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Google on Wednesday said it would invest $15.1 billion into AI infrastructure in Finland, marking the tech giant's largest single investment in Europe. View More

In this articleFOT-FFFOT-FFMSFTGOOGLNBISMETAFollow your favorite stocksCREATE FREE ACCOUNT Google on Wednesday said it would invest at least 13 billion euros ($15.1 billion) into AI infrastructure in Finland, marking the tech giant's largest single investment in Europe.Finland has emerged as a key location for data centers amid the AI boom, with hyperscalers and developers eyeing its available land and power, which is in short supply throughout most of Europe.Google will deploy the capital through 2028, including into data centers and other supporting investments like energy projects, the company said in a statement.It added that it has signed a 22-year life extension power purchase agreement (PPA) with Finnish energy company Fortum — which saw its stock jump 11% on the news."Google is proud to deepen our roots in Finland with the company's largest single investment in Europe, building on more than 15 years of sustained investment in Finland," Ruth Porat, president and chief investment officer of Alphabet and Google, said in a statement. "This investment underscores Google's commitment to grow our presence responsibly, pairing the expansion of our technical infrastructure with new energy capacity, grid enhancements, and energy affordability initiatives."Finland's booming data center sectorSeveral data center projects with potential capacities of hundreds of megawatts have been announced in Finland in recent months.Pure DC said in July it would invest 1.5 billion euros ($1.74 billion) to build a 110-megawatt campus in Finland, with the potential to scale beyond 550 megawatts. Arcem has plans for a site with up to 500 megawatts capacity. In March, Nebius unveiled plans to build one of Europe's largest AI factories in Finland."Finland is seeing huge demand for AI infrastructure right now, I've heard it called the 'Texas of Europe' at industry events," Matti Lajunen, partner of real estate at Finnish law firm Hannes Snellman, told CNBC. "What we're now seeing is weekly new inquiries for market entry into Finland from new players."Texas has become one of the leading locations for AI data centers globally, with a number of huge projects announced by hyperscalers and AI labs, including Meta, Microsoft and Anthropic. Google in November said it would invest $40 billion in Texas through 2027.A map showing data centers across the United States.CNBCAlongside Fortum, Google said it would "work to identify new business models to improve the commercial viability of potential new nuclear reactors" at its Loviisa site, a town in Southern Finland.Finland has also been an attractive location for digital infrastructure supporting social media workloads, with TikTok planning on expanding its data center capacity in the country."The value of the data economy extends far beyond direct investment into spurring innovation, research, and development," said Finland's Prime Minister Petteri Orpo. "Deepening our collaboration with Google will deliver lasting benefits for both parties." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

"We have at this point ruled out cyber," the head of NATS said Wednesday, as airlines slammed the organization for a third major failure in three years. View More

