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New Delhi, Jun 17 (PTI) The proposed initial public offering (IPO) of the National Stock Exchange (NSE), estimated at around Rs 30,000 crore, is set to become the largest public issue in the history of the Indian stock market.

At the estimated size, the NSE share sale will surpass the Rs 27,870 crore IPO of Hyundai Motor India, which was launched in October 2024 and currently holds the record of the biggest IPO in the country.

The NSE issue will also overtake the Rs 21,000-crore public offering of Life Insurance Corporation of India (LIC) in May 2022, which was India's largest IPO before Hyundai Motor India's market debut.

Among other large public issues, One97 Communications (Paytm) had raised Rs 18,300 crore in November 2021, while Tata Capital raised Rs 15,512 crore through its IPO in October 2025, and Coal India mobilised Rs 15,199 crore through its IPO in October 2010.

On Wednesday, NSE submitted its draft papers to Sebi for its proposed IPO.

Overall, India's primary market witnessed a slowdown, with 23 companies tapping the IPO route to raise more than Rs 27,000 crore so far in 2026 amid heightened volatility and macroeconomic uncertainty, according to an Equirus Capital report.

This follows the launch of 103 maiden public issues in 2025, which together raised Rs 1.76 lakh crore. The fundraising figure far exceeded the Rs 1.6 lakh crore raised by 90 firms in 2024 and the Rs 49,436 crore garnered by 57 companies in 2023

However, the IPO activity is showing signs of a major pickup as geopolitical tensions eased with insurtech firm Turtlemint Fintech Solutions and Advit Jewels slated to launch their public issues this month.

Insurtech company Turtlemint Fintech Solutions will launch its IPO on June 19, while jewellery maker Advit Jewels will open its issue on June 23.

Waterways Leisure Tourism, which operates Cordelia Cruises, is also expected to launch its public issue this month.

Further, quick-commerce unicorn Zepto and the country's largest fund house, SBI Mutual Fund, are planning to launch their public issues next month, people aware of the matter said. PTI SP HVA

New Delhi, Jun 17 (PTI) Industry bodies representing alcoholic beverage makers on Wednesday welcomed the implementation of the India-UK Free Trade Agreement (FTA), saying it would boost bilateral trade, support premiumisation of the domestic market and strengthen the spirits value chain, even as domestic manufacturers sought withdrawal of concessions enjoyed by imported liquor brands in some states.

The Confederation of Indian Alcoholic Beverage Companies (CIABC) said the landmark pact would further strengthen economic ties between India and the UK across sectors and lead to higher bilateral trade and investment.

However, CIABC, which represents IMFL players, urged state governments to withdraw concessions such as lower brand registration fees and reduced excise duties extended to bottled-in-origin (BIO) brands, arguing that such incentives have made imported alcoholic beverages cheaper than products manufactured in India.

"With import duties being cut drastically, it is high time that state governments end all concessions currently extended to BIO brands. This has created a situation where importing alcobev products is becoming cheaper than producing them in India," said CIABC Director General Anant S Iyer Meanwhile, the International Spirits and Wines Association of India (ISWAI), which represents leading premium alcoholic beverage companies (mostly MNCs), said the pact will strengthen bilateral trade, support industry growth and create new opportunities for the country's alcoholic beverages sector.

ISWAI said the reduction in tariffs on Scotch whisky imports from the UK, including bulk Scotch used for bottling and blending in India, is expected to generate value across the spirits value chain while widening consumer choice.

"The coming into force of the agreement and the resulting tariff reductions offer significant strategic benefits for both countries," ISWAI CEO Sanjit Padhi said.

According to Padhi, the agreement will enable India's increasingly aspirational consumers to access premium international brands at more affordable prices, while also supporting growth in related sectors such as tourism, hospitality and retail.

The commerce ministry on Wednesday said the India-UK FTA will come into force on July 15 this year. The Comprehensive Economic and Trade Agreement (CETA) was inked on July 24 last year.

As per the FTA signed in London between the two governments, India is reducing duty on UK whisky and gin from 150 per cent to 75 per cent and further to 40 per cent in the tenth year of the deal.

According to ISWAI, India sells over 400 million cases of Indian alcoholic spirits annually, while imported spirits account for only about 2.5 per cent of the total market. Whisky dominates the imported spirits category, with Scotch accounting for around 81 per cent of overall imports of 9.9 million cases.

The association noted that nearly 79 per cent of Scotch imported into India is in bulk form and is used by Indian Made Foreign Liquor (IMFL) manufacturers for bottling and blending operations.

