Fire at Iran's largest oil refinery kills one in country's southwest
A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday (July 19, 2025), killing a worker, according to the state-owned IRNA newspaper. Firefighters put out the blaze in two hours, and operations remained unaffected, the report said.
Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday (July 20, 2025) that some workers were also injured, media outlets said.
Abadan oil refinery, some 670 km from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25% of the country's fuel with more than 5,200,000 barrels of oil refined daily.
Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame.
Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales.
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Hans India
7 hours ago
- Hans India
IIM-Ahmedabad's Dubai campus set to redefine India's educational soft power: Institute director
The Indian Institute of Management-Ahmedabad (IIM-A), one of India's most prestigious business schools, is all set to launch its first international campus in Dubai this September. The ambitious expansion, envisioned by IIM-Ahmedabad Director Bharat Bhasker in 2023, will begin operations with a one-year MBA programme and introduce two key research centres, one dedicated to case study development and the other focused on start-up incubation. Bhasker, in conversation with IANS at IIM-A, expressed immense satisfaction over the swift execution of the plan. "The Dubai campus is something I envisioned in 2023, and now I'm happy to see it materialise. I'll be visiting the campus next week," he shared. "We've curated the curriculum with a regional lens, drawing on case studies and business practices relevant to the Middle East and Africa." The move comes after IIM-A signed a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) government in April this year. The agreement, signed in Mumbai, officially established the Dubai campus in the Dubai International Academic City, making IIM-A the first among India's management institutes to set up an overseas campus. Bhasker sees this as a moment of strategic significance not only for the institute but for India as a whole. "While Western countries are increasingly shutting their doors to international students, India must seize the moment. Education is India's most potent soft power, and this campus is a strategic tool in building long-lasting influence," he said. "Just as China uses its manufacturing and trade to build global influence, India must leverage its strength in quality education and its English-speaking workforce. If India wants to be the leader of the Global South, this is the way," he said. The new campus aims to attract a wide array of students from the Gulf Cooperation Council (GCC) countries, North Africa, and the Commonwealth of Independent States (CIS). The first cohort will comprise around 40 to 50 students, with the long-term goal of scaling up to a 900-student capacity over the next decade. According to Bhasker, Dubai was a natural choice. "We've been offering executive education in the region for years. The familiarity and trust we've built made it a logical step forward," he said. The launch comes at a time when global applications to MBA programmes are facing a downturn. According to data, there was a 5 per cent reduction in applications to graduate business schools worldwide in 2023, the second consecutive year of decline. Bhasker, however, remains optimistic about India's prospects. "The global numbers may be declining in the US or Europe, but India is different. We have a young population, a fast-growing economy, now the third-largest globally. As opportunities grow, so does the demand for skilled managers. That's where institutions like IIMA come into play," he said. When asked what makes a good manager today, Bhasker responded with clarity: "Commitment and vision are important, but most of all, empathy. Business is often reduced to profit and loss, but empathy takes you a long way." Looking ahead, Bhasker shared an exciting next step for the IIM-A campus: the establishment of a School of Data Science and Artificial Intelligence. "The way we traditionally taught management doesn't work anymore. The way we teach management today is very different from the past. Today, AI, technology, and science are integral to leadership and decision-making. Management curriculum and the way institutes teach must evolve," he said. "Being proactive is essential," he said. The Dubai campus is not merely an international expansion; it is a strategic, future-facing initiative rooted in regional relevance, educational diplomacy, and an evolving idea of what management education should look like in the 21st century.
