Category: Corporate

JSW One Platforms has raised Rs 575 crore in funding from the State Bank of India (SBI), reinforcing its commitment to support micro, small, and medium enterprises (MSMEs) through technology-driven financial solutions.

The partnership marks a significant step for the company’s non-banking financial company (NBFC) operations, aimed at bridging working capital gaps for small businesses across India.

Parth Jindal, Chairman of JSW One Platforms, said the collaboration with SBI represents a long-term alliance that will strengthen the company’s ability to deliver timely credit to MSMEs.

The funding infusion is expected to significantly enhance JSW One Platforms’ lending capacity, enabling it to extend working capital support to a broader range of MSMEs.

These enterprises, which form the backbone of India’s economy, often face challenges in accessing timely credit, particularly for scaling operations or managing day-to-day liquidity.

By leveraging technology, JSW One Platforms aims to simplify the loan process, reduce turnaround times, and provide data-driven financial products tailored to the unique needs of small businesses.

The partnership with SBI also reflects the bank’s increasing focus on supporting MSME financing through private sector collaborations. SBI, which has been actively expanding its MSME lending portfolio, brings both financial clout and credibility to the initiative, ensuring that smaller enterprises can access formal credit at competitive rates.

Industry experts say the collaboration could set a precedent for similar alliances, combining the reach and reliability of established banks with the agility and innovation of tech-driven NBFCs. As MSMEs recover and grow in the post-pandemic economic landscape, access to structured, tech-enabled financing has become critical for sustaining operations and driving expansion.

JSW One Platforms’ NBFC arm, which operates alongside its broader digital and industrial ecosystem, has been increasingly focused on creating end-to-end financial solutions for small businesses, from working capital loans to trade financing. With the new funding from SBI, the company is poised to expand its footprint, enhance its product offerings, and strengthen its support for the MSME sector, which contributes significantly to India’s employment and GDP growth.

The Rs 575 crore investment is expected to accelerate JSW One Platforms’ efforts to empower MSMEs with efficient, technology-backed financial solutions while deepening its strategic partnership with India’s largest public sector lender.

Also Read: Supreme Court Defers Vodafone Idea’s AGR Plea; Stock Falls Around 4%

PVV Infra Ltd., a company primarily engaged in rooftop and ground-based solar power installations, has secured two significant solar power projects in Uttar Pradesh, collectively valued at ₹799 crore.

These projects are expected to bolster the company’s renewable energy portfolio and contribute to its long-term revenue streams.

The first project involves a 100 MW solar power initiative under a 25-year Power Purchase Agreement (PPA) with the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). PVV EVTech Private Ltd., a subsidiary of PVV Infra, will undertake this project in collaboration with Nacof Oorja Pvt Ltd. The estimated project cost is approximately ₹384 crore, with an anticipated annual revenue of ₹53 crore over the contract’s duration.

The second project comprises a 109 MW solar power development for which PVV Housing Private Ltd., another subsidiary of PVV Infra, has secured an Engineering, Procurement, and Construction (EPC) contract. This project, also in partnership with Nacof Oorja Pvt Ltd, is valued at around ₹415 crore.

In addition to these projects, PVV Infra’s board has approved a strategic decision to expand its presence in the renewable energy sector through Special Purpose Vehicles (SPVs). This approach aims to enhance operational efficiency, mitigate risks, and allow for focused execution of projects by geography and business verticals, such as Power Development and EPC.

These developments underscore PVV Infra’s commitment to diversifying its energy portfolio and contributing to India’s renewable energy goals. The company’s strategic initiatives are poised to strengthen its position in the growing renewable energy market.

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Vodafone Idea has appointed Tejas Mehta as its new Chief Financial Officer (CFO), effective October 6, 2025. Mehta succeeds Murthy Gvas, whose tenure concluded on October 5. This leadership change comes as the telecom company grapples with financial difficulties and seeks to strengthen its financial strategy.

