28, Aug 2026
Digital Payments to Merchants Rise 19.6% to Rs 11.7 Trillion in July
New Delhi, August 28: Digital payments made to merchants across India rose 19.6 per cent year-on-year to around Rs 11.7 trillion in July 2026, highlighting the continued shift towards digital transactions among consumers and businesses.
The growth comes amid sustained expansion in India’s digital payments ecosystem, with Unified Payments Interface (UPI) continuing to play a central role in everyday retail transactions. According to data from the National Payments Corporation of India (NPCI), UPI processed a record 2,365.8 crore transactions in July, with the total value reaching around Rs 29.87 lakh crore.
The July UPI figures represented the highest monthly transaction volume recorded since the platform was launched in 2016. Transaction volumes had crossed the 2,300-crore mark for the first time in May, before rising further in July, underscoring the rapid adoption of real-time digital payments.
The rise in merchant payments reflects the growing use of digital transactions for everyday purchases, ranging from small retail payments and food and grocery purchases to payments for services and larger transactions. QR-code payments and smartphone-based payment applications have also made it easier for small businesses and merchants to accept electronic payments.
UPI’s growing penetration has been particularly significant for small-value transactions. Industry data cited by the India Brand Equity Foundation shows that person-to-merchant payments accounted for about 63 per cent of UPI transaction volume, while 86 per cent of P2M transactions in FY2026 were below Rs 500.
For merchants, the expansion of digital payments can improve transaction convenience, reduce dependence on cash handling and create electronic records of sales. For consumers, instant payments provide a faster and increasingly familiar alternative to cash and traditional payment methods.
The broader digital payments expansion is also contributing to India’s financial inclusion and formalisation objectives. As more small businesses accept digital payments, transaction histories can potentially support access to formal financial services and technology-enabled business solutions.
The growth comes as UPI marks a decade since its launch. The government said the number of banks live on the UPI platform had reached 741 by July 2026, compared with 21 banks at the time of its launch. UPI accounted for about 84 per cent of India’s digital payments in FY2025-26, according to government data.
The platform is also expanding its international footprint, with UPI operational in countries including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar. The government has highlighted the system’s interoperability and scale as key factors behind its growing global recognition.
The latest merchant-payment figures therefore point to a broader structural change in India’s payments landscape. With consumers increasingly accustomed to instant digital transactions and merchants expanding acceptance infrastructure, digital payments are becoming an integral part of everyday commerce and India’s wider digital economy.
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- By Neel Achary
28, Aug 2026
St. Mary’s Health System Deploys Canopy’s Wearable Safety Technology System-Wide to Enhance Employee Safety
138-year-old Maine health system equips all staff, across five locations in three communities, with discreet wearable duress buttons
LEWISTON, ME, UNITED STATES, Aug 28 –– Canopy, the leader in connected safety technology for healthcare, today announced a partnership with St. Mary’s Health System, a member of Covenant Health serving the Greater Lewiston-Auburn community since 1888, to deploy Canopy Protect across its entire health system. St. Mary’s is equipping every employee, clinical and non-clinical, with wearable duress buttons that can notify nearby colleagues and security, allowing staff to summon support quickly and discreetly.
The system-wide rollout, which went live August 19, spans a multi-city geographic footprint: St. Mary’s main campus in Lewiston, including d’Youville Pavilion and St. Mary’s Residences, two locations in Auburn, and its Poland location. Coverage extends beyond hospital walls to include parking areas, protecting staff as they walk to their vehicles at night. In total, the deployment covers 1,220 employees and 8 buildings.
“Listening to our staff and investing in technology that makes their work safer is part of how we continue to evolve,” said Jill Rollins, CNO/COO of St. Mary’s Health System. “Canopy gives every member of our team a simple, discreet way to call for support and adds another layer of safety across our health system.”
St. Mary’s decision to invest in Canopy grew out of the health system’s ongoing commitment to listening to its staff. Through culture-of-safety surveys, event reviews, and the work of its Workplace Violence Prevention Committee, which includes frontline nurses, emergency department staff, outpatient practice staff, and providers, a consistent need emerged: staff wanted a way to summon help quickly and discreetly, including on locked units where reaching a phone is not always possible. St. Mary’s rollout builds on Covenant Health’s existing experience with Canopy, which is already in use on specific units at two sister hospitals within the health system.
