Category: Corporate

The Union Cabinet has cleared four new semiconductor projects worth ₹4,594 crore, Union Minister Ashwini Vaishnaw announced in New Delhi on Tuesday, August 12, 2025.

Calling semiconductors a “foundational, strategic industry,” Vaishnaw said no country could consider itself developed without a strong chip manufacturing ecosystem. The approved projects include two in Odisha, one in Punjab, and one in Andhra Pradesh.

According to the minister, India’s six previously sanctioned semiconductor projects have a combined annual capacity of producing 24 billion chips. The new projects will add to this capability, with a focus on advanced technologies, strategic materials, and specialised components.

Advanced Silicon Carbide Plant in Bhubaneswar

A key highlight is a silicon carbide manufacturing plant in Bhubaneswar. Describing it as a “strategic need for the country,” Vaishnaw said the facility would also serve as an advanced research hub, leveraging the expertise of IIT Bhubaneswar.

The minister explained that producing silicon carbide involves vaporising powder at 2,400 degrees and accreting it onto a crystal to form wafers—a process requiring high precision. Silicon carbide is critical for high-performance electronics used in sectors such as electric vehicles, defence, and aerospace.

3D Glass Manufacturing Unit in Odisha

Odisha will also host a 3D glass factory, with Intel as an investor. Vaishnaw said global firms like Lockheed Martin, along with private equity and venture capital players, are expected to participate.

The 3D glass technology—likened to a “multi-storey building” due to its layered structure—will be applied in aerospace, defence, radar systems, wireless communication, and high-power computing. This three-dimensional packaging method is designed to enhance performance and reduce space requirements in electronic systems.

Specialised Device Production in Punjab

In Punjab, Continental Device India Pvt Ltd (CDIL) will collaborate with a Korean partner to manufacture specific devices, including metal–oxide–semiconductor field-effect transistors (MOSFETs). These components are essential in modern electronics, from consumer gadgets to industrial equipment.

Advanced Packaging Facility in Andhra Pradesh

The fourth project will be established in Andhra Pradesh by Advanced System in Package Technologies Pvt Ltd (ASIP). The unit will focus on high-density packaging solutions that integrate multiple semiconductor components into compact, high-performance modules.

Vaishnaw emphasised that these projects, along with those already approved, represent a significant step toward self-reliance in semiconductor manufacturing. “This is precision work, and India is now building the capacity to do it at scale,” he said.

The investments are expected to strengthen India’s position in the global semiconductor supply chain and open opportunities for advanced research, skilled jobs, and foreign investment in high-tech manufacturing.

New Delhi: It was a rough start at the onset of the financial year for Bata India, as it reported a sharp 70% plunge in net profit to ₹52 crore for the April–June 2025 quarter, down from ₹174 crore a year ago. The steep fall shows how weak spending, bad weather, and economic uncertainty could build up pressure on even India’s top brands.

While revenues held steady at ₹941.85 crore, which barely changed from last year, the pressure on profitability was obvious. The company's results point to the broader strain in India’s retail landscape, where shoppers are becoming more selective with discretionary spending.

Investors responded swiftly: Bata’s stock slid 3% on Tuesday to ₹1,146.65, just above its 52-week low, as the company continued to underperform the market. So far this year, the stock has lost 18%, in contrast to the BSE Sensex’s 2.6% gain.

Yet, amid the gloom, there are signs of resilience. Bata’s premium lines, namely Hush Puppies, Comfit, and Floatz showed strength, bucking the overall slowdown. Operational performance also improved, with EBITDA rising 7% to ₹200 crore and margins widening to 21.1%, up by 150 basis points.

"We continued to push ahead with our affordability initiatives across categories to drive volume-led growth," management said in a statement, pointing to efforts aimed at keeping products within reach for value-conscious shoppers.

In a bid to broaden its reach, Bata added 20 new franchise stores during the quarter, targeting smaller towns and semi-urban markets where demand potential remains untapped. The company remains cautiously optimistic about a demand recovery in the second half of the fiscal year.

Bata’s leadership is juggling short-term pressures with long-term bets, focusing on same-store growth, portfolio evolution, and streamlined inventory management as its key strategic levers.

