Amazon commits USD 35 bn in India

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WHAT WE’RE TRACKING TODAY

THIS MORNING: India-US trade deal delayed; new AI framework proposes payments to content creators

Good morning readers and welcome to the weekend. Big tech is making a wave of investment commitments in India, the latest being Amazon’s USD 35 bn pledge in AI and logistics. This follows Microsoft's USD 17.5 bn announcement, which we covered on Wednesday.

THE BIG STORY story this morning is about little known Gulf-based intermediaries facilitating purchases of Russian crude by Indian refiners.

MEANWHILE- Adia has snapped up a stake in ICICI Prudential Asset Management ahead of its listing, while Hyderabad-based Cyient acquired Abu Dhabi tech consulting firm. BlackRock is also taking a piece of Aditya Birla Renewables. Bengaluru-based Casagrand is tapping into Dubai’s luxury residences market.

ALSO- Telangana secured INR 5.75 tn in investment pledges, and the India-US trade agreement is further delayed.

** A QUICK PROGRAMMING NOTE- EnterpriseAM MENA<>India will be taking a break from your inboxes on Monday next week in preparation for something special to reveal to you all — and we’re confident you’ll think it was worth the disruption. We’ll be back in your inboxes on Wednesday, 17 December.

WATCH THIS SPACE-

#1- Amazon will invest over USD 35 bn in India by 2030 to scale AI capabilities, expand logistics, and deepen its export base, amid a wave of big tech capital pledges to India, Reuters reports. This week, Microsoft committed USD 17.5 bn for cloud and AI infrastructure by 2030. Google has also pledged USD 15 bn in investments over the next five years. The investment wave signals that India is now a decisive battleground for US tech giants as well as more established local players.

Amazon’s India push: The e-commerce giant, which has already pumped USD 40 bn into India since 2010, is scaling aggressively in the e-retail industry as competition intensifies with Walmart-backed Flipkart and Reliance Retail.

MEANWHILE- Microsoft’s USD 17.5 bn investment, its largest in Asia, will expand data center capacity, build sovereign cloud capabilities, and train domestic talent. Both firms pitched AI as the next major inflection point for India, with Satya Nadella arguing that India’s scale, regulatory latitude, and linguistic diversity make it critical for training globally competitive AI systems, Bloomberg reports.

The strategic subtext: The big tech is accelerating capital deployment in India partly because China is effectively closed to them — leaving India, with over 1 bn internet users and a comparatively permissive regulatory regime, as the most consequential battleground market.

Amazon and Microsoft convened parallel high-level summits in New Delhi this week: Amazon showcased AI-enabled commerce and logistics innovations under its “Smbhav” platform, while Microsoft framed India as a cornerstone of its global AI infrastructure footprint.

Gulf also has eyes on India: For Gulf investors already expanding AI investments at home, apart from engineering talent, India also offers a vast consumer market and myriad avenues for investment as demand for data centers expands exponentially. Abu Dhabi-based G42 has already made an initial move with its commitment to build AI-ready data centers in the country.

#2- US trade agreement delayed again? India has pushed the timeline for concluding a long-pending trade agreement with the US to March 2026 following the recent talks with a visiting US trade delegation, Bloomberg reports, citing Chief Economic Adviser V. Anantha Nageswaran.

Inconclusive talks: US Deputy Trade Representative Rick Switzer and Brendan Lynch held talks in New Delhi on Wednesday and Thursday with Agrawal and Foreign Secretary Vikram Misri, which concluded without a breakthrough.

The first phase of the agreement — focused on tariff rates — had initially been slated for completion by the fall, but that deadline passed without a breakthrough. On 1 December, India’s Commerce Secretary Rajesh Agrawal had said a part of the agreement would be finalized by year-end.

Plot twist: A hoped-for November timeline “turned out to be elusive,” Nageswaran told Bloomberg, adding he would be “surprised” if the agreement is not signed by March as negotiations continue in Delhi.

Why it matters: The delay will push India to seek alternative destinations for its exports and expedite trade agreements with the GCC block and member states. India has already expanded its outreach in the UAE, among other countries, to replace US buyers for its labor-intensive manufacturing sector.

