Category: Leaders

Categories
Leaders

Gautam Adani gets relief as US graft case ends

A US federal judge has dismissed the criminal bribery and fraud case against billionaire Gautam Adani, bringing an end to one of the most closely watched legal battles involving the Indian business group in the United States.

US District Judge Nicholas Garaufis of the Eastern District of New York approved the US Department of Justice’s request to dismiss the criminal case against Adani, his nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain, among others. The dismissal was made with prejudice, meaning the same criminal charges cannot be brought again.

The decision follows months of uncertainty after the US Justice Department moved to abandon the prosecution. The case had originally accused the defendants of participating in an alleged scheme involving payments to Indian government officials to secure solar power contracts. The allegations were denied by Adani and the other accused.

The indictment, filed in 2024, alleged that the defendants were involved in a scheme in which about $265 million in bribes were promised to Indian officials. Prosecutors said the payments were intended to help secure power supply agreements connected with major solar energy projects.

The US case also alleged that information about the bribery scheme was concealed from investors. According to the indictment, Adani-related entities had raised billions of dollars from US investors and financial markets.

Adani has consistently denied wrongdoing and rejected the allegations against him.

The dismissal, however, did not come without criticism from the judge. Garaufis questioned the way the Justice Department had handled its decision to withdraw the prosecution and criticised senior DOJ official Trent McCotter over his role in the process. Reuters reported that the judge described aspects of the government’s conduct as highly unusual and expressed concern that established investigative and prosecutorial views appeared to have been bypassed.

The judge had previously refused to immediately approve the government’s request to drop the case, saying the initial explanation from prosecutors was insufficient. The DOJ subsequently provided additional reasons for its decision.

Prosecutors argued that the case involved conduct outside the United States, would be difficult to prove and was not an appropriate use of government resources given the department’s changing priorities. The government maintained that the decision was based on prosecutorial discretion.

Another issue examined by the court was a pledge by Adani to invest around $10 billion in the United States. During the proceedings, questions were raised about whether the proposed investment had any connection with the government’s decision to end the prosecution.

The judge ultimately found that the investment pledge did not influence the government’s decision to seek dismissal, according to the court’s findings reported by Reuters. The court nevertheless questioned the circumstances surrounding the government’s handling of the case and left it to the public to assess the broader implications.

For the Adani Group, the dismissal removes a major criminal case that had remained an important concern for investors and the conglomerate’s international operations since the original indictment.

Adani welcomed the decision, saying his faith in the rule of law had remained firm during the proceedings. He has maintained that the allegations against him were unfounded.

The criminal case should also be distinguished from a separate civil proceeding involving the US Securities and Exchange Commission. That matter has been dealt with separately and should not be interpreted as having disappeared simply because the criminal prosecution has been dismissed.

In May, Adani Green Energy disclosed that the SEC, Gautam Adani and Sagar Adani had sought a final judgment by consent in the civil case. The company also clarified that it was not itself a party to that proceeding.

The latest development therefore represents a significant legal relief for Gautam Adani in the US criminal case, but it does not erase every legal proceeding connected with the broader allegations.

The decision is also likely to be closely watched in Indian financial markets. Adani Group shares gained after news of the dismissal, with several group companies seeing their stocks rise as investors reacted to the removal of the criminal prosecution as a major overhang.

The case had attracted global attention because of the size of the alleged solar bribery scheme, the involvement of one of India’s largest business groups and the questions it raised about corporate governance and cross-border enforcement.

With the criminal indictment now dismissed with prejudice, the immediate US prosecution against Adani has come to an end. The controversy surrounding the original allegations, however, remains significant, particularly because separate civil proceedings and settlements continue to form part of the wider legal picture.

Categories
Leaders

Infraeo names Rakesh Sambaraju as CEO

Infraeo has appointed Rakesh Sambaraju as its President and Chief Executive Officer, placing an experienced optical communications executive at the helm as demand for high-speed connectivity continues to grow across artificial intelligence infrastructure and data centres.

The appointment comes at a crucial time for the AI infrastructure industry. As companies build increasingly powerful AI systems, data centres need faster connections, higher bandwidth and lower latency to move enormous volumes of data between servers, processors and storage systems. Infraeo is positioning its networking technology to address these requirements.

Sambaraju brings more than 20 years of experience in optical communications and high-speed interconnects. Before taking over as CEO, he served as Executive Vice President at Infraeo, giving him direct knowledge of the company’s technology, customers and markets.

Over his career, Sambaraju has held technology and business development leadership positions at companies including Sterlite Technologies, Nexans and Corning. His experience spans optical networking, photonics and the development of technologies designed for high-speed data transmission.

He holds a PhD, master’s degree and bachelor’s degree in Optical Communications from the Universitat Politècnica de València. His academic and industry background has focused on technologies that enable faster and more efficient communications networks.

Sambaraju takes charge as the artificial intelligence industry moves towards increasingly demanding workloads. AI training requires large clusters of computing systems to exchange data at extremely high speeds, while AI inference is increasingly being distributed closer to users and applications.

That shift is creating demand for networking technologies that can deliver high bandwidth without significantly increasing power consumption or latency. Infraeo says its strategy will focus on supporting both large-scale AI training environments and distributed AI inference.

Under Sambaraju, the company plans to continue developing its portfolio of 800G and 1.6T optical and copper interconnect products. These technologies are designed to provide the high-speed connectivity required by modern data centres and AI computing systems.

