Mou’s Signed Sep-23

Mou’s Signed Sep-2023

Sri Lanka’s Transport Ministry signs contract with India’s IRCON International Limited for Signalling system

Sri Lanka’s Transport and Highways Ministry has signed a contract with India’s IRCON International Limited for the Design, Installation, Testing, and Commissioning of a Signalling system along the Sri Lanka Railways’ Maho to Anuradhapura route, spanning 66 kilometers. The contract, valued at 14. 90 million USD. The project, which will be executed under an Indian Line of Credit of 318 million USD, is set to bolster transportation links and foster economic growth.

IRCON International Limited:

• Industry: Railway infrastructure
• Founded: 27 April 1976
• Headquarters: New Delhi, India
• Chairman & MD: Yogesh kumar Mishra

Nabard partners with UNDP India to boost datadriven innovations in agriculture

UNDP India and the National Bank for Agriculture and Rural Development (Nabard) signed a Memorandum of Understanding to co-create data-driven innovations in agriculture and food systems to support smallholder farmers. The partnership aims at enhancing and disseminating collaborative digital public goods like DiCRA (Data in Climate Resilient Agriculture).

Nabard:

• Chairman: Shri Shaji K V
• Established: 12 July 1982
• Headquarters: Mumba

India-Saudi Arabia sign MoU in several areas including energy, digitalization, and investment

India and Saudi Arabia have signed eight agreements in several areas including energy, digitalization, and investment. Both sides extended their full support to the early implementation of the west coast refinery projects. India and Saudi Arabia have also agreed to expedite the India-GCC Free Trade Agreement negotiations which they felt would act as a catalyst for further strengthening economic cooperation between the two sides. India and Saudi Arabia also agreed to strengthen cooperation in the FinTech field and explore trading in the local currencies.

Saudi Arabia

• Capital: Riyadh
• Currency: Saudi Riyal
• King: Salman bin Abdulaziz Al Saud
• Founded: 23 September 1932

Saudi Arabia, US sign MoU to establish Asia – Europe green transit corridors

Saudi Arabia has announced the signing of a memorandum of understanding (MoU) with the US to establish intercontinental green transit corridors. The MoU, signed, provides a framework for developing a protocol for establishing green transit corridors through the kingdom to connect Asia and Europe. This project aims to facilitate the transit of renewable electricity and clean hydrogen via transmission cables and pipelines, as well as constructing rail linkages. It will also help enhance energy security, promote the digital economy, trade and transport of goods.

Saudi Arabia:

• Capital: Riyadh
• Currency: Saudi Riyal
• King: Salman bin Abdul Aziz Al Saud

UK PM Rishi Sunak signs new strategic pact with Singapore in India

British Prime Minister Rishi Sunak has agreed on a new strategic partnership with Singapore during a meeting with Prime Minister Lee Hsien Loong on the margins of the G20 Summit in New Delhi. The pact is expected to give Singaporean companies more confidence to invest in the UK and vice-versa, creating jobs and growth for both economies.

Singapore:

• Prime Minister: Lee Hsien Loong
• Capital: Singapore
• Currency: Singapore dollar (S$)

Viacom18 secures exclusive media rights for BCCI in India for Rs 5,963 cr

Leading media & entertainment firm Viacom18 has bagged streaming and broadcast rights for all domestic and international cricket in India for five years from September 2023 to March 2028 for a consideration of Rs 5,963 crore. Reliance-backed Viacom18 had earlier acquired digital rights for IPL for the 2023-27 cycle for a whopping Rs 20,500 crore. This addition of BCCI International and Domestic Cricket includes International Men’s, Women’s matches, and domestic first-class competitions like the Ranji Trophy, Duleep Trophy, Deodhar Trophy, and Syed Mushtaq Ali Trophy, among others.

Viacom18:

• CEO: Jyoti S. Deshpande
• Parent organization: TV18
• Subsidiaries: Reliance Storage Limited, Viacom18 Studios
• Headquarters: Mumbai
• Founded: November 2007

Apple-backed Globalstar signs $64 mn launch pact with SpaceX

Apple is reimbursing Globalstar for 95 per cent of the capital expenditures related to the satellites, including the launch costs. The tech giant would use 85 per cent of Globalstar’s network capacity to provide emergency satellite connectivity for iPhones outside of cellular networks. The Globalstar launches are scheduled for 2025 and will send at least 17 new satellites to the lowEarth orbit. Globalstar entered into a $327 million purchase agreement with MDA for those satellites in February last year.

