Expanding financial inclusion to 1 crore beneficiaries in India
LeapFrog Investments has announced an investment of Rs67 crore in Shriram CCL, a pan-Indian financial services distribution business that enhances financial inclusion for the common man in India.
With the support of LeapFrog's expertise and capital, equating to nearly $15 million, the business is expected to reach 1 crore beneficiaries within a year. This landmark investment is an important step forward for inclusive financial growth in India. Shriram CCL's subsidiaries provide savings, insurance and investment products to the low-income and emerging consumer market in India.
Dr Jim Roth, co-founder of LeapFrog, said, "This investment will have enormous impact, by financing and improving cover for lakhs of financially excluded clients and their families."
Launched with US president Bill Clinton in 2008, LeapFrog is the world's largest investment fund focused on inclusive insurance and other essential financials services. The Rs60 crore fund invests in insurance and financial services companies serving 'the next billion' in Africa and Asia, the vast under-served market of emerging consumers.
India is an important market for the LeapFrog fund, with up to Rs180 crore to invest in local companies that underwrite or distribute insurance. Unitus Capital was the sole investment advisor assisting LeapFrog, while Amarchand Mangaldas provided legal representation.
The project implementation period will span 15 years
Reliance Communications on Thursday said it has received a Rs1,400 crore order from financial lender HDFC Bank for construction and maintenance of a data centre.
The project is the largest-ever outsourced in this sector and the implementation period will span 15 years, Reliance Communications said in a statement.
The data centre will house equipment having highest the computing power in the industry, which will require special engineering expertise to manage and minimise the consumption of power.
Reliance will set up the facility in stages. The first phase of the data centre will be ready in a year and the entire project will be complete in two years. It also plans to use the facility as a cloud computing centre, as the size of the cloud computing market in India is expected to grow to Rs7,000 crore by 2015, the company said.
"The enterprise environment is changing from large footprint, low power consumption computing equipment to high computing, high power consuming equipment with a small footprint. This facility will be the first of this size to cater to this kind of requirement," Reliance Global Enterprise Business President and CEO Punit Garg said.
On Thursday, RCom ended 0.73% up at Rs89.40 and HDFC Bank declined 0.79% at Rs484.10 on the Bombay Stock Exchange. The benchmark Sensex gained 0.59% to 17,165.54.
HDFC will provide funding to over 600 dealers of TVS Motor across the country
TVS Motor Company, the country's third largest two wheeler manufacturer, has entered into a memorandum of understanding (MoU) with HDFC Bank for inventory funding for its dealers at attractive interest rates.
The agreement has features such as online fund transfers, online repayment, real time viewing of account status, etc and considerably reduces transaction time. As part of this arrangement, HDFC will provide funding to over 600 dealers of TVS Motor across the country. This will enable them to increase their working capital, boost vehicle stocks and consequently enhance retail sales.
On Thursday, TVS Motor ended 0.82% down at Rs60.20 and HDFC Bank declined 0.79% at Rs484.10 on the Bombay Stock Exchange. The benchmark Sensex gained 0.59% to 17,165.54.