Bangalore-headquartered electric vehicle company Ola Electric has filed for an initial public offering (IPO) planned for this year. The IPO aims to raise $662 million, which will make Ola Electric the first EV maker to be publicly listed in India. This upcoming IPO is seen as an important test case...
India's Anshula Kant Appointed as CFO of the World Bank
Anshula Kant, managing director of state-owned State Bank of India, has been appointed as managing director and chief financial officer of the World Bank, its president David Malpass announced on Friday, July 12. Kant will be responsible for financial and risk management of the World Bank Group. Referring to Kant,...
Carlyle Invests over Half Billion in Indian Insurance
The Washington D.C.-based private equity firm Carlyle Group, in its biggest-ever investment in India, acquired a 9 percent stake in SBI Life Insurance Limited. Carlyle paid $652 million to French BNP Paribas Cardif SA from whom they bought the stake. The French bank’s insurance unit now holds 12.77 percent stake...
World Bank Supports India's Solar Energy Program
The World Bank Group signed an agreement with the International Solar Alliance to provide $1 billion support to Indian solar energy projects. Led by India, this Alliance consists of 121 countries and was launched at the UN Climate Change Conference in Paris end-November last year, by Prime Minister Narendra Modi and French...
Industrial Output Growth in India Reaches 5-year High
Reuters reports that India's industrial output grew at its fastest pace in five years this October, propelled by manufacturing – factory output, utilities and mines grew 9.8 percent, its fastest pace since October 2010. Soumya Kanti Ghosh, chief economic advisor at state-held State Bank of India, reckoned that this data...
India's Largest Bank Gets a Female CEO
Arundhati Bhattacharya is the first woman Chair-Managing Director of the State Bank of India (SBI) in its 208-year-history, and she holds one of the most powerful positions on the Asian subcontinent. SBI is India’s most important financial institution controlling a fifth of India’s bank assets. It is India's largest lender...