The agreements include a risk participation arrangement structured through Gujarat International Finance Tec-City (GIFT City) to support US dollar-denominated transactions, and a partial guarantee facility agreement to support onshore rupee transactions, ADB said in a statement on Wednesday.

Together, the arrangements are intended to expand access to trade and supply chain finance for businesses operating in India and to support the continued flow of cross-border and domestic trade, it said.

The agreements were signed last week by ADB Vice-President Bhargav Dasgupta and Standard Chartered Bank’s India & South Asia Chief Executive Officer P D Singh.

Access to trade and supply chain finance remains a binding constraint for many businesses seeking to manage working capital, strengthen supply chain resilience, and participate in regional and global trade, it said.

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The partnership extends ADB’s risk-sharing capacity into both offshore and onshore segments of the Indian market, addressing financing gaps that commercial provision alone has not been able to close, it said.
A key feature of this partnership is its focus on emerging and underserved segments of supply chain finance, particularly distributor financing, it said, adding that the collaboration represents ADB’s first engagement in this space within the market. By enabling risk participation in distributor finance transactions, the partnership aims to unlock working capital for downstream players — often small and medium-sized enterprises (SMEs) — that play a critical role in domestic supply chains, it said.

This partnership aligns with ADB’s strategic priority to promote inclusive economic growth and financial deepening across Asia and the Pacific, it added.

2026 ProCon Awards recognise construction projects across Leicestershire and Rutland

Entries for the 2026 ProCon Awards for the best new buildings and other construction projects in Leicestershire and Rutland close on July 8.

The award organisers at ProCon Leicestershire are urging building owners, developers, architects, surveyors and engineers to nominate projects before the closing date to be in with a chance of being finalists or even winners.

Entry is free and all the details are on the ProCon Leicestershire website at: procon-leicestershire.co.uk/procon-awards/2026

The 23rd annual ProCon Awards are backed by two corporate sponsors, Salus and Unique Window Systems. Finalists and winners will be celebrated at a ceremony on November 12 at Leicester City’s King Power Stadium. The Leicester Mercury’s sister title Business Live is the media partner.

There are eight categories, covering residential and non-residential schemes of various sizes, regeneration projects and the third year of the Rising Star category for those making a trailblazing start to their property and construction careers.

The full list is:

• Pam Allardice Rising Star of the Year, sponsored by Galliford Try
• Small Non-residential Scheme of the Year, sponsored by Merali Beedle
• Medium Non-residential Scheme of the Year, sponsored by Knights
• Large Non-residential Scheme of the Year, sponsored by Procure Partnerships Framework
• Small Residential Scheme of the Year
• Medium Residential Scheme of the Year
• Large Residential Scheme of the Year
• Regeneration Project of the Year

Umesh Desai, ProCon Leicestershire chair, said: “Anyone with a recently completed project they are proud of should take a look at which categories they could enter. It’s free to enter for any of the awards and shine a spotlight on you and your achievements.”

Stuart Power and Paul Meadows, directors at Salus (Building Control & Fire Safety Consultants), said: “We are proud to continue our support as a corporate sponsor of this outstanding celebration of our industry.

“The continued success of the ProCon Awards is a significant achievement, particularly in a challenging climate of regulatory change and evolving compliance requirements.

“This year is especially meaningful for Salus as we celebrate our transition to an employee-owned company — a milestone that secures our long-term future and ensures we remain fully independent as Building Control Approvers and Building Regulation and Fire Safety Consultants serving Leicestershire.

“We look forward to joining colleagues from across the sector to recognise and celebrate excellence within our industry.”

Sunil Patel, joint-managing director at Unique Window Systems, said: “Unique is currently celebrating our 20th anniversary and a belief in maintaining the highest standards in everything we do has been instrumental in our continued success.

“Our appreciation of the very real difference a commitment to excellence can make means we are only too happy to advocate this quality in others and our ongoing sponsorship of the ProCon Leicestershire Awards reflects that.

“Good luck to all those entering this year and thank you for making our region such a beacon of best practice for the built environment sector across the wider UK.”

• Companies still keen to attend the ceremony are welcome to join a reserve list. To do so, or to enquire about sponsorship opportunities, contact Allyson Jeffrey on 0116 278 1443 or via email: info@procon-leicestershire.co.uk

The objections from GWR are ‘extremely disappointing’ says Wales’ transport minister

The Welsh Government has criticised Great Western Railway after the rail operator expressed concerns about Transport for Wales’ plans to extend services between Bristol and west Wales.

