NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*

Wednesday, March 19, 2025

Large-caps
g p and smids helpp Sebi’s options
p move raises
livemint.com markets stage a recovery uP1 market fears uP1
 NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 19 NO. 68

Wednesday, March 19, 2025

Think Ahead. Think Growth.

mint primer QUICK EDIT

Andaman and BYD leaps

Nicobar: Can it ahead
remain pristine?
Chinese electric vehicle (EV)
maker BYD looks set to extend
its global lead over its US-based
competitor Tesla. BYD has
BY SOUMYA GUPTA unveiled a new supercharger
Andaman and Nicobar Islands, known for biodiversity and isolated that can juice up a car battery
ancient tribes, is in the news as India moves to promote tourism and within 5 minutes to run for
industry in the archipelago. What impact might these projects have another 400km. That blistering
and what are the concerns raised by environmentalists and locals? pace puts EV charging at par
REUTERS with the time it typically takes to
get a refill of conventional fuel
at a filling station. This alone
could prove a big draw for its
EVs. In comparison, Tesla’s
superchargers offer a charging
speed that’s far less impressive,
adding a range of up to 270km
in 15 minutes. BYD has already
overtaken Tesla as the world’s
largest EV maker by sales vol-
ume. Its investors are delighted,
with BYD’s shares listed in
Hong Kong rising as much as 6%
on Tuesday. More broadly, this
could be the game-changer EVs
need. If long wait times can be

1 What are the govt’s

plans for the islands?
In 2021, the government
2 What is the status of
these projects?
In September last year, the Union
eliminated, car buyers may be
more eager to go electric. Of
course, charging facilities must
introduced the ‘Great Nicobar government formally notified come up in plentiful numbers to
Project’ worth over ₹72,000 crore, Galathea Bay Port as a ‘major port’, be able to match the conve-
which includes an airport, a sea although work is yet to start. It has nience of fossil-fuel refuelling.
cargo terminal called Galathea Bay also allocated funds to promote But that might not be so hard.
Port, and a natural gas and solar tourism in heritage sites located on With a big technology hurdle
power plant. Work on the Galathea the islands. Per a ministry of
potentially overcome, we could
Bay Port is expected to start first, tourism statement released this
with 11 firms having expressed week, the Union government has expect more charging points to
interest in the project worth allocated ₹27.57 crore since 2016- sprout. For now, non-Chinese
₹44,000 crore. The government 17 to develop various islands in the EV manufacturers have a lot of
also plans to promote tourism in archipelago and the capital city catching up to do.
the uninhabited islands of the Port Blair. The island authorities
archipelago, according to a report are also promoting tourism by
by Hindustan Times. Besides this, opening beaches late into the
the Union shipping ministry
reportedly wants to build an
night, launching new eco-tourism
resorts, and privatising the
QUOTE OF THE DAY
international cruise terminal, government-run Megapode Resort
according to The Hindu. in Port Blair in 2023-24.
With AI, blockchain, and digital
ISTOCKPHOTO platforms allowing businesses
to scale with minimal capital,
3 Does Andaman and Nicobar
have much tourism?
Domestic tourists to the island grew 37% to
the economic model is shifting
over 323,000 in 2023 and then more than
away from traditional capital-
doubled to 710,000 in 2024, although intensive structures.
fewer than 12,000 foreign tourists visited
that year. In FY24, the shipping ministry
sanctioned 28 projects worth over ₹5,400
crore for Lakshadweep and for Andaman
and Nicobar Islands including a new port ASHISHKUMAR
for passengers and tourists at Port Blair. CHAUHAN
MD and CEO, NSE

4 affect
How will the projects
the islands?
Ideally, these should boost the
5 What are the concerns
on the environment?
Environmentalists say the Centre
local economy. Galathea Bay Port is compromising the ecology for
is expected to handle a large these mega projects. In 2021, it INSIDE
amount of cargo by 2028. In declared a minimum eco-sensitive
September 2024, Port Blair’s Veer zone of just 0-1 km near the Mark to Market | Bajaj: No cheer from
Savarkar airport started flights to proposed Galathea Bay Port, Allianz deal >P4
southeast Asia. However, tourism leaving the surrounding area with Global | Israeli strikes across Gaza kill
revenue isn’t growing fast. no protection. The Nicobar Islands over 300 Palestinians >P8
Andaman and Nicobar Islands are one of four major biodiversity
Money | Global investing made easy:
Integrated Development hotspots in India. Endangered
Smart strategies for Indians >P13
Corporation (ANIIDCO) reported a giant leatherback turtles lay eggs
5% increase in revenue to ₹490 at beaches near the proposed port. Views | China’s woes could spill over: Let’s
crore in FY24 but profits after tax A petition in the Calcutta High stay vigilant >P14
were down 4%. But these projects Court filed by a former tribal Views | Deregulation: Relieve commerce of
could hurt the islands’ sensitive affairs secretary alleges that the command-and-control relics >P15
ecology and protected tribes. plan violates forest and tribal laws.

mint Data Bites

INDIA’S TWO-WHEELER EV MARKET:

WHO IS LEADING THE RACE?
Share (in %) in electric two-wheeler sales, by top 5 manufacturers
FY24
1. Ola Electric 38.8
3
2. TVS Motor 19.4
3. Ather Energy 111.5
4 Bajaj Auto 1
11.3
5. Greaves Electric Mobility 3.3
3
FY25
1. Ola Electric 31.0
3
2. TVS Motor 2
20.5
3. Bajaj Auto 119.6
4. Ather Energy 111.5
5. Hero MotoCorp 4.0
4
Data: Shuja Asrar; design: Satish Kumar Note: FY25 data is until 18 March 2025 Source: Vahan dashboard, ministry of road transport and highways
 PLAIN FACTS

India’s youth: Love

nation, shun politics
BY PRAGYA SRIVASTAVA

I
ndiaisoneoftheyoungestnationsintheworld,with27.3%ofitspopulationaged15-29years.Theyoungpopulationisviewed
as the key to unlocking a country’s identity, social inclusion and rights, and political activism.
WhileyoungIndiansoverwhelminglyidentifyasIndiansoverotherformsofidentitysuchasreligiousorregional,support
liberal values, and participate in the electoral process, they shy away from engaging in political activities or associating them-
selves with a political party, showed an online survey Voices for Inclusion, Belonging and Empowerment (VIBE), conducted
byYouthKiAwaazincollaborationwithYoungLeadersforActiveCitizenship(YLAC),SynergySansthan,andProjectPotential.
The survey, which was conducted between June and August 2024 and had 4,972 responses, released on Tuesday, showed
that 81% of respondents identified themselves as ‘Indians’. Identity as an individual or by occupation or work status featured
inthetopthreeidentityassociations,buttheirsharewaslimitedtonearlyone-third.However,aboutoneinfiveyoungIndians
also identified themselves by their religion, sect, tribe or caste. A state-wise categorization
shows that the strongest secondary identity based on religion, sect or tribe is most promi- Liked this
nent in states like Uttar Pradesh, Madhya Pradesh, Gujarat, and Chhattisgarh. story?
The demographic skews in its respondent base were adjusted in the final numbers by Share it by
weighingforgender-and age-wise populationatthestatelevel.However,giventheonline scanning the
nature of the survey, it should still not be seen as representative of the broader population. QR code.

Young India identifies most with nationality, Beyond nationality, religious identity
followed by individual, work status dominates key northern states
% of respondents who ranked the following as their top 3 The most prominent identity preferences after nationality, by states
primary identity associations
As an individual
By religion, sect or tribe
As an Indian 81 By occupation/work
By gender
As an individual 31 By states/region

By occupation/work 30

By gender 16

By religion, sect or tribe 12

By caste 7

By particular state/region 6

Others 1

Based on an online survey with 4,972 responses conducted between June and August 2024.
Source: Voices for Inclusion, Belonging and Empowerment survey, Centre for Public Insights by Youth Ki Awaaz

Progressive Values Young Indians strongly support free

speech, women's rights, social justice
YOUNG INDIANS tilt towards progressive values and support Share (%) of respondents by their stance on
women’s right to travel freely and meet in public places. The the following statements
support for free expression of opinions, even when those Strongly/somewhat agree Neither agree nor disgaree
Strongly/somewhat disagree
contradict popular views, is equally strong.
Even as same-sex love has been decriminalized in India, it Women should travel
freely or meet in public
92 3 5
remains controversial. But only 18% of respondents oppose the
People should be
idea that people should be free to love anyone, irrespective of allowed to express freely 92 5 4
their gender. When it comes to social justice, nearly two-thirds Freedom to love anyone
are in favour of the rich paying more taxes to reduce poverty. irrespective of their gender
72 10 18
These sentiments align with a broader commitment to human Rich should pay higher 63 16 21
rights, inclusivity, empowering marginalized groups, supporting taxes to reduce poverty
open discourse, and addressing systemic inequalities. More respect to people 27 20 54
However, 54% disagreed on respecting those with higher with higher social status
social status. This underscored a strong tendency among the Source: Voices for Inclusion, Belonging and Empowerment survey,
Centre for Public Insights by Youth Ki Awaaz
young to challenge social norms based on the hierarchy of status.

Young Indians vote but don't prefer to

engage in the political system
Political Paradox
% of respondents who said the following INDIA IS well known for its exuberant participation in the
Did you vote/plan to vote in General Elections 2024?
voting process during polls, with the 2024 general election
witnessing nearly 66% voter turnout. In the world’s largest
86 14 democracy, the share of young Indians who participated or
Yes No/Not sure
intended to participate in the Lok Sabha polls was 86%, according
Have you ever associated yourself with a political party? to the survey. Despite the massive engagement with the voting
Prefer not to engage in politics 29 process and a keen interest in election results and political
Prefer to engage in politics without discourse, young Indians do not prefer to engage in politics and
associating with a party 26 associate themselves with a political party.
Endorsing without becoming a member
The survey showed that 29% of respondents prefer not to
16 engage in politics, and 26% engage in politics without formally
Becoming a member of a political party 10 associating with a party. This attitude may stem from
Others 19 disillusionment, a perception of inefficiency and mistrust in the
Source: Voices for Inclusion, Belonging and Empowerment survey, political system. A few Indians (16%) endorse political parties but
Centre for Public Insights by Youth Ki Awaaz do not become members, while only 10% become members.

Activism as an Alternative Young Indians contribute to social life

via collaboration, petitions, rallies
WHILE YOUNG Indians display little interest in becoming a % of respondents (above 18 years of age) who participated
part of the political system, citizen activism finds greater in the following activities
engagement. The survey shows that 46% of the respondents have Collaborated with
collaborated with others to address local problems like clean-up others on local issues 46
drives and conservation. About one in four Indians participated Drafted/signed a
public petition 24
in activism by drafting or signing petitions, through rallies and
marches, and supporting fundraising events for social causes. Participated in a public
23
rally/march/assembly
Several Indians also participated through other activities like
Particiapted in a
using t-shirts or cups to express their opinions (15%), reporting a fund-raising event
21
crime to the police (11%) and filing a complaint against the Carried T-shirt/mugs to
authority (9%). The Right to Information, a powerful tool to express an opinion
15
ensure transparency and accountability in the government,
Based on an online survey with 4,972 responses conducted between
however, was used by just 8% of the respondents. Only 12% of the June and August 2024.
respondents said they had not engaged in any of these activities. Source: Voices for Inclusion, Belonging and Empowerment survey,
[email protected] Centre for Public Insights by Youth Ki Awaaz
PARAS JAIN/MINT

MINT NEWSLETTERS
TICKER COMPANY OUTSIDER TOP OF THE MORNING
BY VIJAY L. BHAMBWANI BY SUNDEEP KHANNA BY SIDDHARTH SHARMA
Index futures The “catfish A hotter-
turnover hit effect”, than-usual
m u l t i - named after summer is set
month lows thepracticeof to drive
as a shorter addingcatfish strong sales
week and totanksofcod forbeverages,
higher span to keep them consumer
(initial) mar- active during durables, and
ginrequirementscurtailedtraderpar- transportation,describeshowastrong personal care products, with the IMD
ticipation. Though higher traded vol- competitor can energize a stagnant forecasting above-normal tempera-
umes are critical while market. Tesla’s entry into tures and increased heat-
markets are rising, the India could be just the jolt wave days from March to
same is not true on the thecountry’selectricvehi- May. Beverage makers
way down. cle (EV) industry needs. expect 20%-plus growth.
 NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 19 NO. 68 Rs. 12.00 . Price with Hindustan Times Rs. 17.50 20 PAGES

Wednesday, March 19, 2025

Coming:
g Storm in the Capex,
p fisc discipline
p haven’t
livemint.com superbike teacup uP12 affected social spend: FM uP2

Best Street race in over

a month sees all join in
Large-caps, smids rise, as foreign, local investors see value at low levels
Dipti Sharma crore, while FIIs net bought
[email protected]
MUMBAI
FAST FORWARD ₹695 crore.
Experts remain cautiously

B
Investors turned richer by ₹7 trillion on Tuesday as large-, optimistic, considering the
ulls roared back to small-, and mid-cap stocks rose in buying led by FPIs, DIIs Nifty 50 has fallen more than
Dalal Street on Nifty 50 Nifty Midcap 100 Nifty Smallcap 250 10% in the past six months
Tuesday with both (since 18 September), with
Change (%) in March
domestic and for- 106 someseeinggreenshootsfrom
eign investors 5.54 both fiscal and monetary
scooping up Indian equities, 104 angles.
sending the markets up by the 3.23
They expect March quarter
3.19
highest in more than a month. 102 earnings to be strong, which
Experts said the sharp correc- could boost market sentiment.
tion seen over the past six 100 Lower inflation readings may
months encouraged investors lead to rate cuts, easing capital
98
tobuyasstocksfelltoattractive 3 Mar 18 Mar
costs for businesses. On the
levels. economic front, strong GST
Broaderindicesofthesmall- Values are rebased to 100 Source: Capitalmarket collections and improving
cap and midcap variety joined industrialproduction(IIP)sug-
the party as both benchmark CLIMB HIGH gest a potential recovery.
indices—NSENifty50andBSE THIS was biggest NIFTY has fallen MARCH quarter Steady SIP inflows from
Sensex—spurted more than rise in benchmark more than 10% in earnings are likely domestic investors are provid-
1.5%, making investors richer indices since 4 Feb the past 6 months to aid sentiment ing support even as foreign
by a staggering ₹7 trillion, investors largely continue to
according to data from BSE. sell. At the same time, the
This was the biggest rise the OnTuesday,theNifty50set- day. developing tariff war and
indices have seen since 4 Feb- tled at 22,834.30 and the Tuesday’s rise was marked relateduncertaintiescouldsig-
ruary, when they rose about Sensex ended the day’s session by net buys from both foreign nificantly impact both global
1.6%, and the fifth time this at 75,301.26, both up 1.5%. institutional investors (FIIs) and Indian markets.
month in 11 trading days that Meanwhile,NiftySmallcap250 and domestic institutional KkunalParar,vice-president
the Nifty 50 has ended in posi- ended 2.7% higher at 14,517.60 investors (DIIs). According to at Choice Equity Broking, said
tive territory, per data from and Nifty Midcap settled at datafromBSE,DIIsnetbought
NSE. 49,516.90, up 2.18% on Tues- Indian equities worth ₹2,534 TURN TO PAGE 6

DON’T MISS NOTE TO READERS The Media

India, NZ aim to seal FTA quickly Ola may take EV subsidy hit Marketing Initiative on Page 5 is the
equivalent of a paid-for advertisement,
India and New Zealand, which began Ola Electric Mobility Ltd stands to lose out and no Mint journalist was involved in
negotiations on a free trade agreement (FTA) on govt subsidies for EVs if it fails to register creating it. Readers would do well to
just two days ago, aim to conclude the deal in more than 16,000 two-wheelers sold in treat it as an advertisement.
as little as 60 days, top officials said. >P2 February by the end of this financial year.>P6

Sebi likely to review CCI searches at

options limit move top ad agencies
Ram Sahgal & Neha Joshi Gaurav Laghate &
MUMBAI Gireesh Chandra Prasad

T
he market regulator may MUMBAI/ NEW DELHI
review its contentious

I
proposal to introduce a ndia’sadvertisingandbroad-
grosslimitforallclientstrading casting industries were rat-
inindexoptionsafterreceiving tled on Tuesday after the
feedback against such a rule Competition Commission of
from several market partici- India (CCI) conducted exten-
pants, a person aware of the sive searches at the offices of
development said. top media agencies and indus-
TheSecuritiesandExchange Brokers and prop traders said try bodies.
Board of India’s (Sebi) planned Sebi’s gross limit plan may curb The searches, conducted in The action followed allegations
review comes after brokers, liquidity and raise costs. HT Delhi-NCR and Mumbai, tar- of price collusion. MINT
proprietary desks and institu- geted the offices of some of the
tional traders flagged risks of index options. Open interest biggest entities in the sector, searched as well.
reduced market liquidity and refers to the outstanding or includingGroupM,IPGMedia- According to a person famil-
higher trading costs in India’s openderivativespositionsofall brands, Publicis, Dentsu and iar with the matter, the action
derivatives market if the rule is participants. Sebi believes the Madison. Offices of the Adver- followed allegations of price
implemented. move will help curb manipula- tising Agencies Association of collusionandanti-competitive
The regulator recently pro- tion in individual stocks and India(AAAI),theIndianBroad- practiceswithinthemediabuy-
posed to change the way of cal- accuratelyreflectrisksinindex castingandDigitalFoundation ing ecosystem. The competi-
culating open interest (OI) and (IBDF), and the Indian Society
introducedanewgrosslimitfor TURN TO PAGE 6 of Advertisers (ISA) were TURN TO PAGE 6

Now, CXO hires keep India Inc. guessing

Devina Sengupta counterparts in the US and
[email protected] Europe, translating to multi-
MUMBAI ple job offers for the same
person.

H
eadhunters for top “Companies are now look-
corporate roles are ing at talent from their own
facing a problem once and other areas, which means
limited to the lower ranks: candidates with the right
Candidate dropouts, where a competencies have multiple
person finishes the recruit- options. Firms about to lose
ment process and accepts a top talent are ready to retain
job offer, only to back out CXOs, offering bigger roles
later. and revising compensation,”
Dropouts are rising since said Ashwin Saboo, senior cli-
companies scout for CXOs ent partner and head of indus-
from a wide range of sectors, Dropouts surged after the pandemic when firms started guzzling trial markets at Korn Ferry.
resulting in the same candi- talent, often doubling salaries for the right person. ISTOCKPHOTO Headhunters are also keep-
dates receiving multiple ing close tabs on candidates.
offers, executives from top now a standard practice for us CXO dropouts are frustrat- An executive who had negoti-
recruitment firms said. In to check with the candidates ing because the lengthy pro- ated a 100% hike and agreed
turn, these recruiters are for any parallel conversation cess has to start from scratch, to relocate backed out at the
pushing companies to wrap that they might be having delaying the company's plans. last minute, texting the head-
up the hiring process quickly already, and mostly, they do Headhunters are annoyed, hunter that he had to attend
and even keep tabs on the let us know at the interview too, since they get paid only if to a family emergency. When
candidate. stage if they are in process the candidate joins and works the headhunter dialled the
“It has become quite nor- with another potential for a fixed minimum period. candidate’s landline, the
mal to have one out of four employer,” said Suresh Raina, According to search firm executive was said to be at a
finalist candidates dropping a partner at search firm Hei- Korn Ferry, CXOs in India
out at the last moment. It is drick & Struggles India. have more options than their TURN TO PAGE 6
02 WEDNESDAY, 19 MARCH 2025
NEW DELHI ECONOMY & POLICY LIVEMINT.COM

States may get ₹22,400 cr for India, NZ aim to

seal free trade deal
Green Energy Corridor-III in just 60 days
Rhik Kundu
[email protected]
NEW DELHI
The Centre is likely to provide the assistance for developing intra-state transmission systems
I
ndia and New Zealand,
Sanjay Kulshrestha, CMD of which began negotiations
Hudco. @SANJAYKUL31/X
Rituraj Baruah sion System (InSTS) along with the set- on a free trade agreement
[email protected] ting up of renewable energy manage- (FTA) just two days ago, aim to
Hudco eyes NEW DELHI ment centres (REMC) and the control conclude the deal in as little as

T
infrastructure storage systems. 60 days, top officials from both

newer
he Union government is The third phase would primarily nations said on Tuesday.
likely to provide assistance focus on intra-state transmission sys- Speaking at the India-New
worthabout₹22,400croreto tems. Zealand Economic Forum,

sources states for development of

intra-state transmission sys-
temsunderthethirdphaseoftheGreen
Apprisingtheparliamentarypanelon
energy on the progress of the projects
under the ongoing green energy corri-
organised by industry body
Ficci, New Zealand Prime
Minister Christopher Luxon
New Zealand Prime Minister
Christopher Luxon. PTI

for external EnergyCorridor,saidtwopeopleaware

of the development.
dor phases, the ministry said: “Major
activities/projects proposed to be
expressed confidence in the
trade ministers’ ability to fast-
signing it on 18 February 2022.
India and New Zealand

borrowings
GEC-III was proposed in the Union undertakenarecompletionofphase-Iof track the agreement. announced the launch of talks
budgetforFY26.Theoverallcostforthe the GEC, completion of tendering pro- “We have high expectations for an FTA on Sunday to
third phase is estimated around cess and award of works for InSTS and from our trade ministers,” deepen economic cooperation
₹56,000 crore and the Centre would ISTSinGEC-II.Further,itisanticipated Luxon said, adding with a amid the threat of a global tar-
Rituraj Baruah provide 40% of the cost, the two people that phase-III of the GEC will be rolled touch of humour that if the iff war sparked by US Presi-
[email protected] mentioned above said. out during the year 2025-26.” trade ministers managed to dent Donald Trump. Prime
NEW DELHI The major states to be covered under Most of the projects under the third phase are expected to be in Gujarat, with the It however noted that the InSTS wrap it up in 60 days, they Minister Luxon is in India
the scheme include Gujarat, Rajasthan, state projected to work on transmission projects worth over ₹29,000 crore. MINT GEC-I scheme has been delayed due to might end up with a hairstyle from 16 to 20 March.

A
fter raising Yen-de- Karnataka, Maharashtra and Andhra various reasons including right of way like his. “When we look at the The discussions, led by
nominated loans Pradesh. Most of the projects under the states are expected to give their inputs sion infrastructure for integrating (RoW) issues, delay in issuing tenders trading relationship today… Goyal and New Zealand’s trade
worth around ₹5,360 third phase are expected to be in Guj- by the end of this month. renewable energy. The scheme will because of delay in substation land there’s a huge opportunity for and investment minister Todd
crore in the current fiscal, arat, with the state projected to work on The focus on transmission network include intra-state systems to support acquisition,delayinawardofworksdue us here,” he added. McClay, mark a step towards
state-run Housing & Urban transmission projects worth over gains momentum as the 2030 deadline RE(renewable energy)-rich states and to low bid turnout in various projects Speaking at the event, Piy- stronger bilateral trade rela-
Development Corporation ₹29,000 crore, followed by for installing 500 GW of non- states with emerging RE mar- which resulted in re-tendering ush Goyal, minister of com- tions. “Whether it's food pro-
Ltd (Hudco) is looking at Rajasthan with projects fossil capacity nears. With kets.MNREwillprovidesup- several times, court cases, merce and industry, said India cessing, pharma, renewable
newer geographies for exter- worth over ₹9,000 crore. intermittentnatureofsolar port to offset high costs, forest clearances, Great also aspires to conclude the energy, critical minerals, pol-
nal commercial borrowing
(ECB) including dollar-de-
“The scheme was
recently discussed in a
Centre’s funding
40% andwindpower,gridcon- reduce tariffs, and attract
nectivity needs to be private investment.”
Inception of the
Indian Bustard-related
clearance among others. 2015 FTA quickly “What if we were
to complete it in 60 days… I am
icy, horticulture, tourism, or
sports, I think the sky is the
nominated loans. recent meeting by the strengthened for stable The spokesperson The standing committee sure together we can make a limit. Education and research
Hudco consistently eyes new and renewable share for the operations. Phase-1 and 2 added that it will enable green energy on energy in its report on significant difference to the are also areas where we must
cost optimization, so raising energy ministry with third phase oftheschemearedifferent green energy integration, corridor project demand for grants of economies of India and New focus because that's what
funds at low rates via ECBs stakeholders and the focus stagesofcompletionandare reducetransmissionbottle- MNRE noted that as trans- Zealand,” he said. makes people closer to each
remains a low-cost funding isonaccelerateddevelopment being implemented across 10 necks, and ensure affordable, mission infrastructure is criti- While ironing out FTAs typ- other,” Goyal said. Bilateral
option, CMD Sanjay Kul- of the transmission network to states with central financial assist- sustainablepowerforIndia’sclean cal for timely evacuation of power ically takes a long time, India trade between both nations
shrestha told reporters. The catertothetargeted500GWnon-fossil ance of up to 40% of the project cost. energy transition. The green energy from renewable energy projects, the and the UAE managed to wrap could grow 10-fold in just a
company has so far raised capacityandachieveenergytransition,” Aspokespersonoftheunionministry corridor project started in 2015 com- ministry has to closely coordinate with up their Comprehensive Eco- decade, he added.
Japanese Yen-denominated said one of the two people mentioned. ofnewandrenewableenergysaid:“The prising both Inter State Transmission stategovernmentsaswellasotherstake- nomic Partnership Agreement For an extended version of
loans worth ₹5,360 crore for a The scheme is being worked on and phase III aims to strengthen transmis- System(ISTS)andIntraStateTransmis- holderstoresolvetheissuesbeingfaced. in a record 88 days before the story, go to livemint.com.
tenor of five years at 5.54%,
showed a presentation from
the company.
Kulshrestha said that the
company has negotiated fresh
a ECB loan worth 80 billion
‘Capex not at cost of welfare spending’ World close to crossing climate
Japanese Yen. The company
is exploring various other
geographies and looking at
Rhik Kundu
[email protected]
Meanwhile, countering
claims of stagnant employee
threshold: UN’s wake up call
raising dollar and Euro NEW DELHI compensation, Sitharaman
denominated bonds. cited national accounts statis- Jayashree Nandi On Tuesday, WMO also said

F
“Funds through dollar-de- inance minister Nirmala tics to highlight that employee [email protected] there were clear signs of
nominated bonds may be Sitharaman on Tuesday compensation at current pri- NEW DELHI human-induced climate
raised by the third quarter of said the government’s ces grew at a compound change reaching new heights

L
the upcoming fiscal. How- push for capital expenditure annual rate of 11.1% between ong-term global warming in 2024, with some of the con-
ever, it would depend on (capex), while maintaining fis- 2014-15 and 2022-23, during is currently estimated to sequences being irreversible
whether the US Fed cuts cal discipline, has not come at the first decade of the NDA be between 1.34 and 1.41 overhundredsifnotthousands
rates,” Kulshrestha said. the cost of public spending, government. Sitharaman said degrees Celsius above pre-in- of years.
He noted that the Navratna emphasizing that allocations that India’s household debt dustriallevels,theWorldMete- Atmospheric concentration
company has diversified its for social welfare and educa- remains relatively low com- orological Organization of carbon dioxide is at its high-
lending portfolio across the tion have increased signifi- pared with both other emerg- warned in its State of the Global est in 800,000 years, it said.
infrastructure space ranging cantly. ing market economies and Climate report on Tuesday. WMO’s State of the Global
from affordable housing, Speaking at the Rajya several developed nations. Theassessmentisbasedona Climate report confirmed that
social infrastructure like hos- Sabha, Sitharaman said the Finance minister Sitharaman said effective capital expenditure for “Household debt, including range of methods, the report 2024 was likely the first calen-
pital, government buildings, effective capital expenditure the next fiscal year, 2025-26, is projected to be at ₹15.48 trillion. PTI loans and debt securities, saidwhilepointingoutthatthe Ambient temperatures are dar year to be more than 1.5
water infrastructure, to green for the next fiscal year, stands at 39% of GDP in India, world is a fraction of a degree already 1.38 degrees Celsius degrees Celsius above the pre-
energy, ports, highways 2025-26, is projected to be at India’s capital expenditure deficit of 4.8% of GDP in compared to 35% in Brazil. away from breaching the 1.5 above pre-industrial levels. AP industrial era, with a global
among others. ₹15.48 trillion, against ₹13.18 (Capex) target stands at ₹11.21 2024-25, with a further reduc- However, in other comparable degrees Celsius lower limit- mean near-surface tempera-
On 16 March, Hudco signed trillion in the ongoing fiscal, trillion, according to the bud- tion to 4.4% targeted for countries, the figures are goal set by the Paris Agree- that the world could cross the ture of 1.55 0.13 degrees Cel-
an agreement with Andhra which includes core capital get estimates for 2025-26, 2025-26, finance minister Nir- much higher—Malaysia at ment. To be sure, 19 of the past 1.5 degrees Celsius long-term sius above the 1850-1900 aver-
Pradesh Capital Region outlays in the Union Budget, compared to the mala Sitharaman 69%, Greece at 42%, Hong 20 months have seen the mark global warming threshold by age or pre-industrial levels.
Development Authority and grants and aid allocated to budget estimates The central announced in her Kong at 93%, and Australia at being temporarily breached. September 2029 if the current This is the warmest year in the
(APCRDA) for lending states for creating capital of ₹11.11 trillion in government has budget speech in 110%. Some are portraying “Whileasingleyearabove1.5 warming continues, according 175-year observational record.
₹11,000 crore towards the assets. the previous year. proposed to February. India’s household debt as °Cofwarmingdoesnotindicate to the Copernicus Climate “...thisreportshowsthatlim-
development of Amravati’s “But all this is being done The central achieve a fiscal This revised alarmingly high, but I’m sorry, that the long- Change Ser- iting long-term global temper-
Greenfield Capital City and its without reducing social wel- government has estimate marks they are mistaken,” Sithara- term temper- vice (C3S), a ature rise to 1.5 degrees Celsius
deficit target of
infrastructure requirements. fare measures,” she said add- also proposed to an improvement man said. ature goals of timeline that is still possible. Leaders must
The government of Andhra ing allocations towards social achieve a fiscal 4.4% of India’s from the earlier “I want to inform this House the Paris issignificantly step up to make it happen—
Pradesh has so far notified an welfare projects have deficit target of GDP for 2025-26 target of 4.9% for that India’s household assets Agreementareoutofreach,itis sooner than the “early 2030s” seizing the benefits of cheap,
area of 8,352.69 square kilo- increased from ₹56,501 crore 4.4% of India’s 2024-25. and liability figures are far a wake-up call that we are projection that was widely cleanrenewablesfortheirpeo-
metre as Andhra Pradesh’s in 2024-25 to ₹60,052 crore in gross domestic Fiscal deficit is stronger than those of many increasingtheriskstoourlives, agreed upon by scientists. ple and economies—with new
capital region and an area of 2025-26, and education allo- product (GDP) for 2025-26, the shortfall between a gov- comparable emerging market economies and to the planet,” Ambient temperatures have National climate plans due this
217.23 square kilometre as cations increased from ₹1.26 highlighting its commitment ernment’s income and economies,” she said. WMO secretary-general already reached 1.38 degrees year, ” said UN secretary-gen-
Amravati’s Greenfield Capital trillion to ₹1.29 trillion during to fiscal discipline. The Centre expenditure and is expressed For an extended version of Celeste Saulo said. Celsius above the pre-indus- eral António Guterres in a
City. the same period. is on track to achieving a fiscal as a percentage of GDP. the story, go to livemint.com. HT reported on 14 March trial levels, C3S reported. statement.

m MINT SHORTS (BOM) have signed a pact for establishing a framework

to promote the use of the Indian Rupee and the Mauri-
tian Rupee (MUR) for cross-border transactions. The
India needs satellite
internet, says Scindia
‘Railway fares in India far less
than neighbouring countries’
PTI
CORRECTIONS AND
CLARIFICATIONS
Memorandum of Understanding was signed by RBI gov- REUTERS New Delhi: Railways minis- Mint welcomes comments,
Delhi’s air dirtiest among ernor Sanjay Malhotra and BOM governor Rama Krishna ter Ashwini Vaishnaw said suggestions or complaints
Sithanen G.C.S.K., the central bank said in a statement railway fares in India have
Indian megacities: CSE on Tuesday. PTI been constant since 2020 and
about errors.

