Author: Staff Writer

MG, the renowned British automotive brand, has officially entered the commercial vehicle sector with the launch of MG Commercial. At the Busworld Brussels 2025 event, the company introduced its first all-electric city bus, the iEV12, alongside the B12E electric chassis, signaling a significant move into sustainable public transportation.

MG Commercial: A New Chapter

MG Commercial is a new division dedicated to developing medium- and large-sized electric buses. This strategic move aligns with MG’s commitment to sustainable mobility and innovation in the evolving commercial vehicle market.

Introducing the iEV12

The iEV12 is a 12-meter Class I all-electric city bus designed to meet the growing demand for eco-friendly urban transportation solutions. Developed in collaboration with the Shanghai Sunwin Bus Company, a subsidiary of the SAIC Motor Group, the iEV12 combines European design aesthetics with Chinese manufacturing expertise.

While specific technical details about the iEV12’s performance and features are yet to be disclosed, the unveiling marks a significant step in MG’s expansion into the electric commercial vehicle market.

The B12E Chassis

Accompanying the iEV12, MG also introduced the B12E electric chassis. This versatile platform is designed to support various body configurations, offering flexibility for different public transport needs. The B12E chassis is expected to play a crucial role in MG’s strategy to provide tailored electric mobility solutions for urban environments.

Future Outlook

Although the iEV12 and B12E are currently in the concept stage, MG’s entry into the electric bus market underscores its commitment to sustainable urban mobility. The company aims to integrate personal and public transportation into a seamless, green ecosystem, aligning with global trends towards electrification and environmental responsibility.

As MG Commercial continues to develop its electric vehicle offerings, the iEV12 and B12E represent the brand’s dedication to innovation and sustainability in the commercial transport sector. By focusing on eco-friendly solutions, MG hopes to contribute significantly to reducing urban pollution and promoting the adoption of zero-emission vehicles in cities worldwide.

The launch of MG Commercial and the iEV12 also reflects a broader trend in the automotive industry, where established car manufacturers are expanding into electric commercial vehicles. Urban authorities and transport operators are increasingly seeking sustainable alternatives to conventional diesel buses, creating opportunities for new players like MG Commercial to shape the future of city mobility.

With plans to further expand its electric bus lineup and invest in research and development, MG Commercial is positioning itself as a key contributor to the global shift toward clean and efficient public transportation. The company is expected to continue refining the iEV12 and the B12E chassis, incorporating feedback from pilot programs and industry stakeholders to ensure the vehicles meet the operational needs of modern urban environments.

By entering the electric commercial vehicle market, MG is not only broadening its product portfolio but also reinforcing its commitment to sustainable innovation. The iEV12 and B12E are poised to set new benchmarks for design, efficiency, and adaptability in electric city buses, providing a glimpse of the future of urban mobility.

In a significant development, top executives of the Tata Group, including Tata Trusts Chairman Noel Tata and Tata Sons Chairman N. Chandrasekaran, met with Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman on Tuesday evening.

The meeting, held at Shah’s residence in New Delhi, comes amid growing concerns over internal governance issues within Tata Trusts, which holds a controlling stake in Tata Sons, the holding company of the $180 billion conglomerate.

Joining Noel Tata and Chandrasekaran at the meeting were Tata Trusts Vice-Chairman Venu Srinivasan and trustee Darius Khambata.

The discussions reportedly focused on the ongoing infighting among trustees over board appointments and governance policies, which have raised alarms about the potential impact on the broader Tata Group.

According to sources, the government emphasized the importance of restoring stability within Tata Trusts and ensuring that internal disputes do not affect the operations of Tata Sons. The ministers reportedly conveyed a firm message to the Tata leadership, urging them to take necessary actions to resolve the issues and maintain the integrity of the group.

The internal rift within Tata Trusts has reportedly been exacerbated by a faction of trustees acting as a “super board,” undermining Noel Tata’s authority.

This power struggle has led to tensions regarding board seats at Tata Sons, which oversees a vast portfolio of companies, including Tata Steel, Tata Motors, and TCS.

The government’s intervention underscores the strategic importance of the Tata Group to India’s economy and the need for effective governance to ensure its continued success. Observers note that the involvement of the Home and Finance Ministries signals the seriousness of the situation and the potential economic implications if the internal disputes are not resolved.

