Paytm sells stake in Japanese payment app PayPay to SoftBank

SEOUL, December 9 (AJP) - India's leading digital payment company Paytm is accelerating its restructuring efforts by selling its stake in the Japanese payment app PayPay to SoftBank. According to multiple news reports on Sunday, Paytm agreed to sell its stake for around $279.2 million. The sale involved selling the PayPay shares that Paytm had acquired six years ago through acquisition rights. This move follows Paytm's sale of its entertainment ticketing business to Zomat

December 9, 2024

Russia's state-owned energy firm to Invest $20 billion in India: Putin

SEOUL, December 6 (AJP) - Russian President Vladimir Putin announced that the state-run energy company Rosneft has made a significant $20 billion investment in India. The Indian government said Thursday that Putin made the statement during his participation at the VTB Investment Forum in Moscow the previous day. "We are ready to set up manufacturing facilities in India. We believe that investments in India are beneficial," he said. However, he did not provide further d

December 6, 2024

Bill Gates faces backlash in India over podcast remarks

SEOUL, December 05 (AJP) - Bill Gates, co-founder of Microsoft (MS), has come under fire in India following comments he made during a podcast appearance. During a podcast with LinkedIn co-founder Reid Hoffman, Gates described India as "a kind of laboratory to try things," a comment that sparked controversy. Gates explained that India is seeing improved health, nutrition, and education. He expressed optimism that the country could experience significant advancements i

December 5, 2024

India's competition watchdog investigates Google's game app policies

SEOUL, December 4 (AJP) - India's competition watchdog has begun an investigation into Google's policies regarding game apps. The Competition Commission of India (CCI) ordered Google on Thursday to submit a report within 60 days on whether Google Play restricts the registration of game apps involving real money transactions. This action follows a complaint raised by India's online gaming platform WinZO. WinZO claims that due to Google's policies, game apps invol

December 4, 2024

India's second-richest man denies US bribery indictment

SEOUL, December 2 (AJP) - India's second-richest man, Gautam Adani, chairman of the Adani Group, has denied allegations against him in the United States, including bribery charges, asserting that his company complies with global regulations. In November, the U.S. Eastern District Court of New York indicted Adani and his nephew Sagar Adani, the executive director of Adani Green Energy, on charges of bribery and securities fraud. They are accused of offering over US$250 million in

December 2, 2024

India's Reliance Industries acquires 21% stake in US-based Wavetech Helium

SEOUL, November 29 (AJP) - India's Reliance Industries has acquired a 21-percent stake in Wavetech Helium, a U.S.-based helium production company. Reliance Finance and Investments USA announced Thursday that it purchased the stake for around $12 million. Reliance Group operates the world's largest refinery in Jamnagar, Gujarat, western India. In 2021, the Indian conglomerate announced plans to invest $10 billion in green energy and achieve net-zero emissions by 2035.

November 29, 2024

Google Maps directs car onto broken bridge, causing fatal crash in India

SEOUL, November 28 (AJP) - A vehicle heading to a wedding in northern India, fell about 15 meters into the Ramganga River after following Google Maps directions onto an under-construction bridge, leaving three occupants dead. The accident happened on Sunday in Uttar Pradesh's Bareilly district. Local police said the bridge was damaged in last year's floods and undergoing repairs. The driver was unaware the structure was incomplete, causing the car to fall. Authorities s

November 28, 2024

Indian coast guard seizes record amount of methamphetamine in smuggling bust

SEOUL, November 27 (AJP) - A group attempting to smuggle the largest-ever amount of methamphetamine from Myanmar to India was apprehended by the Indian Coast Guard (ICG). The ICG discovered a suspicious fishing vessel while conducting an aerial patrol in the Andaman Sea early on Saturday. After the vessel entered Indian waters, the Coast Guard conducted an inspection. The vessel was carrying six people and about 5,500 kg of methamphetamine was found. ICG emphasized that this

November 27, 2024

India rejects Apple's request to withhold antitrust report

SEOUL, November 26 (AJP) - India's regulatory authority has rejected Apple's request to withhold a report investigating the company for alleged violations of antitrust laws in the Indian app market. According to news reports on Monday, the Competition Commission of India (CCI) denied Apple's request to withhold a report investigating alleged violations of antitrust competition laws. With the rejection, authorities have decided to continue the legal proceedings related

November 26, 2024