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NEWS

Posted On:
29-03-2024

Blackstone plans to invest $25 billion in India private equity asset

Blackstone Inc. aims to add an additional $25 billion of Indian private equity assets over the next five years, reflecting the South Asian country’s increasing allure to global investors. The New York-based firm also intends to bring on 20 more investment professionals to its asset management business in India and double its office space in Nariman Point in downtown Mumbai, according to its head of private equity in Asia, Amit Dixit. “India’s predictable regulatory and policy environment, steady economic growth and buoyant capital market offers the right opportunity to speed up creating such a large portfolio,” Dixit said in an interview last week from Blackstone’s office in Express Towers. Global firms, pensions and sovereign wealth funds are deploying billions of dollars in the world’s most populous nation. While there are many hurdles to overcome in a country with so many people in poverty, the opportunity for growth is plain to see.
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Posted On:
29-03-2024

BackBack SoftBank-backed Swiggy records $200 million loss in nine months to Dec 2023 ahead of IPO

Indian food delivery giant Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company, which is looking to list on the stock market. The SoftBank-backed company could list by the end of this year, sources previously told Reuters. India's stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid concerns of unrealistically high valuations of companies still making losses. For the full fiscal year 2022-23, Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified.
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Posted On:
29-03-2024

First Ambani-Adani pact: RIL picks 26% stake in Adani Power's MP project; deal pegged at ₹50 crore between rival firms

In the first collaboration between rival billionaires, Mukesh Ambani's Reliance Industries has picked up a 26 per cent stake in a Madhya Pradesh power project of Gautam Adani, and signed a pact to use the plants' 500 MW of electricity for captive use. Reliance will pick up five crore equity shares in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power Ltd, of face value ₹10 at par ( ₹50 crore). As per the deal, one unit of 600 MW capacity from MEL's Mahan thermal power plant, which has an aggregate operating and upcoming capacity of 2800 MW, will be designated as the Captive Unit for this purpose.
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Posted On:
01-04-2024

Toyota Kirloskar sees highest-ever monthly sales at 27,180 units in March

Toyota Kirloskar Motor on Monday reported its highest-ever monthly wholesales at 27,180 units in March. The company's total dispatches to dealers increased 25 per cent last month to 22,910 units as compared with 21,783 units in March 2023. For the 2023-24 fiscal the company reported the highest-ever wholesales of 2,63,512 units, an increase of 48 per cent as against 1,77,683 units in 2022-23. "We are thrilled to close both our wholesales for 2023-24 fiscal year and March 2024 by recording the highest-ever units of 2,63,512 and 27,180 respectively," Toyota Kirloskar Motor (TKM) Vice President, Sales-Service-Used Car Business Sabari Manohar said in a statement. With a customer-oriented approach, the company has always remained ahead in assessing and understanding the diverse needs of varied customers and market trends, serving them the best with our wider range of quality products and services, he added. "We will continue to do so with an emphasis to meet the rising consumer demands across segments. Further, energising our customer centricity will be our focus to move even more closer to our customers on both product as well as service fronts by enhancing customer touchpoints," Manohar said.
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Posted On:
01-04-2024

Full throttle ahead: FY24 roars to 4.23 mn PV sales, 4.15 mn in retail

The demand for sport utility vehicles (SUVs) led passenger vehicle (PV) sales to a record 4.15 million in the retail segment and 4.23 million vehicle despatches in wholesales. All 12 months in 2023-24 (FY24) were record months in terms of sales. PV wholesales grew by 9 per cent year-on-year (Y-o-Y) while retail sales grew by 13.2 per cent. Speaking to Business Standard, Shashank Srivastava, senior executive director, marketing and sales at Maruti Suzuki India (effective from April 1, 2024, he will be positioned as a member of the executive committee), said that of the past 22 months, 21 saw record sales numbers, indicating
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