MEANWHILE- Prime Minister Narendra Modi dialed US President Donald Trump on Thursday to review the progress in bilateral relations and international development, according to a statement.

#3- The Commerce Ministry has proposed a new mandate for AI companies to pay content creators for using their data when training AI models, according to a report (pdf). The draft framework proposes that an industry body should collect these payments from AI firms and distribute to content creators at a rate set by the government or courts under a licensing mechanism. Industry stakeholders have 30 days to file their objections and feedback to the proposal.

Opt-out deemed unworkable: The panel rejected the opt-out model used in the European Union, saying creators cannot realistically track their material across massive training datasets. Instead, they would claim payments from the pooled royalties if their work is used.

Industry warns of innovation tax: Nasscom, an influential tech industry body whose members include Google and Microsoft, argued the royalty system amounts to a tax on innovation. The Motion Picture Association, representing Netflix and Paramount, said the panel India should avoid changing copyright law and focus on licensing instead.

#3- QIA-backed Swiggy’s INR 92 bn (USD 1.1 bn) qualified institutional placement has lined up bids from global marquee investors including Temasek Holdings’ Capital Group, Fidelity Investments, BlackRock Investments, and Nomura Holding, Bloomberg reports.

Bid details: India’s top asset managers — SBI Funds Management, ICICI Prudential Asset Management, and HDFC Asset Management — also bid for the offering. Most bids were around INR 375 (USD 4.2) a share, versus an indicative price of INR 371, which is 6.8% lower than Swiggy’s last close. Allotments are expected later this week.

What’s on offer? Swiggy offered about 269.5 mn shares in the transaction, which launched on Tuesday.

[wwtt4] #4- IndiGo could face an antitrust probe: India’s largest airline IndiGo may face an antitrust investigation after cancelling over 5k flights so far this month due to crew shortages linked to new pilot rest rules, Economic Times reports, quoting an anonymous government official. There is a “strong case” for the Competition Commission of India (CCI) to assess whether the airline has imposed unfair conditions on passengers through continued cancellations, the official told the newspaper.

Regulatory pressure builds: The CCI is conducting an informal review of the situation and will decide shortly on initiating a formal inquiry, while the Directorate General of Civil Aviation continues its broader investigation into the crisis.

IndiGo said operations have begun to stabilize after network adjustments, noting that it operated 1.9k daily flights with minimal cancellations since 8 December. However, Thursday saw over 75 cancellations across Bengaluru and Ahmedabad airports alone, Business Standard reports.

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DATA POINTS-

India recorded its highest-ever exports 1H of FY 2025-26, with outflows reaching USD 418.6 bn between April and September, up 5.8% from USD 395.7 bn a year earlier, IANS reports. 1Q and 2Q marked the highest quarterly export prints on record, combining merchandise and services.

HAPPENING TODAY- Emirates NBD will launch an open offer for Mumbai-listed RBL Bank’s public shares. The Dubai-based lender is acquiring a majority stake for USD 3bn in the RBL bank, making it India’s largest foreign investment in the banking sector.

THE BIG STORY ABROAD-

OpenAI has received investments from giants like Nvidia, Microsoft, and SoftBank in recent years — its latest investor? Disney. The Walt Disney Company is investing USD 1 bn in the AI startup, in an agreement that will give the ChatGPT maker access to characters from Pixar, Marvel, and Star Wars available on Sora, OpenAI’s video-generation tool. In return, Disney will also be granted warrants to purchase additional equity in the AI startup at a nominal price throughout the duration of the contract.

Disney earlier on Wednesday sent Google a cease and desist letter accusing it of infringing its copyrights, using its works to train models, and distributing protected content without authorization. (Financial Times | Wall Street Journal | Reuters | CNBC)

A selloff of Oracle’s shares yesterday following disappointing earnings and news that it will hike spending is also making the rounds. The company shed 10.8% of its value in trading yesterday, as investors — wary of the amount of funds Oracle will have to borrow to fund its push into AI, as well as concerns that OpenAI, which has major contracts with Oracle, won’t be able to hold up its end of the bargain.