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First Post
a day ago
- First Post
From aspiration to agency: India redefines its global role
India seems to have resolved a complex arithmetic: diplomacy without submission, trade without compromising sovereignty, tech engagement that does not sacrifice agency, and multilateralism that negotiates interest, not ideology read more It is not the India of aspiration alone; it is the India of agency, reframing between autonomy and engagement, between principle and pragmatism. File image/ AP In the rapidly shifting global political architecture, few nations stand at as pivotal a juncture as India, caught in the confluence of normative aspirations, strategic autonomy, economic opportunity, and diplomatic realignment. From international tech rule‑setting to high‑stakes trade negotiations, from balancing sanctions pressure to recalibrating relations with China, the past few weeks have made clear that it's India's real moment. This is not mere reactivity but about India stepping forward to set the narrative, even under the weight of great power tensions and domestic imperatives. STORY CONTINUES BELOW THIS AD Take the sharp warning from Nato Secretary‑General Mark Rutte, a diplomatic salvo that carries real consequences. In statements delivered in Washington and to Congress, Rutte emphasised that 'secondary sanctions', including tariffs up to 100 per cent, could be deployed against major economies like India, China, and Brazil should they continue to trade with Russia. The intent: leverage global economic ties to pressure Moscow toward a peace settlement over Ukraine. The declaration is a clear signal that India's commercial engagements are being scrutinised through the lens of Western security priorities. Delhi's swift rebuke, citing 'double standards' and asserting its sovereign right to conduct its trade, reveals India's determination to resist external dictates, even as it shoulders the complexity of geopolitical entanglements. Yet, this episode does not simply reflect Indian defiance. Rather, it underscores a rare and consequential exercise of normative sovereignty. India is not tethered to any bloc; it takes pride in being a multi-aligned and principled actor. Domestic energy security demands, its long‑standing commitment to global South solidarity, and cautious calibration with both West and East place it in a strategic sweet spot or jeopardy, depending on perspective. When Rutte urged these countries to 'make the phone call to Vladimir Putin' or face sanctions, he emphasised pressure, but India refused to be boxed into Western frameworks, opting instead for a calibrated diplomacy. This is not a retreat; this is self‑definition in action. World Trade Organisation (WTO) reform, gaining traction ahead of the Cameroon Ministerial, is another arena where India is quietly influencing multilateral rules. Talks now hinge on thorny compromises: easing 'consensus' gridlocks, demanding proof for industrial subsidies, and revisiting the special status of countries like India and China. STORY CONTINUES BELOW THIS AD Pushed by the US and Europe to revive a stalled WTO, these shifts could undermine developing country carve-outs. While India remains restrained, its backroom diplomacy is active. The challenge lies in securing meaningful exceptions without stalling reform, testing not just India's trade stance but also its broader role in global rule-making. This is more about realigning trade with development than resistance. At the same time, New Delhi finds itself on the cusp of a potentially transformative bilateral trade agreement with the US, ahead of a hard August 1 US tariff deadline. An article of faith in India's political economy has been bilateralism as an antidote to protectionism, and Washington has signalled expansiveness: from high‑tech to supply‑chain resilience. Yet this is no yawning liberal fixture; it is a negotiation circumscribed by domestic concerns on both fronts. For India, offering tariff concessions or regulatory liberalisation might invite debate around industrial policy and food sovereignty; for the US, access to Indian markets must be matched by deeper procurement commitments and intellectual property standards. If last week's Nato‑sanctions episode underscores Indian autonomy, this trade narrative highlights its readiness to play a constructive, collaborative role, so long as reciprocity and national interest underpin any deal. STORY CONTINUES BELOW THIS AD Meanwhile, India's pivot toward China, marked by Jaishankar's first visit to Beijing since the 2020 standoff, is a calculated move. At the SCO summit, his meeting with Wang Yi focused on de-escalation, a border resolution, and reviving trade minus 'restrictive measures'. China called normalisation 'hard-won', underscoring mutual interest in quiet diplomacy and regional stability. Beneath the optics, India is asserting agency: addressing boundary disputes, restoring critical supply chains, and preserving open trade. It's a calibrated framework—friendship