Rajesh Trichur Venkiteswaran, Author at Global Finance Magazine https://gfmag.com/author/rajesh-trichur-venkiteswaran/ Global news and insight for corporate financial professionals Tue, 08 Jul 2025 21:00:50 +0000 en-US hourly 1 https://gfmag.com/wp-content/uploads/2023/08/favicon-138x138.png Rajesh Trichur Venkiteswaran, Author at Global Finance Magazine https://gfmag.com/author/rajesh-trichur-venkiteswaran/ 32 32 Price Of Protection: Inside The Global High-Stakes Response To Tariff Turmoil https://gfmag.com/features/price-of-protection-inside-the-global-high-stakes-response-to-tariff-turmoil/ Tue, 08 Jul 2025 16:00:50 +0000 https://gfmag.com/?p=71235 As trade tensions rise and currency markets swing, how are companies around the world coping with the uncertainty?

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To find out how companies are coping with rising trade tensions and currency volatility, we asked our writers across key regions—Southeast Asia, Japan, India, and the United States—to speak with manufacturers and exporters on the ground.

The picture that emerged is one of caution, adaptation—and, above all, unpredictability. While some companies declined to comment or requested anonymity, others offered a window into how they’re navigating the volatility.

A few, including firms both outside and within the US, pointed to short-term advantages. But most described a landscape where contingency planning, hedging, and “wait-and-see” strategies have become the norm.

No one claimed to be immune. And all agreed on one thing: the situation is fluid, and it could change again—quickly.


Bill Padfield, CEO of Salamander AssociatesVC Business Consulting

Salamander has been closely monitoring the ripple effects of US trade policy across Southeast Asia. Padfield argues that the tariffs promulgated by the Trump administration have generated enormous hesitation in the business community. “First the pause button goes on; capital investment is halted, hiring is halted,” he adds.

In Southeast Asia’s technology manufacturing sectors, steel is a critical component. “Tech manufacturers often have steel in products,” Padfield says. “For Singapore, we have a 10% tariff, so life goes on—except what if we need steel?”

If a company’s product contains 40% steel, the ambiguity is paralyzing, he adds. “[The manufacturer] has no idea at this point how to calculate and adjust, so he cannot safely procure or price his product.” Padfield also warns of a broader, looming concern: “And so far, tariffs have been on physical products. What about services and capital flows? Will services be included and if so when … this is a grim worry for Singapore, Hong Kong, and Dubai.”

Gary Dugan, CEO of the CIO Office of Milltrust’s East West Private Wealth—Multi-Family Office Services

Dugan sees a clear shift underway. “Business leaders are actively seeking non-US solutions for customers and suppliers for their future growth. The US may be the largest economy in the world but now it is fast becoming one of the most unreliable.”

Simple risk mitigation for a company is now “how do I reduce my exposure to US policy making?” Encouraged by talk of new free trade zones elsewhere in the world, companies are actively exploring new manufacturing bases such as the Middle East, where there is an abundance of support from the governments in the form of ultra-low taxes, land, workers, and top-class logistics.

Vietnam

As the US considers reimposing steep tariffs on Asian imports, business leaders in Vietnam are watching closely. From M&A advisors to food exporters, the proposed trade shifts under the Trump administration could reshape everything from pricing strategies to regional market priorities. Nguyen Dung Yoong, CEO of advisory firm Ideainvest; Ignas Petrusis, founder of Saigon Fruits; and other company executives, share how they’re preparing their businesses—and their partners—for a more protectionist US trade environment.

Nguyen Dung Yoong, founder and CEO IdeainvestorSME Consulting

Nguyen Dung Yoong, founder and CEO Ideainvest
Nguyen Dung Yoong, founder and CEO Ideainvest

Global Finance: How is your company reacting to Trump’s tariff plans?

Nguyen Dung Yoon: Ideainvestor, while not a direct exporter, works closely with a network of SMEs across Vietnam and Southeast Asia—many of whom are active in electronics, agri-processing, light manufacturing, and textile garment. The Trump-era tariffs have added volatility and margin pressure to these sectors, and further escalation would intensify the challenge.

GF: Are you finding solutions to the tariff challenges?

Yoon: To support our partners, we’re piloting an AI-based platform that assesses SME resilience across financial, operational, and customer dimensions—enabling targeted interventions such as supplier diversification or contract restructuring. This gives us a real-time view of tariff exposure across our ecosystem.

GF: Will expanding to other markets be essential if the proposed tariffs come in full force?

Yoon: If reciprocal tariffs on Vietnam are imposed, we expect upward pressure on wholesale and consumer pricing. That said, we see strong opportunities in APAC—particularly in Japan, South Korea, and India—and are advising our partners to deepen these opportunities.

Ignas Petrusis, founder of Saigon Fruits—Food Export-Import Company

GF: Have the Trump tariffs had a material impact on Saigon Fruits’ business partners?

Petrusis: At first, contracts with importers in America came on short hold as soon as the tariffs were announced. Later, once Vietnam and America agreed on a “90-day break,” demand and inquiries triple-folded. So far, we’re optimistic about the negotiations. It would be difficult to shift production elsewhere because we’d need to move our food technologists, equipment, and allocate new managers. That would cost us much more in terms of cost, time, and effort. It’s easier to simply “split the cost” between the importer in the US and our company, Saigon Fruits.

