Gujarat-based manufacturers of dyes and intermediate chemicals are cautiously optimistic about a demand recovery in the coming months, as global supply chain disruptions ease and overseas markets begin to stabilise. Industry representatives note that operating conditions, while still challenging, have improved compared to the pre-festive period.

Capacity Utilisation Improves After Diwali

According to Ankit Patel, Vice-Chairman, Chemexcil, manufacturing units are currently operating at an average capacity utilisation of 55–60%, a marked improvement from below 50% before Diwali. He added that conditions were even more difficult earlier, when utilisation levels hovered around 40–45%, reflecting weak global demand and trade uncertainties.

Textiles and Leather Demand Picks Up

Meanwhile, demand from downstream sectors such as textiles and leather has started to show positive momentum. Patel noted that a resolution of US tariff-related issues could further boost global trade flows. However, he cautioned that ongoing geopolitical tensions continue to weigh on demand from key European markets.

Weak Rupee Boosts Export Competitiveness

Highlighting the export outlook, Bhupendra Patel, Chairman, Chemexcil (Gujarat Region), said the depreciation of the rupee has made imports more expensive but has also improved overall industry sentiment in recent months.

He explained that while tariff challenges persist, the weaker rupee has turned into a “blessing in disguise” for exporters. As a result, Indian dyestuff manufacturers have become more competitive globally, enabling them to offer better pricing and benefit from improved margins amid a strong dollar.

Strong Export Orientation Across Markets

Currently, nearly 60% of dyestuff exports from Gujarat cater to markets such as Europe, Bangladesh, the Middle East, China, Hong Kong, Dubai, Indonesia, and Turkey. This diversified export base continues to support the sector despite short-term trade headwinds.

MSME-Driven Industry with Strong Cluster Base

Gujarat is home to over 3,000 chemical manufacturing units, of which nearly 80% are MSMEs. Over the years, the state has developed robust chemical clusters in regions such as Vatva, Naroda, Vapi, Ankleshwar, and Padra. As reportdd by thetimesofindia.indiatimes.com, companies operating within these clusters supply a wide range of chemical products to international markets, reinforcing Gujarat’s position as a key hub in India’s chemical exports landscape.

Tata Chemicals reaffirmed its commitment to strengthening India’s research and innovation ecosystem through active participation in the CII Global Summit on Industry–Academia Partnership, held at the India Habitat Centre, New Delhi. The summit brought together leaders from industry, academia, and government. They discussed practical frameworks to build a robust, collaborative R&D landscape in India.

Showcasing Innovation and Research Partnerships

At the accompanying exhibition, Tata Chemicals showcased a range of recent product innovations and highlighted its ongoing collaborations with leading research institutions across the country. Consequently, the company’s stall drew strong interest from business leaders, researchers, and policymakers keen to understand the science-led initiatives shaping its growth trajectory.

Dr. Jitendra Singh, Minister of Science and Technology, addressed the inaugural session. He later visited the exhibition area and interacted with industry and academic participants, including the Tata Chemicals team.

National Recognition for R&D Excellence

In a significant achievement, Tata Chemicals was named the Grand Jury Winner. The award was in the Industry – Large Manufacturing category at the CII Industry–Academia Partnership Awards 2025. This recognition honours organisations that build impactful, long-term research collaborations and translate them into tangible outcomes.

Leadership Perspective on Sustainable Innovation

Dr. Richard Lobo, Head – Innovation, Business Excellence, and Chief Ethics Counsellor at Tata Chemicals, said the recognition reinforces the company’s commitment to sustainable science. He added it also underscores their dedication to technology excellence. He added that Tata Chemicals will continue to advance technological breakthroughs for the nation, industry, and society. The company will achieve this by leveraging strong partnerships and pursuing radical innovation.

Driving India’s R&D Ambitions

As per the press release, the summit, themed “Catalysing India’s Rise as an R&D Powerhouse: Forging Partnerships, Driving Excellence,” spotlighted breakthrough research, emerging technology domains, and collaborative models capable of accelerating innovation across sectors. Through its participation and recognition, Tata Chemicals underscored its role as a key contributor to India’s evolving R&D ecosystem.

KP Green Engineering marked a significant milestone with the inauguration of its Matar Manufacturing Facility in Gujarat.

 A Major Boost to Manufacturing Capabilities

Spread across 45 acres, the advanced Matar facility features twenty-two integrated product lines. As a result, it substantially enhances KP Group’s engineering strength, manufacturing scale, and operational excellence, positioning the company for accelerated growth.

