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The trials, covering 10 units with a combined capacity of about 18,000 MW, will determine the extent to which such plants can shift to domestic supplies, people familiar with the matter said. The exercise is evaluating operational feasibility, including the impact on efficiency, combustion and equipment performance. View More
New Delhi: India has begun testing whether power plants designed to run on imported coal can blend domestic fuel , as part of a broader push to increase local sourcing and reduce exposure to volatile global markets. The trials, covering 10 units with a combined capacity of about 18,000 MW, will determine the extent to which such plants can shift to domestic supplies, people familiar with the matter said. The exercise is evaluating operational feasibility, including the impact on efficiency, combustion and equipment performance. The government is pushing plants to reduce dependence on imported coal amid ample domestic availability, aiming to limit vulnerability to supply chain disruptions. It is seeking to increase blending wherever feasible. Some imported coal-based power producers have agreed to conduct trial runs. An industry expert said the move could help manage fuel costs and reduce exposure to global price volatility. However, some plants have cited technical constraints, including designs suited to low ash-content coal, specific size of coal requirements, stringent emission norms and space limitations. Live Events India still needs to import coking coal for industries such as steel and high-grade thermal coal mostly for imported coal-based plants as these are not sufficiently available within domestic reserves. The country imported about 250 million tonnes of coal, both thermal and coking coal, annually in the last few years. About 39.2 million tonnes of imported thermal coal was used by imported coal-based power plants in FY26 compared with 48.3 million tonnes a year back. The initiative aligns with efforts to increase domestic coal utilisation. India's coal output surpassed 1 billion tonnes in FY26. In January 2024, the coal ministry said imported coal-based plants would be encouraged to switch to or blend more domestic fuel as output rises. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A boiler explosion at Vedanta’s Singhitarai power plant in Chhattisgarh’s Sakti district killed 11 workers and injured 22 others on Monday. The affected personnel were working for a sub-contractor operating and maintaining the unit. Vedanta said it is providing medical assistance to the injured and coordinating with authorities, while an investigation has been launched to determine the cause of the blast. View More
Mumbai: A boiler exploded at a power plant operated by Vedanta in Chhattisgarh on Monday, killing eleven people and injuring 22 workers. The incident at one of the boiler units at Vedanta's Singhitarai plant in the afternoon involved personnel from its sub-contractor NGSL that operates and maintains the unit, a Vedanta spokesperson said. Vedanta operates a 1,200 MW power plant at Singhitarai in Sakti district. This plant was acquired by the company in 2022 under the Insolvency and Bankruptcy Code. The project was amalgamated with Vedanta in 2023, and started commercial operations in 2025. Also Read: Vedanta questions metrics behind Adani’s winning bid for JAL "Our immediate priority is to ensure the best possible medical assistance and treatment for all those affected. We are extending full support to the injured and are closely coordinating with medical teams and local authorities," the spokesperson said. Live Events The company is in the process of ascertaining details, and a thorough investigation has been initiated in coordination with its partner and relevant authorities, the person said. Natural resources major Vedanta is also in the business of aluminium, oil and gas, zinc, lead, silver, iron ore and steel. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The government has revised pricing norms for low-grade iron ore, including Banded Haematite Quartzite and Jasper, to encourage its utilization. This move aims to curb wastage, enhance resource utilization, and ensure a steady supply to the steel industry by making beneficiation economically viable. View More
New Delhi: The government on Tuesday announced the amendment of rules to revise the pricing norms for low-grade iron ore , a move aimed at curbing wastage and enhancing utilisation of such reserves to ensure a steady supply to the steel industry . The move is expected to bring low-grade resources into viable use, addressing depletion of high-grade deposits and promoting mineral conservation through scientific mining practices . Also Read: New scheme in works to support domestic critical mineral processing plants "The Ministry of Mines has notified the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Third Amendment) Rules, 2026 on 10th April, 2026, providing the methodology for publication of average sale price (ASP) of Haematite Iron Ore below the threshold value, including for Banded Haematite Quartzite (BHQ) and Banded Haematite Jasper (BHJ)," an official statement said. The amendment provides a framework for pricing iron ore with iron (Fe) content below the threshold level of 45 per cent, including Banded Haematite Quartzite (BHQ) and Banded Haematite Jasper (BHJ), the mines ministry said. Live Events Banded Haematite Quartzite and Banded Haematite Jasper are low-grade, Precambrian iron-bearing rocks often treated as low-grade ore. Under the revised rules, the average selling price (ASP) for iron ore, with 35 per cent to below 45 per cent Fe content, will be fixed at 75 per cent of the ASP of 45 per cent to below 51 per cent grade ore. While for ore with Fe content below 35 per cent, the ASP will be 50 per cent of the same benchmark. The threshold value of a mineral is the limit below which the material obtained after mining can be discarded as waste. Advancements in processing and beneficiation technologies have made sub-threshold iron ore resources , such as BHQ and BHJ, viable for upgrading into high-grade ore suitable as feedstock for steel production. Also Read: From waste to wealth: How metal powders are becoming a strategic resource To enable this, a dedicated policy framework was essential for low-grade ore beneficiation, the ministry said. Before this amendment, no distinct pricing applied to such low-grade ores. Consequently, the ASP of higher-grade (45-51 per cent Fe) ore determined royalties and levies, rendering beneficiation economically unfeasible, the ministry said. "Bringing low-grade resources into the usable category will address the concern of depletion of high-grade iron ore resources and will lead to a steady supply of minerals to the steel industry. Utilisation of low-grade iron ore resources will be in the interest of mineral conservation as well as promote scientific and optimal mining of iron ore resources. As a result, the country will continue to be self-sufficient in iron ore," the ministry said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
As India’s fintech sector recalibrates after the 2021 funding surge, growth is no longer being rewarded in isolation. View More
Beyond the 2021 funding frenzy, a more substantial and subtle evolution is shaping India's fintech landscape. Capital has not vanished; it has just become more selective, requiring founders to showcase tangible business metrics over mere storytelling. Sagar Agarvwal, Founder and Managing Partner at Beams Fintech Fund, in a conversation with Economic Times Digital discusses how the current funding slowdown is actually a structural reset. He details how this reset is altering the evaluation, funding, and long-term resilience building of growth-stage fintech companies. Edited excerpts. Economic Times (ET): The funding winter narrative is well known, but you argue this is more of a “reset” than a slowdown. What fundamentally changed in how growth-stage fintechs are being evaluated post-2021? Sagar Agarvwal (SA): What changed is not the opportunity set, but the lens of evaluation. In 2021, capital was underwriting potential - TAM narratives, user growth, and top-line velocity. Today, capital is also underwriting proof of the potential - unit economics, profitability pathways, and balance sheet discipline. There is a clear shift from “growth” to “cash flow visibility.” Investors now require evidence of operating leverage also. The reset is essentially a graduation to fundamentals. ET: The real squeeze seems to be at the Series B–C stage. Why is this segment under the most stress, and what does it reveal about how earlier growth was built? Live Events SA: This segment is not under any stress but going through a calibrated change where narrative meets numbers. At Series B & C, companies have to start producing positive unit economics with clear repeat and retention numbers and investors want to see these numbers. From here on, the path to IPO also starts becoming visible and this is where investors are becoming selective and compared to earlier, public benchmarks are now available to underwrite the assets better. ET: You have backed companies where nearly 75% are profitable. What specific metrics or signals tell you a company has crossed from ‘growth at all costs’ to ‘sustainable scale’? SA: A company transitions from ‘growth at all costs’ to ‘sustainable scale’ when every incremental revenue contribution begins to drive profitability. This is supported by strong and improving retention metrics that lead to high repeat business, alongside a core business that is performing consistently while cross-sell opportunities scale. Additionally, discipline in underwriting, stable cohort performance, and reduced dependence on external capital are strong indicators that the business has achieved sustainable scale. ET: In today’s market, what are the top three non-negotiables a founder must demonstrate to successfully raise capital at the growth stage? SA: In today’s market, founders need to demonstrate a highly predictable business model with clear visibility on profitability and monetisation. Strong governance and compliance are equally critical, especially in fintech where regulatory scrutiny continues to increase. Capital efficiency, the ability to do more with less, measured through returns on incremental capital has become a key filter. Finally, team stability and continuity at scale are essential indicators of execution capability. ET: There is a visible shift from generalist VC money to specialist fintech capital. What advantage do sector-focused funds like Beams have in underwriting risk today? SA: As a sector-focused