JSW MG Motor, the JV between China’s SAIC Motor and India’s JSW Group, plans to invest up to Rs40bn ($441m) over the next few years to raise capacity at its Halol plant in Gujarat. The investment is expected to raise the Halol site’s current annual capacity from 110,000 units to 300,000 units. Managing director Anurag Mehrotra said in an interview reported by Bloomberg that the funding will modernise the facility’s paint and body shops and support a series of new hybrid and electric vehicle launches. T ...

Group 1: Bharti Enterprises - Bharti Enterprises is one of India's foremost first-generation corporations with interests in telecom, space communications, digital solutions, real estate, and hospitality [3] - Sunil Bharti Mittal, the Founder and Chairman, has received the Padma Bhushan, one of India's highest civilian honors [4] - Mittal is involved in global trade and investment initiatives and has served on various councils and forums, including the Prime Minister of India's Council on Trade and Industry [5][37] Group 2: Tata Trusts - Noel Tata serves as Chairman of Tata Trusts and has been associated with the Tata group for over 40 years [8] - Tata International Limited, under Noel Tata's leadership, grew from a turnover of USD 500 million to over USD 3 billion [9] - Tata Group companies include Trent Limited, Tata International Limited, Voltas Limited, and Tata Steel [8][9] Group 3: HCLTech - HCLTech is a leading global technology company with a market capitalization of $55 billion [14] - Roshni Nadar Malhotra, the Chairperson, has received France's highest civilian award and has been featured in Forbes' 'The World's 100 Most Powerful Women' list [15] Group 4: JSW Group - JSW Group, led by Sajjan Jindal, is a $12 billion infrastructure conglomerate and India's largest steel producer [19][20] - JSW Steel has overtaken Tata Steel, and the group also includes JSW Energy and JSW Cement [20] Group 5: Hindustan Unilever - Hindustan Unilever Limited, led by CEO Priya Nair, reaches nine out of ten households in India [23] - Priya Nair previously oversaw a €13 billion business in Beauty & Wellbeing at Unilever [24] Group 6: Kotak Mahindra Bank - Kotak Mahindra Bank, founded by Uday Kotak, has become one of India's leading diversified financial services conglomerates [26][27] - Uday Kotak stepped down as Managing Director & CEO in September 2023 but continues to influence the banking sector [26][28] Group 7: Legal and Political Influence - Abhishek Manu Singhvi is a distinguished jurist and senior advocate, serving as a Member of Parliament [30][31] Group 8: Groww - Lalit Keshre is the CEO of Groww, overseeing product and customer experience [33] Group 9: Narayana Health - Dr. Devi Prasad Shetty is the Founder and Chairman of Narayana Health, known for making affordable healthcare a reality in India [35][38]

Group 1 - Volkswagen Group has reduced its planned spending on the India electric vehicle (EV) platform from approximately $1 billion to about $700 million, indicating a cautious approach to capital deployment in the region [1] - The company is seeking a domestic partner to share costs and risks, as previous negotiations with Mahindra & Mahindra have collapsed [1][2] - Volkswagen's Indian unit has only secured about 2% market share after nearly 20 years in India, leading to reluctance in committing further capital without a partnership [2] Group 2 - Skoda Auto Volkswagen India is in discussions with several potential local partners, including a local contract manufacturer, to unlock additional internal funding [2] - The group has also explored cooperation with JSW Group, the Indian partner of China's SAIC Motor, as part of its strategy to find a local collaborator [3] - Stricter domestic carbon-emission regulations expected to take effect in 2027 are pushing automakers towards lower-emission and electric models [3] Group 3 - Volkswagen's first EV is not expected to launch before 2028, prompting the company to consider interim measures such as importing electric models if trade agreements between India and the EU allow [4] - The reduction in investment in India reflects a broader trend of international automakers exercising caution in balancing capital deployment across India, China, and Western markets [4] Group 4 - Despite being described as a crucial market outside Europe, Volkswagen's efforts in India have not translated into a significant market share, with local brands like Maruti Suzuki and Tata Motors dominating the cost-sensitive market [5][6] - The Skoda brand's compact SUV Kylaq, launched in November last year, has started to gain traction among local buyers, indicating some potential for growth [5]

