India

Date
2019-01-18

Dr. Ahmed Abdulrahman Al Banna, UAE Ambassador to India, held a discussion session with leading Emirati companies in India, which was organised by the "UAE-India Joint Business Council." The session aimed to provide a platform for Emirati companies to express their fears and opinions and exchange expertise, as well as to explain their expansion plans in India to Al Banna. Al Banna highlighted the importance of holding follow-up meetings and reque…


Hero Future Energies Pvt. Ltd is in talks to acquire Fotowatio Renewable Ventures’s 135 megawatt (MW) solar power project in India, two people aware of the development said. Owned by Abdul Latif Jameel Energy and Environmental Services, Fotowatio Renewables is the largest Arabian green energy utility. Its only investment in the Indian solar power space is located in Andhra Pradesh. Greenstone Energy Advisors, an investment bank focused…


 The saga of Jet Airways (India) Ltd continues, with its founder and promoter Naresh Goyal making a financial offer to State Bank of India (SBI) to retain control of the ailing airline, even as its single-largest public shareholder, Etihad Airways PJSC, has sought to oust him in exchange for infusing much-needed funds. Goyal has told SBI, Jet Airways’ largest lender, that he is ready to invest up to ₹700 cror…


An unlimited number of highly-skilled Indian workers will be able to migrate to the UK under new proposals that could come into effect in 2021, with a senior British minister on Wednesday saying that in the new system the country will be open to the "best and brightest" from India. The UK also wants to ink a pact with India similar to the one New Delhi has with France, treating each other's academic degrees as equivalent for higher studies a…


Finance minister Arun Jaitley on Thursday gave a strong indication that the February 1 interim Budget may not necessarily be a vote-on-account, emphasising that the government could deviate from an election-year convention to meet challenges confronting the economy, like the one facing the farm sector. His address, at an award function organised by a TV channel, through a video link came against the backdrop of speculatio…


 Share buybacks typically boost share prices, at least for a while. It was different this fiscal year. Out of the 50 companies, which bought back shares in 2018-19, 68%—or 34 companies—saw their share prices fall. This includes all nine state-run companies that announced buybacks. Analysts said while a global slowdown and weak sentiments overshadowed share buybacks for most private companies, the commodity downturn hurt publ…


To promote biotechnology research and development in agriculture, the country’s Department of Biotechnology (DBT) and the Indian Council of Agricultural Research (ICAR) have inked a Memorandum of Understanding (MoU). The MoU will facilitate multi-disciplinary research and development activities and nurture innovations in biotechnology, agriculture, and education. The Indian Council of Agricultural Research (ICA…


 Reliance Industries Ltd (RIL) on Thursday said fiscal-third quarter (Q3) profit rose 8.82% from a year earlier, driven by higher price realizations in its petrochemical, telecom and retail businesses. Net profit rose to ₹10,251 crore in the three months ended 31 December from ₹9,420 crore in the year earlier. Revenue grew 56% to ₹1.71 trillion from ₹1.09 trillion. The company was expected to post a profit of ₹9,476.3 crore on…


India has emerged as an inbound tourism market for Thailand, with arrival numbers expected to reach 5 million by 2023. Arrivals from India surged by more than 12% year-on-year to 1.43 million in the first... link:https://www.bangkokpost.com/business/tourism-and-transport/1613022/tat-cultivates-india-as-rich-source-of-tourist-arrivals


 Microsoft India plans to train 5 lakh youth in artificial intelligence across the country over the next three years and set up AI labs in 10 universities. The company would also upskill 10000 developers in emerging technology areas. The software major said 700 organizations including government bodies in the country are using its AI solutions now and nearly 60% of them are large enterprises. Microsoft said it i…


The country’s biggest dairy brand Amul has sent a legal notice to Google India, alleging that the technology giant has “benefited” from Google Search ad campaigns which are being “misused to scam individuals in the name of Amul”. “A series of fake B2B campaigns regarding Amul parlours and distributors have started through fake websites using Google Search ads since September 2018,” said the legal not…


Skeletons kept tumbling out of the closet in the forensic audit of embattled AmrapaliGroup, as court-appointed auditors on Wednesday told the Supreme Court that posh flats were booked on sums as low as Re 1, Rs 5 and Rs 11 per sq ft in the name of over 500 people. The audit found that 23 companies were floated in the name of office boys, peons and drivers and these firms were part of Amrapali consortium and were made fronts to divert ho…


