Best of the Week: Adani, JSW, Reliance, Tata dominate IBC deals

Dear reader,

India’s bankruptcy process is increasingly becoming a playground for its biggest conglomerates, and they’re playing to win. Groups like Adani Group, JSW Group, Reliance Industries and Tata Group have quietly cornered nearly a quarter of the ₹13 trillion in admitted claims under the Insolvency and Bankruptcy Code, despite accounting for just a sliver of total deals.

What’s driving this dominance? Scale, deep pockets, and a knack for spotting value in distressed assets. Adani has aggressively built its power portfolio through acquisitions, while JSW used deals like Bhushan Power to leapfrog rivals in steel. Reliance and Tata, too, have snapped up strategic assets across sectors.

But this isn’t just about buying cheap. Turning around stressed companies is the real test—and that’s where these giants have an edge. With capital, sectoral expertise and operational muscle, they can revive businesses others can’t touch.

The result: lenders recover more, assets get a second life, and India’s corporate landscape tilts further towards its largest players.

On to, the best of Mint's journalism from this week:

Startups that turn babies’ cries into data points

A new crop of Indian “babytech” startups is turning early parenting into a data-driven exercise, using AI to decode infant behaviour. Companies like Cradlewise, Pukaar.ai, Aignosis and Gabify offer tools ranging from smart cribs and cry analysers to developmental screening platforms. While adoption is rising among urban parents, high costs and questions around accuracy remain barriers. Investors see potential in building full-stack ecosystems that track a child’s growth over time, rather than single-use products. Privacy is another concern, with firms stressing encryption and user consent. Experts caution that while AI can assist, it cannot replace parental instinct or human bonding.

Vietnam’s rise holds lessons for India

Vietnam’s viral tourism appeal masks a deeper economic story. From post-war poverty, it has emerged as a high-growth manufacturing hub, powered by reforms, trade openness and integration into global supply chains. Exports now approach its GDP, driven by electronics and strong foreign investment. Vietnam’s success stems from early reforms, multiple trade deals and a plug-and-play model within global value chains, attracting firms diversifying beyond China.

For India, the challenge is sharper. Despite scale, it lags in supply chain integration and export competitiveness.

AI is hijacking artists

When Ankur Tewari checked Spotify, he found songs he had never made sitting under his name. AI tools are now enabling impersonators to mass-produce tracks, tag real artists, and siphon off streams and royalties. The problem spans platforms like Apple Music, where weak verification lets fake uploads slip through. For artists, the damage isn’t just financial. Poor-quality tracks can distort algorithms, hurt reach, and confuse fans. As AI music floods platforms, artists are left policing their own identities—raising a bigger question: who really controls an artist’s voice anymore?

In a crisis, art is still king

When Cyrus Poonawalla shelled out ₹167.2 crore for Raja Ravi VArma's Yashoda & Krishna painting, it wasn’t just a splashy buy, it was a statement. Even with wars and global uncertainty, India’s art market isn’t blinking. The deal smashed the previous record held by M.F. Husain, and underlines a bigger shift. For wealthy collectors, art is no longer just passion, it’s a portfolio. Think of it like gold with a story. What’s driving this? In shaky times, discretionary spending often moves away from travel or luxury and into assets that feel both cultural and stable. The result: strong demand, rising prices, and a market that seems surprisingly unfazed by chaos.

India plans battery moat

India is planning an Approved List of Battery Manufacturers (ALBM) to mandate trusted, local suppliers for government-backed energy storage projects, aiming to reduce import dependence and strengthen energy security. The move, part of the broader India Battery Vision 2047, will set localization norms across the battery value chain, from minerals to recycling. The ALBM will act as a non-tariff barrier, similar to the solar sector, and guide participation in projects worth $38 billion. With demand for storage rising, the policy seeks to build domestic capacity, attract investment, and ensure control over critical infrastructure components.

Tata Trusts to weigh Tata Sons future in May meeting

Tata Trusts is set to meet in May to deliberate on key strategic questions around Tata Sons, including whether it should remain privately held and if chairman N. Chandrasekaran should be considered for a rare third term. The discussions follow concerns raised by Noel Tata over losses in new-age businesses like Air India and Tata Digital, and the lack of prior visibility on their performance. Trustees are also expected to review capital allocation, succession planning, and the potential exit route for the Shapoorji Pallonji Group, making this a crucial meeting for the group’s future direction.

Campus hiring jitters return

Early signs of stress are emerging in campus hiring, as companies rethink recruitment amid AI-driven efficiency gains and uncertainty from the West Asia war. Firms like BrowserStack have rescinded some offers, while others are tweaking internship terms and warning of delayed onboarding. Colleges are urging caution, echoing pandemic-era disruptions. While placements for the 2026 batch are largely intact, concerns are spilling into internships for 2027, often a pipeline for final offers. For now, the impact appears limited and sector-specific, but institutions and recruiters are bracing for a more cautious hiring cycle ahead.

Centre plans sharp hike in minimum wages

The Centre is weighing a steep hike in the national floor wage to ₹350–450, more than doubling the current ₹176 set in 2017, amid rising worker unrest and state-led revisions. Under the Code on Wages, 2019, this baseline would apply across skill categories, pushing states to raise their minimum wages. The move comes as wage growth lags corporate profitability, widening income gaps. With protests prompting hikes in Haryana and Uttar Pradesh, a higher national floor could reset wage structures, though experts warn that execution and inflation-linked revisions will be key to sustaining gains.