The company is also working on technologies for AI inference at the edge, where computing takes place closer to where data is generated or consumed. Such applications can require low-latency and long-reach connectivity, particularly as AI workloads become more distributed.

One area of focus will be near-package optics, or NPO. The technology places optical connectivity closer to high-performance computing components, potentially helping data-centre operators manage the growing bandwidth requirements of AI systems while addressing power and performance challenges.

Infraeo has already been demonstrating its high-speed connectivity technologies. At OFC 2026, the company showcased 800G and 1.6T interconnect solutions in collaboration with VIAVI. The demonstrations focused on line-rate performance, power efficiency and interoperability for next-generation AI fabrics and data-centre architectures.

The company has also highlighted a 400G QSFP112 LPO SR4 optical transceiver designed to provide high-performance connectivity while reducing power consumption in data-centre networks. Low-power optical technologies are becoming increasingly important as AI data centres consume more electricity and require larger numbers of high-speed connections.

Sambaraju’s appointment therefore reflects a broader trend in executive leadership and CEO appointments across growing companies, where new leaders are being brought in to guide the next phase of expansion. In Infraeo’s case, the change comes as the market for AI infrastructure is expanding rapidly, with hyperscalers, cloud providers and AI companies investing heavily in computing capacity.

The rapid development of AI models has increased pressure on data-centre operators to upgrade their networking infrastructure. Faster processors alone are not enough to improve overall system performance if data cannot move between computing resources quickly and efficiently.

This makes optical interconnects an increasingly important part of the AI infrastructure ecosystem. Optical technologies can support high-speed data movement over longer distances and are becoming increasingly relevant as data centres scale.

Infraeo says it intends to invest further in advanced optical technologies as AI workloads evolve. The company’s roadmap includes optical solutions designed for both centralised training clusters and distributed inference applications.

Sambaraju said his focus would be on taking the company to its next stage of growth while investing in technologies such as NPO, co-packaged optics and coherent optics. These technologies are being developed to address the networking challenges created by increasingly demanding AI workloads.

The leadership change also comes as the broader technology industry moves towards higher-speed Ethernet and optical connectivity. The transition from 800G towards 1.6T networking is expected to become increasingly important as AI clusters expand and computing requirements rise.

For Infraeo, the challenge will be turning this growing market opportunity into sustained commercial growth. The company will need to scale production, strengthen its technology portfolio and work closely with data-centre operators, system companies and other partners.

Sambaraju’s combination of technical expertise and experience within Infraeo could help the company navigate that transition. His previous leadership role means he already has familiarity with its products and strategic direction.

The appointment places Infraeo firmly within the race to build the connectivity layer required by next-generation AI infrastructure. As AI adoption expands across industries, the demand for faster, more efficient and lower-latency data-centre networks is expected to remain a key driver of the optical interconnect market.

With Sambaraju now leading the company, Infraeo is looking to use that opportunity to expand its presence in high-speed AI connectivity while developing technologies capable of supporting the next generation of data-centre architectures.

Categories
Leaders

Netflix CEO deepens India content push

Netflix is deepening its India strategy as the streaming giant marks 10 years in the country, betting on local storytelling, new talent and India’s growing influence on global entertainment.

Netflix co-CEO Ted Sarandos, who recently met Prime Minister Narendra Modi, said India has a strong storytelling culture but remains “under-screened”, suggesting there is significant room for the country’s stories to reach larger audiences. He said Netflix believes it can help bridge that gap by taking more Indian stories to viewers in India and around the world.

Sarandos’ comments come as Netflix celebrates a decade of operations in India. The company has used the milestone to announce new initiatives focused on storytelling, talent development, tourism and cultural promotion, signalling that its India strategy is moving beyond simply acquiring and producing content.

One of the key developments is the Netflix India Storytelling Initiative, which aims to support the next generation of Indian storytellers. Netflix said the programme will help strengthen India’s creative ecosystem and expand opportunities for emerging talent. The company is also working with the National Film Development Corporation (NFDC) to build a stronger talent pipeline in the second phase of the initiative.

The focus on talent reflects the growing importance of India to Netflix’s global content strategy. Indian films and series are increasingly reaching audiences outside the country, while stories in regional languages are gaining visibility on international streaming platforms.

For Netflix, this provides an opportunity to combine India’s large domestic entertainment market with its ability to export local stories globally. Sarandos has previously described India as strategically important to Netflix despite the market’s relatively low average revenue per user compared with developed markets. The company’s approach has increasingly focused on local content, pricing and product strategies suited to Indian viewers.

Netflix entered India in 2016, at a time when the country’s streaming market was still developing. Since then, the platform has invested in Indian original series, films, documentaries and stand-up specials, while also acquiring rights to locally produced content.

The company’s Indian slate has included titles such as Sacred Games, Delhi Crime, The Railway Men, Heeramandi: The Diamond Bazaar and several regional-language productions. The strategy has helped establish Netflix as an important player in India’s increasingly competitive over-the-top, or OTT, market.

Sarandos’ latest remarks suggest the company sees considerable untapped potential. His description of India as “under-screened” points to a gap between the country’s storytelling capacity and the number of stories that reach audiences through cinema, television and streaming.

