Vedanta Aluminium, V‑Spark launch MetALverse in Odisha; partners with OpenAI, Microsoft, SAP to unlock ₹2,100 crore AI‑driven value

Several MoUs to deploy deep tech solutions were announced during MetALverse, Vedanta Aluminium’s tech showcase in Jharsuguda, Odisha that featured participation from major tech leaders and emerging startups

Vedanta Aluminium, India's largest aluminium producer, in collaboration with V-Spark, India's largest manufacturing deep tech incubator, recently hosted MetALverse, an immersive tech showcase in Jharsuguda, Odisha. The company also announced partnerships with several cutting-edge technology providers, including market leaders such as OpenAI, Microsoft and SAP. Together, they will deploy innovative, multi-pronged solutions to cumulatively unlock up to ₹2,100 crore in value through the enhanced adoption of AI, digitalisation and automation technologies across Vedanta Aluminium’s operations.

Vedanta Aluminium’s MetALverse event was envisioned as a strategic platform to accelerate the deployment of breakthrough technologies across large-scale industrial operations, by bringing together global technology leaders, emerging startups, and top business experts. The partnerships will focus on evaluating, piloting and scaling next-generation solutions across Vedanta Aluminium’s operations. The value opportunity of ₹2,100 crore will be achieved through the integration of innovative solutions for enhanced plant productivity, cost optimisation, asset reliability and sustainability initiatives across Vedanta Aluminium's integrated value chain.

The event reflects a shared vision between Vedanta Aluminium and V-Spark to bridge the gap between groundbreaking deep tech innovation and real-world deployment, by identifying high-impact technologies, validating them in live operating environments and accelerating their adoption. Vedanta Aluminium has already established a fully integrated value chain that ranges from mining to alumina refining to aluminium production. By leveraging the company’s vast, cutting-edge manufacturing plants - some of which are amongst the largest in the world - as a mega incubation environment, V-Spark aims to rapidly transform promising innovations into industry-ready deployments while also co-creating a robust AI-led manufacturing ecosystem.

Priya Agarwal Hebbar, Non-Executive Director, Vedanta Limited and Chairperson, Hindustan Zinc, said "India’s manufacturing sector is entering a defining decade. The future will belong to companies that combine scale with intelligence, sustainability and the courage to rethink what is possible. At Vedanta Aluminium, we see AI as a catalyst for that transformation, with human intelligence providing the judgement and direction behind it. We are bringing together the best minds across industry and technology because we don’t want to simply make today’s plants better. We want to build the metal of the future, using the technologies of the future."

Akarsh Hebbar, Non-Executive Vice Chairman, Vedanta Aluminium and Chairman, V-Spark DeepTech Ventures, said "The greatest opportunity in industrial innovation lies in deploying new technologies at scale to create measurable business value. Vedanta Aluminium, as one of the top producers of the metal of the future globally, provides the expansive operating footprint, technical depth and determination to industrialise breakthrough solutions, while V-Spark is the engine that identifies, validates and accelerates these technologies from concept to enterprise-wide deployment. We aim to partner with several industrial solutions to scale and transform creative innovation into tangible productivity gains, stronger sustainability, enhanced reliability and significant value creation."

Pinak Dattaray, Founder & CEO, Ripik.AI, said "AI is creating new opportunities for industrial organisations to transform how knowledge is accessed, decisions are made and operations are managed. At Ripik.AI, we are focused on making advanced AI capabilities accessible through tools that help people and organisations solve complex problems and work more effectively. We are excited to collaborate with Vedanta Aluminium as it explores new applications of AI across its business. The company demonstrates how leading manufacturers can combine deep operational expertise with cutting-edge AI to unlock innovation, improve performance and create meaningful value at scale."

At MetALverse, Vedanta Aluminium announced collaborations with several top technology companies and emerging innovators to accelerate AI-led transformation across its operations. The identified partners include OpenAI for generative AI and intelligent agents; Microsoft for cloud, AI and enterprise transformation; SAP for integrated enterprise processes; AVEVA for industrial data, digital twins and advanced analytics; Rockwell Automation for smart manufacturing and control systems; Thoughtworks for digital engineering; and Fives for aluminium process technologies and carbon plant optimisation. The company has also partnered with deep-tech innovators including Ripik.AI for industrial vision and process optimisation; XYMA for high-temperature asset monitoring; Faclon for industrial intelligence and connected manufacturing; DesignX for AI-enabled factory workflows; DigitalPaani for industrial water optimisation; AutoVRse for immersive workforce training; Enmovil for AI-led logistics; and ideaForge for drone-based industrial intelligence.

