THE BIG IDEA | PAGE 18 BACK PAGE | PAGE 18 The business of keeping people out of hospitals INTERNATIONAL | PAGE 13 SC presses for Metro and internet restoration in Delhi BENGALURU, MONDAY, OCTOBER 12, 2026 Russia, Ukraine agree to energy ceasefire:Trump FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 150, 42 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E CHANDRASEKARAN’S CONTINUATION EMERGESAS KEYISSUE Mediators making fresh bidtobridgeTatadivide FE SPECIAL URVI MALVANIA Mumbai, October 11 AFTER MONTHS OF simmering tensions and an increasingly public dispute between Tata Trusts and Tata Sons, fresh efforts are under way to reconcile differences between the two sides,with some executives and external mediators exploring possible common ground, people familiar with the developments said. The contours of a possible settlement remain unclear and thereisnocertaintythatthediscussions will produce a resolution. Earlier attempts to find a Ex-Flipkartstaff seekstock optionexit amidIPOdelay FE BUREAU Bengaluru, October 11 FORMER EMPLOYEES OF the Flipkartgrouphaveapproached theboardsofWalmartandFlipkart, seeking an exit for their vested employee stock options (Esops) amid repeated delays to the company’s proposed initial public offering (IPO). About 1,000 former employees of Flipkart, Myntra, Cleartrip, Shopsy, Super Money and ANS Commerce have sent a representation dated October 10 to the two boards, seeking inclusion in the group’s Esop buyback, people aware of the matter said. The group aims to bring together 20,000-30,000 former employees. The representation seeks a dialogue with the company’s management before the terms of the buyback are finalised. The move follows a letter dated October 1 to Walmart’s board by former senior executives of the group, seeking an exit for theirvested options. THE ROAD TO RECONCILIATION ■ Executives from Tata Trusts and Tata Sons, along with external mediators, explore compromise ■ Dispute over Tata Sons’ remains handslisting off but closely requirement watches dispute and proposed as concerns restructuring grow over remains a key brand damage hurdle ■ Centre middle path had failed because ofwhatpeoplefamiliarwiththe developments described as “a fewunacceptable conditions”. Fresh efforts are now being madeamidconcernsthataprolonged confrontation could cause further damage to the Tata group’s credibility and brand equity. The escalation hasalsodrawnattentioninNew Delhi. Government officials said the Centre continues to maintainahands-offapproach butiscloselywatchingdevelopments and hopes better sense will prevail. “The shrillness is perturbing,”an official said. One element, however, appears increasingly settled. Tata Sons Chairman N Chandrasekaran is “here to stay”, according to people familiar with the developments. The optimal outcome, they said,wouldthereforebeacompromise between Chandrasekaran and Tata Trusts Chairman NoelTata. The alternative is a potentially protracted legal battle that may eventually produce a winner but could inflict lasting damage on the group and its brand. Continued on Page 7 ● K KRITHIVASAN, MD & CEO, TCS ‘We expect industrial demand to recover’ Tata Consultancy Services (TCS) expects demand in its core international markets to remain resilient,supported by banking, financial services and insurance (BFSI), manufacturing and technology services, even as inflation and tariffs weigh on parts ofthe retail sector.Managing Directorand CEO KKrithivasan in an interview with Urvi Malvania,discusses demand trends,AI-led growth,margins, ❝ organisational changes and the impact ofthe US suspension of the Permanent LabourCertification (PERM) programme.Excerpts: & Howis demand shaping up in the core markets? We have seen good performance in the UK,with strong numbers from ITclients and services,manu- WE’VE CROSSED THE $3 BN ANNUALISED REVENUE MARK IN AI, ACCOUNTING FOR 10% OF OUR REVENUE »INSIDE« IT SERVICES EXPORTER BETS ON GOVERNANCE TO SCALE AI PAGE 6 facturing and telecom.Globally,banking,insurance and capital markets have supported growth in BFSI.In manufacturing,most segments have performedwell,with the exception of industrial.We expect the industrial segment to recoveras there are no structural issues. Technologyservices has also seen good momentum across Europe and North America.In retail,inflation