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Indian travel technology company TBO Tek Ltd. is making a significant entry into the North American luxury travel market with the acquisition of Classic Vacations, a US-based luxury travel brand, in a deal valued at up to $125 million.

The announcement was met with strong investor enthusiasm, pushing TBO Tek’s shares up as much as 15% and reaching a six-month high on Indian exchanges. On the NSE, shares rose over 11% to close at ₹1,541.30, while on the BSE, the stock touched an intra-day high of ₹1,591.55, reflecting a 15% gain. Market experts described the acquisition as “transformative,” highlighting its potential to reshape TBO Tek’s growth trajectory.

Classic Vacations, a company with more than 50 years of experience in the luxury travel segment, recorded revenues of $111 million and an operating EBITDA of $11.2 million for the year ending December 2024. Known for its strong relationships with travel advisors and a loyal customer base, Classic Vacations will continue to operate independently, retaining its brand identity while benefiting from TBO Tek’s advanced technology platform and extensive global distribution network. This collaboration is expected to accelerate growth and expand Classic’s global footprint.

The deal is expected to close by early October 2025, following customary regulatory approvals. To finance the acquisition, TBO Tek has arranged a mix of internal and external funding, including an inter-corporate loan of up to ₹350 crore (~$40 million) and a corporate guarantee of $70 million extended to Standard Chartered Bank to support credit facilities for the transaction.

This acquisition aligns with TBO Tek’s strategy to strengthen its presence in the premium outbound travel market, particularly in the US. The company plans to preserve Classic Vacations’ existing awan. customer and supplier relationships while leveraging its own scalable, technology-driven model to boost operational efficiency and market reach.

“TBO’s entry into the premium outbound travel market complements Classic Vacation’s exclusive B2B brand and elite advisor network, built over nearly five decades of success and brand recognition,” said TBO co-founders Gaurav Bhatnagar and Ankush Nijh.

Already established across Asia, the Middle East, Africa, and Latin America, TBO Tek’s move into North America through this acquisition marks a major milestone in its ambition to become a global leader in travel technology.

The Board of Control for Cricket in India (BCCI) has invited bids for the Indian cricket team’s title sponsorship rights following fantasy sports platform Dream11’s withdrawal. The move comes in the wake of India’s new Promotion and Regulation of Online Gaming Act, 2025, which has effectively banned real-money gaming, forcing companies like Dream11 to shut down operations in this segment.

Dream11, alongside My11Circle, had contributed around ₹1,000 crore to the BCCI through team and IPL sponsorship deals. The company had secured the national team’s title sponsorship for $44 million (₹358 crore) for the 2023–2026 cycle but is exiting a year early without facing penalties. The BCCI has acknowledged that the regulatory changes are beyond the company’s control, describing the withdrawal as a necessary compliance move rather than a breach of contract.

The BCCI’s Invitation to Express Interest (IEOI) lays out strict eligibility criteria for prospective bidders. Companies and their group entities must not be involved in online money gaming, betting, gambling, or any similar services, either in India or globally. They are also prohibited from holding investments or ownership stakes in entities offering such services. In addition, companies operating in sectors prohibited under the new gaming law or those considered contrary to “public morals,” such as alcohol, tobacco, or pornography, are barred from participation.

The Board has further ruled out bids from certain brand categories where it already has sponsorship arrangements in place. These include athleisure and sportswear, currently represented by Adidas; banking and financial services, with IDFC First Bank as a key partner; non-alcoholic beverages, featuring Campa Cola; and insurance, represented by SBI Life. Consumer appliances like fans, mixers, and safety locks are also off-limits. The BCCI has also issued a warning against “surrogate branding,” making clear that companies cannot attempt to bypass restrictions by applying through proxy entities or alternate brand names.

Financial requirements have been set to ensure only companies with robust balance sheets can participate in the bidding. To qualify, bidders must demonstrate either a minimum average turnover of ₹300 crore over the past three financial years or an average net worth of at least ₹300 crore during the same period. The last date to purchase the IEOI is September 12, and all bid submissions must be completed by September 16. The BCCI has also reserved the right to amend or cancel the bidding process at any stage without providing a reason.

The exit of Dream11 highlights the financial implications of India’s tightening online gaming regulations. The Promotion and Regulation of Online Gaming Act, 2025 explicitly prohibits companies from offering, promoting, or advertising real-money gaming, dealing a significant blow to fantasy sports platforms that have been key sponsors of Indian cricket in recent years. With this change, the BCCI will now need to court sponsorships from sectors that meet its stricter compliance requirements, potentially reshaping the sponsorship landscape of the sport.

A senior BCCI official, speaking to PTI on condition of anonymity, emphasized that Dream11’s exit would not lead to penalties. “This is a government rule and full compliance is required. In the current scenario, their business is impacted, and we fully understand their plight,” the official said.

