The Perspective is a digital publishing platform built around the idea of encouraging audiences to explore viewpoints beyond their own. Its approach brings together journalism, design and behavioural psychology to create content and experiences that encourage readers to engage with different perspectives across current affairs, politics, sports, entertainment and other areas of public interest.

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The board of Zuari Industries at its meeting held on 13 August 2026 has approved the acquisition of equity shares of Texmaco Infrastructure & Holdings aggregating up to an amount of Rs. 150 crore one or more tranches from Zuari International, a wholly- owned subsidiary of the company.

The board also approved the acquisition of equity shares of Zuari Agro Chemicals aggregating up to an amount of Rs. 30 crore in one or more tranches from Zuari Management Services, a wholly- owned subsidiary of the company.

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Ultrafresh is a 51% subsidiary of TTK Prestige. It is an established player in India’s modular home solutions segment, offering modular kitchens, wardrobes and other customized modular furniture. The brand follows an integrated approach encompassing design, manufacturing, supply and installation, with a focus on quality, functionality, customization and contemporary design. It also owns a manufacturing plant at Nalagarh, Himachal Pradesh.

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Under the partnership, customers purchasing electric vehicles from any Landmark dealership across India will receive charging benefits on ChargeZone’s nationwide fast-charging network, bringing charging benefits into the EV ownership journey from the point of purchase, a company statement said.

The programme is set to roll out on September 9, 2026, marking World EV Day.

Under the partnership, customers referred to ChargeZone through a designated referral code at their Landmark dealership will gain access to 51,000 charging credits on ChargeZone’s network, it said.

The benefit is intended to make public charging a more immediate part of the EV purchase experience, rather than a separate consideration after the vehicle is bought.

The partnership covers Landmark’s pan-India dealership network of 140 facilities across 32 cities in 12 states and union territories, according to the statement.

Kartikey Hariyani, Founder & CEO, ChargeZone, said, “As EV adoption grows in India, building charging infrastructure is only one part of the equation. It is equally important to make that infrastructure easily accessible across the different touchpoints of the EV ownership journey.”

Aryaman Thakker, Executive Director, Landmark Cars Ltd, said, “Our partnership with ChargeZone is a step towards strengthening the EV ownership experience by making reliable charging infrastructure more accessible to our customers.”

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Citelum India will become a wholly owned subsidiary of Krystal Integrated Services.

The acquisition marks Krystal’s entry into the City Lighting & Urban Infrastructure segment and forms part of its strategy to build an engineering-led infrastructure services business.

Krystal is targeting annual revenue of Rs 300-350 crore from the new vertical over the next 3-4 years and plans to invest approximately Rs 100 crore in engineering capabilities, technology platforms and business expansion. The Company plans to scale its operations across 30-40 cities in 12-15 states, with infrastructure services expected to contribute 12-15% of consolidated revenues.

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L&T signed an agreement with Vyoma.AI to transfer the operational business on a slump sale basis, the infrastructure and construction conglomerate said in a statement. The deal proceeds will be paid by issuing fully paid-up equity shares of Vyoma.AI, subject to closing adjustments and valuation by an independent valuer.

In a separate share purchase agreement, L&T will transfer its entire stake in L&T Network Services Pvt Ltd (LTNSPL) to Vyoma.AI for ₹30 crore, also to be paid through equity shares.

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The promoter, however, said the business is not up for an outright sale. “Modern Bazaar is looking for a strategic partner,” said an executive.

Stores see big drop in sales

“A formal announcement of the potential deal could happen as early as this month,” an executive aware of the talks said. “The chain is looking at a valuation of close to ₹100-150 crore, but potential buyers have said they may have to close the deal at a significantly lower valuation.”

The move comes as Modern Bazaar struggles to match the rapid growth of quick commerce and restrain its overhead costs.

“Sales at offline stores have dropped drastically, mainly because of consumer preferences switching rapidly to quick commerce as much for gourmet foods as for daily essentials, and diminishing quality control at the stores,” said another executive aware of the talks.

Multiple vendor payments of suppliers of fresh bakery and frozen foods are also pending, executives said.

ET’s emailed queries to Reliance Retail and DS Group remained unanswered until the publication of this report.

Modern Bazaar owner Kunaal Kumar, also managing director of the chain, confirmed talks for onboarding external investors but said the chain is not for sale.

“We are in active discussions with select strategic investors who can add value and speed to our growth plans,” Kumar, son of the chain’s late founder Vishwant Kumar, said in an email. “A few retailers have approached us for potential collaborations,” he said, adding that “the chain is absolutely not up for sale.”

India’s gourmet foods market is projected to touch annual sales of $24.5 billion by 2034, up from $5.4 billion in 2025, a report by IMARC Group said. A tough business with steep overhead costs, premium gourmet grocery comes with significant challenges to profitability, as high-footfall locations and constant innovation in product assortment are crucial for success, analysts say.

Modern Bazaar currently has 18 large-format premium supermarket stores across Delhi-NCR, Noida and Chandigarh, at plum locations including DLF Cyber Hub. In recent months, the chain has shut down a couple of loss-making stores.

