Author: Sreelatha M

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Corporate

Tata Steel clears ₹33,870 cr NINL expansion plan

Tata Steel has approved a major ₹33,873-crore expansion of Neelachal Ispat Nigam Limited (NINL), marking one of its biggest bets on India’s long-term steel demand and strengthening its domestic growth strategy.

The company’s board has cleared the first phase of the NINL expansion, which will add 4.8 million tonnes per annum (MTPA) of steelmaking capacity. Once completed, the Odisha-based facility will have a total capacity of 6.2 MTPA. Tata Steel said the project has already completed its engineering phase and is at an advanced stage of readiness for execution.

The investment is aimed particularly at expanding Tata Steel’s long-products business, including branded steel products used extensively in construction, infrastructure and retail markets. The company sees NINL as an important platform for increasing its presence in higher-margin and value-added steel products.

The decision comes after a significant turnaround at NINL. Tata Steel acquired the Odisha-based company in 2022 for ₹12,100 crore, when the plant was facing financial and operational difficulties. Since then, the facility has been brought back to stable operations and has been running at its rated capacity for the past two years, according to the company.

NINL’s recent performance has strengthened the case for further investment. In FY26, the plant produced around 0.95 million tonnes of crude steel and delivered 0.91 million tonnes. While revenue moderated to ₹5,282 crore amid softer steel prices, its EBITDA improved to ₹1,236 crore from ₹1,067 crore a year earlier. The facility reported an EBITDA margin of about 23%.

During the June quarter of FY27, NINL generated EBITDA of ₹498 crore, giving it a margin of 29%. Tata Steel said the performance provides confidence in the proposed expansion.

NINL is strategically located in Odisha, close to Tata Steel’s Kalinganagar operations. The company also has access to a captive iron ore mine, giving the facility an important raw-material advantage as it expands.

The expansion is expected to play a central role in Tata Steel’s strategy to grow its long-products portfolio. These products include steel used in housing, construction, infrastructure and other applications.

Tata Steel said demand for its branded products remains strong, particularly in the retail market. Brands such as Tata Tiscon have continued to see strong growth, supporting the company’s decision to increase domestic long-product capacity.

The company has also pointed to the sizeable land bank available around NINL. According to Fortune India, the site has the potential to support capacity of up to 10 MTPA over the longer term. This gives Tata Steel room to develop NINL into a much larger steel hub over time.

The proposed expansion is therefore more than a simple capacity addition. It is intended to create a larger integrated manufacturing base for Tata Steel’s India operations and strengthen its position in value-added steel.

The NINL investment comes at a time when Tata Steel’s Indian operations are providing a strong cushion against difficulties in its overseas businesses.

For the April-June quarter of FY27, Tata Steel reported consolidated revenue of ₹60,794 crore and EBITDA of ₹9,370 crore. EBITDA increased 25% year-on-year despite a challenging global operating environment.

India remained the strongest part of the business. The India segment reported revenue of ₹36,989 crore and EBITDA of ₹9,908 crore, with an EBITDA margin of 27%. Domestic deliveries also grew strongly, with Tata Steel reporting an 11% year-on-year increase to 4.85 million tonnes.

The company’s consolidated profit after tax stood at ₹2,385 crore in the June quarter, compared with ₹2,007 crore a year earlier. Tata Steel’s India business helped offset pressure from its European operations, where operational disruptions and restructuring challenges continued.

Tata Steel is moving ahead with the NINL project while maintaining a close watch on its balance sheet.

The company spent ₹3,579 crore on capital expenditure during the June quarter. Its net debt stood at ₹84,173 crore at the end of the quarter, while net debt-to-EBITDA was 2.3 times. Group liquidity remained strong at ₹45,950 crore, including ₹13,221 crore in cash and cash equivalents.

The numbers indicate that Tata Steel has financial headroom to continue investing in India even as it manages restructuring and operational challenges in Europe.

The company has also been pursuing other domestic projects, including the ramp-up of its 0.75 MTPA electric arc furnace at Ludhiana and expansion of downstream facilities.

Tata Steel expects the proposed NINL expansion to be the first phase of a broader growth programme. The company has indicated that the facility’s location, land availability and raw-material access could support further expansion in the future.

The company also expects the merger of NINL with Tata Steel to be completed during FY27. The integration is expected to simplify the corporate structure and create operational synergies.

For Tata Steel, the ₹33,873-crore investment signals a clear strategic preference: expand where India’s steel demand is expected to remain strong, build scale in domestic manufacturing and move further into value-added products.

