Indian Army to Induct 84 Loitering Munition Systems from Tata Advanced Systems and NIBE in Largest Drone Order

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The Ministry of Defence has signed landmark contracts worth ₹1,577 crore with Tata Advanced Systems Limited (TASL) and Pune-based NIBE Pvt Ltd to supply loiter munition systems to the Indian Army, marking the largest-ever one-time drone procurement in Indian military history. Deliveries of 84 systems and 840 munitions will be completed within 12 months, strengthening artillery regiments under the Aatmanirbhar Bharat initiative.

At ₹1,577 crore (~$190M), this is the biggest single order placed for drones or loitering munitions in India’s defence history. The order volume of 84 complete systems and 840 munitions are being inducted in one go — far exceeding earlier smaller pilot-scale procurements.

The Loiter Munition System is a pivotal capability enhancer for the Indian Army’s artillery regiments, significantly boosting overall operational effectiveness. Procured under the Buy (Indian) category via the Fast Track Procedure, this acquisition not only strengthens frontline combat readiness but also reinforces India’s domestic defence manufacturing ecosystem.

The contracts were inked in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi on August 14, 2026.

Aatmanirbhar Bharat: MoD inks Rs 1,577 crore contracts for Loiter Munition Systems

A Loiter Munition System is an advanced weapon that combines the surveillance capability of a drone with the destructive power of a missile — often referred to as a “suicide drone” or “kamikaze drone.” It can loiter over a target area, identify threats in real time, and then dive onto the target to destroy it.

Key Highlights of the Deal

• Contract Value: ₹1,577 crore
• Vendors: Tata Advanced Systems Limited (TASL) and NIBE Pvt Ltd
• Procurement Split: TASL will supply 54 systems with 540 munitions (64%), while NIBE will deliver 30 systems with 300 munitions (36%)
• Delivery Timeline: Within 12 months under the Fast Track Procedure
• Category: Procured under Buy (Indian), reinforcing domestic defence manufacturing

To recall, in January this year Tata Advanced Systems has already demonstrated its indigenous ALS Loitering Munition in Europe, validating its mission-ready capabilities and strengthening India’s defense export prospects.

Operational Significance

• Loitering Munitions: Also called suicide drones or kamikaze drones, these systems can loiter over a target area, identify threats, and strike with precision
• Range: Up to 100 km, enabling beyond-line-of-sight targeting
• Deployment: Will equip new formations like Shaktibaan artillery regiments and Divyastra batteries
• Strategic Impact: Enhances India’s ability to counter evolving threats, drawing lessons from global conflicts

Aatmanirbhar Bharat & Defence Industry Boost

• Indigenous Manufacturing: Strengthens India’s defence industrial base by prioritizing local vendors
• Largest Drone Order: Sets a precedent for future large-scale indigenous contracts
• Technology Edge: TASL’s systems are designed and manufactured entirely within India

Comparison of Vendor Contributions

Vendor	Systems Supplied	Munitions Supplied	Contract Share
TASL	54	540	64% (~₹1,000 crore)
NIBE Pvt Ltd	30	300	36% (~₹563 crore)

Risks & Strategic Considerations

• Rapid Deployment Pressure: Deliveries within 12 months may strain production capacity
• Operational Integration: Requires seamless coordination with artillery regiments to maximize effectiveness
• Global Benchmarking: India’s adoption of loitering munitions mirrors trends in modern warfare, but long-term sustainability depends on continued R&D investment

This deal is a milestone in India’s defence modernization, combining indigenous innovation with operational urgency.

India’s 80th Independence Day: PM Modi Unveils Bold Vision for AI, Nuclear Power, and Women-Led Development

On the historic occasion of India’s 80th Independence Day, Prime Minister Narendra Modi addressed the nation from the ramparts of the Red Fort, announcing a sweeping set of initiatives aimed at transforming India’s technological, educational, and social landscape.

AI Skilling for One Crore Youth

One crore youth will be trained in Artificial Intelligence skills within the next year. This initiative aims to empower India’s youth to lead in the digital future.

Free Online Coaching Network

A nationwide free online coaching network will be launched for competitive examinations, easing the financial burden on poor and middle-class families by leveraging digital public infrastructure and India’s pool of educators.

