Management of Fractal Analytics Limited -  Mr. Srikanth Velamakanni, Co-Founder, Group Chief Executive & Executive Vice-Chairman, Mr. Ashwath Bhat, Chief Financial Officer and Mr. Satish Raman, Chief Strategy Officer along with Mr. Jayasankar Venkataraman, Deputy Chief Executive Officer, Kotak Mahindra Capital Company Limited and Mr. Pratik Loonker, Head Of ECM & Co-Head Of FSG, Axis Capital Limited at the press conference to announce their forthcoming Initial Public Offering

• Price Band fixed at ₹ 857 per equity share of face value ₹1 each to ₹ 900 per equity share of the face value of ₹1 each (“Equity Shares”) of Fractal Analytics Limited (the “Company”)
• Anchor Investor Bidding Date – Friday, February 06, 2026
• Bid /Offer Opening Date – Monday, February 09, 2026, and Bid/ Offer Closing Date –Wednesday, February 11, 2026
• Bids can be made for a minimum of 16 Equity Shares and in multiples of 16 Equity Shares thereafter
• Red Herring Prospectus (“RHP”) link: https://fractal.ai/docs/Investor-Relations/Offer-Documents/Fractal-RHP.pdf

Fractal Analytics Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Monday, February 09, 2026. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Friday, February 06, 2026. The Bid/ Offer Closing Date is Wednesday, February 11, 2026.

The Price Band of the Offer has been fixed from ₹ 857 per Equity Share of face value ₹ 1 each to ₹ 900 per Equity Share of face value ₹ 1 each. Bids can be made for a minimum of 16 Equity Shares of face value ₹ 1 each and multiples of 16 Equity Shares of face value ₹ 1 each thereafter.

The initial public offering by the Company comprises a fresh issue of equity shares aggregating up to INR 10,235 million (the “Fresh Issue”) and an Offer for Sale of equity shares aggregating up to INR 18,104 million (the “Offer for Sale”, and together with the Fresh Issue, the “Offer”).

The Offer for Sale is being undertaken by existing shareholders including Quinag Bidco Ltd, TPG Fett Holdings Pte. Ltd., Satya Kumari Remala and Rao Venkateswara Remala, and GLM Family Trust (collectively, the “Selling Shareholders”). The Offer comprises of an Employee Reservation Portion aggregating up to INR 600 million for subscription by eligible employees.

The Offer is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, where at least 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which 40% shall be reserved as under: (i) 33.33% for domestic Mutual Funds; and (ii) 6.67% for Life Insurance Companies and Pension Funds, subject to valid Bids being received from domestic Mutual Funds, Life Insurance Companies and Pension Funds at or above the price at which Equity Shares are allocated to Anchor Investors. Any under-subscription in the reserved category specified in clause (ii) above may be allocated to domestic Mutual Funds. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Category (excluding the Anchor Investor Portion) ("Net QIB Category”).

Further, 5% of the Net QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Category, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Category for proportionate allocation to QIBs. If at least 75% of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15% of the Net Offer shall be available for allocation to non-institutional investors (“Non-Institutional Investors” or “NIIs”) (the “Non-Institutional Category”) of which one-third of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹200,000 and up to ₹1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation to Bidders with an application size of more than ₹1,000,000 provided under-subscription in either of these two sub-categories of the Non Institutional Category may be allocated to Bidders in the other sub-category of the Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, not more than 10% of the Net Offer shall be available for allocation to retail individual investors (“Retail Individual Investors” or “RIIs”) (the “Retail Category”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

All Bidders (other than Anchor Investors) shall mandatorily participate in this Offer through the Application Supported by Block Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the SCSBs or the Sponsor Banks, as the case may be. Anchor Investors are not permitted to participate in the Offer through the ASBA process.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE") and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, and Goldman Sachs (India) Securities Private Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.

Disclaimer: FRACTAL ANALYTICS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the RHP with RoC and the Stock Exchanges on February 2, 2026. The RHP shall be available on the website of Sebi at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.fractal.ai and the websites of the BRLMs, i.e., Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited at https://investmentbank.kotak.com, www.morganstanley.com, www.axiscapital.co.in and www.goldmansachs.com respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘‘Risk Factors’’ beginning on page 36 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges, and should instead rely on their own examination of our Company and the Offer, including the risks involved, for making any investment decision.