Workplace violence remains one of healthcare’s most pressing challenges nationwide, and most tools available to health systems, including policies, training, and response protocols, focus on the moment violence occurs or its aftermath. Canopy Protect addresses the critical window before that point. With a discreet double-press of a wearable button, a staff member can call a colleague to check in on them before a situation escalates, enabling pre-escalation intervention that complements the training, education, and response protocols St. Mary’s already has in place.
“Healthcare workers and frontline staff deserve to feel safe every time they step on campus, and we’re proud to partner with organizations like St. Mary’s that are making workplace safety a priority for every single employee,” said Shan Sinha, CEO and founder of Canopy. “A health system that has served its community for nearly 140 years choosing to protect its entire workforce, across every campus, every role, and every shift, sends a powerful message. We’re excited to work alongside their team to create a safer environment for caregivers so they can stay focused on what matters most: delivering exceptional patient care.”
Members of St. Mary’s Workplace Violence Prevention Committee, including emergency department staff, outpatient providers, and other frontline team members, previewed the technology ahead of launch and have been enthusiastic advocates for the rollout. On go-live day, St. Mary’s and Canopy teams distributed buttons at morning huddles across the system, with leadership on-site to celebrate the launch alongside staff.
28, Aug 2026
TECNO brings segment-first IP69 Durability to the masses with the new SPARK Go 3 Pro
New Delhi, Aug 28: TECNO has launched the SPARK Go 3 Pro in India, bringing segment-first IP69 durability to an accessible price point. Built to survive high-pressure water jets, heavy dust and drops, the device is crafted for demanding real world conditions – from rain-soaked delivery routes to dusty agricultural fields.
The TECNO SPARK GO 3 Pro is designed for people whose phones don’t get the luxury of a controlled environment – a farmer checking prices in the field, a delivery worker caught in the rain, a student commuting in a crowded bus. It’s a fitting embodiment of TECNO’s new tagline, ‘Desh Jaisa Dumdaar.’
Speaking on the launch, Mr. Arijeet Talapatra, CEO, TECNO Mobile India, said:
“For millions of people, a smartphone isn’t a luxury item- it’s an essential tool for their livelihood. When your phone is central to how you earn a living, accidental damage stops your entire day in its tracks. We engineered the TECNO SPARK Go 3 Pro so hard-working users never have to baby their device, giving them total peace of mind through every shift, rainstorm, and commute.”
Beyond its exterior toughness, the TECNO SPARK Go 3 Pro is equipped to handle full working days under the hood. It pairs a fluid 120Hz display with a massive 5200mAh battery that keeps going without midday charging breaks. To ensure clear communication in chaotic environments, AI Voiceprint Noise Cancellation actively filters out background racket, complemented by an integrated IR remote for quick appliance control.
28, Aug 2026
MFTA and Central Bank of Jordan Advance Comprehensive Fintech Agenda in High-Level Amman Meeting
Amman, Jordan – Aug 28: The MENA Fintech Association (MFTA) has concluded a high-level strategic meeting with the Governor and Deputy Governor of the Central Bank of Jordan, H.E. Ziad Ghanma, alongside senior CBJ leadership, the Securities Commission of Jordan, and GIZ.
The meeting, convened in Amman by MFTA Chairman Nameer Khan, underscored Jordan’s growing importance within the broader MENA fintech landscape. Jordan has steadily built a reputation as one of the region’s most credible and proactive regulatory environments, anchored by the Central Bank of Jordan’s early commitment to fintech innovation through its regulatory sandbox framework, a mechanism that has enabled a growing number of licensed entities to test, refine, and graduate into fully regulated operation within the Kingdom.
Discussions in Amman covered a comprehensive fintech agenda, reflecting the depth and maturity of the relationship between MFTA and Jordan’s financial regulatory leadership. Particular emphasis was placed on Jordan’s potential to attract greater foreign direct investment into its fintech and financial services sector, building on the strong regulatory foundation the Central Bank of Jordan has established in recent years.
Speaking following the meeting, MFTA Chairman Nameer Khan said:
“Jordan’s regulatory leadership has done something genuinely rare in this region. They have built a sandbox environment that does not just test ideas, but graduates them into real, licensed, operating businesses. That is the mark of a regulator that understands innovation is not a risk to be managed, but an opportunity to be enabled. Jordan’s role in the growth story of MENA’s fintech sector is significant, and it is only growing from here. We are proud to stand alongside the Central Bank of Jordan in this journey.”
