5 GW of renewables incoming: Inox Wind and Inox Solar signed MoUs with KP Energy and KPI Green, respectively, to develop 2.5 GW of wind and hybrid power and 2.5 GW of solar power across India, according to statements here (pdf) and here. No timeline or financial ticket was disclosed for either project.

Who’s doing what? Inox Wind and its subsidiaries will provide wind turbine generators, equipment, and engineering support for the turbines. KP Energy will handle project development, secure land approvals and EPC works. The firms will jointly manage operations and maintenance.

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Manufacturing

Mumbai-based steel pipe manufacturer Man Industries (India) has signed a five-year MoU with Aramco Asia India — a subsidiary of Saudi Arabia’s state-owned energy company Saudi Aramco, Business Standard reports. The MoU is to explore setting up a steel pipe manufacturing facility in the kingdom with a view to capturing slices of the energy, infrastructure, and industrial markets.

Climate watch

India slipped 13 places to number 23 on the 2026 Climate Change Performance Index as it still has no national coal-exit timeline, according to the latest assessment released at the UN COP30 summit in Brazil. The index scored India at 61.3 and moved it from a “high” to a “medium” performer, citing continued coal-block auctions, persistent fossil-fuel dependence, and weak carbon-pricing signals as key drivers of the decline. The index is an independent monitoring tool published by a coalition of environmental think tanks and NGOs, including Germanwatch, the NewClimate Institute, and the Climate Action Network

UAE fraud investigation

UAE assets seized in probe of alleged fraud against SBI: India’s Enforcement Directorate (ED) has seized nine Dubai properties worth USD 6 mn as part of its investigation into an alleged USD 1.4 bn fraud against the State Bank of India by Advantage Overseas Private Limited (AOPL), Business Standard reports. Investigators allege the assets belong to AOPL beneficial owner Shrikant Bhasi and were purchased using proceeds from fabricated circular trades before being transferred to his daughter. The probe centers on allegations that AOPL defaulted on USD 200 mn in letters of credit in 2018, forcing SBI to pick up the tab.

BACKGROUND- The ED can, subject to judicial review, seize foreign properties through mechanisms including mutual legal assistance treaties. India and the UAE have had a fully operational treaty on criminal matters since 1990.

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