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Rep. Don Beyer said "President Trump is focused on a taxpayer-funded vanity project that would choke traffic, block our skyline, and tower over sacred ground." View More

A rendering of plans for a 250-foot triumphal arch in Washington, D.C.Courtesy: Harrison Design | U.S. Commission of Fine Arts New architectural drawings of President Donald Trump's controversial proposed "triumphal arch" released on Friday show a 250-foot structure standing across the Potomac River from the Lincoln Memorial in Washington, D.C.The drawings, submitted by Harrison Design to the Commission of Fine Arts ahead of that independent agency's April 16 meeting on the proposal, show a large white structure, topped with a gilded Lady Liberty statue and the words "One Nation Under God." Four golden lions surround the arch at its base.The arch, according to its renderings, would be more than double the height of the Lincoln Memorial. Trump told reporters earlier this year that the arch would be "the most beautiful in the world."The monument, which Trump has teased since last year, is slated to be built in Memorial Circle, a roundabout near Arlington National Cemetery in Virginia, which leads into downtown D.C. A rendering of plans for a 250-foot triumphal arch in Washington, D.C.Courtesy: Harrison Design | U.S. Commission of Fine Arts The renderings are the first official plans the Trump administration has filed for the arch, one of several projects aimed at celebrating the 250th anniversary of the Declaration of Independence this summer.Trump on Feb. 1 told reporters, "For 200 years, they wanted to build an arch.""Close to 57 cities around the world have triumphal arches, and Washington, DC — the only major city — still doesn't," he said.On Feb. 2, the president posted on social media an image showing India Gate, with the message: "India's beautiful Triumphal Arch. Ours will be the greatest of them all!" Visitors walk near the India Gate in New Delhi, India. India Gate was built in the memory of more than 90,000 Indian soldiers who lost their lives during the Afghan Wars and World War I. Saqib Majeed | SOPA Images | LightRocket via Getty Images Rep. Don Beyer, D-Va., blasted the arch project in a social media post on Friday."While Americans worry about skyrocketing costs and another endless war, President Trump is focused on a taxpayer-funded vanity project that would choke traffic, block our skyline, and tower over sacred ground where those who served our nation are buried, including my own parents and sister," Beyer wrote in his post on Bluesky."This isn't about America's 250th or honoring our veterans," Beyer wrote. "It's about Donald Trump's ego —and we're going to stop it."The Commission of Fine Arts, which will consider the proposal, is stacked with Trump allies. The agency in February approved the president's $400 million, 90,000-square-foot White House ballroom renovation.A federal judge in Washington, D.C., on March 31 blocked the ballroom renovation, for now, saying no law "comes close" to giving Trump legal authority to build such a structure at the White House without Congress authorizing it. Read more CNBC politics coverageKevin Warsh Fed chair confirmation plan hits snag as nomination hearing is delayedChina’s Xi invokes ‘threat’ of Taiwan independence in first cross-strait opposition talks in a decadeTrump says Iran ‘better stop now’ if it’s charging oil tankers fees to go through Strait of HormuzKeir Starmer: ‘I’m fed up’ with Trump and Putin affecting UK energy costsU.S. Postal Service seeks hike in price of first-class mail stamps to 82 cents in July The news outlet NOTUS reported this week that the Trump administration planned to use taxpayer funds to pay for the arch. According to the National Endowment for the Humanities' fiscal 2026 spending plan, $2 million in special initiative funds and $13 million in matching funds are reserved for the project.Vietnam War veterans and a historian filed a lawsuit in February in U.S. District Court in Washington to stop construction of the arch, arguing that it would obstruct views of the Vietnam War and Lincoln memorials from Arlington National Cemetery. Judge Tanya Chutkan last week declined to issue a preliminary injunction that would block the arch, MS Now reported. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The average tax refund is about 11% higher so far this season, compared with about the same period in 2025, according to IRS filing data. View More

Artiemedvedev | Istock | Getty Images The average tax refund is 11.1% higher so far this season, compared with about the same period in 2025, according to the latest IRS filing data.As of April 3, the average refund amount for individual filers was $3,462, up from $3,116 about one year ago, the IRS reported on Friday.The IRS data reflects about 99.8 million individual returns received, out of about 164 million expected through the April 15 deadline. Read more CNBC personal finance coverageAverage tax refund is 11% higher, latest IRS filing data showsSocial Security 2027 cost-of-living adjustment estimate rises with gas pricesHere's the inflation breakdown for March 2026 — in one chartHow 'married filing separately' status could affect Trump tax breaks this seasonStudent loan forgiveness may be pricier to access after new changesPersonal assistant pleads guilty to defrauding elderly couple out of $10 millionGas prices should soon start slowly easing if ceasefire holds, analysts sayHow to save money on flights as airlines raise pricesThere's a key number to know before making a last-minute IRA contributionWith gas above $4, drivers across the U.S. say they're cutting backNational College Decision Day is approaching. How to maximize aidMailing your tax return too close to the deadline comes with a riskAverage tax refund is up $350 compared to last year as IRS deadline nearsRobinhood, BNY to build Trump accounts appCNBC's Financial Advisor 100: Best financial advisors, top firms ranked Many filers have seen bigger tax refunds this season due to the 2025 changes enacted via President Donald Trump's "big beautiful bill." With higher refunds on average, Republicans have pointed to Trump's signature policies, such as new deductions for tip income, overtime earnings, seniors and auto loan interest. But rising gasoline prices amid the Iran war have threatened to offset that windfall, according to some analysts.Both parties have focused on affordability ahead of the November midterm elections as many Americans struggle with elevated costs of gas, electricity, food and other living expenses. For filers expecting a refund, nearly one-quarter, or 23%, will use the funds to pay down credit card debt, and the same share will save the payment, according to the CNBC and SurveyMonkey Quarterly Money Survey, released in April, which polled 3,494 U.S. adults at the end of March. How average refunds could still change Despite Trump's legislative changes, the average refund size pattern has aligned with previous years, with the biggest payments reported in late February, and refund amounts gradually declining before Tax Day. In a Jan. 26 release, the White House said the average taxpayer could receive an extra $1,000 or more, citing early October data from investment bank Piper Sandler. But average tax refunds have been smaller, with year-over-year payments up around $350 over the past few updates, according to IRS data. That average could still change with two more IRS updates through the April 15 tax deadline.  