Global Collaboration in Sustainable Infrastructure

Bogolo Joy Kenewendo, cabinet minister – minerals and energy, Botswana, inaugurated Asia’s largest galvanizing kettle at the facility. The development reflects expanding global collaboration and KP Group’s growing role in sustainable infrastructure projects worldwide.

Visionary Leadership at the Helm

Dr. Faruk G. Patel, Founder, Chairman and Managing Director of KP Group, was present at the inauguration. His participation reaffirmed the leadership’s commitment to building future-ready, sustainable, and globally competitive infrastructure solutions.

A Defining Milestone for KP Group

As per the press release, overall, the inauguration of the Matar Manufacturing Facility represents a defining step in KP Group’s journey. It symbolises enhanced scale, technological strength, and a shared global vision for sustainable and long-term growth.

Rays Power Infra Limited announced a strategic investment commitment of up to ₹1,350 crore from A.P. Moller Capital – Emerging Markets Infrastructure Fund II (EMIF II Holding). The investment will be routed through project-specific special purpose vehicles (SPVs) to support the development of renewable energy projects across India.

Importantly, the capital infusion is expected to catalyse a minimum total project capital expenditure of ₹5,200 crore, significantly expanding Rays Power Infra’s development pipeline. As a result, the company will gain greater operational scale, long-term revenue visibility, and enhanced scope for future partnerships.

A.P. Moller Capital Makes First Investment in India

Notably, this transaction marks A.P. Moller Capital Funds’ first investment in India, underscoring the country’s growing stature as a global destination for renewable energy capital. The move also reflects strong investor confidence in India’s long-term economic fundamentals and policy-driven clean energy transition.

Backed by Global Renewable Investment Experience

A.P. Moller Capital brings more than 120 years of industrial heritage from the A.P. Moller Group, coupled with a hands-on value creation approach. The firm has successfully invested in and scaled renewable energy platforms across Southeast Asia and Africa, spanning solar, wind, hybrid power solutions, grid infrastructure, and energy-efficiency assets.

To date, A.P. Moller Capital has supported the development of over 2 GW of renewable and transition-related capacity across its funds. Meanwhile, the broader A.P. Moller Group has maintained a presence in India for over three decades through its logistics and services businesses, providing deep-rooted commercial and operational linkages.

Rays Power Infra Sees Major Growth Catalyst

Ketan Mehta, Managing Director and CEO, Rays Power Infra, said the investment marks a defining milestone for the company. “This partnership with A.P. Moller Capital reinforces our long-term vision of building renewable energy infrastructure at scale. Their investment validates the strength of our development platform and accelerates our ability to deliver sustainable, utility-scale solar assets across India.”

Long-Term Capital for a Fast-Growing Renewable Market

As per the press release, from the investor’s perspective, Semih Gökmen, Partner at A.P. Moller Capital, highlighted the strategic fit of the collaboration. “This partnership allows us to deploy long-term capital into a high-quality project pipeline in one of the world’s fastest-growing renewable energy markets. Our operational mindset positions us well to deliver utility-scale capacity responsibly and efficiently.”

India’s Energy Transition in Sharp Focus

Kim Fejfer, Managing Partner and CEO, A.P. Moller Capital, described, “India’s energy transition represents one of the most compelling long-term infrastructure opportunities globally. With strong policy support and favourable market fundamentals, we are well positioned to scale critical renewable infrastructure in partnership with Rays Power Infra.”

Larsen & Toubro (L&T) bagged a major engineering, procurement, construction, and commissioning (EPCC) order from Bharat Petroleum Corporation Ltd (BPCL) for a landmark petrochemical project at Bina, Madhya Pradesh. According to L&T’s internal project classification, the contract falls in the ‘Major’ category, with an estimated value of ₹5,000–10,000 crore.

Scope of Work and Project Details

The order has been given to L&T’s hydrocarbon onshore business vertical and will be executed on a lump-sum turnkey basis. The project includes the engineering, procurement, construction, and commissioning of a Linear Low-Density Polyethylene (LLDPE) and High-Density Polyethylene (HDPE) Swing Unit. The facility will comprise two trains with a capacity of 575 KTPA each, making it India’s largest LLDPE/HDPE Swing Unit upon completion. This milestone will set a new benchmark for polyethylene production capacity in the country.

Integration with BPCL’s Expansion Plans

The project is a critical component of BPCL’s Bina Petrochemicals and Refinery Expansion Project, which aims to establish an integrated petrochemical complex. The expansion will increase BPCL’s refinery capacity from 7.8 MMTPA to approximately 11 MMTPA. This will enhance the company’s downstream value chain and strengthen India’s polymer manufacturing ecosystem.