The sponsorship shift signals a pivotal moment for Indian cricket’s commercial partnerships. As the regulatory environment tightens, brands across industries will likely assess opportunities in cricket sponsorship with greater caution, while the BCCI adapts its approach to attract partners from sectors unaffected by these restrictions.

Prime Minister Narendra Modi inaugurated Semicon India 2025 at Yashobhoomi, underscoring India’s ambitions to become a key player in the global semiconductor industry. The three-day conference, bringing together over 20,750 participants, including 2,500 delegates from 48 countries, is expected to accelerate investments, innovation, and domestic manufacturing in a sector projected to surpass $1 trillion globally in the coming years.

Addressing global industry leaders and domestic entrepreneurs, PM Modi emphasized that semiconductors are the “digital diamonds” of the 21st century. “The world trusts India, believes in India, and is ready to build the semiconductor future with India,” he said, highlighting the growing confidence of investors in the Indian market.

India’s semiconductor journey has moved rapidly since the launch of the Semicon India program in 2021. By 2025, ten semiconductor projects have been approved, representing more than $18 billion (₹1.5 lakh crore) in investment. Pilot plants, including those of CG Power and Kaynes, have begun operations or are about to start, with test chips from Micron and Tata already in production. Commercial chip manufacturing is expected to commence later this year, signaling a swift translation of policy into operational reality.

For investors, India is now offering a full-stack semiconductor ecosystem, spanning design, manufacturing, packaging, and high-tech devices. The government has simplified regulatory processes through the National Single Window System, reducing paperwork and accelerating project approvals. Plug-and-play semiconductor parks, offering ready access to land, power, transport, and skilled workforce, are further enhancing India’s attractiveness for domestic and global firms.

The sector also benefits from targeted incentives. Production Linked Incentives (PLI), Design Linked Grants, and programs like Chips-to-Startup and the revamped Design Linked Incentive (DLI) Scheme are designed to strengthen domestic capabilities, boost intellectual property development, and support start-ups and MSMEs. India contributes 20 percent of global semiconductor design talent, providing companies access to a large pool of engineers and innovators.

PM Modi also highlighted India’s efforts in critical minerals through the National Critical Mineral Mission, ensuring the domestic supply of key inputs that underpin semiconductor manufacturing. Advanced chip design centers in Noida and Bengaluru are already working on chips capable of storing billions of transistors, ready to power next-generation technologies, including AI, IoT, and immersive digital applications.

States are being encouraged to develop dedicated semiconductor ecosystems, offering investors the opportunity to partner with regional authorities to establish integrated operations. This competitive environment, combined with central policy support, is expected to attract further global investments, create high-value manufacturing jobs, and strengthen India’s position in the global semiconductor supply chain.

Semicon India 2025 runs from September 2–4 and features 150 speakers, 350 exhibitors, country pavilions, and sessions on smart manufacturing, R&D, AI innovation, and workforce development. For India’s semiconductor sector, the event signals both growing investor confidence and a roadmap for achieving self-reliance and global competitiveness.

The Indian stock market started the week on a positive note, with the Sensex rising over 200 points and the Nifty holding above 24,600. Investor optimism is driven by the upcoming 56th Goods and Services Tax (GST) Council meeting on September 3–4, where major tax reforms are expected.
 

The Council is considering simplifying the existing four-tier GST slab into two rates: 5% for essential and merit goods, and 18% for standard goods. This aims to make many products, including electronics, appliances, hybrid cars, and personal care items, more affordable for consumers.
 

Certain sectors also anticipate specific changes. Garments and tyres may see lower GST rates, boosting these industries and consumer demand. Conversely, tax hikes are being considered for pan masala, gutkha, and cigarettes to increase revenue and discourage consumption.
 

Gold and silver prices have hit record highs, reflecting rising demand and potentially influencing taxation decisions on precious metals. In a related update, the Group of Ministers (GoM) on health and life insurance has agreed in principle to reduce GST on individual life and health insurance policies. The GoM supports exempting these policies from GST but stresses that insurers must pass the tax savings directly to policyholders. States like Karnataka, West Bengal, Kerala, Punjab, and Tamil Nadu emphasize that the exemption should benefit consumers, not insurers.
 

While the reforms aim to boost consumption and improve tax compliance, some states are concerned about potential revenue losses. Kerala has proposed revising the revenue-sharing formula to a 60:40 split, favoring states, instead of the current 50:50. Opposition-ruled states support the slab cuts but seek protections for their finances.
 

Market analysts point to these reforms and India’s stronger-than-expected GDP growth as key drivers of market gains. Strong performances in the automobile and IT sectors, helped by a weakening rupee, add to positive sentiment.
 

As the GST Council meets, investors and consumers alike will closely monitor the outcomes, which could have a significant impact on the Indian economy and markets in the coming months.