fund, our advantage lies in a combination of network depth, pattern recognition, and granular risk assessment. Strong relationships across banks, NBFCs , regulators, and ecosystem partners allow us to create meaningful network leverage. We also enable cross-pollination across portfolio companies and LPs, driving collaboration at scale. Having seen multiple cycles across fintech sub-sectors, we are able to better underwrite business transitions, while our ability to assess risks across credit, fraud, and regulatory exposure helps distinguish between optical growth and real, risk-adjusted growth. ET: Credit-led fintechs, embedded finance, and AI-driven risk models are gaining traction. Where do you see the smartest capital flowing over the next 2–3 years and what is overhyped? SA: Over the next 2–3 years, smart capital is likely to flow into B2B fintech and SaaS infrastructure platforms that enable financial institutions through lending operating systems, collections technology, compliance tools, and risk analytics. These businesses tend to be high-margin, sticky, and scalable without significant balance sheet intensity. Payments will continue to evolve as an ecosystem play, particularly in value-added segments such as cross-border payments, merchant SaaS integrations, and bundled software-financial service offerings. Wealth and savings platforms targeting underpenetrated segments like the mass and emerging affluent with strong unit economics and clear monetisation will also attract interest. Additionally, asset-light, risk-calibrated credit models in areas like supply chain finance, MSME lending, and embedded credit will see traction, especially where underwriting is data-driven and distribution is integrated. On the other hand, low value-add “wrapper” businesses are increasingly being exposed. Models that sit on top of existing financial rails without meaningful differentiation whether through proprietary data, distribution, or product innovation are finding it difficult to sustain margins or retain customers in an environment where capital no longer subsidises CAC. The winners will be those that combine distribution strength with risk control, rather than relying solely on technology layers. ET: Many fintechs scaled rapidly on the back of cheap capital and aggressive customer acquisition. How are you stress-testing business models today for resilience in a tighter liquidity environment? SA: We run three key stress tests to evaluate resilience. First, we assess unit economics under normalised customer acquisition costs by stripping away incentives to see if the model still holds. Second, we test credit portfolios under stress scenarios, including higher default rates and tighter liquidity. Third, we evaluate liquidity dependency to understand how reliant the business is on continuous external funding. In addition, we closely examine cohort durability to ensure that customers acquired during high-burn phases remain profitable over time. ET: As more fintechs eye public markets, what separates companies that are truly IPO-ready from those that may struggle under public market scrutiny? SA: Public markets reward consistency, transparency, and predictability, not just growth. IPO-ready companies typically demonstrate sustainable profitability or a clear near-term path to it, along with high-quality revenues, strong governance, and robust disclosure standards. They also exhibit resilience across cycles. In contrast, companies with volatile earnings, unclear monetisation strategies, or governance gaps often struggle under public market scrutiny, where risk is priced far more rigorously than potential. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
India is launching a new scheme to boost critical mineral processing. Public sector companies will bid for four copper mines in Chile. Domestic copper production is set to increase significantly. Plans are also underway to extract gold from mining residue. These initiatives aim to strengthen India's mineral sector and global presence. View More
The centre is preparing a new scheme to support setting up critical mineral processing units in the country, Union Mines Secretary, Piyush Goyal said Friday. Speaking to journalists in New Delhi, he said it is important to develop processing value chain within the country. Goyal also said a consortium of public sector undertakings will bid to acquire four copper mines in Chile. “The new mineral processing scheme will work along with existing ones of specialty steel and battery manufacturing ,” the secretary said without divulging details of fund allocation or tentative timeline for approvals. “We will initially target processing facilities for two minerals,” Goyal said, adding Indian private sector players have committed raw material supplies for these future units through imports from their overseas acquisitions. Elaborating on the critical mineral acquisition plans, he said plans are afoot to improve domestic copper availability while also eyeing overseas assets. “A consortium of public sector undertakings will shortly submit bids to acquire four copper mines from Codelco (National Copper Corporation of Chile),” he said. According to Goyal, India will be scaling up domestic ore production and “hopes to become an exporter next year.” He said domestic copper ore production stood at 4.3 million tonnes per annum (mtpa), which will rise to 12 mtpa in 2030. Live Events India has also set eyes on unlocking its gold trapped in mining residue. “The gold tailings policy is ready,” Goyal said, adding the Mines Ministry has sought direction from the High Court on the way forward for monetising gold tailings with Bharat Gold Mines Limited (BGML). .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Vishal Nirmiti has secured Securities and Exchange Board of India approval for its IPO, comprising a fresh issue and offer for sale, with proceeds aimed at working capital, debt reduction and supporting growth across railway and EPC infrastructure segments View More
