BACK PAGE | PAGE 20 MARKETS | PAGE 6 Changingconsumerhabitsa toughtestforfoodlabelling INTERNATIONAL | PAGE 7 Telling transaction costs turn profiteers into losers Gates,alarmedbyAI,wants todiscusspolicyideaswithXi KOLKATA, THURSDAY, AUGUST 27, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 254, 30 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) 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: 77,472.94 ▼ 183.15 NIFTY: 24,207.75 ▼ 126.80 NIKKEI 225: 66,262.16 ▲ 405.73 HANG SENG: 25,652.97 ▲ 141.87 `/$: 95.42* ▲ 0.33 `/€: 111.34* ▲ 0.34 BRENT: $87.44 ▼ $1.14 GOLD: `1,60,470 ▼ `822 *Prv close IN THE NEWS COMPANIES PAGE 5 ERICSSON SEES PICK-UP IN 5G MONETISATION ERICSSON SEES INDIAN telecom operators entering the next phase of 5G, with the focus shifting from building out networks to finding services and use cases that can generate additional revenue from infrastructure deployed, reports Ojasvi Gupta. COMPANIES PAGE 4 TATAMOTORS REGAINS GROUND IN EVMARKET TATA MOTORS PASSENGER Vehicles (TMPVL) is regaining ground in the electric vehicle market as a broader product portfolio is helping it grow faster than the market, reports Nitin Kumar. » INSIDE « WALLSTREETFOLDED, RBI HELD,WRITES KRISHNAN RANGANATHAN PAGE 8 TIME FORAN ECONOMIC POLICY REBOOT,WRITES JAMALMECKLAI PAGE 8 Flipkart Minutes overtakes Swiggy in dark store count FLIPKART MINUTES HAS overtaken Swiggy Instamart in darkstore count across India's top 10 quick-commerce cities, with 627 stores compared with Swiggy's 615, as competition intensifies in the country's fastest-growing delivery market, according to a CLSA report. ■ PAGE 4 CABINETSECRETARYCALLS FOR OVERHAULOFDATAPRACTICES Centreputsministries,states onDPDPcomplianceclock PRASANTA SAHU New Delhi, August 26 THE CENTRE HAS begun pushing its own ministries, departmentsandstategovernments towards compliance with the Digital Personal Data Protection (DPDP) Act, asking them to appoint senior officials, set implementation timelines and overhaul how they collect, process and protect citizens’personal data. In a letter to secretaries of the Government of India and chief secretaries of states and UnionTerritoriesdatedAugust 20, Cabinet Secretary TV Somanathan has asked government bodies to prepare phased implementation plans with clearly defined responsibilities and timelines.Progress is to be reviewed periodically by the secretary or chief secretary concerned, putting responsibilityforimplementation directlywith the administrative leadership of each ministry and state. ONUS ON ADMINISTRATION ■ Govt bodies must has written to GoI secretaries and chief secretaries of states and Union Territories to ensure timely implementation of Digital Personal Data Protection (DPDP) Act ■ Each ministry, department and state must designate a senior officer to oversee DPDP implementation and a nodal officer to coordinatewith MeitY prepare phased implementation plans with defined responsibilities and timelines; review progress periodically identify personal-data processing activities and prepare appropriate data inventories ■ Privacy notices, ■ Cabinet Secretary TV Somanathan ■ Capacitybuilding and sensitisation of officers responsible for implementing the Act must be undertaken consent mechanisms, wherever applicable, and grievance-redressal arrangements must be reviewed Somanathanhasalsoasked eachministry,departmentand state to designate a seniorofficerto oversee implementation and nominate a nodal officer to coordinate with the Ministry of Electronics and Information Technology (MeitY), the nodal ministry for the law. “A senior officer is designated to oversee implementation of the Act” and “a nodal officer is nominated for coordination with the Ministry of Electronics and Information Technology”,he said in the letter. The exercise will require government organisations to first establish how and where theyprocess personal data.The CabinetSecretaryhascalledfor identification of personal-data processingactivitiesandpreparation of appropriate data AKBAR MERCHANT Mumbai, August 26 JSW MG MOTOR India is discussing a fresh round of capital with Chinese partner SAIC to expand production beyond the 220,000-unit capacity already planned at its Halol plant,as strong demand for its vehicles leaves the company looking to scale faster.The currentexpansionisbeingfunded through a mix of debt and equity, with JSW’s original equity investment sufficient forthe present phase,but both shareholders are now discussing funding for the next PARTH JINDAL, DIRECTOR, JSW MG MOTOR INDIA ...discussions are on between both the shareholders because we reallywant to go beyond 220,000 units »INSIDE« HYUNDAI’S 2030 PLAN ON TRACK PAGE 4 stage. “Right nowthe discussions are on between both the shareholders becausewe reallywant to go beyond 220,000 units” Parth Jindal, director, JSW MG Motor India,said. JSWMG is currentlyinvesting `3,500 crore in its operations, while vendors are putting in another `2,500 crore, taking