Category: Business

Bengaluru, Mar 20: Bluspring Enterprises Limited announced that its wholly-owned subsidiary, Bluspring New Horizon One Private Limited (“BNHOPL”), has entered into a definitive agreement to acquire 100% shareholding in STEAG Energy Services India Private Limited (“STEAG India”). STEAG India is currently a wholly owned subsidiary of STEAG Power GmbH, a leading energy company in Germany. STEAG India has two subsidiaries which will become step-down subsidiaries of BNHOPL. The transaction is expected to close within the next 60–90 days, subject to customary closing conditions.

Founded in 2001, STEAG India is a leading service provider of Operations and Maintenance (O&M), Digital Solutions, end-to end Engineering & Management Advisory Services to the conventional and renewable power/ energy industry across India, Botswana, Middle East and other overseas markets. Supported by a team of close to 2,000 professionals, the company generates annual consolidated revenues of over INR 600 crores and is led by a highly experienced and long-tenured management team with deep sector expertise.

Backed by strong technical credentials, STEAG India provides end-to-end services to power plants across a wide spectrum of fuel types and generation capacities. Steag India currently manages nearly 7 GW of power assets and 2,200 TPH of process steam supply capacity, including supercritical power plants and refinery utilities, with demonstrated capabilities across the electricity value chain.

The acquisition significantly enhances Bluspring’s capabilities across upstream and downstream power services, and will accelerate its expansion in the rapidly growing power infrastructure market in India and internationally. STEAG India’s established Digital capabilities in Performance Monitoring, Predictive Analytics, Diagnostics and Training Simulator with Flexibilization, Simulation studies etc. will further enhance Bluspring’s ability to deliver high-value, technology-enabled O&M/ Digital system solutions to its global client base.

Kamal Pal Hoda, Executive Director & CEO, Bluspring Enterprises Limited, said:

“This acquisition marks a significant milestone in our long‑term strategy to build a comprehensive, end‑to‑end infrastructure management services platform. With India’s installed power generation capacity now exceeding 500 GW, the sector offers substantial growth opportunities for Bluspring. STEAG India is widely respected in the power industry for its strong technical capabilities and proven track record. This acquisition will further strengthen our presence in the industrial services segment while expanding our O&M, engineering and digital capabilities. We expect the transaction to be margin and EPS-accretive, enhancing our return on equity profile over the near to medium term while creating long-term value for our shareholders.”

Ujjwal Kanti Bhattacharya, Managing Director, STEAG Energy Services India, said:

“STEAG India has built a strong reputation in the power sector through its deep technical expertise, high operational standards, and long-standing relationships with utilities and industrial clients. We are confident that Bluspring, with its growing infrastructure services platform and strong engineering and asset management capabilities, is well positioned to take the business into its next phase of growth. This transition brings together highly complementary strengths and creates a strong foundation to deliver greater value to customers, while continuing to build on STEAG India’s technical legacy.”

India is preparing for a major industrial upgrade in its sports goods and equipment sector, with NITI Aayog proposing ₹7,500 crore in structural reforms and fiscal incentives for the period 2027–2031. The initiative aims to position India as a globally competitive hub for sports manufacturing while significantly boosting exports, employment, and innovation.

This ambitious roadmap is built around a seven-pronged strategy designed to strengthen production capacity, modernise infrastructure, and integrate Indian manufacturers into global supply chains.

India’s Sports Manufacturing Sector Set for Major Expansion

The sports goods industry in India has traditionally been driven by small and medium enterprises, but global demand for fitness equipment, sportswear, and performance gear is rising rapidly. Recognising this opportunity, the proposed policy framework focuses on scaling up domestic manufacturing capabilities.

The goal is clear: transform India from a cost-based supplier into a quality-driven global exporter of sports equipment.

Key Objectives of the ₹7,500 Crore Reform Plan

The proposed strategy focuses on long-term structural transformation rather than short-term subsidies. Key priorities include:

• Expansion of modern manufacturing clusters

• Technology upgradation in production units

• Improved testing, certification, and quality standards

• Better logistics and supply chain efficiency

• Incentives to attract private and foreign investment

• Strengthening export-oriented production systems

These reforms are designed to improve efficiency, reduce costs, and enhance global competitiveness.

