Good afternoon readers. India and Oman have signed a trade agreement — experts are calling it a strategic pact that goes beyond trade as Muscat opens the services sector to India and offers expanded market access for businesses.

Gulf energy supplies are likely to face a competitive market as US cargoes match Gulf quality and prices. India will not rely on one region for its energy imports as affordability and diversification remain the mantra for 2026.

Got some spare dollars? Adani Group is seeking a strategic partner for its airports business as it targets the acquisition of 11 airports in a USD 11 bn investment commitment.

WATCH THIS SPACE-

ENERGY: Public sector oil marketing companies (OMCs) in India are diversifying LPG sourcing as US cargoes are competitively priced compared to traditional and largest Middle East suppliers. The government is seeking to diversify sourcing options to reduce reliance on one single region and increase affordability, the Ministry of Petroleum and Natural Gas told parliament on Thursday, according to a Hindu Businessline report.

In context: State-run companies — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have signed a one-year structured contract to import around 2.2 mn tonnes per annum of LPG from the US Gulf Coast for contract year 2026, the report added. The volume represents about 10% of India’s annual LPG imports.

Why it matters: For years, the Gulf (led by Saudi Arabia) held a near-unshakeable grip on India’s LPG supplies, currently accounting for a third of all imports. By bringing the US into the primary mix, India is gaining significant pricing leverage at a time when 90% of consumption is tied to sensitive household cooking costs.

India imported 20.67 mt of LPG in FY25. While the Gulf has the advantage of proximity, US supply is now “equivalent in quality” and matching them on price, signaling a more fragmented and competitive procurement strategy for the coming fiscal year, the daily added.

LOGISTICS: Adani Group is doubling down on its airports portfolio—planning to bid for all 11 more airports that the government is seeking to lease—as a part of its USD 11 bn investment strategy over the next five years, Reuters reports. The company operates seven airports — including Mumbai and Ahmedabad which feature among India’s busiest airports — making the firm the largest airport operator in the country.

Why it matters: Gulf SWFs such as Abu Dhabi’s International Holding Company, Adia, and Qatar Investment Authority are among the notable marquee investors in the Adani held firms.

Direct Opportunities: Adani is actively seeking a strategic investor to anchor the airports unit ahead of its March 2028 IPO, according to Bloomberg. For Gulf allocators, this is an entry point into a business that is already EBITDA positive and expects to be cash-flow positive within three years.

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DATA POINT- Tariff impact:

TRADE: INR 150 bn (USD 1.78 bn) orders cancelled in textile hub of Tiruppur in southern state of Tamil Nadu following US tariffs imposed in September, Bloomberg reports. These duties — among the highest the US applies globally — are currently resulting in daily losses of roughly INR 600 mn (USD 6.7 mn) for exporters in the region.

THE BIG STORY ABROAD-

US inflation figures are out — but the controversy around their accuracy in the wake of the US government shutdown is dominating the conversation. While core inflation seems to have come in at the slowest annual pace since 2021, economists say the long shutdown has likely distorted both the monthly and annual figures, and that key shelter figures that came in lower than expected throw the data’s credibility into question.

What’s next? Wait for December data out in January to evaluate whether there are signs of disinflation or if the slowdown was a result of issues with the data.

Why it matters: Slowing inflation would boost the case for an interest rate cut early in 2026, which so far is not a guarantee as US Federal Reserve policymakers remain more divided than ever.

^^Read: Flawed inflation data dashes Donald Trump’s hopes of a quick affordability victory (Financial Times)

Meanwhile, TikTok is making headlines as its owner, ByteDance, agreed to sell 80% of the company’s US assets to American and global investors to avoid a ban in the country — putting an end to a ban-or-no-ban saga that has been going on for years. The company’s CEO Shou Zi Chew confirmed the takeover in a memo to employees.

We knew this was happening: News that Oracle, Silver Lake, and UAE AI investor MGX are acquiring TikTok’s assets in the US first broke in September, though the news was yet to be confirmed. The transaction reportedly values the business at USD 14 bn, and will see the three investors own a 45% stake, with 30% going to affiliates of investors in ByteDance, and 19% retained by the parent firm.

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