Adani Denies Airline Launch Amid Duopoly Speculation

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Adani Group reportedly approached the Indian government to relax rules that currently prevent major airport operators from owning airlines, potentially paving the way for its own carrier to challenge the IndiGo–Air India duopoly. However, within 24 hours of these reports, Adani Enterprises issued a categorical denial, stating it has no plans to launch an airline and that speculation is “baseless and factually incorrect.”

The Reuters reported about Adani’s potential airline launch on July 23, 2026. The report's exclusive story cited sources saying Adani was considering starting a new airline, which triggered widespread coverage and speculation before Adani Enterprises issued a denial the following day.

“We would like to categorically deny the recent media reports and market speculation suggesting that Adani Enterprises is planning to launch an airline. These reports are entirely baseless and factually incorrect. Adani Enterprises is not evaluating any proposal to enter the airline business,” a spokesperson for Adani Enterprises said.

What’s Happening

• Regulatory Request: Reports said Adani sought changes to a clause that bars operators of Delhi and Mumbai airports from holding more than 10% in a scheduled airline.
• Potential Impact: If approved, Adani could enter the airline market, breaking IndiGo and Air India’s combined 90% domestic market share.
• Government Position: The Civil Aviation Ministry is informally reviewing the issue, with legal opinion sought from the Solicitor General. Cabinet approval would be required for any amendment.

Adani’s Aviation Footprint

• Operates 8 airports including Mumbai and Navi Mumbai.
• Active in pilot training, MRO (maintenance, repair, overhaul), and ground handling. [Refer] [Refer] 
• Recently partnered with Embraer to assemble regional jets in Gujarat’s Dholera, strengthening its aviation ecosystem.

Conflicting Signals

• Media Reports (July 23, 2026): Suggested Adani was lobbying for rule changes to launch an airline.
• Company Clarification (July 24, 2026): Adani Enterprises filed an official denial, stating it is not evaluating any airline proposal.
• Strategic Focus: Instead of launching a carrier, Adani is investing heavily in airport-linked commercial hubs (hotels, retail, offices) worth over ₹20,000 crore.

Market Context

Factor	Details
IndiGo	Largest domestic carrier, ~60% market share
Air India (Tata Group)	~30% market share, expanding internationally
Adani’s Entry (if allowed)	Could disrupt duopoly, leverage airport dominance
Conflict Concerns	Existing airlines warn of unfair advantage if airport operators also run carriers

Key Takeaways

• No Airline Yet: Despite speculation, Adani has denied plans to launch an airline.
• Strategic Expansion: Focus remains on airports, infrastructure, and aircraft assembly.
• Policy Debate: The government is weighing whether to allow airport operators into airline ownership, which could reshape India’s aviation landscape.

Adani and France's Dioxycle to Launch India’s Ist CO₂‑to‑Chemicals Plant

Adani Enterprises has partnered with France’s Dioxycle to launch India’s first pilot plant producing formic acid from captured carbon dioxide and renewable electricity — a landmark move that marks Adani’s entry into low‑carbon chemicals. The project will be located at an Adani Group site, with plans to scale up to commercial production after successful validation.

Low‑carbon chemicals are industrial products made using renewable energy and sustainable feedstocks (like biomass or captured CO₂) instead of fossil fuels, significantly reducing greenhouse gas emissions. They are central to decarbonizing the chemical industry, which is one of the largest contributors to global emissions.

The Adani-Dioxycle partnership combines Dioxycle’s electrically driven chemical manufacturing technology with Adani Group’s clean-energy capabilities, infrastructure platform and project execution expertise to create a new model for sustainable and cost-competitive chemical production.

Key Highlights of the Partnership

• Pilot Plant: Produces formic acid using captured CO₂ and renewable electricity.
• Strategic Entry: Adani’s first step into the chemicals sector, expanding beyond energy and infrastructure.
• Technology: Dioxycle’s electrically driven process replaces fossil fuels with renewable power.
• Applications: Formic acid is widely used in textiles, agriculture, and manufacturing.
• Future Expansion: Plans to explore other chemicals for energy, packaging, and materials sectors.

Why Formic Acid Matters

• Industrial Uses: Preservative in animal feed, dyeing agent in textiles, and intermediate in chemical manufacturing.
• Sustainability Impact: Converts carbon emissions into valuable products, reducing reliance on fossil feedstocks.
• Market Potential: India’s growing demand in agriculture and textiles makes local production strategically important.

