Vivek Mishra works as an Assistant Editor with Eastern Eye and has over 13 years of experience in journalism. His areas of interest include politics, international affairs, current events, and sports. With a background in newsroom operations and editorial planning, he has reported and edited stories on major national and global developments.
Banks advising South Korean automaker Hyundai on its India IPO are set to make up to £31.75 million in fees, three sources told Reuters. This is significant in a market where banks often struggle to profit due to cost-conscious clients and fewer large deals.
This fee would be the second-highest ever for investment banks working on an IPO in India. It comes amid a sharp increase in equity deals in the country, making India a bright spot in an otherwise slow Asian market.
Hyundai Motor's India unit recently filed for regulatory approval for a listing, which could be the nation's biggest. The South Korean parent aims to raise around £1.98-£2.38 billion, valuing the unit at up to £23.81 billion.
Hyundai India will pay banks, including JPMorgan, Citigroup, and HSBC, 1.3 per cent of the IPO size, the sources, who requested anonymity due to the confidentiality of the talks, told Reuters. Citi and JPMorgan declined to comment, while Hyundai India and HSBC did not respond to requests for comment.
This translates to £31.75 million for a single deal at the top end of the deal size, making it the second-best payday for banks after Indian fintech firm Paytm's 2021 IPO, which yielded £34.92 million for its seven advisers, according to Dealogic data.
Banks in India earn between 1 percent and 3 per cent of an IPO size as fees, with larger deals giving more bargaining power to the issuers. An IPO worth about £2.38 billion would see banks in New York earning 3-3.5 per cent in fees, while it could be 2-3 per cent in Hong Kong.
Most big equity deals in India historically come from state-owned companies that offer very low fees, according to bankers. Western bankers privately complain about the Indian market's low revenue potential but expect this to change in the coming years as both the size of deals and fees increase.
A £31.75 million payout from the Hyundai India IPO would represent a fourth of India's total IPO fee income of £130.16 million in 2023, according to Dealogic. Indian brokerages IIFL and Kotak Mahindra, and Jefferies topped the country's IPO fee league table last year, according to London Stock Exchange Group data.
India's IPO fee rose 55 per cent to hit £130.16 million last year, with a record 234 companies listing. Banks in New York earned £706.35 million while Hong Kong IPO fees totaled £107.14 million last year, according to Dealogic data.
For Hyundai's India IPO, the fee split among its advising banks has not been decided yet, but typically lead managers get the largest share. JPMorgan, Citi, and HSBC are the lead banks on the Hyundai India IPO, three sources said. Other banks on the deal include Morgan Stanley and India's Kotak. Morgan Stanley and Kotak did not reply to a Reuters request for comment.
At £1.98 billion, the lower end of the expected size of the Hyundai India IPO, banks would end up pocketing a combined £26.19 million in fees, still the second-best IPO fee in the country.
Bankers are optimistic about a surge in large private company IPOs and investment banking fees in India over the next few years as valuations grow and foreign funds chase Indian equities amid an uncertain economic outlook in China.
"There is money to be made in India, and this (Hyundai IPO) is the start of a movement. More and more global banks believe there is an opportunity here," said Utpal Oza, Nomura's former head of India investment banking.
Nearly all of India's highest paying IPOs have come in the last three years, Dealogic data shows, with many venture capital and private equity-backed companies seeking listings.
Jefferies Financial Group expects investment banking fees in India to rise in the next couple of years as the number of deals grows, its country head said in December last year.
Sanjay has been with the Group for more than ten years and was involved in major deals including the purchase of St John’s Wood Care Home during the pandemic. (Photo credit: Arora Group)
ARORA Group has appointed Sanjay Arora as its new Chief Executive Officer.
Sanjay has been with the Group for more than ten years and was involved in major deals including the purchase of St John’s Wood Care Home during the pandemic, the acquisition of two large shopping centres, the creation of a property team and the delivery of Buckinghamshire Golf Club.
Surinder Arora, Founder and Executive Chairman of the Group, said: “Watching Sanjay’s journey from his earliest days in the business has been one of my proudest privileges. His ability to blend innovation with a deep respect for our values means the Group is in safe hands. The stage now belongs to the next generation, one that honours our roots while reaching boldly toward new horizons. We step into the future with a modern leadership that understands both the numbers and the narrative of an evolving world.”
Sanjay Arora said: “It is a privilege to take on the role of CEO at such an exciting time in the Group’s journey. I look forward to working with our talented teams across the business to continue building on our legacy, delivering exceptional experiences, and pursuing new opportunities for sustainable growth.”
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Employees of Indian IT services exporter LTIMindtree work inside its office in Bengaluru, India, September 24, 2025. (Photo credit: Reuters)
US PRESIDENT Donald Trump’s decision to sharply increase H-1B visa application costs is expected to accelerate American companies’ move to shift more high-value work to India. Economists and industry experts say this will further boost the growth of global capability centres (GCCs), which manage operations ranging from finance to research and development.