Globalstar:

Globalstar, Inc. is an American satellite communications company that operates a low Earth orbit satellite constellation for satellite phone and low-speed data communications. The Globalstar second-generation constellation consists of 25 low Earth

orbiting satellites.

• Headquarters: United States
• CEO: David Kagan
• Founded: 24 March 1991

Vistara-Air India merger gets CCI approval

The Competition Commission of India (CCI) approved the merger of Vistara-owner Tata Singapore Airlines Limited (SIA) Airlines with Air India. The Tata group had announced last November that as part of the merger, SIA will invest ₹2,059 crore in Air India. Post the consolidation, SIA will hold 25. 1% shareholding in Air India. The deal is to be completed by March 2024. TSAL is a joint venture between the Tata Group and the Singapore Airlines with the former holding 51% and the latter 49%. Vistara is a joint venture of Tata Sons and SIA. Tata Sons holds 51 per cent, and Singapore Airlines own 49 per cent. Talace Private Limited, a fully owned subsidiary of Tata Sons, owns air India.

Vistara:

• CEO: Vinod Kannan
• Parent organization: Tata Sons
• Headquarters: Gurugram
• Founders: Singapore Airlines, Tata Sons
• Founded: 5 November 2013, New Delhi

Amazon’s AWS ties up with ISRO to advance its AI capabilities

Cloud behemoth Amazon Web Services has signed a strategic MoU with the ISRO and Indian National Space Promotion and Authorization Centre (IN-SPACe) to support space-tech innovations through cloud computing. this collaboration will give space start-ups, research institutes and students access to cutting edge cloud technologies that accelerate the development of new solutions in the space sector.

IN-SPACe:

• Formed: 2020
• Headquarters: Ahmedabad, Gujarat, India
• Minister: Narendra Modi, Prime Minister of India and Minister of Space
• Deputy Minister: Jitendra Singh, Minister of State for Space

IREDA signs MoUs with Union Bank of India and Bank of Baroda

Indian Renewable Energy Development Agency (IREDA) has signed an MOU with the Union Bank of India and Bank of Baroda to co-finance renewable energy (RE) projects. Through the agreement, IREDA will collaborate with the banks in co-lending and loan syndication of emerging and established RE projects. IREDA recently have signed MOU with India Infrastructure Finance Company to co-finance RE projects.

Indian Bank collaborates with IBM to deploy new front-end banking apps

Indian Bank has collaborated with Nasdaq-listed IBM to deploy future ready infrastructure to enhance scalability and agility. IBM has collaborated with Indian Bank, to accelerate its modernisation path with flexible and secure infrastructure for deploying new front-end banking applications. The city-headquartered bank wanted to consolidate its front branch servers for better manageability and availability at Data Centres and Disaster Recovery centres under their ‘Project Paradise’ initiative. To simplify and improve the security for their private cloud, Indian Bank is using IBM PowerSC for all AIX endpoints to get better support for compliance audits.

Indian Bank :

• Founded: 15 August 1907
• Founder: S. Rm. M. Ramaswami Chettiar
• Headquarters: Chennai, India
• MD & CEO: Shanti Lal Jain

Center signs MoU with Adobe to help children learn AI

Union Ministry of Education Dharmendra Pradhan signed an MoU with global software major Adobe to help children develop creative expression in classrooms using the application Adobe Express. Under the programme, Adobe will provide schools across the country with free access to Adobe Express Premium and the professional development of educators.

Adobe Inc.:

• Founded: December 1982
• Founders: John Warnock, Charles Geschke
• Headquarters: California, U. S.
• Chairman & CEO: Shantanu Narayen

Israel, Japan agree to promote economic, innovation cooperation

Israel and Japan have signed a document of understanding to promote economic and innovation cooperation. The main Israeli exports to Japan are machinery, electrical equipment, optical and medical devices, chemical products and food products, while Japan mainly exports machinery, electrical equipment, and vehicles to Israel.

Israel:

• Capital: Jerusalem
• President: Isaac Herzog
• Prime Minister: Benjamin Netanyahu
• Currency: New shekel

Japan:

• Capital: Tokyo
• Prime Minister: Fumio Kishida
• Currency: Japanese yen

Education ministry partners with Meta to provide Digital and marketing skills to students, and entrepreneurs

Union Minister for Education Dharmendra Pradhan launched a 3-year partnership of his Ministry with Meta to provide Digital and marketing skills to students,educators, and entrepreneurs in New Delhi. Three Letters of Intent (LoI) were exchanged between Meta and NIESBUD, AICTE and CBSE. This will build capacities of the talent pool, and seamlessly connect students, youth, workforce, and micro-entrepreneurs, with futuristic technologies. Under the partnership with NIESBUD, five lakh entrepreneurs will get access to digital marketing skills by Meta over the next three years.

