Page 14 - Industry News

RedTape founders look to sell majority stake, approach Blackstone, KKR

EY has reached out to private equity firms Blackstone and KKR and Co to explore potential offers for the family's stake, said two of the three sources

Indofast Energy to install 23 battery swapping stations on Mumbai Metro 3

Battery swapping solutions provider Indofast Energy on Tuesday said it will set up a network of 23 battery swapping stations along the Mumbai Metro Aqua Line 3 corridor under a partnership with MMRCL. Under this partnership, Indofast Energy will deploy swapping stations strategically across eight key stations on the Aqua Line 3 route - Aarey JVLR, SEEPZ, MIDC, Santacruz Metro, Bandra Kurla Complex, Dharavi, Worli, and Acharya Atre Chowk, the company said. The charging infrastructure will cater to electric two- and three-wheelers as well as small commercial vehicles. It will benefit delivery partners, ride-sharing drivers, and daily commuters using the Aqua Line 3 route, making it easier for those using this major north-south corridor to adopt electric vehicles for their complete journey needs, Indofast Energy said. The strategic collaboration with Mumbai Metro Rail Corporation Limited is a significant step in creating integrated sustainable urban mobility solutions by connecting mas

zingbus bets on demand-led expansion to hit ₹350 crore revenue in FY26

Intercity bus aggregator zingbus on Tuesday said it is aiming to reach a topline of over Rs 350 crore this fiscal, driven by demand-led network expansion across north and south India. This growth is supported by extensive intercity route expansion across north and south India, launching 28 new routes for zingbus Maxx and zingbus Plus, the company said. The fleet expansion was largely undertaken on existing routes, enabling travellers to benefit from greater flexibility in travel timings, it said. The company said it expects to record strong year-on-year growth in FY26 compared to FY25, supported by a sharp rise in revenue from operations, indicating consistent growth across its intercity network. "As we work towards our FY26 growth goals, there has been a clear focus on demand-led expansion, adding routes where we continuously observe high passenger demand," said Prashant Kumar, Co-founder and CEO of zingbus. The company said it is on its path to profitability while doubling its f

Can't treat compliance as a quarter-end activity: RBI DG Swaminathan J

RBI's Swaminathan urges banks to strengthen compliance, operational resilience, data governance, and third-party risk management to prevent disruptions and improve supervision

ADIF writes to CCI for interim relief to Indian startups in Apple case

Alleges company is using dilatory and delaying tactics in regulator's investigation

Nvidia to invest $1 billion with Eli Lilly to build AI-driven drug lab

The hope is to supercharge a time-consuming process that currently relies heavily on human researchers conducting physical experiments

Record domestic coal output helps India save nearly $8 bn in imports

Capex crosses target by 44%

Govt finalising RFP for ₹7,280 crore rare earth magnet scheme: Kumaraswamy

The government is in the process of finalising the Request for Proposal (RFP) for the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets, Union Minister H D Kumaraswamy said on Monday, urging domestic and international players to participate in the bidding process. The Minister for Heavy Industries & Steel chaired a stakeholder consultation meeting on the scheme with various industrial stakeholders from India and abroad. Kumaraswamy emphasised that the Scheme represents a pivotal step towards establishing a self-reliant, resilient, and globally competitive ecosystem for Rare Earth Permanent Magnets, aligning with the vision of Viksit Bharat by 2047. "He urged all eligible domestic and international players to seize this opportunity and contribute to India's long-term growth story by participating in the bidding process. The minister also informed that the Ministry is in the process of finalising the Request for Proposal (RFP)," the Heavy Industries Ministry ..

Reliance says battery manufacturing plans on track, 2026 target unchanged

Reliance Industries on Monday said its plans for battery storage manufacturing remain unchanged and are progressing in line with target timelines. Commenting on reports of the conglomerate pausing plans to make lithium-ion battery cells in India after failing to secure Chinese technology, a company spokesperson said, "We would like to categorically affirm that there has been no change in our plans for creating a world leading battery storage manufacturing ecosystem from cell to containerised ESS, and they are progressing well in line with our target timelines". Reliance had previously indicated 2026 as the target to begin manufacturing battery cells. Its chairman and managing director Mukesh Ambani had in August last year told shareholders that Reliance's battery giga factory will start in 2026, and that it will begin with 40 GWh per year capacity and expand modularly to 100 GWh per year. The spokesperson said updates on new energy business, including battery plans, had been regula

