Current Affairs India - 23 February 2013

1. Former LIC chief T S Vijayan took over as the Chairman of India-s insurance sector regulator, the Insurance Regulatory and Development Authority (IRDA) last week. He succeeds J Hari Narayan who completed his five-year term. His main aim would be to revive the struggling Insurance sector and the Insurance products simple and widely acceptable for all.

2. Leading accounting and consultancy firm E&Y India has awarded the former Tata Group Chairman and patriarch Ratan Tata with the Entrepreneur of the Year Lifetime Achievement Award. Tata received the award from corporate affairs minister Sachin Pilot at a function in Mumbai yesterday Adi Godrej of the Godrej Group has won the Entrepreneur of the Year for 2012

3. The Union Cabinet of India approved merger of Bharat Heavy Plate & Vessels Ltd. (BHPV) Vishakhapatnam with Bharat Heavy Electricals Limited (BHEL) last week. After the merger, BHVP will be a unit of BHEL.

4. Vijay Mallya owned IPL franchise Royal Challengers Bangalore has appointed Virat Kohli as the team captain last week for the upcoming sixth edition of Indian Premier League. He succeeds former New Zealand captain Daniel Vettori, who was the captain of the team during last session.

5. South East Asia-s low cost airlines, Air Asia has announced a joint venture with the Tata Group for Indian Operation and it likely to start operation before the fourth quarter of this year. Air Asia wants to invest about USD 50 million initially for the joint venture. At the beginning, it would be based in Chennai and in the initial phase concentrate on destinations in South India where AirAsia already operates.