Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Torrent’s ₹11,917 Cr Pharma Power Play

India’s pharma space just witnessed a bold move. Torrent Pharmaceuticals is acquiring a 46.39% stake in JB Chemicals from KKR for ₹11,917 crore, valuing the company at ₹25,689 crore. The deal includes an open offer and a future merger. The strategy? Gain control of JB’s chronic care brands like Cilacar and Nicardia and break into the CDMO (contract development and manufacturing) market. JB’s presence in 40+ countries, and expertise in medicated lozenges, brings global heft. Torrent’s chairman Samir Mehta calls it a “long-term growth runway.” Meanwhile, KKR exits with a 5X return and a 36% IRR—making it one of India’s top private equity wins.

 Russia’s Most Brutal Barrage Yet

In its deadliest aerial assault since the Ukraine war began, Russia launched 537 drones and missiles overnight. Ukraine shot down nearly half, but many penetrated defenses—killing at least 10 civilians and igniting major infrastructure damage, including a blaze in Lviv. A Ukrainian F-16 crashed during defense ops, killing its pilot. The strikes reached near Poland’s border, triggering NATO alerts. All this, ironically, followed Putin’s latest peace-talk proposal, which Ukraine dismissed. On the ground, Russia claimed a minor gain in Donetsk, while Ukraine controversially withdrew from the landmine ban. Analysts warn this could be the start of a summer offensive before Western F-16s arrive.

Anant Ambani Joins Reliance Board with ₹20 Cr Role

It’s official—Anant Ambani has stepped into executive leadership at Reliance Industries. The 29-year-old has been appointed Full-Time Director for five years, with an annual compensation package ranging from ₹10–20 crore. Perks include housing, utilities, medical, and even reimbursed travel for his wife and attendant. He’ll also receive performance-linked profit shares. This solidifies Anant’s growing role in Reliance’s energy and petrochemicals business and marks a major step in Mukesh Ambani’s well-scripted succession plan.

Sabotage Angle in Air India Crash Being Probed

Authorities are now investigating sabotage in the deadly Air India Dreamliner crash on June 12 in Ahmedabad. Flight AI 171 plunged seconds after takeoff, killing 241 people, including nine students and their families on the ground. Only one person survived. A “Mayday” call was issued by the pilot moments before impact. Minister Murlidhar Mohol confirmed the black boxes are being decoded in Delhi and denied reports of sending them abroad. All 33 Air India Dreamliners have since cleared safety checks. With CCTV footage under review and multiple agencies involved, the investigation is taking no chances.

Tata Steel Faces ₹1,007 Cr Tax Notice

Tata Steel is under the tax scanner for alleged irregularities in input tax credit (ITC) between FY2018-19 and 2022-23. The GST department has raised a ₹1,007 crore demand. Tata Steel counters that it has already paid ₹514 crore in GST and disputes the remaining ₹493 crore under review. The company called the notice baseless and is preparing to respond within the 30-day window. Financially, the company insists there’s no operational impact. Investors agree—shares closed higher at ₹161.40 and are up nearly 18% YTD. Over five years, Tata Steel has delivered a massive 388% return.

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