Category: Corporate

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Corporate

SEBI clears PhonePe IPO plan

Digital payments major PhonePe has taken a key step towards going public after receiving approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The regulatory clearance clears the way for the Walmart-backed company to file an updated Draft Red Herring Prospectus (DRHP) in the coming weeks.

PhonePe had earlier submitted its IPO papers to SEBI through the confidential filing route, which allows companies to fine-tune their plans away from public scrutiny. With SEBI’s go-ahead now in place, the company is preparing to move to the next stage of the listing process.

According to people familiar with the matter, PhonePe’s IPO is expected to be structured largely as an Offer For Sale (OFS). This means existing shareholders, including its parent company Walmart and other early investors, are likely to sell part of their holdings. The proceeds from the issue would primarily go to these shareholders rather than into the company’s balance sheet.

Market estimates suggest the IPO could raise around ₹12,000 crore, potentially valuing PhonePe at close to $15 billion, higher than its previous private funding valuation. The final size and timing of the issue, however, will depend on market conditions and investor appetite.

The SEBI approval comes at a time when investor interest in profitable and large-scale digital businesses is gradually returning. A successful PhonePe listing could become one of the biggest fintech IPOs in India and may encourage other consumer internet companies to tap the public markets.

Founded in 2015, PhonePe has grown into one of India’s most widely used digital payments platforms. It is a market leader in UPI transactions, accounting for a large share of daily digital payments across the country. Beyond payments, the company has expanded into insurance distribution, mutual funds, lending, and wealth management, positioning itself as a broad financial services platform.

While no official listing date has been announced, industry watchers expect PhonePe to target a market debut later this year, subject to regulatory filings and stable market conditions.

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IKEA to invest $2.2 billion more in India

Swedish home furnishings major IKEA has announced plans to more than double its investment in India, committing around $2.2 billion (₹20,000 crore) over the next five years as it sharpens its focus on one of its fastest-growing markets.

The company, which entered India in 2018 with its first store in Hyderabad, currently operates six stores across cities such as Mumbai, Bengaluru and Hyderabad. As part of its expansion strategy, IKEA plans to open up to 30 stores in the country in the coming years, significantly increasing its physical retail presence.

IKEA India CEO Patrik Antoni said India is expected to become a key growth driver for the group globally. While India still contributes a small share to IKEA’s overall revenues, rising urbanisation, a growing middle class and increasing demand for affordable home solutions make the market attractive in the long term.

Alongside store expansion, IKEA is placing strong emphasis on e-commerce. In a first for the company globally, IKEA plans to launch online sales in some Indian cities before opening physical stores. This approach will allow the brand to reach customers in cities where it does not yet have stores, including places like Chennai and Coimbatore.

IKEA’s India sales grew by about 6 per cent in the year ended August 2025, touching nearly ₹1,861 crore. The company aims to quadruple its India revenues as investments in stores, logistics and digital platforms begin to show results.

The new investment will also support IKEA’s sourcing operations. India is already an important supplier for the group, and IKEA plans to increase its exports from India to around €800 million in the coming years. This move will strengthen India’s role as a global manufacturing and sourcing hub for the company.

IKEA’s expansion plans reflect a broader trend of multinational companies deepening their presence in India by combining physical retail, digital platforms and local manufacturing. For IKEA, the renewed investment underlines its long-term confidence in the Indian consumer and the country’s growth story.

Also Read: Adani Power’s Vidarbha takeover gets final nod

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Adani Power’s Vidarbha takeover gets final nod

Adani Power has overcome a significant legal challenge in its bid to acquire Vidarbha Industries Power Ltd (VIPL) for ₹4,000 crore. The National Company Law Appellate Tribunal (NCLAT) has upheld the company’s resolution plan under the Insolvency and Bankruptcy Code (IBC), dismissing appeals from Western Coalfields Ltd., a key coal supplier and a group of employees. This decision affirms the earlier approval by the National Company Law Tribunal (NCLT), providing final clarity to the long-pending takeover of the 600 MW Vidarbha power project.