Boosting Exports and Global Market Share

A major focus of the initiative is to increase India’s presence in the global sports goods market. Currently, India holds a relatively small share despite strong domestic manufacturing potential.

The policy aims to:

• Increase exports of sports equipment and fitness products

• Improve international quality compliance standards

• Promote “Made in India” branding in global markets

• Strengthen trade competitiveness against established exporters

If successfully implemented, India could emerge as a key alternative manufacturing hub for global sports brands.

MSMEs at the Core of Growth Strategy

Micro, small, and medium enterprises form the backbone of India’s sports manufacturing ecosystem. The reform plan places strong emphasis on supporting MSMEs through:

• Easier access to credit and incentives

• Skill development and workforce training

• Cluster-based industrial development

• Integration into global value chains

This is expected to create large-scale employment opportunities, especially in traditional manufacturing regions.

Economic and Employment Impact

The sports goods sector has the potential to become a high-employment industry, particularly for semi-skilled and skilled workers. The proposed reforms are expected to:

• Generate new manufacturing jobs

• Strengthen export-linked income opportunities

• Encourage entrepreneurship in small-scale industries

• Support regional industrial development

States with existing manufacturing clusters are likely to benefit significantly from this growth push.

Conclusion

NITI Aayog’s proposed ₹7,500 crore reform package marks a strategic step toward transforming India’s sports goods industry into a globally competitive manufacturing powerhouse. By combining infrastructure development, export promotion, and MSME support, the initiative aims to unlock long-term growth potential in a sector with rising global demand.

If implemented effectively, this vision could place India firmly on the global map as a leading exporter of sports goods and equipment by the end of the decade.

Gurugram, India Mar 20: Delhivery today announced the appointment of Ms. Neelam Dhawan as a Non-Executive Independent Director, effective March 20, 2026. Ms. Dhawan will also be designated as the Chairperson of the Board of Directors, effective April 1, 2026. She succeeds Mr. Deepak Kapoor, who is stepping down from the Board of Delhivery after a tenure of over eight years, as announced in Delhivery’s regulatory filing on January 31, 2026.

“We are delighted to welcome Neelam Dhawan to the Delhivery Board as our Chairperson. Her exceptional track record in leading some of the world’s most iconic technology companies, as well as her diverse set of experiences as a seasoned Board Member will be invaluable as Delhivery continues to scale its technology-led logistics platform. Neelam’s leadership will further strengthen our governance framework and strategic vision,” said Sahil Barua, MD & Chief Executive Officer, Delhivery.

A graduate in Economics from St. Stephen’s College and an MBA from the Faculty of Management Studies (FMS), University of Delhi, Ms. Dhawan is widely recognized for her expertise in managing complex technology businesses within highly matrixed global organizations. Her experience spans large-scale IT transformations across diverse sectors, including banking, finance, telecommunications, manufacturing, healthcare, and government. Ms. Dhawan brings over three decades of leadership experience in the technology industry, having held the role of Managing Director at HP India Sales Private Limited, Hewlett-Packard Enterprise India Private Limited, and Microsoft Corporation (India) Private Limited.
 
Recognized by Fortune, Forbes, and Business Today as one of the ‘Most Powerful Women in Business’, Ms. Dhawan has been a pivotal figure in shaping India’s IT industry. She served on the NASSCOM Executive Council from 2009 to 2017, contributing significantly to industry strategy and public policy. She is also a vocal advocate for workplace diversity and women in technology, actively supporting various STEM education initiatives for girls. Ms. Dhawan currently serves as an Independent Director on the boards of Hindustan Unilever Limited, Tech Mahindra Limited, Ather Energy Limited, Fractal Analytics Limited, and Capillary Technologies India Limited and Capita PLC. She is also a Director on the board of Nudge Lifeskills Foundation.

Mar 20:  ZF Friedrichshafen AG reported improved operating performance for fiscal year 2025, exceeding its guidance for profitability and cash flow despite a challenging global economic environment.

