Ten merchant bankers to manage IPO of LIC

Minister of Power and New and Renewable Energy RK Singh on Wednesday said, India is world leader in Energy Transition and intends to continue leading the path. He said India’s Nationally Determined Contributions, NDC is to increase the share of non-fossil fuels to 40 percent of the total electricity generation capacity by 2030. He added that at the current rate, India might be able to achieve almost 50 percent from non fossil fuel by 2030. Mr. Singh was speaking at a webinar on “A Multilateral Approach to Building a Global Hydrogen Economy”. He said, India is among one of the few countries globally which has kept to its Paris Climate Change commitments along with an exponential increase in renewable energy capacity. He also stated that India is determined to not only achieve, but to exceed its NDC commitments well within the committed time frame.

-Union Cabinet has approved the signing of Memorandum of Understanding between the Institute of Chartered Accountants of India and the Chamber of Auditors of the Republic of Azerbaijan. It will help in establishing the Mutual Cooperation in the areas of Member Management, Professional Ethics, Technical Research, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development. The Cabinet also approved the signing of an MoU on cooperation in the field of Geosciences between the Joint Stock Company Rosgeologia, a legal entity incorporated under the laws of the Russian Federation and the Geological Survey of India. The main objective of this MoU is to extend mutual cooperation for technological collaboration on exploration for deep-seated and concealed mineral deposit, analysis and interpretation of the aero-geophysical data, Joint development of the Indian Geoscience Data repository with the Russian state-of-the-art Information Technology and; exchange of technology & knowledge in the field of drilling, sampling and laboratory analysis. The Cabinet also cleared the signing of an agreement on the recruitment of Indian citizens to work in the Portuguese Republic between India and Portugal.The present agreement would set an institutional mechanism for partnership and cooperation between India and Portugal on sending and accepting Indian workers.

-The government has appointed ten merchant bankers including SBI Capital Market Limited, Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory and Securities India to manage the Initial Public Offering, IPO of Life Insurance Corporation of India, LIC. In a tweet, Secretary, Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey said that Government has finalised the book running lead managers and some other advisors for the IPO of LIC.

-The Indian  Medal winners of Tokyo 2020 Paralympics were  felicitated at a function in New Delhi on Wednesday evening. Minister of Youth Affairs and Sports Anurag Singh Thakur, Minister of State for Youth Affairs and Sports Nisith Pramanik and Law Minister Kiren Rijiju  felicitated all the medal winners. The country bagged an all-time high 19 medals including five gold, eight  silver and six bronze in the recently concluded Tokyo Paralympics Games.Speaking on the occasion, Thakur said, the Indian contingent has made the country proud by winning 19 medals which is a historic achievement for the country. He said, in 2016 Paralympics, 19 member Indian contingent was sent but this time 54 member contingent participated at Tokyo Paralympics and brought 19 medals by their stupendous performance. He said, all the 54 athletes are the part of the Target Olympic Podium Scheme which help them to improve their performance. Thakur assured the country's sportspersons that the government of India will leave no stone unturned in providing support and assistance so that they bring more medals in future sports events.

-Union Cabinet has  approved the Production Linked Incentive Scheme for Textiles. Under it, the incentives worth  10,683 crore rupees will be provided over five years. Briefing reporters in New Delhi, Textiles Minister, Piyush Goyal said, this will  positively impact states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana and Odisha. He said, the decision will help in creating additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities.
The scheme will promote production of high value Man Made  Fabric, Garments and Technical Textiles in the country. The incentive structure has been so formulated that industry will be encouraged to invest in fresh capacities in these segments. This will give a major push to growing high value Man Made  Fiibre  segment which will complement the efforts of cotton and other natural fibre-based textiles industry in generating new opportunities for employment and trade.