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  • ₹3,498 Crore Deal: ITC Takes Over Aditya Birla’s Pulp & Paper Undertaking

    In a bid to expand into the paper and packaging sector and diversify its business further, ITC Ltd has announced the acquisition of Century Pulp and Paper from Aditya Birla Real Estate Ltd for ₹3,498 crore.

    The moves align with the business plans of both companies. While the Aditya Birla Real Estate Ltd is looking to focus on real estate in what can be best called a strategic portfolio choice, ITC has been looking to get a bigger foothold in the growing packaging industry.

    ITC to benefit from Aditya Birla Ltd’s installed capacity

    India produces 23 million MT of paper and paperboards per annum and is its world’s fifth-largest producer. With demand growing at 6%-7% per annum, there is clearly a lot of scope for big players to optimize revenue. ITC is already among the big players of the paper industry. Out of the company’s overall FY24 revenue of ₹69,446 crore, ₹8,344 crore came from the paperboards, paper and packaging segment. In the same period, Aditya Birla Real Estate’s pulp and paper division earned a profit of ₹3,375 crore.

    Likewise, while ITC’s paperboards and specialty papers business produces around 1 million tonnes every year, Century Paper has an installed capacity of 480,000 mt per annum. All of ITC’s four paper facilities are located in South India. This further gives ITC leverage in terms of transportation and diversification, with the Century paper factory located at Lakuan in Uttarakhand.

    ITC aligns with emerging market trends

    B. Sumant, executive director, ITC laid out the reason behind the acquisition: “The acquisition will immediately add significant scale and economies to existing operations with potential for further capacity expansion, provide locational advantage for efficient customer servicing and proximity to key raw material sources, mitigate operational risks through multi-site operations and enhance resilience across industry cycles through portfolio diversification. The acquisition aligns with the company’s strategy of driving the next horizon of growth in the paperboards and specialty papers business by expanding capacity at a new location, considering that the existing facilities are already saturated.”

    Century Paper produces writing paper, printing paper, tissue paper, rayon grade pulp, paper grade pulp and paper board. For Aditya Birla Real Estate Ltd, the sale is a part of the bigger strategic portfolio restructuring. 

    A long race horse, ITC is known for its involvement in sectors such as hotels, agriculture, FMCG and cigarettes. The company’s acquisition of Century Pulp and Paper from Aditya Birla Real Estate Ltd aligns them with emerging market trends. Over the last few years, there has been an increased demand for eco-friendly products and packaging solutions and ITC is positioning itself to benefit from this trend.

  • Volvo Cars Brings Back Håkan Samuelsson as CEO to Tackle Challenges

    Volvo Cars has brought back Håkan Samuelsson as CEO, replacing Jim Rowan. Samuelsson, who led Volvo from 2012 to 2022, will take charge for two years. His return comes as Volvo faces high U.S. tariffs, slow electric vehicle (EV) sales, and financial struggles. The leadership change aims to steady the company and deal with these challenges.

    Volvo Brings Back Former CEO Håkan Samuelsson

    Volvo Cars has announced that Håkan Samuelsson will take over as Chief Executive Officer, replacing Jim Rowan, who stepped down on March 31. Samuelsson, 74, will lead the company for two years while Volvo searches for a long-term replacement.

    Samuelsson previously helped Volvo grow its global reach and pushed for EV development. His return signals a move to tackle the company’s current issues.

    Handling U.S. Tariffs and Trade Issues

    Volvo faces trade problems as U.S. President Donald Trump has imposed a 25% tariff on imported vehicles, impacting manufacturers like Volvo that rely on exports to the U.S. Samuelsson had earlier overseen Volvo’s South Carolina plant to reduce such risks. His experience will help in managing these challenges.

    Volvo is also making changes to its supply chain. It moved the production of its EX30 model from China to Belgium to avoid EU tariffs on Chinese-made EVs. This highlights the growing impact of global trade rules on carmakers.

    Volvo’s EV Plans and Financial Troubles

    Volvo had planned to switch fully to electric cars by 2030 but has now stepped back from this goal due to slow EV sales. Samuelsson is expected to rethink Volvo’s EV strategy to match market demand.

    Financially, Volvo has struggled under Rowan, with its stock price falling sharply. The decision to bring back Samuelsson is aimed at rebuilding investor trust and bringing stability.

