Lokesh Arora

Investigations are the bedrock of journalism at The Indian Express. Our latest investigation by Aiswarya Raj and Dheeraj Mishra uncovers how a showpiece tourism project in Uttarakhand — 142 acres of prime land at the George Everest Estate near Mussoorie, with pathways, a helipad, huts, cafés, museums and an observatory — was awarded through a tender process that raises serious red flags. Records show that all three companies that bid for the contract, including the winner, are controlled by the same man: Acharya Balkrishna, co-founder of Patanjali and aide to Baba Ramdev. His stake? 99.85%, 99.98% and 69.43% in the three firms. The tender violates the mandatory anti-collusion undertaking. Yet the state government insists “process was followed.” This is what investigative reporting looks like: going beyond the official version, scrutinising records, and asking the tough questions. Link to investigation in comments

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Titan - Acquires 67% in Damas Jewellery at an Enterprise Value of 2439 Cr - Deal to expand presence in GCC and West Asia   Damas Revenue - FY22:  2679 Cr - FY23:  3130 Cr - FY24:  3433 Cr   Co also signed a path to acquire the balance 33% stake after 31st Dec 2029 Co Earlier: Target USD 500m and 500,000 customers in International business by FY27 Quick thoughts - Good deal done at reasonable valuations - With Titan having already reached $150m ARR in international jewellery business, this deal hastens its path to $500m - Damas is a fairly well known brand and Titan’s acquisition there also strengthens its position vs other Indian players like Kalyan and Malabar who are present there - In the past, Titan’s acquisition of CaratLane has been successful and created a lot of value for them. - Titan has also signed definitive agreements for the remainder of this business, with a protected ceiling (as against some of their earlier deals) #StockMarket #FMCGisLife Titan Company Limited

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Indian Air Force Chief, Air Chief Marshal AP Singh, drawing upon lessons from Operation Sindoor, today advised against creation of any new proposed military structures – like theatre commands. The IAF chief cited the skirmish with Pakistan (May 7-10) and said there was excellent coordination and joint-planning among the three chiefs and the Chief of Defence Staff (CDS). “We for now don’t need any new structure (theatre commands) at the lower level”. He suggested “Any joint structure or jointness among forces is okay as long as the core competence of each service is retained”. The IAF Chief suggested a way forward saying “let us have a joint planning and coordination centre at New Delhi. We plan centrally and execution of tasks is de-centralised”. Let us first, implement it and see how it pans out. If we need any more structure, we can think about it. “But disrupting everything and making one structure now at this time , I do not think it is a very good idea”, he added full text link 👇 https://lnkd.in/gWsyWfxY

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Tega Industries Ltd., in partnership with Apollo Global Management, Inc. Management Singapore, has signed a term sheet to acquire 100% of Molycop - a global leader in grinding media. Deal Snapshot • Enterprise Value: $1,480 mn (₹13,002 crs) • Deferred Contingent Payment: ~$120 mn (₹1,054 crs) • Funding: Mix of equity (QIP / preferential allotment including promoters) + debt • Valuation: 8.6x FY25 EBITDA – at a sharp discount to Tega’s own multiples Strategic Rationale • Complementary Portfolios – broader product reach • Global Leadership – cementing position in mining consumables • Cross-Selling Upside – leveraging customer networks • Secular Tailwinds – declining ore grades → higher ore throughput → rising demand for grinding media Scale Impact This acquisition is transformational: • Revenue: ~8x increase in topline • EBITDA: ~4.5x expansion What could worry markets? • Tega is taking on a very large acquisition relative to its size • However, Molycop’s existing debt remains non-recourse to Tega The Bigger Message Beyond markets, this deal showcases the bold vision of Indian entrepreneurs. Mr. Mehul Mohanka and his team are once again demonstrating the appetite to take calculated risks and acquire a company far bigger than their own size. In just 5 years, Tega has grown revenues at a 19% CAGR with healthy ~20% margins. Now, with this juggernaut acquisition, the company is positioning for exponential growth. By FY30, Tega’s EBITDA could be double its FY25 revenue base of ₹1,639 cr. Execution will be closely tracked by the market but today, we celebrate the ambition. Wishing Mehul Mohanka and the entire Tega Industries team all the very best as they take on this exciting challenge!

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The Reserve Bank of India (RBI) recently said it has revoked the licences of 31 non-bank financial companies (NBFCs), including two little-known Kolkata-based firms linked to fugitive liquor baron and Kingfisher Airlines founder Vijay Mallya. In today's Mint. Link to story in comments.

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Hinduja Group Hinduja Group Limited is gearing up to make a strong push in the e-mobility space, targeting both domestic and export markets. In an exclusive interaction, Amit Saharia , Group President – Strategy, shares insights with me on the conglomerate’s vision for the next phase of sustainable mobility. https://lnkd.in/dKv87mxW #hinduja #ashokleyland #switchmobility #domestic #export #india #electricvehicles #emobility #ASEAN #dubai #saudi #northafrica

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According to Ignosis, it builds on RBI- and DPDP-compliant DPI rails including AA, OCEN, and ONDC-FS to empower over 300 million underserved Indians with faster, safer, and more inclusive access to credit, wealth, and insurance. #Startupfunding Entrackr IGNOSIS Peak XV Partners Force Ventures LLP Kunal Shah Nirav Prajapati Chintan Sheth Read more 👇

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