Tag: Business

Mr. Ashish Joshi, Managing Director, Landmark Capital Advisors

Mumbai (Maharashtra) [India], February 26: India’s real estate sector is transitioning from cyclical expansion to structural consolidation. What was once largely liquidity-driven is now increasingly shaped by institutional capital, regulatory discipline, and income-oriented investing.

According to Ashish Joshi, Founder of Landmark Capital Advisors, Indian real estate is entering a phase defined less by speculative appreciation and more by structural fundamentals.

“This is not merely another upcycle. We are witnessing ecosystem-level strengthening — from regulatory transparency to institutional participation and capital sophistication,” says Joshi.

A Structural Shift Backed by Data

India remains the fastest-growing major economy, with GDP projected to expand at 6–7% annually over the medium term (IMF estimates). This macro resilience is translating into sustained real estate capital flows.

• Institutional investments in Indian real estate crossed ~USD 5–6 billion annually in recent years (JLL, CBRE reports).
• Over the past five years, cumulative institutional inflows have exceeded USD 25 billion.
• Office, logistics, and residential assets account for the majority of this capital allocation.
• REIT and AIF participation has deepened capital markets transparency.

Unlike previous cycles, capital today is increasingly long-duration and yield-focused.

“Allocator conversations have evolved,” Joshi notes. “The focus has shifted from aggressive IRR targeting to income durability, downside protection, and asset-level governance.”

Institutional Capital Is Reshaping Market Behavior

Institutional participation — both global pension funds and domestic capital pools — is redefining investment frameworks.

Recent trends indicate:

• Global Capability Centers (GCCs) leased over 40% of Grade-A office space in major Indian cities in the past year.
• India’s total Grade-A office stock has expanded from ~450 million sq ft a decade ago to over 800 -900 million sq ft, with projections exceeding 1.2–1.3 billion sq ft by 2030.
• Logistics and warehousing stock has grown rapidly, supported by e-commerce expansion and supply-chain realignment.

Beyond volume, the nature of capital has changed:

• Structured vehicles
• Asset-level reporting
• ESG and sustainability integration
• Phased deployment strategies

This signals a transition from momentum-driven allocation to process-driven capital deployment.

Office Real Estate: Flight to Quality

India continues to attract multinational corporations and GCC expansion across Bengaluru, Hyderabad, Mumbai, Pune, and NCR.

Gross office leasing in recent years has typically been in the 50–70 million sq ft annual range, with 2025 touching over 80 million sq ft, placing India among the largest global office markets.

However, growth is increasingly selective:

• Prime Grade-A assets show strong occupancy resilience.
• Secondary inventory faces pricing and vacancy pressure.
• Sustainability-certified buildings command rental premiums of 8–12% in certain micro-markets.

“Quality-led dispersion will define performance,” says Joshi. “Tenant strength and asset management discipline will matter more than broad market optimism.”

Residential: From Momentum to End-User Stability

India’s residential sector has seen strong recovery:

• Annual housing sales across top 7 cities crossed 300,000+ units in recent peak years (Anarock, PropEquity data).
• Inventory overhang has reduced significantly from prior-cycle highs.
• Premium and luxury segments have outperformed, particularly in Mumbai, NCR, and Bengaluru.

However, the structural shift suggests normalization rather than overheating.

Demand is increasingly:

• End-user driven
• Supported by urban income growth
• Anchored in demographic strength (median age ~28 years)

Landmark Capital Advisors emphasizes underwriting discipline in this phase:

• Developer governance
• Execution timelines
• Capital structuring
• Cash flow visibility

“Risk must be evaluated holistically, particularly in under-construction and premium segments where capital deployment spans multiple years,” Joshi explains.

Governance as Competitive Advantage

Regulatory evolution — including RERA implementation, REIT frameworks, and strengthened AIF compliance — has enhanced transparency.

Institutional allocators now assess:

• Reporting standards
• Risk frameworks
• Incentive alignment
• Capital recycling discipline

“Governance is no longer a compliance checkbox — it is a performance driver,” says Joshi.

Platforms that embed governance into structuring philosophy are increasingly preferred by long-term capital.