    Volvo’s Chairperson, Eric Li, has backed Samuelsson’s return, highlighting his leadership and deep industry knowledge.

    With Samuelsson back in charge, Volvo hopes to strengthen its position, adapt to changes, and ensure steady growth.

    Håkan Samuelsson: A Veteran Leader with Global Experience

    Håkan Samuelsson holds a degree in Mechanical Engineering from the Royal Institute of Technology in Stockholm. He served as the CEO of Volvo Cars from 2012 to 2022. Prior to that, Samuelsson was CEO of MAN Truck & Bus SE from 2000 to 2009. He has also been a board member for companies like Siemens, Scandlines, and Volvo Group. In addition to his role at Volvo, he was Chairman of Polestar and has held various advisory and board positions, focusing on innovation and sustainability throughout his career.

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  • Kusha Kapila Launches Underneat: A Masterclass in Pre-Launch Brand Building

    Kusha Kapila, known for her comedic and relatable content, has launched her own innerwear brand, Underneat, alongside co-founder Vimarsh Razdan. What sets this launch apart is the incredible pre-launch strategy that helped build a strong community and trust before the brand even hit the market.

    Building Trust Before Selling

    Underneat had already gained 123K followers before launch and crossed 175K just one day after its launch, which happened on the first day of Navratri (March 30th, 2025)—an auspicious start for the brand. Kusha’s honest and relatable videos about common innerwear struggles helped drive this rapid growth.

    By focusing on cultural nuances, awkward moments, and discomforts, she didn’t sell a product right away. Instead, she created a connection through humour and vulnerability.

    This approach allowed her to engage with her audience on a deeper level, addressing their frustrations rather than immediately talking about product features. As a result, her audience felt heard, which ultimately led to an increased organic engagement rate—proof that trust-building before launching a product works.

    The D2C Model and Strategic Backing

    The brand is backed by Ghazal Alagh, the co-founder of Mamaearth, who brings extensive experience in scaling emotion-driven D2C brands. With her expertise, Underneat aims to take on the Indian market by providing a unique solution rather than just another product. This isn’t simply a case of a creator monetising their audience, rather, it’s a thoughtfully built brand that first solved a problem before selling.

    Kusha and her team, including co-founder Vimarsh Razdan, are setting a new standard for how D2C brands can operate. They are showing how to build demand first, creating awareness and engagement before dropping a product. It’s a timely lesson for entrepreneurs looking to launch their own brands, emphasising the importance of building trust and community before pushing for distribution.


    Looking Ahead: What’s Next for Underneat?

    With such a strong start, the future looks bright for Underneat. The brand’s strategy isn’t just about the product—it’s about an ongoing dialogue with consumers. With plans for expansion and further collaborations, Underneat is poised to make waves in the innerwear industry by focusing on comfort, inclusivity, and understanding the real needs of women.

    Kusha Kapila’s Underneat is more than a brand—it’s an example of how to successfully utilise the creator economy to launch products that resonate deeply with an audience.

    About Underneat

    Underneat is an innerwear brand launched by popular content creator Kusha Kapila and co-founded by Vimarsh Razdan, designed for comfort, style, and everyday ease. It offers shapewear, bodysuits, underwear, bras, and accessories for all body types. The brand focuses on simple, well-fitting designs that solve common innerwear struggles. With a strong online presence, Underneat is all about making women feel good in what they wear.

  • By 2025, Foxconn Plans to Increase Production of iPhones in India

    According to reports, Foxconn, Apple‘s contract manufacturer in India, plans to double iPhone manufacturing at its Indian facilities to 25–30 million handsets this year. A media outlet reported that throughout the previous three to four months, the firm has been experimenting with limited testing operations at its new Bengaluru site. The tests are being carried out to see if the facility can manufacture Apple’s flagship product on a large scale without compromising quality standards. According to media sources, the corporation built over 12 million iPhones in India last year. However, they have set much greater goals in keeping with Apple’s drive to increase their footprint in India. In 2023, the Taiwanese electronics company purchased a 300-acre property close to Bengaluru airport. The project’s establishment has been funded with INR 25,000 Cr from the firm. When finished, the facility will be able to produce 20 million smartphones a year. Hence, making it Foxconn’s largest manufacturing plant in India and the second largest globally.

