{"id":84580,"date":"2025-12-10T00:00:00","date_gmt":"2025-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/new-delhi-to-opt-for-quiet-trims-over-headline-divestments-in-next-budget-reliance-stakes-its-claim-on-indias-solar-supply-chain\/"},"modified":"2025-12-10T00:00:00","modified_gmt":"2025-12-10T00:00:00","slug":"new-delhi-to-opt-for-quiet-trims-over-headline-divestments-in-next-budget-reliance-stakes-its-claim-on-indias-solar-supply-chain","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2025\/12\/10\/new-delhi-to-opt-for-quiet-trims-over-headline-divestments-in-next-budget-reliance-stakes-its-claim-on-indias-solar-supply-chain\/","title":{"rendered":"New Delhi to opt for quiet trims over headline divestments in next budget + Reliance stakes its claim on India\u2019s solar supply chain"},"content":{"rendered":"

Good morning, friends.<\/strong> It\u2019s been a rough week for the customers and executives of IndiGo as the airline remained effectively grounded after the cancellation of some 2.2k flights. We spoke with an industry insider to get the rundown on what went wrong and where things might go from here. <\/p>\n

THE BIG STORY this morning on the MENA-India corridor: <\/strong>India and Oman are close to signing a trade agreement that could reinvigorate economic ties. Modi is visiting the Sultanate as parliament there talks through the agreement.<\/p>\n

MEANWHILE-<\/strong> Bharti Airtel<\/strong> subsidiary Indus Towers<\/strong> has planted a UAE outpost to scout for African business opportunities. And in Riyadh, a unit of Welspun has bagged a USD 140 mn order.<\/p>\n

ALSO- Adani <\/strong>and Ambani <\/strong>have announced big green energy plans and the Modi government is shying away from \u201cbig-bang\u201d divestments<\/strong>, opting instead for bite-sized stake sales served at a decidedly medium-rare pace. <\/p>\n

PLUS: <\/strong>The IPO queue<\/strong> refuses to end, with ICICI Prudential AMC<\/strong> eyeing an INR 1.07 tn valuation as it makes its public-market debut.<\/p>\n

^^ All of that and more, below.<\/p>\n

IN MENA THIS MORNING- <\/p>\n

Nassef Sawiris is merging EGX- and ADX-listed Orascom Construction with Dutch-listed <\/strong>OCI Global<\/strong> to form a single Abu Dhabi-based infrastructure and investment platform. The board-approved deal values Orascom at USD 1.52 bn and OCI at USD 1.35 bn, with shareholders voting in January and closing expected in 1Q 2026. The combined entity \u2014 to be renamed Orascom \u2014 will have firepower to deploy more than USD 1 bn of equity into infrastructure and concessions, building on Orascom\u2019s c. USD 13 bn backlog and OCI\u2019s recent multi-bn USD asset disposals. It could signal a structural shift for regional infrastructure investing.<\/p>\n

Wall Street isn\u2019t buying Saudi\u2019s budget math.<\/strong> Analysts at Goldman Sachs and Bank of America are skeptical of the Kingdom\u2019s 2026 budget deficit target of 3.3% of GDP, saying the actual gap will be in the 5-6% range. The risk here: The state\u2019s going to borrow more (at home and abroad), crowding-out private-sector borrowers. Meanwhile, BlackRock<\/strong> is interested in pushing into Asia in partnership with GCC sovereign wealth funds, specifically noting the \u201cIndia bull story\u201d<\/strong> and key windows in AI and infrastructure.<\/p>\n

In Egypt, the next phase of the Madbouly government's divestment program has been <\/strong>pushed back<\/strong> to 1Q 2026 as officials finalize a stock-market incentive package and eye a more favorable trading window. The Gabal El Zeit wind farm listing remains on the table. And the long-stalled USD 35 bn gas export agreement<\/strong> with Israel appears to be moving. Israeli media report Leviathan partners and Israel's Energy Ministry have reached an agreement, with Netanyahu expected to greenlight it ahead of his meeting with US President Donald Trump on 29 December.<\/p>\n

Happening today:<\/strong> The US Federal Reserve decides on interest rates. It\u2019s widely expected to cut 25 bps \u2014 look for Saudi and the UAE to follow suit given their currency pegs.<\/p>\n

^^ Want to go deeper? Check out our UAE<\/a>, Saudi<\/a>, and Egypt<\/a> editions.<\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- BlackRock wants to invest in India alongside Gulf sovereigns: <\/strong>BlackRock\u2019s chief strategist for the Middle East and Asia Pacific said<\/a> the asset manager is \u201cvery open minded\u201d about co-investment and JV opportunities with GCC SWFs to tap into what he called the \u201cvery real \u2026 India bull story.\u201d Ben Powell said BlackRock, which manages USD 13.52 tn in assets, wants to piggyback on the scale and reach of SWFs as it looks to push deeper into Asia. <\/p>\n