The Rise of Income-Oriented Strategies

Historically, valuation expansion drove a meaningful share of returns in Indian real estate. With cap-rate compression moderating in prime markets, the next phase will emphasize:

• Rental growth
• Net operating income (NOI) expansion
• Leasing execution
• Structured refinancing

India’s REIT market, now managing USD 15+ billion in assets, has demonstrated investor appetite for stabilized, income-generating assets.

Institutional investors are increasingly favoring:

• Stabilized commercial portfolios
• Hybrid income-growth strategies
• Operational value-add frameworks

“Income visibility will anchor future performance,” Joshi notes. “Operational alpha will separate outperformers from passive participants.”

Operational Alpha: The Next Differentiator

As markets mature, execution becomes central to value creation:

• Leasing expertise
• Asset repositioning
• Sustainability integration
• Financial engineering
• Structured exits

Landmark Capital Advisors focuses on phased capital deployment and volatility management frameworks to enhance long-term credibility.

“India’s growth story remains compelling. But the composition of returns is evolving,” says Joshi.

Looking Ahead: Precision Over Expansion

India’s structural growth shift reflects maturation, not slowdown.

Urbanization, infrastructure development, demographic advantage, and supply-chain repositioning continue to support real estate demand. However, broad-based appreciation is giving way to selective, governance-led growth.

According to Ashish Joshi, the next decade will reward:

• Governance integrity
• Asset-level precision
• Income durability
• Operational excellence

“The future of Indian real estate belongs to disciplined capital.”

As India advances through this structural transformation, real estate appears less driven by speculative cycles and more by institutional depth — where strategic clarity and execution excellence will ultimately determine long-term success.

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New Delhi [India], February 26: WAE, India’s leading sustainable hydration solutions provider for institutional and commercial environments, today announced that it has been awarded the EcoVadis “Committed” Badge, a globally recognized sustainability acknowledgment by EcoVadis. The recognition marks the formal institutionalisation of WAE’s Environmental, Social and Governance (ESG) framework and the beginning of a structured, multi-year journey towards EcoVadis Platinum certification.

EcoVadis is the world’s most widely used provider of corporate sustainability ratings, assessing companies across four critical dimensions: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. It’s methodology is grounded in international sustainability frameworks including the Global Reporting Initiative (GRI), the United Nations Global Compact (UNGC), and ISO 26000. It is trusted by more than 100,000 organizations globally to evaluate ESG performance and supply-chain integrity.

The Committed Badge signifies that WAE has successfully completed the comprehensive sustainability assessment by EcoVadis and has demonstrated the presence of formalized policies, governance mechanisms, and performance indicators aligned with global ESG expectations. The Company views this recognition not as an endpoint, but as a baseline for disciplined improvement.

“We do not view the Committed badge as an accolade; we view it as an audit of intent,” said A Vikram Joshe, Founder and MD, WAE Ltd. “It marks the point at which sustainability stops being narrative and becomes architecture—measured, governed, and accountable. Our objective is not incremental compliance but systemic excellence, with Platinum as a long-term outcome of disciplined execution.”

WAE is now translating the EcoVadis assessment into a structured transformation roadmap, including the integration of ESG metrics into leadership scorecards, strengthened supplier sustainability due-diligence, and targeted initiatives across environmental performance, workforce practices, and governance.

EcoVadis is not a certification to be chased; it is a standard to be built into the enterprise over time,” Vikram added. “Our ambition is not to score well—but to operate well, consistently, verifiably, and at scale.”

About WAE

WAE is a leading Indian organisation delivering sustainable drinking water and integrated water management solutions across corporate, institutional, and industrial sectors. With a strong emphasis on engineering design, regulatory compliance, and circular water systems, the company operates at the intersection of technology, public health, and environmental stewardship. WAE is widely recognised for advancing responsible water infrastructure within India’s built environment and continues to contribute to the evolution of compliance-driven, resource-efficient water solutions.

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Jaipur (Rajasthan) [India], February 26: Nandani Creation Ltd(NSE: JAIPURKURT | INE696V01013)

In the sun-drenched courtyards of Rajasthan, where the rhythmic sound of wooden blocks hitting fabric has echoed for centuries, a new kind of legacy is being written. Amidst the vibrant chaos of Jaipur’s Johari Bazaar and the timeless elegance of the Pink City, the scent of fresh dyes and the glimmer of Gota Patti have always told a story of royalty. However, the true revolution began when this local fervourwas reimagined for the modern woman. Today, Nandani Creation Ltd (NSE: JAIPURKURT)—the powerhouse behind the iconic Jaipur Kurti brand—is proving that the soul of Rajasthan isn’t just a heritage to be preserved, but a global fashion statement to be worn every day.