Nationwide Sports Talent Hunt

A sports talent hunt for children aged 5–15 years will identify and train young athletes, with emphasis on Olympic disciplines where India has traditionally lagged.

Civil Defence for Modern Challenges

A vibrant Civil Defence network will be created to safeguard critical infrastructure such as refineries, banks, data centres, and factories. Citizens will be trained to meet modern challenges through a large voluntary force.

Semiconductor Self-Reliance

Three semiconductor plants are already operational and exporting production. Plans for five to eight new plants in the next seven to eight years will strengthen India’s march toward self-reliance and the vision of Viksit Bharat.

100 GW Nuclear Power by 2047

India targets 100 GW nuclear power capacity by 2047. Five new nuclear reactors are planned within this decade, alongside advancements in fast breeder nuclear technology, ensuring sustainable energy for AI, data centres, and industrial growth.

Six Crore Lakhpati Didis

A new target of six crore Lakhpati Didis has been set, doubling the earlier goal. Women entrepreneurs empowered through self-help groups will drive a major transformation in India’s rural economy.

Conclusion

Prime Minister Modi’s Independence Day address outlined a vision of India as a global leader in technology, energy, and inclusive development. From AI skilling and semiconductor plants to nuclear energy and women’s empowerment, the initiatives reflect a roadmap for a self-reliant, resilient, and future-ready India.

Ananya Birla-led Svatantra Microfin Files ₹3,000 Cr IPO With SEBI to Boost Capital, Expand Microfinance Reach, and Empower Grassroots Entrepreneurs

Ananya Birla led Svatantra Microfin Limited, an inclusion-focused non-banking financial company enabling financial independence for households and empowering grassroots entrepreneurs within the Indian economy, has filed its DRHP with SEBI for an IPO.

The IPO comprises a fresh issue of ₹1,500 crore and an offer for sale of ₹1,500 crore, aggregating to a total Issue size of ₹3,000 crore.

The proceeds from the fresh issue are to be utilised towards augmenting the Company’s Tier I capital base to meet its future capital requirements, including onward lending, arising out of the growth and expansion of its business and assets.

Svatantra Microfin Limited enables financial inclusion by providing access to credit for individuals and small entrepreneurs, helping strengthen livelihoods and support economic participation across communities. Its portfolio primarily comprises microfinance loans, complemented by secured lending products, viz. affordable housing finance, including loans against property, offered through its Subsidiary, Svatantra Micro Housing Finance Corporation Limited.

Svatantra Microfin Limited is led by Ananya Birla, Chairperson and Non-Executive Director, who represents the next generation of the Aditya Birla Group’s legacy. The Company was the first institution to receive the NBFC-MFI license, which was introduced by the Reserve Bank of India in 2011.

Svatantra Microfin Limited is the second-largest non-banking financial company – microfinance institution (“NBFC-MFI”) in India as of March 31, 2026, 2025 and 2024 in terms of microfinance assets under management (“AUM - MFI”). Svatantra Microfin was the fastest growing NBFC-MFI in India over the last three Fiscals, with AUM - MFI growing at a CAGR of 20.87% from ₹ 144,378.72 million as of March 31, 2024 to ₹ 210,932.22 million as of March 31, 2026, among the peers. Its share of the total AUM - MFI in India increased from 3.26% as of March 31, 2024 to 6.37% as of March 31, 2026, reflecting the Company's resilient growth through economic cycles. As of March 31, 2026, Svatantra Microfin is also the largest NBFC-MFI in Bihar and Uttar Pradesh, based on AUM - MFI.

A key pillar of the company's microfinance risk management strategy is diversification across geographies. For instance, no single district contributed more than 2.74%, 2.60% and 2.35% of Company ’s AUM – MFI as of March 31, 2026, 2025 and 2024, respectively, while no single state contributed more than 23.02%, 21.66% and 20.72% of Company’s AUM – MFI as of the same dates. Svatantra Microfin limited reported the lowest Gross Stage 3 Ratio among the MFI Peers in Fiscals 2025 and 2026, at 2.24% and 1.19%, respectively. Its performance has been supported by geographic diversification, disciplined underwriting, borrower-centric product offerings and collection mechanisms.

