India's $89 billion clean industry pipeline struggles to attract financing, report says
India's clean industrial projects pipeline worth $89 billion is facing financing bottlenecks as only one project has reached a final investment decision in the past six months, a report by a clean industry alliance showed.
The South Asian nation has 41 clean industry projects spanning green ammonia, hydrogen production and sustainable aviation fuels, yet faces challenges in converting announcements into operational facilities, the report by Mission Possible Partnership and Industrial Transition Accelerator said.
The alliance is focused on advancing decarbonisation in high-emission sectors. India's clean industry projects have secured $13 billion in committed investment, far below China's $61 billion and the United States' $54 billion, according to the report. The slow development of the market for clean commodities at the right price point was a major bottleneck for investments in India, said Faustine Delasalle, CEO of MPP.
"The higher costs of capital is an issue stifling investment across emerging and developing economies. We need to leverage the growing appetite from development and private finance institutions for clean industry developments," Delasalle said. The report also highlights a global pipeline of about $1.6 trillion in projects that have been announced but not financed, with 692 of 826 commercial-scale clean industrial projects across 69 countries still awaiting financing. "Less than 15 projects are currently reaching (a) final investment decision every year, delaying the climate, economic and social benefits associated with clean industrial developments," the report said, adding that policy uncertainty is also hampering progress.
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Business Standard
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Pak Army chief's lunch with Trump at White House: What was discussed?
Pakistan's Field Marshal Syed Asim Munir on Wednesday became the country's first serving chief of army staff to be hosted by a US president in the White House. The luncheon-level engagement was described by Pakistan Army's media wing Inter-Services Public Relations (ISPR) as 'cordial' and "unprecedented" for a military officer who holds no political portfolio. The unexpected meeting comes months after India and Pakistan engaged in a brief military standoff following the April 22 Pahalgam terror attack in Jammu and Kashmir, which killed 26 people. President Donald Trump took credit for mediating a ceasefire between the two sides, which India categorically denied. Here's what the Pakistan Army's media wing said about the discussions that took place during the meeting. 'Counterterrorism' at the top of agenda According to the ISPR read-out, Trump and Munir leaders 'reaffirmed their commitment to continued collaboration in the field of counterterrorism'. Munir conveyed Islamabad's gratitude for what he called Trump's 'constructive and result-oriented role in helping broker a ceasefire" between India and Pakistan. Speaking to reporters after the meeting, Trump said he had invited Munir to 'thank him for not going into the war [with India]". He added, 'These two very smart people decided not to keep going with a war that could have been a nuclear war. Pakistan and India are two big nuclear powers.' The US President also noted that Munir 'was extremely influential in stopping it from the Pakistan side', and reiterated that Washington is working on a trade deal involving both South Asian neighbours. When asked whether the discussion touched on the current Iran-Israel conflict, Trump said, 'They [Pakistan] know Iran very well, better than most, and they are not happy about anything... He [Munir] agreed with me.' Crypto collaboration Cryptocurrency was also among the subjects reportedly discussed at the meeting. 'Discussions also encompassed avenues for expanding bilateral cooperation in multiple domains, including trade, economic development, mines and minerals, artificial intelligence, energy, cryptocurrency, and emerging technologies,' the ISPR stated. Notably, the Pakistan Crypto Council (PCC) signed a letter of intent with World Liberty Financial (WLF), a decentralised-finance venture in which Trump and his affiliates hold a 60 per cent stake, the Dawn reported in April. A Finance Ministry statement said the partnership aims to 'accelerate blockchain innovation, stable-coin adoption and decentralised-finance integration across Pakistan'. Economic and technology ties Beyond security, the leaders explored a wide economic docket that ranged from minerals and energy to artificial intelligence and emerging technologies. 'President Trump expressed keen interest in forging a mutually beneficial trade partnership with Pakistan based on long-term strategic convergence and shared interests,' the ISPR said. Munir extended a formal invitation for Trump to visit Pakistan at 'a mutually convenient date', a gesture the military described as reflecting 'the warmth of bilateral ties.' The White House meeting ended with Trump telling reporters, 'I was honoured to meet him [Field Marshal Munir] today.' While no dates were announced for follow-up visits, officials on both sides called the meeting a launching pad for deeper security and trade ties. The talks signalled a move toward 'strategic convergence for the next decade", the Dawn reported.
