Category: Corporate

Larsen & Toubro Ltd (L&T) has announced that its Power Transmission & Distribution (PT&D) business has secured a series of significant grid infrastructure orders in the Middle East, valued between ₹2,500 crore and ₹5,000 crore.

These contracts encompass projects in the UAE, Saudi Arabia, and other Gulf Cooperation Council (GCC) countries, underscoring L&T’s expanding footprint in the region’s energy sector.

One of the notable projects involves the construction of a 400kV substation in the UAE, which is part of the ongoing 400kV super grid interconnection linking the electricity networks of GCC member states.

This initiative aims to establish a direct 400kV link between Oman and the rest of the GCC grid, thereby enhancing regional energy security and enabling more efficient use of generation capacity.

In Saudi Arabia, L&T has been awarded contracts for the turnkey construction of 380kV overhead transmission lines.

These lines are integral to integrating renewable energy power plants into the national grid, aligning with the country’s vision to diversify its energy sources and reduce dependence on fossil fuels.

Additionally, L&T’s PT&D business has secured orders for a series of new 132kV substations across the Middle East to support the rising electricity demand in the region.

These substations are expected to bolster the existing infrastructure and ensure a stable power supply to meet the growing needs of urban and industrial areas.

L&T classifies contracts in the ₹2,500 crore to ₹5,000 crore range as ‘large’ orders.

The company’s strategic focus on the Middle East aligns with the region’s significant investments in infrastructure development and renewable energy projects.

These new orders not only reinforce L&T’s position as a key player in the global EPC (engineering, procurement, and construction) space but also contribute to the ongoing energy transition efforts in the Middle East.

The company’s robust execution capabilities and technological expertise in power transmission and distribution have been pivotal in securing these contracts.

L&T continues to leverage its experience in delivering complex infrastructure projects to meet the evolving energy demands of its international clients.

These developments reflect L&T’s commitment to expanding its global presence and contributing to the development of sustainable and resilient energy infrastructure worldwide.

The successful execution of these projects is expected to further enhance L&T’s reputation in the international market and open avenues for future opportunities in the Middle East and beyond.

Also Read: Reliance Power CFO Ashok Pal Resigns Following ED Arrest

The State Bank of India (SBI), the country’s largest lender, has announced an ambitious plan to increase the proportion of women in its workforce to 30% by 2030.

Currently, women account for approximately 27% of SBI’s total staff, with a higher representation of nearly 33% among frontline employees.

This strategic initiative underscores the bank’s commitment to enhancing gender diversity and fostering an inclusive work environment across all levels of the organization.

To achieve this goal, SBI is implementing a comprehensive set of measures aimed at supporting and empowering its female employees.

These initiatives include the introduction of leadership development programs tailored for women, the establishment of all-women branches, and the provision of health and wellness benefits such as cancer screenings and vaccination drives.

Additionally, the bank is enhancing work-life balance support through the provision of creche allowances and family connect programs.

SBI is also offering specialized training for women returning from maternity leave, sabbaticals, or extended sick leave, ensuring a smooth reintegration into the workforce.

SBI’s commitment to gender diversity is further reflected in its internal policies. The bank provides up to two years of sabbatical leave for personal commitments such as childcare or further education, a policy unique among public sector banks.

Additionally, SBI enforces a strict policy on the prevention, prohibition, and redressal of sexual harassment in the workplace, demonstrating its dedication to creating a safe and supportive environment for all employees.

With a workforce exceeding 240,000 employees, SBI is one of the largest employers in India and globally. The bank’s proactive approach to gender diversity aims to not only increase female representation but also to cultivate a workplace culture that values inclusivity and equal opportunity.

Through these concerted efforts, SBI seeks to empower women, enhance organizational performance, and set a benchmark for diversity and inclusion in the banking sector.

This strategic focus on gender diversity aligns with broader national objectives to increase women’s participation in the workforce, which is seen as a key driver for economic growth and social equity.

By setting and working towards this target, SBI is positioning itself as a leader in promoting gender equality within the financial services industry.

Also Read: ACME to invest ₹5,000 crore in 1.2 Mt green iron plant

Ashok Kumar Pal resigned from his positions as Executive Director and Chief Financial Officer (CFO) of Reliance Power Ltd following his arrest by the Enforcement Directorate (ED) in a money-laundering probe.

The company said the resignation is effective immediately, stating that it has acted “bona fide” and now views itself as a victim of fraud and forgery.

The ED’s case centres on allegations that Pal played a key role in a scheme involving fake bank guarantees submitted to the Solar Energy Corporation of India (SECI) by a Reliance Power subsidiary, Reliance NU BESS (formerly Maharashtra Energy Generation Ltd).

Investigators allege that a bank guarantee of ₹68.2 crore was purportedly issued by FirstRand Bank, Manila, even though the bank has no branch in the Philippines.