    Karnataka Government to Grant Incentive to Foxconn

    Karnataka Chief Minister Siddaramaiah said earlier this month that Foxconn would receive an incentive of INR 6,970 Cr from the state government for its Bengaluru facility under the Electronics System Design and Manufacturing (ESDM) programme. According to official projections, the new plant would generate one lakh direct and indirect jobs over the next ten years. It is important to note that throughout the past few months, the Taiwanese corporation has been aggressively expanding in the nation. According to a report last week, the corporation and its joint venture partner HCL are planning to set up an outsourced semiconductor assembly and testing (OSAT) facility. Both the firms are in talks with Larsen & Toubro (L&T) and Taiwanese construction engineering company CTCI to install this unit in the state of Uttar Pradesh. Additionally, it is rumoured to be in talks with the Tamil Nadu government to establish a battery manufacturing facility on roughly 200 acres of state property.

    Foxconn Spreading its Network in India

    As the Tim Cook-led business seeks to diversify its supply chain and lessen reliance on China, Foxconn’s attempt to increase its footprint in India is consistent with Apple’s intentions to manufacture its goods in India. By 2026–2027, the business reportedly hopes to assemble 26% of its value and 32% of its global iPhone production volume in India. According to various reports, India accounted for 12–14% of the world’s iPhone production volume. During the fiscal year, the tech giant’s iPhone production in India hit a value of $14 billion. In an effort to expand its network of suppliers and manufacture parts of its goods in India, the US-based business is also in discussions with Indian businesses, including Wipro Enterprises and Bharat Forge. India has become a vital market for Apple in addition to becoming a centre for production. Over the last few quarters, the company has witnessed a notable increase in sales across the nation. In the December quarter of 2024, Apple reported record quarterly sales in India, according to CEO Cook.

  • Apple Intends to Upgrade iPhone’s Health App by Including an ‘AI doctor’

    According to a report by an international news agency, Apple appears to be placing a significant bet on artificial intelligence once more. The brand is planning to fully redesign its Health app and include a feature akin to a “AI doctor.” The action is in line with CEO Tim Cook’s view that the Cupertino-based tech giant’s greatest gift to humanity would be healthcare. In a 2019 interview, the CEO of Apple said that if we go back and zoom out into the future, and someone asks, “What was Apple’s greatest contribution to mankind?” it would be related to health. The company’s health division is looking to employ AI to improve the lives of its customers, according to Apple whisperer Mark Gurman.

    How Apple is Planning to Execute this Move?

    A media report claims that Apple’s team is working on Project Mulberry, which would entirely redesign the Apple Health app and add a health coach via an AI agent to mimic some of the analysis performed by a real doctor. According to reports, Apple’s next health app will gather information from all of the user’s gadgets, including their iPhone, Apple Watch, earphones, and even third-party goods. The app’s AI agent will then utilise this information to provide tailored suggestions aimed at enhancing the user’s well-being.

    Apple Already Began the Training of the AI Agent

    Although Gurman doesn’t go into much depth about the doctor’s personality, this might be an attempt to give the app a more human touch. According to reports, Sumbul Desai, the physician who oversees Apple’s health team, has made the new health app a top priority. Jeff Williams, the company’s chief operational officer, is also actively involved in the project. The project is “in full steam”, according to Gurman, and the updated app might be available as early as iOS 19.4. The stable version of iOS 19, which is expected to launch with the iPhone 17 sometime in September, will be unveiled by Apple during its WWDC 2025 event on June 9–13. If the redesign of the Health app proceeds as planned, people may see Apple’s AI Doctor in action around the same time next year. Apple is scheduled to deliver its iOS 18.4 update on April 1st.

    Turbulent Affair Between Apple and AI

    Apple has recently placed significant money on artificial intelligence. However, the brand has not yet seen any notable returns while competitors like Google and Samsung keep releasing new features. At WWDC 2024 last year, Apple first showcased its AI initiatives with iOS 18. At best, Apple’s implementation of AI features, which it refers to as Apple Intelligence, has been patchy. When the iPhone 16 was released last year, the majority of the features that were announced at WWDC 2024 were not yet accessible. Since then, these functionalities have been made available in phases.