These collaborations will focus on technical evaluation, data integration, pilot deployment and scale-up potential. Through its V-Spark innovation ecosystem, the company aims to rapidly validate and deploy solutions that strengthen productivity, safety, sustainability, asset reliability and operational decision-making. Presently, Vedanta Aluminium is actively collaborating with nearly 70 startups under the program, spanning one of the world’s largest alumina refineries in Lanjigarh, Odisha, the world’s largest single-location aluminium plant in Jharsuguda, Odisha, and India’s iconic aluminium producer, BALCO in Korba, Chhattisgarh.

About Vedanta Aluminium Metal Limited:

Vedanta Aluminium Metal Limited is one of the world’s leading producers of aluminium, ‘the Metal of the Future’ powering advanced manufacturing, the energy transition, and next generation technologies. As India’s largest aluminium producer, the Company operates integrated, world-class assets including a state-of-the-art alumina refinery, one of the world’s largest aluminium smelter complex in Odisha, and the iconic Bharat Aluminium Company (BALCO). With a diverse portfolio of high-quality aluminium products, Vedanta Aluminium caters to discerning customers across more than 60 countries and plays a vital role in global industrial supply chains. The company is recognised among global peers for its sustainability leadership, as reflected in its strong performance in the S&P Global Corporate Sustainability Assessment. By advancing the possibilities of aluminium - the Metal of the Future - Vedanta Aluminium continues to enable next generation industries while creating enduring value for customers, communities, and shareholders. For more information, visit: https://vedantaaluminium.com/

About V-Spark DeepTech Ventures:

V-Spark DeepTech Ventures Pvt. Ltd., Vedanta’s dedicated deep-tech and innovation arm, is accelerating technology-led transformation across the Group’s mining, metals and manufacturing businesses. Operating as a venture-client platform for all Vedanta entities, V-Spark partners closely with startups, MSMEs and global technology leaders to rapidly pilot, deploy and scale cutting-edge solutions across AI/ML, automation, robotics, drones, computer vision and advanced digital technologies. With a strong focus on operational excellence, volume-cost optimisation, reliability, sustainability and ESG integration, the platform is also enabling strategic investments in future-ready innovations. Through its robust global startup ecosystem and scalable innovation capabilities, V-Spark is positioning Vedanta at the forefront of industrial deep-tech adoption and next-generation manufacturing transformation.

IIM Calcutta Innovation Park Partners with Army Institute of Management Kolkata to Build Next-Generation Startup Ecosystem in West Bengal

A strategic partnership combining academic excellence with incubation expertise, enabling startup creation, industry collaboration and innovation-led entrepreneurship through a proposed DST NIDHI Maker Bhavan.

IIM Calcutta Innovation Park (IIMCIP), one of India's leading startup incubators, has announced a strategic partnership with Army Institute of Management Kolkata (AIMK) formalised through a Memorandum of Understanding (MoU). Under the partnership, AIMK and IIM Calcutta Innovation Park will jointly promote entrepreneurship and the startup ecosystem in West Bengal by creating a world-class incubation support system while providing access to academic excellence and industry collaborations for startups and aspiring entrepreneurs in the region.

The partnership will entail outreach and capacity-building initiatives that foster an entrepreneurial mindset and enterprise creation. AIMK will allocate approximately 3,500 to 5,000 square feet within its campus for establishing the DST NIDHI Maker Bhavan that will include state-of-the-art fabrication laboratory, startup co-working spaces and meeting rooms under NIDHI PRAYAS 2.0 Scheme, post approval from the DST.

Beyond creating physical infrastructure, the partnership will focus on building a long-term innovation ecosystem through co-incubation programmes, mentor clinics, long-term cohorts for joint ecosystem development, startup scouting, innovation challenges, industry interactions, collaborative research and development (R&D) and faculty development initiatives. 

AIMK will identify promising startups and innovators, and facilitate stakeholder engagement with academic institutions, industry bodies, government agencies and investors. At the same time, IIMCIP will extend technical and strategic programme support, including access to incubation, expert mentorship, market connect networks, funding opportunities where applicable and a dedicated team to support the management of the proposed satellite centre.

