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The country's <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> are expected to increase about USD 60-70 billion to <keyword id="20120060" type="General" weightage="20" keywordseo="USD-500-billion" source="keywords">USD 500 billion</keyword> by the end of FY25, apex exporters' body <keyword id="20516660" type="General" weightage="20" keywordseo="FIEO" source="keywords">FIEO</keyword> said on Thursday. Federation of <keyword id="702966" type="General" weightage="20" keywordseo="Indian-export" source="Orion">Indian Export</keyword> Organisations (FIEO) President <keyword id="19991031" type="General" weightage="20" keywordseo="Ashwini-Kumar" source="keywords">Ashwini Kumar</keyword> also said the country's <keyword id="20061029" type="General" weightage="20" keywordseo="services-exports" source="keywords">services exports</keyword> are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters in New Delhi. She said <keyword id="20677957" type="General" weightage="20" keywordseo="traditional-markets" source="keywords">traditional markets</keyword> like the US and Europe will help in <keyword id="21683869" type="General" weightage="20" keywordseo="boosting-Indias-exports" source="keywords">boosting India's exports</keyword>. In 2023-24, exports had dipped over 3 per cent to USD 437 billion.

India's merchandise exports to rise 12-15%, reach USD 400 billion this fiscal: FIEO

India has set up a target of USD 500 billion exports for the 2022-23 fiscal, a top government official said on Friday, contending that the COVID-19 pandemic has taught the country to "reimagine" world trade. In December 2021, exports stood at USD 37.8 billion, the highest-ever for any month, Additional <keyword id="93457" type="General" weightage="20" keywordseo="dgft" source="Orion">DGFT</keyword> <keyword id="5269279" type="General" weightage="20" keywordseo="Amiya-Chandra" source="Orion">Amiya Chandra</keyword> said during a webinar organised by the Bengal Chamber of Commerce and Industry. "We are bang on target to touch USD 400 billion for the current fiscal. So far in the first nine months, the country's exports were to the tune of USD 301.38 billion," he said. Chandra said India is targeting USD 1 trillion exports by 2027. "The apprehension that COVID-19 would lead to a sharp decline in foreign trade has turned out to be negative. However, the pandemic has taught us to reimagine world trade," he said. The fulcrum of international trade has shifted from Europe and the United States to South East Asia, the <keyword id="506234" type="General" weightage="20" keywordseo="directorate-general-of-foreign-trade" source="Orion">Directorate General of Foreign Trade</keyword> official said. He also said that the world is moving away from multilateral trade agreements to bilateral ones, and India is presently in the process of entering into six FTAs. Chandra said going ahead, artificial intelligence and other forms of technology will become important in matters relating to trade. A separate portal for MSMEs will be launched soon, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazons-virtual-assistant-alexa-is-down-and-facing-issues-responding-to-voice-commands/articleshow/89037602.cms">Amazon’s virtual assistant Alexa is down and facing issues responding to voice commands</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/hul-increased-price-of-wheel-detergent-rim-bar-lux-surf-excel-many-times-in-last-three-months/articleshow/89037315.cms">You have been paying more for detergents, soaps over the last three months</a>

