COMPANIES | PAGE 4 NEWS POINT | PAGE 16 INTERNATIONAL | PAGE 7 Delivery partners:Always there, but easily erased MeitYflags gaps in X reply on Grok misuse HYDERABAD, SATURDAY, JANUARY 10, 2026 RioTinto,Glencoreintalksto formworld’sbiggestminer FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 214, 16 PAGES, `12 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: 83,576.24 ▼ 604.72 NIFTY: 25,683.30 ▼ 193.55 NIKKEI 225: 51,939.89 ▲ 822.63 HANG SENG: 26,231.79 ▲ 82.48 `/$: 90.17 ▼ 0.14 `/€: 104.97 ▲ 0.15 BRENT: $63.26 ▲ $1.27 GOLD: `1,36,645 ▲ `1,352 IN THE NEWS BUDGET FY27 TO BE PRESENTED ON FEBRUARY 1 THE CENTRE WILL present the Union Budget for 2026-27 in Parliament on Sunday, February 1, sources said, reports fe Bureau. The Economic Survey for 2025-26 is expected to be tabled on January 29. The Budget Session of Parliament will commence on January 28 and continue till April 2, 2026, Parliamentary Affairs Minister Kiren Rijiju said on ‘X’. Sources said President Droupadi Murmu will address both houses of Parliament on January 28. MARKETS PAGE 6 RBI OBJECTS TO BAIN DEAL FOR MANAPPURAM RBI HAS RAISED objections to Bain Capital's plan to acquire a controlling stake in Manappuram Finance as the US firm has a controlling interest in another local lender, three people with direct knowledge of the matter told Reuters. » INSIDE « ONION PRICES DECLINE ON GOOD HARVEST PAGE 2 ICC SIGNS MARRIOTTAS GLOBALSPONSOR PAGE 5 PAGE 8 OPINION Scale, trust paired with digital agility unlock a more competitive industry, says Marico MD & CEO Sebi eases norms for AIF investors’ accreditation THE SECURITIES & Exchange Board of India (Sebi) on Friday simplified the accreditation requirements for alternative investment funds (AIF) investors, reports fe Bureau. These will come into effect immediately, the regulator said in a circular. ■ PAGE 6 PFRDATOWEIGH OPTIONS IN NEWASSETCLASSES Pension funds may be allowed direct investment in infra ● Regulator to set CAPITAL MOVE PRASANTA SAHU New Delhi, January 9 Move to potentially open a dedicated source of long-term funding for infra sector, supplement bank funding up expert panel ■ THEPENSIONFUND Regulatory and Development Authority (PFRDA)isconsideringallowing National Pension System (NPS) fundstoinvestdirectlyininfrastructure projects to broaden investment avenues and improve long-term returns, chairman Sivasubramanian Ramann told FE on Friday. The move will potentially openadedicatedsourceoflongterm funding for India’s burgeoning infrastructure sector and supplement bank funding. Currently, pension funds invest in infrastructure assets throughInfrastructureInvestment Trusts (InvITs). To steer this transition, “PFRDA will set up an expert committee to examine asset diversification and recommend hownewclasses,including direct project investments, can be introduced in phases,” ■ Pension funds currently invest in infra assets through InvITs ■ PFRDA recently expanded the AIF bucket to include VC, infra and startup funds SIVASUBRAMANIAN RAMANN CHAIRMAN, PFRDA PFRDA will set up an expert committee to examine asset diversification and recommend how new classes can be introduced in phases Ramannsaid.Whileglobalbest practices will be studied, investments will remain focused on the domestic economy,he said. Earlier, PFRDA expanded the Alternative Investment Fund (AIF) bucket to include venture capital,infrastructure and startup funds, part of a strategy to safeguard returns in a declining interest rate environment. With government bonds yielding 6.5-7% and equity returns volatile, sustaining a long-term blended return of about 10% will require diversification into newer asset classes,Ramann said. Continued on Page 5 Record`8L-crm-caplossin9days BENCHMARK EQUITY INDICES extended losses for a fifth consecutive session on Friday, as investors remained in a risk-off mode amid US-India trade concerns and escalating geopolitical tensions. Investors lost `13.52 lakh crore in market capitalisation during the week, of which `12.2 lakh crore was wiped out over the past two trading sessions alone. So far in the first nine days of the current calendar year, the total market capitalisation fell by `8.07 lakh crore— marking a record fall for the period. Trade deal stalled as Modi didn’t callTrump: US Commerce Secy REUTERS New Delhi, January 9 ATRADE PACT between India and the United States stalled last year because Prime Minister Narendra Modi did not make a telephone call to President Donald Trump ahead of a deal,US Commerce Secretary Howard Lutnick said on Friday. Trade talks between India and the US fell apart and Trump then