That opportunity is particularly relevant as India’s entertainment industry expands beyond traditional Bollywood and Hindi-language content. Regional film industries in Tamil, Telugu, Malayalam, Kannada, Bengali and other languages have built strong domestic audiences and increasingly attract international viewers.

Netflix’s global distribution network gives such stories a potential route to audiences beyond their original markets.

The company is also looking to strengthen the connection between entertainment and tourism. Netflix and India’s Ministry of Tourism and Ministry of Culture have launched the “As Seen on Netflix” section on the Incredible India website. The initiative highlights filming locations, cultural traditions, heritage sites, landscapes and experiences featured in Netflix productions.

The partnership is designed to encourage screen tourism, where viewers visit destinations after seeing them in films and television series. For India, the initiative creates another way of using the country’s entertainment industry to promote tourism and cultural heritage.

The economic impact of Netflix’s production activity is also becoming more visible. Sarandos said the company’s upcoming production Operation Safed Sagar contributed more than Rs 215 crore to the Indian economy, making it Netflix’s biggest and most ambitious Indian production so far.

Such investments can benefit a wider ecosystem that includes actors, writers, directors, technicians, production companies, location services and other businesses supporting film and television production.

Netflix’s India strategy is therefore increasingly tied to the broader growth of the country’s creative economy. Instead of treating India only as a market for subscriptions, the company is positioning the country as a source of stories, talent and production capabilities for its global platform.

The competitive environment, however, remains intense. Netflix operates alongside platforms such as Amazon Prime Video, JioHotstar, SonyLIV and Zee5, while India’s traditional television and film industries continue to command large audiences.

The company therefore needs to balance premium international programming with Indian content that can generate strong engagement among local viewers.

Pricing is another important factor. India’s streaming market is highly price-sensitive, and Netflix has had to adapt its plans and product strategy to the country. The platform currently offers several subscription tiers in India, with plans starting at Rs 149 per month.

The next phase of Netflix’s India journey is consequently likely to focus on both scale and quality. More local productions can strengthen the platform’s appeal, while global distribution can give Indian creators a larger audience than traditional domestic channels.

For India‘s entertainment industry, the opportunity is equally significant. Greater investment in training, production and international distribution could create more opportunities for emerging filmmakers and storytellers.

The streaming giant’s latest initiatives indicate that it intends to play a larger role in closing that gap, by investing in Indian talent, producing ambitious local stories, promoting filming destinations and taking more Indian content to audiences worldwide.

Categories
Leaders

Google AI veteran Jeff Dean leaves to build startup

Jeff  Dean, Google’s longtime chief scientist and a key architect of its artificial intelligence efforts, has left the company to co-found Discovery Loop, a new AI startup focused on using artificial intelligence to accelerate scientific and engineering breakthroughs.

Dean is not leaving alone. He is joining forces with three other prominent Google AI researchers, Sanjay Ghemawat, Oriol Vinyals and Quoc Le, in a move that brings together some of the industry’s most experienced researchers outside Google’s corporate structure.

Discovery Loop is being established as a public-benefit corporation, with a mission that goes beyond building another consumer AI chatbot. The company wants to use AI to automate parts of the scientific method — allowing systems to generate ideas, design experiments, analyse results and repeatedly test new possibilities.

The ambition is to make scientific discovery faster and more scalable.

Dean’s departure is particularly significant because of his extraordinary influence on Google’s technical foundation. He joined the company in 1999, when Google was still a relatively small organisation, and went on to become one of its most respected engineers and researchers.

Over nearly three decades, he worked on systems that helped Google handle enormous amounts of information and built technologies that became important to the company’s search, computing and AI infrastructure.

He also played a major role in Google’s development of specialised hardware for machine learning, including the Tensor Processing Unit (TPU) programme. TPUs later became a crucial part of Google’s strategy for training and running large AI models.

Dean eventually became Google’s chief scientist, putting him at the centre of the company’s long-term technology strategy.

His move comes at a particularly important moment for Google.

The company is reorganising its AI leadership as competition intensifies across the industry. Google is facing pressure from OpenAI, Anthropic and other AI companies to move quickly in areas ranging from frontier AI models and AI agents to scientific research and coding.

Google DeepMind is also undergoing a leadership reshuffle. Demis Hassabis, who has led DeepMind, is moving away from day-to-day executive responsibilities to focus more heavily on long-term research and become chairman and chief scientist. Koray Kavukcuoglu is taking greater responsibility for AI model development.

Dean’s departure is therefore part of a broader period of change inside Google’s AI organisation.

Yet the creation of Discovery Loop also highlights how the next phase of artificial intelligence may extend beyond the race to build increasingly capable general-purpose models.

The startup wants to focus on what could be called AI for discovery,  systems capable of working through complex scientific problems by repeatedly proposing, testing and refining ideas.

The potential applications are wide. The company is expected to explore areas such as drug discovery, hardware design, engineering and other scientific challenges where progress often depends on running large numbers of experiments.

Traditionally, scientific research can be slow because experiments require time, specialised equipment and human researchers. AI could potentially shorten that cycle by helping researchers identify promising ideas, automate parts of experimental work and analyse huge amounts of data.

Discovery Loop’s founders believe this could create a new model for scientific research, where AI systems operate alongside scientists and engineers rather than simply serving as productivity tools.