India hosts about 1,700 GCCs, more than half of the global total. These centres, which began with a focus on tech support, have expanded into innovation-driven work, including car dashboard design and drug discovery.
Analysts say growing use of artificial intelligence and tightening visa rules are leading US companies to reassess labour strategies, with India-based GCCs emerging as key hubs combining global expertise with local leadership.
“GCCs are uniquely positioned for this moment. They serve as a ready in-house engine,” said Rohan Lobo, partner and GCC industry leader at Deloitte India. He said he was aware of several US firms currently reassessing workforce plans. “Plans are already underway,” he added, citing increased activity in financial services and technology, especially among firms connected to US federal contracts.
Lobo said he expected GCCs to “take on more strategic, innovation-led mandates” going forward.
Earlier this month, Trump raised the cost of new H-1B visa applications to $100,000, up from the earlier range of $2,000 to $5,000. The increase adds pressure on US companies that rely on skilled foreign workers to fill critical roles.
On Monday, US senators reintroduced a bill seeking tighter rules on H-1B and L-1 visa programmes, aimed at closing what they described as loopholes and misuse by major employers.
Industry experts say that if visa restrictions remain in place, US firms are likely to shift advanced work in artificial intelligence, product development, cybersecurity and analytics to their GCCs in India, while retaining more strategic functions in-house rather than outsourcing.
Lalit Ahuja, founder and CEO of ANSR, which has helped companies such as FedEx, Bristol-Myers Squibb, Target and Lowe’s set up GCCs, said, “There is a sense of urgency.”
Reassessing India strategies
Ramkumar Ramamoorthy, former managing director of Cognizant India, said the trend could even lead to “extreme offshoring” in some cases. He pointed out that the Covid-19 pandemic had already shown that critical technology work could be done remotely.
US government data shows that Amazon, Microsoft, Apple, Alphabet (Google’s parent), JPMorgan Chase and Walmart were among the biggest sponsors of H-1B visas. All of them have significant operations in India but declined to comment, given the political sensitivity of the issue.
“Either more roles will move to India, or corporations will near-shore them to Mexico or Colombia. Canada could also take advantage,” said the India head of a retail GCC.
Even before the latest visa fee hike and plans for a new selection process favouring higher-paid roles, India was projected to host the GCCs of more than 2,200 companies by 2030, with the market size nearing $100 billion. “This whole ‘gold rush’ will only get accelerated,” Ahuja said.
Implications for India
Some remain cautious, noting the risks of new legislation. If the proposed HIRE Act is passed, US companies could face a 25 per cent tax on outsourcing work overseas, a move that could disrupt India’s services exports.
“For now, we are observing and studying, and being ready for outcomes,” said the India head of a US drugmaker’s GCC.
Trade tensions between the two countries have extended into services, with visa curbs and the HIRE Act proposal threatening India’s cost advantage and cross-border service flows.
India’s $283 billion IT industry, which contributes nearly 8 per cent of GDP, may come under pressure. However, rising demand for GCC services could offset part of the impact.
“Lost revenues from H-1B visa reliant businesses could be somewhat supplanted by higher services exports through GCCs, as US-based firms look to bypass immigration restrictions to outsource talent,” Nomura analysts said in a research note last week.
(With inputs from Reuters)
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He will also receive an on-target yearly bonus of 150 per cent and a long-term incentive grant equal to 7.25 times his salary.
BRITISH drugmaker GSK on Monday named Luke Miels as its CEO designate. He will take over from Emma Walmsley, who steps down after nine years leading the company.
Miels will formally assume the role on January 1. He will be responsible for steering GSK towards its target of generating more than 40 billion pounds ($53.78 billion) in annual sales by 2031.
Remuneration
Miels’ annual base salary will start at 1.38 million pounds, lower than Walmsley’s 2025 salary of 1.43 million pounds, according to GSK’s annual report.
He will also receive an on-target yearly bonus of 150 per cent and a long-term incentive grant equal to 7.25 times his salary.
Who is Miels?
Miels, 50, joined GSK in 2017 as chief commercial officer. He has overseen the company’s global medicines and vaccines portfolio, which generates annual sales of over 20 billion pounds across more than 100 countries.
He is an Australian national, holding a biology degree from Flinders University and an MBA from Macquarie University. He began his career as a sales representative at AstraZeneca before moving into senior roles at Sanofi and Roche.