All eyes are now on the upcoming board meeting scheduled for October 10, which is expected to address key governance issues and determine the future course of action for Tata Trusts and Tata Sons.

The outcome of this meeting will be closely watched by investors, employees, and regulators, given the central role of Tata companies in India’s corporate and industrial landscape.

The Tata Group has yet to issue an official statement regarding the meeting or the ongoing governance issues. However, sources indicate that the discussions with the government were intended to provide clarity, reinforce leadership authority, and ensure that decision-making processes within Tata Trusts and Tata Sons remain stable and transparent.

The situation highlights the delicate balance required in managing large, diversified conglomerates in India, particularly those with significant influence over the economy.

With the government urging swift action, Tata Group leadership faces pressure to resolve internal differences while maintaining operational continuity across its global businesses.

The meeting represents a crucial step in reaffirming governance standards within one of India’s most influential corporate entities and signals the government’s interest in safeguarding the stability of the country’s major industrial groups.

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Tata Capital’s ₹15,512 crore initial public offering (IPO) was fully subscribed on its final day, October 8, 2025, reflecting strong investor interest despite some concerns about valuation and market volatility.

The IPO, priced between ₹310 and ₹326 per share, attracted bids for 33.48 crore shares, surpassing the 33.34 crore shares on offer. Qualified Institutional Buyers (QIBs) led the demand, with their portion subscribed 1.18 times, followed by Non-Institutional Investors (NIIs) at 1.10 times.

Retail investors subscribed 0.84 times their reserved portion, while employees oversubscribed their segment by over 2 times,

The IPO comprises a fresh issue of up to 210 million shares and an offer-for-sale by existing shareholders Tata Sons and the International Finance Corporation amounting to 265.8 million shares. Proceeds from the fresh issue will be used to augment Tata Capital’s capital base and for general corporate purposes

Despite the full subscription, the Grey Market Premium (GMP) remained subdued, indicating cautious investor sentiment. The GMP, a gauge of expected listing gains, was around ₹6 per share, suggesting a modest premium listing. Analysts attribute this muted response to factors such as concerns over asset quality following Tata Capital’s merger with Tata MotorFinance Ltd., which led to an increase in non-performing assets and a dip in return on equity.

Leading brokerages, including Anand Rathi and Canara Bank Securities, have maintained a ‘Subscribe for long-term’ rating on the IPO, citing Tata Capital’s diversified lending portfolio and strong risk management practices. However, some analysts have expressed caution due to the company’s recent financial performance and integration challenges post-merger.

The IPO is expected to list on the Bombay Stock Exchange and the National Stock Exchange on October 13, 2025. This marks a significant milestone for Tata Capital, a leading non-banking financial company in India, as it enters the public market.

Also Read: Adani Defence Unit Under Probe for $9 Million Import Tax Evasion?

Indian authorities are investigating Adani Enterprises’ defence arm for allegedly evading import duties on missile parts, according to an exclusive report by Reuters.

The probe marks the latest regulatory scrutiny of billionaire Gautam Adani’s business empire.

India’s Directorate of Revenue Intelligence (DRI) began investigating Adani Defence Systems and Technologies in March over suspicions that the company misclassified imported missile components to avoid paying tariffs, two government sources told Reuters. The alleged evasion amounts to 770 million rupees ($9 million).

Adani Defence, a relatively smaller unit of the group, manufactures drones, small arms and missile systems for Indian security forces.

The case centres on imports used to produce short-range surface-to-air missiles. Such parts normally attract a 10% import duty and an 18% local tax.

Investigators allege the company wrongly declared them as components for long-range missiles, which were exempt from tariffs under earlier rules.

One government source told Reuters that Adani executives admitted to the misclassification during the probe but gave no further details.

The company, however, has not responded to that claim. In a statement to Reuters, Adani Group said the DRI had only sought “clarifications” on the imports and that it had provided supporting documents.

“The issue stands closed from our end,” a spokesperson said, without confirming whether any payments were made to settle the matter.

The alleged evasion is notable, as $9 million represents more than 10% of Adani Defence’s 2024–25 revenue of $76 million and more than half its profit.

Under Indian rules, companies found guilty of misclassification can be asked to pay the unpaid duty along with a 100% penalty. If applied, this could raise Adani Defence’s liability to $18 million, Reuters reported.