Statements from Leaders

• Jeet Adani (Director, Adani Group): “We are proud to pilot India’s first formic acid facility powered entirely by renewable electricity and captured carbon.”
• Sarah Lamaison (CEO, Dioxycle): “India offers a unique combination of renewable energy, manufacturing capability, and ambition. Together, we aim to build a scalable model for low‑carbon chemical production.”

Strategic Importance

Factor	Details
Carbon Capture	Converts emissions into chemicals, reducing industrial carbon footprint.
Economic Value	Creates cost‑effective alternatives to fossil‑based feedstocks.
India‑Europe Cooperation	Strengthens clean‑tech ties between India and France.
Job Creation	New opportunities in chemical manufacturing and renewable energy.

Risks & Challenges

• Validation Risk: Commercial scaling depends on successful pilot outcomes.
• Regulatory Approvals: Environmental and industrial clearances may delay timelines.
• Market Competition: Competing with global players in sustainable chemicals.

What This Means for India

• This partnership positions India as a pioneer in low‑carbon chemical manufacturing, aligning with its renewable energy ambitions and industrial growth.
• It’s a strategic clean‑tech story linking carbon capture, industrial innovation, and India‑Europe cooperation.

Low‑carbon chemicals represent a fundamental re‑architecture of industrial chemistry, shifting from fossil‑based to renewable, circular systems. For India, projects like Adani–Dioxycle’s pilot plant show how captured carbon can become a valuable feedstock, positioning the country as a leader in sustainable industrial innovation.

Adani Copper Secures LME Certification, Elevating India’s Role in Global Energy Transition

Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Ltd (AEL), has earned London Metal Exchange (LME) certification for 'Adani Copper'. Approval by the world centre for the trading of industrial metals validates KCL's manufacturing excellence and responsible sourcing practices against strict global benchmarks, enabling Adani Copper cathodes to be delivered with warrants eligible for issuance against LME Copper futures contracts from July 10, 2026.

For the Adani Group, LME listing of Adani Copper as a Good Delivery brand for 'Copper Grade A' contracts places the brand alongside the world's leading copper brands, conferring international recognition and market credibility on the Group's entry into the metals sector and its emergence as a globally competitive producer of refined copper.

"Copper is the backbone of the global energy transition. Achieving LME brand status places Adani among the world's leading copper producers and strengthens India's role in building a resilient, responsible supply chain for this vital metal. Kutch Copper's world-class infrastructure and ESG standards make this recognition both timely and well deserved. It will enhance the global acceptance of Adani Copper. Apart from reinforcing India's growing stature in the international metals industry, the registration is a landmark step towards self-reliance in refined copper," said Dr. Vinay Prakash, CEO – Natural Resources, Adani Enterprises, and Managing Director, Kutch Copper Limited.

An LME-brand certification is a rigorous process involving superior quality assurances — covering chemical composition, shape and weight — alongside strict responsible sourcing protocols. The LME listing enables eligible Adani Copper cathodes to be placed on warrant in LME-approved warehouses, strengthening financing flexibility as LME-listed metal is recognised as high liquid asset that can be used as collateral. For the LME, the addition of Adani Copper broadens the exchange's deliverable base with high-quality cathode from a major new production hub, deepening the liquidity and geographic diversity of the global copper market.

The USD 1.2 billion Kutch Copper facility with production capacity of 0.5 million tonnes — one of the world's largest single-location custom copper smelting complexes, designed with state-of-the-art technology, advanced process automation, and sustainability-led design principles embedded across operations — strengthens domestic supply, reduces the nation's dependence on imported copper, and advances India's 'Aatmanirbhar Bharat' ambitions in a metal central to electrification, renewable energy and the energy transition.

About Kutch Copper Limited

Kutch Copper Limited (KCL) is a wholly owned subsidiary of Adani Enterprises Limited and a part of the metals and mining portfolio of the Group. With an annual production capacity of 0.5 million tonnes, the company manufactures high-quality copper Grade A cathodes and other value-added products to serve domestic and international markets. For more information, please visit: https://www.adanimetals.com/

About Adani Enterprises Ltd (AEL)

Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to make India self-reliant with our robust businesses. This has also led to significant returns to our shareholders for three decades.

The next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and petrochem - all of which have significant scope for value unlocking.