The spread on Oracle’s credit default swaps, representing the cost to buy protection against Oracle’s bonds, hit a record high of 139 basis points, signaling more demand for protection as investors fear a potential default. (Financial Times | Bloomberg | Reuters)

OVER IN CRYPTO LAND- South Korean crypto entrepreneur and TerraUSD creator Do Kwon was sentenced to 15 years in prison after pleading guilty to charges of fraud, in a case that accused him of misleading investors about the stability of his crypto coin in times of volatility. TerraUSD and Luna coin, another cryptocurrency he created, both lost USD 40 bn in 2022. (Reuters | WSJ | FT)

MARKET WATCH-

India ranks second on risk-adjusted FDI returns: India delivered the second-highest risk-adjusted returns between 2014-23 on foreign direct investment (FDI) among major economies, behind Indonesia, according to a CareEdge study. India generated an average return of 7.3% on inward FDI during this period.

UAE is a major investor in India, with cumulative FDI of approximately USD 22.84 bn from 2000 to 2025, making it the seventh-largest source of FDI for India.

Gulf-based intermediaries helping Indian refiners route Russian crude amid sanctions

UAE intermediaries routing Moscow’s oil to India: Indian state-run and private refiners continued to receive Russian crude after the 21 November US sanctions cutoff as a new slate of Gulf-based intermediaries stepped in to supply barrels at a reduced price, Business Standard reports, citing anonymous sources as well as Kpler and Vortexa data. The US has imposed sanctions on Rosneft and Lukoil to pressure Russia over the war in Ukraine.

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New traders, old volumes: Little known firms like Alghaf Marine, Redwood Global Supply, RusExport, Grewale Hub FZE, and East Implex Stream FZE appeared on bills of lading as sellers, circumventing restrictions on producers like Rosneft and Lukoil. The intermediaries, largely clustered in the UAE and outside the ambit of US sanctions, are now critical conduits for the Indo-Russian crude trade as refiners chase markdowns of up to USD 7 per barrel.

By the numbers: Rosneft accounted for 16 of 25 tracked cargoes landing after 21 November, with Reliance’s Jamnagar refinery receiving six parcels and Nayara five, according to the business daily. State-run buyers including Indian Oil, Bharat Petroleum, and ONGC took the rest via non-sanctioned intermediaries.

Reliance says that the Rosneft cargoes were booked before the US announced sanctions on 22 October, and the final cargo was loaded on 12 November to honor pre-sanction commitments, the daily adds, quoting a Reliance spokesperson.

State-owned refiners are routing Russian crude through non-sanctioned intermediaries, Kpler analyst Sumit Ritolia told the daily, adding that shipping data showed Rosneft as the seller for some of these cargoes.

January flows: While the state refiners temporarily trimmed Russian purchases amid high inventories, volumes are expected to rebound from February as Russia makes alternative arrangements to bypass sanctions, the daily adds. Russia has shipped some India-bound cargoes set to arrive in January, of which three are headed to Roseneft-backed Nayara.

Nayara is joined by state refiners Indian Oil Corporation and Bharat Petroleum, who have picked 10 cargoes of non-sanctioned Ural barrels for January, while Hindustan Petroleum is also on the lookout amid widening markdowns, Bloomberg reports. Reliance has so far steered clear of the Russian cargoes for fear of sanctions.

OUR TAKE-

With the US trade pact still a ways away, Indian state-refiners are likely to pick up more Russian barrels at reduced prices through roundabout methods to avoid sanctions in the coming months.

Lower crude prices allow the government to keep inflation in check, reduce import bills, and increase revenue collections through higher excise duties and lower subsidies. India is already facing revenue losses after rationalizing indirect taxes this September, and with the biting US tariffs putting pressure on the manufacturing and IT sectors. Indian refiners are likely to boost their strategic oil reserves in the coming weeks with cheaper barrels from Russia and Saudi Arabia after the latter slashed prices for January deliveries.

Telangana wraps summit with INR 5.75 tn in MoUs as data center bets surge

Southern Indian state Telangana concluded its two-day Telangana Rising summit with investment MoUs worth INR 5.75 tn (USD 69 bn) across energy, data centers, pharma, and entertainment, Hindu Businessline reports.

