Reuters India Business

India’s BharatPe to overhaul governance after co-founder row -sources

27 Jan 2022

By Abhirup Roy and Aditya Kalra MUMBAI (Reuters) – Indian IPO-hopeful BharatPe is aiming to quell investor disquiet over a public row involving personal investments by one of its co-founders with an independent audit to bolster internal governance rules, two sources with direct knowledge said. The audit will assess if BharatPe’s senior executives are making …

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India’s top steelmakers seek federal funds to cut carbon emissions

27 Jan 2022

By Neha Arora NEW DELHI (Reuters) – India’s top steelmakers have urged the government to provide federal funding and other economic assistance to help them meet targets for cutting carbon emissions, a leading industry body said. India, the world’s third-biggest emitter of greenhouse gases behind China and the United States, has pledged to achieve a …

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Tata regains Air India control in privatisation victory for Modi

27 Jan 2022

By Aditi Shah NEW DELHI (Reuters) -India’s Tata Group took control of state-run carrier Air India on Thursday, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi’s privatisation push. The auto-to-steel conglomerate in October won the bid https://reut.rs/3AyAZTz to take over Air India in a $2.4 …

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Factbox-Industry demands from India’s budget to be unveiled Feb. 1

27 Jan 2022

By Swati Bhat MUMBAI (Reuters) – Indian Finance Minister Nirmala Sitharaman is expected to reveal plans to fast-track economic growth through larger spending on infrastructure and healthcare when she presents the national budget for 2022/2023 on Feb. 1. Corporates and industry lobby groups, which expect bigger capital expenditure as the government looks to create jobs, …

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Domestic investors prop up Indian stocks as foreigners flee

27 Jan 2022

By Patturaja Murugaboopathy (Reuters) – Foreign investors have been cutting their holdings of Indian equities over the past few months, but domestic mutual funds, banks and insurance companies have helped put a floor under the market with their buying. According to the data from National Stock Exchange of India, foreigners have sold $7.24 billion between …

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Indian bond yields spike, rupee falls as hawkish Fed sparks outflow concerns

27 Jan 2022

By Swati Bhat MUMBAI (Reuters) -Indian bond yields spiked while the rupee struck a one-month low on Thursday on fears of potential outflows after the U.S. Federal Reserve delivered a more hawkish than expected policy update, saying a U.S. interest rate hike was likely in March. The Fed also reaffirmed plans to end its bond …

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Generali says to become majority shareholder in its India Life, non-life JV

27 Jan 2022

ROME (Reuters) – Italy’s Generali said on Thursday it would become the majority shareholder in both its life and non-life Indian insurance joint ventures. Generali agreed to buy from its local partner, debt-laden Future Group, 25% of the shares of Future Generali India Insurance for 145 million euros ($163 million), bringing its total stake to …

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India’s Essar, Progressive Energy to set up $1.3 billion hydrogen hub in UK

27 Jan 2022

CHENNAI (Reuters) – India’s Essar Group said on Thursday it has formed a joint venture with the United Kingdom’s Progressive Energy to invest 1 billion pounds ($1.34 billion) in building a hydrogen manufacturing unit at its Essar Stanlow refinery complex. The joint venture, Vertex Hydrogen, will produce 1 gigawatt (GW) of hydrogen per year from …

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Factbox-India’s Modi has mixed record of economic management

27 Jan 2022

NEW DELHI (Reuters) – Indian Prime Minister Narendra Modi has a mixed record of managing the economy, which started faltering following his overnight ban of high-value currency notes in November 2016. A year after the shock move, output started declining in Asia’s third largest economy, before the coronavirus pandemic pushed GDP towards its worst levels. …

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