NTPC Limited’s Board approved the formation of a joint venture company with EDF Power Solutions India Private Limited for developing Pumped Storage Plants (PSP) in India. The board also approved the formation of a wholly-owned subsidiary in Mauritius to develop power projects including Floating Solar Photovoltaic (FSPV) projects. The decision was made during a board meeting on December 23, 2025.

Joint Venture for Pumped Storage Plants

NTPC Limited has secured approval for a joint venture company with EDF Power Solutions India Private Limited (50:50). The primary focus of this joint venture will be the development of Pumped Storage Plants (PSP) across India, marking a significant step in enhancing the nation’s energy storage capabilities.

Subsidiary in Mauritius for Power Projects

The Board has also approved the formation of a wholly-owned subsidiary in Mauritius. This subsidiary will concentrate on developing various power projects, including Floating Solar Photovoltaic (FSPV) projects, leveraging Mauritius’ strategic location and investment-friendly environment.

Key Dates

The decisions regarding both the joint venture and the subsidiary were made during the Board of Directors meeting held on December 23, 2025. Further details regarding the projects and related disclosures will be intimated in due course, with an initial disclosure targeted for November 11, 2024.

Source: BSE

Usha Martin has announced the voluntary dissolution of its step-down wholly-owned subsidiary, Usha Martin Espana S.L., based in Spain. The dissolution, effective as of December 23, 2025, will not impact the company’s operations or financial position, as the Spanish market will continue to be served through other European subsidiaries.

Subsidiary Closure Announcement

Usha Martin Limited has officially announced the closure of its step-down wholly-owned subsidiary, Usha Martin Espana S.L., located in Spain. The decision for voluntary dissolution was finalized as of December 23, 2025.

Impact Assessment

The company clarifies that the closure of this subsidiary will not have any material impact on Usha Martin’s ongoing operations or its overall financial standing. The company will continue serving the Spanish market through its other European subsidiaries.

Key Dates

The order of dissolution, dated December 19, 2025, was formally received by Usha Martin via email on December 23, 2025, at 16:42 p.m. (IST).

Financial Details of Usha Martin Espana S.L.

The following details pertain to the last financial year:

• Turnover/Revenue: Nil
• Loss: EUR 5968
• Networth: (Negative) EUR 2957

Source: BSE

Fortis Healthcare has appointed Mohd Shahazwan Bin Mohd Harris as a Non-Independent & Non-Executive Director, effective December 19, 2025. The appointment is subject to shareholder approval. Mr. Harris will be liable to retire by rotation. The board considers his expertise beneficial to the company. This move aims to strengthen the board’s capabilities and support Fortis Healthcare’s strategic objectives.

Director Appointment

Mohd Shahazwan Bin Mohd Harris has been appointed as a Non-Independent & Non-Executive Director of Fortis Healthcare, effective December 19, 2025. He is liable to retire by rotation, reflecting standard corporate governance practices.

Shareholder Approval

The appointment of Mr. Harris requires shareholder approval, which will be sought at the next general meeting or within three months of his appointment date. A resolution for his appointment is being presented to the shareholders.

About Mohd Shahazwan Bin Mohd Harris

Mr. Harris has extensive experience in investments, mergers, acquisitions, portfolio and asset management, corporate strategy, and restructuring. He was previously the Head of Strategic Investments at the Employees Provident Fund (EPF). He also served as Chief International Officer at Tenaga Nasional Berhad (TNB). He currently serves as advisor, Special Projects in UEM Group and sits on the Board of IHH Healthcare Berhad. His expertise is expected to benefit Fortis Healthcare.

Source: BSE

Tata Consultancy Services (TCS) has announced its AI-first transformation strategy, aiming to become the world’s largest AI-led tech services company. TCS is focusing on internal transformation, service reinvention, talent readiness, and ecosystem partnerships. Key initiatives include training associates in AI, building AI-powered solutions, and developing an AI data center. The strategy seeks to leverage AI to drive business value and enhance customer experience.

