such as SBI, ICICI Bank, IDBI Bank, Axis Bank, Canara Bank, and PNB, along with institutions like LIC, SIDBI, and others.
• SBI has the highest exposure of ₹15,464 crore, followed by ICICI Bank (₹10,443 crore) and IDBI Bank (₹8,718 crore).
• Advisory and Process Management:IDBI Capital Markets & Securities Ltd. has been appointed as the process advisor for the sale on behalf of the consortium of lenders.
• Potential Impact:If successful, the acquisition of JAL’s debt will be the biggest acquisition for NARCL since its inception.
• NARCL has been actively acquiring assets in FY25, reflecting its growing role in debt resolution.

About NARCL :

• NARCL was incorporated on July 7, 2021.
• Purpose:It is a government-owned entity established to acquire bad loans from banks to aid in the stabilization of the financial system and support economic growth.
• Ownership Structure:State-owned banks hold a 51% stake in NARCL.
• Private sector banks own the remaining 49% stake.
• RBI Registration:NARCL is registered with the Reserve Bank of India (RBI) under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

About JAL :

• Founded : 1979
• Headquarters : Noida, Uttar Pradesh, India
• Chairman : Jaiprakash Gaur

CURRENT AFFAIRS: NATIONAL NEWS

Vice President Inaugurates GSI Geoscience Museum in Gwalior

• Vice President Shri Jagdeep Dhankhar inaugurated the GSI Geoscience Museum in Gwalior, Madhya Pradesh, marking the launch of a premier center dedicated to exploring and celebrating Earth’s geological treasures.
• The museum, situated in the historic Victoria Market Building, aims to blend tradition with modern innovation, offering visitors insights into India’s rich geological heritage.

Highlights of the Inauguration Event

• Ribbon-Cutting Ceremony: Vice President Jagdeep Dhankhar officially opened the museum by cutting the ribbon and unveiling the inaugural plaque.
• Distinguished Attendees:
  • Shri Mangubhai Patel, Governor of Madhya Pradesh.
  • Shri Jyotiraditya M. Scindia, Union Minister.
  • Shri Satish Chandra Dubey, Minister of State for Coal and Mines.
• Tribute to GSI: The event highlighted the Geological Survey of India’s (GSI) pivotal role in advancing the nation’s geological exploration and research.

About the GSI Geoscience Museum

1. Location:
   • Housed in the iconic Victoria Market Building, a historical structure in Gwalior.
2. Exhibits and Features:
   • Interactive Displays: Engaging exhibits designed to educate visitors about Earth’s geological history.
   • Rare Geological Specimens: Showcasing unique artifacts, minerals, and rocks from India’s geological reserves.
3. Objective:
   • To serve as a knowledge hub for students, researchers, and the public, fostering awareness about geology and Earth sciences.

India’s EV Charging Infrastructure: Rs 16,000 Crore CapEx Needed by 2030

• According to the FICCI EV Public Charging Infrastructure Roadmap 2030, India must invest Rs 16,000 crore in capital expenditure by 2030 to meet its public EV charging demand and achieve its 30–40% electrification mission.
• The report outlines a clear strategy to scale up public EV charging infrastructure, prioritize top cities, and enhance EV adoption through policy support and financial incentives.

Key Highlights from the FICCI Report

Investment Requirements

• Rs 16,000 crore capital expenditure is required to support public EV charging infrastructure by 2030.
• This investment aligns with India’s vision of achieving over 30% electrification of vehicles.

Scaling Charging Infrastructure

• Top 40 cities should be prioritized due to their anticipated higher EV penetration within 3–5 years.
• The report stresses the need for higher utilization of charging stations to achieve scalability and profitability.

Policy Framework and Incentives

PM E-DRIVE Scheme (2025-26)

• E2W and E3W: Incentive of Rs 5,000/kWh, capped at 15% of ex-factory cost.
• E-Buses: Incentive of Rs 10,000/kWh, capped at 20% of ex-factory cost.

GST and Import Taxes

• GST on EVs: 5% (compared to 28–50% for ICE vehicles).
• Higher import duties on EV components and built vehicles to encourage local production.

State-Level Incentives

• Fee/Toll/Tax Waivers: Offered by various states.
• Preferential Electricity Rates: Subsidized power for EV charging.
• Infrastructure Subsidies: Financial support for building charging stations.
• Low-Interest Loans: Available for EV buyers.