ADB and Fourth Partner Energy Collaborate for Solar Power Plant in Tamil Nadu

The Asian Development Bank and Fourth Partner Energy Private Limited signed a long-term loan of up to 1. 2 billion Rs to construct and operate a 25-megawatt solar photovoltaic-based power plant. The aim is to increase clean and low-cost energy supply to commercial and industrial customers. The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50. 7 gigawatt-hours of electricity annually and will directly sell power to commercial and industrial users.

Asian Development Bank:

• Formation: 19 December 1966
• Headquarters: Mandaluyong, Philippines
• Membership: 68 countries
• President: Masatsugu Asakawa

India and Kenya agree to deepen cooperation in maritime security

India and Kenya have agreed to deepen cooperation in maritime security in the Indian Ocean region and joint training in counter insurgency. A Memorandum of Understanding was signed between Goa Shipyard Limited and Kenya Shipyard Limited in the field of capacity building and for collaboration in ship design and construction. Rajnath Singh presented 15 pairs of parachutes manufactured by the Gliders India Limited for the Kenyan Forces. India also extended support towards setting up of an advanced CT scan facility in Kenya.

India and New Zealand signs a Memorandum of Understanding to boost cooperation in civil aviation

India and New Zealand have signed a Memorandum of Understanding (MoU) to boost cooperation in civil aviation. This will cover the scheduling of new routes,code share services, traffic rights and capacity entitlement.

New Zealand:

• Capital Wellington
• Governor-General: Cindy Kiro
• Prime Minister: Chris Hipkins
• Currency: New Zealand dollar

LIC Partners with Saraswat Cooperative Bank to Increase the life Insurance

Life Insurance Corporation of India has recently tied up with Saraswat Cooperative Bank Ltd in its effort to increase the penetration of life insurance through Bancassurance channel in Mumbai. Saraswat Cooperative Bank is the India’s largest Urban Cooperative Bank.

LIC:

• Chairperson: Siddharth Mohanty
• Managing Director: R Doraiswamy, M Jagannath, Tablesh Panday

Maharashtra Govt signs MoU with Germany’s professional association football league to help young players

The Maharashtra Government has signed a memorandum of understanding (MoU) with Germany’s professional association football league, ‘Bundesliga’, to build a football team for players under the age of 14. The Bundesliga stands as Germany’s premier professional football league, renowned for its rich history and exhilarating football encounters. This partnership holds the potential to rejuvenate the sports landscape, particularly in domains such as under-14 age competitions, comprehensive training programs, and the establishment of a state-of-the-art sports science center.

Nepal and China sign 12 agreements during Prachanda’s visit

Nepal and China have signed 12 different agreements and one memorandum of understanding (MoU) during the official visit of Prime Minister Pushpa Kamal Dahal ‘Prachanda’ to China. The agreements and MoU were signed between the two governments in the presence of PM of both countries.

Highlights of the agreements include:

• For collaboration in Planning Commission
• For collaboration in green and low carbon development.
• For collaboration in agriculture, livestock and fisheries development.
• To translate and publish ancient texts of each other.
• To cooperate in the fields of science, technology and innovation.
• An MoU to review and amend the China Nepal Trade and Payment Agreement reached in 1981.

Education Ministry, AICTE & Microsoft partner to equip Indian students with skills

In an ongoing effort to empower students to be futureready, the Ministry of Education, All India Council for Technical Education (AICTE) and Microsoft signed a Memorandum of Understanding (MoU) to equip students with skills and exposure to new technologies in the country. This collaboration is aimed at creating skilling and job readiness for students and educators associated with AICTE in areas including AI, Cloud, data science, data analytics, and security. Under the MoU, the tech giant will incorporate Microsoft Learn, the company’s centralised training and skilling platform to complement AICTE’s curriculum and offer students hands-on experience with Microsoft technologies. Microsoft will also provide students exposure to the Azure Developer Community in India for industry insights and mentorship.

AICTE

• Headquarters: New Delhi
• Chairman: T. G. Sitharam