Railway infrastructure company Vishal Nirmiti has received approval from the capital markets regulator Sebi to launch its IPO, paving the way for the civil engineering and infrastructure player to tap the primary market. The IPO comprises a fresh issue of Rs 125 crore along with an offer for sale of up to 0.15 crore equity shares by existing shareholders. The shares are proposed to be listed on both the BSE and NSE. The proceeds from the fresh issue are expected to be used primarily to fund working capital requirements and reduce debt, with Rs 65 crore earmarked for working capital and Rs 20 crore for loan repayment. Incorporated in 1994, Vishal Nirmiti operates across manufacturing and EPC segments, with a strong focus on railway infrastructure. The company manufactures pre-stressed concrete sleepers for railways and undertakes fabrication of mild steel pipes and related components for irrigation and hydro projects. It also executes EPC contracts across railways, renewable energy and industrial infrastructure. The company has a pan-India presence with operational facilities across multiple states and is led by a promoter group with over four decades of industry experience. Live Events Its business model spans both manufacturing of infrastructure components and execution of large-scale projects, providing diversification across revenue streams. Financially, the company has reported strong growth, with revenue rising 31% and profit after tax jumping significantly in the last financial year, indicating improving operating leverage and execution momentum. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Vedanta Aluminium is setting up a new manufacturing hub in Jharsuguda, Odisha. Two companies have signed agreements to establish their facilities at the Vedanta Aluminium Park. This initiative aims to boost value addition and support small businesses. The park is expected to attract significant investment and create numerous jobs. View More
Bhubaneswar: Vedanta Aluminium on Friday signed MoUs with two companies for setting up their manufacturing facilities in the upcoming Vedanta Aluminium Park in Odisha's Jharsuguda. The MoUs were signed by Singhal Steel & Power Pvt Ltd and SCOT-AL Metcon Pvt. Ltd. The agreements were signed here in the presence of Odisha Industries Minister Sampad Chandra Swain and Additional Chief Secretary, Industries, Hemant Sharma. A statement issued by the company said that the Vedanta Aluminium Park in Jharsuguda aims to promote value addition and support the growth of MSMEs while cementing Odisha's position as a global aluminium hub. The initiative is expected to attract fresh investments of over Rs 500 crore, and create around 1,500 direct and indirect employment opportunities. Also Read: Vedanta questions metrics behind Adani’s winning bid for JAL Live Events Envisaged as a dedicated world-class industrial ecosystem for downstream aluminium industries, the Vedanta Aluminium Park in Jharsuguda aims to promote value addition and support the growth of MSMEs while cementing Odisha's position as a global aluminium hub. The initiative is expected to further enhance the state's industrial competitiveness, attract fresh investments of over Rs 500 crore, and create around 1,500 direct and indirect employment opportunities within the state. "This initiative reinforces Odisha's position as a leading industrial destination. The Vedanta Aluminium Park will accelerate investments, create large-scale employment and strengthen the state's manufacturing capabilities across sectors," the Industries minister said. The proposed Vedanta Aluminium Park is a critical step in deepening Odisha's industrial value chain. By combining infrastructure readiness with policy support, we are creating a platform that enables industries to scale efficiently and competitively, Sharma said. Vedanta Aluminium's CEO Rajiv Kumar said the proposed park reflects the company's commitment to moving beyond primary production towards value-added manufacturing. By enabling a strong downstream ecosystem, we aim to unlock new opportunities for industries, MSMEs and local entrepreneurs, he said. Also Read: Nifty eyes 24,500 as markets shake off geopolitical jitters; Vedanta, NTPC Green, Infosys in focus: Rahul Sharma Vedanta Jharsuguda CEO, C Chandru, said that the proposed park will not only strengthen the downstream ecosystem but also create sustainable livelihoods, foster entrepreneurship, and contribute to the development of the region. The Phase 1 development of the Vedanta Aluminium Park, spanning approximately 56 acres, aimed to bring together industrial capability and investment intent to unlock new opportunities across the aluminium value chain. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The quantity will be allocated based on the recommendations of an Exim facilitation committee View More
