Tata Motors demerger to Infosys buyback: Top corporate developments of 2025

India Inc. saw a plethora of corporate developments in 2025, bolstering the benchmark indices, SENSEX and NIFTY50, which traded in the positive territory this year, gaining 9.3% and 10.56% on a year-to-date basis.

From industry-re-shaping demergers to Infosys' largest-ever buyback, here are some corporate developments that impacted investor portfolios in 2025.

ITC Hotels demerger

The year began with FMCG giant ITC demerging its hotels business into a separate entity, ITC Hotels, with January 1, 2025, as the effective date for the demerger.

The conglomerate first announced the demerger in August 2023. Under the scheme, ITC retained 40% ownership of ITC Hotels, while the remaining 60% was distributed to ITC shareholders in proportion to their holdings.

Shares of ITC Hotels were listed on the stock exchanges on January 29, 2025.

Vodafone Idea AGR case

In November 2025, in a significant relief to Vodafone Idea, the Supreme Court allowed the Centre to reconsider and reconcile the telecom company’s pending adjusted gross revenue (AGR) dues, clarifying that the review would not be limited to adjusted gross revenue (AGR) dues for the 2016–17 financial year. On October 27, the bench permitted the Union Government to revisit and reassess the company’s AGR liability.

Additional AGR dues of the telecom firm come to ₹9,450 crore, and the total AGR demand is over ₹83,500 crore as of March 2025.

Vodafone Idea owes nearly ₹83,400 crore in AGR dues, and the annual payments currently stand at ₹18,000 crore, scheduled from March 2026. When combined with interest and penalties, Vodafone Idea’s dues stand at more than ₹2 lakh crore.

Tata Motors demerger

One of India’s largest restructurings in the auto sector took place this year; the Tata Motors demerger was the most talked-about spin-off of FY26. Tata Motors' CV business demerged into TMLCV and its existing PV business, Tata Motors Passenger Vehicles Limited (TMPV), was merged into Tata Motors (TML), the existing listed entity.

In March 2024, its board of directors approved the company’s demerger into two listed entities, with one housing its commercial vehicles (CV) business, along with its related investments, and the second for its passenger vehicles (PV) businesses, including PV, EV (Electric Vehicle), JLR (Jaguar Land Rover), and related investments.

After receiving approval from the Mumbai bench of the National Company Law Tribunal (NCLT) in September, the demerger came into effect on October 1. Furthermore, it set October 14 as the record date for ascertaining the shareholders who would be issued and allotted shares of the demerged entity.

On November 12, the shares of the commercial vehicle arm of Tata Motors listed at ₹335 apiece on the NSE, at a 28.4% premium to the discovered price of ₹260.75 in the pre-open session. On the BSE, the stock was listed at ₹330.25, reflecting a premium of 26%.

Infosys buyback

Infosys’s board of directors approved its fifth and largest-ever share buyback worth ₹18,000 crore in September 2025 and fixed November 14, 2025, as the record date for the same.

The programme, under which Infosys bought back 10 crore fully paid-up equity shares with a face value of ₹5 each at ₹1,800 per share, opened on November 20 and concluded on November 26.

Vedanta demerger gets NCLT approval

On December 16, the Mumbai Bench of the National Company Law Tribunal (NCLT) cleared the Scheme of Arrangement for the company’s demerger into four independent pure-play businesses.

In September 2023, Vedanta's Board of Directors approved splitting the company into six entities, which was later revised to five (including already listed Vedanta Limited).

Post the demerger, Vedanta’s businesses will operate as independent, sector-specific companies, each positioned to capitalise on its respective market opportunities, namely Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Iron & Steel, Vedanta Power and Vedanta Ltd.

Vedanta Ltd will continue as the parent company, housing Hindustan Zinc Limited and incubating future-facing businesses.

HUL’s Kwality Wall listing

On November 6, the NCLT approved Hindustan Unilever’s (HUL) scheme to demerge its ice-cream business, Kwality Wall’s, into a separate entity, with the agreement coming into effect on December 1.

On December 5, HUL shares traded the ex-demerger, meaning without the value of its ice cream business.

The demerger will create India’s first standalone listed ice-cream company, named Kwality Wall’s (India) Ltd (KWIL), and will house brands such as Cornetto, Magnum, and Kwality Wall’s.

The new KWIL shares are expected to list on the NSE and BSE in the fourth quarter of FY26, or between January and February 2026.

Financial sectors see major deals

Japan's Mitsubishi UFJ Financial Group Inc. (MUFG) is set to acquire a 20% stake in Shriram Finance for ₹39,618 crore (around $4.4 billion), marking the largest cross-border investment in India's financial sector to date.

The NBFC’s board of directors gave its approval for entering into the definitive agreement on December 19, and proposes to issue fully paid-up equity shares with a face value of ₹2 each through a preferential issue on a private placement basis.

Some of the other deals included the UAE’s Emirates NBD Bank deciding to acquire a majority stake of 60% in RBL Bank for ₹26,853 crore, and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) planned to acquire a 20% stake in Yes Bank for ₹13,483 crore in May.

Furthermore, the board of Federal Bank in October approved fundraising by issuance of preferential warrants worth over ₹6,196 crore to Blackstone Group entity Asia II Topco XIII Pte Ltd, which was among other significant deals in the financial sector in 2025.

Ambuja Cements, Orient Cement, ACC merger

On December 22, Ambuja Cements, the Gautam Adani-led Adani Group company, announced that it would merge its subsidiaries ACC Ltd and Orient Cement with the company, leading to the setting up of 'one cement platform' and a pan-India cement powerhouse.

The post-merger of the subsidiaries – ACC Ltd, Orient Cement, Penna Cement, and Sanghi Industries – “will become an integral part of Ambuja” with a capacity of 107 million tonnes per annum.