The journey from a local Jaipur label to a National Stock Exchange-listed entity is a masterclass in scaling domestic artistry through modern data and discipline. Founded by Mr Anuj Mundhra and Mrs Vandana Mundhra, the company initially carved a niche as a digital-first pioneer. While many traditional labels were hesitant to embrace the internet, the creators of Jaipur Kurti leaned into the shift, achieving a staggering 52% CAGR during its early digital phase. This first-mover advantage allowed them to master the art of online storytelling before the market became saturated, transforming them from a simple online supplier into a beloved national household name.

The year 2025 marked a historic turning point for the company as it officially crossed the 100-crore sales milestone in a single calendar year. This achievement is not merely a financial win; it is a validation of their “Concept to Creation” philosophy. Unlike traditional fashion houses that follow rigid seasonal calendars, Nandani operates a high-velocity design engine that launches new styles every two to three weeks. With over 5,000 unique SKUs and an average of 700 new designs annually, the brand ensures it stays ahead of the trend curve, offering “fresh fashion” at an accessible average selling price of ₹900 appx..

Beyond the numbers, the brand’s strength lies in its strategic multi-brand portfolio. From the everyday elegance of the flagship Jaipur Kurti and the handcrafted premium feel of Jaipur Kurti Luxe to the high-end wedding sophistication of “Amaiva-By Jaipur Kurti”, the company caters to every facet of a woman’s life. This versatility is why the brand resonates with everyone from corporate leaders to college students—a connection further solidified by their earlier partnership with Bollywood icon Madhuri Dixit, who served as the Brand Ambassador, embodying the same grace, longevity, and “Dhak-Dhak” spirit that the brand stands for.

The most compelling chapter of this story is Nandani’s transition to an “Asset-Light” model. By shifting from in-house manufacturing to demand-based outsourcing, the company has optimized its working capital and improved margins. This operational agility is fuelling an aggressive omnichannel expansion. With over 180+ shop-in-shop counters/LFRS presence in Shoppers Stop, Reliance Trends, Centro, Avantara & Kalanikethan etc. and a growing fleet of Exclusive Brand Outlets in major hubs like Rajasthan, Delhi, Mumbai, Gurgaon, Gujarat, Uttar Pradesh, Bangalore etc., the brand is successfully bringing the authentic fervour of Jaipur to every corner of India.

As Nandani Creation continues to target a projected 30% CAGR, it stands as a rare example of a business that balances artistic legacy with fiscal precision. The story of Jaipur Kurti is far from over; it is a narrative of how a traditional craft can be re-engineered for a digital age, proving that when you wear a piece of this legacy, you are wearing the future of Indian fashion.

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Surat (Gujarat) [India], February 26: Sonani Jewels has unveiled “9 to Fine”, an everyday fine jewellery collection created to elevate daily style with refined elegance. Designed for women who appreciate subtle sophistication, the collection transforms everyday dressing into a styled statement — proving that fine jewellery isn’t reserved for occasions alone, but belongs in your daily wardrobe.

Crafted in 9KT gold and set with lab-grown diamonds, the 9 to Fine collection features a versatile range across rings, earrings, necklaces, pendants, bracelets and stackable styles. The strength and lightness of 9KT gold ensure comfort and durability for daily wear, while lab-grown diamonds bring brilliance with a conscious approach to modern luxury. The name “9 to Fine” reflects jewellery designed to move seamlessly from work hours to evenings out, refined, wearable and relevant.

Designed with gifting at its heart, the collection celebrates moments both big and small, whether it is self-appreciation, a birthday surprise, an anniversary token or a festive gift.

Speaking about the collection, Agastya Sonani, Founder, Sonani Jewels, said, “Jewellery shouldn’t just complement an outfit — it should define it. The right piece has the power to set the tone, elevate your presence and express your individuality, whether you’re at work, at a celebration, or simply moving through your day. With 9 to Fine, we’ve created fine jewellery that carries that same strength and confidence into everyday wear — pieces that are effortless, versatile and designed to be lived in.”

