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<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<ul><li>Equity benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/indices/sensex_30_companies">Sensex</keyword> on Thursday crashed over 1,000 points while the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/indices/nifty_50_companies">Nifty</keyword> dived below the 22,000 level due to across-the-board selloff amid general election uncertainties.</li><li>Persistent foreign fund outflows and heavy selling pressure in <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms">HDFC Bank</keyword>, L&amp;T and <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/reliance-industries-ltd/stocks/companyid-13215.cms">Reliance Industries</keyword> weighed on investor sentiment, traders said.</li><li>From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings.</li></ul>Equity benchmark Sensex on Thursday crashed over 1,000 points while the Nifty dived below the 22,000 level due to across-the-board selloff amid general election uncertainties. Besides, persistent foreign fund outflows and heavy selling pressure in HDFC Bank, Larsen &amp; Toubro and Reliance Industries weighed on investor sentiment, traders said. Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. During the day, it tanked 1,132.21 points or 1.54 per cent to 72,334.18. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50. It tumbled 370.1 points or 1.65 per cent to 21,932.40 during the session. "The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week," Vinod Nair, Head of Research, Geojit Financial Services, said. From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings. Asian Paints, JSW Steel, ITC, Bajaj Finance, IndusInd Bank, Tata Steel, NTPC, Bajaj Finserv, HDFC Bank, Reliance Industries and Power Grid were among the laggards. In contrast, Tata Motors, Mahindra &amp; Mahindra, State Bank of India, Infosys and HCL Tech were the gainers. Meanwhile, the country's largest lender SBI reported 18.18 per cent growth in the March quarter consolidated net profit to Rs 21,384.15 crore against Rs 18,093.84 crore in the year-ago period. Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted a 25 per cent fall in its March quarter net profit on lower refining margins and announced one free bonus share for every two shares held. In the broader market, the BSE smallcap gauge declined 2.41 per cent and midcap index dropped 2.01 per cent. Among the indices, oil and gas lost 3.41 per cent, capital goods dropped 3.37 per cent, metal tanked 3.13 per cent, industrials (2.92 per cent), utilities (2.59 per cent) and commodities (2.39 per cent). On the other hand, auto emerged as the major gainer. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,669.10 crore on Wednesday, according to exchange data. "Nifty ended sharply lower led by institutional selling and traders squaring up due to nervousness on election progress. World shares were mostly lower on Thursday ahead of the Bank of England's policy decision and after the US market's pause stretched into a second day and as Chinese stocks rose after China reported better-than-expected trade figures for April," said Deepak Jasani, Head of Retail Research, HDFC Securities. In Asian markets, Shanghai and Hong Kong settled with gains, while Seoul and Tokyo ended lower. European markets were trading on a mixed note. Wall Street closed mixed in overnight trade on Wednesday. Global oil benchmark Brent crude climbed 0.48 per cent to USD 83.89 a barrel. "The market is continuously witnessing pressure ahead of the election outcome. We don't have any global reason for this correction, while some uncertainty ahead of the big event is causing profit-booking in the market. Our market has been largely driven by domestic investors, including both HNIs and institutional investors, for the last few months. "Now, they are sitting on the sidelines for the last couple of days and taking some profit off the table ahead of the big event, while FIIs are continuously selling in our market, which is pushing the market lower. The Volatility index, India VIX, has risen 70 per cent from its lows, which is also creating some uncertainty among traders and investors," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. The 30-share BSE index declined 45.46 points or 0.06 per cent to settle at 73,466.39 on Wednesday. The wider gauge Nifty remained unchanged at 22,302.50. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank">Carl Pei-led Nothing’s sub-brand CMF may soon enter the budget phone segment in India</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

Sensex tumbles over 1,000 points, Nifty falls below 22k amid election uncertainties

