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India’s big AI ambitions

1

WHAT WE’RE TRACKING TODAY

Ratnagiri refinery hits setback as Gulf backers reassess participation

Good afternoon, readers. The AI Summit in Delhi is commanding a major share of the newsprint in today’s issue. The event, which runs through Friday, features big tech CEOs, world leaders, and investors to debate the future of AI and India’s position as a leader of the global south in the field.

Indias primary focus is a bid to attract USD 200 bn in AI-linked investments. Anthropic, AMD, Nvidia, and Micron are accelerating their partnerships, while Asia’s second-richest man, Gautam Adani, has announced a significant AI pledge.

ALSO Plans for the Ratnagiri refinery, intended as a joint venture among India’s state-run giants, Adnoc, and Aramco, may have to be shelved.

Let’s dive in.

Watch this space

ENERGY — India’s long-delayed Ratnagiri refinery in Maharashtra faces fresh uncertainty as key Gulf partners reassess their role, The Economic Times reports, citing unnamed industry officials.

What’s changed? Abu Dhabi National Oil Company (Adnoc) is understood to have withdrawn from the project, while Saudi Aramco has sought a review of its investment terms. Persistent land acquisition issues have stalled progress for over a decade.

Context: The refinery was conceived as a joint venture between Saudi Aramco, Adnoc, and Indian state-run refiners Indian Oil Corporation, Bharat Petroleum (BPCL) and Hindustan Petroleum, with a planned capacity of 60 mtpa and an investment of INR 3 tn (USD 33.1 bn).

Why it matters: Saudi Aramco is instead keen to partner with BPCL for a 20% stake in a proposed coastal refinery-petrochemicals complex in Andhra Pradesh.The pivot shows how execution risks are reshaping India’s mega-refining ambitions, as Gulf demand is reshaped by a preference for port-adjacent, mid-scale sites with lower political and land-acquisition friction.


TRADE — India will exclude tariff concessions on gold in a freetrade agreement (FTA) with the six-member Gulf Cooperation Council (GCC) to curb surging gold imports at reduced customs duties, Moneycontrol reports, citing officials.

Why it matters: The stance follows a surge in gold imports after the India-UAE FTA, under which India allowed a quota of gold imports at 1% customs duty. Gold imports from the UAE surged to USD 16.8 bn in FY 2025 from USD 5.8 bn in FY 2022.

Policy continuity: India kept gold and silver bullion outside tariff concessions under its trade agreement with Oman, signed in December 2025, and will maintain a similar position in talks with the GCC.

Context: India and the GCC formally launched negotiations last week covering goods, services, and investment. Bilateral trade between India and the GCC stood at USD 178.5 bn in FY 2025.


LOGISTICS — Adani Ports has entered into an agreement with France’s Marseille Fos Port to strengthen cooperation under the India-Middle East-Europe Economic Corridor (IMEC), according to a press release. The agreement links Adani’s Mundra and Hazira ports — described as eastern IMEC gateway ports — with Marseille Fos, which is positioned as a western European gateway under the corridor framework.

IMEC, a multimodal connectivity corridor initiative launched at the 2023 G20 Summit, seeks to connect India, the Middle East, and Europe via a seamless blend of sea, rail, digital, and green energy networks.

The agreement focuses on trade facilitation, port innovation, and energy transition initiatives and proposes forming an “IMEC ports club” to strengthen coordination among ports along the corridor. Marseille Fos adds around 70 mn tons of capacity to the network and could become an integral connectivity point for the IMEC.

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The big story abroad

The Netflix-Paramount-Warner Bros saga is making waves once again, after Warner Bros Discovery gave Paramount a seven-day window to propose its final bid, giving the suitor one last chance to counter rival Netflix’s offer. This came after Warner Bros rejected Paramount’s USD 30-per-share offer, but gave it a chance to put in its “best and final” offer. Investors have hinted that they will accept no less than 33 a share to consider a competing offer to Netflix’s current bid.

Social media giant Meta will buy mns of Nvidia chips, under a multiyear agreement worth tens of bns of USD. The move potentially gives the chipmaker a leg up in maintaining its dominance as it faces intense competition from AMD and even from its own pool of Big Tech clients. Meta framed the move as an infrastructure agreement, whereby it will use the hardware for its AI-optimized data centers.

