Gautam Adani says the Adani Group has completed transformative projects that have reshaped India’s infrastructure landscape and enhanced its global standing in his communication with shareholders.
On 24 September 2025, Gautam Adani wrote to all shareholders: “With SEBI’s clear and final word, truth has prevailed, like we had always said. ‘सत्यमेव जयते’ (truth alone will prevail).” He reminded the shareholders of the eventful day of 24 January 2023, which was remembered as a morning when India’s markets awoke to headlines that reverberated far beyond Dalal Street.
Hindenburg’s report was not merely a critique but a direct challenge to the audacity of Indian enterprises to dream on a global scale. It, according to him, marked the beginning of a test that pushed every dimension of our resilience for the Adani group. “It questioned our governance, our purpose and even the very idea that Indian companies could dare lead the world in scale and ambition,” he wrote in the letter. In September this year, the Securities and Exchange Board of India (SEBI) delivered a resounding and unequivocal verdict dismissing the allegations against the group. “What was meant to weaken us has instead strengthened the very core of our foundations,” he said. “This moment is more than a regulatory clearance; it is a powerful validation of the transparency, governance and purpose with which your company has always operated. And the truest evidence of our resilience lies not in words, but in performance over this period,” he added. The group’s portfolio EBITDA rose from ₹57,205 Cr in FY23 to ₹89,806 Cr in FY25. That was an increase of ₹32,601 Cr, 57 per cent absolute growth and a two-year CAGR of 25 per cent. Gross block expanded from ₹4,12,318 Cr in FY23 to ₹6,09,133 Cr in FY25, an addition of nearly ₹2 trillion, a rise of 48 per cent in two years.Adani Group has delivered transformative projects that have reshaped India’s infrastructure landscape and strengthened its global standing. In the letter, Gautam Adani mentioned the milestones, which included the commissioning of India’s first container transhipment port at Vizhinjam, alongside the Colombo West International Terminal.
The Group added 6 GW of renewable capacity, including Khavda, the world’s largest single-location renewable project. It also expanded the energy network with 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity across India and overseas. The Adanis also commissioned the world’s largest copper smelter and metallurgical complex.
In the letter, he promised the shareholders that the Group would further strengthen governance standards to inspire confidence across markets and regulators. It would boost innovation and sustainability, establish benchmarks not only in India but worldwide, and strengthen nation-building by investing in infrastructure that supports India’s long-term growth. He concluded the letter with the words of Sohan Lal Dwivedi, which he said captured the spirit that defined the Group’s journey:
“लहरों से डर कर नौका पार नहीं होती,
कोशिश करने वालों की हार नहीं होती….”
L&T Technology Services
Partnership with Siemens
The partnership underscores a shared vision of driving AI-powered innovation and operational excellence across industrial ecosystems, says Alind Saxena of LTTS.
L&T Technology Services(LTTS)isa global leader in AI, digital and ER&D consulting services. It has expanded its partnership with Siemens, a leading technology company focused on industry, infrastructure and mobility. The partnership aims to advance machine and line simulation and IIoT technology, setting a new benchmark for innovation within LTTS’ Sustainability segment, which encompasses Process Engineering, Discrete Manufacturing and Industrial Products.
LTTS will utilise the digital technology portfolio of Siemens to deliver simulation-driven automation and IIoT-enabled solutions for diverse sectors, including automotive and transportation, industrial products, and process and plant engineering. By combining Siemens’ flagship platforms, TIA Portal, Industrial Edge, and Tecnomatix, integrated with LTTS’ AI-driven engineering expertise, the partnership will accelerate digital adoption, improve precision in system design, and drive faster, smarter decision-making across manufacturing ecosystems. From enhancing design accuracy to enabling predictive and sustainable production at scale, the strengthened partnership positions LTTS at the forefront of creating intelligent and environmentally responsible industrial ecosystems worldwide.
The partnership highlights a shared vision to drive AI innovation and operational excellence across industrial ecosystems, according to Alind Saxena, President and Executive Director of Mobility and Tech at L&T Technology Services. “By focusing on Machine & Line Simulation and IIoT Technology, we are empowering industries to achieve greater agility, actionable insights, and measurable business outcomes,” says Alind.
“By combining deep domain expertise with cutting-edge digital solutions, we can co-create scalable, future-ready innovations that empower industries to thrive in a rapidly evolving world. We are delighted to welcome LTTS as our Solution Partner and look forward to shaping the future of digital transformation together,” says Suprakash Chaudhuri, Head of Digital Industries, Siemens.
