Current Affairs India - 28 July 2014

1. Anil Ambani group firm Reliance Power acquired the the entire hydro power portfolio of Jaiprakash Power for an estimated Rs 12,000 crore after Abu Dhabi National Energy Company (Taqa) pulled out from the company. Reliance Power pipped Adani Power's Rs 11,700 crore offer to complete the acquisition to build a hydroelectric power house of the country.


Jaiprakash Power Ventures- hydroelectric power portfolio comprises two plants at Kinnaur, Himachal Pradesh, and a third Vishnu-one in Uttarakhand. These three plants have an aggregate capacity of around 1,800 megawatt with an asset life of 50 years. With this, Reliance Power-s total capacity will be 5000 MW under development and this makes the deal as the largest M&A deal in India's infrastructure and power sector.


2. The Reserve Bank has cancelled the licenses of six Delhi-based non-banking financial companies after which they will not be able to conduct business. These NDFCs are GE Strategic Investments India, Profound Exports, Two Brothers Holding, Swank Services Private Ltd, Praxis Consulting and Information Services and Credible Microfinance Ltd.


The licenses of these companies were cancelled on various dates in April, May and June 2014. Post license cancellation, these companies will not be able to transact the business as NBFC.


3. India-s mid-tier IT services Company Hexaware Technologies has appointed R Srikrishna as Chief Executive officer, effective today. Prior to joining Hexaware, Srikrishna was President of Infrastructure and Life Sciences Businesses at HCL Technologies, India-s fourth largest IT services company.


4. Bollywood megastar Amitabh Bachchan has been appointed as the horticulture ambassador of Maharashtra. He will promote the horticulture sector in Maharashtra which is India's largest fruit producing state with around two million hectares area covered in fruit orchards. The 71-year-old megastar is also the face of Gujarat tourism as well as the polio eradication campaign.


5. Indian shooter Jitu rai wo Gold Medal in the 50m pistol event today at the Glasgow Commonwealth Games while his countryman Gurpal Singh won the silver medal. Jitu Rai had entered the finals by creating Games Record and he also created the game-s final record. In the finals he shot 194.1 points for the medal.


In Latest medal tally India has jumped to fourth position overtaking Canada. India now has 7 Gold, 10 Silver and 7 Bronze medals.