Company Profile

State Bank of India (SBI) will institute work-from-anywhere infrastructure and expects to save Rs 1,000 crore from this measure. The focus of the bank going forward will be on cost reduction, rationalization and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.

As the COVID-19 pandemic is still playing out, FY21 will be a challenging year for the bank like any other bank or financial institution. The bank is well prepared to deal with such challenges. The lender has stepped up its monitoring of all the projects under implementation and expects to tide over COVID-19 impact in the short to medium term.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

Bharti Airtel and Comfort Investments II, an affiliated entity of CAP V Mauritius, an investment fund managed and advised by affiliated entities of The Carlyle Group (together Carlyle), have entered into an agreement under which Comfort Investments II will invest $235 million in Nxtra Data, a wholly owned subsidiary of Bharti Airtel engaged in the data centre business. The post-money enterprise valuation of Nxtra is approximately $1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%.

Jindal Steel & Power’s (JSPL) subsidiary--Jindal Steel & Power (Mauritius) (JSPML) has accepted a binding offer from Templar Investments to divest its entire stake in its Oman asset, Jindal Shadeed Iron and Steel Co LLC (JSIS Oman). The divestment is in line with JSPL's vision and commitment to continuously bring down its debt and deleverage its balance sheet. The enterprise value of the deal is over $1 billion.

Building on its focused strategy of creating a robust portfolio of premium products, Hero MotoCorp has commenced the dispatches of its eagerly-awaited new motorcycle – the Hero Xtreme 160R. Adding a striking and powerful new chapter to the popular premium brand Xtreme, the Xtreme 160R further strengthens Hero MotoCorp’s presence in the premium motorcycle segment. With its successful XPulse and Xtreme motorcycle brands, the company is geared-up to make a compelling appeal to youth across the globe.

Marico has acquired the balance equity stake of 55% in Zed Lifestyle (Investee Company) from its existing shareholders on June 30, 2020. The investment makes the Investee Company a wholly owned subsidiary of Marico and gives Marico a complete control over the operations of the Investee Company.

Indiabulls Housing Finance has allotted 2,500 Secured, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs 10 lakh each aggregating to Rs 250 crore, on a private placement basis. Date of Maturity of NCDs is December 30, 2021. The said NCDs are proposed to be listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) of India.

Hindustan Zinc has set up an additional 10 million litres per day (MLD) sewage treatment plant to make Udaipur's lake and river free from pollution. The plant is commissioned and now producing treated water, which is being sent to Aayad river. The company had set up Udaipur's first sewage treatment plant (STP) under public-private-partnership model in 2014. Initially, this STP had a capacity to treat 20 million litres of sewage per day which was expanded by setting up another 25 MLD plant in FY'19, taking the capacity to a total of 45 MLD.

State Bank of India (SBI) has launched 'Yono' branches in select cities, aimed at driving adoption of digital banking among its customers. Yono is the lender's digital banking app. The bank has launched Yono branches in Navi Mumbai, Indore and Gurugram, one in each city, as part of its pilot.