The Equity Shares offered in the Offer have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (a) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to the registration requirements of the U.S. Securities Act and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

• The new program (VIPP) invites industrial partners worldwide to join Varaha’s carbon removal platform

Varaha, Asia’s largest developer of high-integrity carbon removal projects, today announced its Series B financing round of ~$45M, and close of the initial tranche of $20M, led by WestBridge Capital.

The new capital will accelerate Varaha’s geographic expansion, strengthen its scientific and MRV capabilities, and scale a new industrial partnership model that extends its capabilities to partners worldwide.

Founded in India, Varaha develops carbon removal projects across four pathways: Biochar, Afforestation, Reforestation and Revegetation (ARR); Regenerative Agriculture, and Enhanced Rock Weathering (ERW).

The company has built strong commercial traction, executing long-term carbon offtake agreements with U.S. technology leaders Google and Microsoft, as well as a major U.S.-based aviation company. Varaha has also delivered one of the highest volumes of durable carbon removal credits of any project developer globally as on date.

This investment marks WestBridge Capital’s first climate tech investment.

Varaha Founders

• Research collaboration develops strong, durable paper mailers from agricultural waste to reduce reliance on virgin wood pulp and address stubble-burning challenges

Amazon India today announced a collaboration with the Indian Institute of Technology (IIT) Roorkee to develop innovative packaging materials from agricultural waste. This project aims to create non-wood paper technology that diverts agricultural waste from burning while reducing pressure on virgin wood pulp. These lightweight yet strong packaging materials offer recyclable and home-compostable alternatives to traditional wood pulp paper or plastic bags.

The research will focus on converting crop residues such as wheat straw and bagasse into high-quality pulp for paper mailers with performance comparable to conventional paper packaging. This helps reduce stubble burning in India by turning agricultural waste into valuable packaging material. It also reduces dependency on imported virgin wood pulp and could create additional income for farmers by providing a market for agricultural residues.

The collaboration with IIT Roorkee’s Department of Paper and Packaging Technology will begin with lab-scale development and testing over a 15-month period. Subject to successful performance tests, Amazon will provide support to progress to industrial trials, process validation, and commercial production by mid to late next year.

Abhinav Singh, Vice President of Operations at Amazon India said “At Amazon, we are building and managing India’s fastest, safest, and most reliable operations network, and we’re committed to making it more sustainable. As part of this effort, we’re partnering with IIT Roorkee to develop innovative packaging from crop residue. India generates nearly 500 million tons of this waste annually, and by repurposing it into packaging, we can support a more circular economy while reducing reliance on conventional materials."

Prof. Kamal Kishore Pant, Director IIT Roorkee said, "Sustainability is no longer a choice, it is an urgent national priority. This collaboration between IIT Roorkee and Amazon is a step towards realizing India’s vision of a circular economy, aligned with government missions such as Swachh Bharat, Startup India, and the National Resource Efficiency Policy. By transforming agricultural residues into biodegradable packaging materials, we are addressing the twin challenges of stubble burning and a reliance on virgin materials in India, while creating scalable solutions that can benefit industries, farmers, and society at large. This initiative showcases how academic research and industry partnerships can accelerate India’s journey towards a more sustainable, and self-reliant future.”

Dr. Anurag Kulshreshtha from the INNOPAP Lab (Innovations in Paper and Packaging) at the Department of Paper and Packaging Technology at IIT Roorkee, Saharanpur Campus will be leading this research project.

As part of its ongoing efforts to reduce packaging, Amazon ships more than 50% of all customer orders in India either in their original packaging or with reduced packaging. The company ships customer orders in product packaging to more than 300 cities across the country. Since 2019, Amazon India has eliminated 100% of single-use plastic from its packaging across fulfillment centers.

Amazon India is committed to powering our operations more sustainably. The Climate Pledge is Amazon’s goal to reach net-zero carbon across our operations by 2040. We’ve worked fast and made impactful progress over a short period of time, including through investments in carbon-free energy, packaging innovations, electrification of our transport network, circularity improvements, and AI. Amazon has set a goal to return more water to communities in India than it uses in its direct operations by 2027.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfilment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit aboutamazon.in and follow @AmazonNews.