Readers can alert the

New Delhi: Delhi remained India’s most polluted are far less than the neigh-
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centration of 175 micrograms said a roll out of Kavach was
per cubic metre, as per an
losses carried forward being made on 10,000 locomotives and 15,000km.PTI
[email protected].

analysis. But, Centre for Sci- New Delhi: The Insolvency and Bankruptcy Board of It is our policy to promptly
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LIVEMINT.COM DEALS, TECH & STARTUPS WEDNESDAY, 19 MARCH 2025
NEW DELHI 03

m MINT SHORTS
DSG Consumer, others back Go
E-commerce aggregator Artha raises
₹330 cr to
Zero with ₹30 crore Series A round
Gurugram: Go Zero, an ice cream brand, has raised ₹30 crore
in its Series A funding round. Existing investors DSG Consumer
Partners, Saama Capital, and V3 Ventures participated, along
10Club nearing bankruptcy bolster its
portfolio cos
with angel investors Aman Gupta and Namita Thapar. This
brings Go Zero’s total funding to $6 million. Founded in July Mansi Verma
2022, Go Zero offers sugar-free ice cream. The company sur- [email protected]
passed ₹5 crore inrevenue in January 2025. For the past 6 months, vendor payments have stalled and employees face delayed, partial pay MUMBAI

A
rtha India Ventures,
Eternal Capital, others invest ₹7 Shouvik Das & Sneha Shah accessories and furnishing as its niche which has bet on a
area of focus did seem good on paper, range of companies
cr in Hypergro.ai NEW DELHI/MUMBAI

E
ISTOCKPHOTO
but its inability to detect stiff competi- including OYO, and space
-commerce aggregator tion coming from legacy home firms, startup Agnikul, has raised
10Club, operated by Boxseat as well as global giants such as Ikea, ₹330 crore for Artha Select
Ventures Pvt Ltd, is close to left it with little room to turn its busi- Fund (ASF),a follow-oninvest-
shutting shop, less than four ness around.” ment fund focused on backing
years after it drew attention 10Club’s roll-up model focused winnersinitsexistingportfolio,
by raising $40 million in early-stage mainly on home care categories such apersonwithdirectknowledge
money in the highest seed-funding as gardening, kitchen, home decor of the matter told Mint.
round by an Indian startup. and furnishing. Some of the brands New limited partners, or
The Bengaluru-based startup’s lack that it acquired included gardening investors,inthisroundinclude
of success in orientating its business brands such as Kraftseeds, Gate Gar- AshokBharadia,chairmanand
model towards stronger target mar- den, and Kriti Kalash; sports brands managing director of Wallfort
kets and failure to pivot to an alterna- such as Skudgear Rapidotzz, Beclina, Financial Services, Harshal
tive strategy in time led to the current and Aurion; and MyNewBorn in baby Morde, director of sales and
state of affairs, four people with direct care. marketing of Morde Foods,
Gurugram: Hypergro.ai, an AI-powered video generation knowledge of the matter told Mint, The company was already “out of Manish Chhabra, managing
and conversion platform, has secured ₹7 crore in a pre-Se- seeking anonymity. cash”, according to the second person director and CEO of Hygienic
ries A funding round led by Eternal Capital. Silver Needle Over the past six months, payments quoted earlier. “It has stopped funding Research Institute Private Ltd
Ventures, Venture Catalysts, Astir Ventures, and FAAD to multiple vendors have been stalled, the brands it acquired." (HRIPL),DavidWilson,general
Network also participated in the round. The fresh infusion while employees have only received “The founders’ vision did not play partner at venture capital firm
will accelerate Hypergro’s AI innovation and global expan- delayed and partial salaries, the people out, and failure to execute and lack of TYRVentures,andHiraGroup
sion, strengthening its position in AI-powered marketing said. adept management at the venture fur- Family Office, among others,
automation, the company said in a statement. The company is now consulting The Bengaluru-based startup’s failure to target strong markets or pivot to an ther hurt its prospects,” said the third the person cited earlier said on
lawyers and its investors, with a con- alternative strategy in time led to its downfall. person. “The brands that 10Club the condition of anonymity.
sensus emerging towards filing for acquired did not work out, and this is The new investors hadn't
iHub Robotics gets ₹4.3 cr infusion insolvency with the National Com- Mensa Brands became ‘India’s fast- FY22, its loss stood at ₹16.6 crore. a capital-heavy field since it requires responded to Mint's queries till
pany Law Tribunal (NCLT), the people est unicorn’—achieving a valuation of Within a year of the $40-million constant acquisitions and aggressive press time.
in pre-seed funding round cited above said. $1.2 billion within six months of com- seed funding round, the startup in marketing campaigns.” The follow-on fund with a
Gurugram: iHub Robotics has raised ₹4.3 crore in a pre-seed Multiple attempts to reach Bhavna mencing operations, in November June 2022 raised an additional $30 10Club is close to receiving several target corpus of ₹330 crore is
funding round from undisclosed US investors. The company Suresh, 10Club’s co-founder and chief 2021. million, including debt from existing wind-up petitions from the brands it expectedtoachieveafinalclose
plans to use the funds to establish a humanoid robotics manufac- executive, including a detailed email 10Club, however, has not come investors, to continue its acquisition acquired, as certain payouts are pend- at ₹350-375 crore, this person
turing facility in Kerala.The startup claims its Tara Gen-1 is India’s seeking comment on 11 March, did ing. Existing investors, too, have added. In 2022, Artha said that
most advanced semi-humanoid robot, designed for roles in hos- not elicit a response. FROM RICHES TO RAGS backed out of offering a way out, the ASF will also have a green
pitality, healthcare, airports, railway stations, and various cus- 10Club sought to follow what is people associated with the busi- shoe option to raise an addi-
tomer service sectors, enhancing efficiency and automation. globally known as the ‘Thrasio’ 10CLUB drew WITHIN a year of THE startup’s THE e-commerce ness said. tional up to ₹120 crore.
model. One company would con- attention with a
record $40 million
the $40-million seed
round, 10Club raised
cumulative loss in
three years to
aggregation biz,
which offers small
“There’s no clear path to stabi- Artha Group confirmed that
solidate multiple small e-com- seed round by an another $30 million 31 March 2024 margins, has proved lizing the business for the most the fund has crossed the target
Broadway onboards Gruhas as merce brands and sellers under its Indian startup in June 2022 stood at ₹116.3 crore difficult worldwide part, and there’s nothing in it for of ₹330 crore, but did not dis-
umbrella, and then operate them existing investors to offer further close a timeline for its close.
strategic investor as a single, organized company. respite to 10Club,” one of the peo- The fund has already made its
Gurugram: Broadway has received an undisclosed strategic By doing so, companies such as close to showing any promise of turn- and expansion plan. ple cited above added. first investment in Agnikul.
investment from Gruhas, led by Nikhil Kamath and Abhijeet Pai, 10Club and its competitor Mensa ing profits. The company’s annual “It’s difficult to pinpoint a single The e-commerce aggregation busi- ASF was first launched in
to expand its retail presence. Founded by Vivek Biyani, Broadway Brands promised to expand operating financial filings with the Registrar of cause of failure here—let’s just say that ness, which offers small margins, has 2022 by Artha Group, the fam-
is also backed by investors like Rana Daggubati, Apurva Salarpu- margins by reducing overheads such Companies, ministry of corporate 10Club put its bets in the wrong pla- proved difficult worldwide. In ily office of investors Ashok
ria, and Anarock, led by Anuj Puri. Broadway is an experiential as office, accounting and legal affairs, accessed by Mint via business ces, and once it did, it was difficult to November 2023, Thrasio, the pioneer Kumar Damani and Anirudh
commerce platform that blends brands with content, creators, expenses, and other costs of opera- intelligence firm Tofler, showed that back out of brands they had already of the model, shut shop—even after Damani, which also houses a
and commerce. tion—allowing small brands to gener- its cumulative loss in three years to 31 acquired,” said one of the four people being valued at $10 billion. venturecapitalarmArthaVen-
COMPILED BY NITESH KUMAR ate bigger returns. March 2024 stood at ₹116.3 crore. In quoted earlier. “Its focus on home [email protected] ture Fund.

‘Still figuring out how AI will Supertails

move through the economy’ eyes Blue 7
Leslie D'Monte
to expand
[email protected]
NEW DELHI
petcare
footprint
A
t every dinner party,
Aaron ‘Ronnie’ Chat-
terji,OpenAI'sfirstchief
economist,facesatypicalques- Priyamvada C. &
tion: “Is AI going to affect my Shashwat Mohanty
job?What’sitgoingtodotothe
economy?” He says it's hard to BENGALURU/NEW DELHI
give a straight answer simply

P
because of the widely varying etcare startup Supertails
predictions. is in talks to acquire Blue
“Some Nobel Prize-winning 7 Vets, a multi-specialty
economists estimate AI’s veterinary clinic, as part of its
impact on GDP in the low sin- strategy to expand its offline
gle digits, while others expect presence, two people familiar
double-digit growth. That’s with the matter told Mint.
how uncertain things are," Aaron ‘Ronnie’ Chatterji, OpenAI's first chief economist. “Supertails is executing a
Chatterji told Mint in an inter- ‘build and buyout’ strategy
view during his India visit on AI won’t give us that much sees AI as an incredible oppor- where it is evaluating several
Tuesday. time.Businesses,governments, tunity despite the challenges. assets,includingBlue7,tosup-
The effect of AI on jobs is and civil society need to get “Thebesttimetostartplanning port its offline clinic expansion
similarly debated. “Some stud- ready now.” is now. We need to manage while also setting up its own
ies suggest AI will affect only a Chatterji was in India to risks and support people centres,” one of the people
small fraction of jobs, while learn about its AI ecosystem through these transitions.” cited above said on the condi-
others say up to 80% of job and explore opportunities for On the economic front, AI tion of anonymity.
tasks could change. We’re still collaboration. He met with willreshapejobmarkets.While The deal value could not be
figuring out how AI will move government officials, business automationmaydisplacesome immediately determined with
through the economy.” How- leaders, and civil society repre- roles, it will also create new the transaction undergoing
ever, Chatterji is optimistic. sentatives, gaining a compre- opportunities, much like past duediligence.“Thetransaction
"I’vespenttimewiththepeople hensive view of how AI is shap- technological shifts. The chal- is currently undergoing due
building these models, and the ing different sectors. lenge lies in ensuring wide- diligenceprocessesandislikely
speed of progress is incredible. “Traveling globally helps us spread access to AI tools and to close in the coming months.
What we could do a year ago is understand how upskilling work- This will also mark Supertails’
very different from what we different regions Chatterji agrees ers to utilize them entry into Mumbai,” the sec-
can do today—and in just two are adapting. The that AI’s pace of effectively, ond person said.
months, the advancements reasonIcameisto change is much according to Blue7declinedtocomment,
have been astonishing." learn, as much as I faster than that of Chatterji. Gov- while Supertailsdid not imme-
AI adoption is accelerating can, from what's ernments and diately respond to Mint’s
previous
rapidly. “The capabilities of going on in India organizations requests for comment.
these models are improving so and inform our technological must collaborate Founded by Vikram Dave
fast that the economic impact efforts at OpenAI. revolutions to manage these and Ashlesha Dave, Mumbai-
will likely be magnified,” Chat- And when you transitions based Blue 7 has two branches,
terji said. “Economists will learn,youcanalso smoothly. inBorivaliWestandAltamount
needtoconductstudies,runA/ build together. India is not just Chatterji also believes India Road.The24/7multi-specialty
B tests (comparing the out- a major user of AI but also a key hasasignificantopportunityin clinic specializes in complex
comes of two different choi- contributor. It’s our number AIandtechnology,thankstoits surgeriesaswellascriticalcare,
ces—AandB—withapilot),and two market for weekly active young and skilled workforce. accordingtoitsofficialwebsite.
interview workers to fully users, and people here are With over a million STEM Blue 7 clocks about ₹4 crore in
understand AI’s effects,” he building things that aren’t graduates annually and a large revenue per month, the first
said. “Eventually, we’ll get pre- being done anywhere else in under-30 population for the person said.
cise numbers, but right now, the world," he said. next 30 years, India is well-po- Supertailsmayfundthe deal
we’re still in discovery mode.” A major topic of discussion sitionedtoadapttotechnologi- from the $15 million it raised in
Chatterji agreed that AI’s was India’s AI infrastructure cal advancements. He pointed its series B funding round last
pace of change is much faster investments, particularly out that young professionals year. The round was led by
than that of previous techno- efforts to build a strong back- have the flexibility to acquire RPSG Capital Ventures and
logical revolutions. “With bone for AI development. new skills, making reskilling a existinginvestorsFiresideVen-
semiconductors, there was “We’re laying the foundation critical focus for the country's tures,SaamaCapital,DSGCon-
about a 10-year gap between for building together in the future workforce. sumer Partners and Sauce VC.
the invention of the integrated future,andIhopetokeepcom- For an extended version of priyamvada.c@live-
circuit and its widespread use. ing back,” said Chatterji, who this story, go to livemint.com mint.com
04 WEDNESDAY, 19 MARCH 2025
NEW DELHI MARK TO MARKET LIVEMINT.COM

S&P BSE Sensex Nifty 50 Nifty 500 Nifty Next 50 Nifty 100 S&P BSE Mid-cap S&P BSE Small Cap
CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE

75,301.26 1.53 22,834.30 1.45 20,657.20 1.82 60,971.40 2.63 23,340.40 1.65 40,189.53 2.10 45,031.45 2.73
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN

74,169.95 74,608.66 22,508.75 22,662.25 20,288.30 20,418.55 59,406.60 59,793.50 22,960.80 23,116.15 39,364.08 39,588.00 43,834.27 44,133.69
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW

75,385.76 74,480.15 22,857.80 22,599.20 20,676.95 20,370.20 61,049.20 59,677.30 23,365.05 23,055.95 40,233.11 39,500.61 45,053.62 44,068.75

Bajaj: No cheer from Allianz deal

Relative resilience
Share (%) of small-caps trading 50% or below their 52-week highs
in their respective sectors.
Least impacted

Travel & hospitality 14.5

Manish Joshi Chemicals 18.5
During the 9MFY25, ICICI Lom- market capitalization works out to
[email protected] Below peers bard’s gross written premium was ₹66,000 crore. Here, the deal valua- FMCG 21.6

T
Bajaj Allianz Life Insurance lags far behind its rivals in terms of VNB margin. ₹21,354 crore, while Bajaj’s was tionatadiscountof40%versusICICI Pharma & healthcare 22.1
heBajajGroupandAllianz FY22 FY23 FY24 FY25 estimated VNB margin (in %) ₹17,257crore.ICICILombard’sprofit Pru appears steep. But the catch is Power 23.8
SE are parting ways after 35
aftertaxwas₹1,999crore,andBajaj’s that the value of new business (VNB) Most impacted
24 years. Bajaj will buy ₹1,470 crore. If one considers the margin for Bajaj at 11% in 9MFY25 is
Allianz's 26% stake in its market capitalization-to-net profit also lower than 23% for ICICI Pru.
Infra & engineering 43.7
30
insurance business: Bajaj ratio or, effectively, the price-to- The differential in VNB margin Consumer durables 42.2
Allianz General Insurance Co. Ltd 25 earnings multiple, ICICI couldbeowingtofactors Retail 40.3
and Bajaj Allianz Life Insurance Co.
20
Lombard trades at 32x CUTTING like product mix, distri- Capital goods 37.4
Ltd. annualized FY25 earn- THE CORD bution costs and reten- IT & ITeS 37.2
Based on the price to be paid of 15
ings. Based on the deal tion of active customers,
₹13,780 crore for the general insur- value,themultipleworks THE Bajaj Group will knownasthepersistency Latest data as on 13 March 2025. Market capitalization based on Amfi (Association of
Mutual Funds in India) categorization. Analysis based on 3,899 BSE-listed firms.
ance stake and ₹10,400 crore for the out to 27x for Bajaj. gain full ownership ratio. Considering the
10
of both insurance Source: CMIE, Mint analysis
life insurance stake, the valuation of While the future gro- businesses but may much inferior profitabil-
the two businesses works out to wth trajectory for both list them in future ity, this deal isn’t as att- SATISH KUMAR/MINT

Sectors that helped

5
₹53,000 crore and ₹40,000 crore. companies could be dif- ractive for Bajaj Finserv.
The structure of the deal involves 0
HDFC Life ICICI Pru Life SBI Life Bajaj Allianz ferent, Bajaj Finserv has BAJAJ Finserv got a So, the focus now
good deal, buying
BajajFinservandBajajHoldingsbuy- got itself a good deal for general insurance biz shifts to earnings. To be

small-caps’ survival
VNB is value Source: Company, Kotak Institutional
ing out about 1% and 20%, respec- of new business Equities, Motilal Oswal Financial Services buyinggeneralinsurance at a 16% discount sure, even after this tran-
tively, with the rest to be bought by business stake at a 16% to its larger rival saction, investors' inter-
Jamnalal Sons. The Street’s reaction ANIL KUMAR/MINT
valuation discount vis-à- est in Bajaj Finserv may
to the deal is muted, with shares of But does it need capital to grow? urn on equity. The valuation of Alli- vis its larger competitor. notperkupsubstantially.
Bajaj Finserv and Bajaj Holdings Onthecontrary,asagainstthereg- anz’sstakeacquisitionhastobeeval- ICICIPruhadanannualpremium Thereasonissimple.Investorsseek- Mayur Bhalerao Travel and hospitality, and
remaining almost flat to negative. ulatoryrequirementofsolvencyratio uated separately for non-life and life equivalent (APE) income of ₹6,905 ingexposurein lifeornon-lifeinsur- [email protected] chemicals sectors have shown
Afterthetransaction,Bajajwillget (similar to capital adequacy ratio) at businesses, as both have different crorein9MFY25versus₹5,506crore ance businesses (non-lending busi- MUMBAI relative strength, presenting
fullownershipofthegeneral and life 150%, the measure for Bajaj Allianz valuation parameters. Bajaj Allianz for Bajaj Allianz Life. ICICI Pru’s nesses) may not prefer Bajaj Finserv opportunities for savvy inves-

T
insurance businesses. However, this General and Bajaj Allianz Life is sig- General and Bajaj Allianz Life can be market capitalization-to-APEmulti- asithasexposuretolendingbusiness he carnage in small-cap tors. Amid this turmoil, these
may not be for long as the manage- nificantly higher at 300% and 369%. comparedwithrivalsICICILombard ple works out to 9x based on FY25 via its 51% stake in Bajaj Finance Ltd, stocks during the recent sectors have shown resilience,
ment has discussed the possibility of In fact, a very high solvency ratio or GeneralInsuranceCo.LtdandICICI estimates. Applying the same multi- which, in turn, has an 89% stake in market correction has with only 15% travel and hospi-
listing both businesses in future. excess capital pushes down the ret- Prudential Life Insurance Co. Ltd. ple to Bajaj Allianz Life, its potential Bajaj Housing Finance Ltd. been widely noted. The BSE tality stocks in the small-cap
SmallCap index’s 22% plunge segment and 19% chemical
into bear territory from its stocks down by half or more
52-week high, with approxi- from their 52-week highs.

Robust demand for office spaces to give occupancy a leg-up mately a third of small-caps
declining 50% or more from
their most recent highs, is a
Does their relative resil-
ience position them as appeal-
ing options for investors seek-
stark reminder of the risks in ing stability amid broader
Harsha Jethmalani micro-markets—Outer Ring expectedtotouch92.5-92.9% net increase of 17,000 emplo- this segment. Interestingly, market volatility?
[email protected] Road (Bengaluru), Madhapur
Room for more? by FY25-end. Committed yees in Q2FY25,” Kotak Insti- there is a lesser-known story Vikram Kasat, head of advi-
Vacancy for office assets at all-India level declined in Q3FY25.
(Hyderabad), Thane Belapur occupancyrateincludesprop- tutional Equities said. How- regarding the relative resil- sory at Prabhudas Lilladher’s

G
Office stock (in million square feet) Vacancy (in %) (rigth-hand scale)
rade-A office spaces (Mumbai Metropolitan Reg- erties whose leases are signed ever, the cut was much less ience of certain sectors within PL Capital, also noted the
are seeing a drop in ion), and Cyber City (Gurug- 800 16 buthavenotyetcommenced. than earlier (15,800 average this battered space. potential in these sectors, stat-
vacancies, along with ram)—havefallenoverthelast Givenupbeatbusinesspro- quarterly reductions in six A staggering 30% of BSE- ing, "Sectors such as travel and
improvingoccupancies,asthe few quarters. This is also 600 12 spects, Reits are in expansion quartersinQ4FY23-Q1FY25). listed firms are down 50% or hospitality, and chemicals cur-
leasing trajectory is likely to reflected in the leasing per- mode. For instance, Embassy That said, utilization of IT more from their 52-week high, rently stand out as promising
maintain the good run in formance of all Reits, which 400 8 and Mindspace are expand- staff is healthy at 83-86% in while around a third of small- areas where growth potential
Q4FY25, too. havewitnessed200-500basis ing by 7.4 million square feet Q3FY25, and a push by large caps are down by half or more, remains intact.”
200 4
Demand for commercial points improvement in occu- and 8 million square feet. So IT employers toward ‘return- showed a Mint analysis of “The overall demand for the
propertiescontinuestobeled pancyin9MFY25,”JMFinan- far, so good. Hereon, a key to-office’,onefficiencyconce- nearly 3,900 companies. chemicals industry has been
0 0
by global capability centres cial Institutional Securities Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 monitorablewillbehiringtre- rns, will support the demand, Alarmingly, this collapse is under pressure in the last two
(GCCs),risingtractioninflexi- said on 12 March. This may Data for all-India level Source: Propstack, Kotak Institutional Equities
nds in the IT sector—once a Kotaksaidon5March.Muted widespread, with over a third years,” said Shrikant Chouhan,
ble workspaces, and IT/ITes. mean listed Reits will meet large contributor to office supply of new office spaces in of small-caps in eight out of 19 head of equity research at
Plus,theleasingofspecialeco- their FY25 leasing and occu- ANIL KUMAR/MINT
leasing demand, but has been 2024 also helped vacancies sectors, tracked by Mint, suf- Kotak Securities. The ongoing
nomic zones has helped drive pancytargets.EmbassyOffice measure to be 88% by March. 87% and may reach 89% by battling sector slowdown. drop. But, once there is new fering similar losses. tariff war may have a bearing
confidenceinlistedrealestate ParksReit’scommercialport- Peer Brookfield India Real March. For Mindspace, com- “Tier-1ITcompaniesreduced supply, its impact on office This market-wide correc- on demand and prices. “In our
investment trusts (Reits). folio occupancy was at 87% in Estate Trust’s committed mitted occupancy was strong 6,000 employees (net) in rentals, vacancies, and occu- tion signals a dramatic shift in view, one needs to adopt a
“Vacancies at all key Reit Q3FY25, and it expects the occupancy in Q3FY25 was at 91% in Q3FY25 and is Q3FY25, a reversal from the pancies will be critical. investor behaviour, as they selective approach towards
aggressively rush to divest these stocks with a long-term
riskier assets amid escalating view.”
Mark to Market writers do not hold positions in the companies discussed here unless otherwise informed macroeconomic anxieties and For an extended version of
global uncertainties. this story, go to livemint.com

Zudio, Trent’s greatest strength, Gold rush Mkt critical of Sebi’s settlement process
may also be its biggest weakness continues, Neha Joshi before a panel comprising Sebi

Dipti Sharma
breaches [email protected]
MUMBAI
whole-time members to be
finalised.
While the internal commit-
Growing pains
₹91k level
T
[email protected] he Securities and tee comprises an officer not
MUMBAI The pace of Zudio and Westside store expansions this fiscal has Exchange Board of below the rank of chief general
disappointed investors.
India’s settlement manager, the advisory com-

T
rent Ltd, the parent firm Westside Zudio Number of stores PTI mechanism, designed to offer mittee includes a former
of well-known brands Q3FY24 227 460 [email protected] a faster route to resolving Supreme Court or high court
such as Westside and NEW DELHI securities law violations over judge along with three exter-
Zudio, has been oneofthe fast- Q4FY24 232 545 longdrawn court proceedings, nal experts on the securities