Further details will be announced in due course.
28, Aug 2026
Chakan–Talegaon Needs Better Roads Before Growth Slows Down
An Open Appeal to the Government of Maharashtra, PMRDA, PCMC and MIDC
– By Anil Pharande, Founder & Chairman – Pharande Spaces
Sixteen years ago, in August 2010, we warned in an article entitled ‘Road Development: The Key to Pune’s Real Estate Growth’ that road infrastructure would be one of the biggest drivers of Pune’s future growth. The warning then was simple – if infrastructure did not keep pace with expansion, fast-growing areas would eventually struggle under their own weight. That is exactly what is now happening in the Chakan–Talegaon corridor.
Today, traffic congestion is no longer an inconvenience. It is a fatal public safety crisis. A recent internal report by the Pimpri Chinchwad police reveals that 152 commuters have died, and over 200 have been injured, in road accidents in the Chakan industrial belt since 2024. The highest number of these fatal crashes occurred on the exact stretches that suffer from severe infrastructural neglect – the Talegaon-Chakan and Chakan-Shikrapur corridors.
A Fast-Growing Corridor Under Pressure
Pimpri-Chinchwad has grown over decades with a stronger civic base and a more established urban structure. PCMC covers about 181 sq km, and its official website records a 2011 Census population of 1,729,359, with the current population estimated at around 2.5 million. In contrast, the Chakan–Talegaon belt has expanded rapidly as an industrial and logistics corridor.
This growth has brought major investment and employment, but it has also placed heavy pressure on roads, bridges, junctions, transport systems and basic services. Without stronger road planning and better coordination between agencies, the gap between growth and infrastructure will only widen.
The Connectivity Gap
One of the clearest problems in this region is the break in continuity between better-developed urban roads and the weaker links that connect them to industrial areas beyond. The Indrayani River crossings are an important part of this movement network, especially for traffic moving between PCMC and the Chakan side. In several stretches, road conditions and carrying capacity change sharply once vehicles move across jurisdictions.
This results in congestion, delays, freight bottlenecks and poor travel reliability for both workers and goods vehicles.
What Should Be Done Immediately
- Complete the missing road links: PMRDA has already identified key missing-link road projects in this region. These include the Talegaon–Chakan Highway connection from Hingane Chowk to Chakan Industrial Estate, the Nanekarwadi to Samruddhi CNG Pump stretch, and the Western Bypass connection linking Pune–Nashik NH60, Chakan MIDC and Talegaon’s side toward the Old Mumbai–Pune Highway.
- Upgrade river crossings and approach roads: The bridges and road connections serving movement across the Indrayani side need immediate attention. New bridge capacity, widening works, stronger approach roads and better junction planning should be taken up wherever traffic demand justifies it.
- Speed up review of the Bhosari–Chakan proposal: A revised DPR submitted by Maha-Metro reportedly includes a proposed Bhakti Shakti–Chakan Metro project, with a 17-km double-decker section between Bhosari and Chakan combining an elevated road and metro alignment.
- Promote planned housing, not scattered growth : Chakan and Talegaon have the potential to become stronger residential destinations for the workforce employed in the industrial belt. But housing growth cannot be left to happen in a scattered and unplanned way.
The Chakan–Talegaon belt is too important to Maharashtra’s industrial and employment future to be held back by delays, fragmented planning and weak last-mile connectivity. This corridor’s economic value in now byond any dispute, but it is in dire need of the infrastructure backbone to match this importance and unlock its full potential.
Anil Pharande is Chairman of Pharande Spaces, a leading real estate construc
Disclaimer: The views and opinions expressed in this article are solely those of the author, and do not necessarily reflect the views of the publication.
28, Aug 2026
Last-Minute Raksha Bandhan Gifting Made Easier with Premium Fashion, Beauty and Lifestyle Picks on Myntra’s M-Now
Aug 28: This Raksha Bandhan, Myntra’s M–Now brings together a curated selection across premium fashion, beauty, jewellery, watches, perfumes and accessories, with delivery starting in 30 minutes. For shoppers putting together their celebrations closer to the occasion, the assortment also includes 1,500+ Rakhis, making it easier to find both a thoughtful gift and the festive essential in one place.
