Razorpay has confidentially filed a draft prospectus for a $600 million IPO, targeting a stock‑market debut by the end of 2026. The filing, made through SEBI’s hidden‑route, comes as the Bengaluru fintech, valued at $7.5 bn, squares off with Paytm, PhonePe and other payment rivals.
Vedanta Limited will demerge its aluminium, oil & gas, power and steel businesses into four listed, sector‑focused companies. Shareholders will receive one share in each new entity, giving investors direct exposure to pure‑play assets and unlocking hidden value through clearer valuation.
India and the UAE have teamed up with Abu Dhabi’s G42 and US chipmaker Cerebras to install a home‑grown AI supercomputer, creating a sovereign compute path that sidesteps the cloud dominance of Google, Microsoft and Amazon. The move signals a strategic shift in AI infrastructure, giving India direct control over data and hardware while challenging the Big Tech monopoly.
India’s unemployment rose to 5.5% in May, the highest in 11 months, while rural joblessness hit a 12‑month peak of 5.1%. Urban unemployment eased slightly, especially among women, but overall labour force participation slipped, signaling a softening labour market.
India released its first producer price index for goods and services, giving a clearer view of inflation at the factory gate. The move paves the way for retiring the wholesale price index within five years, aligning the country with advanced economies and IMF guidance.
Democratic senators Elizabeth Warren and Richard Blumenthal sent a June 11 letter to Acting Attorney General Todd Blanche demanding an explanation for the Justice Department’s move to drop fraud and bribery charges against Indian billionaire Gautam Adani. They warned the decision could signal a transactional approach and undermine confidence in US‑India business relations.
Vinod Khosla says AI agents will soon take over expertise‑based tasks, from accounting to engineering, threatening India's $200 billion IT and BPO industry and possibly wiping it out within five years. He urges firms to pivot fast toward AI‑driven solutions or risk obsolescence.
India's space regulator cleared Starlink for service, but the firm must route all traffic through Indian data centers and integrate the NavIC navigation system. These security‑driven rules add cost and technical complexity, meaning the rollout remains uncertain despite the approval.
RBI released Master Directions that consolidate all prior authorisation guidelines for operating a payment system under the Payment and Settlement Systems Act, 2007. The unified framework takes effect immediately, simplifying compliance and lowering regulatory overhead for fintechs and payment operators across India.
Proterial, the former Hitachi Metals, will spend ₹2,250 crore to build a 1.2 ktpa NdFeB magnet plant in Achutapuram, Andhra Pradesh. The facility targets EVs, wind turbines and defense, and is part of India’s push to curb Chinese rare‑earth imports.
India’s 62,370‑tonne LNG carrier Disha finally cleared the Strait of Hormuz, the first Indian merchant vessel to do so since the conflict erupted three months earlier. The transit follows a US‑Iran peace pact, signalling a tentative reopening of a key energy route and easing supply pressures for Petronet LNG.
You’re caught up.
That was all 11 stories in the 16 June issue.