In this articleRYAAYFollow your favorite stocksCREATE FREE ACCOUNT Delayed passengers wait and queue with their luggage at Terminal 3 of London Heathrow airport, west of London on September 8, 2026, following major disruption due an issue affecting the NATS air traffic control systems. Henry Nicholls | Afp | Getty ImagesThe head of U.K. air traffic control services has said he does not believe a cyber attack caused the software issue that disrupted hundreds of thousands of passengers with flight cancelations on Tuesday. "Obviously we will be doing a very thorough and full investigation. We have at this point ruled out cyber, we don't believe it was a cyber attack," Martin Rolfe told BBC Radio 4's Today program on Wednesday. "I don't believe we've ever seen an incident happen more than once, so this will be something different that we've never seen in 50 years of operation," he added. Flight tracking website Flightradar24 said 1,300 flights were canceled to and from U.K. airports on Tuesday, and that 177 flights had been canceled as of early Wednesday morning. Nearly all the cancelations were at London's Heathrow, one of Europe's busiest airports. London's Stansted and Gatwick airports, Birmingham and Manchester were also severely impacted.The technical issue was confirmed by National Air Traffic Services (NATS) shortly before 2 p.m. local time on Tuesday. While it was resolved by 7:30 p.m., severe travel disruption continued into Wednesday due to a backlog of flights, aircraft and crews being in the wrong place, and staff reaching the end of shift limits. Passengers due to fly Wednesday have been urged to check with their airline for updates. An arrivals board shows flight status at Gatwick Airport on September 08, 2026 in London, England. Getty Images | Getty Images News | Getty ImagesRolfe said NATS took responsibility for the impact on passengers, airlines and airports."We never do this lightly, we only do it when there is an issue that cannot be solved quickly and we have to take action to make sure that those who are flying, who are in the air at the time, are safe," he told the BBC."When we can restore these incredibly complex systems, we do so as quickly as we possibly can."NATS runs air traffic control services for 15 U.K. airports, handling around 2.5 million flights a year, and is responsible for managing the U.K.'s upper airspace used by commercial jets. Airlines directed sharp criticism at the organization and its leadership on Wednesday, noting that the latest incident followed two other major failures in recent years. A radar technical issue in July 2025 led to more than 150 cancellations, while widespread travel chaos lasted for days over a long weekend in August 2023 due to problems with NATS' flight plan processing sub-system. Neal McMahon, chief operating officer of Ireland's Ryanair, called it an "abhorrent" failure by NATS that had hit families traveling on holiday and people traveling for work."The astonishing part is that NATS continues to charge airlines and passengers more each year while delivering a worse service. Following the 2023 collapse, we were told lessons would be learned... Yet here we are again," McMahon said in a statement. A spokesperson for low-cost carrier Wizz Air told CNBC the airline was "extremely disappointed that another NATS technical failure has caused widespread disruption across the U.K. aviation network.""Passengers are once again facing delays and cancellations because of a failure entirely outside airlines' control," they said.Passengers flying from Heathrow have been hit by further disruption recently. Rail links to Britain's busiest airport were suspended at the weekend due to a fire, while the entire airport shut down for almost a whole day in March 2025 due to a power outage at a nearby electrical substation. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Kanohar Electricals IPO received robust demand on its second day of bidding. The issue was subscribed 10.22 times overall, indicating strong investor interest. A significant grey market premium of 35% further boosted market sentiment. The company plans to use IPO proceeds for capital expenditure and working capital. Analysts recommend subscribing for long-term investment based on growth prospects. View More