Tejas Mehta, a Chartered Accountant, brings over 25 years of experience across India and international markets. He began his career at Marico Industries and later joined Mondelez India in 2002 as a Treasury Manager.

Over the years, he held several senior leadership roles, including Group Finance Controller in London, CFO for Thailand and Turkey, and Supply Chain Management head for Asia Pacific, Middle East, and Africa. In 2022, he returned to India to take on the CFO role at Mondelez India.

Vodafone Idea, India’s third-largest telecom operator, is backed by Aditya Birla Group and Vodafone Group. The company holds 5G spectrum in 17 circles and mmWave spectrum in 16 circles, offering services across 2G, 4G, and expanding 5G networks.

Despite these assets, the company faces significant financial challenges, including a net loss of ₹6,608.1 crore in Q1 FY26, up from ₹6,432.1 crore in Q1 FY25. Revenue from operations rose 4.9% year-on-year to ₹11,022.5 crore from ₹10,508.3 crore in Q1 FY25.

The appointment of Mehta is part of Vodafone Idea’s broader strategy to stabilize its financial position and expand its network services.

The company is working to secure additional debt funding to continue its 4G and 5G network expansion despite ongoing losses. This leadership change follows a recent transition within the company when Abhijit Kishore replaced Akshaya Moondra as CEO in August upon the conclusion of Moondra’s term.

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Oil and Natural Gas Corporation Limited (ONGC) is set to invest Rs 8,110 crore for the onshore development and production of oil and gas from 172 wells across eight Production Mining License (PML) blocks in Andhra Pradesh.

The investment is part of the company’s ongoing efforts to expand domestic hydrocarbon production and strengthen India’s energy security.

The PML blocks, spread across key oil- and gas-producing regions of the state, are expected to contribute significantly to ONGC’s output over the coming years.

This development will involve the drilling of new wells as well as the augmentation of existing infrastructure, with the company deploying advanced technologies aimed at enhancing extraction efficiency and optimizing production from mature fields.

Officials said the initiative is expected to generate substantial employment opportunities in Andhra Pradesh, both directly and indirectly. Ancillary industries supporting oil and gas operations, such as logistics, equipment manufacturing, and maintenance services, are likely to benefit from the large-scale development.

The move is also expected to provide a boost to the local economy in the areas surrounding the PML blocks.

ONGC has been steadily increasing its focus on onshore operations in Andhra Pradesh, building on its established presence in the Krishna-Godavari basin and other productive regions.

The company has previously invested in exploration, appraisal, and development projects in the state, with several wells already contributing to domestic oil and gas output. The latest investment marks one of the largest single-year onshore development initiatives by ONGC in the region.

This investment aligns with the central government’s broader strategy to encourage domestic oil and gas exploration, reduce import dependence, and achieve self-reliance in energy.

By intensifying production from onshore fields, ONGC aims to strengthen India’s energy portfolio while ensuring a steady supply of crude oil and natural gas to meet growing domestic demand.

Experts say such large-scale investments are crucial for sustaining long-term growth in the sector, particularly as global oil prices remain volatile and energy security becomes a strategic priority.

With the project set to roll out over the next few years, Andhra Pradesh is likely to emerge as an increasingly important hub for India’s oil and gas industry, supported by modern infrastructure and investment in technology-driven production.

The Centre is preparing to step in to address escalating tensions within the Tata Group, with senior government ministers scheduled to meet key executives from the conglomerate, The Economic Times reported on Monday. The intervention comes as internal disagreements at Tata Trusts—the principal shareholder of Tata Sons—threaten to affect the operations of India’s most valuable business house.

The discussions in New Delhi this week are expected to involve Noel Tata, Chairman of Tata Trusts; Venu Srinivasan, Vice-Chairman of Tata Trusts; N Chandrasekaran, Chairman of Tata Sons; and Darius Khambata, Trustee of Tata Trusts. According to ET, the meetings aim to evaluate recent developments that have caused widespread concern among stakeholders.

