Author: Sreelatha M

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Mumbai Airport to reduce international flights

Mumbai airport will cut 265 weekly international flights from October 25 as Terminal 1 (T1) begins a phased closure for redevelopment.

Mumbai International Airport Ltd has asked 46 airlines to reduce international departures by around 33%, from the current 770 weekly services. The move will create capacity at Terminal 2 as domestic operations shift from T1.

IndiGo is expected to see 74 weekly international flights affected, while Air India faces a reduction of 33. Emirates and Etihad Airways are each expected to cut 10 services.

Passengers have been advised to check revised airline schedules before travelling.

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Mumbai airport to cut 265 weekly flights

Mumbai airport is set to reduce 265 weekly international flights from October 25 as part of a major operational reshuffle linked to the redevelopment of Terminal 1 (T1). The temporary cuts will affect airlines operating from Chhatrapati Shivaji Maharaj International Airport as the airport prepares to accommodate additional domestic traffic at Terminal 2 (T2).

Mumbai International Airport Ltd (MIAL), which operates the airport, has asked airlines to reduce international departure slots by about 33% from the start of the winter flight schedule on October 25. The airport currently handles around 770 international departures a week operated by 46 airlines.

The reduction is connected to the planned phased closure of T1. The terminal, which primarily handles domestic flights, is being taken out of service to make way for redevelopment. As T1 operations are shifted, additional domestic flights and passengers will have to be accommodated at T2, which also handles international traffic.

The move means airlines will have to temporarily reduce or adjust their international schedules from Mumbai. The 265-flight reduction represents roughly one-third of the airport’s current weekly international departures.

IndiGo is expected to see the largest reduction among Indian carriers, with 74 weekly international departures affected from its existing schedule of 224. Air India is expected to reduce 33 international services from its current 100 weekly departures.

Other Indian airlines will also be affected. Akasa Air is expected to reduce 11 weekly international flights, while Air India Express and SpiceJet face reductions of seven and five services respectively.

Foreign airlines will also have to adjust their Mumbai operations. Emirates and Etihad Airways are each expected to reduce 10 weekly international departures. Both carriers currently operate 28 international flights a week from Mumbai.

The changes are expected to remain temporary and are linked to the airport’s redevelopment programme rather than a permanent withdrawal of these international routes. Airlines will decide how to modify their schedules based on available slots and operational requirements.

The phased shutdown of T1 is expected to begin from October 25, with redevelopment work scheduled to start in January 2027. The airport operator plans to shift domestic operations progressively rather than close the terminal’s entire operation at once.

The transition is expected to move about five million domestic passengers a year from T1 to T2. This will put additional pressure on T2, making the temporary reduction in international services necessary to create operating capacity.

The redevelopment is expected to transform T1 and improve Mumbai’s airport infrastructure over the longer term. In the immediate period, however, the airport faces the challenge of managing more domestic traffic while continuing international operations from T2.

The changes have also triggered concerns among airlines. The International Air Transport Association (IATA) has sought greater coordination between airlines, airport operators and the government during the transition. It has called for clarity around the process, timelines and allocation of airport capacity.

The planned changes also come as Navi Mumbai International Airport prepares to take on a larger role in the region’s aviation network. The new airport is expected to provide additional capacity for the Mumbai metropolitan area and could eventually absorb some services currently operating from Mumbai airport.

However, splitting operations between the two airports has raised practical concerns among some airlines. Air France-KLM, for example, has expressed reservations about dividing its Mumbai services between the two airports, citing operational challenges.

The airport operator has been consulting airlines about their transition plans. MIAL held discussions with carriers in September and asked them to submit details of how they planned to adjust their operations. Airlines have also been asked to identify international departure slots that they would temporarily discontinue.

The process is expected to continue over the coming weeks as carriers finalise their winter schedules. The exact impact on individual routes will depend on the decisions made by each airline and subsequent operational approvals.

Passengers travelling internationally from Mumbai are likely to notice changes in flight frequencies and timings. Some routes could have fewer weekly services, while certain flights may be rescheduled. Travellers with connecting journeys could also see changes to available departure times.

Passengers flying around the October 25 transition date should therefore check their airline’s latest schedule before travelling. Flight information may change as airlines finalise their revised plans.

The scale of the reduction reflects the operational challenge facing one of India’s busiest airports. Mumbai has limited land and terminal capacity, while passenger demand continues to remain high. Redeveloping T1 requires the airport to temporarily rebalance how its existing terminals are used.

The long-term objective is to create additional and more modern airport capacity for Mumbai. The redevelopment of T1, combined with the expansion of Navi Mumbai International Airport, is expected to create a larger aviation network for the region.