A Tata Trusts trustee has backed listing Tata Sons via an IPO, aligning with growing support despite the group’s earlier stance to remain unlisted and explore alternatives to avoid going public. View More
Tata Trusts trustee and former Defence Secretary Vijay Singh has called for the listing of Tata Sons on the stock exchanges through its initial public offering (IPO), after TVS Group’s Venu Srinivasan publicly supported the move, The Indian Express reported. This is contrary to the resolution passed by Tata Trusts less than a year ago, which aimed to retain Tata Sons as an unlisted private entity, resisting regulatory momentum toward a potential IPO. More recently, Tata Trusts, under the chairmanship of Noel Tata, had asked Tata Sons Chairman N Chandrasekaran to explore all options to avoid a listing, while also initiating discussions on a potential exit for the SP Group. 'Time has come for Tata Sons listing' Pushing for the IPO, Vijay Singh believes the expansion and the new capital and technology-intensive businesses of Tata Sons do demand an urgent re-look, the report added. “Tata Sons, from its earliest days a 100 years ago, has been a key driver of nation-building projects such as steel, locomotives, power, and infrastructure. That role has now expanded into areas like aviation, defence, semiconductors, batteries and electronics, which demand large capital that can be raised internally only up to a point,” the report quoted Vijay Singh as saying, stating the time has come for the listing of Tata Sons. Singh further said, as quoted by the report, that in case India is to produce fighter aircraft with a foreign partner, a huge investment will be required. Such projects, which are crucial for the country, should never be foregone for lack of funds, which can only be raised from the market by a listed entity, Singh added. Notably, he was on the board of Tata Sons for 12 years till 2025. Live Events 'Tata Trusts have been fractious and turbulent' Singh believes that Tata Sons needs more transparency and regulatory oversight in view of its size and scale of operations. “The Tata Trusts have been fractious and turbulent in the recent past and there is no guarantee of a better future,” he said, as quoted by the report. When asked if the IPO will reduce the control of Tata Trusts over Tata Sons, Singh said that he doesn’t think the listing will significantly affect the trusts, which will continue to hold large shareholding, board seats and promoter status. He also dismissed worries around the takeover of Tata Sons by another business group due to its massive size and scale. The Economic Times couldn’t independently verify the report. Earlier, Venu Srinivasan backed the idea of a public listing of Tata Sons, the first time that a Tata Trusts trustee publicly supported such a move, saying that the step would be inevitable if the Reserve Bank of India classifies the group holding company as an upper layer non-banking finance company (NBFC), appearing to reflect a widening divergence of opinion at the group's top echelons. Tata Trusts Vice Chairman Srinivasan told ET that such a move would allow Shapoorji Pallonji (SP) Group to monetise its 18.37% stake in Tata Sons, a long-standing demand of the minority shareholder that's seeking to pay off debt. "A public listing would not only unlock value for minority shareholders, including providing an exit route to the Shapoorji Pallonji Group, but also equip Tata Sons with capital to sustain its growth trajectory," Srinivasan told ET. The Reserve Bank of India is expected to issue a revised circular on upper-layer NBFCs soon. The RBI's scale-based regulation (SBR) framework for NBFCs is under review. Officials have suggested that Tata Sons may not receive the RBI exemption it has sought from the upper-layer classification to avoid listing. Against this backdrop, Srinivasan said some trustees may not challenge any regulatory decision on the company's status, even as the unanimous September 2025 resolution to keep Tata Sons unlisted risks coming under strain. Tata Trusts has majority control of Tata Sons with a stake of about 66%. Amid mounting pressure-including a possible regulatory mandate, demands from the SP Group, and rising internal differences-the Trusts appear to be increasingly divided. One section of trustees sees a listing as inevitable and aligned with shareholder interests, while another remains opposed, favouring an unlisted structure to preserve control and legacy considerations. The SP Group has been actively pushing for the public listing of Tata Sons, calling it a "moral and social imperative" to ensure transparency and unlock value. The broader unease within the group has also surfaced in governance matters. An early move to consider a third term for Chandrasekaran, whose current tenure runs until February 2027, was deferred after objections were raised over performance of Chandrasekaran and losses at Air India and Tata Digital at a board meeting by Noel Tata on February 24, 2026, highlighting emerging differences between the Trusts and the Tata Sons board. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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