With NINL set to increase its capacity from its current level to 6.2 MTPA, the Odisha facility is poised to become an increasingly important part of Tata Steel’s India growth story. The project also underlines the company’s broader ambition to strengthen its domestic steelmaking footprint while building a more competitive and integrated portfolio for the years ahead.

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1 Minute-Read

Maruti Suzuki’s Gujarat plant hits 1 mn capacity

Maruti Suzuki India has started commercial production at the fourth plant of its Hansalpur facility in Gujarat, adding 2.5 lakh units to its annual capacity.

The expansion takes the company’s total production capacity to 2.9 million vehicles and makes Hansalpur India’s largest single-location passenger vehicle manufacturing facility. The plant has an annual capacity of one million vehicles and will initially produce the Maruti Suzuki e VITARA, the company’s first electric vehicle.

The expansion strengthens Maruti Suzuki’s manufacturing and export capabilities as it prepares to meet rising domestic demand and accelerate its electric mobility plans.

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Beyond

Kevin Warsh faces rate-policy divide

Kevin Warsh is facing an early and unusually difficult test as chairman of the US Federal Reserve, after a sharp split emerged within the central bank over interest rates and the best way to control inflation.

The Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at 3.5% to 3.75% at its July 28-29 meeting. But the decision was far from unanimous. Three officials voted for a 25-basis-point rate increase, leaving the final vote at 9-3. It was the first time since 1993 that three Fed policymakers dissented in favour of a rate hike.

The disagreement puts Warsh, who took over as Fed chair earlier this year, in a challenging position. His immediate task is not simply to decide where interest rates should go, but also to keep policymakers working together while maintaining confidence in the US central bank.

Warsh has repeatedly stressed the importance of price stability and has adopted a more data-driven approach to monetary policy. After the latest meeting, he indicated that the Fed would remain focused on bringing inflation back towards its 2% target. The central bank has kept rates unchanged throughout 2026 so far, as policymakers weigh persistent inflation against the health of the labour market and wider economic risks.

The three dissenters wanted rates to rise immediately, reflecting concern that inflation remains too high. The majority, however, preferred to wait for more evidence before tightening monetary policy.

That difference matters because the US economy is presenting the Fed with competing signals. Economic activity remains relatively solid, while productivity and capital investment have been strong. At the same time, inflation remains above the Federal Reserve’s 2% goal. The central bank has also been monitoring the impact of energy prices, geopolitical tensions and other supply-side pressures.

For households and businesses, the Fed’s decision has wider implications. Higher interest rates can make borrowing more expensive for consumers and companies, while keeping rates higher for longer can weigh on investment and spending. A premature rate cut, on the other hand, could risk allowing inflation to remain stubbornly high.

Financial markets are therefore watching Warsh’s every signal. Investors are trying to determine whether the July decision represents a temporary pause or the beginning of a longer period of tight monetary policy.

The bond market has already reflected some of that uncertainty. Treasury yields have moved higher this year, while investors have been reassessing expectations for the path of US interest rates. The Fed’s own July monetary policy report noted that market expectations had shifted towards higher rates, with investors at the time pricing the federal funds rate at around 4% by the end of 2026.

Warsh’s communication style is also attracting attention. Rather than offering strong forward guidance about future rate moves, he has indicated that the Fed should allow incoming economic data and financial conditions to shape decisions. That approach gives policymakers more flexibility, but it can also leave investors with fewer clear signals about what comes next.

The challenge is particularly important because the Federal Reserve’s credibility depends not only on its decisions but also on its ability to present a coherent policy message. A visibly divided FOMC can make markets more uncertain and complicate the transmission of monetary policy.

The disagreement does not necessarily mean the Fed is in crisis. Policymakers have always held different views about inflation, employment and interest rates. But the size and direction of the July split make it an important moment for Warsh’s leadership.

The chairman will also have to balance competing pressures from outside the Fed. President Donald Trump has previously pushed for lower interest rates, while Warsh has sought to emphasise the central bank’s responsibility for price stability. Maintaining the Fed’s policy independence will therefore remain an important part of his job.

The July meeting also showed how difficult the current economic environment has become. Policymakers must assess inflation without ignoring employment, economic growth, financial markets and geopolitical developments. The Middle East conflict, in particular, has added uncertainty around energy prices and inflation.

The Fed’s internal split could also shape expectations for the dollar, US Treasury yields and global markets. Any signal that policymakers are leaning towards higher rates could strengthen the dollar and push borrowing costs higher worldwide, while a shift towards rate cuts could have the opposite effect. For investors, the focus will now remain on upcoming inflation and jobs data, as well as how Warsh manages differing views within the FOMC.

