A central industrial safety team has been dispatched to investigate a boiler explosion at Vedanta's Sakti power plant in Chhattisgarh, India, which killed 21 workers and injured 14. The probe was triggered after a state boiler inspector submitted a preliminary report on the incident. The blast represents one of the more severe industrial accidents at a major mining and energy conglomerate's facility in recent memory. Vedanta operates across metals, mining, and power generation in India, making safety compliance at its facilities a point of regulatory scrutiny. The central team's involvement elevates the inquiry beyond state jurisdiction, signaling that findings could carry broader enforcement weight. Investigators will likely assess boiler maintenance protocols, inspection records, and operational safety standards at the Sakti site. Outcomes could include regulatory penalties, mandatory operational halts, or tightened compliance requirements across Vedanta's power assets. The casualty count, with 21 confirmed fatalities, may also attract scrutiny from India's factory and boiler safety regulators under existing industrial legislation.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