The Kanohar Electricals IPO witnessed strong demand on the second day of bidding, with the issue getting subscribed 10.22 times overall against the 1.16 crore shares on offer. The three-day issue has received a robust response so far. A grey market premium (GMP) of around 35% has further boosted market interest, keeping the IPO firmly on investors’ radar ahead of its stock market debut. The IPO was subscribed 2.70 times on Day 1, against the 1.16 crore shares on offer. Retail investors showed even stronger appetite, with the RII portion subscribed 3.30 times against the 58.46 lakh shares reserved for the category. Kanohar Electricals IPO is a book-built issue worth Rs 1,055.74 crore, comprising a fresh issue of 47.47 lakh shares worth Rs 300 crore and an offer for sale (OFS) of 1.20 crore shares amounting to Rs 755.74 crore. The IPO price band has been fixed at Rs 601–Rs 632 per share, while the lot size is 23 shares. At the upper end of the price band, retail investors will need to shell out a minimum of Rs 14,536 for one lot. Kanohar Electricals IPO opens for subscription on Sep 8, 2026 and closes on Sep 10, 2026. The allotment for the Kanohar Electricals IPO is expected to be finalized on Sep 11, 2026. Kanohar Electricals IPO will list on NSE and BSE with a tentative listing date fixed as Sep 16, 2026. Live Events Nuvama Wealth Management Limited and IIFL Capital Services Limited are the book-running lead managers for the issue, while MUFG Intime India Private Limited is acting as the registrar. Kanohar Electricals IPO Subscription Status Breaking down the category-wise subscription, Retail Individual Investors (RIIs) subscribed 8.49 times the 58.46 lakh shares reserved for them. The Non-Institutional Investors (NIIs) segment saw even stronger demand, with subscription reaching 19.22 times against the 25.05 lakh shares offered. Meanwhile, the Qualified Institutional Buyers (QIBs) portion was subscribed 6.50 times, against the 33.40 lakh shares reserved for the category. Kanohar Electricals IPO GMP Today The Kanohar Electricals IPO continues to command a strong premium in the grey market. The latest Grey Market Premium (GMP) stands at Rs 218 per share, translating to a premium of around 35% over the upper end of the IPO price band of Rs 632. At the current GMP, the estimated listing price is around Rs 850 per share, indicating a potential premium over the IPO's upper price band. GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of investor sentiment and is not regulated or guaranteed by stock exchanges. GMP can fluctuate before the listing, and the actual listing price may differ significantly from the estimated price based on grey-market trends. IPO Objects of the Issue Kanohar Electricals plans to use the net proceeds from the IPO primarily to fund its capital expenditure requirements, with an estimated allocation of Rs 64.18 crore. The company also proposes to deploy Rs 155 crore towards incremental working capital requirements. The remaining proceeds will be utilised for general corporate purposes. Overall, the company plans to utilise approximately Rs 219.18 crore from the issue proceeds towards these objectives. Financial Performance Kanohar Electricals reported a 45% year-on-year increase in total income, rising from Rs 457.30 crore in FY25 to Rs 662.86 crore in FY26. The company also recorded strong growth in profitability during the period. Profit after tax (PAT) nearly doubled, climbing 99% from Rs 65.12 crore in FY25 to Rs 129.73 crore in FY26, highlighting a significant improvement in its bottom line. About Kanohar Electricals Ltd. Incorporated in 1972, Kanohar Electricals Limited is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The Company operates across two segments: transformer manufacturing and EPC services. It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers. Kanohar operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The Company also has five regional offices across India and a workforce of 526+ employees. Should you subscribe? According to AnandRathi research report, "The company offers exposure to the structural growth in India’s power transmission and distribution sector, supported by rising grid investments, renewable energy integration and increasing demand for high-voltage transformers. However, the high customer concentration, dependence on the Transformer Manufacturing Business and government/transmission utility orders warrant a measured outlook. At the upper price band, the company is valued at 38.6x FY26 P/E and 28.0x EV/EBITDA, implying a post-issue market capitalization of Rs 50,046 million. While the valuation is at a premium to Transformers & Rectifiers (India) Limited at 32.2x P/E and 20.8x EV/EBITDA, the premium is supported by Kanohar’s superior recent growth and profitability profile. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue. SBI Securities said, “At the upper price band of Rs 632, the issue is valued at 38.6x FY26 post-issue P/E, which appears reasonable given its strong growth trajectory, niche certifications, robust order pipeline and favourable industry tailwinds. We recommend subscribing to the issue at the cut-off price.” Arihant Capital said, “At the upper price band of Rs 632 per share, the issue is valued at approximately 38.58x FY26 earnings, depending on the share-count methodology used. The premium valuation is supported by strong earnings growth, improving margins, high ROCE and a sizeable order book. However, investors should monitor customer concentration, government/PSU dependence, execution risk, commodity-price volatility and the sustainability of the recent margin expansion. We recommend subscribing for investors with a medium-to-long-term horizon.” (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .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;width: 100%;box-sizing: border-box} .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)

The applications come after the Coal Ministry rejected reports last week that the scheme had failed to attract industry interest View More

The Centre's scheme received seven applications from Adani Enterprises, NTPC, Talcher Fertilisers, Gallantt Ispat and Shyam Sel & Power for projects in urea, syngas and synthetic gas View More

The Kanohar Electricals IPO opened today, September 8, 2026, and will remain accessible for a span of three days. This book-built offering, valued at Rs 1,055.74 crore, includes both fresh shares and an offer for sale. Proceeds from the IPO are earmarked for enhancing capital expenditure and meeting working capital demands. View More