The company’s adjusted EBIT margin increased to 4.5%, up from 3.5% in 2024, while adjusted EBIT rose to €1.7 billion. Adjusted free cash flow surged significantly, reaching €1.4 billion compared to €305 million in the previous year.

Although Group sales stood at €38.8 billion, reflecting a nominal decline year-on-year, ZF achieved organic growth of 0.6%, demonstrating resilience amid subdued market demand and macroeconomic volatility.

Focus on Profitability and Efficiency

CEO Mathias Miedreich stated:
“Operationally, we surpassed our 2025 targets. Our efficiency program is gaining traction, and performance and profitability remain our top priorities. We are focused on rebuilding profitability while maintaining strong business momentum.”

The company continues to prioritize financial discipline, targeted investments, and organizational agility to strengthen long-term competitiveness. A key focus remains on reducing financial liabilities and enhancing operational efficiency.

Strengthening Financial Position

ZF reduced its net debt to €10.2 billion, reflecting ongoing deleveraging efforts. CFO Michael Frick emphasized that the company will continue pursuing organic debt reduction alongside selective divestments, reinforcing financial stability and investor confidence.

Strategic Realignment Gains Momentum

As part of its transformation strategy, ZF made significant structural changes:

• Divestment of its Advanced Driver Assistance Systems (ADAS) business to Harman International, strengthening focus on core segments

• Establishment of its wind power business as a standalone unit

• Continued restructuring of the Electrified Powertrain Technology Division

Additionally, ZF discontinued several non-profitable electric mobility projects, resulting in a one-time accounting charge but enabling greater strategic flexibility moving forward.

Despite reporting a net loss due to these one-time effects, the company highlighted strong customer confidence, supported by major contracts such as continued collaboration with BMW Group for advanced transmission technologies.

Workforce and Operational Adjustments

ZF’s global workforce stood at approximately 153,000 employees at the end of 2025, reflecting a planned reduction aligned with its restructuring roadmap. The company continues to implement workforce optimization measures through voluntary programs and operational efficiencies.

Investment and Innovation

The company maintained strong focus on innovation, with research and development spending totaling €3.3 billion, positioning ZF among Europe’s leading corporate R&D investors. Capital expenditure was optimized in line with market conditions and strategic priorities.

Outlook for 2026

ZF expects continued market uncertainty in 2026, particularly in the commercial vehicle segment, with no significant increase in demand anticipated. The company forecasts stable sales levels and aims for:

• Adjusted EBIT margin between 4.0% and 5.0%

• Adjusted free cash flow exceeding €1 billion

CEO Mathias Miedreich also highlighted the need for regulatory flexibility in Europe, particularly around hybrid technologies, to support the transition toward sustainable mobility.

Driving Forward with Resilience

With a clear focus on profitability, disciplined financial management, and strategic realignment, ZF remains committed to navigating market challenges while positioning itself for long-term growth and innovation in the global mobility sector.

Mumbai, Mar 20: Cosmo Consumer, the consumer-facing vertical of Cosmo First, has announced its entry in the automotive ceramic coating segment with the launch of Cosmo Guard, a high-performance nano-ceramic coating solution engineered to protect vehicle surfaces. This is a strategic expansion of Cosmo First’s automotive protection product line, building on the strong synergy with its existing Paint Protection Film (PPF) and Window Film businesses. 

Cosmo Guard has been developed by leveraging Cosmo First’s comprehensive expertise in specialty chemicals, substrate science, and coating formulation. In addition to ceramic coating, the Cosmo Guard range includes advanced rubbing and polishing compounds engineered for professional surface correction prior to coating application. These compounds use intelligent sub-micron abrasive technology designed to deliver consistent and predictable cutting performance. Unlike conventional diminishing abrasive systems that rely on larger grit particles breaking down during use, this advanced abrasive system maintains uniform particle size, reducing the risk of micro-marring and enabling a refined finish that is easier to coat. 

