Liverpool-based tinned tuna and Napolina firm Princes Group has confirmed it aims to list on the London market later this month with a reported £1.5 billion valuation.

The almost 150-year-old firm, which is owned by Italian food firm Newlat, said it is set to make its stock market debut by the end of October.

The group – which has headquarters in Liverpool’s landmark Liver Building – is best known for its Princes Tuna and Napolina brands, but also owns Crisp N Dry and licenses brands such as Branston – having recently developed Branston baked beans – as well as Batchelors and Flora.

It marks the latest in a recent spate of UK listings as the London market rebounds.

The Beauty Tech Group kicked off its £300 million flotation last Friday and small business lender Shawbrook unveiled its initial public offering (IPO) plans earlier this week in what is set to be the year’s biggest float in the City.

It comes as a welcome bounce-back after the London market suffered a series of setbacks in recent years as major firms have defected to overseas rivals or been bought out.

Princes said it wants to raise money through a listing to help it expand its products and international footprint, with possible acquisitions on the horizon.

The firm sells nearly a billion cans of food each year and said it is the largest supplier of oils in the UK.

Angelo Mastrolia, executive chairman of Princes Group, said earlier this month: “Our decision to pursue a listing in London marks a pivotal moment in the history of Princes Group.

“The UK is our largest market and the home of an experienced leadership team. This decision reflects our long-term confidence in the business, the strength of our management and the scale of the opportunity ahead of us.

“We are actively pursuing a pipeline of tangible mergers and acquisition (M&A) opportunities that will unlock new geographies, categories and capabilities.”

The firm made £13.3 million in pre-tax profits last year on sales of £2.1 billion, but revealed it has already notched up a £37.8 million profit haul in the first six months of 2025.

Princes Group, which employs around 7,800 staff, has 23 factories across the UK, continental Europe and Mauritius, with a further 21 warehouses and distribution centres and three offices across Britain, Poland and the Netherlands.

The firm bought the Liver Building in Liverpool for £60 million earlier this year.

It was already based at the site – where it has been a tenant since 1982 – but wanted to expand its corporate headquarters there as well as extend its use as a venue for events.

Nayara Energy, the Indian refinery with major Russian ownership, is scrambling to sustain operations after being hit by European Union sanctions. The Russian-owned refinery, facing exclusion from many international markets due to severe EU sanctions implemented on July 18, has been compelled to redirect additional fuel towards domestic consumption whilst seeking alternative export destinations, amongst various necessary adaptations required by the EU restrictions.According to a Reuters report, from late August onwards, Nayara Energy’s refinery has intensified its railway usage, dispatching two to three trains daily, each comprising 50 tanker cars to transport fuel to inland storage facilities. This is more than twice its previous railway utilisation for diesel and petrol transportation.Nayara’s Russian ownership exemplifies the enduring close relationship between New Delhi and Moscow, a connection that positions India differently from Western allies.The government has found itself managing a delicate situation with Nayara’s ongoing difficulties, providing essential operational support whilst being cautious not to trigger Western opposition, according to government and company officials quoted in the report. The administration’s assistance includes allocation of tank wagons and authorisation for coastal vessels to transport the refinery’s products.The refinery, with Russian state oil corporation Rosneft as its primary stakeholder, now sources its crude oil requirements exclusively from Russia, following the cessation of Iraqi and Saudi Arabian supplies post-EU sanctions. This dependency creates potential vulnerabilities should supply chains face disruption from enhanced sanctions or increased pressure from the Donald Trump administration.The UK government is evaluating dual strategies: supporting Nayara whilst being cognisant of mounting international pressure for stricter sanctions, according to Amitendu Palit, senior research fellow at the National University of Singapore’s Institute of South Asian Studies quoted in the report.“Long-term support might not be sustainable unless the whole global dynamics change – like a resolution between Russia and the U.S.A. or progress in Russia-Ukraine conflict,” he said.The Mumbai-based Nayata holds significant influence in India’s expanding fuel industry, contributing 8% of refined products output and managing over 6,500 petrol stations.The company has been compelled to decrease crude processing at its 400,000-barrel-per-day Vadinar refinery to 70-80% capacity – down from its previous 104% – as it encounters difficulties securing export customers for its fuel and banking institutions to process payments, according to sources familiar with refinery operations.