The agency alleges that he was involved in designing and executing sham transactions, using forged documents, and concealing financial trails through shell companies.

The ED’s remand application claims that Pal directed the use of falsified endorsements, managed encrypted communication channels to avoid detection, and manipulated accounting workflows to process fraudulent guarantees.

One of the intermediary firms under investigation is Biswal Tradelink Pvt Ltd, based in Odisha, which allegedly arranged fake bank guarantees bearing forged State Bank of India (SBI) endorsements and fabricated confirmations.

The probe has revealed that communications in the case involved spoofed email domains that closely resembled official bank emails, such as altering “sbi.co.in” to “s-bi.co.in.”

Investigators also claim that Pal approved payments to Biswal Tradelink against bogus invoices for services that were never rendered, bypassing the company’s standard vendor verification systems.

He is also said to have used WhatsApp and Telegram to communicate instructions related to these transactions, leaving minimal formal records.

Reliance Power has distanced itself from Pal’s alleged actions, asserting that the company and its subsidiaries were victims of deception. In a regulatory filing, the firm stated that Pal resigned “pending the ongoing matter and in order to assist the investigation.”

It also clarified that Anil D. Ambani, who has often been linked to Reliance Power in media reports, has not served on the company’s board for over three years and “is not concerned with this matter in any manner.”

Following his arrest, Pal was produced before a special court, which granted the ED two days’ custody for interrogation. His legal counsel has challenged the arrest, arguing that procedural lapses could undermine the case.

This development is part of a broader probe into financial irregularities linked to the Anil Dhirubhai Ambani (ADA) group, particularly concerning loans disbursed by Yes Bank between 2017 and 2019 that were allegedly diverted to shell companies.

In July 2025, the ED conducted raids at more than 35 locations across Mumbai and Delhi as part of this ongoing investigation into suspected money laundering and forged financial instruments.

The arrest and subsequent resignation of Pal mark a significant escalation in regulatory scrutiny of Reliance Power and its group entities.

The company, which has over 75 percent public shareholding, is now facing heightened questions about its corporate governance framework and internal control systems. The case also highlights broader concerns about the vulnerability of major infrastructure and power sector tenders to fraud involving forged financial guarantees and complex money-laundering channels.

As the ED continues its investigation, more details are expected to emerge through custodial interrogation and forensic analysis of seized communications and financial records.

The outcome of the case could have wider implications for regulatory oversight in the energy and financial sectors, particularly in relation to due diligence requirements and accountability standards within large corporate groups.

Also Read: ACME to invest ₹5,000 crore in 1.2 Mt green iron plant

ACME Group is set to invest approximately ₹5,000 crore to build a 1.2 million tonnes per annum (MTPA) green iron facility (phase 1), focused on producing Green Hot Briquetted Iron (HBI) and Green Direct Reduced Iron (GRI), according to industry sources.

In a statement, ACME’s chairman Manoj Kumar Upadhyay said the planned greenfield facility will target “some of the lowest-emission green HBI and DRI products,” reflecting the group’s ambition to lead in clean-technology solutions.

The company is currently evaluating prospective locations in India and Oman, preferring sites close to its existing operations for logistical synergies.

ACME already has clean-energy undertakings underway, including a green hydrogen facility under development in Odisha and another project in advanced stages in Oman.

Its renewable portfolio also spans solar, wind, hybrid, and dispatchable energy projects, with an existing installed solar capacity of around 2,700 MW.

On the commercial front, ACME has signed a long-term supply deal with Vietnam’s Stavian Industrial Metal.

Under the agreement, ACME will supply green HBI/DRI output from the forthcoming 1.2 MTPA facility over a 10-year take-or-pay and supply-or-pay structure.

The supply arrangement reflects growing confidence in the global demand for low-carbon iron feedstock, particularly as steelmakers accelerate their transition toward hydrogen-based and electrified production processes.

The partnership also secures offtake certainty for ACME ahead of commissioning, giving the project a strong commercial foundation.

The investment comes amid intensifying global efforts toward decarbonising the steel industry, one of the largest contributors to industrial greenhouse gas emissions.

With the sector accounting for roughly 7–8% of global CO₂ emissions, several companies are racing to retrofit or build new zero-carbon infrastructure.

ACME’s move positions it among a growing group of industrial players betting on hydrogen and green iron technologies as the backbone of future steelmaking.

The upcoming facility is expected to strengthen India’s role in producing low-carbon steel inputs and could help reduce the carbon intensity of domestic steel value chains.

By integrating renewable energy with hydrogen-based iron reduction, ACME aims to demonstrate that large-scale industrial decarbonisation is both feasible and commercially viable.

With phase 1 anchored at 1.2 MTPA, the company is expected to explore further expansion in subsequent phases, though no official timeline has yet been announced.