Time of India
7 hours ago
- Time of India
How the world's top ad agencies aligned to fix prices in India
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The attempt to woo the client violated the agencies' agreement, Omnicom Media's India CEO Kartik Sharma wrote in a WhatsApp group comprising a who's who of advertising, according to excerpts of the discussion documented by antitrust investigators and verified by Reuters. "This kind of practice is not in the spirit of what we are collectively trying to achieve," Sharma wrote, without identifying the parties. Shashi Sinha, then India CEO of New York-based IPG Mediabrands, suggested an industry group should "admonish the agency". The exchanges form part of a confidential dossier compiled by India's antitrust watchdog that chronicles how global advertising companies, including leading U.S. and European firms, coordinated to rig prices in the world's most populous nation. Reuters reviewed evidence from the Competition Commission of India (CCI) investigation, including a 10-page document with messages and records of meetings between top advertising executives, and two industry agreements under scrutiny for antitrust violations; and interviewed two people familiar with the probe. The key details, which haven't been previously reported, centre on WhatsApp interactions involving 11 industry executives. They include the top India or South Asia executives of WPP's GroupM; U.S.-based Omnicom Media and Interpublic's IPG Mediabrands; France's Publicis and Havas Media; Japan's Dentsu and India's Madison World. Over WhatsApp and in meetings, the executives coordinated responses to clients, which "resulted in alignment of competing advertising agencies," CCI officials said in the August 9 dossier, determining on an initial basis that the conduct contravened competition law. The firms agreed to cooperate on pricing, including not to undercut each other; colluded with broadcasters to deny business to agencies that didn't comply; and discussed financial terms involving at least four Indian clients over conference calls, according to the investigation documents. The documents don't indicate whether the agencies' foreign headquarters were aware of the executives' actions. A spokesperson for WPP Media , which until May was known as GroupM, told Reuters it was aware of the investigation but declined to comment further. A Dentsu India spokesperson confirmed Reuters reporting that it had disclosed industry practices to the CCI in February 2024 under the regulator's leniency program, which enables lesser penalties for firms that share evidence of malpractice. The spokesperson didn't address specific evidence raised in the dossier but said the firm had implemented stricter audits and controls. The other agencies and their executives didn't respond to Reuters questions about the antitrust probe and information in the dossier. The regulator also didn't respond to queries. Reuters has reported that in March, as part of the continuing investigation, the regulator raided the Indian offices of many advertising firms and an industry group that represents broadcasters, including the Reliance-Disney venture and Sony . CCI investigations typically take several months. The regulator can't press criminal charges, but can impose financial penalties on the media agencies of up to three times their profit or 10% of an Indian entity's global turnover, whichever is higher, for each year of wrongdoing. Secret Pacts WPP Media, the world's largest media buying agency, last year - when it was still known as GroupM - won new India business worth $447 million, followed by Omnicom's $183 million, according to research firm COMvergence. But India's near-$30 billion media and entertainment sector is grappling with weak consumer sentiment. Ad spending will rise 7% to $19 billion in 2025, the slowest growth in three years, according to GroupM estimates. The CCI is investigating the role of two industry bodies, the Advertising Agencies Association of India (AAAI) and the Indian Broadcasting & Digital Foundation (IBDF), in orchestrating the suspected cartel. The former group is led by WPP Media India head Prasanth Kumar, while the broadcasting body's president is Kevin Vaz, a top Reliance-Disney venture executive. Neither industry group responded to requests for comment. The dossier shows the AAAI circulated guidelines to ad agencies in August 2023: They must charge clients whose annual spending exceeds $29 million a minimum 3% commission for digital ads and 2.5% for traditional media. Lower-spending clients would pay higher minimum commissions of up to 8%. A month later, the industry associations entered a joint pact, agreeing no agency would "unilaterally offer any discount" on rates while pitching for business. The pact, reviewed by Reuters, declared its aim was to eliminate "lower pricing as a reason to award a pitch". The advertising firms began coordinating their activities at least as early as August 2023, according to the CCI documents. Ad executives who met on December 1 that year hailed their collaboration as a "great success" and resolved to continue, according to meeting minutes cited in the CCI's evidence. 