ALSO- A few software companies released their latest earnings early to quell the recent equity selloff prompted by fears over AI overtaking the tech sector. Speaking of the selloff, it showed signs of abating with the S&P 500 information technology sector rebounding from previous losses, closing in the green yesterday. The upswing was bolstered by gains in Apple and Nvidia stocks.

Circle your calendar

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays, and news triggers.

2

THE BIG STORY TODAY

India’s USD 200 bn AI investment target piques interest from Adani, Tata, Nvidia, Microsoft, AMD

India expects USD 200 bn in AI-driven investments over the next two years, with USD 90 bn already pledged, IT Minister Ashwini Vaishnaw announced at the India AI Impact Summit in New Delhi, according to a statement. The five-day AI summit will run through Friday.

The government is deploying a five-layer stack — from infrastructure to models — to implement AI at population scale. Compute capacity will expand rapidly, with 20k GPUs added to the existing 38k in the coming days. “Investment is coming in all five layers,” Vaishnaw said, citing strong interest from venture capital and big tech players.

Out take: India is positioning itself as an AI leader and rule-influencer for the Global South. The country seeks to leverage its vast experience in IT and digital technologies to secure a significant share of global AI investments. India’s existing infrastructure, strategic partnerships, and technical expertise present a wide array of investment windows for Gulf investors across all five layers of the AI stack. Furthermore, for Gulf investors, India’s massive internet market offers a potential market access comparable to the scale of crude oil trade.

Investments

#1- Adani leads the call: Adani Enterprises plans to invest USD 100 bn by 2035 to build renewable-powered AI data centers, expanding capacity from 2 GW to 5 GW, according to a statement. The investment could catalyze an additional USD 150 bn in server manufacturing and other AI-related industries over the next decade.

These initiatives will be facilitated by Adani’s existing partnerships with Google and Microsoft. Adani is anchoring this expansion on the 30 GW Khavda project, the world’s largest renewable energy plant.

#2- Microsoft is on track to invest USD 50 bn by the end of the decade to expand AI access across countries in the Global South, the firm announced at the summit, building on its USD 17.5 bn AI investment pledge for India last year.

Data centers

#1- AMD 🤝Tata: US-based semiconductor firm Advanced Micro Devices (AMD) is partnering with India’s largest IT services firm Tata Consultancy Services (TCS) to deploy its latest AI data center technology in India, according to a statement. The partnership aligns with TCS’s plan to enter the data center business, targeting up to 1.2 GW of capacity.

Ramping up competition with rival American chipmaker Nvidia, AMD will offer its Helios data center blueprint and work with TCS to support up to 200 MW of AI infrastructure.

#2- Nvidia 🤝Yotta: Indian data center operator Yotta will invest more than USD 2 bn to build one of Asia’s largest AI computing hubs using Nvidia’s latest Blackwell Ultra chips, according to a press release. The project includes a four-year engagement worth over USD 1 bn, under which Nvidia will establish one of its AI training clouds within Yotta’s infrastructure.

Semiconductors

Meanwhile, another US chipmaker Micron Technology will begin commercial production at its India facility by the end of February 2026, Economic Times reports, citing India’s Electronics and IT Ministry. The project is part of the national government incentive program designed to build domestic chip assembly and packaging capacity. Micron’s rollout marks one of the first large-scale facilities under the program to move from approval to commercial production.

AI regulations

Tightening the screws: Amid all the buzz about investments and partnerships, the Indian government moves toward a mandatory regulatory framework for AI-generated content, shifting from best practices to ‘non-negotiable’ technical requirements, DD News reports. The government is developing stringent rules that require watermarking and clear labeling for all synthetic media or AI-generated content.

India is coordinating these technical and regulatory issues with 30 countries to create a cross-border compliance standard. Vaishnaw warned that misinformation, disinformation, and deepfakes are eroding trust across society, demanding accountability from platforms, model developers, and creators.

