India

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Investments to modernize, double capacity of Piombino rail mill site Sajjan Jindal-led JSW Steel, on Friday, announced that it is going to invest €143 million, or about ₹1,282 crore, to help relaunch its Italian steel mill in Piombino. The company in a press release said that its subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MoU) with the Italian authorities to relaunch the site....


Proceeds of crime were allegedly being routed through bank accounts maintained with the lender by entities engaged in illegal activities. India's Financial Intelligence Unit has imposed a fine of Rs 5.49 crore penalty on Paytm Payments Bank for money laundering. Proceeds of crime were allegedly being routed through bank accounts maintained with the lender by entities engaged in illegal activities.....


February 2024 witnessed passenger vehicles and two-wheelers stay in the positive growth lane, while commercial vehicles and tractors reported a decline in volumes. In the passenger vehicle (PV) segment, most of the players such as Maruti, Hyundai, Tata, Mahindra, Toyota and Honda, among others, saw their wholesale numbers grow on the back robust demand for their new models.....


The management wants employees to start work from office for two days in a week from March before transitioning to a three-day work-from-office setup Following in the footsteps of its peers, Tech Mahindra Ltd has urged its employees to work from the office for at least three days a week starting 1 April.....


The group’s Ebitda, or earnings before interest, tax, depreciation and amortization rose more than 60% to $2.3 billion in the third quarter ended December 31 with a bulk of that coming from the transport, infrastructure and energy units of the conglomerate. Adani Group's cash pile has improved and the conglomerate sees no refinancing risks in the near term as it took more steps to shore up its finances after the Hindenburg bombshell last ye…


Tata group to set up two units, one by CG Power The Union Cabinet on Thursday approved proposals to set up three semi-conductor units with an investment of ₹1.26-lakh crore. Two of the units will be set up in Gujarat while third one will be in Assam. With this, India will have four units, with supply from first unit is expected by year end....


Among the business names this year, it is notable that industrialist Gautam Adani made it into the top 10 and beat out fellow billionaire Mukesh Ambani on the ladder by one position. The Indian Express released its list of 'Top 100 Most Influential Indians of 2024' today on February 29, capturing personalities across the political, business, entertainment and sports spectrums, who influence the country....


Over 150 aircrafts carrying nearly 2000 guests to arrive at the city for Anant Ambani’s pre-wedding festivities The pre-wedding celebrations of Anant Ambani, the youngest son of Reliance Industries chairman Mukesh Ambani, will see Jamnagar airport receiving over 2000 guests who will be landing in 150-odd aircraft in just five days. As one-third of these aircraft are private jets flying from foreign locations, authorities have set up sp…


Marriott International saw double-digit improvement in turnover, crossing ₹9,000 crore in 2023, and expects continued growth this year. The company plans to open 12 hotels this year in India. Price rationalization is expected as competition increases in the market. Despite concerns about a global economic slowdown across several Western countries, strong domestic growth, infrastructure development, and an increasing aspiration for travel are ex…


Czech carmaker Skoda Auto will begin assembling electric vehicles in India latest by 2027, a senior company official said on Tuesday. Skoda Auto, the renowned Czech carmaker, has unveiled ambitious plans to commence the assembly of electric vehicles (EVs) in India by the latest 2027, as disclosed by a senior company official on Tuesday. Petr Janeba, Skoda Auto India Brand Director, revealed that the company is currently conducting tests on the el…


Coca-Cola CEO James Quincey will lead a 220-member team to India this week, highlighting the country's growing importance for the beverage giant. India is a top-five priority market for growth due to its youthful population and strong performance. In a recent development India's rising significance for the beverage giant, The Coca-Cola Company is sending a 220-member leadership team to the country this week, led by global chairman and chief execu…


Radhika Gupta described an incident from a few years ago when an investor asked what was the moat of the mutual fund she was managing. Radhika Gupta, the CEO of Edelweiss Asset Management, believes hard work should be the at the centre for startups searching for their business' 'moat'. She described an incident from a few years ago when an investor asked what was the moat of the mutual fund she was managing. The Shark Tank India judge recounted t…


Talks on with Tata group for a possible JV Global auto major Ford Motor is working on a comeback to the Indian market with a focus on hybrid and electric vehicles. The company may use its manufacturing facility in Chennai for producing these cars, according to sources.....  