Ignas Petrusis, founder Saigon Fruits
Ignas Petrusis, founder Saigon Fruits

GF: What happens to wholesale/retail prices if the proposed 46% reciprocal tariffs on Vietnam come into effect?

Petrusis: Supposedly, export prices should—in my humble opinion—drop a little bit to relieve the burden on the customers.

GF: How significant will APAC be as a buyer of Saigon Fruits’ affiliates’ products going forward?

Petrusis: Some countries like Thailand and Cambodia have similar climate zones and product variety. As for highly advanced economies like Japan, China, or Korea—we’ve seen steady and growing export volumes to those destinations. Nevertheless, we’re also seeing growing demand in countries like Uzbekistan, Kazakhstan, and others in the Middle East. They could be a promising new market for our products.

GF: What is the mood among food exporters in Vietnam right now? Is there any optimism?

Petrusis: Vietnam wasn’t the only country affected by the tariffs. For instance, if Cambodia or China were to receive higher tariffs after the final negotiations, it would boost Vietnam’s competitiveness in terms of cost base for the importer. At least among our colleagues, partners, and suppliers, the mood is optimistic—many believe exports will keep rising. Furthermore, Vietnam has at least 16 active Free Trade Agreements, including the ones with Europe, South American, and Middle East countries. It is truly a showcase of good negotiation skills and win-win thinking implementation from the Vietnamese side.

Bruno Jaspaert, CEO of Belgium-based DEEP C Industrial Zones—Industrial Zone Developer and Operator

As Vietnam prepares for the potential return of steep US tariffs under the second Trump administration, industrial real estate leaders like DEEP C are keeping a close eye on the ripple effects. The company, which operates five eco-industrial parks across Haiphong City and Quang Ninh Province, is one of Vietnam’s largest zone developers.

GF: Have the Trump tariffs had a material impact on DEEP C’s business?

Bruno Jaspaert: So far, there has been no impact as zero projects have been delayed or canceled so far. Initially, there was concern that some investors might reconsider their plans. However, an assessment of all companies slated to acquire land in DEEP C industrial zones across Hai Phong and Quang Ninh this year revealed that none of these projects will be postponed or aborted. This indicates that companies which have committed to investing are currently sticking to their plans, which is a positive sign.

Bruno Jaspaert, CEO at DEEP C Industrial Zones
Bruno Jaspaert, CEO at DEEP C Industrial Zones

GF: Have DEEP C’s customers formulated a strategy to mitigate tariff impact?

Jaspaert: We generally see two distinct groups. One group says it’s too difficult to predict future events and chooses to continue with their plans, confident that their current strategy is the best course of action for now. The other group expresses uncertainty due to market volatility and unknown future measures the US will take, opting to wait before committing. This second group currently represents the minority; the majority of companies are proceeding with their strategies.

GF: Is there likely to be an impact on DEEP C’s customers’ wholesale/retail prices if the proposed reciprocal tariffs on Cambodia come into effect?

Jaspaert: Most of DEEP C’s customers are focused on manufacturing of goods that do not focus on the US as the main market. The segments that are hit worst are typical low-margin markets, such as furniture, sport goods, garments, and textiles—of which we have none with Washington, D.C.

GF: How significant will markets outside the USi.e., APAC, Europe or Canadabe as a buyer of your customers’ products in the domestic industry going forward?

Jaspaert: The US stands for 300 million consumers. The TAM (total addressable market) for the consumer in Asia is worth $4 billion. If tariffs make the US a prohibitive market, companies will adapt and lean toward other markets or aim for more intra-Asian trade.

GF: What is the general mood among exporters in Vietnam right now?

Jaspaert: Except for the heaviest hit markets, most distributors are sticking to a “wait-and-see” approach. Companies cannot change their strategies overnight and definitely not every 90 days. Rather than diving in, they are awaiting the final call before making strategic adjustments. Those companies that are hit badly are currently running at full speed to export the most to benefit from the current 10%.


Indian companies are also weighing the ripple effects on global supply chains, trade relationships, and cost structures. From tech consulting to textiles and industrial manufacturing, Global Finance spoke to two India-based executives on how policy shifts may reshape sourcing decisions and create new market opportunities.

Deepak Jajoo, CFO of Delaplex Limited—Technology and Consulting Services

“While services are currently not subject to tariffs, we provide technology and consulting services to a broad range of US-based industries such as energy, warehousing, logistics, etc. The primary impact of such policy changes is likely to be on manufacturing and physical goods. Since the policy details are yet to be finalized, we believe the changes will not have a major effect on the IT industry at this stage.”

Sabu Jacob, Chairman and Managing Director of Kitex Group—Textiles and Apparel Manufacturing


“The US has paused [some] tariffs, leaving some uncertainty for buyers about where to source their products, but even if these tariffs take effect, India will still be the most affordable option for buyers.” 

