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Business

Rating agencies knew of stress at India's IL&FS, but gave good ratings

MUMBAI/NEW DELHI: Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India.

World

India checking report IL&FS employees held hostage by staff in Ethiopia

NEW DELHI (Reuters) - India has asked Ethiopia to investigate a report that employees of an Indian company, Infrastructure Leasing and Financial Services (IL&FS), have been taken hostage by staff in Ethiopia, a government source said on Saturday.

Business

On a higher mobile plane

Maxis Bhd is gearing up for a new phase in its life as it enters the world of integrated play, says its CEO Sandip Das.

World

India's jobs deficit: Project in Gujarat struggling to create employment

GANDHINAGAR, India (Reuters) - (This is one of a series of stories on the difficulties the Modi administration has faced in creating jobs.)

Business

The untold tale behind Modi’s shock takeover of a risky lender

MUMBAI: With the future stability of the Indian financial system on the line, executives running a giant infrastructure lender gathered at the company’s glassy, modernist headquarters in Mumbai and hammered out an ambitious restructuring plan last Saturday to manage a US$12.6bil debt burden after a string of defaults.

Business

As debt woes spread, India’s IL&FS ratings cut to lowest levels

MUMBAI: The Indian infrastructure finance and construction firm that has rocked the nation’s credit markets with rare defaults had some of its credit ratings cut as low as they can go, as more debt deadlines loom.

Business

Tycoon races to end mess that erased US$1.6b off Zee

MUMBAI: Indian media tycoon Subhash Chandra scrambled over the weekend to stem a crisis that wiped $1.6 billion off his flagship Zee Entertainment Enterprises Ltd.’s market value on Friday and threatened to derail his plans to sell a stake in the company.

Business

KPJ in Johor hospital venture

KPJ Healthcare Bhd has entered into a joint-venture agreement with UTM Holdings to develop and operate a private hospital on a piece of leasehold land in Kulaijaya, Johor. KPJ will hold 60% of the joint venture (JV) equity, while UTM Holdings will hold the remaining 40%.

Banking

India’s IndusInd Bank says worst is over

MUMBAI: IndusInd Bank Ltd, which saw a fifth of its market value wiped out over the past week on concern about its creditors, says the crisis of confidence engulfing India’s financial system is fading away.