Noida, Uttar Pradesh, Feb 18: AM Group, the leading energy transition platform backed by the founders of Greenko Group, which signed a Memorandum of Understanding (MoU) with Invest UP, Government of Uttar Pradesh (UP) at Davos, Switzerland on 20 January 2026 to establish a 1 GW High Performance Compute Hub, has commenced development of its mega AI project.

AM AI Labs, an affiliate of the AM Group, was issued a letter of intent by the Yamuna Expressway Industrial Development Authority (YEIDA) today towards allocation of land parcels to establish the first two phases comprising 150 MW and 200 MW respectively of the cumulative 1 GW AI and High-Performance Computing data center in UP.

Key features of the project:

• Scale and speed: 350 MW compute capacity to come online by 2028 with full 1 GW online by 2030 translating into $25 billion investment and deployment of ~500,000 high performance chips.
• Fully vertically integrated: When fully realized, the world’s first and largest fully vertically integrated AI platform, spanning owned carbon free power, data center infrastructure, high performance chips, a complete software stack, applications, and flexible consumption models from AI Pods as a Service to Tokens as a Service.
• Unmatched energy economics: Firm and on demand carbon free energy at significantly below global rates, enabled by renewables and strategic pumped storage assets managed through an in-house intelligent cloud energy architecture.
• Optimized from photon to token: Every layer from energy generation through data center design, liquid cooling, interconnect topology, accelerator selection, and software is engineered together, resulting in the most competitive electrons to tokens economics.
• Global and domestic applications: Indiais the second largest AI tokens consumption market. AM AI’s domestically generated tokens for AI embedded advanced applications and frontier models would serve the domestic as well the global markets for training, inference and other advanced use cases.

This project will be one of the largest investments in the country to date, aligned with the Indian Government’s Viksit Bharat 2047 vision. The project is expected to attract significant foreign direct investment and generate thousands of high skilled jobs, positioning Uttar Pradesh as India’s premier AI infrastructure destination.

 AMG AI Labs: Full Stack AI Platform

AMG AI Labs has built a comprehensive platform supporting the full lifecycle of AI development from training to production inference. The end-to-end software stack encompasses provisioning, orchestration, virtualization, inference and training frameworks, security, networking, compliance, and storage. Intelligent workload scheduling routes every job to the optimal accelerator for cost, performance, and latency, maximizing utilization across the heterogeneous fleet.

The platform’s architecture agnostic design supports GPUs and other accelerators. The leadership team brings 300+ combined years of GPU and AI stack experience from Apple, AMD, NVIDIA, Cisco, and Intel.

Leadership Perspectives

“This is an enormously ambitious project, and that is exactly what excites us. AM Group has done this before. In green hydrogen and ammonia, we set out to deliver the lowest cost molecules in the world, and we are doing it.

We bring the same conviction to AI. Our goal is to deliver the lowest cost, most efficient AI tokens on the planet, powered by clean energy we own and operate. By integrating the full value chain from power generation through silicon to token delivery, we can optimize across layers in ways that no single segment player can.

Uttar Pradesh and India deserve world class AI infrastructure, and with the support of the State Government, we are building it.”

— Anil Chalamalasetty, Group Chairman, AM Group

AD Ports Group, BUA Group, and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions

Abu Dhabi, UAE – Feb 17: AD Ports Group (ADX: ADPORTS), a leading global enabler of trade, industry, and logistics solutions, today signed a Memorandum of Understanding (MoU) with BUA Group, one of Africa’s largest foods, mining, manufacturing, and industrial conglomerates, and MAIR Group (ADX: MAIR), a strategic investment company focused on grocery retail and commercial real estate in the UAE, to explore the development of integrated sugar refineries and edible oil facilities in Abu Dhabi and select international markets.

The partnership aims to create a world-class food manufacturing and processing ecosystem with the ambition of establishing the region’s largest agri-food hub, serving both regional and global demand. In line with the UAE National Food Security Strategy 2051, the initiative would support economic diversification, stimulate industrial growth, and reinforce the UAE’s position as a global centre for agri-food trade and distribution.

