MoU’s Signed August 2023
Bain Capital to buy 90% of Adani Capital and Adani Housing
American private investment firm Bain Capital announced that it has entered into a definitive agreement to acquire 90% of Adani Capital and Adani Housing. Gaurav Gupta, the current CEO and managing director, will hold the remaining stake in the two companies. The transaction will buy out 100% of the Adani family’s private investments in the company. Bain Capital has also committed $120 million in primary capital to facilitate the company’s growth.
Bain Capital:
- Founded: 1984
- Headquarters: Boston, Massachusetts, U.S.
- Co-chairman: Joshua Bekenstein, Stephen Pagliuca
- co-managing partner: John P. Connaughton, Jonathan Lavine
- Capital: Buenos Aires
- President: Alberto Fernández
- Currency: Argentine peso
- Founded: 22 December 1940 (as Hindustan Aircraft), 1964 (Hindustan Aeronautics)
- Headquarters: Bangalore, Karnataka, India
- Chairperson & MD: CB Ananthakrishnan
- Capital: Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
- President: Ranil Wickremesinghe
- Prime Minister: Dinesh Gunawardena
- Currency: Sri Lankan rupee
- Headquarters: Bangalore, India
- Non-Exe Chairman: Vijay Srirangam
- MD & CEO: K Satyanarayana Raju
- Capital: Tokyo
- Prime Minister: Fumio Kishida
- Currency: Japanese yen
- Capital: Ankara
- President: Recep Tayyip Erdoğan
- Founded: 2012
- Founder: Greg Wyler
- Headquarters: London, England, UK
- CEO: Neil Masterson
- Capital: Abu Dhabi
- President: Mohamed bin Zayed Al Nahyan
- Prime Minister: Mohammed bin Rashid Al Maktoum
- Currency: UAE dirham
- Capital: Madrid
- Prime Minister: Pedro Sánchez
- Currency: Euro
- Capital: Dodoma
- President: Samia Suluhu Hassan
- Prime Minister: Kassim Majaliwa
- Currency: Tanzanian shilling
OPPO India teams up with the Atal Innovation Mission to set up the first PPP-model Atal Tinkering Lab
OPPO India in collaboration with NITI Aayog’s Atal Innovation Mission has announced the establishment of the first-ever Atal Tinkering Lab, based on the Public-Private Partnership model in Kerala. This programme motivates students to explore, experiment, and undertake projects involving DIY kits in robotics, electronics, and rapid prototyping. The primary objective of this initiative is to create an empowered future-ready workforce and nurture entrepreneurship and technological skills among the youth. The collaboration holds great significance to promote ‘out of the box’ thinking and instill community-oriented problem-solving skills in students. The Atal Innovation Mission (AIM) is a flagship initiative set up by the NITI Aayog in 2016 to promote innovation and entrepreneurship across the length and breadth of the country.
Argentina signs letter of intent with HAL
Hindustan Aeronautics Limited and the MoD of The Republic of Argentina have signed a Letter of Intenton productive cooperation and acquisition of Light and Medium Utility Helicopters for the armed forces of the Argentine Republic. The LoI was signed by the Argentinean Defence Minister Jorge Taiana and HAL Chairman and Managing Director C B Ananthakrishnan in Bengaluru. Argentina is the first Latin American nation to show interest in acquiring Tejas for its air force.
Argentina:
HAL:
India signs agreement to launch UPI in Sri Lanka
India and Sri Lanka exchanged the network-tonetwork agreement between the National Payments Corporation of India and Lanka Pay for UPI application acceptance in Sri Lanka. So far, France, UAE, and Singapore had partnered with India on emerging fintech and payment solutions. UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. Indian and Singapore signed an agreement to link their respective payment systems in February 2023. With this, the users in either country will now be able to make cross-border transactions. People in both countries will be able to send money in real-time via QR-code based or simply by entering mobile numbers linked to the bank account. In addition, France had also agreed to use the UPI payment mechanism earlier this month. It will begin from the iconic and tourist hotspot Eiffel Tower. An MoU was also exchanged to interlink the payment and messaging systems between the Reserve Bank of India (RBI) and the Central Bank of the UAE which will facilitate the integration UPI of India and the Instant Payments Platform (IPP) of the UAE.