Analysts are holding off on fresh projections until the company’s earnings call on August 14, but some remain upbeat about Bata’s longer-term prospects, citing its iconic brand, strong distribution network, and solid balance sheet as enduring strengths. For now, though, Bata’s Q1 results serve as a cautionary tale of the challenges facing consumer brands in today’s unpredictable market, where staying relevant, affordable, and agile is more important than ever.

Shares of Stallion India Fluorochemicals Ltd. (SIFL) surged on Tuesday after the company signed a Memorandum of Understanding (MoU) with the Rajasthan Government to set up an innovative R-32 refrigerant gas manufacturing plant in Bhilwara district.

The stock jumped as much as 11.17% intraday to Rs. 127.35, before trading 7.25% higher at Rs. 122.85 on the BSE and Rs. 124.10 on the NSE Sensex today, August 12. The broader Sensex was largely flat.

According to the exchange filing, the upcoming facility will not only produce R-32, a next-gen, environment-friendly refrigerant gas, but will also manufacture a suite of advanced refrigerants, including R-410A, R-404A, and R-454B. The ₹120 crore investment is expected to generate around 30 direct jobs, with operations targeted to begin in 2026. Land acquisition is already underway.

The project will receive infrastructure and regulatory support from the Rajasthan State Industrial Development and Investment Corporation (RIICO) to help fast-track execution.

Shazad Sheriar Rustomji, MD & CEO of Stallion India Fluorochemicals Limited, stressed, “This project marks a significant milestone in our capacity expansion strategy and underscores our commitment to serving the growing demand for environment-friendly and energy-efficient refrigerants in India. The Bhilwara facility will strengthen our domestic manufacturing footprint, reduce import dependency, and position us to cater to both domestic and export markets.” He also extended his sincere gratitude to the Rajasthan government for their support in bringing this vision to life.

SIFL, which specializes in refrigerant and industrial gases, posted a 23% rise in net profit to ₹10.36 crore and a 51% jump in revenue to ₹110.47 crore in Q1 FY26, compared to the same quarter last year.

With existing facilities in Maharashtra, Haryana, and Rajasthan, SIFL’s new Bhilwara plant aims to help reduce the country’s dependency on refrigerant imports and position the company to serve both domestic and international markets.

Hyderabad: Rainbow Children’s Medicare Limited (RCML), the country’s leading pediatric and perinatal hospital network, has now made a prominent mark in the northeast. The Hyderabad-headquartered healthcare chain has acquired a 76% stake in Guwahati’s Pratiksha Hospital, marking its official entry into the region.

The deal, finalised at an enterprise valuation of ₹171 crore, will see Pratiksha Hospital, which is a respected name in IVF and minimally invasive gynecology, now become part of Rainbow’s expanding national footprint. This  150-bed facility will soon be rebranded as Pratiksha Rainbow Children’s Hospital, integrating into RCML’s growing network that now spans 2,185 beds across 21 hospitals in eight cities.

Pratiksha Hospital was founded in 1995 by Dr. Pramod Kumar Sharma, and over the past decades, it has become a trusted name in the Northeast for its advanced reproductive and women’s health services. Further, sources report that Dr. Sharma and his family will retain a 24% stake in the hospital, continuing their legacy as part-owners as it enters a new phase under the Rainbow banner.

“This acquisition is more than an expansion; it is a commitment to bringing world-class pediatric and maternal care to underserved regions. “We see tremendous potential in the Northeast, and Guwahati is the perfect gateway,” said a senior RCML executive.

RCML will fund the acquisition through internal cash reserves, reflecting strong financial health and confidence in its growth strategy.

This newly acquired hospital will be digitally and operationally connected to Rainbow’s hubs in Hyderabad, New Delhi, Bengaluru, and Chennai, enabling patients in the Northeast to access specialized care and referral pathways that were previously out of reach.

As the need for high-quality pediatric and maternal healthcare is always the top priority across healthcare facilities across India, RCML’s latest move reflects a strategic blend of geographic expansion, service enhancement, and patient-centric care.

Sterlite Electric Ltd on Tuesday announced that it has bagged fresh orders worth ₹1,500 crore during the April–June quarter of the current financial year, with a significant push coming from green energy infrastructure projects and robust export demand.

In a statement, the company — formerly known as Sterlite Power Transmission Ltd and recognized globally as a leader in the cable and conductor industry — said the strong Q1 performance highlights growing market demand for its advanced conductors, power cables, and Optical Ground Wire (OPGW) products across domestic and international markets.

