Category: Corporate

Agristo Masa Pvt Ltd, a joint venture between Masa Global Food Pvt Ltd (part of Wave Group) and IMSTO NV, Belgium (holding company of Agristo NV, Belgium), announced an additional investment of Rs 750 crore in its potato processing unit in Bijnor.

The company aims to uplift the agricultural landscape of western Uttar Pradesh and empower local farmers, who have already seen their income levels rise by 50 per cent over the past three years. Since its inception in July 2022, the Bijnor plant has transformed potato cultivation in the region, doubling productivity from 17 tonnes per hectare to 32 tonnes per hectare — one of the highest yields in India. With this fresh investment, the total capital expenditure in the plant will surpass Rs 1,000 crore, ensuring sustainable growth and livelihood opportunities for thousands of farmers.

Over 2,500 farmers are expected to benefit from the expansion, adding to the 500 who have already been positively impacted by the facility’s interventions. Agristo Masa has been encouraging farmers of Bijnor and its surrounding districts like Moradabad and Hapur, known for sugarcane cultivation, to cultivate potatoes. The farmers are being given buyback options, pesticides, seeds and fertiliser by the company.

The Bijnor plant currently caters to both domestic and international markets, including North America, the Middle East, Southeast Asia, and Japan. Initially set up with an investment of ₹250 crore for a potato flakes facility, the new investment will enable the installation of a French fries production line, further enhancing the plant’s output and market reach. Speaking at the groundbreaking ceremony, Manpreet Singh Chadha, Chairman of Wave Group, emphasized the importance of diversifying crops beyond sugarcane and equipping farmers with modern technologies. “We aim to empower the farmers and diversify their cash crop beyond sugarcane. We have helped these farmers to double their potato output with the help of new technologies. Their income has increased by 50 per cent over the last three years,” he stated.

Kristof Wallays, Director of International Expansion, Innovation, and Sustainability at Agristo, highlighted the collaboration between Indian and Belgian expertise. “The Bijnor plant is a testament to how results can be achieved when vision and technical expertise are combined. Partnering with Masa Global Food has allowed us to contribute meaningfully to India’s rapidly evolving agriculture and food processing sectors while ensuring the development of all stakeholders. Next to the expertise of Indian farmers, we can rely on the expertise of several other Belgian companies, such as Vyncke through their Indian venture ForbesVyncke and AVR, specialised in harvesting machines,” he said.

The event saw the presence of distinguished dignitaries, including Princess Astrid of Belgium, Uttar Pradesh’s Finance Minister Suresh Kumar Khanna and Chief Secretary Manoj Singh. Also in attendance were Belgian and Indian government representatives, alongside members of the Belgian economic mission to India. Matthias Diependaele, Minister-President of the Government of Flanders, hailed the expansion as a symbol of strong Indo-Flemish relations and Belgium’s commitment to India’s growth story. “Flanders is known for setting the stage for groundbreaking innovations. The Indian facility of Agristo Masa is equipped with cutting-edge Flemish technology. This new investment not only strengthens economic growth in India but also paves the way for further innovation. This expansion will further scale the production and deepen the collaboration with local farmers,” he said.

A special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials over alleged stock market fraud and regulatory violations.

"There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe," special ACB court judge Shashikant Eknathrao Bangar said in his order on March 1. The court has decided to monitor the investigation and has sought a status report within 30 days.

It noted that the allegations reveal a cognisable offence, necessitating a formal probe. The order also criticized the inaction of law enforcement agencies and the Securities and Exchange Board of India (SEBI), stating that judicial intervention was required under the Criminal Procedure Code (CrPC),as per a PTI report.

The complaint alleges large-scale financial fraud, regulatory violations and corruption. It alleged that a company was fraudulently listed on the stock exchange with the active involvement of regulatory authorities, particularly SEBI, bypassing compliance requirements under the SEBI Act, 1992. The complaint further alleges that SEBI officials failed in their duty, facilitated market manipulation, and enabled corporate fraud. Despite repeated complaints to police and regulatory bodies, no action was taken, the complainant claimed. After reviewing the case, the court directed ACB Worli, Mumbai Region, to register an FIR under relevant provisions of the IPC, Prevention of Corruption Act, SEBI Act, and other applicable laws.

