India Advances Armoured Strength: MoD Signs ₹586 Crore Contract for Tank APUs

Image © - T-72M1 ‘3243’ – Tankfest 2017

The Ministry of Defence (MoD) has signed a landmark contract worth ₹586 crore with Accurate Industrial Controls Private Limited for the procurement of Auxiliary Power Units (APUs) for the Indian Army’s frontline T-72 and T-90 tanks. The agreement was formalised in the presence of Defence Secretary Shri Rajesh Kumar Singh.

What Are APUs and Why They Matter

The Auxiliary Power Unit (APU) serves as an alternate source of electrical power for critical systems within the tank, including:

• Fire control systems
• Firing circuits
• Gun stabilisation systems
• Other essential ancillaries

By enabling tanks to operate key systems without running the main engine, APUs enhance fuel efficiency, reduce wear and tear, and improve battlefield sustainability. Their induction will significantly strengthen the operational readiness, reliability, and sustainability of India’s mechanised formations. 

Accurate Industrial Controls Private Limited (AICPL)

Accurate Industrial Controls Private Limited (AICPL) is a Pune‑based defence and energy solutions company, founded in 2001, known for indigenous innovation, strong R&D, and global exports. It is led by Kiran Baburao Jadhav and has earned recognition for its contributions to defence technology and industrial automation.

Founders & Leadership

• Kiran Baburao Jadhav – Managing Director & Chairman
• Madhuri Kiran Jadhav – Director
• Swanand Suresh Phand – Director
• Balasubramaniam Ramamurti – Whole‑time Director

Investors & Financials

• Private Limited Company – Primarily self‑funded with industry partnerships
• Authorised Capital: ₹32.5 crore
• Paid‑up Capital: ₹2.11 crore
• Revenue (FY 2025): ₹408.96 crore, 3% YoY growth
• Exports: ~30% of revenue from US, UK, Europe, Australia, Gulf

Accomplishments

• Defence Contributions: Developed APUs for T‑72 and T‑90 tanks
• Innovation Track Record: 3 patents filed, 18 import substitutes developed
• R&D Investment: 30% of salary bill invested in R&D over the last decade
• Awards: Best Lean‑Practicing MSME (NPC), CRISIL MSE 1 rating
• Workforce: 230+ professionals in automation, IoT, energy solutions
• Global Partnerships: Preferred supplier for defence and telecom solutions

Snapshot Table

Aspect	Details
Founded	2001
Headquarters	Pune, Maharashtra, India
Founders/Leaders	Kiran Baburao Jadhav, Madhuri Kiran Jadhav, Swanand Suresh Phand
Capital	₹32.5 Cr authorised, ₹2.11 Cr paid‑up
Revenue (FY 2025)	₹408.96 Cr
Exports	30% to US, UK, EU, Australia, Gulf
Patents	3 patents, 18 import substitutes
Awards	Best Lean‑Practicing MSME (NPC), CRISIL MSE 1 rating
Employees	230+ professionals

Indigenisation and Industry-Led Innovation

This procurement marks a milestone in indigenisation, as the APUs have been indigenously developed under the Make-II framework. The initiative highlights:

• Industry-led R&D translating innovation into production
• Strengthening of critical sub-systems for armoured platforms
• Reduced dependence on foreign suppliers

The contract demonstrates the effectiveness of India’s innovation-to-induction pipeline, ensuring that indigenous technologies are not just developed but also deployed at scale.

Strategic Alignment with National Vision

Aligned with the Government’s vision of Viksit Bharat @2047, the deal underscores India’s march towards Aatmanirbharta in Defence. It reflects the nation’s commitment to building a resilient, self-reliant, and globally competitive defence industry, while reinforcing the operational backbone of the Indian Army.

Conclusion

The ₹586 crore APU contract is more than a procurement—it is a strategic investment in India’s defence future. By combining indigenous innovation with operational necessity, the MoD has taken a significant step towards ensuring that India’s armoured forces remain battle-ready, sustainable, and technologically advanced.