Speaking on the partnership, Ajay Jain, Chairman, Board of Directors, IIM Calcutta Innovation Park, said, "India's next generation of entrepreneurs will emerge from stronger collaboration between academia, industry and incubation ecosystems and this is an opportune partnership between two of West Bengal’s leading organizations, IIMCIP and AIMK. By combining AIMK's academic strengths with IIMCIP's incubation expertise, we aim to build a vibrant startup ecosystem that empowers young innovators and strengthens West Bengal's entrepreneurial landscape contributing meaningfully to India's innovation-led growth story."

Dr. Samip Baruah, Principal & Officiating Director, Army Institute of Management Kolkata, said, "Entrepreneurship is becoming an essential pillar of management education. Through our partnership with IIM Calcutta Innovation Park, we will provide our students and aspiring entrepreneurs with direct access to one of India's leading startup ecosystems. This collaboration will create meaningful opportunities for experiential learning and enterprise creation, preparing them not just as managers of businesses, but as creators of businesses."

Over the years, IIM Calcutta Innovation Park has emerged as one of India's most impactful startup incubation ecosystems, having supported more than 2000 startups, facilitated over ₹2000 crore in follow-on funding, helped create more than 30000 jobs, and built a strong network of entrepreneurs, investors, mentors, corporate partners and government institutions.

This partnership reflects the shared vision of both institutions to promote knowledge exchange, nurture innovation-driven leadership, strengthen industry-academia collaboration to contribute tangibly towards the growth of a robust startup ecosystem in West Bengal while supporting India's broader innovation and entrepreneurship agenda.

About IIM Calcutta Innovation Park

The IIM Calcutta Innovation Park (IIMCIP) is a not-for-profit (Section 8) company established under the aegis of the Indian Institute of Management Calcutta to promote entrepreneurship and innovation in India. Recognised by the Department of Science & Technology, Government of India, IIMCIP’s mission is to nurture innovative, socially impactful entrepreneurs who can drive inclusive growth. Its core offerings span structured mentoring, capacity building, seed funding and access to markets and investors. To date, IIMCIP has supported over 2,000 startups and seed-funded 152 ventures, which have collectively raised more than Rs 2,000 crore and built a cumulative portfolio valuation of nearly Rs 8,000 crore. IIMCIP also works closely with government bodies, corporates and academia to strengthen India’s innovation ecosystem, foster high-impact collaborations and promote women’s entrepreneurship, with a special focus on underserved regions of the country.

About Army Institute of Management Kolkata

For nearly three decades, Army Institute of Management, Kolkata (AIMK) has been shaping young minds into confident, competent and responsible management professionals. Established in 1997 by the Army Welfare Education Society (AWES), New Delhi, AIMK carries forward a distinctive legacy where academic excellence meets the enduring values of discipline, integrity and commitment.

Located in New Town, Kolkata, the Institute offers an intellectually stimulating environment that encourages students to learn, question, innovate and lead. Its AICTE-approved MBA programme and BBA programme, affiliated to MAKAUT, West Bengal, integrates strong academic foundations with experiential learning, industry interaction, case-based pedagogy and professional exposure.

What truly distinguishes AIMK is its unique Army ethos, reflected not only in its institutional culture but also in its approach to developing character, leadership and a sense of responsibility. With students drawn from diverse backgrounds, the campus fosters collaboration, inclusivity and a broad understanding of the contemporary business world.

As AIMK continues its journey of excellence, the Institute remains committed to creating future-ready leaders who combine managerial competence with character, purpose and social responsibility, leaders prepared not merely to succeed in the world of business, but to make a meaningful difference to society.

Hyundai and TerraPower, Chaired by Bill Gates, Unite to Fast‑Track Next‑Gen Nuclear Reactors

Hyundai E&C, TerraPower, and HD Hyundai have strengthened their alliance to accelerate commercialization of next-generation Natrium® small modular reactors (SMRs), with Bill Gates personally attending the leadership meeting in Seoul on August 14, 2026. This collaboration positions Korea and the U.S. at the forefront of global nuclear innovation.