India targets $500 billion exports for FY23, says DGFT official

(Eds: Adding details) Mumbai, Jun 12 () The country's foreign exchange reserves crossed the half-a-trillion dollar mark for the first time after it surged by a massive USD 8.22 billion in the week ended June 5 helped by higher foreign inflows. The reserves rose to USD 501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA), the latest data from the Reserve Bank of India. This amount of foreign exchange reserves is equivalent to a year's imports. In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion. In the week ended June 5, FCA, which is a major component of the overall reserves, rose USD 8.42 billion to USD 463.63 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Principal Economic Advisor in the Ministry of Finance Sanjeev Sanyal in a tweet said, "India's foreign exchange reserves hit USD 501.7 billion. As I have been saying in recent weeks, demand suppressio...would push the INR to appreciate after an initial capital outflow." "Now, as we open the economy to remove demand suppression, and push up credit growth, we will both revive imports and foreign capital inflows. The point is that demand identities imply macro-dynamics that is quite different from what naive forecasters suggest," he said in a subsequent tweet. According to a senior official of the finance ministry, foreign exchange reserves crossing USD 500 billion is a historic moment for the country. "After March 2020, increase of about USD 24 billion is a sign of confidence in the Indian economy," the official said. India has been rewarded for its strong macroeconomic stability, the official added. Care Ratings Chief Economist Madan Sabnavis said one of the reasons for this surge in foreign exchange reserves is narrowing of the current account deficit as the trade activity has collapsed due to disruptions caused by the COVID-19 pandemic. "Secondly, we are seeing capital flows increasing substantially. Due to financial crunch and also as banks are not enthusiastic about lending, most of the companies are trying to look at the external commercial borrowing (ECB) route to raise funds," Sabnavis said. In 2019-20, foreign direct investment (FDI) in the country rose 13 per cent, the sharpest pace in the last four financial years, to a record of USD 49.97 billion compared to USD 44.36 billion received in 2018-19. In the first week of June, foreign portfolio investors pumped in a massive Rs 18,589 crore into the Indian markets. Reliance Industries' mega rights issue, which closed during the last week and was oversubscribed, and stake sale of 2.8 per cent by Uday Kotak in Kotak Mahindra Bank attracted significant foreign flows. In the past seven weeks, Reliance Industries has raised Rs 97,886 crore through stake dilution in Jio to eight investors, including Facebook and KKR. Kotak Securities Deputy Vice-President (Currency and Interest Rate Research) Anindya Banerjee said, "This surge (in forex reserves), which started somewhere around in the first week of April, is a combination of the RBI procuring dollars from the spot market and also due to the depreciation of the US dollar, since March-end, against major currencies like euro, pounds and yen." In the week ended June 5, gold reserves declined USD 329 million to USD 32.35 billion, the RBI data showed. In the reporting week, the special drawing rights with the International Monetary Fund (IMF) rose USD 10 million to USD 1.44 billion. The country's reserve position with the IMF also rose USD 120 million to USD 4.28 billion during the reporting week, the data showed. HV NKD BEN DP HRS

India's forex reserves jump USD 8.22 bn; cross half-a-trillion dollar mark for first time

Mumbai, Feb 9 () Foreign borrowings of Indian companies fell over 45 per cent to USD 2.09 billion in December 2019 as compared to the year-ago period, according to the Reserve Bank data. Indian firms had raised USD 3.81 billion in December 2018, which included USD 37 million through issuance of masala bonds. Of the total money borrowed by domestic companies during December 2019, USD 1.2 billion was through the automatic route of external commercial borrowing (ECB) and USD 840 million via approval route of ECB. The remaining USD 55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds. The borrowers taking the automatic route of ECB included HPCL-Mittal Pipelines (USD 262.5 million), HDFC Credila Financial Services ( USD 100 million), LIC Housing Finance (USD 200 million) and Toyota Financial Services India (USD 100 million), among others.Those who borrowed through the approval route were REC Ltd (USD 500 million) and Power Finance Corporation (USD 250 million), besides others. Cholamandalam Investment and Finance Company was the only company to have floated masala bonds overseas to raise up to USD 55.98 million for on-lending, as per RBI data. KPM RVK ANUANU

Indian cos' foreign borrowings down 45 pc to USD 2 bn in Dec'19

US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has signed an executive order seeking a comprehensive review of the massive trade deficit totalling more than USD 500 billion per annum with 16 countries, including China and India, according to a news report by agency. 
 He also signed a second order that seeks to strictly enforce anti-dumping laws. It would ensure that the US fully collects all duties imposed on foreign importers that "cheat", <keyword id="6354862" type="PERSON" weightage="100" keywordseo="Trump">Trump</keyword> told reporters in the <keyword id="65174" type="UNKNOWN" weightage="20" keywordseo="Oval-Office">Oval Office</keyword>. 
 The announcement, which comes just days ahead of Trump's first meeting with his Chinese counterpart <keyword id="191809" type="PERSON" weightage="20" keywordseo="Xi-Jinping">Xi Jinping</keyword>, is widely seen as targeting China, even though US officials have insisted that it does not single out that country. 
 
"They're cheaters. From now on, those who break the rules will face the consequences and there will be very severe consequences," Trump said without naming any country. 
 The first order directs the <keyword id="113018" type="ORGANIZATION" weightage="20" keywordseo="Department-of-Commerce">Department of Commerce</keyword> and the <keyword id="4366680" type="UNKNOWN" weightage="20" keywordseo="office-of-the-us-trade-representative">Office of the US Trade Representative</keyword> to examine the factors causing the trade deficit that totals more than USD 500 billion per annum and submit a report within 90 days. 
 The review of the factors and violations behind the trade deficits will be led by <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">Commerce</keyword> Secretary <keyword id="145393" type="PERSON" weightage="20" keywordseo="Wilbur-Ross">Wilbur Ross</keyword>, Trump said. 
 