LTTS serves 69 Fortune 500 companies and 57 leading engineering research and development companies across various sectors, including industrial products, medical devices, transportation, telecommunications, high-tech industries, and process industries. The company boasts over 23,600 employees situated across 23 global design centres, 30 global sales offices, and 105 innovation labs. In comparison, Siemens has over 6,200 employees.
Tata Steel
Dutch project: Low CO2 steel production
The Dutch government would support it with up to €2 billion under the JLoI. TSN has also applied for the EU Innovation Fund for €0.3 billion. The remaining amount would be funded by a combination of the cash generated and contributed by TSN.
The Government of the Netherlands and the province of North-Holland, Tata Steel and Tata Steel Nederland (TSN) have agreed on an intended framework for the integrated project in TSN and signed a non-binding Joint Letter of Intent (JLoI) for the first phase of transition to low CO2 steel production and to improve the healthy living environment around the IJmuiden site. Both parties will continue working towards the final tailor-made agreement in the coming months, including after the elections and the formation of the new government in the Netherlands.
“There are many issues to resolve and tasks to accomplish before us. It includes internal work such as completing the engineering preparedness for this complex transition and addressing statutory and regulatory aspects related to the coke and gas plants,” T V Narendran, CEO & Managing Director, Tata Steel and Chairman of the Supervisory Board of Tata Steel Nederland, says. It also involves external issues, including resolving critical policy matters that impact the investment case, obtaining permits for the projects, and finalising detailed terms in the binding agreement before proceeding with the investment decision, he adds.
The goal is to restore it to one of the most competitive steel-making sites in Europe. In the initial phase of the Integrated Health Measures and Decarbonisation Project, TSN plans to decommission the existing Blast Furnace 7 and Coke and Gas Plant 2. They will also construct a Direct Reduced Iron Plant (DRP) that will initially operate on natural gas, along with an Electric Arc Furnace (EAF) designed to accommodate a higher intake of scrap metal. Subsequently, Carbon Capture and Storage will be added to the DRP to further reduce TSN’s annual scope 1 CO2 emissions by 0.6 Mta. Finally, biomethane and/or hydrogen will be used when economically available at scale, to further reduce TSN’s annual scope 1 CO2 emissions by 1.2 Mta on a phased basis.
TSN has not yet completed the full engineering of the integrated project and therefore has not finalised the total spend. The Dutch government would support it with up to €2 billion under the JLoI. TSN has also applied for the EU Innovation Fund for €0.3 billion. The remaining amount would be funded by a combination of the cash generated and contributed by TSN, project financing debt, and funding procured by Tata Steel during the project spend period.
Tata Consultancy Services
NVIDIA accelerated computing for retail offering
TCS partnership with NVIDIA will help retailers derive actionable insights, attain precision and agility, build intelligent automation, and drive more proactive and evidence-based decisions that will give them a competitive edge.
Tata Consultancy Services, widely known as TCS and a global leader in IT services, consulting, and business solutions, is integrating NVIDIA accelerated computing to help global retailers rapidly and efficiently adopt next-generation AI capabilities at lower costs. TCS has embedded NVIDIA AI Enterprise software into its bouquet of retail products and solutions to drive innovation, differentiation, and growth for retailers worldwide. Through the partnership, TCS is infusing NVIDIA’s advanced AI, computer vision, and digital twin capabilities into its retail offerings.
Leveraging the latest technology, multimodal data, domain-specific accelerators and TCS’s deep retail industry experience, this partnership will enable retailers to derive actionable insights, attain precision and agility, build intelligent automation, and drive more proactive and evidence-based decisions that will give them a competitive edge. A strategic business and technology partner to the world’s top 10 retailers and many more, TCS and its retail industry experts leverage proprietary AI-powered platforms (TCS Optumera and TCS Omnistore) to deliver transformation, end-to-end.
TCS helps retailers gain a competitive advantage and unlock new sources of growth by combining its deep domain experience with next-generation technology at speed and scale, says Krishnan Ramanujam, President, Consumer Business Group. “Together with NVIDIA, we are setting a new standard for AI excellence, superior store operations, and dynamic supply chain management in an industry that demands constant innovation and agility,” he adds.
