Government launches district-led textiles plan to create export champions

by Hansraj Agrawal | Jan 8, 2026 | Business

The Centre has unveiled the District-Led Textiles Transformation (DLTT) Plan to drive inclusive and sustainable growth in India’s textile sector.

The government unveiled the District-Led Textiles Transformation (DLTT) Plan on Thursday, a strategic initiative designed to catalyse inclusive and sustainable growth across India’s textile landscape.

The Textiles Ministry launched the initiative at the National Textile Ministers Conference in Guwahati.

“By shifting to a sector-specific, district-level approach, the Ministry aims to transform 100 high-potential districts into Global Export Champions and elevate 100 Aspirational Districts into self-reliant hubs,” the Textile Ministry said.

The ministry analysed all districts using a data-driven scoring methodology based on three key parameters – Export Performance, MSME Ecosystem Workforce Presence.

This was then designed into a two-pronged strategy where districts were categorized into Champion Districts and Aspirational Districts. The plan follows a tailored implementation framework based on a district’s category.

The initiative also emphasises Purvodaya convergence in the east and northeast zones.

These regions are prioritised for tribal belt development, connectivity improvement, and Geographical Indication (GI) tagging to position unique cultural handicrafts for premium global markets.

Through the strategic convergence of government resources and collaborative partnerships with industry and academia, the programme aims to strengthen textile clusters and systematically scale successful models to maximise impact across districts, the ministry stated.

Published on January 8, 2026

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Bharat Coking Coal Ltd raises ₹273.1 crore from anchor Investors ahead of IPO

by Hansraj Agrawal | Jan 8, 2026 | Business

The IPO is entirely an offer-for-sale of up to 46.57 crore shares by Coal India

Bharat Coking Coal, a wholly-owned subsidiary of Coal India Ltd, on Thursday raised ₹273.10 crore from anchor investors ahead of the issue opening on Friday. The coal major allotted 1.187 crore shares to anchor investors at ₹23 a share.

The IPO is entirely an offer-for-sale of up to 46.57 crore shares by Coal India. The issue size is ₹1071.1 crore at the upper end of the price band. Some of the marquee institutions which participated in the anchor portions included Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC – ASAS Global Opportunities Fund, Maybank Securities and Rajasthan Global Securities Private Ltd.

IDBI Capital Markets & Securities and ICICI Securities are the book-running lead manager; and KFin Technologies Limited is the registrar of the offer.

Published on January 8, 2026

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ED moves Calcutta High Court against Mamata Banerjee, alleges obstruction of probe into coal pilferage scam

by Hansraj Agrawal | Jan 8, 2026 | Business

West Bengal Chief Minister Mamata Banerjee walks out of the house of Indian Political Action Committee (I-PAC) chief, Pratik Jain, during a raid by the Enforcement Directorate on Jain’s residence, in Kolkata
| Photo Credit:
ANI

The Enforcement Directorate (ED) on Thursday moved the Calcutta High Court alleging obstruction of its ongoing probe into an alleged multi-crore rupee coal pilferage scam, after West Bengal Chief Minister Mamata Banerjee barged into the home of political consultancy firm I-PAC’s chief Pratik Jain even as a raid was on there.

In its petition filed before the High Court, ED has urged a judicial intervention over what it describes as “hindrance and obstruction” caused by the Chief Minister to its officers executing searches under the Prevention of Money Laundering Act (PMLA).

Justice Suvra Ghosh, before whom the matters were mentioned, is likely to take them up for hearing on Friday.

The Enforcement Directorate carried out searches at ten premises, including the office of Indian Political Action Committee (I-PAC) and the residence of Jain in Kolkata, to probe into the alleged multi-crore rupee coal pilferage scam.

The search operation, which began at 6 am, continued for over nine hours. During ongoing raids, Banerjee barged into the home of the I-PAC’s chief, Pratik Jain, and walked out with files and a cellphone even as an ED raid was on there.

Banerjee, the Trinamool Congress supremo, alleged that the raids were “politically motivated to steal party data” relating to the party’s strategy document and candidate list for the upcoming Assembly polls in Bengal.

“They [BJP] are great killers of democracy. How can they do it [raid I-PAC co-founder residence]. What will happen if we reciprocate this ED search by raiding BJP party offices in Bengal,” Banerjee told media persons.

Later in the day, the Chief Minister said an FIR will be registered against this action of the ED. She said protests would be held in all blocks of the State against this “attack of the BJP”.

evidence taken

In a statement, the ED alleged that Banerjee entered Jain’s residence and took away key evidence, including physical documents and electronic devices.

“Today, Mamata Banerjee intervened in an ongoing investigation by a central agency in a criminal case. This is destruction of evidence, obstructing government officers from carrying out their duties, trying to hide the accused persons. TMC cannot be separated from this corruption. TMC leaders are involved in the coal scam. The Chief Minister’s raid on the office of I-PAC puts a seal on it. She took away the files. This is unwanted from a Chief Minister of a State,” West Bengal BJP President Samik Bhattacharya said.

I-PAC on Thursday also moved the Calcutta High Court over the central agency’s searches at its offices and residence of its chief Pratik Jain.

The family of Jain filed a police complaint against ED, alleging theft of important documents during the raids.

Published on January 8, 2026

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Bajaj Group completes acquisition of 23% stake in insurance ventures from Allianz

by Hansraj Agrawal | Jan 8, 2026 | Business

The acquisition takes the ownership of the Bajaj Group in both insurance companies to 97% from 74%, giving Bajaj Finserv, complete control of the insurance companies with 75.01% stake, per a Bajaj Finserv statement.
| Photo Credit:
REUTERS

Bajaj Finserv, together with Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt Ltd, has completed the acquisition of 23 per cent stake in its insurance subsidiaries — Bajaj General Insurance and Bajaj Life Insurance — from Allianz SE, for ₹12,190 crore and ₹9,200 crore respectively.