The much-awaited Kanohar Electricals IPO opened for subscription today, September 8, 2026, giving investors a three-day window to place their bids until September 10. Kanohar Electricals IPO is a book-built issue worth Rs 1,055.74 crore, comprising a fresh issue of 47.47 lakh shares worth Rs 300 crore and an offer for sale (OFS) of 1.20 crore shares amounting to Rs 755.74 crore. The IPO price band has been fixed at Rs 601–Rs 632 per share, while the lot size is 23 shares. At the upper end of the price band, retail investors will need to shell out a minimum of Rs 14,536 for one lot. Kanohar Electricals IPO opens for subscription on Sep 8, 2026 and closes on Sep 10, 2026. The allotment for the Kanohar Electricals IPO is expected to be finalized on Sep 11, 2026. Kanohar Electricals IPO will list on NSE and BSE with a tentative listing date fixed as Sep 16, 2026. Nuvama Wealth Management Limited and IIFL Capital Services Limited are the book-running lead managers for the issue, while MUFG Intime India Private Limited is acting as the registrar. Live Events Kanohar Electricals IPO GMP Today Kanohar Electricals IPO is commanding a GMP of Rs 196 per share, or around 31% over the upper end of the IPO price band of Rs 632. Based on the latest grey-market premium, the estimated listing price stands at Rs 828 per share. GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and is not an exchange-regulated or guaranteed measure of the IPO's listing price. GMP can change before listing, and the actual listing price may differ significantly from the estimated price. IPO: Objects of the Issue Kanohar Electricals plans to use the net proceeds from the IPO primarily to fund its capital expenditure requirements, with an estimated allocation of Rs 64.18 crore. The company also proposes to deploy Rs 155 crore towards incremental working capital requirements. The remaining proceeds will be utilised for general corporate purposes. Overall, the company plans to utilise approximately Rs 219.18 crore from the issue proceeds towards these objectives. Financial Performance Kanohar Electricals reported a 45% year-on-year increase in total income, rising from Rs 457.30 crore in FY25 to Rs 662.86 crore in FY26. The company also recorded strong growth in profitability during the period. Profit after tax (PAT) nearly doubled, climbing 99% from Rs 65.12 crore in FY25 to Rs 129.73 crore in FY26, highlighting a significant improvement in its bottom line. About Kanohar Electricals Ltd. Incorporated in 1972, Kanohar Electricals Limited is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The Company operates across two segments: transformer manufacturing and EPC services. It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers. Kanohar operates two manufacturing facilities in Meerut, Uttar Pradesh, with a combined transformer manufacturing capacity of 19,200 MVA as of March 31, 2026. The Company also has five regional offices across India and a workforce of 526+ employees. Should you subscribe? According to AnandRathi research report, "The company offers exposure to the structural growth in India’s power transmission and distribution sector, supported by rising grid investments, renewable energy integration and increasing demand for high-voltage transformers. However, the high customer concentration, dependence on the Transformer Manufacturing Business and government/transmission utility orders warrant a measured outlook. At the upper price band, the company is valued at 38.6x FY26 P/E and 28.0x EV/EBITDA, implying a post-issue market capitalization of Rs 50,046 million. While the valuation is at a premium to Transformers & Rectifiers (India) Limited at 32.2x P/E and 20.8x EV/EBITDA, the premium is supported by Kanohar’s superior recent growth and profitability profile. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .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;width: 100%;box-sizing: border-box} .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)

Kanohar Electricals plans a ?300 crore IPO to boost transformer manufacturing capacity. The company's promoter stake will significantly decrease after the offering. Rising power demand and government initiatives are expected to benefit the business. However, significant customer and supplier concentration risks are present. Investors may observe financial performance post-listing before committing capital. View More

ET Intelligence Group: Kanohar Electricals, a transformer manufacturer , plans to raise ₹300 crore through a fresh issue to expand capacity and ₹755.7 crore through offer for sale. The promoter stake will fall to 74.9% after the IPO, including the pre-IPO anchor share sales to institutional investors from 99.7%. The company is expected to benefit from rising power demand and the government's push to expand electricity transmission. However, it faces significant customer and supplier concentration risks. Government entities accounted for 85% of revenue in FY26. Given these factors, investors may prefer to wait and watch the company's financial performance after listing. ET Bureau Business Incorporated in 1972, the company is a power equipment manufacturer focused primarily on transformers, with an EPC (engineering, procurement and construction) business providing solutions for substations and transmission lines. It caters to sectors such as power transmission, railways, renewable energy and power distribution. Transformer manufacturing contributed 83.4% to revenue in FY26, while EPC services accounted for the balance. It has two manufacturing facilities in Meerut, Uttar Pradesh with aggregate transformer manufacturing capacity of 19,200 MVA (Mega Volt-Amperes) as of March 2026, up from 15,000 MVA in FY24. Although capacity utilisation imporved to 46% in FY26 from 16.5% in FY24, it still remained low. Its order book increased to ₹1,818 crore as of March 2026 from ₹596 crore in FY24. The top five customers contributed 74% to revenue. On the supply side, its top three suppliers accounted for around 57% of raw material purchases. Read more: Ultravolt launch sparks sell-off in wire stocks; high-voltage players insulated Financials Revenue grew 54% annually to ₹653.8 crore in FY26 from ₹276.7 crore in FY24. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased to ₹180.4 crore from ₹31.1 crore, while the EBITDA margin improved to 27.6% in FY26 from 11.2% in FY24, compared with peer range of 12%-27%. Net profit rose to ₹129.7 crore in FY26 from ₹17.8 crore in FY24. Return on equity increased to 42% in FY26 from 10.5% in FY24 compared with peer range of 19%-61%. Live Events Valuation The company seeks a price-earnings (P/E) multiple of 38.6 on post-IPO basis compared with a P/E of 33 for Transformers and Rectifiers, 81 for GE Vernova T&D India and 139 for Schneider Electric Infrastructure . .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;width: 100%;box-sizing: border-box} .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)