FICCI Recommendations

1. Support E4W Adoption
   • While E2W and E3W have positive economics, electric four-wheelers (E4W) require financial incentives to increase adoption.
2. Standardize GST Rates
   • Reduce GST on EV charging services from 18% to 5%, ensuring uniformity across the EV value chain.
3. Enable Demand and Supply Enablers
   • Accelerate EV adoption by focusing on regulations, market incentives, and the expansion of charging networks.

Government Launches ₹1,000 Crore Credit Guarantee Scheme for Small Farmers

• The Government of India, under the leadership of Union Food and Consumer Affairs Minister Prahlad Joshi, has introduced a ₹1,000 crore Credit Guarantee Scheme (CGS) to support small and marginal farmers.
• This initiative aims to reduce distress selling by providing farmers access to post-harvest loans.

Key Features of the Scheme

1. e-NWR-Based Lending:
   • Farmers can leverage electronic negotiable warehouse receipts (e-NWRs) as collateral for loans.
   • These e-NWRs are issued by Warehousing Development and Regulatory Authority (WDRA)-registered repositories when farmers deposit their produce in certified warehouses.
2. Government-Backed Credit Guarantee:
   • The scheme provides a credit guarantee to banks, reducing their lending risk and enabling better access to credit for farmers.
3. Aim:
   • To help farmers hold their produce post-harvest, allowing them to sell at better prices rather than resorting to distress sales.
4. Financial Empowerment:
   • Ensures farmers have adequate funds for the next cropping cycle without depending on urgent sales.

Objectives and Benefits

• Boost Post-Harvest Lending:
  • Current post-harvest lending in India stands at ₹40,000 crore, with e-NWR-based loans limited to ₹4,000 crore. The scheme aims to push this figure to ₹5.5 lakh crore over the next decade.
• Economic Sustainability for Farmers:
  • Farmers gain financial stability by accessing loans based on stored produce, improving their bargaining power.
• Fertilizer Subsidy Assurance:
  • Despite global price fluctuations, India continues to provide fertilizers like urea at the lowest rates, ensuring affordability for farmers.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India, Sri Lanka to Fast-Track Economic and Defence Cooperation Agreements   

• India and Sri Lanka adopted a ‘futuristic vision’ to expand their partnership, focusing on investment-led growth and connectivity.

Key Agreements:

• Economic and Technology Cooperation Agreement (ETCA): Both countries agreed to conclude the ETCA to promote bilateral trade.
• The agreement will cover areas such as trade in goods, services, technical barriers, customs procedures, and dispute settlement.
• Defence Cooperation: A defence cooperation pact will be finalized, emphasizing interconnected security interests between the two countries.
• Hydrography Cooperation: A separate agreement will be made for cooperation in hydrography.
• Infrastructure Initiatives:Electricity Grid Connectivity: Plans to establish electricity-grid connectivity between India and Sri Lanka.
• Multi-Product Petroleum Pipeline: A pipeline will be set up to facilitate the transportation of petroleum products.
• Energy and Power Projects:India will supply LNG for Sri Lanka’s power plants.
• The Sampur Solar Power Project in Sri Lanka will be accelerated.
• Bilateral Trade and Connectivity:The ETCA aims to promote bilateral trade, with negotiations for the agreement having resumed after being paused in 2018.
• A ferry service will be introduced between Rameswaram (India) and Talaimannar (Sri Lanka) to enhance connectivity.
• Sri Lanka’s Recognition of India’s Support:Sri Lankan President Anura Kumara Dissanayake thanked India for its assistance during Sri Lanka’s economic crisis and in the debt restructuring process.
• Sri Lanka is viewed as a significant partner in India’s foreign policy.
• First Overseas Visit of Sri Lankan President: This was the first overseas visit of President Dissanayake after assuming office in September 2024.

About Sri Lanka :

• President : Anura Kumara Dissanayake
• Prime Minister : Harini Amarasuriya
• Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
• Currency : Sri Lankan rupee (Rs)

CURRENT AFFAIRS : STATE NEWS

Tamil Nadu Chief Minister Stalin Lays Foundation Stone for Non-Leather Footwear Unit in Ranipet   

• Tamil Nadu Chief Minister M.K. Stalin unveiled the foundation stone for a non-leather and athletic footwear manufacturing unit in Ranipet district on December 16, 2024.
• The unit is being established by Taiwanese company Hong Fu Group with an investment of ₹1,500 crore.
• The project, titled ‘Grand Atlanta – Hong Fu India Project,’ is being set up on the SIPCOT campus at Panapakkam, Ranipet district.
• The unit is expected to provide employment to about 25,000 workers, with 85% of the workforce being rural women.

