Latest news with #Hindujas
The Wire
5 days ago
- Business
- The Wire
Charting a New Economic Chapter: Hinduja Family Engages with Paraguay's Vision
Paraguay President Santiago Peña met Hinduja family members (Prakash Hinduja, Ajay Hinduja and Ashok Hinduja) for an economic partnership The Hinduja Group is noted as a global powerhouse with a vast portfolio spanning from banking to automotive manufacturing with an influence extending across continents. A recent meeting with President Santiago Peña underscored their ongoing efforts to expand their international partnerships. The meeting was focused mainly on key growth sectors including energy, automation and technology for integration with Paraguay's long-term development objectives. Representing the Group at the meeting were Prakash Hinduja, Chairman of Hinduja Group Europe; Ashok P. Hinduja, Chairman of Hinduja Group of Companies (India); and Ajay Hinduja, a prominent member of the promoter family and son of Prakash Hinduja. The engagement was hosted by the Hinduja Family at The OWO in London, the restored Old War Office building. It is noted as a landmark development by the Hinduja Family, bringing together the Raffles London hotel and exclusive residences. President Santiago Peña described the meeting as a move in a right direction for Paraguay's mission to attract high-value global investments. Reflecting on the meeting, President Peña said, 'I held a meeting with the principal shareholders of the Hinduja Group, the largest business conglomerate in India. We discussed the great opportunities that Paraguay offers in sectors such as energy, technology, and automation. With a presence in India, Europe, Asia, and the Americas, expressed strong interest in our country. I am convinced that we will continue to attract investments that generate jobs, development, and more opportunities for all Paraguayans.' This interaction with the Paraguayan leader reflects the awareness of the evolving nature of the nation and how Hindujas are interested in playing a key role in the economic landscape of Latin America. With their footprint in multiple continents, the Hinduja Family has set a larger pattern of Indian-origin business in establishing subsidiaries in new and lesser explored markets. The Hinduja Family may lead to other Indian interests in Paraguay going forward. 'Paraguay has a great potential when it comes to developments as per the global trends in sustainability and technology. We look forward to working together to establish new value chains across Latin America,' says Prakash Hinduja. 'The Hinduja Group has always invested in emerging opportunities that contribute to national development,' said Prakash Hinduja. 'Paraguay's vision and has inspired us, and we are excited about the future possibilities.' Ajay Hinduja, representing the next generation of leadership within the Group, also highlighted, 'Our family has always believed in creating long-term relationships with mutual growth. Paraguay offers adequate opportunities to invest in both people and ideas.' The Hinduja Group's interaction with President Peña highlights how family-owned organisations around the world can influence the international investment flows. Partnerships with large businesses like the Hindujas will have a lasting effect on Paraguay's economy. This meeting between President Peña and the Hinduja Group will help both sides to strengthen the economic ties, foster innovation and create a common path for sustainable development. On one hand, Paraguay can display the opportunities, it has to offer, to all the future investors and on the other hand, Hinduja Group can create an international vision guided by their generational commitments, while making a local impact. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR
News18
5 days ago
- Business
- News18
Charting a New Economic Chapter: Hinduja Family Engages with Paraguay's Vision
Paraguay President Santiago Peña met Hinduja family members (Prakash Hinduja, Ajay Hinduja and Ashok Hinduja) for an economic partnership The Hinduja Group is noted as a global powerhouse with a vast portfolio spanning from banking to automotive manufacturing with an influence extending across continents. A recent meeting with President Santiago Peña underscored their ongoing efforts to expand their international partnerships. The meeting was focused mainly on key growth sectors including energy, automation and technology for integration with Paraguay's long-term development objectives. Representing the Group at the meeting were Prakash Hinduja, Chairman of Hinduja Group Europe; Ashok P. Hinduja, Chairman of Hinduja Group of Companies (India); and Ajay Hinduja, a prominent member of the promoter family and son of Prakash Hinduja. The engagement was hosted by the Hinduja Family at The OWO in London, the restored Old War Office building. It is noted as a landmark development by the Hinduja Family, bringing together the Raffles London hotel and exclusive residences. President Santiago Peña described the meeting as a move in a right direction for Paraguay's mission to attract high-value global investments. Reflecting on the meeting, President Peña said, 'I held a meeting with the principal shareholders of the Hinduja Group, the largest business conglomerate in India. We discussed the great opportunities that Paraguay offers in sectors such as energy, technology, and automation. With a presence in India, Europe, Asia, and the Americas, expressed strong interest in our country. I am convinced that we will continue to attract investments that generate jobs, development, and more opportunities for all Paraguayans." This interaction with the Paraguayan leader reflects the awareness of the evolving nature of the nation and how Hindujas are interested in playing a key role in the economic landscape of Latin America. With their footprint in multiple continents, the Hinduja Family has set a larger pattern of Indian-origin business in establishing subsidiaries in new and lesser explored markets. The Hinduja Family may lead to other Indian interests in Paraguay going forward. 'Paraguay has a great potential when it comes to developments as per the global trends in sustainability and technology. We look forward to working together to establish new value chains across Latin America," says Prakash Hinduja. 