India Tycoon Nadar Gifts HCL Corp, Vama Delhi Stakes to Daughter
After the transfer, Malhotra will acquire control and become a majority shareholder of Vama Delhi and HCL Corp., HCL Infosystems said in an exchange filing late Friday. Malhotra will also acquire control over the voting rights in relation to the 12.94% stake held by Vama Delhi and 49.94% held by HCL Corp. in HCL Infosystems.
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San Francisco Chronicle
7 hours ago
- San Francisco Chronicle
India's Modi announces credit worth $565 million to the Maldives and launches free trade talks
COLOMBO, Sri Lanka (AP) — Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives' President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbor. Maldives holds an important place in both India's neighborhood- first policy and ocean vision," Modi said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. "India will continue to support Maldives in developing its defense capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives' economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe.
Yahoo
10 hours ago
- Yahoo
Debt-plagued Maldives to host Modi, continuing to rebuild ties with lender
By Shivam Patel and Uditha Jayasinghe NEW DELHI/COLOMBO (Reuters) -Prime Minister Narendra Modi is expected to enhance India's development partnership with the Maldives in a two-day visit this week to the Indian Ocean archipelago, where India competes with China for influence. Modi, who landed in Male on Friday, is the first foreign leader to visit President Mohamed Muizzu after he took office in 2023 with a pledge to end the Maldives' "India first" policy, and upgraded ties with China. Muizzu's moves briefly soured relations with New Delhi, before India helped to prevent the $7.5 billion economy from defaulting on its debt as the Maldives struggled to get tourists to its white-sand beaches and luxury resorts. He has since visited both countries, the Maldives' main bilateral lenders, to secure financial support, as well as signing trade pacts with China and Turkey and initiating talks with India on a trade agreement and an investment treaty. Indian Foreign Secretary Vikram Misri said steady diplomacy had helped to rebuild ties: "There will always be events that will impact or try to intrude on the relationship. But I think this is testimony to the kind of attention that has been paid to the relationship, and including attention at the highest levels." Former Maldives foreign minister Abdulla Shahid told Reuters that Modi's visit indicated Muizzu had "decided to step back and correct the narrative". India is expected to extend a line of credit worth $565 million to the Maldives, and talks on a Free Trade Agreement are expected to formally begin. Modi will also remotely inaugurate an expansion of the International Airport on the island of Hanimadhoo, which India is helping to finance, and attend Saturday's celebration of the Maldives' 60th anniversary of independence from Britain. Solve the daily Crossword
Yahoo
11 hours ago
- Yahoo
Rupee slides for third straight week as tariff deadline, Fed decision near
By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee fell to a one-month low on Friday, and logged its third straight weekly decline, pressured by outflows from local stocks and caution among investors ahead of a news-heavy week dominated by tariffs and central bank decisions. The rupee closed at 86.5150 against the U.S. dollar on Friday, down 0.4% on the week. The local currency hit a low of 86.6250 earlier in the session, its weakest level since June 23. India's benchmark equity indexes, the BSE Sensex and Nifty 50, fell about 0.9% each, weighed down by a fall in global equities alongside worries over weak corporate earnings and a delayed U.S.-India trade deal. Dollar sales from local private banks, likely on behalf of exporter clients, helped limit the rupee's losses, a trader at a Mumbai-based bank said. The dollar index was up 0.2% at 97.7 while Asian currencies declined by as much as 0.7%. Next week is poised to be eventful, with trade talks between U.S. and China, monetary policy decisions from the U.S. Federal Reserve and Bank of Japan, the reciprocal tariff deadline, and key U.S. economic data expected to keep traders on their toes. The odds of a rate-cut by the Fed are near-zero but investors will keep an eye on commentary from the Fed Chair and whether the decision is unanimous. "We maintain our view that the impact of tariffs will be transitory and that it will be appropriate for the FOMC to resume cutting interest rates gradually in September (by 25bp) with another 25bp cut in December," ANZ said in a Friday note. The chances of a rate cut in September are currently around 60%, per CME's FedWatch tool. Evolving rate cut expectations will also be in focus locally as cooling inflation has prompted calls for at least one more interest rate cut this year. The RBI slashed rates by 100 bps over the first half of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