Adani Enterprises to Build ₹84,000 Crore Coal-to-Chemicals Plant on Former UMPP Land in Odisha

Adani Enterprises Ltd (AEL) has announced plans to establish a massive coal-to-chemicals complex in Odisha’s Sundargarh district, repurposing land originally acquired for the now-abandoned Bhedabahal Ultra Mega Power Project (UMPP), reported The New Indian Express, which published details early on March 15, 2026. Business Standard reported the same later the same day with its own coverage.

The ₹84,000 crore project will be developed through OD Syn-Gas & Chemicals Limited (OSGCL), a step-down subsidiary of AEL.

Project Overview

The upcoming facility will be spread across 3,047 acres in Bhedabahal, Sadar block, Sundargarh. The land was initially earmarked for a 4,000 MW UMPP, which was later scrapped. With approval from Odisha’s High Level Clearance Authority (HLCA), Adani is set to transform the site into one of India’s largest coal-to-chemicals hubs.

• The plant will convert coal into high-value chemicals such as methanol, syngas, and downstream derivatives.
• It aims to reduce India’s reliance on crude oil imports.
• Supports industrial diversification in Odisha.

Economic and Strategic Significance

• Investment: ₹84,000 crore (approx. $10 billion)
• Employment: Thousands of direct and indirect jobs expected
• Industrial Impact: Strengthening Odisha’s position as a hub for energy-intensive industries
• National Strategy: Aligns with India’s push to explore coal-to-chemicals as an alternative energy pathway

Balancing Benefits and Challenges

• Economic Growth: Significant boost to regional development
• Environmental Concerns: Coal-based chemical production is carbon-intensive
• Technology Needs: Carbon capture solutions will be critical
• Community Impact: Land repurposing may raise local concerns

Broader Context

India has been actively exploring coal-to-chemicals projects to diversify its energy mix. Odisha, with its abundant coal reserves and industrial infrastructure, is emerging as a key destination for such ventures. Adani’s pivot from traditional coal power generation to chemical production reflects a strategic shift toward value-added resource utilization, in line with global trends.

Adani Enterprises to Exit Indonesian Subsidiary in USD 125 Million Deal with Dubai’s Energico FZCO

Adani Enterprises has announced it will divest its entire stake in PT Adani Global (Indonesia) to Dubai-based ENERGICO FZCO for USD 125 million, with completion expected by November 30, 2025.

Adani Enterprises filed a disposal/divestiture notice on November 6, 2025, confirming the sale of its stake in PT Adani Global (Indonesia) to ENERGICO FZCO for USD 125 million. Media outlets such as ScanX News reported the same details, citing the official filing and highlighting that the divested entity contributed only 0.83% of consolidated revenue and 1.11% of net worth.  

Key Highlights of the Transaction

• Seller: Adani Enterprises Limited (AEL), through subsidiaries in Mauritius and Singapore.
• Buyer: ENERGICO FZCO, a Dubai-based company not affiliated with the Adani Group.
• Deal Value: USD 125 million.
• Completion Timeline: Expected by November 30, 2025.
• Impact on AEL: PT Adani Global (Indonesia) contributed only 0.83% of consolidated revenue and 1.11% of net worth.

Strategic Context

• Portfolio Rationalization: Adani Enterprises has been restructuring global holdings, focusing on core infrastructure, energy, and digital ventures.
• Regulatory Compliance: Buyer is independent of Adani Group, ensuring clean regulatory clearance.
• Capital Allocation: Divestment frees up capital for high-growth projects such as airports, green hydrogen, and data centers.

Broader Implications

• Indonesia Exit: Marks a shift away from coal-linked operations in Southeast Asia, aligning with Adani’s energy transition narrative.
• Investor Sentiment: Small financial impact suggests strategic signaling rather than immediate balance sheet gains.
• Global Footprint: Adani Enterprises continues refining its international presence, balancing risk management with expansion in emerging sectors.

Why It Matters

This move underscores Adani Enterprises’ pivot toward cleaner, scalable businesses while trimming non-core assets. For investors and regulators, it signals a commitment to transparency and compliance in cross-border transactions.

Adani Enterprises Announces ₹1,000 cr NCD Issue Offering up to 9.30% P.A.

Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and India’s largest listed business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its second public issuance of secured, rated, listed redeemable, non-convertible debentures. AEL’s first NCD issuance of ₹800 crore, launched in September last year, was fully subscribed on the first day.

“The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group’s consistent delivery and financial robustness,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “As the incubator of India’s most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India’s journey toward a $5 trillion economy,” he added.

AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story. With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors. 