  • India May Export More Auto Parts as a Result of Trump’s Tariff Bombshell

    India is unlikely to suffer much from the 25% tax on automobiles and auto parts. MEMA, the Motor Equipment Manufacturers Association of the USA, stated that auto parts tariffs will go into force “no later than May 3, 2025”. It further stated that automobile tariffs would go into effect on April 3. To begin with, India’s overall vehicle exports to the US, at about $10 million, are utterly inconsequential and essentially equal to a rounding error in Japan’s automobile exports to the US. With $2.2 billion in exports to the US, or about 30% of its total vehicle component exports, India is a more formidable competitor in the auto parts market. In contrast, this represents less than 3% of all vehicle parts imported into the United States. Although this is not Donald Trump’s primary aim, it might end up as collateral damage in his attack on the major US component exporters, including China, Mexico, and Canada.

    How Tariff Hike is Changing the Business Dynamics?

    Since the 25% tariff is administered consistently to all nations, the impact on each country’s competitive advantage is equal. Because of this, Indian auto parts manufacturers don’t worry about their rivals undercutting them. They are afraid that importers will put pressure on them to cover at least some of the expense, hence reducing profitability. Some businesses have already begun a cost-cutting initiative in anticipation of this eventuality. Local US producers employing this 25% shield to establish production in the US and outbid imports is the other potential danger. This is likely to hurt high-cost nations like Canada, Japan, and Germany, who would totally lose out to American producers. But when it comes to low-cost countries like China, Vietnam, India, and several East European countries, the situation is different. It would be difficult for US manufacturers to match the costs of components from low-cost countries, even with the 25% advantage.

    India’s Labour Cost Advantage

    The rationale is that the labour arbitrage cost advantage that low-cost nations enjoy is measured in orders of magnitude rather than percentages. A typical US worker would earn at least $4,000 per month. On the other side, an auto component worker in India would make between INR 30,000 and INR 40,000. This corresponds to a labour cost advantage of 10:1, while the wage advantage is counterbalanced by increased US productivity. The range of this could be 2:1 to 3:1. This isn’t because American labourers work three times as fast as Indian labourers. Automation is a major contributor to the productivity gap, while human productivity resulting from physical attributes and machine speed are also important factors. As a result, man-machine ratios in India may be 1:1, while in the US they may be 1:2 or 1:3.

    The fact that US manufacturers would be hesitant to set up capacity to take on Indian products because they are unsure of how far they can decrease prices. This is another aspect that should reassure Indian exporters. This is on top of the reality that these inexpensive imports only make up a small portion of the market. Local producers would start by focusing on the low-hanging fruit, which would be significant amounts of expensive imports from expensive countries.

  • MIRA Money Crosses INR 250 Crore in AUM Just Before the End of the Financial Year 2025

    Sets sights on INR 600 Cr by year-end as demand grows for goal-linked, tech-led investing.

    MIRA Money, the path-breaking Technology-First Investment Management platform, has crossed INR 250 crore in Assets Under Management (AUM) as of March 2025, marking a significant milestone for this startup brand. This milestone, achieved entirely through organic growth, underscores the strong market demand for goal-based, curated mutual funds-led investment strategies backed by experienced fund management and proprietary technology.

    Founded in 2022, MIRA Money provides ready-made portfolios tailored to help investors achieve their short-term, medium-term, and long-term financial objectives. MIRA stands for Money Invested in Right Assets, and that is what they stand by in terms of helping investors. These portfolios are built using equity and debt mutual funds, PMS, AIFs, and international funds, with a focus on transparent, data-driven asset allocation. Our commitment to transparency and data-driven decision-making ensures that our investors can trust in the reliability of our investment strategies.

    MIRA Money’s differentiated approach—powered by its proprietary RAPID™ framework—combines the discipline of active investing with advanced analytics and decades of fund management expertise. This framework essentially uses a data-driven approach to select and manage the right funds, resulting in an unbiased, cost-efficient investing model that has historically outperformed traditional investment funds over the long term.

    With a steadfast commitment to investor trust, MIRA Money does not rely on gimmicks or heavy marketing expenses. Its AUM growth is attributed to consistent content-led outreach, strong investor engagement, and a resolute commitment to long-term portfolio performance, ensuring stability and reliability for its investors.

    The company is now poised for even greater success, aiming to scale to INR 600 crore in AUM by the end of 2025 and significantly expand its investor base, particularly among young, serious investors seeking credible and low-friction digital investing experiences. This ambitious goal reflects our excitement about the company’s growth and potential.