Central to the discussions are two pressing issues: resolving divisions among Tata Trusts’ trustees to avoid disruption at Tata Sons, and charting the way forward on the public listing of Tata Sons, a regulatory requirement under RBI norms issued three years ago.

The tensions reportedly trace back to a contentious Tata Trusts meeting on September 11, which exposed deep disagreements among trustees roughly a year after the passing of veteran industrialist Ratan Tata. Conflicts appear to revolve around control of Tata Sons, particularly concerning the appointment of nominee directors and the sharing of information on board proceedings.

The situation escalated after Vijay Singh, former Defence Secretary and Tata Sons nominee director, was removed—a decision opposed by Noel Tata and Venu Srinivasan.

Concurrently, a proposal to induct trustee Mehli Mistry to the Tata Sons board, supported by Pramit Jhaveri, Darius Khambata, and Jehangir Jehangir, intensified the rift, ET noted.

Reports suggest that an internal email from a trustee, seen as a veiled warning to remove Srinivasan in a manner similar to Singh, has heightened fears of a potential consolidation of control that could disrupt Tata Sons’ governance.

The upcoming meetings are intended to secure smoother operations within Tata Trusts and mitigate any ripple effects across the Tata Group. Officials said the unrest has gained attention across various group entities, particularly as board restructuring and trustee appointments remain uncertain.

The discussions also come at a crucial juncture for Tata Sons’ regulatory obligations. September 30 marked three years since the RBI designated it as an “upper-layer” NBFC, requiring mandatory public listing. Tata Sons had sought deregistration from the RBI in March 2024, requesting exemption from both listing and associated regulations, but a response is still pending, ET reported.

Meanwhile, the Shapoorji Pallonji Group, holding an 18.37% stake in Tata Sons and grappling with high debt, continues to advocate for listing to unlock liquidity. Government sources told ET that authorities are closely monitoring trustee demands for access to board agendas, prior approvals for key decisions, and challenges to independent director appointments, which have contributed to governance concerns.

The unrest has reportedly been growing over several months, with divisions becoming sharper as terms of key trustees near renewal, amid disputes over conflicts of interest and financial transparency, according to The Economic Times.

Also Read: Supreme Court Defers Vodafone Idea’s AGR Plea; Stock Falls Around 4%

As the July-September quarter looms, India’s IT services firms are bracing for another muted financial performance, with growth expectations pinned down by weak demand, client budget constraints, and renewed uncertainty following changes to U.S. H-1B visa rules.

Once a strong period for the industry, Q2 is now expected to deliver only modest gains, if any, amid a cautious global environment.

Across the board, analysts foresee single-digit growth or flat sequential expansion in constant currency terms for large-cap Indian IT players.

The continuing pressure is attributed to macroeconomic headwinds coming out of developed economies, especially the United States.

Client organisations are holding back on discretionary spending and large-scale transformation projects, opting instead to prioritise cost optimization and bandwidth reduction. Many firms that had leveraged upticks earlier in the year say the momentum has dissipated. The sector’s reliance on the U.S. market only compounds the challenge. 

The newly imposed $100,000 one-time fee for H-1B visa applications has triggered renewed concerns. Indian IT companies, major deployers of H-1B professionals in the U.S., view the change as a potential disruptor to existing staffing and project continuity.

Industry bodies have warned that the policy could introduce significant operating cost pressures, especially for nearshore models that depend on moving talent across geographies. Though the U.S. has clarified that the fee applies only to new applications and not renewals or existing holdings, the shift raises questions about recruitment plans, visa dependency, and localization strategies. 

One of the sector’s largest names, TCS, is scheduled to kick off the earnings season under this cloud of uncertainty. The company is expected to report a slowdown in revenue growth in constant currency terms, as client hesitation and visa-related cost burdens weigh on margins and operating models. Firms are particularly under scrutiny for their staffing plans, offshore vs onshore balance, and ability to localize talent in the face of visa constraints. 

