Tata Group's consumer unit is in acquisition talks with popular Indian snack maker Haldiram's to buy at least 51% stake but faces resistance over the $10 billion valuation sought. If successful, the deal would see Tata directly compete with Pepsi and Reliance Retail. However, Tata feels Haldiram's valuation demand is very high. Family-run Haldiram's, renowned for its affordable snacks, has around 13% share of India's $6.2 billion savoury snack market and a significant overseas presence. Besides Tata, Haldiram's is also in talks with private equity firms including Bain Capital for a 10% stake sale. The potential deal with Tata represents an exciting consumer space opportunity, but the high valuation sought by Haldiram's poses a roadblock.

RBI Governor Shaktikanta Das stated that Unified Payments Interface (UPI) has emerged as the backbone of India's digital payments ecosystem. Speaking at the G20 TechSprint event, Das said UPI has revolutionized payments and promoted financial inclusion by bringing unbanked individuals into the formal system. He shared that UPI exceeded 10 billion monthly transactions in August 2023, underscoring its pivotal role. Over 70 apps and 50 million merchants across India now accept UPI payments. Das praised India's thriving startup culture and commitment to digital transformation that is leveraging technology for empowerment and inclusion. Under India's G20 presidency, RBI and BIS Innovation Hub have jointly organized the G20 TechSprint to showcase how technology can facilitate efficient cross-border payments globally.

According to a report by The Guardian, UK PM Rishi Sunak has dismissed the possibility of a swift trade agreement with India, dashing hopes of reaching a deal in time for the G20 summit in Delhi. The rejection of an "early harvest" deal, primarily focusing on lowering tariffs on goods like whisky while excluding complex areas like professional services, has complicated negotiations. This implies that the likelihood of a UK-India free trade agreement, previously touted as a prime post-Brexit opportunity for Britain, still remains elusive. Despite earlier promises, substantial disagreements still impede progress, leaving the deal's fate uncertain. [file photo: Reuters]

Naresh Goyal, founder of the now-defunct Jet Airways, was arrested on Friday by the Enforcement Directorate in a ₹538 crore fraud case involving Canara Bank. Goyal was detained for questioning after missing two previous summons related to a CBI FIR filed in May over allegations of cheating, conspiracy and misconduct. Searches were conducted at Goyal's Mumbai residence and offices. The CBI complaint alleges he caused wrongful loss of ₹538.62 crore to Canara Bank. Jet Airways shut operations in April 2019 after 25 years due to heavy losses and failure to raise funds. Goyal's arrest comes amid probes into the airline's financial troubles before its collapse.

Reserve Bank of India Governor Shaktikanta Das has been rated "A+" in the Global Finance Central Banker Report Cards 2023 published by New York-based magazine Global Finance. He was ranked first among three central bank chiefs in the top A+ category. This recognition follows Das being named "Governor of the Year" for 2023 by Central Banking journal in March. The Global Finance report graded 101 central bank governors on originality, ingenuity and tenacity in handling economic conditions. Das was lauded for keeping Indian inflation under control and supporting growth amid global uncertainty. The full report will be published in Global Finance's October print and digital editions.

Indian-American CEO Kishore Kethineni, based in California, received a two-year prison sentence for bank fraud and evading over $2 million in employment taxes. Kethineni pleaded guilty to orchestrating a scheme with his brothers to fraudulently secure over $3.1 million in loans under the Paycheck Protection Program (PPP). While he owned and led four companies involved, his brothers managed three others. They submitted deceptive PPP applications with falsified data. Kethineni diverted substantial loan funds for personal use instead of authorized expenses. He also admitted to evading employment taxes, resulting in a $2 million liability over five years.

Elara Capital's leading annual conference, Ashwamedh, will take place from 4th to 6th September 2023 at Trident BKC in Mumbai. This year's conference brings together over 30 distinguished speakers and 175 corporate honchos along with thought leaders, policy makers, experts and business executives to discuss pressing global issues including macroeconomics, geopolitics, trade, digitisation, self-reliance in India, and commodities. With dialogues by eminent speakers like Nicholas Lardy, Alfredo Montufar-Helu, Josh Foulger, AK Bhattacharya, Douglas Fuller, and many more, the event aims to enable strategic conversations and insights on trends, challenges and opportunities for India in the global landscape. As part of its objective to provide a premier platform for dialogues, Elara Capital organises the Ashwamedh conference annually to allow stakeholders across government, industry and academia to come together.

Billionaire investor Ray Dalio, founder of Bridgewater Associates, recognizes India as a significant upcoming investment opportunity, further fortified by its recent lunar triumph. He associates India's successful landing on the moon's south pole with India's growth potential, boasting a projected 7% growth rate and a positive "health index for countries." Dalio likens Indian Prime Minister Narendra Modi's role to that of Deng Xiaoping during China's transformative phase, asserting Modi's capacity to sway global dynamics amid escalating U.S.-China tensions. Others like Elon Musk and Goldman Sachs, share Dalio’s optimism for India’s economic ascent.

Nita Ambani has stepped down from the board of Reliance Industries Ltd (RIL) to focus more on philanthropy, the oil-to-telecom conglomerate said on Monday. RIL has appointed Ambani's children - Isha, Akash and Anant - as directors in her place. The company said Ambani resigned to devote more time to Reliance Foundation as its chairperson. She aims to strengthen the foundation and scale up its societal impact. The board appreciated her work leading the philanthropic efforts over the years. Meanwhile, the appointment of her children marks their growing stature in Reliance amid its succession planning. As directors, they will have greater oversight of one of India's largest conglomerates.

Indian low-cost carrier Go First has announced the cancellation of all flights until August 31 due to operational issues. The airline, which halted operations in May after filing for bankruptcy protection, confirmed the decision via a statement on social media. Go First apologised for inconveniencing customers and said it is working towards resolving the situation and resuming bookings soon. The cancellations were attributed to delays by engine maker Pratt & Whitney, which grounded part of Go First's fleet. In May, the airline filed for voluntary insolvency with India's bankruptcy tribunal due to these challenges. Go First expressed regret at disrupting travel plans and committed to assisting affected customers, even as all its flights remain cancelled till month-end.