Sabu Jacob, Kitex Group’s Chairman and Managing Director


Jacob explained that India’s trade relationship with the US is more balanced compared to countries like Cambodia, Vietnam, China, Bangladesh, and Sri Lanka. “India doesn’t just export to the US—it also imports heavily from them. This makes India a valuable trade partner, and the US is looking for more such balanced relationships.”  The tariff situation could also push businesses to explore new markets. For instance, the recent India-UK free trade agreement allows 99% of Indian goods to enter the UK duty-free, covering almost all trade between the two nations. “A similar free trade agreement with the EU could open even bigger opportunities for India’s economy.”

David Semaya, Executive Chairman and Representative Director of Sumitomo Mitsui Trust Asset Management Co., Ltd.—Asset Management

Semaya says Japanese companies are taking a “wait-and-see” approach as tariff negotiations between the US and Japan remain unresolved.

“Regarding the mutual tariffs imposed by the United States, many Japanese companies are currently assessing the situation. Following the US-UK agreement, both the US and Chinese governments have agreed to reduce the additional tariffs they imposed on each other by 115%. As a result, the US will lower its tariffs from 145% to 30%, while China will reduce theirs from 125% to 10%. Since negotiations between the US and Japan are ongoing, and the outcome is still uncertain, Japanese companies are choosing not to finalize any strategies at this moment and are responding according to the present state of negotiations.

“The financial markets have reacted significantly, in terms of stocks, bonds, and currencies, since the mutual tariffs were announced. It is reported that some institutional investors, including hedge funds, have incurred losses. On the other hand, individual investors engaged in practices such as dollar-cost averaging seem to have navigated the situation successfully. Focusing on long-term investments appears to be crucial during these times.”


Tony Sage, CEO of Critical Metals Corp.—Critical Metals and Minerals Supplier

Tony Sage, CEO at Critical Metals Corp.
Tony Sage, CEO at Critical Metals Corp.

“For Critical Metals, and the critical minerals space more broadly—tariffs are no stranger to us. We’ve been in our own mini trade war with China for some time now, which really ramped up when they banned their own exports of key rare earths, including gallium, last year. Critical Metals views the push to build a domestic supply chain for critical materials in the US and the West as a positive tailwind for our business. It aligns with our longstanding vision to develop key assets that can help the West reduce its reliance on foreign countries. Our Tanbreez asset in Greenland, a 4.7 billion ton resource, is one of the world’s largest rare earth deposits, and it’s expected to be key in reducing the West’s reliance on China for rare earths.

“It’s also worth noting that the US’s domestic rare earth and critical minerals industry is still in its infancy—the US excluded rare earth elements from the tariff program because the country must rely so heavily on other sources right now. Tariffs may draw more attention to US producers, but what we feel is really going to move the needle is funding and strategic partnerships with US-focused companies to operationalize rare earth mines and refining capacity in the US as quickly as possible. Seeking relief for rare earth export restrictions isn’t enough, we believe the US government needs to back Western developers and help establish refining capacity in particular.

“As we’ve consistently maintained since our founding, securing critical minerals is a non-partisan national security imperative. Our assets provide exactly what policymakers across the political spectrum are seeking—reliable, high-quality resources in politically stable jurisdictions.”

Jeet Basi, President and Executive Chairman of Tactical Resources Corp.—Rare Earths Mineral Exploration and Development

“At Tactical Resources, we see measures to promote the building of domestic supply chains for the United States as a tailwind. We are focused on American assets for American rare earth production and American rare earth supply to support the production of semiconductors, electric vehicles, advanced robotics, and most importantly, national defense. Tariffs are just one tactic, as its broader and bigger than that. While there is economic uncertainty, we are benefiting from a broader geopolitical interest in securing critical mineral supplies in the US. This demand is stemming from both the federal government and the private sector, and we believe that’s only going to increase.

“The bottom line is that China has a substantial lead in the rare earths sector, and the US is racing to catch up. China currently controls roughly 90% of global rare earth production, despite accounting for only about one-third of global deposits. Tactical Resources is planning to change that with our Peak Project, which is one of the only REE hard rock direct-leach-extractable projects in the world, and is located southeast of El Paso, Texas. But tariffs won’t be enough for the US to build an integrated domestic supply chain of rare earths. The industry needs capital, price stability, streamlined permitting processes (efforts are underway for this aspect), and to establish refining capacity as quickly as possible.”

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.—Custom Electronics Manufacturing Services

Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.
Cassandra (Gluyas) Cummings, CEO at Thomas Instrumentation Inc.

“The Trump administration’s policies are helping our business. For years we couldn’t compete with foreign pricing, but having tariffs in place at least have US companies taking another look at US manufacturing. They are sometimes still choosing to stay with their foreign manufacturers, but for years, we couldn’t even get a conversation started as everyone just assumed US manufacturing would be too expensive. It doesn’t have to be, and we can be fairly competitive in some areas.

“The tariffs aren’t affecting our supply chains too badly. It has increased some costs of our raw materials like the higher-end electronic chips that are only manufactured overseas. That said, it’s fairly small, and we do keep decent in stock inventory for our major customers. Our profit margins are very low, so we inevitably have to pass along any additional tariff charges to the customers. We are doing our best to identify US or lower tariff region alternatives where the cost makes sense. It’s just about being flexible, which we all learned to do during the global parts shortage of 2021.”

