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☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

☆ India's Tata Group in talks with Temasek to buy back stake in Tata Play, Bloomberg reports
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur/File photo Acquire Licensing RightsBENGALURU, Oct 5 (Reuters) - India's Tata Group is in advanced talks with Temasek Holdings [RIC:RIC:TEM.UL] to buy back about 20% stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group didn't immediately respond to a Reuters request for confirmation, and Temasek declined to comment. Bloomberg News had in July reported that Tata Group is considering making an offer to buy back Temasek's stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play. Tata Play is a subscription-based video streaming service for television and over-the-top apps.

Persons: Vijay Mathur, Tata Group didn't, Ashish Chandra, Kashish Tandon, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Tata Group, Confederation of Indian Industry, REUTERS, Rights, India's Tata Group, Temasek Holdings, Tata, Bloomberg, Temasek, Bloomberg News, Tata Play, Thomson Locations: New Delhi, Bengaluru

☆ India's Wipro says CFO Dalal resigns, replaced by 20-year veteran Iyer
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] Wipro Ltd logo is seen displayed in this illustration taken, April 10, 2023. Dalal will be replaced by Aparna Iyer, also a 20-year veteran who was most recently senior vice president and CFO of Wipro's cloud services unit, the company said. While Iyer will take over as CFO on Sept. 22, Dalal will stay on until Nov. 30, Wipro said. Dalal, who became CFO in 2015, and CEO Thierry Delaporte guided Wipro through the pandemic years as demand for digital services boomed. Delaporte said in a statement that Iyer has been integral to Wipro's finance transformation over the last few years.

Persons: Dado Ruvic, Jatin Dalal, Aparna Iyer, Iyer, Dalal, Thierry Delaporte, Goldman Sachs, Delaporte, Ashish Chandra, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Indian IT, Thomson Locations: Indian, Bengaluru

☆ Hyundai Motor's unit to buy General Motors' India plant
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBENGALURU, Aug 16 (Reuters) - Hyundai Motor Co's (005380.KS) Indian unit will buy automaker General Motors' (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Persons: Wolfgang Rattay, Ashish Chandra, Sonia Cheema Organizations: Hyundai, REUTERS, Rights, General Motors, U.S, GM, Kia, Thomson Locations: Munich, Germany, KS, Maharashtra, Chennai, India, Bengaluru

NEW DELHI/BENGALURU, Aug 8 (Reuters) - Indian gaming app Mobile Premier League will lay off 350 employees as it takes steps to "survive" a tax imposed by the Indian government on online gaming companies, according to an internal memo seen by Reuters on Tuesday. The move comes on the back of the government's decision last month to impose a 28% tax on funds that online gaming companies collect from customers. The new rule will increase the company's tax burden by 350%-400%, MPL CEO Sai Srinivas said in the memo, adding that the company is revisiting expenses related to their server and office infrastructure. The source could not be named as they are not authorised to speak to the media. Reporting by Aditya Kalra; Additional reporting by Biplob Kumar Das and Ashish Chandra; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sai Srinivas, Srinivas, MPL, Aditya Kalra, Biplob Kumar Das, Ashish Chandra, Sonia Cheema Organizations: NEW, Mobile Premier League, Reuters, Thomson Locations: NEW DELHI, BENGALURU

☆ Foreign lenders in talks to finance part of Adani Group's Ambuja debt - Bloomberg News
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 27 (Reuters) - Barclays (BARC.L), Deutsche Bank AG (DBKGn.DE) and Standard Chartered (STAN.L) are in talks to collectively lend between $600 million and $750 million to India's Adani Group, Bloomberg News reported on Thursday, citing people familiar with the matter. The loan is a part of the discussions to refinance the debt that the group had taken to fund its purchase of Ambuja Cements (ABUJ.NS). Reporting by Ashish Chandra in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Ashish Chandra, Shinjini Organizations: Barclays, Deutsche Bank AG, Standard Chartered, Adani, Bloomberg, Thomson Locations: BENGALURU, Bengaluru

☆ India's Vedanta to take over Foxconn chip JV from holding company
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 7 (Reuters) - India's metals-to-oil conglomerate Vedanta Ltd (VDAN.NS) said on Friday that it would take over from its holding company the ownership of a joint venture with Taiwan's Foxconn that was set up to make semiconductors. Vedanta also said it would also take over a display glass manufacturing venture from Volcan Investments, Vedanta's holding company. Moreover, Vedanta's disclosures last year related to the deal made it seem like it was running the project. It later clarified that Volcan Investments would take the helm. Still, India's marker regulator, after an investigating, penalised Vedanta last week, saying it had broken regulations by initially making it appear it had partnered with Foxconn.

Persons: Taiwan's, Vedanta, Ashish Chandra, Savio D'Souza Organizations: Vedanta, Volcan Investments, TW, Reuters, Foxconn, Thomson Locations: BENGALURU, Volcan, Foxconn, Gujarat, India, Bengaluru

☆ India's Tata Motors jumps to a 7-month high on strong Q4 JLR sales
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors's shares were the top gainer on India's bluechip Nifty 50 index (.NSEI), which was up 0.33%, and pushed the auto index (.NIFTYAUTO) up 1.16%. Tata Motors' global wholesales rose 8% in the quarter. JLR's sales contribute nearly 60% of Tata Motors's revenue from operations and the British automaker's strong sales in the October-December quarter had lifted the group to its first profit in two years. "The market is underestimating JLR's EBIT (earnings before interest and tax) margin potential from upcoming phase of wholesale volumes," Goldman Sachs said in a note. Tata Motors's stock hit a high of 473.30 rupees on the day, before giving up some gains to trade up about 6% at 463.75 rupees in early afternoon trading.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