The MoU covers potential projects at Khalifa Port in Abu Dhabi, and in Africa and Latin America, leveraging Khalifa Port’s advanced infrastructure and multimodal connectivity to advance AD Ports Group’s growing global presence in the agro-industrial sector, the Group is already developing agri-bulk handling and storage infrastructure with partners in Pakistan and Kazakhstan.

The MoU will also assess opportunities in grains, pulses, animal feed, agricultural commodities, and associated maritime, logistics, port, and distribution solutions.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “This MoU reflects our ambition to expand AD Ports Group’s role across strategic agro-processing value chains and contribute to the UAE National Food Security 2051. By combining our integrated end-to-end trade and logistics capabilities, with BUA Group’s agro-industrial expertise and MAIR Group’s strategic focus on the food sector, we will explore opportunities that strengthen food supply chains, drive industrial value creation, and deepen trade ties between Africa and the UAE, in line with the vision of our wise leadership.”

Abdul Samad Rabiu, Founder and Chairman of BUA Group, said: “This strategic partnership marks a major milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. As one of Africa’s leading conglomerates, we are proud to collaborate with AD Ports Group and MAIR Group in support of the UAE’s National Food Security Strategy 2051. Together, we aim to create a future-ready food processing ecosystem that strengthens cross-continental trade, enhances supply chain resilience, and delivers sustainable economic value for generations to come.”

Nehayan Hamad Alameri, Managing Director and Group CEO of MAIR Group, said: “This partnership brings together complementary strengths across investment, industrial development, and logistics. MAIR Group’s focus on grocery retail, commercial real estate, and supply chain infrastructure positions us well to support the integration of agro-industrial and food industries. By exploring opportunities in sugar refining, edible oils, and broader food processing, we are contributing to a more integrated and resilient food ecosystem that supports national and regional food security.”

MUMBAI, Feb 17: Anchored by one of the largest and most technologically advanced banqueting destinations in India, Fairmont Mumbai positions itself as the most definitive address for weddings, receptions, large-scale celebrations, and global conventions. With expansive venues, architectural drama, and a deeply personalised service philosophy, the hotel ushers in a new era of MICE (Meetings, Incentives, Conferences, and Exhibitions)

From 2,000-guest galas to intimate corporate gatherings, Fairmont Mumbai seamlessly bridges scale with soul & good taste, delivering experiences that feel monumental yet meticulously curated.

Where Grandeur Meets Precision

Fairmont Mumbai’s event spaces are envisioned as immersive environments—architecturally bold, technologically seamless, and intuitively designed to bring ambitious visions to life. State-of-the-art, plug-and-play infrastructure ensures effortless execution, while layered design details infuse each venue with timeless elegance.

Golden accents lend understated opulence, while carpets inspired by Paithani sarees—crafted by artisans from Maharashtra—anchor the spaces in regional heritage. Even at a monumental scale, the service philosophy remains bespoke, ensuring every celebration feels considered, fluid, and deeply personal.

Innovative ceiling structures with a 100-tonne hanging capacity enable breathtaking aerial performances and large-format productions, while a dedicated car lift allows luxury vehicles to arrive seamlessly—transforming automotive showcases into moments of theatre.

A Dazzling Stage for Grand and Intimate Moments

Designed as a versatile canvas for celebration and connection, Fairmont Mumbai’s MICE portfolio includes:

• Infinity Ballroom: A spectacular 21,000 sq. ft. ballroom paired with an equally expansive 21,000 sq. ft. pre-function area featuring two live theatre kitchens, accommodating up to 2,000 guests.
• Eon Ballroom: A refined, high-energy venue with a built-in bar, ideal for stylish soirées and exhibitions.
• The Vantage: A 12,000 sq. ft. rooftop venue with sweeping views of the city and airport, designed for exclusive open-air celebrations.
• Grand Terminus: A sophisticated business centre equipped with advanced technology for board meetings, conferences, and intimate gatherings.

