Corporate Developments - Newspaper Summary

 The sources reveal a complex and dynamic landscape in India during October 2025, characterized by significant corporate fundraising and restructuring, a recalibration of trade policy reflecting geopolitical necessities, and rapid regulatory evolution focused heavily on digital finance, safety, and self-reliance (Make in India).

Here is a discussion of Corporate Developments and Trade within India’s Economic and Regulatory Landscape:

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1. Major Corporate Developments and Investment Activity

Corporate activity in October 2025 shows robust fundraising ambitions, particularly in infrastructure and financial services, alongside strategic restructuring aimed at market capture and capital efficiency.

Financial Markets and Fundraising

• Large IPOs: The period saw major activity in public markets. Tata Capital Ltd's Initial Public Offering (IPO) of ₹15,512 crore was fully subscribed on the final day of bidding. Additionally, Canara Robeco Asset Management Co. (CRAMC) launched its ₹1,326-crore IPO, relying on its strong equity focus (91.66% of AUM) and rapid revenue growth (40.38% CAGR over FY23–FY25).
• Infrastructure Financing (Adani Group): The Adani Group is in talks with domestic and international financial institutions, including State Bank of India (SBI), HDFC Bank, Singapore's Temasek Holdings, and Japan’s MUFG and Mizuho Financial Group, to raise ₹30,000 crore for the second terminal of the Navi Mumbai International Airport (NMIA). This fundraising effort, primarily structured as debt with some promoter equity, follows the inauguration of NMIA’s first terminal.
• Fintech Funding and IPO Plans: The fintech space remains active. TPG-backed online lending platform Fibe hired bankers for a potential IPO (mid-to-late next year) aiming to raise ₹1,000 crore to ₹1,500 crore at a targeted valuation exceeding $1 billion. This move reflects a broader rush among mid-sized fintechs to tap public markets.
• Venture Capital Focus: VC firm Z47 (formerly Matrix Partners India) is prioritizing investments in AI-led wealth-tech and fintech startups, noting that wealth management is well-suited for AI due to its consultative nature.

Corporate Restructuring and Strategic Exits

• Capital Recycling in Renewables: Nasdaq-listed ReNew Energy Global Plc agreed to sell 300MW of solar projects to Singapore’s Sembcorp Industries Ltd for an enterprise value of $190 million, aligning with its strategy of capital recycling.
• Automotive Transformation (JSW Group): The JSW Group is making significant changes to its auto top deck and corporate structure, including board changes and adjusting the holding company of its component business, ahead of its planned EV and truck launch next financial year. This strategy is designed to leverage integration possibilities with its established steel business, particularly for auto components and lithium-ion batteries.
• Pharma Dealmaking Shift: Dealmaking in the pharma sector has surged, driven by companies seeking to build portfolios and reduce dependence on the volatile US generics market. However, major US-focused drugmakers like Sun Pharma and Cipla are holding back on large acquisitions despite sitting on billions in cash, due to caution regarding the US market's stringent regulations and declining generic drug prices.

2. Trade Dynamics and Geopolitical Policy Recalibration

India's trade policy shows a careful balancing act, simultaneously seeking to reduce import dependency in critical areas while easing protectionism where it benefits domestic manufacturing inputs.

Withdrawal of Anti-Dumping Measures

• India has allowed the expiry of anti-dumping duties on a range of goods from several countries, including China, Malaysia, Thailand, Vietnam, the EU, and the UK. This move is interpreted as a recalibration of trade protectionism, aimed at reducing input costs for domestic manufacturers and signalling policy flexibility toward China amidst tense relations with the US.
• Key products affected include certain auto components from China (such as axle beams), grinding media balls, and nylon filament yarn. Trade economists suggest this easing of measures occurs where domestic impact is minimal and industrial benefits (lower input costs) are high, prioritizing industrial competitiveness.

