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State-owned NTPC Ltd is set to appoint a consultant to identify uranium mines abroad, following a formal agreement with Uranium Corporation of India Ltd (UCIL). This strategic move aims to secure a reliable fuel supply for NTPC’s future nuclear power projects, which are planned to be developed independently across various locations in India.

As part of its diversification into clean energy, NTPC is exploring the acquisition of uranium assets overseas. The company has already approved a draft memorandum of understanding (MoU) with UCIL to conduct joint techno-commercial due diligence of potential uranium assets. The appointed consultant will assess factors such as reserve quantity, logistics, transportation costs, and commercial viability to determine the feasibility of acquiring these assets.

NTPC’s expansion into nuclear energy is aligned with India’s ambitious goal of achieving 100 gigawatts (GW) of nuclear power capacity by 2047. The company is actively pursuing nuclear projects through joint ventures and independent initiatives. Notably, NTPC is collaborating with the Nuclear Power Corporation of India Ltd (NPCIL) on the Mahi Banswara Nuclear Power Project in Rajasthan, which has a planned capacity of 2,800 megawatts (MW).

To support its nuclear energy ambitions, NTPC is also seeking government approval for the bulk procurement of nuclear reactors. This initiative is part of a national plan to expand India’s atomic energy capacity and reduce reliance on fossil fuels. NTPC aims to install a significant portion of the country’s nuclear capacity, contributing to the broader goal of achieving 100 GW of nuclear power by 2047.

The appointment of a consultant to identify overseas uranium mines is a critical step in NTPC’s strategy to ensure a steady and cost-effective supply of fuel for its nuclear power projects. The outcome of this due diligence process will inform decisions regarding the acquisition of uranium assets abroad, supporting NTPC’s commitment to expanding India’s nuclear energy capacity.

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In a major corporate restructuring move, the National Company Law Tribunal (NCLT) has approved the merger of Piramal Enterprises Ltd (PEL) with its wholly-owned subsidiary, Piramal Finance Ltd (PFL), effective September 10.

As part of the deal, Anand Piramal, son of Piramal Group chairman Ajay Piramal, has been appointed chairman of the merged entity, Piramal Finance.

The scheme of amalgamation envisages a one-to-one share swap, with shareholders of Piramal Enterprises getting equity shares in Piramal Finance in the same ratio.

A record date of September 23 has been set, from which trading in PEL shares will be suspended. Shareholders of PEL registered by that date will be allotted shares in the newly merged Piramal Finance.

Anand Piramal has been leading the financial services vertical of the group since joining in 2019, overseeing a shift from wholesale real-estate lending toward a broader technology-led non-banking finance business.

Among his key achievements is the ₹34,250 crore acquisition of the erstwhile DHFL (Dewan Housing Finance Ltd), a significant transaction under India’s Insolvency and Bankruptcy Code. Under his guidance, the legacy structured real-estate book has also been substantially reduced.

Jairam Sridharan will continue in his current role as managing director and chief executive officer of the merged Piramal Finance. Sridharan, formerly MD of the subsidiary, has been credited with scaling the retail business dramatically, growing branches and workforce, and expanding the assets under management.

Ajay Piramal, meanwhile, will retain the leadership role of Chairman of the broader Piramal Group, which encompasses Piramal Finance, Piramal Pharma, Piramal Realty, and the Piramal Foundation.

Swati Piramal will continue as Vice-Chairperson of the group. The merger thus consolidates the group’s financial services under a single entity, aimed at improving capital efficiency and operational simplicity.

Analysts see multiple strategic advantages to the merger. By folding Piramal Enterprises into Piramal Finance, the group expects gains in regulatory efficiency, reduced duplication, and a unified balance sheet for its financial services business.

The move also appears designed to sharpen focus on retail and MSME lending, geographic expansion, and leveraging technology platforms.

As of end-June 2025, Piramal Finance (formerly the non-banking finance arm, inclusive of its DHFL acquisition) had achieved a broad scale, with a rapidly growing retail and MSME portfolio, and a significantly reduced exposure to legacy real-estate stress. Capital adequacy remains healthy, and precision in risk-management has been a stated priority.

The merger marks one of the more notable transitions in India’s NBFC sector in recent years, combining legacy strength, regulatory change, and generational leadership handover in one package.

With Anand Piramal now steering the merged entity, the group signals a deeper shift toward unified financial services operations, underpinned by the leadership and vision that have driven recent growth.

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In a strategic move to tap into India’s burgeoning insurance market, Jio Financial Services Ltd (JFSL) and Germany’s Allianz SE have established a 50:50 reinsurance joint venture named Allianz Jio Reinsurance Ltd (AJRL).

The venture, formalized on September 8, 2025, aims to bolster the country’s reinsurance sector by combining JFSL’s local market expertise with Allianz’s global underwriting capabilities.

Strategic Partnership and Market Impact

This collaboration marks a significant step for both companies. For Allianz, it represents a return to the Indian market after its exit from a long-standing partnership with Bajaj Finserv earlier in 2025.

The new venture allows Allianz to leverage its extensive reinsurance experience, particularly through its Allianz Re division, which has been active in India for over 25 years.

JFSL, a subsidiary of Mukesh Ambani’s Reliance Group, brings to the table its robust digital infrastructure and deep understanding of the Indian financial landscape.

The joint venture is poised to offer innovative reinsurance solutions, enhancing the capacity and resilience of India’s insurance ecosystem.

The formation of AJRL aligns with India’s vision of “Insurance for All by 2047,” aiming to expand insurance penetration across the nation. The venture is expected to provide insurers with access to strong underwriting capabilities and competitive capacity, thereby strengthening the overall insurance framework in India.

As the reinsurance market in India continues to grow, the establishment of AJRL positions both JFSL and Allianz to play a pivotal role in shaping the future of insurance in the country.

By pooling resources and expertise, the partnership aims to support insurers in managing risk, improving financial stability, and expanding coverage to underserved segments, contributing to the broader goals of economic development and financial inclusion.

The joint venture is likely to set a benchmark for similar collaborations in emerging markets, reflecting the growing importance of strategic partnerships in navigating complex and evolving financial landscapes.

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