Daily News - Tuesday, 10 March 2026
Flipkart Shifts Base to India From Singapore. Targets USD $37 Billion Valuation for IPO (Reuters)
Walmart-owned Flipkart has officially shifted its holding company from Singapore back to India as it prepares for a domestic IPO, marking a major restructuring milestone. The e-commerce giant, founded in 2007, had moved its base to Singapore in 2011 for tax and capital access advantages, but now sees stronger prospects in India’s capital markets. Walmart acquired a controlling stake in Flipkart in 2018 for USD $16 billion (≈ INR ₹1.3 trillion), one of the largest foreign investments in India’s retail sector. Flipkart was last valued at USD $37 billion (≈ INR ₹3.07 trillion) in 2024, when Alphabet’s Google invested USD $350 million (≈ INR ₹29 billion) for a minority stake. The company aims to list in Mumbai before March 2027, though valuation and IPO size are yet to be finalized. This move aligns with a broader trend of Indian startups returning from hubs like Singapore to India, driven by stronger IPO prospects and regulatory clarity.
Indonesia Signs USD $200-350 Million BrahMos Missile Deal With India (News18)
Indonesia has signed a USD $200-350 million (≈ INR ₹16.6-29 billion) deal to procure BrahMos supersonic cruise missiles from India, marking a major boost in bilateral defence ties. The announcement was made by Indonesia’s defence ministry spokesperson Rico Ricardo Sirait, who said the agreement is part of the country’s military modernisation, especially in the maritime sector. BrahMos Aerospace, a joint venture between India’s DRDO and Russia’s NPO Mashinostroyeniya, produces the missile, which can travel at Mach 2.8-3.0 and has ranges from 290 km to 800 km, making it one of the fastest and most advanced systems globally. This deal follows India’s earlier USD $375 million (≈ INR ₹31 billion) export contract with the Philippines in 2022, highlighting India’s transition from a defence importer to an exporter of high-end military technology. The BrahMos system can be launched from land, sea, submarines, and aircraft, and operates on a fire and forget principle with a Circular Error Probable (CEP) of just 1 metre. Future variants include the BrahMos-NG, designed for lighter aircraft like the LCA Tejas, and the planned BrahMos-II hypersonic missile, expected to reach speeds of Mach 7-8.
India's Special Economic Zone Act 2005 Under Review Amid Global Trade Shifts (Financial Express)
India has launched a “SEZ 2.0” reform drive with the establishment of a 17-member high-level committee to overhaul the Special Economic Zone (SEZ) framework. The panel includes representatives from the Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT), NITI Aayog, and the Central Board of Indirect Taxes and Customs (CBIC), and will prepare a concept paper recommending a roadmap for reforms. It will study harmonisation of SEZs with other export promotion schemes such as Export Oriented Units (EOUs), MOOWR, Advance Authorization (AA), Export Promotion Capital Goods (EPCG), and Duty Free Import Authorisation (DFIA). The committee will also evaluate the effectiveness of the SEZ Act, 2005, in the current global trade environment, focusing on issues like Domestic Tariff Area (DTA) sales, fiscal and non-fiscal incentives, compliance requirements, and operational flexibilities. Additionally, it will assess SEZs’ role in attracting investment, promoting manufacturing and services, technology upgradation, value addition, and employment generation, including for MSMEs. This follows Finance Minister Nirmala Sitharaman’s earlier proposal of the DESH Bill in 2022, which was dropped in favour of incremental amendments, and her recent budget announcement relaxing rules for SEZs to allow domestic sales, aimed at countering reciprocal tariffs imposed by the US.
Apple Now Produces 25% of iPhones in India (Bloomberg)
Apple has sharply increased its iPhone production in India, assembling about 55 million units in 2025, up from 36 million in 2024, a jump of 53% year-on-year. This means India now accounts for roughly 25% of Apple’s global iPhone output, compared to its total worldwide production of 220-230 million units annually. The move reflects Apple’s strategic pivot away from China to avoid tariffs and diversify its supply chain. The expansion is being driven by Apple’s contract manufacturers Foxconn, Pegatron, and Wistron, who have scaled up facilities in Tamil Nadu and Karnataka with support from the Government of India’s Production-Linked Incentive (PLI) scheme. Analysts note that this shift could boost India’s electronics exports significantly, with iPhones alone contributing billions of dollars to the country’s trade balance. Apple’s India push also aligns with its broader strategy to tap into the domestic market, where smartphone penetration is rising and premium sales are growing at double-digit rates.