watch nowVIDEO3:0403:04Tax refunds are higher on average this year than last, according to the IRS: Here's what to knowSquawk Box "It seems that that tip and overtime earners were incentivized to file early, potentially in anticipation of larger refunds," Andrew Lautz, director of tax policy for the Bipartisan Policy Center, a nonprofit think tank, told reporters Thursday during a press call. Some 81% of filers with tip or overtime income were likely to file in January or February, according to a Bipartisan Policy Center poll of 1,200 Americans from March.If that's a broader trend, the average refund size could decrease by April 15 compared with earlier in the filing season, Lautz said. Alternatively, last-minute filers claiming the federal deduction limit for state and local taxes, known as SALT, could still lift average payments, Lautz said. For 2025, Trump's legislation raised the SALT limit to $40,000 from $10,000, which could offer larger payments for eligible filers who itemize tax breaks.  Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The company is casting a new line to reel users into its ecosystem, with fresh hardware as the lure and services as the hook. View More

Apple is casting a new line to reel more users into its prized ecosystem, a money-printing machine with fresh hardware as the lure and services as the hook. The tech giant announced its most affordable laptop in history last month with the rollout of the MacBook Neo. With a starting price of $599, the Neo is almost half the cost of some of Apple's higher-end laptops. Apple's new MacBook Air 13-inch M5 model starts at $1,099, whereas the 16-inch MacBook Pro with M5 Max starts at $3,899. All three laptops were unveiled during a three-day hardware blitz from management in March. The Neo is Apple's most obvious attempt to challenge budget laptops like Google's Chromebook models and entry-level Windows machines, which can start around $300 or less. "[Neo] is a much more compelling offering at the price point for what you're getting compared to a similar spec PC," Chandler Willison, analyst at research firm M Science, told CNBC in an interview. "That's really the main advantage there." While a little more expensive, the Neo is an attractive option for cash-constrained consumers who need to do simple tasks such as writing, browsing the web, or using artificial intelligence chatbots. College students, for example, are the perfect market. Apple is even catering to them through a $100 education discount. This strategy is nothing new to Apple. Management has spent decades proving the same point to investors: Enter an existing category, make a better mousetrap, and the sales and stock appreciation will come. The strategy also includes getting more and more people to use Apple services, which have higher margins than devices and create recurring revenue. As of January, Apple had an installed base of more than 2.5 billion devices. Building on the momentum of the iPod and iTunes music store, Apple launched the iPhone in 2007. It had no physical keyboard. At the time, it was a high-status and niche product, entering a market dominated by the less expensive, ubiquitous BlackBerry. A year later, Apple launched its App Store alongside the rollout of the faster iPhone 3G with built-in GPS, opening the floodgates for new users into its ecosystem. While the initial move into smartphones posed a risk to Apple's device margins, the gamble paid off through what would become a massive industry-altering phenomenon. A similar pattern emerged in 2016, with the controversial removal of the iPhone headphone jack. Just like the no-keyboard iPhone, the announcement initially frustrated some users . But it was a wise bet that wireless headphones would be essential to the future of the smartphone. Apple was right about that, too. In 2018, Apple saw a huge increase in AirPod sales after a lackluster launch just two years before. Management's move accelerated revenues within Apple's wearables segment, and helped cement the company's dominance in the wireless headphones market. AAPL YTD mountain Apple (AAPL) year to date performance The new MacBook Neo aims to be the latest success in Apple's playbook. The upside in the Neo isn't really about a near-term boost in device sales. After all, Apple's product gross margin is expected to decline from last year's high 30s to low 30s, according to Seaport Research. Instead, it's about attracting more users into its ecosystem for longer periods of time. That's why Apple, according to JPMorgan's Samik Chatterjee, is trying to capture the student demographic "very early on." The idea being that once buyers graduate, move into their professional careers and start earning more, they're already loyal Apple users. They, in turn, will keep using Apple's services and upgrade their devices for years to come. Chatterjee added, "So, you've locked in a consumer much earlier in the life cycle, which basically negates the opportunity of competition to come in." The more long-term users of Apple products means more monetization for the company's ever-growing services division, which includes income from Apple Music, Apple TV, iCloud, App Store, and licensing deals. The segment has become increasingly crucial to Apple's bottom line as it contains stickier, ongoing revenue streams that rely on Apple's ecosystem as a whole rather than just device sales. Bank of America described the Neo launch as "a meaningful tailwind" to Mac revenue. "We see Neo driving meaningful adoption for first-time Mac owners with a distinct customer base relative to the Air and Pro models," the analysts wrote in a Monday note. It's a massive untapped opportunity for Apple, according to BofA, which estimates the total addressable market for the Neo could be $32 billion in 2026. The analysts said that if Apple can grab around 10% of that market, and do so with a 19% operating margin this year, the company could increase its earnings per share (EPS) by 3 cents. To be sure, that's incremental and not a slam dunk. By selling the Neo for $599 and up, Apple is locking itself into a pricing at a time when manufacturers get hit with soaring memory costs. The explosive growth of artificial intelligence has created an insatiable demand for memory, with hyperscalers funneling billions into AI infrastructure. This shift has diverted manufacturing capacity away from consumer electronics, leaving a limited number of suppliers to manage a tightened market where prices have skyrocketed. In fact, data from research firm Gartner forecasts that PC