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Daily News Digest:31 March 2020

Scitech Park develops technology to Fight Infections

A Scitech Park based startup company in Pune has developed a technology that disinfects closed environments in an hour and will help medical and paramedical staff to combat the COVID19 pandemic. The technology is a negative ion generator that helps in controlling the fungal infections, bacteria, viruses, and helps in disinfecting areas that have been exposed to suspected or positive cases of COVID19 infection.

“Companies Fresh Start Scheme, 2020” launched by Ministry of Corporate Affairs

The Central Government in an effort to provide relief to the companies and Limited Liability Partnerships (LLPs) following the law has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020”. The schemes provide an opportunity to the companies as well as LLPs to fulfil any filing related defaults, without regards to the duration of default and make a fresh start as a fully compliant entity.

A virtual tour launched by the National Gallery of Modern Art

The National Gallery of Modern Art has launched a virtual tour of the Museum in celebration of completing 66 years of its foundation for people to view its permanent collection. The  66th Foundation Day of National Gallery of Modern Art(NGMA) was celebrated on 29 March 2020.

Chennai Port Trust acquires 67 per cent stake in Kamarajar Port Ltd.

Chennai Port Trust(ChPT) has acquired 67 per cent stake in Kamarajar Port Ltd.(KPL) from the Centre for Rs. 2,383 crores, making KPL its wholly-owned subsidiary. Kamarajar Port Ltd.(KPL) formerly known as Ennore Port is located on the Coromandel Coast which is about 18 km north of Chennai Port.

Insurance scheme for shopkeepers by BHARAT PE and ICICI Lombard

ICICI Lombard in partnership with India's largest merchant payment BharatPe has rolled out 'COVID-19 Protection Insurance Cover' for shopkeepers to avail affordable insurance to combat the COVID19 pandemic.

North Macedonia becomes 30th member of NATO

North Macedonia is officially known as “Republic of Macedonia” formerly known as Yugoslavia (name changed after Prespa Agreement (2018) with Greece) is a country in Balkan Peninsula in Southeast Europe.

The North Atlantic Treaty Organization is also called the North Atlantic Alliance and is headquartered in Everett, Brussels, Belgium. It is an intergovernmental military alliance between 30 North American and European countries.

$100 million raised by State Bank of India via green bonds

State Bank of India has raised USD 100 million green bonds, the first such bond by any state-owned bank in this fiscal. The bonds will be issued through London branch of SBI on 31 March 2020 and will be listed on Singapore SGX.

Asian Development Bank to invest $100 million in NIIF's fund of funds

The Asian Development Bank (ADB) will invest $100 million into the National Investment and Infrastructure Fund (NIIF) of India’s Fund of Funds. With the investment, the NIIF now has secured $700 million in commitments.

NIIF Fund of Funds(FoF) was set up in 2018 to create a vehicle that could provide private equity fund managers focussed on India with a go-to institutional investor operating at scale and based in India.

Tata Power JV starts operation of Shuakhevi HPP in Georgia

The Joint Venture between Tata Power, International Financial Corporation (IFC) and Norway's Clean Energy Invest (CEI) has announced the commencement of commercial operation of the 178 Megawatt Shuakhevi Hydro Power Project situated in southwest Georgia. The Shuakhevi Project will generate around 450 Gigawatt hour of clean energy.

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