Domestic CE sales decline 9% in FY26 despite strong export growth

Sales of construction equipment in the domestic market fell 9 per cent to 81,566 units in the first nine months of this fiscal year due to slower infrastructure activity and project execution challenges, according to industry body ICEMA. Sales stood at 89,244 units in the corresponding period of the preceding year. In a statement on Monday, the Indian Construction Equipment Manufacturers' Association (ICEMA) said the exports of construction equipment rose to 12,469 units from 9,733 units during the period under review. Overall, the total sales (including domestic and exports market) declined 5 per cent to 94035 units during April-December period of this fiscal year from 98,737 units in the year-ago period. While domestic sales reduced almost 9 per cent, exports grew 28 per cent, cushioning the overall industry decline to 5 per cent in the first nine months of FY26, indicating robust overseas demand and market diversification, ICEMA said. Deepak Shetty, President, ICEMA and CEO &

Union fisheries minister arrives in Israel for global blue food summit

Fisheries Minister Rajiv Ranjan Singh arrived here on Monday to participate in the global summit on blue food security, which will focus on enhancing food production in extreme climates through breakthrough technologies. Singh, the minister of fisheries, animal husbandry and dairying, is attending the three-day event at the invitation of Israel's Minister of Agriculture and Food Security Avi Dichter. The Second Global Summit on Blue Food Security: Sea the Future' event is taking place in the southern coastal city of Eilat from January 13 to 15. Blue foods are derived from aquatic animals, plants, or algae that are caught or cultivated in freshwater and marine environments. According to official sources, Singh's participation in the global event underscores the growing strategic and economic engagement between India and Israel. It also reflects the shared commitment of both countries to deepen bilateral cooperation in the field of fisheries and aquaculture, they said. The minister

Education institutions to see 11-13% income growth in FY26-27: Crisil

Educational institutions' are likely to witness 11-13 per cent growth in total income in the current fiscal year and the next, driven by rising enrolments and fee hikes across segments as schools and colleges capitalise on steady demand and improving realisations, a report said on Monday. Operating margins will be steady at 27-28 per cent as these institutions will incur higher staff salaries and other related costs, Crisil Ratings said in a report. With rising enrolments, the institutions will also incur capital expenditure to create additional capacity and improve infrastructure, the report said, adding that credit profiles will, however, remain stable as strong cash flows will limit reliance on external debt. "Overall income is expected to log healthy double-digit (11-13 per cent) growth over the next few fiscal years, mainly supported by fee revisions, along with growth in enrolments, albeit at a modest rate. "Fee escalations are primarily driven by higher inflation, especially

Anarock diversifies into project management, adds 550 to workforce

Property consultant Anarock on Monday said it has entered into project management and engineering services (PMES) to diversify its business and has hired around 550 people to cater to its clients. Mumbai-based Anarock Group, which clocked a total income of Rs 755 crore last fiscal, is expecting a revenue of Rs 125 crore from the PMES business during the 2026-27 fiscal. "We have entered into the PMES business as part of our strategy to diversify our offerings and to become a one-stop real estate solution provider," Anarock Chairman Anuj Puri told PTI. He said the company has hired around 550 employees to service its clients. Puri said the company has already secured many contracts with an estimated consultancy fees of around Rs 80 crore. "We are expecting around Rs 125 crore revenue next fiscal from the PMES business," Puri said. According to sources, Anarock has hired around 350 employees, including many senior leaders, from a global property consulting firm. In a statement, Ana

Indian IT leaders back agentic AI, see it augmenting talent: Report

Indian IT leaders are betting big on agentic AI adoption for business growth compared to the leading western market, where focus is on enhancing traditional efficiency, a survey report by technology consultancy firm Thoughtworks said. The company has claimed to cover 3,500 C-suite and senior IT decision makers across seven countries, including 500 in India. The report said, 48 per cent of Indian leaders identify agentic AI, autonomous systems capable of acting, reasoning, and adapting independently as their primary AI priority. "India leads the world in agentic AI adoption at 48 per cent, creating a clear divergence from Western markets like the US (28 per cent) and Australia (23 per cent), which remain focused on traditional efficiency," the report said. According to the report, the focus of leadership on the adoption of agentic AI signals a decisive shift, reflecting that Indian enterprises are not just adopting AI tools; they are preparing for AI-led business models. The survey