prices will increase by 17% by the end of 2026, compared to 2025 levels. These higher memory costs are also projected to drive worldwide PC shipments down 10.4% over the same period. Thus far, Apple has been able to manage these dynamics because of its long-term contracts with suppliers, which allowed the firm to lock in lower prices. Plus, the company's sheer scale ensures priority supply and premium pricing. For suppliers, Apple's predictable hardware cycles offer a level of financial security that smaller, more volatile tech companies simply cannot match. "The launch of MacBook Neo shows you that they're in a much more comfortable position of memory than the average OME [original equipment manufacturer] out there. And hence, it's providing the flexibility to focus on growth at this time or market share gain at this time when others are more concerned about maintaining margins," JPMorgan's Chatterjee said. Seaport shared similar sentiments. "We think the company can make up for some of this lost ground through its share gains." The analysts added, "Unlike most of its competitors, Apple has a solid services and subscription business. Many of the new users it will gain this year are likely to subscribe to Apple's high-margin services." Bottom line The MacBook Neo has created yet another opportunity for Apple to attract new users into its sticky ecosystem while also boosting revenue for its high-margin services business. It's a welcome development as the services unit has been a big reason why we love this stock. It's also another example of how time and time again, Apple's not afraid to take a risk if it means delivering in the long-term for its shareholders. Just look at all the times naysayers have doubted it , and the stock still comes back. We also see it as a tradeoff between a potential near-term hit in Apple's product gross margins and the value of a lifelong Apple user. Apple is slated to report second-quarter earnings on April 30. Sales for the MacBook Neo won't matter much as the product was available for purchase only around two weeks before the quarter ended. Still, any color from management on early demand signs will be helpful. We're sticking by our "own, don't trade" stance. The Club has a $300 per share price target, implying nearly 18.5% upside from Wednesday's close. Jim Cramer said Thursday that he thinks Apple stock will go higher. Jim was also pleased to see reports of trouble with Apple's rumored foldable iPhone were shot down . Bloomberg reported that the device remains on track for a September launch alongside the iPhone 18. (Jim Cramer's Charitable Trust is long AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

BlackRock's Jeffrey Rosenberg has a leading role in the firm's liquid alt ETFs — which use a long-short strategy in ETF wrappers. View More

In this articleISMF.VIX.NDXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO8:2108:21BlackRock’s Jeffrey Rosenberg explains - what exactly defines ‘alts’ - and why they’re climbing in popularity in the ETF spaceETF Edge BlackRock is applying hedge fund strategies to its exchange-traded fund business. Jeffrey Rosenberg, the firm's senior portfolio manager on the systematic fixed income team, has a leading role in the firm's liquid alternatives ETFs — which use a long-short strategy in ETF wrappers.He contends the strategy provides valuable diversification amid the recent breakdown in the relationship between stocks and bonds. "The great old adage around fixed income is 'my bonds go up when my stocks go down.' Now, we just went through a period in March with war risk where we clearly saw again on display... that doesn't hold. And, really saw it in 2022," Rosenberg told CNBC's "ETF Edge" this week. "This entire post-Covid environment has really challenged that bedrock principle of the 60-40 portfolio that bonds are diversifying."According to Rosenberg, client demand for liquid alts ETFs is growing because there's a desire to diversify your diversifiers. "We're bringing the techniques that we've developed in the hedge fund side of our business, which primarily center around market neutral, long-short investing," he added. "That's the key kind of 'a-ha moment' for ETF investors to realize most of what they have exposure to in the ETF ecosystem is some kind of beta exposure."Rosenberg is a portfolio manager on two BlackRock liquid alts ETFs: the iShares Systematic Alternatives Active ETF (IALT) and the iShares Managed Futures Active ETF (ISMF). As of April 8, the firm's website shows IALT is up almost 8% so far this year while the ISMF is up nearly 5%."What liquid alternatives bring to the table is the ability to look at other sources of return away from just market directionality," said Rosenberg. He highlighted a major challenge investors face on the stock market side."Our equity portfolios have been more and more dominated by the big, large cap tech winners," said Rosenberg. "With that concentration is a loss of diversification and a loss of diversification value on the equity side. So, liquid alternatives can address both of these challenges to portfolio construction." 'Something that's going to zag when the market zigs' VettaFi's Todd Rosenbluth still regards liquid alts ETFs as an emerging category. "Overall, this is still relatively small compared to traditional equity [and] traditional fixed income, but we are seeing advisors looking for something that's going to zag when the market zigs," the firm's head of research said in the same interview. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Companies are betting on a new type of warfare, based on shorter lead times that allow for rapid deployments and more cost-effective solutions. View More

In this articleRHM-DESAAB.B-SEFollow your favorite stocksCREATE FREE ACCOUNT Warfare is undergoing a fundamental shift where tech with big price tags is being challenged by a more agile, decentralized model, spearheaded by Silicon Valley-backed start-ups, industry watchers told CNBC.The traditional defense model — notorious for development cycles that can span decades — is coming under increasing pressure. Companies are instead betting on a new type of warfare, based on shorter lead times that allow for rapid deployments and more cost-effective solutions.Previously, warfare was about expensive platforms and precision strikes, driving a downsizing in military forces as countries increasingly relied on cutting-edge technology, said Blythe Crawford, former commandant of the RAF's Air and Space Warfare Centre."That all changed, I would argue, when the first $500 drone took out a $5 million tank on the battlefield in Ukraine," Crawford told CNBC's "Squawk Box Europe."The company Ark Robotics, develops autonomous robots for rapid deployment using feedback from the battlefield to shape the technology. The CEO, who goes by the pseudonym Achi for security reasons, told CNBC that the war in Ukraine shows a paradigm shift in warfare, part of a bigger change also seen in the Iran war. "[It's] a totally new approach, how you handle the