Business

Business

Indian industry looks to new government to boost growth

INDIA'S newly elected Congress-led government needs to move swiftly and decisively to restore blistering economic growth in the country, even if that means higher...

Reliance to buy out refining unit in India’s biggest merger

INDIA’S largest private sector firm, Reliance Industries, said today it would buy out its subsidiary to create a crude refining giant in the country’s...

India July inflation eases but rate hike likely

INDIA`S annual inflation slowed in July but remained near double digits making further interest rate hikes likely despite global economic uncertainty, economists said on...

Softbank’s heir apparent Nikesh Arora quits

Nikesh Arora, SoftBank Group Corp president and the former Google executive handpicked by the Japanese company's founder as his successor, is to step down on Wednesday (June 22). SoftBank cited differences between Arora and Masayoshi Son over when Arora would replace him as head of the group. Son is currently chairman and chief executive. Arora wanted to begin the handover process in a few years' time, while Son planned to stay longer to ensure a turnaround of loss-making US wireless carrier Sprint Corp as well as complete the transformation of SoftBank into an Internet investment powerhouse. For that, Son, 58, said he needed to stay at the helm for at least another five to ten years. "I feel my work is not done," Son said in a statement. "I want to cement SoftBank 2.0, develop Sprint to its true potential and work on a few more crazy ideas." Arora, who was Google's highest paid executive in 2012, came to SoftBank in September 2014 to take charge of its overseas operations. Just days after being named as Son's successor, he announced a plan to pump $1 billion into South Korean online retailer Coupang. During his two years at the group, Arora has used an extensive contact book to make new investments, including Indian online marketplace Snapdeal and ride-hailing service Ola. He has also been credited with making SoftBank more disciplined about investment exits. SoftBank, whose lucrative early investments included Alibaba Group Holding, has announced three major asset reshuffles this month, one of which was the sale of $10 billion worth of shares in the Chinese e-commerce giant. Earlier on Tuesday (June 21) in another deal that should help to shore up a balance sheet weighed down by Sprint - SoftBank is to sell its majority stake in 'Clash of Clans' maker Supercell to China's Tencent Holdings. SoftBank earlier this year said it would separate its domestic and overseas businesses, with Arora taking charge of the overseas unit. Arora will stay on as an adviser, but is expected to make his departure official at the group's annual general meeting on Wednesday (June 22).

India’s May industrial output slows to 5.6 per cent

ACCORDING to the official data, India's annual industrial output growth in May has slowed unexpectedly to 5.6 per cent. It is another sign showing...

Reliance plans $26bn investment over 3 years

RELIANCE Industries, India’s biggest private firm, plans to invest 1.5 trillion rupees ($26bn/£16.81bn) in its businesses over the next three years, chairman Mukesh Ambani...

Yamaha plans $500 bike in India, eyes exports to China

JAPAN’S Yamaha said on Wednesday (April 10) it was developing “the world’s cheapest motorcycle” in India priced at $500 (£324.60), which it plans to...

Vedanta gets India court nod for merger of units

VEDANTA Resources Plc moved a step closer to merging two of its Indian subsidiaries after the Madras High Court in India approved the company’s...

RBI to look into deregulation of interest rate on savings

THE RESERVE Bank of India today said it will soon set up a working group to examine the possibility of deregulation of interest rates...

Foreign seed firms rally behind Monsanto, form an Indian alliance

Major international seed companies in India formed an alliance on Friday (August 26), seeking the support of their peers after a flurry of regulatory steps...