without illusion, cooperation without compulsion. Now, juxtapose these developments with India's stealth campaign in global AI norm‑setting. While less visible to the world's press, New Delhi has been earnest, partaking actively in the Unesco‑led 2025 AI Action Summit and championing inclusive, transparent, and sustainable AI frameworks. Internally, the government's Shinrin hush, its hallmark IndiaAI mission, has enabled the creation of the India AI Safety Institute and the public‑sector BharatGen model, announced earlier this year. This reflects a coherent, outward‑looking narrative: one where India is not merely a consumer of Western AI but a producer and ethical interlocutor in its own right, framing a normative trajectory for the Global South. STORY CONTINUES BELOW THIS AD This junction of AI, trade, sanctions, and diplomacy reveals an Indian posture defined by complexity rather than simplification. India is neither a protectable emerging market nor a fearful collateral of competition; it is instead a multifaceted actor shaping its lane, steering norms, and anticipating friction. If India is being squeezed by trade reform at the WTO, by diplomatic pressure over Russia, and by bilateral negotiations with large economies, it is responding with a choreography of normative offers, negotiation discipline, and diplomatic nuance. Strategic autonomy is no longer a slogan; it is a tactical posture. India's message comes across loud and clear: we will trade responsibly, not opportunistically; we will engage in global initiatives, not deflect them; we will assert our interests, not surrender them. This posture is especially critical because India's multilateral footprint is expanding with institution‑shaping spaces. In 2025, it has convinced even sceptics that its voice is consequential and its initiatives, from AI safety to trade alliances, are worth centralising. STORY CONTINUES BELOW THIS AD None of this is without strain. The geo‑economic environment is a maze of competing pressures: pressure to align with Western sanctions regimes, to commit to bilateral trade deals, to accelerate AI governance, and to stabilise border diplomacies. But India seems to have resolved a complex arithmetic: diplomacy that does not buy influence with submission, trade that does not cost sovereignty, tech engagement that does not sacrifice agency, and multilateralism that negotiates interest, not ideology. The key test lies ahead: can India engineer a degree of coherence across ministries, Commerce, Finance, External Affairs, and IT? Can it manage stakeholder friction between business communities aligned to greenhouse tech corridors and those tied to legacy energy relations with Russia? Can it maintain credibility on the world stage while cultivating domestic legitimacy? These questions are not rhetorical; they are strategic deadlines directed at policymaking systems, where alignment and execution define success. Ultimately, this is more than policy choreography; it is India redefining its global centre of gravity. When the US Congress debates whether India is aligned enough to merit exemption from sanctions, Delhi's internal coordination across diplomatic, economic, and strategic lines becomes part of its national security calculus. STORY CONTINUES BELOW THIS AD When WTO multilateralism teeters, India can offer constructive reform, leadership or resistance. When AI norm debates emerge, India doesn't merely have a seat; it has proposals. India projects the kind of policy confidence few states of its standing enjoy. India stands assertive, multi‑alignment‑centric, normatively engaged, and institutionally responsive. It is not the India of aspiration alone; it is the India of agency, reframing between autonomy and engagement, between principle and pragmatism. Amal Chandra is an author, political analyst and columnist. He posts on 'X' at @ens_socialis. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Economic Times
a day ago
- Economic Times
IPO or M&A? Why Indian promoters are choosing both
From Backup Plan to Built-In Strategy What Has Changed? Live Events IPO vs. M&A: What Founders Stand to Gain Real-Time Instances: How India Is Playing The Dual Game Dual-Track Being Execution-Heavy Is Worth It What H2 2025 Will Bring The Bigger Picture (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel As India steps into the second half of 2025, the country's most ambitious Founders are exiting differently. IPO and M&A are no longer a binary choice. This is the dual-track exit era: When companies prepare for an IPO but keep strategic or financial M&A discussions alive. Long considered a hedge in Western markets, this approach is now an intentional and predominant playbook in this is not just talk. IPO filings of over INR 1.1 lakh crore (USD ~12.7bn) in H1, and more than USD 20bn in disclosed M&A deals, including inbound interest in fintech, NBFCs Q-commerce , and defence, speak for themselves. However, the untold story lies deep beneath the filings, where Founders are engaging in a