Indian mining major Vedanta to manufacture semiconductors in India

16 February 2022
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Indian mining major Vedanta to manufacture semiconductors in India

The Indian mining major Vedanta has tied up with Taiwanese electronics manufacturing company, Hon Hai Technology Group (better known as Foxconn) to form a joint venture (JV) for manufacturing semiconductors in India. Anil Agarwal, the non-executive Chairman of Vedanta, will be the Chairman of the JV company.

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This is the first JV in the electronics manufacturing sector after the government announced a Rs 76,000 crore production-linked incentive (PLI) scheme for semiconductor and display manufacturing, to create an ecosystem of local production of semiconductors in India. Vedanta will be the majority shareholder in the JV while Foxconn will hold minority share.

Important takeaways for all competitive exams:

• Foxconn Founder: Terry Gou;
• Foxconn Founded: 20 February 1974;
• Foxconn Headquarters: Tucheng District, Taipei, Taiwan.

IAS Officer Vineet Joshi named as Chairman of CBSE

16 February 2022
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IAS Officer Vineet Joshi named as Chairman of CBSE

IAS Vineet Joshi has been appointed as the new Chairman of the Central Board of Secondary Education (CBSE). He replaces IAS Manoj Ahuja, who has been appointed as the Officer on Special Duty (OSD) in the Department of Agriculture and Farmers Welfare. Mr Joshi, a 1992-batch IAS officer of the Manipur cadre, is an Additional Secretary, Department of Higher Education, under the Ministry of Education. He is also the Director-General of the National Testing Agency (NTA). In 2010 as well he got the responsibility of CBSE chairman.

Important takeaways for all competitive exams:

• CBSE Head Office: Delhi;
• CBSE Founded: 3 November 1962.

ICICI Bank's Sandeep Bakhshi named Business Standard Banker of the Year 2020-21

16 February 2022
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ICICI Bank's Sandeep Bakhshi named Business Standard Banker of the Year 2020-21

Sandeep Bakhshi has been named the Business Standard Banker of the Year 2020-21. He is the managing director (MD) and chief executive officer (CEO) of ICICI Bank. The winner was chosen by a jury of 5 members chaired by former Reserve Bank of India deputy governor S S Mundra. For 2020-21, ICICI Bank reported a net profit of Rs 16,193 crore against Rs 7,931 crore during the previous financial year.

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The criteria used for selecting the contenders were the following:

• Banks with an asset size of Rs 50,000 crore and above as of March 2021.
• 10 per cent or more growth in profits prior to provisioning in the past one-, two- and three-year periods. Only 10 banks qualified, and that was further brought down to seven.