Online tutoring startup Byju’s (Think & Learn Pvt. Ltd) has acquired Osmo, a maker of educational games, for $120 million in its first-ever purchase of a US company. The acquisition will help Byju’s offer learning solutions to children aged between three and eight by tapping into Osmo’s physical-to-digital technology and content. Byju’s has aggressive plans for the international market and will continue to ma…


Beleaguered airline Jet Airways (India) Ltd will be able to bring on a new majority investor bypassing an open offer if the civil aviation ministry or the directorate general of civil aviation (DGCA) says it is needed to save the airline, according to two people with direct knowledge of the matter. Mint had reported on Monday that Etihad Airways PJSC may take control of Jet Airways by securing 49% stake in it. This is one…


Baring Private Equity Asia Ltd is likely to acquire NIIT Technologies Ltd in a deal that may value the IT solutions company at ₹8,000-10,000 crore, said two people with direct knowledge of the matter. Credit Suisse has been given the mandate by NIIT to find a suitable buyer, the people said, requesting anonymity. Baring PE Asia will first buy the 30.58% stake held by the promoters of NIIT Technologies. At the end of December, NII…


Students studying in schools that follow the Indian educational board CBSE (Central Board of Secondary Education), may be able to study artificial intelligence as an elective subject. With progress being made in the areas of AI and machine learning and their growing involvement in daily applications, it is important that school boards develop curriculums to keep up with global trends. A member of the CBSE board said that the decision to introduce…


 India’s national public procurement portal, that is the Government e-Marketplace (GeM), has launched an initiative to enable women entrepreneurs and women self-help groups (WSHGs) to sell handmade crafts, home décor, and jute products, among others, directly to Government ministries, departments and institutions. The Government-owned eMarketplace functions under the Ministry of Commerce and Industryfor the procur…


  The Kharagpur-based Indian Institute of Technology (IIT-KGP) announced it is set to launch a six-month Artificial Intelligence (AI) course at three centres in the country. The IIT-KGP Director said that the certified programme intends to strengthen India’s talent pool in machine learning and AI. The course is scheduled to begin in March this year, initially at Kharagpur, Bangalore, Kolkata and, possibly, Hyderabad. In 2…


2019-01-17

India’s biggest shopping festival, the Amdavad Shopping Festival, beginning from 17th to 28th Jan 2019, brings together over 5000 brands to offer you a unique shopping experience replete with lucky draw of prizes worth up to Crores and assured Gift Vouchers with unbelievable offers, along with activities for social cause that would make Ahmedabad Shopping Festival and Amdavad city worth our pride.Organized under the bann…


Facebook, in a major overhaul of business structure, has carved out India as a separate region with a six-member board that will be treated on a par with the one at its Menlo Park headquarters in the US. The India board will also be the first such for Facebook in any of its markets outside of the US. The local office will also report directly to Menlo Park and will no longer be part of Facebook’s Asia Pacific operations. Although the elevat…


Budget carrier GoAir is looking for an increase in flying rights to Thailand amid growing air passenger traffic, according to a senior airline official. GoAir Vice-President (International) Arjun Dasgupta said the airline wants to launch flights from seven more Indian cities, including Chandigarh and Lucknow, to Phuket. Currently, it has direct flights to Phuket from Delhi, Mumbai and Bangalore.  Read more at://economictimes.indiat…


2019-01-16

HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), received in his office HE Vipul, India’s Consul General in Dubai. The meeting discussed means of boosting cooperation and exchanging expertise between RTA and Indian entities operating in the field of railways, roads and transport. The two parties also discussed the upcoming roads and infrastructure projects in D…


Singapore-based investors and developers have over the years gained a firm foothold in India’s property market and are now venturing beyond commercial offices to bet on emerging sectors such as logistics, warehousing and urbanization projects. The way they are investing in other asset classes is much like the way they have deployed capital in India—patient and long-term—something that bears well in the country’s unpredicta…


Infosys plans to create a bigger footprint in Japan to tap the transformation across the manufacturing sector through its joint venture with Hitachi, Panasonic and Pasona, as it looks to expand in a country that has long been averse to outsourcing. Infosys formed the alliance last month with two Japanese hi-tech electronics firms and one HR firm to build solutions that use digital technology platforms to improve indirect procurement.  R…


