COMPANIES | PAGE 4 ECONOMY | PAGE 3 Eyeing 20-25% SUVmkt share with Sierra:TaMo PV MD BACK PAGE | PAGE 24 Significant growth in exports seen in November: Goyal NEW DELHI, WEDNESDAY, NOVEMBER 26, 2025 Meta-GoogleAI chip talks fuel fresh Nvidia rivalry FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 229, 38 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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: 84,587.01 ▼ 313.70 NIFTY: 25,884.80 ▼ 74.70 NIKKEI 225: 48,659.52 ▲ 33.64 HANG SENG: 25,894.55 ▲ 178.05 `/$: 89.22 ▲ 0.02 `/€: 102.92 ▼ 0.02 BRENT: $62.21 ▼ $1.16 GOLD: `1,24,691 ▲ `1,911 IN THE NEWS MARKETS PAGE 6 PROMOTERS TO OFFLOAD 0.56% AIRTEL STAKE BHARTI AIRTEL’S PROMOTER entity Indian Continent Investment (ICIL) will sell 34.3 million equity shares, representing a 0.56% stake, in Bharti Airtel for `7,195 crore on Wednesday via a block deal, reports Ojasvi Gupta. The move is aimed at diversifying the telco’s shareholder base. ECONOMY PAGE 2 RARE EARTHS SCHEME MAY GET NOD TODAY THE UNION CABINET is likely to approve the rare earth permanent magnets manufacturing incentive scheme with a corpus of `7,300 crore on Wednesday, reports Nitin Kumar. Sources said the scheme to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonne. » INSIDE « INDIAN ECONOMYTO CROSS $4TRN IN FY26: CEA PAGE 2 ASIAN PAINTS JOINS BCCI AS COLOUR PARTNER PAGE 4 OPINION PAGE 8 SEBI TIGHTROPE ON RATIONALISING COSTS & INVESTOR-FRIENDLYSTEPS, WRITES SANDEEPPAREKH Apple challenges CCI on fines based on global turnover IPHONEMAKER APPLE HAS moved the Delhi High Court, challenging provisions in the country’s competition laws that allow the Competition Commission (CCI) to impose penalties on 'global turnover', according to a Bar & Bench report. The matter is listed before a division bench for Wednesday, it added. IPOTO INCLUDE FRESH EQUITY& STAKE SALE Govt may divest 25% in infra lender IIFCL PRASANTA SAHU New Delhi, November 25 THE GOVERNMENT WILL likelydivest up to 25% stake in India Infrastructure Finance Company(IIFCL),the state-run long-term lender for the infrastructuresector,sourcestoldFE. While the exact initial public offering (IPO) size will be decided by a ministerial panel, the current thinking is to make theissuesize25%oftheequity to meet the minimum public shareholdingnorminoneshot, thesourcessaid.Itcouldconsist of 10% fresh equity to raise capital for business expansion anda15%stakedilutionbythe government,theyadded. After the LIC in 2022 and IREDA in 2023, this will be a major listing to be undertaken bythegovernmentinthestaterun financial institutions. The Union Cabinet gave its nod for the proposed listing of the IIFCL earlier this month, sources said, adding that the IPO may hit the market in FY27, after the preparatory work is completed. The listing is aimed at improving corporate governance in the infra lender and facilitatingfreshcapitalraising for growth without relying on the exchequer. IIFCLisawhollyownedgovernment of India enterprise established in 2006 to provide long-term financial assistance LISTING PLANS ■ Expected IPO may include 10% fresh equity for capital raising & 15% govt stake dilution ■ Final IPO size to be decided by a ministerial panel ■ IIFCL’s ■ This will be a major annual disbursements rose from `6,015 cr in FY20 to `28,501 cr in FY25 listing following LIC (2022) and IREDA (2023) ■ The Union Cabinet has cleared the listing ■ IPO expected to hit the market in FY27 to viable infrastructure projects.Itsupportssectorssuchas transport,energy,water,sanitation, and urban infrastructure through direct lending, refinancing, and credit enhancement products. IIFCL’s performance over FY20 to FY25 reflects a steady growth trajectory marked by rising business volumes, improved profitability and a sharp enhancement in asset quality.Annualsanctionsmore than quintupled from `9,337 crore in FY20 to `51,124 crore in FY25, while annual disbursements rose from `6,015 crore to `28,501 crore over the same period, highlighting the company’s growing role in long-term infrastructure financing. The cumulative sanctions and disbursements stood at `3.06lakhcroreand`1.56lakh crore as of March 31, 2025, with 5% of the sanctions and disbursements achieved in the last fiveyears. Continued on Page 7 Dozens of firms hit pause on IPOs ● Delay in listing despite Sebi nod RAJESH MASCARENHAS November 25 A LARGE NUMBER of companies are holding back theirlisting plans despite having received regulatoryclearance, with analysts citing valuation mismatches and unfavourable pricing conditions as key reasons for the delays. About 30 firms that received approval from the Securities and Exchange Board of India (Sebi) before July have yet to launch their IPOs, according to data from Prime Database. The list includes Credila Financial Services, Dorf-Ketal Chemicals and Hero Fincorp. The country’s IPO market —which saw record fundrais- CAUTION MODE Delayed IPOs Company Credila Financial Date of approval May 15, 2025 Dorf-Ketal Chemicals May 27, 2025 SMPP Jan 29, 2025 Continuum Green Apr 15, 2025 Hero Fincorp May 22, 2025 Veritas Finance Apr 29, 2025 Karamtara Engineering Jun 6, 2025 Aye Finance Apr 3, 