<ul class="summary-list"><li>As election day draws near, 400 Wall Street money managers identified their top concerns.</li><li>National debt, economic growth, and immigration reform are big issues for the next administration.</li></ul>With just a few weeks until Election Day, the presidential race is neck and neck between Kamala Harris and Donald Trump.There's a lot at stake in November. Policy initiatives could have a significant impact on the economy, especially on issues concerning inflation, the housing market, employment, and international trade.The $1.3 trillion asset manager PGIM surveyed 400 institutional investors collectively overseeing $9 trillion in assets under management about the election. Most investors surveyed agreed that elections influenced how they allocated funds in their portfolios.Overall, 46% of the investors surveyed said that a Republican sweep across the White House and Congress would be the optimal outcome for the market. 29% of investors preferred split control of the White House and Congress. Investors can benefit from both parties: Republicans would likely pass investor-friendly tax and energy policy, while Democrats would pass more favorable US-China and trade policy.Here's what Wall Street is worried about this election cycle and how top money managers are preparing their portfolios for November.<h2 id="c2ba8bee-0e1c-46d1-9407-b7e2f9e02c0b">Wall Street's 3 biggest election concerns</h2>There was one clear standout issue: the national debt. 35% of institutional managers flagged the US national debt as the most important policy change they wanted to see.Kara Murphy, chief investment officer at Kestra Investment Management, says the deficit will continue to balloon from its current level of $35 trillion as higher Medicare, Social Security, and interest expenses stack up.However, neither candidate has put forward a concrete plan to address this issue."The candidates' relative silence on the deficit shows that it's an American problem – not just a party problem – and one so big and intractable that the next president isn't likely to be able to make much of a near-term impact," Murphy wrote in a note.Seventeen percent of investors responded that fueling economic growth was their biggest concern. There are both domestic and international challenges to the health of the economy, with institutional managers flagging issues such as <a target="_blank" href="https://www.businessinsider.com/recession-odds-rising-inflation-geopolitcal-concerns-surge-investing-strategy-volatility-2024-10">inflation</a>, <a target="_blank" href="https://www.businessinsider.com/stocks-hedge-geopolitical-china-risk-retaining-upside-international-beijing-stimulus-2024-10">US-China relations</a>, and tariffs.It's likely that the next administration will implement new tariffs, regardless of which party takes the White House, according to PGIM.While Trump is well-known for his love of tariffs, Harris isn't exactly anti-tariff either. Murphy points out the Biden-Harris administration has kept many of the tariffs that Trump passed during his presidency, and even enacted additional tariffs.Increased trade tensions could have negative implications for both US and international markets in China, Latin America, and Southeast Asia. Tariffs often have inflationary effects by slowing down trade and raising prices for consumers. The results of the presidential election will clarify how many new tariffs to expect.The third biggest concern was <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">immigration reform</a>, with 15% of investors placing it as their most important policy concern. Investment advisor Research Affiliates sees an urgent need for immigration reform as the US population growth rate continues to decline, harming the labor market. According to Research Affiliates, policies such as removing the cap on green cards for immigrants with higher education degrees in STEM fields could solve this issue.<h2 id="96c99c05-0f43-49e9-bcc5-3b7a39e8f265">Preparing your portfolio</h2>The tight race makes it unlikely for a single party to hold a sweeping majority in the House and Senate and pass drastic policy changes. However, the election winner still has implications for portfolios.One survey respondent, a portfolio manager for a US-based pension fund, said elections have "been a big factor" when it comes to allocating money. A Republican president is likely to benefit the oil and gas industries, while a Democrat win will boost healthcare, the portfolio manager said.An investment director for another pension fund shared the following investment outlook regarding the ongoing decline in globalization and trade relations: "Given reshoring, friend-shoring, [and] less reliance on the likes of China and other trading partners from past decades, we've felt even more confident in some of our exposures, particularly within the US. Basic industry, materials, very middle-market and lower focused, but dedicated US exposure such that if we really continue along this deglobalization path, and if there are further and future rifts, these are the areas that are going to benefit the most."As international supply chains experience disruption and technological competition with other countries increases, investors should put money into the companies and sectors benefiting from deglobalization while also adding safe-haven assets to their portfolios. The trend of reshoring will lead to increased domestic construction and jobs.PGIM recommends gold, Treasurys, and the US dollar as examples of stable, low-risk assets.

Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns 

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

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Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

PTI

Reliance Home Finance, Reliance Power shares hit lower circuit limits

PTI

Sensex tumbles over 1,000 points, Nifty falls below 22k amid election uncertainties

PTI

Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns

Christine Ji

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

BI India Bureau

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

PTI

Energy transition: India remains highly dependent on imports of critical minerals, says report

PTI

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