Strategic Self-Reliance and Import Management

• Rare Earth Magnets Push: Amid China's continued chokehold on supplies, the government is finalizing a ₹7,300 crore incentive scheme to boost local production of rare earth magnets, targeting 6,000 mtpa by 2030. Companies must invest at least ₹200 crore to be eligible for incentives that may equal 15% of the total investment. This initiative is crucial for strategic sectors like EVs, wind turbines, and defense.
• Steel Trade Status: Despite anti-dumping action and safeguard duties helping to curb import surges, India remains a net importer of steel in the first six months of FY26 (April–September). Imports slumped 30%, but India still buys more than it exports, primarily due to reliance on imports for certain high-grade alloy segments like auto steel and electrical steel, where domestic substitution is limited.
• Drug Import Oversight: Following lapses linked to toxic cough syrups, India's top drug regulator is implementing a digital gatekeeping measure. The Central Drugs Standard Control Organization (CDSCO) is linking 34 designated ports of entry with the Indian Customs Electronic Gateway (ICEGATE) to automate the referral of Bills of Entry and strengthen verification of foreign-sourced medical products, preventing the entry of substandard goods.

International Trade Relations

• UK-India FTA and Visas: UK Prime Minister Keir Starmer emphasized his commitment to implementing the UK-India Free Trade Agreement (FTA) swiftly, noting it is already boosting trade. However, Starmer firmly stated he would resist demands to allow more highly skilled workers from India into the UK as part of the deal, asserting that the visa situation has not changed.
• US Trade Tensions: The US-India relationship is marked by tension, particularly following the US imposition of an extra 25% tariff on Indian goods. This geo-economic challenge, potentially driven by US demands for access to India’s agricultural market, complicates India's attempt to normalize trade relations with Beijing.

3. Regulatory Landscape and Digital Governance

The regulatory environment is intensely focused on digital innovation, financial inclusion, consumer safety, and anticipating future technological threats.

Digital Finance and Security

• Fintech Regulation: RBI Governor Sanjay Malhotra mandated that fintech companies design products that are accessible, inclusive, and tailored for underserved populations. The RBI is also advancing the digital economy through key infrastructure, including the conceptualization of a Unified Markets Interface (UMI) for asset tokenization and settlement using wholesale Central Bank Digital Currency (CBDC).
• UPI Fraud Prevention: The National Payments Corporation of India (NPCI) phased out the “collect request” option for peer-to-peer UPI transactions starting October 1, 2025, to combat financial fraud. This change requires deliberate action by the payer, strengthening the security framework.
• Quantum Computing Threat: SEBI is proactively preparing India's markets for the existential threat posed by quantum computers, which could break current encryption standards. SEBI is working toward a quantum-safe computing system by 2028 or 2029.

Competition, AI, and Innovation

• AI Regulation Approach: The Competition Commission of India (CCI) is studying AI’s impact on fair competition, specifically addressing risks like algorithmic collusion and data concentration. India's strategy is pragmatic and incremental, favoring the use of regulatory sandboxes, pilots, and self-audit frameworks over rigid legislation, in order to foster innovation while mitigating risks posed by global tech gatekeepers.
• Telecom Regulatory Concerns: Bharti Airtel’s MD Gopal Vittal flagged concerns regarding increasing regulatory overreach in the telecom sector, arguing that mobile network operators face a disproportionate regulatory burden compared to other players in the digital ecosystem, such as Over-The-Top (OTT) communication apps.

Promoting Indigenous Technology

• Swadeshi Tech Push: Following the policy agenda of building indigenous social media platforms, enterprise software company Zoho has made a big bet on consumer technology, launching its messaging app, Arattai, which received viral attention from government ministers. This effort is linked to a broader desire to avoid "digital colonisation" by global tech giants.
• Make in India Mandate: Prime Minister Narendra Modi renewed his push for Make in India across sectors like semiconductors, mobiles, and electronics, assuring investors that the government is accelerating the pace of reforms.