ROUND-UP
CONTINENT IN FOCUS
IN
ASIA SCOOPS
Hyundai Motor India
plans launch of 2-3
new models every
year till 2020
H
yundai Motor India plans
to launch 2-3 new models
every year till 2020 as a part
of its efforts to further consolidate its position in the country.
The auto major, which is the
second largest car maker in
India, eyes 1 per cent growth
in its market share each year
during the period.
Employees’ Provident Fund Organisation
mobile app to activate UAN
Asia’s biggest
vaccine maker to seek
fast-track nod for
dengue drug in India
O
A
ne can now activate your universal
account number (UAN)
on phone through an app
launched by the Employees’ Provident Fund Organization (EPFO). Once it
gets activated, it will assist
in accessing account from
the comfort of mobile
phone.
The UAN is a 12-digit
portable number allotted
to each member that gives
them control of their EPF
account and minimizes
the role of the employer in
matters related to a member’s account. Experts say
universal number is a big
step towards shifting the
EPF services to an online
platform and making it
more user-friendly.
P
6
sia’s largest vaccine maker,
Serum Institute of India,
plans to file for fast-track
approval to launch a dengue
treatment in India. Serum
bought exclusive rights from
U.S. biotech Visterra to sell
its innovative monoclonal
antibody, as a treatment for
dengue in the Indian subcontinent in a deal worth up to
$39 million. Serum, owned
by Cyrus Poonawalla, has
sought the Indian government’s
approval to import the antibody
and conduct clinical trials in
India, its Chief Executive Adar
Poonawalla said in an interview.
RBI Deputy Governor
called corporate
leverage levels a
‘major concern’
BHEL to foray
into defence
manufacturing sector
ublic sector power
equipment maker BHEL is
stepping up its foray into the
defence manufacturing sector,
which has been thrown open
as part of the ‘Make in India’
campaign and is looking for
hi-tech original equipment
manufacturers (OEMs) for
partnership.
The ‘ Make in India’ initiative
in the defence sector is opening up large opportunities in
naval, field guns and submarine segments and BHEL is
actively pursuing these opportunities by partnering with
global OEMs,” Bhel chairman
and managing director B.
Prasada Rao said at the 51st
annual general meeting.
BRIEF
Asian Paints setting
up world’s largest
plant in Karnataka
Up Till October 15, 2015
C
hemicals major Asian Paints
is setting up the world’s
largest plant in Karnataka. The
Mumbai-based paints company
operates in 17 countries, with
23 plants and markets its products in 65 countries the world
over. Laying the foundation
for the plant, Karnataka Chief
Minister Siddaramaiah told
the company to provide more
locals, especially its land losers
by imparting required skills and
training.”The fact that Asian
Paints chose to set up its greenfield plant in our state testifies
that we are most-industry
friendly in the country,” he said.
R
eserve Bank of India
Deputy Governor S.S.
Mundra called levels of debt
in the domestic corporate
sector “a major concern”,
while admonishing banks
to clean up their bad loans
more quickly. Mundra said
leverage levels had risen
very substantially in the last
few years in the corporate
world, calling it a concern
that was also felt globally,
at an event in Mumbai for
chief financial officers.
The RBI deputy governor
also called on banks to
move more quickly to
recognize bad loans.