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Corporate

Kia Sorento India launch confirmed with new teaser

Kia has finally given its upcoming flagship SUV for India a strong identity. The South Korean carmaker has released a cryptic teaser that confirms the arrival of the Kia Sorento, its premium three-row SUV, in the Indian market.

Instead of revealing the SUV directly, Kia used a picture of Sorrento, the scenic coastal town in Italy. The location-based wordplay was enough to spark speculation, with Kia asking social media users to identify the place using Google Lens or an artificial intelligence assistant. The teaser effectively points towards the Sorento nameplate without revealing the vehicle itself.

The latest teaser comes shortly after Kia India indicated plans to introduce new hybrid and battery-electric vehicles in the country. It also follows the launch of the Kia Syros EV, highlighting the company’s growing focus on electrified vehicles in India.

The Sorento is expected to become Kia’s premium three-row SUV in India, sitting above the Seltos and Carens. It will give the company a larger presence in the premium SUV segment and cater to buyers looking for more space, technology and comfort.

The upcoming Kia Sorento India has already been spotted testing on Indian roads several times over the past few months. The repeated sightings have provided clues about the model that Kia is preparing for the market. Some dealerships have also reportedly started accepting unofficial bookings, although Kia has not officially opened bookings for the SUV. Reported token amounts range between Rs 20,000 and Rs 50,000, depending on the dealership.

Kia has not announced an official launch date yet. However, current reports suggest that the Sorento could arrive around late August or early September, potentially ahead of the important Dussehra-Diwali festive period. The SUV is expected to come to India through the completely knocked-down (CKD) route, with its estimated price positioned around Rs 45 lakh ex-showroom. These details, however, remain unconfirmed by Kia.

The Sorento measures 4,815 mm in length, 1,900 mm in width and 1,700 mm in height, while its wheelbase measures 2,815 mm. These dimensions give it a substantial road presence and enough space for a three-row cabin.

One of the biggest talking points around the Kia Sorento SUV will be its hybrid technology. Kia is expected to introduce a strong-hybrid powertrain for India, which would be a significant move for the brand. Reports indicate that the India-spec SUV could use a 1.6-litre turbo-petrol engine paired with an electric motor.

An all-wheel-drive system could also be offered. Kia may additionally consider a conventional petrol version, although the company has not confirmed the final engine lineup. A diesel engine is currently not expected to be part of the India-spec Sorento range.

Globally, the Sorento is offered with several powertrain options, including petrol, turbo-petrol, hybrid and plug-in hybrid configurations. For India, however, the hybrid version is expected to be the key attraction as Kia looks to combine the practicality of a large SUV with better fuel efficiency.

The design of the Sorento is also expected to play an important role in its appeal. The SUV features an upright front profile, T-shaped LED headlamps and Kia’s signature Tiger Nose grille. At the rear, a sharply raked windscreen and vertically positioned LED tail-lamps give it a distinctive appearance.

Inside, Kia is expected to maintain its reputation for offering a technology-rich cabin. The India-spec Sorento could feature dual 12.3-inch displays, a panoramic sunroof, ventilated front seats, multi-zone climate control, premium upholstery and powered front seats.

Other expected equipment includes a Bose audio system, a 360-degree camera and wireless Apple CarPlay and Android Auto connectivity. A Level 2 advanced driver assistance system (ADAS) could further strengthen the SUV’s technology and safety package. Kia, however, is yet to confirm the final India-specific feature list.

The arrival of the Kia Sorento in India will put it into a competitive premium SUV market. It is expected to take on established models such as the Toyota Fortuner and Skoda Kodiaq, while newer rivals including the Volkswagen Tayron could also be in its crosshairs. Other potential competitors include the Jeep Meridian, MG Majestor and Honda ZR-V.

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Corporate

Sensex gains 50 points, Nifty holds above 24,350

Equity markets opened higher on Friday, with the Sensex gaining more than 50 points and the Nifty 50 holding above the 24,350 mark. Gains in financial and automobile stocks, led by Bajaj Finance and Mahindra & Mahindra, helped offset selling in information technology shares.

The Sensex rose around 50 points in early trade to move near 77,950, while the Nifty gained over 50 points and traded above 24,350. The positive opening came amid renewed foreign institutional investor (FII) buying, supportive global cues and optimism around corporate earnings.

Bajaj Finance emerged as one of the biggest gainers, with its shares rising sharply after the company reported strong June-quarter results. The stock gained as much as 7% in early trade, providing a significant lift to the financial services segment. Bajaj Finserv also traded higher.

