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☆ India to get electric air taxis in 2026 via InterGlobe, Archer venture
▼ + stars: | 2023-11-09 | by ( Chris Thomas | ) www.reuters.com time to read: +2 min

[1/4] Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, U.S. August 2, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBENGALURU, Nov 9 (Reuters) - InterGlobe Enterprises, which backs India's top airline IndiGo, and U.S.-based Archer Aviation (ACHR.N) will launch an all-electric air taxi service in India in 2026 that will be "cost-competitive" with on-road services, the companies said Thursday. The companies said that a trip that typically takes 60 to 90 minutes by car in Delhi, for example, will take about 7 minutes in an air taxi. InterGlobe Enterprises, which owns nearly 38% of IndiGo-parent InterGlobe Aviation (INGL.NS) as well as hospitality and logistics businesses, also plans to use the e-aircraft for cargo, logistics, medical, emergency and charter services. Archer secured a $142 million-deal from the U.S. Air Force in July to provide six Midnight aircraft and said in October it would launch an air taxi service in the UAE.

Persons: Carlos Barria, Archer, Archer Aviation's, InterGlobe Aviation's, Chris Thomas, Savio D'Souza Organizations: Archer Aviation, Salinas Municipal Airport, REUTERS, Rights, InterGlobe Enterprises, IndiGo, Chrysler, Boeing, United Airlines, InterGlobe Aviation, U.S . Air Force, Midnight, Thomson Locations: Salinas, Salinas , California, U.S, India, Delhi, Mumbai, Bengaluru, UAE

People stand outside a convention centre where multiple blasts occurred during a religious gathering in Kochi, India, October 29, 2023. Preliminary investigation showed that an improvised explosive device was used, Kerala Director General of Police Shaik Darvesh Saheb told reporters earlier. Police were appointing a special investigations team, Saheb told reporters, adding that strict action would be taken against those involved. "The explosions occurred seconds after the end of a prayer as part of the day's event. Seconds later, two more explosions rocked simultaneously on either sides of the hall," TA Sreekumar, regional spokesperson for the Jehovah's Witnesses told mathrubhumi.com.

Persons: Umesh, Veena George, Police Shaik Darvesh Saheb, Saheb, Pinarayi Vijayan, mathrubhumi.com, Swati Bhat, Gerry Doyle, Bernadette Baum Organizations: REUTERS, Rights, Asianet News, Reuters, Police, Local, National Security Guard, TA, Thomson Locations: Kochi, India, Rights KOCHI, Kerala, Thrissur, Ernakulam, Kalamassery, United States

☆ India's TCS to consider share buyback next week
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 6 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Friday said it will consider a share buyback when its board meets next Wednesday to approve second-quarter financial results. TCS, India's largest information technology (IT) services firm, did not disclose the quantum of the buyback it was considering. It had last bought back shares worth 160 billion rupees ($1.92 billion) in 2020. The buyback comes at a time Indian IT services companies are grappling with an uncertain demand environment, especially in the U.S., a key market for the sector. ($1 = 83.1740 Indian rupees)Reporting by Chris Thomas in Bengaluru; Editing by Savio D'Souza and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Thomas, Savio D'Souza, Varun Organizations: India's Tata Consultancy Services, TCS, Investors, Thomson Locations: BENGALURU, Indian, U.S, Bengaluru

☆ Indian billionaire Ambani's Reliance Retail to raise $598 mln from ADIA
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Oct 6 (Reuters) - Billionaire Mukesh Ambani's Reliance Retail Ventures said on Friday it would raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA. The investment comes as Reliance set an internal target to raise $3.5 billion. ADIA and Singapore's GIC had invested $664 million each into the retail unit in 2020 as Reliance sold a 10.09% stake at a valuation of 4.68 trillion rupees. Morgan Stanley acted as financial adviser to Reliance Retail Ventures for the ADIA deal.