The company has also attracted significant backing. Its investors include prominent venture capital firms such as Radical Ventures, Khosla Ventures, Lightspeed, Kleiner Perkins and Doerr Capital. Alphabet, Google’s parent company, is also participating as an investor and cloud partner.

That relationship makes Dean’s exit unusual. While Google is losing a senior AI figure, the company is also backing the new venture and providing cloud infrastructure.

The move reflects the changing relationship between large technology companies and AI startups. Major researchers can now leave established companies with deep technical experience, access to capital and ambitious ideas — while their former employers may still have reasons to support their work.

For Dean personally, the move marks a dramatic change after 27 years at one of the world’s most influential technology companies.

He joined Google during its early growth and remained there through the transformation of search, cloud computing, smartphones, machine learning and generative AI.

Now, instead of helping shape the future from inside Google, he is attempting to build a new organisation around one central question: Can AI dramatically speed up the way humans discover new things?

That question could become increasingly important as artificial intelligence moves from generating content to performing increasingly complex tasks.

Discovery Loop’s success will depend on whether its systems can produce reliable, measurable breakthroughs rather than simply promising faster research.

But with four highly experienced AI researchers at the helm and backing from major technology and venture investors, the startup is already attracting attention.

Categories
Leaders

Demis Hassabis leaves Google DeepMind CEO role

Demis Hassabis is stepping down as chief executive of Google DeepMind, marking a major leadership change at one of the world’s most influential artificial intelligence research organisations.

Hassabis will become chair of Google DeepMind and chief scientist of Alphabet, Google’s parent company. He will move away from the lab’s day-to-day management but remain closely involved in its long-term artificial intelligence strategy. He will also continue leading Isomorphic Labs, Alphabet’s AI-focused drug discovery company.

The change comes at an important moment for Google. The company is investing heavily in AI as competition intensifies from rivals including OpenAI and Anthropic. Google has been pushing its Gemini AI models, AI agents and other products while trying to maintain its position in the rapidly changing generative AI market.

Under the new structure, Koray Kavukcuoglu, a long-time DeepMind executive, will take over as senior vice-president of Google DeepMind. He will oversee the organisation’s core AI research, Gemini model development and the Gemini app and developer teams.

For Hassabis, however, the move is not an exit from Google or artificial intelligence. Instead, it gives him a broader role across Alphabet, with a greater focus on scientific research, advanced AI and the longer-term goal of developing artificial general intelligence (AGI).

Hassabis co-founded DeepMind in 2010 with the ambition of building machines capable of learning and solving complex problems. Google acquired the company in 2014, and DeepMind was later combined with Google Brain in 2023 to create Google DeepMind.

The organisation has since become central to Google’s AI strategy. Its research has produced landmark systems such as AlphaGo, which defeated a leading human Go player, and AlphaFold, which transformed the study of protein structures. More recently, Google DeepMind has been deeply involved in the development of Gemini and other generative AI technologies.

Hassabis’ scientific reputation also extends beyond the technology industry. In 2024, he shared the Nobel Prize in Chemistry with John Jumper for work connected to protein structure prediction using AI. His career has placed him at the intersection of computer science, neuroscience and scientific research.

His new position as Alphabet chief scientist reflects that background. Rather than focusing primarily on operational management, Hassabis is expected to concentrate on the broader scientific direction of the company and its efforts to push the boundaries of AI.

The leadership change is part of a much wider shake-up inside Google’s AI division.

Jeff Dean, one of Google’s most senior AI figures and a company veteran of 27 years, is leaving to start a new public-benefit company called Discovery Loop. The venture will focus on using AI to automate scientific and engineering research. Dean will be joined by several other prominent Google researchers.

Dean’s departure is particularly notable because he has played a central role in Google’s computing and AI development for many years. His exit, alongside other senior departures, has raised questions about how Google will manage its research talent while the AI race becomes increasingly competitive.

Google is also facing pressure to turn its enormous AI investment into products that can compete effectively with rapidly developing systems from OpenAI, Anthropic and other companies.

The company’s financial results show how central AI has become to its future. Alphabet said recently that its second-quarter revenue rose 24% year-on-year, while Google Cloud revenue increased 82%, driven partly by demand for AI infrastructure and AI solutions. Google said Gemini was also becoming an important driver of growth across its cloud business.

That backdrop makes the leadership restructuring particularly significant. Google is no longer treating AI simply as a research project. Artificial intelligence now sits at the centre of its search business, cloud operations, consumer products and future technology plans.

The company has also expanded Gemini into a wider ecosystem covering AI assistants, developer tools and enterprise services. At the same time, Google DeepMind continues to work on areas including robotics, scientific discovery and advanced AI systems.

Hassabis has repeatedly argued that AI could have an enormous impact on science and society. In his expanded role, he is expected to focus more strongly on that long-term vision while allowing a new leadership team to handle day-to-day execution.

The transition also highlights how quickly the AI industry is changing. A few years ago, leadership at major AI laboratories was largely associated with research breakthroughs. Today, those organisations are simultaneously responsible for developing foundation models, running consumer products, managing huge computing requirements and responding to intense commercial competition.

Hassabis stepping back from the CEO position does not mean Google DeepMind is moving away from its AI ambitions. Instead, the company is separating its scientific and strategic leadership from its operational management.

Kavukcuoglu now faces the immediate task of leading the organisation’s next phase, including Gemini development and frontier AI research. Hassabis, meanwhile, will have a wider platform across Alphabet to focus on advanced research and AGI.