Key Highlights :

• Company Overview: Hong Fu Industrial Group is a global footwear manufacturer that produces athletic products for brands like Nike, Converse, Vans, and Puma.
• It is the world’s second-largest manufacturer of non-leather footwear.
• Tamil Nadu’s Economic Vision: The Tamil Nadu government aims to become a 1 trillion USD economy by 2030 and is actively working to attract investments in various emerging sectors.
• Previous Visits for Investment: Chief Minister M.K. Stalin had visited countries such as the UAE, Japan, Singapore, Spain, and the US to attract industrial investments to Tamil Nadu.
• MoU and Land Allotment: In November 2022, Hong Fu Group signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for the project, and approximately 200 acres of land were allotted for the unit.
• Industry Milestone: The establishment of the unit marks a significant milestone for Tamil Nadu’s non-leather footwear sector and is seen as a key result of the Tamil Nadu Global Investors Meet (GIM) 2024.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

CURRENT AFFAIRS: AWARDS AND HONOURS

Patricia Mukhim and Activists Honored for Peace-Building Efforts

• Women in Security, Conflict Management and Peace (WISCOMP) honored 10 peacebuilders for their exceptional work with women in areas of prolonged conflict across South Asia.
• The Saahas Awards Ceremony, held at the India International Centre, New Delhi, marked a celebration of grassroots contributions to fostering peace and gender equality.

Key Details of the Ceremony

• Organizers: WISCOMP, an initiative of the Foundation for Universal Responsibility of His Holiness the Dalai Lama.
• Jury: Included prominent figures like former Foreign Secretary Shyam Saran, former Chief Justice Gita Mittal, and country representative of UN Women Susan Reguson.
• Awardees: Individuals and organizations from South Asia working to promote peace, address gender-based violence, and support marginalized women.

Major Awardees and Contributions

1. Patricia Mukhim
   • Award: Saahas Shrestha: Shero of Courage.
   • Recognition: For her role as Editor of The Shillong Times and her exceptional contributions to peace-building in India’s northeast.
   • Quote: “The challenges persist because we don’t know the steps towards conflict transformation. We jump to resolution,” she stated during her speech.
2. Laxmi Chetri (Action Northeast Trust)
   • Award: Shakti Award.
   • Contribution: Advocacy for women subjected to gender-based violence.
3. Deepa Pawar (Anubhuti Charitable Trust)
   • Award: Shakti Award.
   • Contribution: Empowering marginalized women from nomadic communities.
4. Conflict Victim Women National Network, Nepal
   • Award: Chetna Award.
   • Contribution: Psycho-social support for female victims of conflict in Nepal.
5. Omar Hafiz
   • Award: Chetna Award.
   • Contribution: Advocacy for gender rights in Kashmir.

CURRENT AFFAIRS: MOUS AND AGREEMENT

HPCL and NLDS Partner to Integrate APIs with Unified Logistics Interface Platform (ULIP)

• Hindustan Petroleum Corporation Limited (HPCL) has signed a key agreement with NICDC Logistics Data Services Ltd. (NLDS) to integrate its APIs with the Unified Logistics Interface Platform (ULIP).
• This collaboration aims to improve transparency, enhance operational efficiency, and foster innovation in India’s logistics sector.
• Shri Rajat Kumar Saini, CEO & MD, NICDC and Chairman, NLDS, and Avinash Jain, Chief General Manager, North Zone, HPCL, attended the signing ceremony.
• The agreement was signed between Shri Girish Kumar Supur, CEO, NLDS, and Anju Jai Misra, General Manager, Delhi Retail Region, HPCL.

Key Features of the HPCL API Integration

1. Real-Time Fuel Station & Pricing Visibility:
   • Offers detailed insights into location and pricing of HPCL fuel stations across India.
   • Helps logistics providers address challenges such as unclear refueling options and fluctuating fuel costs.
2. Optimized Logistics Planning:
   • Enables fleet operators to plan long-haul trips effectively by identifying fuel stations along major routes.
   • Reduces unplanned stops, improving overall efficiency and ensuring timely deliveries.
3. Dynamic Data Utilization:
   • Facilitates route-specific fuel cost analysis and dynamic route optimization, empowering logistics operators to make data-driven decisions.

