Anil Ambani’s firm Reliance Capital, which plans to drastically expand its partnership with Nippon Life Insurance. The two companies have signed an agreement to work together in financial services businesses. In a statement, they said Nippon Life would evaluate opportunities including strategic partnerships in all of Reliance Capital’s financial operations. Back in March, Nippon Life had bought a maximum-allowed 26% stake in Reliance Capital’s subsidiary, Reliance Life Insurance.
India’s carmakers may have launched new models and cut prices, but their sales are still decelerating. The country’s biggest car company reported a decline in business for a third month in a row. Maruti sold some 91,442 vehicles in August, which is a fall of 12.7%. And Hyundai reported nominal sales growth with a figure of 51,030 vehicles. Tata Motors meanwhile saw a 2.84% drop in sales to 64,078 units. While Maruti’s numbers have been hit by worker unrest at its Manesar plant near Delhi, the industry has a whole is taking a beating from high interest rates and slowing growth.
Despite the rains, India’s food inflation has accelerated once again, this time crossing the double-digit mark to its highest in four months. The country’s food price index rose 10.05% in the period to 20 August. The previous week it was at 9.8%.