The acquisition takes the ownership of the Bajaj Group in both insurance companies to 97 per cent from 74 per cent, giving Bajaj Finserv, complete control of the insurance companies with 75.01 per cent stake, per a Bajaj Finserv statement.

This transaction marks the end of Bajaj Finserv (the core investment company of the Bajaj Group) and Allianz SE’s (the German multinational financial services company) 24-year joint venture in India.

Bajaj Finserve said the transfer of Allianz’s remaining 3 per cent stake is expected to be completed over the next few months through a proposed buyback of shares by the insurance companies, subject to applicable law and necessary approvals.

If the buyback is completed, the stake of Bajaj Finserv is expected to go up to approximately 77.3 per cent with Bajaj Holdings & Investment Ltd holding approximately 18.1 per cent stake with the balance being held by Jamnalal Sons Pvt Ltd, it added.

Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said: “The acquisition provides us strategic flexibility to access new markets, introduce new products, build scale and advance growth as insurance penetration in India is set to grow exponentially over the next 2 decades.”

S Sreenivasan, President – Insurance & Special Projects, Bajaj Finserv, said: “This deal also demonstrates the strength of domestic capital…being funded fully by the Bajaj Group with no leverage. Approvals from CCI and IRDAI for the acquisition of Allianz’s 26% stake were received in just 4 months and this is a great message for those wishing to invest in India and looking for ease of business.”

Separately, Allianz SE said it will consider options for the redeployment of the proceeds that align with its strategic priorities. This will include investments into its new joint ventures in India.

“India remains an important growth market for Allianz, with a strong ambition to continue serving its dynamic and rapidly expanding insurance sector also in the future.

‘As announced on July 18, 2025, Allianz, through its wholly-owned subsidiary Allianz Europe B.V., and Jio Financial Services Limited (JFSL) have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture and into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India,” the German company said.

Published on January 8, 2026

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Fusion Finance receives final call money on equity shares issued under its ₹800 cr rights issue

by Hansraj Agrawal | Jan 8, 2026 | Business

During the call period, the company received approximately ₹395.30 crore, representing around 99 per cent of the total amount called
| Photo Credit:
Andrii Yalanskyi

Fusion Finance Ltd on Thursday said it has received the first and final call money on equity shares issued under its rights issue, marking the completion of the full payment process for the ₹800 crore capital raise.

Under the rights issue, shareholders were initially allotted partly paid-up equity shares, with the issue price payable in two stages.

“The balance amount, designated as the first and final call, was fixed at ₹65.50 per share. During the call period, the company received approximately ₹395.30 crore, representing around 99 per cent of the total amount called,” the Gurugram-headquartered Non- banking Financial Company-Microfinance Institution (NBFC-MFI) said in a regulatory filing.

Following the receipt of the final payment, the company has completed all necessary corporate actions to convert the partly paid-up shares into fully paid-up equity shares of face value ₹10 each, it added.

Sanjay Garyali, MD & CEO, Fusion Finance, said the conversion of partly paid shares into fully paid equity further strengthens the company’s capital position, providing greater financial flexibility to support its long-term growth plans.

As of September 30, 2025, the company’s capital adequacy stood at 31.31 per cent, and the funds raised through the rights issue are expected to further reinforce its capital base, per the filing.

Published on January 8, 2026

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After UIB buy, Edme sharpens focus on construction, reinsurance

by Hansraj Agrawal | Jan 8, 2026 | Business

Sanjay Radhakrishnan, Chief Executive Officer, Edme Insurance Brokers Ltd,

Insurance broker Edme Insurance Brokers (formerly Aditya Birla Insurance Brokers), which recently acquired reinsurance intermediary UIB Insurance Brokers India, is expanding its presence in construction and reinsurance, segments that now contribute about 20 per cent of its revenues.

Speaking to businessline, Sanjay Radhakrishnan, Chief Executive Officer, Edme Insurance Brokers Ltd, said the acquisition has strengthened the firm’s capabilities in construction insurance as well as reinsurance for oil & gas and complex risks, areas where UIB was a market leader.

“With the coming together of both entities, we have effectively become market leaders in these two segments,” he said.

Growth targets

Edme is targeting growth 50% faster than the market, with Radhakrishnan noting that if the industry grows at 10–12% annually, the company aims to grow at 15–18%.

The Samara Capital-backed firm acquired Aditya Birla Insurance Brokers on August 30, 2024, paying an upfront consideration of ₹455 crore to acquire Aditya Birla Capital’s stake as part of a full takeover of the business.

International business

Edme is also expanding its overseas operations to serve Indian corporates worldwide. The company plans to set up offices in Dubai and Singapore by the end of 2026, followed by London by mid-2027, as part of its international expansion strategy. “With this international expansion, the plan provide services to Indian corporates which are outside India also in these countries,” said Radhakrishnan.

“International business has already started. Volumes are still small, but we see very high growth potential in this segment, with revenues likely to almost double every year,” Radhakrishnan said.

Revenue mix

Currently, about 30% of Edme’s international business comes from Southeast Asia, 40% from Africa, and the remaining 30% from the Middle East.

The company is also entering climate risk advisory and insurance, an emerging and unconventional segment where traditional policies often fail to account for climate-related events.

“We have recently added a team from international reinsurers to advise clients on climate risk, balance sheet protection and available coverage options,” Radhakrishnan said. These solutions include parametric covers linked to events such as excessive rainfall, supply chain disruptions, and crop failures.

Published on January 8, 2026

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