The investigation, not previously disclosed, comes as Adani Group faces multiple regulatory challenges. India’s markets regulator recently cleared it in two stock manipulation cases but continues to examine over a dozen other alleged breaches of securities law.

The revenue department has also been investigating Adani since 2014 for alleged over-invoicing of coal imports, which the group denies.

Reuters also reported that the DRI has recently raised similar tariff misclassification issues with Samsung and Volkswagen, both of which are contesting the demands.

Customs data reviewed by Reuters show Adani Defence imported non-explosive missile parts worth $32 million from Russia since last year.

In total, the group has imported $70 million worth of defence components from Russia, Israel and Canada since January 2024.

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WeWork India Management Limited’s initial public offering (IPO), aiming to raise ₹3,000 crore, has garnered attention due to several concerns raised by governance advisory firms and market analysts.

The offering, which opened on October 3, 2025, and is set to close on October 7, is structured entirely as an Offer for Sale (OFS), meaning no new capital will be infused into the company. Instead, existing shareholders, primarily Embassy Buildcon LLP and 1 Ariel Way Tenant, a subsidiary of WeWork Global, are selling their stakes.

One of the primary concerns highlighted by InGovern Research Services is WeWork India’s financial health. Despite reporting a revenue of ₹2,024 crore and a net profit after tax of ₹128.19 crore for the fiscal year 2025, the company’s financials show signs of strain.

The company continues to report negative cash flows, with lease costs consuming over 43% of its revenues.

Additionally, the net profit was largely driven by a deferred tax credit, raising questions about the sustainability of its profitability

Another significant issue is the governance structure and promoter-related concerns. Over 53% of WeWork India’s pre-IPO shares held by Embassy Buildcon were previously pledged against approximately ₹2,065 crore of borrowings.

These pledges were temporarily released to facilitate the IPO, with an agreement that if the listing does not occur, the shares would need to be re-pledged within 45 days. This arrangement has raised concerns among potential investors about the stability and governance of the company.

The IPO’s subscription has been tepid, with the issue subscribed only 7% by the second day of bidding, up from 4% on the first day. The employee segment was the only category to show stronger interest, being oversubscribed at 1.2 times.

The muted response from institutional and retail investors may reflect the concerns raised by InGovern and other market participants.

WeWork India, a franchisee of the U.S.-based WeWork, operates 59 centers across major Indian cities, maintaining occupancy rates above 80%.

The company has reported steady revenue growth and profitability in recent years. However, the absence of new capital infusion through this IPO and the highlighted governance issues may impact investor confidence.

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IndusInd International Holdings Ltd (IIHL), the promoter of IndusInd Bank, has finalized the acquisition of a 100% stake in Sterling Bank, a financial institution based in the Bahamas.

This move follows IIHL’s initial purchase of a 51% equity interest in Sterling Bank in September 2022 through its wholly owned subsidiary, IIHL (Capital), Mauritius. The remaining 49% was acquired in a subsequent transaction, culminating in full ownership.

In conjunction with the acquisition, Sterling Bank has been renamed IIHL Bank & Trust Limited. This rebranding aligns with IIHL’s strategic objective to establish a global financial presence, particularly in the Caribbean region.

The acquisition is expected to enhance IIHL’s footprint in international banking markets and diversify its portfolio within the Banking, Financial Services, Securities, and Insurance (BFSI) sectors.

As of August 31, 2025, IIHL reported a net worth of $1.26 billion. The entity serves over 42 million customers through a network exceeding 6,100 touchpoints, with a business size surpassing $86 billion.

The acquisition of Sterling Bank is part of IIHL’s broader strategy to expand its global operations and achieve a market capitalization target of $50 billion by 2030.

The transaction is anticipated to close by the end of October 2025, pending regulatory approvals.

This acquisition underscores IIHL’s commitment to leveraging international best practices and digital financial technologies to strengthen its position in the global financial services industry.

IndusInd Bank, headquartered in Mumbai, is India’s fifth-largest private sector lender, offering a range of banking services to a diverse customer base.

The completion of this acquisition marks a significant step in IIHL’s vision to build a global financial powerhouse, combining decades of experience with global best practices to deliver long-term value to shareholders and customers.

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