This initiative not only strengthens the Indian Army’s mechanised formations but also sets a precedent for future industry-led defence collaborations, driving India closer to its vision of self-reliance and global competitiveness.

JSW Group Firms Eye $300M Bond Market Push

Two JSW Group firms — JSW Energy and JSW Steel — are preparing to raise about $298 million (₹2,850 crore) through shorter-tenor bonds in the October–December 2026 quarter, depending on market conditions, reported news agency Reuters citing a couple of bankers. Bankers say the issuances could launch in October if interest rates remain favorable.

JSW Group Debt Sales Overview

• Total planned issuance: ₹2,850 crore (~$298 million)
• Timing: October–December 2026, subject to favorable interest rates
• Purpose: Refinancing and funding operational needs
• Market context: JSW Energy operates across thermal, hydro, and renewable power; JSW Steel is India’s largest private steelmaker
• Investor confidence: Both firms carry strong ratings (AA/AA+), signaling relatively safe instruments

Breakdown of Planned Debt Sales

Company	Planned Amount	Bond Tenor	Credit Rating	Outstanding Bonds	Last Market Tap
JSW Energy	₹1,500 crore (~$156M)	Up to 5 years	AA (India Ratings)	₹2,500 crore	Raised ₹800 crore in Mar 2025 at 8.75–8.80%
JSW Steel	₹1,350 crore (~$142M)	3–4 years	AA+ (ICRA, India Ratings)	₹6,100 crore	Raised ₹2,250 crore over 2 years ago at 8.35–8.43%

Risks & Considerations

• Interest rate sensitivity: Issuances hinge on October market conditions; if yields spike, timing may shift
• Sector exposure: Steel and energy sectors are cyclical — bond investors should weigh commodity price volatility
• Currency factor: At current exchange rates ($1 ≈ ₹95.77), foreign investors face FX risk

Takeaway

• For investors, these bonds offer high-rated exposure to India’s industrial growth via JSW’s energy and steel arms
• The shorter tenors (3–5 years) provide moderate risk with relatively attractive yields compared to government securities

Moneyview Sets ₹6,000 Cr Valuation as India’s Largest Digital Loan Platform Goes Public

Moneyview Limited, the largest full-stack digital lending platform among its digital lending platform peers in India, based on AUM has set the price band for its IPO at ₹32 to ₹34 per Equity Share, with the implied post-issue market capitalization of the Company at the upper end of the price band being ₹6,000 crores.

Moneyview proposes to raise ₹750 crore through a fresh issue, while the proposed Offer for Sale (OFS) comprises 10.05 crore equity shares. Of the proposed ₹750 crore fresh issue, ₹325 crore is proposed to be utilised for growing its lending operations, ₹250 crore towards augmenting the capital base of its NBFC subsidiary and the balance proposed to be utilised towards general corporate purposes.

Founded in 2014 by IIT Delhi graduates Puneet Agarwal, Managing Director & Chief Executive Officer, and Sanjay Aggarwal, Executive Director & Chief Technology Officer, Moneyview is a consumer-focused, digital-only, credit-led fintech platform catering to the evolving financial needs of Middle India. Through the Moneyview App, users can access a broad suite of financial products across four core categories — Borrow, Transact, Invest and Protect — providing access to multiple financial solutions through a single digital platform.

The Company’s flagship product is its digital personal loan, launched in 2017, which continues to be a key driver of its business, with Managed AUM of ₹22,520 crore as of June 30, 2026.

Moneyview’s technology and AI-led operating model enables a fully unassisted and seamless user journey, delivering personalised financial products at scale. These capabilities have enabled Moneyview to build a large and growing user base of over 140 million, with coverage across 99% of pin codes in India.

Moneyview’s lending business has continued to demonstrate strong momentum, with loan disbursals growing 31% to ₹23,099 crore in FY26, and reaching ₹7,152 crore in Q1 FY27, representing a 40% year-on-year growth.

This sustained growth in the lending business has translated into strong revenue growth, with revenue increasing by 43% to ₹3,351 crore in FY26 and reaching ₹1,065 crore in Q1 FY27, representing a 52% year-on-year growth.