Transport for Wales wants to run new services for passengers from either Milford Haven or Pembrokeshire to be able to travel straight to Bristol Temple Meads without changing at Cardiff as they currently have to.

But Great Western Railway (GWR), which already runs Cardiff to Bristol trains, said the proposals would have a “significant effect” on its revenue.

The Welsh Government minister with responsibility for transport, Mark Hooper, said it was “extremely disappointing” GWR would seek to “disrupt these plans to improve things for passengers on both sides of the Severn”.

In a document as part of the consultation process GWR says it worries the plans could affect train services in the Bristol area and were “likely to have a significant effect on GWR’s revenue income”.

It also said the new services are a “large risk” to UK Government money.

Transport for Wales (TfW) is owned by the Welsh Government.

Documents show TfW plans are for a service which is broadly for a two-hourly route with nine services each way per day.

Two will start from Cardiff in the morning but all the others will be through services between west Wales and Bristol.

All bar two of the through services will be achieved by combining the new Cardiff-Bristol portions with existing West Wales services at Cardiff Central and two weekday trains will be entirely new services between Cardiff and Carmarthen then extending to/from Milford Haven or Fishguard Harbour in place of existing services.

Between Cardiff Central and Bristol Temple Meads they will call at Newport, Severn Tunnel Junction, Filton Abbey Wood, and Stapleton Road.

One train each way on weekdays and Saturday will additionally call at Bristol Parkway.

West of Cardiff the calling pattern will vary but will typically include Carmarthen, Pembrey and Burry Port, Llanelli, Gowerton, Swansea, Neath, Port Talbot Parkway, and Bridgend with most services originating from, or extending to, Fishguard Harbour or Milford Haven calling at all stations.

The application says connectivity between west and south Wales and the Bristol area has “long been recognised as essential” for supporting economic growth in the wider region.

“The direct service is aligned with the government mission of supporting jobs, growth, and housing,” it says.

It says it will benefit people travelling not only to Bristol but to Bristol Airport.

The application says the plan would have an operational cost of £21.4m and total value of benefits of £27.9m.

However GWR say it has “grounds for concern and objects to its approval”. For our free daily briefing on the biggest issues facing the nation sign up to the Wales Matters newsletter here.

It says: “We do not believe that the application has been discussed sufficiently with either Network Rail or with the MetroWest funder to enable a cogent plan to be developed and therefore the full extent of these impacts is unknown at this point. We are also unclear how the services relate to other service enhancements on the line of route in question including the proposed Cardiff-Bristol stopping services and associated new stations proposed by the Burns review.

“Approval of the application may significantly affect the capability to implement these.”

The GWR objection also says it has questions about how the Severn Tunnel would cope given “known capacity constraint”.

“The key grounds for GWR’s objection include the likely impact on performance of GWR and other services in and around the Bristol area and further afield, understanding the assumptions being made in relation to use of infrastructure both now and in the future and the impact of these services on GWR (and DfT) revenues.

“There are no new markets served in this proposal with GWR already operating up to three trains per hour between Cardiff Central and Bristol. The application – and the commercial intentions underpinning it – should, we believe, be seen in this light”.

It says it believes “a two-car cross border service could lead to significant crowding issues on these particular trains that could be better and more cheaply managed through alternative provision”.

The Rail and Road Office will make a final decision.

Mark Hooper is the new deputy minister for transport. He said: “As a newly-elected government we are committed to working with Transport for Wales on improving connectivity for people across Wales and the borders as part of a modern integrated transport network.

“A new service connecting west Wales with Bristol would not only increase rail capacity on a very busy route but could boost economic growth in communities on the way.

“We will be working collaboratively to ensure that the UK Government’s recent commitment to delivering six new stations between Cardiff and Bristol leads to more services on the route.

“Therefore it’s extremely disappointing that Great Western Railway, which is a UK Government rail operator, would seek to disrupt these plans to improve things for passengers on both sides of the Severn.

“If Great Western Railway’s objection succeeds it would negatively impact tens of thousands who could benefit from this service.

“I will be writing to the UK Transport Minister to urgently ask for clarification and call for some common sense on this issue.”

GWR has been approached for comment.

In a 109-page interim order issued on June 3, Sebi said its investigation and forensic review had uncovered prima facie evidence suggesting that about 97-99% of the company’s revenue may have been inflated, describing the findings as “egregious and unheard of.”

The market regulator has restrained Rajesh Mehta from buying, selling or dealing in securities of Rajesh Exports until further orders. It has also directed the company to cooperate fully with investigators and make true and fair disclosures in its financial statements and related-party transactions.