The nano-ceramic coating offering is designed in order to deliver long-lasting protection, high gloss, and superior surface performance, catering to the ever-evolving needs of car owners and detailing professionals in a rapidly growing automotive care market. The polishing compound in the range further enhances gloss levels significantly, with the ability to elevate surface gloss from typical factory levels of 75 to 85 GU up to 92 to 98 GU, while also improving Distinction of Image by reducing surface roughness and enabling sharper light reflection. The rubbing compound effectively handles medium to heavy surface defects, including swirl marks and sanding marks, ensuring optimal surface preparation before ceramic coating application. 

Speaking on the launch, Mr. Abhineesh Das, Business Head, Cosmo Consumer, said, “The introduction of Cosmo Guard is a natural extension of our capabilities in specialty chemicals and automotive surface protection. As demand for advanced vehicle care solutions continues to grow, Cosmo Guard enables us to offer customers a high-performance ceramic coating that delivers durability, aesthetics, and long-term value. We are confident this will become a significant contributor to our automotive protection portfolio.” 

The advanced coating uses Silicon Dioxide (SiO₂) as a resin, which enables the formation of strong chemical covalent bonds with the vehicle surface. This offers improved scratch resistance, protection from swirl marks caused during regular washing, as well as long-term protection of the vehicle’s actual paint. The coating also offers excellent hydrophobicity with a water contact angle of up to 100 degrees, resulting in a self-cleaning effect and improved maintenance. 

Additionally, for surface protection, Cosmo Guard safeguards vehicles from petrol and diesel spills during refueling, harmful UV radiation as well as thermal stress. It is formulated to resist high surface temperatures ranging from 70°C to 100°C, which ensures that the coating does not get damaged by high temperature. Laboratory testing conducted across parameters such as scratch hardness, weatherability, hydrophobicity, and resistance to fuel exposure highlights the exceptional product performance.

The rubbing and polishing compound in the Cosmo Guard range is also silicone-free and has no waxes or fillers, making it safe for use in a body shop or a professional paint environment without the risk of contaminating or obscuring defects. 

Cosmo Guard offers a durability of two to five years and is significantly better as compared to traditional waxes and paint sealants. In the future, brand intends to introduce advanced variants, including graphene ceramic coatings and self-healing ceramic coatings, further strengthening its presence in the premium automotive care segment.

Delhi, Mar 20: NEC Group announced a significant expansion of its production infrastructure with the inauguration of a new large-scale manufacturing unit at its Noida facility. The announcement was made at the Bharat Electricity Summit 2026, where NEC Group’s leadership outlined an ambitious plan to invest an additional Rs 200 Crore over the next five years to substantially boost the company’s overall production capacity.

The new unit at Noida marks a pivotal milestone in NEC Group’s growth trajectory, reinforcing its commitment to strengthening domestic manufacturing capabilities. This expansion aligns with the Government of India’s Make in India initiative, championed by Prime Minister Narendra Modi, aimed at positioning India as a global manufacturing powerhouse.

Speaking at the Bharat Electricity Summit 2026, NEC Group’s leadership stated that the capital infusion would be directed toward advanced machinery, technology upgradation, and workforce development, enabling the group to meet rising domestic demand while building competitive export capabilities.

“This is a defining moment for NEC Group. Our Noida expansion and the Rs. 200 Crore commitment reflect our confidence in India’s manufacturing potential and our responsibility to contribute meaningfully to the nation’s industrial growth,” said Mr. Prashant Srivastava, Managing Director, NEC Group.

With this expansion, NEC Group is poised to significantly increase output volumes, reduce production timelines, and deliver greater value to customers and partners across the energy sector.

NEW DELHI, March 20: Jitendra Singh on Thursday said India’s bioeconomy has expanded from about $10 billion in 2014 to over $195 billion in 2025, registering an annual growth of 17–18 per cent and emerging as a major global biotechnology hub.

Addressing the 14th Foundation Day of the Biotechnology Industry Research Assistance Council (BIRAC) in New Delhi, the minister said the country is on track to achieve a $300 billion bioeconomy by 2030.

He highlighted that biotechnology is becoming central to India’s growth, driving innovation in healthcare, agriculture, climate solutions and sustainable manufacturing. He credited BIRAC for playing a key role in bridging research and industry, enabling the translation of scientific ideas into market-ready solutions.