Core Insights - Volkswagen AG has reduced the cost of developing electric vehicles (EVs) for the Indian market to approximately $700 million from the previous estimate of $1 billion, reflecting a strategic shift in its investment approach due to low market share of around 2% after nearly two decades of operations [2][10][12] - The company is actively seeking domestic partners, including discussions with an Indian contract manufacturer and the JSW Group, to share investment and risks, especially after previous talks with Mahindra & Mahindra collapsed [1][3][10] - Volkswagen's India-specific EV launch is anticipated in 2028, with the company also considering short-term alternatives such as importing electric cars if trade agreements between the EU and India facilitate such shipments [5][10] Investment Strategy - The cost-cutting measures are part of a broader recalibration of investments by global automakers across various markets, including India, China, and Western regions [7][12] - Despite significant investments over the years, Volkswagen has struggled to gain substantial market share in India, where local competitors like Maruti Suzuki and Hyundai dominate with affordable offerings [8][12] - The company is prioritizing a partnership model to unlock further internal funding, indicating a shift towards collaboration in a challenging market environment [10][12] Regulatory Environment - With stricter carbon-emission norms set to take effect in India by 2027, car manufacturers are under increasing pressure to transition to cleaner technologies [4][10] - Volkswagen's strategic reset aims to maintain relevance in one of the fastest-growing automotive markets while addressing rising investment pressures and the need for cleaner mobility solutions [9][12]

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of 17.3 trillion and operating profit of 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][2] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit for POSCO improved from 322 billion in Q4 of last year to 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but the average selling price dropped, leading to a decrease in revenue [8] - In rechargeable battery materials, losses narrowed sharply quarter-over-quarter due to increased cathode sales volume and a price rebound in lithium operations [2][10] - POSCO E&C faced significant one-time costs of 288.1 billion due to the Shenzhen incident, with an additional 230 billion expected in Q4 [10][64] Market Data and Key Metrics Changes - The domestic steel market demand is slowing, with imports flooding the market prior to the AD ruling, impacting sales prices [8][20] - Overseas steel profits are expected to decline moderately due to poor performance in Mexico and India, while steady performance is anticipated in Indonesia and Vietnam [9][10] - The lithium market is projected to see increased demand, with expectations of 14 million EVs next year, leading to a potential increase in lithium prices [51][52] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][31] - Future investments will prioritize environmental projects and overseas capacity additions, particularly in high-growth markets like the U.S. and India [30][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities of external uncertainties affecting the operating environment and expressed optimism for a recovery in steel profits in 2026 [1][9] - The company is preparing for the implementation of the EU's Carbon Border Adjustment Mechanism and is actively developing strategies to mitigate its impact [21][22] - Management expects to return to normal profitability levels in POSCO E&C by next year after accounting for one-time losses [10][64] Other Important Information - POSCO Group has restructured seven projects, generating 400 billion in cash, and completed 63 projects since early 2024, generating 1.4 trillion in cash [7] - The company is committed to enhancing safety measures and has launched a task force to improve workplace safety [4][5] Q&A Session Summary Question: Steel market outlook for Q4 and anti-dumping effects - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately, but they expect some positive effects from the real estate market in late Q4 [19][20] Question: Response to carbon-related costs and EU regulations - Management acknowledged the potential increase in costs due to the EU's Carbon Border Adjustment Mechanism and emphasized ongoing communication with the EU to address uncertainties [21][22] Question: Update on Alaska LNG project and its impact - The project is under review, and if realized, it could supply about 300,000 tons of steel, with operations expected between 2026 and 2028 [24] Question: Mid to long-term steel strategies - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while focusing on new growth areas [28][30] Question: Update on lithium operations and market demand - Management reported that ramp-up for lithium operations is expected to be completed by early next year, with anticipated increases in lithium prices and demand [55][59]

Group 1 - Volkswagen Group has reopened discussions with JSW Group, led by Sajjan Jindal, regarding a potential joint venture to enhance its presence in India [1] - JSW would manage local operations through its mobility unit, JSW Auto, and leverage technology and vehicle platforms from Volkswagen and SAIC Motor [1] - The discussions are in early stages, with commercial terms yet to be established, as Volkswagen explores new business opportunities in the dynamic Indian market [2][3] Group 2 - A partnership with JSW would mark a significant escalation of Volkswagen's ambitions in India, where it has been a relatively minor player despite over 20 years of operation [3] - The renewed talks with JSW come after a slowdown in discussions with Mahindra & Mahindra, which had been ongoing for approximately three to four weeks [4] - In February of the previous year, Volkswagen and Mahindra signed an initial supply agreement for components of Volkswagen's MEB electric platform for use with Mahindra's INGLO platform [4]