The order stems from a shareholder complaint received in March 2024 that raised concerns over large outstanding trade receivables in the company’s books.

Following a preliminary examination, SEBI launched a formal investigation covering the period from April 2020 to March 2024 and appointed forensic auditor BDO India Services.

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Rajesh Exports, a Bengaluru-based gold refiner and jewellery manufacturer, is listed on both the NSE and BSE. The company sells gold products domestically and internationally and operates jewellery stores under the Shubh Jewellers brand.
A major part of Sebi case centres on what it describes as persistent non-cooperation by the company and its promoter during the investigation.According to the regulator, Rajesh Exports failed to provide access to key accounting systems, withheld critical financial records and did not furnish complete documentation sought by investigators and forensic auditors.

Sebi noted that the forensic auditor was unable to verify large portions of the company’s transactions because supporting records were either incomplete or unavailable.

The regulator said only a small fraction of sampled transactions could be fully substantiated with supporting documents.

The order also raises concerns regarding the financial reporting of overseas subsidiaries and step-down subsidiaries, including entities in Singapore and Switzerland. Investigators examined transactions involving subsidiaries such as REL Singapore, Global Gold Refineries AG and Swiss precious metals refiner Valcambi.

Sebi said the lack of access to underlying accounting records significantly constrained the forensic review and prevented independent verification of several reported figures.

The regulator further alleged that the company routed funds in a manner that obscured their origin and destination, raising concerns about the authenticity of the reported financial statements.

Given the seriousness of the findings, Sebi said immediate intervention was necessary to protect investors and maintain market integrity.

“The aberrations prima facie noted in the matter, where approximately 97% to 99% of the revenue of the company is inflated, are egregious and unheard of,” Whole-Time Member Kamlesh Chandra Varshney said in the order.

Apart from restraining Rajesh Mehta from dealing in the company’s securities, Sebi has directed Rajesh Exports to provide all pending information sought by investigators within 30 days.

The regulator has also ordered the appointment of a fresh forensic auditor to conduct a more detailed review of the company’s books and transactions.

Cook Defence Systems will continue to operate out of its Stanhope factory

The North East operations of historic steel business William Cook have been acquired by US defence giant Heico in an undisclosed deal.

The move sees the formation of a new company Heico-Cook Defence which will encompass Cook Defence Systems, William Cook Stanhope and William Cook Intermodal. The joint venture is 80% owned by Heico and 20% by William Cook Holdings.

Cook Defence Systems – which has played a key role in providing replacement tracks for Ukraine’s tank fleet – and its sister companies will continue to operate from their purpose-built factory in Stanhope, which employs about 130 people. The two firms have said contracts with employees, customers and supplies remain unaffected.

Meanwhile, William Cook Rail, William Cook Cast Products and their subsidiaries and associates remain wholly owned by William Cook Holdings, which reported turnover of £100m for the year to June 28, 2025. Cook Defence Systems also makes blast-proof components for armoured vehicles and was created in its current form in 1994 by Sir Andrew Cook, who has helped it become a long-standing supplier to national ministries of defence.

Sir Andrew said: “We are proud to have built Cook Defence Systems into a trusted partner to governments, armies and armoured vehicle manufacturers worldwide. In Heico, we have found a long-term partner that values our independence, supports our growth ambitions, and shares our commitment to engineering excellence, quality, and service.

“We are confident about the future of Cook Defence Systems under the joint ownership of Heico and William Cook Holdings.”

Hollywood-based Heico makes parts of large commercial and military aircraft as well as industrial turbines, targeting systems, missiles and electro-optical devices. It reported net sales of more than $4.4bn (£3.2bn) in the year to the end of October, 2025.

Eric Mendelson Heico’s co-chairman and co-chief executive officer, said: “Cook Defence Systems represents a distinctive addition to Heico, with many of the attractive attributes we look for in our businesses. The company has established strong relationships across leading defence OEMs and government customers across multiple critical armoured vehicle platforms.

“Cook’s proprietary technology, consistent aftermarket demand, and exposure to increasing global defence spending position it well for continued growth and long-term value creation. We are pleased to welcome William Cook and his team to the Heico family.”

Last year, Cook Defence Systems hosted the Minister for Armed Forces Luke Pollard as the firm celebrated a three-year contract to supply spare tracks for all of the Army’s in-service armoured fighting vehicles. The firm is also supplying tracks for the Army’s Challenger 3 tanks and Ajax vehicles.

Sir Andrew Cook CBE remains chairman of William Cook Holdings and William Cook and Chris Seymour continue as directors.