The disputes centered on creditor treatment and procedural compliance. Western Coalfields, an operational creditor claiming around ₹500 crore, argued that Adani Power’s plan violated IBC timelines for debt resolution. Meanwhile, employees raised concerns over inadequate payouts, receiving only ₹1 crore collectively against claims exceeding ₹550 crore. They contended that the plan unfairly prioritized secured creditors, leaving operational dues undervalued.

NCLAT rejected these claims, ruling that the Committee of Creditors (CoC) had approved the plan well within legal deadlines. The tribunal noted that Adani Power’s subsequent modifications to operational debt handling were permissible, as they neither reduced creditor recoveries nor prejudiced any party. On employee dues, NCLAT clarified that asset values could not fully cover all claims post-secured creditor payments, a common outcome in insolvency cases. Crucially, statutory obligations like provident fund and gratuity contributions remain fully protected and must be disbursed in full, safeguarding worker interests.

This ruling marks a pivotal moment for Adani Power’s expansion strategy in the power sector. The acquisition bolsters its capacity amid India’s growing energy demands, aligning with the group’s aggressive growth in renewables and thermal assets. Market analysts view the verdict as a strong endorsement of the IBC framework, which has resolved over stressed assets since 2016. By balancing swift corporate rescues with creditor rights and employee protections, it signals judicial confidence in India’s bankruptcy regime.

For the broader economy, the decision underscores the maturing insolvency ecosystem. It demonstrates how tribunals can navigate complex stakeholder conflicts, encouraging more strategic investments in turnaround opportunities. Adani Power shares rose marginally post-ruling, reflecting investor optimism. As the company integrates VIPL, focus shifts to operational synergies and long-term value creation in a competitive power landscape.

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Corporate

Sensex tumbles 1,065 points, Nifty slips under 25,250

Indian stock markets fell sharply on Tuesday, 20 January 2026, with major indices hitting their lowest levels in over two months. The BSE Sensex dropped 1,065.7 points to 82,180.47, while the Nifty 50 slipped 353 points to 25,232.50, reflecting broad-based selling across sectors.

While defensive and some large-cap stocks like ITC and Tata Capital managed gains, several heavyweights suffered steep losses. Sun Pharma and Eternal shares fell around 3–4%, dragging the indices lower. Mid-cap and small-cap stocks also saw widespread declines, and only a few counters provided support.

Foreign investors continued to withdraw funds, adding to the pressure. The Indian rupee weakened against the dollar, raising concerns about currency risk. Technical levels for Nifty were breached, signaling market vulnerability and prompting investors to reduce exposure.

Global cues also weighed on sentiment. European markets retreated, and U.S. futures, including the S&P 500 and Nasdaq, were down, reflecting risk-averse investor behavior worldwide.

Analysts note that the combination of foreign outflows, weak corporate results, and global volatility drove Tuesday’s market slide. Investors are now closely watching upcoming earnings and macroeconomic data for signals on market direction.

Also Read: S4Capital chief praises India at WEF 2026, Davos

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Corporate

Sun Pharma linked to possible $10 bn Organon buyout

Sun Pharmaceutical Industries, India’s largest drugmaker, is reportedly exploring a possible $10 billion acquisition of US-based pharmaceutical company Organon & Co, according to media reports. If the deal goes through, it would be one of the biggest overseas acquisitions ever made by an Indian pharmaceutical company and could significantly boost Sun Pharma’s presence in the United States.

Organon is a global pharmaceutical firm that focuses mainly on women’s health medicines, including treatments for fertility, contraception, and menopause. It also has a growing business in biosimilars, which are lower-cost versions of complex biological drugs. The company was created in 2021 after being separated from Merck (MSD) and carries a large debt of around $9.5 billion.

Reports suggest Sun Pharma has appointed a European financial advisor to study the deal and assess its feasibility. The estimated value of $10 billion includes Organon’s existing debt. Industry observers say Organon’s product portfolio and strong presence in the US market could fit well with Sun Pharma’s long-term growth plans, especially in specialty medicines and biosimilars.