The leadership change therefore represents more than a change of title. It signals Google’s attempt to organise itself for the next stage of the global AI race, where scientific breakthroughs, powerful AI models, commercial products and computing infrastructure are becoming increasingly intertwined.

 

Categories
Leaders

Tewolde Gebremariam named Air India CEO, MD

Air India has chosen an aviation veteran with a reputation for turning around complex airline operations to lead its next phase of growth. Tewolde Gebremariam, the former chief executive of Ethiopian Airlines Group, has been appointed Chief Executive Officer and Managing Director of Air India, succeeding Campbell Wilson.

The appointment was announced by the Air India board on August 5, following a months-long search for a new leader. The airline said it evaluated both internal and international candidates before selecting Gebremariam, citing his experience in airline turnarounds, operational excellence, safety, international expansion and profitable growth.

The change comes at an important moment for Air India. The Tata Group-owned airline has completed several major steps in its transformation since returning to Tata ownership in 2022, including the merger with Vistara, a major fleet modernisation programme and changes to its corporate structure. It is now attempting to turn those investments into a more reliable and financially stronger global carrier.

Gebremariam brings a long track record in building an international airline. He spent more than three decades with Ethiopian Airlines, joining the carrier in 1985 and rising through several commercial and operational roles. He became Group CEO in 2011 and remained in the position until 2022. During his tenure, Ethiopian Airlines expanded dramatically, with revenue increasing more than fourfold and its fleet nearly tripling, according to Air India.

Under his leadership, Ethiopian Airlines developed into Africa’s largest airline group and built a strong international network centred on Addis Ababa. Gebremariam was closely involved in expanding long-haul routes, strengthening hub operations and developing aviation infrastructure, including maintenance, repair and overhaul facilities and training capabilities.

That experience is particularly relevant to Air India, which is trying to build a stronger global hub-and-spoke network while upgrading its fleet and passenger experience. Air India has said its new CEO will be expected to focus on operational reliability, engineering standards, safety, employee development and customer service alongside expansion.

For passengers, some of these changes could eventually be visible in everyday aspects of flying. Air India has said it wants to improve on-time performance, modernise aircraft cabins, raise hospitality standards and offer more seamless international connectivity. The airline is also looking to strengthen its position as a major global aviation hub connecting India with key international markets.

The appointment also comes against a difficult financial backdrop. Air India Group recorded a loss of more than $2 billion in fiscal 2025-26, according to Singapore Airlines, which owns a 25.1% stake in the group. The airline is therefore facing the challenge of balancing ambitious fleet and network plans with the need to control costs and improve profitability.

The timing is also significant because Air India has faced heightened scrutiny following last year’s fatal crash, which killed 260 people. The accident increased pressure on the airline to strengthen safety, operational discipline and regulatory compliance. Gebremariam’s experience in managing crises, including the COVID-19 pandemic and the aftermath of the 2019 Boeing 737 MAX crash involving Ethiopian Airlines, is expected to be an important part of his leadership profile.

Tata Sons Chairman N Chandrasekaran said Air India had completed its initial stabilisation, integration and fleet commitments under Wilson and was now entering a “critical execution and expansion era”. He said Gebremariam’s experience in building an efficient and profitable airline would be valuable as Air India works towards becoming a leading global carrier.

Gebremariam, for his part, described the appointment as an honour and said Air India’s legacy and India’s economic potential made the opportunity particularly significant. He said he looked forward to working with the board, employees, government and industry partners to improve operational reliability, strengthen Indian hospitality and deliver sustainable long-term growth.

The appointment marks the end of Campbell Wilson’s tenure as the central figure in Tata’s initial Air India revival. Wilson, a former Singapore Airlines executive, took over in 2022 after the Tata Group acquired Air India from the government. During his tenure, he oversaw the airline’s brand transformation, fleet modernisation and the complex integration of Air India and Vistara. He announced his resignation in April 2026 and is expected to remain through the transition period, with his tenure running until September 30.

The next phase will arguably be more demanding than the first. Air India now has to convert a large-scale transformation programme into consistent performance on the ground and in the air. That means better punctuality, dependable operations, stronger safety systems, improved customer experience and, ultimately, sustainable profits.

Gebremariam’s record suggests that he understands the scale of such a task. But Air India’s challenges are different from those faced by Ethiopian Airlines, and its transformation involves a much larger and more competitive aviation market.

His immediate challenge will be to bring together people, aircraft, routes, technology and operational systems into one dependable airline. For Air India, the appointment is therefore not simply a change at the top. It is a bet that experience gained from building one of Africa’s strongest carriers can help the Maharaja regain a stronger place in global aviation.

Categories
Leaders

IndiGo’s Walsh charts global growth path

IndiGo’s new chief executive officer Willie Walsh has made it clear that the airline will not slow down its global ambitions despite the difficult environment facing the aviation industry. In his first address to employees after taking charge, Walsh said IndiGo must remain focused on international expansion while responding carefully to airspace disruptions, supply chain constraints, rising costs and changing global conditions.

Walsh took charge as IndiGo CEO on Monday, just days after completing his tenure as director general of the International Air Transport Association (IATA). His arrival comes at an important point for India’s largest airline, which is celebrating 20 years of operations while simultaneously dealing with financial pressure, international route disruptions and the need to rebuild confidence following last year’s operational crisis.