Persons: Amit Dave, Mukesh, Hamad Shahwan Aldhaheri, Singapore's GIC, Ambani, Morgan Stanley, Chris Thomas, Maju Samuel Organizations: Reliance Industries, REUTERS, Rights, Retail Ventures, Abu Dhabi Investment Authority, ADIA, Reliance, KKR, Qatar Investment Authority, Reuters, Saudi Arabia's Public Investment Fund, Reliance Retail Ventures, Thomson Locations: Ahmedabad, India, Abu Dhabi, ADIA, Singapore, Saudi Arabia, Bengaluru

☆ Japan's Sony says Zee merger to be delayed by a few months
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Zee Entertainment and SONY logos are displayed in this illustration taken, September 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 29 (Reuters) - Japan's Sony Group Corp (6758.T) said on Friday a merger of its Indian unit with Zee Entertainment Enterprises (ZEE.NS), which had an initial deadline of September, would take a few more months to complete. "Based on the current state of preparation, we expect completion within the next few months," Sony said in a statement, without elaborating further. It was delayed due to issues including a legal battle with lenders over loan defaults by a Zee group entity. Zee shares, which have lost about a quarter of their value since the merger was announced in 2021, were up 2.7% on Friday.

Persons: Dado Ruvic, Punit Goenka, Zee, Ashna Teresa Britto, Chris Thomas, Dhanya Ann Thoppil, Sohini Organizations: Zee Entertainment, SONY, REUTERS, Sony Group Corp, Zee Entertainment Enterprises, Sony, Zee, Securities and Exchange Board, India, Finance, Thomson

☆ India's Wipro slides after CFO Dalal resigns in latest high-profile exit
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Sept 22 (Reuters) - Shares of Wipro (WIPR.NS) slid almost 3% on Friday, a day after long-serving CFO Jatin Dalal resigned in a surprise move, the latest senior level exit at the fourth-largest Indian IT services provider. Dalal's exit follows those of Chief Operations Officer Sanjeev Singh and several senior vice presidents as Wipro wades through a years-long turnaround of its business. Wipro has already forecast revenue from IT services would remain largely flat for the current quarter as clients cut spending. Shares of the company hit a near three-week low after news of the CFO change announced Thursday. Reporting by Chris Thomas and Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jatin Dalal, Sanjeev Singh, Dalal, Aparna Iyer, Rajesh Gopinathan, Mohit Joshi, Ravi Kumar, Chris Thomas, Nallur, Nivedita Organizations: Wipro, REUTERS, Rights, Indian, Wipro wades, Kotak, Tata Consultancy Services, Infosys, Tech Mahindra, Cognizant Technology Solutions, Thomson Locations: India, United States, Bengaluru

☆ India PM Modi says G20 leaders' declaration adopted
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +1 min

A giant screen displays India's Prime Minister Narendra Modi at the International Media Centre, as he sits behind the country tag that reads "Bharat", while delivering the opening speech during the G20 summit in New Delhi, India, September 9, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - Indian Prime Minister Narendra Modi said on Saturday that the G20 had reached a consensus on a leaders' declaration and announced its adoption during the first day of its annual summit. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration," Modi told the bloc leaders in New Delhi, before clapping the table for a few seconds in celebration. "I announce the adoption of this declaration," Modi said, flanked by India Foreign Minister Subrahmanyam Jaishankar and Finance Minister Nirmala Sitharaman. The announcement came after delegates from the world's most powerful countries reached a compromise on language to describe the war in Ukraine, Reuters reported earlier.

Persons: Narendra Modi, Anushree, Modi, Subrahmanyam Jaishankar, Nirmala Sitharaman, Chris Thomas, Jacqueline Wong, Kim Coghill Organizations: International Media Centre, REUTERS, Indian, India Foreign, Reuters, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia

The G20 logo is shown ahead of G20 Summit, in New Delhi, India, September 8, 2023. REUTERS/Anushree Fadnavis Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - The African Union was made a permanent member of the G20, comprising the world's richest and most powerful countries, Indian Prime Minister Narendra Modi said at the bloc's summit in New Delhi on Saturday. The African Union, a continental body of 55 member states, now has the same status as the European Union - the only regional bloc with a full membership. "Honoured to welcome the African Union as a permanent member of the G20 Family. Reuters earlier cited the draft declaration admitting the African Union as a permanent member.