Supporting Domestic Manufacturing

The significant investment aligns with the Government of India’s Aatmanirbhar Bharat initiative. It promotes domestic manufacturing and reduces import dependency for key polymer products.

The additional polyethylene capacity is expected to benefit multiple downstream sectors, including:

*Packaging

*Infrastructure

*Automotive

*Consumer goods

By increasing local production, the project will help secure the supply chain for essential polymers while supporting India’s economic self-reliance.

Strategic Significance

As reported by businessupturn.com, the L&T-executed project demonstrates the company’s expertise in large-scale petrochemical EPC execution. It also strengthens India’s polymer industry infrastructure, contributing to sustainable industrial growth and enhancing competitiveness in the global market.

Deccan Gold Mines Ltd. (Deccan Gold), India’s first and only listed gold and critical minerals exploration and mining company, announced a strategic investment in a tungsten exploration project at Logrosan, Spain. Under the agreement, the company has the option to increase its stake to up to 75% prior to production, strengthening its long-term participation in the project.

This move marks an important step in Deccan Gold’s strategy to build a globally diversified portfolio of critical minerals alongside its core gold assets.

Logrosan: A Promising Early-Stage Exploration Asset

The Logrosan project is an early-stage exploration asset located in a highly mineralised region of Spain, known for occurrences of tungsten, tin, rare earth elements, and gold. Deccan Gold expects that ongoing exploration and drilling could convert existing mineralisation into defined Mineral Resources within the next one to two years, subject to technical evaluation and regulatory approvals.

Why Spain Is Strategic for Critical Minerals

Spain continues to emerge as an attractive jurisdiction for mining investments, supported by its rich critical-mineral endowment, supportive permitting framework, competitive operating costs, and proximity to key European industrial markets. In addition, the absence of production-based royalties enhances project economics. As Europe seeks to secure diversified and resilient supply chains for strategic raw materials, Spain’s relevance in the critical minerals landscape continues to grow.

Tungsten’s Rising Strategic Importance

Tungsten is globally classified as a critical mineral due to its indispensable role in defence, aerospace, advanced manufacturing, high-temperature alloys, cutting tools, and electronics. With more than 80% of global tungsten supply currently dominated by China, demand for alternative, non-China sources has intensified. Against this backdrop, projects such as Logrosan are gaining strategic importance for global supply security.

Management Perspective on the Investment

Dr. Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Ltd., said, “Our entry into the Logrosan Tungsten Project reflects Deccan Gold’s long-term vision of building a globally relevant portfolio in minerals that are critical to modern economies. Tungsten sits at the intersection of national security, advanced manufacturing, and industrial resilience, and Spain offers a rare combination of strong geology, infrastructure, and proximity to European demand.”

He further added, “As India sharpens its focus on critical minerals, Deccan Gold is deliberately extending its capabilities beyond gold into strategically important materials where our exploration expertise can create meaningful value. This investment reinforces our belief that responsible, technically driven mining will play a central role in strengthening global supply chains and positioning Indian companies as credible participants in the international minerals ecosystem.”

Encouraging Geological Indicators at Logrosan

Early exploration and limited drilling at Logrosan have delivered encouraging tungsten intersections, including:

*3 metres at 0.42% WO₃

*8 metres at 0.32% WO₃

In addition, drilling has identified isolated high-grade gold intersections, such as 1 metre at 96.2 g/t gold, highlighting the multi-commodity nature of the mineral system. The broader region also offers upside potential across associated gold and rare earth element targets, including the nearby Maria Gold Project.

Transferable Technical Expertise

Deccan Gold noted that its core technical strengths in gold exploration, drilling, and resource evaluation are directly transferable to tungsten systems. Similarities in geological settings, mineralisation styles, and exploration workflows allow the company to efficiently leverage its existing expertise across both commodities.

Maria Gold Project Adds Multi-Commodity Upside

Located within the broader Logrosan mineralised corridor, the Maria Gold Project represents a prospective near-surface gold and antimony system. Historical work and recent reconnaissance have identified encouraging gold anomalies through stream sediment sampling, pointing to the potential presence of a structurally controlled mineralised trend.

As per the press release, the proximity of Maria to the Logrosan tungsten project further reinforces the multi-commodity potential of the region and aligns with Deccan Gold’s strategy of advancing gold opportunities alongside its expanding critical minerals portfolio.