Speaking at IndiGo’s 20th anniversary town hall, Walsh struck an optimistic tone. He told employees that the airline’s biggest opportunities were still ahead and that new aircraft and an expanding international network could help connect India with more destinations around the world.

For Walsh, the opportunity is closely linked to India’s growing aviation market. He sees the country’s rising demand for air travel and its geographical position as important advantages that could help India develop into a major global aviation hub.

That ambition, however, comes with several immediate challenges.

IndiGo’s international operations have been affected by disruptions in the Middle East and Europe. Changes in airspace availability have forced airlines to alter routes and schedules, while geopolitical uncertainty has made international operations more expensive and complicated.

The airline has also decided to end its current wide-body operations from October 25, 2026, and complete its damp lease arrangement with Norse Atlantic Airways by October 31. The decisions come amid airspace restrictions, higher fuel costs and currency pressures. The move highlights the difficult balance IndiGo faces between pursuing long-haul international growth and protecting its finances in the short term.

Fuel costs are another major concern. Aviation turbine fuel, or ATF, normally represents one of the biggest expenses for an airline, accounting for roughly 35-40% of operating costs. IndiGo’s fuel bill jumped more than 84% in the first quarter of FY27, contributing to an unexpected loss.

The weaker Indian rupee has added another layer of pressure. Many airline expenses, including aircraft leases and maintenance costs, are linked to the US dollar. A weaker rupee therefore increases the cost of running the airline and can directly affect profitability.

Walsh is stepping into the role after a particularly difficult period for IndiGo. Former CEO Pieter Elbers resigned in March following the airline’s operational problems. The crisis had caused a sharp fall in IndiGo’s domestic market share, which dropped from 63.6% in November 2025 to 59.6% in December.

The airline has since recovered strongly. Its domestic market share climbed back to 66.3% in June, underlining the strength of its core business even as international operations remain more challenging.

Financially, however, the pressure remains significant. IndiGo reported a loss of ₹2,394 crore in FY26, compared with a profit in the previous financial year. The result reflects the impact of operational disruptions, higher fuel costs and other pressures affecting the airline industry.

Walsh brings extensive international aviation experience to the job. Before joining IndiGo, he served as IATA’s director general and previously led British Airways, Aer Lingus and International Airlines Group. His experience of managing large airline operations is expected to be particularly useful as IndiGo tries to strengthen its international network without compromising the efficiency that built its domestic success.

In his first message, Walsh also reminded employees that running an airline successfully is extremely difficult. He pointed out that 408 airlines had failed over the previous decade, making IndiGo’s two-decade journey particularly significant.

His message was not simply about expansion. Walsh emphasised discipline, teamwork and consistency as the foundations of a successful airline. He also said he wanted IndiGo to become the carrier of choice for travellers, building on the customer trust and operational reputation the airline has developed over the years.

That focus on the customer could prove important as competition in Indian aviation intensifies. Air India and the broader Tata group are expanding their international presence, while Indian travellers have more choices than ever before.

Walsh has also signalled that he intends to understand the airline from the ground up. He plans to visit airports, engineering facilities and offices in the coming months and meet employees across the organisation. His approach suggests that operational improvement will be as important as network expansion.

The timing is significant. IndiGo has already established itself as India’s dominant domestic airline. The next stage is more complicated: turning that domestic scale into a sustainable international presence while managing fuel prices, currency movements, aircraft availability, geopolitical risks and customer expectations.

 

Categories
Leaders

Trump rebukes Chevron CEO over record oil profits

US President Donald Trump has publicly rebuked Chevron CEO Mike Wirth, accusing him of failing to give enough credit to the Trump administration for the strength of the American oil industry and questioning why motorists are still paying high prices at the pump.

Trump’s criticism came as Chevron reported a sharp jump in quarterly earnings, with the oil major benefiting from higher energy prices and strong operating performance during a period of heightened geopolitical tension. The confrontation highlights a growing tension between the White House and Big Oil over fuel prices, corporate profits and the cost of energy for American consumers.

Chevron reported quarterly earnings of about $12.1 billion, nearly five times its profit in the same period a year earlier. The result was helped by elevated oil prices linked to the conflict involving Iran and strong performance across the company’s operations. The company has also benefited from progress following its acquisition of Hess.

Wirth recently highlighted record US oil production and refining volumes in a television interview. Trump, however, was unhappy that the Chevron chief did not credit his administration for the industry’s performance.

The president subsequently criticised Wirth publicly, arguing that oil companies should acknowledge the administration’s policies and do more to bring down gasoline prices. Trump has increasingly focused on fuel costs as Americans continue to face expensive petrol despite movements in crude oil prices.

The dispute comes against a complicated backdrop for the global energy market. The conflict involving Iran has disrupted oil supplies and contributed to sharp swings in crude prices. Although oil prices have eased from their earlier highs as markets assess the possibility of a diplomatic breakthrough, gasoline prices in the United States have remained elevated.

Trump has argued that major oil companies are making too much money while American consumers continue to pay more at fuel stations. He has urged companies such as Chevron and ExxonMobil to reduce prices and effectively return some of their gains to consumers.

Chevron, meanwhile, has pointed to its strong operational performance and the difficult environment in which its employees have been working. The company recently announced a special bonus for employees following its strong earnings performance.