Until those projects are completed, however, airlines and passengers will have to navigate a period of adjustment. The October 25 changes are likely to be the first major step in that transition, with international flight schedules expected to remain under close review as Mumbai airport prepares for the next phase of redevelopment.

 

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Venu Srinivasan seeks Tata Trusts probe

A fresh governance dispute has emerged within Tata Trusts, with trustee Venu Srinivasan seeking an inquiry into the administration of two key trusts and questioning the appointments and powers of chairman Noel Tata and his son Neville Tata.

Srinivasan, who is a trustee of the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), has approached the Maharashtra Charity Commissioner seeking an immediate inquiry into the governance of the trusts. His move adds another layer to the ongoing differences between Tata Trusts and the board of Tata Sons, the holding company of the Tata Group.

In his September 24 letter, Srinivasan questioned the basis on which Noel Tata became a perpetual trustee and subsequently chairman of Tata Trusts. He also raised objections over the appointment of Neville Tata as a trustee of SDTT and alleged that he was excluded from parts of the decision-making process surrounding the appointment.

Srinivasan has also asked the Charity Commissioner to examine the wider role played by the trusts in the commercial and strategic affairs of Tata Sons. His contention is that the charitable trusts have become increasingly involved in decisions concerning the commercial company, raising questions about the separation between their philanthropic objectives and Tata Sons’ business affairs.

Tata Trusts collectively own about 66% of Tata Sons, giving them significant influence over the holding company and, indirectly, the wider Tata Group. Tata Sons has interests across sectors including technology, automobiles, steel, aviation, consumer products and financial services.

The latest dispute is closely linked to the disagreement over the future governance and restructuring of Tata Sons. Srinivasan has supported the proposed listing of Tata Sons, while Tata Trusts have opposed aspects of the process and questioned decisions taken by the Tata Sons board.

A major flashpoint came on September 17, when the Tata Sons board backed the reappointment of N Chandrasekaran as chairman. Tata Trusts subsequently maintained that the resolution was legally invalid because both trust-nominated directors had not supported it. Noel Tata voted against the proposal, while Srinivasan voted in favour. The Trusts have maintained that their nominee directors’ support was necessary under Tata Sons’ Articles of Association.

Srinivasan has separately challenged an SDTT circular resolution that sought to restrict his participation in discussions and voting related to the proposed Tata Sons listing. He has argued that the move attempted to prevent him from exercising independent judgment as a nominee director.

The dispute highlights a complex governance structure in which Tata Trusts, despite being philanthropic organisations, have substantial shareholder rights in Tata Sons. Questions over how trustees should exercise those rights have become increasingly important as the group considers changes to its ownership and corporate structure.

Srinivasan has asked the Charity Commissioner to consider whether trustees should be suspended or removed if an inquiry establishes grounds for such action. He has also sought restrictions on certain decisions involving Noel Tata, including matters connected with Tata Sons. These are requests made by Srinivasan and do not represent findings by the regulator.

The controversy has also widened beyond Srinivasan. Tata Trusts vice-chairman Vijay Singh has approached the Maharashtra Charity Commissioner separately, seeking an inquiry into the trust’s involvement in Tata Sons and raising questions about recent governance decisions.

The Charity Commissioner’s office has been examining developments involving the trusts. The regulatory backdrop has become particularly important after the Sir Ratan Tata Trust faced a freeze earlier this year over issues connected with the Maharashtra Public Trusts Act. The freeze had consequences for Tata Sons, including delays involving its annual general meeting.

Tata Trusts have responded to the latest complaint by filing caveats with the Charity Commissioner’s office, seeking to ensure that they are heard before any order is passed. A caveat allows a party to request prior notice before a court or authority takes a decision affecting it.

Noel Tata became chairman of Tata Trusts in October 2024 following the death of Ratan Tata. The trustees had said at the time that his appointment was unanimously approved. In November 2025, SDTT announced Neville Tata’s induction as a trustee for a three-year term. Srinivasan was also appointed trustee and vice-chairman for three years.

The latest developments therefore involve both personalities and broader questions about corporate governance, trustee powers and shareholder rights. At the centre is the relationship between Tata Trusts and Tata Sons and how decisions affecting the wider Tata Group should be taken.

 

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India cuts windfall tax on diesel, ATF exports

The government has reduced the windfall tax on exports of diesel and aviation turbine fuel (ATF), giving fuel exporters some relief from the higher levies imposed during the West Asia crisis. The revised rates came into effect on October 1 and will apply for the next fortnight.

The special additional excise duty (SAED), along with the applicable road and infrastructure cess, on diesel exports has been reduced to ₹16 per litre from ₹20 per litre. The levy on ATF exports has been cut to ₹10.50 per litre from ₹15 per litre. The export duty on petrol remains unchanged at ₹0.50 per litre.