Heather Perry, CEO of Klatch Coffee—Specialty Coffee Distributor

“The short story is that some of our costs are going up, immediately, but the longer, more detailed story is that those increased costs are causing us to evaluate our sourcing, importing, and roasting strategies. We need to be smarter to remain competitive in the current environment while still delivering great specialty coffee.

“Other than a very small amount of coffee produced primarily in Hawaii, the United States has essentially no domestic coffee industry. To meet the demand for total US coffee consumption, it’s almost entirely imported. That means there isn’t much of a domestic market to protect using a tariff strategy as a disincentive to foreign imports—and we can’t simply stop importing coffee, no matter what tariffs might be put in place.

“Coffee was already becoming more expensive to source prior to the ‘Liberation Day’ tariffs, with a pretty substantial run-up in prices occurring in the fall of 2024, which accelerated further this spring. A new baseline 10% tariff under the Trump Administration on all imports impacts us on every imported coffee, and in addition to the new 10% baseline, even higher tariffs (in some cases, much higher) were announced for some coffee producing countries like Vietnam and Indonesia. While some of these have since been paused or delayed.


“Uncertainty around the exact details on any specific day are creating some challenges to plan and predict our future costs.”

Heather Perry, CEO of Klatch Coffee


“Our direct-trade model has insulated us somewhat from supply disruptions. Whenever possible, we source directly from coffee producers, leveraging relationships that go back decades in some cases. This results in fewer stops along the supply chain, helping us to control costs. Because we import, store, and roast our own coffee, we can elect to draw down existing stock instead of replacing it at current (higher) market prices, but eventually, we have to replenish our inventory, and that might happen during a time when new tariffs are applied.

“After a very long period of absorbing increases in our costs to import coffee, we raised prices on some coffees on June 1st of this year—about 10 cents per cup of brewed coffee on average—but we’re still selling the same amount of coffee, and at this time, can’t attribute a decline in foot traffic or sales to price increases.”

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Japan’s SMBC Buying Stake In Yes Bank https://gfmag.com/banking/japans-smbc-buying-stake-in-yes-bank/ Thu, 26 Jun 2025 07:20:00 +0000 https://gfmag.com/?p=71086 India’s Yes Bank expects to sell a 20% stake to Japan’s second-largest bank, Sumitomo Mitsui Banking Corporation (SMBC), a wholly owned subsidiary of Sumitomo Mitsui Financial Group, for $1.58 billion, pending regulatory approvals from the Reserve Bank of India (RBI) and the Competition Commission of India.

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If successful, the transaction will represent the biggest cross-border M&A deal in India’s financial sector and is likely to be completed by the second quarter of 2025. During the March 2020 Yes Bank crisis, the RBI proposed a reconstruction plan to rescue the bank with the support of the State Bank of India (SBI) and other banks. SMBC will acquire a 13.19% stake from SBI and a 6.81% stake from other institutions, including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank, through a secondary stake purchase.

The fact that crisis-stricken Yes Bank is attracting highquality investors to replace SBI and other banks underscores its recovery following the 2020 crisis, giving a boost to the banking sector. SMBC is bullish about the Indian banking sector and is, therefore, aiming to invest for the long term.

After the transaction, SMBC will become the largest shareholder of Yes Bank and will appoint two members to its board. SBI will retain a 10.8% stake in Yes Bank, while other banks will collectively hold only a 2.9% stake. CA Basque Investments, affiliated with the Carlyle Group, and Verventa Holdings, an affiliate of Advent International, will retain 6.8% and 9.2%, respectively. The public will have a 50.26% stake in Yes Bank.

The entry of SMBC establishes a new precedent for future foreign acquisitions in India’s banking sector and enhances corporate governance standards. Furthermore, the deal will facilitate the exchange of goods and services between India and Japan.

Indian foreign investment norms cap voting rights for investors in banks at 26% and investments by financial institutions in Indian banks at 15%, a stumbling block for the entry of foreign investors. A higher cap on voting rights and an increase in investment threshold could encourage foreign investors.

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India: Shapoorji Pallonji Eyes Private Credit Deal https://gfmag.com/capital-raising-corporate-finance/india-shapoorji-pallonji-private-credit-deal/ Mon, 03 Mar 2025 04:30:58 +0000 https://gfmag.com/?p=70046 India’s Shapoorji Pallonji (SP) Group, a construction and real estate conglomerate, is negotiating with global private credit funds to raise $3.3 billion, marking the country’s largest local currency private debt deal. The funds will be used to refinance existing debt. The group is controlled by billionaire Shapoor Pallonji Mistry, whose family ranks as the 13th Read more...

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India’s Shapoorji Pallonji (SP) Group, a construction and real estate conglomerate, is negotiating with global private credit funds to raise $3.3 billion, marking the country’s largest local currency private debt deal. The funds will be used to refinance existing debt.

The group is controlled by billionaire Shapoor Pallonji Mistry, whose family ranks as the 13th richest in India, according to Forbes.