Impact on the Logistics Sector

• Empowering Logistics Stakeholders:
  The integration helps logistics operators optimize routes, lower costs, and improve operational efficiency.
• Innovation through Hackathons:
  Over 10 participants in the ULIP Hackathon 2.0 have utilized HPCL’s API to develop solutions like:
  • Dynamic route optimization platforms
  • Fuel cost calculators
  • Heat maps for fuel station density
• Enhanced Supply Chain Ecosystem:
  This partnership strengthens ULIP’s mission of unifying and digitizing India’s supply chain, promoting seamless access to critical resources.

About ULIP

• Digital Gateway: Provides API-based access to logistics datasets from 41 systems across 11 ministries, covering 1800+ data fields.
• Extensive Reach: With over 1200 registered entities, ULIP has facilitated the creation of 150+ applications and enabled 70 crore API transactions.
• Collaborative Impact: A platform for both public and private sectors to contribute to the growth of India’s logistics ecosystem.

Bavarian Nordic and Serum Institute of India Partner to Expand Mpox Vaccine Access

• In a strategic move to improve global availability of its mpox vaccine, Bavarian Nordic (BN) has signed a manufacturing licensing agreement with the Serum Institute of India (SII).
• The partnership focuses on the production of MVA-BN, marketed as Jynneos in several countries, for the Indian market.

Key Highlights of the Agreement

1. Technology Transfer:
   • SII gains access to Bavarian Nordic’s technology for producing the mpox vaccine.
2. Manufacturing in India:
   • Once regulatory approvals are obtained, SII will manufacture the vaccine as a contract manufacturer for BN.
3. Profit-Sharing Model:
   • The agreement involves no upfront or milestone payments. Both companies will share profits, with each bearing their respective costs for technology transfer and regulatory compliance.
4. Regulatory Responsibility:
   • SII is tasked with obtaining and maintaining regulatory approvals in India.
5. Global Expansion:
   • The collaboration is aimed at enhancing vaccine capacity and accessibility during mpox outbreaks.

About SII :

• Founded : 1966
• Headquarters : Pune, Maharashtra, India
• CEO : Adar Poonawalla

NHPC and BEML Collaborate on Advanced Desilting and Dredging Solutions

• NHPC Limited and BEML Limited have entered into a strategic partnership to design and implement advanced desilting and dredging technologies.
• This collaboration is set to enhance the efficiency of hydroelectric power plants, address urban waterlogging, and support dredging in various water bodies, strengthening India’s renewable energy and infrastructure ecosystem.

Key Highlights of the Partnership

1. Scope of Collaboration:
   • Development of desilting and dredging solutions for hydroelectric power plants.
   • Clearing of canals and culverts to address urban waterlogging during monsoons.
   • Application of solutions for dredging inland waterways, coastal areas, ponds, and lakes.
2. Memorandum of Understanding (MoU):
   • A formal MoU has been signed to establish a long-term partnership.
   • Pilot projects will test the technologies before scaling them to other hydropower plants.
3. Shared Goals:
   • Improve power generation efficiency by reducing sedimentation.
   • Reduce operational and maintenance costs for hydropower plants.
   • Contribute to renewable energy goals and environmental sustainability.

About NHPC

• Established: 1975
• Sector: Hydropower and Renewable Energy
• Key Contributions:
  • Operates large-scale hydroelectric power projects across India.
  • Diversified into solar and wind energy to promote sustainability.
  • Plays a pivotal role in India’s transition to renewable energy.

About BEML

• Established: 1964
• Sector: Heavy Engineering and Defense
• Key Contributions:
  • Manufacturer of heavy equipment for mining, construction, and railways.
  • Supplier of defense vehicles and aerospace components.
  • Focus on technological innovation and indigenous manufacturing, driving India’s self-reliance and infrastructure development.

1. • wear.
   • Promotes sustainable use of natural resources.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves KKR’s Proposal to Acquire Stake in Rebel Foods   

• The Competition Commission of India (CCI) approved the proposal by US-based investment firm KKR (Kohlberg Kravis Roberts & Co.) to acquire a stake in Rebel Foods.
• KKR, through its affiliate Royce Asia Holdings II Pte, will acquire equity shares and compulsorily convertible preference shares in Rebel Foods via a secondary purchase.

