Search

(Bloomberg) -- For more than 150 years, the Tata Group has been synonymous with India's nation-building project, venturing into everything from autos to airlines when the country needed them. The court order on Wednesday found the manner of Mistry's forced exit "oppressive" and has restrained Ratan Tata from taking any action that would require a majority decision by the Tata Sons board. [Extracted from the article]

(Bloomberg) -- For more than 150 years, the Tata Group has been synonymous with India's nation-building project, venturing into everything from autos to airlines when the country needed them. The court order on Wednesday found the manner of Mistry's forced exit "oppressive" and has restrained Ratan Tata from taking any action that would require a majority decision by the Tata Sons board. [Extracted from the article]

(Bloomberg) -- For more than 150 years, the Tata Group has been synonymous with India's nation-building project, venturing into everything from autos to airlines when the country needed them. In a surprise ruling, an appeals court said Tata's erstwhile successor, Cyrus Mistry, was improperly ousted as chairman of the group's holding company three years ago, paving the way for his reinstatement. [Extracted from the article]

In a surprise ruling, an appeals court said Tata's erstwhile successor, Cyrus Mistry, was improperly ousted as chairman of the group's holding company three years ago, paving the way for his reinstatement. (He also heads Tata Trusts, a group of philanthropic organizations that own about 66% of the equity in Tata Sons.). [Extracted from the article]

(Bloomberg) -- Netflix Inc. is plowing 30 billion rupees ($420 million) this year and next to produce more local content in India, one of the biggest and most-crowded markets for the world's largest paid streaming-service provider. Disney's Hotstar, which is already the leader in India, will get a boost soon when the entertainment giant eventually introduces Disney+, a new streaming service it started last month in some markets. [Extracted from the article]

With Amazon shut out of China and Walmart's e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart's $16 billion Flipkart deal was the retailer's biggest ever. [Extracted from the article]

With Amazon shut out of China and Walmart's e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart's $16 billion Flipkart deal was the retailer's biggest ever. [Extracted from the article]

With Amazon shut out of China and Walmart's e-commerce performance in the U.S. decidedly mixed, both companies have settled on India as key to growth. Amazon CEO Jeff Bezos has pledged to spend $5.5 billion to win India, while Walmart's $16 billion Flipkart deal was the retailer's biggest ever. [Extracted from the article]

(Bloomberg) -- India's Supreme Court refused to remove a barrier to the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country's most contentious corporate sagas. IHH's attempt to become Fortis' majority shareholder was halted last year, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the Singh brothers. [Extracted from the article]

(Bloomberg) -- India's Supreme Court refused to remove a barrier to the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country's most contentious corporate sagas. IHH's attempt to become Fortis' majority shareholder was halted last year, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the Singh brothers. [Extracted from the article]

(Bloomberg) -- India's Supreme Court has refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country's most contentious and long drawn out corporate battles. IHH's attempt to become Fortis' majority shareholder was halted last year, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the Singh brothers. [Extracted from the article]

(Bloomberg) -- India's Supreme Court has refused to lift the block on completion of the takeover of embattled hospital chain Fortis Healthcare Ltd. by Malaysian operator IHH Healthcare Bhd, the latest twist in one of the country's most contentious and long drawn out corporate battles. IHH's attempt to become Fortis' controlling shareholder was halted last year, when Japanese drugmaker Daiichi Sankyo Co. contested the deal as part of its efforts to recover $500 million from the Singh brothers. [Extracted from the article]

Infosys Getting Large Deals Despite Whistle-Blower "Distraction" (Bloomberg) -- Infosys Ltd., the Indian software maker that's battling whistle-blower allegations about its finances, sought to assure investors that the accusations have had little impact on the company's ability to win contracts. Infosys pledged a full investigation last month and Nilekani on Wednesday refused to say when the probe will be completed. [Extracted from the article]

Infosys Getting Large Deals Despite Whistle-Blower "Distraction" (Bloomberg) -- Infosys Ltd., the Indian software maker that's battling whistle-blower allegations about its finances, sought to assure investors that the accusations have had little impact on the company's ability to win contracts. The second whistle-blower attack in as many years dented investor confidence in Asia's second-most valuable software exporter, and sent a gauge of 30-day historical volatility for its shares soaring to the highest since 2013. [Extracted from the article]