doubled tariffs on Indian goods in August to 50%,the world’s highest rate, including a levy of 25% in retaliation for India's purchases of Russian oil. “It’s all set up and you have got to have Modi call the President. And they were uncomfortable doing it,” Lutnick said in an interview on the All-In podcast, a US show by four venture capitalists that focuses on business and technology. “So, Modi didn’t call.” Lutnick’s comments came after Trump stepped QUICK PICKS Forex reserves at 14-mth low THE MUTUAL FUND industry saw outflows of `66,591 crore in the month of December due to `1,32,410-crore outflows from debt schemes and a 6.2% decline in inflows into equity schemes, reports Ananya Grover. ■ PAGE 6 RBIguvbatsfor collaboration RBI GOVERNOR SANJAY MALHOTRA on Fridaysaid that digi- talisation is transforming the financial system, batting for agilityand collaboration in regulationandsupervision,reports fe Bureau. He was addressing the third annual global conference of the College of Supervisors in Mumbai. ■ PAGE 11 —Kishor Kadam ■ PAGE 11 LISTING PLANS ■ IPO size & timing to depend on regulatory clarity on minimum public float norms for large firms ■ RIL prefers a smaller float to aid price discovery, given Jio’s scale ■ Jefferies values Jio Platforms at $180 bn It’s all set up and you have got to have Modi call the President. And they were uncomfortable doing it... »INSIDE« INDIA & EU RENEW PLEDGE TO SEAL FTA ATTHE EARLIEST PAGE 2 up the pressure for talks with a warning this week that tariffs could rise further unless India cuts its Russian oil imports. The failure to reach a deal has pushed the rupee to a record low and spooked investors waiting for progress in two-way negotiations. India is still seeking a tariff rate between Washington’s offers to Britain and Vietnam that had formerly been agreed but the offer has expired, Lutnick added. The commerce and industry ministry did not respond to an e-mailed request for comment on Lutnick’s remarks. New Delhi and Washington were very close to a trade deal last year but a communication breakdown led to the collapse of any potential pact. INDIAONFRIDAYdismissedUS Commerce Secretary Howard Lutnick’sclaim.“Thecharacterisation of these discussions (on the trade deal) in the reported remarks is not accurate,” ministry of external affairs spokesperson Randhir Jaiswal said, reports MukeshJagota. ■ PAGE 3 Norulingon Trumptariffs THE US SUPREME Court did not issue a ruling on Fridayin a major case testing the legality of President Donald Trump’s sweepingglobaltariffs,reports Reuters. The justices issued one ruling on Friday in a criminal case. The court does not announce in advance what cases will be decided. ● IRAN’SANTI-GOVTPROTESTS FLARE UP MFDecoutflow at`66,591cr RILmayoffload 2.5% in Jio,net `40Kcr RELIANCE INDUSTRIES (RIL) is exploring the sale of an around2.5%stakethroughthe listing of its telecom and digital arm, Jio Platforms, in the first half of the calendaryear,people familiarwith the mattersaid. The timing and size of the offering,however,would hinge on regulatory clarity from the finance ministry on a proposal to relax the minimum public float norms for large companies. At present, market rules require large issuers to offer at least 5% of equity in an IPO. Regulators have proposed loweringthisthresholdto2.5%,but the change isyet to receive final approval. RIL is said to be keen onasmallerfloat,giventhescale ofthebusiness,asalimitedsupplyofsharescouldhelpsharpen price discoveryat listing. Bankers from Morgan StanleyandKotakMahindraCapital are said to be working with the US COMMERCE SECRETARY FOREIGN EXCHANGE RESERVES recorded their biggest weekly drop in 14 months as the RBI sold dollars to support a weakening rupee, analysts said, report agencies. The holdings for the week ended January 2 fell by $9.809 billion to $686.801 billion, the RBI said on Friday. ■ PAGE 11 Morgan Stanley, Kotak working on IPO papers; filing likely by March end URVI MALVANIA Mumbai, January 9 India refutes Lutnick claim HOWARD LUTNICK »INSIDE« RIL BEGINS TALKS FOR US NOD TO BUYVENEZUELA OIL PAGE 5 ■ Meta and Google are poised for significant exit gains ■ RIL Chairman Mukesh Ambani had formally flagged the IPO plans at the company’s AGM last year oil-to-telecommajoronpreparing the draft red herring prospectus (DRHP), even thoughformalmandatesareyet to be announced.People trackingtheprocesssaidtheDRHPis expected to be filed with the Securities and Exchange Board of India (Sebi) by the end of March. Potential associate bankersincludeAxisCapital,Jefferies and ICICI Securities. Reliance Jio did not respond