'All Aligned' In the U.S., the Federal Trade Commission this month sought information from advertising agencies as part of a probe into whether they coordinated boycotts of certain sites. The Justice Department in 2016 probed agencies it suspected of rigging bids to favour in-house units, but eventually closed the case without bringing charges. 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Members of the group discussed advertising pitches and coordinated on interactions with clients such as food delivery giant Swiggy , drug maker Cipla, SoftBank-backed e-commerce firm Meesho, and Kshema Insurance. In Swiggy's case, the AAAI arranged a Zoom call with media agency heads to discuss the company's advertising pitch. Later, GroupM's Kumar, as AAAI president, suggested an email response to Swiggy explaining the industry's agreed position on rebates. "Ok all aligned thanks," he wrote after a consensus emerged. Kshema told Reuters the insurer was unaware of the matter. The other clients didn't respond to questions. During another discussion on client rebates, an unspecified Dentsu executive told rivals over WhatsApp that "the lowest we go to is retain 30% and 70% we pass back to the client," according to the CCI dossier. CCI officials noted in the document that advertisers and the broadcasters' group had sought to penalise enterprises that didn't comply with the pricing pacts. In an email to Walt Disney in August 2023, Kumar wrote that broadcasters should refrain from granting business to a firm that had breached the pacts, ITW Consulting, though he said it had later agreed not to approach clients directly. ITW didn't respond to Reuters questions. Tensions heated up again over WhatsApp three months later. Sharma, of Omnicom Media, learned that ITW had done another "direct deal with a client of ours" for advertising on streaming platform Hotstar, which was run by Disney. This irked Sharma, as Hotstar had the rights for the cricket World Cup held in India at the time. "This nuisance has to stop," he wrote in the group.
NDTV
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How The World's Top Ad Agencies Aligned To Fix Prices In India
New Delhi: Omnicom Media's India chief was frustrated. It was October 5, 2023 and a rival was trying to poach the U.S. firm's client by offering lower prices, just weeks after global advertising agencies and broadcasters struck secret pacts on ad rates in the South Asian country. The attempt to woo the client violated the agencies' agreement, Omnicom Media's India CEO Kartik Sharma wrote in a WhatsApp group comprising a who's who of advertising, according to excerpts of the discussion documented by antitrust investigators and verified by Reuters. "This kind of practice is not in the spirit of what we are collectively trying to achieve," Sharma wrote, without identifying the parties. Shashi Sinha, then India CEO of New York-based IPG Mediabrands, suggested an industry group should "admonish the agency". The exchanges form part of a confidential dossier compiled by India's antitrust watchdog that chronicles how global advertising companies, including leading U.S. and European firms, coordinated to rig prices in the world's most populous nation. Reuters reviewed evidence from the Competition Commission of India (CCI) investigation, including a 10-page document with messages and records of meetings between top advertising executives, and two industry agreements under scrutiny for antitrust violations; and interviewed two people familiar with the probe. The key details, which haven't been previously reported, centre on WhatsApp interactions involving 11 industry executives. They include the top India or South Asia executives of WPP's GroupM; U.S.-based Omnicom Media and Interpublic's IPG Mediabrands; France's Publicis and Havas Media; Japan's Dentsu and India's Madison World. Over WhatsApp and in meetings, the executives coordinated responses to clients, which "resulted in alignment of competing advertising agencies," CCI officials said in the August 9 dossier, determining on an initial basis that the conduct contravened competition law. The firms agreed to cooperate on pricing, including not to undercut each other; colluded with broadcasters to deny business to agencies that didn't comply; and discussed financial terms involving at least four Indian clients over conference calls, according to the investigation documents. The documents don't indicate whether the agencies' foreign headquarters were aware of the executives' actions. A spokesperson for WPP Media, which until May was known as GroupM, told Reuters it was aware of the investigation but declined to comment further. A Dentsu India spokesperson confirmed Reuters reporting that it had disclosed industry practices to the CCI in February 2024 under the regulator's leniency program, which enables lesser penalties for firms that share evidence of malpractice. The spokesperson didn't address specific evidence raised in the dossier but said the firm had implemented stricter audits and controls. The other agencies and their executives didn't respond to Reuters questions about the antitrust probe and information in the dossier. The