Margins may see some resilience through exchange rate tailwinds as the rupee depreciates, but that cushion is expected to be offset by wage inflation, pricing pressures, and rising cost of talent deployment. Most firms are believed to be operating at relatively high utilization levels, limiting further room for productivity gains through existing capacity.

Analysts expect that the near-term focus will remain on deal wins in infrastructure modernisation, cloud migration, and AI adoption, but conversion and execution timelines may stretch as clients remain cautious. 

Mid-tier and niche IT firms might outperform their larger peers slightly, as they are often more agile and able to pivot toward smaller, more modular engagements. Some of them have already been gaining traction in automation, AI, and digital engineering mandates. 

Looking ahead, meaningful recovery for the sector is seen by many as a possibility only in the next technology cycle, potentially 12 to 18 months out. For now, expectations are that the industry will tread carefully, lean on cost controls, and await clearer visibility in client pipelines and macro stability. The H-1B policy change, while disruptive, is also pushing companies to rework their global staffing models — an adjustment that could reshape future operating norms, even if it deepens the jitteriness of the current quarter. The coming weeks will be critical to see how firms manage to navigate these layered headwinds and whether they can deliver performance with limited tailwinds.

Vedanta Ltd reported a string of operational highs in its second quarter for FY 2026, with key divisions such as aluminum, alumina, zinc and pig iron registering record outputs, even as other segments grappled with headwinds. The company’s performance underscores its push to scale capacity and improve productivity across its diversified metals and mining portfolio.

In the quarter ended September 30, 2025, Vedanta posted its highest ever aluminium output of 617 kt, while alumina production at its Lanjigarh refinery climbed to 653 kt — a sharp 31 percent year-on-year growth. These figures mark record quarterly and half-yearly highs for both aluminium and alumina, and reflect strong operational momentum in the upstream chain.

Alongside these gains, Vedanta’s zinc business also delivered standout results. Zinc India recorded its best ever mined metal production of 258 kt — up about 1 percent year-on-year — representing its most productive second quarter and first half. Zinc International fared even better, scaling mined metal output by nearly 38 percent to 60 kt, aided by higher milled tonnages and stronger lead grades.

In the iron and steel segment, the company achieved its highest quarterly pig iron production of 238 kt, an increase of 26 percent year-on-year, driven by successful debottlenecking efforts in its blast furnace operations. Billet production too rose steeply, climbing 43 percent to 232 kt.

However, not every division sustained the growth trajectory. Vedanta’s iron ore production fell by 19 percent to 1.1 million tonnes, a decline attributed to heavier rainfall and subdued demand in the construction sector. Oil and gas posted a 15 percent year-on-year dip, with average daily gross operated production falling to 89.3 kboepd, partly on account of softer output from the Rajasthan block. Steel finished product output also slipped about 8 percent, though its billet segment showed strength.

On the energy front, Vedanta reported its power sales fell 2 percent year-on-year to 4,331 million units, while in the metals basket, copper production saw a modest 3 percent decline, affected by raw material sourcing issues. Lead and silver production also lagged due to disruptions in pyro-plant availability and weaker feed grades.

Vedanta’s Q2 results highlight a deliberate strategy to lean into its most scalable, higher-margin segments even as its more volatile verticals face pressures. While the aluminium and zinc divisions are benefiting from robust global prices and improved efficiencies, sustaining output gains across iron ore, oil & gas and downstream metals will be the true test. The company also continues to pursue capacity expansions — notably in aluminum — backed by plans to invest heavily to scale to 3.1 million tonne capacity by FY28.

Market reaction to the production release was broadly positive. The strength in core metals helped buoy investor sentiment despite challenges in complementary areas. For Vedanta, the current performance underscores both the promise and the volatility of a multi-asset natural resources conglomerate: the ability to post fresh records in key verticals even as ancillary operations reset amid cyclical and structural shifts.

As the company heads into the second half of FY26, the emphasis will likely be on translating capacity gains into improved margins, and steering the weaker segments toward recovery, all while managing external risks such as input cost volatility, weather disruptions and demand fluctuations in global commodity markets.

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