The latest move marks another reduction in fuel export duties as international crude oil and refined product prices change. The government reviews these levies every two weeks, allowing it to adjust the tax burden in line with global market conditions.

The previous revision came on September 16, when the diesel export duty was reduced to ₹20 per litre from ₹25 per litre. The ATF levy was also lowered at that time, falling to ₹15 per litre from ₹19 per litre.

The latest cut means the diesel export levy has now fallen by ₹9 per litre from the rate that applied before the September 16 review. The ATF levy has declined by ₹8.50 per litre over the same period.

The windfall tax has been an important part of the government’s response to sharp movements in global energy prices. India had reintroduced export duties on diesel and ATF in March 2026 as tensions in West Asia pushed crude oil prices higher. The levy was designed to protect domestic fuel availability and discourage refiners from sending larger volumes overseas when international prices offered stronger returns.

India had originally introduced windfall taxes on fuel exports in July 2022 when global energy prices surged. The earlier regime was withdrawn in 2024, before the government brought back export duties in 2026 amid renewed pressure in international oil markets.

The current system gives the government flexibility to respond to changes in crude oil prices, refined fuel margins and international demand. A lower export tax can improve the economics for Indian refiners selling diesel and jet fuel in overseas markets, while the government continues to monitor domestic supply.

The move is particularly relevant for India’s large refining companies, which have significant exposure to petroleum product exports. Reliance Industries and state-owned refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum operate large refining capacities and participate in international fuel markets.

A lower windfall tax can reduce the amount paid to the government on every litre exported, potentially improving export margins when global prices are attractive. The actual benefit, however, will depend on crude prices, refining margins, freight costs, currency movements and demand in overseas markets.

The latest change applies only to exports. There has been no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption, meaning the reduction in export taxes does not directly translate into a cut in petrol or diesel prices at Indian fuel stations.

The distinction is important because windfall tax and domestic fuel taxation operate separately. The latest notification concerns petroleum products being exported from India rather than fuel sold to consumers within the country. Domestic fuel prices continue to reflect their own pricing structure and market conditions.

There are also separate developments in the domestic fuel market from October 1. Aviation turbine fuel prices have increased by ₹16 per litre, while commercial LPG prices have also risen. These changes are separate from the reduction in export duties and do not mean that the lower ATF export tax has reduced the price of jet fuel for domestic airlines.

The ATF export levy is now ₹10.50 per litre, but domestic ATF prices are determined through the pricing framework followed by oil marketing companies and are influenced by international jet fuel prices and other market factors.

The government’s fortnightly review of the windfall tax means the rates could change again later in October. Any further adjustment will depend largely on the direction of international crude oil and petroleum product prices, along with developments in global energy markets.

The policy also remains important for government revenue and the refining sector. A higher levy can increase collections when export margins rise sharply, while a lower rate can leave refiners with greater flexibility in overseas markets. The balance can change quickly as global energy conditions shift.

Refiners and fuel exporters therefore remain closely exposed to international market movements. Changes in crude prices, product cracks, shipping costs and currency rates can influence the commercial impact of every tax revision.

The latest reduction provides some breathing room as refiners navigate volatile global conditions. The broader policy continues to balance two objectives: maintaining domestic petroleum supplies while allowing Indian refiners to remain competitive in international markets.

 

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Cabinet clears ₹1.86 lakh cr Green Energy corridor

The Union Cabinet has approved a ₹1.86 lakh crore Green Energy Corridor Phase-III programme to strengthen India’s power transmission network and enable the evacuation of up to 135 GW of renewable energy. The scheme brings transmission infrastructure and battery storage together as India prepares for a major expansion of clean power.

The programme, to be implemented by FY2032-33, has a total outlay of ₹1,86,405 crore. Around ₹1,36,378 crore will be used to develop and strengthen intra-state transmission systems, while ₹50,000 crore has been earmarked for 50 GWh of Battery Energy Storage Systems (BESS). The Centre will provide ₹54,082 crore in financial assistance under the scheme.

The initiative addresses a growing challenge for India’s renewable energy sector. Adding solar and wind capacity is only one part of the clean energy transition. Electricity generated at renewable energy projects must also be transported to homes, businesses and industries. Many large renewable projects are located far from major demand centres, making transmission infrastructure critical.

The new Green Energy Corridor will strengthen intra-state transmission networks to help move renewable electricity more efficiently. The expanded network is expected to improve the integration of solar and wind power into the wider electricity grid and support the evacuation of electricity from renewable-rich areas.

