INTERNATIONAL | PAGE 7 US inflation rises 2.7%; solidifies bets on Fed cut COMPANIES | PAGE 4 INTERNATIONAL | PAGE 7 FMCG players see urban revival by FY26 MUMBAI, THURSDAY, DECEMBER 12, 2024 Xi readies bargaining chips for US trade war FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXIV NO. 295, 22 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 81,526.14 ▲ 16.09 NIFTY: 24,641.80 ▲ 31.75 NIKKEI 225: 39372.23 ▲ 4.65 HANG SENG: 20,155.05 ▼ 156.23 `/$: 84.84 ▲ 0.01 `/€: 89.09 ▲ 0.28 BRENT: $73 ▲ $0.81 GOLD: `77,509 ▲ `752 Adani Group opts out of US funding for Lanka project THE ADANI GROUP has pulled out of a loan deal with a US agency to fund a port terminal in Sri Lanka, saying it will use its own resources for the project, reports PTI. In a filing, APSEZ said the project "is on track for commissioning by early next year". ■ PAGE 4 Bajaj Finance may face asset quality, credit cost challenges SHARES OF BAJAJ Finance gained 2.61% to close at `7,115.75 on the BSE on Wednesday, a day after the management shared an upbeat guidance and spoke about its long-range strategy and AI pivot during a meeting with analysts. ■ PAGE 6 Sebi notifies insider trading net expansion SEBI HAS NOTIFIED the expansion of the definition of “connected persons”, who have access to pricesensitive information, reports Akshata Gorde. ■ PAGE 10 EXPLAINER Why Willow’s low-error pitch is remarkable P9 DEALVALUE PEGGEDAT`12,500 CRORE Bhartiastobuy40%in Coke’sIndiabottler VIVEAT SUSAN PINTO Mumbai, December 11 THE JUBILANT BHARTIA Group, promoters of Jubilant FoodWorks, is all set to acquire a 40% stake in Hindustan Coca-Cola Beverages (HCCB), the Indian bottling unit of US beverage giant The Coca-Cola Company. On Wednesday, Atlanta-based Coca-Cola announced that it had reached an agreement with the master franchisee of Domino’s Pizza for the stake sale. While the deal size was not announced, sources in the know say that the transaction is likely to be `12,500 crore in size, valuing HCCB at `31,250 crore. MADE TO ORDER ■ The Bhartias are likely to source about `4,000-5,000 cr on their own for the deal STATE-RUN ONGC IS discussing technology tie-ups with global energy giants like Shell and Petronas for several offshore gas fields. The company has also firmed up plans to start production in a clutch of new fields, including the promising DWN-98/2 block in the deep waters of the Bay of Bengal,in a bid to arrest a declining trend in hydrocarbon production. “We expect oil production to start growing again in the next couple of years,” said Sushma CEA V ANANTHA Nageswaran on Wednesdaysaid regulators have to choose the trade-off very carefullysoasnottostifleinnovation with unelected regulatorypower.He said the regulators in general should notbestandinginthewayofinnovations,andcitedtheexamplesofcryptocurrencies. ■ PAGE 2 ■ Goldman Sachs may pitch in with the remaining amount ■ The stake sale is likely to pave the way for an IPO of HCCB in about two years ■ HCCB reported a 9.2% increase in its FY24 revenue to `14,021 crore Industry should realign, support MSMEs, says FM ■ Both Coca-Cola and Jubilant FoodWorks have had a long association in the past The Bhartias are expected to tie upwithGoldman Sachsforfunding the transaction. They are likely to source about `4,000-5,000 crore on theirown,whichisabout 40% of the deal value.Goldman Sachs may come inwith the balance 60%,persons in the know said. Continued on Page 5 ONGCeyesShell,Petronastie-ups ARUNIMA BHARADWAJ New Delhi, December 11 CEANageswaran warnsagainst undueregulation ● RBI GUVBATS FOR GROWTH TECH UPGRADE ■ The state-run firm is looking at technology tie-ups with global giants ■ ONGC’s output was 4.576 million tonne in Q2FY25 Rawat, director (Exploration), ONGC.“In offshore,we are looking towards International E&P partners, other than companies from western countries, we are also looking towards Southeast Asian companies like Petronas, PTTEP plus other companies. Even with Shell, we are under discussions for our deepwater discoveries, since they have demonstrated their expertise in floating LNGs plants etc. It is just the beginning of the process and discussions with them. We are yet to share the actual data and finalise the deal,” she said, underscoring the importance of technology tie-ups for new ventures like small LNG units. Continued on Page 7 PTI IN THE NEWS Sanjay Malhotra after taking charge as the new RBI governor in Mumbai on Wednesday. Malhotra said the central bank will maintain continuity and stability in policy matters ■ REPORT, PAGE 6 CORPORATE INDIA SHOULD work with small and medium enterprises to explore how they can support largeunitswhilecontributingequally to job creation,FM Nirmala Sitharaman said on Wednesday,while outlining the priorities of the economy forthe next decade. ■ PAGE 2 Nasdaq-listed ReNewto go private RAGHAVENDRA KAMATH Mumbai, December 11 FOUR MAJOR INVESTORS in Nasdaq-listedReNewEnergyGlobalhave offered to take the company private. The group,which owns 64% of the fullydiluted public shares,is offering othershareholders of the company– whose market capitalisation stood at $2.37billionasoflastclose,$7.07per share, a premium of 11.5% to the stock’slastclose. The group comprises ReNew’s founderandchairman,SumantSinha, Canada Pension Plan Investment Board, Abu Dhabi Investment Authority’ssubsidiaryPlatinumHawk and Abu Dhabi Future Energy CompanyPJSC-Masdar.Themovemay be a precursor to a listing in India , sources said.“They could raise equity hereorraisedebt.Howevernodecision hasbeenmade,”sourcessaid. Continued on Page 7 INDIA IPO LIKELY ■ The investors are offering $7.07 for a share, a premium of 11.5% ■ The move may be a precursor to a listing in India ■ ReNew was listed on Nasdaq in 2021