THIS AFTERNOON: ENBD runs the final lap for RBL takeover

Good morning, friends, and happy Eid al Adha in advance. State-run refiners are passing the pain to consumers with a fourth fuel hike in 10 days, while the RBI aggressively defends the INR and hands over a record dividend to plug New Delhi's widening fiscal gaps.

Plus: In today’s spotlight, we have an exclusive story on Bengaluru-based iD Fresh’s GCC playbook following our chat with its global CEO, PC Musthafa. The fresh food label is setting up a new factory in Riyadh while making an entry into the Kuwaiti and Bahraini markets ahead of its IPO back home.

** A QUICK PROGRAMMING NOTE- EnterpriseAM will be joining the rest of you in taking time off for Eid Al Adha. We will be back in your inboxes next Monday afternoon at the same time.

ENBD runs the final lap for RBL takeover

Emirates NBD will launch its open offer on 1 June to acquire up to a 26% stake in RBL Bank’s public shareholders, running through 12 June, Reuters reports. Under Indian takeover regulations, the open offer is mandatory after a buyer acquires a substantial stake in a listed company.

By the numbers: The Dubai-based lender has set the offer price at INR 282.3 per share and INR 2.3 in interest, nearly 16% markdown to RBL Bank’s Friday closing price. If fully subscribed, the transaction would cost Emirates NBD around INR 117.3 bn (USD 1.2 bn).

Why it matters: This will mark the culmination of one of the largest cross-border banking M&As for India’s banking sector worth USD 3 bn. With all major regulatory approvals from the Reserve Bank of India and the Indian government now secured, the closing of this public offer will allow NBD to finalize its controlling stake and eventually fold its existing Indian branches into RBL's domestic network.

India’s Gulf LNG route flickers back to life

Abu Dhabi National Oil Company-operated liquefied natural gas (LNG) tanker Al Hamra has become the first Gulf LNG shipment bound to India since the war began. The vessel, which was loaded at UAE’s Das Island, exited the Strait of Hormuz carrying LNG for India’s western coast, Bloomberg reports. The vessel is expected to dock at Dahej port in Gujarat, according to Marine Traffic.

The workaround: The cargo appears to have crossed Hormuz without a live public signal. Al Hamra stopped transmitting around 19 April while empty near the eastern entrance of the strait, then later loaded at Das Island and reappeared outside Hormuz. Satellite images showed LNG tankers at Das Island even when no vessels were broadcasting positions near the plant, Bloomberg added.

Why it matters: India received more than half of its LNG from Qatar and the UAE last year, but those flows have largely stopped in recent months, pushing Indian buyers toward costlier spot cargoes from alternate supply sources and forcing supply curbs for some industries.

MEANWHILE- Ships from India will return to the Strait of Hormuz only after stranded Indian ships return from the Gulf waterways — “Our priority is to get all our ships out of the Strait of Hormuz,” a senior official of India’s Ministry of Ports, Shipping and Waterways told Reuters.

IN CONTEXT- As of Thursday, thirteen India-flagged vessels and one Indian-owned vessel were stranded on the western end of the Strait of Hormuz. Despite the effective closure of the waterway, India has already managed to secure passage of 13 energy cargo vessels — mostly carrying liquefied petroleum gas — through coordinated diplomacy with Tehran.

Happening this week

India and Canada will hold three-day FTA talks beginning today during Commerce Minister Piyush Goyal’s visit to Canada, Bloomberg reports. Goyal is expected to meet Canadian Prime Minister Mark Carney, trade officials, and major pension funds during his visit. Both sides seek to warm up economic ties and cooperation across critical minerals, energy and supply chains. This follows Carney’s India visit earlier this year, when the two countries agreed to expand uranium trade through a USD 1.9 bn supply pact and formally launched negotiations for a broader trade pact to diversify commercial ties beyond the US.

The big story abroad

Despite news of an incoming US-Iran truce, borrowing costs are expected to stay high amid high levels of US borrowing, the whopping debts incurred by the AI boom, and a return to monetary tightening. Even if the conflict resolves soon — and the inflation caused by costly oil prices subsides — there is reason to believe the recent spike in long-term yields will not fully abate.

Speaking of which: President Donald Trump ordered negotiators not to rush into an agreement with Iran, emphasizing that the US naval blockade will “remain in full force” until such a pact is reached. Media affiliated with the Iranian regime has reported that Washington is still obstructing aspects of a potential resolution.

Meanwhile, in outer space: China dispatched the Shenzhou-23 crewed spaceflight mission yesterday, conveying three astronauts to its space station in efforts to better understand the physiological effects of prolonged periods in space. Beijing has set its sights on a crewed moon landing by 2030.

ALSO- Is ‘Gen Z’ a misnomer? Financial Times Business Columnist Pilita Clark suggests that our understanding of the so-called Gen Z demographic may be far from the reality. She relies on research, books, and articles to make her case and advise employers not to perpetuate misleading stereotypes about younger people, indicating that older demographics often exhibit similar problems, concerns, and behaviors.

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