Battery storage will provide another layer of flexibility. The planned 50 GWh of Battery Energy Storage Systems can be deployed at renewable energy generation sites or at locations that are important for grid management.

Solar and wind generation naturally varies. Solar output falls sharply after sunset, while wind generation depends on weather conditions. Battery storage can help store electricity when generation is high and release it when demand increases or renewable output declines.

The storage component is also expected to help address renewable energy intermittency, transmission congestion and curtailment. During periods when renewable generation exceeds the available transmission capacity or demand, some electricity may otherwise have to be curtailed. Storage can provide an additional way to use that power later.

The government expects the programme to improve grid flexibility and support more reliable integration of renewable energy. It will also help strengthen the country’s ability to manage changing electricity demand and supply patterns as clean power accounts for a growing share of generation.

The financial support under the programme is aimed at helping states undertake major transmission investments. The Centre’s assistance will help reduce the financial burden associated with intra-state transmission infrastructure and support the development of renewable power evacuation networks.

The programme also provides opportunities for private-sector participation. Greenfield transmission projects will be awarded through Tariff-Based Competitive Bidding, while brownfield projects and network strengthening will follow a cost-plus approach. Transmission service providers selected through competitive bidding will be responsible for building, owning, operating and maintaining the assets.

The scale of the investment is expected to create demand across the power infrastructure sector. Transmission equipment manufacturers, engineering and construction companies, grid technology providers and energy storage developers could see new opportunities as projects are rolled out.

The battery storage component could also support the development of India’s energy storage ecosystem. Demand is expected to increase for batteries, power conversion systems, control equipment and related infrastructure as utilities and renewable energy developers look for ways to manage intermittent electricity generation.

The latest programme builds on India’s earlier Green Energy Corridor initiatives. The first two phases focused on strengthening transmission infrastructure in renewable-rich states and were designed to support the evacuation of around 44 GW of renewable energy.

The third phase substantially increases the scale of planned renewable energy evacuation. It also gives energy storage a much larger role, reflecting the changing requirements of India’s electricity grid.

India is targeting 500 GW of non-fossil fuel-based power capacity by 2030. The country has already expanded its renewable and other non-fossil generation capacity significantly, but achieving the next stage of growth will require major investment in supporting infrastructure.

The transmission network itself is planned to expand considerably in the coming years. India’s transmission network is expected to increase from around 5.09 lakh circuit km in June 2026 to about 6.48 lakh circuit km by 2032. Transformation capacity is also planned to rise from around 1,478 GVA to 2,345 GVA during the same period.

Inter-regional transmission capacity is expected to increase from around 120 GW to 168 GW. This expansion will allow electricity to move more efficiently between regions and provide greater flexibility to the national power grid.

For renewable energy developers, better transmission availability could make it easier to connect new projects to the electricity network. For power distribution companies, greater storage and grid flexibility could provide additional options to manage peak demand and fluctuations in renewable generation.

The programme is also expected to create employment across power infrastructure, construction, manufacturing, engineering and energy storage. As new transmission lines, substations and storage projects are developed, demand is likely to rise for skilled workers and specialised services.

The ₹1.86 lakh crore programme marks a broader shift in India’s renewable energy strategy. The focus is moving beyond simply adding generation capacity towards building the transmission and storage infrastructure needed to use that electricity effectively.

By combining renewable power evacuation with battery storage, the Green Energy Corridor aims to give the electricity grid greater capacity and flexibility. The programme is expected to play an important role in supporting India’s clean energy expansion through 2032-33.

 

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Corporate

DeepSeek Huawei team up on AI chip software

Chinese artificial intelligence company DeepSeek has partnered with Huawei Technologies to develop programming tools for Huawei’s Ascend AI chips, marking a fresh step in China’s push to build a stronger domestic AI technology ecosystem.

The partnership focuses on the software needed to make AI chips easier and more efficient to use. DeepSeek has released open-source programming infrastructure for Huawei’s Ascend platform, covering tools designed to support computation and communication between chips.

The move is significant because advanced AI hardware needs a strong software ecosystem to reach its full potential. Nvidia has built a major advantage through its CUDA software platform, which developers widely use to program and optimise AI workloads on Nvidia GPUs. DeepSeek and Huawei are now working on alternatives designed specifically for Chinese AI processors.

A key part of the collaboration is TileLang, an open-source programming language developed to simplify the process of programming AI chips. DeepSeek says the language allows developers to work at a higher level while still accessing the performance of the underlying hardware.

The goal is to make it easier to develop and optimise AI applications without relying heavily on Nvidia’s software ecosystem. DeepSeek has described the development of such programming infrastructure as an important step towards creating a more independent AI computing ecosystem.