Further, the amalgamation of Chaitanya India Fin Credit Private Limited into Svatantra Microfin Limited, with effect from March 21, 2026, complemented its existing geographic presence, particularly given its established presence in southern India, and further strengthened its pan-India presence while maintaining a diversified geographic portfolio.

Svatantra Microfin Limited has remained resilient through the period of sectoral stress compared to MFI Peers, with our Company’s return on average AUM (“RoAAUM”) being the highest among the MFI Peers in Fiscals 2025 and 2026, at 2.90% and 3.57%, respectively. Through Fiscals 2025 and 2026, years of elevated credit costs and asset quality stress across the microfinance sector, the company delivered the highest return on equity (“ROE”) at 13.66% and 15.00%, respectively.

As of March 31, 2026, Its microfinance operations are supported by a diversified geographic footprint and deep district-level penetration, with a network of 2,123 branches across 20 states and 394 districts across India. This network is complemented by an on-ground presence comprising 24,594 employees, including 15,575 field officers, which has enabled Svatantra Microfin to serve 4,266,316 active borrowers as of March 31, 2026 in its microfinance business.

Axis Capital Limited, Avendus Capital Private Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers.

Bank of Baroda Raises $700M Through Overseas Bond Issuances

• The Dual tranche issuance received a strong investor response with peak order book of USD 2.67 billion

Bank of Baroda, India’s International Bank, has raised USD 700 million through a dual-tranche overseas bond issuance comprising 3-year and 5-year Senior Unsecured Fixed Rate Notes under its USD 4 billion Medium-Term Note Programme. The issuances, undertaken through the Bank’s International Financial Services Centre Banking Unit at GIFT City, received a strong response from investors, with the order book peaking at USD 2.67 billion, representing demand of nearly 3.8 times the final issue size.

The Bank raised USD 400 million through the 3-year tranche at a coupon of 5.114% per annum (representing a spread of 90 basis points over the 3-year US Treasury rate). A further USD 300 million was raised through the 5-year tranche at a coupon of 5.318% per annum (a spread of 100 basis points over the 5-year US Treasury rate). Strong investor demand enabled the Bank to significantly tighten pricing from the Initial Pricing Guidance of 3-Year US Treasury + 120 basis points for the 3-year tranche and 5-Year US Treasury + 130 basis points for the 5-year tranche. The Bank achieved the tightest-ever spread over the US Treasury in the history of its bond issuances.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “The exceptionally strong investor response to our USD 700 million bond issuance reflects deep market confidence in the Bank, its financial resilience and clear strategic direction. The competitive pricing achieved, coupled with strong participation from high-quality international investors, reinforces our ability to efficiently diversify our funding base and support our long-term growth priorities."

The issue has been rated BBB (Stable) by S&P, BBB- (Stable) by Fitch and BBB+ (Stable) by CareEdge Global. The bonds will be listed on the India International Exchange (IFSC) Limited (India INX), NSE International Exchange (NSE-IX) and Singapore Exchange (SGX-ST)

The notes will be settled on 20 August 2026 and will mature in August 2029 and August 2031, respectively

Zetwerk IPO Push: Manufacturing Orderbook Hits ₹12,370 Cr; Debt Repayment, Acquisitions Planned

• Revenue from operations grew 40.43% to ₹15,913 Crores in FY26, led by growth in renewable energy, power transmission and AI infrastructure.
• Operating performance improved sharply since Fiscal 2024, with adjusted EBITDA up 4.3x to ₹421 Crores and Adjusted PBT turning positive at ₹45.7 Crores from a loss of ₹248.8 Crores
• Manufacturing orderbook doubled to ₹ 12,370 Crores in FY26 as compared to FY2024; international markets contributed nearly 30% of Manufacturing Business revenue in FY26.

Zetwerk, a technology-led, asset-light manufacturing platform for industrial and consumer goods in India and globally, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).

The company aggregates manufacturing capacity across a network of third-party suppliers and its own facilities into a "universal factory," unified through Zetwerk OS, its proprietary technology backbone. Its customers span utilities, renewables, consumer electronics, artificial intelligence infrastructure, aerospace, space & defence, oil & gas and industrial automation.

