Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, world leader in financial protection, has appointed Sandeep Ghosh as the chief executive officer (CEO).
Sandeep Ghosh has over 20 years of experience in India and overseas, primarily in the financial services sector. Prior to joining Bharti AXA Life, he was with ANZ as the managing director, commercial banking head for Asia Pacific based in Hong Kong. During this time, he played a major role in building a commercial banking franchise for ANZ in Asia through organic builds and the integration of businesses acquired from RBS.
Announcing the latest appointment, Kevin Wright, CEO, South East Asia, AXA said, "We are delighted to have Sandeep on board. We are committed to building a strong franchise in India and I look forward to Sandeep to lead the Bharti AXA Life team to newer heights through his leadership, rich experience and market knowledge."
Sandeep holds masters in business administration from Indian Institute of Management, Ahmedabad.
Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti Enterprises and 26% stake of AXA.
Various housing schemes have fallen drastically short of the targets
The housing requirement by the end of the 11th Five-Year Plan in 2012 will pile up to 26.53 million units, an increase from the 24.71 million units requirement at the end of the previous plan in 2008, according to a government report.
The report, prepared by a technical group of the Ministry of Housing and Urban Poverty Alleviation, attributed the increasing housing deficit to the failure of various schemes like the Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) which had set a target of 3.10 lakh dwelling units, but has achieved only 5,038 units so far. A total Rs1,378 crore was allocated under the 11th Plan for ISHUP, which provides interest subsidy on housing loans to weaker sections and low-income groups.
The Affordable Housing in Partnership scheme that was launched in 2009 with a target of building one million housing units has seen 14 projects comprising 19,100 dwelling units approved so far. The project cost till now is estimated at Rs792.04 crore, with Rs53.96 coming from the central government. The scheme is meant to create a land bank for affordable housing projects and provide central government support on infrastructure connectivity.
The ministry has decided to enhance the schemes that provide affordable housing to urban poor and slum redevelopment. The original allocation of Rs18,141.34 crore under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) was enhanced to Rs23,184.66 crore, whereas Rs16,356.35 crore has been allocated for Basic Services to the Urban Poor (BSUP) and Rs6,828.31 crore for Integrated Housing and Slum Development (IHSDP). So far, 15.6 lakh houses have been sanctioned under the schemes with the centre contributing Rs20,787.90 crore towards these schemes.
The UK has emerged as the top acquirer into India with deals worth $15 billion, much more than the corresponding period last year, when the year-to-date inbound deal volume stood at $151 million, according to global deal tracking firm Dealogic
New Delhi: India’s inbound mergers and acquisitions (M&A) volume has surged to $23.4 billion this year with the United Kingdom emerging as the top acquirer into India, reports PTI.
According to global deal tracking firm Dealogic, India’s inbound M&A volume has surged to $23.4 billion till last week, slightly behind the record volume announced in the same period of 2007.
The United Kingdom has emerged as the top acquirer into India with deals worth $15 billion, much more than the corresponding period last year, when the year-to-date inbound deal volume stood at $151 million, the report said.
BP’s $9 billion bid for 23 oil and gas blocks from Reliance Industries in February was the most significant transaction by the United Kingdom into India.
The top acquirer nations into India so far this year was the UK, which was responsible for 64% of inbound M&As, followed by the United States (17%), Germany (6%), Japan (4%), Denmark (3%).
Though year-on-year there has been an increase in inbound M&A volume so far this year, on a quarter-on-quarter basis there has been a significant decline.
India’s inflow M&A volume totalled to $3.3 billion in the second quarter of this year, down a whopping 83% from the record quarterly volume of $20.1 billion achieved in the first quarter of 2011, Dealogic said.
Meanwhile, the equity capital market (ECM) volume for India so far this year stood at $7.8 billion, almost half of the record high achieved in the same period under consideration in 2010 at ($15.4 billion).
Deal activity has also dropped to 55 deals in this year so far, a 40% decline year-on-year, Dealogic said.
The share of initial public offers in the India’s ECM volume stood at 9.8%, while follow-on offers accounted for 81.2%.
The report further noted that the Indian core investment banking revenue reached $271 million so far this year—down 24% from the year-to-date record achieved in 2010 ($368 million).