☆ Apple iPhones to be assembled at new plant in India's Karnataka state
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 3 (Reuters) - Apple Inc's (AAPL.O) iPhones will soon be assembled at another site in the southern Indian state of Karnataka and 300 acres have been aside to set up a factory, the state government said on Friday. Bloomberg News had earlier reported that Apple partner Foxconn Technology Group planned to invest about $700 million in the Karnataka site to ramp up local production. The state's investment promotion division said in a tweet that the move would generate 100,000 employment in the next 10 years. Currently, iPhones are assembled in India by at least three of Apple's global suppliers - Foxconn and Pegatron (4938.TW) in Tamil Nadu, and Wistron (3231.TW) in Karnataka. read moreReporting by Ashish Chandra in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Uber says Delhi's plans to allow only electric bike taxis to impact millions
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Companies Uber Technologies Inc FollowBENGALURU, Feb 24 (Reuters) - Uber Technologies Inc (UBER.N) said on Friday plans by the local government in India's Delhi city to only allow electric vehicles to function as bike taxis would risk "finishing off the sector" and impact the mobility needs of millions. Uber, in a blogpost, said any such move would put at risk the livelihood of over 100,000 drivers in the city. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India. Earlier this month, Uber announced plans to introduce 25,000 EVs over three years in India. Uber, which offers bike rides in Delhi and many other states in India, did not respond to a Reuters request for a comment on the advertisement.

☆ Carlyle buys majority stake in India's VLCC for $300 mln - sources
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 10 (Reuters) - Private-equity firm Carlyle Group (CG.O) has acquired a majority stake in Indian beauty care and wellness solutions provider VLCC for around $300 million, two sources told Reuters on Tuesday. The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without specifying a deal value. "In a crowded market, having a distinct value proposition with high product efficacy and an established brand is very valuable, and that's what VLCC has," Jain added. Founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details. In December, the parent of Indian personal care products startup Mamaearth filedfor an initial public offering.

☆ Carlyle Group buys majority stake in India's VLCC
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 10 (Reuters) - Private-equity firm Carlyle Group (CG.O) said on Tuesday it acquired a majority stake in Indian beauty care and wellness solutions provider VLCC. The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without disclosing any financial terms. VLCC founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details. Carlyle has invested more than $5.5 billion in over 40 transactions in India as of Sept. 30, 2022, the company said. In November last year, a unit of Indian oil-to-chemicals conglomerate Reliance Industries (RELI.NS) picked a majority stake in Naturals Salon & Spa.

☆ Walmart-backed PhonePe seeks to raise $1 bln - Bloomberg News
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Dec 8 (Reuters) - Indian digital payments firm PhonePe is seeking to raise up to $1 billion from General Atlantic, Tiger Global Management, Qatar Investment Authority and Microsoft Corp (MSFT.O), Bloomberg News reported on Thursday, citing sources. The all-equity round is expected to close in the next two weeks and may take Walmart-backed PhonePe's valuation close to $13 billion, according to the report. PhonePe declined to comment while Walmart, General Atlantic, Tiger Global, Qatar Investment Authority and Microsoft did not immediately respond to Reuters' requests for comment. Reporting by Ashish Chandra in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ India's first private rocket company looks to slash satellite costs
▼ + stars: | 2022-11-26 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +4 min

[1/2] Employees pose in front of Vikram-S rocket, India?s first private rocket developed by Skyroot, an Indian Space-Tech startup, at a spaceport in Sriharikota, India, November 18, 2022. The Hyderabad-based company, backed by Singapore's sovereign wealth fund, GIC, says the $68 million it has raised will fund its next two launches. Skyroot faces both established and up-and-coming rocket launch rivals that also promise to bring down costs. India opened the door to private space companies in 2020 with a regulatory overhaul and a new agency to boost private-sector launches. The Skyroot rocket that reached 89.5 kilometers altitude in last week's test launch used carbon-fibre components and 3D-printed parts, including the thrusters.

☆ India's Tech Mahindra Q2 profit, revenue beats expectations
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 1 (Reuters) - Indian IT services provider Tech Mahindra (TEML.NS) reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. The Pune-based company's revenue from operations increased nearly 21% to 131.3 billion Indian rupees ($1.59 billion) in the July-September quarter, but a 27% jump in expenses pulled net profit down 4% to 12.85 billion rupees. Analysts on average were expecting a profit of 12.04 billion rupees on revenue of 129.9 billion rupees, according to IBES data from Refinitiv. Tech Mahindra's stock closed up 0.7% on Tuesday, but did little to affect its roughly 39% slide this year. ($1 = 82.6710 Indian rupees)Reporting by Ashish Chandra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's DCM Shriram reports 19% fall in Q2 profit as costs jump
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 19 (Reuters) - Indian chemicals-to-sugar maker DCM Shriram Ltd (DCMS.NS) reported a 19.2% fall in second-quarter profit on Wednesday, hurt by challenges in its vinyls business and higher excise duty, power and fuel costs. The New Delhi-based company's consolidated profit fell to 1.28 billion rupees ($15.4 million) in the three months ended Sept. 30, from 1.59 billion rupees a year ago. Register now for FREE unlimited access to Reuters.com RegisterSurging inflation and cost pressures are threatening DCM Shriram's margins after a rebound from several pandemic-hit quarters. Revenue from its sugar business rose 20.9% year-on-year to 7.53 billion rupees, but dropped 9% from the previous quarter. "Vinyl business is facing headwinds of lower product prices with global decline in demand and higher sourcing from China.

☆ India's Ola Electric ventures abroad, to enter Nepal next quarter
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

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.

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