toqueriessentonthemattertill press time. Subject to regulatory clearances and market conditions, theIPOitselfislikelytofollowby lateMayorJune.Thetransaction could rank among the largest listingsinthecountry,giventhe sizeofJioPlatformsandinvestor interest in the business. In November last year, Jef- feries raised Jio Platforms’valuation to $180 billion, citing strong revenue and Ebitda growthprospectsdrivenbytariffincreases,rapidexpansionin home broadband through fixedwirelessaccess,scalingup of the enterprise business,and improving monetisation of its technology platforms. At the latest valuation, RIL's offloadingof2.5%stakewillresultsin gains of around $4.5 billion (`40,500 crore). Reliance Chairman Mukesh Ambani had formally flagged the IPO plans at the company’s annual general meeting last year, indicating that preparationswere underway. “Jio is making all arrangements to file for its IPO.We are aimingtolistJiobythefirsthalf of2026,subjecttoapprovals,”he said, adding that the listing would showcase Jio’s ability to createvalueonaparwithglobal peers and offer an attractive opportunityforinvestors. TheIPOannouncementfollowedJiocompletingadecadeof operations and crossing the 500-million customer mark, underscoring the scale it has achieved since its launch. Continued on Page 7 Protesters gather as vehicles burn amid evolving anti-government unrest in Tehran. In a TV address, Iran’s Supreme Leader Ayatollah Ali Khamenei vowed not to back down, accusing demonstrators of acting on behalf of émigré opposition groups and the US ■ PAGE 7 REUTERS Govt’sAGR lifeline to lift Vi’s funding prospects ● Telco gets 10-yr moratorium URVI MALVANIA Mumbai, January 9 VODAFONE IDEAHAS secured substantialregulatoryreliefon its adjusted gross revenue (AGR)liabilities,adevelopment that analysts say, materially eases cash flow pressure and improvesthecompany’sability toraisefundsorattractastrategic investor. In a filing on Friday,Vodafone Idea said it has received a formal communication from the Department of Telecommunications (DoT) confirming the freezing and long-term rescheduling of its AGR dues. While the headline AGR number of `87,695 crore covering principal,interestandpenalties for FY07 to FY19, has not yet beenrestated,thecompanysaid the amount does not require immediate payment. BETTER SIGNAL ■ Total AGR dues for FY2006-07 to FY2018-19 as of Dec 31, 2025, to be frozen ■ Maximum `124 crore to be paid annually over March 2026 to Mar 2031 ■ `100 crore to be paid annually over Mar 2032 to Mar 2035 ■ Remaining AGR dues to be paid in equal instalments annually over Mar 2036 to Mar 2041 Under the revised framework, Vodafone Idea will pay `124croreannuallyforsixyears from March 2026 to March 2031,followed by `100 crore a year for four years from March 2032 to March 2035.After this period, once a governmentappointed committee reassesses and reduces the AGR amount,thebalancewillbepaid over the subsequent six years, starting FY36. Thestructureeffectivelycaps Vodafone Idea’s annual AGR outgoat`124croreforadecade, replacingasharplyhigherrepaymentprofile.Withoutthatrelief, thetelecomoperatorwasfacing AGR payments of nearly `18,000 crore in FY27 alone,a burden that had weighed heavilyonlendersandinvestors. Analystssaidtheredesigned schedulecreatesalongmoratoriumandsignificantoptionality depending on the extent of reassessment.IftheAGRfigures were cut by 50%, the annual instalment in the final phase would drop from around `18,000 crore to about `9,000 crore spread oversixyears. Continued on Page 7 Doorsopenforfundraisingviabanks KSHIPRA PETKAR Mumbai, January 9 SENIOR EXECUTIVES AT large public sector banks (PSBs) said on Friday that the government’s AGR moratorium for Vodafone Idea has provided lenders some comfortonincrementalexposure, though formal discussions withthetelcoareyettobegin. The bankers said the relief could improve theviabilityof HYDERABAD fresh funding proposals. "Things have become favourable after the government's decision.This is a positive development," said a bankerwith a large PSB. Saying that they would assess the situation, another bankerconfirmedthatthings look betterhereon. VodafoneIdeahasbeenin talks to raise about `25,000 crore,andpublicsectorbanks may evaluate participation after reviewing the government’s orderin detail. However,somebanksmay still take a cautious stand, giventhecompany'scontinuous loss of subscribers and revenuemarketshareoverthe past several quarters. Currently,an SBI-led consortiumhasatotalexposureof `11,000 crore to Vi, which includestermaswellasworking capital loans across fund andnon-fundbasedexposure.