G
est-growing companies in Q1FY25 228 559 old prices climbed by is facing mounting criticism market.
India’s retail sector over the ₹500 to hit another over growing delays and per- Sebi whole-time member
past five years, with its stock Q2FY25 226 577 record high of ₹91,250 ceived discretionary practices. Kamlesh Chandra Varshney
having surged about 935% per 10 grams in the national Intended to streamline has indicated that the regula-
Q3FY25 238 635
since the start of the pandemic capital on Tuesday driven by enforcement and reduce liti- tor was in the “final discus-
in March 2020. Q4FY25* 240 675 sustained buying by stockists gation, the process is increas- Sebi’s data shows settlement amounts surged to ₹851 cr as of sions” stage to draft a standard
However,ithasalsobeenthe and retailers amid a strong ingly marred by inflated settle- 15 March, up from ₹125 cr in FY23 and ₹94 cr in FY24. REUTERS operating procedure for set-
*As per the latest available data published in a Source: Propstack,
worst-performing Nifty 50 report released on 10 March 2025 Kotak Institutional Equities trend overseas, according to ment amounts and stringent tlement regulations.
stock so far this year—down theAllIndiaSarafaAssociation. non-monetary terms, say in FY24 from 386 in the year is the regulator’s discretionary Varshney also said that
about 26% since 1 January— ANIL KUMAR/MINT
On Monday, the precious experts. before. power in deciding the settle- although the settlement pro-
making investors jittery. The the pressure on the stock. rected to 240, reflecting a net metalof99.9%purityralliedby Data from Sebi’s website Lawyers hired for settle- ment amounts. Despite a for- cess often costs more than liti-
company’s enterprise-value- However,healsosaidTrent’s addition of just eight stores so ₹1,300 to hit a fresh peak of reveals a significant surge in ment proceedings say the data mula involving base amounts, gation, the percentage of enfo-
to-Ebitda ratio (EV/Ebitda) fell long-term growth will be farinFY25.Thebrokerageesti- ₹90,750 per 10 grams. settlement amounts collected point to a slower pace of reso- base values, proceeding con- rcement orders “coming for”
from 78.5 in FY24 to 67.6 in driven largely by Zudio, fol- matedthestorecountwouldbe The yellow metal of 99.5% in 2024-25, reaching ₹851 lution and inefficiencies in version factors, and regulatory settlement had risen from 10%
FY25, and is expected to lowed by Star Bazaar—a chain 243 by the end of FY25, imply- purity advanced by ₹450 to hit crore as of 15 March—a sharp handling the growing number action factors, Sebi retains the five years ago to 45%, accord-
decline further to 51 in FY26, of supermarkets and hyper- ing a net addition of just 11 a lifetime high of ₹90,800 per increase from the ₹125 crore of cases before Sebi. right to recommend higher ing to a recent report by news
according to Bloomberg data. markets that has significant stores in the fiscal—well below 10 grams against the previous collected in FY23 and ₹94 “The significant increase in amounts based on specific cir- agency Press Trust of India.
JayGandhi,analystatHDFC potential to fuel further upside the 26, 14, and 18 net additions close of ₹90,350 per 10 grams. crore in FY24. pending settlement applica- cumstances. Another major point of con-
Securities, noted the stock’s if scaled effectively. in FY22, FY23 and FY24. “Gold extended gains on Even excluding a ₹643- tions before Sebi… raises con- Critics argue that Sebi often tention with Sebi’s settlement
surge from around ₹2,000 in The stock has been on a roll The company closed 21 Tuesday and touched a fresh crore settlement in a case cerns about applies base val- process is the increasing
August 2023 to more than since August 2023, driven by a Westside stores in 9MFY25, recordhighintheinternational involving the National Stock potential delays Lawyers hired for ues that are only imposition of non-monetary
₹8,000 in October 2024 was rapidincreaseinthenumberof replacingthemwithlargerout- market as well as the domestic Exchange, its former chief in the settlement settlement tangentially rele- terms, such as compliance
powered by aggressive expan- Zudio stores—from 168 at the letsthatitbelievesofferabetter market. “The precious metal executive Vikram Limaye, and process,” said proceedings say vant, leading to undertakings and voluntary
sion and rising productivity of end of 2021 to 635 at the end of shopping experience. How- remainsanattractiveoptionfor former chief technology offi- Kunal Sharma, the data shows inflated settle- debarment, exceeding the
Zudio stores—both of which 2024.ThenumberofWestside ever,largerstorestypicallytake safe-haven flows due to uncer- cer Umesh Jain, Sebi’s collec- partner at law
slower resolution ment figures. scope of the original show
are now losing steam, leading stores grew from 194 to 238 longer to mature and generate tainties surrounding US Presi- tion in FY25 is considerably firm Singhania & Also, according to cause notices.
to the correction. Zudio is over the same period. lower sales per square foot, dent Donald Trump’s policies, higher than in the previous Co. of the growing the critics, the “There is a possibility that
Trent’s fast-fashion brand that Trent has continued to which could weigh on same- fearsofaUSrecession,andgeo- two financial years. Abhiraj Arora, cases before Sebi regulator is reluc- non-monetary terms can cre-
offers affordable clothing to deliverimpressiveresults,with store sales growth in the near political uncertainty,” Saumil To be sure, Sebi may also partner at Saraf tant to negotiate ate potential legal risks for
budget-conscious customers. revenue up 42% year-on-year term but should pay off in the Gandhi, senior analyst of com- have been handling a backlog and Partners, the base values applicants. These terms may
After peaking at ₹8,345 in so far in FY25 and net profit up long run. modities at HDFC Securities, of settlement cases that have added that the growing back- during internal committee include suspension of business
October, the stock now trades 60% to ₹1,222.81 crore. But the "Webelievethisresultedina said. been piling up. While data for log of pending cases suggested meetings, which they said activities, exit from manage-
at around ₹5,200 amid a pace of Zudio and Westside relatively subdued revenue Further, the recent weaker FY25 is not yet publicly availa- inefficiencies in the process. raised questions about the ment, or other restrictions,
broader market correction. storeexpansionsthisfiscalyear throughput increase of 2% US macro data has also bol- ble, the number of pending “These issues may arise from process’s flexibility. which could be perceived as
“Any meaningful correction has disappointed investors. year-on-year for Westside and steredexpectationsthattheUS applications at the end of FY24 stringent settlement terms, In Sebi’s settlement pro- more burdensome than the
from hereon has to be Zudio- According to Kotak Institu- may remain a drag going for- Federal Reserve (Fed) will cut had increased to 289 from 137 procedural complexities, and ceedings, an internal commit- initial penalties,” said Arora.
led,” Gandhi said, adding that tional Equities on 10 March, ward as well,” said the Kotak interest rates multiple times at the end of FY23, according delays in processing applica- tee and a high-powered advi- Sebi did not immediately
growing competition from Trent’s Westside store locator analysts. this year, further supporting to Sebi data that Mint has tions.” sory committee evaluate set- reply to Mint’s queries.
rivals, who are launching simi- initiallyshowedithad269such For an extended version of the non-yielding yellow metal, reviewed. The number of new Another major worry about tlement petitions and terms. For an extended version of
lar stores, could also increase stores, which was later cor- this story, go to livemint.com Gandhi added. applications increased to 434 Sebi’s settlement mechanism These are then presented this story, go to livemint.com
LIVEMINT.COM CORPORATE WEDNESDAY, 19 MARCH 2025
NEW DELHI 05

‘Measures
for IndusInd Amid 5G rollout, Vodafone Why this state-run
lender is courting
hinge on
PwC report’
Idea caught in satnet FOMO lower-rated clients
Shayan Ghosh
Anshika Kayastha [email protected]
[email protected] MUMBAI
MUMBAI Telco weighs satellite internet options, even as rivals Jio, Airtel push ahead with partnerships
S
tate-owned Bank of India

A
shok Hinduja, chair- is looking to go beyond
man of the promoter Ayaan Kartik its comfort zone of lend-
company of IndusInd [email protected] ing to companies with the
Bank Ltd, has said that the pri- NEW DELHI highest credit ratings to shore

V
vate lender does not require up margins, which is already
capital and all measures to bol- odafone Idea Ltd is dis- under pressure and could sink
ster the credibility of the bank cussing ways to catch up further following the Reserve
after it disclosed accounting with larger rivals Reliance Bank’s rate cut.
discrepancies will depend on Jio and Bharti Airtel Ltd in Chief executive Rajneesh
PwC’s external audit report. the Indian satellite inter- Karnatak said in an interview
“Once the report comes, it net race, even as it is set to roll out its 5G that the bank is looking for Bank of India looking for BBB
will go the board and it will cellular broadband network. companies rated ‘BBB’ or ‘A’ to or A-rated firms to lend, said
review it; they have their vari- Jio and Airtel recently announced lend to, as those rated ‘AA’ or MD & CEO Ranjeesh Karnatak
ous committees,” Hinduja, partnerships with US-based Starlink above have more bargaining
chairman at IndusInd Interna- Services to roll out Elon Musk’s satellite power on lending rates. FY25 (April-December 2024)
tional Holdings Ltd, said on internet service in India, although they Credit ratings offer insights from 2.98% in FY24. To add to
the sidelines of an event. have to wait for government approvals. to borrower’s financial health, this, Reserve Bank of India’s 25
“Then they will take a call on Vodafone Idea, India’s third-largest with a high rating signifying a basis point rate cut to 6.25% in
who is the person responsible telecom service provider, may look to lower possibility of default February is also expected to hit
for the (issue over) last so many offer services enabled by satellite inter- than low-rated counterparts. margins of the banking sector.
years—whether it was one per- net like high-speed internet in remote Banks charge a spread on top Fitch estimates net interest
son, two persons or whether it areas where fiber cables needed for of the benchmark lending rate margins of Indian banks will
was an error, we don’t know.” fixed-line broadband are not yet availa- to arrive at a final rate, and bet- fall by about 10 basis points on
The bank on 10 March had ble, said chief technology officer Jagbir ter-rated companies or those average in the financial year
announced accounting dis- Singh. “There are some internal discus- with more wherewithal are ending March 2026, because
crepancies in currency deriva- sions ongoing (on launching satellite able to extract a finer pricing. of RBI’s February rate cut—the
tives portfolio to the tune of internet services),” Singh told Mint in Intense competition among first in about five years—and
2.35% of its net worth, taking a an interview. "There are open ques- Vodafone Idea will launch 5G services in key Indian cities beginning Wednesday, lagging competitors by over two years. MINT banks to onboard top-rated an additional 25 basis point cut
hit of around ₹1,530 crore. It tions like the cost of the devices and companies also play a role in that the credit rating agency
had been going on for the past regulatory approvals on using satellite affected in the near to medium term lites in earth’s lower orbit. Jeff Bezos’ Its average revenue per user (ARPU) determining lending rates. expects in FY26.
5-7 years. The disclosure came for terrestrial connectivity.” due to partnership of rivals with Star- Amazon Ltd also runs an initiative marginally improved to ₹173 in the “So, as far as corporate lend- According to Karnatak, sev-
weeks after chief financial offi- That said, Vodafone Idea doesn’t link,” said Prashanth Tapse, senior vice called Project Kupier to provide high- December quarter from ₹166 a year ing is concerned, let‘s be very eral top-rated companies want
cer Gobind Jain resigned from have any partnerships in the satellite president–research, at Mehta Equities, speed satellite broadband services. earlier, although it is lower than Jio’s frank that there is huge com- lending rate to be based on
in January, and days after the internet space, unlike Jio and Airtel. a broking firm. As of December, Starlink had more ₹203 and Airtel’s ₹245. “We have done petition among banks,” he said external benchmarks like repo
Reserve Bank of India (RBI) Apart from the Starlink partnership, Jio The Indian government has decided than 4.6 million subscribers globally. profiling of customers in places where seated at the bank’s headquar- rate or treasury bills instead of
approved the reappointment has a joint venture with Luxem- we are deploying 5G to identify pla- ters in Mumbai’s Bandra Kurla marginal cost of funds-based
of chief executive Sumat Kath- bourg-based SES and Airtel with MISSING SATELLITE LINK ces where density of 5G usage is Complex commercial hub. lending rate, used by banks to
palia for a year instead of three. London-based Eutelsat One Web high. We will use a targeted “What is happening is ‘AAA’ price loans to larger firms.
“As a promoter, I can’t say to offer satellite internet in India. VI to offer satellite VI yet to tap satellite ITS subscriber base CENTRE will allocate approach to better serve our cus- and ‘AA’ rated corporates are As on 31 December, 48.3% of
why he (CFO) left, or why RBI Vodafone Idea is launching 5G internet enabled high-speed internet partner, but fell 7.1% to 199.8 mn satellite spectrum tomers and offer a good experi- coming to the market at a very Bank of domestic loans were
in remote Jio has a tie-up with in Q3 from year ago, administratively, but
gave him (CEO) a year. I have services in key Indian cities begin- areas that lack fiber SES, and Airtel with net loss narrowed to the final approval is ence,” added Singh. fine price. We have to be very based on external benchmarks
no prerogative to talk. What- ning Wednesday, over two years broadband, says CTO Eutelsat OneWeb ₹6,609 crore still pending As Vi executes its expansion plan selective, otherwise our mar- and 29.1% on MCLR, accord-
ever regulator thought right, it after its rivals kicked off their high- entailing a capital expenditure of gins will be hit.”A majority of ing to Bank of India. “One-year
did. Whatever management speed cellular networks. In the ₹50,000-55,000 crore over the Bank of India’s local corporate MCLR today is 9.05% and
thought, they have done.” The December quarter, the telecom opera- that the spectrum for satellite internet Vodafone Idea is targetting 75,000 next three years, its management loans of Rs 50 crore and when a corporate comes to me
board will be more privy to tor’s subscriber base declined 7.1% from will be allocated administratively but sites across India for rolling out its 5G remains confident of resolving the above—88.7% as on 31 Decem- for a repo rate and not MCLR
these decisions and stakehold- a year earlier to 199.8 million, although the final allocation is still pending. services over the next three years. In pending issue of adjusted gross reve- ber—were rated ‘A’ and above, loan, it means they are looking
ers should “wait and watch” till it managed to narrow its net loss to California-based Starlink is the larg- April last year, the telecom operator nue (AGR) dues to the government, down from 89.8% in Septem- for a rate below 8%. So we are
there is more clarity, he said. ₹6,609 crore from ₹6,986 crore. est player in the satellite communica- raised ₹18,000 crore through a fol- which is about ₹80,000 crore. ber. Bank of India’s global net very selective,” said Karnatak.
For an extended version of “Vodafone Idea is currently focusing tions space globally, controlling a con- low-on public offer to expand its net- For an extended version of the story go interest margin (NIM) fell to For an extended version of
the story go to livemint.com more on 5G. Its business will not be stellation of nearly 7,000 small satel- work infrastructure. to livemint.com 2.9% in the first nine months of the story go to livemint.com
06 WEDNESDAY, 19 MARCH 2025
NEW DELHI CORPORATE LIVEMINT.COM

Ola registration delays cast

cloud over subsidy amount
Subsidy under the PM E-DRIVE scheme can only be claimed after the vehicle is registered
CCI searched GroupM, Publicis
Manas Pimpalkhare OlaElectriciscurrentlyrenegotiating and IPG Mediabrands. BLOOMBERG
Often, the same recruiter is responsible for getting the CXO to [email protected] contracts with its two registration ser-
other jobs after a few years at one firm. ISTOCKPHOTO NEW DELHI vice providers, a person with direct
CCI raids

O
knowledgeofthematterinthecompany

Recruiters face new la Electric Mobility Ltd

stands to lose out on gov-
ernment subsidies for
told Mint, requesting anonymity. The
personsaidthecompanyisspeedingup
its registrations, but did not reveal how
ad cos over
challenges amid electric vehicles if it fails
to register more than
16,000 two-wheelers sold in February
OlaElectricintendstoachieveitstarget.
The renegotiations resulted in pro-
longed delays in the deliveries of Ola
suspected
rising CXO dropouts
by the end of this financial year. The
benefitcanbeclaimedbytheautomaker
Electric scooters, according to store
managers and complaints posted by price
collusion
only after the vehicle is registered, buyers on social media, Mint reported
according to the guidelines of the on 14 March, with the waiting period
FROM PAGE 1 doubling salaries for the right scheme. stretching to 20-45 days from 5-7 days
person. IT, banking and The company informed the stock before February.
meeting—the current insurance saw high levels of exchanges last month that its vehicle The company informed the stock FROM PAGE 1
employer had matched the attrition and dropouts during sales for February would not be accu- exchanges on 12 March that it has com-
offer and given a promotion to the period. However, CXO rately reflected on Vahan, the govern- pleted an initiative aimed at reducing tion watchdog is investigating
retain the CXO. candidates walking away after mentwebsitethattracksdailynewvehi- costs and improving customer experi- claims that advertising agen-
“There is a 20% increase in accepting an offer is worse, cleregistrations,becauseitwasrenego- ence. cies and major broadcasters
dropouts for us this fiscal. The given the complexity of the tiating contracts with registration “In addition to cost savings, these engaged in fixing ad rates and
challenges that pop up at the recruitment process. service providers. changeshaveresultedinreducingaver- created opaque rebate struc-
last minute are around reloca- “There is no concept of Since then, there’s been no update Ola Electric registered 8,651 electric two-wheelers in February, according to data age vehicle inventory from approxi- tures, which could have led to
tion to another city and medi- blacklisting, and CEOs have fromthecompanyonwhethertherene- on Vahan, while the firm said it sold over 25,000 units last month. @OLAELECTRIC/X mately 35 to 20 days, and reducing anunfairmarketenvironment.
cal concerns for senior par- even dropped out pretending gotiations have concluded and one of deliverytimeforcustomersfrom12days Reuterswasthefirsttoreport
ents. In most cases, the candi- to get caught up in a medical the registration agencies has taken the renegotiations with the registration The incentive is set to be halved to to 3-4 days,” Ola Electric said in the the searches on Tuesday.
date gets retained by the emergency. Within days, we company to bankruptcy court. agencies. ₹5,000 per vehicle in FY26, as per the exchange filing. An executive from a leading
present employer or joins realize that the candidate was Ola Electric registered 8,651 electric Underthe₹10,900-crorePMElectric scheme notification. Within a month of Ola Electric alert- agency, speaking on condition
another firm,” said Jyoti either retained or got another two-wheelersinFebruary,accordingto Drive Revolution in Innovative Vehicle Ola registered 24,380 electric two- ing the stock exchanges about its rene- of anonymity, described the
Bowen Nath, managing part- offer,” said K. Sudarshan, MD dataonVahan.That’sjustoverathirdof Enhancement (PM E-DRIVE) Scheme, wheelers in January and 8,230 units so gotiations with vehicle registration ser- move as “unprecedented and
ner at search firm Claricent for the search firm EMA Part- theover25,000unitsthatthecompany vehicle makers have to sell their prod- far in March. While a company may viceprovidersRosmertaDigitalServices aggressive.”
Partners. ners. Sudarshan pointed out said it sold in February, a shortfall that ucts at a discounted or subsidised price recordasaleonceacustomerpaysforan Pvt.LtdandShimnitIndiaPvt.Ltdon19 “It’s unusual for the CCI to
Search firms often spend that firms are struggling with could halve the benefits it gets for February, the two-wheeler maker target an entire industry like
months to find a suitable CXO a lack of suitable candidates each two-wheeler sold under the POWER DOWN faced legal action from one of the this in one sweep. This kind of
candidate, and their relations because, along with expan- government’s flagship EV subsidy agencies. action typically comes after
last for years. After multiple sion, businesses have become scheme if their registration isn’t IF Ola Electric fails to THE company sold THE scheme is set to CURRENTLY, the Rosmerta Digital Services has prolonged investigation and
interviews and negotiations more complex. “People who completed by the end of March. register its Feb sales each scooter at a run till FY26-end. The firm is renegotiating filed an insolvency plea against Ola strong prima facie evidence.
in FY25 (March-end), ₹10,000 discount to incentive is set to be contracts with its
over five to six months, most can fit into the new large and The company “sold more than it may lose ₹5,000 for avail subsidy under halved to ₹5,000 per two registration Electric over unpaid dues with the The impact of this will be far-
candidates serve a three- complex structure are few.” 25,000 units in February with a every vehicle sold PM E-DRIVE scheme vehicle in FY26 service providers Bengaluru bench of the National reaching, as it could disrupt
month notice period before “As a best practice, we marketshareofover28%,”OlaElec- Company Law Tribunal, as per a ongoing negotiations and
moving jobs. Often, the same advise our clients not only to tric said in a press release dated 28 stock exchange filing dated 15 media planning for several top
recruiter is responsible for move fast with the search pro- February.OlaElectricsoldeachscooter and the government reimburses them EV, it becomes eligible for the subsidy March, indicating that the company’s brands.”
getting the CXO to other jobs cess but also to make an offer ata₹10,000discounttoavailofthesub- for the difference. onlyafterthevehicleisregisteredasper registration woes are far from resolved. Queries emailed to the CCI
after a few years at one firm. within a week of the final sidy. The scheme, launched in October the Central Motor Vehicle Rules, 1989. As per the PM E-DRIVE scheme’s onTuesdayseekingcomments
Dropouts surged across the round of interviews,” said If the company fails to register all its 2024, is set to run till the end of FY26. AnemailedquerytoOlaElectricon16 guidelines, automakers can submit remained unanswered at the
board after the covid pan- Raina of Heidrick & Struggles. February sales in the two weeks left for For electric two-wheelers sold and reg- March and a follow-up reminder on weekly claims for reimbursement of time of publishing.
demic when companies “We can’t afford to take 3-4 FY25, it may stand to lose as much as istered in FY25, automakers will get a WhatsApp on 17 March did not elicit a subsidies, but not later than 120 days A legal expert pointed out
started guzzling talent, often weeks to make an offer.” ₹5,000foreveryvehiclesoldduringthe maximum subsidy of ₹10,000 per unit. response from the company. from the sale of the vehicle. that the inclusion of industry
bodies suggests a broader case
ofcartelization.“WhentheCCI
targets industry associations

Sebi may review options gross limit plan FPIs, local investors join mkts’ alongside individual compa-
nies,itoftensignalsthatthereis
evidenceofcoordinatedefforts

FROM PAGE 1
biggest jump in over a month
TOUGH OPTIONS
and time as well, which net
delta doesn’t capture. Sebi
that may have created an anti-
competitive environment,
potentially disadvantaging
options. How open interest is calculated now, and the new proposals added it didn’t want to intro- smaller players in the indus-
According to three brokers duce the complexity of setting FROM PAGE 1 ment in liquidity. However, try,” he said.
Mint spoke with, the gross limit — CURRENT: OI on basis of per entity explicit limits for each of these Suranadoesnotforeseesignifi- A top executive at one of the
will reduce liquidity and widen notional value of options — PROPOSED GROSS LIMIT: parameters. nearly 80% of Nifty 50’s con- cantearningsgrowthyet,given agencies searched said the
bid-askspreads,raisingthecost — PROPOSED: OI to be Gross end of day limit of “Byaddingthenetdeltas,the stituents are trading below firm commodity prices, rising searches’ timing might be stra-
ofexecutingatrade.Thebid-ask calculated based on delta ₹1,500 crore, adding up positions of big funds will be their 200-day daily moving competition,andpotentialdis- tegic. “We are entering a cru-
spreadisthedifferencebetween deltas of purchased and sold crimped as they won’t be able average,“whichmeansthatthe ruptions in various businesses, cial period for ad spends, with
— HOW DELTA WORKS: options.
the highest price a buyer is will- Delta measures change in to hedge their portfolios effec- marketisinoversoldterritory”. which could limit margin major sporting events like the
ingtopay(thebidprice)andthe option price for every point — NET AND GROSS LIMITS: tively and to the desired vol- He added that the bounce- expansion. IndianPremierLeaguearound
lowest price a seller is willing to change in the underlying Net limit is difference ume,impactingoverallmarket backistemporaryandtheNifty “Nearly six months of nega- the corner. This investigation
accept(theaskprice).Thelikely stock or index between long, short options liquidity,”saidanofficialwitha 50 needs to stay around tive performance and 12 could reshape the way media
deltas; gross limit sums up
loss of liquidity by Sebi’s pro- — CURRENT LIMIT: End of broking firm which has 22,500–22,700forthegainsto monthsofflatperformancehas buying is conducted in India.”
the deltas of all purchased,
posal could make it costlier for day net limit of ₹500 crore sold options opposed the proposal. He sustain. So far in March, Nifty weighed on investor senti- Asenior competitionlawyer
clientstoenterandexitmarkets, claimedthatmostbrokerswere 50hasattainedthislevelthrice, ment,”saysmarketexpertAjay explained the legal process
brokers fear. against totalling net positions even while it has climbed 3% On Tuesday, the Nifty 50 Bagga.However,heseesthisas behind such investigations.
“Sebi will look into the com- measures the change in option principles of encouraging to calculate an end of day gross through the month, according settled at 22,834.30. MINT a temporary setback and “WhentheCCIinitiatesaprobe
ments,andconsiderrevisingthe price for every point change in lower risk positions versus limit of ₹1,500 crore. to data from Capitalmarket. expects funds to flow back as into cartelization, it typically
proposal for gross limits. How- the underlying stock or index. higher risk positions,” said A Sebi spokesperson didn’t Likewise, Nifty Smallcap 250 the market correction has Indian markets recover. The relies on multiple sources of
ever, the end result will be that For instance, if the spot Nifty RajeshBaheti,directorofCros- respond to queries. and Nifty Midcap 100 have largely run its course. stock market veteran also evidence. The raids are con-
those looking to manipulate changes by Re.1 and the Nifty seas Capital, which specializes “There is a growing belief in gained 5.5% and 3.2%, respec- He anticipates a turnaround pointed out that a large chunk ducted to seize electronic and
tradingwillnotbeabletodoso”, optionchangesby in jobbing and the market that these revised tively. fuelled by fiscal and monetary of household savings is sitting physical recordsthat may indi-
the person cited earlier said. 50paise,thedelta Sebi stressed on a arbitraging. limits, especially the gross lim- “This sharp correction has support—GDP could rebound on the sidelines, ready to enter cate coordinated behaviour
Sebi received close to 1,000 is 0.5. gross limit stating Net limit meas- its, could significantly impact reset valuations to more over the next few quarters, oncethemarketgainsmomen- among market players. If a
responses. While the feedback Market partici- options risk was ures the differ- the ability of large proprietary attractive levels while India’s driven by stronger rural tum or dips to attractive levels. ‘smoking gun’—such as direct
was unequivocal against the pants said a gross not determined ence between the trading desks (prop), high-fre- valuation premium to emerg- incomesandpolicytweaks;and FIIoutflows,whichhadbeen communication or written
new gross limit proposal, most limit to address long and short quency trading (HFT), and for- ing markets has also normal- monetary measures could lead a major factor, could also see agreements—establishescollu-
by delta alone, but
of it contained positive feed- risks doesn’t options deltas, eign portfolio investors (FPIs) izedtoaround50%(downfrom to about 75 bps interest rate reducing intensity as US bond sion, the accused entities can
back on the shift to calculating makesense,asthe by volatility and while gross limit totradeastheyhavebeen,”said 70% in September 2024), now easing this year, with 25 bps yields cool, said Aniruddha faceseverepenalties.”Thenext
OIusingdelta,thepersoncited simultaneous time as well sumsupthedeltas Ashish Nanda, president and closer to historical averages,” alreadyimplementedinFebru- Sarkar,CIOandportfolioman- step involves the CCI issuing a
earlier said on the condition of buying and sell- of all purchased head of digital business at said Dhiraj Relli, managing ary. ager at Quest Investment show-causenotice,followedby
anonymity. Market partici- ing of options at and sold options. Kotak Securities. “This could director and chief executive He predicts another 25 bps Advisors. “With signs of a US hearings where the accused
pants were asked to submit different levels itself seeks to However, Sebi has stressed lead to a drop in trading vol- officer of HDFC Securities. cutduetocoolinginflation,and slowdown, higher tariffs driv- parties can defend themselves.
comments by 17 March. reduce risk. on the need for a gross limit, umes, though the exact extent On the other hand, Neelesh a further 25 bps when the RBI ing inflation, and the dollar gaurav.laghate@live-
Sebi has proposed calculat- “This proposal of adding the stating options risk was not remains unclear, with esti- Surana, chief investment offi- shiftsitsstancefrom‘neutral’to indexpeaking,there’slittlerea- mint.com
ing open interest of index net long and short deltas sepa- determined by delta alone, but mates varying widely. “ cer (CIO) at Mirae Asset Invest- ‘accommodative’, accompa- son for FIIs to keep pulling For an extended version of
options based on delta, which rately goes against the basic by parameters like volatility [email protected] ment Managers (India), feels nied by sustainable improve- money from India.” this story, go to livemint.com

Adobe diversifies beyond its cash cow to sell AI to businesses

Shouvik Das allow companies to access push. Adobe, which follows the March, the shares ended the Adobe—it’s a must-have if it
[email protected] Adobe’sfamilyof‘Firefly’foun- “In the long run, we see AI DecembertoNovemberfinan- day 3.8% lower at $420.98 wants to capture a larger share
LAS VEGAS, USA dational AI models, as well as agents through our ‘Experi- cialyearcycle,reporteditsfirst- apiece. The following day, it of businesses,” said Kashyap
third-party models such as enceCloud’offeringtobeakey quarter earnings for this fiscal further dropped 10%—but has Kompella, AI analyst and

A
dobe Inc has become OpenAI’s GPT-4.5 and Goo- revenue generator for Adobe, on 12 March. Its since recovered by founderoftechnologyconsult-
the latest company to gle’sGemini2.0.,thecompany alongsideourexistingCreative quarterly earnings ADOBE’S justover5%toclose ancy firm RPA2AI.
join the bandwagon to said at its annual ‘Summit’ in Cloud and Document Cloud of $5.71 billion beat AI AGENT at$399.34onMon- “It will be a gradual jour-
offer artificial intelligence ser- LasVegas,NevadaonTuesday. services to businesses,” Sun- the $5.66-billion day. ney—aspects such as multi-
vices with its agentic AI plat- Adobe has started selling its deep Parsa, vice-president of consensusestimate ADOBE has started Analysts, how- agent integration on Adobe’s
form as the technology firm agentic AI platform to enter- Adobe’s ‘Digital Experience’ of analysts polled selling its agentic AI
platform to firms,
ever,areoptimistic. new AI platform for businesses
diversifies beyond its core prises, counting technology business, told Mint at the side- by Bloomberg. including Air India, “Adobe is a large will need time to really work.
offering. integratorIBM,India’sflagcar- lines of the Summit. However, its sec- IBM and HDFC Bank enterprise service Fromarevenuestandpoint,the
Alongside selling on-cloud, rier Air India in aviation, and “We’re using our internal ond-quarter earn- provider, offering more complex AI integrations
AI-integratedtools to generate the largest domestic private models for any text or visual ings guidance of THE firm is working marketing tools for couldtakelongertoimpactthe
with top technology
content for a business’ market- bank HDFC Bank Ltd as three content generation, while for Adobe’s new software platform may take a share of customer $5.77-5.82 billion outsourcing partners digital content cre- company’sstockandfinancials.
ing operations, California- key early customers for its other tasks such as reasoning, service automation, technical support and other. aspects BLOOMBERG didn’t impress ana- around the world to ationandcustomer But in the near term, investing
headquartered Adobe’s new agentic AI push. Two senior responses and debugging, lysts, causing its sell the platform experiencestovery in agentic AI capability is com-
software platform will look to executivesconfirmed,request- we’re partnering with third- platform to use their internal To sell the platform, Adobe is shares to tumble. large companies pulsoryifAdobewouldwantto
capture a share of customer ing anonymity since they were party foundational AI model datasets, training AI models to working with top technology While the stock around the world. retain its large clients,” Kom-
service automation, technical not authorized spokespeople, providers such as OpenAI and integrate automation into cus- outsourcing partners around openedat$437.74pershareon The move to roll out a complex pella added.
support and other aspects. that the company is already Google,” Parsa said. tomer service and digital mar- the world, Parsa said, without Nasdaq in the US before its agentic AI operation had to The writer is in Las Vegas,
Its ‘Agent Orchestrator’ will generating revenue from its AI Businesses can use Adobe’s keting operations to start with. naming any company. earningswereannouncedon12 happen for a company like USA at the invitation of Adobe.
LIVEMINT.COM CORPORATE WEDNESDAY, 19 MARCH 2025
NEW DELHI 07