The project is likely to leverage ACME’s hydrogen and renewable energy infrastructure to meet emissions targets and maintain cost competitiveness.

As the group finalises site selection and regulatory clearances, the ₹5,000 crore commitment signals ACME’s growing ambition to become a major player in India’s emerging green-steel ecosystem.

The initiative not only aligns with India’s broader decarbonisation goals but also underscores the increasing convergence of clean energy and heavy industry — a necessary step toward a sustainable industrial future.

Also Read: Tata Trusts Faces Internal Strife as Shapoorji Pallonji Group Pushes for IPO

The Tata Group is embroiled in a governance crisis following internal disputes within Tata Trusts, the philanthropic arm that controls a 66% stake in Tata Sons, the holding company of the conglomerate.

The rift intensified after the death of Ratan Tata in October 2024, leading to leadership challenges and disagreements over strategic decisions, including the potential public listing of Tata Sons.

Government Intervention Amidst Boardroom Turmoil

The conflict within Tata Trusts has escalated to the point where senior Indian government officials, including Finance Minister Nirmala Sitharaman and Home Minister Amit Shah, have intervened to mediate the dispute.

This rare involvement underscores the significance of the Tata Group in India’s economy and the potential repercussions of internal instability.

The discord centers on governance issues, trustee appointments, and the future direction of Tata Sons. Reports suggest that the Trusts’ board is divided, with some members opposing changes to the existing structure and others advocating for reforms.

Shapoorji Pallonji Group’s Stance on Tata Sons IPO

Amidst the turmoil, the Shapoorji Pallonji Group, the largest minority shareholder in Tata Sons with an 18.37% stake, has reiterated its call for the public listing of Tata Sons.

Chairman Shapoorji Pallonji Mistry emphasized that a public listing would enhance transparency, uphold the founding principles of the Tata Group, and unlock value for over 120 million indirect shareholders of listed Tata companies.

He described the move as a “moral and social imperative” and urged compliance with the Reserve Bank of India’s (RBI) mandate for such a listing.

Tata Trusts Board Meeting Avoids Controversial Topics

In a recent board meeting, Tata Trusts focused on routine matters, steering clear of contentious issues such as the proposed IPO and internal governance disputes.

This decision to avoid addressing the core issues reflects the delicate nature of the current situation and the challenges in reaching a consensus among trustees. The lack of discussion on these critical topics has raised concerns about the Trusts’ ability to navigate the ongoing crisis effectively.

Implications for the Tata Group and Stakeholders

The ongoing internal strife within Tata Trusts and the push for a public listing of Tata Sons have significant implications for the Tata Group’s future. The outcome of these disputes will affect the governance structure, strategic direction, and financial stability of one of India’s most influential conglomerates. Stakeholders, including employees, investors, and the broader public, are closely monitoring developments, as the resolution of these issues will shape the legacy and future trajectory of the Tata Group.

As the situation unfolds, the need for transparent dialogue, effective governance, and strategic foresight remains paramount to ensure the continued success and integrity of the Tata Group.

Also Read: Natco Pharma Secures Legal Victory to Launch Generic Risdiplam in India

The Enforcement Directorate (ED) has questioned George Alexander Muthoot, Managing Director of the Muthoot Group, concerning allegations of investor fraud and money laundering. The probe follows the FIRs filed by Kerala Police accusing Muthoot Finance branch managers of misleading investors by promising high returns on fixed deposits and non-convertible debentures (NCDs) ranging from 8 to 12 percent per annum.

According to the complaints, funds raised from investors were allegedly diverted to Srei Equipment Finance Limited, a company that was falsely represented as a subsidiary of the Muthoot Group. This misrepresentation resulted in many investors not receiving their maturity payments, sparking allegations of fraud and misappropriation.

ED officials have registered a case under the Prevention of Money Laundering Act (PMLA) and summoned George Alexander Muthoot to record his statement at their Kochi office. The investigation is focusing on the flow of funds and the role of company executives in the transactions.

Authorities are expected to question other senior officials and scrutinize the financial records of the associated companies as part of an ongoing probe. The case highlights growing concerns about the safety of investments in non-banking financial companies promising high returns.

Investors have expressed unease amid the investigations, while the ED has urged them to stay informed and seek professional advice when dealing with high-risk investment products.

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The grey market premium (GMP) for LG Electronics India’s Initial Public Offering (IPO) rose sharply to around 33–35 percent on Friday, reflecting strong investor enthusiasm as the company prepares to finalise share allotments later tonight.

Market tracking portals indicated that the shares of LG Electronics India are changing hands in the unlisted market with a significant premium.

Data from Investorgain showed a GMP of about Rs 395 per share, implying potential listing gains of 34.65 percent over the upper price band of Rs 1,140. IPO Watch placed the premium slightly lower, at approximately 33 percent.