Moneyview has a proven track record of high growth and profitability, having been profitable since Financial Year 2022 and recording a profit after tax of ₹174 crores for the three-month period ending June 2026 delivering an annualised return on equity of 29.92%.

Moneyview’s capital-light operating model, supported by its technology and AI capabilities and diversified lending partner network, has enabled the business to scale in a capital-efficient manner, delivering return on equity (RoE) of 19.2% in FY26 and 29.92% on an annualized basis in Q1 FY27.

With India’s smartphone base projected to cross 900 million by Fiscal 2031 and the personal loan market expected to more than double to ₹33–36 trillion over the same period, Moneyview sees significant opportunity to further expand its reach across Middle India. The Company has also broadened its offering beyond personal loans to include earned wage access, home loans, loans against property, digital gold, UPI transactions etc., designed to address users’ evolving needs. By driving repeat engagement and multi-product adoption, Moneyview aims to deepen relationships with its users and increase lifetime value. With a growing network of financial partners and a technology-first approach Moneyview is positioning itself not just as a lender, but as a long-term financial companion for Middle India.

The IPO will open on Thursday, September 24, 2026 and close on Monday, September 28, 2026. The equity shares of the Company are proposed to be listed on NSE and BSE, with listing expected on October 1, 2026.

Axis Capital Limited, BofA Securities India Limited, IIFL Capital Services Limited and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers to the issue.

Gwalior to Host Asia’s First Telecom Manufacturing Zone with ₹5,500 Crore Investment

24 Companies Propose ₹5,500 Crore Investment for Asia’s First Telecom Manufacturing Zone (TMZ) in Gwalior: Union Minister Shri Scindia

Gwalior is poised to become a landmark hub in India’s telecom manufacturing sector with the establishment of Asia’s first Telecom Manufacturing Zone (TMZ). Union Minister of Communications Shri Jyotiraditya Scindia, accompanied by senior officials from the Department of Telecommunications, recently inspected the identified site at Shrimant Madhavrao Scindia Counter Magnet City (SADA, Gwalior). The ambitious project is expected to transform the city’s industrial landscape and generate over 18,000 direct and indirect employment opportunities.

₹5,500 Crore Investment and 24 Global Companies

The TMZ will be established with a proposed investment of approximately ₹5,500 crore, with 24 global companies already initiating the application process to set up units. This initiative is not limited to a single industrial unit but envisions a complete ecosystem of 24–25 telecom manufacturing units, producing telecom equipment and components to strengthen India’s position in global telecom manufacturing.

Land Allocation and Expansion Plans

For the first phase, 170 acres have been earmarked — 90+ acres in SADA and 70+ acres in the IT Park. Investor interest has already exceeded the available land, prompting plans to identify additional land for expansion. This reflects the strong momentum and confidence among industry players in Gwalior’s potential.

Roadshows and Investment Commitments

The journey towards the TMZ began with a MoU signed in July 2026 between the Department of Telecommunications and the Government of Madhya Pradesh. Subsequent investor roadshows in Delhi and Mumbai yielded significant commitments:

• Delhi Roadshow: ₹3,500 crore investment, ~14,000 jobs
• Mumbai Roadshow: ₹2,000 crore investment, ~4,000 jobs

These commitments have now translated into concrete applications, ensuring that the TMZ is backed by tangible investor interest.

Incentives and Support Packages

The Government of Madhya Pradesh, under Chief Minister Dr. Mohan Yadav, has rolled out an attractive incentive package covering land lease, power, employment, production, and sustainability. Additionally, the Department of Telecommunications has proposed a ₹500 crore Common Testing Lab package, further boosting investor confidence.

Connectivity, Infrastructure, and Skilled Talent

Gwalior’s strategic advantages make it an ideal choice for the TMZ:

• High-Speed Corridor: The 120-km Agra-Gwalior corridor will enhance connectivity with Delhi and North India’s markets.
• Air Connectivity: A modernized airport, developed at a cost of ₹650 crore in just 16 months, links Gwalior to Delhi, Mumbai, and Bengaluru.
• Rail Network: Major railway routes facilitate efficient movement of goods and workforce.
• Talent Pool: With ~25,000 engineering graduates annually, Gwalior offers a robust supply of skilled professionals for the telecom sector.