The Securities and Exchange Board of India (SEBI) is preparing to challenge an order by the ACB Court in Mumbai, which directed the filing of an FIR against former chairperson Madhabi Puri Buch, three current whole-time members, and two officials of BSE. In a statement released on March 2, SEBI dismissed the complaint as coming from a “frivolous and habitual litigant” and asserted that it would take legal action to contest the ruling. BSE in a statement said the named company, Cals Refineries Ltd., was listed in 1994. The officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all. The application is frivolous and vexatious in nature.

"The Honourable Court has allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record. BSE is initiating necessary and appropriate legal steps in this regard. As a responsible market institution, BSE remains committed to upholding regulatory compliance and ensuring transparency," the statement added.

The Securities and Exchange Board of India (SEBI) has levied a fine of Rs 5.05 crore on the Indian Clearing Corporation Ltd (ICCL) for various violations.

The violations included submitting the Network Audit Report to SEBI without Governing Board comments and not maintaining correct and up-to-date asset inventory, as well as incorrectly classifying mission-critical servers. SEBI's Quasi Judicial Authority, G Ramar, referenced the Dr. Bimal Jalan Committee's report on ‘Review of Ownership And Governance Of Market Infrastructure Institutions (MIIs)’ from November 2010 in the order issued on February 25. ICCL, established in 2007 as a wholly owned subsidiary of BSE Ltd, underwent an inspection by SEBI for the period of December 1, 2022, to July 31, 2023. During the inspection, non-compliance with key regulatory provisions, particularly in cybersecurity and disaster recovery, was noted.

The main allegations include:

* Failure to adhere to the Cyber Security and Cyber Resilience Framework

* ICCL neglected to maintain an up-to-date inventory of IT assets, including software assets and criticality classification.

* Despite conducting the required audit, ICCL did not promptly address cyber audit observations within the specified timeframe. 

* Failure to meet System and Network Audit Requirements ICCL submitted the Network Audit Report to SEBI without input from management or the Board.

While the ICCL Board later claimed to have resolved all audit observations, SEBI discovered unresolved IT asset inventory issues. Non-compliance with Business Continuity Plan (BCP) and Disaster Recovery (DR) Guidelines: The configuration of primary servers (PDC) and disaster recovery servers (DRS) did not align, in violation of SEBI's requirement for a one-to-one correspondence. The committee report stated: "These institutions (i.e., stock exchanges, depositories and clearing corporations) are systemically important for the country’s financial development and serve as the infrastructure necessary for the securities market. These institutions are collectively referred to as Market Infrastructure Institutions (MIIs)… They are, therefore, ‘vital economic infrastructure’.

The recent financial crisis has shown the importance of financial institutions to economic stability."

The regulator asked ICCL to pay the penalty within 45 days of receiving its order.

Reliance Industries Ltd; (RIL) Chairperson Mukesh Ambani said that the conglomerate would quadruple its investment to Rs 50,000 crore over the next five years. He said that they would establish an artificial intelligence data centre, world-class hubs of compressed biogas, mega food park, a seven-star Oberoi Hotel, and double the number of Reliance Retail stores.

“Reliance will establish an AI-ready Data Center in Assam. With this, students will benefit from AI-assisted teachers. Patients will benefit from AI-assisted doctors. Agriculture will benefit from AI-assisted farmers. And AI will help Assam’s youth to learn from home and earn from home,” said Ambani in the Advantage Assam 2.0 Investment and Infrastructure Summit. Ambani said that in the previous summit in 2018, Reliance had committed to an investment of Rs 5,000 crore in the state but it was buoyed to Rs 12,000 crore.

Reliance will make Assam a hub of clean and green energy, including nuclear energy in line with the government’s new policy. “Reliance will build two world-class hubs of Compressed Biogas, or CBG, over wasteland in Assam. These will produce 8 lakh tonnes of clean biogas annually, enough to fuel 2 lakh passenger vehicles every day,” he said.