TerraPower is a U.S.-based nuclear innovation company founded by Bill Gates and partners, focused on developing advanced reactors like the Natrium® system to deliver safe, carbon-free, and flexible energy while also advancing medical isotopes for cancer treatment.

Key Highlights from the Meeting

The meeting brought together senior executives from all three companies, including Hyundai E&C CEO Hanwoo, TerraPower Board Chairman Bill Gates, President and CEO Chris Levesque, and HD Hyundai Chairman Kisun Chung.

TerraPower is building its first Natrium reactor in Wyoming, and executives discussed expanding collaboration to future projects, committing to sustained close cooperation.

Attendees:

• Hanwoo Lee, CEO Hyundai E&C
• Bill Gates, Chairman TerraPower
• Chris Levesque, CEO TerraPower
• Kisun Chung, Chairman HD Hyundai

Focus: Commercial deployment and global expansion of the Natrium® sodium-cooled fast reactor (SFR).

Strategic Importance

• Global Expansion: Builds on trilateral MOU signed in May 2026.
• U.S. Market Entry: Targeting ~95 GW installed nuclear capacity, aging reactors, and rising AI-driven electricity demand.
• Korea-U.S. Cooperation: HD Hyundai to manufacture 2–3 Natrium reactor vessels annually.

The Natrium® Advantage

• Technology: Sodium-cooled fast reactor (SFR).
• Benefits: Enhanced safety, economic efficiency, flexible power output, scalable deployment.

Implications for Energy Markets

• Commercialization Path: First Natrium unit under construction in Wyoming, USA.
• Global Competitiveness: Hyundai E&C brings EPC expertise; HD Hyundai strengthens manufacturing.
• Demand Drivers: Rising electricity needs from digital infrastructure and climate commitments.

Partnership Roles

Partner	Role
TerraPower	Provides Natrium® technology, led by Bill Gates
Hyundai E&C	EPC expertise, project management, global deployment
HD Hyundai	Manufactures primary reactor equipment, builds supply chain

Risks & Challenges

• Regulatory hurdles: Nuclear licensing varies by country.
• Public perception: Safety and waste management concerns.
• Supply chain readiness: Scaling to 2–3 reactor vessels annually requires investment.

Conclusion

This trilateral partnership marks a milestone in nuclear innovation, combining U.S. technology leadership with Korean industrial strength. If successful, Natrium reactors could redefine the future of clean, reliable energy, supporting both climate goals and digital economy growth.

AI Infrastructure in Indian Healthcare: Bain & HealthQuad Spotlight Tech‑Driven Transformation

Indian healthcare providers are moving AI from pilots to practice, with varying adoption across administrative and clinical workflows: Bain & Company and HealthQuad

Operational use cases are scaling first, easing administrative load on clinicians; connected clinical care, gated by today’s ~35% EMR adoption, is the larger opportunity ahead

Bain & Company and HealthQuad launched their joint report ‘AI in Indian Healthcare Delivery’ today. The report finds that artificial intelligence (AI) capabilities have advanced rapidly in recent years, and India’s healthcare infrastructure is well-positioned to accelerate adoption compared with earlier waves of digital technologies. Government initiatives, rising EMR penetration, deployment of private capital, a thriving start-up ecosystem and clinician acceptance are strengthening the enabling environment. Adoption in hospitals, however, remains nascent and uneven. The majority of providers are still running AI pilots, with meaningful scale limited to operational use cases, and only a handful of providers are expanding into more clinical applications.

This gap, in tandem with a step-change in AI’s technological capabilities, particularly in healthcare, opens up previously unchartered territories for exponential growth. Newer generative and agentic systems can increasingly execute multistep workflows with limited supervision, while the amount of expert-level work AI can complete autonomously has been doubling every six to nine months since 2023. For providers, this creates an opportunity to reduce the administrative burden on doctors, nurses, and other healthcare professionals, giving them more time to focus on patient care and higher-value clinical work.

Today, however, most providers are testing AI in controlled settings rather than deploying at scale. Early adoption is translating first into operational and workflow applications where implementation is relatively easier, and benefits can be measured more quickly. Clinical AI adoption is emerging primarily among more mature providers, though the focus remains on support tools rather than autonomous decision-making. The velocity of change in AI technology currently exceeds that of most healthcare organizations. As hospitals build the data foundations and digital infrastructure needed to scale, AI adoption in the provider space is poised to accelerate and the gap between early movers and the rest will widen quickly.