Tata Motors Ltd has a history of facing massive setbacks, only to rise stronger in the future. It finds itself in the midst of another perfect storm, with declining sales at its UK unit Jaguar Land Rover Ltd (JLR) resulting in a huge correction in its value. Tata Motors’ market value has plunged 62% in a year. So will Tata Motors’ Project Charge and Accelerate plan at JLR to cut costs and improve cash flows by a to…


Rahul Bajaj and his three cousins—Shekhar, Madhur and Niraj—have signed an agreement that outlines how the family will jointly own group companies and establishes formal processes to deal with issues related to succession, ownership and conflict resolution. The move confers on the Bajaj group the rare distinction of being India’s only large business family that has stuck together for four generations while ensuring a smooth tran…


Two-way trade between Vietnam and India experienced a year-on-year rise of 40 percent to reach 10.69 billion USD in 2018, according to statistics released by the General Department of Vietnam Customs. The increase was mainly due to the value of Vietnamese exports hitting 6.54 billion USD, up 74.2 percent against 2017. Among staples, machinery, equipment and parts recorded the strongest turnover with nearly 1.7 billion USD, up close to 4…


2019-01-15

The Abu Dhabi Securities Exchange, ADX, participated in the Partnership Summit 2019 in Mumbai, India on 12th and 13th January, 2019, as part of a UAE delegation led by Sultan bin Saeed Al Mansoori, Minister of Economy. At the event organised in collaboration with the host, the State Government of Maharashtra, the ADX delegation was led by Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX. The participation of the ADX was in line with i…


Bharti Airtel is in talks to buy Telkom Kenya, which will help the Sunil Mittal-led telco emerge stronger in the east African market and improve overall valuation of Airtel Africa in the run-up to its initial public offer (IPO), likely in May-June, people aware of the development said. Telkom Kenya is the third-largest telco in Kenya with over 5 million users, behind market leader Safaricom with over 30 million and Airtel Kenya, with 10 mill…


Following implementation of new regulations imposed on DTH service providers and cable operators by the Telecom Regulatory Authority of India (TRAI), you can now reduce your monthly TV bill by limiting your subscription to only those TV channels you watch. Consumers have been given time till the end of this month to make a choice for uninterrupted service after January. In the new regulations, any DTH provider like Airtel DTH TV, Tata S…


Deutsche Bank’s India CEO Ravneet Singh Gill is the frontrunner in a two-horse race for the chief executive’s post at Yes Bank, said two people with knowledge of the matter. Gill and Yes BankNSE 4.48 % CFO Rajat Monga were the two recommended by the board of the bank for the position to the Reserve Bank of India (RBI) last week, they said. “These two names have gone to the RBI and Gill, by virtue of being an outsider along …


Amazon’s food-only retail business will stop selling on Amazon.in if the government’s latest foreign direct investment (FDI) guidelines remain unchanged by next month. This would be a blow for the initiative as Amazon was the only foreign retailer to have committed investment — to the tune of $500 million — in the food retail segment after it opened up in mid-2016. In addition, Amazon’s planned acquisition of a …


Etihad Airways PJSC may gain effective control of Jet Airways (India) Ltd, if lenders approve a resolution plan for the cash-strapped local airline, according to two people familiar with the ongoing discussions. The plan could see Etihad Airways raise its stake from the current 24%, and Jet Airways’s promoter and founder Naresh Goyal cede control of the airline that began operations more than two and a half decades ago, said …


Vietnamese firms are introducing confectionery, beverages and fruits at the Indus Food 2019 fair, which opened on January 14 in Greater Noida city in India’s northern Uttar Pradesh state.The two-day event allows Vietnamese entrepreneurs to introduce the country’s farm produce in the local market, while seeking business opportunities with Indian and international importers. A seminar between businesses of Vietnam and India was hel…


The Reserve Bank of India (RBI) is working on a set of rules that would link remuneration of banks CEOs to parameters like balance sheet size of a bank, loan delinquency, profits and governance record. The proposed framework is expected to provide a broad template to the board of directors of banks while approving increase in salary, performance bonus and stock options to the senior most executive. The regulatory guidance that…


TATA Consultancy Services will continue to invest aggressively to win deals as it looks to end FY19 with double-digit growth. CEO Rajesh Gopinathan told ET that the company has the operational discipline to deal with a slowdown but is still focused on winning the US market. Edited excerpts: http://bit.ly/2SSDPw5  