The conglomerate will also set up a Mega Food Park, hence adding value to the abundant agricultural and horticultural produce of Assam. “We have already set up a world-class bottling plant in Assam for Campa and an independence range of packaged drinking water,” said Ambani. Reliance will also double the number of Reliance Retail stores in the country from around 400 to over 800 stores in the next five years, he said. “To boost the high-end hospitality economy in Assam, Reliance will build a luxurious, seven-star Oberoi hotel in the heart of the state,” he said. These five initiatives will create tens of thousands of direct and indirect employment opportunities for the youth in Assam.

Reliance Foundation, with its ‘Swadesh’ stores, would collaborate with the state government to promote ‘Green Gold’ or bamboo, and the centre of the famous silk industry, Sualkuchi. Ambani said that Prime Minister Narendra Modi brought Assam and the Northeast from the periphery to the centre of India’s developmental map, heralded a new era of connectivity revolution, and made technology the main driver of development in the state.

Adani Group has disclosed a total tax contribution of ₹58,104.4 crore for the financial year 2023-24, marking a 24.7% increase from ₹46,610.2 crore in FY23.

The figures were released as part of the group's Tax Transparency Reports, underscoring its commitment to governance and accountability.

The reports cover tax contributions from seven listed entities, including Adani Enterprises, Adani Ports & SEZ, Adani Green Energy, Adani Energy Solutions, Adani Power, Adani Total Gas, and Ambuja Cements. Additionally, tax data from NDTV, ACC, and Sanghi Industries—held by these companies—is included. Adani Group has disclosed a total tax contribution of ₹58,104.4 crore for the financial year 2023-24, marking a 24.7% increase from ₹46,610.2 crore in FY23. The figures were released as part of the group's Tax Transparency Reports, underscoring its commitment to governance and accountability.

The reports cover tax contributions from seven listed entities, including Adani Enterprises, Adani Ports & SEZ, Adani Green Energy, Adani Energy Solutions, Adani Power, Adani Total Gas, and Ambuja Cements. Additionally, tax data from NDTV, ACC, and Sanghi Industries—held by these companies—is included.

Adani Group stated that voluntary tax disclosures aim to enhance transparency, build stakeholder trust, and align with global best practices. The full reports are available on each company’s website.

Warren Buffett’s Berkshire Hathaway delivered another record-breaking year, with operating profit surging 27% to $47.44 billion in 2024, up from $37.35 billion the year before.

The company’s strong performance was driven by gains in insurance underwriting and investment income. The fourth quarter was particularly strong, with operating profit jumping 71% to $14.53 billion, or about $1,010 per Class A share. Net income for the quarter reached $19.69 billion, boosted by gains in Apple, American Express, and other equity holdings.

For the full year, Berkshire’s net income totaled $89 billion. Buffett highlighted the company’s significant tax contributions, revealing that Berkshire paid $26.8 billion to the US government in 2024 — more than any other corporation, including trillion-dollar tech firms.

This amounted to 5% of all corporate tax revenue collected in the country. The Oracle of Omaha also revealed a major shift in Berkshire’s portfolio: Apple is no longer its largest holding. Despite Apple’s stock rising 30% in 2024, Berkshire’s stake in the tech giant fell by over $104 billion, making American Express its top holding.

Looking ahead, Buffett reaffirmed his preference for stocks over bonds, stating that Berkshire’s massive $334.2 billion cash reserve will be deployed into equities rather than fixed-income investments. Warren Buffett started buying Berkshire Hathaway stock in 1962 for just $7.60 per share. Over the decades, his investment acumen and refusal to split the stock turned it into the world’s most expensive share.

On Friday, Berkshire’s Class A stock closed at a staggering $718,750, while its more affordable Class B shares traded at $478.74. To mark his 60 years at the helm, Buffett is offering shareholders a chance to purchase a special anniversary book at the annual meeting, featuring untold stories and lessons from Berkshire’s history.

Tesla’s road to India won't be easy.

The Elon Musk-led electric vehicle (EV) giant has sparked fresh speculation about its entry into the country through a series of new recruitments.