What Nayara is doing to sustain operations?

Nayara adapted its operations by increasing railway transportation after sanctions impeded its coastal shipping and export capabilities, necessitating domestic distribution of its products, the Reuters report said. The refinery, lacking pipeline connectivity, received assistance from the government to access additional railcars and temporary permission to operate four coastal vessels, including the sanctioned Leruo and two vessels from the shadow fleet: the Garuda (Guinea-Bissau flag) and Chongchon (Djibouti flag), the report said.The company has requested governmental authorisation for two additional coastal vessels. Additionally, Nayara seeks official support to acquire equipment and materials, currently restricted by sanctions, for its maintenance closure initially planned for February. Sources indicate the company might postpone the shutdown until April whilst searching for alternative materials.“We are under constant threat,” a senior company official said on condition of anonymity, citing the worry that vessels the company is now using could come under future Western sanctions.“We never anticipated that we would be hit so directly. Now, every day feels like firefighting.”Nayara – the name is a mix of Hindi and English for “New Era” – previously operated as Essar Oil before its 2017 acquisition by Rosneft alongside a consortium including Russian fund UCP and Trafigura, with the latter later divesting its stake. The company sourced oil from diverse nations until 2022. Subsequently, India increased its Russian oil imports at discounted rates following Western sanctions on Moscow post the Ukraine invasion, becoming the primary buyer of Russian seaborne crude.The refiner’s primary concerns centre on maintenance issues and international payment capabilities, according to internal sources at Nayara quoted in the Reuters report.Since August, the state-owned SBI has halted processing of trade and forex transactions for Nayara, citing concerns about EU sanctions.Despite meetings between Nayara officials, finance ministry representatives and banks to address these banking complications, a resolution remains pending. This situation hampers the company’s ability to conduct international crude imports and fuel exports, as per government sources.Recent shipments have been directed to the Middle East, Turkey, Taiwan and Brazil, with 16 cargo loads of diesel, gasoline and jet fuel transported via EU-sanctioned vessels, according to available data.

New Delhi: For the first time in Indian banking history, the government has allowed professionals from the private sector to apply for senior leadership positions in public-sector banks, including the esteemed position of managing director at the State Bank of India, as reported by NDTV Profit.

According to a communication reviewed by NDTV Profit, the Appointments Committee of the Cabinet has approved revised consolidated guidelines for the appointment of Whole-Time Directors, including Chairpersons, CEOs, MDs and Executive Directors in public-sector banks and state-run insurance companies.

The reform represents a significant change in the selection process for MDs and CEOs in public financial institutions. The move is part of a larger initiative to uphold merit-based hiring, competition and transparency at the top echelons of the financial system.

Eligibility for SBI MD role

Private sector applicants are now eligible to apply for the SBI MD position under the new structure, as long as they fulfill strict eligibility requirements. Candidates must have at least 21 years of professional experience and at least 15 years of banking experience. Applicants must have served either two years at the board level of a bank or three years at the highest level below the board. 

Independent HR agencies to assess applicants for SBI MD 

The Financial Services Institutions Bureau which is in charge of proposing candidates for top financial sector posts, has been empowered to engage independent HR firms to evaluate private-sector applicants. Notably, the government has set aside the Annual Performance Appraisal Reports from the evaluation process which highlights a shift towards a more contemporary and performance-based assessment paradigm.

The Department of Financial Services under the Ministry of Finance has formally communicated these changes to public-sector banks and state-owned insurers, defining the revised appointment procedures.

Professionalism and accountability in public-sector banking

According to officials, the move is anticipated to draw elite talent from the public and private sectors, promoting increased professionalism and responsibility in banking leadership in the public sector.

“This reform aims to bring transparency, diversity, and merit-based selection in leadership roles across India’s financial institutions,” said a senior official as quoted by NDTV