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The proposal comes after India refused to agree to Tesla's request last year to lower the import tax on cars, which can reach as much as 100%. India wanted the carmaker to build vehicles locally but Tesla wanted to test the market first with imports and the talks ended in deadlock. While Tesla did not discuss lower import taxes with Indian officials, it proposed setting up a new factory, albeit without specifying a location or investment, said the source, who declined to be named as the talks were private. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on Tuesday. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter.

The proposal comes after India refused to agree to Tesla's request last year to lower the import tax on cars, which can reach as much as 100%. India wanted the carmaker to build vehicles locally but Tesla wanted to test the market first with imports and the talks ended in deadlock. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on Tuesday. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter. Tesla had hired a local team and began a search for showroom space, but that was also abandoned last year.

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ India's Go First Airways files for insolvency proceedings, suspends flights - report
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 2 (Reuters) - Cash-strapped Indian airline Go First Airways has suspended its flights for May 3 and 4, and filed for insolvency resolution proceedings in the National Company Law Tribunal, local media reported on Tuesday. Go First is suspending flights due to a severe funding crunch, PTI said in a report carried by ET Now, citing the airline's Chief Executive Kaushik Khona. The grounded flights have led to Go First's market share falling to 6.9% in March from 8.4% in January, latest data from the Indian aviation regulator showed. Go First has also sued Pratt & Whitney in a U.S. federal court, seeking to enforce an arbitral award that asks the engine maker to supply the airline, the ET report said. Reporting by Varun Vyas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Apple to open first company-owned retail store in India
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 5 (Reuters) - Apple Inc (AAPL.O) is set to open its first official retail store in India's financial hub of Mumbai, the iPhone maker said on Wednesday. The Cupertino, California-based company launched an online retail store in India in 2020. Its 2021 plans for the launch of an offline retail store in the country were delayed due to the COVID-19 pandemic. Apple products have been sold in India for years on ecommerce platforms such as Amazon.com Inc (AMZN.O) and Walmart Inc's (WMT.N) Flipkart as well as through resellers. Some products in Apple's catalogue, including iPhones, are assembled in India by Taiwanese contract electronics manufacturers Foxconn (2317.TW) and Wistron Corp (3231.TW).

☆ India's PhonePe launches e-commerce app on government's open network
▼ + stars: | 2023-04-04 | by ( Varunvyas Hebbalalu | ) www.reuters.com time to read: +1 min

REUTERS/Saumya KhandelwalBENGALURU, April 4 (Reuters) - Walmart Inc-backed (WMT.N) digital payments firm PhonePe Pvt Ltd launched an app called Pincode on the Indian government's open network on Tuesday to strengthen its e-commerce business. The Open Network for Digital Commerce (ONDC) was launched last year to enable small merchants and local stores across India to access processes and technologies typically deployed by large e-commerce platforms like Amazon (AMZN.O) and Walmart (WMT.N). Pincode, which will focus on hyperlocal commerce, is currently live only in Bengaluru and available on the Google Play Store and the App Store, PhonePe said in a statement. PhonePe already has an e-commerce platform, called Switch, on its app, which offers services including food delivery, grocery shopping, travel, hotel booking, retail fashion and healthcare. India's most valuable payments firm, PhonePe had raised $200 million from majority-backer Walmart in a pre-money $12 billion valuation in March.

☆ Indian edtech startup Unacademy to lay off 12% of staff - document
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 30 (Reuters) - Indian edtech startup Unacademy is laying off 12% of its workforce, citing a funding winter and pressure to turn profitable, according to an internal mail from the company's chief executive seen by Reuters on Wednesday. "Today... funding is scarce and running a profitable business is key," CEO and co-founder Gaurav Munjal said in an email sent to all staff. A spokesperson for Unacademy declined to comment on the layoffs and did not disclose the number of job cuts or the current headcount. Indian business news publication Moneycontrol reported earlier in the day that the SoftBank-backed startup laid off about 380 employees, reducing its total employee count to under 3,000. Companies that have cut staff include Tiger Global-backed Vedantu and Byju's - India's biggest startup valued at $22 billion.

☆ India's Oyo mulls cutting IPO size amid tech rout - Bloomberg News
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, March 27 (Reuters) - Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd is cutting the shares it plans to sell via an initial public offering (IPO) by about two-thirds as tech valuations plunge, Bloomberg News reported on Monday, citing people familiar with the matter. Oyo is preparing to file a fresh IPO document as soon as this week, according to the report. The company had initially filed to go public in October 2021 but delayed the share sale due to market conditions. The company has continued to report losses, and in December said it is cutting 600 jobs in its corporate and technology departments. ($1 = 82.3660 Indian rupees)Reporting by Varun Vyas in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's Kalyan Jewellers Q3 profit rises on strong festive demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - Kalyan Jewellers India Ltd (KALN.NS)reported a near 11% rise in quarterly profit on improved demand during the festive season and said the ongoing wedding season is pushing sales higher. Demand picked up in the quarter during the festive season when Indians spend heavily on big-ticket items such as cars, electronic appliances, and jewellery. The Indian jeweller's consolidated net profit rose to 1.49 billion rupees ($18.02 million) for the third quarter that ended Dec. 31 from 1.35 billion rupees ($16.33 million) a year earlier. Revenue increased 13% to 38.84 billion rupees, boosted by sales at newly opened showrooms. Kalyan's earnings outshine its Tata Group-owned larger rival Titan Co Ltd (TITN.NS), which last week reported a surprise fall in profit.

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