From festive fashion and beauty favourites to watches, accessories and Rakhis, here are some options to explore this Raksha Bandhan.
Festive fashion from Libas, DIWAS by Manyavar, BIBA, Indo Era and trueBrowns
A new festive look can be just as thoughtful as a traditional gift. Myntra’s M–Now offers ethnic and occasion wear from brands including Libas, DIWAS by Manyavar, Indo Era, BIBA and trueBrowns, making it easier to find styles suited to Raksha Bandhan celebrations.
Beauty and fragrance from YSL, Estée Lauder, Forest Essentials and more
For beauty enthusiasts, skincare, fragrance and personal care make for thoughtful gifting choices. Options from YSL, Estée Lauder, Forest Essentials, Dyson, Beauty of Joseon, Carolina Herrera, Prada and Victoria’s Secret allow shoppers to choose according to individual preferences.
Watches and accessories from Titan, Timex, Armani Exchange, Calvin Klein and Tommy Hilfiger
For siblings who prefer gifts that combine style with utility, watches and accessories from Titan, Timex, Armani Exchange, Calvin Klein and Tommy Hilfiger offer versatile choices across everyday classics and more elevated festive picks.
Rakhis to complete the celebration
The assortment also includes silver Rakhis, alongside classic, contemporary and premium designs from brands such as GIVA, Palmonas and Zaveri Pearls, which also offer a range of jewellery options to gift your sister this Raksha Bandhan.
Handbags and accessories from ALDO, Chumbak, GUESS, Hidesign, Love Moschino and Theater
For siblings who lean towards everyday style essentials, handbags and accessories from ALDO, Chumbak, GUESS, Hidesign, Love Moschino and Theater make for practical yet fashion-forward gifting options that extend well beyond the festive occasion.
For last–minute Raksha Bandhan gifting
For those shopping closer to the occasion, M–Now makes it easier to find a thoughtful gift without the last–minute scramble, with an expanded selection of premium fashion, beauty and lifestyle options. The service is live across Bengaluru, Mumbai, Delhi NCR, Kolkata, Chennai, Hyderabad, Pune, Patna, Jaipur, Lucknow and Ahmedabad, offering access to 1 lakh+ SKUs from 1,000+ brands. With delivery starting in 30 minutes, it brings greater choice and convenience to festive gifting.
28, Aug 2026
FIA President, H.E. Mohammed Ben Sulayem, meets president of Chile H.E José Antonio Kast strengthening cooperation across Mobility and Motorsport
Dubai, UAE, Aug 28: H.E. Mohammed Ben Sulayem, President of the FIA, met yesterday with the President of the Republic of Chile, H.E. José Antonio Kast in Santiago, reinforcing the strong relationship between the Fédération Internationale de l’Automobile (FIA) and the Chilean Government.
During the visit, they discussed their shared priorities across mobility and motorsport, including improving road safety, supporting sustainable transport, and creating further opportunities for the development of motorsport in Chile.
This meeting comes at a key moment for South America as the continent is about to play host to the FIA World Rally Championship in Paraguay, and the FIA’s American Congress, bringing together FIA Member Clubs from across the region to Buenos Aires, Argentina.
The constructive discussions culminated in President Kast and the Republic of Chile signing the FIA’s United Against Online Abuse (UAOA) charter.
Founded in 2023 by President Ben Sulayem, the coalition is leading the fight to tackle online abuse in sport, uniting governments, sporting federations and technology companies with the goal of protecting the sporting community and ensuring it is a safe, inclusive, and respectful space for all. Chile joins 13 other world governments as a coalition member.
Speaking following the meeting, FIA President, H.E. Mohammed Ben Sulayem said: “Chile plays an important role within the FIA community, with a proud motorsport heritage and a clear ambition for the future of automotive mobility.
“From hosting the FIA World Rally Championship to major investment in the country’s road network and connectivity, there is a strong commitment to the championing of these vital areas.
“I was pleased to meet with President Kast and discuss our shared priorities for the future, in particular the significant potential for motorsport in Chile, both as a platform to advance safety, and innovation and as a driver of economic growth and tourism, alongside our shared ambition to deliver safer, more sustainable and accessible mobility for all.
“I also welcome Chile’s decision to become the newest member of the United Against Online Abuse coalition, strengthening our shared commitment to a safer and more inclusive environment across sport.