regulator also didn't respond to queries. Reuters has reported that in March, as part of the continuing investigation, the regulator raided the Indian offices of many advertising firms and an industry group that represents broadcasters, including the Reliance-Disney venture and Sony. CCI investigations typically take several months. The regulator can't press criminal charges, but can impose financial penalties on the media agencies of up to three times their profit or 10% of an Indian entity's global turnover, whichever is higher, for each year of wrongdoing. SECRET PACTS WPP Media, the world's largest media buying agency, last year - when it was still known as GroupM - won new India business worth $447 million, followed by Omnicom's $183 million, according to research firm COMvergence. But India's near-$30 billion media and entertainment sector is grappling with weak consumer sentiment. Ad spending will rise 7% to $19 billion in 2025, the slowest growth in three years, according to GroupM estimates. The CCI is investigating the role of two industry bodies, the Advertising Agencies Association of India (AAAI) and the Indian Broadcasting & Digital Foundation (IBDF), in orchestrating the suspected cartel. The former group is led by WPP Media India head Prasanth Kumar, while the broadcasting body's president is Kevin Vaz, a top Reliance-Disney venture executive. Neither industry group responded to requests for comment. The dossier shows the AAAI circulated guidelines to ad agencies in August 2023: They must charge clients whose annual spending exceeds $29 million a minimum 3% commission for digital ads and 2.5% for traditional media. Lower-spending clients would pay higher minimum commissions of up to 8%. A month later, the industry associations entered a joint pact, agreeing no agency would "unilaterally offer any discount" on rates while pitching for business. The pact, reviewed by Reuters, declared its aim was to eliminate "lower pricing as a reason to award a pitch". The advertising firms began coordinating their activities at least as early as August 2023, according to the CCI documents. Ad executives who met on December 1 that year hailed their collaboration as a "great success" and resolved to continue, according to meeting minutes cited in the CCI's evidence. 'ALL ALIGNED' In the U.S., the Federal Trade Commission this month sought information from advertising agencies as part of a probe into whether they coordinated boycotts of certain sites. The Justice Department in 2016 probed agencies it suspected of rigging bids to favour in-house units, but eventually closed the case without bringing charges. Brewer Anheuser-Busch InBev used CCI's leniency program to blow the whistle on an industry cartel in India in 2017. In the case of the ad industry, Dentsu India told Reuters it filed its leniency application with the CCI not as a reaction to external pressure but out of a decision to "support reform from within". Two people with knowledge of the matter told Reuters the evidence Dentsu submitted included a transcript of the WhatsApp group. The group, formed in August 2023 and reviewed in part by Reuters, was named "AAAI media agencies" and contained scores of chat messages. Participants included Kumar of WPP's media company, Sharma of Omnicom Media, IPG Mediabrands' Sinha, Havas Media India CEO Mohit Joshi, Dentsu South Asia CEO Harsha Razdan and then-media business CEO Anita Kotwani, Publicis South Asia chief Anupriya Acharya and Madison boss Sam Balsara, the investigators' evidence shows. Members of the group discussed advertising pitches and coordinated on interactions with clients such as food delivery giant Swiggy, drug maker Cipla, SoftBank-backed e-commerce firm Meesho, and Kshema Insurance. In Swiggy's case, the AAAI arranged a Zoom call with media agency heads to discuss the company's advertising pitch. Later, GroupM's Kumar, as AAAI president, suggested an email response to Swiggy explaining the industry's agreed position on rebates. "Ok all aligned thanks," he wrote after a consensus emerged. Kshema told Reuters the insurer was unaware of the matter. The other clients didn't respond to questions. During another discussion on client rebates, an unspecified Dentsu executive told rivals over WhatsApp that "the lowest we go to is retain 30% and 70% we pass back to the client," according to the CCI dossier. CCI officials noted in the document that advertisers and the broadcasters' group had sought to penalise enterprises that didn't comply with the pricing pacts. In an email to Walt Disney in August 2023, Kumar wrote that broadcasters should refrain from granting business to a firm that had breached the pacts, ITW Consulting, though he said it had later agreed not to approach clients directly. ITW didn't respond to Reuters questions. Tensions heated up again over WhatsApp three months later. Sharma, of Omnicom Media, learned that ITW had done another "direct deal with a client of ours" for advertising on streaming platform Hotstar, which was run by Disney. This irked Sharma, as Hotstar had the rights for the cricket World Cup held in India at the time. "This nuisance has to stop," he wrote in the group.