He added, “Gifting today has evolved beyond grand gestures to something deeply personal, such as honouring yourself, marking milestones, or giving something special simply because. These pieces are designed to be worn often, styled effortlessly, and cherished for the stories and emotions they represent.”

The collection features delicately crafted designs highlighted with white, pink, yellow and blue lab-grown diamonds, adding character to your everyday fine jewellery. The brand also offers customisation options, enabling customers to select diamond colours and design elements that reflect their personal tastes.

As with every piece of jewellery offered by Sonani Jewels is entirely manufactured in-house, reflecting the brand’s commitment to precision, quality and unmatched craftsmanship.

With 9 to Fine, Sonani Jewels reinforces its belief that diamond jewellery belongs in your everyday life. Because true luxury is not about saving it for some special occasion. It is about wearing it today, feeling it today and flaunting it fearlessly. The collection is now available at Sonani Jewels stores and through the brand’s official channels.

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Mumbai (Maharashtra) [India], February 26: Fredun Pharmaceuticals Limited (BSE – FREDUN | 539730), is one of the Leading Pharmaceuticals Formulation manufacturing companies in India. Diversified into Generics, Cosmeceuticals, Nutraceuticals, Mobility, and animal healthcare products, has secured a credit rating upgrade from Infomerics Valuation and Rating Limited for its bank facilities aggregating to ₹156.17 crore.

Infomerics has upgraded the Company’s long-term bank facilities to IVR BBB+ with Stable Outlook from IVR BBB with Stable Outlook, while reaffirming the short-term rating at IVR A2. Earlier, the company received a similar upgrade from Brickwork, raising its bank facility credit rating from A3+ to A2.

A Clear Validation of Strengthening Fundamentals

The rating upgrade is a significant milestone that reflects FredunPharmaceuticals improved operational performance, stronger financial profile, and disciplined capital management across FY24 and FY25 (Audited).

The total bank facilities rated comprise:

• ₹143.17 crore – Long-Term Bank Facilities

• ₹13.00 crore – Long-Term/Short-Term Working Capital Facilities

The upgraded IVR BBB+ rating indicates an enhanced degree of safety regarding the timely servicing of financial obligations and demonstrates improving credit quality. The Stable outlook further signifies the rating agency’s confidence in the Company’s ability to sustain its performance trajectory and maintain a balanced financial risk profile.

Strategic Significance of the Upgrade

This development goes beyond a routine rating review. It represents:

• Strengthened banking confidence and institutional credibility

• Improved financial flexibility to support expansion initiatives

• Potential optimization of borrowing costs

• Enhanced positioning for future growth capital requirements

As Fredun Pharmaceuticals continues to expand its export presence across Africa, Southeast Asia, CIS countries, and Latin America, the upgraded credit rating strengthens its financial flexibility to efficiently manage working capital and support strategic growth initiatives.

The upgrade reflects the Company’s consistent revenue momentum, operational efficiency, and prudent leverage management, reinforcing its commitment to building a resilient, scalable, and globally competitive pharmaceutical platform.

Commenting on the update, Mr. Fredun Medhora, Managing Director, said, “This upgrade is encouraging for all of us at Fredun. It reflects the hard work of our team and the disciplined manner in which we are building the business. As we continue to grow across markets, our focus remains on strengthening the Company’s foundation while pursuing larger opportunities responsibly.”

Disclaimer: This article is for informational purposes only and does not constitute financial advice.

Bhubaneswar (Odisha) [India], February 26: Annapurna Finance Private Limited has secured a USD 100 million through syndicated multi-currency term loan facility, along with a USD 50 million greenshoe option. The facility, denominated in USD and JPY, marks a significant step in enhancing Annapurna Finance’s access to new currencies and international lenders, the facility structured as a social loan underscores the organisation’s continued commitment to inclusive and responsible finance. Standard Chartered Bank acted as the Sole Mandated Lead Arranger, Underwriter, and Bookrunner, successfully leading the transaction with deep expertise and execution capability.

Commenting on the transaction, Mr Dibyajyoti Pattanaik, Director Annapurna Finacne Private Limited said, “This transaction is more than fundraising—it’s a defining milestone for our institution. In a challenging global and liquidity environment, its size and timing reflect strong confidence in Annapurna’s model and governance. Diversified, long-term global capital strengthens our balance sheet and reinforces our commitment to sustainable financial inclusion, women empowerment and climate resilience in India.”

