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☆ Air India's history as Tata pours in money to revive the airline
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

CHENNAI, Dec 12 (Reuters) - Air India is carving out an ambitious renaissance under the Tata Group conglomerate, which regained control earlier this year after the airline was nationalised nearly seven decades ago. The report came days after Tata announced the merger of Air India with Vistara, a joint venture with Singapore Airlines, to cement itself as the country's largest international carrier and second largest in the domestic market after IndiGo (INGL.NS). The merged Air India entity will have 218 planes and fly to 52 domestic and 38 international destinations. Here is Air India's timeline that includes financial troubles, reputation drop and Tata's plans to restore it. *sourced from Britannica($1 = 82.5650 Indian rupees)Reporting by Praveen Paramasivam in Chennai and Nandan Mandayam in Bengaluru; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi Investment Authority to invest in India's Lenskart - ET
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 12 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is in advanced talks with Indian eyewear retailer Lenskart to invest $350 million to $400 million at a valuation of $4.5 billion, the Economic Times newspaper reported on Monday, citing people aware of the matter. The investment, which could give ADIA an almost 10% stake in Lenskart, is likely to be in the form of a secondary sale of shares, with a small primary round comprising growth equity, the report added. Lenskart and ADIA did not immediately respond to a Reuters request for comment. Started in 2010, Lenskart has an operational manufacturing unit in India's Haryana state, while another fully-automated plant in Rajasthan state has yet to start functioning. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Another group project, a $900 million port redevelopment in Kerala state, has been stalled for months by protesters. There have been no major protests to date against the Dharavi redevelopment. The redevelopment of Dharavi will be the fourth project Adani Realty has taken on in Mumbai and the 24th across four cities, according to its website. A spokesperson for the Adani group did not respond to a request for comment on the Dharavi bid. ($1 = 81.6750 Indian rupees)Reporting by Shilpa Jamkhandikar in Mumbai and Nandan Mandayam in Bengaluru; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon to shut down online learning academy in India
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 24 (Reuters) - Amazon.com Inc (AMZN.O) said on Thursday it would shut down its online learning platform for high-school students in India less than two years of its launch, without citing a reason. The Amazon Academy platform, launched early last year amid a boom in virtual learning during the COVID-19 pandemic, offered coaching for competitive exams including Joint Entrance Examination (JEE), which allows entry into top engineering colleges across India. Based on an assessment, the ecommerce giant said in a statement that it had made the decision to discontinue Amazon Academy "in a phased manner to take care of current customers". Other players Unacademy, Toppr, WhiteHat Jr, and Vedantu had also announced layoffs earlier this year, as per local media reports. Reporting by Nandan Mandayam in Bengaluru, additional reporting by Nishit Navin; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Indian food delivery firm Zomato's co-founder resigns
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Nov 18 (Reuters) - India's Zomato Ltd (ZOMT.NS) said on Friday its co-founder, Mohit Gupta, had resigned after about five years at the food aggregator. Gupta is credited with building Zomato's food delivery operations from scratch and was the segment's chief executive before being elevated to co-founder in May 2020. His resignation follows that of the company's deputy chief financial officer, Nitin Savara, who stepped down in August. Zomato last week reported a narrow second-quarter loss, as volumes and value of its online orders rose. Reporting by Nandan Mandayam in Bengaluru; Editing by Shinjini Ganguli and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Cummins, Tata Motors team up for hydrogen-powered engines
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Nov 14 (Reuters) - U.S.-listed Cummins Inc (CMI.N) said on Monday it has signed an agreement with Indian automaker Tata Motors (TAMO.NS) to develop hydrogen-powered internal combustion engines, fuel cells and battery electric vehicle systems for commercial automobiles in India. Several automakers, including Tata Motors, are aggressively shifting towards greener forms of energy for their vehicles as they try to reduce their dependence on fossil fuels, with India targeting net-zero carbon emissions by 2070. India will be one of the first markets to receive Cummins' hydrogen engines, the company said. Tata, one of India's largest electric-vehicle makers launched the country' first sub-$10,000 electric car in September. Reporting by Nandan Mandayam in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ India's Oct inflation seen falling below 7% - central bank chief
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Nandan MandayamNEW DELHI, Nov 12 (Reuters) - India's retail price inflation is expected to fall below 7% in October from 7.41% in September, Reserve Bank of India Governor Shaktikanta Das said on Saturday. The medium-term inflation target should continue to be held at 4%, he added. "If it (inflation) remains above 6% for a prolonged period, it will be detrimental to growth, hence 6% has been kept as the upper tolerance band," he said. Das said it was too early to get into a debate about whether inflation is likely to stay higher for longer. The change in inflation target could indicate that the central banks are less committed to "fight the war against inflation.