Leonardo AW169M Copter

Adani Defence & Aerospace has signed a strategic partnership with Italian aerospace major Leonardo to establish a helicopter manufacturing ecosystem in India, focusing on military helicopters like the AW169M and AW109 TrekkerM. The deal strengthens India’s defence indigenisation push, with plans for phased local production, maintenance, repair, overhaul (MRO), and pilot training.

Key Highlights of the Partnership

• Parties involved: Adani Defence & Aerospace (India) and Leonardo (Italy)
• Date signed: February 3, 2026
• Scope: Develop, manufacture, and sustain helicopters in India
• Models included: AW169M and AW109 TrekkerM
• Focus areas:
  • Phased indigenisation of production
  • Strong MRO (maintenance, repair, overhaul) capabilities
  • Comprehensive pilot training programs
• Strategic context: Signed shortly after the Indo-EU trade and defence deal

Why This Matters for India

• Defence self-reliance: Reduces dependence on imported helicopters
• Military readiness: Provides advanced platforms for the Indian armed forces
• Civil aviation potential: May expand to serve domestic civilian demand and global supply chains
• Policy support: Customs duty removed on aircraft components, boosting local manufacturing

Comparison of Helicopter Models

Leonardo AW169M Copter

Leonardo AW109 TrekkerM

Feature	AW169M (Military Variant)	AW109 TrekkerM
Role	Multi-role military ops	Light utility, training, surveillance
Capacity	~10 passengers	~6 passengers
Range	~820 km	~932 km
Special Features	Advanced avionics, mission flexibility	High agility, cost-effective operations
Target Use in India	Armed forces missions	Training, light transport, reconnaissance

Risks & Challenges

• Technology transfer: Ensuring meaningful indigenisation
• Supply chain readiness: Building local component ecosystems
• Geopolitical sensitivities: Past restrictions on Leonardo require regulatory clearance
• Execution timeline: Defence projects often face delays

Outlook

• Positions India as a future hub for helicopter manufacturing
• Aligns with *Make in India* and *Atmanirbhar Bharat* initiatives
• Strengthens military capabilities and opens civil aviation/export opportunities

Jeet Adani, Director, Adani Defence & Aerospace, stated: "This alliance with Leonardo is a pivotal stride toward a resilient, future-proof helicopter ecosystem in India. Merging global excellence with our industrial momentum, we will drive enduring value, high-skill employment, and alignment with Aatmanirbhar Bharat to position India as a global aerospace powerhouse."

JS Auto Cast Foundry India Private Limited (JSA), 100% wholly owned step- down subsidiary of Bharat Forge Limited and a leading supplier of critical ferrous castings for industrial and automotive applications, has successfully raised equity of Rs. 300 crores from Premji Invest (PI) by way of primary infusion into the company. PI will hold 23% stake on a fully diluted basis post the infusion.

The capital will be utilized to accelerate the growth of JSA by expanding its casting capacity, investing in medium casting capacity and consolidation of the industry via acquisitions.

Commenting on this partnership, Amit Kalyani, Vice Chairman & Joint Managing Director, Bharat Forge said, “Since 2022 when we acquired JSA, the company has delivered excellent financial performance with topline, exports and profitability growing at a CAGR of 17%, 24% and 25% respectively, while enhancing its product mix and customer base. We are delighted to partner with Premji Invest (PI), a renowned and highly respected investor, in the next phase of JSA’s growth journey”

Manoj Jaiswal, Partner, Premji Invest, who leads the firm’s Industrials and Buyout investments said, “We are excited to partner with Bharat Forge, a premier engineering and manufacturing conglomerate in the country. Collaborating with leading conglomerates on their growth and consolidation journey is one of our strategic pillars. Through our investment in JSA, we look forward to jointly building a leading ferrous casting platform in the country.”

The completion of the transaction is subject to customary satisfaction of various conditions. PWC Investment Banking acted as the sole financial advisor for Bharat Forge Limited.