But scaling up in the Indian market will require much more than just setting up shop—it hinges on local manufacturing and a competitive pricing strategy, according to a note by CLSA.

The brokerage firm pointed out that the price gap between Tesla’s global offerings and the Indian market remains a critical barrier.

The average selling price of cars in India stands at $14,000 (Rs 12.13 lakh), while Tesla’s most affordable model in the U.S. is priced at $35,000 (Rs 30.3 lakh). To make inroads, Tesla would need to price its vehicles at less than Rs 25-30 lakh, CLSA noted. Adding to the complexity, India’s EV penetration is estimated at just 2.4%, significantly lower than Tesla’s key markets—30% in China and 9.5% in the U.S. The Indian market’s relative underdevelopment presents both a challenge and an opportunity for Tesla, should it successfully address affordability and localization concerns.

A major roadblock is India’s steep import duties. Vehicles priced under $40,000 attract a 60% duty, while those above $40,000 face a 110% duty, including agricultural cess. Even if these duties are reduced to sub-20% levels, Tesla would still need to establish local manufacturing to make its cars viable. “We believe Tesla would need to establish manufacturing in India to scale up with its current portfolio and price its vehicles at less than Rs 3.5-4 million (Rs 35-40 lakh) on-road,” CLSA stated. Despite the buzz around Tesla’s entry, CLSA does not anticipate a major disruption to India’s leading automakers. Maruti Suzuki India, Hyundai Motors India, and Tata Motors are unlikely to be significantly impacted, given the low EV penetration and Tesla’s expected pricing. If Tesla introduces the Model 3 at an on-road price 20-50% higher than upcoming domestic models like Mahindra XUV 9e, Hyundai e-Creta, and Maruti e-Vitara, its market impact will be limited, the brokerage noted.

Furthermore, Tesla’s push for a $25,000 (Rs 21.6 lakh) EV would require significant compromises on features and specifications. Indian automakers, which already offer competitive pricing with feature-rich models, are well-positioned to maintain their stronghold. Even if the Indian government revises import duties to 15-20%, Tesla’s pricing would remain higher than most long-range electric SUVs from domestic players.

Two-wheeler and three-wheeler manufacturer Bajaj Auto said that it would be pumping Rs 1,364 crore or 150 million euros into its Netherlands subsidiary, Bajaj Auto International Holdings BV, Netherlands.

As per the regulatory filing by the auto major, the investment will be either in the form of equity capital/preference capital/loan – convertible or otherwise, as may be determined in the due course, in one or more tranches. Bajaj Auto International Holdings BV holds a 49% stake in Austrian bike maker KTM. Pierer Mobility Group holds the remaining stake in the Austrian bike maker.

On November 29, 2024, KTM announced emergency restructuring. “KTM AG is in the process of implementing restructuring measures due to high financing needs. The management of KTM AG assumes that it will not be possible to secure the necessary interim financing in a timely manner,” Pierer Mobility Group said in a statement in November. Notably, Pierer Mobility Group had earlier said in an investor update that it is looking for “far-reaching restructuring for KTM.”

“In addition to securing liquidity, the Executive Board is endeavouring to put KTM AG back on a stable operational and financial basis. Against the backdrop of a challenging economic environment, an even more far-reaching operational restructuring is being driven forward to reduce inventories at both KTM AG and the dealer level to an economically sustainable level by significantly reducing production volumes,” Pierer Mobility AG had said. The restructuring process will end in February 2025. Bajaj Auto – KTM partnership dates to 2007 when Bajaj Auto International Holdings BV (BAIHBV) picked up a 14.5% stake in KTM Power Sports AG and subsequently launched the brand in India. BAIHBV gradually increased its stake to 48%. In 2021, the shareholding was simplified when BAIHBV swapped 46.5% of its holding to gain a 49.9% stake in PTW Holding AG (the KTM group’s parent company).

At present, Bajaj Auto manufactures small-displacement KTM & Husqvarna motorcycles at its Chakan plant. Notably, Bajaj Auto had a setback in KTM exports in the October to December quarter. “We have had a bit of a setback on KTM exports. The KTM issue globally is well known…. We’ve had to take a hit on our export volumes this time. We took a cautious approach because we didn't want to compromise the recoverability of money that would have been due had we continued to export,” Dinesh Thapar, CFO of Bajaj Auto said during the post-earnings call.