As part of the discussions on mobility, President Ben Sulayem outlined the FIA’s work to improve road safety outcomes through data-driven initiatives including the FIA Road Safety Index (RSI) and FIA Driver Safety Index (DSI).
The programmes provide governments, organisations and road users with practical tools to measure, benchmark and improve road safety performance, supporting the ambition of reducing road traffic fatalities and injuries.
The FIA President also highlighted the work of the Automóvil Club de Chile (ACCHI), which plays an important role in promoting safer and more sustainable mobility across the country.
The Club, led by President Alejandro Quintana who was also in attendance, recently became one of nine new FIA Member Clubs to adopt the FIA DSI, using technology and data to help organisations better understand and manage driver risk.
Through the FIA Safe and Sustainable Mobility Grants Programme and the FIA Safe Mobility For All and For Life international programme, ACCHI has also been deploying internationally recognised tools to assess road infrastructure around schools and help create safer journeys for children, and is developing a dedicated digital platform to promote awareness on key mobility issues and connect directly with the Chilean public.
Discussions also covered the continued development of motorsport in Chile and the role of the Federación Chilena de Automovilismo Deportivo (FADECH), the FIA’s sporting Member in the country.
28, Aug 2026
Nvidia Boost Lifts Market Mood; Sensex, Nifty Set for Firm Opening
Mumbai, Aug 28: Indian stock markets are likely to open on a positive note on Friday, supported by gains in US technology stocks and easing crude oil prices. However, investors are expected to remain cautious ahead of Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium.
The GIFT Nifty was trading at 24,255.5, up 55.5 points, or 0.23 per cent, around 8 am, signalling a firm start for the domestic benchmarks.
Global markets received a boost from a strong performance on Wall Street, where technology stocks rallied after Nvidia delivered an upbeat outlook. The chipmaker’s forecast strengthened investor confidence in continued demand for artificial intelligence-related products and infrastructure.
The Nvidia-led gains pushed the Nasdaq Composite up 1.57 per cent, while the S&P 500 advanced 0.72 per cent. The Dow Jones Industrial Average also ended higher, gaining 0.20 per cent.
The positive global cues could provide some support to Indian equities after the sharp decline in the previous session. On Thursday, the Nifty 50 fell 116.90 points, or 0.48 per cent, to 24,090.85, while the Sensex declined 539.35 points, or 0.70 per cent, to 76,933.59.
However, Asian markets were more cautious on Friday as investors shifted their attention to Warsh’s Jackson Hole address. Traders are looking for clues about the Federal Reserve’s approach to inflation and the future path of US interest rates.
The Fed chair’s comments could have a wider impact on global equity markets, bond yields, currencies and foreign investment flows. Any indication of a change in the US interest-rate outlook could influence investor sentiment towards emerging markets such as India.
Crude oil prices are another factor supporting sentiment. Brent crude was trading below the previous session’s levels, easing some concerns over input costs and inflation. Lower oil prices can be positive for India because the country depends heavily on imports to meet its energy requirements.
For Indian investors, the IT sector could remain in focus following the strong technology rally in the US. Positive sentiment around artificial intelligence spending may also support domestic technology stocks, although global rate expectations and currency movements will remain important factors.
Overall, Dalal Street is expected to begin Friday’s session with a positive bias, but investors are likely to remain selective and cautious ahead of the Federal Reserve chair’s speech and other global market cues.
28, Aug 2026
REPLUS Engitech Advances Indigenous BESS Technology with Government-Backed R&D Programme
PUNE, India, Aug. 28, 2026 /PRNewswire/ — REPLUS Engitech, an Indian energy storage and battery technology company, is advancing the next phase of its indigenous Battery Energy Storage System (BESS) technology development through a government-backed research and development programme, building on an established foundation of product development, testing, intellectual property and advanced battery technology expertise.
The R&D programme represents the next increment in REPLUS’ ongoing technology development journey, with a strong focus on advanced battery thermal management one of the most critical technology challenges shaping the safety, performance, reliability and lifecycle of next-generation energy storage systems. The company’s work is supported by an existing technology ecosystem comprising dedicated laboratory and testing infrastructure, a pool of engineers and battery technology experts, proprietary innovations and patents, as well as products developed for automotive and industrial-grade applications.