military conflict... the game [has] changed into the mass, affordable systems that are to be orchestrated with AI," the CEO told CNBC's Ritika Gupta. watch nowVIDEO3:1103:11Ark Robotics to provide IP for defense tech tested in Ukraine to UKSquawk Box Europe The urgency for this shift is driven by a sobering economic reality. "History tells us that the last 400 wars were won on economics," said Andy Baynes, co-founder of Tiberius Aerospace. "If we continue to fire $4 million Patriot systems at $20,000 Shahed drones, we're going to lose."Crawford also noted that while high-end products like the Eurofighter Typhoon remain vital, they now require a "low-cost wrapper" to survive. He pointed to the U.K.'s Storm Shadow missiles, which saw dramatically increased success rates in Ukraine only after being complemented by swarms of cheap drones and electronic warfare to overwhelm Russian defenses."It's what we refer to as a high-low mix," Crawford said. "The character of war has changed when a $500 drone can take out a $5 million tank."Tiberius Aerospace is one company betting on the need for low-cost, scalable warfare equipment. The two-year-old company, founded by Silicon Valley entrepreneurs, focuses on design and development of weapons and licenses designs out to domestic manufacturers. watch nowVIDEO4:4304:43Defense is entering an entirely new era, says Tiberius AerospaceSquawk Box Europe It's introducing a new way to speedily segregate design and development from manufacturing, through its GRAIL platform. The company announced Thursday that Ukrainian defense technology IP will be available for license and manufacturing in the U.K. through the AI-powered platform, which it positions as a defense-as-a-service model. "It's going to show that separating design from manufacturing is commercially viable. It's a way to reduce defense budgets or dependency on exquisite, high-cost systems and move into high-impact, cost-effective systems in the future," Baynes told CNBC.  "That's a key difference to how defense primes operate today, where they have monolithic systems where they're doing both design and manufacturing under one roof, similar to how my former sector in the electronics industry were doing it in the 1990s," he told CNBC's "Squawk Box Europe." Safety net? Beyond efficiency, there is also a strategic play for European autonomy. As rhetoric regarding the future of NATO and U.S. commitment fluctuates, the ability to manufacture sovereign, low-cost munitions could provide a safety net for the region's governments.  watch nowVIDEO4:2604:26NATO still cornerstone of UK defense: Former British military officialSquawk Box Europe Ark Robotics' Achi warned that the West isn't adequately equipped for the "mass, affordable" reality of modern conflict, which has been exposed by the Ukraine war. "Most of the military personnel [are] still trying to prepare for the previous generation of warfare," he said.His company is currently developing technology that allows a single operator to control hundreds of unmanned systems across air, land, and sea. Accessing U.K. manufacturing capacity through the GRAIL platform will allow Ark to efficiently scale production of its systems, he said.The platform aims to solve the "procurement bottleneck" by creating a secure marketplace where NATO members can access battle-proven tech and set up local manufacturing in weeks, rather than years. This Silicon Valley approach, with rapid iteration – the time it takes to design, test, deploy, and refine a piece of military technology based on real-world feedback – and software updates delivered over-the-air, contrasts sharply with the lengthy processes of legacy contractors.Big defense companies on both sides of the Atlantic have seen their stock prices soar over the past few years, as investors bet governments' increased spending on military capabilities will benefit them. Revenue has shot up sharply for these companies since Russia invaded Ukraine in 2022, with gains matched only by order intake as many struggle to meet increased demand.Arms maker Rheinmetall and fighter jet developer Saab have seen the most explosive growth in order intake between 2021 and 2025 among the big European names, of 323% and 284%, respectively. Rheinmetall forecast its sales could grow as much as 45% this year and has said it is in a "prime position" to arm the U.S. amid the war in Iran. "It's now about whoever innovates fastest, scales quickest, and does the cheapest, [that's] the person that's going to prevail," said Crawford. "Those are problem sets and pain points that Silicon Valley and other areas of industry have already solved."While historically, there's been a reluctance among early investors to get into defense, that is now changing as a result of recent developments. "There was a mood in Silicon Valley among private equity VCs to not touch defense, but that mood has changed now," said Baynes. "One of the main reasons is that there is a more transparent marketplace in defense now than there used to be." Read moreThe Iran war is defense tech's chance to shine, but few systems and weapons are readyTrump says he's considering pulling U.S. out of 'paper tiger' NATOThese charts show the size of Europe's defense boom, as companies take stock of the Iran warRheinmetall says it's in 'prime' position to arm the U.S. for war in Iran — CNBC's Jackson Peck contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Freight rates jump up to 10x, polymer prices rise 60%, while supply disruptions and supply chain delays strain MSMEs and the sector's export competitiveness. View More

The war-triggered tensions in West Asia are now weighing on India’s plastics export ecosystem, with supply disruptions and cost pressures intensifying even after a ceasefire that has already witnessed repeated violations. The sector, closely tied to global petrochemical supply chains, is facing growing operational strain as input availability tightens, logistics costs rise and delivery timelines continue to stretch. For now, the pause offers limited comfort, with plastics companies, especially MSMEs, continuing to operate under heightened risk. Xeneta, an ocean and air freight intelligence platform, said a two-week ceasefire between the US and Iran is unlikely to restore container shipping through the Strait of Hormuz to pre-conflict levels, with supply chain disruptions and elevated freight rates expected to persist. Peter Sand, Chief Analyst at Xeneta, said in a statement that a swift return to normal shipping conditions remains unlikely. “Strait of Hormuz transits are likely to increase, but how this transition is managed remains uncertain. Two weeks is a very short window, and there is no guarantee the ceasefire will hold,” he said. Against this backdrop, Sribash Dasmohapatra, Executive Director at Plexconcil , the industry body representing the country’s plastics exporters , said the sector is dealing with a complex mix of supply-side disruptions and elevated logistics costs linked to geopolitical developments in West Asia. “Constraints on