The group’s debt hit $5.2 billion in March 2020 due to high construction costs and working capital shortages during the pandemic. It utilized a one-time resolution (OTR) from the Reserve Bank of India, repaid $1.4 billion to lenders, and exited the plan by March 2022, becoming the largest and first fully repaid OTR in the country within a year.

Further, the group sold its assets, including Eureka Forbes, Gopalpur Port, and Dharamtar Port. The company’s debt decreased to $2.2 billion on March 31, 2024.

However, the maturing debt of $3.8 billion between March 2025 and April 2026 is a problem.

In 2021, Sterling Investments, linked to SP Group promoters, raised $2.2 billion from Ares SSG, a capital market company, and Farallon Capital Management LLC, pledging a 9.1% stake in Tata Sons and real estate assets, maturing in March 2025.

In June 2023, Cyrus Investments, a subsidiary of SP Group’s promoter entity Goswami Infratech, raised $1.6 billion at an interest rate of 18.75% against a 9.18% stake in Tata Sons as collateral, which will mature in April 2026.

The group is negotiating with several investors, including Cerberus Capital Management, Davidson Kempner Capital Management, Varde Partners, Farallon Capital Management, Ares Management, and EAAA India Alternatives, to refinance its debt. Deutsche Bank is the sole arranger for the deal.

The SP deal would deepen India’s private credit industry, which is expanding as the Budget 2025-2026 allocates $129 billion for the infrastructure sector and encourages private sector participation.

Indian corporations raised $6.77 billion in private credit deals in 2024. In 2025, the market anticipates key deals, including the second $500 million tranche for Reliance Capital by the Hinduja Group and the $212 million fundraising by TVS Mobility Group.

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Modi Taps ‘Mr. Dependable’ To Be Principal Secretary https://gfmag.com/economics-policy-regulation/india-narenda-modi-appoints-shaktikanta-das/ Fri, 28 Feb 2025 23:15:03 +0000 https://gfmag.com/?p=70026 Former Reserve Bank of India (RBI) Governor Shaktikanta Das was appointed Principal Secretary-2 to Prime Minister Narendra Modi on Feb. 22, with his term set to end alongside Modi’s, according to the Secretariat of the Appointments Committee of the Cabinet. He will work with Principal Secretary-1 Pramod Kumar Mishra. This is the first time the Read more...

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Former Reserve Bank of India (RBI) Governor Shaktikanta Das was appointed Principal Secretary-2 to Prime Minister Narendra Modi on Feb. 22, with his term set to end alongside Modi’s, according to the Secretariat of the Appointments Committee of the Cabinet. He will work with Principal Secretary-1 Pramod Kumar Mishra. This is the first time the prime minister (PM) will have two principal secretaries.”

The Principal Secretary is the administrative chief and the most important aide of the PM. His duties include advising the PM on domestic and foreign policy matters, handling official, governmental, and important paperwork in the PM’s Office, and placing critical files of importance for approval and instructions before the PM.

Das is the only bureaucrat in history to hold a position with experience in both monetary and fiscal policy. He is the second RBI governor, after Bimal Jalan, to have a six-year tenure. During his tenure in the finance ministry, he was directly involved in preparing eight union budgets.

Das, a retired Indian Administrative Officer, is known as “Mr. Dependable,” especially under the current government. As a governor of the RBI, he played a crucial role in the PM’s demonetization initiative and Goods and Services Tax rollout. He effectively managed the liquidity crisis of Infrastructure Leasing & Financial Services and was able to build consensus within the government during challenging times.

However, the opposition raised concerns about the motives behind the political appointment. For the Indian government, Das is more than just another bureaucrat; he is a valuable addition. If the government can utilize his 42 years of experience in central and state governments and international institutions, it may help advance Modi’s vision of achieving a $5 trillion Indian economy. At a time when global trade wars are on the horizon, the value of the rupee is declining, and economic growth is slowing, Modi is betting that Das’s expertise will help ensure that the government and the RBI work together effectively to boost India’s economic fortunes.

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Cricket’s T20 Gold Rush: Investors Building A Global Sports Empire https://gfmag.com/capital-raising-corporate-finance/crickets-t20-gold-rush-investors-global-sports-empire/ Wed, 26 Feb 2025 22:27:50 +0000 https://gfmag.com/?p=70009 The rapid rise of this fast-format cricket, led by the Indian Premier League, is fueling multi-billion-dollar investments, as franchises expand into new leagues and untapped markets. Once a sport defined by tradition and endurance, cricket is now at the center of a modern gold rush. The explosive growth of Twenty20 (T20) cricket—a fast-paced, three-hour format Read more...

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The rapid rise of this fast-format cricket, led by the Indian Premier League, is fueling multi-billion-dollar investments, as franchises expand into new leagues and untapped markets.

Once a sport defined by tradition and endurance, cricket is now at the center of a modern gold rush. The explosive growth of Twenty20 (T20) cricket—a fast-paced, three-hour format instead of the traditional five days—has turned the game into a commercial powerhouse, attracting global investors eager to stake their claim.

The Indian Premier League (IPL), launched in 2008, has been the driving force behind this transformation, generating record-breaking revenues and inspiring the creation of T20 leagues across the world.