Meta Platforms Inc.’s chief executive officer, who’s been in Japan, will also have stops in South Korea and India to work on artificial intelligence services and forge ties with business and government leaders in the region. Mark Zuckerberg is poised for a packed week in Asia, with stops in Japan, South Korea and India to work on artificial intelligence services and forge ties with business and government leaders in the regi…


Bharat Tex - 2024 inauguration: PM Modi will inaugurate the event at 10:30 am on Monday. It will continue till Thursday.     Prime Minister Narendra Modi will inaugurate one the largest-ever global textile events to be organised in the country, Bharat Tex - 2024, today at Bharat Mandapam. The event will be organised from Monday to Thursday. The Bharat Tex - 2024 event will be inaugurated at 10:30 am on Monday. 


The Prime Minister also shared his experience of taking a under-sea dive to see the submerged portions of Beyt Dwarka Pointing out that Gujarat has become a “destination of choice” for foreign tourists visiting India, Prime Minister Narendra Modi, while addressing a gathering at the temple town of Dwarka in the State on Sunday, said that one out of five tourists who came to India in 2022 visited Gujarat.....


Byju’s founder informed employees he plans to challenge what he termed as “illegal and prejudicial actions” by a “small group of select minority shareholders”  Byju Raveendran, chief executive officer of India’s once-most valued startup, Byju’s, assured employees that he retains control of the company he founded and that he plans to challenge shareholders who have voted to oust him....


Juniper Hotels debuts on February 28, while trading in GPT Healthcare will commence from February 29. The Rs 1,800-crore public issue by Juniper Hotels was subscribed just 2.08 times. A total of six IPOs worth over Rs 3,300 crore will hit Dalal Street next week. Five companies are scheduled for listing on the bourses. A glimpse: Platinum Industries  Exicom Tele-Systems IPO Highways Infrastructure Investment Trust IPO Owais Metal and Mineral …


An RBI circular in 2021, had stated that investments in NBFCs from FATF non-compliant jurisdictions would not be treated at par with that from compliant jurisdictions The United Arab Emirates’ exit from the the grey list on Friday, nearly two years after its inclusion by the Financial Action Task Force, will ease the road for the country’s investors seeking to acquire significant influence in Indian NBFCs......


SpiceJet boss Ajay Singh and Busy Bee Aviation have submitted a joint ₹7,000 crore rescue plan for bankrupt airline Go First. Go First's committee of creditors on Friday discussed the bid, as well as a rival bid from Sky One. SpiceJet boss Ajay Singh and Busy Bee Aviation have submitted a joint ₹7,000 crore rescue plan for bankrupt airline Go First, two people aware of the development said. Go First's committee of creditors on Friday discusse…


For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible You must understand that financial planning is crucial at every stage of life, even for senior citizens. For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible. He…


GMR is also looking at brownfield projects and participating in airport privatisation opportunities in India Airport operator GMR Airports Infrastructure is actively pursuing inorganic opportunities overseas, especially in the Middle East, South Asia, the Philippines, and Jakarta, while within India, it is looking at available brownfield opportunities.....


Going ahead, KKR aims to diversify its Indian portfolio equally across roads, renewables, and other promising sectors Global investing firm KKR plans to channel a substantial portion of its newly raised $6.4 billion pan-Asian infrastructure fund into India, according to Hardik Shah, partner and head of Infrastructure Investing in India for KKR. Given its strategic importance in KKR's global infrastructure investment strategy, India is poised to s…


An official statement revealed that in the afternoon, PM Modi will attend a public function to inaugurate and lay the foundation stone for development projects worth over Rs 13,000 crore in Varanasi, which is also his parliamentary constituency. Prime Minister Narendra Modi reached Varanasi on Thursday evening for a two-day visit filled with numerous development project inaugurations and public meetings. Friday's agenda includes attending a prize…