Based on deep industry knowledge and past projects that have leveraged various existing technologies, TCS estimates that retailers who use its solutions on an NVIDIA technology stack stand to potentially save up to 75 per cent of cost in executing the same operations as compared to other similar solutions. TCS has developed several specialised solutions for retailers spanning generative AI for hyper-personalised content creation, video analytics for intelligent inventory management, AI-powered real-time insights on competitor pricing, and many more.
TCS has a dedicated NVIDIA business unit that integrates NVIDIA’s technology capabilities with TCS’s contextual expertise to accelerate AI adoption for customers. There are 12 major solution offerings across industries and nine centres of excellence driving innovation. At the NVIDIA GTC 2025, TCS was recognised as the Rising Star for AI innovation and its industry-specific AI-led solutions. TCS is also leveraging NVIDIA’s AI foundation training to skill its workforce in key areas, such as NVIDIA Omniverse libraries, large language models, and AI-driven sales strategies.
Art of Time
Aetas Retail raises ₹175 crore
The mobilisation fuels the company’s next phase of growth from launching CIRCA in new markets to deepening its luxury partnerships and building a team ready to lead India’s luxury watch retail transformation.
Aetas Retail’s Art of Time, India’s leading omnichannel luxury watch retailer, has closed its series fundraise of ₹175 crore. The round was led by Mithun Sacheti, Siddhartha Sacheti, Plutus Wealth Management, and Girish Mathrubootham, reflecting strong investor confidence in the brand’s vision.
The capital will be used to expand Art of Time’s store presence, launch CIRCA, its new bridge-to-luxury concept, and invest in leadership talent, technology, and inventory to serve India’s fast-growing base of watch buyers. This fundraise builds on Art of Time’s strong momentum, with revenue growth of 80 per cent in FY24–25, following 21 per cent in FY23–24.
Founded in 2015 by Gaurav Bhatia and Bharat Kapoor, Aetas Retailnow operates 14 boutiques across five cities. Art of Time has positioned itself as the leading destination for luxury watch buyers, with partnerships with global watch maisons including Cartier, Omega, Montblanc, Bvlgari and more. As India’s exclusive partner for TimeVallée, Art of Time manages their brick-and-mortar boutiques across key cities. “This fundraise fuels the company’s next phase of growth from launching CIRCA in new markets to deepening its luxury partnerships and building a team ready to lead India’s luxury watch retail transformation, says Gaurav Bhatia, Co-founder, Art of Time.
A portion of the newly raised capital will fuel the launch of CIRCA, Art of Time’s pioneering Omni retail concept aimed at engaging India’s next generation of aspirational watch buyers. Positioned to reshape the perceptions of the premium watch segment, CIRCA will introduce a discovery-led, contemporary retail environment that makes fine watchmaking more accessible to first-time buyers.
Reckitt
Innovations of Dettol Banega Swasth India
After a highly competitive and thorough selection process, 21 promising innovations were shortlisted from a diverse pool of entries.
Reckitt, a global leader in consumer health and hygiene, along with PATH-CHRI, has announced the three winning innovations of the Dettol Banega Swasth India – Maternal and Child Health Tech Accelerator.This marks the culmination of the accelerator’s journey to spotlight homegrown solutions designed to reimagine healthcare during the critical first 1,000 days of life. After a highly competitive and thorough selection process, 21 promising innovations were shortlisted from a diverse pool of entries submitted from across India, each addressing key challenges associated with early childhood development during the first 1,000 days.
The three winning solutions are a testament to India’s spirit of innovation and its ability to deliver impact at the last mile, says Ravi Bhatnagar, Director of Communications and Corporate Affairs, South Asia, MENA, and Africa, Reckitt. “By empowering caregivers, and health systems, and by strengthening aspirational blocks with these winning innovations, we are helping build a stronger foundation for India’s journey towards Viksit Bharat @2047,” he adds.
BOX
Tech Data Advanced
Tech Data Advanced, a private limited firm and a TD SYNNEX company, has entered into an exclusive value-added distribution (VAD) partnership with Wind River, a global leader in delivering software for the intelligent edge. The partnership will expand access to Wind River’s cloud-native solutions in India, helping partners address growing demand for modern virtualisation, hyper-converged infrastructure (HCI), and container management technologies.
With more than four decades of innovation, Wind River delivers a differentiated portfolio that includes flagship products such as VxWorks, Wind River Cloud Platform, Wind River Linux, eLxr Pro, and more. These solutions offer capabilities such as a single-core control plane, single-node deployment for cloud-native platforms, and node-based licensing models — features designed to simplify deployment, reduce complexity, and accelerate time-to-value.