'The Hinduja Group has always invested in emerging opportunities that contribute to national development," said Prakash Hinduja. 'Paraguay's vision and has inspired us, and we are excited about the future possibilities." Ajay Hinduja, representing the next generation of leadership within the Group, also highlighted, 'Our family has always believed in creating long-term relationships with mutual growth. Paraguay offers adequate opportunities to invest in both people and ideas." The Hinduja Group's interaction with President Peña highlights how family-owned organisations around the world can influence the international investment flows. Partnerships with large businesses like the Hindujas will have a lasting effect on Paraguay's economy. This meeting between President Peña and the Hinduja Group will help both sides to strengthen the economic ties, foster innovation and create a common path for sustainable development. On one hand, Paraguay can display the opportunities, it has to offer, to all the future investors and on the other hand, Hinduja Group can create an international vision guided by their generational commitments, while making a local impact. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR view comments First Published: August 08, 2025, 17:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
28-07-2025
- Business
- New Indian Express
IndusInd Bank's net income sinks 68% to Rs 684 crore over legacy issues
MUMBAI: IndusInd Bank, which had red ink all across its book in the past quarter due to an internal accounting scam that shaved off more than Rs 2,340 crore, has managed to return to the black sequentially on a standalone basis in the June quarter but with a very weak set of numbers as net income plunged by a whopping 68% on-year to Rs 684 crore. The bank promoted by the Hindujas in fact had nothing in its books to write home about. On a consolidated basis, net profit fell 72 percent on-year to Rs 604 crore, according to the investor presentation on Monday. Despite the all-round poor show, brokerages said the figures are much better than they had penciled in, given the bad set of numbers it had reported in the previous quarter. In anticipation of more bad numbers, investors were averse to hold on to the bank's shares leading to a massive sell-off in its counter. After losing 5% in the intra-day, the stock finally closed with deep cuts at Rs 802.05 losing 2.63% of its value. The management led by non-executive chairman Sunil Mehta and interim executive committee led by Soumitra Sen and Anil Rao told analysts that 'though the numbers are weak they are fully clear off any one-offs and the March quarter chapter is fully behind the bank.' Mehta said the sole focus of the bank is to maintain profitability and prepare itself for the next phase of growth under a soon to be coming CEO, whose appointment is pending with the regulator, RBI. Gross NPAs jumped to 3.64% in June 2025 from 3.13% in March 2025, while net NPAs rose to 1.12% from 0.95% during the same period. But the provision coverage ratio was stable at 70 as provisions and contingencies for the June quarter declined to Rs 1,760 crore from Rs 2,522 crore in the March quarter. Total loan related provisions were at Rs 10,472 crore or 3.14% of the loan book, they said, attributing the spike in NPAs to the bank's inability to sell NPAs to ARCs or as SRs due to poor profits. In the previous quarter, the bank had reported its biggest-ever quarterly loss, as it took a nearly Rs 2,000-crore hit to its accounts in the year to March due to years of mis-accounting of internal derivative trades. Mehta said the bank has stopped the internal trading book for now.
Business Recorder
28-07-2025
- Business
- Business Recorder
India's IndusInd Bank posts quarterly profit drop as loans decline
BENGALURU: India's IndusInd Bank reported a quarterly profit drop on Monday, as its loans declined and funds kept aside for potential bad loans rose. The country's fifth largest private lender by assets said its profit fell 68% to 6.84 billion rupees ($78.93 million) for the quarter ended June 30. IndusInd reported its biggest-ever quarterly loss in the previous quarter, as it took a $230 million hit in the year ended March 31 due to years of misaccounting internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April. Since then, the lender has reported a decline in loans. Loans fell 3.1% from a quarter earlier, while deposits fell 3.3%. Net interest income, the difference between interest earned and paid, fell to 46.40 billion rupees from 54.08 billion rupees a year earlier. The private lender has been grappling with elevated bad loans in its microfinance book, forcing it to set aside more funds to meet potential losses. IndusInd Bank to raise up to $3.5 billion, allow Hindujas to nominate two board seats Its provisions and contingencies rose 65.5% year-on-year to 17.38 billion rupees. Gross non-performing assets rose to 3.64% at June-end from 3.13% at March-end. IndusInd Bank approved raising up to $3.47 billion and allowing promoters to nominate two board directors, it said last week, as it seeks to restore investor confidence.
Time of India
23-07-2025
- Business
- Time of India
IndusInd Bank to raise up to $3.5 billion, allow Hindujas to nominate two board seats
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's IndusInd Bank will raise up to $3.47 billion and allow promoters to nominate two board directors, the private sector lender said on Wednesday, as it seeks to restore confidence after a $230 million accounting is looking to secure 300 billion rupees in funding, comprising a 200 billion rupees debt issue on a private placement basis and a 100 billion rupees capital increase through issue or placement of bank's net worth took a $230 million hit in the fiscal year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in UK-based Hinduja family own a 15.82% stake in the bank and are listed as its promoters, a regulatory classification in India for large shareholders who control key Hindujas can now nominate up to two directors on IndusInd's board, the bank said, adding that the move was approved by India's central previously did not have representation on the currently run by an executive committee, has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO, Reuters reported last resigned as non-bank lender Bajaj Finance's managing director on will report its first-quarter results on July 28.