What does BlackRock like? <\/strong>The GCC-Asia focus comes as BlackRock\u2019s 2026 strategy calls for a major push into artificial intelligence and infrastructure. Powell argues that the AI \u201cmega boom\u201d will continue to gather momentum and become a \u201cmainstream asset class over the next few years.\u201d BlackRock recently established a regional headquarters in Riyadh and acquired a commercial license to operate in Abu Dhabi.<\/p>\n

AND- Speaking of AI: Microsoft will invest USD 17 bn in Indian AI initiatives<\/strong> including infrastructure, skills, and sovereign capabilities, making it the tech-giant\u2019s largest investment pledge in Asia, CEO Satya Nadella said on X<\/a>. The figure includes the USD 3 bn commitment the tech giant made earlier this year. The four-year commitment starts in 2026 and is intended to give Microsoft the largest cloud-computing presence in India, according to Reuters<\/a>.<\/p>\n

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<\/a> #2-<\/strong> No big privatization sales in the next budget: <\/strong>The Modi government will favor gradual minority stake sales over \u201cbig-bang\u201d disinvestment from public sector enterprises to navigate revenue pressure as it faces lower receipts from the goods and services tax, Hindu Businessline<\/a> reports, citing an unnamed Finance Ministry official. <\/p>\n

Value over volume: <\/strong>The government says the emphasis is now value creation through targeted offer-for-sale transactions and selective IPOs \u2014 not \u201cdisinvestment\u201d targets \u2014 a term no longer used in budget documents. Earlier, the government would announce major disinvestment targets as a part of the budget, which it failed to achieve in successive fiscal years. The government says that announcing minority stake sales with a short notice has a lower impact on valuation and avoids political friction.<\/p>\n

Headroom everywhere: <\/strong>The government figures it has assets worth INR 23 tn (USD 256.6 bn) across 66 listed public sector enterprises and INR 18 tn (USD 201.4 bn) across 16 listed public financial institutions, giving it ample opportunities to sell.<\/p>\n

OUR TAKE- <\/strong>With the rationalization of indirect tax rates in September, India\u2019s tax revenues are likely to decline, prompting the government to tap divestments to meet revenue targets in the next fiscal year. The Modi government is taking a cautious approach to privatization to avoid resistance<\/strong> from within public sector companies and the political opposition. A go-slower approach will allow officials to build a track record after failing to attract marquee investors for big transactions including the sale of a 53% stake<\/a> in Bharat Petroleum Corporation.<\/p>\n

\n

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<\/a> #3-<\/strong> Adani Group <\/strong>will invest over INR 6.74 tn (USD 75 bn) in the <\/strong>energy transition by 2030<\/strong>, according to Business Standard<\/a>, citing remarks by chairman Gautam Adani. Adani said India must chart its own development path amid external pressure on coal exit timelines.<\/p>\n

Adani\u2019s climate math:<\/strong> Adani said India\u2019s per-capita electricity use remains below 1.4k kWh, far short of the global average, while its per capita emissions remain under 2 tonnes, versus 14 tonnes in the US and 9 tonnes in China. Despite ranking third in total emissions, India has contributed just 4% of cumulative global emissions over two centuries, Adani said, calling recent sustainability downgrades \u201cmisaligned with India\u2019s realities.\u201d<\/p>\n

CRITICAL CONTEXT-<\/strong> Adani\u2019s pitch for India to chart its own transition path lands as policymakers mull extending coal build-out<\/a>. The USD 75 bn green-energy pledge may help blunt global critique as India backslides on its climate ambitions.<\/p>\n

\n

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[wwtt3] #4- Supplementing Adani\u2019s pitch, <\/strong>Reliance<\/strong> Infrastructure is planning <\/strong>one of India\u2019s most advanced integrated solar-manufacturing ecosystems<\/strong> \u2014 spanning ingots, wafers, cells, and modules \u2014 to tackle a demand-supply gap as India\u2019s annual need for solar modules is expected to hit 5.5k GW by 2030, Business Standard<\/a> reports. The firm claims the vertically integrated platform will reduce import dependence and strengthen clean-energy security, as per an investor presentation<\/a>.<\/p>\n

Building the missing link: <\/strong>The group is also establishing an end-to-end battery manufacturing ecosystem. India\u2019s stationary-storage base, now under 1 GWh, is projected to reach 250 GWh by 2032. Domestic capacity currently supplies less than 10%, according to the business daily.<\/p>\n