DGCA orders probe after IndiaOne Air aircraft force-lands near Rourkela

The Odisha government responded promptly by alerting the Directorate team and initiating coordination with the Directorate General of Civil Aviation (DGCA) after an IndiaOne Air type of aircraft (Caravan 208) bearing Regn. VT-KSS, which was flying from Bhubaneswar to Rourkela, force-landed at a place near Jalda, when it was 8 Nautical miles short of reaching Rourkela, according to a release by the Directorate of Aviation.Speaking to ANI, Odisha Commerce & Transport Minister Bibhuti Bhusan Jena said, "We have spoken to the DGCA, which has begun an investigation into the incident. Necessary steps will be taken to ensure such incidents do not recur in the future."Speaking on the flight's force landing, he stated that the accident occurred around 8-10 kilometres before reaching the destination."A regular India One flight operating from Bhubaneswar met with an accident near Rourkela, around 8-10 kilometres before reaching its destination," he said.The Minister further stated that the

India set to emerge as most dynamic REIT market globally: Report

India is well positioned to be the most dynamic REIT (real estate investment trust) market globally as developers look to monetize their rent-yielding commercial properties through this structure, according to Vestian. On Saturday, US-based real estate consultant Vestian released a report stating that the Indian REIT market has a great potential for growth because of availability of prime commercial assets (office, retail, warehousing and data centres) that can be monetized through this structure. The Real Estate Investment Trusts (REITs) are investment vehicles that own or operate income-generating real estate, enabling investors to earn a share of the income produced without directly purchasing the properties. At present, there are five listed REITs in India -- Sattva Group and Blackstone-backed Knowledge Realty Trust (KRT), K Raheja Group-backed Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT and Nexus Select Trust. "India's REIT mark

BMW urges govt to retain 5% GST on EVs to boost industry growth

German luxury car maker BMW on Thursday pitched for retaining the current 5 per cent GST (Goods and Services Tax) on EVs, saying any further hike may be detrimental for the industry. Its electric car sales surged over 200 per cent in 2025, even as the overall car sales from its two brands -- BMW and MINI -- grew 14.4 per cent year-on-year to 18,001 units. The group said it also plans to launch 10 models, including six new ones and four with major changes this year. "I think the government has done a fantastic job in terms of managing the overall economy and making sure that we don't drop below the 7 per cent mark, which is very crucial for the country. "I don't think we have more expectations from them (the government). The only request, I think, would be not to touch the GST slab of EVs because it keeps coming back that the GST on these vehicles will be increased. (If it happens) I think it will be very detrimental," Hardeep Singh Brar, President and CEO at BMW Group India, told P

AAIB suggests background recording of traffic controllers at int'l airports

The Aircraft Accident Investigation Bureau (AAIB) has recommended installing devices to record video and background communications of controllers on duty in air traffic control towers at all international airports. The interim safety recommendation has been made by the probe agency in its preliminary report on the serious incident of an Ariana Afghan Airlines' 34-year-old aircraft A310-304 landing at a Delhi airport runway, where another flight was taking off. The incident of the flight AFG311 from Kabul landing on the unassigned runway at the Delhi airport happened on November 23. The aircraft crew had informed the ATC that they had lost ILS (Instrument Landing System) at 4 nautical miles from touchdown, and due to poor visibility, they were unable to differentiate between runways RWY29L and RWY29R, as per the five-page AAIB report. "To analyse controllers' actions, post-incident/ accident, it is recommended that ATC units be equipped with devices to record video and background ..

Mumbai airport passenger traffic rises 1.3% to 55.5 million in 2025

Passenger traffic at Mumbai International Airport saw a modest growth of 1.3 per cent to 55.5 million during 2025 against 54.8 million in 2024, private airport operator MIAL said on Thursday. Of this, the airport recorded 39.2 million domestic and over 16.3 million international passengers, Mumbai International Airport Ltd (MIAL) said. Passenger movement at CSMIA in 2025 was driven by strong seasonal demand and peak travel periods with January emerging as the busiest month, as the airport saw close to 5 million passengers (both departing and arriving) using the facility followed closely by November with about 4.9 million passengers, it said. Also, the airport recorded its top-three highest single-day passenger traffic figures during November, including its highest-ever single-day throughput of 1,75,925 passengers on November 29 last year. The October-December quarter of CY25 also marked the highest quarterly passenger traffic, with 14.36 million passengers handled in the last quart

Farmers' income has more than doubled during Modi years, shows new paper

Study by a NITI Aayog member reveals income jumped 126% between 2014-15 and 2023-24, surpassing the target set by the Modi government