Chinese state-owned auto firm SAIC Motor is set to reduce its 49% shareholding in its Indian joint venture (JV), amid ongoing geopolitical tensions between China and India, as reported by Reuters, citing sources. The reduction in stake by SAIC follows India's 2020 regulatory changes that curtailed investments from neighbouring countries, which was largely interpreted as a counter to Chinese capital inflows. A border conflict in the same year escalated tensions between the two nations. Despite diplomatic ...

Industry Overview - India's mergers and acquisitions market has reached nearly $41 billion in 2025, driven by significant deals from major players like Reliance, JSW Group, and Tata Sons [1] - Private equity activity in India is at its highest level in over a decade, with global investors and sovereign funds actively seeking opportunities alongside influential Indian conglomerates [1] Company Expansion - Navatar, a leader in AI-powered CRM for private markets, is expanding its operations in India with a dedicated local office and founders of Indian origin, providing deep market insights and necessary technology for Indian dealmakers [2] Technology and Features - Navatar's CRM integrates seamlessly with Outlook and Salesforce, automating data capture and transforming daily activities into structured intelligence without manual entry [4] - The platform is built on Salesforce and integrated with Microsoft Copilot, offering enterprise-grade AI and privacy safeguards to ensure client confidentiality [4] - AI-driven features include automated intelligence capture, deal origination and sourcing, buyer-seller matching, document intelligence, fundraising LP intelligence, and real-time workflow insights [7] Market Impact - As global capital flows into sectors such as healthcare, consumer goods, renewables, and technology, Navatar provides the infrastructure for Indian dealmakers to scale their operations confidently [5] - Hundreds of leading firms worldwide already utilize Navatar to enhance their competitive edge in winning mandates, deepening relationships, and closing deals more efficiently [5]

Core Viewpoint - Indian banks are considering entering the mergers and acquisitions (M&A) financing space, which has traditionally been dominated by foreign banks, and are seeking regulatory changes to facilitate this move [3][4][8]. Group 1: Regulatory Changes and Guardrails - The Indian Banks' Association plans to formally request the Reserve Bank of India (RBI) to allow banks to finance M&As, indicating a shift in regulatory stance [3][5]. - There is a need for specific guardrails and regulatory changes to ensure that banks can safely engage in M&A financing, including adherence to credit underwriting norms and compliance standards [5][6][17]. - Concerns about monopolistic practices arising from M&As can be addressed through the existing framework of the Competition Commission of India [7][10]. Group 2: Market Opportunities and Competitive Landscape - The argument for allowing M&A financing is based on the need to provide products that Indian companies require, as foreign banks are already capitalizing on this opportunity [8][9]. - The current prohibition on M&A financing is seen as a disadvantage for Indian banks and companies, limiting their competitiveness in the global market [15][18]. - The RBI currently permits banks to finance offshore acquisitions, suggesting a potential pathway for onshore M&A financing in the future [16][17]. Group 3: Historical Context and Current Practices - The reluctance of banks to finance M&As stems from historical events, such as the 1991 securities blowout, which led to a cautious regulatory environment [10][21]. - Despite the restrictions, banks are already financing acquisitions through the corporate insolvency resolution process, indicating a level of engagement in M&A activities [19][20]. - The existing capital market exposure of banks has increased, highlighting the evolving landscape of financing options available to them [13][14]. Group 4: Risk Management and Due Diligence - M&A financing is viewed as a lending risk similar to other types of loans, dependent on the future cash flows of the merged entity [15][22]. - The importance of independent due diligence processes and robust risk management practices is emphasized as essential for banks entering the M&A financing space [23]. - Proposed measures for risk management include setting exposure caps, applying higher risk weights for M&A loans, and ensuring transparency through separate disclosure norms [22][23].

Industry Collaboration - Chery 将向 Sajjan Jindal 的 JSW 集团提供技术和组件，助力其在印度推出新能源汽车品牌 [1] - 目标是在 2027 年前在印度推出新能源汽车品牌 [1]