Ministerial speak: Vaishnaw has warned YouTube, Meta, X, and Netflix that they must operate within India’s constitutional framework as New Delhi’s stance on digital governance toughens. He said multinational platforms must understand local cultural and lawful contexts.

His remarks come as India tightens content-takedown rules, shortening the deadline for removing unlawful material to three hours from 36 hours, raising pressure on social media giants to comply.

3

TECH

Anthropic scales India operations with Infosys tie-up

Bengaluru-based IT giant Infosys has announced a collaboration with Anthropic to develop and deploy advanced enterprise AI solutions across telecom, financial services, manufacturing, and software development. The partnership will kick off in telecom with the launch of Anthropic Center of Excellence, before expanding to more complex industries.

Anthropic also launched operations at its Bengaluru office on Monday, expanding its second-largest market for Claude, its AI assistant.

Why it matters: Abu Dhabi’s AI investor MGX was among several co-leading a USD 30 bn Series G funding round for Anthropic just last week, making MGX a backer of three major AI rivals: OpenAI, xAI, and Anthropic.

At its core: The partnership will integrate Anthropic’s Claude models, including Claude Code, with Infosys’s flagship AI-first solutions platform Topaz to help enterprises automate workflows, improve software delivery, and adopt AI with stronger governance and transparency.

Why Infosys? Anthropic’s CEO Dario Amodei said Infosys’ domain expertise helps bridge the gap between AI demos and production use, while Infosys CEO Salil Parekh called the tie-up a step toward responsible, large-scale enterprise AI adoption.

Enterprise adoption picks up in India: Air India is using Claude Code to accelerate custom software development and deploy agentic AI across its operations. Startups such as Bengaluru-based fintech platform Razorpay and customer analytics platform Enterpret are integrating Claude into their risk systems and AI assistants.

Timing counts amid global AI volatility: Amodei’s India visit comes as global markets grapple with fears of disruption from advanced AI agents automating white-collar work, a selloff that has hit India’s USD 300 bn IT services sector particularly hard. At the same time, investor scrutiny is rising over whether massive data center spending by big tech will outpace AI adoption. Against that backdrop, Anthropic is doubling down on enterprise-led deployment in India, where local-language use cases are driving rapid uptake.

4

COFFEE WITH

BioReform’s playbook for entering the Gulf

Coffee with: EnterpriseAM sat down with Founder and CEO Mohammed Azhar (LinkedIn) of Hyderabad-based BioReform, which claims to have engineered an alternative for single-use plastic — a proprietary biopolymer that mimics plastic’s utility but breaks down into compost. After replacing some 15 mn single-use bags and hitting eight-figure revenues (INR) in India, Azhar is using the UAE-India CEPA Council’s startup program to find a footing in the Gulf. Under its Start Up series initiative, the council selected five leading startups from 20k applications, providing them with a soft landing package to set up their businesses in the UAE and beyond.

Below are edited excerpts from our interview.

EnterpriseAM: Could you tell us a little about BioReform? What do you do, and how do you tackle this plastic pollution challenge?

Mohammed Azhar: With BioReform, we are solving one of the biggest global problems: plastic pollution. Cloth is expensive for small and medium-scale businesses, and paper is less durable — a single drop of water can destroy it. The world needed a third alternative, and that is what BioReform manufactures.

We make bags and other products out of biopolymers and natural materials that would otherwise just be burned in a landfill. We utilize those waste materials to create pellets, which are then used to make end products. We produce takeaway bags for restaurants, garbage bags, biomedical bags for hospitals, and 100% food-grade packaging materials. We also developed India’s first eco-friendly milk packaging, which is fully compliant with European standards, as well as non-adhesive barricading tapes for the agriculture industry.

EnterpriseAM: You mentioned biopolymer — is it your proprietary product? And what differentiates you from the competition?

MA: Yes, the biopolymer is our proprietary mix. We source different materials, from starch to PLA, PBAT, and other bio-based polymers. We also have our own in-house formula to produce different end products. Our USP is that when our bags degrade, they don’t turn into microplastics — they turn into compost, which enriches the soil.

