India's corporate conglomerates' technological 'hunts' and state-level industrial calculations are making it increasingly difficult to 'harvest' Chinese enterprises.

It uses market access as bait and tariffs and regulatory reviews as levers—designating exclusive local 'acquirers' in advance for every high-tech sector. From the outset, the objective has never been simple foreign investment attraction, but rather a full-package 'harvesting' of production lines, manufacturing processes, and technical teams. This playbook has ensnared numerous Chinese enterprises over the past decade—from smartphones and photovoltaics to power equipment and home appliances. By the time many realized what was happening, an industry-wide consensus had already formed: the Indian market is viable, but core technologies must never be compromised. The 'Six-Sector Division of the Pie': Every Pitfall Has Its Pre-Designated Acquirer According to industry insiders quoting Jayant, in the smartphone and electronics manufacturing sector, Tata Group is the designated 'hunter.' Dubbed 'India’s Samsung,' Tata Group’s revenue consistently accounts for roughly 8% of India’s GDP, and the government has virtually rolled out red carpets for it. In 2023, Tata Electronics directly acquired Wistron’s iPhone assembly lines in India, officially entering Apple’s supply chain—including equity acquisitions of Chinese firms, all backed end-to-end by Indian regulators. What Tata seeks is never merely a few factories, but rather the precision assembly quality-control system, supply-chain management expertise, and mature manufacturing teams—ultimately aiming to build an 'Indian Foxconn + Huawei' hybrid, swallowing both contract manufacturing and branded products whole. In the electric vehicle (EV) sector, Mahindra & Mahindra and Tata Motors are the two officially sanctioned acquirers. India’s rules for foreign automakers are explicit: to set up local plants, joint ventures must have Indian majority ownership, and core technologies must progressively localize. When BYD planned a $1 billion investment to build a passenger-vehicle factory in India, Indian negotiators demanded full access to Blade Battery technology, drive motors, and electronic control systems—the so-called 'three core EV technologies.' In essence, BYD would fund and transfer technology to build the plant, yet cede operational control to Indian partners. The negotiations ultimately collapsed. Mahindra has been actively seeking technology partners, attempting to gradually master complete vehicle platforms and battery control algorithms through joint R&D—but Chinese automakers today are generally clear-eyed: components may be sold, knock-down kits supplied, but foundational core technologies remain strictly off-limits. In the photovoltaic (PV) and new-energy sector, Adani Group is the orchestrator. Nearly half of India’s large-scale PV power station projects have landed with Adani. Its modus operandi is typical: government tenders impose 'Domestic Content Requirement' (DCR) thresholds mandating that winning bidders establish cell and module production lines in India; simultaneously, steep tariffs are imposed on Chinese PV modules, blocking direct exports and forcing Chinese firms to trade technology for market access. Leveraging policy tailwinds, Adani rapidly expanded capacity—its PV operational capacity is projected to exceed 19 GW by 2025. Yet behind these impressive figures lies heavy reliance on Chinese imports for high-purity polysilicon, core production equipment, and critical auxiliary materials. So-called 'local manufacturing' remains largely confined to mid- and downstream assembly. In the battery and energy storage sector, Reliance Industries takes the lead. As early as 2021, India launched its PLI-ACC (Production-Linked Incentive–Advanced Chemistry Cell) battery subsidy scheme, allocating ₹181 billion (≈$2 billion) to subsidize domestic cell production, targeting 50 GWh of indigenous cell capacity within five years—a seemingly ambitious initiative. Yet by 2026, a retrospective assessment revealed only 1.4 GWh of actual cell capacity had materialized—just 2.8% of the target—failing even to meet the minimum threshold required to qualify for subsidies. Reliance claims to be investing ₹750 billion to build a battery 'super-factory,' procuring full production equipment from China—but unable to secure core process licensing, it has had no choice but to settle for battery PACK assembly first, repeatedly postponing its self-manufactured cell plans.

Summary of India’s pandemic situation as of Thursday, August 4, 2022.