CCD averts insolvency ‘Aircraft shortage to

last at least 4 years’
with Ares SSG Cap deal Reuters
[email protected]
been complicated by jet deliv-
ery delays. The setbacks have
forced the airline to operate

A
ir India chief executive older jets longer than planned,
Campbell Wilson on increasing maintenance costs
Tuesday said the global and slowing its modernization
The final tranche of debt settlement hinges on ebitda, stock performance aircraft shortage hampering and expansion drive.
airline growth will persist for When asked about how Air
four to five years as supply India plans to navigate delays,
Ranjani Raghavan & Gopika Gopakumar snags hobble production at Wilson told reporters: “There
MUMBAI jetmakers Boeing and Airbus. is not a lot we can do. We are

C
Speaking at an event orga- victims of circumstance, as is
offee Day Enterprises Ltd has nised by travel news website every other airline. If you are
negotiated a ₹205-crore set- Skift, Wilson said he is seeing capacity constrained you need
tlement with Ares SSG Capi- pinch points in the supply of to be a little bit ruthless with
tal Management to be paid narrow-body jet engines, busi- respect to where you deploy
over three years, after the ness and first class seats, and aircraft to mazimise returns,”
National Company Law Appellate Tribu- some elements of fuselages. he added. “You can’t expand to
nal (NCLAT) set aside bankruptcy pro- Air India is in the midst of an places you will otherwise like
ceedings against the operator of coffee ambitious turnaround strat- to expand.”The competition to
chain Cafe Coffee Day on 27 February. egy two years after Tata Group lease aircraft and the different
A part of this settlement hinges on the took control of the airline, but configurations available make
CDEL achieving some parameters linked its restructuring efforts have leasing aircraft challenging.”
to higher earnings before interest, taxes,
depreciation and amortization (Ebitda)
over the next three years, two people
8th
Edition

familiar with the development said. PRESENTS

CDEL told the exchanges on Monday

that the company’s board had approved a
settlement of ₹205 crore with IDBI Trus-
teeship. IDBI managed two funds of Ares
SSG Capital Management—India Oppor- The stock of Coffee Day Enterprises Ltd rose by daily maximum of 5%, closing at ₹24.54 28th - 29th March 2025
tunities Fund and India Special Situations on the BSE after the news about the debt settlement broke. MINT St. Regis, Mumbai
Fund. This includes the amount “realized
on sale of 12.41% of pledged and invoked Stock of Coffee Day Enterprises Ltd rose ment, investing ₹100 crore. Back then, it
shares of Coffee Day Global Ltd owned by by daily maximum of 5%, closing at ₹24.54 was called SSG Capital Management, and
the company, by the lender to a third party on the BSE after the news broke. If the was taken over by Ares Management in
for ₹55 crore,” the firm told the exchanges group does not meet the two parameters, 2022 and its Asian division assumed the
on Monday. the last tranche falls off, and it would have name Ares SSG Capital Management.
While the board of CDEL has approved paid Ares SSG only ₹155 crore in all. CDEL defaulted on coupon payments
this settlement in principle, the company Ares Management did not immediately due between September 2019 and June
is expected to sign an agreement with Ares respond to a request for comment. 2020. On 28 July 2020, IDBI Trusteeship
Management later this week. issued a default notice to
“An initial payment of ₹80 BACK FROM THE BRINK CDEL and later filed an insol- Amit Jain
crore is to be paid on signing vency plea, resulting in NCLT
the agreement, including ₹55 CDEL informed the THE terms include CDEL is set to sign admitting the case in August
exchanges that its
crore from the sale of pledged board ₹55 crore from the the deal with Ares 2024. This was challenged by FROM UNICORNS TO MARKET LEADERS
approved a lender’s sale of Management this
and invoked shares by the ₹205 crore deal with 12.41% pledged week, with an initial CDEL in NCLAT, which set
lender. A sum of ₹75 crore will IDBI Trusteeship shares, CDEL said ₹80 crore payment aside the earlier ruling. Ares Reaching a billion-dollar valuation is just the start. How do
be paid within one year of the and CDEL negotiated in pri- startups transition from unicorns to enduring industry leaders?
settlement. The last tranche vate to arrive at a settlement. Join Amit Jain, Co-Founder & CEO,
will be paid on achieving certain parame- The pact brings to end insolvency pro- Post loan settlement, it will be left with CarDekho Group, as he explores the key
ters,” one of the two persons cited earlier ceedings against Coffee Day Enterprises, ₹1,068 crore debt. “Bulk of this debt – over drivers of sustained success, from innovation
said, both seeking anonymity. which IDBI Trusteeship had initiated after ₹800 crore – is likely to be restructured by and customer experience to strategic
The second person said the last tranche the firm defaulted on a ₹228 crore loan. CDGL in negotiation with asset recon- expansion and operational resilience. Learn
of ₹50 crore hinges on Coffee Day Global In March 2019, IDBI Trusteeship, that struction firms,” the second person said. how top startups scale efficiently, retain
market dominance, and create lasting impact
achieving higher Ebitda milestones, and managed the Ares SSG Capital Manage- [email protected]
Book Now in an ever-evolving business landscape. Gain
CDEL crossing a certain upper threshold ment Funds, subscribed to 1,000 non- For an extended version of the story go to
insights from a scaling expert.
in share price over the next three years. convertible debentures via private place- livemint.com.

मध्यप्रदेश राज्य सहकारी िवपणन सघं मयार्िदत

मुख्यालय ः जहांगीराबाद, भोपाल
क्र./याँ.शा./ 1629/2024-25 भोपाल, िदनांक : 18.03.2025
िनिवदा सच
ू ना (िद्वतीय एवं पंचम आमंत्रण)
िवपणन संघ द्वारा CONTRACT OF RICE MILL OF MARKFED ON "AS IS WHERE IS" BASIS &
ESTABLISHMENT OF NEW RICE MILL OF MINIMUM 08 TPH CAPACITY WITH SORTEX
PLANT & ON LEASE BASIS FOR 15 YEARS को लीज पर संचािलत करने हेतु वैध िनिवदाकारों से
E-Tender प्रणाली के अन्तगर्त www.mptenders.gov.in पर के वल Online ऑफर 15 वषर् क लीज के िलए िदनांक
04.04.2025 को शाम 05:30 बजे तक आमिं त्रत क जाती है। िनिवदा प्रपत्र एवं कायर् के संबंध में अन्य जानकारी एवं
अिनवायर् शत� िनिवदाकारों को मध्यप्रदेश शासन के ई-िनिवदा के पोटर्ल www.mptenders.gov.in पर प्रा होगी एवं
िवपणन संघ क वेबसाइट www.mpmarkfed.mp.gov.in पर भी अवलोकनीय होगी।
क्र. Tender कायर् का नाम
Ref. No.
1. 2067 Contract of Gangeruva Distt. Seoni Rice Mill of Markfed On "As Is Where Is"
Basis & Establishment of New Rice Mill of Minimum 08 TPH Capacity With
Sortex Plant & After Possibilities of Renovation/Maintenance/Strengthening
On Existing Storage Capacity Then To Create Balance New Storage Capacity
By Bidder On Lease Basis For 15 Years (5th Call)
2. 2068 Contract of Garra Distt. Balaghat (Old) Rice Mill of Markfed On "As Is Where
Is" Basis & Establishment of New Rice Mill of Minimum 08 TPH Capacity
With Sortex Plant & After Possibilities of Renovation/Maintenance/
Strengthening On Existing Storage Capacity Then To Create Balance New
Storage Capacity By Bidder On Lease Basis For 15 Years. (5th Call)
3. 2069 Contract of Jabalpur Distt. Jabalpur Rice Mill of MARKFED ON “As is
Where is “Basis & Establishment of New Rice Mill/Dal Mill/Any other
Commodity Business of Minimum 02 TPH Capacity with Sortex plant & After
Possibilities of Renovation/Maintenance/Strengthening On Existing Storage
Capacity then to Create Balance New Storage Capacity by Bidder On Lease
Basisi For 15 Years (2nd Call)
नोट :- आवश्यक होने पर उपरो िनिवदा सचू ना से संबंिधत िकसी भी प्रकार क सचू ना अथवा संशोधन संबंधी जानकारी
के वल उपरो ानसु ार पोटर्ल एवं वेबसाइट पर प्रदिशर्त क जावेगी।
म.प्र. माध्यम/119280/2025 मुख्य अिभयन्ता (िस.)
E-Tender call Notice :2025 /VPT/228483/1, Dt.03-03-2025.
E-Tender is invited in Single Stage two steps system from the
experienced bidders meeting the pre-qualifiying criteria for
the work mentioned below through online bidding on the
website http://www.etenders.gov.in having Digital Signature
Certificate (DSC) issued from any agency authorized by
Controller of Certifying Authority (CCA), Govt. of India and
which can be traced up to the chain of trust to the Root
Certificate of CCA.
PROJECT: UPGRADATION OF EXISTING 80 BEDDED GOLDEN
JUBILEE HOSPITAL TO A 300 BEDDED MULTI-DISCIPLINARY SUPER
SPECIALTY HOSPITAL THROUGH PPP MODE AT VISAKHAPATNAM
PORT ON DESIGN, BUILT, FINANCE, OPERATE AND TRANSFER
(DBFOT) BASIS. -SECRETARY

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08 WEDNESDAY, 19 MARCH 2025
NEW DELHI GLOBAL LIVEMINT.COM

Israeli strikes across Gaza

kill over 300 Palestinians
and shatter ceasefire
Donald Trump’s team is still trying to sort how to implement an individualized rate for each nation,
an official said. REUTERS Israeli PM ordered the strikes after Hamas refused demands to change the ceasefire deal
Trump team explored AP
[email protected]

simplified plan for DEIR AL-BALAH, GAZA STRIP

I
srael launched airstrikes across the

reciprocal tariffs
Gaza Strip early Tuesday, killing at
least 326 Palestinians, including
women and children, according to
hospitalofficials.Thesurprisebom-
Gavin Bade, Josh Dawsey & nick, Treasury Secretary Scott reciprocal tariff plan. The Wall bardment shattered a ceasefire in place
Vipal Monga Bessent, U.S. Trade Repre- Street Journal previously since January and threatened to fully
sentative Jamieson Greer, reported that imposing recip- reignite the 17-month-old war.
deputy chief of staff for policy rocal tariffs unique to each PrimeMinisterBenjaminNetanyahu

T
rump administration Stephen Miller, Office of Man- trading partner’s duties and ordered the strikesafter Hamasrefused
officials are roiled in agement and Budget Director non-tariff barriers could take Israeli demands to change the ceasefire
debate over how to Russ Vought, and Senior six months or more. agreement. Officials said the operation
implement the president’s Counselor for Trade and Man- No matter what the admin- was open-ended and was expected to
pledge to equalize U.S. tariffs ufacturing Peter Navarro. istration settles on, officials expand. The White House said it had
with those charged by other Officials discussed several expect they will take into been consulted and voiced support for
nations, with aides scrambling proposals, including the three- account value-added taxes Israel’s actions.
to meet the president’s self- tier approach. But on Friday that many other nations TheIsraelimilitaryorderedpeopleto
imposed when offi- charge on consumption within evacuate eastern Gaza, including much
deadline of cials hud- their boundaries. of the northern town of Beit Hanoun
April 2 to dled on the In Mexico, for instance, the and other communities further south,
debut a plan again, VAT is equivalent to a federal and head toward the centre of the terri-
plan. the tiered proposal was ruled sales tax of 16%, although a tory, indicating that Israel could soon
Officials have recently out, the administration official number of basic goods and launch renewed ground operations.
weighed whether to simplify said, in favor of an individual- services have exemptions or “Israel will, from now on, act against
the complex task of devising ized approach. How to deter- lower rates. Trump’s team has Hamas with increasing military
new tariff rates for hundreds of mine that tariff rate is the sub- long viewed those taxes as dis- strength,” Netanyahu’s office said. The attack could resume a war that has already caused widespread destruction across Gaza. AP
U.S. trading partners by ject of debate and discussion criminatory, because they are The attack during the Muslim holy
instead sorting nations into among the team now, the offi- refunded to companies that monthofRamadancouldresumeawar three children. accusedHamasofattemptingtorebuild ceasefire deal reached by the two sides,
one of three tariff tiers, accord- cial said. export abroad, but still are paid thathasalreadykilledtensofthousands In the southern city of Khan Younis, and plan new attacks. Hamas militants which calls for negotiations to begin on
ing to people close to the pol- Vice President JD Vance has by U.S. firms selling into of Palestinians and caused widespread Associated Press reporters saw explo- and security forces quickly returned to the ceasefire’s more difficult second
icy discussions, who empha- taken on a larger role in nations with a VAT. destruction across Gaza. It also raised sionsandplumesofsmoke.Ambulances the streets in recent weeks after the phase,inwhichtheremaininghostages
sized that the situation Trump’s trade agenda in Mexico and Canada last questions about the fate of the roughly brought wounded people to Nasser ceasefire went into effect. would be released and Israeli forces
remains fluid and could evolve recent weeks and helmed week, during talks with the two dozen Israeli hostages held by Hospital,wherepatientslayonthefloor, A second Israeli official, who also would withdraw from Gaza.
in the coming weeks. The pro- some policy discussions, peo- U.S., had been trying to con- Hamaswhoarebelievedtostillbealive. some screaming. A young girl cried as spokeonconditionofanonymitytodis- A return to war would allow Netan-
posal was later ruled out, said ple familiar with the matter vince Trump officials that they A senior Hamas official said Netan- her bloody arm was bandaged. cussaclosed-doormeeting,saidNetan- yahutoavoidthetoughtrade-offscalled
an administration official close said. There have been several deserve to be in the lowest tar- yahu’sdecisiontoreturntowaramounts Many Palestinians said they had yahuwould meet withtop security offi- forinthesecondphaseoftheagreement
to the talks, adding that lengthy meetings in recent iff rung. to a “death sentence” for the remaining expectedareturntowarwhentalksover cials to discuss next steps in the war. and the thorny question of who would
Trump’s team is still trying to weeks among top Trump One priority for Mexico, hostages.Izzatal-RisheqaccusedNetan- thesecondphaseoftheceasefiredidnot The strikes came two months after a govern Gaza. It would also shore up his
sort how to implement an indi- aides, including an hourslong according to a person familiar yahu of launching the strikes to try and begin as scheduled in early February. ceasefire was reached to pause the war. coalition, which depends on far-right
vidualized rate for each nation. meeting at the Naval Observa- with the matter, is that the dif- savehisfar-rightgoverningcoalitionand Israel instead embraced an alternative Oversixweeks,Hamasreleased25Israeli lawmakers who want to depopulate
“Many plans have been dis- tory, the vice president’s offi- ference between its tariffs and called on mediators to “reveal facts” on proposal and cut off all shipments of hostagesandthebodiesofeightmorein Gaza and re-build Jewish settlements
cussed and when the president cial residence in Washington. those charged on other who broke the truce. food,fuelandotheraidtotheterritory’s exchange for nearly 2,000 Palestinian there.
is ready to announce a plan the The meetings have centered nations is enough so that Mex- There were no reports of any attacks 2 million Palestinians to try to pressure prisonersinafirstphaseoftheceasefire. The war erupted when Hamas-led
American people will hear on how to create a ico remains an by Hamas several hours after the bom- Hamas to accept it. But since that ceasefire ended two militants stormed into southern Israel
from him directly,” White comprehensive Mexico would wait attractive near- bardment, indicating it still hoped to “Nobodywantstofight,” weeks ago, the sides have on 7 October 2023, killing some 1,200
House press secretary Karo- tariff policy that until April 2 and shoring destina- restore the truce. Palestinian resident Nidal Gaza’s health not been able to agree on a people, mostly civilians, and taking 251
line Leavitt said. achieves Trump’s then decide tion to manufac- ThestrikescameasNetanyahucomes Alzaanin toldAP by phone ministry said at way forward with a second hostages. Most have been released in
Trump has repeatedly said goals but has whether to ture and export under mounting domestic pressure, fromGazaCity.“Everyone least 326 people phase aimed at releasing ceasefiresorotherdeals,withIsraelifor-
reciprocal tariffs would mean more flexibility.
impose retaliation goods to the U.S. with mass protests planned over his is still suffering from the were killed in the the59remaininghostages, ces rescuing only eight and recovering
“what they charge us, we One official Mexican Presi- handling of the hostage crisis and his previous months,” he said. 35ofwhomarebelievedto dozens of bodies.
strikes and
charge them.” That would be a involved in the to Trump’s tariffs, dent Claudia decisiontofiretheheadofIsrael’sinter- Gaza’s health ministry be dead, and ending the Israel responded with a military
gargantuan task, leaving offi- discussions said Sheinbaum said Sheinbaum last nalsecurityagency.Hislatesttestimony saidatleast326peoplewere hundreds more war altogether. offensive that killed over 48,000 Pales-
cials to customize tariff rates reciprocal tariffs week said her in a long-running corruption trial was killed in the strikes and wounded Hamas has demanded tinians, according to local health offi-
for hundreds of countries and would move for- country would cancelled after the strikes. hundreds more wounded. an end to the war and full cials,anddisplacedanestimated90%of
territories that the U.S. trades ward, and the goal is to figure wait until April 2 and then Themaingrouprepresentingfamilies Rescuers were still search- withdrawal of Israeli Gaza’spopulation.Theterritory’shealth
with around the world. The out how the levies would work decide whether to impose ofthecaptivesaccusedthegovernment ing the rubble for dead and wounded as troopsinexchangeforthereleaseofthe ministry doesn’t differentiate between
plan to match levies with other and how to withstand legal retaliation to Trump’s recipro- of backing out of the ceasefire, saying it the strikes continued. It was among the remaininghostages.Israelsaysitwillnot civiliansandmilitants,butsaysoverhalf
nations would come on top of challenges. cal tariffs. “chose to give up on the hostages.” deadliest days of thewar. endthewaruntilitdestroysHamas’gov- of the dead have been women and chil-
his other tariff threats, such as The reciprocal tariff plan is Canadian officials say that “We are shocked, angry and terrified The White House sought to blame erning and military capabilities and dren.
25% on imports from Mexico expected to be introduced on they welcomed U.S. efforts to bythedeliberatedismantlingofthepro- Hamas for the renewed fighting. frees all hostages—two goals that could Theceasefirehadbroughtsomerelief
and Canada for fentanyl traf- April 2, along with additional compare countries’ trading cess to return our loved ones from the National Security Council spokesman be incompatible. to Gaza and allowed hundreds of thou-
ficking, and certain sector- 25% duties on a handful of relationships in a tiered sys- terrible captivity of Hamas,” the Hosta- Brian Hughes said the militant group Netanyahu’s office on Tuesday said sandsofdisplacedPalestinianstoresume
based duties such as on steel industries, such as autos, semi- tem. But when Canadian cabi- ges and Missing Families Forum said in “couldhavereleasedhostagestoextend Hamas had “repeatedly refused to towhatremainedoftheirhomes.
and aluminum imports. conductors and pharmaceuti- net officials, its ambassador to a statement. the ceasefire but instead chose refusal release our hostages and rejected all Thereleasedhostages,someofwhom
The simplified three-tier cals. the U.S. and the leader of the A strike on a home in the southern and war.” offers it received from the US presiden- were emaciated, have repeatedly
tariff proposal—with low, Officials are weighing how province of Ontario went to city of Rafah killed 17 members of one An Israeli official, speaking on condi- tial envoy, Steve Witkoff, and from the implored the government to press
medium and high rates—was to move forward without over- Washington, D.C., last week, family, including at least 12 women and tionofanonymitytodiscusstheunfold- mediators.” ahead with the ceasefire to return all
discussed on Thursday at a whelming the U.S. Trade Rep- officials told them that tariffs children, according to the European ing operation, said Israel was striking Israel wants Hamas to release half of remaining captives. Tens of thousands
meeting featuring the likes of resentative’s office, an agency are virtually certain on April 2. Hospital, which received the bodies. Hamas’military,leadersandinfrastruc- the remaining hostages in return for a of Israelis have taken part in mass dem-
chief of staff Susie Wiles, Com- of more than 200 people ©2025 DOW JONES & CO. INC. The dead included five children, their ture and planned to expand the opera- promise to negotiate a lasting truce. onstrations calling for a ceasefire and
merce Secretary Howard Lut- charged with devising the [email protected] parents, and another father and his tion beyond air attacks. The official Hamas instead wants to follow the return of all hostages.

All-robot assault opens new chapter in front-line warfare

Alistair Macdonald & an upper hand. Though it was U.S.-trained brigade said. without losing connection. Ukraine, the U.S. and other attack was, the spokesman said
Ievgeniia Sivorka later rescinded, the recent halt When the five-hour opera- And while big arms makers countries are working on artifi- Ukrainian troops found Rus-
to U.S. military aid and intelli- tion ended, Lt. Andriy Kopach, have tested land drones, or cial-intelligence programs, sian corpses when they moved
KHARKIV, UKRAINE gencesharingonlyhighlighted who specializes in land drones, UGVs, for decades, the U.S. including so-called swarming in to take over the position.
howvitaldronesaretoUkraine was so exhausted he could and its allies haven’t deployed technology,whichwillallowaer- The operation was also an

I
n a snowy forest not long asittriestoholdoutagainstthe think of nothing but sleep. them in a meaningful way. ial drones to coordinate among opportunity to learn for
after dawn, a four-wheeled Russians, who have a man- Later, as international compa- In Ukraine, UGVs have had themselves. But the December Kopach, the land drone spe-
drone churned through the power advantage of 5-to-1 on nies and governments began a more limited impact than operation still needed exact cialist. “It gave us understand-
mud toward its target: a Rus- some parts of the front line. to reach out with questions their aerial and naval counter- coordinationbetweendifferent ing on how we needed to mod-
sian bunker, where it eventu- The December attack about the attack, its signifi- parts, said Tamiris Pereira dos command posts operated by ify the drones,” he said, adding
ally arrived and exploded. involved about 50 unmanned cance became clearer. Santos, a land platforms ana- humansoldiers. that they needed to improve
More drones followed. aerial vehicles and destroyed a “Then I was thinking, yes, it lyst at the defense-intelligence Footage showed operators the suspension systems.
Some moved on land, Russian position north of the was really massive, really spe- company Janes. hunched over consoles in After the attack, mechanics
including ones mounted with eastern Ukrainian city of cial,” he said. “It was the first But “what the deployment bunkers with banks of large at one of the brigade’s engi-
machine guns or packed with Kharkiv, according to the force step of the new war.” of UGVs in Ukraine has done is screens relaying footage of the neering depots were working
explosives. Others came by air, that conducted the operation, Operators rehearsed the The Ukraine war has led to a rapid evolution in drone warfare, as to catalyze testing and experi- action. on 10 domestically produced
dropping munitions and pro- Ukraine’s 13th National Guard attack three times to iron out both sides have continually innovated to get the upper hand. AP mentation of these platforms As the land drones neared UGVs recently. The vehicles
viding a Brigade issues such as drones jamming for other armed forces and their targets, UAVs provided ranged from an exploding
view of the Khartiya. each other with their signals. veillance and reconnais- When the signal between larger manufacturers,” he said. backup. drone—a foot long and a foot
battlefield. The Wall Ukrainian officers and troops sance—joined them as they the land drone and its eyes in On a recent morning, Happy Then the robot wars began. wide, able to carry nearly 90
T h e Street Jour- meticulously mapped the approached enemy lines, the sky failed, another drone demonstrated a Chinese-made Russian FPV drones appeared, poundsofexplosives—toaone-
attack by the Ukrainians in nal viewed video footage of the route each drone would take. according to a brigade spokes- filled the breach. robot dog he wants to use for launching themselves at the ton UGV for detonating mines.
December coordinated assault. As the early-morning man, who declined to give spe- The land drones’ main surveillance, given its stealth land vehicles, according to the When working on land
unmanned land and aerial The attack served as a proof assault began, Ukrainian sol- cifics on numbers and types. enemy: mud. Footage of the and ability to maneuver over footage. One came close to drones, Kopach, who was set
vehicles on a scale that hadn’t of concept. Though it had its diers knelt in the snow to Land drones traveled with attack shows the vehicles logs and other obstacles. destroying a land drone, which to begin a doctorate program
previously been done, mark- problems, other Ukrainian unpack five unmanned an aerial drone escort to sometimes were bogged down The Dutch minister of fired back at the Russian line in math at a U.S. university
ing a new chapter of warfare units are now planning similar ground vehicles at different amplify their signal and pro- or had to navigate obstacles on defense, Ruben Brekelmans, with a mounted machine gun. before the war broke out, stud-
where humans are largely missions. spots, some several miles away vide a bird’s-eye view for the the ground. When one drone along with his country’s senior Happy, the Ukrainian lieuten- ied the rover NASA used on
removed from the front line of It did have some teething from the front line, to prevent ground vehicle’s operator. was in the quagmire it held military personnel, visited the ant, remembers seeing footage Mars, with a particular focus
the battlefield, at least in the issues. The land drones in par- crossed signals. “If you are looking from a others up. brigade in October. from aerial drones showing on its wheels.
opening stages. ticular struggled with the ter- First-person-view drones, camera on the land drone, Land drones typically face “Itsometimesfeltlikebeingat the snow pockmarked by the But, he said, “On Mars you
The Ukraine war has led to a rain. And, while the drones did or FPVs—including one with a you’re looking out at the more obstacles than those in a tech startup, but operating blasts from Russian attack don’t have water and mud, and
rapid evolution in drone war- the fighting, good leadership, mounted assault rifle, many height of your knee,” said a the air or on the water. They fromashelter,”Brekelmanssaid UAVs. Russian FPVs.”
fare,asbothsideshavecontinu- planning and drone operators that dropped munitions and lieutenant who goes by the call need to negotiate buildings in an email. “It demonstrated While it is unclear from the ©2025 DOW JONES & CO. INC.
allyinnovatedinanefforttoget remained essential, the several dozen providing sur- sign Happy. and get across uneven terrain how modern wars are fought.” footage how successful the [email protected]
LIVEMINT.COM
WEDNESDAY, 19 MARCH 2025
NEW DELHI 09

PROPERTY SOUTH DELHI SOUTH DELHI NOIDA/GREATER NOIDA DLF − SUSHANT LOK CENTRAL DELHI ACADEMIC ACADEMIC MATRIMONIALS ARORA
REQ TGT Math, Science, English, Social QUALIFIED EMPLOYED match
NORTH DELHI Science, Student Psychologist and GROOMS WANTED preferably in Gurugram for Arora
english communication skill teachers boy 22 Feb.95, 2.00AM Jalandhar.
at M.B.P.S Nathupura, Burari, Delhi - 5'8" M.Tech-IIT posted at Gurugram.
A WELL-BUILT Commercial Property 84 Mail: [email protected] 9897248503. Marriage bureau exc.
with Basement + Two Floors i.e.
Upper Ground and 2nd Floor: 3 BHK BISA AGARWAL
with 2 Bathrooms, Pooja Ghar,
Balcony, Car Parking, Area -126 Sq. ACCOUNTS/FINANCE SM FOR Convent Educated B'ful Bansal BRAHMIN
MTR (150 GAJ) each available at BH- VASANT VHR 800 B/G Indp D'way 600 NORTH GOA 700 Acr Township, (Phase SEC- 44, 450mtr, Luxury Kothi, DLF-1, 2 Liveable kothis.; 5 Bhk with girl, May' 93 / 5' 4", Permanent
732, Shalimar Bagh, Delhi-110088. 3rd+Terr; Booking 1000/ 800/ 600/ 1 -51 Acr) Plot 360 -680 Yd, FAR 80% 24mtr road, North East facing B’ment, 502y (3 opt), 5 Bhk with REQUIRED FULL/ Part time Retired Assistant Professor Delhi University.
There is plenty of safety as the house 400/260y All Floor & Anand Niketan 4 Flrs, Govt. & NA Approved, Position Premium Plots, 250-450 mtrs B’ment lift pool 402y,5 Bhk 300- Bank Manager(s), CMA, CS, C.A(s), Issueless Divorcee. Parents Sr. Govt. PURE VEG, Non-Manglik Saraswat
is located across the police station 400/275/200y All Floor Avlb; Shanti within 1 yr, 12 min from Mopa Airport Sec-15A, 26, 30, 36, 39, 40, 44, 47, 360yd (2 Optns), 7 BHK Stiltt, Lift Semi Qualified, Article Asstt(s)., officials. Whts'ap : 9971426400. Brahmin MBA, 1996 born, 5'8.5",
and in proximity to the market. If Nktn 400y all Flr Avlb; 9899755500 30 min from Mapsa. Hurry Ltd. Plots 50, 51 & 99 Call : 9818077228 200y,. 9910026336, 9891003341 Advocate(s), Law Graduates, wheatish complexion, Delhi, 11 LPA,
interested, can contact at Accountants, Computer Operator(s). seeks a well-educated bride from a
WSM4, V.FAIR Garg Girl. 16.06.1989/
9811172005, 9810272005
DEFENCE COLONY FLOORS : GK-I, 208yd First Flr @ 3.75cr
Mobile : 9205136037, E-mail:
[email protected]
5’2”. M.A (Eng) M.Ed. W.king as
English Teacher seeks Delhi/NCR
cultured family. Contact:9810152429

EXCLUSIVE Outright Sale/Floors Uday Park 217y First Flr New @5.50cr
South Ex-II 200y First Flr [email protected]; SEMI/ QUALIFIED CA, B.Com,
boy, decent marriage # 9013335366 PQM4 H'SM Boy 24.1.96, 9.16AM,
Delhi, 182cm, B.Tech, MBA, CFA

Independent Kothi 217/325/400 Sq.Yds Gulmohar Prk 200y First Flr @5.50cr.
SR Prop : 7982156567, 7840809182 NOIDA/GREATER NOIDA
Accountant Having Exp 2-5 Years For
Reputed CA Firm office at Crown BRAHMIN
(USA), Wkg MNC Ggn 32Lpa. (Mother
Rajput, H.P., Father CA, Khatri).

