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India Business Briefs for April 23: Air India in codeshare pact with Japan’s All Nippon Airways

An Air India aircraft (Photo by NOAH SEELAM/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Tuesday, April 23, 2024:

India’s premier carrier Air India has entered into a codeshare partnership with Japan’s All Nippon Airways. With the codeshare, effective for travel from May 23, passengers of both Air India and All Nippon Airways (ANA) can fly to their desired destination by combining those flights between India and Japan with a single ticket. Air India will add its ‘AI’ designator code on ANA’s flights between Tokyo Haneda and Delhi as well as Tokyo Narita and Mumbai. ANA will add its ‘NH’ designator code on Air India’s flight between Tokyo Narita and Delhi, a release said on Tuesday. Both airlines are considering further expanding their cooperation on additional routes. Now, Tata Group-owned Air India, which is expanding its presence, has codeshare partnerships with 15 airlines, including ANA.

The Indian government is formulating action plans for as many as 20 agricultural products including banana, mangoes, potato and baby corn with a view to further boost export of these commodities, a senior official said on Tuesday. The action for each of these products is likely to be ready in the next 3-4 months, Rajesh Agarwal, additional secretary in the department of commerce under the commerce and industry ministry said. He said that the action plan will be discussed with all the stakeholders including states for further action. These commodities hold huge potential to further increase exports as there is a good production of these items with high quality standards and they are completive in the global markets.

Automaker Stellantis India on Tuesday said it will hike prices across all models of the Citroen brand and for the Compass and Meridian models under the Jeep brand by 0.5 per cent from April 30, 2024, citing escalating input costs and operational expenses. The price increase will result in an increment ranging from Rs 4,000 (£39) to Rs 17,000 (£164) across the models, the company said in a statement. “The decision to increase prices comes in response to escalating input costs and operational expenses. The modest price adjustment reflects the current economic realities and enables the company to continue delivering innovative vehicles to its valued customers,” it added.

Co-working firm WeWork Global, which has filed for bankruptcy in the US, is in talks with potential investors to sell its entire 27 per cent stake in WeWork India to monetise its investments, sources said. Bengaluru-based real estate firm Embassy Group, which holds the remaining 73 per cent stake in WeWork India, might also dilute some shareholdings to raise funds, they added. WeWork India, which started operations in 2017, has over eight million square feet of assets signed across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad. WeWork India had posted a turnover of Rs 1,400 crore (£135 million) during the 2022-23 fiscal year.

India Ratings and Research (Ind-Ra) has maintained a neutral outlook for the residential real estate sector for the financial year 2024-25. Absorption in residential real estate and prices are likely to be supported by affordability and stability of interest rates, the rating agency said. However, given the high base of the just-concluded financial year 2023-24, the growth rates are likely to taper down. The residential real estate market registered a strong performance in the first three quarters of 2023-24 where the sales growth exceeded 25 per cent year-on-year for the top eight real estate clusters, despite price increases and sticky interest rates. With most regions witnessing a surge in prices, Ind-Ra expects the pre-sales growth to moderate to 8-10 per cent year-on-year in the current financial year.

(With agencies)

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