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[1/3] Russian Foreign Minister Sergei Lavrov and his Indian counterpart Subrahmanyam Jaishankar attend a news conference following their talks in Moscow, Russia, November 8, 2022. India is keen to boost trade in this way, said the source, as it tries to narrow a ballooning trade deficit with Russia. During the Moscow visit, Jaishankar said India needed to boost exports to Russia to balance bilateral trade that is now tilted towards Russia. The list of items from Russia, which runs to nearly 14 pages, includes car engine parts like pistons, oil pumps and ignition coils. India is hoping to boost its exports to nearly $10 billion over coming months with Russia's list of requests, according to the government source.
MUMBAI, Nov 28 (Reuters) - Jet Airways' (JET.NS) creditors and its new owners are deadlocked over a resolution plan to lift the Indian airline out of bankruptcy, putting its future in limbo, four sources said. It was taken to bankruptcy court by creditors owed about 180 billion rupees ($2 billion). A spokesperson for Jet's owners said in a statement on Monday that the resolution plan was binding upon all involved parties and was approved by the bankruptcy court. "We are "working closely" with the erstwhile lenders of Jet to implement this plan, and remain "fully committed" to getting Jet Airways off the ground," it added. By not implementing the resolution plan, creditors are causing unnecessary delays, the source close to Jet said adding that the consortium has already invested more than 1 billion rupees in the airline.
Stellantis looks to India for affordable EVs for Europe
  + stars: | 2022-11-24 | by ( Aditi Shah | ) www.reuters.com   time to read: +3 min
NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles (EVs) in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. Stellantis is investing heavily in EVs and plans to produce dozens in the coming decade, but Tavares warned last month that affordable battery EVs were between five and six years away. The power that is best placed to leverage this opportunity is obviously India," Tavares said. The carmaker plans to launch its first EV in India - an electric model of its Citroen C3 compact car - early next year.
NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. The power that is best placed to leverage this opportunity is obviously India," Tavares said. Stellantis already makes its own electric motors and battery packs, and also has plans to make battery cells. In India, too, Tavares wants to locally procure EV components, including batteries so it can be competitive on cost and price.
Air India in talks with Airbus, Boeing to buy planes, says CEO
  + stars: | 2022-11-19 | by ( ) www.reuters.com   time to read: +1 min
NEW DELHI, Nov 19 (Reuters) - Tata Group-owned Air India is in talks with Boeing and Airbus (AIR.PA) about ordering new aircraft and is meeting its immediate needs by leasing planes and repairing grounded aircraft, the airline's chief executive said on Saturday. Wilson said Air India planned to expand its fleet and global network, aiming to increase its market share to 30% on both domestic and international routes over the next five years. At present, Air India has a domestic market share of about 10% and an international market share of around 12%, according to industry estimates. Air India said in September it would lease 30 Boeing and Airbus planes, expanding its fleet by more than 25% as part of the drive to boost market share and to improve service levels. Industry sources said in July that Air India was moving closer to a decision on an order worth $50 billion at list prices to be split between Airbus and Boeing.
BYD's Atto 3 electric SUV car is displayed during its launch in New Delhi, India, October 11, 2022. REUTERS/Adnan AbidiNEW DELHI, Oct 11 (Reuters) - Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion. BYD launched the Atto 3 electric SUV, fitted with its renowned Blade battery technology, with a plan to corner 40% of the country's electric car market by 2030. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters. BYD's India push comes amid tight scrutiny of investments from bordering nations, including China.
BYD enters India's passenger car market amid global push
  + stars: | 2022-10-11 | by ( Aditi Shah | ) www.reuters.com   time to read: +3 min
NEW DELHI, Oct 11 (Reuters) - Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion. BYD, which already sells electric buses and electric vehicles (EVs) for corporate fleets in India, launched the Atto 3 electric SUV, fitted with BYD's renowned Blade battery technology, in the world's fourth-largest car market where Tata Motors (TAMO.NS) dominates electric car sales. It launched the Atto 3 electric SUV in Thailand on Monday. BYD's push into India also comes at a time when the South Asian country continues to maintain tight scrutiny of investments coming from bordering nations, including China. BYD has two manufacturing plants in India, spread over 140,000 square metres with more than 3,000 employees, Zhang said.
NEW DELHI, Oct 11 (Reuters) - Toyota Motor Corp (7203.T) on Tuesday unveiled its flex fuel hybrid sedan in India, kicking off a pilot project in a market where the government is pushing automakers to switch to clean fuels. The sedan, built by Toyota's local unit Toyota Kirloskar Motor, will be powered by flex fuel technology, which allows the engine to run on fuel blended with a higher percentage of ethanol, reducing the consumption of gasoline along with a hybrid powertrain. India, which is a major producer of sugar, is keen to boost its usage of ethanol, like bigger producer Brazil where sale of flex fuel vehicles is already popular. The objective of the pilot is to see how the car operates in India and increase awareness of the technology. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tanvi Mehta, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.
A general view of the Tata Tiago EV electric hatchback that was unveiled during a global launch event in Mumbai, India, September 28, 2022. REUTERS/Francis MascarenhasNEW DELHI, Sept 28 (Reuters) - Tata Motors (TAMO.NS) launched India's lowest priced electric car at a little over $10,000 on Wednesday as the country's only electric vehicle (EV) maker looks to draw in more buyers. Tata leads India's EV market, helped by government subsidies and high tariffs on imports. That is much cheaper than India's next most affordable EV - the electric version of Tata's Tigor compact sedan which starts at around $14,940. China, however, has some EV models that start as low as 32,800 yuan ($4,525).
It is the largest office REIT in Asia by area. Shares in the Embassy REIT closed at 354.42 Indian rupees on Friday in Mumbai, giving it a market capitalisation of $4.15 billion. Blackstone currently has a 32% stake in the Embassy REIT and at the current market value the proposed sale by Blackstone would represent 7.2% to 9.6% of its stake, according to Reuters calculations. ADIA INTERESTADIA is likely to pick up about $200 million of Blackstone's stake sale, with talks also ongoing with other possible investors, the first source said. For ADIA, the investment would expand its interest in the Indian office market.
Fisker CEO Henrik Fisker unveils the Fisker Ocean during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Sales of electric cars in India will gather pace by 2025-26, Henrik Fisker said in an interview in New Delhi, adding that the company wants to secure a first-mover advantage. Fisker rival Tesla Inc (TSLA.O) put its India entry plans on hold after failing to secure a lower import tariff for its cars. The company's next EV - the smaller, five-seater PEAR - is being considered for production in India but not before 2026, he said. To set up a plant in India would require volume of at least 30,000 to 40,000 cars a year, Fisker said.
A man checks his mobile phone as he waits while recharging his Ola electric scooter at an electric vehicle charging station in New Delhi, India, February 12, 2022. It has signed a partnership agreement with CG Motors in Nepal to distribute its Ola S1 e-scooters. Ola Electric, valued at $5 billion, has made inroads into India's EV market with over 80,000 electric scooters. Ola had planned to go public in the first half of 2022, but has since postponed the plan, amid a volatility in the market and lackluster listings of some start-ups in India this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ashish Chandra in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
A billboard of ride-hailing service Uber is pictured on a highway in New Delhi, India, April 19, 2016. The move comes amid a growing road-safety push in India, the world's fourth-largest car market. India already has rules mandating passengers in the back seat to wear seatbelts but only a few comply. In most cases, car and taxi owners put seat covers atop seatbelts on their back seats, making them inaccessible for use. Uber told drivers in its advisory to ensure backseat seatbelts were installed, adding "if the belt is hidden under the seat cover, please remove the cover".
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