All posts tagged: Foreign Direct Investment

Odisha lands largest-ever FDI as Adani-IHC JV signs ₹1 lakh cr aluminium project

Odisha lands largest-ever FDI as Adani-IHC JV signs ₹1 lakh cr aluminium project

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In the largest foreign direct investment in Odisha’s history, the Mohan Majhi government on Thursday signed a Memorandum of Understanding (MoU) with the Adani Group and Abu Dhabi-based International Holding Company (IHC) Group for an $11.5 billion (around ₹1.10 lakh crore) integrated aluminium project spanning bauxite mining, alumina refining, aluminium smelting, and downstream manufacturing. Odisha Chief Minister Mohan Charan Majhi meets CEO and Managing Director of International Holding Company (IHC), Syed Basar Shueb , in Bhubaneswar on Thursday. (ANI) The agreement was signed at the state secretariat between the state’s industrial promotion agency, IPICOL, and a newly formed 50:50 joint venture between Adani Enterprises Limited (AEL) and International Resources Holding (IRH), the natural resources investment platform of IHC Group. Chief Minister Mohan Charan Majhi, Industries Minister Sampad Chandra Swain, IHC Group CEO Syed Basar Shueb, and Adani Ports and Special Economic Zone Managing Director Karan Adani were present. The proposed greenfield project will include bauxite mining, an alumina refinery in Rayagada district, an aluminium smelter in Sundargarh district, captive power generation, downstream aluminium manufacturing, and …

‘Significant progress in ties’, says PM Modi after meeting Dutch PM Rob Jetten

‘Significant progress in ties’, says PM Modi after meeting Dutch PM Rob Jetten

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India and the Netherlands on Saturday decided to elevate their relationship to the strategic partnership level following extensive talks between Prime Minister Narendra Modi and his Dutch counterpart Rob Jetten amid shifting global geopolitics. India’s Prime Minister Narendra Modi, left, shakes hands with Netherland’s Prime Minister Rob Jetten (AP) Modi began his two-day visit to The Hague on Friday as part of four-nation trip to Europe that is aimed at ramping up bilateral ties in a range of key areas. India and the Netherlands also inked a number of agreements to further enhance their cooperation in a range of areas. “There has been significant progress in India-Netherlands ties in last one decade,” Modi said in his televised opening remarks during the talks with Dutch PM Jetten. Netherlands is one of India’s largest trading destinations in Europe, with bilateral trade touching USD 27.8 billion in 2024-25. The European nation is India’s fourth largest investor with cumulative foreign direct investment of USD 55.6 billion. In his remarks, the prime minister said India considers the Netherlands among its …

Japan’s MUFG Bank to invest Rs 39,000 crore in Shriram Finance for 20% stake | Business News

Japan’s MUFG Bank to invest Rs 39,000 crore in Shriram Finance for 20% stake | Business News

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In the single largest foreign direct investment (FDI) into an Indian financial services company, the board of Shriram Finance Ltd (SFL) has approved a proposal to raise Rs 39,618 crore ($4.4 billion) from Japan’s MUFG Bank Ltd through a preferential allotment of equity shares. This will give the Japanese lender a 20 per cent stake in SFL on a fully diluted basis. The transaction gives MUFG Bank, Japan’s largest bank, a strong foothold in the retail financial services in the country. Shriram Finance, which has a market capitalisation of Rs 1.69 lakh crore, reported a net profit of Rs 9,761 crore for FY25. This is the biggest investment by a Japanese bank in India after SMBC, part of the Sumitomo Mitsui Financial Group (SMFG), acquired a 20 per cent stake in Yes Bank for about Rs 13,483 crore (around $1.6 billion) in April 2024. The investment allows SMBC to raise its holding to 24.99 per cent without being classified as a promoter. With domestic growth constrained by prolonged low interest rates and an ageing population, …

Soft landing of global economy is increasingly a possibility: Nirmala Sitharaman

Soft landing of global economy is increasingly a possibility: Nirmala Sitharaman

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A soft-landing of the global economy, which has experienced tremendous stress over the past several years, is increasingly a possibility, Union Finance Minister Nirmala Sitharaman said Friday. Observing that better days are ahead primarily because of the coordinated action between countries and multilateral financial institutions, the finance minister at the same time sounded a note of caution that economies are not really picking up that much yet(PTI) Observing that better days are ahead primarily because of the coordinated action between countries and multilateral financial institutions, the finance minister at the same time sounded a note of caution that economies are not really picking up that much yet. Also Read: Microsoft CEO Satya Nadella gets ₹665 crore in compensation, 63% up from last year, despite cybersecurity challenges “The largest sense which prevailed in the two-day discussions, both of the (International Monetary) Fund and also of the World Bank, is that there will be a soft landing. The efforts by the Fund, the central banks and all institutions, governments have kept the inflation down for some meaningful …

Ban on imported goods in army canteens spurs Make-in- India drive | Latest News India

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A ban imposed on the sale of imported items in Canteen Stores Department outlets (army canteens), which sell goods at subsidised rates to soldiers, ex-servicemen and their families, four years ago has spurred the Make in India initiative, with several firms now producing their wares in the country, officials aware of the matter said on Sunday. The sale of 431 directly imported items in CSD outlets across the country was stopped in October 2020. (Representative file photo) The sale of 431 directly imported items in CSD outlets across the country was stopped in October 2020 after the defence ministry passed an order to support the “Atmanirbhar Bharat Abhiyan” (self-reliant India movement), said one of the officials cited above on the condition of anonymity. “This has had a positive effect as many firms shifted their manufacturing to India. As a result, 255 of the 421 items that were banned have been reintroduced in CSD,” said a second official, who also asked not to be named. The CSD’s catalogue includes various products like cars, two-wheelers, liquor, white …

Lookout notice against Byju Raveendran renewed over FEMA probe on ED’s request | Latest News India

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The Enforcement Directorate (ED) has renewed its lookout circular against Byju Raveendran, founder of Byju’s, as part of its foreign exchange management act (FEMA) probe against the ed-tech firm, people familiar with the development said. The ED’s probe is based on various complaints regarding the foreign investment received by Byju’s. (File photo) The LOC (lookout circular), which is issued at the entry and exit points of the country, against Raveendran was first issued over a year ago when the federal agency started a probe in the matter. Hindustan Times – your fastest source for breaking news! Read now. Officials cited above said the LOC has been renewed earlier this month with a provision that ED should be intimated about him leaving the country, adding that Raveendran is currently out of India according to agency’s information. Also Read:Byju’s shareholders to take vote on ousting CEO Raveendran, wife Divya Gokulnath on Friday: Report HT has reached out to Byju’s for a comment on the development. The story will be updated whenever a response is received. The financial …