It said tariff rationalisation would help relevant IMFL manufacturers improve the quality of their India-made products, enhance global competitiveness and support exports.

The FTA, ISWAI added, reflects the commitment of both India and the UK to deepen economic ties while ensuring a calibrated approach that balances market access with the interests of domestic industry.

Abneesh Roy from Nuvama Institutional Equities said "It has been long-awaited and hence a positive, which will lead to improvement of margins and volumes." It will have twin benefits RM cost of scotch gets cheaper, and the end product, if imported, can also be made more affordable, driving volume scale-up. PTI KRH HVA

New Delhi, June 17 (PTI) Indian companies operating in the UK would not have to make social security contributions for up to five years for employees they move from India to support their operations, a one which will give a major a boost to IT majors like Tata Consultancy Services (TCS) and Infosys.

The commerce ministry said that the Agreement on Social Security or the Double Contribution Convention (DCC) will come into effect from July 15 along with the comprehensive economic and trade agreement (CETA).

The DCC "exempts Indian workers and employers from making dual social security contributions in the United Kingdom during temporary assignments. The period of exemption has been increased from 3 years to 5 years," it said.

More than 75,000 Indian professionals and over 900 companies are expected to benefit, it said.

The agreement, it said, will support mobility and continued social security coverage of the employees on temporary overseas assignments.

"This will enhance India-UK partnerships in the service sector, leveraging the high skills and innovative service sectors of both countries," it added.

The announcement is important as the UK is the second-largest export market for USD 283 billion Indian IT industry, and contributes 17 per cent to its export basket. PTI RR BAL

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New Delhi, June 17 (PTI) India's steel export interests have been safeguarded under the free trade agreement with the UK, with 85 per cent of the sector's outbound shipments remaining outside Britain's steel safeguard measures, an official statement said on Wednesday.

The two countries have announced that the comprehensive economic and trade agreement (CETA) will come into force from July 15.

The UK's steel safeguard measure became a sticking point in implementing the pact, which was signed on July 24, 2025.

"Demonstrating the collaborative strength of the India-UK CETA, India and the United Kingdom have successfully reached a landmark consensus to safeguard and promote bilateral steel trade," it said, adding "85 per cent of India's exports are out of the Steel measures. Along the lines under the Steel measures, India's interest has been protected through a mix of CSQ (country-specific quota), residual quota and access under Authorised Use Scheme (AUS)".

The statement added that following constructive deliberations regarding the UK's upcoming steel measures effective July 1, 2026, both sides mutually agreed to protect commercial interests, minimise market disruptions, and ensure an overall balanced and stable trading environment for exporters. ​

On June 2, Commerce and Industry Minister Piyush Goyal held talks with UK Secretary of State for Business and Trade Peter Kyle on this issue.

From July 1, 2026, the UK will limit tariff-free steel imports, reducing overall quota volumes by 60 per cent compared to the steel safeguard measure. Any imports above these levels will then face a 50 per cent tariff. The measure will apply to imports of steel products that can also be made in the UK.

Earlier, Britain had safeguard measures that also imposed import quotas. The new measures had reduced that quota.

In December 2023, the UK government also decided to implement its Carbon Border Adjustment Mechanism (CBAM) starting in 2027. ​

According to the economic think tank GTRI, India's exports worth USD 775 million to the UK may be affected by Britain's decision to introduce a carbon tax on products such as iron and steel, aluminium, fertiliser, and cement from 2027.

The UK, after the European Union (EU), will be the second economy to implement CBAM. The UK calls the move the Import Carbon Pricing Mechanism, which will initially focus on sectors such as iron, steel, aluminium, fertiliser, hydrogen, ceramics, glass, and cement. ​

This tax could range from 14-24 per cent of the import value on full phase-out of free allowances under the ETS (Emissions Trading Scheme).

India's exports of iron and steel and products to the UK stood at USD 893.4 million in 2025-26. PTI RR SHM

Evian-Les-Bains (France), Jun 17 (PTI) Prime Minister Narendra Modi on Wednesday raised the issue of seafarers' safety with US President Donald Trump, urging that their protection be given the highest priority during the implementation of Washington's peace deal with Iran, even as the two leaders focused on taking steps to repair bilateral ties that witnessed severe strain over the past year.

The meeting between the two leaders on the margins of the G7 summit in the French commune came amid increasing outrage in India over the killing of three Indian crew members of a merchant ship in American military strikes in the Gulf of Oman.