The companies have also worked together on a computing system built around 128 Huawei Ascend 950 chips. Known as a “supernode”, the system is designed to allow a large number of AI processors to work together, improving computing and communication between the chips.

Huawei provided support for the programming infrastructure used by the system, according to DeepSeek. The development comes shortly after Huawei unveiled its next-generation AI processors and supernode systems, highlighting the company’s growing focus on large-scale AI computing.

The partnership also builds on earlier cooperation between the two companies. DeepSeek has been working to adapt its AI models to Huawei hardware, including its V4 model, which supports Huawei’s Ascend platform.

That shift is important because AI models require much more than powerful chips. Developers also need programming languages, compilers, libraries and communication systems that allow processors to work together efficiently. A strong software layer can reduce the amount of time developers spend rewriting and optimising applications for different hardware platforms.

TileLang is aimed at addressing part of that challenge. By providing a common programming framework, DeepSeek hopes developers can more easily build applications for Huawei’s AI chips while maintaining greater control over how the hardware is used.

The development comes against the backdrop of growing competition between China and the United States over advanced semiconductor and AI technology. Restrictions on the export of some advanced US chips and technology to China have pushed Chinese companies to accelerate the development of domestic alternatives.

Huawei has emerged as one of the key players in that effort, particularly through its Ascend AI chip range. DeepSeek’s involvement adds the expertise of one of China’s most closely watched AI companies to the software side of Huawei’s semiconductor strategy.

Open-source development could also help the new ecosystem attract more developers. Giving programmers access to the underlying tools allows them to experiment, adapt the software and contribute improvements. A larger developer community could eventually help expand the number of applications that can run efficiently on Huawei hardware.

Still, building a credible alternative to Nvidia’s established ecosystem will take more than releasing new software. Developers will look at performance, reliability, compatibility, documentation and hardware availability before moving large AI workloads to a new platform.

The 128-chip Ascend 950 supernode is an important technical development, but its chip count alone does not establish how it compares with Nvidia-based systems. Meaningful comparisons would require independent testing under similar workloads, hardware configurations and software conditions.

The DeepSeek-Huawei partnership therefore represents a broader shift in China’s AI strategy. The focus is moving beyond simply producing domestic AI chips towards building the software and infrastructure needed to make those chips competitive and practical at scale.

DeepSeek brings experience in developing and optimising large AI models, while Huawei brings its Ascend processors and computing infrastructure. Their collaboration aims to connect those two strengths through a stronger software layer.

The bigger challenge is reducing dependence on established foreign technologies while giving developers a practical alternative. Success will depend on how quickly the tools mature and how widely they are adopted by China’s growing AI industry.

China’s AI chip race is consequently becoming a race over software as much as hardware. Powerful processors need efficient programming tools, and DeepSeek and Huawei are betting that an open-source ecosystem can help close that gap.

The latest partnership could give Chinese developers another route to build and run AI systems using domestic technology, while adding momentum to Huawei’s wider effort to develop an alternative AI computing ecosystem.

 

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CBI arrests Nirav Modi aide in PNB scam

The Central Bureau of Investigation (CBI) has arrested Sandeep Bharat Mistry, an associate of fugitive businessman Nirav Modi, after he was deported from the United Arab Emirates and brought back to India in connection with the Punjab National Bank (PNB) fraud case.

Mistry arrived in Mumbai late on September 28 and was taken into custody by the CBI’s Bank Securities and Fraud Branch. He was produced before a special CBI court on September 29 and was sent to judicial custody until October 6. The arrest followed a non-bailable warrant issued by a special court in November 2025.

Mistry had served as a director of Fancy Creations Ltd, a Hong Kong-based company linked to Nirav Modi. According to the CBI, he allegedly acted as a key link between several entities associated with Modi and was involved in their day-to-day operations.

Investigators allege that Mistry played an active role in the criminal conspiracy through which PNB was allegedly cheated of nearly ₹6,498.20 crore. The agency has also alleged that he helped prepare forged import-export documents to create the appearance of fictitious international trade involving diamonds, gold and pearl jewellery.

The investigation covers financial transactions carried out through companies and bank accounts allegedly connected with the wider fraud. The CBI has further alleged that Mistry and other accused persons used self-deleting communication platforms to issue instructions and conceal evidence.

Investigators have also accused him and other associates of coercing people who were allegedly used as dummy directors of foreign companies. According to the allegations, some of these individuals were threatened, forced to relocate, had electronic devices seized and were made to sign documents that portrayed them as genuine owners of the companies.

The CBI has additionally alleged that funds were siphoned through bank accounts of dummy companies in the UAE. These allegations will be examined through the judicial process.