(Bloomberg) -- Infosys Ltd., Asia's second-largest software exporter, said it's getting large deals despite fighting whistle-blower allegations against Chief Executive Officer Salil Parekh. "Customers are supportive, we have proactively reached out" to clients, Chairman Nandan Nilekani said on a call with analysts. Gains in the stock helped the benchmark S&P BSE Sensex reverse losses of as much as 0.5%. [Extracted from the article]

(Bloomberg) -- Three major Indian drugmakers received warning letters from the U.S. health care watchdog in the last two months, highlighting that the country's copycat drug sector is still plagued by quality issues amid rising global concern over tainted drug supplies. The FDA is struggling to contain the damage after carcinogenic chemicals were discovered in generic drugs to control blood pressure and stomach acid, prompting drug makers in India and elsewhere to recall the medicines. [Extracted from the article]

(Bloomberg) -- Three major Indian drugmakers received warning letters from the U.S. health care watchdog in the last two months, highlighting that the country's copycat drug sector is still plagued by quality issues amid rising global concerns over tainted drug supplies. The FDA is struggling to contain the damage after carcinogenic chemicals were discovered in generic drugs to control blood pressure and stomach acid, prompting drug makers in India and elsewhere to recall the medicines. [Extracted from the article]

(Bloomberg) -- Sales of fast moving consumer goods in rural India had their slowest growth in seven years as sagging incomes and a broader credit crunch, weighed on spending in the country's hinterland, where the majority of its population lives. Sales growth of corner-store items from tea-to-toothpastes dipped to 5% across India's villages in the quarter ended September, tumbling from 20% last year, according to a Nielsen report released Thursday. "We are now finally seeing early signs of the declining trends being arrested", the Nielsen report said which forecasts growth in consumer goods sales to rebound as high as 8.5% in March next year. [Extracted from the article]

(Bloomberg) -- The tumultuous saga of former Indian billionaires Malvinder and Shivinder Singh seems to be entering a decisive stage. Scions of one of the nation's most prominent business families, the Singh brothers were arrested Thursday and brought into a New Delhi trial court Friday to face charges of fraudulently diverting nearly $337 million from a lender they controlled. The arrests this week came in response to a police complaint filed in 2018 by the financial services company the Singhs had founded but is now under new ownership, Religare Enterprises Ltd. [Extracted from the article]

(Bloomberg) -- Police in New Delhi have arrested former billionaires Shivinder Singh and Malvinder Singh, along with three others on charges of siphoning funds and fraudulently diverting nearly $337 million from a lender they controlled. Shivinder Singh, Sunil Godhwani -- the erstwhile head of the financial services company the Singh brothers once helmed -- and two others were detained on Thursday and being held by the Economic Offenses Wing of the Delhi Police, according to a statement from the police. [Extracted from the article]

(Bloomberg) -- Police in New Delhi have arrested former billionaire Shivinder Singh and three others on charges of siphoning funds and fraudulently diverting nearly $337 million from a lender they controlled. The Singh brothers were heirs to an empire that included India's top drug maker, and later its second-largest hospital chain. [Extracted from the article]

(Bloomberg) -- Police in New Delhi have arrested former billionaire Shivinder Singh and three others on charges of siphoning funds and fraudulently diverting nearly $337 million from a lender they controlled. Singh is being held by the Economic Offenses Wing of the Delhi Police, according to a statement from the police. [Extracted from the article]

(Bloomberg) -- Down the street from Mumbai's grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. Gurnaney and He are emblematic of the deepening retail gloom in India and China, home to 2.8 billion people -- or more than a third of the world's consumers. [Extracted from the article]

(Bloomberg) -- Down the street from Mumbai's grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. Gurnaney and He are emblematic of the deepening retail gloom in India and China, home to 2.8 billion people -- or more than a third of the world's consumers. [Extracted from the article]