The Burman Group announced on February 20, 2025, that they have taken control of Delhi-based financial services firm Religare Enterprises Limited (REL) and have been appointed as its promoters.

The company emphasized its primary focus on fostering stability, enhancing governance, and promoting sustainable growth within the organisation. “We are pleased to announce that we have acquired control of Religare Enterprises Limited (REL) and been designated as its promoters. We are grateful to our regulators, shareholders and other stakeholders for their trust and confidence," the group said in an official statement. The Burman Group will collaborate with REL's leadership and board to strengthen its strategic vision and drive sustainable value growth.

"We have always invested in businesses with strong fundamentals and high growth potential, and we will apply the same disciplined approach to Religare Enterprises with the highest levels of governance. This was the intent with which we launched our open offer for control, and we remain committed to that," the spokesperson added. Burmans had extended an open offer of Rs 2,116 crore to acquire an additional 26 per cent stake in Religare Enterprises Ltd (REL).

However, the response to this offer was minimal, with only 231,025 shares (0.07 per cent) being tendered out of the 9 crore shares (26 per cent) available. The tepid response to Burmans' open offer indicates a lack of enthusiasm from shareholders. The open offer, which was for the acquisition of up to 9,00,42,541 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the expanded voting share capital of REL from the public shareholders, was initiated by M B Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Milky Investment & Trading Company on January 27, 2025. Following the closing of the open offer on February 13, the date set for the payment of consideration was February 17, as per the data provided.

In September 2023, the Burman family, promoter of Dabur India and other entities such as Eveready Industries, announced a Rs 2,116-crore open offer to REL shareholders to acquire up to 26 per cent stake in the company. Following this, in January 2024, four entities purchased a 3.6 per cent stake in Religare Enterprises for Rs 277 crore through open market transactions. Puran Associates, Vic Enterprises, and M B Finmart, all entities of the Burman family, acquired shares in Religare Enterprises. Puran Associates, owned by Anand Burman and Minnie Burman, V.C. Burman's ownership of Vic Enterprises, and Mohit Burman's ownership of M B Finmart demonstrate the family's continued interest in diversifying their investments in the financial services industry.

Tesla officials are set to visit India in April to review the company’s operations and engage with key government departments, including the Prime Minister’s Office (PMO), the Ministry of Heavy Industries, the Ministry of Road Transport and Highways (MoRTH), and the Ministry of Commerce, according to sources.

Tesla has identified Maharashtra’s Chakan and Sambhaji Nagar, as well as Gujarat, as preferred locations for its manufacturing hub. The company is expected to make an initial investment of $3-5 billion to establish its production facilities, the source added.

To take advantage of lower import duties and government incentives, Tesla will have to apply for the Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI). The policy, notified on March 15, 2024, is aimed at boosting local EV production.

Under this scheme, manufacturers are required to:

• Invest a minimum of Rs 4,150 crore in India
• Achieve at least 25% domestic value addition (DVA) by the third year
• Increase DVA to 50% by the fifth year

“If Tesla wants to benefit from the lower import duties, it will have to commit to manufacturing in India and invest in the local supply chain,” another source said.

In 2023, Tesla executives engaged with the Modi administration to discuss local component sourcing, leading to the company securing office space in Pune. Subsequent meetings between Elon Musk and Prime Minister Modi further fueled speculation about Tesla’s entry into India.

In 2024, India introduced a revised EV policy that offers import duty concessions to manufacturers committing at least $500 million in local investments. Musk was initially expected to announce Tesla’s investment plans during his scheduled April 2024 visit to India. However, he canceled the trip due to urgent business matters and instead traveled to China.

While India’s EV market remains relatively small compared to China — where 11 million electric cars were sold last year — it is gradually expanding. In contrast, India’s EV sales stood at nearly 100,000 units during the same period. Despite this gap, Tesla views India as a high-potential market, given the government’s push for clean energy and incentives to accelerate EV adoption.