The arrest followed international efforts to trace Mistry, who was wanted in the PNB fraud investigation. An Interpol Red Notice was issued against him in July 2026 at the request of the CBI. UAE authorities subsequently traced and arrested him, following which deportation proceedings were initiated.

The CBI said the operation involved coordination with the Ministry of External Affairs and the Ministry of Home Affairs. Mistry was brought to Mumbai on September 28, where CBI officers took him into custody.

The development highlights the role of international cooperation in financial crime investigations, particularly when accused persons are located outside India. The CBI has described Mistry as an important link in the network of entities associated with the alleged PNB fraud.

The broader PNB scam came to light in 2018 and centres on alleged fraudulent Letters of Undertaking (LoUs) issued through PNB’s Brady House branch in Mumbai.

The alleged misuse of these banking instruments allowed companies linked to Nirav Modi and others to obtain credit from overseas branches of Indian banks without the required safeguards, according to the investigation.

The overall fraud involving PNB has been estimated at more than $2 billion, while the CBI’s case against Mistry specifically relates to alleged transactions involving nearly ₹6,498.20 crore.

Nirav Modi, his uncle Mehul Choksi and several other individuals have faced investigations by the CBI and Enforcement Directorate in connection with the case. The Enforcement Directorate has separately investigated alleged money-laundering aspects of the financial transactions.

Mistry’s judicial custody has been extended until October 6. The CBI did not seek his remand when he was produced before the special court on September 29.

The agency is expected to examine his alleged role in the financial transactions, his links with companies associated with Nirav Modi and the movement of funds and documents relevant to the case.

His return to India marks another development in the long-running investigation into the PNB fraud, as Indian agencies continue to pursue accused persons and financial trails across jurisdictions.

The case will now proceed through the judicial process, with investigators examining the evidence surrounding Mistry’s alleged involvement. The allegations against him remain subject to court proceedings.

 

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Corporate

J&K Bank renews Tata Motors financing tie-up

J&K Bank has renewed its Memorandum of Understanding (MoU) with Tata Motors to provide financing solutions for the automaker’s commercial vehicle portfolio, strengthening a partnership aimed at improving access to vehicle finance for businesses, transport operators and entrepreneurs.

Under the renewed agreement, J&K Bank will serve as a preferred financier for Tata Motors’ commercial vehicles across India. The partnership covers the automaker’s full range of commercial vehicles and will leverage the bank’s lending capabilities and Tata Motors’ extensive dealership network.

The agreement builds on J&K Bank’s established presence in Jammu & Kashmir and Ladakh while giving the bank an opportunity to expand its commercial vehicle financing business across the country.

The renewed partnership is aimed at customers purchasing commercial vehicles for business and professional use. This includes individual transporters, fleet operators, small businesses, entrepreneurs and companies involved in logistics, construction, infrastructure, agriculture and passenger transportation.

Under the arrangement, J&K Bank branches will coordinate with Tata Motors and its authorised dealers to facilitate financing for eligible customers. Tata Motors and its dealer network will help generate customer leads and connect prospective buyers with the bank.

Sanjay Gupta, General Manager (RAM) at J&K Bank, said the partnership combines Tata Motors’ product range and dealership network with the bank’s financing capabilities and understanding of customer requirements.

The focus on commercial vehicle finance is significant because these vehicles are often directly linked to income generation. For transporters and small businesses, financing can determine how quickly they can expand their fleet, replace older vehicles or enter new areas of commercial activity.

Tata Motors has one of India’s largest commercial vehicle portfolios, covering several segments of the transportation market.

Its range includes heavy commercial vehicles, intermediate and light commercial vehicles, small commercial vehicles, pick-ups, tippers, buses and specialised vehicles designed for specific applications.

These vehicles serve industries ranging from logistics and construction to mining, agriculture and passenger transportation.

The renewed financing arrangement gives customers another route to access funding when purchasing Tata Motors commercial vehicles. The collaboration between the manufacturer, dealers and bank is also expected to simplify coordination during the vehicle purchase and financing process.

Pinaki Haldar, Vice President and Business Head–SCVPU at Tata Motors, described J&K Bank as a valued financing partner and highlighted its understanding of customers in Jammu & Kashmir and Ladakh.

The agreement is expected to strengthen cooperation between Tata Motors, its authorised dealers and J&K Bank, helping eligible customers access financing across the company’s commercial vehicle range.

The partnership also supports J&K Bank’s broader business strategy of expanding beyond its traditional regional market.

The bank has a strong presence in Jammu & Kashmir and Ladakh, where commercial vehicles play an important role in transportation, tourism, trade, agriculture and local business activity. The renewed MoU gives it an opportunity to build on that regional expertise while offering financing support to customers across India.

Tata Motors, meanwhile, gains an additional channel for financing vehicle purchases through its dealership network and an established banking partner.

