AGP Executive Report

Clean Energy M&A: Inox Clean Energy has agreed to acquire Vena Energy India’s 6 GW renewables portfolio (1.2 GW operational, 1.8 GW near-commissioning, 3 GW development), taking Inox’s operating base to ~4 GW and its pipeline beyond 12 GW. Trade & Manufacturing Push: Commerce Minister Piyush Goyal says India aims to operationalise nine FTAs in 10 months and is also driving “Make in India 2.0” to identify up to 100 products for local manufacturing. Rupee & Capital Inflows: RBI kept the repo rate at 5.25% and announced steps to attract foreign capital, including scrapping capital gains tax for foreign holders of government bonds and easing forex/hedging for offshore borrowing. US-India Trade Tensions: Trump called Modi a “good friend” and signalled a deal is near, even as the US proposes 12.5% forced-labour-linked tariffs affecting India. Industrial Decarbonisation: Payal Industrial Park and Fourier will deploy hydrogen-based long-duration energy storage in Dahej to stabilise renewable-heavy grids. Agri Resilience: FAIFA urged “El Niño-ready” climate-resilient farming as extreme heat, erratic rains and soil stress threaten food security.

Renewables Deal: Inox Clean Energy agreed to acquire GIP-backed Vena Energy’s India renewables platform in a deal reported around Rs 6,000 crore, adding a 6GW portfolio (1.2GW operational, 1.8GW nearing completion, 3GW early-stage) and marking GIP’s exit from Indian green assets. Energy Diplomacy: PM Modi met Venezuela’s Acting President Delcy Rodríguez and Jaishankar also held talks, with both sides pushing expanded cooperation in energy, trade, investment, healthcare and automobiles as India looks to diversify crude supplies amid West Asia-linked disruptions. Healthcare Tech: Orange Neurosciences and Farm Native Group signed an MoU to set up India’s first AI cognitive health hub in the North East, licensing cognitive assessment and therapy platforms for multilingual care delivery. Markets & Finance: India’s gold ETFs saw their first net monthly outflow in a year (May outflow $61m) as investors booked profits after duty hikes. Policy & Industry: Government formed six working groups to identify up to 100 products for domestic manufacturing across textiles, pharma, chemicals, capital goods, energy, construction and defence-linked sectors. Urban Risk Watch: Delhi’s Malviya Nagar B&B fire that killed 21 triggered a crackdown and legal action, with authorities probing fire safety and structural lapses. Mobility & Aviation: IndiGo will temporarily suspend six international routes while keeping 1,800+ weekly international flights, citing demand softness and cost pressure. Local Circular Economy: Navi Mumbai unveiled a “Recycle Hub” roadmap, including POP idol recycling pilots and textile waste circularity plans.

Aviation Fuel Shield: India’s Cabinet approved a one-time INR100bn ($1.04bn) support package for oil marketing companies to stabilise ATF prices and curb sudden airfare spikes as West Asia-linked fuel volatility bites airlines. Coal Block Probe: A Delhi court has summoned Naveen Jindal and former coal secretary PC Parekh in the Gare Palma IV/1 coal allocation case, with CBI’s chargesheet spanning over 1 lakh pages. US Tariff Pressure: The US proposed 12.5% tariffs on India and 54 countries under forced-labour concerns, while both sides keep working on Section 301 and an interim trade framework. Clean Energy Grid Clash: Tougher power-grid rules due in April 2027 are worrying solar and wind investors, with estimates of revenue hit ranging from ~11% (solar) to much higher for wind. Digital & Telecom: Delhi withdrew its Bed-and-B&B scheme after the Malviya Nagar hotel fire that killed 21; meanwhile PM-WANI public Wi-Fi now has 3.91 lakh hotspots and 2.45 crore users. Tech, Industry & Defence: Citi CEO Jane Fraser met PM Modi on investment, AI and green energy; India also received the fourth S-400 squadron from Russia, boosting air defence. Markets & Consumer Tech: Apple agreed to share India financials with the CCI in its antitrust case; Maruti launched India’s first flex-fuel Wagon R.