Dhruv Sukhrani

Dhruv Sukhrani, Head of Bain & Company’s Healthcare & Life Sciences practice in India, said, “AI adoption in Indian healthcare is still early, but the conditions for it to scale are strengthening quickly. The technology itself has advanced significantly; the harder question now is how providers redesign workflows, manage change and build trust among doctors and nurses. This is increasingly a business transformation challenge, not simply a technology challenge. Providers will need to focus on the highest-value use cases, build the data and organisational capabilities to scale them, and embed AI into clinical workflows with the right governance and human oversight. The next phase of adoption will be shaped by providers’ ability to bring value, deployability and trust together—not simply by access to more advanced AI models.”

As AI capabilities advance rapidly, India is strengthening the foundations needed for adoption, with tangible progress beginning to emerge. Frontier models now match or outperform pre-licensed medical professionals in some controlled clinical reasoning tests. At the same time, these capabilities are becoming more accessible: the cost of frontier AI models has fallen by approximately 92% since 2023. India, meanwhile, has made progress in building the foundations AI needs.

Three enablers will determine how quickly these foundations translate into healthcare AI at scale:

• Data readiness: EMR adoption in India at ~35% remains well below the US and UK and is concentrated among larger urban hospital chains, while most small- and mid-sized hospitals continue to rely heavily on paper records.
• Regulatory clarity: India’s framework for adaptive and autonomous clinical AI is still evolving, particularly around accountability, data governance and clinical validation.
• Locally applied talent: India has deep AI capabilities, but much of that talent is currently directed toward global markets. Indian start-ups are already building across the patient journey: pre-visit and access, diagnostics and inpatient treatment, and post discharge care.

Namit Chugh

Namit Chugh, Director – HealthQuad said: “Healthcare in India has always been constrained by scarcity of clinicians leading to enormous variation in access and outcomes. AI can potentially change that equation by being not just an efficiency lever, but a capacity multiplier. AI capabilities are advancing exponentially, with performance increasingly matching or exceeding medical experts across selected tasks. The report brings a clinician-first lens across the patient journey, which is closely aligned with the investment thesis of HealthQuad’s Fund III, which is focused on backing healthcare innovators using technology and AI to address critical gaps across care delivery. The fund's recent investment in LifeSigns, an AI-powered remote patient monitoring platform, is an example of this thesis in action.”

The next opportunity is to move from operational gains to more connected patient care.
As AI moves deeper into clinical workflows, integration, data readiness, and trust become more significant constraints, with providers typically requiring human oversight. Looking ahead, the report identifies significant headroom in a few areas:

• Remote patient monitoring
• Operating theatre and ICU optimization
• Post-discharge chronic disease management

For hospitals, capturing value from AI means treating it as a business transformation, not an IT project. This requires anchoring AI to clinically owned outcomes, sequencing adoption carefully, building both specialist AI capability and broad organizational fluency, and governing clinical AI on an ongoing basis rather than through a one-time sign-off.
For founders, building durable healthcare AI companies will require solving real clinical problems and earning trust to scale. The most important steps:

• Validate the problem in clinical settings before building
• Land with a focused solution before expanding into a platform
• Treat workflow integration as core to the product, not an afterthought
• Build validation, explainability, and patient safety in from the outset

Ultimately, scaling AI in Indian healthcare will depend on bringing value, deployability and trust together, while building the data, workflow and clinical foundations required for adoption.

Methodology

This report is based on primary interviews with CIOs and CTOs of leading hospitals and diagnostic labs and start-up founders, as well as secondary market research and a range of industry participant interviews.

About Bain & Company

Bain & Company works with leaders worldwide to solve their toughest challenges and deliver enduring results. Since 1973, we’ve partnered with clients, including private equity and portfolio companies, to build the capabilities they need to stay ahead of change and help them redefine their industries. We measure our success by our clients’ success, and we proudly hold the highest levels of client advocacy in our field.
Bain is consistently recognized globally as one of the best places to work. We operate as one global team, uniting strategists, industry and functional experts, technologists, and advisors with a vibrant ecosystem of technology partners.
Note to Editors
Bain & Company was founded in 1973 and today has 19,000 employees across 67 cities in 40 countries. We have worked with more than two-thirds of the Global 500 and more than 9,000 companies worldwide. Bain has pledged to deliver $2 billion in pro bono consulting to nonprofit, public-sector and charitable organizations by 2035. The firm is consistently recognized as a Leader in major analyst rankings across multiple areas, including digital business, innovation, strategy, experience design, customer experience, and carbon-zero transformation.