Diverse Order Portfolio

The orders span several critical infrastructure segments. Domestically, Sterlite Electric will supply high-performance conductors to support India’s green energy corridors — an initiative aimed at integrating renewable energy into the national grid. It has also secured contracts for advanced medium and high-voltage power cables, Medium Voltage Covered Conductors (MVCC), and OPGW systems designed for digital-ready grids.

The company said it has received reconductoring and uprating orders from leading state utilities to upgrade and enhance the efficiency of existing transmission networks. Such projects are expected to help reduce transmission losses and improve reliability, a key requirement as India pushes towards its renewable energy and electrification goals.

Expanding Global Footprint

Sterlite Electric continues to cement its position in global markets, with steady exports to regions including Latin America (LATAM), South Asian Association for Regional Cooperation (SAARC) nations, North America, Europe, the Middle East, and Africa.

The company noted that demand for its high-performance conductors and cables is being driven not just by emerging markets but also by mature economies undertaking grid modernization and renewable energy integration.

Commitment to Energy Transition

“ With an increasing focus on green energy, we are proud to be part of the critical infrastructure that supports India’s energy transition and global decarbonization goals,” said Reshu Madan, CEO of Sterlite Electric Ltd. “The export momentum continues to grow, and we remain committed to being a reliable partner for utilities and industries across multiple regions.”

Industry experts note that India’s green energy corridors and ongoing transmission system upgrades are creating significant opportunities for companies like Sterlite Electric. The demand for MVCC and OPGW products, in particular, is rising as utilities seek solutions that not only improve transmission performance but also prepare their grids for future digitalization.

About Sterlite Electric

Sterlite Electric Ltd is a leading global manufacturer and supplier of high-performance power conductors, extra-high voltage, high voltage, and medium voltage cables, as well as optical ground wire solutions. The company specializes in delivering technology-driven products that enable more efficient, reliable, and sustainable power transmission systems.

With its strong presence across continents and an order book that continues to expand, Sterlite Electric is positioning itself as a key enabler of the energy sector’s shift toward greener and more resilient infrastructure — both in India and globally.

New Delhi: Pfizer has introduced its latest pneumonia vaccine in India, offering protection against 20 strains of pneumococcal bacteria, known to cause acute lung infections in adults. This launch marks a significant step in strengthening adult immunisation in the country.
 

Pfizer’s new vaccine, which requires just a single dose, is designed to protect adults from a wide range of pneumococcal diseases, ranging from mild respiratory infections to life-threatening complications like bloodstream infections and meningitis. It is said to be ideal for adults over 50 and those with chronic conditions such as asthma, diabetes, kidney disease, or lung disorders, who are at higher risk of severe illness.

“We’re proud to bring this next-generation pneumonia vaccine to India,” said Meenakshi Nevatia, Managing Director of Pfizer India. She further said, “With coverage against 20 bacterial strains, this vaccine meets the immediate requirement for adult immunisation and supports our ongoing efforts to protect public health.”

Pneumonia remains a major public health challenge, particularly among older adults and people with weakened immune systems. Timely vaccination can reduce the risk of hospitalisation and death, and is strongly recommended by healthcare professionals worldwide.

With this rollout, Pfizer reaffirms its global commitment to disease prevention, extending over two decades of work in pneumonia control. Pfizer is a global biopharmaceutical company that has been at the forefront of medical breakthroughs for over 170 years. The company continues to invest in vaccines and public health initiatives that aim to protect lives and promote preventive care, long before illness begins.

Akasa Air is set to commence daily direct flights between Mumbai and Phuket starting September 20, 2025, marking the low-cost carrier’s eagerly awaited entry into Southeast Asia, reported The Economic Times. This move establishes Phuket as the airline’s sixth international destination, with ticket bookings now available via Akasa Air’s official website, mobile app, and leading travel platforms. 

Akasa Air emphasized the strategic and touristic appeal of Phuket, underscoring its global appeal as a favored destination for Indian travellers as well as its significance as a bustling commerce and tourism hub, The airline plans to offer both morning and evening departures, giving flyers enhanced flexibility and improved access to one of Southeast Asia’s most vibrant locales. 