Defence & Aerospace: India is set for its biggest-ever domestic drone order, with plans for over $2bn and deliveries in 18–24 months, as conflicts drive demand. Air Defence: The fourth S-400 Sudarshan squadron has arrived from Russia, with more systems cleared for acquisition and an indigenous drone-kill programme (Project Kusha) in progress. Renewables & Power Markets: Tamil Nadu issued draft renewable tariff norms up to FY2032, while SECI still has unsold capacity and noftakers for multiple solar-plus-storage and hybrid auctions. Clean Mobility & Energy Security: The Centre approved a ₹9,585 crore Delhi-NCR scheme to replace older trucks and buses and support cleaner transport, plus up to ₹10,000 crore fuel-shock support for airlines. EV & Manufacturing: Tata Motors revamped its premium EV plan for Avinya, switching to a Chery-JLR platform to speed launches; Suzlon unveiled “Suzlon 2.0” with solar, battery storage and a 10 GW sales target by FY31. Trade & Logistics: India-Oman CEPA came into force, promising duty-free access across most tariff lines; Mawani added a new Jeddah–Mundra–Djibouti shipping service. Industry & Consumer: India scrapped 11% raw cotton import duty for June–October; tyre exports hit an all-time high of ₹27,312 crore in FY26. Safety & Urban Governance: A south Delhi B&B fire killed at least 21; reports cite missing fire NOC, sealed exits and alleged overcapacity, with the owner arrested. Sportswear & Retail: Agilitas raised ₹225 crore to expand manufacturing and retail, while Skechers India picked Brandman Retail to run marketplace e-commerce operations.

Energy Storage & Renewables: Advait Energy Transitions will build a 150 MW/300 MWh standalone BESS in Gujarat after signing a Battery Energy Storage Purchase Agreement with GUVNL; it won the capacity at INR 2.10 lakh/MW/month and expects revenues above INR 450 crore, with VGF eligibility and an 18-month completion timeline. EV & Clean-Tech Manufacturing: Servotech Renewable Power System plans to invest about INR 400 crore in Haryana over 24–36 months to expand EV charger, solar, battery pack, BESS and power electronics manufacturing and warehousing under the state’s “Make in Haryana” push. AI-Driven Industry Demand: India’s AI push is lifting hiring for hardware and industrial roles, with robotics technicians, HVAC engineers and industrial automation technicians seeing sharp growth over three years. Trade & Tariffs Shock: The US proposes a 12.5% tariff on imports from India and 59 other economies under Section 301 over forced-labour enforcement gaps, as India and the US hold talks in New Delhi seeking relief and a faster interim trade deal. Macro & Cost Pressures: Bank of Baroda and ICICI Global Markets flag retail inflation risks, with food and energy driving expectations of around 5% inflation by FY27; El Niño uncertainty is also in focus. Urban Heat & Water Stress: A CSE report says most of Delhi has been heat-stressed for years, with construction, markets and schools heavily exposed; Delhi is also planning water distribution rationalisation for more equal access. Markets & Corporate Signals: India’s services PMI hit a six-month high on domestic demand, while Uday Kotak urges India Inc to focus on “the business of business” as global tech ramps up investment. Infrastructure Governance: After the Saidulajab collapse, Delhi’s CM orders a citywide audit of unauthorised constructions and accountability across levels.

Drug Bust: Mumbai police-linked operation in Gujarat seized mephedrone (MD) and chemicals worth ~₹74.76 crore, arresting a suspected mastermind and an associate after earlier MD recovery in Sakinaka. Inflation Watch: Govt approved a WPI base-year shift to 2022-23 and will release revised WPI plus new Producer Price Indices (including services) from June 15, with WPI to run for five years. Trade Talks: India and the US are “about 99%” done on the first tranche of a bilateral trade deal; remaining issues are “commas and full stops,” with Section 301 relief still a key agenda. Digital Commerce: Uber invested in ONDC to expand open mobility and logistics integrations. Manufacturing & Jobs: Hiring stayed stable in May, led by insurance; AI/ML roles and fresher hiring grew sharply, with Hyderabad leading metro growth. Public Health: South Delhi’s Gulmohar Park reported contaminated water and rising illness cases as DJB repairs pipelines. Infrastructure: Mumbai–Ahmedabad bullet train hit a third mountain tunnel breakthrough in Palghar. Energy & Industry: Avaada secured $950m financing for renewable and FDRE projects, while Trishakti plans entry into EV machinery.

