Companies & Sectors
ICICI Bank planning to allow transactions via Facebook

At present ICICI Bank allow its customers see bank statements, check account details, place request for cheque books and upgrade debit card from Facebook homepage

Hyderabad: India's third largest lender ICICI Bank on Wednesday said it is working towards allowing its customers to make transactions through social networking site Facebook, reports PTI.

 

The Mumbai-based bank's chief technology officer Mukesh Kumar Jain said the lender has Facebook likes close to eight lakh and claimed that ICICI is the only bank in the world which has an application to see bank statement, as well as put some servicing request on Facebook.

 

"It would be premature to say anything on this now. But we are working on that (allowing transactions through Facebook). Over a period of time, say next few months or so, you will hear some news about it," Jain told reporters here at a function.

 

"We have got into the Facebook because the younger generation will be visiting that place. We are able to give them secured account information," he added.

 

ICICI Bank is one of the early movers to tap social media platform to let customers access online banking features through Facebook.

 

The largest private bank allows its customers see bank statements, check account details, place request for cheque books and upgrade debit card from Facebook homepage.

 

On security aspects with regard to the Facebook Apps, he said account information is well secured.

 

"We don't see security as a big challenge. ICICI Bank will not have taken the step if we were not sure of security. We will never put customer data in danger," he replied.

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Jindal Steel & Power buys Canadian CIC Energy for $115 million

The deal will provide Jindal access to CIC's high-quality thermal coal in Greater Mmamabula coalfields in Botswana estimated to be in excess of 6 billion tonnes

Mumbai: Steelmaker Jindal Steel and Power (JSPL) on Wednesday said it has acquired the Canadian company CIC Energy for around $115 million (over Rs600 crore), reports PTI.

 

"Jindal BVI, a subsidiary of JSPL, has acquired the Canada-based coal company CIC Energy for about $115 million by way of a merger of JBVI and CIC," the company said in a statement.

 

The deal will provide JSPL access to CIC's high-quality thermal coal in Greater Mmamabula coalfields in Botswana, which is estimated to be in excess of 6 billion tonne (including proven and indicated resource of 2.4 billion tonne).

 

Further, the deal will also provide JSPL the opportunity to tap the power-deficient South African Development Community (SADC) countries, and given the huge resource, will also provide an opportunity to set up a coal to hydrocarbons project.

 

"This is another step in the direction of backward integration as the coal assets will give the company self-sufficiency when it comes to dependency on natural resources. This will enable JSPL in becoming a more self-reliant and fuel secure enterprise," JSPL director and group CFO Sushil Maroo said in the statement.

 

Pursuant to the merger, JBVI will make cash payment of 2 Canadian dollars per share to the current CIC shareholders aggregating to around 116 million Canadian dollars, the release said.

 

JBVI has already transferred the consideration amount to the depository for onward payment to CIC shareholders, it said.

 

The statement also mentioned that the Botswana government has already approved the change of control to JBVI and all other approvals for the merger have already been granted and the merger certificate will be issued in the next few days marking the completion of the acquisition.

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