AI-Driven Transformation

TCS revealed its comprehensive approach to becoming an AI-led technology services provider, focusing on five key pillars to drive this change.

Internal Transformation: TCS AI

The primary focus is on cultivating an AI-first culture within TCS. This initiative involves making AI tools and infrastructure accessible to all 600,000 employees. 97% of developers have access to coding assistants and productivity improvements of 20-30% have been observed in specific areas.

Reinventing Services with AI

TCS aims to disrupt every service line by integrating AI. Services autonomy model will be deployed across all service lines, drawing inspiration from autonomous vehicles. Coding assistance using general-purpose LLMs will be used. A large customer in Asia-Pacific saw productivity increase of 30%.

Future-Ready Talent

The company is focused on equipping its workforce with AI fluency. Over 180,000 TCSers have attained high-order AI skills, marking a significant increase from 80,000 at the end of last year. The intake of AI-native trainees from universities has doubled.

Making AI Real for Clients

TCS is assisting clients in their AI adoption journey, offering solutions that bring AI close to their operations. Rapid-build methodologies have been adopted to quickly address client problems, and a customer was moved from level 2 to level 3 for 30% productivity.

AI Ecosystem and Partnerships

TCS emphasizes strategic partnerships for its AI initiatives. The company has announced an AI data center venture, with a gigawatt scale planned, in partnership with TPG. Deep tech partnerships include Anthropic, OpenAI, NVIDIA and Mistral.

Financial Discipline

TCS plans to fund AI investments through repurposing existing spends and leveraging its balance sheet. The company aims to maintain its margin band of 26% to 28% while driving growth. The investments which will be made is less than US$ 1 billion and the revenue is US$1.5 billion.

Source: BSE

India Ratings and Research Private Limited has reaffirmed Reliance Industries’ ‘IND AAA’ credit rating with a Stable Outlook for its bank loan facilities and commercial paper, effective December 23, 2025. The ‘IND A1+’ rating for short-term debt instruments was also reaffirmed. This rating reflects the company’s strong financial profile and stability.

Credit Rating Maintained

Reliance Industries Limited has announced the reaffirmation of its credit ratings by India Ratings and Research Private Limited. The announcement, dated December 23, 2025, confirms the ‘IND AAA’ rating with a Stable Outlook for the company’s bank loan facilities.

Details of the Rating

The reaffirmed ‘IND AAA’ rating applies to Reliance Industries’ bank loan facilities and commercial paper. Additionally, the ‘IND A1+’ rating, applicable to short-term debt instruments, has also been reaffirmed. These ratings indicate a high degree of creditworthiness and a low expectation of credit risk.

Significance of the Rating

The reaffirmation of these ratings reflects the agency’s assessment of Reliance Industries’ financial stability and its ability to meet its financial obligations. This provides assurance to investors and stakeholders about the company’s financial health and performance.

Source: BSE

Fortis Healthcare has announced that the High Court of Delhi has ruled in its favor in a civil suit. The suit, filed by Fortis, challenged the locus of a third party and sought a permanent injunction against their actions. The court’s decision, dated December 19, 2025, supports Fortis’s position. This ruling is expected to have no impact on the company’s financial position.

Civil Suit Resolved Favorably

Fortis Healthcare has secured a favorable judgment in a Civil Suit against a third party. The legal action, initiated by the company, challenged the third party’s standing and sought a permanent injunction against their actions. The Hon’ble High Court of Delhi issued its order on December 19, 2025, ruling in favor of Fortis Healthcare.

Background of the Dispute

The dispute originated from arbitration proceedings initiated by a party claiming to be an assignee of a Third Party. While an ex-parte Interim Award was initially passed, it was subsequently terminated by the Learned Arbitrator. Fortis Healthcare challenged the locus of the said parties and sought a permanent injunction against their actions to protect its interests.