“Fairmont Mumbai’s banqueting and MICE offering has been thoughtfully conceived as a destination in itself—where scale is matched by precision, and grandeur is delivered with intent. From hosting India’s largest celebrations to facilitating focused, high-level conversations, every space is designed to feel intuitive, immersive, and deeply personal. Our vision is to set a new benchmark for landmark events in the city, where every gathering is elevated through design, technology, and the signature Fairmont approach to service.” – Rajiv Kapoor, General Manager, Fairmont Mumbai

“Fairmont Mumbai represents a defining moment in our vision to create world-class destinations that shape the future of hospitality in India. The scale and ambition of its banqueting and event spaces reflect a commitment to building enduring landmarks—spaces designed not just for today, but for generations of celebrations to come. In partnership with Fairmont, we have created an address where architecture, heritage, and contemporary luxury converge to host the country’s most iconic moments.” – Nitan Chhatwal, Chairman & Managing Director, Shrem Group

The New Landmark for Defining Celebrations

In a city that celebrates without pause, Fairmont Mumbai stands as the ultimate destination for events that demand scale, sophistication, and soul—setting a new benchmark for landmark celebrations in India.

Kolkata, Feb 17: A new era of senior living is emerging in Kolkata, where ageing is no longer synonymous with slowing down, but with living intentionally. At the forefront of this transformation is Primus Ganges at Srijan Ganga City, a landmark collaboration between Srijan Realty and Primus Senior Living, India’s leading professional senior living operator.

For decades, Kolkata’s seniors primarily aged within ancestral homes, guided by tradition and familial obligations. Today, a cultural shift is underway. Seniors are choosing independence, wellness, and community on their own terms — marking a transition from passive ageing to active, purposeful living.

“Kolkata’s residential conversation is maturing,” says Keshav Agarwal, Director, Srijan Realty. “Today’s seniors are not downsizing — they are right-sizing. They want independence without isolation, support without stigma, and community without compromise. Primus Ganges reflects that evolution.”

Primus Ganges offers thoughtfully designed studios, 1 BHK, and 2 BHK residences ranging from 500 sq. ft. to 1,311 sq. ft., balancing elegance with functionality. Residences feature barrier-free layouts, safety-conscious designs, and abundant natural light, ensuring comfort and empowerment rather than institutional management.

Beyond architecture, the community emphasizes structured wellness, preventive healthcare, and seamless support. With over 3,500 senior homes under development across six cities, Primus Senior Living brings trained care teams, technology-enabled monitoring, curated engagement programs, and on-call medical assistance to every resident.

“Senior living is not about adding more years to life,” says Adarsh Narahari, Founder & MD, Primus Senior Living. “It is about adding more life to every year. At Primus Ganges, seniors don’t just age safely — they age actively, with strength, dignity, and community.”

The development also addresses the “worry gap” families experience when adult children are geographically dispersed. By fostering meaningful social connections, daily engagement, and preventive wellness, Primus Ganges ensures reassurance and fulfillment for both residents and families.

With Kolkata’s strong healthcare infrastructure, cultural vibrancy, and sense of belonging, the city is poised to lead Eastern India’s senior living evolution. Primus Ganges represents the professionalization of ageing ecosystems, blending intelligent design with integrated care, where dignity, vitality, and purpose define the second innings.

Kolkata’s seniors are no longer waiting for life to slow down. With developments like Primus Ganges, the city’s second innings is intentional, vibrant, and future-ready.

Mumbai, Feb 17: Spare8 Platforms Private Limited (“Spare8”) today announced the signing of a Memorandum of Understanding (MoU) with Thailand-based Quantum X Aurum Group (“QXA”) to develop a cross-border gold financial platform connecting Asia and the Middle East.

The partnership brings together QXA’s access to gold sourcing and minting networks with Spare8’s extensive digital gold ecosystem in India, including its large customer base, jeweller partnerships and operational gold leasing platform. The companies are establishing operational anchors across India, Thailand and Dubai — key corridors in the global gold trade.

