INDIA Archives - EasternEye

‘Lockdown will be fatal for eateries’

By Nadeem Badshah LEADING Asian restaurant bosses and chefs have urged ministers to provide more cash to save jobs and businesses from the Covid-19 crisis. Eateries across the country have been forced to close since November under lockdown rules and owners warned that many will be unable to survive without further financial support. Under the […]

Essar Group to set up UK’s biggest hydrogen production hub for £750m

INDIA’s Essar Group in partnership with clean energy specialist Progressive Energy will invest £750 million to build the UK’s biggest low carbon hydrogen production hub at Stanlow refinery in Ellesmere Port, Cheshire. The investment in two plants, next to Essar’s Stanlow refinery, will be part of the HyNet scheme, a project to supply low carbon […]

India’s Infosys reports 16.6 per cent jump in profits in Q3

INDIAN software giant Infosys on Wednesday(13) reported a 16.6 per cent jump in quarterly net profits, boosted by a string of lucrative new deals and growing demand for digital services during the coronavirus pandemic. The Bangalore-headquartered firm said its net profit rose to Rs 51.97 billion ($710 million) for the October-December quarter. The third quarter […]

Cautious welcome for Brexit deal

By Amit Roy THE “UK-EU Trade and Cooperation Agreement” has been given a cautious welcome by Anuj Chande, head of the South Asia Group at Grant Thornton UK LLP, the accounting and consulting firm which produces an annual tracker report on investment in the UK by In­dian firms. Asked how the agreement would affect the […]

Nirav Modi’s sister to become an approver in the PNB scam case

FUGITIVE diamond merchant Nirav Modi’s Belgian national sister has been allowed to turn an approver or a prosecution witness in the Punjab National Bank (PNB) scam case. Special judge V C Barde for cases under the Prevention of Money Laundering Act (PMLA) on Monday(4) accepted Purvi Modi’s plea for turning an approver. “The position of […]

India’s market regulator imposes fine on Mukesh Ambani, Reliance

INDIA’s market regulator has imposed fine on Reliance Industries and its chairman Mukesh Ambani, the country’s richest man. The Securities and Exchange Board of India (SEBI) on Friday(1) imposed penalties on Reliance, Ambani, and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum (RPL) in November 2007. Fines of Rs […]

Privatisation of India’s loss-making national carrier likely to be delayed

THE privatisation of India’s national carrier Air India will be delayed further as the divestment process is unlikely to conclude in 2020-21, an official has said. Tata Group and US-based fund Interups Inc were among the entities that put in preliminary bids last week for buying the loss-making carrier, which was started as a mail […]

Indian banks’ consortium seeks UK bankruptcy order against Vijay Mallya

A consortium of Indian banks has returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya. The consortium led by the State Bank of India (SBI) pursue the recovery of debt from loans paid out to Mallya’s now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and […]

India back on currency manipulation watchlist by the US

THE Trump administration labelled many countries including India as currency manipulators and said that these ‘trading partners’ may be deliberately devaluing their currencies against the dollar. This comes after the Indian central bank stepped up purchases of foreign currency as portfolio flows surged in the second half of the year. The monitoring list comprises China, Japan, […]

Zuckerberg eyes deeper reach for WhatsApp payments service in India

Facebook co-founder and CEO Mark Zuckerberg on Tuesday(15) pushed the just-launched WhatsApp payments services in India by saying that the country is ‘very special’ and ‘important’. Last month, WhatsApp received approval from the National Payments Corporation of India (NPCI) for rolling out its payments services in India. “We just launched WhatsApp payments in India last […]

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