Key pledges:

US-based Infrakey Datacenter Parks pledged INR 700 bn for data centers, while Singapore-based AGIDC committed INR 675 bn. Bengaluru-based JCK Infra Projects committed INR 90 bn to data center-related infrastructure.
Vietnam’s Vingroup pledged INR 250 bn to develop a multi-sector ecosystem covering smart urban development, EV mobility, healthcare, education, tourism, renewable energy, and charging infrastructure.
Hyderabad-based Zen Technologies committed INR 50 bn for expansion in aerospace and defense manufacturing.

Hyderabad-based Biological E announced an INR 40 bn for a biopharma facility.
Germany’s RCT Solutions committed INR 25 bn to build a battery-energy-storage manufacturing facility.
New Delhi-based KGV Karishma Global Ventures will invest INR 11 bn to manufacture the world’s first plug-in hybrid motorbike.
Spain’s Fluidra, along with Damera Infra and CFS Fortune Hospitality, committed INR 8 bn for India’s first artificial beach project.

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Policy backdrop: The state government released the Telangana Rising 2047 Vision Document, with the target of achieving a USD 3 tn economy by 2047, with focus areas including education, skills, women’s participation, and farmer support.

OUR TAKE-

Indian state governments are rolling out the red carpet for global and domestic investors, promising a supportive policy environment and ease of doing business.

Telangana’s neighbouring state Andhra Pradesh secured INR 3.65 tn (USD 43.8 bn) in investment pledges during a summit in November. Andhra Pradesh’s Chief Minister N. Chandrababu Naidu held a roadshop in major Gulf cities to court investors but did not secure any commitments during the summit.

While these investment summits serve as prestige competitions for the states, they can also work as networking platforms for MENA executives to develop ties with the industrial states, as opposed to the national government, where the corridors of power are already overcrowded.

Adia moves early in ICICI Prudential AMC’s IPO run-up; Meesho makes strong debut

Adia picks up stake in ICICI Prudential: The Abu Dhabi Investment Authority (Adia) purchased an undisclosed amount of shares in ICICI Prudential Asset Management in pre-IPO placement for INR 49 bn (USD 544.6 mn) as Prudential offloaded a 4.5% stake, Reuters reports.The AUM’s IPO will open today for anchor bids and the stock is expected to list on 19 December.

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Marquee investors: Adia joined the family offices of b’naires Azim Premji and the late Rakesh Jhunjhunwala, along with domestic insurers including SBI Life, HDFC Life, and Go Digit, according to the newswire. ICICI Bank, which holds a 51% stake in the AUM, also purchased INR 21.40 bn (USD 237.8 mn) worth of stock. The IPO will comprise Prudential’s sale of a further 10%, with no new issuance.

Meesho’s blockbuster debut-

E-commerce firm Meesho surged 58% upon its listing debut, with its stock closing at INR 175 versus an issue price of INR 111, taking the company’s valuation to USD 8.78 bn (INR 789.3 bn), according to an exchange filing.

Gulf money in the book: Among the marque investors, Adia snapped up 900.9k shares amounting to INR 100 mn (USD 1.1 mn), according to the filing. While a modest ticket, Adia’s presence is a reminder of Gulf capital’s steady appetite for India’s consumer-internet IPOs and mass-market platforms that can scale across smaller cities.

Jostling investors: Several heavyweight funds walked away after Meesho allocated roughly a quarter of its anchor book to SBI Funds Management, triggering pushback over concentration, Bloomberg reports. Even so, the company raised USD 271.5 mn from 125 anchor bidders, including Fidelity International, BlackRock, Baillie Gifford, WCM, and Dragoneer.

Backed by SoftBank and Peak XV Ventures, Meesho’s debut performance follows strong tech listings from Groww and PhysicsWallah, in a year that has already seen more than 300 IPOs raise USD 19.26 bn, according to Reuters.

