CCI approves Kora to invest on Edelweiss Securities:
The Competition Commission of India (CCI) approved the Kora Master Fund LP investment of $75 million up to 10% in Edelweiss Securities Ltd. US-based Kora signed an agreement with Edelweiss in August 2019. As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries.
Kora Master Fund LP:
Kora is a foreign portfolio investor. The principal activity of Kora is investment holding and related activities. The target entities that belong to the Edelweiss Group with Edelweiss Financial Services are the ultimate holding company.
Competition Commission of India (CCI):
Formed on: 14 October 2003
Chairman: Vijay Kumar Agarwal
Secretary: PK Singh
CCI is responsible to enforce the Competition Act 2002 across India. It aims to prevent activities that will cause an appreciable adverse effect on competition in India. CCI is a Trade Practices Commission.
India, US defence trade to reach Rs.1.2 lakh crore:
The US Department of Defence said that the bilateral defence trade between India and the US is expected to reach $18 billion (over Rs.1.2 lakh crore) by the end of 2019. The statement comes before the 9th India-US Defence Technology and Trade Initiative (DTTI) meeting in New Delhi in October.
US-India:
The US Department of Defence also reaffirmed its commitment to strengthening its partnership with India.
In 2008, the bilateral defence trade was zero between India and the US.
The US also granted the India Strategic Trade Authority Tier 1 designation to Indian in August 2018. It provides India with greater supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under streamlined processes.