If completed, the acquisition would be larger than Sun Pharma’s 2014 purchase of Ranbaxy Laboratories and could help the company expand faster in the highly competitive US pharmaceutical market. Analysts believe the deal could give Sun Pharma access to new therapies, a wider customer base, and a stronger global footprint.

However, Sun Pharma has clarified that the reports are “speculative in nature.” In a statement to stock exchanges, the company said there is no material information to disclose at this stage and that it follows strict regulatory guidelines. It added that any confirmed development will be shared with investors as required by law.

Organon has not made any public comment on the reported talks.

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UAE signs $2.5bn LNG deal with HPCL

UAE and India have signed a landmark liquefied natural gas (LNG) supply agreement that will deepen energy cooperation between the two nations. The deal, inked between ADNOC Gas, the gas marketing division of Abu Dhabi National Oil Company, and Hindustan Petroleum Corporation Limited (HPCL), is valued at $2.5 billion and spans ten years.

Under the agreement, ADNOC Gas will supply about 500,000 tonnes of LNG annually to HPCL. The gas will be sourced from ADNOC’s Das Island facility, one of the world’s established LNG plants, known for its consistent production and export capacity.

This long-term supply is expected to enhance India’s energy security and support its growing demand for cleaner fuels. HPCL plans to use the imported LNG to fuel its refining operations, as well as expand city gas distribution networks for industrial, residential, and commercial use.

The contract formalizes prior commercial arrangements and converts a heads-of-agreement into a binding sale and purchase pact. Officials from both sides emphasized that this deal positions India as a key LNG customer for the UAE, with Indian companies projected to take a significant portion of ADNOC Gas’ exports in the coming years.

The signing coincided with the official visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to New Delhi. During the visit, both countries highlighted the broader significance of energy cooperation and reiterated commitments to strengthen trade, technology, and strategic partnerships.

Also Read: Global markets fall on US Greenland tariff threats

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Corporate

Sensex falls 350 points, Nifty slips below 25,500

Indian equities extended losses for a second session on Tuesday, January 20, with the BSE Sensex shedding over 350 points and the Nifty 50 breaching the 25,500 level. Weak global cues, including US tariff tensions reigniting trade-war fears, combined with mixed Q3 earnings and a depreciating rupee, fueled investor caution and sustained foreign selling pressure.

Markets opened flat despite ambivalent GIFT Nifty signals but quickly faced broad-based selling, led by heavyweights in financials and IT sectors. Sideline positioning dominated as participants navigated earnings volatility and fragile international sentiment.

Bright spots emerged in renewables and select industrials. Tata Capital rallied on robust quarterly profit growth before profit-taking curbed gains. ACME Solar climbed after commissioning a Gujarat wind project, underscoring momentum in India’s green energy push. Bajaj Electricals also drew buyers on positive wires and cables updates.

Countering these, LTIMindtree plunged on an 11% net profit drop for the December quarter, blamed on one-off costs. Asian Paints and Bajaj Finance lagged sharply, capping any rebound and amplifying benchmark declines.

Broader markets stayed muted, with buying confined to news-driven names. Safe-haven gold and silver hit record highs amid risk-off flows globally. Eyes remain on crude oil, forex swings, and geopolitics for near-term direction.

Also Read: Steel prices rise on safeguard duty and exports

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Sensex drops 324 Points, Nifty slides below 25,600

Markets ended sharply lower on Monday as the BSE Sensex fell 324.17 points to settle at 83,246.18, while the NSE Nifty 50 dropped 108.85 points to close at 25,585.50.

Key sectors, including banking, IT, and energy, saw the most significant losses. Reliance Industries, HDFC Bank, and Infosys were among the major drags on the indices, pulling the overall market lower. Traders noted that profit-booking in heavyweight stocks and cautious positioning ahead of upcoming corporate results contributed to the selling pressure. Defensive sectors, including FMCG and healthcare, showed relative resilience amid the broader decline.