Coming up in the IPO pipeline-

Mumbai-based Vartis Platforms — the operator of India’s key peer-to-peer (P2P) lending marketplace LenDenClub — is preparing for an IPO within 18-36 months, Reuters reports, citing CEO Bhavin Patel. The company has begun internal restructuring and aims to exceed annual net income of INR 1 bn (USD 11.1 mn) before filing.

Casagrand bets big on Dubai with INR 10 bn first project, plans regional buildout

Chennai-based developer Casagrand is making its international debut with a USD 111 mn luxury residential project, the Casagrand Hermina, in Dubai Islands, Economic Times reports. The Indian developer is targeting some 6 mn sq ft of premium projects in the Gulf region over three years. With over 160 completed projects spanning 53 mn sq ft in India, Casagrand is positioning Hermina as an eco-focused offering for global buyers.

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Hot locale: The 131-unit tower plans to tap demand in Dubai Islands, a fast-transforming waterfront district backed by the Dubai 2040 Urban Master Plan. Upcoming connectivity upgrades, including an eight-lane bridge by 2026 and a proposed metro extension, are expected to increase valuations in the cluster.

Background: The entry places Casagrand among a small cohort of Indian developers building a sustained Gulf footprint, including Mumbai-based Sunteck Realty which announced a USD 1.2 bn luxury project recently and Panchsil Realty’s Dubai partnership with Betterhomes.

Indian firms make up Dubai’s biggest foreign business community

Indian firms remain Dubai’s largest foreign business community, with 79k active members and nearly 13k new registrations in Dubai Chamber of Commerce till September 2025, Dubai Chambers chief Mohammad Ali Rashed Lootah told Businessworld. India-Dubai trade hit a new high in 2024, with non-oil trade rising 16% to USD 52.6 bn on account of the CEPA tariff cuts strengthening supply-chain linkages and private-sector mobility, Lootah said.

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What’s the catch? Dubai’s D33 economic agenda is pulling Indian companies deeper into AI, software, advanced manufacturing, logistics, and sustainability — all sectors where Indian capabilities align with the emirate’s ambitions. With real estate, construction, and trading drawing heavy Indian participation, Lootah expects the partnership to expand in scale and relevance.

A clearer runway into Dubai: Dubai’s outreach offices in Mumbai and Bengaluru are becoming critical landing points for Indian firms seeking scale, offering on-the-ground support to navigate regulations, identify partners, and assess new commercial avenues.

Why do Indian companies choose Dubai? From Dubai, Indian businesses gain faster access to international customers, diversified revenue streams, and a business environment engineered for cross-border expansion, particularly in the MENA region.

MEANWHILE- Abu Dhabi stepped up its India outreach this week, sealing five MoUs in Mumbai on Wednesday and holding dozens of high-level meetings as the emirate targets Indian capital, talent, and scale-ready firms for its next phase of diversification, Businessworld reports. The MoUs cover startups, family enterprises, logistics, manufacturing, and trade facilitation.

Sector by sector: A delegation, led by Abu Dhabi Department of Economic Development, met with ministers, conglomerates, and investors across fast-growing sectors.

Indian tech firm Cyient acquires Abu Dhabi tech consulting firm in a push into the region

Hyderabad-based engineering and tech solutions firm Cyient acquired tech consulting company Abu Dhabi and Gulf Computer (ADGCE), according to a press release. The takeover will help Cyient strengthen its operational presence in the Middle East and offer its services to a wider market across key sectors including energy, utilities, transportation, and connectivity. ADGCE mainly works with energy firms, offering IT-enabled business solutions including enterprise content management, as well as e-government and financial solutions.

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The investment also aims to strengthen Cyient’s offerings in digital transformation, loT-enabled solutions, data-driven asset management, and field engineering services. The company is eyeing the Middle East’s expected investments in sectors like utilities modernization, rail and smart transportation networks, advanced manufacturing, and public-sector digitalization, the statement said.

BlackRock unit GIP backs Aditya Birla Renewables with INR 3 bn investment

BlackRock’s Global Infrastructure Partners (GIP) will acquire a minority stake in Aditya Birla Renewables (ABR) for INR 3 bn (USD 360 mn), according to a press release. The transaction values the clean energy platform at INR 146 bn (USD 1.75 bn). The transaction includes an INR 2 bn (USD 240 mn) primary infusion and INR 1 bn (USD 120 mn) through a greenshoe option. The transaction values the firm at INR 146 bn.