The BSE IPO index reached an all-time high, surging 35% in five months. Its SME counterpart also jumped 55%, marking a strong performance for recent listings. These gains significantly outpaced the broader market indices like Sensex and Nifty. However, the rally was concentrated, with a few stocks driving most of the gains. Retail and HNI investors are favoring fresh growth stories over established large-cap companies. View More

Mumbai: The BSE IPO index , a measure that tracks recent mainboard listings, surged 35% in the first five months of FY27, its strongest April-August performance in three years, to an all-time high on Monday, boosted by strong openings by a clutch of recent stock market debutants . The BSE SME IPO index jumped 55%, marking its best showing for the period in two years. The benchmark is 5% away from its record levels. The gains far outpaced the broader market. The Sensex and Nifty rose 6% each during April-August, while the BSE MidCap 150 gained 19% and the BSE SmallCap 250 climbed 29%. ET Bureau But the strong performance of the IPO indices masks a highly concentrated rally, with 15 stocks accounting for nearly 80% of the gains in the BSE's 73-stock IPO index. For BSE's 105-stock SME IPO index, 24 stocks contributed to about 89% of the rise in the benchmark The indices are designed to track relatively recent listings. A stock market debutant enters the BSE IPO index on the third day after listing and is generally removed after completing one year. In the case of the SME IPO index, a stock is included on the second day of listing and moves out after a year. An SME stock exits earlier if it migrates to the BSE Mainboard. Both indices are rebalanced monthly. Read more: Indian firms line up $7.7 billion in ECB proposals in July Live Events "Retail and HNI investors are opting for fresh growth stories over legacy large-cap names that carry FPI overhang, valuation baggage, and uncertain earnings visibility," said Rajesh Singla, CEO and fund manager at Alpha AMC & Planify. Of the 4661 points gained by the BSE IPO index between April and August, Meesho , Lenskart Solutions , Tata Capital , Billionbrains Garage Ventures, Rubicon Research, LG Electronics India, Physicswallah, Urban Company, Shadowfax Technologies, Sudeep Pharma, ICICI Prudential Assets, Aequs, Emmvee Photovoltaic Power, Fujiyama Power Systems and Clean Max Enviiro Energy Solutions together contributed 3,738 points. Of the 105 stocks in the BSE SME IPO index, 24 companies, including Zelio E Mobility, Indo SMC, Airfloa Rail Tech, Exato Tech, SK Minerals & Additives, LT Elevator, Aptus Pharma and Purple Wave Infocom, contributed 34,472 points to the index's 38,772-point rise, accounting for nearly 89% of the gains. The remaining 56 gainers added 6,520 points, while 25 stocks dragged the index down by 2,220 points. .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;width: 100%;box-sizing: border-box} .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)

India has signed a five-year fuel supply agreement with Mauritius under which IndianOil will meet the island’s entire import requirement of fuels, marking the first such long-term deal with a country outside South Asia and signalling India’s emergence as a trusted energy supplier in the Indian Ocean. View More