Mahindra & Mahindra was another prominent gainer, with the stock rising around 2.5% after reporting a 7% year-on-year increase in standalone net profit to Rs 3,685 crore for the June quarter. The strong earnings performance continued to attract buying interest in the auto major.

Other financial and automobile stocks also supported the market, helping investors absorb losses in the IT sector.

The Nifty IT index, meanwhile, fell more than 2% in early trading as investors booked profits after its strong recent rally. Major IT stocks including Infosys, Tata Consultancy Services (TCS), HCL Technologies and Tech Mahindra were among the losers.

The decline in IT stocks came despite the sector’s strong performance in July. The Nifty IT index has gained substantially during the month, prompting some investors to lock in profits. The fall therefore appeared more like a sector-specific correction rather than a broad deterioration in market sentiment.

Market breadth remained positive, with a larger number of stocks advancing than declining on the NSE. Financials and automobiles were among the sectors attracting buying interest, while IT remained the key drag on the indices.

Foreign investor activity also provided support to the Indian stock market. FIIs have returned to buying equities in recent sessions, helping improve sentiment after a period of sustained selling pressure. Domestic investors have also remained active, providing additional stability to the market.

The June-quarter earnings season remains a major focus for investors. Strong results from companies such as Bajaj Finance and M&M have encouraged stock-specific buying, although expensive valuations and profit booking remain concerns in sectors that have rallied sharply.

For the broader market, the immediate focus is on whether the Nifty can sustain its position above 24,350 and move towards the 24,500 level. Analysts have identified the 24,000-24,100 zone as an important support area, while 24,500-24,600 remains a key resistance zone.

Investors are also tracking movements in crude oil prices, the rupee, global markets and geopolitical developments. Any sharp rise in crude prices could affect inflation expectations and corporate margins, while a stable currency and easing global concerns could support further buying.

For now, the Sensex and Nifty appear to be drawing strength from a combination of earnings, selective sector rotation and renewed foreign buying.

Bajaj Finance, M&M and other financial and auto stocks are leading the gainers, while Infosys, TCS, HCL Technologies and other IT names are facing selling pressure. The direction of the Sensex and Nifty through the session will depend largely on whether buying in financials and other heavyweight stocks can continue to absorb the IT-led losses.

The IT correction has created some volatility, but strong financial and auto stocks are preventing it from turning into a broader market sell-off.

 

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Beyond

Abu Dhabi tightens junk food supermarket rules

Abu Dhabi is changing the way shoppers encounter unhealthy food in supermarkets, with authorities moving to make healthier choices easier without banning the products people like to buy.

From January 1, 2027, supermarkets across the emirate will have to stop placing high-fat, salt and sugar (HFSS) food and beverages in prominent, high-traffic areas such as store entrances, checkout counters and end-of-aisle displays.

The new Responsible Food and Beverage Placement Policy has been launched by Healthy Living in collaboration with the Abu Dhabi Registration Authority (ADRA), the regulatory arm of the Abu Dhabi Department of Economic Development (ADDED). The policy will become mandatory from the start of next year.

The change is not a ban on junk food. Consumers will still be able to buy their preferred snacks, sweets, sugary drinks and other products classified as unhealthy. The difference will be where and how prominently these products are displayed.

Under the new rules, food and beverages classified as unhealthy under the Abu Dhabi Public Health Centre’s SEHHI system cannot be placed in areas where shoppers are most likely to see them or make impulse purchases. They will continue to be available in their regular store aisles.

The policy will apply to physical supermarkets larger than 4,000 square feet. It will also extend to online supermarket platforms, bringing digital shopping spaces under the same approach.

On online grocery platforms, HFSS products will no longer be allowed to receive prominent placement on homepages, search results, promotional pop-ups or checkout pages.

That means a shopper browsing an online supermarket may still find a packet of chips, a sugary drink or another HFSS product, but such products will not be pushed as prominently through the platform’s design.

For shoppers, the change may be most noticeable at the checkout. Instead of being surrounded by tempting snacks while waiting to pay, customers are expected to see fewer less-nutritious products in these high-exposure locations.

Officials say the idea is to address impulse buying rather than restrict personal choice.

Dr Ahmed AlKhazraiji, Executive Director of Healthy Living, said the policy is based on behavioural science and evidence from other markets. The thinking is straightforward: what shoppers see first can influence what they eventually put in their baskets.

The policy therefore seeks to change the shopping environment rather than lecture consumers about what they should eat.

Mohamed Munif Al Mansoori, Director-General of ADRA, said the initiative reflects Abu Dhabi’s focus on consumer health, safety and wellbeing. Authorities also plan awareness efforts to help people better understand their food choices.