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What is GIP buying into? ABR has a 4.3 GW diversified renewable portfolio across 10 Indian states, covering solar, hybrid, floating-solar, and round-the-clock (RTC) assets. The platform supplies clean power to industrial clients including Hindalco Industries, UltraTech Cement, Grasim Industries, and Century Enka.

“GIP’s investment marks a pivotal moment in our growth journey, laying a strong foundation for an accelerated buildout of our renewables platform, as we target a capacity of 10 GW+ in the coming years,” Chairman of Aditya Birla Group, Kumar Mangalam Birla said.

Why does this matter for BlackRock? The transaction comes as BlackRock signals deeper interest in India through co-investments with Gulf sovereign wealth funds as it expands its presence in the region.

Waaree Energies hits 1 GW solar production milestone

ENERGY-

Mumbai-based solar manufacturer Waaree Energies has become the first Indian company to produce more than 1 GW of solar modules in a single month, reaching the milestone in November 2025, Hindu Businessline reports. The company said the output was enabled by continuous, fully automated production across its vertically integrated facilities. Waaree has 19.7 GW of module capacity in India and 2.6 GW in the US, and also manufactures solar cells, inverters, and energy-storage systems for domestic and overseas markets.

ENTERTAINMENT-

JioHotstar will pour INR 36 bn (USD 440 mn) into South Indian content over five years, betting on the region’s booming cinema and streaming appeal as Hindi film demand surges, Reuters reports. The Reliance and Disney owned platform, serving 200 mn users, intends to more than double its base by leaning into Tamil, Telugu, Kannada, and Malayalam language content.

BANKING-

Reserve Bank of India Governor Sanjay Malhotra urged bank chiefs to lower intermediation costs and raise operational efficiency, pointing to the 125 bps reduction in policy rates since February, as per an RBI statement. In a meeting with bank chief executives, the governor also called for improvements in customer service, grievance resolution, and stronger intelligence-driven defences against cyber fraud.

Emerging-market private credit surges to record USD 18 bn as investors hunt safer structures, higher yields

Lending by private credit firms in emerging markets has surged to USD 18 bn in 9M 2025, already surpassing the previous full-year record of USD 16 bn in 2022, according to a report (pdf) by the Global Private Capital Association. The boom comes amid a pullback in bank lending across Africa, Latin America, and other regions, amid a higher interest rate environment — especially in countries like Brazil and Turkey — and stricter capital requirements.

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Emerging-market private credit agreements are also emerging as attractive alternatives to the US market, as private credit transactions tend to be more tightly structured with stronger creditor protections. Average leverage sits at roughly 3x debt-to-earnings vs 4-5x for US transactions, and yields can reach 17%, compared with roughly 10% in the US. Managers such as Ninety One highlight that loans often represent just 30-40% of underlying asset values — a level of discipline they say has eroded in developed markets.

Bigger agreements, fewer transactions: The USD 18 bn deployed this year was spread across just 221 transactions, compared with USD 14 bn across 408 agreements last year, indicating private credit funds are underwriting larger transactions. The biggest so far is a USD 3.4 bn loan to India’s Shapoorji Pallonji, priced at an almost 20% yield, and another major transaction is the USD 1.4 bn in financing for Saudi fintech Tamara, led by Apollo and other investors.

The bulk of the funds went to Asia, with GCPA logging USD 9.6 bn in disclosed private credit transaction value across the region so far this year.

There’s a big opening for private credit in the Middle East: Head of Emerging Market Private Investments at Janus Henderson Yaser Moustafa cited the need for more funding amid positive economic momentum in the region, especially in countries like Saudi Arabia, where bank balance sheets remain stretched, leaving a gap for private credit financing.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, tracking Wall Street gains following the Fed’s interest rate cut yesterday. Japan’s Nikkei is leading gains, with the index up nearly 1%, while Hong Kong’s Hang Seng is up 0.7%, China’s CSI 300 is up 0.2%, and South Korea’s Kospi gained 0.3%. Over on Wall Street, futures paint a mixed picture — with the S&P 500 hovering below the flatline and Nasdaq down marginally.

