Reuters India - Squid Business

India eyes $100 billion annual foreign direct investment in coming years – IT minister

By Una Galani and Peter Thal Larsen DAVOS, Switzerland, Jan 17 (Reuters) – India is eyeing $100 billion in annual foreign direct investment (FDI) “in the next few years”, its IT minister said on Wednesday, as Prime Minister Narendra Modi seeks to attract investors ahead of a reelection bid. “We see 6-8% consistent growth rate …

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India’s LTIMindtree misses Q3 profit estimates on weak demand, furloughs

BENGALURU (Reuters) -Indian IT services firm LTIMindtree reported a smaller-than-expected profit for the seasonally weak third quarter, with the demand environment continuing to remain challenging as clients cut back spending on discretionary projects. The company’s operating margin expanded to 15.4% year-on-year, but fell short of its expectations of exiting the fiscal-year at 17%-18%. Margins, however, …

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India’s Adani Group to invest $7.5 billion in Maharashtra, Telangana

BENGALURU (Reuters) -India’s Adani Group said on Wednesday it will invest 624 billion rupees ($7.51 billion) in the Indian states of Maharashtra and Telangana as a part of its seven trillion-rupee expenditure plan for the next decade. The investment includes setting up data infrastructure in Maharashtra, with a capacity of 1 gigawatt, for 500 billion …

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India cancels independent policy think tank’s funding licence

NEW DELHI (Reuters) – India has cancelled the New Delhi-based Centre for Policy Research’s (CPR) licence to obtain international funding, the interior ministry said on Wednesday, just under a year after it suspended the permit on the grounds the think tank had broken the rules on grants. Thousands of civil society groups in India have …

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India holding talks with Iran over Houthis’ Red Sea attacks – government source

By Shivangi Acharya NEW DELHI (Reuters) – India is holding diplomatic talks with Iran and taking other measures to help shield its exporters from the impact of attacks on ships in the Red Sea by the Iran-aligned Houthi group in Yemen, a government source said on Wednesday. The attacks have slowed trade between Asia and …

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India rejects iron ore miner NMDC’s proposal for China exports -sources

By Neha Arora NEW DELHI (Reuters) – India’s government has turned down a request from state-owned iron ore miner NMDC Ltd to export its ore to China, the world’s largest iron ore consumer, three sources with direct knowledge said. The government has instead asked NMDC, India’s largest state-owned iron ore miner, to focus on domestic …

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Tata Motors urges India to keep hybrid tax as Toyota seeks cut -sources

By Aditi Shah and Shivangi Acharya NEW DELHI (Reuters) – India’s top electric car maker Tata Motors is urging the government not to cut taxes on hybrid cars as they are more polluting than pure electrics, countering calls from Toyota for lower levies, according to three sources and a company letter. India is promoting electric …

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StanChart sees Indian government’s net borrowing unchanged in FY25

By Dharamraj Dhutia MUMBAI (Reuters) – India’s net government borrowing in the next fiscal is likely to remain largely unchanged, a treasury official at Standard Chartered said, adding nearly a fifth of the supply may be absorbed by foreign investors who could invest $25 billion-$30 billion in government debt. “Central government (is expected) to target …

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India’s Jindal Power offers 42.03 billion rupees for distressed coal-fired power plant

By Sarita Chaganti Singh NEW DELHI (Reuters) – India’s Jindal Power has offered 42.03 billion rupees ($505.77 million) for a distressed coal-fired power plant, the company told the insolvency court on Wednesday, topping an offer made by billionaire Gautam Adani’s power firm. Adani Power had last month quoted 41 billion rupees ($493.38 million) for the …

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India to pay incentives worth $1.32 billion under manufacturing scheme this year

NEW DELHI (Reuters) – India expects to pay incentives worth 110 billion rupees ($1.32 billion) to private companies this fiscal year ending March for their investments to boost local manufacturing, a trade ministry official said on Wednesday. The government has already paid incentives worth 44.15 billion rupees under the production-linked scheme, senior trade ministry official …

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