Persons: Anushree, Narendra Modi, Modi, Azali Assoumani, Chris Thomas, Jacqueline Wong, Kim Coghill Organizations: G20, REUTERS, African, Indian, European Union, Union, Twitter, Reuters, Thomson Locations: New Delhi, India, DELHI, African Union, Ukraine

☆ EU's Michel says hard to predict if G20 can agree on declaration
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

[1/5] European Council President Charles Michel attends a press briefing ahead of the G20 Summit in New Delhi, India, September 8, 2023. REUTERS/Amit Dave Acquire Licensing RightsNEW DELHI, Sept 8 (Reuters) - It is difficult to predict if leaders of the G20 grouping gathering for a summit in New Delhi this weekend can reach consensus on a declaration, European Council President Charles Michel said on Friday. "It's difficult to predict if it will be possible to have an agreement on the declaration," Michel told a press conference in the Indian capital. He added, "I don't intend to say something that will make the efforts more difficult. Reporting by Manoj Kumar, Chris Thomas; Writing by Shivam Patel; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Charles Michel, Amit Dave, Michel, Vladimir Putin, Xi Jinping, Sergei Lavrov, Li Qiang, Manoj Kumar, Chris Thomas, Shivam Patel, Clarence Fernandez Organizations: European, REUTERS, Beijing, European Union, EU, UN, Thomson Locations: New Delhi, India, DELHI, Ukraine, Russia, China, Moscow, Russian

☆ G20 leaders can stop climate breakdown, but rules must change, U.N. chief says
▼ + stars: | 2023-09-08 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

NEW DELHI, Sept 8 (Reuters) - U.N. Secretary-General Antonio Guterres said G20 leaders have the power to reset a climate crisis that is "spinning out of control" and urged them to reshape global financial rules which he described as outdated and unfair. "The climate crisis is spiralling out of control. But G20 countries are in control," he said. "Together, G20 countries are responsible for 80 per cent of global emissions. The U.N. chief also called on G20 leaders to ensure a stimulus of at least $500 billion per year towards meeting the Sustainable Development Goals.

Persons: Antonio Guterres, Guterres, Xi Jinping, Russia's Vladimir Putin, Katya Golubkova, Ira Dugal, Chris Thomas, Philippa Fletcher, Angus MacSwan Organizations: Climate Solidarity, West, United Nations, United Nations Security Council, Thomson Locations: DELHI, New Delhi, Paris, Ukraine, Russia, United

[1/2] A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India, September 6, 2023. Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks. The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. A spokesperson for Tata Consumer Products said it "does not comment on market speculation". The $10 billion valuation sought by Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said.

Persons: Sriram, Tata, Mukesh Ambani's, Tetley, Haldiram's, Krishan Kumar Chutani, Bain, Ankur Bisen, Manohar Lal Agrawal, Aditya Kalra, Chris Thomas, Edwina Gibbs, Alexandra Hudson Organizations: REUTERS, India Tata, Tata, Pepsi, Bain Capital, Tata Consumer Products, Starbucks, Tata Consumer, Reuters, Haldiram's, Euromonitor International, Tata Group, CNBC TV18, Bikaji Foods, Alexandra Hudson Our, Thomson Locations: Mumbai, India, MUMBAI, DELHI, Singapore, United States, Bikaji

☆ Billionaire banker Uday Kotak steps down as CEO of Kotak Mahindra Bank
▼ + stars: | 2023-09-02 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +2 min

FILE PHOTO-Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. Kotak Mahindra Bank is India's fourth largest private sector bank by assets. Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added. "I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote. The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification.

Persons: Uday Kotak, Danish Siddiqui, Dipak Gupta, Kotak, Amit Tandon, Tandon, Anand Dama, Jayshree, Chris Thomas, Miral Fahmy, Tomasz Janowski Organizations: Mahindra Bank, REUTERS, Danish, Kotak Mahindra Bank, Reserve Bank of India, Investor Advisory Services, Global Financial Services, Thomson Locations: Mumbai, India

NEW DELHI, July 21 (Reuters) - Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors asking Indian Prime Minister Narendra Modi to review a 28% gaming tax, saying the levy would adversely impact $4 billion in prospective investments, a letter showed. India last week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have become increasingly popular in recent years, but have also raised concerns about addiction among players. Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League. Over 100 gaming firms wrote a letter recently to the finance ministry with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in the sector at risk.

