Current Affairs: Daily GK Update 27th and 28th May 2017

India announces $500 mn assistance to Mauritius

i. India announced a $500 million line of credit to Mauritius as the two countries resolved to deepen ties in a range of areas including the maritime domain. The two countries also signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth. 

ii. In a statement, Modi stated he and Jugnauth agreed that effective management of conventional and non-conventional threats in the Indian Ocean is essential to pursue economic opportunities.

Goldman, Citigroup among 5 bankers selected for IOC stake sale 

i. The government has selected five merchant bankers, including Goldman Sachs and Citigroup, to manage the government’s 3 per cent stake sale in IOC (Indian Oil Corporation) which could fetch about Rs 6,000 crore to the exchequer. The other bankers who have been selected by the Department of Investment and Public Asset Management (DIPAM) for managing the stake sale are Deutsche Equities, SBI Capital Markets and ICICI Securities. 

ii. As many as 10 merchant bankers had made presentations before the DIPAM yesterday, out of which five were selected. 

Apple opens first official store in Southeast Asia

i. Apple opened its first Southeast Asia store in Singapore, drawing hundreds of excited fans to the swanky two-storey site in the city’s upmarket shopping district. Located on the affluent Orchard Road, the new shop — easily distinguished by its iconic glass facade — is expected to be one of the most popular Apple stores in the world according to the US tech giant.

ii. Merchandise such as the iPhone and MacBook were strategically placed on display across the spacious first floor, while the upper level acted as a classroom for customers to participate in hands-on sessions. 

Nagpur gets India’s first fleet of electric vehicles 

i. The Orange City (Nagpur) has become India’s first city to have electric mass mobility system. It will have a fleet of 200 electric vehicles including taxis, buses, e-rickshaw and autorickshaws, all of which will be fully owned by cab aggregator Ola. 

ii. Road transport and highways minister Nitin Gadkari, along with Maharashtra Chief Minister Devendra Fadnavis has inaugurated India’s first multi-modal electric vehicle project at the Nagpur Airport Complex. 

India-Mauritius sign four agreements

i. Prime Minister of Mauritius Pravind Kumar Jugnauth is on a three-day visit to India. This is his first port of call after assuming office and India laid out a red carpet welcome to make it a truly historic and memorable first visit. Apart from announcing a 500 million USD line of credit, India offered unconditional cooperation in the key area of maritime security in the Indian Ocean region. 

ii. Prime Minister Narendra Modi assured Mauritius of continued Indian support in other important sectors including skill development and human resource development. Prime Minister of Mauritius Pravind Jugnauth had extensive delegation level talks with Indian PM Narendra Modi. At the conclusion of the talks, both the countries inked four important agreements in the field of education, maritime security, marine science and technology.