The Union Finance Ministry on Friday announced key amendments to foreign exchange (forex) regulations, including mandating government approvals for all investments originating from countries that share land borders with India. The latest amendments also seek to simplify cross-border share swaps and streamline key definitions, such as "control". The updated regulations have aligned the treatment of downstream investments made by overseas citizen of India (OCI)-owned entities with those owned by non-resident Indians (NRIs) on a non-repatriation basis.
As a part of its overseas expansion, homegrown FMCG major Dabur will set up an integrated plant in UAE with an investment of about Rs 20 crore (Rs 200 million).
India's manufacturing sector output increased at a sharp pace in June as new business continued to flow in amid favourable demand conditions and resulted in record upturn in employment, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) increased from 57.5 in May to 58.3 in June, indicating a sharper improvement in business conditions. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
'Binary fission will happen -- startups will lead to more startups.'
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
The company divests from properties abroad to focus on its key markets.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
In little over a year, Air India and IndiGo have announced plans to purchase up to 170 wide-body planes as they bet on ambitious expansion and efforts also continue to make India a global aviation hub. Also, the two carriers' orders usher in European aircraft maker Airbus into the country's wide-body space, which has traditionally been dominated by US major Boeing. If narrow-body aircraft orders of Air India, IndiGo and Akasa Air are added to the list, the order book is well over 1,200 planes and that too in less than 14 months or since February 2023.
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
Jet Airways says its expansion plans are not linked with the $400 million qualified institutional placement issue
The Finance Ministry has asked cash-rich public sector companies (PSUs) to utilise surpluses for expansion and overseas acquisitions, a move that will promote investments and growth.
Jet Airways said on Tuesday its aggressive overseas and domestic expansion plans are not linked with the $400-million qualified institutional placement issue that provides cushion for buying more aircraft.
From its recent lows, the stock of consumer major Marico is up 7 per cent on the back of a better-than-expected June quarter performance and robust outlook. In a pre-quarter update, the management indicated that domestic volume growth should witness an improvement in FY25, while other segments (growth portfolio, international business) too would see traction going ahead. The near-term trigger is strong sales and operating performance for Q1FY25.
Due to unseasonal rains, the second quarter of financial year 2023-24 (Q2FY24) was disappointing for the room-air conditioner (RAC) segment and Q3FY23 was also slow. While general consumption demand was low in Q3FY24, the low base and the pent-up demand from the first half of financial year 2023-24 (H1FY24) seem to have driven an off-season demand for RACs.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The turmoil in financial markets seems to be affecting the global expansion plans of Financial Technologies, promoter of top domestic commodity bourse MCX, and trading at its overseas exchange ventures in Singapore, Mauritius and Bahrain may get delayed by about a year.
Tata Steel, India's largest steelmaker, has consolidated all its overseas assets including Corus under a new holding company, Tata Steel Global, to raise funds for its overseas expansion including future acquisitions.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
India's private and state government-owned ports (non-major ports) continued to grow faster than those owned by the Centre (major ports) through the first three quarters of 2023-24 (FY24), cargo handling data shows. At 604 million metric tonnes (mmt), cargo at major ports grew by 5 per cent between April and December, while non-major ports' cargo traffic growth was 11 per cent at 531 mmt. During December 2023, central government-owned ports in India handled cargo volumes of 69.9 mmt, a tepid year-on-year (Y-o-Y) growth of 0.7 per cent.
Companies write off investments, shed assets as initial projections go haywire
Country's largest lender SBI on Tuesday said it is likely to raise Rs 50,000 crore (Rs 500 billion) capital for its expansion plans in domestic and overseas markets in the next three years and proposed a holding company for its non-bank subsidiaries.
AirAsia has grand plansfor India.
Forex and money transfer firm Wall Street Finance, which has an Anil Ambani group firm as its top shareholder, today said it is looking for acquisitions in the US, the UK and European Union to expand its overseas presence.
Reserve Bank of India has allowed banks to increase their lending to Indian joint ventures or subsidiaries for funding their overseas expansion.
State Bank of India has received the permission from the Chinese Government to lend in the local currency -Yuan, a top official said on Thursday
Mothercare, which is hosting an investor and analyst event in India, said it expected the total overseas network sales of the company to double to around 1 billion pound by 2014.
FMCG firm Rasna is planning to enter Europe and West Africa as part of an overseas expansion plan and expects contribution of export revenues to total turnover to double to about 40 per cent this fiscal, a senior company official said.
The decision to seek the amendment was taken after the Union human resources development ministry recently disallowed the business school from going ahead with its overseas expansion plan.
Alibaba.com, China's biggest business-to-business website, on Tuesday said it was poised to become India 's top online marketplace by number of users as it launches its first major overseas expansion.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
At a cost of $740 million, it would have been the biggest American mission overseas. Amir Mir reports from Islamabad on how the US embassy's expansion plans in Pakistan has run into trouble.