The policy was developed with several government bodies, including the Department of Health, Abu Dhabi Public Health Centre, Abu Dhabi Quality and Conformity Council and Abu Dhabi Agriculture and Food Safety Authority.

Officials also consulted retailers while developing the standards, with the aim of making the requirements practical for supermarkets and online grocery businesses.

Some retailers have already moved ahead of the January 2027 deadline. Carrefour has completed implementation of the Responsible Food and Beverage Placement Standards across its stores in Abu Dhabi, according to authorities.

For supermarket operators, the policy will require changes to store layouts, promotional strategies and digital merchandising. Checkout displays and end-of-aisle promotions are important retail tools because they can encourage customers to make unplanned purchases. Moving HFSS products away from these areas could therefore change how retailers market certain food and beverage categories.

The impact will extend beyond physical shops. Online grocery platforms will also need to review how products appear in search results and promotional sections. This brings e-commerce food retail into Abu Dhabi’s wider public-health strategy.

The move forms part of Abu Dhabi’s broader Healthy Living strategy, which focuses on prevention and healthier lifestyles. The emirate has already introduced measures targeting food environments in schools, including rules aimed at encouraging healthier food choices among children.

The latest supermarket policy takes that approach into everyday shopping.

Rather than telling residents that certain foods are off limits, authorities are trying to make the healthier option easier to notice. A shopper can still walk down the aisle and pick up the same chocolate bar, crisps or sugary beverage. What changes is whether that product is waiting at the entrance, next to the checkout or pushed to the top of an online shopping page.

For retailers, the next few months will be about adapting before the January 1, 2027 compliance deadline. For consumers, the change could mean that the familiar last-minute snack near the cash counter becomes harder to find.

 

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Corporate

Indo-MIM makes strong debut, shares surge 45%

Indo-MIM shares made a strong debut on the stock exchanges on Thursday, July 30, rising nearly 45% above the company’s initial public offering (IPO) price. The precision engineering components maker listed at Rs 703 per share on the BSE, a 44.94% premium over its issue price of Rs 485. On the National Stock Exchange (NSE), Indo-MIM shares opened at Rs 700, representing a 44.32% gain.

The listing came as a pleasant surprise for investors who had been closely tracking the Indo-MIM IPO ahead of its market debut. While the grey market had already pointed to a strong listing, the actual performance was even better. Before listing, the company’s shares were reportedly commanding a grey market premium of around Rs 187, implying a potential listing price of about Rs 672 and a gain of nearly 39% over the IPO price. The stock, however, opened considerably higher at Rs 700-703.

The buying interest did not stop at the opening price. On the BSE, Indo-MIM shares climbed as high as Rs 725.15 during early trading, marking a gain of 49.51% from the issue price. The sharp movement reflected the strong demand that had already been visible during the IPO subscription period.

Indo-MIM’s Rs 3,811-crore IPO was open for subscription from July 23 to July 27. The issue was priced in the range of Rs 461 to Rs 485 per share, with investors bidding aggressively throughout the offer period. By the final day, the IPO was subscribed 72.34 times, with bids received for around 39.85 crore shares against approximately 5.50 crore shares on offer.

Institutional investors were particularly enthusiastic about the issue. The qualified institutional buyer (QIB) portion was subscribed 204.34 times, while the non-institutional investor (NII) category received bids for 50.63 times the shares reserved for it. The retail investor portion was subscribed 6.67 times, while the employee portion also saw 6.67 times subscription. The broad-based demand gave the Indo-MIM IPO considerable momentum before its listing.

The public issue consisted of a fresh issue of shares worth around Rs 500 crore and an offer for sale (OFS) of about 6.83 crore shares by existing shareholders. According to the company’s IPO plans, around Rs 400 crore from the fresh issue proceeds will be used to repay or prepay certain outstanding borrowings. The remaining funds will be used for general corporate purposes.

The strong stock market debut has also brought attention back to Indo-MIM’s business model and its position in the precision manufacturing industry. Headquartered in Bengaluru and incorporated in 1996, the company manufactures precision engineering components using Metal Injection Molding, or MIM, technology. It provides end-to-end manufacturing solutions and serves a range of industries, including automotive, aerospace, defence, medical and consumer sectors.

Indo-MIM’s diversified customer base and its presence across several industrial applications were among the factors that helped build investor interest in the IPO. The company is also described as the world’s largest Metal Injection Molding company by installed capacity, giving it a significant position in a specialised manufacturing segment.

However, the spectacular Indo-MIM share price debut also brings a note of caution for investors. After a nearly 45% listing gain, the stock is trading at a valuation considerably higher than the IPO price. Analysts have pointed out that the sharp rise could lead to profit booking in the near term, particularly among investors who received shares through the IPO allotment.

