India Financial News

WeWork Inc.’s plan to sell the 27% it holds in its Indian unit and exit the country has collapsed, according to three people aware of the matter. This comes after the Competition Commission of India (CCI) had approved the proposal. Along with the bankruptcy-hit WeWork Inc., the coworking firm’s local partner WeWork India, promoted by Bangalore-based realtor Embassy Group, was also slated to divest a 13% stake to a consortium of investors including the Enam group family office, A91 Partners and CaratLane founder Mithun Sacheti in a Rs 1,200 crore secondary transaction, as reported first by ET on April 22. The Indian real estate group holds 73% in the India unit while WeWork Inc. owns the rest. The deal cleared by the regulator, as per a June 18 order, involved a two-step process that would see WeWork Inc. and Embassy together selling a stake of about 40% to new investors.

Meta AI personal assistant, which has 400 million users globally, Meta Platforms global chief product officer Chris Cox told ET. “It’s clear that India is a nation that celebrates technology and moves to the front,” Cox said in an interview. “We see a lot of startups, businesses like banks, insurance companies, doctors, researchers and developers building AI applications on top of Llama.” While aiming to build AI compute capacity, India should also invest in building the right infrastructure needed to support it, such as clean energy, said Cox, 42, who joined Facebook in 2005 as one of the first 15 engineers at the company and became chief product officer in 2014.

Danone SA will be «irrelevant as a global player» if it is not committed to and does not have a strong presence in India, which is fast emerging as one of the world's largest markets and growth drivers for several consumer goods multinationals, said chief executive Antoine de Saint-Affrique. «In terms of priority, India is at the very top,» he told ET in an exclusive interview. «If we are not big in India, in 10, 15 or 20 years, we will be irrelevant as a global player. It's as simple as that.» Danone's chief executive said the company's optimism was based on India's stable political environment and thrust on infrastructure.

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manufacturing hub is fuelling warehousing demand from manufacturing-related sectors with multinationals setting up factories in the country. Demand from these sectors climbed to 25% of total domestic warehousing demand in the first half of calendar 2024 from 15% in 2019 led by factors like adoption of the China plus one strategy by multinationals and supportive Indian government policies such as the production linked incentive (PLI) scheme, which currently covers 14 sectors. During H1 2024, total leasing of warehousing space from manufacturing-related sectors reached 4.1 million sq ft, according to CBRE South Asia, a real estate consulting firm.

Citi in 5-7 years as the US bank looks to expand its services business — which its CEO Jane Fraser calls its «crown jewel» — and more domestic firms turn global, a top executive said. «It's highly likely that India will break out into the top three based on what we are seeing,» Shahmir Khaliq, Citi's head of services, told ET in an exclusive interaction. «We are investing across the network and as the government makes India a great place to invest in, we are seeing the incremental inflow (and) we are seeing Indian companies looking to invest abroad.» At present, India is the fourth largest market for Citi's services business. «It would not be beyond the realm of the possible for us to expect to see India in the top three over the next five to seven years,» Khaliq said.

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Economic Survey a readable government literature, had teasingly proposed in 2016 that a chunk of RBI capital could be freed up to recapitalise banks. Shortly after he left as CEA in 2018, Subramanian buttressed the concept in Economic & Political Weekly. Most brushed it off as musings by a non-conformist economist who had differences with colleagues and peers. But few sensed it was a harbinger of a plan to use the central bank's excess capital: backed by a panel report, it paved the way for RBI to give generous dividends to GoI. Almost a decade later, another CEA has sparked a debate on another esoteric issue rooted in the political economy. After this year's Survey (prepared under CEA's guidance) questioned the efficacy of India's inflation-targeting framework — under which RBI aims at 4% inflation with a tolerance band of ±2% — present CEA V Anantha Nageswaran, in an article, dwelled on how powerless RBI is in influencing 'headline inflation', which factors in changes in food and fuel prices over which it has no control.

For some, it's internal matter While European diplomats got a taste of vibrant democratic process and free and fair elections in Jammu & Kashmir, some of India's close partners in Central Asia and Gulf were not part of the endeavour. They treat elections in the Union Territory as India's internal matter and have 'full trust and faith' in India's position and democratic journey. These countries are strong supporters of India's fight against terrorism. Jha’s Connection with AKD & Team Hours after Sri Lankan presidential election results were announced, Anura Kumara Dissanayake met Indian high commissioner Santosh Jha in Colombo last Sunday. Jha was the first envoy whom the new president met. On the very next day, Jha was the first envoy whom the incoming PM met. South Asia is often key testing grounds for diplomats and Jha, who has also served in Colombo in the past, has strong connections cutting across party lines in the island nation.

work pressure at the workplace. It seems that it is catching up in India, too. The nature of the workplace changes as management obsesses over mechanical efficiency, which means getting more and more out of less and less.

AM/NS India expects its operating profit and cash flows to grow by 2.5 times once the first phase of its expansion is completed by 2026, and four times from the current levels after the completion of its second phase of expansion, the company said at an investor meet on Wednesday. The company, a joint venture between global steel majors ArcelorMittal and Nippon Steel, is currently generating around $2.5 billion in operating profit and $1.7 billion in cash flows. Since its acquisition in 2019, the company has generated $5.8 billion of cash, which has been used for securing the supply chain and other strategic acquisitions. AM/NS India, whose operating profit per tonne has been lower than the average of its Indian peers since 2019, also has managed to close this gap and now has a higher operating profit per tonne than the average of its peers in the first half of 2024. This was done through a turnaround plan focusing on the operations, finance, sales, procurement efficiencies and debottlenecking capacities, the company said.