Sri Lanka:
MoU signed between the Ministry of Culture and Canara Bank
An MoU has been signed between the Ministry of Culture and Canara Bank for disbursal of financial assistance to the selected beneficiaries under the “Scheme for Financial Assistance for Veteran Artists” earlier known as “Scheme for Pension and Medical Aid to Artists”. An artist aged 60 years and above who have contributed in the field of art and culture in their active age and whose annual income is not more than Rs. 48,000/- can apply under the scheme either through Art & Culture Department of concerned State Government/UT or Zonal Cultural Center. Release of financial assistance on monthly basis to the eligible beneficiaries is one of the main objectives of the MoU entered with Canara Bank. Under this scheme an amount of Rs. 26.00 crore has been allocated in B.E. for the year 2023-24. To ensure transparency and efficient utilization of funds, the scheme guidelines provides for direct transfer of amount to the account of selected beneficiaries.
Canara Bank:
Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank was nationalized in 1969. Outside India, the bank has offices in London, Dubai and New York.
India, Japan signs MoU to develop resilient semiconductor supply chain
India signed a Memorandum of Cooperation with Japan to develop a resilient semiconductor supply chain. Japan is an important semiconductor producer and technology developer. As per Electronics and IT Minister Ashwini Vaishnaw, there will be cooperation on Manufacturing, Equipment Research, Design, Talent Development, and Supply. India’s
Japan:
Turkey’s President Erdogan signs $50 bn in deals during visit to Arab nations.
The United Arab Emirates and Turkey inked several deals estimated to be worth $50 billion. Erdogan and UAE President Mohamed Bin Zayed attended the signing ceremony of the agreements that included an extradition accord, energy and natural resources development, space and defence cooperation. Part of the package, Abu Dhabi sovereign wealth fund ADQ signed a memorandum of understanding (MoU) to finance up to $8. 5 billion of Turkey earthquake relief bonds. A MoU with Export Credit Bank of Turkiye will see ADQ also finance up to $3 billion in credit facilities to support Turkish exports.
Turkey:
OneWeb and Gujarat inks MoU
London-based company OneWeb and the Gujarat Government’s Science and Technology Department have signed a Memorandum of Understanding (MoU) for the establishment of a ‘Satellite Network Portal Site’ in Gujarat. The portal site aims to provide affordable connectivity to various sectors, including the government, offering continuous and secure satellite internet access at affordable rates nationwide. OneWeb is a Low Earth Orbit (LEO) satellite company with 648 satellites, aiming to establish a global communication network. By utilizing LEO satellites instead of traditional geostationary satellites, OneWeb offers broadband Internet access with lower latency of less than 100 ms, compared to GEO-based networks with latencies of 500-700 ms, providing efficient network services. This technology is already operational in Europe and Canada.
OneWeb:
India and UAE sign MoUs in banking and education sectors
India and the UAE has signed three MoUs in banking and education sectors. The MoUs in the banking sector pertain to the use of local currencies for crossborder transactions and cooperation for interlinking their payment and messaging systems. Under the MOU in the education sector,the Indian Institute of Technology Delhi will set up an IIT campus in Abu Dhabi. The two central banks also agreed to cooperate on linking their Fast Payment Systems (FPSs) – Unified Payments Interface (UPI) of India with the Instant Payment Platform (IPP) of UAE, linking the respective Card Switches (RuPay switch and UAESWITCH) and exploring the linking of payments messaging systems. The UPI-IPP linkage will enable the users in either country to make fast, convenient, safe, and cost-effective cross-border funds transfers. The linking of Card Switches will facilitate the mutual acceptance of domestic cards and the processing of card transactions.
United Arab Emirates:
L&T and Spain’s Navantia sign agreement for submarine project worth Rs 43,500 cr
L&T has signed a teaming agreement with Spanishbased Navantia for the submission of a technocommercial bid for the Indian Navy’s prestigious P75 (India) submarine program. P75 (India) Submarine Project is expected to be valued at €4. 8 billion. Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines. The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy.