SHILPKAR HOMES 9990000050 9999011116 Plaza Rohini, Delhi Mob. 8527486353

Send CV at : [email protected]
9999640068

SM FOR br. UM girl 5'6"/ 14.07.86,

9899075414 DEFENCE COLONY on Outright Sale
217/ 325/ 400 Sq.Yds Park Facing/
FOR SALE in Sector-44 , 300mtr
completion plot 18mtr wide road in
FOR SALE Office Space on Golf Course
Rd in Suncity Business Tower,
3 BHK, DRG/ Dining, Semi Furnished in
Sector- Pi, Greenry & Golf Course ADMINISTRATION/
2.45 PM, Ghaziabad / MBA & KAYASHTHA
Corner Vaastu Compliant Brand New working. Caste No Bar. Call &
EXCLUSIVE INDEPENDENT Kothi's very prime location Near to DND View Society Flat on Bank/PSU Lease
Ashok Vihar H- block 500 Sq. Yds, Floors. Ready & Booking Multiple Connectivity. # 9999011116
Independent/ Lockable Unit 1100-
only at reasonable rent. Broker
SECRETARIAL WhatsApp : 9818434007, E-mail :
Shalimar Bagh BQ block 388 Sq.Yds, Options. Call : 9990000050 2500 sq.ft. Call 9818230051 [email protected] M4 DELHI NCR based Kayastha
Excuse. 9971667052
Vaishali 270 Sq.yds, Model Town K- Sara International Pvt. Ltd. handsome boy July 83/5'10",
blk 274 yds. Kapil Batra 9899075414 FOR SALE Jangpura-B, Adjacent graduate, wkg with MNC at Sr.
to Mathura Road Ground Floor, DWARKA HIRING KHATRI Position. Father & Mother retd PSU
3 BHK 200 Yard, two side open, LAJPAT NAGAR-III (Near Ring Road) GURUGRAM Executive Assistant (EA) Sr. executive. # 9560068828
excellent Built, Modular kitchen, For Sale First Floor 3 BHK 1800 Sq.Ft
big drawing dining, Clear JAWAHAR APTT Dwarka-5, N-East fac/ to the Chairman (Noida) PQM4 B'FUL Rajput Girl 25.2.96,
Independent Builder Floor With Stilt 3 Side open 3 BHK -1650 Sft, 3 Baths, 1.17 AM, Delhi, 5'3", B.Tech, MBA,
Title, Free hold. Park facing,
excellent location, Quiet & green
Parking + Lift. Park Facing. Beautiful 2 store, 1+3 balcony, west entry, 24/7 UDYOG VIHAR 9000 Ft for Lease, KEY REQUIREMENTS:
Working MNC GGN, 29LPA. SIKH
Location. Cont. Owner: 9818896088. Security, CCTV, 100% Power Bk-up, 2 Brand new interiors, NH-8 facing, Retired government officer with exp. as an 9999316900
surroundings. 9899128399 Signage available. Other tenants EA/PA to senior government Officials.
CHEAP FARM Land for Sale Near
Car/Bike Park. Owner: 81300-00144
MNC. Next to Radisson Hotel. Proficiency in shorthand & computer skills. WANTED WELL qualified match
Jewar Air-Port & Film City & Covered car parks. # 9871098146 for fair/smart never married
Sector 150, Greater Noida,
Strong organizational & communication skills. YADAV
ROHINI SALE/PURCHASE Plots Area 5 to 20 Acre Contact
GOA Salary range: Rs. 25,000-Rs 30,000/- PM.
Jatsikh boy only child 1987 born
166cm IITian, MBA Canada. Working
Alloted by DDA Sector - 1 to 38. Jewar Properties 7303068104 If you meet the above qualifications and are with US based MNC at Calgary,
Liaison/ Collaboration/ New interested in this opportunity, WELL- SETTLED Educated match
for Yadav girl in Delhi-NCR. Canada drawing CAD200k+
Allotment Investment. Contact please send your resume to
# 8448552918 FARIDABAD
PLOTS AVAILABLE [email protected]
Post-graduation from London package, holding Canadian
Citizenship. Family Delhi based.
IN GOA REQUIRED TRAINED lady Eng Science
& self-employed. Age 30 years,
Height 5'5, Fair complexion. Email: [email protected]
2000 / 1600/800/400y Kothi & Floor ADORE: SECTOR- 86/ 3 BHK Prominent Developers in Real Estate.
Vasant Vr/800y FF 2022 built & 500y Affordable Flat Available for GOLD KEY REALTORS Spl Edu. Teacher & Receptionist - MEDICAL Call 9810003841
Nav Bharti Sr Sec School Shrinagar
PUNJABI
new kothi/flr westend/3kothies 400y
Anand Nktn & Old & New Floor/ 600y
Immediate Sale, 9th Floor, Only
Genuine Buyers Please. Contact :- 9810026518 PLOT 471, Opp. Wipro, Udyog Vihar
Colony Delhi- 52. # 9013435915,
Email CV: [email protected] REQD FOR Charitable Dispensary in
Hauz Khas/ 500y Soami Nr & Around M.K # 9810778950 AVAILABLE FOR Sale Villas , Plots and Phase-III, Gurgaon, New Office Bldg. Gk2 Doctors GP/Ortho/Physio/ PUNJABI
PUNJABI ARORA 25/178 B.Tech (CS)
Appartments in Goa, also Luxurious Prime Location with all Modern Surgeon/Gyne/ENT/Paediatric/Home Govt College Delhi, working in
Villas in as Assagao. Contact NJMSS SCHOOL, NCR Requires. opathy/Dental/Eyes/others, XRay/OT
GREEN FIELD COLONY:- Commercial amenities & parking. Total 26000 sq. reputed MNC. Seeks well educated
DDA ALAKNANDA GK-2 Reno. Flats 9810026518. ft. 5500 sq. ft Super area Each Floor
PGT: Computer Science, Tech, Pharmacist. 9868237330 Email PUNJABI B'FUL Girl B.Tech
BETTER THAN Mkt 272/450/600(extra Flat Near Gate No.4, First Floor Fully Biology, Maths, AT : All Subjects. (DTU)+MBA (IIM), June, 1996/ H-5'6" beautiful punjabi girl. # 9220197398
Shivalik & South Park GF 4 B/R 2000 Furnished Suits Only C.A, Architects Bio at [email protected]
200y Lawn)/Kothi / Floor 160-4000y Email : [email protected] Working in MNC 40 LPA, Family Email: [email protected]
ft Gangotri /Nehru FF 3 B/R Yamuna & Professionals. Call # 9811110651,
Punjabi Bagh/ Pitampura/Civil Lines/ Mobile : 9953599905 Settled Delhi NCR. # M:-9870518197,
Model Town/Tagore Pk/ground/3rd+
SF 3 B/R Mandakini SF/TF Duplex 3 9810778950 TOLET STENO−TYPIST/ Email:- [email protected]
B/R Uppal 9910712365, 9650485053 WORKING MATCH for 28/ 5'9",
Ter Hudson lane 160y/Mall rd 2/3bhk OFFICE ASST Khatri Boy, Working in MNC
DLF − SUSHANT LOK PQM 4 Fair, Beautiful Arora Girl, 5'3", Gurgaon 7 LPA. Caste No Bar.
WEST DELHI OFFICE ASSISTANT near Karol Bagh, 25.03.1980, M.Com, MBA, LLB, Wrkg Contact - 9911176188, 7678644733
for Export letter writing in English, as Dir. Comm. in a reputed Co. Cont:
Computer Excel / Word knowledge 9910502618 (NCR, South Delhi prfd.)
JANAKPURI B-1 DD. 3BR/Toilets 3rd fl Email: [email protected]
URGENT SALE Safdarjung Enclave Opp 1000sq ft West facing fitted with
must, Age no Bar. WhatsApp only DOCTOR
with expected salary # 7011721010
Deer Park G.Flr 518 Sq.Yd Wide Road fans/geysers 2 AC. dealers pls excuse
Ample Parkg. Suits Doctors, Profsnls # 9810990872 REQUIRED OFFICE Assistant (Female) DOCTOR M4 HANDSOME punjabi Doctor boy
@ 8.5 Cr. Previously Bajaj Ortho 27/5’11”Delhi own international
Clinics. Contact Owner: 9811056525. Graduate and should be a Computer
SHIG 200 sq. mtr. Drawing+ 4Bed KOTHIES: GK-I, 500y Wide Road, Full Savvy having Good Communication wellness centre belongs to Royal
+3Toilet +Lift Parking H.No.79 Pkt- Chq; Saket 550 Yds, 3-Side Corner &
SOUTH DELHI Skill for a Office at Sainik Farms,
WANTED GROOM Doctor Settled class business family seeks
16, Sec-20, Rohini. 1.90Cr-UGF, ASOLA HOUSING Complex (Next to in UK For Beautiful Doctor Jat MBBS girl 9871272273
300 Yds @ Circle Rate, Crystal Clear SUSHANT LOK 1 A &B block 300yd , near Saket, Delhi. Call: 9818988220 Sikh Girl in UK 29/163 D/O Army
1.85Cr-FF, 1.80Cr-SF, 2.40Cr-TF,Loan Guru Ji Temple) Built on 120 sq.yd. Title, Best Locations & Floors: 300/ 502yd With NOC plots B-blk 502yd
Avail. 9811134984, 9650045100 GF (3BHK) Rs.35L,FF(3BHK) Rs.33L,SF FORIEGNERS/ EMBASSIES Officer. Caste no bar. Contact
500y Ready/U.Const.# 98181-58345 liveable kothi More options available 8750549068.
(3BHK)Rs.31L & TF(1BHK)Rs.18L.Loan in 215-1022y plots Please contact
Floors Jor Bagh 375, 575&700sy GENERAL MULTIPLE DIVORCEE/WIDOWER
avail.Building for Rs.1Cr. 9810556471 Sabharwal Asso 9958492130 Malcha Marg 375sy Floor Only for VACANCIES
SOUTH DELHI Foriegners/Mnc/UN Atul Bussi
DLF − SUSHANT LOK DIVORCEE/WIDOW
GREATER KAILASH-1 9810632133 Akshat 88267 07568 REQD FEMALE: Accountant in CP with
knowledge of Import Documentation
GARG 61/5'3" Widower Class-2 Retired
Govt. Pensioner Handsome Monthly

300 Sq.Yds OKHLA PHASE-2 Lease Available. and EA for Director Min. Exp.5 Years. SM 4 Bful Punjabi Divorcee MBA Girl. income. Son well Settled. Own House
First Floor (2750 sq.ft). On freehold Send CV with details at: 9811323697. Wkg MNC. CTC 12L. 29-3-90/3.35 PM. in Haryana. Needy Women Pensioner
600 sq.yds plot. Near C.Lal Chowk. [email protected] or other Contact # 7631150541
Search JS ID- YZUY8041 Punjabi /
BRAND NEW BUILDER Contact 9810899361
Khatri/Delhi/ Ncr Wkg Boy Only. EM-
[email protected]
FLOOR FOR SALE PAMPOSH ENCLAVE 450 sq.yds Third WESTEND / Shanti Niketan fully PART TIME JOB WA/Call- 9810467872 Till 11 PM NRI
Third Floor + Terrace Floor With Terrace 4 Bedrooms, 5 Furnished Ground Floor with
DLF ALAMEDA 538yd East/West/North
400 - 1300y Floor & Villa Hanuman Rd Wide Road Bath D/D Kitchen, 1 S.Qtr. 4 Car &Park Crnr Plot,718yd Plot on 24 Mtr basement 4 bedrooms ,stilt parking , REQ MANAGER leading Corporate. SM FOR Brahmin Veg., Smart, Fair Girl,
& 5000-10000FT Floor CP/ Kothi & Parking in stilt, Separate Gate 11 Cr. Wide Rod, 5BHK Lux Park Fcng Villa. peaceful location. 9810017420/ (Work from Home) P/F Time for Sep. 1987 / 5'4", Issueless Divorcee,
Floor 375y 3rd Floor Jor Bg/375/550/
Ready to Move Pls. Contact Sahu 98735 60813 150/250/538/700yd Plot avail flex- 9810421614 J7/5 DLF Phase 2. Independent House Govt. Rtrd/ PSU/ Banker/ H'wife/ M.A (Eco), Govt. Job in Delhi, Pref.
1300-1Acre Golf Link/Jor Bg/Malcha SUMIT : ible pay. 270k Onward 98114 00506 in 500y. Duplex of Basement Ground B'man Age-35-70. Earn : 30K-75K. Delhi. Wts.App: 7678265808
Mg /Lutyen delhi/3300y Prithviraj rd FRIENDS COLONY Independent and first floor. Appx 7000ft area. # 9999488449
9810086833 Bungalow with Landscape Four Bed
Rooms, Drawing/Dining, Lounge,
Ser. Qtr.. Anil Makhijani 9811047035,
With Lawn. East Facing. Excellent
Location. Asking 3 Lakhs.
Kajal 9811647035, 011-45151664 REAL ESTATE
E-127 GK-3 BASEMENT
1500ft. 45 ft road. GULMOHAR PARK: 500 yds GF/ DWARKA AGARWAL
D-32 GK ENCLAVE-2. FF, 300yds FF, Niti Bagh: 500 yds,
FF, Saket 260 yds, 2 BHK Fully
Basement. 2100ft. Corner, DELHI (SOUTH.W) 5Cr per acre Furn. More options in Anand Lok, DISTRICT PARK, Sector-8, Dwarka SM4 GOEL Boy 5'11"/78kg/B.tech/MBA
Park Facing, adjoining Park, READY TO move Ultra Luxury Builder South Ex-II. NS Asso. 8447451004 3BHK, 3 Bath, 4th Floor with Roof, Canada PR/Wrking With Doane Grant
10000p.sq.yds, Sector-(1-40), Thronton Vancouver 28.09.1996 /
DLF CHATTARPUR 1 Acre Independent floors at ext road Emerald hills, Kitchen, Lift, Stilt Parking, 210 Sq.
Land Central Drive Registry NOC. 45 ft road, North facing. become Builder your self, profit
Adani, Anantraj estate, Ansal esencia Yds, Fully Furnished for rent. Ideal 2.27 PM/ Delhi Whapp:- 9811156165.
in crore, min investment Brokers
Many more options also available. Best for Dr's, Ca's,Lawyers. welcome# 98110-40086. versalia 3,4bhk 180yds to 500yds RENT: FLAT & Bsmnt, GK-I, GK-II,
for Sr.Exec. Guest House 9958791313 Email:- [email protected]
Hemkunt, CR Prk, Panchsheel,
Rohit Kohli 9899710079 15 ANAND LOK 9810099171
2BHK,3BHK,4BHK,GF, FF,TF, terrc,
PROF QLFD Good Height match for
First Floor. 800y. lift. BHP Realtors 9319243479,
9711499560 H'some Agarwal Boy 29/5 '11" /MBA
B6/76 SAFDARJUNG ENCL. EMPLOYMENT Working as Business Analyst in MNC
Noida. Status Business Family Delhi
200y. All floors are available. SUKHDEV VIHAR Brand New 270 Sq. NCR. mail: [email protected]
Yards Ground & First Floor 3 BDR
GREEN PARK 321y Each with Attached Washrooms and
Basement Ground First & 1 Car Parking in Stilt with each floor. ACADEMIC BISA AGARWAL
Contact: 9711663353, 9810365930.
third floor. To Start. MATCH FOR Hindu Arora vegetarian
BUY SELL Rent Dera Mandi Satbari
Ansal Villa Asola Chattarpur DLF
Puneet 9810417610 1 & 2.5acre Farm Westend Green/
Vasant kunj / DLF Chhatarpur/
LAND PIECES Agriculture , R-zone,
Industrial, commercial, school,
FOR RENT Safdarjung Enclave, 300 sq.
yrd. East Facing, GF, 3 BHK, attach
OSCAR PUBLIC School Kaushik Encl-
ave, Burari Delhi-84, 9971473592 ,
SOUTH EXTENSION based Real Estate
Firm Requires Marketing Executive
SUITABLE MATCH for Vegetarian
Agrawal Boy, 28 years/ 5'9", B.Tech
boy 5' 5" Oct 1989. Divorcee. M.Tech,
Post Graduate in Immigration law.
Bhati MTD Vkunj Jonapur Ghitorni Shafeeq 8700010140 Pushpanjli / Kapashera / Deramandi colleges, Hospitals Land in Gurgaon bath & D/D, No Stilt, No Lift, Suitable 9871585501 Req(Female)Spcl Educ- and Surveyor for Commercial working in Gurugram seeks well Canadian Citizen. Wkng as Software
Sultanpur RMD, Fatehpur Beri, / Ansal Satbari / Radhey Mohan & and Sohna. Call for the best price for Foregners/ Expats/ MNC/ PSU ator, Librarian,PET & Dance Teacher. Properties. Good Salary+Incentives. cultured working girl preferably Engg. In Apple Canada. 9888471472.
Mahabalipuram etc. Built Unbuilt. Deepanshu 8766392976 Land For Developer Dwarka Ex-way deal. 9810099171 employee. Call Owner: 9868168259. Em: [email protected] # Mittal Realty 98104-46014 teacher. Contact: 8920041936. Marriage Bureau Excuse.

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10 WEDNESDAY, 19 MARCH 2025
NEW DELHI GLOBAL LIVEMINT.COM

The Japanese sake masters swimming Google agrees to

buy cloud security
against a rising tide of whisky firm Wiz for $32 bn
Bloomberg
[email protected]
Squeezed out by highballs, quality malts, Japan’s sake breweries are trying to innovate to win back market share
G
oogle parent Alphabet
Inc. agreed to acquire
Don Nico Forbes Suntory, Japan’s largest distillery, improve over time, maturing for five, cybersecurity firm Wiz
[email protected] says shifting consumption patterns 10, or 20-plus years. “As a brewer of Inc. for $32 billion in cash,
OSAKA, JAPAN are partly demographic. Japan’s rap- sake, a drink best consumed fresh, reaching a deal less than a year

T
idly aging population means health this was an intriguing concept,” he after initial negotiations fell
he Japanese have been considerations are to the fore of many says. apart because the cloud-com-
drinking sake since the drinkers’ minds, he says. Sake tends But time is money, and whisky is by puting startup wanted to stay
eighth century. Back then, to have a high sugar content. nature a waiting game. To get around independent.
it was believed the rice- “When I go out for sushi, I’ll go for this, Nishi sells casks before they have Wiz will join the Google
based liquor warded off a highball. Because sake might be matured. While waiting, customers Cloud business once the deal
ghosts. delicious, but I can’t afford the sugar. are invited to stay in the distillery, closes, the companies said in a Wiz will join the Google Cloud
Today, it has a stronger spirit to Sure I can have maybe just one glass, sample a few drams and sink a few statement on Tuesday. The biz once the deal closes. REUTERS
contend with: whisky. that’s fine. But sake is too good—you holes in Ontake’s on-site golf course. takeover is subject to regula-
Enter Nishiya, a bar in downtown can rarely just have one,” Niinami The distillery is open to everyone— tory approvals and is likely to panies said.
Osaka, and you are given little choice says. everyone who can shell out $50,000 close next year, they said. Alphabet shares were little
of what to drink. You might fancy a But it also speaks to a turn in local for a cask, that is. The deal, which would be changed in premarket trading
glass of sake or a shot of the stronger, production. Many traditional sake Nishi is one of many newcomers to Alphabet’s largest to date, in New York on Tuesday. The
more bitter shochu. But regulars will brewers are now pivoting to whisky, the industry. In 2016, there were 10 comesafterWizturneddowna stock closed 0.7% lower on
insist you try another, less traditional attracted not only by strong domestic whisky distilleries in Japan. Today $23 billion bid from the inter- Monday at $164.29 and had
Japanese delicacy, a highball. demand but the high prices premium there are nearly 130. But an increas- net search leader last year after declined 13% this year.
“It was invented in the U.K.,” says varieties can command overseas. ingly vibrant market has come at a several months of discussions. Founded in 2020, Wiz has
the bartender, mixing a glass of International awards, marketing cost. From record highs in 2022, At the time, Wiz walked away grownquickly,helpedbyaros-
whisky, which is spelled the Scottish Between 2015 and 2020, domestic whisky sales in Japan increased 50%. campaigns and actor Bill Murray’s exports of Japanese whisky have now after deciding it could ulti- ter of investors that includes
way here, ice and soda. “But it was Japanese drinkers spent $3.5 billion on the spirit in 2023. ISTOCKPHOTO turn in “Lost in Translation” have started falling. Many are worried that mately be worth more by pur- Greenoaks, Sequoia Capital,
perfected in Japan.” whetted appetites for Japanese an explosion of distilleries is diluting suing an initial public offering Index Ventures, Insight Part-
The cocktail has been gaining the factory floor. Brewers have begun “They’re like the young, punk-rock whisky to such an extent that a bottle authenticity, with blends of local and company.Concernsaboutreg- nersandCyberstarts.Thecom-
ground in the country since the late experimenting with new recipes of generation of sake brewing,” said of Suntory’s Yamazaki whisky, aged overseas whiskies commonly sold ulatory challenges also influ- panywasvaluedat$12billionin
2000s. It pairs well with the local cui- “craft” sake, adding unusual ingredi- Monica Samuels, one of roughly a for 55 years, can set you back close to under the Japanese whisky brand. enced the deci- a funding round
sine, and provides momentary relief ents to hit hoppy, beer-inspired fla- hundred government-certified sake $1 million. Some are calling for tighter indus- sion. The deal in May 2024.
in neighborhood taverns, or izakaya, vors and floral, gin-like notes. One samurai. “For so long, mainstream Yoichiro Nishi, an eighth-genera- try regulations. Others insist the rules Buying Wiz comes after Wiz Wiz chief exec-
during the country’s hot and humid brewery has developed an Italian-in- Japanese culture has told people to tion sake and shochu producer, are made to be broken. provides Google’s turned down utive officer Assaf
summers. Between 2015 and 2020, spired “margherita” sake, blending blend in. You’re not supposed to be opened Ontake Distillery in 2019. “Creativity has always been vital to cloud-comput- a $23 billion Rappaport
domestic whisky sales increased 50%. the umami of sun-dried tomatoes outrageous. The craft sake movement Nestled in the foothills of Mount the Japanese spirit,” says Brian Ash- ing business with described Alpha-
bid from the
Japanese drinkers spent $3.5 billion with the amino acids produced dur- wants to change that.” Ontake, Japan’s second-largest vol- craft, an author who has written new security bet’s earlier bid as
on the spirit in 2023. ing sake’s traditional brewing pro- They could be in for a long, thirsty cano after Fuji, the distillery strikes a extensively on Japanese drinking cul- products to offer internet search “humbling,” but
This has left sake producers strug- cess. fight. blend between old and new. Dark ture. “Any regulation shouldn’t come customers as it leader last year at the time said he
gling to find a way to keep the party All this to make the whisky-and- Whisky is now deeply entrenched timber panels, autumnal maple trees at the expense of that.” works to catch up relished the idea
going. By some measures consump- soda brigade look in Japanese drink- and natural springs recall the tradi- It is a sentiment shared by the craft with Microsoft of growing Wiz
tion has fallen by more than 75% since a little staid. ing culture. The tional tea houses of Kyoto, or the tem- sake movement, whose proponents Corp.andAmazon.comInc.,its into an independent cyberse-
the 1970s, and 30% in the past decade, “We want to country’s taste for ples of Koyasan, but an angular, con- hope new ideas will drive demand larger rivals in the fast-grow- curitygiant,tocompeteagainst
displaced in part by invasive spe- honor tradition the amber nectar crete walkway, echoing the masters both domestically and abroad. ing, competitive market. Wiz the likes of CrowdStrike Hold-
cies—sometimes beer, but especially but also create things no one has ever can be traced back to Masataka of Japanese brutalism, suggests tradi- Exports have roughly doubled since offers cloud-specific cyberse- ings Inc. and Palo Alto Net-
whisky. seen before,” said Shuhei Okazumi, Taketsuru, revered as the godfather tion might be taking a turn. 2018, with sake breweries popping up curity tools that work on all works.
The government in Tokyo has founder of the Japan Craft Sake of Japanese whisky, who traveled to Inside, burnt-black sherry casks around the world, from Taiwan to the platforms, identifying and pri- The startup and its investors
stepped in, introducing a network of Brewers Association. This commu- Scotland in 1919 to serve an appren- carry a single-malt whisky, now five U.S. and Mexico, each with their own oritizing threats across organi- alsobalkedatGoogle’sofferlast
brand ambassadors—or “sake samu- nity of young, entrepreneurial toji ticeship before returning to help years old. A first edition was released take on the drink. zations’ often-complex cloud year in part because of worries
rai”—to help promote the ailing want to upend sake’s image as the found Japan’s first distilleries. The in 2023, taking gold at the San Fran- Okazumi, the craft brewer, said the environments. of a protracted regulatory
industry. Last year the beverage drink of a bygone era. Dedicated craft spirit has had its ups and downs since cisco Wine & Spirits Competition. new varieties could do for sake what Wiz’sproductswillcontinue approval process, with compe-
obtained Unesco world heritage sta- sake bars are now popping up around then, but consumption really took off Nishi acknowledges the jump from the California roll did for sushi. to work on major cloud plat- tition authorities in the US and
tus, like French Champagne or Bel- Tokyo. Festivals debuting new and when people began adding soda and sake to whisky was far from straight- “Sometimes tradition needs to forms, including competing Europe scrutinizing the tech-
gian beer. unusual varieties from around the ice. forward. He recalls his fascination innovate to go global,” he said. services from Amazon, Micro- nology industry for its eco-
But resistance is also coming from country are sold-out events. Takeshi Niinami, chief executive of with the idea that a drink could ©2025 DOW JONES & CO. INC. softandOracleCorp.,thecom- nomicswayandmarketpower.

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LIVEMINT.COM NEWS WRAP WEDNESDAY, 19 MARCH 2025
NEW DELHI 11

NEWS
₹1,600 cr
THE VALUE of IndusInd Bank shares sold
₹55 lakh
THE AMOUNT the state-owned defence
26%
THE STAKES in Bajaj Allianz General and
$33 bn
THE AMOUNT for which Alphabet is in
80,000
THE NUMBER of pages of classified
IN by top mutual funds in India in Feb 2025, and aerospace equipment manufacturer Life Insurance companies that Bajaj talks to buy cloud-security company Wiz, documents related to US president John F.
NUMBERS before the disclosure of the accounting
discrepancy by the private lender.
Hindustan Aeronautics (HAL) lost to a
cyber fraud involving a fake email id.
Finserv is set to acquire for ₹13,780 crore
and ₹10,400 crore respectively.
which would make it the Google-owner’s
largest acquisition to date.
Kennedy’s assassination that the Trump
administration said it is making public.