the investment linked to the expansion to about `6,000 crore. Capacity at Halol is being raised from 110,000 units currently to 160,000 units by March and 220,000 units by January 2028.The existing facility can eventually be expanded to around 400,000 units, Jindal said,adding that the company does not see the need fora new plant for the next three to four years. It will reconsider a new location once production crosses 250,000 units. Continued on Page 7 A flash flood caused massive destruction in Nepal’s Rasuwa district on Wednesday, killing nearly 100 and leaving at least 133 Indians among nearly 750 people missing. Prime Minister Narendra Modi spoke with his Nepalese counterpart Balendra Shah, and offered all possible humanitarian aid to the Himalayan PTI nation ■ Flash flood ravages Nepal PAGE 20 NPCIL plans new design unit to help private players ADANI ENERGY SOLUTIONS said it won a 4,500-MW transmission project for evacuation of renewable energy from Karnataka to major load centres in Maharashtra, reports Raghavendra ■ PAGE 5 Kamath. Continued on Page 7 ● MORETHAN 130 INDIANS MISSING IN NEPALDELUGE AVENUE SUPERMARTS, WHICH operates the DMart chain, on Wednesday saw 6.76 million shares change hands in a block deal worth nearly `2,600 crore. American Funds Insurance Series Global Growth and Income Fund sold its entire 1.04% stake at `3,750.58 per share, a 4.1% discount to Tuesday's close, reports Viveat Susan Pinto. ■ PAGE 6 Adani arm wins `4,700-cr project in Maharashtra inventories,alongwithareview of privacy notices, consent mechanismswhereverapplicable and grievance-redressal arrangements. They will also have to strengthen technical and organisational safeguards and review contractual arrangementswiththird-party vendors and data processors. JSWMG,SAICdiscussfreshcapital American growth fund exits DMart in `2.6K-cr block deal THE NUCLEAR POWER Corporation of India (NPCIL) plans to set up a new design vertical which will provide technological support to private players and state governments seeking to deploy indigenous nuclear reactor technology, reports ■ PAGE 3 Pratyush Deep. ■ They must Venu’sTata Sons board slot mayface scrutiny ● Trustees likely to revisit his term once SRTT meets URVI MALVANIA Mumbai, August 26 VENU SRINIVASAN’S POSITION as aTataTrusts nominee directorontheTataSonsboard could come under fresh scrutiny once the meeting freeze on the Sir Ratan Tata Trust (SRTT) is lifted, allowing the trusts to formally consider pending agenda items, people familiarwith the matter said. Srinivasan’s continuation on the Tata Sons board was among the issues slated for discussion at a Tata Trusts meeting scheduled for May 16. The meeting was indefinitely deferred after the Maharashtra Charity Commissioner directed SRTT not to convene meetings pending an inquiry into the composition of its board. Theissuehadsurfacedafter Srinivasan publicly spoke in favour of listing Tata Sons, despite having been party to a unanimous decision of the Tata Trusts board against the proposal, people aware of the BACK IN FOCUS ■ Venu Srinivasan’s continuation on the Tata Sons board was among issues slated for discussion at the May 16 Tata Trusts meeting INDIA’SEMERGENCEASoneof Nestle SA’s five largest markets globallyisnowwithinsight,with the Swiss food and beverage major expecting the country to sustain above-group-average growth and attract higher investments, CEO Philipp Navratil said onWednesday. India is already among Nestle’s top 10 markets by revenue contribution and was the group’s highest-performing market in the first half of 2026, with the companynowseeing a near-termopportunitytomove intothetopfive.“Topfiveisdefinitely on the horizon. It is not something that will happen 20 years down the road,” Navratil saidataselectmediaroundtable during his India visit.He added that the company expects growthtobeledbyvolumesand supported byinvestments. India’s strong growth is also promptingNestletoincreaseits focusonthemarketasoneofits key growth priorities globally. “AsIndiagrowsabovethegroup average,theinvestmentwillalso be above the group average in thiscountry,”Navratilsaid,without specifying the amount of additional investment. Nestle had announced a `5,000-crore investment programme for India in 2022. aTata Sons listing despite being party to theTrusts’ unanimous decision against it He separately moved the Maharashtra Charity Commissioner over the composition of the SRTT board ■ Both issues could come up once SRTT is allowed to resume board meetings ■ ■ No automatic review yet: At 73, Srinivasan is below the 75-year threshold for annual review of trustee nominee directors matter said. His comments were seen by some within the trusts as being at oddswith the board’s position, raising questions over whether his continuation as a Trusts nominee on the Tata Sons board should be reconsidered.Themattercould not be taken up after the May 16 meeting was deferred. Srinivasan’s representation to the Charity