Mint TOTM: Adani's $10-billion expansion plan, decoded

Just weeks after drawing a line under its major US legal troubles, the Adani Group has wasted little time returning to what it does best—raising capital for big-ticket expansion. In the span of a week, the conglomerate lined up nearly $10 billion through equity raises, stake sales and strategic partnerships—giving an early boost to its ambitious $100 billion investment plan through 2030.

The deals include a record ₹15,000 crore QIP by Adani Enterprises Ltd., a planned ₹10,000 crore fundraise by Adani Energy Solutions, a stake sale in the Vizhinjam port to Mediterranean Shipping Co., and an $11.5-billion aluminium joint venture with Abu Dhabi’s IHC Group. Together, they rank among the largest capital-raising exercises by an Indian business group in recent years, drawing comparisons with Reliance Industries Ltd.’ landmark Jio fundraising in 2020.

Analysts say the fresh capital strengthens the group’s balance sheet and provides flexibility to execute its sprawling infrastructure pipeline spanning airports, ports, roads, renewables, data centres and manufacturing.

While debt is likely to rise as investments gather pace, Adani expects earnings from these projects to improve cash flows over the next few years, easing debt concerns and helping shift investor focus from legal uncertainty back to growth. Read the full story by Dipali Banka & Nehal Chaliawala.

THE MAIN STUFF

Skyroot bets big on launch-a-month ambition

Skyroot Aerospace is preparing for the first test flight of its Vikram-1 rocket, but co-founder Pawan Chandana is keeping expectations grounded. He says first launches rarely succeed, with up to three test flights possible before commercial operations begin. Even so, Skyroot has already built manufacturing capacity to produce one rocket a month, betting on rapid scale-up.

The startup generated about ₹100 crore from customer pre-bookings last year, which will convert into revenue after a successful launch. Chandana believes global demand for launch services far exceeds supply, with overseas customers expected to drive most of Skyroot’s business as India’s private space industry expands. Read more.

El Niño could leave India short on wind power

India’s power sector could face a double blow this year as El Niño weakens monsoon winds, reducing wind power generation just as electricity demand is expected to hit a record 272 GW. The risk comes amid already subdued hydroelectric output due to below-normal rainfall, increasing reliance on coal-fired plants.

Wind accounts for nearly 57 GW of India’s installed capacity, making lower output a concern for grid stability. While experts say strong El Niño events have historically reduced wind generation, some caution that the precise impact will depend on how weather patterns evolve over the coming months. Read more.

MINT LONG STORY

Honasa beyond Mamaearth

A few years ago, Mamaearth rewrote the beauty playbook. Now, with shifting consumer tastes and intense competition, parent Honasa Consumer Ltd. is looking to reinvent itself with a broader portfolio. How that plays out will determine if it’s a one-brand wonder or grows into something bigger. Read this long story by Sowmya R.

Cheaper oil may not lift the rupee much

The sharp drop in crude oil prices after easing tensions in West Asia is unlikely to trigger a sustained recovery in the rupee, according to economists surveyed by Mint. Most expect the currency to remain in the 94-96/dollar range before weakening modestly by March 2027.

Analysts say the Reserve Bank of India is likely to absorb fresh dollar inflows into foreign exchange reserves rather than allow them to strengthen the rupee. While recent RBI measures and potential foreign debt inflows have reduced depreciation risks, economists believe they are unlikely to materially alter the currency’s longer-term trajectory. Read more.

Govt to broaden capex definition from FY28

India plans to expand the definition of capital expenditure from FY28 to include spending on rehabilitating, retrofitting and upgrading public assets, alongside new infrastructure creation. It will also introduce dedicated accounting heads for software, digital infrastructure and ICT equipment, offering a fuller picture of public investment. Routine repairs will continue to be treated as revenue expenditure.

The changes aim to improve expenditure reporting as the government deepens its infrastructure-led growth strategy. Ministries will get time to adapt their budgeting systems before the revised framework takes effect in FY28. Read more.

Ola Electric dragged to NCLT again

Two key suppliers to Ola Electric Technologies Pvt. Ltd. have approached the National Company Law Tribunal over unpaid dues exceeding ₹40 crore. Sterling E-Mobility Solutions and Anevolve Mando eMobility have sought insolvency proceedings, alleging delayed payments for critical EV components.

Ola Electric is contesting both petitions, citing quality-related disputes.

The cases follow an earlier dispute with registration agency Rosmerta, which was settled out of court. The latest legal troubles come after a difficult FY26, when Ola’s revenue halved, sales dropped 44%, and the company slipped to fifth place in India’s electric two-wheeler market. Read more.

🔢 NEWS IN NUMBERS

80: The number of goals Neymar Jr scored in 130 appearances for Brazil, making him the country’s all-time leading goal scorer before retiring from international football.

₹49,340 crore: The total amount withdrawn by foreign portfolio investors from the Indian stock market in June 2026, remaining net sellers despite eased selling pressure late in the month.

₹2,000 crore: The target corpus of the second impact fund launched by Suzuki Motor Corp.’s Next Bharat Ventures to support impact entrepreneurs in agriculture, healthcare, and financial inclusion.

€22.5 million: The amount that French billionaire Bernard Arnault and his wife were ordered to pay in additional taxes following a ruling by the Paris Administrative Court of Appeal.

₹350 crore: The value of an order secured by Shakti Pumps India from Maharashtra State Electricity Distribution Co. Ltd. to set up 15,000 off-grid solar photovoltaic water pumping systems across the state.

$200: The weekly limit Tesla Inc. has imposed on employees’ spending for AI tools starting 6 July, amid concerns about high token costs.

₹5,000 crore: The approximate value of the transaction where global private equity firm TPG, along with GIC and ICICI Bank, acquired a 100% stake in Aseem Infrastructure Finance.

AROUND THE WORLD

• Only one old-school haven stands firm during Iran war as gold loses luster
• How Xi Jinping steamrolls dissent with tactics from Stalin and Mao
• Pakistan’s army chief battles with its imprisoned ex-prime minister
• Messi, Mbappé, Haaland: this World Cup belongs to the superstars
• The quest to make humanoid robots safe enough for humans

CHART OF THE DAY

LOUNGE RECOMMENDS

‘Abhang’ to the global stage

Abhang is part of the cultural fabric of Maharashtra. A form of devotional poetry dedicated to Vithoba, verses composed by Sant Tukaram and Sant Dnyaneshwar have been sung by generations over time. During Ashadhi Wari (typically in July), people come together during the Wari pilgrimage to Pandharpur to create a collective energy around abhangs. And now Mahesh Kale, 50, is giving this annual journey a contemporary form through his ongoing “AbhangWari” concert tour. Read more.

WHAT THE FACT

Lights, Camera, Credits!

When George Lucas was making American Graffiti on a shoestring budget, he couldn’t afford to pay everyone what they were owed. Instead, he offered the cast and crew something that cost him nothing: a mention in the film’s end credits.

At a time when many films either omitted crew names or listed only a handful, the gesture was widely appreciated. The unusually comprehensive credit roll helped popularise the now-standard practice of extensively crediting everyone who worked on a film, turning the end credits into an industry norm.