Prime Minister Narendra Modi on December 21 laid the foundation stone for a ₹10,601-crore brownfield ammonia–urea fertiliser plant in Dibrugarh district, Assam. It marks a significant step toward strengthening India’s domestic fertiliser manufacturing capacity and reducing dependence on imports.

Strategic Project at Namrup, Dibrugarh

The facility will come up at Namrup in Dibrugarh, within the existing premises of the Brahmaputra Valley Fertiliser Corporation Ltd (BVFCL). The Union Cabinet approved the project in March this year. This move reinforces the government’s focus on revitalising legacy fertiliser infrastructure through brownfield expansion.

High-Capacity Plant

Once commissioned, the plant will have an annual urea production capacity of 12.7 lakh metric tons. The project aims to complete and commission by 2030 and is expected to significantly boost fertiliser availability in northeast and eastern India.

AVFCCL to Execute the Project

Assam Valley Fertiliser and Chemical Company Ltd (AVFCCL), incorporated in July, will implement the project. The joint venture includes the Government of Assam, Oil India, National Fertilisers Limited (NFL), Hindustan Urvarak & Rasayan Ltd (HURL), and Brahmaputra Valley Fertiliser Corporation Ltd (BVFCL).

Strengthening Regional Supply

As reported by msn.com, the fertiliser unit will play a critical role in meeting regional fertiliser demand. It will also improve supply security and support agricultural productivity across northeast and eastern India. The project aligns closely with India’s broader objectives of self-reliance in fertiliser production and long-term food security.

Inox Clean Energy Ltd executed definitive agreements with Australia-based Macquarie Corporate Holdings Pty Ltd and other shareholders to acquire Vibrant Energy, a diversified renewable energy independent power producer (RE IPP) in India. While the Noida-based INOXGFL Group company did not disclose the transaction value, industry sources estimate the deal at around ₹5,000 crore.

Portfolio Strengthens Inox Clean’s Operating Capacity

The acquisition brings Vibrant Energy’s entire 1,337 MW renewable portfolio under Inox Clean Energy, of which 800 MW is currently operational. The remaining capacity is under various stages of development. The projects are geographically diversified and spread across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh, strengthening Inox Clean’s pan-India renewable footprint.

Long-Term PPAs with C&I Customers

Vibrant Energy has established long-term power purchase agreements (PPAs) with major commercial and industrial (C&I) customers, including several large global multinational corporations. These PPAs typically span an average duration of 20 years, providing strong revenue visibility and long-term cash flow stability.

Accelerating Inox Clean’s Growth Trajectory

Devansh Jain, Executive Director, INOXGFL Group, said, “This acquisition will significantly accelerate Inox Clean’s journey to scale up its renewable power generation capacity. With this and other acquisitions nearing closure, Inox Clean is on course to reach its targeted installed renewable energy capacity of 3 GW by the end of FY26, making it the fastest company in India to achieve this milestone.” He further added that Inox Clean aims to achieve 10 GW of installed renewable capacity by FY28, underlining the group’s long-term clean energy ambitions.

Macquarie Transitions to an Asset Management Model

Mark Dooley, Executive Director, Macquarie Group, said, “The sale of Vibrant Energy, an asset held on Macquarie Group’s balance sheet, represents a further step in transitioning our renewable energy activities to an asset management model under Macquarie Asset Management Green Investments. We are proud to have partnered with the Vibrant Energy team to grow the portfolio from 65 MW to 1,337 MW in a short span of time.”

Strategic Step in India’s Renewable Energy Expansion

As reported by msn.com, with this acquisition, Inox Clean Energy significantly enhances its scale, geographic reach, and contracted capacity. The deal positions the company strongly to capitalise on India’s accelerating renewable energy transition while reinforcing its status as one of the fastest-growing clean energy platforms in the country.

DBS Bank India announced the extension of its largest Sustainability-Linked Trade Facility (SLTF) to date, amounting to ₹670 crore, to Indorama India Private Limited, a wholly owned subsidiary of Indorama Corporation Pte Ltd. The transaction underscores the bank’s commitment to responsible banking and its continued support for clients that are embedding sustainability into their growth strategies.

Supporting Sustainable Manufacturing in the Fertiliser Sector

The facility is designed to promote sustainable manufacturing in eastern India’s fertiliser sector. It also highlights DBS Bank India’s expertise in delivering complex cross-border trade finance solutions. By linking financing to clearly defined environmental performance targets, the SLTF enables Indorama India to access capital while advancing measurable sustainability outcomes.