HOWINDIALIVES.COM

LIC eyes health RAISINA DIALOGUE Brookfield sells

insurer stake: CEO holding in Reit

L U
ife Insurance Corp. of India (LIC) hopes to S-based Brookfield Corp. on Tuesday
decide on acquiring stake in a health divested a 5.13% unit holding in
insurance company by the end of March, its Brookfield India Real Estate Trust
chief executive officer (CEO) said on Tuesday. (BIRET) for ₹883 crore through open market
“I am very much hopeful that within this transactions.
financial year, before 31st March, some decision According to the bulk deal data on the BSE,
can be taken,” Siddhartha Mohanty, the chief Brookfield through its two affiliates—BSREP
executive of India’s largest insurer, said. India Office Holdings Pte and BSREP India
The company later said in a statement to Office Holdings IV Pte, part of the sponsor
exchanges that it is still in advanced talks and has group of BIRET—sold nearly 31.2 million units
not entered into any binding agreement. or 5.13% unit holding in Mumbai-based Reit
LIC is not looking to acquire a majority stake, (real estate investment trust).
the CEO said. The units were disposed of in the price range
LIC has requested Reserve Bank of India (RBI) of ₹283-283.04 per unit, taking the combined
to introduce long-term government bonds, transaction value to ₹883 crore.
including 100-year paper as well, Mohanty said. Brookfield India Real Estate Trust is a
Mohanty said the insurer sells whole life 100% institutionally managed office Reit,
policies, which need investments in long-term sponsored by Brookfield Asset Management,
bonds. The RBI has been giving permission to one of the world’s largest alternative asset
20-30 years bonds, and has also given a go- managers. PTI
ahead for a 40-year bond, he added. AGENCIES

From left: External affairs minister S. Jaishankar (fifth) with co-chair of the European Council on foreign relations Carl Bildt, minister of foreign affairs of
Liechtenstein Dominique Hasler, minister of foreign affairs of Slovakia Juraj Blanar and author Dubai Abulhoul during a session on ‘Thrones and Thorns:
Defending the Integrity of Nations’ at the Raisina Dialogue 2025 in New Delhi. During the event, Jaishankar highlighted the selective application of global
rules on issues pertaining to sovereignty and territorial integrity and batted for establishing a ‘strong and fair’ United Nations. PTI

ED begins Fema probe against Tata Motors said it intends to raise prices of its

Soros funding arm in India

Jaideep Khanna, Barclays’ interim head of passenger vehicle range, including EVs. REUTERS
markets for Asia Pacific and India CEO.

Barclays invests Tata Motors, Kia to

₹2.3k cr in India ops hike prices from Apr

T
ata Motors on Tuesday said it intends to

B
ritish lender Barclays on Tuesday increase prices of its passenger vehicle
announced a ₹2,300-crore capital ED conducts searches at NGOs, firms funded by entities linked to US billionaire range, including electric vehicles, from
infusion into India operations. April 2025, the second time this year.
The infusion by the head office into Barclays This price adjustment is being undertaken to
Bank PLC India must be seen as a reaffirmation Neeraj Chauhan launchedaFemaprobeagainstSorosandhiscom- OSF and SEDF did not respond to queries. partially offset the impact of rising input costs.
of its long-term commitment to one of the [email protected] panies recently. ED officials said they have found SEDF invested ₹50 crore in Aspada Fund 1 in The extent of the hike will vary depending on
world’s fastest-growing economies, as per a NEW DELHI a money trail of ₹25 crore from Soros’ companies 2013, according to VCCEdge, the data platform the model and variant, Tata Motors said in a

T
statement. to several NGOs in India.Overall, officials said, owned by HT Media. It went on to raise a total of statement.
The infusion will strengthen the bank’s he Enforcement Directorate (ED) on fundsworth₹300croresentbySEDFto12compa- around ₹271 crore, through which it invested in The company, however, did not elaborate on
balance sheet and help grow its businesses Tuesday carried out searches at eight niesthroughitssubsidiariesareunderthescanner. more than a dozen companies, including quick the quantum of the proposed price hike.
across the investment and private banks, it locations in Bengaluru in connection According to an officer who didn’t want to be commerce platform Dunzo Digital, WayCool In January this year, the firm had hiked prices
said. withaforeignexchangeviolationprobe named, “preliminary investigation has revealed Foods and Products, and NeoGrowth Credit. of its passenger vehicle portfolio by up to 3%.
It will enable the bank to expand its reach to against American billionaire George that OSF was put under the prior However, SEDF said it sold a Kia India also on Tuesday said it will hike
a wider client base across corporate and Soros-founded Open Society Foundations and its reference category by the minis- controlling stake in Aspada to vehicle prices up to 3% from April in order to
financial sponsor clients and ultra-high-net- impactinvestmentarmSorosEconomicDevelop- try of home affairs in 2016, LGT, the private banking and offset the impact of rising input costs.
worth individuals in India, the statement mentFund(SEDF),peoplefamiliarwiththedevel- restrictingitfromgivingunregu- asset management group owned The price hike, effective from 1 April 2025, is
added. opment said. lated donations to NGOs in India”. “However, in bythePrincelyHouseofLiechtenstein.Thisentity primarily due to rising commodity prices and
The bank last injected ₹3,000 crore in 2021, Thesearches,forpotentialviolationsoftheFor- ordertobypassthisrestriction,OSFsetupsubsidi- was renamed as Lightrock. escalating supply chain-related costs, the
and the latest investment takes the bank’s total eign Exchange Management Act or Fema, were aries in India and brought in funds in the form of Soros , in February 2023, claimed that Prime automaker said in a statement. PTI
invested capital to over ₹12,400 crore. carried out at NGOs and firms funded by OSF and FDI and consultancy fees, and these funds have Minister Narendra Modi and business tycoon
“India’s economic potential continues to SEDF, and at Aspada Investments Pvt Ltd, the been used to fund activities of the NGOs which is Gautam Adani are ‘close allies’ and their fate is
present attractive opportunities for Barclays to holding company of SEDF. ED said Aspada is the a Fema contravention”, the officer added. intertwined. His statement came after shares of
grow its business,” its interim head of markets
for Asia Pacific and country chief executive for
investment advisor/fund manager of SEDF and a
wholly owned arm of a Mauritius-based entity.
AsecondofficeraddedthatEDisalsoexamining
“the end use of other FDI funds brought in by
Adani companies plunged following US short-
seller Hindenburg’s allegations of “stock manipu-
TechM expands its
India Jaideep Khanna said. PTI The agency, according to senior officers, SEDF and OSF in India”. lation”. Adani group denied any wrongdoing.
Google Cloud tie-up

T
ech Mahindra on Tuesday announced an
Shapoorji Pallonji expanded long-term partnership with
‘Indian steel prices will face pressure’ Google Cloud to accelerate the adoption
gets binding bids of artificial intelligence (AI) for enterprises
globally.
steelmakers by market cap, JSW Steel, Together, Tech Mahindra and Google Cloud

A
group of private credit funds has given currently rated “BB” with stable outlook, will help enterprises modernise their
binding commitments to Shapoorji and Tata Steel, which it rates “BBB-” with a infrastructure and data architecture while
Pallonji Group, which is raising as much negative outlook. optimizing the return on investment from
as $3.3 billion in what could be India’s biggest Steelmakers in China, the world’s largest their AI-powered cloud solutions, a company
private credit deal, according to people familiar producer of the alloy, have been grappling statement said.
with the matter. with generating profits as a prolonged The partnership will bring together Tech
At least a dozen funds have emailed their property downturn has hit consumption, Mahindra’s domain expertise and Google
commitments as of last week with Ares leading to higher exports to countries such Cloud’s AI capabilities, including Google’s
Management Corp., Cerberus Capital as India. Gemini models, AI development platform and
Management LP, Davidson Kempner Capital As a result, local mills have been battling agentic AI technology, to develop tailored
Management and Farallon Capital a rising influx of discounted steel, with Pieter Elbers says IndiGo is set to start services to industry solutions for sectors like
Management committing the largest amount, intake from China, South Korea and Japan Amsterdam, Manchester later this year. REUTERS communications, healthcare and life sciences,
said the people, who asked not to be identified Fitch said local mills will have to grapple hitting a record high in the first 10 months manufacturing, automotive, retail and
because the matter is private.
The funds will be raised through local
with cheaper imports from China. ISTOCKPHOTO of the ongoing fiscal year.
Prices dropped to their lowest level in
Great opportunity financial services. PTI

I for long haul: Elbers

currency bonds with a three-year tenor and ndian steel prices will face pressure in more than three years in August last year.
negotiations on the final coupon are ongoing, the upcoming fiscal year as local mills Meanwhile, US President Donald
they said. grapple with cheaper imports from Trump administration’s 25% tariffs on steel
Apple loses German
W
The deal is expected to close in the next China and rising risks from aggressive tariff and aluminium imports, which came ith internationalization as a key focus
three to four weeks, they added.
Deutsche Bank is the sole arranger for the
policies, Fitch Ratings said on Tuesday.
The agency reduced its headroom for
into effect on 12 March 2025, have
triggered retaliation from its major
area, IndiGo chief Pieter Elbers on
Tuesday said the airline has a great antitrust appeal
deal and proceeds will primarily be used to ratings upgrades for India’s top trading partners. REUTERS opportunity to address the long haul flight

A
refinance existing debt. BLOOMBERG services market from India. pple lost an appeal on Tuesday against a
IndiGo, which has more than 400 planes in regulatory assessment that opens the
its fleet, is taking wide-body Boeing 787 aircraft iPhone maker up to stricter controls in
on damp lease and is set to start services to Germany, the Federal Court of Justice ruled on
Nasa astronauts depart space station after 9 months in orbit Amsterdam and Manchester later this year.
“International air travel in India probably for
Tuesday, following years of debate over the
company’s market position.
quite a long time was very much taken care of Federal judges backed the German cartel

T
wo National Aeronautics and Space Administration (Nasa) astronauts by non Indian airlines... there is a great office’s 2023 designation of Apple as a
stuck in orbit for nine months finally departed the International Space opportunity to address that market (long haul) “company of paramount cross-market
Station (ISS) aboard a SpaceX capsule on Tuesday, kicking off their long- with our planes,” Elbers said. significance for competition”.
awaited voyage home. Generally, long haul flights are those having With that, Apple joins Alphabet and Meta on
Butch Wilmore and Suni Williams, seated inside a Dragon capsule with two a duration of more than nine hours. Germany’s growing list of tech giants subject to
other crew members, undocked from the ISS at 1:05 a.m. New York time. The airline expects to take delivery of long possible measures curbing their dominance.
The capsule is expected to travel through space, plunge through the range A321 XLR planes this year and wide- Apple said it faced tough competition in
atmosphere and ultimately fall to Earth under parachutes before splashing body A350 aircraft in 2027. Germany and that it disagreed with the court’s
down off the Florida coast around 6 p.m. local time. Speaking at the Skift India Forum, he also decision.
After undergoing standard medical checks, the crew will board a flight to said that its order book for aircraft is an “It neglects the value of a business model that
Houston, where they will be reunited with their families. “incredible asset”. places the privacy and security of users at its
The duo arrived at the ISS last June on a Boeing spacecraft with plans to The airline has more than 900 planes on centre,” a spokesperson for the company said in
spend roughly a week in space. But that brief trip turned into roughly nine order. an emailed statement to Reuters.
months when Nasa decided in August the pair would come home on a SpaceX Elbers also asserted that the airline wants to A judge had indicated in January that the
capsule instead, due to technical issues with their Boeing vehicle. BLOOMBERG Nasa astronauts Suni Williams and Butch Wilmore. AP have the cost leadership. PTI court would side with the regulator. REUTERS
12 WEDNESDAY, 19 MARCH 2025
NEW DELHI LONG STORY LIVEMINT.COM

COMING: STORM IN
THE SUPERBIKE TEACUP
They’re ridden by one-percenters and make up just 0.4% of India’s motorcycle market. Trump could change that.

Shobha Mathur
[email protected]
NEW DELHI

D
uring the wee hours on Sun-
day mornings, there isn’t
much traffic on the Yamuna
Expressway. Most people stay
indoors, preferring the com-
fort of their homes as the mercury rises
steadily. But one adventurous group has
other ideas.
At the crack of dawn they set out on
their bikes—not the 100cc pipsqueaks
preferred by the mass market, but
imported large-engine-capacity super-
bikes (above 600cc) that separate the boys
from the men: Harley-Davidsons, Ducatis,
Triumphs and BMWs. One after another
the large bikes roar along the highway at
high speed, causing those around them to
pause and look on in wonder and envy.
Touted as India’s first superbiking
group, Group of Delhi Superbikers, or
GODS, was started by surgeon Arun Tha-
reja in 1998. Across India, there has been
a proliferation of such groups, formed to
help bikers meet fellow enthusiasts and go
for long rides in the countryside.
Superbikes are not cheap and most
members are professionals or high net-
worth individuals in the 25-50 age group.
Rides usually take place on the weekend
and cover distances of around 60km, cul-
minating in breakfast, networking and
peer interactions at the destination.
If US President Donald Trump has his
way, sales of superbikes will surge and
many more such groups will come up in
India in the coming years, perhaps even
including those who are not one-per-
centers.
“India charges us massive tariffs,” a pet-
ulant Trump complained recently,
threatening to impose reciprocal tariffs
effective 2 April. The American president
has been particularly vocal about India’s
tariff policy on American automotive
exports, something he decried even dur-
ing his first term.
Trump’s sabre rattling has already had
a bit of an impact—India has lowered Superbikers from Group of Delhi Superbikers Club revving up for a ride on a Sunday morning. SHOBHA MATHUR
import duties on motorcycles in its annual
budget for 2025-26. Tariffs for engine dis-
placements of up to 1600cc on completely
built units (CBU) have been cut from 50% spective but has not received any response & Sullivan India. These models had been
to 40%. Engine capacities above 1600cc from them yet. discontinued in India and were priced
mint TOP GEAR
SHORT
will attract an import duty of 30% instead upwards of ₹12 lakh. STORY Demand for bikes with engine capacity in Royal Enfield vs others
of 50% for CBUs. HARLEY’S COMEBACK Harley-Davidson used to be the market excess of 500cc is accelerating. High customs duties make imported bikes expensive.
Semi knocked-down (SKD) kits will see
a five-percentage-point reduction to 20%.
And import duties on all completely
A s superbike makers jostle for space
in the local market, American bike
manufacturer Harley-Davidson is likely
leader in the 500cc-800cc class, one of
the fastest growing segments, before
Royal Enfield launched the 650cc Twins
WHAT Volume
(in units)
Year-on-year
growth (in %)
Imported as CBU
Piaggio Aprilia RS (660)
Price* (in lakh)

17.7
Imported as CKD
knocked down (CKD) kits have been low- to gain. in November 2018. Now, with the market Imported superbikes, with 2020-21 13,049 -49
ered from 15% to 10%. The iconic American bikemaker, changing amid the reduction in import an engine capacity of at Triumph Daytona (660) 9.7
A further reduction could be on the founded in 1903 by William S. Harley and tariffs, and customers opting for heavier least 650cc, are out of the 2021-22 19,401 49 Kawasaki Ninja (650) 7.2
cards if the US sticks to its demand for zero brothers Arthur and Walter Davidson in and more premium bikes, Harley-David- reach of most Indians as high Locally Manufactured
duty on almost all its exports except agri- Milwaukee, Wisconsin, is expected to ride son will be looking to regain the top posi- tariffs make their prices 2022-23 23,302 20 Royal Enfield Super Meteor (650) 3.9
cultural products. Trump has spoken in with costlier and heavier bikes. At the tion. The reduction in its prices is certain very exorbitant.
about India’s willingness to cut tariffs same time it is expected to continue its to attract some Royal Enfield buyers seek-
2023-24 35,924 54 Royal Enfield Shotgun (650) 3.6
“way down” but the government here has partnership with Hero MotoCorp in the ing premium options. Royal Enfield Interceptor (650) 3.0
been noncommittal so far. slightly-more-affordable midweight seg- SO 2024-25* 41,572 41 * Ex-showroom (Delhi), CBU: Completely built units;
CKD: Completely knocked-down kits; Figures in
ment (250cc-750cc), where Royal Enfield MADE IN INDIA * till January 2025 bracket are engine capacity in cc.
NO MAJOR IMPACT

I f there is indeed such a meaningful

has a runaway 88% share.
In September 2020, as covid raged
reduction, it could spark a discernible across the country, Harley-Davidson,
I f Royal Enfield is to retain its strangle-
hold over the mid-segment amid the
expected challenge from its foreign rivals,
Royal Enfield, which makes its
bikes in India, has benefited
with most superbikers opting
Riders’ delight
Prices are expected to drop after the duty reduction.
shift in consumer preferences in India’s which had first ridden into India in August it will have to play to its strengths: the for its 500cc plus models,
Current* After duty cut^ Price (in lakh)
niche superbike market. In the high-per- 2009, discontinued sales and manufac- deep penetration of its sales and service giving it a 90% share in the 43.5
39.1
formance segment, barring those in Royal turing here due to weak demand. network, wider product range, and a loyal mid segment. 35.0 33.0 31.3
31.5
Enfield’s 650cc portfolio, almost all The company’s portfolio in its first customer base. 24.5 22.0
superbikes are imported, either as com- innings featured the Fat Bob, Fat Boy, and Currently, the price difference between 19.8 19.2 18.4 17.5
pletely built units, completely knocked Street Rod, all heavy and expensive bikes. imported superbikes and locally made NOW 15.2 14.8
down kits or semi knocked down kits. But The high import tariff was a constraint on ones is huge. The Royal Enfield Super Gold Wing, Pannigale V4, ZX10R, Katana,
the prevailing numbers these fully built bikes as Meteor 650, Enfield’s highest priced US President Donald Trump Honda (1833) Ducati (1100) Kawasaki (1000) Suzuki (1000)
are modest. their prices were exorbi- superbike, starts at ₹3.94 lakh (ex-show- has criticised India’s tariffs R18, Rocket 3, Sportster S,
The cuts announced According to Siam data, tant. The Street 750 was room) a quarter of the price of Harley-Da- and wants them slashed. BMW (1802) Triumph (2500) Harley-Davidson (1252)

in the budget are in FY25, as of January, the the lowest-priced vidson’s Sportster S. A meaningful reduction *Delhi on-road price; ^ For models less than 1600 cc, price reduction assumed is 5% for CBUs and 3% for CKD. For
models above 1600 cc, price reduction assumed is 10-12% on CBUs.
expected to boost those motorcycle at ₹5.34 lakh. In FY24, the 500cc plus market was could spark some changes in Source: Society of Indian Automobile Manufacturers; Frost & Sullivan India/Mint Research
numbers to some extent. 500cc plus category was at Less than three years pegged at 35,924 units, of which Royal the superbike market.
Som Kapoor, partner 41,572 units, constituting a after exiting, Harley-Da- Enfield commanded 90%. In FY25 as of SATISH KUMAR/MINT

and leader-automotive, vidson was back. This January, that share had inched up to 91%.
future of mobility, EY miniscule 0.4% of the total time with a different Even after import cuts, a Harley simply are not levied on superbikes from that All biking companies have their own need is riding gear, a route and a destina-
India, believes the strategy built around cannot match the price of an Enfield. Most country, with only a minimal cess and riding groups, which organise adventure tion,” says Singh.
import duty cut will give motorcycle market. affordability. superbikes cost upwards of ₹10 lakh. Har- charge imposed on them. trips and track events. Harley-Davidson, In January, for instance, the Delhi-
bike enthusiasts more In July, 2023, the ley’s Road Glide bike is in the pricier range But the Thailand route hasn’t made for instance, has a cult following and pro- based couple set out on a road trip to Kan-
options, especially in the 1000cc plus seg- American bikemaker rolled out its most of ₹30-40 lakh, with the CVO limited edi- these superbikes affordable. For instance, motes riding activities under a separate yakumari. Singh, 42, a relocation com-
ment. “Imports were so expensive till now affordable product, a 440cc midsize bike, tion costing upwards of ₹49 lakh. a 1100cc Ducati Pannigale V4 CBU made division known as the Harley owners’ pany executive who was bitten by the rid-
that superbikes may become more com- the X440 retro roadster, priced at ₹2.39 The Hero-Harley and Bajaj-Triumph in Thailand has an on road (Delhi) price of group. On the other hand, track and street ing bug in his youth, was on his Triumph
petitive with locally produced bikes,” he lakh. The bike has been co-developed partnerships will now have to re-evaluate Rs 33 lakh. Indeed, most Ducati super- riding enthusiasts prefer Ducati, Honda, Rocket 3, 2500cc superbike, which he had
says. with Hero MotoCorp and is manufactured their pricing strategies, as will market bikes come from Thailand, with 10-12 Kawasaki and Triumph bikes. to have af
after watching Tom Cruise riding
Even so, it may amount to little more at its plant in Neemrana, Rajasthan. leader Royal Enfield, as competition is coming in from Italy in a year, says Monty Every motorcycle manufac- it in Mission Impossible 2. San-
than a storm in a teacup, given the size of Currently, the X440 pitches in with expected to intensify in the premium Singh, dealer principal of Ducati Delhi. turer has created its own rid- dhu joined him in Agra on her
the market. In FY25, as of January, the almost 90% of Harley-Davidson’s turn- motorcycle market. ing community around its Triumph Tiger 660.
superbike market in the 500cc plus cate- over in India. Until December FY25, it had “Some customers who might have gone BIKING COMMUNITIES brand. Sale of brand accesso- “Riding is all about being
gory was pegged at 41,572 units, constitut- sales of over 8,500 units. It is sold along-
ing a miniscule 0.4% of the total motorcy- side Hero MotoCorp’s Mavrick 440, built
cle market, according to data from the on the same platform. But in January, the
for the mid-segment (300-700cc) may
now opt for high-performance motorcy-
cles, impacting sales of local brands like
W hile it is still tiny, the premium
motorcycle segment recorded 42%
y-o-y growth in 2024 compared to 2023
ries and merchandise such as
clothing apparel, protective
riding gear worn by riding g
free,” says Singh. Over the next
four days, the couple rode
south on their superbikes,
Society of Indian Automobile Manufac- Harley volumes had slipped to 881 units as Enfield,” says Arthur D Little’s Chaudhari. and the future of the market is on a robust enthusiasts ensures an alter- Scan the covering a distance of about
turers Association. competition intensified. Local brands will need to accelerate model growth trajectory, says Sathe of Frost & native revenue stream. QR code for 3,000km. Along the way, they
“Overall volumes won’t see a lot of Today Harley offers about 10 models in launches and reduce lead time to market. Sullivan India. Divya Sandhu, 40, a biking g more Long took in the sights in Uttar Pra-
impact as premium motorcycles are a very the Indian market. Its most affordable While import tariffs make foreign Higher disposable incomes, availability enthusiast since her student Stories desh, crossed the picturesque
small part of the two-wheeler market in bike in India directly competes with Royal superbikes prohibitively expensive, some of wider product options, easy financing, days, runs her own group, Vindhyas in Madhya Pradesh
India,” says Prathamesh Chaudhari prin- Enfield’s Classic 350, Bullet 350, Hunter companies have found a way around evolving consumer preferences, the rise DIWA (Divya International Women’s into scenic Maharashtra, roared
cipal, automotive, at consultancy firm 350 and Meteor 350. If Harley expands them. Britain’s Triumph Motorcycles, as in adventure riding, and interest in Academy), which trains motorcyclists. through the flat Deccan Plateau in Tel-
Arthur D Little India. the X440 platform with new models, it well as Italy’s Ducati and Germany’s exploring destinations on bikes is fuelling “India has more than 500 riding groups angana and Andhra Pradesh, before
To put the size of the superbike seg- could shake up the mid-premium market. BMW Motorrad, import many of their this growth. with subgroups within,” says Sandhu. reaching their destination, Kanyaku-
ment in context, India was the largest two- The reduced import tariffs will also motorcycles from their Thailand plants. On that last count, aside from lower- She and her husband, Jasprit Singh, mari, mainland India’s southernmost
wheeler market in 2024, edging past open the doors for Harley- Davidson to So do Japan’s Kawasaki, Suzuki, and ing tariffs, Trump may have an unin- also occasionally participate in rides orga- tip, and the confluence of the Indian
China, with sales of 11.6 million units. promote its cruiser models, such as Iron Honda Motorcycle. tended impact: an increase in the num- nised by Thareja’s GODS club. The couple Ocean, Arabian Sea and Bay of Bengal. A
Mint has reached out to Royal Enfield 883 and Harley Forty-Eight, says Prajyot India and Thailand have a framework ber of superbike groups riding across the often go on long rides together, typically couple of days later, they were on the
and Triumph Motorcycles to get their per- Sathe, research director, mobility, at Frost agreement for free trade so import tariffs country. covering about 700 km in a day. “All you road again, heading home.
 THE NEWS

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LIVEMINT.COM MINT MONEY WEDNESDAY, 19 MARCH 2025
NEW DELHI 13

Global investing made easy:

Smart strategies for Indians
Multi-asset funds help diversify across equities, debt, gold and global stocks with tax benefits
Neil Borate
[email protected] Multi-asset approach to overseas investing
MUMBAI
Some multi-asset funds remain open despite the overseas investment cap, but with fresh inflows restricted

O
ver the past few years, a to domestic assets, global-focused investors face dilution risk
new fund category— ICICI Prudential Passive Multi-Asset FoF DSP Multi-Asset
multi-asset funds that Percent of NAV (Approx.) Percent of NAV (Approx.)
invest in equity, debt,
gold, and international 35 33 2 30 40 28 15 17
stocks—has taken root in India.
With renewed interest in foreign Equity ETFs Debt ETFs Gold ETFs Overseas Equity ETFs Debt ETFs Gold and Overseas
stocks and changes in taxation intro- ETFs silver ETFs ETFs
duced in the 2024 budget, multi-asset
funds can be an attractive proposition. Breakdown of overseas ETFs Stocks
The Securities and Exchange Board Percent of NAV (Approx.) Alibaba Group Holding 1.95
ofIndia(Sebi)classificationrulesrequire iShares MSCI China ETF 5.04 Tencent Holdings 1.51
multi-asset funds to allot a minimum of
10%inequity,debt,andgoldeachwhile iShares MSCI Japan ETF 4.50 Microsoft Corp. 1.22
leaving it up to the fund manager to iShares Global Consumer Staple 3.29 Brookfield Corporation 0.95
decide the maximum exposure. NIKE Inc. 0.89
Some but not all multi-asset funds ProShares S&P 500 Dividend 3.18
also invest in international stocks. Contemporary Amperex Technology Co. 0.73
iShares MSCI International 2.89
Fund-of-funds (FoFs), which have ETFs
baskets of domestic, overseas, and iShares Latin America 40 ETF 2.74 The Communication Services Select
3.0
commodity exchange-traded funds Sector SPDR Fund
(ETFs), also function a lot like multi-as- Invesco China Technology ETF 2.02
iShares Global Industrials ETF 2.54
set funds. An FoF can add an additional Vaneck Gold Miners ETF 1.95 iShares S&P 500 Energy Sector UCITS ETF 1.61
layer of expense capped at a maximum
of 2x the expense ratio. That makes Vaneck Agribusiness ETF 1.88 iShares Global Healthcare ETF 1.59
even an FoF investing in low-cost ETFs The Consumer Staples Select Sector
iShares Global Healthcare ETF 0.93 0.92
attractive.

Using NRO account for Esops?