Infosys shares today surged as much as 3% to Rs 705 after India’s second-largest software exporter by value raised its sales forecast for the year ending March citing a “healthy pipeline” of orders. Bangalore-headquartered Infosys, which announced third-quarter earnings after market hours on Friday, predicts revenue will expand as much as 9% from an earlier target of 8%. “Infosys delivered a strong positive surprise o…


India’s largest carmaker, Maruti Suzuki Ltd, pumped up discounts last month, boosting December retail sales to its highest ever and considerably trimming its inventory. Maruti’s showroom sales in December was around 220,000 units, 18.18% higher than around 180,000 units sold in the same month a year ago, according to two people aware of the development. This is also the company’s highest ever retail monthly sales, the people cit…


a new Singapore-based AI startup called BasisAI raised S$8.2 million (US$6 million) in a seed funding round backed by Temasek and Sequoia India. It’s the second largest seed round raised by a Singapore startup, and it’s also noteworthy that they’ve gained the confidence of their prestigious investors, which have been better known to back more established or mature-stage companies. According to their press release, Basi…


India’s love for scooters seems to be waning, with high fuel prices and higher insurance costs putting off urban buyers. After leading the 2-wheeler segment for more than a decade, scooters have given way to motorcycles, which posted a faster pace of sales growth in 2018, driven by demand from rural India. While motorcycle sales grew by a robust 15% to 13.78 million units, scooter sales increased by 9% to 6.95 million units, according …


Mohit Shetty talks about languages as if they are people. “Tamil is missing.” “Is Hindi on its way?” “Telugu will be here by evening, right?” he asks his team over the phone. In the last six months, Shetty’s post-production company QLAB has subtitled 3,600 hours of English content for streaming platforms. To put things into perspective: that’s 30 times the content of the Friends sitcom that had 236 …


Coimbatore’s 100-year-old Lakshmi Mills—one of the oldest textile mills in one of the biggest textile hubs in India—is now fully mechanized. The amount of yarn and cloth produced here is no longer measured in units of length, but units of weight—in quintals and tonnes instead of metres. Yet, from 20-27 January, a 30,000 sq. ft hall inside the mill’s compound will be given over to the display and study of handspun, ha…


Yes Bank, India’s fourth-largest private sector bank, on Saturday announced the appointment of Brahm Dutt as non-executive part-time chairman. “The Reserve Bank of India, pursuant to the provisions of the Banking Regulation Act, 1949, and basis Mr Brahm Dutt’s outstanding credentials and experience, has approved his appointment...up till July 4, 2020,” Yes Bank said in a regulatory filing. Brahm Dutt has been on Yes Bank&r…


Every evening, Manish Pradhan plays squash at Integral Coach Factory’s officers club in Chennai. After a day of hard work at the railway workshop, the 50-year-old engineer finds the game a stressbuster and often out-manoeuvers opponents. But till recently, he faced a challenger. Playing with Sudhanshu Mani, the factory’s former boss, was always difficult even though he was 10 years older, Pradhan recalls. In the court, as they al…


The Minister of Finance and Corporate Affairs and the Minister of State for Power and New and Renewable Energy have launched the induction of 15 electric vehicles (EVs) for government officers. According to a press release, the Department of Economic Affairs (DEA), has signed an agreement with Energy Efficiency Services Limited (EESL). EESL is state-run and was developed under the Ministry of Power. The agreemen…


The Infosys board on Friday approved a share buyback for up to Rs 800 a piece, which will cost the company around Rs 8,260 crore. This is the second share buyback in the company’s history. The first was in December 2017. A company can do a share repurchase only once a year. That moratorium ended last month for the company. At its maximum price and size, the buyback will include 103.250 million shares, comprising around 2.36% of th…


During her research for Good Earth’s latest design collection Gandhara, inspired by the historical kingdom of Gandhara (in present-day Pakistan), Anita Lal discovered the extensive use of terracotta and pottery during the period. The realization led the 70-year-old and her team of designers and artisans to revive pottery in their collection. Pottery, the Good Earth team likes to say, is Lal’s first love. She was a studio potter b…


India’s biggest mobile phone companies Vodafone Idea, Bharti AirtelNSE -0.65 % and Reliance Jio Infocomm are planning to woo the 130 million people expected to arrive for the Kumbh Mela, which starts January 15, with special services and plans over the two months that the event will run. On offer are radio-frequency identification (RFID) tags to locate those who might get lost, apps that offer realtim…