The collaboration comes at a time when vehicle finance has become an important component of the automotive sales ecosystem. Customers increasingly look for convenient financing options alongside vehicle purchases, particularly in commercial segments where upfront acquisition costs can be substantial.

Commercial vehicles support a wide range of economic activities, from moving goods and agricultural produce to supporting construction projects and passenger transportation.

Access to financing can therefore have a direct impact on the ability of small businesses and fleet operators to invest in new vehicles and increase operating capacity.

The J&K Bank-Tata Motors partnership is designed around this link between commercial vehicle finance, mobility and business expansion. By combining the bank’s lending capabilities with Tata Motors’ product portfolio and dealer network, the two companies aim to create a more streamlined financing channel for eligible customers.

For J&K Bank, the renewed arrangement provides an opportunity to deepen its commercial lending portfolio and expand its reach. For Tata Motors, it strengthens the financing infrastructure supporting its commercial vehicle business.

The performance of the partnership will ultimately depend on customer demand, dealer participation and financing volumes. Its pan-India scope, however, gives both companies a broader platform to support commercial vehicle purchases.

The renewed MoU therefore represents a business partnership focused not only on vehicle sales but also on enabling transport operators, entrepreneurs and companies to invest in mobility assets that support their day-to-day operations and future growth.

 

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SEBI clears Vinod Adani in shareholding case

The Securities and Exchange Board of India (SEBI) has issued two separate orders involving the Adani Group, bringing different outcomes to a long-running investigation into the group’s shareholding structure.

In one order dated September 28, SEBI said allegations that Vinod Adani controlled investments made by two offshore funds in four Adani Group companies were not established. In a separate settlement order issued the same day, Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Energy Solutions, along with 14 directors including Gautam Adani, settled proceedings relating to alleged minimum public shareholding (MPS) violations by paying ₹1.48 crore.

The investigation dates back to complaints received by SEBI in June and July 2020 concerning the public shareholding of four Adani companies — Adani Enterprises, Adani Power, Adani Ports and Adani Transmission, now known as Adani Energy Solutions. SEBI began a formal investigation in October 2020.

The regulator subsequently issued a show-cause notice in September 2024, followed by a supplementary notice in March 2025. The case concerned whether the companies had complied with the prescribed 25% minimum public shareholding requirement and whether certain holdings reported as public shareholding should instead have been treated as promoter-group holdings.

At the centre of the separate proceedings against Vinod Adani were two foreign portfolio investors — Emerging India Focus Funds (EIFF) and EM Resurgent Fund (EMR). SEBI examined whether Vinod Adani exercised effective control over their investment decisions in the four Adani companies.

The regulator also examined his business and financial relationships with Nasser Ali Shaban Ahli and Chang Chung-Ling, as well as an investment-advisory arrangement involving Excel, an entity controlled by Vinod Adani, and GMAML, which took investment decisions for the funds.

SEBI said the evidence did not establish that Vinod Adani had a legal or contractual right to determine how the funds invested. It also found no sufficient evidence that he participated in investment decisions concerning the Adani Group companies.

The regulator noted that the advisory arrangement provided for non-binding advice. It also said that business or financial relationships with Ahli and Chang Chung-Ling, by themselves, were insufficient to establish control over the investment decisions.

On that basis, SEBI concluded that the allegation of Vinod Adani exercising effective control over the offshore funds was not established. The related MPS allegation and the connected allegation under the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations therefore did not survive.

SEBI did, however, impose ₹20 lakh penalties each on Ahli and Chang Chung-Ling for failing to provide correct and complete information during the investigation. The charge against Tejal Ramanlal Desai was not sustained.

The separate settlement proceeding produced a different outcome for the four Adani companies and their directors.

Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Energy Solutions, along with 14 directors, paid a combined ₹1.48 crore to settle the proceedings. Each of the four company-and-director groups paid ₹37.05 lakh jointly and severally. Gautam Adani and Rajesh Adani were among the individuals covered by the settlement.

The settlement does not amount to an admission or denial of the facts or conclusions of law contained in SEBI’s notices. The order also does not require the companies to make corrective shareholding disclosures or record a regulatory finding that the alleged MPS violations were committed.

SEBI’s latest orders therefore mark two distinct regulatory outcomes from the broader shareholding investigation. The adjudication against Vinod Adani ended with the regulator finding that the alleged control over the offshore investments could not be established. The proceedings involving the four listed companies and their directors were closed through settlement.

The four companies covered by the proceedings were Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone and Adani Transmission, which has since been renamed Adani Energy Solutions.