The bonus, equivalent to half a month’s base pay for most employees, was presented as recognition for the workforce’s performance. Wirth cited progress on cost reduction, early synergies from the Hess acquisition and continued safe operations despite geopolitical challenges in Venezuela and the Middle East.

The timing of Trump’s criticism is significant. The US president has long supported greater domestic oil and gas production and has sought to reduce regulatory barriers for the energy sector. His administration has promoted policies aimed at increasing American energy output and strengthening the country’s position as a major producer.

Yet Trump is now demanding that those policies translate into cheaper fuel for consumers.

That creates a difficult situation for oil companies. Higher crude prices can increase profits for producers, but retail gasoline prices are influenced by several factors beyond the price of crude. Refining costs, transportation, distribution, taxes and regional supply conditions all affect what consumers ultimately pay.

Chevron also does not directly control the prices charged at many of the branded gasoline stations carrying its name. A large portion of Chevron-branded stations are independently operated, meaning local operators have a role in determining retail prices.

Trump’s comments nevertheless reflect the political pressure facing the US energy industry. High gasoline prices can quickly become a household issue, affecting everything from commuting costs to the price of transporting goods.

The White House has already taken a tougher approach towards oil companies over fuel prices. The administration has questioned whether energy companies are benefiting excessively from market disruptions and has pushed the industry to respond more directly to consumer concerns.

The disagreement with Chevron also comes as oil companies prepare for increased scrutiny over their profits. ExxonMobil has similarly reported strong earnings, adding to the debate over whether energy companies should be making record or near-record profits while consumers face high fuel bills.

For investors, the situation creates a different set of questions. Strong earnings are positive for oil stocks, but increased political pressure could affect the way companies approach pricing, capital spending and shareholder returns.

Chevron’s record performance also demonstrates how quickly geopolitical events can reshape the energy industry. The Iran conflict has contributed to higher crude prices and improved earnings for major producers, while simultaneously increasing costs for consumers and raising concerns about inflation.

Trump has suggested that fuel prices could fall significantly if the conflict ends and global oil supplies stabilise. Any reopening of key shipping routes and improvement in Middle East supply conditions could put downward pressure on crude prices.

That would provide relief for consumers but could also reduce the earnings boost currently enjoyed by oil producers.

The Chevron dispute therefore goes beyond a disagreement between a president and a corporate executive. It reflects a broader debate over who benefits when energy prices rise and how much responsibility oil companies should bear for keeping fuel affordable.

 

Categories
Leaders

CBI probes ₹1,816 cr EPFO loss linked to Anil Ambani

The Central Bureau of Investigation (CBI) has registered a case against businessman Anil Ambani and Reliance Capital Ltd (RCL) over an alleged ₹1,816.22-crore loss to the Employees’ Provident Fund Organisation (EPFO), bringing another major financial investigation involving the Reliance Anil Dhirubhai Ambani Group into focus.

The FIR, registered in Mumbai, names Reliance Capital, its former chairman Anil Ambani, unidentified public servants and other unknown persons. The CBI has alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct. The agency said the investigation will examine the role of everyone involved and trace where the money invested by EPFO ultimately went.

At the heart of the case is an investment made more than a decade ago. According to the CBI, EPFO invested ₹2,500 crore in secured non-convertible debentures (NCDs) issued by Reliance Capital during 2013 and 2014. The investment was made through four portfolio managers, including Reliance Capital Asset Management Ltd.

The debentures were scheduled to mature in 2023 and 2024. However, Reliance Capital subsequently defaulted on repayment. The CBI’s case is that fraudulent transactions and alleged diversion of funds contributed to the default, leaving EPFO with a substantial unpaid amount.

The agency has put the alleged wrongful loss at ₹1,007.55 crore, with a further ₹808.67 crore in interest liability, taking the total alleged loss to ₹1,816.22 crore.

The case originated with a complaint from EPFO, which manages retirement savings under the Employees’ Provident Fund Scheme, Pension Scheme and Deposit Linked Insurance Scheme. The organisation’s funds are held and managed by its Central Board of Trustees for the benefit of its subscribers.

The latest CBI action follows findings shared by the Enforcement Directorate (ED) with EPFO as part of a separate investigation into Reliance Capital. Based on those findings, EPFO approached the CBI with allegations concerning transactions carried out during the period when the company’s financial position was deteriorating.

Reliance Capital’s financial troubles became increasingly visible from 2019, and the company later entered the Corporate Insolvency Resolution Process (CIRP). The repayment of EPFO’s dues subsequently became part of the insolvency proceedings.

In 2021, EPFO filed its claim before the resolution professional. Following approval of the resolution plan by the National Company Law Tribunal (NCLT) in 2024, EPFO received around ₹1,492 crore against its dues.

However, a significant amount remained unpaid. The outstanding principal was about ₹1,007 crore, while interest of roughly ₹809 crore was also pending, according to the Times of India report.

The CBI is now examining whether the eventual default was simply the result of Reliance Capital’s financial difficulties or whether criminal acts contributed to the loss.

A key part of the investigation will be determining how the money raised through the NCDs was used. The agency said it will trace the end use of the invested funds and investigate the alleged conspiracy involving both private individuals and public servants.

