Torrent Pharma’s ₹25K Cr Power Play 💊

🌞 Good Morning!

Happy Monday, folks! If you’re feeling like June flew by faster than your weekend, you're not alone. As we slide into the last day of the month, we’ve got a full pour of IPO action, billion-dollar deals, AI drama, and even some emotional goodbyes (RIP Jimmy Boy 🥲).

Let’s chai and conquer 🔥

☕ Chai Shots

• 📈 Torrent Pharma’s ₹25,689 Cr Mega Move: Torrent Pharmaceuticals will acquire a 46.39% controlling stake in JB Chemicals from KKR for ₹11,917 crore and plans to merge it into its own operations. The deal, which includes a mandatory open offer and employee share buyouts, gives Torrent a massive edge in the chronic and international pharma markets. More in the Big Brew 👇

• 📡 Reliance Jio Set To Be Global FWA Leader: With 6.88 million 5G Fixed Wireless Access subscribers in May, Jio is set to surpass T-Mobile’s global lead. It already commands over 50% of India’s broadband market and is expanding fast.

• 💰 Greenko Founders Buy Out ORIX For $1.4B: In one of India's largest green energy deals, founders Anil Chalamalasetty and Mahesh Kolli have acquired ORIX’s 20% stake in Greenko Energy Holdings, valuing the company at $7.5 billion. The move consolidates founder control via their vehicle AM Green B.V.

• 📰 Cloudflare CEO: AI Is Killing Publishing: Matthew Prince warned that AI and search are decimating publisher traffic and ad revenues. He claims crawlers are extracting value without clicks or payment, and plans are in motion for a coordinated internet-wide AI crawler block.

📈 Market Masala

• 🧮 India PMI & Earnings To Steer Market Mood: This week’s market mood will ride on India's May Industrial Production numbers (out June 30), June Manufacturing PMI (July 1), and Services PMI (July 3). Add to that foreign investment flows, monsoon updates, and global trade drama, and you’ve got a spicy week ahead.

• 💼 Tata Steel Faces ₹1,000 Cr GST Show-Cause: The steel major received a notice for allegedly claiming input tax credit improperly between FY19–23. Tata says it’s confident of its position and that business operations remain unaffected.

• 🏦 RBL Bank Eyes Tier-III Boom With Car & CV Loans: RBL Bank plans to enter commercial vehicle and used-car loans, targeting smaller towns to lift interest margins to 5.1%. Its home loan and MFI arms will also focus on affordable segments and better digital underwriting.

• 📞 Telecom PLI Scheme Falls Short On Payouts: Only 21 out of 42 eligible firms under the telecom PLI scheme received incentives, with ₹1,162 crore disbursed out of a ₹4,115 crore budget. Jabil Circuit, Nokia, and Reliance-backed NeoLync were among top recipients.

• 🛢️ Reliance Power Eyes Global Gas Projects: With 1,500 MW worth of GE gas plant modules ready to ship, Reliance Power is bidding on projects in Kuwait, UAE, and Malaysia to fast-track execution in clean energy-hungry markets.

🌍 Global Masala

• 📅 Week Ahead: Jobs Data To Test Market Highs: The US jobs report headlines a short but critical trading week. With the S&P 500 and Nasdaq at all-time highs, investors are betting on signs of a slowing labor market to tip the Fed toward a rate cut—potentially as early as July. Tariff deadline talks will also stay in focus as July 9 looms.

• 🤝 EU To Buy More US Arms, Eyes Trade Deal: EU Council President Antonio Costa said increased NATO defense spending will lead to more US arms purchases, easing the path to a trade pact with Washington before Trump’s July 9 tariff deadline.

• 🤖 Baidu Goes Open Source With Ernie AI: Baidu is about to open source its flagship ERNIE model, in what’s being called China’s biggest AI play since DeepSeek. Experts say this could dramatically shift global AI pricing and pressure Western closed-source players like OpenAI.

🫖 The Big Brew: Torrent Pharma’s ₹25,689 Cr Prescription for Growth

One of India’s most ambitious pharma plays is unfolding as Torrent Pharmaceuticals steps in with a ₹25,689 crore plan to acquire and absorb JB Chemicals & Pharmaceuticals. Here's why this matters:

🧾 The Deal in Two Phases:

• Torrent will first buy a 46.39% stake from KKR for ₹11,917 crore.

• It will then launch a mandatory open offer and merge JB into its own operations.

💊 Strategic Wins:

• Torrent gains strong chronic care brands and unlocks new spaces like ophthalmology.

• It expands internationally with JB’s CDMO (Contract Development and Manufacturing Organisation) footprint.

• Revenue, profitability, and therapeutic diversity all get a serious upgrade.

🔄 Merger Mechanics:

• Shareholders will receive 51 Torrent shares for every 100 JB Pharma shares.

• Torrent will also purchase up to 2.8% shares from JB Pharma employees.

📜 Pending Approvals:

• The merger needs green lights from SEBI, CCI, stock exchanges, and NCLT.

What does this mean?

Torrent’s move signals a consolidation wave in Indian pharma, where domestic champions are looking beyond the traditional generics market to diversify into high-margin, high-growth areas like CDMO and specialty care. This isn't just about scale—it’s about future-proofing with global muscle.

🚀 Startup Scoop

• 🍩 Krispy Kreme Operator Curefoods Files ₹800 Cr IPO: Bengaluru-based Curefoods, known for brands like EatFit and Krispy Kreme India, has filed to raise ₹800 crore in a fresh issue and a 4.95 crore share offer-for-sale by investors including Binny Bansal and Accel. Funds will go toward expanding kitchens, paying down debt, and scaling operations.

🤓 Chai Break Trivia

🫖 Did you know: Mumbai’s iconic Jimmy Boy Café served Pallonji's sodas and berry pulao for nearly a century—and was just 3 months shy of its 100th birthday when it shut down.

Its home building was deemed structurally unsafe by BMC, forcing a bittersweet end to a Parsi legend.

🔮 What’s Brewing Next?

• 💵 Watch Out For Interim Trade Deals: Both India and the EU are hustling to ink agreements with the US before Trump’s tariff hammer drops.

🫡 That’s a Wrap!

If this Monday feels more jam-packed than a Virar local, that’s because it is. Whether you’re watching IPOs, inflation, or interest rates, one thing’s for sure: July’s gonna be kicking off with full paisa vasool potential.

Until tomorrow, stay sharp, stay caffeinated ☕

— Masala Chai Team