Spain:
India, Tanzania begin trade settlements in local currencies
External Affairs Minister S Jaishankar informed that India and Tanzania have started trade settlements in local currencies. This new initiative will help in promoting commerce between the two countries. India-Tanzania bilateral trade has seen very strong growth and stood at USD 6. 4 billion in 2022-23. Bank of India, Bank of Baroda, and Canara Bank have operations in Tanzania.
Tanzania:
India & Panama signs MoU on Electoral Cooperation
The Election Commission of India and Electoral Tribunal (ET) of Panama signed a Memorandum of Understanding in Panama City to establish the institutional framework for their ongoing cooperation in the field of election management and administration. the MoU reflects the EC’s ongoing commitment to engage with electoral bodies across the globe and strengthen the democratic processes worldwide. Having signed MoUs with Mexico, Brazil and Chile in the past years, this is the fourth MoU signed by ECI with an EMB in the Latin Americas region, with an overall 31 MoUs with EMBs and international organisations across the world.
Panama:
- Capital: Panama City
- President: Laurentino Cortizo
- Currency: Balboa
Defence Ministry signs Rs 458 cr contract with HAL for 2 Dornier Aircraft for Indian Coast Guard
The Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) for the procurement of two Dornier Aircraft for the Indian Coast Guard (ICG) in New Delhi. The Dornier aircraft will be manufactured indigenously at HAL’s Transport Aircraft Division in Kanpur, aligning with the government’s ‘Make in India’ initiative and contributing to self-reliance in defence. The contract, valued at 458. 87 crore rupees, includes the associated Engineering Support package. The aircraft will be equipped with advanced features such as a Glass Cockpit, Maritime Patrol Radar, Electro Optic InfraRed device, and Mission Management System. These additions are expected to enhance the ICG’s aerial surveillance capability. The aircraft will be manufactured indigenously at HAL’s Transport Aircraft Division in Kanpur, aligning with the government’s ‘Make in India’ initiative and contributing to self-reliance in defense.
India and Singapore sign Protocol Document extending current MoU on Cooperation till 2028
India and Singapore have signed a Protocol Document extending the current memorandum of understanding (MoU) on Cooperation in the field of Personnel Management and Public Administration till 2028. The MoU aims at strengthening the partnership between the two countries through various forms of cooperation between both countries’ Public Service officers.
Singapore:
- Capital: Singapore (city-state)
- President: Halimah Yacob
- Prime Minister: Lee Hsien Loong
- Currency: Singapore dollar
DGCA, EASA join hands to propel unmanned aircraft systems, air mobility
With an aim at advancing in the field of unmanned aircraft systems (UAS) and innovative air mobility, the Directorate General of Civil Aviation (DGCA) has entered into a Memorandum of Understanding (MoU) with the European Union Aviation Safety Agency (EASA). The MoU will also ensure regular information sharing between the two authorities on the technological developments and research in this area and also their respective strategies for outreach to relevant stakeholders.
DGCA
The Directorate General of Civil Aviation (DGCA) is a statutory body of the Government of India to regulate civil aviation in India. It became a statutory body under the Aircraft (Amendment) Act, 2020.
- Minister responsible: Jyotiraditya Scindia, Minister of Civil Aviation
- Director General: Vikram Dev Dutt
- Founded: 15 July 2002
- Headquarters: Cologne, Germany
- Executive Director: Patrick Ky
- Headquarters: Bengaluru
- CEO: K. Satyanarayana Raju
- Founded: 1 July 1906
- Capital: Manila
- Currency: Philippine peso
- President: Bongbong Marcos
- Headquarters: California, United States
- CEO: Ryan McInerney
- Founded: 18 September 1958
- Prime minister: Mostafa Madbouly
- President: Abdel Fattah el-Sisi
- Capital: Cairo
- Currency: Egyptian Pound
European Union Aviation Safety Agency (EASA)
ICFA and RAKEZ signs MoU to Enhance Food and Agriculture Collaboration between UAE and India
Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) have signed a Memorandum of Understanding (MoU) aimed at promoting mutual growth and development in the food and agriculture sectors of the UAE and India. The collaboration aims to provide opportunities for knowledge exchange and capacity-building, allowing tech and agricultural companies in the RAKEZ business community
RAKEZ:
Ras Al Khaimah Economic Zone (RAKEZ) is an Emirati free-trade zone in Ras Al Khaimah in United Arab Emirates. It was introduced in 2017 and is one of the 37 free zones across in the United Arab Emirates that are overseen by the Ras Al Khaimah Investment Authority. RAKEZ allows a one hundred percent foreign ownership.