Persons: Narendra Modi, Aditya Kalra, Chris Thomas, Tanvi Mehta, Savio D'Souza, Kim Coghill, Muralikumar Organizations: Tiger, Steadview, Indian, Reuters, Tiger Global, Sequoia Capital, Mobile Premier League, Thomson Locations: DELHI, India, Sequoia Capital India, New Delhi

REUTERS/Anushree Fadnavis/File PhotoBENGALURU, July 20 (Reuters) - Jio Financial Services (JFS) has been valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19) in its demerger from Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS). At a $20 billion valuation, Jio Financial would be one of the top 40 Indian companies by market capitalisation, in a list headed by Reliance at $233 billion. The price was determined as 261.85 rupees, or the difference between 2,841.85 rupees, Reliance's closing price on Wednesday, and 2,580 rupees, its price at the end of the special session. JFS's stock price is higher than analysts' estimate of 160 rupees to 190 rupees. Reliance Strategic Investments, the unit to be renamed JFS, late on Wednesday reported a net profit after tax of 1.45 billion rupees ($17.7 million) for April-June based on revenue of 2.15 billion rupees.

Persons: Anushree, Mukesh, Chokkalingam, JFS, Ira Dugal, Savio Shetty, Savio D'Souza, Jamie Freed Organizations: Mobile, REUTERS, Jio Financial, Reliance Industries, Reliance, Macquarie Research, AAA, Reliance Strategic Investments, Thomson Locations: Pragati, New Delhi, India, BENGALURU

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

Speaking at the Adani Enterprises' annual general meeting, Adani said the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices." "While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards," billionaire Adani said. The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. Adani Enterprises shares climbed over 4% on Tuesday, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) rose 4.7% and 5.7%, respectively. He also added that Adani Ports (APSE.NS), in the next 12-24 months, will commission India's largest transshipment hub.

Persons: Gautam Adani, Adani, Chris Thomas, Nallur, Savio D'Souza, Nivedita Organizations: U.S, Adani Enterprises, Securities and Exchange Board, Green Energy, Thomson Locations: BENGALURU, India, Bengaluru

Reliance Retail includes Ambani's core retail businesses, including digital and brick-and-mortar stores. It is fully owned by Reliance Retail Ventures, which also houses other retail operations such as international partnerships and the billionaire's consumer goods business. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) by selling a 10.09% stake, valuing it at roughly $57 billion based on current exchange rates. EY valued Reliance Retail at 884.03 rupees per share, while BDO valued it at 849.08 rupees, the source said. Reliance Retail has in recent years partnered with a slew of global brands to launch and expand their presence in India.

Persons: Mukesh Ambani, valuers, Ambani, Tiffany, Aditya Kalra, Sriram, Chris Thomas, Savio D'Souza, Louise Heavens, Mark Potter Organizations: Reliance, Reuters, BDO, EY, Reliance Retail Ventures, KKR, Saudi Public Investment Fund, General Atlantic, Reliance Retail, Burberry, Thomson Locations: DELHI, India, New Delhi, Mumbai, Bengaluru

☆ Billionaire Ambani's Reliance Jio renews rural India push with $12 4G phone
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Reliance Jio said on Monday it would launch a 4G feature phone priced at 999 rupees ($12.19), the latest attempt by billionaire Mukesh Ambani's telecom arm to grab market share in India's massive and under-penetrated hinterlands. "There are still 250 million mobile phone users in India who remain 'trapped' in the 2G era, ... at a time when the world stands at the cusp of a 5G revolution," Akash Ambani, chairman of Reliance Jio, said in a statement. Currently, 4G feature phones account for less than 1% of the feature phone sales in India, per Counterpoint Research. "Feature phone to smartphone transition has slowed down due to high learning curve for a lot of rural Indian users and Jio Bharat aims to bridge that gap," said Tarun Pathak, analyst at Counterpoint Research. Feature phones are models that have higher functionalities than basic devices but falls short of the capabilities of a smartphone.

Persons: Jio, Mukesh, Akash Ambani, Bharat, Tarun Pathak, Pathak, Ashna Teresa Britto, Indranil Sarkar, Chris Thomas, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Reliance, Vodafone, Bharti Airtel, IIFL Securities, Counterpoint Research, Reliance Industries, Google, Thomson Locations: Jio, India