As battery storage systems scale in capacity and become increasingly important to critical infrastructure, thermal management is emerging as a defining technology challenge. Higher energy densities, faster charging and discharging cycles, larger-format battery systems and increasingly demanding operating environments require more sophisticated approaches to controlling heat generation and dissipation. Effective thermal management is critical not only to battery performance and efficiency, but also to preventing thermal degradation, improving safety and extending battery life.
REPLUS’ technology development programme is therefore focused on advancing thermal-management technologies capable of addressing these challenges under India’s demanding operating conditions. The company’s R&D efforts are aimed at developing solutions that can maintain optimal battery operating temperatures across varying loads, ambient conditions and duty cycles, while improving overall system safety, efficiency and lifecycle performance.
Hiren Pravin Shah, Managing Director & CEO, REPLUS Engitech, said, “India’s energy storage opportunity is entering a phase where technology depth will be as important as manufacturing scale. At REPLUS, we have already built a foundation through our laboratories, testing capabilities, patents, products and a specialised pool of experts working on battery technology and deep-tech innovation. The government-backed R&D programme enables us to take this foundation further, particularly in advanced thermal management, which will be fundamental to the safety, performance and bankability of next-generation storage systems. Our objective is not simply to develop another BESS product, but to build indigenous technologies that can operate reliably across some of the most demanding applications and environments.”
REPLUS has already established products for automotive and industrial-grade applications, reflecting its experience in developing battery and energy-storage technologies for demanding operating conditions. The company’s technology roadmap is now expanding towards applications where reliability, safety, weight, temperature resilience and lifecycle performance become even more critical, including defence, marine, railways and space applications.
This expansion reflects the evolving role of battery technologies beyond conventional energy storage. Future applications will require batteries and thermal-management architectures capable of operating in extreme temperatures, high-vibration environments, constrained spaces and mission-critical conditions. Defence and aerospace applications, for instance, require stringent thermal and safety performance, while marine and railway applications demand high reliability and robust operation over extended duty cycles.
REPLUS’ existing R&D and testing ecosystem provides the foundation for this technology roadmap. Its laboratory infrastructure enables the company to evaluate battery technologies, thermal behaviour and performance characteristics under controlled and demanding conditions, supporting the transition from research and prototyping to validated products and commercial applications.
The company’s Pune manufacturing facility, which currently has an initial capacity of 1 GWh, is being scaled up as part of its broader capacity expansion plans. The combination of R&D, testing, intellectual property, product engineering and manufacturing capabilities is intended to create an integrated domestic technology and manufacturing base for advanced battery and energy-storage solutions.
As India’s renewable-energy capacity expands and energy storage becomes increasingly critical to grid resilience, the next generation of BESS technologies will need to deliver more than capacity. They will need to provide predictable performance, enhanced safety, longer operating life and resilience across diverse environmental and operational conditions. Advanced thermal management will be central to achieving this transition.
Through its continued R&D investments, REPLUS aims to deepen its indigenous technology capabilities and develop battery and storage solutions that can progress from automotive and industrial applications to increasingly sophisticated and mission-critical sectors, strengthening India’s domestic capabilities in advanced energy-storage and battery technologies.
Media Contact:
Suryansh Singh | +9197798 59237 | suryansh@conceptpr.com
View original content:https://www.prnewswire.com/in/news-releases/replus-engitech-advances-indigenous-bess-technology-with-government-backed-rd-programme-302862546.html
28, Aug 2026
SK Telecom Launches AI Data Center Infrastructure Company ‘SK Horizon’ and Secures Investments from KKR and IMM
SEOUL, Korea, Aug 28 — SK Telecom (NYSE: SKM, hereinafter “SKT”) today announced that it will split its wholly owned subsidiary SK Broadband into a surviving company (SK Broadband) and a newly established company (SK Horizon). In connection with the spinoff, SKT has entered into a definitive agreement with funds managed by KKR, a leading global investment firm, and the IMM Investment-Stonebridge consortium (the “IMM consortium”) for a combined KRW 3.08 trillion equity investment in SK Horizon.
The surviving company will focus on innovation in its fixed-line, media, and enterprise businesses, while the newly established company will aim to expand Korea’s leading AI data center (AIDC) infrastructure. Based on the book value of net assets, the spin-off ratio has been set at 0.8351323 (approximately 0.84) for the surviving company and 0.1648677 (approximately 0.16) for the newly established company.