SPDR Fund
The idea behind multi-asset FoFs or Cash holdings classified under debt for ease
FoF: Fund-of-funds; ETF: Exchange-traded funds
of reporting
iShares Global Comm Services ETF 0.14
funds is that a fund manager can deliver
alpha by allocating money across assets

Here’s what NRIs should know

Some FoFs have also
and rebalancing your portfolio. Instead Nippon India Multi-Asset 3 year returns (in %) invested directly in global
of buying separate funds and switching Overseas ICICI Prudential assets
between them or buying different 12.7
Passive Multi-Asset Motilal Oswal Asset Allocation
funds through one's distributor/ iShares 12 Passive FoF - Aggressive (in %) ISTOCKPHOTO
MSCI World Nippon Multi-Asset 15.9 Harshal Bhuta
advisor, one can invest in just a few
ETF 12 Motilal Oswal Asset Allocation 45
diversified funds, such as multi-asset 12.25 23 23
Passive FoF - Aggressive 20
funds, and cut the need for self-review Gold and (in %) 54 11 I’m a non-resident Indian
or rebalancing. silver 16 Equity DSP Multi-Asset 18.2* (NRI) and work for an IT
When equities get overvalued, a Equity Gold and Overseas company abroad. I have
*Since inception in Sept 2023
good multi-asset manager will switch Debt 18 As measured by Motilal Oswal Nifty 500 Index Fund Debt
silver Motilal been granted employee
to debt or gold. The argument is similar Data as of 14 March 2025 Oswal stock options (Esops) of the
S&P 500
for international equities. While there parent company in India,
PARAS JAIN/MINT
are dedicated overseas feeder funds which are now vested. The
and ETFs, you can take the same expo- to truly hold such funds for the long ti-asset funds allow for easy investment 16% in gold and silver. exercise period starts from
sure via a multi-asset fund that allo- term with lower volatility than pure and redemption. Portfolio mix April 2025 and I plan to pay
cates to the US or other markets. equity. They are more fill-it, file-it, and He also pointed out that global PMS The data highlights varying degrees the exercise price from my
The advantage of this approach is tax shut-it than your average domestic- requires a minimum investment of of international exposure among mul- Indian non-resident ordi-
efficiency. Rebalancing within a fund only equity funds. If Indian equities $75,000 (~₹65 lakh), making it a less ti-asset funds, with some maintaining nary (NRO) account. Is this
does not attract tax, unlike selling one underperform assets like global equi- viable option for most retail investors. a significant allocation to overseas mar- allowed, and will the pay- ASK MINT I live in the Netherlands. I
mutual fund to buy another, which can ties, debt, and gold, this category will "By investing in multi-asset funds, kets despite regulatory constraints. ment be taxable because I m N R I TA X AT I O N recently invested in the
invite capital gains tax—20% for short- prove to be an excellent bet. investors can easily invest and redeem ICICI Prudential Passive Multi-Asset am making it from an Indian stock market and
term capital gains (STCG) and 12.5% for While multi-asset funds provide a at their convenience," he said. FoF stands out with a 30% exposure to Indian account? will shortly receive interim
long-term capital gains (LTCG). workaround to access international Key multi-asset funds in India overseas ETFs, including in China, —Name withheld on request How will my tax position dividend income from one
The July 2024 budget also clarified markets despite regulatory constraints, One of the oldest multi-asset funds in Japan, and Latin America. DSP Multi- change if I become a part- of the companies. Is it taxa-
the taxation of multi-asset funds and they come with inherent limitations thecountryistheICICIPrudentialMulti Asset Fund directly invests 17% of NAV In the Foreign Exchange ner instead of a consultant? ble in India?
FoFs with less than 65% allocation to regarding overseas allocation percent- Asset Fund. Launched in in global stocks like Ali- Management Act (FEMA), a —Name withheld on request —Name withheld on request
domestic equities. Previously classified ages and dilution risk, cautioned 2002, it has given a sub- With overseas baba, Tencent, and Micro- non-resident Indian is allowed
as debt funds and taxed at the slab rate Abhishek Kumar, a registered invest- stantial 21% return since limits and tax soft, offering a more con- to make payments towards the Consultancy fees received Assuming you are a non-
regardless of the holding period, gains ment advisor, founder and chief invest- inception.However,much changes, these centrated approach. exercise price for Esops, either by a non-resident Indian from resident, dividend income is
from these funds are now taxed at 12.5% ment advisor at SahajMoney. "So, it of this history is irrelevant, funds offer global Nippon India Multi-As- by way of inward remittance or an Indian entity are typically subject to a 20% tax rate (plus
after a two-year might work for a as it was originally a multi-
access but come set Fund takes a diversi- from repatriable sources (such subject to tax under the applicable surcharge and cess).
holding period.
This change frees
m GLOBAL INVESTING while, but sooner cap fund before being
A MINT SERIES or later, these reclassified under Sebi’s with allocation
fied stance with 12% over-
seas exposure via the iSh-
as non-resident external and
foreign currency non-resident
Income Tax Act, 1961.
However, if the services are
However, if you qualify for
benefits under the India-
fund managers funds, too, would 2017-18classificationrules. and dilution risks ares MSCI World ETF, accounts) or even from a non- provided from outside India Netherlands Double Taxation
from the earlier ‘forced allocation’ of hit the ceiling," he said. Notably,ithasnoexposure balancing domestic and repatriable rupee account and you do not have a fixed Avoidance Agreement, this tax
65% gross exposure to Indian equities. For investors willing to explore alter- tooverseasstocksorETFs. international allocations. (NRO account). Therefore, you place of business in India to rate can be reduced to a flat
Is this the right approach? natives, Kumar suggested the liberal- The ICICI Prudential Passive Multi- In contrast, the Motilal Oswal Asset can make the payment from render these services, the con- 10%. To avail of this benefit,
As the Reserve Bank of India refused ized remittance scheme (LRS), which Asset FoF, which has a 30% exposure to Allocation Passive FoF - Aggressive your NRO account. sultancy fees may not be taxa- you may need to provide a dec-
to increase the overseas limit for allows direct investment in global overseas ETFs tracking China, Japan, maintains a 23% overseas allocation, The tax treatment won't be ble owing to the India-US laration to the company pay-
mutual funds in February 2022, multi- stocks. However, he pointed out that S&P 500 Dividend Index, Latin Amer- focusing on the S&P 500. affected in any manner if you Double Taxation Avoidance ing the dividends, along with
asset funds are one of the few avenues direct stock investment through LRS ica, and gold miners, also allocates 35% Despite the benefits, these funds face pay the exercise price from Agreement (DTAA) supporting documents such as
open for domestic investors to bet on carries its own risks, especially when to Indian equities, 30% to debt, and 2% dilution risk as fresh inflow is directed your NRO account. On the other hand, if you a tax residency certificate,
foreign stocks. Dedicated overseas done without proper research. "Small to gold ETFs. towards domestic assets due to regula- became a partner in an Indian Form 10F, and any other
funds are mostly shut, or they open for retail Indian investors looking to diver- The DSP Multi Asset Allocation tory caps. Investors seeking exposure I have an architectural LLP, you would earn profits required compliance filings as
brief periods when there are redemp- sify their portfolio across geographies Fund has a 17% overseas allocation. It to global assets must assess whether design consulting practice rather than consultancy fees. per Indian tax regulations.
tions (there's some limit to utilize) and are caught between a rock and a hard invests directly in stocks such as Ali- these funds align with their diversifica- in the US. I have been pro- Profits earned from an LLP by Harshal Bhuta is a partner at
close. A multi-asset fund is not gener- place," he added. baba, Tencent, Microsoft, and Brook- tion goals and risk appetite. viding services to an Indian a non-resident partner are not P. R. Bhuta & Co. Chartered
ally closed due to the overseas alloca- On the contrary, Amit Sahita, field. Its portfolio includes 40% domes- consulting LLP (limited lia- taxable under the Income Tax Accountants.
tion stoppage, but if the scheme sees a director of Fincode Advisory Services tic equity, 28% debt, and 15% gold/sil- bility partnership), from Act. Besides, any remunera-
lot of inflows, there is dilution—the Pvt. Ltd, highlighted the operational ver ETFs. Liked this which I earn fees. The LLP tion you will be receiving from Do you have a personal
allocation comes down as a percentage advantages of multi-asset funds over Finally, the Nippon India Multi Asset story? Please does not deduct withhold- the LLP will not be subject to finance query? Send in your
of assets. This is one risk. LRS. He noted that LRS investments Fund has a 12% overseas exposure via share it by ing tax while paying these taxation in India, so long as queries at
These funds are also more tax effi- above ₹7 lakh in a year attract a 20% tax the iShares MSCI World ETF, but the scanning the fees. They have extended you continue to provide servi- [email protected]
and get them answered by
cient, as there is no tax on rebalancing deducted at source (TDS) and require majority of its portfolio is in domestic QR code. an offer to me now become ces from outside India, as you
industry experts.
within the fund. This makes it possible cumbersome processes, whereas mul- assets—54% in equity, 18% in debt, and a partner there instead. are currently doing.

WHY US MARKET MAY NO LONGER BE THE BEST GLOBAL BET FOR INDIAN INVESTORS
Europe’s big moment which not only provides genuine diversification but also serves
On the other side of the Atlantic, major macro tailwinds are as a hedge against rupee depreciation.
POWER playing out for European equity markets, including interest rate
cuts by European Central Bank (ECB), increased defence spend-
Given the current macro environment, an underweight stance
on US equities is advisable, especially for those invested in S&P
POINT ing, removal of budgetary brakes by the German government, 500 and Nasdaq feeder funds with significant gains—booking
and the potential of the war ending in Ukraine. partial profits could be a wise move.
P R AT E E K A C H AT U RV E D I Europe has unveiled a €800-billion plan aimed at boosting Investors can consider European equities, benefiting from
defence and security expenditure of the European continent to strong macro tailwinds. Exposure is possible through European
We welcome your views and comments at reduce dependency on the US. Germany has also relaxed its fiscal equity fund of funds or direct invest-
[email protected] policy to support domestic industries, job creation, and economic Investors may ment in ETFs via global brokers like
growth. Both these steps are strong steps aimed at bolstering find better Interactive Brokers, which offer low-

I
ndian investors have long focused on the US for global diversi- Europe’s economic activity. cost access.
fication—and for good reason. Over the past decade, US equi- A steeper yield curve is boosting net interest margins (NIMs) opportunities Additionally, investing in interna-
ties outperformed, delivering over 19% compund annual for European banks. With fiscal policies turning more accommo- in Europe, tional equity remains tax-efficient,
growth rate (CAGR) in USD, driven by a booming tech sector. dative and earnings outlooks improving, Europe’s economic driven by strong with long-term capital gains (LTCG)
But the narrative is shifting. After a strong start to 2025, US prospects look the strongest in decades. Capital is shifting from macro tailwinds tax at just 12.5%, making it an attractive
markets are facing turbulence. President Donald Trump’s new the US to Europe, driven by diverging fiscal policies—tightening option for wealth preservation and
trade barriers and tariff threats have rattled sentiment, with no in the US vs. expansion in Europe. Bloomberg ETF flow data con- AP growth. March presents a key window
resolution in sight. Consumer confidence took a hit, seeing its firms this, with investors pulling money from US equities and What plays out from hereon depends a lot on global policy and of opportunity, as Reserve Bank of India (RBI) data shows that
steepest fall since August 2021. The expectations index fell below redirecting it to European markets. politics, hence there is a strong need to diversify across geo- Indians have already remitted $85 million for global investments
June 2024 levels, while 12-month inflation expectations rose Looking ahead, two scenarios could unfold. The optimistic graphies to build a robust allocation. Despite India’s strong and real estate purchases as of November 2024, marking a 100%
from 5.2% to 6%. view sees Europe and China accelerating to narrow the gap with domestic outlook in the long term, India will not be completely year-on-year increase.
Despite the market turmoil, core economic indicators remain the US, sustaining global growth even as the US slows. The pessi- immune to a global slowdown and hence, markets might struggle With capital shifting out of US markets and into Europe, Indian
stable. A rebound could come if Trump eases tariffs (Trump Put) mistic view warns of a broader downturn, with policy delays in to find upward direction. investors should act swiftly to rebalance their portfolios and miti-
or the US Fed cuts rates (Fed Put). However, policy uncertainty Europe, China’s struggle to balance stimulus and reform, and a How do Indian investors position their portfolios? gate risks from potential market slowdowns.
is weighing on spending, signalling an economic slowdown. With weakening US economy weighed down by job insecurity, fading Indian investors should consider diversifying their portfolios Prateek A Chaturvedi, head of Global Investments, Neo Wealth
stretched valuations, US equities face a tough road ahead. consumer confidence, and tariff-driven stagflation. globally through the Liberalised Remittance Scheme (LRS), and Asset Management
14 WEDNESDAY, 19 MARCH 2025
NEW DELHI VIEWS LIVEMINT.COM

OUR VIEW MY VIEW | ON THE OTHER HAND

Is the capital gains tax to blame

AFP

for the foreign-investor exodus?

It’s being offered as an explanation to justify past stories gone wrong but is weak as an argument

stocks worth ₹6,153 crore. In 2020-21, a of this index from April 1998 to March
year when domestic institutional inves- 2025 has been 20.2. Of course, there
tors (DIIs) net sold stocks worth ₹1.34 have been periods during which this
trillion, they net bought stocks worth ratio has been higher than in Septem-
₹2.74 trillion. DIIs comprise insurance ber. Still, it’s worth noting what Aswath
companies, mutual funds and pension Damodaran, a professor of finance at
as well as provident funds, and they pri- New York University, recently said:
marily invest money collected from “The most expensive market in the
retail investors. world is India.” In that sense, FIIs have
VIVEK KAUL In 2021-22 and 2022-23, FIIs net sold been taking some profits off the table.
is the author of ‘Bad Money’. stocks worth ₹1.4 trillion and ₹37,632 Second, in October, the US stock
crore, respectively. In 2023-24, they net market was betting on Donald Trump
bought stocks worth ₹2.1 trillion. And in winning the presidential election and
2024-25, as of 13 March, they had net Trumponomics benefitting American

China’s woes could spill

sold stocks worth ₹1.53 trillion. The stocks. So, money started moving out of
point being that FIIs have behaved Indian stocks. Also, October onwards,

I
n the Hindi cinema of yore, villains differently in different years since 2018. US interest rates started to go up, which
were a very important part of the So, why attribute their recent selling made investing in fixed-income assets

over: Let’s stay vigilant

story. But they never had a backstory. to the tax? in the US more attractive.
No explanation was offered on why they Third, it has been argued that the Third, the aggregate net sales of the
became villains in the first place. If such recent depreciation of the Indian rupee, BSE 100 companies have been growing
an explanation had been offered, the combined with the LTCG tax—which in single digits since the quarter ended
movies of that era would have felt far lowers the dollar returns for FIIs—is June 2023, implying that any increase
more coherent and complete. While compelling them to sell more than they in sales has been because of rising prices
Hindi cinema got away with this lack of otherwise would. and that volumes are not growing.
Beijing’s consumption stimulus seems insufficient. It needs to scale back production, but the coherence, the stock market can’t. Now, the value of the rupee was more All these reasons are more important
Villainy in today’s stock market story or less pegged to the dollar through than the LTCG explanation that OPM
world can’t count on it to do so. India must stay alert to any dumping by China of its excess has been ascribed to foreign institu- much of 2024, moving in the ₹83-84 wallahs have been offering. Indeed, the
tional investors (FIIs) who have been range. Even during this period, there trouble is that over the last few years,

A
selling Indian stocks lock, stock and were months when FIIs sold Indian many OPM guys have played up a
barrel, having net sold shares worth stocks—worth ₹25,744 crore in Janu- nationalism story to get more people to
s a tariff-happy America under the year before. Bank deposits are on the rise, ₹2.4 trillion from October to 13 March. ary, ₹25,586 crore in May and ₹94,017 invest in stocks. Several of them have
Donald Trump puts China’s signalling the sort of thrift that comes from In fact, we are now being told by crore in October. also proclaimed that stock prices will
those in the business of managing other Fourth, in the latest Union budget, only keep going up. And now that these
export-oriented economy on income anxiety and expectations of lower price people’s money (OPM)—individuals the rate of the LTCG tax for FIIs was stories are unravelling, newer stories
notice with trade barriers, Beijing tags. While any kind of state expenditure can who thrive on selling different stock increased to 12.5%. This is another rea- are needed.
is doubling down on efforts to push money around to counter such weak- market stories at different points of son being offered for FII selling. The Some of them have talked up invest-
stimulate domestic demand. nesses, Beijing’s moves seem bent on meeting time—that this selling is taking place trouble is that this higher rate will come ment in stocks so much that they can’t
Local consumption has weakened sharply in social goals instead of optimizing outlays to primarily because of the long-term into effect only from 1 April 2026. get their heads around the fact that
capital gains (LTCG) tax that FIIs need So, the LTCG tax hike can’t be the stock markets can also fall. They have
recent years, weighed down by a property achieve a bang for the buck through market to pay. As far as backstories and expla- main reason behind FIIs selling out of bought the same stories that they had
slump, a market in which much Chinese savings forces. Its subsidy plans for childcare and the nations go, this is a clever one. But it’s Indian stocks. The OPM wallahs are been telling retail investors.
are parked, even as income prospects have elderly address articulated needs, for instance, weak as an argument. basically being disingenuous here. But Given this, a new story has to be told
dimmed amid a jump in unemployment. This but may prove relatively weak as sales spurs. First, the tax came into effect from then, what are their reasons? and sold. A villain has to be found to
weekend’s stimulus package reflects those Given China’s grim outlook on exports, what it April 2018, with FIIs having to pay 10% First, the valuations of Indian stocks provide mental closure and an explana-
on their LTCG. So, why come up with were out of whack. In September 2024, tion to both retail investors and OPM
concerns. Under it, China’s government has requires is people buying a lot more of the stuff this story now when the tax has been when the stock market peaked, the wallahs themselves. The trouble is that
announced dozens of small moves aimed at it has been shipping out, especially to the US. around for nearly seven years? price-to-earnings ratio of the BSE 100 every bull market has a theory behind it
easing people’s financial burden and pushing A policy shift away from export orientation to Second, the investment behaviour of index was 25.2. This index is a good rep- and every bear market has an explana-
fiscally strapped local administrations to clear home consumption isn’t new to China. For over FIIs since 2018-19 is worth looking at. In resentation of the large-cap stocks that tion, and very few understand that in
their dues to businesses. The steps are wide- a decade, Beijing has been trying to restructure 2018-19, they net sold stocks worth ₹88 FIIs like to invest in. both cases, it’s usually the OPM wallahs
crore. In 2019-20, they net bought The average price-to-earnings ratio marketing stocks.
ranging, although mostly indirect and tempo- its economy and reduce its reliance on overseas
rary, raising doubts over their efficacy. Among markets, but with little success. Its latest moves,
other things, they cover subsidized retail loans, even if they amount to sizeable outlays, look
wage-hike provisions and subsidies for child- unlikely to trigger a buying boom of the scale
care and elderly support. Some of its ideas seem required. Meanwhile, it is unclear if Chinese
like shop-level banners. It recently declared a factories will churn out merchandise at the
trade-in scheme, for example, to get people same pace. As scale-backs are painful, they will www.livemint.com New Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Ahmedabad, Hyderabad, Chandigarh*, Pune* Thursday, March 19, 2015 Vol.9 No.68 `4.00 in Delhi-NCR/`5.00 outside Delhi-NCR 32 PAGES

swapping old gadgets for new. This is hardly the probably be a last-resort in most sectors. Over-
Netanyahu
INTERNATIONAL:
wins in Israel polls >28
AGRICULTURE: Surge in credit not
benefiting small farmers >6

broad-based generation of demand it needs. production would expose overseas markets

PHILANTHROPY: Giving for
governance >22
MEDIA: Media outlets team up, unveil
twitter.com/ facebook.com/ plus.google.com/ pinterest.com/
livemint mint.live +livemint livemint/ ad deal to take on Google >24

Beijing hopes to sustain last year’s 5% GDP to the risk of Chinese excess being dumped
SENSEX 28,622.12 æ 114.26 NIFTY 8,685.9 æ 37.4 DOLLAR `62.69 æ `0.03 EURO `66.54 æ `0.1 GOLD `25,600 æ `105 OIL $53.99 Æ $0.48

Traders might lose their

ECONOMIES OF SCALE
INDIAN ECONOMY TO GROW Wipro’s Kurien QUICK EDIT
Wave of 7.7% THIS YEAR: OECD has no plans Smart

growth this year too, but with trade headwinds there—or sold below cost just to meet volume
The Organization for Economic Cooperation and Development (OECD) on
Wednesday projected the Indian economy to grow 7.7% in 2015 and accelerate to step down banking
cement M&As immediately
to 8% in 2016. In its interim economic assessment, the think tank said India is
expected to be the world’s fastest growing major economy in 2015, overtaking
China’s projected growth rate of 7%. OECD said the projected acceleration in
growth this year is actually smaller than foreseen in its November 2014
F
B Y VA R U N S O O D
acebook recently said
that it will allow users
to transfer money through

jobs but the money at risk is

economic outlook, reflecting the sluggish growth of investment and exports. [email protected] its messenger service. This

seen ahead
threatening to push that target beyond reach, a levels needed for the benefits of scale. The costs
“With obstacles emerging to the adoption of growth-friendly structural ···························· is further proof that bound-
reforms, maintaining rapid growth will pose a difficult challenge, notwithstand- BENGALURU
aries between banking and
ing the strong current momentum,” it cautioned.

2015 2016
W ipro Ltd said that its 10-
month long search for a
chief operating officer (COO)
technology products are
fast dissolving. Payment
providers such as PayPal
should not be seen as succession and Square have already
Cement firms may ity addition would be possible 7.7% planning for chief executive made a mark abroad. The
prefer to buy existing beyond 2023-24 if the cement
sector grew at a projected rate of India 8% officer (CEO) T.K. Kurien, who
will stay at least until February
more popular payment
firms in India reportedly
assets with limestone

fiscal thrust was a must. Accordingly, it said its borne by these manufacturers, distorted as they
12%, given the environment con- 7% 2016, when his five-year contract have more users than the

not their own, it’s all OPM—

sources as opposed to straints over tapping cement
6.9%
comes up for renewal. entire market of active
grade limestone resources, of Significantly, the Bengaluru- credit card users.
investing in new plants which India has around 120 bil-
China
based company said the next The marriage of technol-
lion tonnes. -0.5% CEO at Wipro will be “someone ogy with financial services
B Y A M R I T H A P I L L AY “Exploration for the limestone 1.2% from within the company” and can be seen in recent joint
[email protected] deposits has extensively been Brazil that all senior leaders have an ventures between telecom
···························· carried out in the country but all equal chance for the top job, companies and Indian
3.1%

N
MUMBAI the available resources cannot seeking to end any talk of Abid banks to pitch for pay-

fiscal deficit would widen to 4% of GDP from 3% are by hidden state subsidies, have always been
othing’s concrete yet, but be exploited due to various con- US 3% Ali Neemuchwala being the ments banks.
get ready for a wave of straints such as quality, poor CEO-in-waiting. Indian banking regula-
cement mergers and infrastructure in inaccessible 1.4% “Abid has not been appointed tors have been partial to

other people’s money.

acquisitions (M&As)—that’s the areas, forest cover, environmen- as heir-apparent,” Kurien said tin traditional banks that they
message from bankers, analysts tal sensitivity, surface encum- Euro area 2% a free-wheeling chat, two days can control with reasona-
and cement company execu- brances,” said the report. after the company anointed ble ease. And they have
tives. This is one reason why cement 1% former TCS veteran Nee- been suspicious of other
Aditya Birla Group’s Ultratech firms prefer to buy existing Japan 1.4% muchwala as its first COO in financial intermediaries
Cement Ltd, Rajasthan based JK assets with limestone sources as more than six years. because of fears that these

earlier. The details, however, make the overall opaque. So it’s not easy to spot dumping. Yet,
Lakshmi Cement Ltd, Heidel- opposed to investing in new 1.7% “Am I running away quickly? shadow banks could
bergCement India Ltd, JSW plants. The answer is no. I’m not run- threaten the stability of the
Cement Ltd and Orient Cement “Looking at acquisitions pro- Germany 2.2% ning away in a hurry. (Also) the financial system.
Ltd are among the companies vides an option to grow as well next CEO of Wipro will come It is in this context that
evaluating potential acquisitions, as preserve the limestone 2.6% from Wipro. Everyone who the list of those who get the
they add. reserves the company already 2.5% reports into me has a fair nod to set up payments
UK
The reason, in a business that has,” said Pankaj Kulkarni, direc- chance”. banks will be closely
analysts describe as perennially tor, JSW Cement, which is evalu- watched.
Source: OECD
consolidating—for reasons ating cement assets across India TURN TO PAGE 11®

impact of its spending hard to assess. Consumer like other countries, India must stay alert to
related to economies of scale for a potential buyout. Kulkarni PARAS JAIN/MINT

and the need to localize or at declined to share specifics.

least regionalize manufacture to Ultratech, which is India’s
meet local or regional demand— largest cement firm with a
INSIDE `1.08 TRILLION KITTY

India’s airwaves among

is limestone. capacity of 60 million tonnes per
“Land and limestone are two annum, also continues to be on

SAT YA JI T DAS
simple reasons why cement the lookout. In December,
companies are focusing on Ultratech acquired two cement

the costliest in the world

acquisitions. For any new plants from Jaiprakash Associ-

confidence, which sank as China’s economy unfair trade practices. Sharply reduced prices of
project, land is an issue and for ates Ltd for `5400 crore. Earlier
the cement sector, in specific, in 2013, Ultratech bought Jay-
quality limestone is no longer pee’s 4.8 million tonne cement
available,” said a director at a for- capacity in Gujarat for `3,800
eign investment advisory firm, crore. B Y S H AU V I K G H O S H price. However, it should be trend first seen in Mumbai. The
who consults with cement sector “Ultratech has been evaluating [email protected] noted that less than 90% of the 800MHz band spectrum is
companies. The director asked cement assets,” said two bankers ···························· spectrum available is expected expected to be used for FDD
not to be identified as he is not who are aware of the company’s NEW DELHI to be sold by the time the auc- LTE (frequency duplex-Long
authorized to talk to the media. plans and asked not to be identi-
T he ongoing telecom spec- tion ends. Term evolution) version of 4G-

slowed, may prove hard to revive in the face of Chinese goods should raise red flags. We may
According to the Indian fied. How a start-up trum auction completed 80 “The FCC (Federal Communi- based wireless communications
Bureau of Mines, India has total A spokesperson for Ultratech rounds on Wednesday, the 13th cations Commission) raised a ser vices while 900MHz is
cement grade limestone declined comment. dream turned sour day of bidding, with the govern- record $44.9 billion in the recent expected to be used for 3G-
reserves of just under 9 billion Prashant Bangur, director, ment set to raise a record reve- spectrum auction in the US based communications services
tonnes. Based on this, a Planning
Commission working group on
mine exploration and develop-
Shree Cement Ltd, said that
acquisitions happen at a price of
$130 per tonne while setting up a
O n 2 March, Ola bought
TaxiForSure (TFS) in
the second biggest
nue of at least `1.08 trillion,
according to data published by
the department of telecommuni-
which lasted for more than two
months. The Indian government
has already raised more than a
as well as basic 2G services in
low revenue areas. Both the
bands are considered lucrative
ment for the twelfth five year new cement plant costs $ 80 per acquisition in India’s start- cations (DoT). third of it in 12 days. The indus- because it is cheaper to build a

softening prices. Its price index slipped into need levees (or levies) to hold off spillovers
Plan between the years 2012 and tonne. up world. Behind the sale of The auction has already try has clearly shown the impor- network. Similarly, 1800MHz
2017, said that no cement capac- “However, the discount means one of India’s fastest earned the government more tance of spectrum in current spectrum is also needed for FD
a wait of six to seven years before growing Internet companies, than any of the four previous times as the operators are doing LTE and 2100MHz band is
the capacity is operational,” in a business that has a long auctions—the highest before this every possible thing to get hold needed for 3G-based services,
explained Bangur. “And those way to run until growth one being the 2010 spectrum of spectrum at any cost,” Hemant but both require much higher
without enough limestone starts to slow, is a story of auction in the 2100 megahertz Joshi, partner, Deloitte Haskins capital expenditure to build a
reserves for future growth are outsized ambition, relentless (MHz) and 2300MHz bands, and Sells, said on the compari- network.
looking at buyouts.” cash burn, over-dependence which generated revenue of son. The calculations do not take Some analysts say that the
In August 2014, Shree Cement on venture funds and finally, around `1.06 trillion for the gov- into account purchasing-power 2100MHz band will not get

deflation territory in February for the first time from China. Ideally, Beijing should exercise
agreed to buy Jaiprakash Associ- sheer bad timing. Mint ernment. parity across countries or the many bidders as the government
ates’s Panipat cement grinding chronicles the behind-the- In all frequencies on offer, the population and geography that is only selling one block of 5MHz
factory for `360 crore. scenes events that led up to per MHz cost of radio waves in the airwaves are needed to in 17 circles. The government is
HeidelbergCement India’s the sale and marked the this auction has already made cover. expected to get another two
chief executive officer and man- death of a dream for TFS Indian spectrum among the “The bidding is taking place in blocks of this spectrum from the
aging director Jamshed Naval founders Raghunandan G. most expensive in the world, all bands. The competitive bid- armed forces later this year, ena-
Cooper said the company would and Aprameya according to a Mint analysis ding is expected to continue. bling another auction with more
pursue organic and inorganic Radhakrishna, who founded based on data from researcher There is still spectrum, which is
growth opportunities simultane- the taxi-hailing service less Analysys Mason. yet to be sold,” a statement from TURN TO PAGE 2®

in over a year. Retail sales growth slumped to self-restraint. But that’s not something we can
ously. than four years earlier and The value of the spectrum has the government said.
The company will look to add were on the verge of raising been calculated taking an aver- Already, the price for 800MHz ALSO SEE
further capacity based on their $200 million from investors age across the circles per MHz band spectrum in Delhi has
>Success of spectrum, coal auctions may
prospective limestone mining when things began to go for the bids at the end of Tues- exceeded the price for 900MHz provide NDA with ammunition >P3
Mint is also available for R8 with horribly wrong. >P12-13 day, assuming that all the spec- band spectrum in the same >Mark To Market: Robust demand for
Hindustan Times in Delhi-NCR only TURN TO PAGE 2® trum available is sold at the last licensing area, continuing a 800MHz spectrum a surprise >P18

3.5% last year, less than half the rate recorded count on. Let’s not let our guard down.

