Clara's Feed
Aug 13, 2015

India’s states sidestep stalled reform, go it alone to woo investment

MUMBAI/NEW DELHI, Aug 13 (Reuters) – It took two months of
courting, dozens of negotiators and final talks that ran into
the early hours, but the western Indian state of Maharashtra
secured its prize: a $5 billion investment commitment from
iPhone maker Foxconn.

The 5-year deal, announced last weekend, is
a reminder of the pulling power of India’s wealthiest states -
even as the central government under Prime Minister Narendra
Modi hits its biggest reform roadblocks to date, over tax and
land reform.

Jul 10, 2015

Maharashtra eyes $16 billion push to revamp infrastructure

MUMBAI (Reuters) – India’s wealthiest state plans to spend almost $16 billion over five to six years on a revamp of key infrastructure, reviving long-dormant projects including a Mumbai airport, a port and a key coastal road, Maharashtra’s chief minister said.

Seeking to accelerate economic growth, India’s government has prioritised the kick-starting of infrastructure projects that had gathered dust, either because of an obstructive bureaucracy, a lack of private sector interest or in some cases, lengthy litigation.

Jul 10, 2015

India’s richest state eyes $16 bln push to revamp infrastructure

MUMBAI, July 10 (Reuters) – India’s wealthiest state plans
to spend almost $16 billion over five to six years on a revamp
of key infrastructure, reviving long-dormant projects including
a Mumbai airport, a port and a key coastal road, Maharashtra’s
chief minister said.

Seeking to accelerate economic growth, India’s government
has prioritised the kick-starting of infrastructure projects
that had gathered dust, either because of an obstructive
bureaucracy, a lack of private sector interest or in some cases,
lengthy litigation.

Jun 5, 2015

Nestle pulls Maggi noodles off Indian shelves as food scare spreads

MUMBAI, June 5 (Reuters) – Nestle SA will pull its
Maggi instant noodles from stores across in India, withdrawing
one of the country’s most popular snacks after weeks of damaging
headlines triggered by regulators’ reports that some packs
contained excess lead.

In what has become India’s most significant packaged foods
scare for nearly a decade, Nestle reiterated on Friday that its
noodles were safe. But after coming under fire for what domestic
media said was a failure to react swiftly and decisively, the
group said it would pull the product regardless, more than two
weeks after food inspectors first reported their findings.

Jun 5, 2015

Nestle withdraws Maggi noodles in India after food scare

MUMBAI, June 5 (Reuters) – Food group Nestle has
withdrawn Maggi instant noodles from sale in India citing “an
environment of confusion for consumers”, after a food scare
triggered by a domestic regulator’s report that some packs of
the popular snack contained excess lead.

Nestle reiterated the noodles were safe. But after coming
under fire in local media for doing too little, too late in
response, the group said early on Friday that it would recall
the product regardless, weeks after food inspectors first
reported their findings.

May 14, 2015

India learns to “fail fast” as tech start-up culture takes root

BENGALURU, India, May 14 (Reuters) – After ping pong tables,
motivational posters and casual dress codes, India’s tech
start-ups are following Silicon Valley’s lead and embracing the
“fail fast” culture credited with fuelling creativity and
success in the United States.

Taking failure as a norm is a major cultural shift in India,
where high-achieving children are typically expected to take
steady jobs at recognised firms. A failed venture hurts family
status and even marriage prospects.

May 7, 2015

India’s e-commerce giant Flipkart in no rush to go public

BENGALURU, India (Reuters) – India’s biggest e-commerce firm Flipkart will remain private for the next three years at least, its chief financial officer said, nixing speculation that it would launch this year an IPO that some bankers had expected to raise a record $5 billion.

Flipkart, an online marketplace that analysts estimate to be worth $11 billion, has benefited from the foreign funds that have sloshed into India’s rapidly growing online retail sector.

May 7, 2015

Interview – E-commerce giant Flipkart in no rush to go public

BENGALURU (Reuters) – India’s biggest e-commerce firm Flipkart will remain private for the next three years at least, its chief financial officer said, nixing speculation that it would launch this year an IPO that some bankers had expected to raise a record $5 billion.

Flipkart, an online marketplace that analysts estimate to be worth $11 billion, has benefited from the foreign funds that have sloshed into India’s rapidly growing online retail sector.

Mar 31, 2015

Stock options, new blood as India’s state banks ready for change

MUMBAI, April 1, (Reuters) – State Bank of India,
the country’s largest lender, may offer employee share options,
recruit specialists and promote faster – radical changes that
promise to shake up a bloated, debt-heavy sector.

India’s state banks are under pressure to improve
profitability and slash bad loans, creating a more agile sector
to help fuel economic growth. For the government and the banks,
that has put the focus firmly on one issue: people.

Mar 24, 2015

SBI sees lending growth accelerating

MUMBAI (Reuters) – State Bank of India (SBI), the country’s largest lender, expects credit growth to accelerate in the year beginning in April to as much as 15 percent, helped by firms seeking funds to bid for coal concessions and mobile airwaves.

Arundhati Bhattacharya, SBI chairman, told Reuters in an interview that the pick up in lending compares to a “very very low” loan growth of below 10 percent in the year just ending. The bank, she said, had come through a period of consolidation and was comfortable with the current pace.