A New Chapter in Industrial Development

Site for TMZ in Gwalior 

The TMZ is envisioned as a complete ecosystem covering six key verticals of telecom manufacturing, ensuring holistic growth. Shri Scindia highlighted that the Government of India, the Government of Madhya Pradesh, and all concerned departments are committed to providing full support to investors.

This initiative not only advances Gwalior’s industrial vision as a Counter Magnet City but also marks a new chapter in India’s telecom manufacturing journey, positioning the country as a global leader in the sector.

Technology Transforming Coal India’s Mining Operations

Coal India embraces cutting‑edge technologies—from gasification and renewables to AI‑driven mining—to redefine energy security and sustainable growth.

Coal India Limited (CIL) is undergoing a remarkable transformation, evolving from a conventional coal‑mining enterprise into a diversified, technology‑driven energy and materials powerhouse. At the heart of this transition lies a suite of advanced technologies reshaping mining operations, energy generation, and resource utilisation.

Coal Gasification and Underground Innovation

Coal gasification is redefining how coal is used, converting it into synthesis gas (syngas) for producing synthetic natural gas, ammonia, urea, methanol, and other chemicals. CIL’s four flagship coal‑to‑chemicals projects, worth nearly ₹69,346 crore, are designed to unlock chemical value from India’s high‑ash coal while supporting import substitution.

CIL is also piloting Underground Coal Gasification (UCG) at the Kasta West Block of Eastern Coalfields. This phased project involves directional drilling, injection and production wells, and advanced ignition systems, aiming to convert deep‑seated, unmineable coal into syngas.

Smart Thermal Power and Renewable Integration

CIL’s joint venture with Damodar Valley Corporation is deploying ultra‑supercritical technology at Chandrapura, Jharkhand, ensuring higher efficiency, predictive maintenance, and flexible plant operations.
On the renewable front, CIL has already commissioned 550 MW of solar capacity and is developing innovative projects such as a 20 MW floating solar plant at Chilwa Taal, Gorakhpur. Digital monitoring, lifecycle risk assessments, and hybrid storage solutions are being integrated to maximise performance.

Battery Energy Storage Systems (BESS)

To stabilise renewable integration, CIL is investing in grid‑scale BESS projects. The TGGENCO Choutuppal project in Telangana (187.5 MW/750 MWh) and Odisha’s 80 MW/320 MWh portfolio exemplify how advanced storage technologies will support peak‑demand management and grid flexibility.

Critical Minerals and Advanced Materials

CIL is venturing into graphite and rare earth elements (REEs), vital for batteries, EVs, and advanced manufacturing. A proposed demonstration plant for coated spherical purified graphite (CSPG) with 99.95% purity highlights the company’s ambition to build an integrated graphite value chain.

Digital Architecture and Risk Management

Mining operations are being digitised through enterprise data rooms, GIS‑based opportunity mapping, portfolio dashboards, and digital engineering. A stage‑gate model ensures  disciplined execution from concept validation to commercial operation.

Risk management spans technology, market, ESG, and cyber risks, with responses including pilot validation, customer qualification, lifecycle assessments, and operational technology security.

Research and Development Ecosystem

CIL’s R&D initiatives are central to its technological leap. With 20 projects worth ₹231 crore, the focus areas include AI‑driven exploration, IoT‑enabled smart mining, bifacial perovskite solar cells, and 5G captive networks for mines.

Centres of Excellence at IIT Madras, IIT Hyderabad, and IIT (ISM) Dhanbad are pioneering sustainable energy, clean coal technologies, and Mining 4.0. Achievements include five patent filings and the commercialisation of advanced detonation measurement equipment.

Conclusion

Coal India’s technology‑led diversification is reshaping the future of coal mining. From gasification and smart power plants to renewable integration, advanced materials, and AI‑driven mining, the company is positioning itself as a global leader in energy security and technological self‑reliance.