Three or four big companies are doing this, but we have our own formula. Our key differentiator is that we operate as a design studio. We can ideate, prototype, and deliver a solution within seven working days. If you come to us with a specific plastic packaging you use, we can prototype an alternative according to your specifications — whether it’s for -30°C or 100°C use cases. We merge design thinking with sustainability.

EnterpriseAM: Who are your clients? Do you have any big buyers, and are they mostly in India? What does the Gulf footprint look like?

MA: Yes, 95% of our clients are currently from India. We also have a few clients in Saudi Arabia and a few distributors in Abu Dhabi. In India, more than 60% of our clients are in the restaurant segment, where they faced issues with paper bags tearing.

We work with big names like Pista House and Advanta Life Sciences, a multinational company, helping them reduce carbon emissions at the agricultural level. We also work with luxury properties like Advanta Resorts in Goa and The Leela. However, we also serve many small and medium players, which is our target market.

Acceptability is much better in the UAE compared to Saudi Arabia, because the Emirates has a regulation banning single-use plastic. Saudi Arabia has Vision 2030, but nothing specific to single-use plastic yet. We conducted pilots with a UAE distributor to validate our product in their climatic conditions — the heat and humidity are very different from India. Luckily it went well, and we are now moving to shift operations there.

EnterpriseAM: How does the India-UAE CEPA Council or the Startup Series help your business expansion? You’ve also tied up with Ras Al Khaimah Economic Zone (Rakez). How has that journey been?

MA: For a startup founder, the biggest hurdle is the barrier to entry — we can prove our ability if given the ground to run on. In the Gulf, the entry barrier is high and you need to spend a significant amount just to incorporate.

That roadblock was eliminated through the UAE-India CEPA Council and through Rakez taking care of our end-to-end incorporation costs. Eliminating that cost gives us the freedom to focus on the market. Additionally, we were introduced to the UAE ecosystem, flown there with expenses covered, and introduced to stakeholders like Hub71. But the elimination of the entry barrier was the most helpful aspect.

When we visited Rakez, they showed us the plug-and-play and land acquisition models. They also offered significant subsidies — roughly 40-50% off the market price for setting up a factory. It is very lucrative. We are waiting to validate the market first, but the decision should happen in the next 9-12 months. Additionally, being in a freezone means no taxes if we import raw materials and produce locally.

EnterpriseAM: Regarding your future business plans, are you raising more capital in India or the Gulf region?

MA: I am the solo founder and CEO. I have a great team, including Rehan Uddin, our CMO, and an eight-person operations team. We had some angel investors in our pre-seed round four years ago to set up manufacturing. In those four years, we replaced 15 mn single-use plastics. Now, we are gearing up for our seed round of roughly USD 200k. We are seeing interest from angel networks and VCs in India.

In the Gulf, we have interest from two investors — businessmen in Saudi. They have soft-committed around AED 500k for when we launch a manufacturing unit there. We want to validate the market first before establishing a factory.

EnterpriseAM: How do you track the success of BioReform?

MA: We track success largely by the number of bags replaced rather than just revenue, as we focus on social impact. We have replaced over 15 mn single-use plastics. We are currently at eight-figure revenue in INR, aiming for nine figures in the next 12 months. Our goal is to replace 100 mn bags.

5

ALSO ON OUR RADAR

ConvoZen partners with Al-Futtaim for GCC expansion

ConvoZen x Al-Futtaim

Karnataka-based conversational intelligence startup ConvoZen has partnered with the UAE’s Al-Futtaim Technologies to deploy its platform across the UAE, Saudi Arabia, and Qatar, The HinduBusinessline reports. As Al-Futtaim takes the lead in sales, the collaboration will focus on deploying ConvoZen’s platform in the region. The platform processes customer support interactions across voice, chat, and digital channels. The partnership will also support Arabic-language interactions and AI-driven decision support for customer-facing operations.

Air India-Lufthansa partnership

German carrier Lufthansa is exploring deeper cooperation with Tata-owned Air India on routes and sales to offset competition from Gulf carriers on long-haul routes, according to a statement. The agreement focuses on increasing passenger traffic for Lufthansa by using Air India’s widespread base in India.

