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☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

☆ Families, rescuers search for victims of India's worst train crash in decades
▼ + stars: | 2023-06-04 | by ( Jatindra Dash | ) www.reuters.com time to read: +3 min

[1/4] A drone view shows derailed coaches after trains collided in Balasore district in the eastern state of Odisha, India, June 3, 2023. REUTERS/StringerBAHANAGA, India, June 4 (Reuters) - Rescuers and families searched through mangled train carriages on Sunday for more victims of India's worst rail crash in more than two decades with signal failure emerging as the likely cause. At least 288 people were killed on Friday when a passenger train went off the tracks and hit another one near the district of Balasore in the eastern state of Odisha. The South Eastern Railway has said a preliminary report indicated that the accident was the result of signal failure. "The target is by Wednesday morning the entire restoration work is complete and tracks should be working," said Railway Minister Ashwini Vaishnaw.

Persons: Stringer BAHANAGA, Narendra Modi, Baisakhi Dhar, Nikhil Dhar, Ashwini Vaishnaw, Kanchan Choudhury, Vaishnaw, Joe Biden, Justin Trudeau, Rishi Sunak, Emmanuel Macron, Jathindra Dash, Jayshree Upadhyay, Ira Dugal, Robert Birsel, Sonali Paul Organizations: REUTERS, Railways, Eastern Railway, Workers, Railway Ministry, Twitter, Wednesday, Reuters, . U.S, Canadian, British, Thomson Locations: Balasore district, Odisha, India, Balasore, West Bengal, .

Nearly 1,200 people were injured when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore. The drivers of both passenger trains were injured but survived, she said. RESTORATIONWorkers with heavy machinery were clearing the damaged track, wrecked trains and electric cables, as distraught relatives looked on. More than 1,000 people were involved in the rescue, the Railway Ministry said on Twitter. "The target is by Wednesday morning the entire restoration work is complete and tracks should be working," Vaishnaw said.

Persons: Pradeep Jena, Ashwini Vaishnaw, Narendra Modi, stringently, Modi, Jaya Varma Sinha, Stringer, Sinha, Vaishnaw, Kanchan Choudhury, Jatindra Dash, Rajesh, Jayshree Upadhyay, Ira Dugal, Robert Birsel, Sonali Paul, William Mallard, Nick Macfie Organizations: Railways, India's Railway Board, Central Bureau of Investigation, Railway, Express, Railway Ministry, Twitter, Wednesday, Thomson Locations: BAHANAGA, India, Odisha, Balasore, Chennai, Kolkata, du, Inde, Howrah

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

The conglomerate led by Asia's richest man, the Indian billionaire Gautam Adani, said last week's Hindenburg report was intended to enable the U.S.-based short seller to book gains, without citing evidence. This has been overshadowed by the Hindenburg report, which flagged concerns about high debt levels and the use of tax havens. Hindenburg did not immediately respond to a request for comment on the Adani response on Sunday. The report also said five of seven key listed Adani companies have reported current ratios - a measure of liquid assets minus near-term liabilities - of below 1. It also said key listed Adani companies had "substantial debt" which has put the entire group on a "precarious financial footing" and that shares in seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations".

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