Economy & Banking Current Affairs Nov 2015 [Part 2]

 Reliance MF Announced to Acquire Goldman Sachs India MF Business

  • In its first ever acquisition, Reliance Capital Asset Management (RCAM) announced takeover of global firm Goldman Sachs’ mutual fund business in India for Rs 243 crore in an all-cash deal on October 21, 2015.
  • The deal, under which RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of ? 7132 crore, would also make Reliance MF the exclusive fund manager for i the government’s ambitious Central Public Sector Enterprises (CPSE) Exchange Traded Fund.
  • Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and is also present in insurance, brokerage and wealth management among other areas.

Infosys Acquired ‘Noah Consulting’

  • Indian IT giant Infosys is acquiring US-based consulting firm Noah Consulting LLC on October 19, 2015 in a cash deal valued at $ 70 million (Rs 453 crore approximately). This is Infosys’ third acquisition of the year
  • In June, 2015, the company announced that it has completed acquisition of Kallidus (which does business under the name Skava) for $ 120 million. In March, 2015, Infosys acquired Panaya Inc, a US-based automation technology company for i $ 200 million
  • Noah Consulting is a leading provider of advanced infonnation j management consulting services for the oil and gas industry.
  • The company helps oil and gas companies create and deploy information solutions to generate value from their oil and gas assets.

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Aditya Birla Group Launched Online Fashion Portal ‘’

  • Textiles-to-telecom conglomerate Aditya Birla Group entered pure play e-comnrerce on October 16, 2015 by launching fashion portal ‘’, which sells about 55 brands including those of the parent group. A private and unlisted company, Aditya Birla Online Fashion (abof) will mostly cater to those in the 18-25 age group. Unlike other shopping portals, abof will not give discounts and will display a curated collection rather than a lot of options.
  • Abof has a 3D trial room where customers can try the clothes priced between Rs 300 and 14000. Aditya Birla Group has created a new team of about 200 people, mostly based in Bengaluru and poached from online players such as Snapdeal, Myntra and Zomato over the last nine months. The group has also tied-up with third party vendors for logistics.

Adam got Federal Re-approval for Carmichael Coal Mine

  • The Federal government of Australia has given mining giant Adani re-approval to build the massive Carmichael coal mine on October 14, 2015, subject to 36 of the strictest conditions in Australian history.
  • The re-approval comes more than two months after the Federal Court set aside the original approval because of a bureaucratic bungle over two vulnerable species. It is a $ 16 billion mine and rail project in remote Central Queensland.
  • The mine, rail and port projects in Queensland will deliver 10000 direct and indirect jobs, and $ 22 billion in taxes and royalties to be reinvested back into community Earlier in August, 2015 Australian court had temporarily blocked the project because of environmental concerns.

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Vodafone Won Transfer Pricing Battle against I-T Department

  • Vodafone India on October 8, 2015 won its battle against the Income-Tax department over transfer pricing in the Bombay High Court, which set aside the appellate tribunal’s ruling that had gone against the telecom company.
  • In this regard, the division bench of SC Dharmadhikari and AK Menon decided against the Income-Tax Appellate Tribunal (ITAT) order.
  • The ITAT order had said local authorities had the power to raise the tax demand related to the sale of a call centre in Ahmedabad in 2007.
  • In 2014, the IT tribunal had stayed the tax demand during the proceeding of the case and had asked Vodafone India to deposit 200 crore rupees by February, 2014.

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Updated: December 30, 2015 — 6:59 am

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