The Reserve Bank of India (RBI) will likely consider approving Tata Sons’ request to de-register as an upper layer non-banking finance company (NBFC), subject to meeting certain conditions, sources say. As the RBI’s deadline for upper layer NBFCs to list by September end approaches, the regulator may also extend the timeline for Tata Sons to meet those conditions, writes Piyush Shukla.

Tata Sons has been engaging with the regulator on several aspects of its classification as an upper layer NBFC and sources indicated a favourable response, especially its request for de-registration. There was no response from Tata Sons to a clarification request.

Jaguar Land Rover to resume production in ‘coming days’

British luxury carmaker Jaguar Land Rover (JLR) is taking steps to resume vehicle production, and as the first step will restart some sections of its manufacturing in the coming days following the cyberattack, reports Aroosa Ahmed.

“Today we are informing colleagues, retailers and suppliers that some sections of our manufacturing operations will resume in the coming days. We continue to work around the clock alongside cybersecurity specialists, the UK Government’s NCSC and law enforcement to ensure our restart is done in a safe and secure manner,” it said in a statement. 

The company stated that, as part of the controlled phased restart of operations, it is taking further steps towards recovery and returning to manufacturing its vehicles.  JLR had shut its vehicle manufacturing up till October 1 after a cyberattack.

On Sunday the UK government said it will guarantee a £1.5 billion loan to JLR, which will support its supply chain. The British luxury carmaker had suffered an overall impact on its system and plant operations due to a cyberattack that was discovered on August 30, which led to the closure of its manufacturing plants.

Read more: https://www.thehindubusinessline.com/companies/jaguar-land-rover-to-resume-production-in-coming-days/article70108403.ece 

Moody’s affirms India’s sovereign rating at ‘Baa3’ with stable outlook

Moody’s Ratings on Monday affirmed India’s sovereign rating at ‘Baa3’ with outlook stable. This is last investment grade rating by the agency which helps investors to take a decision and also impact borrowing from overseas, reports Shishir Sinha.

Earlier, S&P Global, Morningstar, DBRS, and Japanese credit ratings agency R&I had upgraded India’s rating to ‘BBB’ from ‘BBB-‘.

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