parallel choreography of multiple used to be the aspirational route, while M&As always seemed to be Plan B. But 2025 has replaced this thinking. Today, founders prepare for IPOs to unlock M&A premium and vice regulatory uncertainty posed roadblocks at the structural level. The reverse flip, i.e., the relocation of Indian-origin startups from Delaware/Singapore back into India, is now quite routine. Several high-growth companies have demonstrated that it is not only feasible but also rewarding, particularly with Securities and Exchange Board of India (SEBI) increasingly attending to technological intricacies in IPO vetting, along with MCA/RBI setting up easements in compliance late-stage capital has become selective, thereby forcing Founders to bake in some measures of optionality. The mere preparation of a Draft Red Herring Prospectus (DRHP), with its rigour in compliance, disclosures, and governance, forces a company to become exit-ready, however, whichever door it walks market volatility exists. What might seem like a golden IPO window in Q1 can suddenly be gone by Q3. Running a synchronised M&A process provides a fallback or, in many cases, a much speedier, cleaner pave the way for long-term growth capital, boost brand visibility, and create a public currency for future deals. M&As bring speed, valuation clarity, and the potential for strategic synergies. Today, Founders are not choosing one over the other; they are leveraging both. Dual tracking is no longer a fallback; it's a forward-looking strategy to maximise value, retain leadership, and shape the future on their terms.A leading fintech unicorn filed its DRHP to raise INR 2,600 crores, post its reverse-flip back to India in April 2025. No M&A deal is prima facie announced; however, indications suggest that the company is setting IPO valuation as the pricing anchor for strategic a prominent quick commerce player has quietly advanced its dual-track agenda. After re-domiciling to India in 2024, its path to IPO was always expected. However, multiple suitors are reportedly circling, and the company seems to be using M&A interest as a pricing test before officially filing its the industrial space, a major building materials company has taken a textbook dual-track approach. While it has SEBI's nod for an INR 4,000 crore IPO, it is also actively exploring inorganic expansion via distressed asset acquisitions under India's Insolvency and Bankruptcy Code (IBC) framework. This two-pronged play supports growth and enhances the company's appeal to both public investors and strategic are no longer isolated cases, but structural changes affecting the exit planning side, as well as the way Indian companies view liquidity strategy in comparison with timing, readiness, and true dual-track process is by no means a passive hedge, but an execution-intensive strategy. Companies must maintain two parallel data rooms - one for IPO diligence and the other for private buyers. The narrative must be tailored differently - growth, governance and scalability for public markets; synergies and market consolidation for strategic buyers. Advisors such as bankers, lawyers, and consultants need to be coordinated to run parallel but distinct processes. Public disclosures like DRHP filings must be timed with precision. They can be used tactically to spark or strengthen M&A conversations, creating price tension across both IPO calendar for H2 2025 is packed, with several large companies across infrastructure, fintech, and consumer sectors preparing to test public market appetite. Meanwhile, strategists sit on record dry powder. Global majors in defence, payments, and consumer internet are scouring India not for early-stage bets but for exit-ready, governance-strong dealmaking is likely to accelerate, particularly for companies in the INR 500–2,000 crore revenue band, where public market appetite may remain sector-sensitive or ambiguous. Dual-track exits will also expand beyond tech into new verticals such as renewables, EV infrastructure, healthcare delivery, and the DRHP itself is gaining a new role, less as a declaration of IPO intent, more as a pricing discovery tool. Increasingly, founders and boards are using it as the new term sheet, signalling readiness and setting valuation benchmarks that strategic buyers must react believe the rise of dual-track exits marks more than just a tactical shift; it signals a maturing of India's private capital ecosystem. This is where Founder ambition meets institutional discipline. Companies are no longer reactive to market sentiment; they're proactively shaping outcomes with optionality built into every decision. Dual tracking is not about indecision, but intelligent design. For founders, it means greater control over timing and valuation. For investors, it offers more flexible exit pathways. And for India Inc., it points to a new era of dealmaking, one that blends global capital sensibilities with India's appetite for innovation and growth.(The author is , Partner, Deal Value Creation Services, BDO India)