"We're going to investigate all trade abuses, and based on those findings, we will take necessary and lawful action to end those many abuses. I'm not beholden to any political or financial interest. I don't care. I'm here to do a job," he said while insisting that he was acting for the "American worker". 
 <keyword id="167292" type="COMPANY" weightage="20" keywordseo="White-House-Press">White House Press</keyword> Secretary <keyword id="3766359" type="UNKNOWN" weightage="20" keywordseo="sean-spicer">Sean Spicer</keyword> said the Department of Commerce and <keyword id="178344" type="ORGANIZATION" weightage="20" keywordseo="US-Trade-Representative">US Trade Representative</keyword> will submit a "comprehensive report" to the president on the causes of the "unduly large deficit" within 90 days. 
 <keyword id="2126933" type="UNKNOWN" weightage="20" keywordseo="Spicer">Spicer</keyword> also said countervailing duties were put in place to address the problem of other countries "dumping undervalued goods" into US markets, which makes it "impossible" for homegrown businesses to compete with "artificially low prices". 
 "This is especially a problem in countries whose governments subsidise exports into our country. So to discourage this practice, the <keyword id="466905" type="ORGANIZATION" weightage="20" keywordseo="US-Customs">US Customs</keyword> and <keyword id="4366678" type="UNKNOWN" weightage="20" keywordseo="border-protection-agency">Border Protection Agency</keyword> has a mechanism for assessing these type of transactions and imposing financial penalties, known as countervailing duties, when it's determined that this kind of malicious dumping has occurred," he said. 
 
Since 2001, the US Customs and Border Protection Agency has not collected over USD 2.8 billion in these duties, he said. 
 
"We could do a lot by maximising this enforcement power for our country. So we need to do a better job on behalf of the American worker. If a foreign company, often due to its being partly or entirely government-run or subsidised, is able to flood American markets with an artificially cheap steel, for example, they price American companies out of the system," Spicer said. 
 
The announcement says the US must address the challenges to economic growth and employment that may arise from large and chronic trade deficits and the "unfair and discriminatory" trade practices of some of their trading partners. 
 Talking to <keyword id="6356037" type="ORGANIZATION" weightage="20" keywordseo="white-house">White House</keyword> reporters, Commerce Secretary Wilbur <keyword id="282172" type="COMPANY" weightage="20" keywordseo="Ross">Ross</keyword> insisted that the executive orders were not just about China. 
 
A day earlier he had identified 16 major countries with which the US has significant trade imbalances, while noting that the communist nation was the number one source of the deficit. Ross also named India down the line with a trade deficit of USD 24 billion. 
 The US has a massive trade imbalance of USD 347 billion with China, followed by <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword> with USD 68.9, Germany (USD 64.9), <keyword id="3746" type="COUNTRY" weightage="20" keywordseo="Mexico">Mexico</keyword> (USD 63.2 billion), <keyword id="6358817" type="COUNTRY" weightage="20" keywordseo="Ireland">Ireland</keyword> (USD 35.9 billion) and <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> (USD 32 billion). 
 Other countries mentioned in the list were Italy, South Korea, Malaysia, Thailand, France, Switzerland, Taiwan, Indonesia and <keyword id="6356687" type="COUNTRY" weightage="20" keywordseo="canada">Canada</keyword>. 
 
Responding to questions, Ross said there is no need to take any action on some of the trade deficit countries. 
 
"For example, some of our deficit comes from the fact that we import a lot of oil. Well, even now with the shale oil, we are not self-sufficient. So that portion of our imports is real, it has nothing to do with any bad behavior," he noted. 
 "Also, there are some products that are just not made in the <keyword id="6356955" type="COUNTRY" weightage="20" keywordseo="united-states">United States</keyword>, so it's a little bit hard to say that something is an evil-doer, because they're providing a product we can't. And, in some cases, it will simply be that they are better at making the product or can do it far cheaper than we can," Ross said. 
 
The review will represent the first systematic analysis of what are the causes behind the imbalances, country by country and product by product, he said, adding that it will form the basis for "measured" decision making by the administration.