This transaction builds on the company’s USD 109.5 million syndicated loan facility concluded last year, also led by Standard Chartered Bank, and reflects sustained market confidence in Annapurna Finance’s business model, governance framework, and execution strength.

Annapurna Finance Private Limited (AFPL) is one of India’s leading non-banking financial companies and ranks as the fourth-largest NBFC–MFI in the country, anchored in a strong customer-centric and responsible lending framework, Annapurna combines a wide on-ground distribution network with technology-enabled processes to enhance access, efficiency, and transparency. The institution remains committed to advancing sustainable financial inclusion by expanding formal credit access, strengthening household resilience, and supporting micro-entrepreneurship across its operational footprint.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.

Mumbai (Maharashtra) [India], February 26: Cupid Limited (Cupid, The Company),has appointed Mr. Bontha Prasada Rao (DIN: 01705080) as an Additional Non-Executive Independent Director of the Company for a first term of five consecutive years commencing February 25, 2026 up to February 24, 2031, subject to the approval of shareholders.

The appointment has been approved by the Board of Directors by way of Circular Resolution, based on the recommendation of the Nomination and Remuneration Committee.

Mr. Rao brings over four decades of distinguished leadership experience across the power, engineering and infrastructure sectors, having led large-scale public sector and multinational organizations.

Currently Serving as Independent Director on the Boards of:

Tata Boeing Aerospace Limited

• Havells India Limited
• Titagarh Rail Systems Limited
• Institute of Public Enterprises
• Steel Infra Solutions Company Limited (SISCOL)
• Power Mech Projects Limited

Professional Background and Leadership Experience:

• Former Chairman and Managing Director, Bharat Heavy Electricals Limited (BHEL), a Maharatna PSU with global presence across 76 countries
• Led BHEL’s capacity and capability expansion strategy; crossed ₹50,000 crore in sales and contributed to the Company being granted Maharatnastatus by Government of India
• Granted a rare two-year extension as CMD by Government of India in recognition of his technical and managerial excellence
• Under his leadership, BHEL was ranked No. 9 among the World’s Most Innovative Companies by Forbes in July 2011
• Mechanical Engineering Graduate from Jawaharlal Nehru Technological University, Kakinada
• Post Graduate in Industrial Engineering from NITIE, Mumbai (now IIM Mumbai)
• Former Managing Director, Steag Energy Services India, a wholly owned subsidiary of Steag Energy Services Germany
• Member, Studies Group of World Energy Council (served two terms)
• Former Chairman, CII Public Sector Enterprises Council
• Fellow, Institution of Engineers (India)
• Fellow, Indian National Academy of Engineering

Boards and Institutional Positions Held (Past):

• CSIR (Government of India) – Member, Board of Governors
• IIM Kashipur – Member, Board of Governors
• Electrical Construction Company (ECCO), Tripoli (JV of Government of India and Government of Libya)
• Central Depository Services Limited (CDSL)
• CDSL Commodity Repository Limited
• NITIE, Mumbai (now IIM Mumbai) – Board Member
• Poonawalla Fin Corp Limited

Awards and Recognitions:

• Conferred with the “Prof. S. N. Mitra Memorial Award 2018” for Engineering Excellence by the Indian National Academy of Engineers
• Awarded Honorary Doctorate by Jawaharlal Nehru Technological University, Kakinada, presented by the Hon’ble Governor of Andhra Pradesh during the University’s convocation in August 2019

The Board believes that Mr. Rao’s extensive experience in leading complex organizations, deep understanding of regulatory frameworks, and long-standing involvement in public institutions and listed entities will further strengthen the Company’s corporate governance framework, enhance Board oversight, and contribute to robust, transparent, and value-driven decision-making at Cupid Limited.

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New Delhi [India], February 25: Victory Electric Vehicles International Limited (NSE: VICTORYEV | INE0F8901022), along with AITMC Ventures Limited (AVPL) and Startup Stairs Private Limited, has entered into a Memorandum of Understanding (MoU) to evaluate potential opportunities within India’s electric vehicle (EV) ecosystem.