Market observers have suggested that investors with a long-term view could continue to track the company’s business performance and growth prospects, while those sitting on sizeable listing gains may consider booking part of their profits. One analyst cited by Business Standard noted that the stock was trading well above its pre-issue valuation and could see near-term volatility after the sharp listing pop.

For investors, the Indo-MIM IPO listing is therefore a story of strong demand meeting an equally strong market debut. The company’s shares not only delivered substantial gains to IPO allottees but also outperformed expectations based on the grey market premium. The focus will now shift from the listing-day excitement to whether Indo-MIM can justify its higher market valuation through sustained earnings growth, expanding business opportunities and continued demand for its precision engineering solutions.

With the company entering the listed market at a valuation of around Rs 35,133 crore at the time reported during early trading, Indo-MIM has made an impressive transition from an unlisted precision manufacturing business to a closely watched stock market name.

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Beyond

Bengaluru restaurants warn Swiggy, Zomato

Bengaluru’s restaurant industry is preparing for a possible showdown with food delivery giants Swiggy and Zomato. Restaurant owners have warned that they could stop accepting orders through the two platforms from August 15 unless their concerns over high commissions and other charges are addressed.

The warning comes after months of discussions between restaurant representatives and the food delivery companies. The Bangalore Hotels Association (BHA) has said the talks have not produced the changes restaurants are looking for. It has now given Swiggy and Zomato a deadline to respond to their demands.

For restaurants, the biggest concern is the amount of money that disappears from every online order before the final payment reaches them. While commissions can typically be in the 15% to 30% range, restaurant owners say the actual deduction can become much higher once taxes, promotional costs, advertising expenses and other charges are included.

This has become a major issue for restaurants operating on already tight margins. An order may generate good revenue on paper, but the restaurant still has to pay for ingredients, kitchen staff, rent, electricity, packaging and other expenses. After platform-related deductions, owners say there is often very little left as profit.

Restaurant owners are also questioning the way discounts are handled on food delivery apps. They argue that restaurants are sometimes expected to bear part of the cost of promotional offers, even when the discounts are designed to attract customers to the platform.

The restaurant industry wants greater transparency over these deductions. Owners are seeking detailed settlement statements that clearly explain how much has been charged for commissions, advertising, promotions, taxes and other services.

Another major concern is the treatment of cancelled orders and customer complaints. Restaurants say they can suffer losses when food has already been prepared but an order is cancelled. They want clearer rules and compensation in cases where the restaurant has incurred the cost of preparing the meal.

Restaurant associations are also asking platforms to ensure that promotional campaigns are voluntary. They want restaurants to have a simple way to opt out of discounts and advertising programmes instead of being automatically included.

The issue has been building for several years. Restaurant owners have repeatedly argued that their dependence on large food delivery platforms has reduced their bargaining power. At the same time, restaurants cannot easily leave these platforms because Swiggy and Zomato provide access to millions of customers.

That dependence is at the heart of the current dispute. For a small restaurant, being listed on a food delivery app can bring in customers who may never visit the outlet physically. But the same platform can also take a significant share of the order value.

The Bangalore Hotels Association estimates that Bengaluru has around 34,000 hotels and restaurants, with nearly 20,000 using online food delivery platforms. If a large number of establishments participate in the proposed boycott, customers could see fewer restaurants available on Swiggy and Zomato from August 15.

The National Restaurant Association of India (NRAI) has supported the concerns raised by Bengaluru’s restaurant community. However, the wider industry body has also stressed the importance of dialogue and finding a workable solution rather than allowing the dispute to escalate.

Restaurant owners insist that the proposed boycott is not necessarily an attempt to permanently sever ties with Swiggy and Zomato. Instead, they want to push for what they describe as a more sustainable relationship between restaurants and food delivery platforms.

The financial pressure on restaurants has become more noticeable as operating costs have increased. Ingredients, wages, rent, electricity and packaging expenses have all become important components of a restaurant’s cost structure. Owners argue that high platform commissions make it increasingly difficult to absorb these expenses without raising menu prices.

Customers can also feel the impact. Prices on delivery apps are often higher than those offered directly at restaurants, partly because businesses need to account for delivery commissions and other platform costs. A prolonged dispute could therefore affect not only restaurants and delivery companies but also consumers.

The growing competition in the food delivery space could give restaurants more alternatives. Rapido-backed Ownly has entered the market with a zero-commission approach for restaurants, while several businesses are also exploring the Open Network for Digital Commerce, or ONDC.