Zetwerk operates two reportable business segments: the Manufacturing Business, which enables customers to manufacture industrial and consumer products through its supplier network and own facilities; and the Ecosystem Business, branded Terra91, which aggregates and sources industrial commodities for customers. A third segment, Civil Infrastructure Works, was discontinued in FY26 as part of a strategic realignment to focus on the core segments.

The proposed initial public offering comprises a fresh issue of Equity Shares of face value of ₹1 each aggregating up to ₹2,600 Crores and an offer for sale of up to 96,837,455 equity shares of face value ₹1 each by the selling shareholders.

Zetwerk plans to use the net proceeds mainly to pay down debt – ₹1,250 Crores at the company and ₹550 Crores across subsidiaries – with the balance towards inorganic growth through unidentified acquisitions, and general corporate purposes.

The company's promoters are Amrit Pratik Acharya and Srinath Ramakkrushnan, both IIT Madras alumni. The company, in operation for around 8 years, connects 26 owned manufacturing facilities across India, USA, Germany and Spain and a network of 6,979 third-party suppliers in multiple countries into a unified manufacturing network.

The hybrid manufacturing model it follows allows it to benefit from the scalability of a distributed network, with capacity accessed through third-party manufacturers without a corresponding increase in invested capital together with the control of selective own capacity for complex, high-value manufacturing.

Zetwerk OS coordinates a single order across multiple facilities to speed up production cycles. It automates key decisions and replaces manual processes with technology that standardizes every stage of the manufacturing lifecycle and supports distributed manufacturing.

As of March 31, 2026, Zetwerk's Manufacturing platform had a diverse customer base ranging from start-ups to large industrial companies, including 8 of Sensex, 16 of Nifty 50, and 102 of India's Fortune 500 companies. Some of its customers include Siemens Gamesa, Acer India, NextPower, CG Power, NTPC Renewable Energy, L&T MHI Power Boiler, DRDO, NALCO, IOCL, Mortenson, Nordex Acciona, Indian Air Force and Numaligarh Refinery Limited.

Zetwerk grew revenue from operations 40.43% to ₹15,913 Crores in FY26, up from ₹11,332 Crores, led by a nearly doubling energy business on the back of broader themes of AI capex wave and energy transition. Operating performance improved sharply since Fiscal 2024: adjusted EBITDA rose from ₹97 Crores in Fiscal 2024 to ₹323 Crores in Fiscal 2025 and ₹421 Crores in FY26, a 4.3x increase over two years. Adjusted PBT grew from a loss of ₹248.8 Crores in Fiscal 2024 to a profit of ₹45.7 Crores in FY26.

The reported PBT of -₹1,558 Crores in FY26 was primarily driven by two one-time, non-cash adjustments ahead of the IPO. The first is a Management Stock Options equity top-up of ₹796 Crores, thereby increasing promoter’s stake in the company. The transaction did not involve any cash outflow and is net worth neutral. The second is a one-time provision of ₹453 Crores relating to the civil infrastructure business, which the company has discontinued as part of a portfolio consolidation.

Zetwerk's manufacturing orderbook doubled to ₹ 12370 Crores in FY26 as compared to ₹ 6170 in FY2024.

Zetwerk has benefitted from its evolving customer relationships that has gone from single order engagements to multi-year contracts across multiple categories. Revenue from Repeat Customers in its Manufacturing Business stood at 80.15% in FY2026 and the Net revenue retention stood at 120% for the same period.

Zetwerk's top 10 customers have been associated with the company for ~3 years, and contribute to nearly 36% of revenues. The company has cumulatively delivered products and raw materials worth ₹69,588 Crores in terms of GMV.

In FY 2027, Zetwerk has been recognised as India's Fastest Growing Engineering Brand 2026, according to Strongest Indian Brands 2026 rankings published by independent brand valuation consultancy Brand Finance.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Avendus Capital Private Limited, JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Pantomath Capital Advisors Private Limited, are the Book Running Lead Managers to the issue.

Link: https://ir.zetwerk.com/wp-content/uploads/Zetwerk-Manufacturing-Businesses-Limited-UDRHP-I.pdf