Building A Cross-Border Gold Financial Ecosystem

The venture aims to create an integrated system linking gold sourcing, processing and financial usage. The platform is designed to simplify how gold is owned, financed and transacted across borders, backed by physical gold aligned with international standards.

Key components of the platform include:

• Mining & Minting Access: Coordinated supply chain management from production to end market.
• Gold Mining Devices: Structured programs connecting customers to gold output streams.
• Visa Gold-Backed Credit Card: Enabling customers to spend against gold holdings via global payment networks.
• Global Gold Leasing: Supporting productive use of gold through jeweller networks.
• Structured Revenue Streams: Income channels across issuance, custody, transactions and spreads.

India As The Demand Engine

Spare8 is positioned as the demand and distribution engine of the partnership, leveraging:

• 1.6 million users
• Digital onboarding and payment capabilities
• A nationwide jeweller redemption network
• A live gold leasing platform

This infrastructure provides immediate access to India’s robust gold consumption ecosystem, strengthening the platform’s cross-border scalability.

Capital Strategy And Growth Plans

To accelerate expansion, the companies are preparing for an asset-backed capital raise of USD $10–15 million, with the ability to scale as institutional participation increases. The funding strategy is structured to support growth through tangible asset backing while positioning the venture for access to larger global capital pools over time.

Commenting on the partnership, Ronit Harisingani, Co-Founder and CEO of Spare8, said:

“Gold is one of the world’s most trusted assets. What has been missing is modern infrastructure that connects supply, ownership and everyday financial use. This partnership brings those pieces together at scale.”

Long-Term Vision

The platform is being structured as an international operation from inception, designed to align with global institutional standards as it grows. Over time, the venture aims to position itself for participation in major capital markets, establishing a scalable and compliant cross-border gold financial ecosystem.

With this MoU, Spare8 and Quantum X Aurum Group take a significant step toward redefining how gold functions in modern finance — bridging traditional asset trust with digital infrastructure across Asia and the Middle East.

Dubai, UAE, Feb 17: BNW Developments hosted the BNW Broker Awards, recognising outstanding brokerage partners whose performance has played a pivotal role in the company’s continued growth across Ras Al Khaimah. In a first-of-its-kind moment for the region, BNW Developments went beyond traditional recognition to celebrate the unwavering drive of its channel partners, rewarding its top-performing brokers Patriot Real Estate and Fourth Home Real Estate with branded residences in Ras Al Khaimah. Many others were presented with limited edition Rolex watches; turning achievement into something truly lasting. 

The event marked a moment of appreciation and reflection after a period of significant sales traction, reinforcing BNW’s position as the single largest private developer operating in Ras Al Khaimah. Top-performing brokers were recognised across multiple categories, celebrating both volume-driven success and long-term partnership.

With a rapidly expanding footprint in Ras Al Khaimah, BNW Developments today oversees multiple projects across the emirate, spanning residential, hospitality, and mixed-use destinations. The developer’s portfolio represents both scale and confidence in RAK’s evolving investment landscape. Recent sales performance across BNW projects has highlighted sustained buyer demand, driven by competitive pricing, international brand partnerships, and the emirate’s rising global profile.

Dr. (CA) Ankur Aggarwal, Chairman and Founder of BNW Developments said,

“Our broker community is not an extended network to BNW. It is a foundational force behind our growth. I have always believed that failing to recognise exceptional performance is a greater loss than the achievement itself, because appreciation sustains trust and fuels ambition. The Broker Awards night has not simply been a celebration, but a personal acknowledgement of the relationships, conviction, and resilience that have carried our vision forward. At BNW Developments, partnerships are built on earned trust, and it is only right that we honour those who translate vision into results, day after day.”

Dr. Vivek Anand Oberoi, Managing Director and Co-Founder, BNW Developments, added,

“Growth at this scale is never achieved alone. Our broker partners are central to how our developments reach the market and how trust is built with investors. These awards are our way of recognising the discipline, resilience, and ambition that continue to drive strong results.”