“We are thrilled to foray into Southeast Asia with the addition of Phuket,” said Praveen Iyer, Co-Founder & Chief Commercial Officer of the airline. “India is entering a new era of outbound tourism powered by its large population of globally curious flyers.” The airline views this launch as an opportunity to both meet modern travellers’ aspirations and strengthen economic and cultural connections between India and Thailand.

Expansion Part of Larger Strategy

This expansion is part of Akasa Air’s broader growth strategy. The airline, which already serves multiple international routes, has been constructing its Southeast Asia ambitions for some time. It has previously explored paths to destinations across the region—including Thailand—as reported earlier in the year. Industry coverage has highlighted how these new routes are expected to drive tourism growth and economic opportunities across regions. 

Founded in 2021 and launched operations in 2022, Akasa is among India’s fastest-growing carriers, operating a fleet of Boeing 737 MAX aircraft. It plans to scale up significantly in the coming years with hundreds of additional aircraft on order through 2032. 

The airline currently serves 23 domestic locations and has expanded to five international destinations. The Phuket route marks a notable addition to its network footprint. 

Akasa’s new direct flights to Phuket align with India’s booming outbound tourism industry. As more middle-class Indians seek affordable travel options, the airline intends to capitalize on this growing demand by delivering convenient, cost-effective international travel, further reinforcing ties between India and major Southeast Asian economies.

The Tata Group's hospitality business is making a big bet on India's growing travel market, announcing Monday evening that it will spend ₹204 crore to buy controlling stakes in the companies behind the Clarks Hotels chain.

Indian Hotels Company Limited (IHCL), which runs the iconic Taj Hotels brand, is acquiring 51% of two firms that operate 135 hotels across India under the Clarks banner. The deal marks IHCL's latest push to capture more of the country's booming midscale hotel segment, where business travelers and middle-class families are driving demand.

IHCL Managing Director and CEO Puneet Chhatwal said most of the newly acquired Clarks properties will be rebranded as Ginger hotels, expanding the brand’s portfolio to around 250. He said the move aims to position Ginger as India’s leading mid-market brand, catering to 500 million emerging consumers over the next three to five years. With Taj already recognised globally, Chhatwal noted this deal puts Ginger in the spotlight as the next major brand in the segment.

Deal Breakdown: Asset-Light Expansion

The deal involves two separate purchases. IHCL will pay ₹110 crore for its stake in ANK Hotels Private Limited, which runs 111 properties under brands like Clarks Inn and Clarks Inn Suites, even though only 67 are currently operating. ANK generated revenues of ₹14.32 crore last fiscal year.

The remaining ₹94 crore goes toward Pride Hospitality Private Limited, which manages 24 hotels under names like Clarks Safari and Clarks Resort. Thirteen of Pride's properties are operational, and the company posted ₹18.94 crore in turnover for FY25.

IHCL has also signed a strategic marketing partnership deal with Brij Hospitality, bringing 19 boutique hotels under its distribution network. The move comes as India's hotel industry rebounds strongly from the pandemic, with domestic travel surging and new destinations emerging across the country. This collaboration further deepens IHCL’s footprint across India, particularly in the experiential and heritage travel segments. 

The acquisition supports IHCL’s asset-light growth strategy, allowing it to scale without significant capital investment in new construction. The move strengthens its position against both global hotel chains and domestic competitors amid India’s ongoing travel boom.

IHCL shares rose 2.15% to ₹748.65 on the BSE ahead of the announcement, valuing the company at approximately ₹1.06 trillion. This makes it the country’s most valuable hospitality firm.

The company, in a post-market regulatory filing on Monday, said it sees strong potential in India’s diverse hospitality market. The deal is expected to close by November 2025.
 

New Delhi: Adani Enterprises has taken a major leap in expanding its aviation services by acquiring Indamer Technics Private Limited (ITPL), a prominent aircraft maintenance, repair, and overhaul (MRO) company based in Nagpur.

The acquisition was made through Horizon Aero Solutions Ltd, a joint venture between Adani Defence Systems and Technologies Ltd and Prime Aero Services LLP. Horizon now owns 100% of ITPL, and Prime Aero is owned by Prajay Patel, who also serves as director of Indamer Technics.

Building India's MRO Backbone

With this move, Adani reinforces its presence in the MRO sector, following its earlier acquisition of Air Works. Together, the two companies position Adani as India’s largest private player in the aircraft maintenance space, a sector that’s expected to see immense growth in the years to come.

