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AICTE, Mumbai University announce online workshop from 13 May to 17 May on 'Universal Human Values in Education'

The University of Mumbai in collaboration with AICTE (Western Region) will be organising an online workshop on 'Universal Human Values in Education' for institutions offering technical education.The workshop will commence on 13 May and end on 17 May. According to University of Mumbai, the workshop is of paramount significance to continue learning process amid COVID-19 pandemic and the lockdown.The workshop will be conducted in Hindi and English. The morning session will be from 9:30 am to 1:30 pm and the evening session will be from 6:00 pm to 7:30 pm.File image of Mumbai University. Image courtesy Wikimedia Commons “To understand the basics of value education an online workshop is being organized exclusively for the Vice Chancellors of Technical Universities and University Coordinators appointed for coordinating the activities related to FDPs on Student Induction Programme,” the circular said.The workshop is specifically designed for sharing All India Council for Technical Edu…

Axis Bank signs deal to acquire 29% stake in Max Life Insurance, raises its total share to 30%

Axis Bank is set to acquire 29 percent stake in Max Life Insurance Company from Max Financial Services Ltd. After the signing of the agreement, the bank’s stake in Max Life Insurance will increase to 30 percent.

In a regulatory filing, Axis Bank said that the transaction is subject to approval of Reserve Bank of India (RBI), Insurance Regulatory Authority of India (IRDAI) and Competition Commission of India (CCI).

Reuters

The transaction is expected to be completed within 6 to 9 months.

“The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life and bring the stability of a long term partnership to India’s fourth largest private life insurance franchise,” Axis Bank said.

Max Life will include Axis Bank logo in its brand tag line to demonstrate the close knit partnership from now on.

The announcement came after the three companies had signed a confidentiality and exclusivity arrangement on 20 February to explore the possibility of a strategic, long-term partnership between Axis Bank and Max Life.

Amitabh Chaudhry, MD and CEO, Axis Bank, said, “We see this joint venture creating immense value for our stakeholders given our long standing, high performing partnership with Max Life.”

Max Financial Services presently holds a 72.5 percent stake in Max Life and Mitsui Sumitomo Insurance (MSI) owns 25.5 percent stake. Post completion of transactions, Max Life will become a 70:30 joint venture between MFS and Axis Bank.

In an interaction with Economic Times, a person who has knowledge about the matter said, “In the secondary share sale transaction, Max Financial Services Ltd will divest 28.6 per cent stake in Max Life Insurance for about Rs 1,600 crore to Axis Bank."

According to a report in NDTV, the deal will position Axis Bank in the league of other leading private and public sector lenders like HDFC Group, ICICI Bank and State Bank of India, which have stakes in life insurance companies.



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