and tariffs have put pressure on even essential categories such as groceries. Continued on Page 7 Bumperbookings,biggerfreebies FESTIVE PULSE-II NALINIKANTH GOLLAGUNTA, SANTOSH IYER, Weexpecta strongfestive season,fuelledby robustdemand acrossthe portfolio Despitethehigh base,ourQ32026 saleshavegrown acrosstheentry, coreandtop-end segments CEO, M&M AUTOMOTIVE DIVISION AUTOMOBILES AKBAR MERCHANT Mumbai, October 11 NALINIKANTH GOLLAGUNTA’SWORKDAYS aregettinglonger.TheCEOofMahindra & Mahindra’s automotive division is looking forward to the festive season, and he is making sure customers are spoilt for choice. “We expect a strong festive season, fuelled by robust demand across the portfolio, thanks to a fresh line-up of products and refreshes,”Gollagunta told FE. The stakes are high.For carmakers, the Navratri-to-Diwali stretchbringsinaboutathirdof the year’s business, and M&M has built up inventory well in advance so as not to miss out. “Weremainwell-placedtocater to the expected increase in demand,” Gollagunta said. He believes the GST rate revisions continue to support affordability, though he admits there are inflationarypressures. Carsales have been booming since last CEO, MERCEDES-BENZ INDIA September,andthefestiveseason has got off to a good start. MarutiSuzukisaysOnamsales were overwhelming. Santosh Iyer, CEO of Mercedes-Benz India, expects the momentum from a strong September quarter to carry on across markets. “Despite the high base, our Q3 2026 sales have grown across the entry, core and top-end segments. We expect festive demand to peak further, with Dussehra, DhanterasandDiwaliaheadof us,extending into November,” he said.Beyond theTier-I metros,Iyersees strong demand in the mini-metros. While Mercedes has planned for the festive rush, he said demand for somemodelsisoverwhelming. Continued on Page 13 Jio,OneWebhavewaitedlongerthanStarlink SATELLITE STANDOFF RISHI RAJ New Delhi, October 11 CONTRARY TO ELON MUSK’S accusation that Indian oligarchs are blocking Starlink’s entry to protect their monopolies—specificallytargeting Reliance Industries Chairman Mukesh Ambani—Department of Telecommunications (DoT) records show that Jio Satellite Communications and Bhartibacked OneWeb completed their security and technical compliance demonstrations well before Musk’s company, yet remain unable to launch ■ Jio Satellite completed its security demonstration on March 20, 2025 »INSIDE« ■ OneWeb conducted its test in the second half of 2025. ■ Starlink’s demonstration took place only in early 2026. MUSK VOWS AFFORDABLE STARLINK PAGE 6 commercial services. Jio Satellite Communications (JSCL) completed its securityand technical compli- ance demonstration on March 20, 2025, while OneWeb conducted its demonstration in the second half of 2025. Star- link’s demonstration took place only in early 2026. The timeline shows that Musk’s claim that Indian business interests are using their influence to keep his company out of the market, is factually incorrect as Indian operators have been waiting for a much longerperiod forthe necessary clearances and spectrum. Musk has accused unnamed oligarchs of obstructing competition and subsequently targeted Ambani on social media, asking whether he was the real boss of India. Continued on Page 13 The happiest dreams are shared. So are the moments that follow. Celebrations bring families together. Dreams keep them moving forward. Planning today can help prepare for the goals that matter tomorrow. Continued on Page 13 IN THE NEWS ECONOMY PAGE 2 NEW RECRUITS FACE GREATER AI RISK: CEA A QUARTER OF India’s workforce is now in AIexposed occupations, up from a fifth in 2012, Chief Economic Adviser VAnantha Nageswaran said, warning that new recruits face risks than experienced engineers, reports FE Bureau. ECONOMY PAGE 2 INDIATO SIGN 3 NEWTRADE TREATIES BY DEC INDIA IS likely to sign bilateral investment treaties (BITs) with Switzerland, Oman and the Maldives by December, as it steps up efforts to strengthen investor confidence and attract long-term capital, writes Prasanta Sahu. THE HUMAN FACTOR THE EMPLOYEEWHO DOES JUSTENOUGH PAGE 10 Plan for more Moments that matter Asset allocation across different investment options can help align investments with financial goals and risk appetite. 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