    This milestone is a testament to the trust we have earned from thousands of investors who seek a smarter, simpler, and more transparent way to grow their wealth. We are deeply committed to our investors and are just getting started,” said Anand K. Rathi, Co-Founder and CBO of MIRA Money, emphasising the company’s dedication to its investors.

    About MIRA Money

    MIRA Money was founded by Anand K Rathi (Co-Founder & Chief Business Officer), Naveen Shetty (Co-Founder & Chief Investment Officer) and Girish Ippadi (Co-Founder & CEO). Together, they bring over 70 years of collective experience in investment management, having worked in leading financial institutions and managed large investment portfolios. The platform is backed by a team of experienced investment managers and data scientists focused on transforming how India invests—one goal at a time.

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  • Byju Raveendran Promises to Revive the Edtech Company Says ‘Broke, Not Broken…’

    The founder of the edtech company Byju’s, Byju Raveendran, has stated that failures will not determine the company’s destiny. He further noted that he pledges to revive his once-thriving business. “Broken, but not broken.” Along with an old photo of himself, Raveendran wrote on X, “We will rise again.” Due to financial crises, regulatory obstacles, and legal disputes with investors, the firm has seen a significant collapse. During its peak time, the firm was valued at an astounding $22 billion in 2022. But later BYJU’S started to falter due to investor disputes, growing debt, and a financial collapse. Byju Raveendran had been out of India since late 2023. Raveendran, who started working at X in March, talked about the company’s 20-year history. Nothing is ever as nice or horrible as they lead you to believe, the founder wrote. Usually, the reality is somewhere in the middle. He added that he is on the social media site to discuss the past 20 years, including the good 17, the bad 2, and the ugly 1. No filtering. Just the facts.

    Recalling the Joyful Contributions

    He further talked about Byju’s influence on the development of young professionals. He pointed out that over the course of nine years, the company had engaged 2,15,000 recent graduates. While speaking about the remuneration part, he further noted that the firm had paid them a minimum set wage of INR 6 lakh. He said that these 2 lakh new hires with no prior experience, extraordinary talent, and boundless drive created Byju’s. “They later become valuable contributors to our economy. Some started their own businesses and produced jobs. That first rare opportunity was all they needed,” he mentioned on X. “Once we relaunch our company — which I believe will happen sooner than expected — we will rehire exclusively from our incredible pool of former BYJUites,” Byju stated earlier in a post on X. Some people might think I’m insane for being so optimistic. On March 29, he wrote, “But remember, you have to be odd to be number one.”

    From where the Trouble Started?

    For school children, Byju’s provides online tutorials in areas like maths, physics, and chemistry. During the COVID-19 pandemic, when schools were forced to close, Byju’s business operations took off. The return of in-person classes started to hurt its fortunes, and the company’s earnings were insufficient to support its aggressive acquisitions and quick growth. The Board of Control for Cricket in India (BCCI) requested in 2023 that a tribunal begin insolvency proceedings against Byju’s. This step was taken as the firm failed to pay $19 million in unpaid debts related to sponsorship rights for the Indian cricket team’s uniforms. Byju’s and the Indian Cricket Board reached a settlement whereby the company agreed to pay the full amount, and the proceedings were quashed. As a result of the lawsuit, US lenders, who were represented by Glas Trust, petitioned the Supreme Court. The investors claimed that Byju had paid BCCI with money that was owed to them. Despite the company’s denial of mismanagement charges, the Supreme Court ordered Byju’s to go into insolvency and postponed the tribunal’s ruling.

  • Dream11 Returns Home from USA

    Dream Sports, the parent business of the fantasy sports website Dream11, has shifted its headquarters from the US to India. With this, it has become the first modern corporation to take advantage of a law change that was implemented last year. The US-based company Dream Sports Inc. has reverse-flipped by merging with its Indian affiliate Sporta Technologies. Bypassing a crucial approval that typically takes months, this was accomplished using a fast-track procedure. The national government loosened regulations governing cross-border reverse mergers in September 2024. This move has enabled businesses to request permission from the Corporate Affairs Ministry’s regional director following approval from the Reserve Bank of India. In the past, businesses required approval from the National Company Law Tribunal (NCLT), which had a backlog of cases.

    Why Dream 11 Shifted its Headquarters?