raw material availability, along with extended lead times, are creating significant uncertainty across manufacturing and export cycles,” he said. India’s plastics value chain remains structurally exposed to the Gulf region. According to Plexconcil, around 17% of petrochemical raw material imports are sourced from West Asia and North Africa (WANA), making the Strait of Hormuz a critical artery for feedstock supply. Disruptions along this route have led to tighter supplies and price volatility, with no immediate substitutes available at comparable cost or timelines, Dasmohapatra noted. Live Events The impact of the war is most evident in petrochemical feedstocks and polymer resins. Materials such as polyethylene (PE), polypropylene (PP), ethylene vinyl acetate (EVA) and PVC resin, which form the backbone of downstream plastic manufacturing, are seeing both availability and pricing challenges, he said, adding that production planning and export commitments are being directly impacted by these disruptions,” he said. The volatile geopolitical times have led to a significant increase in input costs within the plastics sector. According to Dasmohapatra, key polymer feedstocks have recorded price increases of around Rs 55 per kg, or nearly 60%, with spot premiums reaching Rs 100 per kg in some grades. Domestic polypropylene prices are currently hovering near $1,600 per tonne, creating a gap of $300–350 per tonne compared with benchmarks in Far East and Southeast Asian markets. Providing an on-the-ground view, Ashutosh Gupta, Director of Sales and Marketing at Summercool Home Appliances, a manufacturer of plastic-based air coolers and other home products, said cost escalation has been broad-based across inputs. “Feedstock costs in certain polymer categories have risen by 30–40% over the past two months. Constraints in industrial gases such as PNG are further pushing up operating expenses,” he said. This cost pressure, industry observers say, is now feeding into production dynamics. While Plexconcil estimates a 5–10% decline in capacity utilisation among MSMEs in affected segments, Gupta pointed to sharper disruptions at the plant level due to gas shortages, which are affecting production planning and operational efficiency. The government’s NIL duty notification on plastic raw material imports issued on April 1, 2026, has provided some relief, though industry shareholders say the downstream impact is yet to fully materialise. Vikram Bhadauria, Managing Director of Alok Masterbatches Pvt Ltd, said the industry is navigating a phase of heightened uncertainty driven by supply chain disruptions and raw material constraints. “Elevated freight costs and tighter supply conditions are making production planning and timely export execution increasingly difficult,” he said. Bhadauria, who is also Chairman of Plexconcil, added that rising domestic input costs have widened the gap with global markets, eroding the price competitiveness of Indian exporters, especially MSMEs operating on thin margins. Troubled truce Iran’s Foreign Minister Abbas Araghchi has described the current pause as a conditional de-escalation rather than a durable truce, signalling continued uncertainty around the stability of the arrangement. Trade flows remain sensitive to these developments. Industry estimates suggest that about 14% of India’s plastics export revenues are dependent on West Asian markets, while rerouting of cargo to Europe is adding cost and complexity to established trade routes. Dasmohapatra said overall freight rates have increased by 200–300%, with some routes to the UAE, Dammam and Dubai seeing spikes of up to ten times earlier levels. Emergency surcharges of $2,000–3,000 per container are now common, alongside higher insurance and inland transport costs. Lead times have also stretched considerably. “Transit cycles have extended by around 2–4 weeks, forcing companies to maintain higher inventory buffers,” Dasmohapatra said, adding that this is stretching the working capital cycle when margins are already under pressure. Operational disruptions are reportedly becoming more frequent, with instances of shipment delays, rerouting and port congestion. In several cases, Plexconcil has observed that buyers have chosen to cancel orders rather than accept delayed deliveries, raising concerns about demand visibility and order continuity. Costs rise, margins tighten Delivery timelines have slipped by 1–3 weeks due to shipment delays and scheduling uncertainties, according to industry experts. Gupta said companies have attempted partial price pass-throughs of around 15–20%, but these remain insufficient to offset raw material cost increases of 30–40%. “Margin pressure is clearly visible across the industry,” he said, adding that EBITDA margins are being impacted by roughly 3–5%, depending on product categories. As a spillover effect of the conflict, price revision requests and contract renegotiations are becoming more common as exporters try to balance cost recovery with market competitiveness. Looking ahead, Dasmohapatra said that if current conditions persist, 10–15% of production in certain segments could come under pressure due to raw material constraints and elevated input costs. Diversification gathers pace To mitigate risks, companies are exploring alternative sourcing options, including suppliers outside the WANA region and Russia, along with INR-denominated trade mechanisms through institutions such as Sberbank and VTB Bank. However, these alternatives involve cost premiums of 10–20% and longer delivery timelines, limiting their immediate viability at scale, Dasmohapatra said. Puneet Kumar, Partner at EY-Parthenon India, said such diversification is likely to accelerate despite the trade-offs. “Sourcing from regions such as the United States, Nigeria, Angola and Brazil will increase, even with higher transit times and costs. As supply disruption risks rise, companies are increasingly adopting risk-adjusted sourcing strategies,” he said. From an operational standpoint, the most significant constraint affecting the sector, characterised by a substantial number of SMEs, is the availability of raw materials. Gupta said uncertainties around petrochemical inputs, including plastics, polymers, and specialty chemicals, are directly affecting production planning and inventory management, while energy costs and logistics disruptions add further pressure. To stabilise the sector, urgent policy interventions are required, Kumar said, highlighting that immediate priorities include fuel price management, strengthening logistics infrastructure and expanding strategic buffers. Bhadauria said the government’s recent duty relief on plastic raw material imports is a positive step. However, he believes sustained policy support and monitoring will be needed to ensure stability in raw material supply. Plexconcil, he added, is collaborating with stakeholders to improve price transparency and facilitate trade, with the aim of stabilising the sector. .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!