ITPL’s 30-acre facility in Nagpur’s MIHAN Special Economic Zone includes 10 hangars and 15 aircraft bays. The facility is certified by aviation regulators, including India’s DGCA and the US FAA. It is well-equipped to handle everything from heavy maintenance checks and structural repairs to aircraft painting and lease return inspections, catering to both domestic and international operators.

A Strategic Bet on Aviation Growth

With the vision of making India a premier global MRO destination, here’s what industry leaders said about this major acquisition. 

Jeet Adani, Director at Adani Airports, said the deal reflects the group’s long-term vision. “We’re building an integrated aviation platform anchored in global standards and customer satisfaction,” he said, noting that India is on the cusp of a major aviation expansion, with over 1,500 aircraft expected to join domestic fleets in the coming years.

Ashish Rajvanshi, CEO of Adani Defence & Aerospace, added that the acquisition strengthens Adani’s MRO capabilities and supports its goal of a self-reliant aerospace ecosystem. “Nagpur’s location adds strategic value, and Indamer’s legacy combined with our scale enables us to deliver world-class service,” he said.

Prajay Patel, Director of Indamer Technics and Prime Aero, called the partnership a major step forward. “Blending our engineering strengths with Adani’s capital and infrastructure will drive greater value for both customers and the industry,” he said.

Wings of Change for India 

India is now the world’s third-largest aviation market by passenger traffic, and with airlines placing record aircraft orders, the demand for reliable, local MRO services is rising sharply. Nagpur’s central location adds further value, making it a strategic choice for nationwide maintenance operations.

With the combined strength of Indamer and Air Works, Adani Enterprises is positioning itself to serve both commercial and defense aviation needs, just as India’s skies get busier than ever.

State Bank of India (SBI) has stopped processing trade and foreign currency transactions for Nayara Energy, citing concerns over potential sanctions in the wake of recent U.S. tariff hikes and European Union restrictions.

According to sources quoted by The Economic Times, the decision was taken in recent days as part of SBI’s internal compliance strategy to avoid possible U.S. and EU curbs. The move was not prompted by any government directive but stemmed from the bank’s own assessment of risks following tightening sanctions. SBI, which has significant overseas operations, is required to align with global regulatory norms.

Nayara Energy, which operates a 20-million-tonne-per-annum refinery in Vadinar, Gujarat, is partly owned by Russian oil major Rosneft, holding a 49.13% stake. In August 2017, Rosneft led a consortium to acquire Essar Oil and rebrand it as Nayara Energy. The company commands about 8% of India’s refining capacity and runs over 6,750 fuel stations nationwide.

Mounting Sanctions Pressure

Nayara’s challenges have intensified since July, when the EU’s 18th sanctions package against Russia came into effect. The measures not only tightened restrictions on Russian fuel imports but also introduced a $47.6 per barrel price cap on Russian crude. For Nayara, which imports crude oil from international suppliers including Russia, these sanctions complicated its ability to process and export fuel, particularly to Europe.

The sanctions have also put pressure on global banks involved in clearing transactions linked to the company. SBI’s move mirrors a broader trend among financial institutions to exercise caution when dealing with entities exposed to geopolitical sanctions risk.

The latest setback comes after the U.S. imposed higher tariffs last month, adding another layer of compliance complexity for companies and banks with cross-border dealings. The combined effect of EU sanctions and U.S. tariffs has significantly restricted the processing of Nayara’s trade and foreign exchange transactions.

Nayara Pushes Back

Responding to the EU action, Nayara Energy issued a strongly worded statement on Monday, calling the sanctions “unilateral” and based on “baseless assertions.” The company argued that the EU’s measures amounted to an “undue extension of authority” that ignored both international law and India’s sovereignty.

“Nayara Energy operates in full compliance with the laws and regulations of India,” the statement read. “While many European countries continue to import Russian energy through various sources, they chastise and sanction an Indian asset for processing Russian crude largely used domestically by 1.4 billion Indians and businesses.”

The company said it is exploring all legal avenues to challenge the restrictions, framing the EU’s move as discriminatory.

For now, SBI’s suspension of trade and FX transactions adds to the operational headwinds for Nayara, underscoring how geopolitical tensions are increasingly reshaping the commercial and financial environment for Indian energy companies with Russian links.