Prime Minister Narendra Modi recruited executives from the private sector to head two of the biggest state-owned banks, making it the first such appointments in a wide-range reform strategy to challenge the dominant but often inefficient lenders backed by the government.
India
Indian market regulator slaps $1.1B fine on PACL Ltd
Securities and Exchange Board of India (SEBI), the Indian stock markets regulator, has imposed a heavy fine of $1.1 billion (INR 72.7bn) on New Delhi-based real estate firm PACL Ltd for illegally raising funds to the tune of INR491 bn from the market. Sebi has further directed PACL Ltd to cough up the fine amount within 45 days from the order date. The fine amount is the biggest penalty so far that SEBI imposed on any company.
Indian rupee slips in 3 sessions
Indian currency Rupee seems to be heading for its biggest drop since 2013 as INR continued to drop for the third consecutive session following the selling pressure in riskier assets owing to renewed growth concerns on Asia.
Zomato restaurant discovery acquired $60M funds; Introduces Whitelabel platform
Indian-based restaurant search app Zomato acquired $60M from Temasek Holdings and Vy Capital. The search app will use it to expand the business to other countries and to introduce other services like Zomato Whitelabel.
Pfizer's Arthritis Drug Patent Rejected in India
Pfizer Inc. has failed again in enforcing its intellectual property rights in India. The giant pharmaceutical's patent on its rheumatoid arthritis drug, Tofacitinib, was rejected in the country.
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Nestle finds relief when the Bombay High Court on Thursday lifts the food safety regulator's order of a nationwide ban on the sale Nestle India's famous 2-minute Maggi Noodles.
In a bid to penetrate the fifth largest auto market in the world, Ford Motor Co will be using the new engineering strategy it learned from India, which lets them develop compact model through low-cost production.
Foxconn, an electronic company in Taiwan with trade name Hon Hai Precision Co. Ltd., signed a memorandum of understanding with the government of India to invest $5B in manufacturing, research and development and a smart city.
Nestle India Ltd will focus on growing its dairy, coffee and confectionary businesses, its new boss said, as the company battles to bring back its popular Maggi noodles that were pulled from shelves over safety concerns.
Tata Motors Ltd (TAMO.NS), India's biggest automaker by revenue, plans to triple exports of its trucks and buses to countries in Asia and beyond to counter slow sales growth in India, it said on Wednesday.
India's dominant services industry contracted for a second month in June as new business again declined, suggesting Asia's third-largest economy is struggling to maintain growth, a survey showed on Friday.
Prices of many foodstuffs are surging in India, despite a good start to monsoon rains - an unexpected boon for wholesalers, but a major headache for the central bank and a government hoping for its help to reboot the economy.
India is planning to issue sovereign bonds linked to the bullion price in an effort to divert some of the estimated 300 tonnes of annual demand for gold bars and coins, and reduce bullion imports that can push up the trade deficit.
India's largest online grocer BigBasket, which is based in Bengaluru, is opening new warehouses in five major cities and in smaller towns in a move to expand its logistics network so as to counter the threat from hyperlocal startups offering speedy deliveries.
