India's Reliance Communications says SBI to report its loan accounts as 'fraud'
The state-run lender would also report the name of Reliance Communications' former director Anil Dhirajlal Ambani to the Reserve Bank of India, the company said, under rules that require key management personnel of fraud accounts to be reported to the regulator.
The firm, which is undergoing insolvency proceedings, is a group firm of the Anil Ambani-led Reliance Group.
Anil is the brother of Indian billionaire Mukesh Ambani, who chairs the oil-to-telecom conglomerate Reliance Industries.
State Bank of India and Anil Ambani did not immediately respond to Reuters' requests for comment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Foxconn tells hundreds of Chinese staff to return from its Indian iPhone factories
Apple's biggest assembly partner Foxconn has ordered more than 300 of its Chinese employees to return home from its iPhone factories in India, Bloomberg reported, citing anonymous sources. The employees told to return account for the bulk of Foxconn's staff in its iPhone facilities in India, and only Taiwanese support staff remain in the country, the report said. The motivation behind the order was not immediately clear, Bloomberg reported, though the outlet noted that Chinese officials have been asking regulators to curb knowledge and tech resources from being exported to India in a bid to preserve the country's manufacturing heft. The move comes as Foxconn and other Apple suppliers have been ramping up manufacturing in India as the iPhone maker seeks to reduce its reliance on Chinese manufacturing for its hardware. Foxconn in May received Indian government approval to build a $435 million semiconductor plant in the country. Apple's CEO Tim Cook has said the company is importing more iPhones from India as one way to handle the uncertainties around U.S. tariffs and trade risks. Sign in to access your portfolio
Entrepreneur
36 minutes ago
- Entrepreneur
Terex Ventures and Tokyo Ai Community Launch USD 200 Mn India–Japan Tech Collaboration
The partnership aims to build a dynamic investment corridor, enabling Japanese enterprises to discover and invest in Indian startups that demonstrate strong market traction, high scalability, and robust business models. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In a major stride toward deepening cross-border technological and investment partnerships, Terex Ventures has joined forces with the Tokyo Ai Community to launch a USD 200 million initiative focused on AI, innovation, and investment across India, Japan, and the UAE. The strategic collaboration marks a significant step in strengthening Indo-Japanese ties in the deep tech sector, offering curated growth-stage Indian startups access to Japanese capital, technology, and market opportunities. "India's AI-driven growth story is ready to go global," said Priyanka Madnani, Founder and CEO of Terex Ventures. "With Tokyo Ai, we are opening the gates for validated Indian ventures to access capital, technology collaboration, and global market presence through Japan's most credible partners." The partnership aims to build a dynamic investment corridor, enabling Japanese enterprises to discover and invest in Indian startups that demonstrate strong market traction, high scalability, and robust business models. "Japan's capital is shifting focus to growth-stage ventures with proven business models," said Isamu Koyama, Foundry Lead at Tokyo Ai Community. "Through this collaboration, we're building a trusted bridge between two of the most dynamic tech ecosystems in the world." While the Ai Community brings deep expertise in innovation and strategic partnerships, Terex Ventures will serve as the lead partner in India and the UAE, identifying and preparing companies for global exposure. The collaboration will operate on a dual-track model: For Indian startups: Strategic access to Japanese investors and potential market expansion. For Japanese enterprises: Curated entry into India's booming AI startup ecosystem. To activate the initiative, a Pan-Asia AI Roadshow is planned in New Delhi, Mumbai, Hyderabad, and Bengaluru. The roadshow will bring together Japanese and Indian stakeholders, as well as UAE investors, to explore joint ventures and capital collaborations. This landmark move is expected to not only accelerate startup growth but also foster a new era of Indo-Japanese cooperation in global technology leadership.
Yahoo
39 minutes ago
- Yahoo
Indian rupee range-bound despite weaker US dollar, set to trail most Asian peers: Reuters poll
By Pranoy Krishna BENGALURU (Reuters) -The Indian rupee will trade in a narrow range over the next six months as global risk-off sentiment slows capital inflows to a trickle, potentially offsetting gains from a weaker U.S. dollar, a Reuters poll of FX analysts showed. Despite the dollar index falling nearly 11% so far this year, the rupee has remained largely stable. The Reserve Bank of India has been shoring up its reserves to near record levels to limit volatility and to meet dollar obligations when needed. Foreign portfolio investors have been net sellers of Indian assets this year. Most strategists in the June 30–July 2 Reuters poll said they did not expect the rupee to make any meaningful gains. This comes even as global investors sell American assets over concerns rising debt levels in the world's largest economy are unsustainable in the long run. In three months the rupee is forecast to be down around 0.1% from current levels at 85.75 per dollar. It is then expected to trade at 85.50 in six months and weaken marginally to 86.13 in a year, according to the median forecast of 41 FX strategists. "The overall trend for USD/INR should be downward, with the Fed cutting rates, the dollar index falling and possibly a breakthrough on the U.S. trade deal in the coming days," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. "It's going to be a slow and steady journey for the rupee because the RBI is currently buying dollars to meet its liabilities." U.S. President Donald Trump said on Tuesday a trade deal could be reached with India. The rupee has been a laggard compared to most regional peers, down around 0.1% for the year. The Korean won, Thai baht, Malaysian ringgit and Singapore dollar have gained more than 5%. However, the RBI's recent policy stance shift to "neutral," signalling the end of its brief rate-cutting cycle, may help underpin the currency. "(Given) better growth prospects, with a lot of monetary and fiscal stimulus being front-loaded and the expectation India might end up benefiting on the trade front compared to peers, there is a case for the rupee to somewhat appreciate from where we are today," said Sakshi Gupta, principal economist at HDFC Bank. (Other stories from the July foreign exchange poll)