(Bloomberg) -- Down the street from Mumbai's grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. Gurnaney and He are emblematic of the deepening retail gloom in India and China, home to 2.8 billion people, or more than a third of the world's consumers. [Extracted from the article]

(Bloomberg) -- Apollo Hospitals Enterprise Ltd., India's largest hospital chain, is considering passing on the proceeds of corporate tax cuts announced last week to its shareholders, according to people familiar with the matter. Apollo may also use some of its tax savings to pay down debt and invest in the business, which operates 71 hospitals throughout India, said the people, who asked not to be named discussing internal matters. [Extracted from the article]

(Bloomberg) -- India became the latest country to ban electronic cigarettes only days after Juul Labs Inc.'s products vanished from online Chinese marketplaces, signaling that Asian nations may be no refuge for the industry from an escalating crackdown in the U.S. Lawmakers in the U.S. are also investigating the marketing of Juul, America's top-selling e-cigarette brand. [Extracted from the article]

(Bloomberg) -- India became the latest country to ban electronic cigarettes only days after Juul Labs Inc.'s products vanished from online Chinese marketplaces, signaling that Asian nations may be no refuge for the industry from an escalating crackdown in the U.S. Juul, America's largest e-cigarette brand, only started selling its nicotine vaporizers online in China last week. [Extracted from the article]

(Bloomberg) -- India became the latest country to ban electronic cigarettes as concern grows worldwide over health risks associated with the smokeless nicotine devices popular with teenagers. E-cigarettes allow users to satisfy their cravings by inhaling vaporized nicotine rather than tobacco smoke. [Extracted from the article]

(Bloomberg) -- The new chief executive officer at Fortis Healthcare Ltd. plans to cut a fifth of costs to resuscitate India's second-largest hospital chain after a regulator found it was defrauded of tens of millions of dollars by its former owners. These are just the first steps by Raghuvanshi to nurse Fortis back to health after a tumultuous year where its former owners, Malvinder Singh and Shivinder Singh, were found by a regulator to have fraudulently taken 4 billion rupees ($56 million) out of the company. [Extracted from the article]

(Bloomberg) -- The new chief executive officer at Fortis Healthcare Ltd. plans to cut a fifth of costs to resuscitate India's second-largest hospital chain after a regulator found it was defrauded of tens of millions of dollars by its former owners. These are just the first steps by Raghuvanshi to nurse Fortis back to health after a tumultuous year where its former owners, Malvinder Singh and Shivinder Singh, were found by a regulator to have fraudulently taken 4 billion rupees ($56 million) out of the company. [Extracted from the article]

(Bloomberg) -- The new chief executive officer at Fortis Healthcare Ltd. plans to cut a fifth of costs to resuscitate India's second-largest hospital chain after a regulator found it was defrauded of tens of millions of dollars by its former owners. These are just the first steps by Raghuvanshi to nurse Fortis back to health after a tumultuous year where its former owners, Malvinder Singh and Shivinder Singh, were found by a regulator to have fraudulently taken 4 billion rupees ($56 million) out of the company. "The problem with Fortis is its bloated cost structure", Deepak Malik, a Mumbai-based analyst with Edelweiss Financial Advisors Ltd. with a buy rating on the firm, said in a telephone interview. [Extracted from the article]

(Bloomberg) -- Amazon.com Inc. is in late-stage talks to acquire as much as 10% of India's Future Retail Ltd., people familiar with the negotiations said, as the U.S. company moves to bolster its brick-and-mortar presence in one of the world's fastest-growing retail markets. The deal with the Mumbai-based company, which operates its flagship "Big Bazaar" grocery store chain, will give Amazon more exposure to the business after it bought Whole Foods Market Inc. for $13.7 billion in 2017 and secured a foothold in the U.S. food retailing segment. [Extracted from the article]

The article reports on the stake acquisition deal between U.S.-based electronic commerce company Amazon.com Inc. and India's retailer Future Retail Ltd. Topics discussed include valuation sought by Future from Amazon for the stake, significance of the deal, and amount spent by Walmart to acquire Indian e-tailer Flipkart Online Services Pvt. Ltd.