About HealthQuad

HealthQuad is one of India’s leading investment platforms focused on new-age healthcare models, and is currently investing from HealthQuad Fund III, continuing the strategy and track record established across Funds I and II. Founded in 2016, HealthQuad currently has an AUM of over US$500 million, and acts as the early-growth investment arm of Quadria Group, one of Asia’s leading dedicated healthcare investment platforms. HealthQuad backs exceptional founders building category-defining companies across HealthTech, MedTech, Bio/PharmaTech and novel care delivery, leveraging deep sector expertise, operating capabilities, and Quadria’s extensive healthcare ecosystem to scale in India and globally.

HerSpace Manufacturing Secures $50M from Gray Matters Capital to Fuel Growth

• The funding raised would be used to expand its offerings in key manufacturing hubs across the states of Karnataka, Tamil Nadu and Andhra Pradesh

HerSpace Manufacturing Pvt Ltd, a leader in employee accommodations for industrial workers, announced today that it has raised a further $40 million from its existing investor, Gray Matters Capital (GMC) which had invested $10 million in 2025.

The $50 million will be invested over 30 months through a mix of debt, quasi-equity and equity.

The capital commitment reflects strong investor confidence in HerSpace’s leading accommodation solution, which is highly effective at improving employee retention, productivity, and satisfaction, in addition to drastically lowering the transport costs and the carbon footprint of employing companies.

The new capital is expected to support expansion in key manufacturing markets, including Greater Bengaluru, Hosur, Chennai, and the state of Andhra Pradesh, in addition to investment in people and systems needed to support HerSpace’s growth.

Bob Pattillo, Founder of HerSpace Manufacturing Pvt Ltd. explains, “HerSpace has moved quickly from an idea to a working business with strong market demand. Our goal now is to use the capital, experience and lessons from our first projects to build a model that can scale quickly while maintaining the quality and affordability that make HerSpace valuable to workers and employers.”

“One company placed 200 women employees with us, who then excitedly told all their colleagues, who then asked to be relocated to HerSpace. The company decided to take the entire remaining capacity of 280 beds.”, Pattillo goes on to add.

Manufacturing Sector Growth linked to Worker Housing

A 2024 NITI Aayog report, “S.A.F.E. Accommodation – Worker Housing for Manufacturing Growth,” highlighted the critical role of worker housing in supporting India’s manufacturing growth. The report stated:

Inadequate housing near industrial hubs is a major bottleneck. Poor housing conditions lead to high attrition rates, reduced productivity, and workforce instability. Moreover, the lack of suitable accommodations restricts the migration of workers, particularly women, thereby limiting the sector’s growth potential.

Currently, paying guest (PG) accommodations are the primary alternative, with significant concerns around quality, safety, compliance and safe access for women. This underscores the need for leased worker housing like that provided by HerSpace to establish India’s dominance in manufacturing.

Mr. Simha Nagaraj, CEO, HerSpace Manufacturing

“This funding milestone marks a defining moment for HerSpace and reflects the immense market opportunity ahead, as well as the dedication of our talented team including our Founders Mr. Bob Pattillo and Mr. Puneeth Thimmegowda.” said Mr. Simha Nagaraj, CEO of HerSpace Manufacturing Pvt Ltd.

The company currently has over 950 modular beds delivered and operating, with more than 10,000 beds in the pipeline.

About HerSpace Manufacturing Pvt Ltd

Founded in 2023, HerSpace is the premier provider of leased affordable workforce accommodations for industrial workers in India. Headquartered in Bengaluru, Karnataka, HerSpace funds, designs, builds, and operates under one roof. Statutory compliance is built in at each stage.

For more information, visit: https://herspace.co/

About Gray Matters Capital

Gray Matters Capital (GMC) is a leading global impact investor in companies with exceptional social impact and strong financial returns. Through 78 enterprises, GMC is projecting to serve 100 million women through entrepreneurial schools, startup impact ventures, health, and housing.

For more information, visit: https://graymatterscap.com/