MoU signed between Ministry of Culture and Canara Bank for disbursal of financial assistance to veteran artists
A MoU was signed between Ministry of Culture and Canara Bank for disbursal of financial assistance to veteran artists under the “Scheme for Financial Assistance for Veteran Artists”. Ministry of Culture administers a Scheme namely “Financial Assistance for Veteran Artists” under which financial assistance of Rs. 6000/- per month is provided to artists and scholars above the age of 60 years who have contributed significantly in their specialized fields of performing arts and culture in their active age or are still contributing.
Canara Bank
Philippines ratifies updated Air Services Agreement with India
The fifth India-Philippines Joint Commission onBilateral Cooperation (JCBC) held in New Delhi. During the event, External Affairs Minister Dr. S Jaishankar welcomed Filipino Foreign Affairs Secretary Enrique Manalo has ratified the updated Air Services Agreement with India. Air service agreements (ASA) are formal treaties between countries – accompanying memoranda of understanding (MoU) and exchanges of formal diplomatic notes. Diplomatic relations between India and the Philippines was established in 1949. India maintains an embassy in Manila, whilst the Philippines maintains one in New Delhi. A Treaty of Friendship was signed between the Philippines and India on 11 July 1952.
Philippines
Visa acquires fintech startup Pismo for $1 bn
Payments giant Visa Inc has agreed to acquire Brazilian fintech platform Pismo for $1 billion in cash to expand its footprint in Latin America. The Pismo deal is the largest fintech exit in Latin America since Nubank went public in late 2021 and the larges disclosed startup exit so far this year. For Visa, the world’s largest payments processor, it is its first major takeover since 2021 when it bought European open banking platform Tink for $2. 2 billion as well as British cross-border payments provider Currencycloud. Sao Paulo-based Pismo’s cloud-based platform for financial institutions hosts more than 70 million accounts and transacts more than $200 billion a year, providing the technology through which clients can issue Visa and Mastercard cards.
VISA
Gujarat, U. S. chipmaker Micron to sign MoU for semiconductor unit
The Gujarat government will sign an MoU with American computer storage chipmaker Micron Technology for a semiconductor assembly and test facility at Sanand in Ahmedabad district. On June 22, Micron had announced it will set up a semiconductor assembly and test plant in Gujarat entailing a total investment of $2. 75 billion (around ₹22,540 crore). Micron’s plant has been approved under the central government’s “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme”. Under the scheme, the U. S. -based firm will receive 50% fiscal support for the total project cost from the Centre and incentives representing 20% of the total cost from the Gujarat government. Micron’s new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets.
Ministry of Agriculture signed an MOU with Pixxel Space India
The Union Agriculture Ministry has signed an MOU with Pixxel Space India Pvt Ltd to develop various geospatial solutions, mainly for monitoring the health of crops and soil. It aims to develop various geospatial solutions on pro bono basis for the Indian Agriculture Ecosystem using Pixxel’s hyperspectral dataset. This project focuses on leveraging sample hyperspectral data from Pixxel’s pathfinder satellites. It will develop analytics models focused on crop mapping, crop stage discrimination, crop health monitoring, and soil organic carbon assessments.
India, Egypt sign pact to elevate ties to ‘Strategic Partnership’
India and Egypt signed a pact to elevate their relationship to a ‘Strategic Partnership’ as PM Narendra Modi held wide-ranging talks with Egyptian President Abdel Fattah el-Sisi. The strategic partnership will have broadly four elements: political, defence and security; economic engagement; scientific and academic collaboration; and cultural and peopleto-people contacts. As per India’s Foreign Secretary Vinay Kwatra four MoUs and agreements were signed. The two sides also signed three pacts on agriculture, preservation of monuments and archaeological sites, and on competition law. The Egyptian President also honoured Prime Minister Modi with the Order of the Nile – the highest civilian honour of Egypt. Past recipients include South African leader Nelson Mandela, US President Jimmy Carter and Queen Elizabeth II among others.
Egypt:
