Tag Archives | India

SCI to revive JV with Iran Shipping Firm

By John Lee. The Shipping Corporation of India (SCI), the country’s largest shipping company, is said to be in talks with its 40-year-old Iranian joint venture partner Islamic Republic of Iran Shipping Lines (IRISL) to work out a business model that can open new geographies for trade for the former. Business Standard News reports that […]

India’s IOC Clears $510m of Iran Oil Dues

Indian Oil Corp (IOC), the country’s biggest oil firm, has settled $510 million of its outstanding oil dues to Iran, a senior official with the corporation said. IOC Director Sanjiv Singh said the company has paid $510 million out of the total outstanding of $621 million due to Iran in past oil dues, Press Trust […]

Tehran, Moscow Consider Rail Link to Challenge Suez

Russia’s transport minister, Maxim Sokolovm, said Tehran and Moscow are considering establishing a rail link that would foster trade connectivity through a less trodden path than the Suez Canal. “If the rail link to Iran is built, it can take some share of the cargo that’s being transported via Suez,” Sokolov said in an interview […]

Iran’s Non-Oil Exports up by 21%

By John Lee. Iran’s non-oil exports reportedly rose by 21 percent year-on-year over the past four months. IRNA says Iran exported some 41.161 million tons of non-oil commodities worth $16.308 billion in the four-month period which shows 36.37 percent increase in terms of weight and 21.11 percent growth in terms of value. Iran also imported […]

India Imposes Anti-Dumping Duty on Iranian PTA

By John Lee. India has reportedly imposed anti-dumping duty in the range of US$ 85.87 to 168.76 per MT on imports of Purified Terephthalic Acid (PTA) from China PR, Iran, Indonesia, Malaysia and Taiwan. According to Business Standard News, the move follows petitions filed by domestic industry alleging dumping of goods into the country. (Source: […]

MoU makes India largest Textile Exporter to Iran

By John Lee. Iran has reportedly agreed to slash import duties on Indian textile products by 20-25 percent in two years, and signed an MoU that would make India the largest textile exporter to Iran. The MoU was recently signed between India’s Apparel Export Promotion Council (APEC) and the Teheran Garment Union (TGU), an influential […]

India’s GoAir Considers Direct Flights to Iran

India’s private airline GoAir plans to launch direct flights to Iran, a report said. GoAir wants to begin international operations from the next summer schedule, according to Hindustan Times on Sunday. The summer schedule begins from the last Sunday of March and extends up to the last Saturday of October. “We are requesting to be […]

Iran, India Determined to Develop Chabahar Port

Iranian President Hassan Rouhani and India’s Prime Minister Narendra Damodardas Modi voiced determination to implement the agreements signed between the two countries, particularly a project to develop Iran’s southeastern port city of Chabahar. In a telephone conversation with the Indian premier on Wednesday, President Rouhani said Tehran is prepared to upgrade the level of ties […]

India’s Essar Clears $500m of Iran Oil Dues

India’s Essar Oil has settled $500 million of its outstanding oil dues to Iran, a report said. Essar Oil, the top Indian buyer of Iranian oil, has this month cleared $500 million of a debt owed to Tehran, two sources with direct knowledge of the matter said, Reuters reported. Essar, which operates a 400,000 barrels […]

Production of Oil from Caspian Sea “Not a Priority”

Minister of Petroleum Bijan Zangeneh said on Tuesday that production of oil from Caspian Sea is not a priority. Speaking in the Majlis (parliament) public meeting, he said that oil recovery from the Caspian Sea is on the agenda but it needs special equipments and experience to extract oil in deep waters of this region. […]

India Clearing Remaining Iran Oil Dues via German Bank

Indian refiners have started to settle the rest of their outstanding oil dues to Iran via State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH), a report said. In an attempt to speed up payment of billions of Iranian oil dues, Indian refiners are settling their debts via EIH as timely payment of […]

Iran finds new Port Partner in India

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Among the many delegations that have visited Iran since the Jan. 16 lifting of nuclear-related sanctions, India has been among the few that have managed to actually secure a major economic deal with the […]

Iran to Ban Imports of Basmati Rice

By John Lee. Iran is to ban the importation of basmati rice in an attempt to protect its local industry. According to the report from India’s Economic Times, basmati prices have climbed on rising demand from Iran in advance of the ban, which is due to come into effect on 23rd July. (Source: Economic Times)

India Sets Sight on Develpoment of Iranian Oil Field

The Indian Oil Corp (IOC) has made a bid to operate an Iranian oil field in the Persian Gulf, a report said. According to a report carried by the Economic Times, IOC, India’s largest oil company, is seeking to operate and produce crude oil from the Iranian field in an attempt to promote the South […]

Full List of MoUs signed between India and Iran

Full list of memoranda of understanding signed during the visit of the Indian Prime Minister to Iran: Title of MoU Description Signatory from Indian side Signatory from Iran side 1. India-Iran Cultural Exchange Programme The objective is to extend the CEP for the period 2016-2019 covering the areas of culture and art; radio, TV, mass […]

India’s Tata Motors in JV Talks with Iran Khodro

India’s largest carmaker, Tata Motors, said it is in talks with Iran’s leading vehicle manufacturer Iran Khodro to set up a joint venture for assembling its petrol cars in Iran. According to a report carried by the Indian Express, a number of Indian cars, including Tiago, Bolt and Zest, which are powered by Tata Motors’ […]

India to Invest $500m in Strategic Iranian Port

By John Lee. Indian Prime Minister Narendra Modi has announced that India will invest $500 million to develop the strategically important Chabahar port, close to Iran’s border with Pakistan. From Chabahar, India could access Afghanistan directly, without going through neighbouring Pakistan. “Afghanistan will get an assured, effective and a more friendly route to trade with […]

Iran, India consider Joint Aluminum Smelter

The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and India’s National Aluminum Company (NALCO) signed a memorandum of understanding (MoU) to explore the possibility of setting up a joint aluminum smelter in southern Iran. The MoU was signed during a ceremony on Monday, attended by Iranian President Hassan Rouhani and visiting Indian […]

Rouhani praises ‘Historic’ day for Iran, India, Afghanistan

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. When Indian Prime Minister Narendra Modi arrived in Tehran on May 22, he tweeted in Persian to his 20 million plus followers, “I have entered Iran, a country with which we have civilizational bonds. […]

No More Barriers to Trade with Iran in Euros

An Iranian diplomat has aid there are no more limits on the country’s financial transactions with foreign banks in euros, a clear sign of which was India’s recent move to clear part of its debts to Iran in euros through a Turkish bank. “Restrictions on our country’s banking transactions in euros have been removed,” Hamid […]