Key Highlights of the MoU

• Establishes a Framework to evaluate EV-related Opportunities in India
• Exploratory & Non-binding in Nature
• No Commitment towards Capital Investment, Joint Venture Formation, or
• Commercial Execution

Areas Under Evaluation (Scope of MoU)

• EV Manufacturing & Assembly
• Charging Infrastructure
• Skilling & Training Initiatives
• Centres of Excellence
• Pilot & Proof- of-concept Projects
• Ecosystem & Franchise-led Models

Indicative Roles of the Parties

Victory Electric Vehicles International Limited

• EV technology leadership and manufacturing know-how
• Technical inputs for pilots, training, and ecosystem design

AITMC Ventures Limited (AVPL)

• Evaluation of access to infrastructure, training facilities, and Centres of Excellence
• Support for capacity-building and ecosystem development initiatives

Startup Stairs Private Limited

• Ecosystem structuring, coordination, and implementation support
• Engagement with relevant stakeholders and institutions

Other Key Terms

• Any pilot, infrastructure usage, or commercial arrangement will be subject to separate definitive agreements
• Each party will bear its own costs
• Includes binding provisions relating to confidentiality, intellectual property protection, data protection, and governance
• This disclosure is made in accordance with applicable regulatory requirements.

Commenting on the MoU, Mr. Sanjay Kumar Popli, Managing Director, Victory Electric Vehicles International Limited, said, “This Memorandum of Understanding represents an exploratory step aligned with Victory Electric Vehicles’ long-term focus on evaluating opportunities within India’s evolving electric mobility ecosystem. The proposed framework allows the parties to assess feasibility across technology, infrastructure, and skill development in a structured manner, without any binding commercial commitments at this stage. We believe such evaluations are important for identifying scalable and sustainable pathways, while maintaining financial and operational discipline.”

About Victory Electric Vehicles International Limited

Victory Electric Vehicles International Limited, is engaged in the manufacturing of electric vehicles, including E-Rickshaws, E-Cargo/Loader E-Rickshaws, and Electric Scooters. Product portfolio of the company extends beyond conventional models to include customized Electric 3-Wheelers designed for specific applications such as food delivery and ice cream vending. Among the first few enterprises to secure the Indian Government’s ICAT license to sell L5 E-Rickshaws. The company’s business strategy focuses on leveraging the growing electrification of mobility in India, while also exploring opportunities to export its EVs to select international markets in the future.

Disclaimer

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

AKMIL Strategic Advisors Private Limited
Mr. Milind Apte – Director

milind@akmiladvisors.com

+91 98209 41925

www.akmiladvisors.com

For Further Information Please Contact Corporate Communication Advisor

New Delhi [India], February 25: Laxmi Organic Industries Limited’s chemical facility in Ratnagiri district has all required environmental clearances and pollution-control consents to operate, Maharashtra’s Environment Minister said on Tuesday, in response to a question raised in the state legislature.

In a written response to question in the state assembly, Pankaja Munde, Minister of Environment & Climate Change and Animal Husbandry, said the Ratnagiri plant at MIDC Lote Parshuram was granted environmental clearance in March 2020 for the production of specialty intermediates and received Consent to Establish from the Maharashtra Pollution Control Board (MPCB) in February 2021. Subsequent consents, including Consent to Operate obtained in July 2023 and clearances for expansion in 2025, were also duly obtained.

Munde noted that local protests and representations had been received over environmental concerns, but stressed that the plant is operating within the conditions of its statutory approvals. Industrial effluent testing by the MPCB has shown results within prescribed standards, she said.

The statement follows a similar response from the Union Environment Ministry in early February. Union Minister of State for Environment Kirti Vardhan Singh said in a written reply to Congress MP Pramod Tiwari in the Rajya Sabha that the company’s operations were within consented standards. “As informed by the Maharashtra State Pollution Control Board, the effluent treatment systems and air pollution control systems are fully operational. Hazardous waste is stored using scientific methods and disposal as per statutory procedures. The latest Joint Vigilance Sample results dated Nov. 4, 2025 are within consented standards,” the reply said.

In its earlier statement in December 2025, Laxmi Organic has said its Lote facility operates in compliance with applicable Indian environmental, safety, and regulatory requirements and has received all statutory approvals since inception. “All process emissions and effluents are scientifically treated and appropriately disposed at a State Government approved facility. There is no discharge of hazardous effluents in the environment from the Lote facility,” the company added.