Key Highlights :

• Rebel Foods Overview: Rebel Foods, founded in 2011, operates cloud kitchens and owns brands like Faasos, Behrouz Biryani, and Oven Story.
• The company has 450 kitchens across 10 countries, including India, Indonesia, the UK, and the UAE.
• Lack of Competition Concerns: CCI stated that the proposed transaction would not lead to adverse effects on competition in India.
• There are no horizontal overlaps or vertical/complementary links between the activities of KKR and Rebel Foods in India.
• Market Dynamics: Rebel Foods competes with companies like Curefoods and Eatclub, backed by investors like Binny Bansal and Tiger Global, respectively.
• Previous Approval: Earlier, CCI also cleared Singapore’s sovereign wealth fund Temasek Holdings’ acquisition of a stake in Rebel Foods.
• Valuation and Funding: Rebel Foods was in advanced discussions to raise additional funding of $50-70 million from KKR, which would value the company between $800 million and $860 million.

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

About KKR & Co. Inc :

• Headquarters : New York, U.S

Coca-Cola divests 40% stake in bottling arm Hindustan Coca-Cola Beverages Private Limited to Jubilant Bhartia Group   

• Coca-Cola sold a 40% stake in its India bottling arm, Hindustan Coca-Cola Beverages Private Limited (HCCBL), to Jubilant Bhartia Group for ₹12,500 crore ($1.47 billion).

Key Highlights :

• India’s Market Rank: India is Coca-Cola’s fifth-largest market globally.
• Asset-Light Strategy: Coca-Cola is divesting its bottling operations globally as part of its asset-light strategy.
• Jubilant Bhartia Group: The deal is the largest by Jubilant Bhartia Group, which also holds exclusive franchise rights for Domino’s Pizza in India.
• Rival Bottling Strategy: PepsiCo has also outsourced its bottling operations in India to Varun Beverages, owned by entrepreneur Ravi Jaipuria.
• Franchised Bottling Operations: Coca-Cola has franchised its bottling operations in three key markets: Rajasthan, Bihar, Northeast India, and parts of West Bengal.
• Coca-Cola in India: Coca-Cola operates in India through two entities: Coca-Cola India and Hindustan Coca-Cola Beverages Pvt Ltd.
• Coca-Cola’s Products in India: The company offers a range of products, including Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca, and Fanta.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Google names Preeti Lobana as Country Manager and Vice President for India   

• Preeti Lobana has been appointed as the new Country Manager and Vice President for Google India.
• She succeeds Sanjay Gupta, who transitioned to the role of President for the Asia Pacific region at Google.
• Lobana will collaborate with Roma Datta Chobey, who will continue her leadership role as the Managing Director for Google India’s Digital Native Industries after serving as interim country manager.

Role and Responsibilities:

• Lobana will lead Google’s strategy to leverage Artificial Intelligence (AI) for Indian customers and promote innovation.
• She will focus on driving sales and operations in India, contributing to the country’s growing digital economy.

About Preeti Lobana :

• Lobana is an alumnus of the Indian Institute of Management (IIM), Ahmedabad.
• She brings over 30 years of experience in senior leadership roles across the technology and financial sectors.
• She has been with Google for 8 years, most recently serving as the Vice President of customer-centric solutions.
• She has previously worked with NatWest Group, American Express, Standard Chartered Bank, and ANZ Grindlays Bank, specializing in business strategy, product management, and operational excellence.

Mukesh Ambani appoints Ira Bindra as Group President of Human Resources at Reliance Industries Limited

• Mukesh Ambani, the richest Asian, appointed Ira Bindra as the Group President of Human Resources at Reliance Industries Limited (RIL).
• Role and Responsibilities: Ira Bindra will oversee the people, leadership, and talent functions at RIL, focusing on driving transformation across the entire organization.
• Her appointment is expected to lead to unprecedented HR transformation at RIL, aligning with the company’s focus on evolving its people policies.
• Ira Bindra will be the first non-family woman to join the Executive Committee of Reliance Industries.
• She is also the youngest person to be appointed to this prestigious position.