For Swiggy and Zomato, restaurant partners remain an essential part of the business. But running large delivery networks involves technology, logistics, customer support and marketing costs. The companies therefore have to balance restaurant demands with the economics of operating their platforms.

The next few weeks will be important for both sides. If Swiggy, Zomato and restaurant associations manage to reach an agreement, the August 15 boycott could be avoided. If discussions fail, Bengaluru could witness a significant disruption in online food ordering.

The dispute ultimately comes down to the economics of a single food order. Restaurants want a larger share of the money they earn, while delivery platforms need enough revenue to maintain their technology and delivery networks. Finding a middle ground will be crucial if both sides want the online food delivery business to continue growing.

For Bengaluru’s restaurants, the message is clear: access to customers matters, but so does profitability. With August 15 approaching, the focus is now on whether the two sides can find common ground before the threatened boycott becomes reality.

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Leaders

P&G appoints CEO Shailesh Jejurikar as board chairman

Procter & Gamble (P&G) has appointed Shailesh Jejurikar as Chairman of its Board of Directors, adding another major responsibility to the Indian-origin executive’s leadership role at one of the world’s biggest consumer goods companies. The appointment will take effect from August 1, 2026, with Jejurikar continuing as the company’s President and Chief Executive Officer.

The move marks an important step in P&G’s planned leadership transition. Jejurikar became P&G’s President and CEO on January 1, 2026, succeeding Jon Moeller. He will now take over the chairmanship as Moeller prepares to leave the company after a 38-year career. Moeller will retire from P&G’s Board on July 31 and from the company on August 14.

The transition brings the company’s top executive and board leadership together under Jejurikar at a time when P&G continues to navigate changing consumer behaviour, global competition, supply chain pressures and evolving market conditions.

Jejurikar has spent more than three decades at P&G, giving him a deep understanding of the company and its businesses. He joined the organisation in 1989, shortly after completing his MBA from the Indian Institute of Management Lucknow. He also holds a bachelor’s degree in Economics from Mumbai University. Born in Mumbai, Jejurikar has built an international career spanning North America, Europe, Asia, Africa and Latin America.

His career at P&G has involved several important businesses and leadership positions. He worked across Fabric Care, Home Care, Health Care and Beauty, gradually taking on larger responsibilities across markets and functions. Before becoming CEO, he served as Chief Operating Officer, where he was responsible for P&G’s Enterprise Markets, including Latin America, India, the Middle East, Africa, Southeast Asia and Eastern Europe.

As COO, Jejurikar was also responsible for or closely involved with several major corporate functions, including information technology, global business services, sales, market operations, purchasing, manufacturing, distribution and new business. This experience has given him exposure not only to consumer brands but also to the operational systems that support a global company.

His earlier leadership roles included serving as CEO of Global Fabric and Home Care from 2019 to 2021, President of the Global Fabric Care & Home Care Sector from 2018 to 2019 and President of Global Fabric Care from 2015 to 2018. During these years, he helped strengthen P&G’s Fabric Care and Home Care businesses across several major international markets.

Jejurikar has also been involved in P&G’s sustainability efforts. He served as Executive Sponsor for Global Sustainability between 2016 and 2021, with a focus on integrating sustainability into the company’s everyday business operations and creating long-term value for consumers and shareholders.

With his appointment as Chairman, Jejurikar will bring together his operational experience, consumer understanding and strategic leadership at both the executive and board levels. P&G said his career has given him experience in regional and global brand development, commercial strategy, business management and risk management across diverse markets.

The company currently operates in around 70 countries and has a portfolio of widely recognised consumer brands, including Tide, Ariel, Pampers, Gillette, Head & Shoulders, Pantene, Olay, Oral-B, Vicks and Whisper. P&G says its products reach around five billion people in more than 180 countries every year.

For Jejurikar, the new role also carries the responsibility of guiding the company’s Board during the next phase of its growth. His long association with P&G means the leadership change is less about a sudden shift and more about extending an already familiar hand at the top.

Commenting on Moeller’s departure, Jejurikar acknowledged his predecessor’s long contribution to P&G and credited his strategic vision with helping shape the company. Moeller held several senior positions during his 38 years at P&G, including Chief Financial Officer, Chief Operating Officer, Chief Executive Officer and Executive Chairman.

The appointment therefore closes one chapter of P&G’s leadership story while giving Jejurikar a wider mandate. As President, CEO and now Chairman, he will be at the centre of the company’s strategy, governance and execution.