SK Horizon, whose name reflects its ambition to “open new horizons” in the AIDC sector, will be responsible for expanding its infrastructure to a total capacity of 318 MW, encompassing eight data centers already in operation – Seocho, Ilsan (2 locations), Bundang, Gasan, Centum, Yangju and Pangyo – and new AIDCs currently under construction, including those in Ulsan and Guro. It will also pursue the phased expansion of its submarine cable infrastructure, which is essential for global AI businesses.
SKT plans to strengthen its AIDC operational expertise through SK Horizon and expand into a range of AI infrastructure businesses going forward. In particular, its streamlined decision-making structure is expected to enable the company to more effectively secure funding for key business areas, including through external investment.
Kim Seong-soo, CEO of the surviving company SK Broadband, is expected to concurrently serve as CEO of the new company, SK Horizon. The appointment will be finalized through a resolution of the Board of Directors following the completion of the company’s establishment early next year.
Securing trillion-won-scale investment from KKR and the IMM consortium demonstrates the strength and future potential of the AIDC business
Alongside the spin-off, SKT announced that it has entered into a definitive agreement with funds managed by KKR and the IMM consortium for a combined KRW 3.08 trillion equity investment in SK Horizon. As investors in the newly established company, KKR and the IMM consortium will provide capital to support SK Horizon’s expansion as an AI data center infrastructure platform. Upon completion of all phases of the investment under the transaction, KKR and the IMM consortium will hold 29% and 20% stakes in SK Horizon, respectively, while SKT will retain management control as the largest shareholder with a 51% stake.
KKR is one of the most active infrastructure investors globally, with over USD 100 billion in infrastructure assets under management and more than USD 70 billion invested across digital and power assets. KKR is making this investment primarily from its Asia Pacific infrastructure strategy.
The IMM Investment-Stonebridge Consortium comprises two leading South Korean investment firms, IMM Investment and Stonebridge Capital. IMM Investment, founded in 1999, is a leading South Korean alternative investment firm with over USD 7.5 billion in assets under management across venture capital, growth equity, and infrastructure. Stonebridge Capital, founded in 2008, is a leading South Korean private equity firm with approximately KRW 3.6 trillion (USD 2.5 billion) in cumulative assets under management, investing in market-leading companies in structurally growing sectors.
SKT fully set for AIDC expansion with SK Horizon and SK Hyper
With this governance restructuring, SKT has completed the establishment of a full-scale AIDC business structure together with SK Horizon and SK Hyper, a specialized company established last July.
SKT will oversee the Group’s overall AIDC business, setting business strategies and directions and collaborating with global big tech companies. Building on its expertise and capabilities in data center operations, SK Horizon will be responsible for expanding infrastructure, including existing key AIDCs and submarine cables.
SK Hyper will focus on business development for new AIDC projects, with 5 GW of capacity targeted for phased opening in 2029 and expansion toward a total capacity of 15 GW in 2035.
Meanwhile, the surviving company, SK Broadband, plans to strengthen the competitiveness of its fixed-line, media, and enterprise businesses through AX-driven innovation in products and services, while sustaining solid growth. It also plans to accelerate future growth by actively identifying new business models.
With the aim of completing the spin-off and establishing the new company in the first quarter of next year, the necessary procedures, including an extraordinary general meeting of shareholders and government approvals, will be carried out.
“This governance restructuring is a proactive measure aimed at strengthening expertise and enabling faster execution in the AIDC business,” said Kim Seong-soo, CEO of SK Broadband. “As an AIDC infrastructure company, we will continue to scale up SK Horizon and grow it into Korea’s leading data center operator.”
“We are pleased to support SKT as it establishes SK Horizon and expands its AI data center infrastructure platform in Korea,” said Keith Kim, Partner at KKR. “SK Horizon brings together an established operating platform, capacity under development and a strong strategic partner. Korea’s advanced digital ecosystem and growing demand for AI capacity provide a strong foundation for SK Horizon’s next phase of growth.”
“AI data centers and submarine cables will be among the core infrastructure assets shaping Korea’s digital sovereignty and industrial competitiveness going forward,” said Kim Byung-hun, Head of Infrastructure at IMM Investment. “By investing in SK Horizon on the back of long-term capital from Korea’s leading institutional investors, the IMM Investment-led consortium aims to build a sustainable growth structure that combines the capital strength of our global partner with the stability of domestic capital.”