The developments form part of wider regulatory scrutiny of Adani Group’s offshore investors and shareholding arrangements. SEBI’s records show both the final order concerning the alleged MPS violation and the separate settlement order were issued on September 28, 2026.

The latest orders thus close the specific proceedings covered by them, while separate regulatory matters concerning the Adani Group and offshore investors remain subject to their respective processes. Reuters reported that SEBI continues to examine other issues involving offshore investors and alleged rule circumvention and market activity.

 

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Technology

Jio adds 2.4 mn users, Airtel 2.1 mn in August

Reliance Jio continued to lead India’s telecom market in August, adding 2.4 million mobile subscribers during the month. Bharti Airtel followed closely, adding 2.11 million users, according to the latest data released by the Telecom Regulatory Authority of India (TRAI).

The additions came as India’s overall mobile subscriber base continued to expand. The country added 5.51 million wireless mobile subscribers in August, taking the total base to nearly 1.293 billion. This represented a monthly growth of 0.43%.

Jio’s subscriber base increased from 506.03 million at the end of July to 508.43 million in August. Airtel also strengthened its customer base, rising from 489.49 million to 491.60 million during the month.

The latest numbers kept Jio at the top of India’s mobile market with a 39.31% share. Airtel followed with 38.01%. Vodafone Idea held 15.43%, while state-run BSNL accounted for 7.24%.

Vi continues to add users

Vodafone Idea (Vi) also recorded subscriber growth in August, adding 506,139 users. The increase extended the company’s run of monthly additions that began in February.

Vi’s subscriber base rose from around 199.06 million in July to 199.57 million in August. The company has been working to strengthen its network and improve its position in a market dominated by Jio and Airtel.

BSNL also added nearly 493,000 mobile users during the month, taking its subscriber base to around 93.67 million. MTNL, however, saw its subscriber numbers decline by nearly 5,900.

Jio, Airtel and Vi together accounted for more than 5 million of the industry’s net mobile additions during August. Their combined gains accounted for the vast majority of the month’s overall increase.

Jio, Airtel dominate mobile market

Private telecom operators continued to control most of India’s wireless market. They accounted for 92.75% of mobile subscribers at the end of August, while BSNL and MTNL together held the remaining 7.25%.

The numbers underline the scale of the competition between Jio and Airtel. The two companies together now account for more than 77% of India’s mobile subscriber market, with both adding more than two million users in August.

Jio also maintained a strong lead in fixed wireless access (FWA), an area that is becoming increasingly important in India’s broadband market.

The country’s FWA subscriber base grew 2.68% month-on-month to around 19.34 million in August. Jio accounted for about 14.79 million of these connections, while Airtel had around 4.03 million.

FWA services offer broadband connectivity without the need for traditional wired connections. The technology is particularly useful in areas where laying fibre networks can be difficult or expensive.

Broadband base crosses 1.1 billion

India’s wider broadband market also continued to grow in August. The total broadband subscriber base increased from around 1.09 billion in July to approximately 1.10 billion, registering monthly growth of about 0.61%.

The growth reflects the country’s rising dependence on digital connectivity. Mobile data and broadband services are now central to activities ranging from video streaming and digital payments to online education, gaming and remote work.

TRAI data also showed that total wireless subscribers, including mobile and fixed wireless access connections, reached around 1.312 billion at the end of August. That was a 0.46% increase from the previous month.

Millions continue to switch operators

The telecom market also remained active on the customer-switching front. Around 15.83 million mobile number portability requests were recorded during August.

Mobile number portability allows customers to move from one operator to another while retaining their existing phone number. The high number of requests indicates that consumers continue to compare network coverage, service quality, tariffs and data offerings before choosing an operator.

Uttar Pradesh East recorded the highest number of porting requests at around 2.23 million. Madhya Pradesh followed with 1.53 million, while Bihar recorded about 1.47 million requests.

Active users tell another story

The overall subscriber count does not necessarily mean every connection is actively being used. TRAI data showed that around 1.207 billion mobile subscribers were active at the end of August, accounting for about 93.36% of the total wireless subscriber base.

Airtel recorded the highest active subscriber proportion among the major operators at 99.01%. Jio followed closely at 98.80%, while Vi’s active subscriber proportion stood at 83.84%.

The figures highlight the different positions of India’s major telecom companies. Jio remains the market leader in both subscriber additions and overall market share, while Airtel continues to narrow the gap in subscriber numbers. Vi is gradually rebuilding its customer base, and BSNL continues to register additions.

With India’s mobile and broadband markets continuing to expand, telecom operators are likely to remain focused on network upgrades, customer retention, 5G services, pricing and broadband expansion. The August TRAI data shows that competition remains intense, with Jio and Airtel continuing to drive most of the growth in India’s telecom sector.