Private jet companies are competing for high-spending customers with lavish on-the-ground experiences near the golf course. View More

Vista House, a private home in Westlake, Georgia, sponsored by Vista Global during the Masters.Credit: VistaJet A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Private jet companies are rolling out the red carpet for their top clients at the Masters Tournament, as competition shifts from the air to the ground with lavish hospitality events and experiences.Thousands of private jets are expected to fly in and out of Augusta, Georgia, and nearby airports for the Masters in the coming days, making it one of the most important events of the year. NetJets, the industry leader, expects more than 775 flights into and out of Augusta, marking a 35% to 40% increase from last year, the company said. Flexjet is projecting about 350 to 400 flights, and Vista projects over 20 flights a day."Demand is off the charts," said Mike Silvestro, CEO of Flexjet. "The Masters is like nothing else."On the private jet calendar, Davos, the Super Bowl, Cannes, the Kentucky Derby, the Monaco Grand Prix and Art Basel all attract plenty of private jets and wealthy attendees. But the Masters has a unique combination of tens of thousands of well-heeled attendees and a full week of events, creating a constant flow of clients flying in and out.The swarm of Gulfstreams, Phenoms and Challengers is straining Augusta Regional Airport. Kenneth Hinkle, director of aviation services at the airport, said it had 3,294 flights last year and he expects an increase this year. The airport raised its "special event fee" this year by 25%, to between $150 and $4,000 per plane, depending on size, and expanded its jet parking area to accommodate 200 jets at a time.The competition among private jet companies for landing slots, parking spaces and access to and from the terminal has grown so fierce that many companies have moved to nearby airports in Thomson, Georgia, or Aiken, South Carolina. A photo rendering of NetJets' new Augusta terminal.Credit: Courtesy of NetJets The real battle however, begins after the jets land. Jet companies are renting out mansions to create branded pop-up clubs, hiring Michelin-star chefs and well-known mixologists, hosting nightly parties with the biggest names in golf, and vying to attract the top players and announcers as headliners. Many are even staging private concerts with Grammy-winning country stars. The spending is all part of a new race in the private jet business. Private jet flights hit an all-time record in 2025, with 3.9 million departures, up 34% from pre-Covid levels. Recent U.S. government shutdowns and airport delays have only increased demand, jet companies say."We want to stay connected with our customers beyond just when they're the air with us," said Pat Gallagher, President of NetJets. "We're a world lifestyle business. We're a luxury business. If somebody asks me what business I'm in, I don't say I'm in the travel or aviation space. I'm in the hospitality business."Longtime Masters fans say the hottest ticket of the week outside the Augusta National Golf Club is the NetJets Friday night party. NetJets won't disclose any details on the location or entertainment for this year's bash. But past parties have been hosted by sports commentator Jim Nantz and featured musical guests like Noah Kahan, Chris Stapleton and Zac Brown.For the rest of the week, NetJets clients can use the brand's hospitality venue to relax, grab a meal or drink, or hold a meeting. Some of NetJets' more than 30 golf ambassadors who are playing at the Masters are also expected to pass through. Gallagher said the Masters is one of nearly 100 events a year now hosted by NetJets.The company also just announced a new private jet terminal at Augusta Regional. The project, still under construction, includes 432,000 square feet of ramp space for jet parking."The number of jets that are parked on the [Augusta] runways, it's like nothing you've ever seen from a from an aviation perspective," Gallagher said.Vista Global will be hosting clients at Vista House, a private home in Westlake, Georgia, that will be transformed into a branded hospitality venue in its signature silver and red. It will have nightly dinners, entertainment and special appearances by Vista brand ambassadors Gary Player, Jon Rahm, Phil Mickelson and Patrick Reed.Vista hosted its big welcoming party Wednesday night with a private concert. The company said the goal is to give Vista House the same brand feel of its planes, from flight attendants serving in their Moncler-designed uniforms, to Vista's signature scent designed by Le Labo to its ever-popular Vista beach towels. Clients of VistaJet and XO — both owned by Vista Global — will get access to Vista House as well hospitality space at the Double Eagle Club, close to the Augusta National Golf Club.Vista said some of its clients fly in from as far away as Japan, South Korea, Singapore, India and Brazil."I think the Masters, especially in the past five years, has become more pronounced for us," said Leona Qi, president of VistaJet U.S. "It's a place where our clients — the ultra-high-net-worth individuals and corporate executives — go to not just to watch the game, but to really connect with each other and get deals done. And to share the passion and the experience with each other."Wheels Up will open the "Wheels Down Club" in Augusta, just a 10-minute walk from the entrance to Augusta National. The club, a temporary structure built around an existing home, will offer 11,000 square feet of hospitality space. Guests can valet their cars, get snacks and drinks in between rounds and check in their phones (a prized service since no cellphones are allowed on the course). Wheels Up is running a “Wheels Down Club," just a 10-minute walk from the entrance to Augusta National at the Masters.Credit: Wheels Up Wheels Up, now controlled by Delta Air Lines, expects to host 600 guests a day at the club. Big names on the program include Delta CEO Ed Bastian; Eric Kutcher, the North America chair of McKinsey & Co.; and Apple executive Eddy Cue, along with pro golfers. Chef José Andrés will host a "Jamon and Caviar" tasting and mixologist Tyler Zielinski will be making his signature "tiny cocktails.""The Masters has really become our tentpole event," said Kristen Lauria, chief marketing officer for Wheels Up. "Whether it's for members, whether it's for prospects, or whether it's for our partners who entertain their clients on the ground, it's becoming bigger and bigger and bigger."Lauria said Wheels Down events will continue to expand into other sports, like tennis, equestrian and motorsports, as well as culinary and luxury lifestyle events. She said the clubs also help attract new clients who come in as guests of existing members."As I look at different ways to create demand, it's really about going to where our customers are and where our members are," she said. "Time is of the essence for our members. So showing up where they're already going or where they're planning to be, is a return in and of itself."Flexjet is taking a different approach. Rather than joining the spending spree of pop-up clubs and parties, the fractional jet company says it's focused solely on its core business of getting clients to and from the event.With Augusta Regional Airport highly congested during Masters week, Flexjet decided this year to move its operations to the Thomson-McDuffie Regional Airport in Thomson, Georgia. The airport is a short drive to the course at Augusta, is closer to the areas where attendees usually stay, and will allow Flexjet clients to get in and out quickly."The infrastructure in Augusta is taxed," Silvestro said. "We're trying to stay ahead of the curve and have the experience that we deliver to our customers be as seamless and stress-free as possible."Silvestro said clients will have an exclusive executive area at Thomson and can be picked up and dropped off right in front of their planes. He said the Masters has become so oversaturated with parties and events that Flexjet's clients already have too many events to choose from."I shake my head at some of the hospitality extravagances from some of the people that are operating our space," he said. "We see people doing certain things in and around our space that don't make a lot of sense to us." Get Inside Wealth directly to your inboxThe Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Reforms streamline processes without diluting safeguards, says Aboli Sunil Naravane, MD, IPICOL View More

