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Time of India
a minute ago
- Time of India
EAM Jaishankar reminds US that India buys oil from America too, left 'perplexed' by Trump's logic
External Affairs Minister S Jaishankar , addressing criticism over India's Russian oil imports, pointed out that China and the EU are larger buyers of Russian energy. He said India was merely working to stabilise global markets, as even urged by the US and questioned the logic behind the scrutiny New Delhi faces. "...We are not the biggest purchasers of Russian oil, that is China. We are not the biggest purchasers of LNG, that is the European Union. We are not the country which has the biggest trade surge with Russia after 2022. I think there are some countries to the South." "We are a country where the Americans have said for the last few years that we should do everything to stabilise the world energy market, including buying oil from Russia." Incidentally, India also buys oil from the US, and that amount has increased, he said. "So honestly, we are very perplexed at the logic of the argument that you had referred to..." The statements come after Jaishankar met Russian Foreign Minister Sergey Lavrov to discuss bilateral relations and prepare for the annual summit at the end of the year. India's foreign minister is on a three-day visit to Moscow for an annual bilateral dialogue, which is expected to pave the way for President Vladimir Putin's visit to the South Asian country later this year. India and Russia are looking to increase their annual trade by about 50% over the next five years to reach $100 billion, seeking to reduce tariffs as both countries see mounting tensions with the US, a top envoy said. Jaishankar said that the two countries must remove trade bottlenecks and reduce non-tariff barriers to reach the goal. Russia is India's fourth-largest trading partner, while India is Russia's second-largest. India has edged away from the US in the face of tariff threats. Prime Minister Narendra Modi hailed Putin as a 'friend' after a call with the Russian leader this week, and New Delhi has moved to bolster relations with China. Modi is set to visit China in late August — his first trip to the country in seven years — to meet President Xi Jinping. Trump and his administration officials have criticised India for its purchases of Russian oil, seeing the trade as helping Putin finance his war on Ukraine. Trump has imposed a 25% tariff on Indian goods and threatened to double it to 50% on Aug. 27 — a rate that would make India's $85 billion in annual US exports uncompetitive. "They're fueling the war machine, and if they're going to do that, then I'm not going to be happy," Trump told CNBC in an interview. He said that the main sticking point with India was that its tariffs were too high. Trade experts say Trump's tariff could badly hurt India's economy. Ajay Srivastava of the New Delhi-based Global Trade Research Initiative said he expected Indian goods exports to the U.S. to fall 30% in the current fiscal year ending March 31, to $60.6 billion from $86.5 billion in the 2025 fiscal year. India has defended its right to buy from the cheapest source, calling the tariffs 'unreasonable.' For India, the advantage of Russian oil is that it can be purchased at a discount, making it a key tool for keeping domestic inflation in check.
Economic Times
a minute ago
- Economic Times
India snaps up steeply discounted palm oil from Colombia and Guatemala
For the first time, Indian importers have purchased palm oil from Colombia and Guatemala. This is due to surplus stocks and discounted prices. Indonesia and Malaysia are the usual suppliers. The steep discounts from the Latin American countries attracted Indian buyers. The landed cost was lower than Southeast Asian supplies. This new supply source could impact Malaysian palm oil futures. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indian importers for the first time bought palm oil from Colombia and Guatemala as producers sitting on surplus stocks offered cargoes at steep discounts, four trade sources with direct knowledge of the matter and Malaysia dominate global palm oil supplies and are the main suppliers to India, which imported 9 million tons of palm oil in 2023/24. Colombia and Guatemala, the fourth- and sixth-largest producers of palm oil, usually export their surplus stocks to Europe and North production in the two Latin American countries and their ability to divert their supplies could weigh on benchmark Malaysian palm oil futures, industry officials and Guatemalan cargoes were offered at steep discounts on a free-on-board (FOB) basis to ensure their landed cost at Indian ports remained lower than supplies from Malaysia and Indonesia, said a Mumbai-based dealer at a global trading house, who declined to be named in line with company buyers prefer quick shipments, and the shipping time from South America is about 45 days, but the discounts were enough to lure them, the dealer landed cost of South American palm oil at Indian ports was more than $10 per ton lower than supplies from Indonesia and Malaysia, another Mumbai-based dealer said. Crude palm oil (CPO) is currently being offered at about $1,165 a ton, including cost, insurance and freight (CIF), in India for October to ship palm oil from the Americas is about $90 per ton, compared with $45 from Southeast Asia, said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based will be loaded at South American ports in September to arrive at India's Kandla port in October, said a New Delhi-based America exports half of its 5 million tons of palm oil, and India's first purchases from the region could open the door to more supplies, said Aashish Acharya, vice president at Patanjali Foods Ltd , a leading importer of edible oil demand has been rising and will remain robust in the coming months due to the festival season in India, Acharya season starts in September and sees increased demand for edible oils to produce sweets and fried foods. Demand usually dips again during winter months.
Mint
a minute ago
- Mint
Motilal Oswal Alternates raises $800 million in private equity fund
Motilal Oswal Alternates has raised $800 million for its fifth private equity fund, exceeding its initial target of $750 million, backed by global investors such as the International Finance Corporation and US-based Adams Street Partners. In a statement, Motilal Oswal said that Japanese investors, family offices, and high net worth individuals also invested in the India Business Excellence Fund V (IBEF V), whose corpus can go up to $950 million. This is the first close of the fund, and the final close is expected by October. The Motilal Oswal Group and team have committed around 11% of the corpus. With this, Motilal Oswal Alternates' assets under management (AUM) will exceed $3.5 billion across private equity, real estate, and private credit. The firm recently completed deployment of its $550 million fourth PE fund (IBEF IV), closed its $232 million sixth real estate fund (IREF VI), and is preparing to launch a private credit strategy. The fifth fund will invest $40–80 million in mid-market businesses across consumer, financial services, healthcare, niche manufacturing, and technology. While typically a minority investor, the firm provides operational support alongside growth capital. About 14% of the fifth fund has already been committed, including investments in carbonated, non-alcoholic flavoured drinks maker Lahori Zeera. Since inception in 2007, the private equity platform has made 50 investments and achieved 23 exits, generating approximately $1 billion in liquidity. Recent exits include IKF Finance, Happy Forgings, and Dairy Classic. The portfolio has delivered ~30% revenue and ~40% profit growth over the past year, Motilal Oswal said in the statement. Motilal Oswal Alternates is part of the Motilal Oswal Group, which manages $38 billion in equity AUM across asset management, wealth, securities, and investment banking. India's private equity and alternatives market is seeing record inflows, buoyed by a strong GDP growth, robust consumer demand, and structural reforms. India's gross domestic product (GDP) grew 7.4% year-on-year in Q4 and 6.5% over the full FY25, driven by private investment and consumption, according to Deloitte. Alternative Investment Funds (AIFs), which include private equity and other alternative vehicles, saw a 32% year-over-year increase in investments, reaching nearly ₹ 5.4 trillion by June 2025, according to investment advisory firm Multi-Act Trade and Investments. Global LPs (limited partners, who invest in PE funds) are also reallocating to India as China slows. A Bain report notes that India was the only Asia-Pacific market to post double-digit growth in PE deal value and volume in 2024, as China's share shrank.