As of 2024, the IPL’s total value is $16.4 billion, according to a study by Houlihan Lokey, a leading valuation authority. With its broadcast rights selling for $6.02 billion, investors are aggressively expanding their portfolios, buying into leagues in South Africa, the UAE, England, the US and beyond. Established IPL franchise owners are leading the charge, while new entrants, including tech billionaires and Bollywood stars, are fueling the sport’s rapid globalization.

The IPL’s Financial Power

Tata Group, the IPL’s title sponsor for 2024–2028, pays an annual sponsorship fee of $58 million. The league generates approximately $1.2 billion per year from broadcasting and sponsorships, seventh most in the sports world, but ranks as the second most valuable sports league globally in broadcasting rights on a per-match basis, earning $17 million—trailing only the National Football League, which earns $37 million per game.

Having found success in the IPL, franchise owners are now backing new leagues worldwide. In South Africa’s SA20, all six teams are owned by IPL investors. The UAE’s ILT20 has drawn backing from Bollywood star Shah Rukh Khan, as well as business giants like GMR, Adani, Lancer Capital, and Capri Global.

Reliance, owner of the Mumbai Indians, is at the forefront of global expansion, acquiring a 49% stake in the Oval Invincibles for $74 million—the highest franchise price in England’s “Hundred” competition. Reliance also owns MI Cape Town (SA20), MI Emirates (ILT20), and MI New York (Major League Cricket).

Other IPL stakeholders are following suit. RPSG Group, owner of the Lucknow Super Giants, acquired a 70% stake in the Manchester Originals for $100 million and also owns the Durban, South Africa, franchise in SA20. Sun Group, owner of Sunrisers Hyderabad, purchased the Northern Superchargers for $125 million, while GMR Group, co-owner of the Delhi Capitals, invested $149 million in Hampshire.

New Investors Enter the Game

The T20 boom is also attracting fresh capital from outside traditional cricket circles. A billionaire tech consortium led by Google CEO Sundar Pichai and Microsoft CEO Satya Nadella has agreed to buy a 49% stake in London Spirit for $180 million.

In the U.S., approximately $850 million is being invested to establish a professional cricket league, with Major League Cricket receiving $120 million in funding from investors including Satya Nadella and Ross Perot Jr. to develop stadiums and training facilities.

Cricket’s return to the 2028 Olympics in Los Angeles after a 128-year absence is expected to further accelerate the sport’s global reach. Meanwhile, Europe is joining the T20 movement, with the inaugural European T20 Premier League—featuring teams from Ireland, Scotland, and the Netherlands—set to launch in July 2025. Indian actor Abhishek Bachchan is among its co-owners.

As the sport continues its expansion, new markets are emerging. Saudi Arabia, which hosted an IPL player auction last November, is positioning itself as cricket’s next major destination. With billions pouring into T20, cricket is no longer just a game—it’s a rapidly growing global empire.

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Vietnam’s Vinfast Invests In India’s EV Market https://gfmag.com/capital-raising-corporate-finance/vietnam-vinfast-invests-india-ev-market/ Fri, 31 Jan 2025 20:22:55 +0000 https://gfmag.com/?p=69856 VinFast, a subsidiary of Vingroup JSC, Vietnam’s largest conglomerate and electric vehicle (EV) manufacturer, announced its first EVs for the Indian market—without disclosing prices—at January’s Bharat Mobility Global Expo in New Delhi. Nasdaq-listed VinFast introduced two made-in-India premium sports utility vehicles, the VF 6 and VF 7, as its first models for the world’s third-biggest Read more...

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VinFast, a subsidiary of Vingroup JSC, Vietnam’s largest conglomerate and electric vehicle (EV) manufacturer, announced its first EVs for the Indian market—without disclosing prices—at January’s Bharat Mobility Global Expo in New Delhi.

Nasdaq-listed VinFast introduced two made-in-India premium sports utility vehicles, the VF 6 and VF 7, as its first models for the world’s third-biggest car market. India is also the first market for which VinFast has developed a right-hand drive version.

EVs comprised about 2.5% of the 4 million-plus vehicle sales in India last year. As the third-largest greenhouse gas emitter, the country is encouraging global EV manufacturers to produce locally. The government aims for EVs to account for 30% of vehicle sales by 2030 and targets carbon net zero by 2070. Although high prices and insufficient charging infrastructure remain a challenge, the Indian EV market is projected to grow from $3.2 billion in 2022 to approximately $22 billion by 2029, making it the largest market in the world by 2030.

To take advantage, many global automotive companies are preparing to begin production in India, with VinFast the latest entrant. Established manufacturers such as Mahindra & Mahindra, Maruti Suzuki India, Tata Motors, and China’s BYD Company are already producing EVs there.

VinFast is investing $500 million in a car-and-battery factory in Tamil Nadu, aiming for an initial capacity of 50,000 EVs annually. The company plans to establish charging infrastructure and start production in the second half of this year, when sales are set to begin.

The Vietnamese company is hoping that its Indian incursion will help it regain momentum after losing money since its US launch in late 2022. By expanding its global distribution and dealership network and boosting manufacturing in key cost-effective markets across North America, Europe, and Asia, it aims to compete with established automakers and affordable Chinese EVs.