GUEST VIEW

The US must steer clear of deal-breakers in trade talks

ABHIJIT DAS India’s minimum support price (MSP)
scheme, especially for rice.
issue of MSP in the BTA negotiations with
India, it could become a potential deal-
protection is over. As most generic medici-
nes cost a fraction of the original patented
In addition to seeking changes in Section
3(d) of the Indian Patents Act, US manufac-
The 2024 National Trade Estimate breaker. Given the crucial role played by product, timely availability of the former turers of patented medicines can be
Report on Foreign Trade Barriers brought India’s MSP scheme in meeting the food has become pivotal in making healthcare expected to make a strong pitch for the BTA
out by the United States Trade Representa- security needs of hundreds of millions of affordable for the poor and middle class in to include other provisions that would in
tive (USTR) includes the following: “India’s citizens who are poor and hungry, New most countries. effect undermine India’s generic drug pro-

A
lthough these are early days in the excessive subsidization through market- Delhi would find it almost impossible to To continue making large profits, manu- ducers. Overall, a weakening of India’s
negotiations for a multi-sectoral price support has gone far beyond its meet such US demands. facturers of patented med- generics industry will enhance the windfall
bilateral trade agreement (BTA) domestic food security needs and has Turning to the issue of icines in the US have pre- profits of patent monopolies in the US, but
between India and the US, the final out- helped India secure its place as the top access to medicines, the A deal with India vailed upon their govern- also result in a surge in the cost of health-
come is already being envisaged as the global exporter of rice, accounting for more US National Trade Esti- ment to negotiate care and burn a big hole in the pockets of
‘mother of all deals’ and a ‘grand trade deal.’ than 40% of global rice exports in recent mate Report has high- could be lost if provisions in trade agree- the poor and sick in India. Further, some of
Both countries are expected to negotiate
hard for finalizing an agreement that maxi-
years.” This view has been echoed in a
recent submission to the USTR on 11 March
lighted the “restriction on
patent-eligible subject
the US insists ments that delay the entry
of generics to the market
the flagship initiatives of the central gov-
ernment, such as Jan Aushadhi Kendra and

is an expert on international
mizes benefits for their respective stake-
holders. Apart from tariff-related issues,
2025 by the USA Rice Federation, an advo-
cacy group for all segments of the US rice
matter in Section 3(d) of
the Indian Patents Act and
on moves that beyond the formulations’
20-year patent period.
Ayushman Bharat, could be substantially
undermined and rendered ineffective.
trade issues. how the US addresses India’s concerns on
agriculture and affordable access to medici-
industry.
Both the National Trade Estimate Report
its impacts.” What is this
issue? What are the com-
injure our food These stratagems, com-
monly referred to as ‘ever-
In conclusion, if the US gives primacy to
patents over patients, it will result in a
nes could ultimately determine the success and submission by the USA Rice Federation mercial objectives being security and greening of patents,’ com- negotiating deadlock. As will be the case if
or failure of these negotiations. What could seek to ultimately dismantle the MSP pursued by the US? And pel patients to pay exorbi- it seeks to use BTA negotiations to under-
be the non-tariff related demands of the US scheme for rice under implementation by what could be the implica- healthcare tantly high prices for mine the food security needs of hundreds of
in these two areas and what are India’s sen- India. Further, the USA Rice Federation tions if India is required to patented drugs even millions of Indians just to add a few million
sitivities? views this as an opportunity to increase comply with Washing- beyond the original dollars to its earnings from rice exports.
US commerce secretary Howard Lutnick American rice exports to developing coun- ton’s demands on it in BTA negotiations? 20-year period of patent protection, after One can only hope that the US adminis-
has articulated America’s demand that tries by $54 million each year. This advocacy Under the current rules of the Agree- which generics ought to reach the market. tration will display the requisite wisdom to
India must open up its agricultural sector to group has urged the Trump administration ment on Trade-Related Aspects of Intellec- Section 3(d) of the Indian Patents Act has desist from pushing these sensitive issues in
imports from the US. While this would to “include the rice industry’s priorities in tual Property Rights at the World Trade been effective in slamming the brakes on BTA negotiations with India. If not, the
involve issues related to tariffs and possibly any comprehensive trade arrangements.” Organization, generic versions of patented some of these patent evergreening strate- vision of a ‘grand trade deal’ could quickly
import quotas, the US could also take for- If the Trump administration yields to the medicines can be introduced in the market gies, thereby facilitating the timely market turn into a negotiating nightmare.
ward its objective of seeking changes in interest of this lobby group and includes the only after their 20-year period of patent entry of generics. These are the author’s personal views.
LIVEMINT.COM VIEWS WEDNESDAY, 19 MARCH 2025
NEW DELHI 15

MY VIEW | CAFE ECONOMICS M I N T C U R AT O R

Deregulation: Relieve commerce The US government’s war on

statistics is unlikely to end well
of command-and-control relics Disbanding an independent panel of experts is a major mistake

India’s economy would benefit from another round of reforms to axe outdated regulations that hold private enterprise back

PTO

CLAUDIA SAHM
is the chief economist at New Century
Advisors and a former Federal Reserve
economist.
NIRANJAN RAJADHYAKSHA
is executive director at Artha India Research
Advisors.

I
n a time of great economic uncertainty,
US President Donald Trump’s adminis-

A
tration quietly took a step recently that
recent report by an investment bank could create even more: Secretary of com- The US FESAC disbanded by Howard
says that the three biggest areas of merce Howard Lutnick disbanded the Fed- Lutnick will be missed REUTERS
focus on the economic-policy front eral Economic Statistics Advisory Commit-
for the Indian government right now tee (FESAC). Shutting down an obscure with current government surveys. FESAC
are striking bilateral trade deals, statistical advisory panel may not strike members offered first-hand knowledge of
stepping up investments in strategic anyone as a scandal, much less an outrage. the pros and cons of using private-sector
industries such as semiconductors and reducing But as an economist who has presented to data. The committee contributed far more
the burden of regulation on firms as well as citi- the FESAC, I know how it improved the than just twice-a-year meetings. It also cre-
zens. The new Economic Survey written by officials information used by both the federal gov- ated relationships with the private sector
in the finance ministry made a compelling case on ernment and private enterprise to make that government agencies could draw on to
how a surfeit of outdated regulations hold back the economic decisions. Timely and accurate improve their statistics.
growth of firms, especially smaller enterprises that government data is important. The US National Academies of Sciences,
drive job creation. It also identifies what can be One of FESAC’s official responsibilities in discussing best practices for statistical
done to fix the problem. Earlier this month, in a was “exploring ways to enhance the agen- agencies, argues that external advisory
lecture delivered in Mumbai, Sanjeev Sanyal from cies’ economic indicators to make them panels are a good way to engage with users
the Prime Minister’s Economic Advisory Council timelier, more accurate and more specific of the data and obtain expert advice. More-
spoke about the importance of process reforms to meeting changing demands and future over, external evaluation should be part of
that usually get less attention in India than struc- data needs.” In the US, this is an ongoing regular programme reviews to ensure
tural reforms. effort, not a one-time task that has been quality, relevance and cost-effectiveness.
The case for a fresh round of deregulation is in “fulfilled,” which was the stated reason for That’s exactly what FESAC did.
the air. There are lessons to be learnt from eco- terminating the committee. US statistical agencies need more, not
nomic history, especially about how controls intro- The panel’s 15 members, who were fewer, resources to meet new challenges.
duced at a particular point in time to deal with a unpaid, brought deep technical expertise During the campaign, Trump repeatedly
problem tend to stick on even after the underlying on economic measurement from the pri- questioned the credibility of US employ-
situation has completely changed. vate sector, academia and the non-profit ment data. He claimed that the downward
The origins of the interventionist state in India world. They were a sounding board for the revisions of monthly payrolls showed polit-
can be traced back to the first half of the 20th cen- Census Bureau, Bureau of Labor Statistics, ical interference. Disbanding the FESAC
tury, in the early days of World War II. The colonial and Bureau of Economic Analysis, which does not advance the administration’s goal
government armed itself with sweeping powers produce most official US statistics. of greater government efficiency. In 2024,
over economic activity in the country. The If statistics fail to keep up with the the panel’s cost was expected to be just
Defence of India Rules were imposed on 3 Septem- changing economy, they lose their utility. $120,000, covering travel expenses and
ber 1939, just two days after the German army When the panel last met in December, one minimal staff support. Virtual meetings
invaded Poland. through fiscal, monetary and commercial policies sought to promote a certain activity while others focus was on measuring the use and pro- could have reduced those costs further.
The government gave itself extensive powers can influence the allocation of resources, but phys- sought to prevent some other activity. It is impor- duction of AI. Staff shared existing findings Regardless, its benefits far exceeded that
over the supply of essential commodities. Rule 81 ical controls are also necessary. Controls on pro- tant to make a distinction between the two. on AI, such as from the Business Trends cost. Putting a low-cost, high-value panel
of the Defence of India Rules created sweeping duction and on movement and on physical alloca- Among the recommendations of the Dagli com- and Outlook Survey that began in 2022, on the chopping block does not bode well
powers “for regulating or prohibiting the produc- tions to consumers become inescapable.” It later mittee was one that called on all economic minis- and outlined new data collection efforts. for other investments in official statistics.
tion, treatment, keeping, storage, movement, added that administering such controls in an tries to examine all legislation in their area of work, AI’s current use among businesses has Reductions in staff and budget would likely
transport, distribution, disposal, acquisition, use or economy dominated by small enterprises made and identify redundant regulations. It also said that nearly doubled since late 2023, and even degrade the quality of the official statistics.
consumption of articles or things of any description the task even more difficult. all controls should be updated annually, and the more businesses expect to adopt AI soon. Even before Trump took office, all three US
whatsoever” (italics added). Rule 84 gave the gov- In the late 1970s, the short-lived Janata Party results placed before Parliament. Necessary con- The panel was asked what data products agencies operated in a tight budget envi-
ernment the power to “prohibit or restrict the government headed by Morarji Desai had set up a trol orders should be consolidated and simplified. would be most useful. Expert feedback, ronment.
import or export of all goods or goods of any speci- committee led by Vadilal Dagli, an economic jour- However, the recommendations of the Dagli panel, including a request to harmonize the defi- Reduced transparency in official statis-
fied description from or to any specified person nalist, to suggest ways to reform the system of con- which were made public in 1979, stopped short of nitions of AI across surveys and align with tics is perhaps the most troubling aspect of
or class of persons.” The ability of companies to trols and subsidies. It was one of the early steps recommending the economic reforms that were cutting-edge research, is especially valua- disbanding the FESAC. Cutting off agency
raise funds as well as have the freedom to use them taken by finance minister H.M. Patel to reconsider launched in 1991. Its focus thus was on making the ble at the early stages of data collection. staff from external advisers creates an envi-
was restricted in May 1943 through restrictions the entire way the Indian economy had been man- existing system less onerous rather than totally The growth and employment effects of AI ronment where political interference
on capital issues. aged over the previous few decades. replacing it. are pressing questions facing the economy, could occur easily—and go undetected.
The shortages during the war led to a sharp Many parts of the Dagli committee report are The 1991 reforms did away with all sorts of and external experts are crucial for the With political officials such as Lutnick
increase in prices. The government then gave itself still worth reading today. It noted, for example, controls on investment, trade and prices. How- generation of high-quality data. arguing publicly that GDP should exclude
the power to control prices of items of mass con- that the authorities imposed controls without ever, even more than three decades later, there is Enhancing official economic statistics government spending, it is especially
sumption such as cloth. An early attempt to thinking enough of the administrative machinery an entire web of regulations that impose immense under budget constraints often requires important to have independent experts.
de-control prices in 1947 failed as inflation began needed to implement them. A multiplicity of con- burdens on companies, especially the smaller creative approaches. At its meeting last The FESAC is not alone. By executive
to climb once again, and price controls were trols, with multiple objectives, often neutralizing ones. Not all these are under the Union govern- June, the panel discussed using private- order, the administration is ending several
quickly re-imposed. Many of these powers that the each other, could lead to contradictory orders that ment. Many of the most onerous regulations are sector data to create statistics on regional advisory panels in the federal government
colonial government had created for itself for the increase the discretion—and hence the scope for within the ambit of various state governments. employment and other outcomes. There is while reducing transparency and technical
war effort were adapted for the planning era. corruption—in the administration. A lot of eco- Current attempts at deregulation in India will considerable demand among businesses resources for agencies. It’s a short-sighted
As the first Five Year Plan document released in nomic legislation was no longer relevant but con- thus have to target constraints on firms at all and local governments to have timely geo- approach that could undermine essential
1951 noted: “To some extent, overall control tinued to remain in the law books. Some controls levels of government. graphic detail, but it is cost-prohibitive government services. ©BLOOMBERG

MY VIEW | EX MACHINA

Our quest for food security must rely on green solutions

RAHUL MATTHAN to keep their cell metabolism going. How-
ever, it doesn’t take more than a few hours
describes the evolution of this technology
and how we used it to limit spoilage. She
the world’s hungry live, there are far fewer
such facilities. As a result, between a third to
cold chains to solve the global hunger crisis,
we must acknowledge that this will come at
before they burn through most of these describes the massive modern cold chains half the food that they produce spoils before a significant cost to the climate.
stores, weakening their external defences. we depend on for everything we eat today, it gets to those who need it. If we want to find Despite the success of refrigeration, we
This is the opening that bacteria and other pointing out that it is thanks entirely to these a solution to the challenge of global hunger, haven’t stopped experimenting with other
microbial organisms need to launch an cold-storage facilities (artificial cryo-spaces this is the essential problem we need to preservation techniques. As a result, there

P
aul Ehrlich’s 1968 bestseller, The Pop- attack on them and those stores of energy. so large that, if aggregated under one roof, solve. We need to find a way to prevent the are a number of other post-harvest solutions
ulation Bomb, opened with an apoca- Within days, fungi cover them completely, they would create a third food that these countries for extending the consumable life of fruits
lyptic vision of humanity’s near future: overwhelming their defences and consum- polar ice-cap) that we are produce from spoiling and vegetables. For instance, Apeel Sciences
“The battle to feed all of humanity is over. In ing them entirely. able to sustain our massive The obvious before it gets to the plates has developed a nanoscale coating that is so
the 1970s, hundreds of millions of people For millennia, human beings have used urban populations. This, in of those who need it. precisely permeable that it slows down the
will starve to death in spite of any crash pro- different techniques to preserve food so that turn, makes it possible for path of scaling Based on what has passage of oxygen, carbon dioxide and water
grams embarked upon now.”
Few have been more wrong. Today, we
it can survive after it has been harvested. We
have pickled, salted, cured and chemically
food to be cultivated at
great distances away from
up refrigeration worked so far, one might
think the answer is to build
vapour into and out of harvested fruits and
vegetables so that they breathe as slowly as

is a partner at Trilegal and the

produce more than enough to feed every
person on the planet, and if we still have food
treated it, ever walking the fine line between
preserving nutrients and ensuring that it
where it is ultimately con-
sumed and safely make the
poses climate cold chains similar to those
that sustain the Global
possible while remaining hydrated. This
retains essential moisture inside the har-
author of ‘The Third Way:
India’s Revolutionary Approach
insecurity in some corners of the planet, it is
because we haven’t yet learned to deal with
remains edible. Of all the techniques we
have deployed, by far the most effective has
long journey from the farm
to the fork. But for this,
risks that new North. There is, however,
one additional factor to
vested produce while keeping harmful oxy-
gen out. In laboratory conditions, this solu-
to Data Governance’. His X spoilage. If we can preserve all the food we been refrigeration. modern cities simply could approaches consider. Refrigerating tion has been shown to quadruple shelf life,
handle is @matthan. produce till it gets to those who need it, we Low temperatures slow the growth of not exist. equipment currently preserving produce as well as current refrig-
would easily be able to feed the millions who microbes. It makes them sluggish, delaying As impressive as all of can eliminate accounts for more than 8% eration techniques.
still go hungry. That we cannot, despite the the decomposition they bring about. It places this sounds, these preser- of global electricity usage We may have reduced temperatures to
technological progress we have made, is one food in a state of suspended animation that vation successes conceal and cold-storage compa- slow down the normal pace of decomposi-
of the tragedies of the modern age. allows it to retain its freshness for longer than deep inequities. Most of the world’s cold nies are, as a class, the third highest indus- tion for over a century-and-a-half, but that is
Freshly harvested food has a limited lifes- would otherwise have been possible. While chains cater to the needs of the developed trial consumers of power in the world. While not the only way to keep things fresh. If we
pan. Take vegetables, for example. From the we have known about the preservative prop- world. They are devoted to ensuring that the refrigerants used in these systems are are to achieve our goal of ending food inse-
moment they are separated from the roots erties of the cold for centuries, it is only rela- restaurants and supermarkets in the Global much safer than they used to be, if they leak curity while protecting the planet, we need
and leaves that provide them with water and tively recently that we’ve been able to deploy North are stocked with more than they can into the atmosphere, they can have a much to think beyond building more refrigerators
energy, they turn upon the stores of energy it reliably at scale. consume. greater impact on global warming than car- and better freezers. We need to focus on
within their cells in a cannibalistic attempt In her book Frostbite, Nicola Twilley In developing countries, where most of bon dioxide. If we are going to build more designing smarter surfaces.
16 WEDNESDAY, 19 MARCH 2025
NEW DELHI BUSINESS OF LIFE SMART LIVING LIVEMINT.COM

Apps to divvy up bills

PHOTOS FROM ISTOCKPHOTO

do more than just that ISTOCKPHOTO

SPLIT THE
DIFFERENCE AI TRACKER

Two stories of
Indian users are increasingly looking
for apps that integrate with UPI
and provide better localization.
Group expense management is

AI transforming
just the beginning—these startups
aim to build broader personal
finance tools.

healthcare
SPLITKARO
No entry limits; no ads, UPI-based
tracking in ₹125/month premium plan

MERIS
Gen Z-friendly design, iOS-first
approach, plans for Android launch
In other AI news this week, the Chinese
AI model war hots up with Baidu’s Ernie
SPLITSHARE
Upcoming app with a free model,
aiming to disrupt the space Team Mint
[email protected]

expense tracking via UPI and transaction alert HUMAN NURSES PUSH BACK
SMS integration. Currently, less than 2% of If you are due for a medical exam in the US you may get a call from
users opt for the paid plan, which costs ₹125 per ‘Ana’, who has been trained to put patients at ease like most
month or ₹450 annually. The startup is boot- nurses. But unlike them, she is also available to chat 24-7 in multi-
strapped. Mishra says they avoided institutional ple languages, from Hindi to Haitian Creole, reports AP. Ana is
funding after seeing similar apps struggle under an artificial intelligence program created by Hippocratic AI, one
investor pressure. Splitwise has over the years of a number of new companies offering ways to automate tasks
received a total of $30 million in VC funding, as like monitoring vital signs, flagging emergency situations and
per Tracxn, a global startup data platform. triggering action plans for care. But nursing unions argue that AI
“It’s tough to get people to pay for utility apps, is overriding nurses’ expertise and degrading the quality of care.
but we’re betting on it. Group expense tracking Groups like the US National Nurses United have organized more
is just the start—we want to be the go-to app for than 20 demonstrations at hospitals, pushing for the right to have
For the many challengers it’s more than that—it’s a cultural phenomenon. and puts it on the entire group.” As a product personal finance. The WhatsApp for money,” say in how AI can be used and protection from discipline if nurses
It appears in travel reels, fuels tweets linking leader, however, Bansal sees its flaws. The first Mishra adds. decide to disregard automated advice.
to expense-sharing app credit scores to unpaid Splitwise debts, and issue is with group creation itself—it’s not intui- Devansh Gajjar’s journey to building Meris
inspires Spotify Wrapped-style spending analy- tive. The premium upgrade prompt is another (Greek for ‘a portion’ or ‘division’) follows a
Splitwise, the real hurdle sis among users who assign a personality type to frustration. It appears when adding multiple familiar pattern. “It didn’t make sense to pay a
to its dominance isn’t their friends based on how they use the app. expenses in a row, forcing a 10-second delay
Its popularity persists despite major payment before the next entry. Free users are also limited
premium to split expenses, so my friends and I
decided to create our alternative,” says the
building a better app but platforms like Google Pay incorporating group to just four or five entries per day. “Forcing
bill splitting features. Even with its limitations, every user through the same friction threshold
product designer, currently associated with an
international company on contract as a product
marketing it to users which have driven some users to seek alterna- is a bad idea,” says Bansal. Tracking expenses designer. Originally built for personal use,
tives or develop other solutions, Splitwise con- among flatmates is a regular activity, while Meris was co-founded by Gajjar, Pranshu
tinues to be the top choice for Indian Gen Z and group trips are occasional. Yet, the app throws Khanna, and Harsh Mehta less than a year ago.
Shephali Bhatt millennial roommates, co-workers, couples, the same restrictions at both sets of users. The “When we announced it on Twitter (X), 300-
and travel buddies. real problem, says Bansal, is that “there’s just 400 people joined the waitlist within two

W
[email protected]
Shreevar Chhotaria, 27, has been using Split- not enough value behind the paywall.” weeks,” he recalls. A few months later, they
hen Sneha Prabhu wise since 2017 when he was a college student Splitwise did not respond to Mint’s queries, secured approval to launch on Apple’s App
posted a personal anec- in Pune, sharing a rented apartment with five and there is no public data on how many users Store. Meris is not available on Android yet due
dote on X two months friends. “Every expense went on the app—gro- subscribe to its paid service, Splitwise Pro. Mint to approval delays, says Gajjar.
ago with a screenshot of a ceries, house help sal- spoke with more than While acknowledging Splitwise’s role in cre- TRANSFORMING BIG PHARMA WITH AI?
complicated and person- aries, group trips. six Splitwise users ating the market, Gajjar sees Meris as the next Cambridge, UK-based laboratory Reactwise has secured $3.4
alised expense calculation between her friends, Splitwise was like our “It reminds me of the group trips across geographies, all step. “We are the Slack to their Microsoft million in funding to enable AI-driven robotic laboratories and
she didn’t expect the post to blow up the way it seventh roommate,” I took, where and what we ate, on the free version. Teams,” he says. Atharva Kharbade, an early speed up pharmaceutical manufacturing, it announced in a press
did. At last count, her post had over 500 quotes, says the marketing Only one had a Pro Meris user from Bengaluru, appreciates its Gen release and said that the round was backed by investors “commit-
nearly all saying the same thing: “Have your professional. It helps even the day we bought our user in their circle. Z-focused design. “Besides the usual paywall ted to advancing AI-driven, sustainable pharmaceutical manu-
friends heard of Splitwise?” sidestep the awk- first microwave back in college” As its issues become issues, I find Splitwise’s payment reminders too facturing”. The discovery of novel pharmaceuticals is one of
Founded in 2011 by Jonathan Bittner, Mar- wardness of asking more apparent, some aggressive, whereas Meris takes a gentler humans’ biggest weapons against disease, said the company, but
shall Weir and Ryan Laughlin, Splitwise is a people to pay up. “I’d users are turning to approach. Even its slogan reflects this ethos: the drug development pipeline is long and complex. Reactwise
US-based expense sharing platform with over 10 just say, ‘Clear my Splitwise,’ instead of saying building and using homegrown alternatives. Divide bills, not friends,” he says. says its AI-powered models learn from historical data, cutting up
million Android downloads globally (data for ‘You owe me money’,” he says. Avinash Mishra co-founded Splitkaro with Praveen Nagaraj, an Indian-American soft- to 95% of experimental work and accelerating workflows 30x.
iOS downloads was not available). The app Over the years, Splitwise has become more Bhuwan Bharat in 2022 after years of urging ware engineer, plans to launch SplitShare, a
allows users to log shared expenses, track indi- than just an expense tracker for Chhotaria. “It Splitwise to improve certain features. “In a way, Splitwise rival, in Q2 2025. Announcing it on X BAIDU’S NEW, FREE AI MODEL
vidual contributions and settle debts without feels like a memory log now,” he says. “It Splitwise pushed us to build Splitkaro because last week, he called Splitwise outdated and Chinese internet search giant Baidu released a new AI reasoning
the hassle of manual calculations. reminds me of the group trips I took, where and they never responded to my letters of user feed- overpriced for basic features. model and. Baidu’s Ernie X1 reasoning model— which the com-
Prabhu’s now-viral post—nearing a million what we ate, even the day we bought our first back or fixed their issues,” says Mishra, a former New alternatives may seem promising, but pany claims performs similarly to DeepSeek’s but at lower cost—
views—indicates that Splitwise is perhaps the microwave back in college.” software engineer and product designer at Mak- Splitwise dominates mindshare. Bansal believes and a new foundation model, Ernie 4.5, were available via its AI
go-to app for expense tracking among young Splitwise has made trip planning easier for eMyTrip. Splitkaro has over 50,000 monthly people simply haven’t found a strong enough chatbot Ernie Bot. Baidu also made the models free to use, more
urban Indians. Between December 2024 and Gauri Bansal, a product and strategy manager at active users (MAUs), he claims. Bengaluru leads alternative. On a trip with European friends, she than two weeks ahead of schedule. Previously, users had to pay
February 2025, India accounted for 13.71% of a consumer internet company. A user for nearly in user base, followed by Delhi, Mumbai, and used Splitser, a Dutch equivalent, and found it a monthly subscription to access the company’s latest AI models.
the platform’s website traffic—the second-high- a decade, she, too, discovered the app in college. Hyderabad. It also has users in the US, he adds. worse. For these challengers then, the real hur- The Beijing-based company was one of China’s first to roll out a
est after the US, which led with 32.4%, accord- “I wouldn’t take on the role of organising group What makes Splitkaro better? “No limits on dle isn’t just building a better app, it would be generative AI platform publicly, in 2023, but rival chatbots from
ing to data from analytics firm Similarweb. trips without the app,” she admits. “It takes off expense entries, no ads,” Mishra says. The pre- marketing the app to users already accustomed companies such as ByteDance and Moonshot AI have gained
But a cursory glance at social media reveals the burden of accountability off the individual mium version offers analytics, automatic to Splitwise’s flaws and strengths. more users.

REVIEW | INSTA360 FLOW 2 PRO

Keep your photography smooth with this handy device

A gimbal is a hand-held them as the smaller, consumer-friendly modes: Follow (keeps the roll axis fixed), gimbalfeaturesacrossmorethan200cam-
versions of tripods—sturdy enough to PanFollow(keepsthetiltandrollaxisfixed era apps on iOS, including the default app
stand that steadies your accommodate the biggest smartphones forpanningshots)andFPVmode(allthree on all iPhones. Android users should ide-
phone, and the Insta360 around yet small enough when folded for axes move, allowing for point of view or ally default to the Insta360 app, and that’s
portability. The principle is the same—a drone-like movements. Or the Free Tilt oftenbeenmychoiceontheiPhoneaswell
Flow 2 Pro is among the smartphonegimbalisahandheldmechan- mode,which lets youfreely tiltthe camera simplyonaccountoftheinsanenumberof
top ones out there ical stabilizer that stabilizes your phone
across three axes, smoothening out the
upanddowntocaptureeverythinginasin-
gle,continuousshot,rightfromalowpets-
featuresitunlocksandhoweasyitistouse.
Now, while footage captured via the
jerky movements associated with a shaky eyeviewtoanoverheadshot.Ontheother iPhone 16 Pro Max and the Pixel 9 Pro XL
Tushar Kanwar hand or a bumpy gait. Now, even if you’re sideofthehandleisatrigger-stylebutton— mounted atop the Flow 2 Pro was
[email protected] out running, hiking or just walking, gim- single tapping it turns subject tracking on extremelysmooth,evenwhenIwasouton
bals like the Flow 2 Pro can help make andoff,doubletappingresetsthephoneto uneven ground or running on a flat road,

I
t wasn’t that long ago that perfectly sta- smoothpanningshotsandcinematicvideo a level central position and triple-tapping it’s the subject tracking that impressed me
blehighresolutionvideocaptureusedto effects accessible to everyone. Well, spins the phone around, so it quickly faces more. Drag your finger across a person or
bethepreserveofdolly-mountedmovie almost… but we’ll get to that later. theoppositedirection.Evenifnoneofthese object in the app’s live view until it is
cameras in the hands of professionals. In its folded state, the Flow 2 Pro is controlsandmodesmakesensetoyouright selected, and the Flow 2 Pro keeps the
Today,smartphonecamerashavestepped remarkably small and fits easily into jacket now, the Flow 2 Pro setup process on the selection in frame, even if you move the
right in with gorgeous 4K video, but even pockets or the smallest of bags. Despite Insta360appwalksyouthroughadetailed phone and gimbal.
with refinements in image stabilization, beinglightweight(350g),buildqualityand tutorial, guiding you through the various Not only does it quickly follow you
they’re still left wanting when it comes to weight distribution with a smartphone buttons and dials, as well as many of the around the room, it’s also smart enough to
buttery smooth video footage and sweep- attached is excellent, and the hinges, anti- gimbal features. reacquire the subject after losing track for
ing cinematic shots. This is where smart- sliphandleandbuttonsallfeelpremiumin Now, while there’s nothing stopping amoment,sayifyouduckbehindawalland
phonegimbalsliketheInsta360Flow2Pro use. Untwist the hinge and the Flow 2 Pro A gimbal is a handy accessory to content creation. AndroidusersfromslappingtheirGalaxies then return a few seconds later—the app
(₹15,990) come in. You could look at alter- snaps into action, and all you have to do is and Pixels onto the Flow 2 Pro, Insta360 will continue tracking without having to
natives from Zhiyun Smooth and Hohem secure your smartphone in the clamp, peppered all over, from the built-in tripod toactasaselfiestick.Andthecoolestbit—if makes it clear at various points that the reselectthesubjectandpotentiallyruinthe
iSteady series, but the most credible com- which magnetically attaches to the gimbal legsthatcanbepulledouttostandthegim- you’re running low on phone battery, the devicewasmadeprimarilywiththeiPhone shot.
petitor in the space is the newly launched arm with a satisfying clicking sound. And bal upright to the small convex mirror on gimbaldoublesupasanemergencypower inmind.NotonlyisthereanoptionalMag- Coupled with the gesture controls to
DJI Osmo mobile 7P (although the sinceit’smagnetic,youcanquicklyremove thephoneclampwhichletsyoutakehigher bankviathebuilt-in1100mAhbattery.Bat- Safeadapterthatyoucanattachtothegim- start/stoprecording,activatesingle-person
Insta360 outshines in terms of features/ your phone if you want to check your resolution videos and selfies via the rear tery life, at roughly 10 hours of use, is bal so that your iPhone attaches directly or multi-person tracking, just these fea-
capabilities even though it is marginally socials or post a quick video without camera.Thegimbalevenhasatelescoping acceptablegiven its portability. Controlof (sans clamp), but the device is also among tures alone will close the deal for content
pricier). unclamping the mount. handlewhichextendsouttoamaximumof the gimbal arm is via the joystick and the the first gimbals to support Apple’s Dock- creators and solo adventurers looking to
Okay, but what are gimbals? Think of There are thoughtful design decisions 8.3inches fromthe base, when youneed it controlring,anditstabilizesinoneofthree Kit technology, which opens up native pick this gimbal up.