Trump
is threatening 16 countries including India and China for trade deficit

Mumbai, May 19 () As imports continue to plunge due to the coronavirus-driven disruptions globally, India may end the current fiscal with a record surplus of about USD 20 billion or 70 bps of the GDP, says a report. The country has been perennially struggling with huge current account deficits. The last time the country had a current account surplus was in the first quarter of 2006-07, again due to the cheaper crude, according to an analysis by foreign brokerage Barclays on Tuesday. In fact, the exim trade has been balancing through 2019 due to the worsening growth momentum. Following the nationwide lockdown since March 25, and the full of April, both exports and imports plummeted to all-time lows in April. Given the near complete closure of the ports, exports plunged by 60 per cent in the month, while imports collapsed by 59 per cent in April, resulting in the smallest monthly trade deficit in four years. "We expect merchandise trade deficit to continue to narrow and forecast a shortfall of just USD 103 billion or 3.7 per cent of GDP in FY2020-21, relative to a trade deficit of 5.3 per cent of GDP in FY2019-20," the report said. In fact, the steadily slowing economy has ensured that imports are also falling along with exports, leading to improvements in external position since the first half of FY19, with the current account deficit narrowing to USD 27 billion in FY2019 from USD 66 billion in FY2018, driven largely by a smaller trade deficit. "Our current account tracker points to a small current account deficit of USD 3 billion in Q1, followed by successive 'unwelcome' surpluses, mirroring subdued economic activity. Given this, we raise our account surplus forecast to USD 19.6 billion or 0.7 percent of GDP for FY21, up from USD 10 billion previously forecast," Barclays said. It also forecasts USD 8 billion in current account surplus in the second quarter of FY2021, the first since the first quarter of FY2007. Explaining the 'unwelcome surplus' the report says it is an unwelcome development as the surplus will be driven almost entirely by the lockdown of the economy to contain the pandemic outbreak, and helped by the plunge in crude prices and not by excess exports earnings over imports. The report further noted that while low crude prices are serving as a tailwind for the economy, the bigger impact on the current account balance will come from lower demand for both oil and non-oil imports. But some of these gains will be lost due to the pandemic-induced hits to service exports to the pandemic-ravaged the US and the Middle East, as well as well as remittance inflows, warns the report. The report also expects the rising tide of capital outflows seen since March after a record surge earlier to stabilise in the second quarter of FY2021, but result in only a modest capital account surplus. "But we still expect an overall balance of payments surplus of about USD 38 billion in FY21," says the report, adding another plus point is the surging forex reserves which are set to scale past the USD 500-billion-market by the end of the fiscal, from USD 486 billion now. The central bank has absorbed a large amount of inflows and accumulated USD 51 billion in forex reserves between end-September 2019 and April 2020. The country's goods trade position has been improving since mid-2019, with the deficit steadily narrowing to USD 6.8 billion in April 2020. In 2019, the trend of exports growing marginally faster than imports resulted in a structural decline in the goods trade deficit. Oil consumption eased in March and collapsed in April, falling to 55 per cent of the past year's average, and pulled down oil refiners' capacity by 50 per cent. Also, gold import bill has shrunk despite higher gold prices, with imports falling to USD 3 million in April from USD 1.2 billion in March - pulling down non-oil, non-gold imports (core imports) by 52 per cent in April. BEN MR MR

