Serum to sell Covid-19 vaccine for `225 a dose
The Reserve Bank of India (RBI) on Friday announced the names of the members of the expert committee to oversee the resolution of stressed loan accounts resulting due to Covid-19 pandemic.
The committee under the chairmanship of K.V. Kamath will recommend financial parameters to be factored in the resolution plans, along with sector specific benchmark ranges. It shall also undertake a process validation for the resolution plans to be implemented under this framework, without going into the commercial aspects, in respect of all accounts with aggregate exposure of `1,500 crore and above at the time of invocation.
The other members of the committee are Diwakar Gupta, who is completing his term as Vice President, ADB; TN Manoharan, who is completing his term as Chairman of Canara Bank; and Ashvin Parekh, Strategy Advisor and CEO, Indian Banks’ Association, as the member secretary.
A day earlier, Shaktikanta Das, governor of the RBI, in his monetary policy address had announced a ‘Resolution Framework for Covid19related Stress’ as a special window. The scheme will be open for borrower who are under stress due to the pandemic and the loans were classified as standard as on March 1, 2020.
Serum Institute of India (SII) has decided to cap the price of its future Covid19 vaccine at $3 (approximately `225) per dose for low and middle-income countries, including India.
Partnering with Gavi, The Vaccine Alliance and the Bill and Melinda Gates Foundation, SII will manufacture up to 100 million doses for these countries.
The Bill and Melinda Gates Foundation, through its Strategic Investment Fund, will provide atrisk funding of $150 million to Gavi, which will be used to support the SII to manufacture the potential vaccine candidates from AstraZeneca and Novavax.
The collaboration will
New Delhi, Aug. 7: South Korean automaker Kia Motors Corporation on Friday globally unveiled its sub-four metre compact SUV Sonet which it plans to launch in India next month.
The model would be manufactured at company’s facility in Anantapur, Andhra Pradesh and would also be exported to other markets. Sonet, which is Kia's third product in India after Seltos and Carnival, would compete with the likes of Hyundai Venue, Maruti Vitara Brezza, Tata Nexon and Mahindra XUV300 in the domestic market.
The segment is also going to see more products like Toyota Kirloskar Motor's Urban Cruiser and Nissan's Magnite. With its aggressive and modern design language,
● provide upfront capital to SII to help them increase manufacturing capacity so that, once a vaccine or vaccines gain regulatory approval and WHO prequalification, doses can be produced at scale for distribution to India and LMIC as part of the Gavi COVAX AMC mechanism as early as the half of 2021.
The Gavi COVAX AMC, which is currently seeking at least $2 billion as initial seed funding, will fun-to-drive dynamics, and Kia’s latest high-tech features, the Sonet puts an exclamation point on our ambition to make Kia the brand of choice, especially among millennial and Gen Z consumers,” Kia Motors Corporation president and CEO Ho Sung Song said.
The model fills a need in the growing SUV market, in India and further afield, and will attract a wider number of consumers to the Kia brand, he added.
Kia Motors India MD and CEO Kookhyun Shim said that after the success of the Seltos and Carnival, the company is confident that it will revolutionise another market segment in India with the Sonet by addressing the unmet needs and aspirations of customers. meet at least part of the cost of procurement for the vaccine doses. Last week the Gavi Board agreed to the final list of 92 countries that will be supported by the AMC.
Under the new collaboration, AstraZeneca’s candidate vaccine, if successful, will be available to 57 Gavi-eligible countries. Novavax’s candidate, if successful, will be available to all 92 countries supported by the AMC.
“The rampant spread of the virus has rendered the entire world in an unimaginable halt of uncertainty. And to ensure maximum immunisation coverage and contain the pandemic, it is important to make sure that the poorest countries have access to affordable cure and preventive measures,” said SII CEO Adar Poonawalla.