2025 Varindera Constructions Jan 23, 2025 ing in 2024—continues to attract strong investor interest this year as well. Still, analysts warn that sustained appetite will hinge on post-listing performance and ASSET RECONSTRUCTION COMPANIES(ARCs)areincreasingly turning their attention to real estate, with nearly onefourth of their new acquisitions thisyearcomingfromthesector. “Theshiftisdrivenbyacombination of rising property values, banks and non-banking financial companies (NBFCs) offloadingstressedprojects,and the renewed viability of previously stuck developments,” a CEO of anARC told FE. He added: “The past threefouryears,realestateprices,particularlyin NCR,Bengaluru and Hyderabad,have doubled comparedwiththepre-Covidlevels. This surge has transformed manystalledprojectsintoviable opportunities.Whereconstructioncostsonceoutweighedpotentialreturns,highersaleprices Many stalled or distressed realty projects have become commercially viable due to better demand Broader real estate upcycle, especially in residential, driving better sales and higher valuations ■ Several flights were cancelled and others faced delays after the ash plumes from Ethiopia’s Hayli Gubbi volcano reached India ■ ARCs benefit because assets purchased at deep discounts are now generating higher returns Successful monetisation of realty assets is helping ARCs THE UK WILL allow Mayor of London Sadiq Khan and other local leaders to impose a “tourist tax”on overnight stays in English cities. The government will announce the policy ahead of Chancellor of the Exchequer Rachel Reeves’ November 26 Budget, according to people familiarwith the matter. Khan has spent recent weeks seeking to persuade the Treasury to devolve city tax powers, as the government’s English Devolution and Community Empowerment Bill has progressed through Parliament. The rate at which the levy willbesetwillbesubjecttoconsultation but is expected to be appliedataround£2($2.62)per ■ New levy expected to apply to both hotels and Airbnbstyle rentals ■ Policy to be announced before Chancellor Rachel Reeves’ November 26 Budget night,oneofthepeoplesaid,and pertain to both hotel and Airbnb-style stays. The difference between this tax and current levies in other English cities is that this would be a mandatorylocal tax,rather than a business-led charge. Several cities in Scotland ■ Levy to be a formal local tax, not a voluntary business-led charge duciveregulatoryenvironment, returning demand, funding supportandthepresenceofspecialised investors.” “Amongthetopfive-sixplayers,realestatemaynowaccount for nearly one-fifth to onefourthoftheirnewacquisitions,” saidaseniorARCexecutive. Continued on Page 7 ■ UK hospitality groups oppose the tax, saying it could deter domestic tourism ■ London recorded 89 mn overnight stays in 2024 and Wales are introducing a “visitorlevy,”whilemanyother major European and US cities alreadydo so. Hospitality groups in the UKhavespokenoutagainstthe proposed levy, which they arguewilldiscouragedomestic holidaysbychargingBritsextra 800 1,800 0 1,500 1,200 MULTIPLE FLIGHTS WERE cancelled on Tuesday and several others delayed as ash plumesfromthelong-dormant HayliGubbivolcanoinnorthern Ethiopia,which has erupted for the first time in more than 12,000 years, drifted into the Indianairspace. Theashclouddriftednortheast at 100-120 km per hour (kmph) and entered India on Mondayevening.IndiGo,SpiceJet, Air India, and Akasa Air YourovernightstayinLondon,other UKcitiesmaysooncostmore VISITING CHARGE 2,800 NITIN KUMAR New Delhi, November 25 After 'billionaire' tax, British govt plans to introduce ‘tourist' tax BLOOMBERG & PTI November 25 3,700 3,400 lapse,it’s mostlydue to avaluation mismatch, said Pranav Haldea, managing director of Prime Database Group. Continued on Page 6 Volcanic ash clouds flight operations ■ now allowARCs to step in,fund completion,andunlockvalue.” HariHaraMishra,CEO,Association of ARC, said: “Momentum in the real estate space by ARCs has certainly gathered pacethisyear.In2020-21,postCovid,activitywasvirtuallynegligible,with a few deals in 2023 and 2024. It's now gathering pace, driven by a more con- 4,000 companies’ ability to justify valuations. If a company fails to launch its public issue for a long period after receiving regulatory clearance, or lets it BUILDING VALUE ■ 5,000 5,000 *Tentative size; Source: PrimeDatabase, Bloomberg ARCs see big gains in realty asstressedassetsturnviable KSHIPRA PETKAR & MAHESH NAYAK Mumbai, November 25 IPO size (` crore)* for citybreaks. In2024,Londonsaw89millionovernightstaysandarecent study by think tank Centre for Cities argued that such a levy wouldbeunlikelytocauseasignificant drop invisitors. Continued on Page 6 New Delhi announced domestic and international flight diversions aswell cancellations. Air India said on Tuesday it has cancelled multiple flights over the past two days as it was carrying out precautionary checksonaircraftthatflewover regions potentially affected by volcanic ash from Ethiopia. It said the cancellations were due to precautionary checks on those aircraft which had flown over certain geographical locationsafterthevolcaniceruption. Continued on Page 7