India-US Trade Talks: India and the US kick off a fresh three-day round in New Delhi to finalise the first tranche of an interim bilateral trade deal, with Commerce Minister Piyush Goyal saying about 99% is done; the big sticking point is likely Section 301 tariff relief and how any new US probes could override deal benefits. EV Demand Surge: India’s EV market hit a new peak in May as fuel and CNG price hikes push buyers toward lower running-cost options; Tata leads, with Maruti, Mahindra and MG gaining momentum. Coca-Cola Listing Plan: Coca-Cola is exploring a 2027 IPO of Hindustan Coca-Cola Holdings on BSE/NSE and may sell part of its stake, as it continues an asset-light strategy in India. Industrial Growth Signal: HSBC’s India Manufacturing PMI rose to 55.0 in May, pointing to stronger output and new orders despite elevated input costs. Energy Security & Trade Routes: India and Australia stressed freedom of navigation and unimpeded maritime trade amid West Asia supply disruptions, while Assam seeks a bigger role in energy expansion. Delhi Building Safety: After the Saket-area collapse, MCD launched a crackdown on illegal construction, issuing notices and targeting flouting structures. STEM for Tribal Students: Tribal Affairs and BPCL set up 75 Space Labs in EMRS across 18 states to boost hands-on space and STEM learning for 50,000+ students.

Data Centres & AI Infrastructure: Blackstone-backed AirTrunk plans a $21.05 bn India data centre in Maharashtra’s Raigad Penn Growth Centre with 3 GW capacity, as India pushes tax breaks for foreign tech firms. Defence & Aerospace Manufacturing: India has issued a Letter of Request to France for 114 Rafale jets in a ~₹3.25 lakh crore deal; 94 are set to be built in India under Make in India, with negotiations expected to wrap within a year. Trade & Tariffs: UK is fast-tracking implementation of the India-UK FTA; India may revisit Scotch whisky tariff perks if UK steel safeguards hurt Indian exports. Energy Security & Industry: NLC India and Reliance will assess underground lignite gasification in Gujarat to boost domestic gasified fuel and cut LNG dependence. Food & Farm Risk: Uttar Pradesh wheat faces threats from rising night temperatures and shorter winters, while the government raised onion procurement prices by 24.4% to ₹15.80/kg and expanded pulse buffer stocks. Regional Connectivity: India and Myanmar agreed to deepen trade via the Rupee-Kyat mechanism and cooperate on agro-processing, energy and mining, amid border security concerns. Capital Markets: Govt issues up to 6% OFS in NHPC at ₹71/share as part of PSU disinvestment momentum.

GenAI & Digital Adoption: India ranks 5th globally for GenAI usage in the SIDE 2026 report, showing faster diffusion than earlier internet waves. Solar Supply Chain: From June 1, rooftop and open-access solar projects must use domestically made solar cells, with industry warning rooftop costs may rise. Manufacturing Pulse: HSBC India Manufacturing PMI hit 55.0 in May, a three-month high, led by stronger new orders and output despite sharp input-cost pressure. Energy Costs for Businesses: Commercial LPG prices were hiked again by ₹42 in Delhi (19-kg cylinder now ₹3,113.50), squeezing hotels, restaurants and small firms. Trade & Logistics: India-Oman CEPA kicks in today, giving duty-free access to 98.08% of Oman’s tariff lines and targeting gains for engineering, pharma, agri/processed food, textiles and more. Payments & Finance: RBI plans to expand digital rupee use for welfare payments and pilots for cross-border transactions. Tech & Consumer Electronics: Reliance Digital’s “Boot Up India” campaign pushes AI-ready laptops; Nvidia also unveiled a new Windows laptop chip for AI PCs. Markets & Real Estate: Mumbai and Pune home prices rose sharply in Jan–Mar 2026, while RBI forex reserves fell to a one-year low. Safety Watch: Major fires hit Delhi’s School of Planning and Architecture (ITO) and earlier building-collapse incidents keep safety compliance in focus.

Urban Safety & Accountability: Delhi’s Saket-area building collapse search continued after three bodies were recovered, with sniffer dogs deployed; MCD suspended two engineers over alleged supervision lapses as death toll rose to six. Industrial & Public Health Risk: Mumbai reported six suffocation injuries after chlorine gas leaked from a closed sewage plant near IIM Mumbai; fire brigade used hazmat gear and caustic soda to neutralise the gas. Energy Security: Navy Chief Admiral Dinesh K Tripathi stressed the “inseparable link” between maritime and energy security, assuring safe passage of oil tankers through the Strait of Hormuz amid drone and missile threats. Aviation Digital Push: Digi Yatra crossed 10 crore passenger journeys across 38 airports, highlighting India’s push for paperless, contactless travel. Trade & Jobs: India-Oman CEPA duty concessions start June 1, offering zero-duty access to labour-intensive exports like textiles, engineering and pharma. Power Policy: Pakistan’s energy minister denied subsidy withdrawal for “protected” electricity consumers, citing expanded coverage and QR-based eligibility. Medical Innovation: Sir HN Reliance Foundation Hospital treated a head-and-neck cancer patient using mask-free, simulationless adaptive radiotherapy with SGRT. Consumer Regulation: India’s Department of Consumer Affairs reviewed legal metrology reforms in northern states, focusing on registration-based compliance and e-Maap digital tools. Infrastructure Growth: Visakhapatnam Economic Region plan targets a global port-proximate manufacturing hub, with shipbuilding and defence-linked industry as priority sectors.