Trump, describing New Delhi as a key partner, said the US will defend India if anyone attacks it. The US president, without giving any timeline, said both sides are close to finalising the proposed trade deal.

Following the meeting, Modi said he and Trump "reviewed the sustained progress" in bilateral cooperation in trade, energy, defence, technology and people-to-people ties.

"Conveyed India’s appreciation on the progress in the efforts for restoring peace and stability in West Asia. Keeping the Strait of Hormuz open is vital for the global economy. Reiterated the importance of ensuring the safety and security of civilians, including seafarers," he said.

In his televised comments, Modi brought up the issue of the safety of hundreds of thousands of Indian seafarers operating in key maritime zones.

"I commend you for your leadership on the progress that has been made in the efforts to restore peace in West Asia. Thanks to your efforts, Mr President, new hope for peace and stability in the region has been kindled and we hope that this will lead to a long-standing peace in the region," Modi said.

"You and I agree that keeping the Strait of Hormuz open is vital for the global economy. India has consistently emphasised the importance of ensuring freedom of navigation and we should work together and place a particular emphasis on that," he said.

The prime minister hoped the US would also accord the highest priority to the safety of seafarers while implementing the peace deal with Iran.

"You are aware that in the world of maritime trade, hundreds of thousands of Indian seafarers are working and performing their duties across global maritime trade routes, including the Strait of Hormuz, and making a huge contribution to the progress of the world and their safety is of utmost importance to us," he said.

"Mr President, you have made tremendous efforts towards reaching this understanding and this agreement and I'm confident that this agreement will ensure the security of seafarers and this issue will receive the highest priority," he said.

In his remarks, Trump described the meeting as "great" and heaped praise on Modi. The US president, without giving any timeline, said he will travel to India.

Trump was also effusive in his praise for Modi.

"I just want to say he’s been my friend for a long time now and we’ve always had a great relationship and it's great to be with you," he said.

The US president also said that New Delhi and Washington are "very close" to the trade deal.

"He's a very tough negotiator, one of the toughest, actually. So you look at this man, I'll give you a lesson. He's the most beautiful looking man. He looks so nice, he's like an angel. But actually, he's tough," Trump said.

"People say he is such a nice man. I said he's very very tough. He's a tough negotiator and he loves the Indian people, but he also loves the US," he added.

The US president also described India as a major global player.

"I think India plays a big role in everything. As long as he's the leader, India's going to play a big role," Trump said in response to a question on whether New Delhi has a role to play in West Asia.

"As long as I'm president, they have a great friend in the White House," he said, answering a question on strain in India-US ties.  

To a question on the deaths of three Indian seafarers, Trump said he was aware of it.

"I heard about that (the deaths), it's a rough profession, no question about it," he said, adding, "We will work together."

Answering another question on India-US defence ties, Trump said the US will defend India if it faces any security challenges or face attack.

"I think it's a great relationship. I can tell you this – without having a contract, we don't have a contract – but if they were attacked, we would be there to help them," he said.

The Modi-Trump meeting came amid efforts by both New Delhi and Washington to repair the ties.

The relations witnessed a major downturn after Washington imposed punitive tariffs on India and President Trump made assertions regarding his role in de-escalating the India–Pakistan military clashes of May 2025 that drew sharp reaction from Indian officials.

Over the next few months, the US president repeatedly and publicly claimed that he had resolved the military conflict between the two neighbours and saved millions of lives as it was heading toward a full-scale war.

New Delhi stoutly maintained that the cessation of the hostilities was a result of talks between India and Pakistan, and the US involvement had nothing to do with it. Washington's new immigration policy and its decision to increase the H1B visa fee also contributed to the slide in India-US ties.

However, both sides made efforts in the last few months to repair the ties and even moved forward to firm up a mutually beneficial trade deal soon.

Last week, the relations came under fresh strain after three Indian sailors were killed following the US military's attacks on three merchant vessels off the coast of Oman.

Asked about Indian professionals facing difficulties in the US in view of the H1B visa issue, Trump said the US have had a tremendous relationship with India in terms of employment.

The prime minister travelled to France for the G7 summit as India was invited as a guest country to the summit.

The Group of 7 (G7) brings together seven of the world's most advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also a member of the bloc.

The G7 serves as the forum of choice for its members to discuss and coordinate action in response to major economic, financial and geopolitical challenges on the global stage.

PM Modi arrived in Evian-les-Bains after concluding his two-day trip to Slovakia. PTI MPB ZH

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