Sep 26: India Bids Farewell to MiG-21, Food Processing Ambition Boom

What’s common between Virat Kohli and a pre-revenue AI startup? Valuation. Kroll (who?) recently came out with the latest celebrity brand valuation rankings. Kohli leads the list with a cool $231million valuation. Following close behind are Ranveer Singh ($171M), SRK ($112M) and Alia Bhatt ($116M). Makes you wonder, if these stars were to go-public, whose shares would we buy ….

Now, let’s get into the Dispatch! 🚀

Today’s reading time is 7 mins.

Sensex and Nifty 50 fell significantly on September 25, caused by a combination of weak global cues, sustained selling by FIIs, and concerns over valuations. The broader markets also fell, leading to a loss of nearly ₹3 lakh crore in market cap. 

On A High: India’s food processing sector is quietly scripting a transformation story that could redefine the country’s economic trajectory. Already valued at $336.4 billion in 2023 and projected to soar to $735.5 billion by 2032, this industry sits at the intersection of agriculture, manufacturing, and consumer demand. Ranked as the sixth-largest food processing industry in the world, it contributes about 32% of India’s total food market, making it one of the country’s most crucial growth engines. The sector is now attracting major investments from domestic and global players.

Reliance’s Mega Bet With Asia’s Largest Food Parks: Reliance Consumer Products, part of the Reliance Industries ecosystem, has inked a ₹40,000-crore MoU with the Government of India to build what could become Asia’s largest food park network. These integrated hubs aim to tackle some of India’s most persistent challenges, food waste, fragmented supply chains, and limited export readiness.

The Aim: By centralizing storage, processing, and distribution under one ecosystem, Reliance is positioning itself not only as a consumer goods powerhouse but also as an enabler of rural transformation. For farmers, these food parks could mean better market linkages and less post-harvest loss. For consumers, they promise safer, higher-quality, and potentially more affordable food products. And for India Inc., it signals Reliance’s determination to dominate the food value chain, from farm to fork.

Coca-Cola’s Big Pour: Coca-Cola bottlers’ recent announcement reflects global belief in India’s consumption story. The company’s partners plan to invest ₹25,760 crore across nine states, spanning both greenfield and brownfield projects in food processing. This investment dovetails with Coca-Cola’s broader strategy of deepening its India footprint, diversifying beyond beverages, and strengthening ties with local ecosystems. For India, it means not just capital inflows but also access to global best practices in supply chain management, food safety, and sustainability. Importantly, it illustrates India’s rising status as a food processing hub attractive enough for multinationals to make billion-dollar commitments.

The Bigger Picture: Together, these investments represent more than ₹65,000 crore in fresh commitments to India’s food processing sector and indicate how the industry is no longer just a back-end support system for agriculture but is evolving into a front-line driver of exports, job creation, and consumer transformation.  

Bowing Out: After more than six decades of dominating Indian skies, the MiG‑21, India’s first supersonic fighter, is retiring. On Friday, the aircraft will take its ceremonial final bow at the Chandigarh air base, marking the end of a chapter that shaped the Indian Air Force and generations of fighter pilots. For many, the MiG‑21 was more than a machine, it was a mentor in the skies. Serving and former pilots recall the jet’s needle-nosed fuselage, cramped cockpit, and unforgiving handling as both a challenge and a thrill.

A Supersonic Legacy: In India, the MiG‑21 entered service in 1963 and played a role in almost every major operation the IAF undertook, from the Indo-Pak wars of 1965 and 1971 to the Kargil conflict of 1999, when it destroyed Pakistani command centres at high altitudes. Two decades later, Wing Commander Abhinandan Varthaman shot down a Pakistani F-16 during the Balakot operation, proving that the legacy of this Cold War-era fighter was still relevant. Despite its iconic status, the aircraft earned the nickname “Flying Coffin” for its safety record. With 26.3 crashes per 1,00,000 flight hours, it was riskier than modern fighters but safer than contemporaries like the F-104 Starfighter in the USAF. Yet, its challenges only strengthened the bond between pilots and their machine.

The Final Salute: Friday’s ceremony will feature a final flypast in two formations — Badal and Panther, with the indigenous LCA Tejas flying alongside, symbolizing India’s shift to the next generation of fighters. The Chief of the Air Staff will personally take a MiG‑21 up for its last mission, indicating the historic moment.

Festive Gig Wave: A report by NLB Services forecasts up to 2 lakh new jobs in India's 2025 festive season, with a substantial 70% in gig roles. This marks a 20-25% year-over-year increase, driven by demand in quick commerce, e-commerce, and logistics. A significant trend is the growth in smaller cities like Indore and Surat, which could see gig hiring increase by 30-40%, with their share of the total gig workforce potentially reaching 50% by FY26.

India 3PL Magnet: India is a top pick for expansion among Asia-Pacific third-party logistics (3PL) firms, with nearly 70% planning to grow their footprint. According to a CBRE report, 80% of India-based players plan to expand their portfolios by more than 10% over the next 2-5 years. The surge is fuelled by e-commerce and quick commerce.

EV Battery Partnership: India’s Ashok Leyland has partnered with China’s CALB to assemble lithium-ion battery packs in India. The exclusive 20-year pact involves an investment of $563 million over 7-10 years. The plan is to start with imported cells and domestic pack assembly by FY27, with the long-term goal of manufacturing full cells in India within five years.

Nothing’s Bet: UK-based tech company Nothing has formed a joint venture with Optiemus Infracom to expand smartphone manufacturing in India. The partnership will invest over $100 million and create 1,800 jobs over the next three years, in addition to the $200 million already invested in the country. The company's affordable sub-brand, CMF, will be spun off as a new subsidiary with its global headquarters in India, with an aim to make the country a hub for R&D and manufacturing.

Indian iPhone Exports Soar: India's iPhone exports are hitting a new record, largely fuelled by fears of future tariffs from the US. According to the ICEA, smartphone exports to the US surged by 190% to $8.4 billion between April and August 2025. This record growth, driven by manufacturers like Foxconn and the Tata Group, shows success of the government's production-linked incentive scheme. 

JLR Cyber Shock: A cyberattack on September 2 forced Tata Motors' subsidiary, Jaguar Land Rover (JLR), to halt production at its three UK factories, with the shutdown extended to October 1. The potential losses are estimated at up to £2 billion, exceeding JLR's FY25 profit of £1.8 billion. With no cyber insurance in place, the company is losing an estimated £50 million per week, affecting 33,000 staff and a supply chain supporting 104,000 jobs. JLR's revenue accounts for approximately 70% of Tata Motors' consolidated revenue, and the news caused a 3.4% intraday drop in Tata Motors' shares to ₹659.55.

LG India’s IPO: LG Electronics India is reportedly launching its initial public offering in October to raise approximately $1.3 billion, according to Bloomberg. The company secured regulatory approval for an updated prospectus after a previous delay due to market volatility. The IPO will be a pure offer-for-sale of a 15% stake by the parent company, with a valuation of around $9 billion, a significant reduction from the initial $15 billion target.