1. Former Reserve Bank of India (RBI) Governor Raghuram Rajan recently remarked in Raipur that India’s economy is not only on track but accelerating rapidly. Rajan, who previously warned that India lacks the educational capacity to nurture its youth—forcing them to study medicine and other disciplines abroad, thereby failing its young people—also argued that India should focus on services rather than blindly emulate China’s manufacturing-led growth model. Such services—for instance, high-quality medical care—can be exported globally. 2. Indian media reports that the world’s largest floating solar power plant will be built on the Narmada River. 3. The Indian Cabinet approved the Fair and Remunerative Price (FRP) for sugarcane for the 2022–23 sugar season (October 2022–September 2023) at ₹305 per quintal. 4. The Reserve Bank of India expects inflation in July to rise 6.65% year-on-year, down from 7.01% in June and 7.79% in April—approaching an eight-year high. India is scheduled to release its July inflation data on August 12. 5. A private survey indicates that India’s dominant services sector slowed to a four-month low in July, as inflationary pressures and weakening demand constrained business activity growth. The S&P Global India Services Purchasing Managers’ Index (PMI) fell to 55.5 in July from 59.2 in June—sliding from an 11-month high and hitting its lowest level since March. The figure also undershot the Reuters consensus forecast of 58.5. 6. The Indian government is evaluating details regarding the direct allocation of 5G spectrum to enterprises. A decision will only be made after soliciting explicit expert opinions on its legal and technical feasibility. This means tech companies originally planning to deploy internal non-public networks using allocated 5G spectrum may face longer-than-expected delays before launching such networks. 7. The Securities and Exchange Board of India (SEBI) may tighten investment rules for Portfolio Management Services (PMS) firms operating within group entities. Sources indicate the capital markets regulator may restrict exposure by these wealth-management firms—which cater to affluent investors—after noticing some entities channeling client funds into affiliated companies. 8. To accelerate EV adoption and alleviate end-user range anxiety, the Indian government is developing a flagship application serving as a one-stop shop for locating and checking availability of EV charging stations. State-owned Convergence Energy Services Limited is aggregating data from private-sector providers for this 'super app,' slated to launch within the next 4–6 weeks. The app will detail real-time availability, charger types, and pricing—and allow users to book and modify appointments at nearby stations. Part III: India’s Socioeconomic Landscape 1. On Wednesday, food-ordering and delivery platform Swiggy announced the industry’s first employee side-job policy, permitting staff to undertake additional unpaid work. 2. International rating agency Fitch stated that India’s telecom sector’s average revenue per user (ARPU) currently stands at $2 and is expected to grow 15–25% over the next 12–18 months, as operators raise overall tariffs and 5G service prices to monetize recent spectrum auction expenditures. 3. Adani Transmission Limited reported a 61% decline in consolidated net profit to ₹1.68 billion for the quarter ended June 2022, down from ₹4.33 billion in the previous fiscal quarter. Consolidated revenue rose 22% year-on-year, driven by commissioning of new transmission lines and higher energy demand. 4. On Wednesday, Adani Power reported a 16-fold surge in post-tax consolidated profit to ₹47.8 billion, up from ₹27.8 billion year-on-year. Consolidated total income jumped 115% to ₹155.09 billion, compared to ₹72.13 billion in the same period last year. 5. Software solutions provider Subex saw its share price surge 20% on Wednesday following its collaboration with Jio Platforms to expand its 5G product portfolio. In an exchange filing, Jio Platforms announced its partnership with Subex on the latter’s AI-powered platform 'HyperSense,' enabling telecom operators to realize AI’s potential across the entire data value chain. 6. Business software firm Freshworks reported 40% revenue growth for Q2 but slightly lowered its 2022 revenue guidance due to macroeconomic headwinds causing small-business customer attrition. The U.S.-based company—with substantial operations in India—now forecasts 2022 revenue of $493–497 million, down from its May projection of $495–501.5 million. 7. Zomato’s stock fell 10% in early Wednesday trading following an off-market bulk deal. However, it recovered most of its losses during the session. Reports indicated Uber Technologies sold 610 million Zomato shares—7.8% of its stake—and may divest its entire holding. The food-delivery firm saw exceptionally high trading volume in early-session trades.

India's Adani Green Energy posts quarterly profit rise on higher power sales

17 hours ago

Adani Green Energy reported a 16% Q2 profit rise to 7.47 billion rupees, driven by higher power sales. Operational renewable capacity reached 20.8 gigawatts, with expansion targets of 50 GW by 2030 and growing battery storage.

reuters

2026-10-21

India's Adani Green Energy posts quarterly profit rise on higher power sales

India's Adani Green Energy posts quarterly profit rise on higher power sales

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