Energy & Inflation Watch: India’s finance ministry flags that fuel hikes plus a weaker-than-normal monsoon could lift retail inflation, with the Strait of Hormuz disruption still the biggest swing factor for prices and growth. Navy & Energy Security: Outgoing Navy chief Dinesh K Tripathi says maritime security and energy security are inseparable for safe tanker passage through Hormuz, citing missile/drone and shipping threats. Submarine Roadmap: Tripathi also pegs Project 75(I) first submarine induction to 2033, with AIP tech and full transfer of technology for six submarines. Defence Diplomacy: US Defence Secretary Pete Hegseth calls India a “critical anchor” at Shangri-La, while India signs/advances BrahMos deals—Vietnam confirmed, Indonesia talks near final stages. Semiconductors & Manufacturing: Nikon eyes cheaper ArF lithography via in-house components, while Intel and Odisha back a $3.3B glass substrate push—both aimed at easing AI hardware supply bottlenecks. Power Market Rules: CERC drafts DSM changes from July 1, including daily deviation pricing and new treatment for renewables and energy storage. Textiles: India waives cotton import duties from June 1 to Oct 30 to stabilize supply and costs for the textile industry. Urban Safety: A five-storey building collapses near Saket Metro in south Delhi; multiple agencies launch rescue as people are feared trapped. Transport Costs: Mumbai CNG and PNG prices rise again, pushing up daily commuting and household bills. Security Update: Delhi Police arrest an ISI-linked module tied to planned attacks across Delhi and Mumbai, with arms seized.

Hydrogen & E-fuels: CertifHy and GH2 India signed an LoI at World Hydrogen Summit 2026 to boost India’s RFNBO certification readiness for EU market access, with training and audit-readiness support. Energy prices in cities: Mumbai’s MGL hiked CNG by ₹2/kg to ₹86 and PNG by 50 paise to ₹52 per unit, citing West Asia-linked supply disruptions and higher procurement costs. Navy build-out: Finance Ministry cleared a ₹70,000 crore Project 75I plan for six conventional submarines in India using AIP, with MDL and Germany’s tkMS to build in Mumbai. Markets regulator: SEBI slapped ₹28.95 crore penalties on Suzlon Energy and promoters over misleading financial statements (FY15–FY20). Semiconductors push: NITI Aayog urged India to build a $120–150 bn semiconductor value chain by 2035, targeting advanced packaging and ecosystem scale; it also warned local supply meets only 5–10% of demand. Monsoon watch: IMD forecast southwest monsoon at ~90% of LPA, with below-normal rains risk for key agriculture zones. Infrastructure safety: A bridge under construction collapsed in Hamirpur, UP, killing six workers during a storm. Policy & governance: A report flags dilution of India’s forest and EIA-style environmental oversight through incremental amendments and administrative moves.

WTO Trade Clash: India blocked China’s first WTO move over solar PLI incentives and higher import duties on tech goods, setting up a renewed dispute panel fight. US-India Deal Push: Piyush Goyal met top US CEOs in New York, focusing on AI, finance, manufacturing, and supply-chain resilience as an interim trade deal nears. Energy Security & Shipping: India coordinated safe passage of oil tankers through the Strait of Hormuz amid Trump’s demand for “unrestricted shipping,” while officials said refineries have adequate crude and LPG supplies. Climate & Agriculture Pressure: IMD forecast below-normal monsoon (90% of LPA) with hotter June; NGT issued notices over the heatwave crisis impacting health, farming, and water. Industrial Policy: NITI Aayog roadmap calls for $120–150 bn semiconductor value chain by 2035; India also eyes isobutanol-diesel blending mandate later this year. Corporate & Markets: SEBI penalised Suzlon ₹28.95 crore over misleading financial transactions; Reliance Jio IPO timing remains unclear. Regional Business: India and Uzbekistan signed a WTO market access protocol; Myanmar President’s India visit puts border security and economic ties on the agenda.

