Handpicked updates about India’s business and the business of India
There’s a new offering on the market for ugly Christmas sweater parties. The Santa Mundu. A Kerala shop owner has launched the 'Santa Anna' special Lungi, transforming the traditional wrap with Santa Claus motifs, Christmas trees, and bells - right on the behind. Seeing just how quickly it went viral, quite the probability it ends up on the Amazon Black Friday sale next week.
Now, let’s get into the Dispatch! 🚀
Today’s reading time is 6 mins.
Markets 🔔🐂🐻
As of the Indian market closed on Nov 20th
The Indian stock market benchmarks ended with decent gains on Thursday, marking a second straight session of rallies. The surge was driven by heavyweights like HDFC Bank and Reliance Industries, pushing the Sensex to a 52-week high and the Nifty to a one-year peak.
Business & Artificial Intelligence
TPG-TCS $1 Billion Deal, The AI Data Centre Race Just Got Real
Image credits: Moneycontrol
TPG’s $1 Billion Bet On TCS: In one of the biggest private-equity deals in India’s tech infrastructure space, global investment firm TPG has agreed to pump $1 billion into Tata Consultancy Services’ newly carved-out data-centre subsidiary, HyperVault AI Data Centre. The investment gives TPG up to a 49% stake, while TCS retains majority control.
Why TCS Created HyperVault: For decades, TCS has been synonymous with IT and software services, a relatively asset-light business. HyperVault marks a strategic shift into hard infrastructure. With AI, cloud computing, and sovereign data requirements exploding globally, TCS wants to build GW-scale, AI-ready data centres, positioning India as a major compute hub. The first facility, a 120-MW liquid-cooled, high-density data centre in Navi Mumbai, is already in the pipeline and expected to go live in around 18 months.
The Investment Structure: The partnership involves a broader ₹18,000-crore (nearly $2 billion) commitment that blends equity and debt. TPG’s final stake will fall within 27.5% to 49%, depending on capital infusion stages. Governance-wise, TCS will retain board majority and operational control, while TPG gets strategic representation.
Why TPG Wants In: For TPG, this is a chance to deepen its digital-infrastructure portfolio at the intersection of real estate, green energy, and advanced computing. Data centres - once seen as mundane back-end assets - are now mission-critical infrastructure powering AI models, cloud services, and national digital ecosystems.
Industry Context: The AI Compute Race: India’s data-centre capacity is growing rapidly, but demand for AI-grade compute infrastructure far outpaces supply. HyperVault aims to fill that gap, serving hyperscalers, deep-tech firms, governments, and large enterprises.
Business & Economy
RPSG Steps Into Luxury Fashion With Majority Stake In SP Design Pvt Ltd
Image credits: Business Line
India’s luxury fashion market is no longer just the playground of designers, it’s become the next big battleground for conglomerates. In the latest move, the RP-Sanjiv Goenka Group (RPSG) has acquired a majority stake in SP Design Pvt Ltd, the company behind the iconic Ritu Kumar Label. This marks RPSG’s first major entry into designer-led luxury and premium fashion, and it couldn’t have come at a better time.
A Trend Led By India’s Corporate Titans: RPSG’s move joins a rising trend where India’s biggest business houses are steadily buying into the luxury and premium fashion space. Reliance Brands has partnered with Valentino, Tiffany, and Balenciaga. Aditya Birla Fashion and Retail (ABFRL) has acquired stakes in Sabyasachi, Tarun Tahiliani, and House of Masaba. Now, with Goenka’s entry, the luxury race has a new and formidable competitor.
Why Ritu Kumar Is A Strategic Fit: Ritu Kumar is among India’s oldest and most respected fashion houses - a brand rooted in heritage, craftsmanship, and multi-category retail presence. From couture to home décor to affordable contemporary fashion, the brand spans multiple customer segments, making it a rare, full-spectrum fashion portfolio. For RPSG, this acquisition fills a key strategic gap: a strong lifestyle and fashion vertical that complements its existing retail footprint.
What This Means For India’s Luxury Market: India’s luxury apparel segment is projected to grow sharply as rising incomes, aspirational spending, and post-pandemic premiumisation boost demand. With conglomerates entering the space, luxury fashion is becoming more organised, better funded, and poised for global reach. RPSG’s latest bet signals a simple truth, India’s luxury fashion boom is no longer coming. It’s already here.
Business India: Dhanda Hai Yeh!
Image credits: NDTV
Marvell Expands India Hiring To Ride AI Wave: Marvell Technology is gearing up for a major expansion in India as it deepens its focus on AI-led semiconductor development. The company plans to scale engineering teams and boost R&D capabilities across its India centres. This push aligns with rising global demand for high-performance chips as AI workloads surge. India is expected to play a bigger role in Marvell’s global innovation pipeline. The hiring drive will target advanced design, networking, and AI-specific chip talent.
Starbucks Pushes Ahead With India Growth Plans: Despite intensifying competition in India’s coffee market, Starbucks is doubling down on its expansion strategy. The company plans to widen its store network and sharpen its focus on localisation to stay ahead. With rising urban consumption and a growing café culture, India remains a high-priority market.
Strong Economy Gives India Leverage In U.S. Trade Talks: India’s stable domestic growth has given policymakers confidence as negotiations progress on a new trade arrangement with the United States, sources indicate. Officials believe economic resilience allows India to negotiate from a position of strength. The discussions are expected to cover goods, services, and investment frameworks.
Mahindra Group Eyes Big Growth: Mahindra Group has set an ambitious target to pump its auto business revenue to roughly eight times the current level by FY 2030. To hit this, it plans aggressive investments across EVs, commercial vehicles, and internal combustion. The strategy leans heavily on new technology, global partnerships, and scaling manufacturing capacity.
PhysicsWallah’s Market Debut Hits Turbulence: Shares of edtech firm PhysicsWallah have plunged nearly 19% from their first-day peak, wiping out a massive ₹8,600 crore in market value. The sharp reversal reflects investor jitters and may signal that the company’s post-IPO valuation was overly optimistic.
Adani Bags Jaiprakash Associates: Adani Enterprises has secured approval from lenders to acquire Jaiprakash Associates, marking a major consolidation in infrastructure. The move comes through bankruptcy proceedings where Adani’s bid was accepted under the NCLT framework. With control over Jaiprakash’s assets, Adani strengthens its portfolio in cement, real estate, and power.