Sensex (as of dispatch)	85,207	+ 0.46% (YTD: 8.53%)
NIFTY 50 (as of dispatch)	26,022	+ 0.48% (YTD: 9.58%)
ADX	10,006	+0.3% (YTD: +6.2%)
DFM	6,100	+0.4% (YTD: +18.2%)
Tadawul	10,716	-0.1% (YTD: -11%)
EGX30	42,034	-0.1% (YTD: +41.3%)
Boursa Kuwait	8,268	+0.4% (YTD: +19.6%)
QSE	10,903	+0.8% (YTD: +3.1%)
S&P 500	6,901	+0.2% (YTD: +17.3%)
FTSE 100	9,703	+0.5% (YTD: +18.7%)
Euro Stoxx 50	5,754	+0.8% (YTD: +17.5%)
Brent crude	USD 61.28	-1.5%
Natural gas (Nymex)	USD 4.23	-0.1%
Gold	USD 4,304.3	-0.2%
BTC	92,962	+2.1% (YTD: -1.6%)

CALENDAR

DECEMBER

1-19 December (Monday-Friday): Winter Session of Indian Parliament, New Delhi.

19 December 2025 (Friday): Listing of ICICI Prudential Asset Management.

26 December (Friday): Tender period for Emirates NBD’s offer for RBL Bank’s public shares ends.

2026

JANUARY

1 January (Thursday): India assumes the Presidency of Brics.

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition, Le Méridien Conference Center, Dubai.

26 January (Monday): Republic Day (Public Holiday).

27 January (Tuesday): India-EU Summit (to potentially finalize FTA), New Delhi.

27-30 January (Tuesday-Friday): India Energy Week, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday): India Agri Expo, Ludhiana Exhibition Center, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTech World Expo, Jio World Convention Center, Mumbai.

9-10 February (Monday-Tuesday): Pune International Business Summit (PIBS), SL Kirloskar Convention Center, JW Marriott, Pune.

14-18 February (Saturday-Wednesday): IHGF Delhi Fair (Spring), New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

4 March (Wednesday): Holi (Public Holiday).

12 March (Thursday): ET Entrepreneur Summit & Awards, Bengaluru.

19-22 March (Thursday-Sunday): Bharat Urja Manthan - Global Energy Conclave, New Delhi.

20 March (Friday): Eid Al Fitr (Public Holiday).

23-25 March (Monday-Wednesday): Indiasoft: International IT Exhibition & Conference, New Delhi.

23-25 March (Monday-Wednesday): Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PlastiWorld India, Jio World Convention Center, Mumbai.

31 March (Tuesday): Mahavir Jayanti (Public Holiday).

Signposted to happen sometime in March 2026

Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory Puducherry.

APRIL

3 April (Friday): Good Friday (Public Holiday).

23-25 April (Thursday-Saturday): Rail & Metro Technology Conclave, Bharat Mandapam, New Delhi.

29 April-2 May (Wednesday-Saturday): Bharat Buildcon, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo, ITPO, Pragati Maidan, Delhi.

MAY

1 May (Friday): Buddha Purnima (Public Holiday).

26 May (Tuesday): Eid Al Adha (Public Holiday).

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo, Bharat Mandapam, Pragati Maidan, New Delhi.

26 June (Friday): Muharram (Public Holiday).

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar Freetrade Agreement (details yet to be announced);
India-EU Trade and Technology Council Ministerial Meeting, Brussels, Belgium.

AUGUST

15 August (Saturday): Independence Day (Public Holiday).

26 August (Wednesday): Prophet Mohammad’s Birthday (Public Holiday).

OCTOBER

2 October (Friday): Gandhi Jayanti (Public Holiday).

20 October (Tuesday): Dussehra (Public Holiday).

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti (Public Holiday).

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star, Dubai.

25 December (Friday): Christmas Day (Public Holiday).

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