Commissioneroverthe composition of the SRTT board has since added another dimension to Nestle sees India entering global top five markets ASHUTOSH MISHRA New Delhi, August 26 ■ Srinivasan publicly backed PHILIPP NAVRATIL the issue. InhisMay15order,Charity CommissionerAmogh S Kaloti recorded that Srinivasan had filed a complaint similar to an earlierrepresentation byadvocateKatyayaniAgrawal,raising questions over the number of perpetualtrusteesontheSRTT board. The commissioner said the issues raised in the representations were serious and required consideration. Continued on Page 7 FM pitches GIFTCity, fintech bets in Canada FE BUREAU New Delhi, August 26 Navratil said India’s scale, expanding consumer base, urbanisation and the movement of consumers into the middleclassprovideacombination of factors that makes the market particularly attractive. Its extensive distribution networkalsoallowsthecompanyto reach consumers across the country,he said. WOOING INVESTORS IN Toronto,Finance MinisterNirmala Sitharaman pitched opportunities for Canadian banks,fintech firms and institutional investors in India, spanning digital payments, GIFT City, insurance, asset management and pensions. SitharamansaidIndia’sreal GDP growth was 7.6% in 2025-26, while rapid urbanisation,a growing middle class, and expanding consumption were creating opportunities across the economy. ForCanadianinvestorswith a long-term horizon, India offeredacombinationof“scale, sustainedgrowth,ayoungpopulation, expanding consumption, and rapidly deepening capital markets,”she said. Sitharaman noted that Canadian pension funds have invested more than C$100 billion (around $72.02 billion) in India across infrastructure, logistics,renewableenergyand financial services, reflecting confidence in India’s longterm growth.“With 100% FDI now permitted in insurance and India’s leadership in FinTech at scale,opportunities for capital are expanding rapidly,” she said. Continued on Page 5 Continued on Page 7 CEO, NESTLE Topfiveisdefinitely onthehorizon.Itis notsomethingthat willhappen20years downtheroad LEGALSETTLEMENTCALLS FORTIGHTERYOUTH SAFEGUARDS,AGE CHECKSAND INDEPENDENTOVERSIGHT Metaagreestopayupto$16.7billioninsocialmediacase MADLIN MEKELBURG August 26 META PLATFORMS HAS agreed to pay up to $16.7 billion to settle a landmark social media case with multiple US states,according to a court filing Wednesday. The deal requires the company to put new guardrails on its platforms such as Facebook and Instagram, including restricting how much time youths can scroll and preventing them from switching off certain safetysettingswithout parental consent. A judge needs to sign off on the agreement. In the filing, Meta denies STRONGER GUARDRAILS ■ Attorneys from 29 US states had sought massive penalties and sweeping changes to how Meta operates Facebook and Instagram requires Facebook and Instagram to restrict teen scrolling time the allegations against it. The states had allegedviolations of state consumerprotection and federal privacy laws — which carry fines that add up quickly when multiplied bymillions of young Instagram and Facebook users. “ThisAgreement is entered into for settlement purposes ■ Platforms must prevent users from disabling certain safety settings without parental consent ■ Meta will strengthen age verification and limit features such as like counts and beauty filters for teens ■ An independent auditor will monitor Meta’s compliance and report findings to the states ■ The settlement deal ■ Meta denies the allegations and says the settlement does not constitute an admission of liability or violations only and does not constitute an admission by Meta of any liability,wrongdoing, or violation of any local,state,federal, or international law,” accord- ing to the filing. Meta didn’t immediately respond to a request for comment. The accord comes in the Kolkata second week of a jury trial in federal court in Oakland, California, that posed enormous riskforMeta.Thetoplegalofficers of 29 states were seeking not only massive financial penalties on behalf of the public, but also court orders that could force the company to changehowitoperatesitsplatforms. Bloomberg reported late Tuesday that the parties had discussed a possible mid-trial settlement. Meta shares were down about 0.8% at 9:46AM in New York after rising as much as 4.1% after trading opened. The planned settlement also includes the appointment of an independent auditor to oversee compliance, who can issue their own recommendationsandreportfindingstothe states. The agreement would also requireMetatoenhanceitsage verification tools to better identify young users on the app. Access to features like viewing the numberof likes on a post or beauty filters would be restricted for teens. “Meta has agreed to make massive transformations that will reduce the risk of harm from its platforms — and will do it within months,” California Attorney General Rob Bonta said in a statement. BLOOMBERG