HDFC Bank, in association with Apollo Hospitals, has
launched a co-branded pre-paid card called HDFC Bank Apollo Medical Benefits
Card, which will enable corporates to easily disburse medical allowance to
their employees without waste of time and incurring any cost.
Corporates can load the specified allowance on to the
card of each employee every month, which can be used by employees for
medical expenditure at pan-India VISA/MasterCard outlets. “This card offers
an easy and convenient way for corporates to save costs and eliminate
administrative issues while disbursing medical allowances,” said Parag Rao,
Senior Executive Vice-President and Business Head, Cards Payment Products
and Merchant Acquiring Services, HDFC Bank.
“The Medical Benefit card is a win-win for employees, who
benefit from cashless transactions for healthcare with unmatched savings,
and the employer in terms of transparency, compliance and transaction cost
saving. All companies and their employees will benefit and shift to this
card in the future,” Shobana Kamineni, Executive Vice-Chairperson, Apollo
Hospitals Enterprise Ltd., said in a statement.
This first-of-its kind card offers employees access to
additional benefits such as discounts and facilities, including free
ambulance services. The card comes with a free accidental death insurance
and accident hospitalisation insurance, and discount at Apollo Network
(Apollo Hospitals, Apollo Pharmacies, Apollo Clinics and Apollo White
Dental) across India.
Emerson Process Management India, a part of American
multi-national Emerson, has announced the acquisition of the Pune-based
manufacturer of gear operators and gearboxes Ameya Transmissions for an
This acquisition would support Emerson’s final control
technology used primarily in the oil and gas and power industries both
domestically and globally, the company said.
Ameya Transmissionsdevelops and manufactures a wide range
of gear operators, including quarter-turn and multi-turn manual gearboxes,
which are supplied to the manual valve industry.
Gear operators and gearboxes are a critical component of
automated valve packages to serve as a fail-safe in the event of a power
failure. Ameya has supplied over a million gear boxes so far.
“Ameya’s reputation as a quality manufacturer is a great
strategic fit for Emerson and strongly complements our actuator business,”
said Amit Paithankar, Managing Director, Emerson Process Management India.
Apart from catering to the Indian market, Ameya also has
been exporting its products to many countries including the U.K., the U.S.,
Germany, Spain, Italy, Austria, Turkey, China and Middle East. The company
has two manufacturing units.
“This deal makes great sense for both companies,” said
Rohan Pai, co-founder of Ameya Transmissions. “Our businesses complement
each other and we have the opportunity to grow even further because of
Emerson’s global reach and commitment to excellence,” he added.
QUOTE: “There is a huge opportunity in the entry level
hatchback segment in India as entry level compact cars account for 15 per
cent of India’s automobile market’’ Mayank Pareek, President, Passenger
Vehicle Business, Tata Motors
In a move clearly aimed at reviving the fortunes of its
mini hatchback, ‘Nano’, Tata Motors on Tuesday launched the product in a new
refurbished avatar, the GenX Nano, in a move clearly aimed at reviving the
fortunes of its mini hatchback. The GenX Nano will replace existing models
of the Nano.
The new product, positioned as a ‘smart city’ car, comes
with a range of new technological features. The car will be sold in five
variants, starting with the base variant, the XE priced at Rs.1.99 lakh
(ex-showroom Delhi) and the higher end XT priced at Rs.2.49 lakh.
The company also launched two new variants — XMA and XTA
with ‘Easy Shift’ Automated Manual Transmission (AMT). While the XMA will be
made-to-order and available from August 2015, the top-end XTA will be
available post-national launch.
Mayank Pareek, President, Passenger Vehicle Business,
Tata Motors, said, “There is a huge opportunity in the entry level hatchback
segment in India. The last three years were an aberration for the Indian car
industry and it is expected to double in the next five years to become the
third largest after China and the U.S.” The new variants offer enhanced
acceleration and ‘creep’ feature for heavy traffic manoeuvrability and ease
The GenX Nano continues to have the Electric Power
Assisted Steering (ePAS) designed for light steering feel and easy parking.
The GenX Nano offers fuel efficiency of 23.6 kmpl and 21.9 kmpl for the
manual and AMT variants.
On the new AMT variants, Mr. Pareek said, “there is a
huge propensity for AMT vehicles and 30-35 per cent customers are opting for
In a bid to attract more foreign investment, the
government is looking at doing away with the mandatory approval of the
Reserve Bank of India (RBI) which currently is needed after an investment
proposal has been approved by the FIPB.
Till now, the government and RBI shared oversight over
direct and indirect foreign investments.
Sources said the Section 6 of the Foreign Exchange
Management Act (FEMA) has been amended in the Finance Bill 2015 approved by
Parliament earlier this month to delete the requirement of RBI consent for
cross-border transactions and acquisition or transfer of immovable property
The Finance Ministry and the Industry Department are
working on new norms which would be issued shortly, they said.
Under the proposed mechanism, all foreign investment
proposals requiring government approval will only need FIPB (Foreign
Investment Promotion Board) nod.
The regulation under FEMA that required foreign direct
investment (FDI) proposals to be examined by RBI, is being done away with,
Currently, foreign investment is permitted either through
the automatic route or the government approval route. The proposals under
the approval route envisaging investment up to Rs 3,000 crore are cleared by
FIPB and beyond that require Cabinet nod. The foreign investment is also
subject to sectoral caps which are specified in the FDI policy.
The move is aimed at making it easier for doing business
in India. India currently ranks 142 out of the 189 countries on Ease of
Doing Business list.
Simplifying norms for domestic funds to manage offshore
pooled assets, the Securities and Exchange Board of India (SEBI) has dropped
‘20-25 rule’, which required a minimum of 20 investors and a cap of 25 per
cent on investment by an individual, for funds from low-risk foreign
As per the existing norms, a fund manager who is managing
a domestic scheme, is allowed to manage an offshore fund, subject to three
The first requires the investment objective and asset
allocation of the domestic scheme and of the offshore fund to be the same.
The second condition requires at least 70 per cent of the
portfolio to be replicated across both the domestic scheme and the offshore
The third condition, which was being considered as the
most stringent by the industry, requires that the offshore fund should be
broad-based with at least 20 investors with no single investor holding more
than 25 per cent of the fund corpus.
Otherwise, a separate fund manager is required to be
appointed for managing an offshore fund.
In a notification uploaded on SEBI’s website, the
regulator said these restrictions would not apply “if the funds managed are
of Category I foreign portfolio investors (FPIs) and/or Category II foreign
portfolio investors which are appropriately regulated broad based funds.”
Actor Amitabh Bachchan and his son Abhishek Bachchan have
invested $125,000 each in Ziddu.com, a Singapore based website owned by
Meridian Tech Pte Ltd.
The $250,000 investment will fetch them a small, minority
stake in the company whose valuation is around US $ 71 million.
A free cloud storage and e-distribution and micro payment
platform founded by Venkata Srinivas Meenavalli, it has a development centre
“We employ about 25 people in Hyderabad,” he told, adding
that the Bachchans were keen on investing more. One of the leading families
of Bollywood, the Bachchans made use of the Liberalised Remittance Scheme of
the Reserve Bank of India to invest in the company, he said.
Although the apex bank has doubled the limit under LRS to
$250,000 per person per year, the Finance Ministry is yet to issue a
circular giving effect to the hike. This made the Bachchans limit their
investment to $125,000 each.