Anil Ambani has denied any wrongdoing. A spokesperson for the businessman said the FIR relates to Reliance Capital and pointed out that Ambani had served as a non-executive director and chairman of the company’s board from 2005 until November 2021.

The spokesperson also noted that the Reserve Bank of India (RBI) superseded Reliance Capital’s board in November 2021 and appointed an administrator. Ambani, the spokesperson said, denies any wrongdoing and reserves all legal rights available to him.

The latest case adds to a series of investigations involving companies linked to the Anil Ambani group.

The CBI has previously registered cases involving Reliance Communications, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom, based on complaints from public sector banks and LIC. According to the agency, it has so far filed four chargesheets and arrested seven people in cases involving Reliance ADA Group companies.

The broader investigations have also attracted the attention of the Enforcement Directorate. In March, the ED said its investigation into Reliance Home Finance and Reliance Commercial Finance had uncovered alleged diversion of public funds through various group and intermediary entities. In July, the agency continued searches linked to the investigation and said it had seized documents and other material relating to suspected transactions and assets.

However, the EPFO investment fraud case is separate and focuses specifically on Reliance Capital’s NCDs and the alleged loss suffered by the retirement fund organisation.

For EPFO subscribers, the case is significant because it concerns money held for employees’ retirement and social-security benefits. The ₹2,500-crore investment was made years before Reliance Capital’s eventual financial collapse, but the repayment dispute has continued through insolvency proceedings and now a criminal investigation.

The CBI has not yet established guilt against the accused. Its FIR represents the beginning of the investigation, during which the agency will examine financial records, transactions, the role of company officials and the involvement, if any, of public servants.

The immediate focus will be on tracing the ₹2,500-crore EPFO investment, understanding how the funds were deployed and determining how the unpaid amount accumulated.

The investigation also comes at a time when authorities are pursuing several cases connected to the financial affairs of companies associated with Anil Ambani. The CBI said the Reliance-related investigations are being monitored by the Supreme Court and that it remains committed to conducting a comprehensive investigation.

For now, the central question is whether the EPFO loss was the result of a failed investment that followed Reliance Capital’s financial decline, or whether, as alleged by investigators, transactions and fund movements played a deliberate role in the eventual default. The CBI’s investigation is expected to shed more light on that question.

Categories
Leaders

Rahul Bhatia says IndiGo will order planes in 2030

IndiGo will likely wait until 2030 before deciding on its next major aircraft order, as the airline wants to assess developments in next-generation aircraft before making another long-term fleet commitment.

Rahul Bhatia, Managing Director and promoter of IndiGo, said the airline would evaluate emerging aircraft technologies and their operational benefits before placing its next large order. The decision comes as IndiGo already has a substantial aircraft order book that provides enough capacity for its expansion plans over the coming years.

IndiGo has grown into India’s largest airline and currently operates more than 440 aircraft. The carrier has also built one of the world’s largest commercial aircraft order books. In 2023, it placed a landmark order for 500 Airbus A320 family aircraft, with deliveries scheduled to begin from 2030.

With such a large pipeline already secured, IndiGo does not face an immediate requirement to place another major order. Instead, the airline plans to use the next few years to monitor developments in aircraft technology and determine which models can offer better fuel efficiency, operating economics and range.

Bhatia’s comments underline IndiGo’s intention to remain an early adopter of new aircraft technology. The airline is particularly interested in understanding how next-generation aircraft evolve before committing to another major purchase that could shape its fleet for decades.

The timing is significant because aircraft manufacturers are working on technologies aimed at improving fuel efficiency and reducing emissions. By waiting until 2030, IndiGo expects to have greater clarity on the performance, availability and commercial viability of these newer aircraft.

The airline’s existing fleet strategy also gives it flexibility. IndiGo has traditionally relied heavily on Airbus single-aisle aircraft, benefiting from fleet commonality in areas such as pilot training, maintenance and spare parts. Its large existing order book means it can continue expanding while avoiding an immediate decision on a new generation of aircraft.

International expansion remains a major priority for the airline. IndiGo has increasingly expanded beyond its traditional domestic network and is building a larger international presence. The carrier has started using Airbus A321XLR aircraft for longer international routes, giving it the ability to connect Indian cities with more overseas destinations without relying exclusively on wide-body aircraft.

IndiGo is also preparing for the arrival of Airbus A350-900 wide-body aircraft as it looks to strengthen its long-haul network. The airline has been reshaping its international strategy while balancing aircraft availability, leasing costs and demand.

The carrier’s existing fleet provides significant room for growth. IndiGo added several aircraft during the last financial year and continues to receive deliveries from its existing order book. This gives the airline time to assess whether future growth should be supported by additional A320-family aircraft, newer-generation narrow-body models or larger aircraft for long-haul operations.

The decision to wait until 2030 is therefore not an indication that IndiGo is slowing its expansion. Instead, it reflects a strategic approach to fleet planning. Aircraft purchases involve billions of dollars in long-term commitments, and choosing a particular generation too early can leave an airline operating older technology while newer and more efficient models enter the market.

For IndiGo, the next major aircraft order could consequently be more important than simply adding capacity. It could determine the technology, economics and operating model of the airline’s fleet for much of the 2030s.

Bhatia’s comments suggest that IndiGo is comfortable using its existing order book to support growth while keeping its options open. By 2030, the airline expects to have a clearer picture of which next-generation aircraft can best support its ambitions in India and international markets.