Referring to policy initiatives, Singh said the BioE3 Policy will promote sustainable biomanufacturing and innovation in areas such as precision biotherapeutics, smart proteins, climate-resilient agriculture, bio-based chemicals and carbon capture technologies.

He also pointed to the ₹1 lakh crore Research, Development and Innovation (RDI) Fund as a major step to support biotechnology ventures and strengthen India’s deep-tech ecosystem.

The minister noted that India’s bioeconomy now contributes nearly 5 per cent to GDP, citing findings from the India Bioeconomy Report (IBER) 2026 released at the event. The sector, supported by over 11,800 startups, has more than doubled in size since 2020.

Officials said BIRAC’s initiatives in funding, incubation and mentorship have facilitated industry-academia collaboration, leading to the development of affordable healthcare solutions, sustainable technologies and job creation.

Singh emphasised the need to nurture young scientific talent, particularly from smaller cities, and called for continued collaboration among researchers, industry and policymakers to drive innovation-led growth and support the vision of a self-reliant India.

NEW DELHI, March 20: India has achieved a record milestone in its mineral sector with the successful auction of 200 mineral blocks during the financial year 2025–26, marking the highest number of auctions conducted in a single year.

According to the Ministry of Mines, the achievement reflects strong coordination between the Centre and states, as well as the growing maturity of the country’s auction-based mineral allocation system.

Of the total blocks auctioned, 123 are Mining Lease (ML) blocks and 77 are Composite Licence (CL) blocks, indicating a balanced approach between operational mining and exploration activities. In addition, tenders for 70 more blocks—38 ML and 32 CL—are currently underway.

Among states, Gujarat led with 32 blocks, followed by Rajasthan with 30 and Tamil Nadu with 22 blocks. Tamil Nadu conducted its first-ever mineral block auctions, while Uttarakhand entered the framework with the successful auction of its first magnesite block.

Limestone accounted for the largest share with 76 blocks, followed by iron ore (40 blocks) and bauxite (30 blocks), highlighting their importance for core industries.

The year also saw the auction of 22 critical mineral blocks, underlining a strategic push towards securing key resources. States including Rajasthan, Chhattisgarh, Odisha, Karnataka and Maharashtra played a significant role in offering these blocks.

The Ministry said the milestone underscores India’s commitment to building a transparent, efficient and future-ready mineral allocation framework to support long-term economic growth.

NEW DELHI, March 20: The National Industrial Corridor Development Corporation (NICDC) will anchor the implementation of the ‘BHAVYA’ scheme aimed at developing 100 plug-and-play industrial parks across the country to boost manufacturing and investment.

The initiative, under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, will be executed as part of the National Industrial Corridor Development Programme (NICDP).

Under the scheme, industrial parks will be developed with pre-approved land, ready infrastructure and integrated services to facilitate ease of doing business. The parks will also feature streamlined approval systems, including single-window clearances, enabling faster establishment of industries.

Aligned with the PM GatiShakti National Master Plan, the parks will emphasise multimodal connectivity and efficient last-mile access. Infrastructure planning will include underground utilities and integrated systems to support reliable industrial operations.

Officials said the BHAVYA scheme builds on NICDC’s experience in developing industrial corridors and smart cities, with a focus on expanding industrial infrastructure and promoting balanced regional growth.

NICDC is currently implementing 20 projects across 13 states, including greenfield industrial smart cities designed to enhance manufacturing competitiveness, attract investments and generate employment. It is also serving as the project management agency for seven PM MITRA Parks under the Ministry of Textiles.

Existing industrial nodes developed by NICDC, such as Dholera, Shendra-Bidkin, Vikram Udyogpuri and Greater Noida, have demonstrated progress in integrated infrastructure development and investor-ready ecosystems.

These industrial smart cities incorporate plug-and-play facilities, multimodal logistics connectivity, digital monitoring systems and sustainable infrastructure, including green energy and water reuse mechanisms.

The government said the initiative is expected to further strengthen India’s manufacturing ecosystem, attract investments from MSMEs and large industries, and support long-term economic growth.