Daily News - Thursday, 26 February 2026
Balkrishna Industries Limited (BKT) invests USD $400 Million to enter India’s consumer tyre market (Businesswire India)
Balkrishna Industries Limited (BKT), announced its landmark entry into India’s consumer tyre market with a new On‑Highway portfolio. The company launched tyres for two‑wheelers (scooters and motorcycles) under the BKT ZENOVA and BKT THYROS brands, and unveiled plans for Medium & Heavy Commercial Vehicle Radial Tyres (m.Loadxpert and Milexpert RG) to be rolled out in Q1 FY2026-27. BKT committed an investment of INR 3,500 crore (USD $400 million) to expand manufacturing, R&D, and distribution, reinforcing its integrated ecosystem that includes BKT Carbon for industrial materials. Under Vision 2030, BKT targets revenue growth to INR 23,000 crore (USD $2.76 billion) by FY30, a 2.2x increase from FY25, with ~70% from Off‑Highway tyres, ~20% from On‑Highway tyres, and ~10% from carbon black sales. The company aims to capture a 5% market share in India’s consumer tyre segment by FY30, supported by initiatives like the ‘Journey Assistance Program’, ‘Save the Casing’, and loyalty platforms. The launch was attended by Arvind Poddar (CMD), Rajiv Poddar (JMD), Satish Sharma (Sr. President & Director of Strategy), and Lucia Salmaso (MD, BKT Europe), with actor Ranveer Singh unveiled as brand ambassador under the campaign ‘Elevate Your Drive’.
Xiaomi challenges USD $72 Million Indian tariff ruling in Supreme Court (Reuters)
Xiaomi challenged an Indian tax tribunal ruling that accused the company of evading USD $72 million (INR 6 billion) in tariffs on royalty payments. The tribunal had ruled that royalties of 2-5% paid to foreign firms like Qualcomm for technology used in imported components should have been included in customs valuations between 2017-2020. Xiaomi argued before the Supreme Court of India that royalties are unrelated to imports and should not be taxed, warning the decision could grievously injure India’s contract manufacturing sector. Former contract manufacturers Flextronics Technologies India (Flex) and Bharat FIH (Foxconn unit) are also opposing the tribunal’s decision, making this a precedent‑setting case for global investors. If Xiaomi loses, the tax demand could rise to USD $150 million (INR 12.5 billion) with interest and penalties, adding to existing troubles including USD $610 million (INR 50.8 billion) in frozen bank funds by the Enforcement Directorate since 2022. Xiaomi’s India profits were only USD $31.7 million (INR 2.64 billion) in FY2023-24, and its smartphone market share has plunged from 31% in 2018 to 12% in December 2025, intensifying the stakes of this legal battle.
India-Japan industrial cooperation deepens with multi‑sector agreements worth USD $1.32 Billion (Outlook Business)
On 25 February 2026, Uttar Pradesh Chief Minister Yogi Adityanath signed MoUs worth INR 11,000 crore (USD $1.32 billion) with several Japanese firms during the first day of his visit to Japan. The agreements involve companies such as Kubota Corporation (agricultural machinery), Minda Corporation (automotive components), Japan Aviation Electronics Industry (connectors and aerospace electronics), Nagase & Co. Ltd. (chemicals and advanced materials), Seiko Advance (industrial printing inks), O&O Group (hospitality and real estate), Fuji Japanese JV, and Fujisilvertech Concrete Pvt Ltd. The partnerships span agricultural equipment, industrial machinery, water and environmental infrastructure, automobiles, electronics, printing, hospitality, and real estate, strengthening bilateral industrial cooperation. Officials said the investments will boost manufacturing capacity in Uttar Pradesh and deepen India-Japan industrial collaboration. Kubota, founded in 1890 in Osaka, is a global leader in agricultural machinery, while Minda Corporation, part of the Spark Minda Group, is a major supplier of mechatronics, wiring harnesses, and EV solutions. The U.P. government’s Department of Industries expects these MoUs to generate jobs and accelerate technology transfer in key sectors.
India to lead global salary growth with 9.1% hike in 2026 according to Aon Survey (News18)
The Aon Annual Salary Increase and Turnover Survey 2025-26 projected that India will lead global salary growth with an average hike of 9.1% in 2026. The survey noted that 43% of companies are targeting double‑digit revenue growth in FY26, while 50% of organisations are budgeting salary hikes above 9%, showing strong business confidence. Compared with major economies where salary increases are in the 3-5% range, India remains the highest among global and Asian peers. Sectorally, NBFCs and real estate/infrastructure are expected to see the strongest hikes, around or above 10%, while automotive and engineering design services also rank high; technology consulting, life insurance, and chemicals will see more conservative increases. Attrition fell to 16.2% in 2025, the lowest in five years, with voluntary exits easing but involuntary attrition rising, reflecting stricter performance and skills selection. The survey also highlighted that 73% of organisations are still reviewing the impact of the new Wage Code, with compensation restructuring under consideration by the Ministry of Labour and Employment.
Dr. Reddy’s to launch Obeda, India’s first generic semaglutide, in March 2026 (Reuters)
Dr. Reddy’s Laboratories Ltd confirmed plans to launch its generic semaglutide injection Obeda in March 2026, following the expiry of patent protection in India. Semaglutide is the active ingredient in Novo Nordisk’s Ozempic (diabetes) and Wegovy (weight‑loss), blockbuster drugs that have transformed global pharma markets. G.V. Prasad, Co‑Chairman & MD, said Dr. Reddy’s aims to sell 12 million injectable pens in the first year, pricing them up to 60% lower than branded versions to capture market share. India, with the second‑highest diabetes burden globally after China and a projected 440 million overweight/obese adults by 2050 (Lancet study), represents a massive demand base. The company has regulatory approval for a generic Ozempic and is awaiting clearance for a generic Wegovy, while rivals Novo Nordisk and Eli Lilly already launched their drugs in India last year, with Lilly’s Mounjaro becoming the country’s top‑selling drug by value. Analysts expect intense competition among Indian generics, with the Ministry of Health and Family Welfare monitoring pricing and access as semaglutide reshapes India’s diabetes and obesity treatment landscape.