(Bloomberg) -- Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge. Siddhartha's death marks a tragic turn for an admired member of India's business elite and an executive closely connected to the highest echelons of the political sphere. [Extracted from the article]

(Bloomberg) -- Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge. Siddhartha's death marks a tragic turn for an admired member of India's business elite and an executive closely connected to the highest echelons of the political sphere. [Extracted from the article]

(Bloomberg) -- Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge. In his letter, Siddhartha said he had to borrow a large sum of money from a friend to help complete a buyback of shares, which he says a private-equity investor had pressured him to implement. [Extracted from the article]

The company "remains deeply committed to safeguarding the interests of all stakeholders, including investors, lenders, employees and customers", Coffee Day said in the Wednesday exchange filing. The Japanese firm doesn't expect any impact from Siddhartha's death on the two firms' joint venture, according to the statement. [Extracted from the article]

(Bloomberg) -- V.G. Siddhartha, the founder of India's biggest coffee chain, has been confirmed dead days after he purportedly wrote a letter indicating he was anxious about pressure from banks, investors and the tax authorities. The Japanese firm doesn't expect any impact from Siddhartha's death on the two firms' joint venture, according to the statement. [Extracted from the article]

The article discusses partnership between Tata Group and Inditex SA for running Zara stores in India. Topics discussed include views of Noel Tata on Indian consumers and supply chain, views of Abhijeet Kundu on impact of Internet data penetration on sense of fashion, and ethnic Indian styles which are offered at certain prices.

Sun Pharmaceutical Industries Ltd.'s fourth-quarter profit halved from a year ago as the fallout from a corporate governance scandal caused it to take a 10.85 billion-rupee charge ($155.7 million) and led to the brother-in-law of billionaire founder Dilip Shanghvi moving to a non-executive role. The one-time charge that halved its quarterly profit stems from its attempt to unwind a relationship with a firm owned by Shanghvi, a connection that was reportedly called into question by whistle blowers. [Extracted from the article]

Revenue at the world's biggest generic drugmakers has been hit as the Trump administration approves generic rivals at a record pace to increase competition. More than a dozen top generic-drug makers, including Sun, have been sued in U.S. federal courts by more than 40 states, which accused them of inflating prices of at least 100 different drugs. He says growth in the Indian generics business, a push into China, and new generic products in the U.S. will generate cash that can be plowed into reinventing the company. [Extracted from the article]

Shanghvi bought 23% stake in money-losing Suzlon in 2015 Shanghvi proved a white knight for Suzlon in 2015 when he bought 23 percent stake for 18 billion rupees ($258 million) to help the turbine maker return to profitability after it became India's largest convertible-bond defaulter in 2012. [Extracted from the article]

Sun Pharma is looking for a partner to boost sales in China With a recovery underway in its U.S. business, Sun Pharma's billionaire founder Dilip Shanghvi is homing in on China and believes market watchers are underestimating the potential there for India's largest drugmaker. [Extracted from the article]

Barred by retail restrictions, Walmart expands wholesale chain Walmart's Iyer wouldn't say how much the company is investing to win these shopkeepers over, but he said 26 more of its Best Price wholesale stores were planned by 2023, with each location costing between $8 million and $10 million. [Extracted from the article]

As consumers turn health-conscious at a rapid clip even in emerging markets, Coke's mission globally is now to sell a lot more than just, well, Coke. Demand for packaged versions of these drinks has grown 32 percent over the last three years, three times the pace of carbonated beverages like Coke, according to Technopak Advisors, a New Delhi-based consultancy. Coke's Krishnakumar estimates the juice market could be worth about $3.6 billion in India, with 72 percent of that currently going to corner stalls and small eateries. [Extracted from the article]

Dr. Reddy's opens the door for generic versions of anti-opioid The legal fight between Dr. Reddy's and Indivior began in August 2016, and centers on whether Dr. Reddy's version of Suboxone Film violates Indivior's patent. The drug doesn't cause intoxicating effects, and one study showed Suboxone, which combines buprenorphine with the opioid-reversal drug naloxone, actually had less abuse potential than buprenorphine alone. [Extracted from the article]