☆ WhatsApp launches Communities group organizer feature
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 3 (Reuters) - WhatsApp is globally rolling out a feature called Communities to organize various chat groups in larger structures, as well as other features such as bigger group video calls and in-chat polls, the messaging service owned by Meta Platforms (META.O) said on Thursday. The Communities feature will bring together various chat groups under bigger umbrellas where administrators could send alerts to a community of thousands – a feature that could be used by workplaces or schools. The app will now also allow chat groups to have up to 1,024 users, much higher than the 256 participants restriction it had until recently, according to a company statement. WhatsApp rivals, including Telegram and Discord, allow thousands of members in group chats. Other feature releases include 32-person video calling as well as in-chat polls, a common fixture on social media apps, including Meta's Facebook and Twitter.

☆ Apple reseller Redington Q2 profit up as India sales of phones, laptops rise
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 2 (Reuters) - India's biggest Apple and IT products distributor Redington Ltd (REDI.NS) on Thursday reported a 26% jump in September quarter profit on the back of buoyant domestic demand for phones, laptops and software. Consolidated profit for the three months ended Sept. 30 climbed to 3.87 billion rupees ($46.76 million) from 3.07 billion rupees a year ago, the company said in an exchange filing. The iPhone reseller's quarterly revenue rose to 190.51 billion rupees from 152.87 billion rupees a year ago, per the filing. Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, grew nearly 23% to 5.62 billion rupees, the company said in an investor presentation. Redington shares rose as much as 11.2% to 152.70 rupees after the earnings.

BENGALURU/STOCKHOLM, Oct 25 (Reuters) - Messaging app WhatsApp was starting to come back online at 0900 GMT and the company said the issue has been fixed after users across the world reported problems earlier on Tuesday. At around 0750 GMT, outage reporting site Downdetector had shown over 68,000 users had reported problems with the app in the United Kingdom. We have fixed the issue and apologise for any inconvenience," a spokesperson for WhatsApp parent company Meta Platforms (META.O) said. The company had not sent any fresh updates as users in Asia, India and the United Kingdom started seeing some connections come back online. In the past, rival apps like Telegram, Snap or even Meta's Instagram have seen temporary spikes in users when WhatsApp has been down.

☆ WhatsApp down: users report issues around the world
▼ + stars: | 2022-10-25 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +2 min

A woman uses her phone next to a logo of the WhatsApp application during Global Fintech Fest in Mumbai, India September 20, 2022. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Oct 25 (Reuters) - Popular messaging app WhatsApp stopped working for many people across the world on Tuesday, with users in Asia, the United Kingdom, South Africa and Europe reporting issues sending and receiving texts and videos. At around 0750 GMT, outage reporting site Downdetector showed over 68,000 users had reported problems with the app in the United Kingdom. When Whatsapp had an hours-long outage last October, it hit trading of assets from cryptocurrencies to oil, before traders switched to alternative platforms such as Telegram. "Don't recheck your internet connection... WhatsApp is down right now," a user tweeted.

☆ Indian billionaire Adani looks to raise $10 bln debt - Bloomberg News
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - Indian billionaire Gautam Adani's group plans to raise at least $10 billion in new debt through the next year to refinance large borrowings and fund projects in its pipeline, Bloomberg News reported on Friday, quoting people in the know. The Adani Group plans to use several vehicles including foreign currency debt and green bonds to raise up to $6 billion to swap its current high-interest debt with lower-cost borrowings and deploy the rest for project financing, according to the report. It added that the effort could begin as early as the current December quarter. An Adani Enterprises (ADEL.NS) spokesperson did not immediately respond to a Reuters request for comment. The report comes more than a month after debt research firm CreditSights, a part of the Fitch Group, said it had concerns about the Adani group's overall debt levels, at a time when it is looking to expand aggressively.

☆ India's INOX Leisure loss halves as box office income picks up
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - INOX Leisure Ltd (INOL.NS), India's No.2 multiplex cinema operator, on Wednesday said its second-quarter loss more than halved, as box office and food and beverage revenues inched closer to pre-pandemic levels. This has helped offset some pressure from a lacklustre slate of releases with the likes of "Raksha Bandhan" and "Laal Singh Chaddha" flopping at the box office. Still, net box office revenue of 2.09 billion was far higher than 270 million rupees in the pandemic-hit quarter a year ago, while food & beverage revenue jumped to 1.10 billion rupees from 150 million rupees. Box office revenue was 3.11 billion rupees in the corresponding pre-pandemic quarter, while food and beverage revenue was 1.41 billion rupees. The jump in box office and food sales helped overall revenue from operations surge eight-fold to 3.74 billion rupees and offset a 155.1% jump in total expenses.