Coronavirus impact: Barclays pegs USD 20 bn current account surplus in FY21

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/americans-are-paying-more-for-gas-2015-10"></a></td></tr></tbody></table></div>The strong US dollar has been <a href="http://www.businessinsider.com/cumulative-fx-translation-gainloss-sp-500-2015-7">a multibillion-dollar headache</a> for multinational US corporations.While <a href="https://twitter.com/bySamRo/status/626861401898905600">it's good news for importers, it's bad news for exporters</a>. It is also <a href="http://www.businessinsider.com/cumulative-fx-translation-gainloss-sp-500-2015-7">rough on the companies</a> that do a lot of business overseas. According to S&amp;P senior index analyst Howard Silverblatt, S&amp;P 500 companies generated <a href="http://www.spindices.com/documents/index-news-and-announcements/20150714-500-global-sales-2014.pdf">47.8% of 2014 sales overseas</a>. This is why the strong dollar is <a href="http://www.businessinsider.com/johnson-and-johnson-q3-earnings-and-buyback-2015-10">the No. 1 thing S&amp;P 500 companies have been complaining about</a>.FundStrat Global's Tom Lee estimates the US dollar's strength will have cost S&amp;P 500 companies $93 billion in profits this year.The prospect of tighter monetary policy via interest-rate hikes has many fearing that the dollar could actually get stronger. But <a href="http://www.businessinsider.com/dollar-past-5-initial-rate-hikes-2015-8">history shows the exact opposite tends to happen</a>."In many of our recent conversations, we sense many clients are uncomfortably 'long cash' but reluctant to add equity exposure (or even more beta)," Lee wrote in a note to clients on Friday. "Among the concerns is the pending Fed rate increase - investors expect the USD to rally, undermining equities and furthering headwinds to S&amp;P 500 EPS and also amplified stress for EM borrowers (USD denominated debt). History says consensus is wrong and counterintuitively, when the Fed moves to neutral from easy (11 most recent cycles), USD weakened 55% of the time, with a median decline of 7% in the first year."In other words, this headwind to S&amp;P 500 profits - which Lee estimates at $128 per share in 2015 - could soon become a tailwind."Perhaps the most important [positive when USD weakens] is the potential for 2016 positive EPS revisions - after all $10.11 was subtracted from S&amp;P 500 from the 'unhedged' move in USD," Lee added. "A 7% decline in USD, on top of the 6% fall from peak would suggest 75% of the rise in the USD would reverse in 2016 (adding back $7.50). Moreover, many [emerging market] corporates have USD and EUR denominated debt - hence, weaker USD alleviates credit risks to an extent."Lee is bullish, and he sees the S&amp;P 500 hitting at least 2,325 <a href="http://www.businessinsider.com/ubs-stocks-bull-market-signs-of-the-top-2015-10">before the bull market ends</a>.<div class="KonaFilter image-container display-table"><div><div class="image">FundStrat Global</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/eddie-murphy-bill-cosby-joke-mark-twain-american-humor-2015-10">Here's the Bill Cosby joke Eddie Murphy did at the Kennedy Center that everyone's talking about</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N2NzhheDr6bq5xZC8X2mfg2RXPaDSpWw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A $93 billion corporate-profit headwind is about to become a tailwind

Mumbai, Jan 5 () Overall borrowings by India Inc from overseas markets grew 6.5 per cent to USD 2.12 billion in November 2019, the Reserve Bank data showed.
Domestic companies had borrowed over USD 1.99 billion in November 2018 from foreign sources.
Of the total foreign borrowing during the month, USD 2,11,53,22,022 was raised through the automatic route under the external commercial borrowing (ECB). 
No capital came in through the approval route, while the rest of USD 9,86,681 was by way of issuance of rupee denominated bonds (RDB).
The major borrowers in the automatic route of ECB were: Adani Transmission Ltd (USD 500 million for refinancing of rupee loans), Tata Motors Ltd (USD 400 million for rupee expenditure), Oil and Natural Gas Corporation (USD 300 million for new project) and JSW Steel Ltd (USD 250 million for refinancing of earlier ECB).
Among others, Home Credit India Finance raised USD 61.58 million for on-lending purpose, manufacturing firm Nipro India Corporation Private Ltd borrowed USD 52.1 million to carry out modernisation work, non-metallic mineral producer Owens-Corning (India) Private Limited raised USD 30 million for working capital needs, and Exxonmobil Services &amp; Technology Pvt Ltd borrowed USD 30 million for rupee expenditure.
Margdarshak Financial Services Limited, which is into micro finance business, except for insurance and pension funding, was the sole entity to raise the money by issuing the rupee bonds (popularly known as masala bonds). KPM MKJ

India Inc's overseas borrowing up 6.5% to USD 2.12 bn in Nov 2019

Talks between <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> have hit another hurdle as the Snapdeal board has refused a takeover offer of $800-850 million, or nearly Rs 5,500 crore. PTI quoted sources as saying Flipkart has completed the due diligence process and has made an offer of USD 800-850 million to buy Snapdeal. However, Snapdeal's board felt the amount undervalued the company. "The first offer has been rejected but talks are still on. It is an ongoing discussion," one of the sources told PTI. <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>, the Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board also has representation from Snapdeal founders (<keyword id="219793" type="PERSON" weightage="20" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal), NVP and Kalaari Capital. The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space. Compared to a valuation of about USD 6.5 billion in February 2016, the sale to Flipkart could see Snapdeal being valued at about USD 1 billion. SoftBank has already written off over USD 1 billion on valuation of its investment in Snapdeal.

