Indian businessman; chairman and MD of Reliance Industries
U.S. District Judge Nicholas Garaufis has dismissed conspiracy, securities and wire fraud charges against Indian billionaire Gautam Adani and his nephew Sagar Adani with prejudice. The case, tied to a 2024 indictment over alleged bribes and misled investors, has been officially closed; prosecutors questioned the unusual process used to reach the dismissal.
Shein has launched a Hong Kong IPO seeking HK$13.86bn by selling 280m shares at HK$47.60–HK$49.50 each, valuing the company at about $27bn at the top of the range. The fast-fashion retailer has seen its private-market value fall about 70% from its near-$100bn peak and says proceeds will fund technology and international expansion.
Jio Platforms has launched a 302 billion-rupee IPO at a price band of 1,065–1,119 rupees per share to repay telecom debt and fund cloud, satellite and AI plans. Global funds and 212 anchor investors have backed the float, and institutional bids have far exceeded allocated shares as India’s equity market has been weak this year.
EU trade chief in Beijing for talks as Europe presses for curbs on Chinese hybrid car exports. Beijing rejects voluntary limits, prompting the bloc to consider a unilateral EU measure to cap imports. Leaders warn of a rapid response to protect European industries.
The row between SpaceX chief Elon Musk and Indian billionaire Mukesh Ambani has escalated as Musk accuses Ambani of hindering Starlink and questions India’s leadership; officials say India’s regulatory framework for satellite services remains fair and non-discriminatory as Starlink waits for clearance.
Jio Platforms has set an IPO price band and is raising up to 302 billion rupees ($3.2 billion). The anchor book has seen bids worth 2.5 trillion rupees, more than 30 times the anchor allocation, with investors including BlackRock and the Abu Dhabi Investment Authority participating. The listing values Jio at about $108 billion, underlining a broader push by Reliance Industries to expand beyond traditional telecom into tech and satellite services. The IPO opens for public bidding later this week.
Rubio’s India visit has focused on energy and trade, highlighting coordination on refining capacity and diversifying energy portfolios. He has met India’s foreign minister in Mumbai and will visit Jamnagar’s Reliance refinery as part of efforts to steady fuel markets ahead of US midterms.
The Jamnagar refining complex in Gujarat, a focal point for Reliance Industries, is at the center of renewed U.S.-India energy discussions. U.S. Secretary of State Rubio is visiting to assess how large-scale refining capacity can influence energy security amid geopolitical tensions and shifts in Venezuelan oil supply.