Skip to content
Search

Latest Stories

UK-based Rich Energy looking to buy Vijay Mallya's Force India

A British energy drinks company is in talks to buy Vijay Mallya's Force India.

According to reports, Rich Energy is in talks for a 200-million-pound deal to take over the racing team, which is one of the most notable properties of Mallya, who has been on a self-imposed exile in the UK since March 2016.


Force India, however, denied talk of a potential sale. "Following recent media reports speculating on the sale of Force India Formula One Team Limited, the company’s shareholders wish to clarify that there is no offer from potential investors under consideration," the team said in a statement.

This news comes just days after Mallya, who is wanted in India for money laundering and defrauding Indian banks amounting to Rs 9,000 crore, lost a legal battle related to Kingfisher Airlines, which is now defunct. A UK High Court recently asked Mallya's company to pay Singapore-based BOC Aviation an estimated $90 million in claims after Kingfisher Airlines failed to meet the terms of an agreement with the aircraft leasing company.

Reportedly, Kingfisher Airlines had signed an agreement with BOC Aviation to lease out four aircrafts in 2014. The company delivered three of them, but could not deliver the fourth one due to issues with an advance payment. The amount Kingfisher Airlines paid BOC Aviation was not as per the agreement they had and this prompted BOC Aviation to move the London court for claim.

Mallya is currently on a 650,000-pound bail bond and he has been fighting an extradition case in London since last year.

In other news, Live Mint reported that India’s largest spirit-maker United Spirits Ltd is set to invite bids for its mansion called Niladri on Napean Sea road in South Mumbai. The property was formerly used by Mallya as his Mumbai residence and it is priced at around Rs 300 crore.

“Niladri will be open for bidding from next week. The property is likely to fetch around Rs280 crore to Rs300 crore,” a source told the publication.  “It would be a clean transaction as the property is not under any litigation or any issue with the lenders,” another added.

More For You

Uber

Takeaway apps have become a source of employment for undocumented migrants

Getty Images

Uber warns UK food delivery costs could rise amid crackdown on illegal migration

Highlights:

  • Uber warns Home Office rules targeting illegal gig economy workers could increase takeaway delivery costs in the UK.
  • Undocumented migrants have historically used food delivery apps for work, exploiting limited right-to-work checks.
  • Companies like Uber Eats, Deliveroo, and Just Eat have introduced stricter checks, including facial recognition and document verification.
  • Compliance and administrative costs have contributed to a fall in Uber UK profits despite rising revenues.
  • Government enforcement includes thousands of interviews and hundreds of arrests for suspected illegal working.


Uber’s UK accounts at Companies House welcomed the Home Office’s efforts to deter migrants and people smugglers from risking Channel crossings. However, the company cautioned that “new legislative requirements could have an adverse impact on our business, including expenses necessary to comply with such laws and regulations.”

Takeaway apps have become a source of employment for undocumented migrants, attracted by historically limited right-to-work checks. Delivery riders have sometimes sold or rented their accounts on social media to “substitutes” who may be working illegally.

Keep ReadingShow less
Co-op and Bestway strike new deal to back independent retailers

Dawood Pervez (L), managing director at Bestway Wholesale and Katie Secretan, managing director of Co-op Wholesale

Co-op and Bestway strike new deal to back independent retailers

A NEW partnership has been formed between Co-op Wholesale and Costcutter Supermarkets Group (CSG) to support independent retailers across the UK.

Goes beyond the standard supply deal, it aims to bring the combined expertise and resources of both businesses together, helping local retailers compete in an increasingly tough convenience market, a statement said on Thursday (4).

Keep ReadingShow less
Nirmala Sitharaman

India's finance minister Nirmala Sitharaman said the Goods and Services Tax (GST) structure would be simplified from four slabs to two, with reductions across several sectors. (Photo: Getty Images)

India cuts consumption taxes, simplifies structure into two slabs

INDIA announced a major cut in consumption taxes on Wednesday, days after the United States imposed steep tariffs on Indian goods.

India's finance minister Nirmala Sitharaman said the Goods and Services Tax (GST) structure would be simplified from four slabs to two, with reductions across several sectors. In some cases, levies have been reduced by more than half.

Keep ReadingShow less
Jio Platforms

Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)

Reuters

Jio IPO planned for mid-2026, AI unit announced with Meta and Google

RELIANCE Industries plans to take its telecom and digital arm, Jio Platforms, public by mid-2026, chairman Mukesh Ambani said on Friday. The announcement sets a new timeline for the long-awaited IPO of a business analysts value at over $100 billion.

At its annual general meeting (AGM), Reliance also announced the launch of an artificial intelligence unit in partnership with Google and Meta.

Keep ReadingShow less
Asda tech overhaul

Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)

AFP via Getty Images

Asda boss hails tech overhaul as key to revival despite sales slump

THE chairman of Asda has admitted the supermarket chain still faces challenges after sales slipped again over the summer, but said the completion of a major IT overhaul was crucial for its recovery.

Allan Leighton told the Times that the long-delayed technology project, called Project Future, had finally been finished after years of setbacks and costs exceeding £1 billion. The work involved separating more than 2,500 systems inherited from former owner Walmart, following Asda’s 2021 takeover by TDR Capital.

Keep ReadingShow less