Timing may be tricky, however. VinFast has requested the Indian government reduce the 100% import tax on fully built EVs so that it can launch sales while its factory is being established. Domestic automakers oppose the request.

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Reliance, Rosneft Forge $13b Energy Alliance https://gfmag.com/capital-raising-corporate-finance/reliance-rosneft-russia-india-energy-alliance/ Thu, 26 Dec 2024 21:01:25 +0000 https://gfmag.com/?p=69619 Russia’s largest and most valuable state oil company, Rosneft, has agreed to supply nearly 500,000 barrels of crude oil daily to India’s Reliance Industries, which operates the world’s largest refinery, marking the biggest India-Russia energy deal ever, valued at $13 billion per year at current prices. The supplies for the 10-year deal will begin shipping Read more...

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Russia’s largest and most valuable state oil company, Rosneft, has agreed to supply nearly 500,000 barrels of crude oil daily to India’s Reliance Industries, which operates the world’s largest refinery, marking the biggest India-Russia energy deal ever, valued at $13 billion per year at current prices.

The supplies for the 10-year deal will begin shipping in January 2025 and there is an option to extend the agreement for another 10 years. This agreement will account for 0.5% of the global supply and approximately half of Rosneft’s seaborne oil exports from Russian ports.

Significantly, this deal comes ahead of the planned visit by Russian President Vladimir Putin to India in early 2025 on the invitation of India’s Prime Minister, marking the first visit since the Ukraine conflict and after US President-elect Donald Trump’s statement that he will end the war when he takes office in January 2025.

Western sanctions have led to a significant price reduction of Russian oil, making it at least $3 to $4 per barrel cheaper than competing grades. As of July 2024, India has surpassed China to become the world’s largest importer of Russian oil, which now comprises over a third of its energy imports.

Previously, India facilitated payments for Russian crude in Rupees, Dirhams, and Chinese Yuan. Reliance Industries has agreed to settle oil payments in Roubles, leveraging India’s HDFC Bank and Russia’s Gazprombank for the transactions.

The Reliance-Rosneft deal is a challenge for competitors, including Saudi Arabia, as India is trying to diversify its oil imports to countries like Russia and Guyana.

Under the agreement, Rosneft will supply 20 to 21 Aframax-sized cargoes (ranging from 80,000 to 100,000 metric tons) of various Russian crude grades, along with three cargoes of approximately 100,000 tons each of fuel oil, every month to Reliance’s Jamnagar refinery in Gujarat. The pricing for the supplied grades is based on differentials to the average Dubai price for the loading month. The premiums set for the light sweet grades are approximately $1.50 per barrel for ESPO, about $2 per barrel for Sokol, and around $1 per barrel for Siberian Light, against Dubai quotes for 2025.

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Sanjay Malhotra Takes Charge As RBI Governor https://gfmag.com/economics-policy-regulation/sanjay-malhotra-reserve-bank-india-governor/ Thu, 26 Dec 2024 16:09:17 +0000 https://gfmag.com/?p=69611 The Reserve Bank of India (RBI) has had 25 governors to date. Notably, 14 of these governors were civil servants. In recent years, governments have increasingly preferred to appoint civil servants over professional economists to lead the central bank. Sanjay Malhotra, a 56-year-old civil servant, has been appointed as the new governor of the RBI Read more...

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The Reserve Bank of India (RBI) has had 25 governors to date. Notably, 14 of these governors were civil servants. In recent years, governments have increasingly preferred to appoint civil servants over professional economists to lead the central bank.

Sanjay Malhotra, a 56-year-old civil servant, has been appointed as the new governor of the RBI for the next three years, effective December 9, 2024. He will be the 15th civil servant and the 26th governor to helm the RBI. Currently, Malhotra serves as India’s Revenue Secretary. He succeeds Shaktikanta Das, who has completed a six-year term as the governor.

Malhotra’s appointment is viewed as a move to enhance coordination between fiscal and monetary policies by placing public servants at the helm of the central bank. He has fostered a positive relationship with Finance Minister Nirmala Sitharaman, which suggests a promising future for coordination between the RBI and the government.

In 1990, he joined the prestigious Indian Administrative Service from the Rajasthan cadre. Throughout his career, he has maintained a low profile.

During his first interaction with the media as the governor, he hinted at maintaining stability while adapting to changing scenarios.

After Malhotra’s appointment, bond yields decreased, and the rupee weakened. Due to slowing economic growth and persistent inflation, lower interest rates are anticipated when the RBI reviews its policy in February 2025.

Malhotra is known in the federal finance ministry for his data-driven approach, and for trying to develop predictive models for government tax revenue. He also addressed contentious issues like taxing online gaming companies and other pending taxation issues.

He led the Financial Action Task Force’s evaluation of India, which helped to attain favourable ratings for the country, and led the department that oversaw the listing of the Life Insurance Corporation.

While the RBI banned cryptocurrencies, the finance ministry under Malhotra has sought to recognize them by requiring virtual digital asset service providers to register with the Financial Intelligence Unit. Malhotra holds a Master’s in Public Policy from Princeton University in the USA and is also a graduate of Computer Science Engineering from the Indian Institute of Technology.   