☆ India's Infosys jumps on upbeat outlook, buyback plans
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File PhotoBENGALURU, Oct 14 (Reuters) - Shares of Indian IT major Infosys Ltd (INFY.NS) rose as much as 4.6% to a one-month high on Friday, after it raised revenue outlook and announced a $1.13 billion share buyback. The Bengaluru-based firm now expects 15%-16% revenue growth in the fiscal year ending March, compared with 14%-16% earlier. ($1 = 82.2240 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ India's Byju's to cut 2,500 staff, aims for profitability by March 2023
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 12 (Reuters) - India's popular edu-tech startup Byju's will lay off 2,500 employees in its push towards achieving profitability by March next year, the Tiger Global-backed firm said on Wednesday. Valued at around $22 billion in September, the online learning platform had in May reported a loss of 45.64 billion rupees ($554.77 million) for fiscal 2021 due to higher promotion and employee expenses. Register now for FREE unlimited access to Reuters.com Register"We aim to ensure sustainable growth alongside strong revenue growth," Mrinal Mohit, chief executive at Byju's India business, said. Last month, Byju's paid 19 billion rupees to Blackstone Inc (BX.N), settling its dues to the private equity firm as part of a $950 million deal to buy Aakash Educational. ($1 = 82.2680 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

The pork industry has defended the size of the cages used at pig farms as humane and necessary for animal safety. A legal doctrine called the "dormant" Commerce Clause bars states from passing laws discriminating against commerce in other states. "If you're looking for an example of an unconstitutional law, this is it," said Michael Formica, chief legal strategist for the pork producers. Circuit Court of Appeals affirmed a district court's decision to throw out the lawsuit, finding no Commerce Clause violation. 'DRAMATIC EXPANSION'A ruling by the Supreme Court, which has a 6-3 conservative majority, favoring the pork industry would have major implications for Commerce Clause interpretation, according to some legal experts.

☆ India's Hero MotoCorp to invest $60 mln in Zero Motorcycles
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Indian bikemaker Hero MotoCorp (HROM.NS) said on Thursday it will invest $60 million in California-based Zero Motorcycles to jointly develop electric motorcycles, as it seeks to expand presence in the green mobility space. Zero is present is a "global leader" in powertrains, Hero said in its exchange filing, adding that it will launch its first electric product under its emerging mobility brand Vida on Oct. 7. The move comes after Hero in January announced an investment of more than $56 million in electric vehicle (EV) start-up Ather Energy — India's top electric-scooter maker by revenue. Earlier this month, it partnered with state-run Hindustan Petroleum Corp (HPCL.NS) to set up EV charging infrastructure across the country. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance launches first in-house premium fashion store
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Reliance Industries Ltd's (RELI.NS) retail unit launched its first in-house premium fashion and lifestyle store on Thursday, as the billionaire Mukesh Ambani-led company continues to grab a bigger slice of India's luxury market. "The mid-premium fashion segment is one of the fastest growing consumer segments as millennials and the Gen Z are increasingly demanding the latest of international and contemporary Indian fashion," said Akhilesh Prasad, chief executive officer of the fashion and lifestyle arm of Reliance Retail. Register now for FREE unlimited access to Reuters.com RegisterThe company plans to have up to 40 stores across 12 cities over the next nine months, he added. In three years, Azorte will contribute to 15% incremental revenue of Reliance Retail's fashion and lifestyle business, Prasad said at the store launch in Bengaluru. The new store chain is a part of Reliance Industries' aggressive strides in the retail industry, forging partnerships with domestic and global brands.

India's foreign minister followed up last week at the U.N. Security Council, describing the trajectory of the Ukraine war as "very concerning" and the risk of a nuclear escalation as of "particular anxiety". Moreover, India is worried the war is pushing Russia closer to China, which has fraught relations with New Delhi, the analysts said. "This is countering a narrative that India and China are both doing the same thing – that China is supporting Russia and India, by sitting on the fence, is also supporting Russia," Raghavan told Reuters. India and Russia have had deep relations for decades: Russia accounted for $5.51 billion of the $12.4 billion that India spent between 2018 and 2021 on arms imports. "As the Ukraine conflict continues to rage, we are often asked whose side are we on," he said, again without mentioning Russia.

☆ India's Reliance unit to buy 20% stake in Caelux in renewable energy push
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit DaveBENGALURU, Sept 23 (Reuters) - Indian oil-to-chemicals conglomerate Reliance Industries Ltd (RELI.NS) said its unit Reliance New Energy Ltd would buy a 20% stake for $12 million in solar technology developer Caelux Corp to produce more powerful and lower cost solar modules. Pasadena, California-based Caelux is involved in research and development of perovskite-based solar technology that could see high efficiency solar modules produce 20% more energy over the 25-year lifetime of a solar project for a lower installed cost, Reliance said in an exchange filing on Friday. The stake purchase is part of the billionaire Mukesh Ambani-led conglomerate's aggressive push into the renewable energy sector, with aims of producing 100 GW of solar energy by 2030. read moreEarlier this month, Reliance said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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