Reuters India Business

BENGALURU (Reuters) -India’s Tata Steel said on Wednesday it would save most jobs as it restructures its UK operations following a drop in fourth-quarter profit due to lower steel prices and impairment charges. The country’s second-biggest steelmaker by market cap said its consolidated net profit fell 64% to 6.11 billion rupees ($73.3 million) in the …

India’s Tata Steel Q4 profit falls on lower prices amid restructuring Read More »

MUMBAI (Reuters) – India’s central bank on Wednesday barred two Edelweiss Group companies from acquiring financial assets or undertaking structured transactions, saying they engaged in “evergreening” distressed loans. Evergreening refers to a practice where new loans are given to stressed borrowers to enable them to repay existing loans. The RBI has publicly warned against the …

India cenbank acts against two Edelweiss Group companies for ‘evergreening’ loans Read More »

MUMBAI (Reuters) – Some Indian asset reconstruction companies (ARCs) have been circumventing regulations and have allowed themselves to be used for the evergreening of distressed assets, a deputy governor at the Reserve Bank of India said in a recent speech. The RBI has increased supervision of regulated entities to prevent systemic risks and to ensure …

Some Indian asset recast firms circumventing rules, says RBI deputy Read More »

By Praveen Paramasivam (Reuters) – United Parcel Service, the world’s biggest parcel delivery firm, is in talks with several Indian state governments to make some of the tags used in tracking packages in the Asian country, a senior executive told Reuters on Wednesday. Semiconductor manufacturing is among Prime Minister Narendra Modi’s key business agendas as …

UPS to make some parcel-tracking tags in India, executive says Read More »

BENGALURU (Reuters) -India’s Paytm is not in talks to sell a stake in itself, while neither billionaire Gautam Adani nor his namesake power-to-ports group are looking to buy shares in the embattled digital payments firm, the companies said on Wednesday. Paytm CEO Vijay Shekhar Sharma had visited Adani, the billionaire chairman of the Adani conglomerate, …

India’s Paytm, Adani Group say not in stake sale talks Read More »

By Pritam Biswas (Reuters) -Novelis, owned by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries, is targeting a valuation of up to $12.6 billion in its initial public offering in the United States, the aluminum products maker said on Tuesday. The world’s largest recycler of aluminum, whose customers include Coca-Cola, Ford, Jaguar LandRover, said its parent …

Aluminum recycler Novelis targets up to $12.6 billion valuation in US IPO Read More »

By Aditya Kalra and Arpan Chaturvedi NEW DELHI (Reuters) – A U.S. lobby group representing tech giants Google, Amazon and Apple has asked India to rethink its proposed EU-like competition law, arguing regulations against data use and preferential treatment of partners could raise user costs, a letter shows. Citing increasing market power of a few …

Google, Amazon, Apple lobby group opposes India’s EU-like antitrust proposal Read More »