Gautam Adani's group faces fresh US probe over Iran-origin LPG trade: Report
Indian billionaire Gautam Adani is reportedly under investigation by the US Department of Justice (DOJ) for possible violations of US sanctions on Iran, according to a Wall Street Journal report published Monday.
The probe, which is being conducted by the DOJ, focused on whether any of the Adani Group's companies breached sanctions laws by engaging in business dealings linked to Iran.
A WSJ investigation found tankers travelling between Mundra in the western Indian state of Gujarat and the Persian Gulf exhibited traits experts say are common for ships evading sanctions, the report said.
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Business Standard
25 minutes ago
- Business Standard
Jubilant gets $600 mn boost from Goldman for Coca-Cola India stake buy
By Megawati Wijaya and PR Sanjai Goldman Sachs Asset Management has provided $600 million to partially fund the equity investment needed by Indian conglomerate Jubilant Bhartia Group for its purchase of a 40 per cent stake in The Coca-Cola Co.'s bottling unit in India, according to people familiar with the matter. Goldman Sachs Asset Management's hybrid fund financed this equity portion by subscribing to the convertible preference shares issued by the group, said the people, who asked not to be named discussing a private matter. The fund — which is part of the investment bank's private credit strategy — sits between traditional debt and equity, and is usually longer in tenure. Convertible preference shares is one of the many ways companies can raise capital to fund their operations and expansion. They can choose to do so because it enables them to avoid taking on debt, while limiting the potential dilution of selling additional common stock. Goldman Sachs and Jubilant Bhartia declined to comment. Coca-Cola in December announced that Jubilant Bhartia will acquire a minority stake in Hindustan Coca-Cola Holdings Pvt., the parent company of the soft drink maker's largest bottler in India called Hindustan Coca-Cola Beverages Pvt. The total acquisition cost is $1.5 billion, the people said. The pizza-to-pharmaceuticals conglomerate will fund the remaining $900 million required for the acquisition with $600 million of equity and $300 million in debt, the people added. Two subsidiaries of the group — Jubilant BevCo and Jubilant Beverages — recently issued rupee-denominated bonds totaling $658 million-equivalent to fund the deal, Bloomberg News reported. Jubilant Bhartia's purchase of a stake in the beverage giant joins a series of foreign firms looking to divest part of their shareholding in local arms. In December, the Indian unit of South Korea-based LG Electronics Inc. filed for an initial public offering, seeking to tap investors in the South Asian country's booming market. Earlier last year, British American Tobacco Plc raised $2 billion selling shares in its Indian partner.
The Print
36 minutes ago
- The Print
Starlink gets licence to start India services
Starlink is the third company after Eutelsat OneWeb and Jio Satellite Communications to get a licence from the Department of Telecommunications to provide satellite internet services in the country. New Delhi, Jun 6 (PTI) Elon Musk's Starlink has received a licence from the telecom department for providing satellite internet services in India, a key milestone that will take it closer towards launching commercial operations in the country. DoT sources confirmed on Friday that Starlink has indeed received the licence, and said the company will be granted trial spectrum in 15-20 days of applying for it. Starlink will now have to comply with the security norms such as providing access for lawful interception, before starting services. The licence came hours after a huge public spat between Musk and US President Donald Trump. The falling-out between the world's richest man and the world's most powerful person began when Musk, who left his role as head of the Department of Government Efficiency a week ago, denounced Trump's sweeping tax-cut and spending bill. On Thursday, it erupted in the verbal duel after Trump criticised Musk in the Oval Office. Musk responded saying 'Trump would have lost' without his help, prompting the US President to end US contracts. The licence from DoT came nearly a month after the Starlink was issued a letter of intent (LoI) by the telecom department. The companies that have received the licence would, however, have to a wait a tad longer for commercial satcom spectrum as the Trai just recently sent its recommendations on pricing, and terms and conditions, to the government for its consideration. The players will be able to start their services after the allocation of radio wave frequencies. Typically, even before the commercial spectrum, the trial spectrum is required to test, and verify the systems and processes on security parameters to demonstrate that all norms and requirements, are being complied with. The status of the Starlink's final nod from the Indian space regulator, In-SPACe could not be immediately ascertained. Starlink is a satellite internet service developed by SpaceX — the American aerospace manufacturer and space transportation company founded in 2002 by the world's richest man Musk. It provides high-speed, low-latency broadband internet worldwide using satellite technology and is aptly described by some as broadband beamed from the skies. Unlike conventional satellite services that rely on distant geostationary satellites, Starlink utilises the world's largest low Earth orbit or LEO constellation (550 km above Earth). This constellation of LEO satellites (7,000 now but eventually set to grow to over 40,000) and its mesh delivers broadband internet capable of supporting streaming, online gaming, and video calls. Starlink, which had been vying for an India licence for some time now, recently signed pacts with Ambani's Reliance Jio and Mittal's Bharti Airtel, which together control more than 70 per cent of the country's telecom market, to bring the US satellite internet giant's services to India. The nod for the satcom offering — known for its resilience in harsh conditions and conflict zones — coincides with escalation of Donald Trump-Elon Musk feud in the US. Early last month, the government had issued stringent security norms mandating legal interception of satellite communication services and barred companies from linking connection of users in any form with any terminal or facility located outside the country's border as well as processing of their data overseas. The tighter security rules also mandate service providers to indigenise at least 20 per cent of their ground segment of the satellite network within years of their establishment in the country. The satcom service licence holders will require security clearances for specific gateway and hub locations in India and compliance to monitoring, interception facilities and equipment requirements. India's rules mandate satcom firms to demonstrate system capabilities with respect to security aspects, including monitoring, to the Department of Telecom (DoT) or its authorised representatives before starting operations in India. It is pertinent to mention that Telecom regulator TRAI last month recommended that satellite communication companies like Starlink pay 4 per cent of their adjusted gross revenue (AGR) as spectrum charges to the government — a rate steeper than what these firms had been lobbying for. Operators offering satellite-based broadband internet services in urban areas would have to shell out an additional Rs 500 per subscribers annually, TRAI recommended. No additional levy would be applicable for services in rural areas. COAI, whose members include Reliance Jio and Airtel, recently approached the telecom department to raise concerns over TRAI recommendations on the satcom spectrum. The industry body argued that 'incorrect assumptions' have led to unjustifiably low spectrum charges for satellite services relative to terrestrial networks — a claim strongly rejected by Trai, which has ruled out any review of recommendations at this stage, based on industry body COAI's charges. PTI MBI TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
36 minutes ago
- The Print
Switzerland plans info exchange on crypto assets with India, 73 other countries
While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. New Delhi/Berne, Jun 6 (PTI) Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets. The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets. In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia). The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027. An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD). Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements. 'To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the Swiss government said. PTI BJ DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