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings first upgraded the credit rating of AEL on 19 February 2025 and reaffirmed the rating on 18 June 2025. ICRA assigned ‘“[ICRA]AA- (Stable)’ rating on 28 March 2025 and reaffirmed it on 17 June 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

The base size issue is ₹500 crore, with an option to retain over-subscription up to an additional ₹500 crore (“Green Shoe Option”) aggregating up to ₹1,000 crore (“Issue” or “Issue Size”). The Issue will open on 9 July 2025, and close on 22 July 2025, with an option of early closure or extension.

The NCDs have a face value of ₹1000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be ₹10,000.

At least 75% of the proceeds from the issuance will be utilized towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the Company, and the balance (up to a maximum of 25%) for general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Tenor	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories	8.95%	NA	8.85%	9.15%	NA	9.00%	9.30%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	8.95%	8.95%	9.14%	9.14%	9.15%	9.30%	9.29%	9.30%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	₹ 1,000	₹ 1,187.01	₹ 1,000	₹ 1,000	₹ 1,300.70	₹ 1,000	₹ 1,000	₹ 1,560.30
Maturity/Redemption Date (from the Deemed Date of Allotment)	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Put and Call Option	Not Applicable
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
Minimum Application size and in multiples of NCD thereafter	₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.
Mode of Interest Payment	Through various modes available
Nature of Indebtedness	Secured

*The Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.

Adani Incorporates New Subsidiary Focused on Solar and Wind Energy Manufacturing

Adani Enterprises has taken a significant step in renewable energy by incorporating a new subsidiary, Adani New Industries One Limited (ANIOL). This entity, a wholly-owned subsidiary of Adani New Industries Limited (ANIL), will focus on manufacturing and services related to solar and wind energy. ANIOL will handle trading and supplying equipment like solar panels, inverters, wind turbines, and blades, aiming to strengthen the Adani Group's presence in the renewable energy sector.

The subsidiary has an authorized capital of ₹1,00,000, divided into 10,000 equity shares. While ANIOL is yet to commence operations, its establishment is a strategic move to strengthen the Adani Group's presence in the renewable energy sector.

ANIOL's focus on manufacturing solar panels, inverters, wind turbines, and blades could reduce India's reliance on imported renewable energy equipments, fostering self-reliance in the sector.

By enhancing the supply chain for solar and wind energy, ANIOL could accelerate the deployment of renewable energy projects, helping India achieve its ambitious renewable energy targets.

This move aligns with India's commitment to achieving 500 GW of non-fossil fuel capacity by 2030, as outlined in its climate action goals.

Adani Enterprises Merges Adani Infrastructure and Mundra Solar Technology Into Adani New Industries (ANIL)

Adani Enterprises has merged two of its subsidiaries, Adani Infrastructure Private Limited and Mundra Solar Technology Limited, with Adani New Industries Limited (ANIL). This strategic move aims to bolster Adani's green energy projects, including solar, wind, and hydrogen technologies.

ANIL, a wholly-owned subsidiary of Adani Enterprises, focuses on low-carbon projects such as green hydrogen, wind turbines, and solar modules. This merger is expected to enhance Adani's capabilities in renewable energy and support its commitment to sustainable development.

The merger of Adani Infrastructure Private Limited and Mundra Solar Technology Limited into ANIL is significant for several reasons. By merging these subsidiaries, Adani can streamline operations and consolidate resources, leading to increased efficiency and reduced costs.

Moreover, the merger is expected to bolster Adani’s financial health by enhancing efficiency, driving growth, and improving market perception.

ANIL is dedicated to low-carbon projects, including green hydrogen, wind turbines, and solar modules. This merger strengthens Adani's commitment to renewable energy and sustainable development.The merger supports Adani's strategic growth in the renewable energy sector, positioning the company to better compete in the global market for green technologies.

Combining the expertise and capabilities of the merged entities can foster innovation and accelerate the development of new technologies in the renewable energy space.

This move can help Adani solidify its position as a leader in the renewable energy industry, aligning with global trends towards sustainability and clean energy.

The merger has had a positive impact on Adani Enterprises' stock performance. Following the announcement, Adani Enterprises' shares rose by 1.60%, closing at ₹3,184.80 on October 1, 2024. This increase reflects investor confidence in the strategic consolidation and its potential to enhance Adani's renewable energy capabilities.

Overall, the market has responded favorably to the merger, indicating optimism about Adani's future growth in the renewable energy sector.