For Indian business observers, the appointment is also significant because of Jejurikar’s Mumbai roots and his rise through a global organisation over more than three decades. His journey from joining P&G in 1989 to becoming its President and CEO and now Chairman highlights the depth of leadership opportunities within multinational consumer goods companies.

The immediate focus for Jejurikar will be to maintain P&G’s momentum while responding to rapidly changing consumer needs, technological shifts, global economic pressures and intense competition. With extensive experience across markets and business functions, he enters the chairmanship with a detailed understanding of both the company’s strengths and the challenges ahead.

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Leaders

Nandita Sinha takes charge of Swiggy Instamart growth

Swiggy has appointed former Myntra chief executive Nandita Sinha as the new CEO of Instamart, signalling a fresh leadership chapter for its fast-growing quick commerce business. She will assume the role on August 3, taking over from Amitesh Kumar Jha, who is stepping down after leading the grocery delivery platform through a period of rapid expansion.

The leadership change comes as India’s quick commerce sector witnesses fierce competition, with companies racing to strengthen delivery networks, improve customer experience and move closer to profitability. Swiggy believes Sinha’s extensive experience in e-commerce and consumer businesses will help Instamart accelerate its next phase of growth.

Sinha joins Instamart after a successful stint as CEO of Myntra, where she played a key role in expanding the fashion platform’s customer base, strengthening brand partnerships and driving business growth. Before leading Myntra, she held several senior leadership positions within the Flipkart Group and earlier worked with consumer goods companies Hindustan Unilever and Britannia Industries.

Her experience spans retail, digital commerce, technology and brand building, making her one of the most seasoned business leaders in India’s consumer internet ecosystem. Industry experts believe that background will be valuable as Instamart navigates an increasingly crowded quick commerce market.

Announcing the appointment, Swiggy said Sinha’s proven ability to scale businesses, build strong teams and deliver customer-focused growth makes her the right leader to guide Instamart through its next phase.

Sinha succeeds Amitesh Kumar Jha, who joined Swiggy from Flipkart and was instrumental in transforming Instamart into one of India’s leading quick commerce platforms. During his tenure, the business significantly expanded its footprint, strengthened supply chains and improved operational efficiency while focusing on sustainable growth.

In his farewell message, Jha reflected on Instamart’s journey, saying the company had evolved from pursuing rapid expansion to building a business with stronger financial discipline. He noted that the platform had established a solid foundation for long-term profitability while continuing to scale its operations across the country.

Swiggy thanked Jha for his contribution in building the quick commerce business and said it remains committed to expanding Instamart’s reach under Sinha’s leadership.

The appointment comes at a critical time for the quick commerce industry. What began as a niche convenience service has rapidly evolved into one of India’s fastest-growing segments in e-commerce. Consumers increasingly expect groceries, fresh produce, household essentials and other everyday items to be delivered within minutes, prompting companies to invest heavily in technology, logistics and neighbourhood fulfilment centres.

Instamart currently competes with Blinkit, Zepto, Amazon and Flipkart Minutes in a market where speed, convenience and customer loyalty have become key differentiators. As competition intensifies, companies are also placing greater emphasis on profitability after years of aggressive expansion.

Analysts say Swiggy’s decision to bring in a leader with deep experience in digital retail reflects a shift towards building a stronger, more sustainable business. Beyond expanding market share, the focus is increasingly on improving customer retention, operational excellence and efficient execution.

The leadership transition also comes ahead of Swiggy’s upcoming financial results, making it an important development for investors monitoring the company’s quick commerce strategy. Instamart has emerged as one of Swiggy’s biggest growth drivers and is expected to play an even larger role in the company’s long-term plans.

Market reaction to the announcement has been positive, with investors viewing Sinha’s appointment as a strategic move that strengthens Swiggy’s leadership bench. Her experience in managing large consumer businesses and scaling technology-led operations is expected to support Instamart’s ambitions in a highly competitive market.

Sinha is widely recognised for her collaborative leadership style and customer-first approach. Over the years, she has emphasised the importance of accountability, innovation and building empowered teams—qualities that Swiggy believes will help Instamart continue evolving in a fast-changing business environment.

Her appointment also reflects a broader trend in India’s startup ecosystem, where experienced leaders from established technology companies are increasingly being chosen to lead high-growth businesses. As competition becomes more intense, companies are placing greater value on proven execution and operational expertise.

For Swiggy, the leadership change is more than just a routine executive appointment. It represents a strategic step aimed at strengthening Instamart’s position in India’s booming quick commerce market. With Nandita Sinha at the helm, the company hopes to deepen customer engagement, expand its presence across cities and drive profitable growth as demand for rapid grocery and essentials delivery continues to rise.