The surge in grey market activity follows the robust investor response to the IPO, which was subscribed 54.02 times during the three-day bidding window from October 7 to 9.

Institutional investors led the rally, with qualified institutional buyers (QIBs) accounting for a major portion of the demand. The Rs 11,607-crore public offer had a price band fixed between Rs 1,080 and Rs 1,140 per equity share.

Allotment of shares is expected to be completed by late evening on October 10, with refunds and credit of shares likely to begin shortly thereafter.

Applicants can check their allotment status on the website of the IPO registrar, KFin Technologies Limited, using their application number or PAN.

The information will also be available on the BSE and NSE portals once the process is finalised.

The listing of LG Electronics India’s shares on the stock exchanges is likely to take place next week. Based on current GMP trends, the company’s debut is anticipated to deliver healthy returns to investors, although analysts caution that grey market movements are speculative and unofficial indicators of sentiment.

LG Electronics India, one of the leading names in consumer electronics and home appliances, offers a wide portfolio of products catering to both retail and institutional markets.

Its product range includes washing machines, refrigerators, LED television panels, inverter air conditioners, and microwave ovens.

The company operates two major manufacturing facilities—one in Noida, Uttar Pradesh, and another in Pune, Maharashtra—and provides comprehensive after-sales services including installation, repairs, and maintenance.

Market observers noted that the strong response to the IPO reflects investor confidence in the company’s brand strength, consistent profitability, and leadership in India’s fast-growing consumer durables segment.

If the GMP holds steady until listing day, LG Electronics India could see one of the more successful market debuts of 2025.

Also Read: Natco Pharma Secures Legal Victory to Launch Generic Risdiplam in India

Tata Motors’ stock experienced a decline on Friday, extending its losing streak to six consecutive sessions, as investors reacted to the upcoming record date for debenture holders in the company’s demerger process.

On October 10, 2025, Tata Motors fixed the record date for determining the eligibility of debenture holders for the transfer of ₹2,300 crore worth of non-convertible debentures (NCDs) to the newly formed entity, TML Commercial Vehicles Limited (TMLCV).

As a result, Tata Motors shares fell by 1.89% to ₹667.20 on the Bombay Stock Exchange (BSE) before recovering slightly to trade at ₹680.10, but still down 0.15% as of 13:46 IST.

The demerger, which became effective on October 1, 2025, involves the separation of Tata Motors’ commercial vehicle and passenger vehicle businesses into two independent companies.

Shareholders of Tata Motors are set to receive one fully paid-up share of TMLCV for every share held in Tata Motors as of the October 14 record date The Economic Times.

Despite the short-term volatility, market experts suggest that the demerger could unlock value in the long run by allowing both entities to focus on their respective segments.

However, investors are advised to assess their portfolios carefully and consider the potential risks and rewards associated with the structural changes.

As the record date approaches, stakeholders are closely monitoring the developments, with expectations of increased clarity on the impact of the demerger on Tata Motors’ financial performance and market positioning.

Also Read: TCS Headcount Falls Below 600,000 Amid Restructuring and Layoffs

Tata Consultancy Services (TCS), India’s largest IT services firm, has reported a significant reduction in its workforce, bringing its headcount below 600,000 for the first time in several years.

As of the September 2025 quarter (Q2 FY26), TCS employed 593,314 individuals, marking a decline of 19,755 employees from the previous quarter.

This reduction is attributed to a combination of planned layoffs, performance-based exits, and policy changes affecting newly hired employees.

The company incurred a one-time severance cost of ₹1,135 crore during this period. Reflecting the financial impact of the workforce restructuring.

TCS’s Chief Human Resources Officer, Sudeep Kunnumal, clarified about 6,000 employees, or about 1% of the workforce, were released as part of the restructuring efforts.

He dismissed rumors suggesting that 50,000 to 80,000 employees were laid off, labeling such figures as “extremely exaggerated”.

Despite the workforce reduction, TCS reported a 1.4% year-on-year increase in net profit for Q2 FY26, amounting to ₹12,075 crore.

However, the company experienced a 5.4% quarter-on-quarter decline in net profit, primarily due to the severance payouts.

The layoffs have sparked criticism from labor unions, particularly the Nascent Information Technology Employees Senate (NITES), which has accused TCS of downplaying the scale of the job cuts.

NITES claims that the company’s official figures do not accurately reflect the extent of the layoffs, raising concerns about transparency in the reporting process.

Looking ahead, TCS has indicated that the workforce rationalization process will continue throughout the year, although no specific targets for further reductions have been set.

The company aims to align its workforce with the evolving demands of the IT industry, focusing on areas such as artificial intelligence and digital transformation.

This strategic shift underscores the broader trend within the IT sector towards adopting new technologies and optimizing organizational structures to remain competitive.

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