{
  "id": 2989020,
  "title": "India’s capex cycle driven by Tata, Adani: HSBC's Dave",
  "url": "https://urgent.news/2026/08/24/indias-capex-cycle-driven-by-tata-adani-hsbcs-dave",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-24T09:24:03.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/industry/banking/finance/banking/indias-new-capex-cycle-is-being-driven-by-cash-rich-giants-hsbc-india-ceo-says/articleshow/133459500.cms"
  },
  "original_language": "en",
  "account": "India's corporate investment cycle today is distinct from the debt-heavy expansion seen between 2012 and 2014, according to HSBC India CEO Hitendra Dave. Instead of relying heavily on bank financing, stronger companies are now utilizing their own cash flows to expand capacity through consolidation. During the earlier cycle, many projects in sectors like power, steel, and cement lacked genuine promoter equity and were largely financed by banks. Dave noted that such projects were problematic when business conditions worsened as promoters had less incentive to stay committed to them. The current investment cycle, however, features well-capitalized groups such as Tata, UltraTech, and Adani, who are expanding their businesses through internal cash flows. This shift in financing structure allows these established companies to fund expansion more effectively. As banks now lend to companies with stronger balance sheets rather than highly leveraged greenfield projects, HSBC India continues to play a significant role in facilitating acquisition financing. With its balance sheet set to surpass Rs 5 lakh crore, HSBC is also mobilizing funds through various channels to cater to India's affluent market, including NRIs. While corporate earnings have improved, valuations remain stagnant, and Dave suggested several potential triggers that could boost investor sentiment in the country.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Standard IN",
        "title": "Resona Bank deepens Tata Capital ties for India play after ₹20 mn fund bet",
        "url": "https://urgent.news/2026/08/24/resona-bank-deepens-tata-capital-ties-for-india-play-after-20-mn-fund",
        "published": "2026-08-24T11:54:50.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}