Biocon Biologics a subsidiary of Biocon Ltd., based in Bangalore, India, successfully completed its multi-billion dollar acquisition of the global biosimilars business of its partner Viatris Inc. headquartered in Canonsburg, Pennsylvania. Viatris received a $2 billion upfront cash payment and $1 billion in Compulsorily Convertible Preference Shares, representing a stake...
India Launches Pilot of Digital Rupee
On December 1, India's Central Bank, the Reserve Bank of India (RBI), launched its first pilot of a digital rupee for individual users, ahead of many major economies. The retail digital Rupee or e₹-R is a virtual token that represents legal tender. It will be available in the same denominations...
U.S. Treasury Official Visits India to Enhance Bilateral Economic Ties
On August 24 and 25, Deputy Secretary of the Treasury Wally Adeyemo traveled to Mumbai for meetings with private sector representatives, and India's central bank. In Mumbai, the Deputy Secretary met with the Reserve Bank of India Governor Shaktikanta Das to discuss global economic developments and the U.S. India Economic...
India’s Central Bank Lifts Business Restrictions on Mastercard
The Reserve Bank of India (RBI) lifted restrictions imposed on Mastercard Asia/ Pacific Pte Ltd., regarding on-boarding new domestic customers, with immediate effect. Per the RBI circular on Storage of Payment System Data dated April 6, 2018, all system providers were directed to ensure that within six months the full...
Moody’s Pegs India’s GDP Growth at 9.3% for FY22
In its latest report, Moody’s Investors Service projected that the economic growth in India will rebound strongly. It has pegged GDP growth for the nation expanding to 9.3 percent in the current fiscal ending March 2022, followed by 7.9 percent in fiscal 2023. India's rising vaccination rate, stabilizing consumer confidence,...
India’s Forex Reserves Rise to a Record $642 Billion
According to India's Reserve Bank of India India’s foreign exchange reserves climbed by $8.9 billion, reaching a new high of $642 billion in the week ending September 3. This was due to a gain in foreign currency assets, a major component of overall reserves. Expressed in dollars, foreign currency assets ...