About RIL :

• Founded : 1958
• Headquarters : Mumbai, Maharashtra, India
• Chairman & Managing Director : Mukesh Ambani

CURRENT AFFAIRS: IMPORTANT DAYS

International Migrants Day: 18th December

• International Migrants Day 2024 is observed on the 18th of December 2024.
• Although the day was established in 2000, it has been observed since 1997 that several Asian migrant organizations designated December 18 as the day to advocate for the respect, rights, and protection of migrants.
• On account of the ever-increasing number of migrants around the world, on December 4, 2000, the United Nations General Assembly declared December 18 as the day for International Migrants
• Goals connected to migration are included in the 2030 Agenda for Sustainable Development of the United Nations. Among them is education access, which will result in improved prospects and a higher standard of living.

Minorities Rights Day in India: 18th December

• Minorities Rights Day 2024 is observed on the 18th of December 2024.
• Minorities Rights Day was first observed on December 18th, 1992 by the United Nations.
• The UN adopted the statement on the individual Rights belonging to religious or Linguistic National or Ethnic Minorities.
• In India, it is the responsibility of the National Commission for Minorities (NCM) to carry out the events on this day.
• The NCM was established by the Union Government under the National Commission for Minorities Act, in 1992.

Daily CA One- Liner: December 18

• Vice President Shri Jagdeep Dhankhar inaugurated the GSI Geoscience Museum in Gwalior, Madhya Pradesh, marking the launch of a premier centre dedicated to exploring and celebrating Earth’s geological treasures
• According to the FICCI EV Public Charging Infrastructure Roadmap 2030, India must invest Rs 16,000 crore in capital expenditure by 2030 to meet its public EV charging demand and achieve its 30–40% electrification mission.
• The Government of India, under the leadership of Union Food and Consumer Affairs Minister Prahlad Joshi, has introduced a ₹1,000 crore Credit Guarantee Scheme (CGS) to support small and marginal farmers.
• Women in Security, Conflict Management and Peace (WISCOMP) honored 10 peacebuilders for their exceptional work with women in areas of prolonged conflict across South Asia.
• Hindustan Petroleum Corporation Limited (HPCL) has signed a key agreement with NICDC Logistics Data Services Ltd. (NLDS) to integrate its APIs with the Unified Logistics Interface Platform (ULIP).
• In a strategic move to improve global availability of its mpox vaccine, Bavarian Nordic (BN) has signed a manufacturing licensing agreement with the Serum Institute of India (SII).
• NHPC Limited and BEML Limited have entered into a strategic partnership to design and implement advanced desilting and dredging technologies
• The Securities and Exchange Board of India (SEBI) launched the website for the Association of Registered Research Analysts of India (ARRAI) on December 16, 2024.
• In FY 2023-24, Life Insurance Corporation (LIC) had unclaimed maturity amounts totaling Rs 880.93 crore, with 372,282 policyholders not claiming their maturity benefits.
• The Reserve Bank of India (RBI) introduced guidelines over a year ago to regulate Payment Aggregator Cross-Border (PA-CB) entities.
• Financial services player Groww is the dominant player in the stockbroking space with 12.88 million active clients as of November 2024, maintaining its lead over competitors.
• Between 2014-15 and 2023-24, Indian commercial banks wrote off ₹12.3 lakh crore in loans.
• State Bank of India (SBI) invited counter bids to sell bad debt worth ₹52,074 crore to Jaiprakash Associates Limited (JAL) through a Swiss challenge auction.
• India and Sri Lanka adopted a ‘futuristic vision’ to expand their partnership, focusing on investment-led growth and connectivity.
• Tamil Nadu Chief Minister M.K. Stalin unveiled the foundation stone for a non-leather and athletic footwear manufacturing unit in Ranipet district on December 16, 2024.
• The Competition Commission of India (CCI) approved the proposal by US-based investment firm KKR (Kohlberg Kravis Roberts & Co.) to acquire a stake in Rebel Foods.
• Coca-Cola sold a 40% stake in its India bottling arm, Hindustan Coca-Cola Beverages Private Limited (HCCBL), to Jubilant Bhartia Group for ₹12,500 crore ($1.47 billion).
• Preeti Lobana has been appointed as the new Country Manager and Vice President for Google India.
• Mukesh Ambani, the richest Asian, appointed Ira Bindra as the Group President of Human Resources at Reliance Industries Limited (RIL).
• International Migrants Day 2024 is observed on the 18th of December 2024.
• Minorities Rights Day 2024 is observed on the 18th of December 2024

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