Odisha featured prominently in the Economic Survey 2025-26 for its policy innovations and on-ground outcomes shaping growth and ease of doing business. The Survey positioned Odisha as a template for state-led structural transformation, particularly highlighting skilling reforms led by the Odisha Skill Development Authority. The state has witnessed a strong investment cycle, both in approvals and project grounding. In an interaction with The Economic Times Digital , Aboli Sunil Naravane , Managing Director, Industrial Promotion and Investment Corporation of Odisha (IPICOL), said improving the investment climate requires not just reducing compliance but also strengthening enabling systems that support workforce productivity and industrial reliability. Odisha’s single-window system is a true game changer for industrialisation, added the newly appointed MD of IPICOL . Odisha’s reforms do not dilute regulatory safeguards; instead, they aim to streamline processes, remove duplication, and cut irrelevant touchpoints while retaining necessary statutory approvals, he says. Edited excerpts: The Economic Times (ET): How does Odisha stand in terms of total investment commitments? How many projects have been approved in the state so far, and what is the cumulative value of these investments? Aboli Sunil Naravane (ASN): Odisha is currently witnessing a very strong investment cycle, both in terms of approvals and actual grounding of projects. The State Level Single Window Clearance Authority (SLSWCA) and the High Level Clearance Authority (HLCA) together have approved 384 large industrial projects in the past two years. These represent a cumulative investment of nearly Rs 7.72 lakh crore and an employment potential of nearly 497,000 jobs. Live Events Of these, 305 projects were approved by SLSWCA (about Rs 63,984 crore investment; nearly 197,000 employment), and 79 projects were approved by HLCA (about Rs 7.08 lakh crore investment; nearly 300,000 employment). Till now, 108 projects have already moved to the execution stage, including 86 projects under ground-breaking and 22 projects inaugurated, together accounting for investments of over Rs 2.40 lakh crore and employment potential of about 1.75 lakh people. In 2025 alone, the state approved 244 new projects worth Rs 5.66 lakh crore across sectors, such as green hydrogen, chemicals, textiles, electronics, IT/ITeS, food processing, and pharmaceuticals. ET: Odisha has rolled out multiple reform frameworks recently, such as BRAP 2026, DBRAP, and Deregulation Phase II. What was the idea behind these reforms and how do these initiatives collectively reshape the state’s investment and ease-of-doing-business ecosystem? ASN: The overarching idea behind these reform frameworks is simple: make it easier, faster, and more predictable to do business by simplifying compliance, digitising service delivery, reducing avoidable touchpoints, and improving coordination across departments. At the national level, the Department for Promotion of Industry and Internal Trade (DPIIT) issues the guidelines and assessment framework for the Business Reforms Action Plan (BRAP) 2026 and the District Business Reforms Action Plan (DBRAP) 2025-26. Deregulation 2.0 is a Government of India initiative driven through the cabinet secretariat, aimed at compliance reduction and trust-based governance. While these are centrally driven initiatives, Odisha treats implementation as a core governance priority. BRAP focuses on streamlining regulations and digitising approvals to reduce compliance burdens and improve service delivery. Odisha has been recognised as a ‘Top Achiever’ in the earlier cycles in 2022 and 2024 with 99% and 98% reform implementation rates, respectively. For BRAP 2026, there are 74 reforms to be implemented across 9 broad areas, including the Central Inspection System, utilities and infrastructure services, construction permits and building regulation, labour regulations, among others. The reforms require convergence across 18 departments, and the government’s attempt will be to maximise implementation across all areas. Deregulation 2.0 builds on the outcomes of Deregulation 1.0, which focused on reducing burdensome compliances, promoting trust-based service delivery through decriminalisation, and improving service delivery speed. Under Deregulation 1.0, reforms were designed across 23 priority areas, and Odisha emerged as a joint leader in implementing reforms across all 23 priority areas along with Uttar Pradesh and Tripura. Key reforms achieved by Odisha include: reducing land loss in industrial and commercial plots; removing prohibitions and restrictions on women to work; exempting the change-in-land-use process for micro, small, and medium enterprises (MSMEs) and start-ups; and decriminalising 161 provisions covering 16 Acts across 9 departments through the Odisha Jan Vishwas Act, 2025 (as part of trust-based governance and compliance rationalisation). ET: Deregulation Phase II covers 23 priority and five optional priority areas, with new sectors like health, education and power. How important is this sectoral expansion? ASN: The sectoral expansion is extremely important because it signals that deregulation is no longer limited to only “classic” business interfaces. It is now also targeting social and enabling infrastructure that directly supports industrialisation and investment. Health is a key enabler of economic development and a foundational social infrastructure for industries. The reforms under health focus on simplifying medical practitioners’ registration and No Objection Certificate (NOC) processes and on appointing a nodal agency to facilitate healthcare-specific licences. These reforms will benefit the sector by streamlining services and having fewer approval touchpoints, thereby improving ease of doing business in healthcare. For education, the priority reforms focus on reducing minimum infrastructure and land requirements for schools, higher education institutions (HEIs), and universities so that institutions can use shared infrastructure in urban areas and promote vertical development rather than consuming large land parcels. The reforms also propose flexible usage of endowment fund requirements for HEIs, enabling institutions to use endowment funds for development activities instead of keeping large funds parked and underutilised. Power is one of the most critical utilities for any industry. The reforms aim to expedite electricity connections for both residents and businesses and, specifically, to eliminate inspection requirements in providing electricity connections, thereby reducing touchpoints and timelines. ET: What tangible improvements have the recent reforms in Odisha’s single-window strategy achieved in approval timelines, transparency, and predictability for investors? ASN: Odisha’s single-window system has been a genuine game changer for the state’s industrialisation journey. The online single-window portal, Government of Odisha—Single Window for Facilitation and Tracking (GO-SWIFT)—enables industries to access a wide range of industry-related services and approvals through a single digital interface. This has helped shift the investor experience from fragmented, multi-office processes often stretching into long timelines to a more time-bound, trackable, and transparent system. To further strengthen predictability and accountability, the Government of Odisha has also introduced a comprehensive project monitoring dashboard, where project milestones are mapped and senior officials can see where an application is pending and which approval is awaited. This improves transparency, enables faster escalation and coordination, and supports continuous reduction and streamlining of turnaround times for industrial projects. ET: Can you explain how industrial project monitoring mechanisms are helping large industries and MSMEs track approvals, flag delays and resolve bottlenecks more