Magma Fincorp CEO Vijay Deshwal Joins Poonawalla group
Magma Fincorp Group CEO Vijay Deshwal has today joined the Poonawalla group. In his new role, he would be responsible for the Lending and Housing Financ…
Magma Fincorp Group CEO Vijay Deshwal has today joined the Poonawalla group. In his new role, he would be responsible for the Lending and Housing Finance business along with its Insurance business. He will be based out of the Pune corporate office. Vijay Deshwal, a post-graduate from the Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades.
His experience spans segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability.
In his last role, Vijay was associated with ICICI Bank as a Business Head responsible for the fast-growing services sector business including new age businesses focused on technology and digital intervention.
Having handled pan-India financial institutions including NBFCs for over six years, Vijay has a vast understanding of various asset classes and the cyclicality of these businesses. He was also responsible for conceptualizing and driving liability strategy for the Corporate Ecosystem in the Bank.
He previously headed the debt syndication business for ICICI Bank for over five years and brings with him a rich experience of Debt Capital Markets and Large Fundraising from Domestic and International investors.
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“We are pleased to have Vijay Deshwal in our team. His extensive knowledge and rich experience across the various facets of banking and financial services will drive the transformation and charter a new phase of growth under the Poonawalla brand,” said Abhay Bhutada, Managing Director, Magma Fincorp. Commenting on his appointment, Vijay Deshwal said “I sincerely thank the Poonawalla group for entrusting me with this huge responsibility during the transforming times for financial services landscape in India.
It’s a privilege to join the group and I look forward to working together with the teams towards creating a service-oriented institution for its customers and delivering value to the shareholders.” Poonawalla Group recently acquired a majority stake of 60 percent in Magma Fincorp through its holding company Rising Sun Holdings in May 2021. For more information, please log on to: www.magma.co.in
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Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.
CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.
Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.
Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.
Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.
The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.
Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.
The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.
In a record-breaking achievement, the Central Board of Direct Taxes (CBDT) has signed 125 Advance Pricing Agreements (APAs) in the financial year 2023-24. This marks a significant increase of 31% from the previous year, totaling to 641 APAs since the inception of the programme.
These agreements were established with the aim of promoting ease of doing business, particularly for multinational corporations engaged in cross-border transactions with their group entities. The CBDT statement highlights the importance of these agreements in providing certainty to taxpayers in transfer pricing.
The increased number of APAs is a result of mutual agreements with India’s treaty partners like Australia, Canada, Denmark, Japan, Singapore, the UK, and the US. This collaboration not only brings certainty to international transactions but also offers protection against double taxation, benefiting taxpayers for up to nine years.
The APA Scheme specifies methods of pricing and determines the arm’s length price of transactions in advance, providing taxpayers with a roadmap for the next five years. The option to rollback APAs for the preceding four years further solidifies tax certainty and ensures a smoother process for businesses operating in India’s dynamic economy.