Why it matters: India is Lufthansa’s second-largest premium long-haul market after the US. Emirates Airlines and Qatar Airways capture a significant share of India’s international traffic by routing passengers through their regional hubs, putting pressure on higher-cost direct services operated by European carriers such as Lufthansa.

Context: Last year, Air India and Lufthansa Group widened their codeshare partnership by adding nearly 60 routes between India and Europe — bringing the combined codeshare network of the two airlines to 100 routes which link 12 Indian cities with 26 destinations across Europe.

6

PLANET FINANCE

MENA’s M&A surge is about buying global supply chains and tech dominance

M&A activity across the MENA region jumped in 2025, with value climbing 15% to USD 106.1 bn across 884 transactions, according to a report from EY. While domestic consolidation remained healthy, the real engine was cross-border activity, which accounted for 61% of value. The UAE and Saudi Arabia continue to dominate the landscape, capturing 59% of all regional investment and 66% of total investor activity.

Why it matters: We are seeing a shift from defensive domestic merging toward aggressive, strategic international expansion. Domestic transactions accounted for 46% of total volume at USD 41.6 bn. Outbound capital is no longer just parked in safe havens — 64% of outbound value was driven by government-related entities and sovereign wealth funds like Adia, Mubadala, and PIF, which are now using M&A to buy into global supply chains.

The sector play: Technology and diversified industrial products led the way, making up 38% of total volume. Meanwhile, the banking sector is aggressively eyeing the India-MENA corridor, evidenced by Emirates NBD’s USD 4.4 bn play for RBL Bank.

What’s next: Expect the surgical use of M&A to continue as companies look to acquire AI and tech capabilities to offset global trade uncertainties. The UAE remains the primary entry point for foreign capital, accounting for a massive 92% of total inbound value into the region.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

MARKETS THIS MORNING-

Asia-Pacific markets were mixed in early trading this morning, with most of them reopening after taking yesterday off in observance of the Lunar New Year. Over on Wall Street, futures suggest that markets are in for another volatile trading day, despite hopes that the tech selloff will soon be over.

Sensex

83,619

+0.2 % (YTD: -1.9%)

NIFTY 50

25,781

+0.2% (YTD: -1.5%)

ADX

10,693

+0.6% (YTD: +6.8%)

DFM

6,724

+0.6% (YTD: +11.3%)

Tadawul

11,131

+0.3% (YTD: +5.7%)

EGX30

52,175

+0.6% (YTD: 24.7%)

Boursa Kuwait

8,046

-0.4% (YTD: -2.6%)

QSE

11,376

+0.1% (YTD: +5.5%)

S&P 500

6,843

+0.1% (YTD: -0.03%)

FTSE 100

10,630

+0.7% (YTD: +6.2%)

Euro Stoxx 50

6,059

+0.6% (YTD: +3.9%)

Brent crude

USD 67.69

+0.40%

Natural gas (Nymex)

USD 30

-0.8%

Gold

USD 4919

+0.8%

BTC

68,204

+0.09%

The values in the table above are listed according to the market position as of 3:30pm IST / 2pm GST.


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

16-20 February (Monday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

17-19 February (Tuesday-Thursday): Mumbai Climate Week, Mumbai.

17-19 February (Tuesday-Thursday): French President Emmanuel Macron to visit India.

18-22 February (Wednesday-Sunday): Brazilian President Luiz Inacio Lula da Silva to visit India.

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

MARCH

4 March (Wednesday): Holi.

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 Ul-Fitr.

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 Centre, Mumbai.

31 March (Tuesday): Mahavir Jayanti.

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.
  • Canadian Prime Minister Mark Carney’s visit to India.

APRIL

3 April (Friday): Good Friday.

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.

26 May (Tuesday): Eid Ul-Adha.

JUNE

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

26 June (Friday): Muharram.

Signposted to happen sometime in 1H 2026:

AUGUST

15 August (Saturday): Independence Day.

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

OCTOBER

2 October (Friday): Gandhi Jayanti (Mahatma Gandhi’s Birthday).

20 October (Tuesday): Dussehra.

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti.

DECEMBER

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

25 December (Friday): Christmas Day.

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