According to the report, India's 247 million entrepreneurial households drove an $8.8 trillion transaction value in FY23 unleashing a new economic landscape. Arecent report outlines and estimates the economic power of Industrious Communities or the EPIC Opportunity. The EPIC Opportunity is defined as the transformative power of Entrepreneurial Households (EHs) in shaping the future of the Indian economy and driving the next generation of Indian e…


Once concluded, this will be the NIIF Master Fund’s second investment in digital infrastructure Government-backed National Investment and Infrastructure Fund (NIIF) has agreed to invest $200 million ( ₹1,658 crore) in digital infrastructure company iBus for a controlling stake, two people aware of the development said. iBus Network and Infrastructure Pvt. Ltd, which is backed by Morgan Stanley Infrastructure Partners, will use the money …


Exicom Tele Systems will be offering 75 per cent of the net offering to the qualified institutional investors (QIBs). The quota reserved for non-institutional investors (NIIs) stands at 15 per cent. Exicom Tele Systems will launch its initial public offering (IPO) on Tuesday, February 27. The issue, which will conclude on Thursday, February 29, will be available for bidding in the price band of Rs 135-142 apiece. Investors can make bids for a min…


Previously, FDI was only permitted through the government approval route. Satellite-related activities under the space sector can get Foreign Direct Investment between 49-100 per cent as the Union Cabinet approved an amendment in FDI policy for the space sector on Wednesday......


The Ananya Birla-led firm, India’s second largest microlender, is set to raise ₹2,000 crore from private equity firms Advent International and Multiples Private Equity Mumbai: Ananya Birla-led Svatantra Microfin Pvt. Ltd, India’s second largest microlender, is set to raise ₹2,000 crore from private equity firms Advent International and Multiples Private Equity, a person aware of the deal said. The Mumbai-based microfinance instit…


Tech Mahindra announced on Tuesday that it has acquired 100 per cent stake in a Philippines-based customer experience firm, Orchid Cybertech Services Inc (OCSI), through its wholly-owned subsidiary.  The company’s wholly-owned subsidiary, Customer Philippines Inc, approved the 100 per cent stake in OSCI on February 20 for Australian $5 million, the company stated in a filing.....


Demand for AI talent in India is also expected to grow at 15% CAGR till 2027


The Indonesia Stock Exchange, also known as the IDX, has recorded 170,000 new investors as of January 2024. According to IDX director for business development Jeffrey Hendrik, the elections have little to no impact on the growing number of investors. IDX has set a goal to attract 2 million new investors throughout 2024, regardless if the election concludes in just one round of voting or two rounds.....


The firm sees significant electrification growth in the two-wheeler segment Bosch Ltd is looking to boost investments in R&D and increasing local production of components such as hub motors used in electric two-wheelers (e2w), a top company official said, as adoption of green mobility widens in the world’s fifth-largest economy.....


Tata Sons Chairman N Chandrasekaran had recently announced plans to construct a semiconductor factory in Dholera. The group has set a March 2024 deadline for talks. The Tata Group is a deal away from creating the first major chipmaking plant by an Indian conglomerate. The conglomerate is reportedly exploring partnerships with two Taiwanese chipmakers — Powerchip Semiconductor Manufacturing Corporation and UMC Group — for its proposed …


The EU-India event will take place on the sidelines of the Raisina Dialogue 2024 Experts from the EU and India will explore trends in the use of disinformation online and encourage EU and Indian governmental and non-governmental actors to compare notes and share best practices about countering disinformation in a round table meet later this week....


A testament to their success is the overwhelming response to MATTER'S AERA, India's first geared electric bike, with an impressive 40,000 prebookings. Deliveries are slated to commence this year, marking a significant milestone In the realm of technology-led enterprises, Mohal Lalbhai, a 34-year-old scion of a business dynasty, has emerged as a pioneer with the establishment of MATTER in 2019. This startup, situated in the dynamic energy-tech sec…


The firm plans to make its proposed 2-GW JV facility with Greenko a major electrolyzer exports hub Belgium-headquartered engineering major John Cockerill Group aims to make its proposed electrolyzer plant in the country a hub for exports of the apparatus, and the group also intends to venture into defence manufacturing.....


