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By Aditya Kalra and Munsif Vengattil NEW DELHI (Reuters) -An Indian appellate authority has confirmed a seizure order against Chinese smartphone maker Xiaomi Corp that froze $682 million in an investigation related to illegal remittances to foreign entities, authorities said on Friday. India’s federal financial crime fighting agency, the Enforcement Directorate, seized 55.51 billion rupees …

India enforcement body says $682 million block on Xiaomi’s bank assets upheld Read More »

NEW DELHI (Reuters) -India on Friday said it will raise the price of locally produced gas from old fields by 40% to a record $8.57 per million metric British thermal units (mmBtu) from Saturday for six months, a move that could stoke inflation. The country will raise the ceiling price for gas produced from more …

India to raise price of locally produced gas to record $8.57/mmBtu Read More »

By Aditya Kalra NEW DELHI (Reuters) – Around 1,000 workers across three Nestle factories in India plan not to work on Sunday in protest over a lack of paid leave for organising union activities, a move the Swiss food giant said wouldn’t impact its business. The Geneva-based International Union of Food Workers (IUF) is helping …

Around 1,000 Nestle India factory staff plan one-day stoppage Read More »

BENGALURU (Reuters) -Tata Group-owned Air India is considering raising at least $1 billion in a funding round that could value the carrier at around $5 billion, Bloomberg News reported on Friday, citing people familiar with the matter. Air India declined to comment, while Tata Sons did not immediately respond to a Reuters request for comment. …

Tata’s Air India considers raising $1 billion – Bloomberg News Read More »

NEW DELHI (Reuters) – An ex-United Nations diplomat and a veteran politician emerged on Friday as contenders to lead India’s main opposition Congress party as it prepares to elect a new president from outside the Nehru-Gandhi dynasty for the first time in nearly 25 years. Shashi Tharoor, a three-term federal lawmaker who previously served as …

Gandhi loyalist, ex-UN diplomat in race to lead India’s opposition Congress party Read More »

MUMBAI (Reuters) – India’s foreign exchange reserves fell to $537.52 billion in the week through Sept. 23, notching their steepest weekly fall in six months, the Reserve Bank of India’s weekly statistical supplement showed on Friday. The country’s reserves were $545.65 billion at the end of the previous week. Reserves have now fallen for eight …

India forex reserves notches steepest drop in six months Read More »

By M. Sriram and Aditya Kalra MUMBAI (Reuters) – India’s markets regulator will restart a review of a $440 million initial public offering of Digit Insurance after the company resolved certain compliance issues that had led to the regulator putting the process on hold, two sources told Reuters on Friday. The Securities and Exchange Board …

India markets regulator to restart review of $440 million Digit Insurance IPO-sources Read More »

NEW DELHI (Reuters) – India’s fiscal deficit for the five months through August touched 5.42 trillion Indian rupees ($66.56 billion) or 32.6% of annual estimates, government data showed on Friday. Net tax receipts rose to about 7 trillion rupees while total expenditure was 13.9 trillion rupees, the data showed. In February, while presenting the annual …

India’s April-August fiscal deficit at $66.56 billion – govt Read More »

By Sumit Khanna and Manoj Kumar AHMEDABAD, India/NEW DELHI (Reuters) – Prime Minister Narendra Modi on Friday launched a third Indian-made high speed train in his home state of Gujarat, as a part of plans to modernise the country’s rail network. New Delhi plans to launch 75 of the Vande Bharat Express trains by August …

Modi launches India-made high speed train in modernisation drive Read More »