Specifically, the facility supports Indorama India’s efforts to reduce greenhouse gas emissions intensity, water-use intensity, and energy intensity across its operations.

Aligned with Global Sustainability-Linked Loan Principles

The facility is structured in line with globally recognised Sustainability-Linked Loan Principles. It ensures transparency, accountability, and verifiable progress against agreed targets. In addition, it offers a comprehensive suite of trade finance instruments, including:

*Letters of Credit (LC)

*Purchase Invoice Financing (PIF)

*Buyer’s Credit Import Advance (BCIA)

Together, these instruments will help Indorama India efficiently manage its working capital requirements across trade, procurement, and day-to-day business operations.

Leadership Perspectives on Sustainable Finance

Divyesh Dalal, Managing Director and Country Head – Global Transaction Services, Corporate Banking – Financial Institutions and SMEs, DBS Bank India, said, “Responsible banking is central to how we engage with our clients, and sustainability-linked structures allow us to align financing with long-term environmental outcomes. This mandate reflects our ability to deliver complex, cross-border solutions. It also supports clients as they integrate sustainability into their growth plans. We remain committed to advancing sustainable finance in a way that delivers meaningful impact.”

Manish Kumar Agarwal, CFO – Indorama India, added, “Our partnership with DBS reflects our commitment to integrating sustainability into our financial strategy and operations. The facility strengthens our liquidity position while reinforcing our dedication to ESG principles, aligning business growth with responsible practices. We will continue to build on this momentum as we advance our sustainable finance agenda.”

Building Momentum in Sustainable Finance

The Indorama transaction builds on a series of sustainable finance mandates executed by DBS Bank India in 2025. As per the press release, in December, the bank acted as sole adviser and green loan coordinator for a ₹1,280 crore green loan facility for Tata Realty and Infrastructure Ltd. Earlier in June, DBS Bank India structured a USD 80 million green financing for Aseem Infrastructure. At the group level, DBS Bank Indonesia announced a USD 20 million sustainability-linked trade finance facility for PT Indo-Rama Synthetics Tbk in January 2025. This follows a USD 10 million credit facility completed in 2024.

Hindustan Petroleum Corporation Limited (HPCL) bagged two prestigious national awards—the CII Digital Transformation (DX) Award and the Jagran HiTech Award—for its flagship DriveTrack Plus program. The dual recognition highlights HPCL’s strong focus on digital transformation, customer experience, and technology-led innovation in the retail and mobility ecosystem.

Award Wins Across Customer Experience and Technology Excellence

At the CII Digital Transformation (DX) Awards, DriveTrack Plus earned recognition in the Customer Experience category for Most Innovative Best Practices. In parallel, the program secured the Editor’s Choice Award for Best Use of Technology in a Loyalty Program at the Jagran HiTech Awards, which celebrate excellence across the automobile and mobility technology landscape. Together, these honours reinforce HPCL’s commitment to leveraging digital tools to create meaningful, value-driven customer engagement.

DriveTrack Plus: A Comprehensive Fleet Management Solution

DriveTrack Plus is HPCL’s prepaid fleet card and loyalty program, designed to offer fleet owners a fully integrated and digital-first fleet management solution. The platform enables seamless purchase of fuel and lubricants across HPCL petrol pumps nationwide. It also allows digital recharging of CCMS accounts, with DriveStars digital incentives on every recharge.

In addition to a 0.75% digital incentive, the program delivers a robust suite of benefits, including:

*Accident insurance cover for drivers and co-drivers

*A Transport Management System (TMS) for improved visibility and operational control

*Sadak Ka Sathi (SKS) roadside assistance, supported by a nationwide network of over 18,000 trained mechanics

An NFC-based contactless fueling solution at select outlets, ensuring accurate fueling and billing under HPCL’s assurance of “What is Filled is Billed”

Strengthening Trust Through Technology-Led Solutions

These awards underscore the strength, reliability, and trust associated with the HPCL brand, widely recognised as one of India’s most established and credible trademarks. More importantly, they reaffirm HPCL’s commitment to delivering secure, technology-driven solutions that enhance customer confidence. They also strengthen brand credibility across its extensive retail network.

Driving the Future of Digital Mobility

Through initiatives such as DriveTrack Plus, HPCL continues to advance its digital transformation agenda. The focus is on smarter mobility solutions, enhanced customer experience, and sustainable growth. As per the press release, the recognition further positions HPCL as a leader in digital innovation. It helps the company meet the evolving needs of India’s transport and logistics ecosystem.