LIC said the income tax department has released Rs 21,740.77 crore on February 15 and that it was pursuing for the balance with the income tax department. The total amount of refund was Rs 25,464.46 crore.   Shares of Life Insurance Corporation of India Ltd (LIC) will be in focus on Monday morning after the life insurer in a brief filing said it received refund orders for Assessment Years FY13, FY14, FY15, FY17, FY18, FY19 and FY20…


Coca-Cola, Mondelez, Nestle stepping up investments on the back of strong growth in India Global consumer product companies are betting big on the India growth story. Companies such as Coca-Cola, Mondelez, and Nestle are ramping up investments to increase production capacities. Most of these companies have witnessed strong growth in 2023....


The private capex cycle has already begun across sectors as corporates have de-leveraged their balance sheet and businesses are generating good cash, while banks are also now willing to fund expansion projects After much cajoling, India Inc has finally opened up its purse and started announcing big-ticket investments and putting money on the table.....


2024-02-17

DP World and Delhi Capitals today announced a new long-term partnership. DP World, a leading provider of smart end-to-end supply chain solutions, is now the Title Partner of the Women’s Team of Delhi Capitals, in the TATA Women’s Premier League, from 2024. The new multi-year partnership, unveiled today at the JW Marriott hotel in Bengaluru, will see DP World strengthen its relationship with the franchise. A wide range of initiati…


Adani Realty offered 23.15% revenue share to the state government body while Larsen & Toubro offered 18% share of the project's revenue. Adani Realty pipped Larsen & Toubro to emerge as the highest bidder for the redevelopment of the Maharashtra State Road Development Corporation's (MSRDC) 24-acre prime land at Bandra Reclamation close to the Bandra-Worli.....


The approvals accorded by the DAC, which is chaired by Defence Minister Rajnath Singh, lay special emphasis on procurement of various equipment from Indian vendors The Defence Ministry said the Defence Acquisition Council (DAC) approved Acceptance of Necessity (AoN) for various capital acquisition proposals amounting to ₹84,560 crore....


At the heart of the issue is Google's user choice billing system, which imposes a service fee ranging from 11% to 26% on the app developers for download of paid apps and in-app purchases from the Play Store. Shark Tank India judge and founder of Shaadi.com Anupam Mittal has likened tech majors Google and Apple to the British East India company, adding that both operate with "complete impunity"....


Bengaluru led in terms of funding, with startups in the city raising $3.4 billion in 2023. Karnataka's tech startup funding fell 72% to $3.4 billion in 2023, despite being the top state in India for overall funding. Funding in Karnataka's tech startups sharply fell 72% to $3.4 billion in 2023 despite the state being at the first spot in India in terms of overall funding to date and home to 39% of the unicorn...


The pact is a strategic relationship that intertwines commerce, investment, and cultural connections This week marks the two-year anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Republic of India. In only a short period of time, our two countries have highlighted that in a world increasingly turning inward and adopting protectionism, there is a clear path forward for t…


Mukesh Ambani-owned Reliance Industries is reportedly in talks for a stake in Tata Play from the Walt Disney Company. If talks go through, it will be first time Tata group and Reliance have partnered in a joint venture. Reliance, according to a Business Standard report, is eyeing a bigger footprint India’s television distribution sector with the plan.   Tata Sons has a 50.2 per cent stake in the satellite television broadcaster. Apart …


Ravalgaon Sugar Farm, which owns brands such as Mango Mood, Coffee Break, Tutty Fruity, Paan Pasand, etc has sold its trademarks, recipes, all intellectual property rights to Reliance Consumer Products Reliance Consumer will acquire Ravalgaon Sugar confectionery's brands, including Coffee Break and Paan Pasand, in a ₹27 crore deal.....