While green energy is the hottest option on the menu, <\/strong>India\u2019s Reliance Industries has increased Middle Eastern crude uptake, including from UAE, <\/strong>to at least 10 mn bbl in January, Bloomberg<\/a> reports, citing traders. India\u2019s state\u2011owned Mangalore Refinery and HPCL\u2011Mittal Energy have also increased purchases from the region as they aim to replace Russian crude.<\/p>\n

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<\/a> #5-<\/strong> Tata wants to make chips for Intel:<\/strong> Tata Electronics has lined up US hardware giant Intel as a customer for its planned semiconductor facilities, Reuters<\/a> reports. Tata is investing about USD 14 bn to build India\u2019s first chip fabrication plant in Gujarat and an assembly-testing unit in Assam, central to positioning India alongside Taiwan as a global semiconductor hub. Both companies will also explore scaling AI PC solutions for India\u2019s consumer and enterprise markets, which they expect to become a global top-five market by 2030.<\/p>\n

YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 9am UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n

Were you forwarded this briefing? <\/strong>Tap or click here to sign up without charge for your own<\/a>copy.<\/a> <\/p>\n

DATA POINT- <\/p>\n

The<\/strong> US has deported nearly 3.2k Indian nationals so far in 2025<\/strong>, a 130% increase from last year, Business Standard<\/a> reports, citing government data shared with parliament. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

Trump clears path for Nvidia chip sales to China:<\/strong> The Trump administration will allow Nvidia to sell its advanced H200 AI chips to approved customers in China, easing export restrictions imposed during the Biden administration. Under the new deal, the US government will take a 25% cut of proceeds \u2014 up from 15% in a prior agreement \u2014 with similar arrangements expected for AMD and Intel. The decision follows months of lobbying by Nvidia CEO Jensen Huang, who pledged USD 500 bn in US AI investments. The move has drawn criticism from lawmakers, who warned it could aid China\u2019s military and surveillance capabilities. (Guardian<\/a> | Reuters<\/a> | CNBC<\/a> | New York Times<\/a> | Bloomberg<\/a> | BBC<\/a>) <\/p>\n

AND IN BUSINESS NEWS- <\/strong>The European Commission has launched an investigation into whether Google uses content from websites and YouTube videos to power its AI-generated summaries and other tools without compensating creators or offering opt-outs, the commission said in a statement<\/a>. Regulators are also examining if Google\u2019s AI Mode reduces traffic to publishers\u2019 sites. The investigation follows complaints from media groups and campaigners who say Google\u2019s AI Overviews divert readers and threaten journalism revenues. (BBC<\/a> | CNBC<\/a> | Reuters<\/a> | Guardian<\/a>) <\/p>\n

PLUS- Investors brace for a divided Fed: <\/strong>Markets expect the US Federal Reserve to cut interest rates by 25 bps today to a 3.50-3.75% range, but analysts warn of deep divisions within the policy committee \u2014 possibly the most dissent seen in years, Reuters<\/a> reports. As many as five of the 12 voting members could oppose the move, raising concerns about growing politicization under President Trump, who has pushed for lower rates ahead of next year\u2019s midterms. <\/p>\n

\n

MARKET WATCH- <\/p>\n

Quick<\/strong> commerce bubble warning: <\/strong>India\u2019s quick-commerce sector is \u201churtling toward a shakeout\u201d as funding dries up and a model built on relentless fundraising nears its limits, Bloomberg<\/a> reports, quoting Blinkit<\/a> CEO Albinder Dhindsa. Companies will soon have to decide how long they can keep absorbing steep losses, Dhindsa said, adding that when such an imbalance exists, \u201cthe correction is very swift\u201d and often catches players by surprise.<\/p>\n

Cash guzzlers: <\/strong>Blinkit\u2019s q-commerce rival Swiggy is preparing a USD 1.1 bn share sale barely a year after its USD 1.3 bn market debut, at roughly the same valuation as its IPO. Another rival, Zepto<\/a>, has raised USD 450 mn ahead of a planned listing next year. A lot of this money is fueling 10-minute deliveries with markdown for daily consumables by these apps, with net income nowhere in sight.<\/p>\n

Global investors are watching closely: <\/strong>Global investors \u2014 including SoftBank Group, Temasek Holdings, and several GCC SWFs \u2014 have poured bns into India\u2019s quick-commerce sector, making it one of the most closely watched rapid-delivery markets globally.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Adani pledges USD 75 bn for India\u2019s energy transition; Tata taps Intel for its India made 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