Career path
AstraZeneca 1995 – 2000: Sales and marketing roles
Sanofi-Aventis 2004 – 2006: Vice President, Sales Metabolism, New Jersey, USA 2004: Integration Officer, North America, Sanofi/Aventis merger 2003 – 2004: General Manager & Managing Director, Aventis Thailand 2002 – 2003: General Manager & Managing Director (Acting) 2000 – 2001: Head, Strategic Planning and Portfolio Management
Roche Pharmaceuticals 2009 – 2014: Regional Head, Asia Pacific (Shanghai, then Singapore) 2006 – 2009: VP/Head of Metabolism & Anemia Global Marketing, Switzerland
AstraZeneca May 2014 – August 2017: Executive Vice President, European business Earlier: Executive Vice President, Global Product and Portfolio Strategy, Global Medical Affairs, and Corporate Affairs
GSK September 2017 – Present: Chief Commercial Officer
(With inputs from Reuters)
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Many of the apps appeared legitimate when installed directly from the Google Play Store
More than 38 million downloads across 228 countries and territories
Cybersecurity firm HUMAN uncovered large-scale fraud campaign dubbed SlopAds
Apps disguised on Google Play Store and fake ad pages
US, India and Brazil hardest hit by fraudulent traffic
Google continues crackdown following recent security breaches
38 million downloads linked to fraudulent apps
Google has removed 224 Android apps after investigators uncovered a vast advertising fraud scheme. The operation, named SlopAds, involved apps that had been downloaded more than 38 million times across 228 countries and territories.
The discovery was made by the Satori Threat Intelligence and Research Team at cybersecurity company HUMAN, which confirmed that the apps were designed to manipulate online advertising systems by generating fake ad views and clicks.
How the scam worked
Many of the apps appeared legitimate when installed directly from the Google Play Store. Others were distributed via ads that led to fake download pages. Once installed, the apps carried out hidden instructions.
According to HUMAN’s report, the apps used steganography to conceal malicious code within images and then created hidden web views to open scam-controlled sites. These sites generated fraudulent ad impressions and clicks, tricking advertisers into paying for traffic that never existed.
Global impact of SlopAds
At its peak, the campaign accounted for 2.3 billion ad bid requests each day. The United States was the worst affected, with 30 per cent of fraudulent traffic, followed by India at 10 per cent and Brazil at 7 per cent.
Investigators also found hundreds of promotional domains and servers linked to the scheme, suggesting that those behind it intended to expand the operation even further.
Google under pressure
This crackdown comes during a challenging period for Google’s security teams. Earlier this month, the company confirmed a major data breach affecting Gmail users and issued a critical update to patch an Android vulnerability that allowed hackers to seize control of devices.
With services spanning 219 countries and territories, Google’s global reach makes it an attractive target for fraudsters seeking to exploit its platforms and users.
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FILE PHOTO: Chancellor Rachel Reeves speaks during a visit to the Jaguar Land Rover car factory on April 7, 2025 in Birmingham, United Kingdom. (Photo by Kirsty Wigglesworth - WPA Pool / Getty Images)
THE government will back Jaguar Land Rover with a £1.5 billion ($2bn) loan guarantee to help support its supply chain in the wake of the luxury carmaker's production shutdown following a cyberattack.
Jaguar Land Rover's shutdown has lasted nearly a month, and the government had been exploring options to support the company and its supply chain, with some small suppliers saying they had one week left at most before they ran out of cash.
The carmaker, which is owned by India's Tata Motors, has three factories that together produce about 1,000 cars per day, and sustain many jobs in the area around Birmingham, Britain's second biggest city, and the northern city of Liverpool. A survey on Friday (26) showed that some firms were reducing staff hours or making redundancies.
Business secretary Peter Kyle said the cyberattack was "not only an assault on an iconic British brand, but on our world-leading automotive sector."
"This loan guarantee will help support the supply chain and protect skilled jobs," he said.
The business ministry said the loan would be privately financed and guaranteed by Britain's export credit agency UK Export Finance, and was expected to unlock £1.5bn of support for the carmaker's supply chain.
“Jaguar Land Rover is an iconic British company, employing tens of thousands of people – a jewel in the crown of our economy. We are safeguarding thousands of those jobs with up to £1.5bn in additional private finance, supporting its supply chain and helping to protect a vital part of the British car industry,” said chancellor Rachel Reeves.
The announcement follows a recent visit by Kyle and industry minister Sarah Jones to JLR’s headquarters in Gaydon, West Midlands, as well as a tour of its sunroof supplier Webasto, where they met senior leaders and staff.
“With major plants in Solihull and Wolverhampton in the West Midlands, and in Halewood, Merseyside, JLR is one of the UK’s largest exporters and a key employer, with 34,000 people working across its UK operations,” the Department for Business and Trade (DBT) said.
“It also maintains the largest supply chain in the UK automotive sector, much of it comprised of SMEs, supporting around 120,000 additional jobs.”
The department confirmed it remains in daily contact with JLR and cybersecurity experts to address ongoing concerns and provide support as the company works to resume full production, which is not expected before next month.
In a statement, JLR said it is working to clear the backlog of supplier payments by boosting its invoice processing capacity.
“As part of the controlled, phased restart of our operations, we have informed colleagues, suppliers and retail partners that parts of our digital infrastructure are now operational,” the company said. “Our recovery programme is well underway. We have significantly increased IT processing capabilities and are working to clear outstanding payments to suppliers as quickly as possible.”