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Disney And Reliance Create An Indian Media Powerhouse https://gfmag.com/capital-raising-corporate-finance/disney-reliance-india-media-powerhouse/ Thu, 05 Dec 2024 20:08:34 +0000 https://gfmag.com/?p=69429 The Walt Disney Company’s Indian media business and Reliance Industries Ltd (RIL), which owns Viacom18 Media Private Ltd, received regulatory approval last month to merge their Indian assets, forming an $8.5 billion joint venture. The merger creates India’s largest media and entertainment company, featuring more than 100 television channels and producing more than 30,000 hours Read more...

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The Walt Disney Company’s Indian media business and Reliance Industries Ltd (RIL), which owns Viacom18 Media Private Ltd, received regulatory approval last month to merge their Indian assets, forming an $8.5 billion joint venture.

The merger creates India’s largest media and entertainment company, featuring more than 100 television channels and producing more than 30,000 hours of television content annually. The new company will dominate broadcasting rights for sports in the country, including cricket and football. The Indian Premier League, valued at $16.4 billion in 2024, reaches over 1 billion viewers and extends beyond the Indian subcontinent, demonstrating the potential of advertising and media auction rights in sporting events. The deal enhances Reliance’s position as the major shareholder in India’s $28 billion media and entertainment sector.

Owned by Mukesh D. Ambani, the wealthiest person in Asia, Reliance is India’s largest private sector company, with diversified interests in petrochemicals, oil and gas, telecommunications, retail, media, and financial services. In 2024, it was ranked 86th on the Fortune Global 500 list of the world’s largest companies.

Following the merger, the new joint venture’s shareholders will be Reliance (16.34%), Viacom18 (46.82%), and Disney (36.84%). Reliance has a 70.49% majority stake in Viacom18, and other shareholders include Network18 Media & Investments Ltd (13.54%), owned by Reliance and Bodhi Tree Systems (15.97%), a platform of James Murdoch’s Lupa systems and media executive Uday Shankar. Reliance thus will own 63% of the joint venture. Nita Ambani, Mukesh’s wife, will be chairperson, with Shankar as vice chair.

The new company has reorganized its Indian media assets into three divisions, each with its own CEO. Kiran Mani, a former Google executive, will head the digital organization; Kevin Vaz, head of Viacom 18 Media, will oversee the entertainment division; and Sanjay Gupta will run sports. The newly formed divisions include entertainment, which encompasses Reliance’s Colors television channels and Disney’s Star; digital, home-to-online streaming platforms JioCinema and Hotstar; and sports.

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Nearly Half Of US Unicorns Have Foreign-Born Founders https://gfmag.com/capital-raising-corporate-finance/us-unicorns-immigrant-founders/ Wed, 04 Dec 2024 21:17:25 +0000 https://gfmag.com/?p=69402 Research shows that immigrants to the US play a significant role in entrepreneurship and the economy at large. Ilya Strebulaev, a professor in the Venture Capital Initiative at Stanford Graduate School of Business, analysed data from 500 unicorns between 1997 and 2019. The dataset includes information on 1,078 founders, of whom 44% were identified as Read more...

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Research shows that immigrants to the US play a significant role in entrepreneurship and the economy at large.

Ilya Strebulaev, a professor in the Venture Capital Initiative at Stanford Graduate School of Business, analysed data from 500 unicorns between 1997 and 2019. The dataset includes information on 1,078 founders, of whom 44% were identified as non-U.S.-born based on their places of birth.

“Nearly half of US unicorn founders were born outside the US. Immigrants are crucial for US innovation: our research revealed that 65 countries (apart from the US) have produced at least one founder of a US unicorn,” wrote Strebulaev on LinkedIn.

Indian-born founders form nearly one-fifth of all non-US-born unicorn founders, totalling 90 individuals from India. This is followed by Israel with 52 founders, Canada with 42, the UK with 31, and China with 27. In Asia, India leads the list of founders, followed by Israel, China, and Taiwan with 12 founders.

In Europe, the UK leads in the number of founders, followed by Germany with 18, France with 17, Russia with 14, Ukraine with 12, and Ireland with 10.

In Africa, South Africa has five non-US-born founders. In South and North America (excluding the US), Canada has the highest number of founders, followed by Brazil with 9 founders. In Australasia, no country reached double digits; Australia contributed eight founders, while New Zealand had six.

Countries with fewer than five unicorn founders include Switzerland (4), Japan (3), Sweden (2), Greece (2), and Turkey (2).

The study also concludes that relocating start-ups to the US significantly increases their chances of achieving unicorn status. Indian start-ups are 6.5 times more likely to reach unicorn status if they relocate from India to the US.

Whether this trend will continue is unclear. After all, immigration has been a significant debate issue in US politics for decades, and it remained a major concern in the 2024 election cycle. Presidential candidates Kamala Harris and Donald Trump clashed over immigration policy and disagreed on the economic benefits of immigration. Trump won the election, pledging to deport 20 million illegal immigrants and further tighten immigration rules for legal immigrants.

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