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India economy & business news in brief for Aug 23: QIA to acquire around 1% stake in Reliance Retail for $1b

Mukesh Ambani (Photo: MANPREET ROMANA/AFP via Getty Images)

By: Shubham Ghosh

HERE are news related to Indian economy and business for Wednesday, August 23, 2023:

Qatar Investment Authority (QIA) is set to acquire one per cent stake in Reliance Retail Ventures Ltd (RRVL), the retail division of Reliance Industries led by Mukesh Ambani. The investment totals Rs 8,278 crore ($1 billion or £790 million) and will be made by a QIA subsidiary, valuing RRVL at INR 8.278 lakh crore (£78.9 billion). Reliance Industries disclosed that this will result in a 0.99 per cent equity share in RRVL. RRVL oversees Reliance Industries’ retail operations, with over 18,500 stores and digital commerce. RRVL director Isha Mukesh Ambani welcomed the investment as an endorsement of India’s economy and Reliance’s retail strategy.

Prices of vegetables in India have already started to soften and inflation in the segment is likely to reduce from September, Shaktikanta Das, governor of the Reserve Bank of India (RBI), said in a speech on Wednesday, Reuters reported. Annual retail inflation last month rose 7.44 per cent, its highest in 15 months, as vegetable and cereal prices soared. Das said geopolitical tensions could threaten the food price outlook but outlook for cereals look bright. The RBI chief said the steady easing witnessed over the last few months suggest that monetary policy transmission is happening despite core inflation in the country remaining high.

Singapore-based BOC Aviation Limited have entered into a finance-lease transaction with India’s largest airline IndiGo involving 10 Airbus A320NEO planes to further expand its fleet, officials said on Wednesday. All 10 aircraft powered by CFM LEAP-1A engines are scheduled for delivery this year, BOC Aviation said. “We are delighted to be embarking on another transaction with our long-time customer IndiGo, to enable the airline to expand its fleet with the latest technology aircraft,” said Steven Townend, deputy managing director and chief financial officer, BOC Aviation. “This showcases our ability to deploy alternative financing structures, to continue our long-term sustainable growth,” he said.

US advisory firm Jefferies Financial Group Inc. is roping in nearly 10 investment bankers in India to beef up operations in the south Asian nation, Bloomberg reported citing informed sources. The New York-headquartered company is planning to add bankers in ranks ranging from associate to managing director, expanding its team in the world’s most populous nation to about 25 people, the sources added. The new positions will reportedly focus on sectors such as infrastructure and industrials, the sources said on the condition of anonymity.

Y S Jagan Mohan Reddy, chief minister of the south-eastern Indian state of Andhra Pradesh, on Wednesday virtually laid the foundations for three renewable energy projects worth Rs 25,850 crore (£2.4 billion) in the state’s Nandyal district that would generate 5,314 MW of power through solar, wind and pumped energy storage modes. In total, the three projects are expected to create employment for around 5,300 people. He laid the foundations for Greenko Energies solar power project at Junuthala village in Owk mandal, which entails an investment of Rs 10,350 crore (£987.8 million) for a 2,300 MW solar power project. It will generate employment to 2,300 people. “We are taking every step to put Andhra Pradesh at the forefront of green energy. Today, we are generating 9,000 MW of power from solar and wind sources,” said Reddy.

(With agencies inputs)

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