Implications of the Ruling

The successful outcome of this civil suit is expected to have no financial impact on Fortis Healthcare. The company has confirmed that this settlement will not affect its financial position.

Source: BSE

Rail Vikas Nigam Limited (RVNL) has announced the appointment of Shri Saleem Ahmad as the new Chairman and Managing Director (CMD), effective December 23, 2025. He succeeds Shri Sukhmal Chand Jain. Shri Ahmad previously served as Director (Projects) at NBCC (India) Ltd. and brings over 35 years of experience in the construction sector to RVNL.

Leadership Transition at RVNL

Shri Saleem Ahmad has assumed the role of Chairman and Managing Director (CMD) at Rail Vikas Nigam Limited (RVNL) as of December 23, 2025. Previously, the position was held by Shri Sukhmal Chand Jain, whose tenure ended on the same date.

Shri Saleem Ahmad’s Background

Prior to this appointment, Shri Saleem Ahmad was serving as Director (Projects) at NBCC (India) Ltd. He is a Civil Engineering graduate from Jamia Millia Islamia University, New Delhi, and has over 35 years of extensive experience in the construction sector. His expertise spans a range of large-scale infrastructure projects, including bridges, tunnels, and residential and commercial developments. He has also held positions at Delhi Metro Rail Corporation Ltd. and Mumbai Port Trust.

Board of Directors Update

Following the appointment of Shri Saleem Ahmad, the updated list of directors includes:

* Smt. Anupam Ban (Director Personnel)
* Shri Mritunjay Pratap Singh (Director Operations)
* Shri Abhishek Kumar (Director Finance)
* Shri N. C. Karmali (Govt. Nominee Director)
* Shri Prem Sagar Gupta (Govt. Nominee Director)
* Shri Surender Singh (Independent Director)

Source: BSE

WAAREE Energies has announced the incorporation of ten new wholly-owned subsidiaries under Waaree Forever Energies Private Limited. This strategic move aims to facilitate and manage specific power projects under the Independent Power Producer (IPP) framework. The subsidiaries will focus on renewable energy initiatives. These incorporations reflect WAAREE Energies’ commitment to expanding its footprint and contributing to the renewable energy sector in India.

Subsidiary Expansion

WAAREE Energies has incorporated ten new wholly-owned subsidiaries. These entities fall under Waaree Forever Energies Private Limited, a wholly-owned subsidiary of WAAREE Energies. The incorporation certificates for all ten subsidiaries were received on December 23, 2025.

Strategic Objective

The primary purpose of establishing these subsidiaries is to facilitate and hold specific power projects within the Independent Power Producer (IPP) framework. This strategic move will allow WAAREE Energies to focus more effectively on specific renewable energy projects. WAAREE Forever Energies Private Limited holds 100% share capital of all the newly incorporated companies.

List of New Subsidiaries

The newly incorporated entities are:

• Lumina Greentech Private Limited (Incorporated: December 22, 2025)
• Prithvi Vayu Green Energy Private Limited (Incorporated: December 23, 2025)
• Tejas Urja Solutions Private Limited (Incorporated: December 23, 2025)
• Akash Agni Renewables Private Limited (Incorporated: December 23, 2025)
• Vayu Jal Energy Private Limited (Incorporated: December 23, 2025)
• Surya Prakriti Power Private Limited (Incorporated: December 23, 2025)
• Agni Prithvi Renewables Private Limited (Incorporated: December 23, 2025)
• Jal Vayu Urja Private Limited (Incorporated: December 23, 2025)
• NetZero Ventures Private Limited (Incorporated: December 23, 2025)
• Carbon Positive Energy Solutions Private Limited (Incorporated: December 23, 2025)

Business Operations

These companies are incorporated in India and registered with the Registrar of Companies, Mumbai, and are yet to commence business operations. As newly formed entities, their turnover is currently Nil.

Source: BSE