Global market sentiment also weighed on investor confidence. Asian markets closed mixed, while European and US markets remain under pressure due to concerns over global trade tensions, rising interest rates, and slowing economic growth. These factors collectively added to the risk-off mood in domestic markets.

Trading activity remained moderate, with investors keeping an eye on both global developments and domestic corporate earnings for guidance. Analysts suggested that the current market movement reflects a phase of consolidation, as investors digest recent gains and adjust portfolios ahead of further cues from the corporate earnings season.

Despite the decline, some mid-cap and small-cap stocks managed to hold their ground, offering selective buying opportunities. Analysts advise investors to remain cautious, diversify portfolios, and focus on fundamentally strong stocks in sectors likely to benefit from domestic economic growth.

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EIL wins $350 million Dangote refinery deal

Engineers India Limited (EIL), a government-owned engineering and consultancy company, has won a major overseas contract worth more than $350 million from Nigeria’s Dangote Group. The contract is for the expansion of the Dangote Refinery and Petrochemical Complex, which is already the largest oil refinery in Africa.

Under this deal, EIL will work as a Project Management Consultant (PMC) and Engineering, Procurement and Construction Management (EPCM) consultant. This means the Indian firm will help plan, design, manage and supervise the expansion work to ensure it is completed on time and meets qualityերից.

The Dangote refinery is currently operating at a capacity of 650,000 barrels of crude oil per day. With the new expansion, the capacity will be increased to 1.4 million barrels per day, making it the largest single-location refinery in the world. The expansion will also allow the refinery to produce cleaner, Euro VI-grade fuels, which meet stricter global environmental standards.

Apart from fuel, the project will significantly boost petrochemical production, especially polypropylene, which is widely used in plastics and packaging. Annual polypropylene output will rise from 830,000 tonnes to 2.4 million tonnes. This increase will be achieved by upgrading existing units and adding new large-scale facilities, including a new propylene production unit.

EIL had earlier played a key role in building the first phase of the Dangote refinery, which was commissioned in 2024 at the Lekki Free Zone in Nigeria. The successful completion of that phase helped establish trust between the two companies, leading to this new and larger contract.

The expanded refinery is expected to reduce Africa’s heavy dependence on imported refined fuels, improve energy security, and support industrial growth across the region. For Nigeria, the project is a major step towards becoming a key supplier of refined petroleum products and petrochemicals.

Also Read: CG Power wins ₹900 cr US Data Centre order

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CG Power wins ₹900 cr US Data Centre order

CG Power and Industrial Solutions Ltd has won a major overseas contract worth around ₹900 crore from US-based Tallgrass Integrated Logistics Solutions LLC. This is the biggest single order in the company’s history and marks its formal entry into the global data centre infrastructure segment.

As part of the agreement, CG Power will supply high-capacity power transformers for a large data centre project in the United States. These transformers play a crucial role in ensuring uninterrupted power supply, which is essential for data centres that support digital services such as cloud computing, artificial intelligence and large-scale data storage.

The transformers will be designed, manufactured and tested at CG Power’s facilities in India. The company said deliveries will take place over a period of 12 to 20 months, with shipments made from Mumbai under standard international trade terms. The contract is a direct export order, underlining CG Power’s increasing focus on international markets.

Company management described the order as a strategic breakthrough, stating that it provides a strong platform to enter the fast-growing global data centre sector. With rising digitalisation, demand for data centres is increasing worldwide, leading to higher need for reliable and advanced power infrastructure.

CG Power said the order demonstrates its engineering strength and ability to meet strict global quality and performance standards. It also highlights the company’s capability to deliver mission-critical equipment for projects where power reliability is vital.

The announcement was positively received by the market, with CG Power’s shares seeing an uptick following the news. Entry into the global data centre space is expected to open new growth opportunities and strengthen the company’s export pipeline in the coming years.

Industry experts believe this move could help CG Power diversify its business beyond its traditional domestic and industrial segments.

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