Rules for insurance firms’ control tweaked after FDI ceiling raised to 74%
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New norms seen as a ‘mixed bag’
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New norms seen as a ‘mixed bag’
Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per the new rules notified under the Insurance Act. This follows the recent amendments to enhance the foreign direct investment (FDI) limit in the sector to 74% from 49%.
However, a majority of board members, key management persons (KMP) need to be resident Indian citizens, as should at least one of the three top positions the chairperson of the board, the MD and CEO.
Goldman Sachs invests in Aragen Life Sciences (GVK Bio)
May 20, 2021
The company has invested more than $3.6 billion in capital since 2006
Goldman Sachs has acquired a significant minority stake in Aragen Life Sciences (Aragen), formerly known as GVK Biosciences, by acquiring shares previously held by ChrysCapital and other existing shareholders.
Aragen is a leading provider of outsourced discovery, development, and manufacturing services across both large and small molecule platforms.
Promoted by GV Sanjay Reddy of the Hyderabad based GVK Group in 2001, it has become a specialised contract research organisation. In 2004, DS Brar of Ranbaxy became a co-promoter.
While the company did not disclose a deal value, the acquisition of 33 per cent stake is estimated to be about ₹2,400 crore with the company valued at ₹7,300 crore (about a billion dollars).
Interoperability of digital wallets would increase penetration of digital payments
By IANS |
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Social media FOMO actively hurts job performance: Study. Image Source: IANS News
New Delhi, May 20 : With RBI making mobile wallet interoperability mandatory from FY23, the non-bank (prepaid payment instruments) PPI issuers or the digital wallets has been brought at par with traditional bank accounts in terms of services offered with the move enabling much wider usage and penetration of digital payments in the country, experts have opined. The RBI has made four key changes that will create a much greater level playing field between bank and non-bank PPI issuers. Yesterday the RBI issued guidelines mandating inter-operability for full KYC wallets (aligned with the framework outlined in its policy statement last month) and increasing the limit from one lakh to two lakhs for these instruments. The RBI has allowed a cash withdrawal facility for all non-bank issued full K
Aragen Life Sciences Pvt Ltd (formerly known as GVK Biosciences) is a company that works in discovery, development, and manufacturing solutions. They offer differentiated contract research organization (CRO) and contract development and manufacturing organization (CDMO) solutions for small and large molecules. The private equity arm of Goldman Sachs Asset Management acquired a significant 33% minority […]
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