For years, India’s place in global energy was dominated by heavy dependence on imported crude on the one hand, and rising strength as a refiner and exporter of petroleum products on the other. On 20 August 2026, that story took another turn, when in Port Louis Indian Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Mauritius Minister of Commerce and Consumer Protection John Michaël Tzoun Sao Yeung Sik Yuen signed a government-to-government memorandum of understanding (MoU) on cooperation in the oil and gas sector, alongside a five-year sales and purchase agreement between IndianOil Corporation Limited and the State Trading Corporation of Mauritius. Under the agreement, IndianOil will supply the island nation’s entire import requirement of petrol, high-speed diesel, marine gas oil and aviation turbine fuel for the next five years, providing long-term supply certainty and greater price stability for an economy that imports every litre of its petroleum. This is the first time a country outside South Asia has signed such a long-term fuel supply arrangement with an Indian public sector oil company, marking a milestone in India’s transition from being a large energy buyer to becoming a trusted, long-term energy supplier. The MoU establishes a formal framework for bilateral cooperation in petroleum and gas, biofuels, sustainability and other emerging energy areas, while the five-year agreement between IndianOil and the State Trading Corporation operationalises that framework through a concrete supply commitment. IndianOil will meet Mauritius’s full import needs for petrol, diesel and aviation turbine fuel, with marine gas oil included to support bunkering and maritime services. The agreement builds on a 25-year relationship, with IndianOil (Mauritius) Limited, a wholly owned subsidiary of IndianOil, established in 2001, now running a chain of filling stations along with aviation, bunkering and lubricants businesses, and ranking as one of the largest petroleum companies in Mauritius by turnover. Alongside the MoU, IndianOil and Mauritian authorities announced plans to expand bunker fuel storage capacity at Mer Rouge and to cooperate on biofuels under the Global Biofuels Alliance. The sustained commitment is a testament to the continued work by the Indian Ministry of Petroleum and Natural Gas to deepen energy ties with Indian Ocean partners. Why this matters beyond the pumps Petroleum products account for the bulk of Mauritius’s primary energy requirement, and fuel imports represent a significant share of the country’s total import bill. Against that backdrop, a five-year contract that covers the entire import requirement of petrol, diesel and aviation turbine fuel is positioned to reduce exposure to spot-market volatility, supply disruptions and the kind of price spikes that can ripple through transport, fisheries, tourism and aviation, all pillars of the island’s economy. For IndianOil, the deal demonstrates that an Indian public sector refiner can lock in long-term business in a foreign market, competing on reliability, logistics and partnership rather than price alone. It also fits a broader pattern: Indian public sector companies are increasingly making a mark in long-term business in foreign markets, moving beyond domestic refining and distribution to become regional energy anchors. The strategic dimension is equally significant. Mauritius sits along key shipping lanes that connect India to East Africa and beyond, and securing a stable fuel supply relationship here strengthens India’s maritime footprint and creates a platform for deeper economic engagement with African markets. The planned bunker fuel storage expansion at Mer Rouge, together with IndianOil’s existing aviation and bunkering operations, positions Port Louis as a refuelling hub for vessels transiting the Indian Ocean. In practical terms, the agreement embeds India into the energy architecture of a region where multiple global players have long competed for influence, and gives New Delhi credible leverage in the form of assured fuel supply and infrastructure investment. Economic and bilateral trade implications India and Mauritius already enjoy deep economic ties, with India among the island’s top trading partners and a major source of tourism, investment and technical cooperation. By underwriting Mauritius’s fuel imports, India reduces the island’s vulnerability to external shocks and frees up foreign exchange that might otherwise be spent on hedging against price volatility or maintaining larger fuel inventories. For IndianOil, the five-year contract provides a predictable revenue stream and a base from which to expand into biofuels, lubricants and downstream services, while the MoU opens the door to joint ventures, technical assistance and training in petroleum and gas. Cooperation will not be limited to fossil fuels: Mauritius has set an ambition to increase the share of green sources in its energy mix, and IndianOil’s refining and blending capabilities could support that transition through ethanol, biodiesel and sustainable aviation fuel. Live Events What this heralds The Mauritius deal is an expression of a shift in India’s energy diplomacy. Where once the focus was on securing crude imports and diversifying sources, the emphasis now includes exporting refined products, building downstream partnerships and positioning Indian companies as reliable suppliers to neighbouring and Indian Ocean rim states. For IndianOil, the agreement could serve as a template for similar arrangements with other small island states and Indian Ocean rim countries, from the Seychelles to the Maldives and beyond. For India, it reinforces a narrative that is only beginning to take hold: that the country is not just a massive energy consumer, but also a credible, long-term energy partner capable of anchoring supply chains in its neighbourhood. The signing in Port Louis, the planned infrastructure expansion at Mer Rouge and the five-year supply commitment together mark a new chapter in a 25-year relationship, one that moves from presence to partnership, and from commercial engagement to strategic interdependence .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;width: 100%;box-sizing: border-box} .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! 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The project will include low-temperature sludge drying as part of its treatment process for efficient sludge management at the complex View More