Snapdeal rejects Flipkart’s $850 million offer

New Delhi, Jan 15 () As connected systems and increasing use of smartphones raise risk of vulnerabilities, India with its proven prowess in software and services should now move aggressively in the area of cybersecurity, a senior IT Ministry official said on Wednesday.
 "We have an estimated USD 1.9 billion (about Rs 13,500 crore) in cybersecurity service business, and USD 450 million (about Rs 3,200 crore) of cybersecurity products business from India. There is also presence of multinational and Indian entities which engage in R&amp;D in cybersecurity...all of it currently amounts to USD 5 billion (about Rs 35,500 crore) worth cybersecurity ecosystem in India," IT Secretary Ajay Prakash Sawhney said.
 This, he said, needs to grow significantly with Indian cybersecurity products.
 "It is especially important that we move aggressively in the area of cybersecurity," Sawhney said citing a connected world with rising number of computing devices.
 "We are more dependent on computing equipments, communications and storage systems and with that the vulnerabilities are significant," he added, emphasising the need for cybersecurity and cyber hygiene products and tools.
 Sawhney was speaking at the launch ceremony of 'Cyber Security Grand Challenge' that seeks to provide a platform to innovators and start-ups to align their efforts in development of products and solutions for critical cybersecurity problems. MBI RVK

India needs to move aggressively in areas of cybersecurity, cyber hygiene: IT Secy

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

New Delhi, Dec 2 () Shares of Yes Bank on Monday climbed over 3 per cent after the company said eight investors have evinced interest to pump USD 2 billion into the capital-starved private sector lender.
The scrip jumped 3.22 per cent to Rs 70.50 on the BSE.
At the NSE, it gained 1.46 per cent to Rs 69.30.
However, later it gave up all its early gains and was quoting 2.34 per cent lower at Rs 66.70 at 1140 hrs on the BSE.
Ending weeks of suspense, Yes Bank on Friday said eight investors led by Erwin Singh Braich have evinced interest to pump USD 2 billion into the lender.
The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion, which will take place through preferential allotment, it informed the exchanges.
The investors who have shown interest also include Aditya Birla Family Office and Rekha Jhunjhunwala, wife of market investor Rakesh Jhunjhunwala, who have committed USD 25 million each, the bank said.
The largest investor is Braich/SPGP Holding which has committed USD 1.2 billion, followed by Citax Holding which has committed USD 500 million, the bank said, adding that discussions with Braich/SPGP are going on and expected to be concluded shortly. SUM
BAL

Yes Bank shares climb over 3 pc after funding announcement

New Delhi, Apr 6 () US-based private equity funds, which have pumped in USD 5.7 billion in Indian real estate sector since 2015, may reconsider their investment plans for this calendar year due to severe economic fallout of the coronavirus pandemic in America, according to property consultant Anarock Capital. Private equity firms from the US invested USD 830 million in 2015, USD 530 million in 2016, USD 1,190 million in 2017, USD 1,350 million in 2018 and USD 1,800 million in 2019. A major chunk of the US private equity inflows in India since 2015 focused on the lucrative commercial real estate segment, with Blackstone, Hines, Warbug Pincus and Goldman Sachs among the top investors. India has been a major draw for US-based private equity players over the last few years, said Shobhit Agarwal, MD and CEO – Anarock Capital, which is a subsidiary of Anarock Property Consultants. "In 2019 alone, US-based firms comprised 36 per cent share and pumped in around USD 1.8 billion out of the total USD 5 billion PE inflows in Indian realty. "But considering the rising pandemic fallout in the US, there is high possibility that inflows will drop significantly in 2020, thus impacting overall inflows into the country," he stated. As things stand now, US private equity funds might reconsider their India investment plans, he said. "However, some of the cash-rich funds could also leverage the COVID-19 fallout to optimal advantage. As and when they enter Indian shores (hopefully towards the second half of 2020), they will scout for good bargains and value-pick options on their own terms. Indian developers may see reduced valuations," Agarwal said. Other prominent PE players investing in Indian real estate are based out of Singapore, Canada, and UAE, among others. Of the total USD 5.7 billion PE funds pumped in between 2015 to 2019 by US private equity firms, Anarock Capital said that close to USD 3.5 billion (61 per cent) targeted commercial real estate. The retail real estate segment came next, attracting nearly USD 1 billion while the residential real estate drew close to USD 500 million. Over USD 400 million was pumped in mixed-use developments and more than USD 300 into the logistics and warehousing sectors. Recently, Anarock said that the leasing of office space across seven major cities of India to decline 30 per cent to 28 million sq ft in 2020. "This is because most multi-nationals and domestic businesses will re-strategise their expansion plans and optimise operational costs in the wake of the COVID-19 pandemic. All these factors will inevitably impact the Indian investment plans of US private equity majors as well," Agarwal said. The home-grown consulting firm, which posted revenue of nearly Rs 200 crore in the 2018-19 fiscal, is a leading brokerage firm in the housing sector. MJH ANSANS

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