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Nagarjuna’s south India urea plant running at 50% capacity due to high gas prices

7 Dec 2022

NEW DELHI (Reuters) – Nagarjuna Fertilizers and Chemicals Ltd is operating its 1.4 million tonnes a year urea plant at Kakinada in southern India at 50% capacity for last two to three months due to high price of imported gas, its Chairman Emeritus said on Wednesday. The plant requires 2.7-2.8 million standards cubic meters of …

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India plans to build more nuclear power plants – government

7 Dec 2022

NEW DELHI (Reuters) – India plans to build more nuclear power plants to increase the production of clean energy, the government said on Wednesday. The government has approved five new sites for nuclear power plants and given the financial go-ahead to build 10 700-MW pressurized heavy water reactors, the statement said. (Reporting by Tanvi Mehta; …

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India cenbank says digital currency transactions to stay largely anonymous

7 Dec 2022

By Nupur Anand MUMBAI (Reuters) – Transactions via central bank digital currencies (CBDCs) would remain anonymous “to a certain degree”, a top official at the Reserve Bank of India (RBI) said on Wednesday, adding that technology and legal provisions can be explored to ensure that anonymity. India started the pilot project for its digital currency, …

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India foodgrain subsidy bill to surge 30% to $33 billion this year – source

7 Dec 2022

By Nikunj Ohri New Delhi (Reuters) – India’s spending on subsidised foodgrain to the poor may rise to 2.7 trillion rupees ($32.74 billion) this fiscal year, as the government continues to provide support to the poor at least until December, according to a government official and a document reviewed by Reuters. Federal government food subsidies …

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India’s Blume Ventures raises over $250 million for new fund

7 Dec 2022

BENGALURU (Reuters) – Blume Ventures, a seed-stage Indian investor, has raised more than $250 million for its fourth and largest fund to court more early-stage startups, the venture firm said on Wednesday. The new fund will focus on edtech, fintech, health, commerce and consumer internet. It will also invest in robotics, artificial intelligence, software-as-a-service and …

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Expert View: India cenbank hikes key policy rate by 35 basis points

7 Dec 2022

BENGALURU (Reuters) – The Reserve Bank of India’s key repo rate was raised by 35 basis points (bps) on Wednesday as widely expected, the fifth straight increase as inflation remains elevated, and the central bank says that there will be no let up in flight to tame inflation. The monetary policy committee (MPC), comprising three …

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India’s leading state hospital recovers systems after cyber attack

6 Dec 2022

By Shivam Patel NEW DELHI (Reuters) – India’s premier government hospital in New Delhi which was hit by a cyber attack nearly two weeks ago that shut down servers and disrupted patient care has restored some server functionality, police and institute officials said. Multiple servers of the All India Institute of Medical Sciences (AIIMS), a …

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India’s HPCL seeks December gasoline supplies

6 Dec 2022

NEW DELHI (Reuters) – India’s state-run Hindustan Petroleum Corp. issued a prompt tender for the import of 40,000 tonnes of non-oxygenated 91 RON gasoline for delivery on Dec. 11-25, market sources said. The tender closes on Tuesday. The refiner had earlier sought 40,000-55,000 tonnes of non-oxygenated gasoline for delivery during Dec. 20-30 via another tender …

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India to allow foreign funds to own over 51% in IDBI Bank

6 Dec 2022

MUMBAI (Reuters) – The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd, according to a government clarification on Tuesday. The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank’s residency criteria for promoters …

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