Adani Enterprises Incorporates New Subsidiary To Offer Business Consultancy

Adani Enterprises, the flagship entity of the ports-to-power conglomerate Adani Group, has recently incorporated a wholly-owned subsidiary named Adani GCC Pvt. Ltd. This new entity, established on September 24, 2024, will focus on providing a wide range of business and management consultancy services.

Adani GCC will offer services such as:

• Business transformation
• Back office services including finance and accounts, human resources, and IT services. 
• Digital transformation services. 
• Data entry, processing, mining, and analytics.
• Business process management. 
• Supply chain, procurement, administrative, and logistical support services.

This move aligns with Adani Enterprises' strategy to diversify its service offerings and strengthen its presence in the consultancy sector.

Adani GCC is a new entrant in the consultancy space, and while it brings the robust backing of the Adani Group, it will need to establish its reputation and client base to compete with established consultancy firms.

As a new player, Adani GCC will need to build its brand and credibility in a competitive market. Firms like McKinsey & Company, Boston Consulting Group (BCG), and Deloitte have a global footprint and decades of experience. These firms have a long history of successful projects and a strong reputation in the industry. They offer highly specialized services and have deep expertise in various industries and functional areas.

Established firms have a broad and diverse client base, including many Fortune 500 companies. Nevertheless, Adani GCC can utilize the Adani Group’s existing relationships and market presence to secure initial clients.

Notably, Adani Enterprises has a diverse portfolio of about 16 subsidiaries across various sectors, which include Adani Agri Fresh, Adani Airport Holdings, Adani Cement, Adani Digital Labs, Adani Wilmar, and AMG Media Networks and many others. 

Adani Sets Up Two New Subsidiaries in Kenya and China

Adani Enterprises has established two new subsidiaries, one each in Kenya and China. The Kenya subsidiary named Airports Infrastructure PLC (AIP) aims to take over, operate, maintain, develop, design, construct, upgrade, modernize, and manage airports in Kenya.

The company is currently in talks to invest in the Nairobi airport, which would mark Adani's first international venture in the airport business.

The other new wholly- owned subsidiary Adani Group has incorporated named Adani Energy Resources (Shanghai) Co., Ltd is domiciled in Shanghai, China, said the company in an exchange filing. It is formed to carry out supply chain business and project management services.

Adani Global will 100% share capital in newly incorporated Adani Energy Resources (Shanghai) Co., Ltd.

This move is part of Adani's broader strategy to expand its operations globally. 

To recall, in early of last month Adani Airport Holdings Ltd. incorporated a wholly owned subsidiary named Global Airports Operator LLC in Abu Dhabi to handle investment, acquisition, construction, operation, and maintenance of airports outside India.

Nairobi’s Jomo Kenyatta International Airport is a major hub in East Africa. Managing this airport could provide Adani with a strategic advantage in the region, enhancing connectivity and trade routes.

It was in July this year when it was reported that Adani Airport Holdings Ltd. has submitted a proposal to Kenya's government for investing in its main airfield, the Jomo Kenyatta International Airport (JKIA) in Nairobi,

As per media reports, Adani Group is currently in talks to invest in the Nairobi airport. The group currently operates seven airports in India and is set to commission a new airport in Navi Mumbai. If successful, Kenya will be the Adani group's first international foray in the airport business.

By leveraging their experience in managing airports in India, Adani can bring operational efficiencies and innovations to the Kenyan market, potentially setting new standards in airport management.

Adani Enterprises Announces Maiden Public Issuance of Secured NCDs

Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced its maiden public issuance of secured non-convertible debentures (NCDs) to raise up to ₹800 crore. Below are key information about the same:

Issue Dates: The NCD issue will open on September 4 and close on September 17, 2024, with an option for early closure or extension.

Credit Rating: The NCDs proposed to be issued have been rated "CARE A+; positive" by CARE Ratings Ltd. Securities with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.

Offering Details: AEL's offering includes up to 80 lakh NCDs, each with a face value of ₹1,000. The base size issue is ₹400 crore, with an option to retain oversubscription up to an additional ₹400 crore (greenshoe option), aggregating up to ₹800 crore.

Use of Proceeds: The proceeds from the issue will primarily be used for prepayment or repayment (at least 75%) of existing indebtedness and general corporate purposes (up to 25%) in compliance with SEBI regulations.

Lead Managers: Trust Investment Advisors Pvt Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd are the lead managers to the issue.

Tenors and Interest Payment Options: The NCDs are available in tenors of 24 months, 36 months, and 60 months, with quarterly, cumulative, and annual interest payment options across eight series.