Set up in 1971, the gourmet chain was among India’s first supermarkets selling imported food products from its store at Vasant Vihar, New Delhi, with a large selection of premium imported confectionery, cheeses and condiments, fresh bakery and frozen foods, as well as cold meats and curated vegetables.

Garima Kabra, a resident of Gurgaon, said earlier she used to visit such stores for gourmet food but now quick commerce offers a wide choice.

“Even on the days I visited such stores, I found some of their shelves empty,” Kabra said.

Responding to ET’s query on pending vendor payments, Kumar said, “Settlement cycles are a standard, ongoing part of managing inventory and supply chain operations in a fast-scaling retail business. All accounts continue to be processed as per our regular business cycles.”

In FY25, Modern Bazaar reported revenue of ₹247.24 crore, a 13.6% decline over FY24. Profit was ₹1.43 crore, a decline from ₹2.62 crore in the previous year, regulatory filings sourced from business intelligence platform Tofler India showed. The chain has not updated filings for FY26 yet.

“In the past six months alone, monthly sales have dropped significantly, while liabilities of vendors and suppliers have shot up. Revival will itself be a long haul and require significant funds,” said an industry executive aware of the challenges faced by the chain.

Kumar said Modern Bazaar is rolling out expansion plans “to increase sales by 3X and scale store count to 116 by FY30,” adding that a 15,000 square feet distribution centre in Chattarpur, Delhi, will go live next month.

Entrants and investors within the gourmet grocery category in recent months include FreshTerra, owned by Elixiir Foods and backed by nearly ₹82-crore seed funding led by 3one4 Capital. Ashni and Avni Biyani-owned Foodstories, too, raised ₹50 crore from Zerodha cofounder Nikhil Kamath this year in June.

Others such as RP-Sanjiv Goenka group-owned Nature’s Basket isn’t yet profitable, while Future Group’s Foodhall shut down fully by 2023.

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Purvah, the renewable energy platform of group flagship CESC, signed an agreement with ReNew Solar Power to wholly acquire six special purpose vehicles (SPVs) holding the assets across Rajasthan and Karnataka, according to a company statement.

“This acquisition marks a significant acceleration of our renewable energy journey,” Shashwat Goenka, vice-chairman of RPSG Group, told ET. He said the transaction would deliver an immediate boost to operating scale, while adding to the group’s pipeline of contracted capacity.

The deal underscores Purvah’s strategy to invest about Rs 65,000 crore towards developing a 10 GW renewable energy portfolio by 2032 through a mix of greenfield projects and acquisitions, said Goenka. “We want to become one of the larger players in the renewable ecosystem in India,” he said.

Mix of cash and debt

The acquisition would be financed through a mix of cash accruals and debt, with the option of raising additional equity when appropriate. Parent company CESC is funding the acquisition. The transaction has an enterprise value of Rs 4,859 crore, with cash consideration at closing of Rs 1,582 crore, including Rs 94 crore of net current assets and excluding contingent payment.

The rest will be funded through debt. Goenka said the transaction is expected to close before October 31, but “we may close it in the next few weeks.” The deal doesn’t require government or regulatory approval and is not a related-party transaction, he said. Renew Solar’s six SPVs comprise ReNew Hans Urja, ReNew Solar Photovoltaic, ReNew Wind Energy (Karnataka 3), ReNew Wind Energy (MP Four), ReNew Wind Energy (Karnataka 4), and ReNew Agni Power.

Their capacities are 810 MW, 506.25 MW, 24.55 MW, 24.60 MW, 22.90 MW and 23.18 MW, respectively. Goenka said more than 90% of the acquired capacity is contracted with Solar Energy Corporation of India (SECI) under 25-year power purchase agreements (PPAs). The remainder is supplied to power distribution companies in Karnataka under PPAs of similar duration. Goenka said the acquired assets have been operational for one to two years, and have consistently been generating revenue and profits.

Purvah Green’s existing greenfield pipeline comprises projects tied up with the group’s distribution companies as well as external clients. The company has three PPAs with group distribution companies and five external PPAs—four with SECI, and one with the Indian Railways. These projects also have firm transmission agreements and connectivity arrangements, the company said.

Purvah Green’s total contracted capacity of about 3.4 GWp prior to the deal, will expand to 4.8 GWp—split between 1.8 GWp operational capacity and 3 GWp tied up at various stages of construction. It also has 2.2 GWh of battery storage capacity tied up and under implementation.

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The portfolio ‌being bought comprises six operating projects across Rajasthan and Karnataka states, with more than 90% of the capacity contracted to state-run Solar Energy Corp of India under long-term power purchase agreements.

Following the acquisition, ​Purvah’s contracted renewable energy capacity will increase to 4.8 GW, ‌including 1.8 GW of operational capacity and 3 GW under construction.

​CESC ‌is the flagship power utility of the RP-Sanjiv ‌Goenka Group and serves about 4.4 million consumers through its power distribution businesses.

Incorporated in ​2023, Purvah develops ​and operates solar, wind and hybrid renewable energy projects across India.

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