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Tag: India

KKR seeks to log out from Aricent, its oldest investment in India

KKR seeks to log out from Aricent, its oldest investment in India

Finance
MUMBAI: US private equity giant KKR is in early talks with strategic and financial investors including American late-stage tech investor Silver Lake Partners and Accenture to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $ 1.5 billion. KKR has mandated JP Morgan to run a formal process and the investment bank has reached out to French technology giant Capgemini to buy a controlling stake in the Santa Clara, California-based technology firm, multiple sources in the know told ET. The deal, if successful, will mark KKR’s exit from its oldest investment in an India-focused company. When contacted, KKR and Capgemini declined to comment. Accenture and Silver Lake did not return mails seeking comments till the time of going to press. Founded in 1991
At least 16 dead as overloaded boat capsizes in India

At least 16 dead as overloaded boat capsizes in India

World
Nov. 12 (UPI) -- At least 16 people were killed and seven more are missing after an overloaded boat capsized on a river in India, police said.A total of 38 passengers and three crew members were on-board the vessel, which was operated by a private company and traveling along the Krishna river near Vijayawada on Sunday."The boat was overloaded with 38 people and most of them were not provided life jackets. It capsized near a curve as it approached the Pavitra Sangamam point and most of the people were trapped underneath and were killed," an assistant commissioner of police said.Local fishermen rushed into the water and managed to save 15 passengers and another three were rescued by members of the National Disaster Response Force.The boat exceeded its maximum carrying capacity of 24.Deputy c...
Dubai bank Emirates NBD begins operations in India

Dubai bank Emirates NBD begins operations in India

Finance
DUBAI: Emirates NBD, the UAE's second-largest lender, has started operations in India with an aim to invest USD 100 million capital into its Indian operations, the bank said. The Mumbai branch marks the bank's fifth international branch outside of its UAE network. The branch will offer a range of services to corporate, SME and institutional clients including trade finance, treasury services, bilateral and syndicated loans in addition to supporting NRI (non-resident Indian) customers looking for cross-border wealth management solutions. The bank plans to invest USD 100 million capital into its Indian operations, Emirates NBD said. "We are delighted to expand our footprint to India, building on the UAE's strong historic, cultural and commercial ties with the country. As a key trading p...
Why State Bank of India is afraid of small but nimble fintech companies

Why State Bank of India is afraid of small but nimble fintech companies

Finance
More than 24,000 branches and 42 crore customers make the State Bank of India the goliath of all banks by sheer size and physical presence but its new chairman Rajnish Kumar is worried about the competition from nimble fintech companies. “Today, the risk is the disruption that is caused by the technology ,“ Rajnish Kumar, chairman, State Bank of India told ET in an interview. “We have to be very alert to this challenge. Protecting the turf and meeting the challenges from all the new fintech companies is the priority .“ India's banking landscape has undergone tremendous change in the past 3-4 years with the likes of Paytm, and ItzCash disrupting banking services. Banks are increasingly worried about the businesses that these startups could eat into. Wallets and other payment mechanisms
The Latest: Tibetan group protests at China Embassy in India

The Latest: Tibetan group protests at China Embassy in India

Technology
The Latest on the ruling Communist Party's congress meeting in Beijing (all times local): 3 p.m. Members of the Tibetan Youth Congress have protested at the Chinese Embassy in New Delhi as China's ruling Communists opened their national congress. The protesters held up placards blaming China for occupation and genocide in Tibet. Indian police blocked the nearly two dozen protesters from entering the building. Chinese President Xi Jinping is expected to get a second five-year term as party leader at the meeting that opened in Beijing on Wednesday. The protesters called Xi a dictator whose continued rule would be dangerous. Tibetan Youth Congress President Tenzing Jigme said in a statement that Tibet had nothing to celebrate as Buddhist monasteries have been destroyed and young Tibetans hav...