BENGALURU, June 30 (Reuters) - India's Karnataka High Court on Friday dismissed Twitter's plea challenging the federal government's orders to block tweets and accounts and imposed a fine of 5 million rupees ($60,943.65), a lawyer for Twitter told Reuters. The court on Friday ruled that Twitter was served notices, to which it did not comply, India's Deputy Minister for Information Technology Rajeev Chandrasekhar said in a tweet. The U.S.-based firm had last year asked the court to overturn some government orders to remove content from the social media platform. The country's IT act allows the government to block public access to content in the interest of national security, among other reasons. ($1 = 82.0430 Indian rupees)Reporting by Indranil Sarkar and Chris Thomas in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Twitter's, Jack Dorsey, Narendra Modi's, Information Technology Rajeev Chandrasekhar, Chandrasekhar, Twitter, Elon Musk, Indranil Sarkar, Chris Thomas, Dhanya Ann Thoppil Organizations: Twitter, Reuters, Information Technology, Elon, Thomson Locations: BENGALURU, Karnataka, U.S, Bengaluru

☆ Indian shares set for muted start to week after Russia turmoil
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, June 26 (Reuters) - Indian shares were set for a muted open on Monday, on the heels of their first weekly loss in over a month, as crude prices rose on supply concerns after a short-lived mutiny by mercenaries in Russia. Foreign institutional investors sold a net 3.45 billion rupees ($42.1 million) worth of Indian equities on Friday, while domestic investors sold 6.84 billion rupees of shares, as per provisional NSE data. STOCKS TO WATCH:** ICICI Bank (ICBK.NS), ICICI Securities (ICCI.NS): Boards of the companies to consider delisting of ICICI Securities shares on June 29. ** HDFC Life Insurance Company: India's insurance regulator granted approval for transfer of its shares from HDFC Ltd (HDFC.NS) to HDFC Bank (HDBK.NS). ** Shree Cement (SHCM.NS): NDTV reported that tax evasion to the tune of 230 billion rupees ($2.80 billion) has been found in tax searches at multiple locations of Shree Cement in Rajasthan.

Persons: Wagner, Brent, Chris Thomas, Biplob Kumar Das, Eileen Soreng Organizations: Singapore Exchange, BSE, ICICI Bank, ICICI Securities, Life Insurance, HDFC Ltd, HDFC Bank, Ipca, U.S, FDA, of Maharashtra, Axis Bank, Kashmir Bank, NDTV, Shree, Thomson Locations: BENGALURU, Russia, Russian, Moscow, Asia, India, Pithampur, Jammu, Kashmir, Shree Cement, Rajasthan, Bengaluru

☆ Apple supplier Foxconn to invest $500 mln in India's Telangana state
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, May 15 (Reuters) - Apple Inc (AAPL.O) supplier Foxconn (2317.TW) will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, the state's IT minister said on Monday. loadingReuters in March reported that Foxconn had won an order to make AirPods for Apple and planned to build a factory in India to manufacture the products. Apple has been shifting production away from China, where prior COVID restrictions disrupted the manufacturing of new iPhones and other devices. Foxconn in late March received approval from the Karnataka government for a $968 million investment in the state. Reporting by Chris Thomas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Niharika Kulkarni/File PhotoBENGALURU/SINGAPORE, May 6 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters. The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned (TITN.NS) Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS). While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal. BlueStone CEO Gaurav Kushwaha did not immediately respond to Reuters' request for comment, while Temasek declined to comment.

☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

The cash-strapped carrier, India's third-biggest and best known as Go First, filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. IndiGo has also had to ground planes because its P&W engines faced problems, but its bigger fleet with diverse engines, and its deeper pockets, meant it could overcome the troubles better than Go First. The airline started operations in 2005 and is owned by bed sheets-to-biscuits Wadia Group, one of India's oldest conglomerates. "The Wadia Group, in particular (chairperson) Nusli Wadia, has always tried to see that the company and the airline operations go on, on a normal basis," Khona said. "There is no question of Wadia Group having any intention to exit or move out."

NEW DELHI, May 3 (Reuters) - India's Wadia Group, the owner of cash-strapped Go Airlines (India) Ltd, is completely committed to the company, and has no plans to exit it, the airline's chief executive said on Wednesday. The news came a day after the airline, recently rebranded as Go First, filed for bankruptcy, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The insolvency proceedings were aimed at reviving the airline and not selling it, Chief Executive Kaushik Khona told Reuters in an interview, adding that the company had made all payments to Pratt & Whitney. The airline was also looking to engage with lessors to dissuade them from taking any action, he added. Reporting by Tanvi Mehta and Chris Thomas; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

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