The BNW Broker Awards form part of the developer’s wider broker-first strategy, focused on transparency, collaboration, and long-term alignment. Beyond transactions, BNW has consistently invested in relationship-building initiatives that support brokers with access, insights, and shared growth opportunities.

As Ras Al Khaimah accelerates its transformation into a regional hub for tourism, business, and lifestyle-led living, BNW Developments continues to play a defining role in its growth and investment narrative. The Broker Awards stand as both a celebration of recent achievements and a forward-looking commitment to partnership-led success.

Dubai, UAE, Feb 17: The Fédération Internationale de l’Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, has signed a Memorandum of Understanding with the League of Arab States, strengthening cooperation across transport, tourism, sport, and regional policy.

A central focus of this partnership will be improving cross-border movement through internationally recognised travel and transport documents, including the Carnet de Passages en Douane system (CPD) for the temporary admission of vehicles, and the International Driving Permit.

Both play an important role in facilitating travel, trade, and tourism, supporting greater regional integration. FIA Member Clubs are trusted issuers of CPDs and International Driving Permits, working closely with national authorities and international frameworks.

Mohammed Ben Sulayem, FIA President, said: “This memorandum reflects the FIA’s commitment to working in partnership to deliver practical solutions that support mobility, tourism and regional cooperation.

“By strengthening collaboration with the League of Arab States, we are reinforcing the role of our FIA Member Clubs as trusted partners in facilitating cross-border movement and contributing to economic integration across the region.”

Dr. Ali bin Ibrahim Al Maliki, Assistant Secretary General and Head of Economic Affairs Sector from the League of Arab States, said: “The LAS General Secretariat places great importance on building partnerships with international and regional organisations in this vital sector in all its forms.

“The FIA is a leading international organisation active in transport, tourism, road safety and motor sport for development, and includes national clubs from a number of Arab countries among its members.”

Essa Hamza, Chair of the FIA MENA Council, added: “This partnership delivers a platform to advance regional connectivity. Together we are strengthening tourism and cross-border travel, creating a real impact for people and institutions across the Arab world.” 

Signed at the League’s General Secretariat in Cairo, the agreement builds a framework for practical collaboration and knowledge sharing, creating closer links between the institutions and establishing a basis for engagement between the parties helping both organisations to identify priorities, develop joint activities, and amplify best practices.

Dubai, Feb 17: Sky Links Capital, an international multi-asset brokerage firm dedicated to connecting investors with the global financial markets, today announced that its new Dedicated Equity Desk is now fully operational and ready to accept client equity orders with immediate effect. The desk has been established with defined order-handling procedures and internal controls designed to support institutional-style execution with strict confidentiality of client orders and trading activity.

The Dedicated Equity Desk is intended for professional and sophisticated investors seeking discreet, specialist execution of both cash equities and equity CFDs, subject to instrument availability and applicable rules.

“At Sky Links Capital, we understand that clients who trade equities at meaningful sizes care about strong execution,” said Daniel Takieddine, Co-founder and CEO of Sky Links Capital Group. “This dedicated desk is built to support personalised order handling backed by experienced execution specialists, along with support throughout the trading lifecycle.”

Leveraging institutional-style trading technology, the Equity Desk supports a range of order types, including Open/Close instructions benchmarked to the market open or close, dark liquidity access to help minimize market impact, participation strategies targeting a defined percentage of market volume, and pre/post trading outside regular market hours. It also offers Seeker logic to actively source liquidity under controlled parameters, Smart Order Routing (SOR), and time-weighted and volume-weighted strategies to help reduce signalling risk and align execution with market activity.

The Desk operates between 9:30 AM and 4:00 PM ET and is available in eligible jurisdictions.

“Sophisticated investors expect institutional-grade standards,” said Apollo Irungbam, Head of Marketing at Sky Links Capital. “The launch of our Dedicated Equity Desk provides the personalized access they value. With a clear operating model and a direct line to the desk, clients can expect strong support and execution.”