    Dream Sports’ decision comes after online gambling companies were hit with a hefty Goods and Services Tax (GST) demand of INR 1.1 lakh crore, which included retroactive demands. The Supreme Court has temporarily halted the demands after businesses contested these notices. Since Dream Sports has not passed the tax burden on to users, it is anticipated that its profit margin will drop by more than 60%. Local IPOs, which formerly offered high values prior to the recent market slump, are being targeted by many companies that are returning to India. Changing domicile also aids financial companies in navigating more stringent laws.

    Financial Outlook

    Dream11’s FY24 annual statements have not yet been submitted. The company’s fiscal year ended in March 2023 and saw profits of INR 188 crore, a 66% year-over-year increase to INR 6,384 crore. Dream11 now joins companies like Zepto, Groww, and PhonePe that have moved their headquarters to India. Reverse flips have also been the focus of several businesses, including Flipkart, KreditBee, Pine Labs, Razorpay, and Meesho.

    SC Halts GST Action Against Online Gambling Businesses

    On January 10, the Supreme Court halted proceedings related to the Goods and Services Tax (GST) against 49 online gaming companies. The decision was made as they had received demand notifications in the past. This judgment caused some of the listed companies’ share prices to rise. Online gaming companies that had been served with show-cause notices for allegedly evading INR 1.1 lakh crore in GST. These notices were relieved by the SC’s stay. The total responsibility might be INR 2.3 lakh crore because the GST Act permits the government to levy a penalty equal to 100% of the tax demand. Authorities viewed the GST Council’s October 2023 imposition of a 28% tax on the face value of online gambling bets as a clarification and increased tax demands for the time frame before the ruling. The “retrospective” GST notices have been contested by a number of online gaming operators. Instead of using the face value of bets, the gaming industry has been pushing for the tax to be based on gross gaming revenue (GGR). Prior to the ruling, the corporations were taxing platform fees or GGR at an 18% rate.

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  • The Government to Turn the INR 37K cr in Voda Idea Debt into Equity

    On 30 March, Vodafone Idea (Vi) announced that the government would increase its ownership of the struggling telecom carrier from 22.6% to around 49%. The government will achieve this goal by converting its outstanding spectrum auction dues into equity shares valued at INR 36,950 crore. Currently, the major shareholder in the telecom company is the government. Vi stated in an exchange filing that the Ministry of Communications has chosen to convert the outstanding spectrum auction dues into equity shares to be issued to the Indian government in accordance with the September 2021 Reforms and Support Package for the telecom sector. INR 36,950 crore is the entire sum that needs to be changed into equity shares.

    Vi Directed to Issue 3695 Crore Equity

    According to Vi, it has been instructed to issue 3,695 crore equity shares with a face value of INR 10 each at an issue price of INR 10 each. The Vi has to complete this task within 30 days after the issuance of the necessary order from relevant authorities, including from the regulatory authority, the Securities and Exchange Board of India (Sebi). The action will enable Vodafone Plc and the Aditya Birla Group, the company’s promoters, to maintain operational control over the business. The Department of Telecommunications (DoT) received a letter earlier this month from Vi Chief Executive Officer Akshaya Moondhra requesting additional conversion of the telco’s adjusted gross revenue (AGR) dues and spectrum usage charge payment instalments for airwaves purchased in the 2012, 2014, 2015, and 2016 auctions. The government permitted financially troubled telcos to convert a portion of their government debt into equity as part of the telecom reform package that was approved by the Cabinet in September 2021. After 16 months of talks, the government eventually agreed to Vi’s plan to convert INR 16,000 crore in interest liabilities owed to the government into equity in February 2023. The Centre then acquired a 33.1% share.

    How this Move will Benefit Vi?

    Vi chose to convert the interest on the moratorium into equity, as permitted by the reform package. Additionally, it preserved the possibility that the government can convert the principal of the four-year payment moratorium into equity when it expires in September 2025. Vi has significant payment obligations after October. Including principal and interest, the business must pay the government INR 12,000 crore between then and March 2026. It then has to pay INR 43,000 crore every year for five years, from 2026–2027 to 2030–2031, before that. Vi’s debts to banks and financial institutions decreased from INR 7,620 crore at the end of the third quarter (October–December) of FY25 to INR 2,330 crore. However, the corporation owes the government INR 69,020 crore in adjusted gross income and INR 1.38 trillion in postponed spectrum payment commitments.