UPI should be charged or be conducted, as it has been since 2020, without a merchant discount rate (MDR) to boost digital transactions. Either way, technology adoption is at the fulcrum of the growth of digital financial services (DFS). With UPI at the forefront, NPCI has formed strategic partnerships with several countries to enable digital payments and facilitate cross-border transactions. These collaborations not only provide Indian expats with a familiar way to pay but also enhance financial inclusion, while improving cost- and time-efficiency of digital payments in these regions. By establishing UPI-based payment corridors with banks in West Asian and African countries, these initiatives are building a secure and reliable digital payment infrastructure that supports economic development. As instant payments grow, its influence on the economic landscape of these regions becomes increasingly evident. In India alone, DFS has played a critical role in expanding the digital economy 2.4 times more rapidly than the overall economy.

mountaineers naming a previously unnamed peak in Arunachal Pradesh after the 6th Dalai Lama, reiterating its territorial claims over the area. A team from the National Institute of Mountaineering and Adventure Sports (NIMAS) scaled an unnamed and unclimbed 20,942 ft high peak in Arunachal Pradesh and decided to name the summit after the 6th Dalai Lama Tsangyang Gyatso, who was born in 1682 in the region of Mon Tawang. NIMAS, located at Dirang in Arunachal Pradesh, functions under the Ministry of Defence.

Samsung's plant in Tamil Nadu is an isolated incident that can be resolved by intervention of the state government. GoI is ready to chip in to find a meeting ground between management and striking workers. MNCs that have manufacturing bases in India typically have cordial industrial relations with employees. This is partly due to the higher pay they offer, and employee benefits benchmarked to their international corporate strategy. Admittedly, attractiveness of local production is enhanced by wage cost arbitrage. But Indian workers have recourse to statutory protections. Occasional confrontations can be swiftly resolved through a combination of HR strategies and legal remedies.

Aadhaar numbers and related information. The exposure of such sensitive data has raised serious concerns about the security of citizens' personal details, prompting immediate steps to prevent further leaks.The Indian Computer Emergency Response Team (CERT-In) carried out an investigation and found several security vulnerabilities within these websites.

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Siddaramaiah on Thursday kicked off work on the ambitious (knowledge, wellness & innovation) KWIN City project which is coming up on a vast area of 5800 acres near Dobbespet in Bengaluru Rural district. The project rests on the four pillars of knowledge, health, innovation and research “Our vision for KWIN City is to create a world-class ecosystem that fosters collaboration, innovation, and excellence in diverse fields. By bringing together leading institutions, research centers, and industry partners, we aim to drive cutting-edge research, develop groundbreaking technologies, and create solutions that address global challenges,” Chief Minister Siddaramaiah said, launching the project. Today, Karnataka is home to 45 of India’s unicorns, and over 50% of India’s unicorn valuation. Today, Bangalore is home to 17,000 plus angel investors and 1,500 plus VC funds. This remarkable growth has been fueled by our state's commitment to fostering innovation, nurturing talent, and creating an ecosystem that supports entrepreneurship, he added. “Building on this legacy of innovation, we are proud to introduce KWIN City, a one-of-a-kind project that will integrate knowledge, healthcare, innovation, and research at its core. “

Arunachal Pradesh handed death sentence to the former warden of a government residential school for sexually assaulting 21 children, including 15 girls, in Shi-Yomi district. Special judge Jaweplu Chai pronounced the capital punishment to the prime accused Yumken Bagra, the former warden of the government residential school, after finding him guilty under Sections 328 (causing hurt by means of poison, etc., with intent to commit an offence) and 506 (criminal intimidation) of the Indian Penal Code (IPC) as well as Sections 6, 10, and 12 of the POCSO Act. He was there between 2019 and 2022. Capital Superintendent of Police (SP) Rohit Rajbir Singh said that Co-accused Marbom Ngomdir was a Hindi teacher while Singtun Yorpen was former headmaster of the school,Ngomdir was found guilty under Section 506 of the IPC and Sections 17 and 21(1) of the POCSO Act, while Yorpen was convicted under Sections 17 and 21(2) of the POCSO Act, Singh said.

The Nifty 50 closed 0.81% higher at 26,216 points, while the BSE Sensex surged 0.78% to 85,836.

Linc on Thursday announced two joint ventures (JV) — with Japan's Mitsubishi Pencil Company where it has a 49% shareholding and an equal ownership JV with Turkey's Silka Kirtasiye Imalat Sanayi Ve Ticaret Ltd Sirketi (SILKA), as per company's disclosures to the stock markets. Incidentally, Mitsubishi Pencil also holds a 13.45% stake in Linc. The promoter and promoter group owns 59.5% in the company

capital on sustained buying by jewellers as well as strong trends in global markets. Maintaining its record-breaking run for the second day, gold spurted by Rs 400 to a fresh lifetime high of Rs 78,250 per 10 grams, according to the All India Sarafa Association. The precious metal had closed at Rs 77,850 per 10 grams on Wednesday. Silver also soared by Rs 1,000 to Rs 94,000 per kg on robust demand from industrial units and coin makers amid strong overseas trend.