Building on Sky Links Capital’s fintech-led brokerage positioning, the Dedicated Equity Desk aligns with its broader focus on technology-enabled services. Supporting execution quality and controlled order handling for professional and sophisticated investors, particularly where discretion, benchmark-led order execution, and clear procedures are priorities. The firm will provide access via relationship-managed onboarding and expert desk support during stated operating hours, subject to client eligibility and regulatory requirements.

Amsterdam, Feb 17: As global momentum builds for stronger corporate accountability on biodiversity, the Global Reporting Initiative (GRI) has launched a new practical guide to help organizations enhance the quality and credibility of their biodiversity disclosures.

Titled “Decoding biodiversity impacts: A practical guide to corporate reporting with the GRI Standards,” the free e-book provides actionable insights into applying GRI 101: Biodiversity 2024, the latest global benchmark for reporting nature-related impacts. The release comes in response to the recently published Business and Biodiversity Assessment by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), which warns that “business as usual” is accelerating biodiversity loss and calls for transformative corporate action.

Supporting Credible, Decision-Useful Reporting

The guide combines expert perspectives on implementing GRI 101 with practical case studies from GRI Community members. It illustrates:

• How organizations can assess biodiversity impacts across operations and geographies;
• The benefits of integrating nature-related considerations into governance and strategic decision-making;
• The importance of location-specific data in identifying biodiversity risks and dependencies;
• Approaches to managing data collection challenges across supply chains.

As biodiversity reporting gains traction globally, the guide demonstrates how transparent, decision-useful disclosures can build stakeholder trust and inform actions that address nature-related risks and opportunities.

Cristina Gil White, Chief Engagement Officer at GRI, said:

“As transparency expectations around biodiversity impacts intensify, the question isn’t whether to report: it’s how to do it credibly. We hope the perspectives and learnings in this e-book will demonstrate that, empowered by the GRI 101 Standard, effective and decision-useful corporate reporting on nature is achievable. Ultimately, this is about translating commitments into action that drives change and builds trust.

Whether organizations are just starting out or already advanced in their nature disclosure practices, ‘Decoding biodiversity impacts’ is a key resource to strengthen reporting and navigate transparency requirements with greater clarity.”

New Global Benchmark for Biodiversity Disclosure

Effective for all GRI reporting from 1 January 2026, GRI 101: Biodiversity 2024 replaces GRI 304: Biodiversity 2016 and establishes the global standard for disclosing impacts on nature. The Standard has been published in 11 languages, reinforcing its global accessibility and adoption.

The release of the guide follows the 12th plenary session of IPBES, held in Manchester, UK, where representatives of 150 governments approved the Business and Biodiversity Assessment Report. The report highlights that many companies currently face limited financial consequences for biodiversity impacts and outlines 100 priority actions for businesses, governments, and stakeholders.

Strengthening Skills and Collaboration

Through the GRI Community — a global network of over 400 organizations advancing sustainability reporting — and the GRI Academy, the world’s leading training provider for sustainability reporting, GRI offers targeted courses to build capacity in biodiversity reporting, including guidance on GRI 101 and GRI-TNFD interoperability.

The Global Reporting Initiative provides standards, services, tools, and training that enable organizations of all sizes to assess and report on environmental, social, and economic impacts. Developed through a multi-stakeholder process, the GRI Standards are widely used worldwide and contribute to the establishment of a global sustainability reporting system that supports long-term value creation for people and the planet.

Clean energy spending rises 40% to US$5 billion as government prioritises CCUS, domestic supply chains and strategic manufacturing, but execution risks remain  

SINGAPORE, Feb 16 – India’s FY2027 Union Budget marks a strategic shift in the country’s energy transition, moving from a primary focus on renewable deployment toward domestic manufacturing and industrial decarbonisation, according to new analysis from Wood Mackenzie.  

In FY2027, clean energy spending will rise 40% year-on-year to approximately US$5 billion. The budget prioritises carbon capture, battery storage, domestic manufacturing and critical mineral supply chains, signalling a more industrial policy-led approach to the energy transition.  

