Oct 27: Solar Surge, India’s Maritime Makeover

News has probably reached you by now about the brazen daylight heist at Louvre. The thieves who stole items worth more than $100M pulled off the theft within 8 minutes using a vehicle-mounted mechanical lift. You would have imagined it would take more than a car crane to break into the Louvre but apparently not. Telegram CEO Pavel Durov jumped on the bandwagon for some reason, offering to buy the stolen jewels on one condition - returning them to Louvre Abu Dhabi instead. Updates are now coming in however, that suspects have been arrested. Is this just the script Aditya Chopra was looking for, for Dhoom 4?

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 6 mins.

From Underdog To Powerhouse: A decade ago, India’s solar capacity barely lit up Mumbai — just 4GW. Today, it’s blazing at 123GW, powering over half the nation’s renewable energy and ranking India third globally, behind China and the US. The nation has gone from importing nearly every component to building a formidable domestic manufacturing base. Solar module production exploded from 2.3GW in 2014 projected to reach 100GW by August 2025 under the ALMM framework.

Overcapacity On The Horizon: Yet beneath this meteoric rise lies a cautionary tale. Many factories, particularly smaller ones, operate far below capacity. With US tariffs on Indian modules and anti-dumping probes throttling exports, warehouses across Gujarat sit filled with unsold panels. FY25 exports to the US, once 4.4GW, have nearly vanished. Analysts warn that with total module capacity projected to hit 190GW by March 2027, the industry risks a supply glut unless domestic demand surges or new export markets open.

Export Pressures And Domestic Strain: The sudden drying up of key export markets has hit smaller manufacturers hardest. Loan defaults, cancelled contracts, and idling factories are common. The domestic market, though growing through rooftop and commercial installations, can’t absorb all output. India’s solar story, celebrated for scale, now faces its first real test: matching production with demand.

Giants Betting On Scale: The big players, however, see opportunity in adversity. The Adani Group, Reliance New Energy, Tata Power Solar, Waaree Energies, and Vikram Solar are expanding both generation and manufacturing, integrating backward into cell and wafer production, and investing in overseas partnerships. For them, overcapacity is a moat — a competitive edge that will likely force smaller, underfunded firms to merge or exit.

Investment And Policy Landscape: Domestic and foreign investors are backing this boom: Singapore, the UK, Mauritius, UAE, and US firms are major contributors of FDI. Government initiatives - PLI incentives, ALMM mandates, rooftop subsidy schemes - provide stability and ensure priority for domestic manufacturers, though reliance on Chinese wafers and polysilicon remains a challenge.

The Lifeline Of Trade: Nearly 95% of India’s trade by volume and 70% by value moves through maritime routes, from crude oil and coal to electronics and textiles. The efficiency of ports and shipping is crucial for national competitiveness and global integration.

Maritime India Vision 2030 & Sagarmala: The Maritime India Vision 2030 (MIV 2030) lays out 150+ initiatives with Rs 3–3.5 lakh crore investment, including a Rs 69,725 crore shipbuilding push. The Sagarmala Programme targets 840 projects worth Rs 5.8 lakh crore by 2035, aiming to modernize ports, expand capacity, and cut logistics costs. Already, 272 projects worth Rs 1.41 lakh crore are complete, and 217 worth Rs 1.65 lakh crore are underway.

Ports On Overdrive: Major ports handled 855 million tonnes of cargo in FY24-25, up from 819 million tonnes the previous year. Vessel turnaround time has almost halved from 93 hours to 48 hours, idle time fell from 23% to 16%, and output per Ship Berth Day rose from 12,458 to 18,304 tonnes. Efficient ports reduce costs, speed up cargo, and improve sustainability.

Shipping & Inland Waterways Growth: Indian-flagged vessels grew from 1,205 to 1,549, with gross tonnage rising to 13.52 million tonnes. Coastal shipping nearly doubled to 165 million tonnes. Inland waterways moved 146 million tonnes in 2025 — a 700% jump since 2014 — with operational waterways expanding from 3 to 29. Public-private partnerships and new terminals, like Haldia, are advancing multimodal logistics.

Shipbuilding & Maritime Tech: Shipbuilding is rising fast: $90M in 2022 → $1.12B in 2024, projected $8B by 2033. But India-owned ships carried only 4.1% of overseas trade in 2023-24, highlighting capacity and fleet-age gaps. Meanwhile, 122 maritime tech startups, including EyeROV and Sagar Defence Engineering, are emerging, building autonomous vessels and supporting Navy contracts.

Lessons From Global Leaders & Outlook: China, South Korea, and Japan dominate 94% of global shipbuilding; the US uses the Jones Act to protect domestic trade; Singapore offers tax incentives and green shipping initiatives. By 2030, India aims for 3 mega ports (>300 MTPA), >75% local transshipment, >85% cargo via private operators, and ships turning around in under 20 hours — combining efficiency, technology, and sustainability to become a global maritime power. 

U.S. Insurers Lead Adani’s $10 Billion Push: While LIC has been under scrutiny for its investments in the Adani Group, U.S.-based life insurers have taken a more prominent role in funding Adani's ventures. Notably, Athene Insurance led a ₹6,650 crore debt investment into Adani's Mumbai International Airport, surpassing LIC's ₹5,000 crore investment in Adani Ports & SEZ, showing a growing interest among global insurers in Indian infrastructure assets.

Unilever & L'Oréal See Surge In Indian Online Sales: Global consumer giants Unilever and L'Oréal have reported significant growth in their Indian operations, driven by the rise of quick commerce and traditional online channels. Unilever's CEO noted that digital commerce now accounts for 17% of its revenue, with platforms like Flipkart and TikTok showing substantial growth. Similarly, L'Oréal highlighted India as a strong-performing market, contributing to its overall sales increase in South Asia, Middle East and African region.

Lenskart's ₹7,300 Crore IPO: Indian eyewear retailer Lenskart is set to launch its Initial Public Offering (IPO) on October 31, aiming to raise ₹7,300 crore. The company plans to use the funds for store expansion, technology enhancements, and marketing efforts. Notably, DMart founder Radhakishan Damani has invested ₹90 crore in Lenskart ahead of the IPO, signaling strong investor confidence.

Grapevine Secures ₹34 Crore: Social media platform Grapevine is set to raise approximately ₹34 crore in its Series A funding round, led by Kae Capital. This investment aims to bolster Grapevine's expansion and enhance its offerings in the competitive social media landscape.

Reliance Bets Big on AI Infra: Reliance Industries is planning to invest between $12 billion and $15 billion in Artificial Intelligence infrastructure. The company aims to build a 3-gigawatt data center in Jamnagar.

Ola Electric Approves ₹1,500 Crore Fundraise: Ola Electric's board has approved a plan to raise up to ₹1,500 crore through equity and convertible securities. The funds will support the company's growth initiatives and expansion plans in the electric vehicle market.

Reliance - Meta Bet On Enterprise AI: Reliance Industries and Meta have teamed up to launch a joint venture aimed at bringing advanced AI solutions to Indian businesses. With an initial investment of ₹855 crore, the venture will focus on sectors like retail, manufacturing, and digital services.