Toyota Motor Corporation has officially formalized plans to deepen its cooperation with Volvo Group and Daimler Truck in the field of hydrogen fuel transport following the signing of a binding agreement. This agreement will make Toyota an equal shareholder in cellcentric, a joint venture focused on fuel cell technologies.
cellcentric was established in 2021 by Volvo and Daimler Truck with the aim of accelerating the commercialization of hydrogen fuel cell technologies for heavy-duty applications. Toyota's participation marks a significant step in global efforts to decarbonize freight transport and strengthens one of the industry's most ambitious partnerships, centered on developing hydrogen fuel cell systems for commercial vehicles.
The agreement follows an informal memorandum of understanding signed earlier this year, and regulatory approval is required before it can be finalized. The deal is expected to close around the end of 2026 or early 2027.
The companies stated that this partnership will enhance cellcentric's technological leadership, increase industrial scale, and boost the company's competitiveness amid growing demand for zero-emission transport solutions. The alliance combines the strengths of all three manufacturers.
Volvo Group and Daimler Truck bring decades of experience in designing and manufacturing commercial vehicles, while Toyota provides over thirty years of R&D experience in hydrogen fuel cell technologies, including knowledge gained from passenger cars such as the Mirai.
Together, they aim to accelerate the development, production, and deployment of hydrogen fuel cell systems specifically designed for heavy trucks and other sectors where battery technology faces practical limitations.
Unlike battery-electric vehicles, fuel cell vehicles generate electricity through an electrochemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. This technology is considered particularly suitable for long-distance transport because it offers faster refueling times, a lower overall vehicle weight, and a greater range compared to traditional battery systems.
cellcentric will continue to operate as an independent company, serving a wide range of clients in ground and off-road heavy transport, as well as supplying fuel cell systems for buses, rail needs, stationary power generation, and heavy industrial equipment. The three parent companies emphasized that they will continue to compete independently in all other areas of their business, limiting collaboration exclusively to fuel cell technologies.
Toyota's investment is expected to improve cellcentric's capabilities in several critical areas, including the development of fuel cell stacks—the fundamental building blocks of hydrogen fuel cell stacks—as well as manufacturing processes, system integration, and control architecture. The companies believe that closer collaboration is necessary to reduce production costs and achieve economies of scale, making hydrogen transport commercially viable.
In addition to technology development, the partners plan to work with governments, industry associations, and companies in the hydrogen value chain to accelerate the deployment of hydrogen infrastructure. The lack of large-scale hydrogen production facilities, transport networks, and refueling stations remains one of the main obstacles to the widespread adoption of commercial hydrogen transport. By supporting a broader hydrogen ecosystem, the companies hope to create conditions for the mass adoption of this technology.
Currently, cellcentric employs over 560 specialists in Germany and Canada and has accumulated a significant portfolio of intellectual property, including about 700 patents supporting its fuel cell technologies. The company aims to become one of the leading global suppliers of first-tier fuel cell systems for commercial transport. This announcement comes against the backdrop of intensified global government efforts to reduce transport emissions, which are one of the largest sources of greenhouse gases, and heavy trucking remaining one of the most challenging sectors to decarbonize due to the high operational demands of long-haul trucks.
The Indian airline IndiGo, the largest carrier in India, announced on Monday the appointment of insider Kiran Thadimarri to the position of Chief Financial Officer (CFO). He will take over this role from Gaurav Negi.
Kiran Thadimarri, who is currently the Deputy CFO of IndiGo, previously worked at the Indian e-commerce firm Udaan, as well as at General Electric. His appointment will take effect on July 28.
Gaurav Negi, who held the position of the airline's financial head since 2022, will transition to a role as an advisor.
IndiGo forecasts mainly stable capacity growth for the current quarter after the company reported a second consecutive quarterly loss last week. The margins of airlines like IndiGo, which do not hedge fuel costs, are decreasing due to the sharp rise in aviation fuel prices caused by the conflict in Iran, which pushed crude oil prices above $100 per barrel.
Indus Towers, a company engaged in telecommunication infrastructure, reported a modest increase in profit in the first financial quarter of 2027. Meanwhile, expenses exceeded revenue, although network expansion initiated by clients supported the company's overall performance.