India–South Korea Trade: CEPA upgrade talks in New Delhi ended with both sides agreeing to tackle the widening India–Korea trade deficit, and set up sub-groups on digital trade, supply chains and strategic industrial cooperation. India–Canada CEPA: Piyush Goyal’s Canada visit pushed a year-end CEPA target, with both sides aiming for “low-hanging fruit” and keeping sensitive sectors out, while also reaffirming the $50 billion trade goal. Manufacturing & Circular Economy: Loop Industries signed an MoU for its first commercial recycled PET plant in Gujarat’s Bharuch corridor, aiming to scale sustainable packaging and speed up approvals. Smartphone Policy: India is working on PLI 2.0 to lift smartphone domestic value addition to 55%+ by reducing reliance on costly imports like displays and chipsets. Engineering Exports: EEPC said India’s engineering exports rose to $10.35 bn in April 2026, up 8.8% year-on-year despite some regional shipment softness. Energy & Markets: Mixed trading in energy stocks saw Confidence Petroleum jump 7.62% while Gujarat State Petronet fell over 7%. Infrastructure & Safety: A storm-linked under-construction bridge collapse in UP’s Hamirpur killed six workers; rescue and compensation directives followed. Tech Infrastructure: Mumbai remains India’s data center leader with ~50% of capacity and 47% of new additions expected over five years. Aviation Ops: Air India’s domestic flight cuts are not expected to disrupt Vijayawada operations. Policy Macro: RBI flagged India as the fastest-growing major economy at 7.6% in 2025-26, projecting 6.9% for 2026-27.

India-Africa Pharma Trade: India supplies about 40% of Africa’s imported medicines, keeping low-cost generics flowing for HIV, TB, malaria and insulin—powered by a fragile but efficient Gulf logistics corridor. Defence Industry Shift: India’s AMCA stealth fighter programme is moving to private-sector participation, signalling a defence-manufacturing reset toward faster execution and deeper industrial competition. Renewables & Energy Buildout: India added 14GW+ solar in Q1 2026; rooftop solar is surging, while hydrogen rail takes a step forward with India’s first hydrogen-powered train cleared for Haryana. Battery Supply Chain: Pace Digitek flags plans for battery cell manufacturing and warns that rising Chinese cell prices could squeeze BESS margins. Trade Talks: Piyush Goyal’s Canada visit reaffirmed the $50B trade goal and CEPA push; India and South Korea continue CEPA upgrade talks to address a widening trade deficit. Urban Governance & Planning: Mumbai’s heat and ecological strain is driving calls for “one tree per new apartment/office” rules, while Delhi plans major road projects to decongest NCR. Cybersecurity: CERT-In warns AI-assisted attacks will speed up phishing and vulnerability exploitation, urging faster defence readiness.

Energy & Infrastructure Finance: PIDG will launch an India sustainable infrastructure fund by 2026, targeting climate-smart projects in healthcare and agriculture. Energy Investment Outlook: The IEA expects $170B in energy investments by 2026, led by solar and oil refining. Oil & Trade Risk: A West Asia flare-up after US strikes on Iran pushed crude up ~2%, raising fears of higher fuel costs for India; Crisil also flags toll growth likely to slow to 5–7% amid the conflict. Clean Mobility & Rail: Indian Railways cleared an indigenous hydrogen fuel cell trainset for the Jind–Sonipat route (10-car, 1,200 kW, up to 75 kmph), with refuelling infrastructure licensed by PESO. Bioenergy & Waste: OIL Green Energy and Hindustan Waste Treatment signed a 50:50 JV to develop CBG, waste-to-energy and sustainable waste projects nationwide. India-Canada Business Push: Piyush Goyal’s Toronto talks reaffirm the USD 50B trade goal and aim to close CEPA by year-end. Manufacturing/Exports: Sweet biscuits exports jumped to $412.6M in 2025-26; India Post reported FY26 revenue of Rs 15,373 crore after digital and logistics expansion. Policy & Industry Dialogue: DPIIT will convene a June 3 steel industry consultation on stainless and specialty steel. Markets & Corporate Themes: A bullish view on mid-sized banks and defence/industrial plays is gaining traction as earnings drive outperformance in mid & smallcaps.