“India is repositioning itself as an alternative clean energy manufacturing hub as global trade dynamics shift,” said Rashika Gupta, Vice President, Power & Renewables, Wood Mackenzie. “Recent trade agreements with the European Union and the United States materially improve export competitiveness for India-origin solar modules. However, persistent underutilisation of allocated funds and execution delays could still limit the near-term impact of these commitments.”  

Carbon capture and industrial decarbonisation take centre stage 

The India government has allocated US$2.2 billion over five years for carbon capture, utilisation and storage (CCUS), targeting emissions reductions across power generation, steel, cement, refining and chemicals. The scale of the allocation reflects growing policy focus on hard-to-abate sectors.  

“To date, CCUS investment in India has been largely driven by public sector companies such as NTPC and ONGC, with limited private-sector investment,” said Gupta. “High project costs remain the primary barrier to scale. As regulatory and implementation frameworks mature, we expect CCUS to move from pilot projects to early commercial deployment, catalysing broader private-sector participation and laying the foundation for a globally competitive carbon management ecosystem.”  

Manufacturing ambition meets market constraints 

The FY2027 budget removes import duties on lithium-ion battery cells, solar glass, nuclear equipment and machinery for critical mineral processing, reducing tariffs from 2.5–7.5% to zero. Data centres are designated as critical infrastructure, with foreign investor tax holidays extended to 2047 and a 15% safe-harbour regime for domestic operators.  

Despite these incentives, implementation gaps persist. India currently has approximately 37 GW of PV cell manufacturing capacity, but utilisation remains below 30%. With local content requirements at the cell level taking effect in June 2026, up to three-quarters of projected demand could face supply constraints without accelerated ramp-up.  

“The market remains underprepared for implementation of the approved list of PV cell manufacturers,” said Ankita Chauhan, Director, Supply Chain, Power & Renewables, Wood Mackenzie. “Similarly for batteries, while 40 GWh of the 50 GWh Advanced Chemistry Cell target has been awarded, upstream raw material volatility and execution challenges continue to slow manufacturing capacity buildout.”  

Supply chain security and storage acceleration 

To strengthen supply chain resilience, the government is backing the National Critical Mineral Mission with approximately US$4 billion. Amendments to the Mines and Minerals Act in September 2025 aim to accelerate domestic exploration, with more than 200 projects underway. India is also diversifying supply partnerships with Argentina, Australia, and Chile.  

India operates 4.4 GWh of battery cell manufacturing capacity, with an additional 180 GWh in the pipeline. However, import dependence primarily on China remains high. A proposed 20% domestic content requirement for battery components is intended to support localisation, Wood Mackenzie noted.  

Installed battery storage capacity stood at approximately 0.8 GWh at end-2025, with more than 59 GWh under development. However, funding for the Green Energy Corridor programme, focused on grid strengthening, was reduced 25% year-on-year, potentially constraining transmission readiness as renewable penetration increases.  

Hydrogen underutilised as nuclear momentum builds 

Funding for the National Green Hydrogen Mission remains unchanged at US$68 million after approximately 50% of FY2026 allocations went unutilised due to execution delays. Around 3 GW of electrolyser manufacturing capacity has been awarded under production-linked incentive schemes, with production expected to begin in FY2027.  

In contrast, nuclear policy support strengthened following passage of the SHANTI Act 2025 and removal of customs duties on nuclear equipment through September 2035. The measures support India’s ambition to expand nuclear capacity to 100 GW by 2047, up from roughly 9 GW today, including the deployment of at least five indigenous small modular reactors by 2033.  

“The FY2027 budget provides continuity and policy clarity, balancing energy transition objectives with energy security and industrial competitiveness,” Gupta added. “However, translating allocations into delivered capacity will require stronger coordination, faster approvals and improved utilisation rates. Execution remains the decisive factor in determining whether India can meet its 2070 net-zero ambition.”