Indus Towers' annual profit showed a minimal growth of 0.5 percent. Net profit increased from INR 1736.8 crore in the first quarter of the 2026 fiscal year to INR 1745.8 crore in the quarter ending June 30, 2026. The telecommunications infrastructure company's revenue grew by 4.6 percent year-on-year, exceeding INR 8431.1 crore in the first quarter of the 2027 fiscal year compared to INR 8058 crore for the same period in the previous fiscal year.
The total base of Indus Towers towers increased by 6.3 percent year-over-year, reaching 267,611. However, the firm's expenses grew by 6.62 percent year-over-year, outpacing the revenue growth rate for the same period. The EBITDA margin increased by 3.1 percent year-over-year, amounting to INR 4521 crore in the first quarter of the 2027 fiscal year compared to INR 4390 crore in the first quarter of the 2026 fiscal year.
Compared to the last quarter of the 2026 fiscal year, which ended in March 2026, the telecommunications infrastructure company's profit decreased by 2.6 percent, standing at INR 1745.8 crore in the first quarter of the 2027 fiscal year versus INR 1792.9 crore. In sequential comparison, Indus Towers' expenses rose by approximately 7.5 percent, even with a 4 percent rise in revenue. Revenue grew from INR 8101 crore in the quarter ending March 2026 to INR 8431.1 crore in the quarter ending June 2026, while expenses increased from INR 3636.7 crore in the fourth quarter of the 2026 fiscal year to INR 3910.3 crore in the first quarter of the 2027 fiscal year.
Prachur Sah, Managing Director and CEO of Indus Towers Limited, stated that the company demonstrated resilient results despite supply chain disruptions caused by geopolitical events. He noted that this success was ensured by client-initiated network expansion, prudent cost management, and strong cash generation. Furthermore, he announced that the company had received licenses in three target African markets and plans to begin implementing projects in 2026.
Indus Towers Limited is one of the leading providers of passive telecommunication infrastructure in the country, possessing a portfolio of 267,611 telecommunication towers across all 22 telecom circles.
Radisson Hotel Group announced the signing of contracts for the construction of ten new hotels during July, covering seven states. These projects include developments in pilgrimage sites, wildlife tourist areas, and major urban markets.
According to the statement, these ten new projects reflect the company's deliberate strategy: to integrate its premium brands into high barrier-to-entry markets while utilizing a low-asset franchise model for rapid penetration into underserved second and third-tier cities. Nikhil Sharma, Managing Director and Chief Operating Officer of Radisson Hotel Group for South Asia, emphasized that this dual approach allows for depth in metropolises and breadth in developing regions.
In cities associated with temples, Radisson Hotel Group announced entry into four markets, including two projects in Andhra Pradesh: Radisson Hotel Tirupati and Park Inn & Suites at Kadapa Airport, as well as Park Inn & Suites in Mathura-Vrindavan. Furthermore, the group announced its first international hotel near the Tadoba-Andhari tiger reserve called Jungle Home Resort Tadoba. A Park Inn & Suites is planned to open in Nainital, which will be the group's second hotel in this mountain resort.
In Bengaluru, where the group already has seven operating properties, new projects were signed: Lavish Hotel, Radisson Blu Resort & Spa, and Park Inn Electronic City. With these additions, the hotel conglomerate aims to meet the demand for corporate events related to information technology (MICE), as well as weekend and short-stay leisure segments.
It was also noted that the Park Inn & Suites in Kalaburagi marks the beginning of Radisson's presence in North Karnataka. In the states of Rajasthan and Gujarat, resort-type projects under the Radisson Blu Resort & Spa brand were signed in Sawai and Vadodara, respectively.
Davashish Srivastava, Vice President of Development for Radisson Hotel Group for South Asia, noted that the distinguishing feature of this portfolio is its diversity. It includes both greenfield construction and resort projects, as well as opportunities to convert existing properties and place hotels in new pilgrimage and wildlife locations.
Radisson Hotel Group is one of the largest international hotel operators in the country, with about half of its portfolio concentrated in second and third-tier markets. The group operates in over 100 countries worldwide.