efficiently? What specific benefits are MSMEs experiencing under these reforms? ASN: The single-window system and the project monitoring dashboard apply to all industrial projects, including MSMEs, and are designed specifically to identify delays and bottlenecks early and resolve them through coordinated action. Conceptually, this approach is inspired by the Government of India’s Project Monitoring Group (PMG) framework, which focuses on milestone-based monitoring and expedited issue resolution for large projects. Odisha’s monitoring approach similarly strengthens accountability by making pending stages visible and enabling faster inter-department coordination. Specific MSME benefits are already realised (Deregulation 1.0); a major reform achievement for MSMEs and start-ups has been the exemption from the change-in-land-use procedure, where conversion of agricultural land to industrial use was earlier a significant bottleneck and time-consuming process. Removing this requirement has significantly improved the ease and speed of industrialisation for MSMEs. ET: As regulations are simplified, how is the state ensuring that environmental safeguards, governance standards, and accountability mechanisms remain robust? ASN: The key point is that these reform initiatives do not dilute regulatory safeguards. They are designed to streamline processes, remove duplication, and reduce irrelevant touchpoints, while keeping necessary statutory approvals intact. Reforms under these initiatives are built using best practices across states and worldwide and benchmarked approaches, with the aim of improving efficiency and predictability. However, all approvals required under existing regulatory frameworks continue to remain in place. For example, the exemption from change-in-land-use for MSMEs removes only the conversion/diversion process that was identified as a bottleneck; it does not exempt MSMEs from obtaining other essential approvals, such as building-plan approvals, consent to establish or consent to operate under environmental laws, labour-related licences, factory licences, etc. Therefore, reforms are implemented with thorough deliberation to ensure that environmental safeguards, governance standards, and accountability checks remain robust, even as processes become faster and more investor-friendly. ET: What are the new initiatives that are being worked on in terms of targeted skilling development? ASN: The state’s skilling strategy is increasingly centred on strong, structured linkages between industry and our skilling and higher education institutions. A flagship model has been the World Skill Centre (WSC), which has revolutionised in aligning skilling as per industry needs and where students have consistently received recognition and strong outcomes in the job market. The government’s focus will continue to strengthen existing skilling institutions, particularly industrial training institutes (ITIs) and the WSC. As Odisha diversifies its industrial base into new and advanced sectors, such as rare earth processing, semiconductors, green energy equipment, technical textiles, chemicals, petrochemicals, etc., the state is also focusing on ensuring that HEIs and ITIs can provide the skilled manpower needed for these sectors. A key priority going forward is the establishment of dedicated Centres of Excellence (CoEs) in public-private-partnership (PPP) mode, in collaboration with industry for these emerging sectors, so that skilling is targeted, future-ready, and directly aligned to investment and job creation in Odisha. .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!

The move assumes significance as cheque dishonour cases have been identified as a key focus area due to their sheer volume. As per government data, over 8.007 million cheque bounce cases are pending across high courts. View More

Vedanta Group is challenging the selection of Adani Enterprises' bid for Jaiprakash Associates Ltd. Vedanta claims its offer was significantly higher in value. The insolvency appellate tribunal is hearing the case. Lenders defended their decision, stating multiple factors were considered. Jaiprakash Associates has substantial assets across real estate, cement, and hospitality. View More

New Delhi: Mining giant Vedanta Group on Friday questioned the evaluation metrics adopted by lenders of Jaiprakash Associates Ltd (JAL), which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company. During proceedings of the insolvency appellate tribunal National Company Law Appellate Tribunal (NCLAT), the counsel representing Vedanta Ltd said the "valuation in the process has been used to wipe out commercial wisdom" by the committee of creditors (CoC). Also Read: Legacy of Jaiprakash Associates will be carried forward under Adani: Jaiprakash Gaur Pointing towards the evaluation matrix used by the CoC, senior advocate Abhijeet Sinha asked whether it was used "to achieve value maximisation or is it being used for some other purpose". He submitted that the evaluation matrix, RFRP (request for resolution plan) and process note relied upon by the CoC are merely guiding tools and cannot override the core objective of the insolvency framework, which is maximisation of value. Live Events Contending that Vedanta's bid was Rs 3,400 crore higher in gross value and Rs 500 crore in net present value (NPV) than the resolution plan submitted by the Adani Group, Sinha alleged that there was no discussion in the CoC meeting for going for a lower bid. The CoC has appointed BTO India LLC to carry out feasibility and viability analysis of resolution plans received, which provided scoring to each of the five resolution plans as per the evaluation metrics, which does not reflect "sound exercise of commercial wisdom". Also Read: SC refuses to interfere with order allowing Adani to acquire Jaiprakash Associates in blow to Vedanta "In this, the max score is 35... out of 35, Adani gets 29.30, we get 18.51," Sinha said, adding, "Now, this is actually, we are told, the only factor which has made (the basis of the decision)... but that is also a scoring factor, which the CoC itself has also not done." For NPV, Vedanta has 35 out of 35. "The other factor where we are lower is equity, quasi-equity infusion for improving business operations within 180 days. We are 2.56 and 5," he said. NCLAT was hearing petitions filed by Vedanta Ltd, which has challenged the selection of Adani Enterprises as the successful resolution applicant for JAL. Vedanta's counsel argued that the CoC, after introducing a challenge process due to sub-optimal bids, approved the very plan it initially found inadequate, undermining the integrity of the process. He alleged material irregularities and a lack of transparency in the conduct of the entire process, and argued that the design of the challenge mechanism itself was inherently unfair, as bidders were required to submit both upfront and deferred payment components but were only shown the highest NPV after each round. Earlier on March 24, NCLAT declined any interim stay over the Vedanta Group's plea against the order passed by the NCLT approving Rs 14,535-crore bid by the Adani Group's bid for acquiring JAL. However, it had also said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group. This interim order by NCLAT was challenged before the Supreme Court, which also declined to grant a stay. However, the apex court had directed that if the monitoring committee planned to take any major policy decision, it should first obtain the Tribunal's sanction. On March 17, the NCLT, Allahabad bench, approved Adani Enterprises Ltd's Rs 14,535-crore bid to acquire JAL through the insolvency process . Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat), and Vedanta Group. The CoC defended its decision, saying the process complied with all Insolvency and Bankruptcy Code (IBC) rules. They maintained that no bidder has a guaranteed right to win, even if it offers the highest value. They said plans were evaluated on multiple factors, including upfront cash, feasibility, and execution, not just headline value. JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd , Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies. .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)