Erstwhile Indian business tycoon, Vijay Mallya who presently residing in the UK has rejected the news on Thursday (6) that his offer to repay all his dues to the Indian banks was linked to the extradition of UK national Christian Michel to India in AgustaWestland chopper scam.
The liquor baron urged the banks to take back their money as he wants to end the narrative that he stole public money.
“Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically, my appeal is “Please take the money”. I want to stop the narrative that I stole money,” Mallya tweeted on Thursday.
Grounded Kingfisher Airline boss on Wednesday (6) in a series of tweets had urged the banks to accept his offer to pay back 100 per cent of the principal loan amount. Mallya has also rejected the news that his offer is linked with the extradition proceeding being completed in the UK to extradite him to India.
The tweets by Mallya has come just a few hours after alleged AgustaWestland VVIP chopper deal agent Christian Michel was brought to India from UAE. India’s first successful extradition since India started same proceedings against economic offenders such as Vijay Mallya, Nirav Modi, and others.
The former liquor baron who is on bail in the UK on an extradition warrant after his arrest in April 2017 and is on his legal battle against efforts undertaken by India investigators to extradite him to India on charges of fraud and money laundering worth Rs 90 billion.
Westminster Magistrates’ Court is expected to pass its judgement on Mallya’s extradition trial in London on December 10.
The extradition case was started at the London court last year with an objective at laying out a prima facie case of fraud against Mallya and establishing there are no hurdles to him being extradited to face legal proceeding in India over the allegations related to loans made out to his Kingfisher Airlines.
Yet another court case in the UK, Mallya had also lost his appeal in UK’s Court of Appeal against a High Court order in favour of 13 Indian banks to recover loans nearly £1.145bn.
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 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.
The tax changes will make a range of consumer goods, including soap bars and motorbikes, cheaper. However, the move could add pressure on government finances.
The announcement comes after US president Donald Trump imposed tariffs of up to 50 per cent on imports from India, raising concerns of a slowdown.
Sitharaman said the GST cuts were not linked to the tariff issue. "These reforms have been planned for a long time," she said.
India's prime minister Narendra Modi welcomed the measures. "The wide ranging reforms will improve lives of our citizens and ensure ease of doing business for all, especially small traders and businesses," his office said in a social media statement.
The revised system removes tax on insurance premiums, including life and health coverage. Levies on motorbikes and small cars have been reduced from 28 per cent to 18 per cent.
A finance ministry note also said dozens of life-saving drugs will now be tax exempt.
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Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. (Photo: Reuters)
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.
Ambani had first indicated plans in 2019 to list Jio within five years. On Friday, he told shareholders the company is preparing to file for an IPO next year.
Reuters reported in July that Jio decided against launching an IPO in 2025. Analysts at the time valued the company at over $100 billion.
Jio Platforms includes India’s largest telecom operator, Reliance Jio Infocomm, with more than 500 million users. Backed by investors such as Meta, Google and KKR, the business is central to Ambani’s move to diversify Reliance beyond oil and chemicals into retail, consumer and technology. AI and international expansion are now key areas of growth.
Reliance is also investing $8.8 billion in its chemicals business. It expects retail to grow sales by nearly 10 per cent a year on a like-for-like basis and plans to add 2,000–3,000 new stores annually.
“Jio is not being fully valued within Reliance's broader petrochemicals and retail portfolio, and a separate listing would help unlock higher value for the telecom and digital unit,” said Saurabh Parikh, senior analyst at ICRA Ltd.
AI Unit with Meta and Google
Reliance and Meta announced a new AI joint venture with an initial investment of around $100 million. Meta CEO Mark Zuckerberg told the AGM the venture will provide Meta’s open-source AI models to Indian businesses.
Google will partner with Reliance to deploy AI across energy, retail, telecom and financial services. It will also set up a Jamnagar Cloud region dedicated to Reliance, Google CEO Sundar Pichai said at the meeting.
The partnerships come as India-US relations face tensions following US President Donald Trump’s decision to impose 50 per cent tariffs on Indian exports in response to India’s purchase of Russian oil.
Reliance runs the world’s largest refining complex in Gujarat and is India’s biggest buyer of Russian oil.
(With inputs from agencies)
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Asda sales fell 0.2 per cent in the three months to June 30, 2025 (AFP via Getty Images)
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.
Describing the programme, he said it might be “the biggest IT systems change, certainly in Europe, maybe ever”. He added: “The cost is material, but largely that is now behind us.”
The supermarket acknowledged that the switchover had caused “temporary disruption with product availability” both online and in stores, which would weigh on sales through to September.
Leighton explained: “We’ve been doing 50 stores a week, every week, for 10 weeks. The collective scale of that does cause some friction… so that’s where the impact has been.”
Leighton, who rejoined Asda last November after previously leading the business in the 1990s, has focused on price cuts and improving stock levels. He said he did not expect “any miracles” but stressed that completing the IT work and reducing distractions was “very critical” for the turnaround.
Asda has been pouring money into a Rollbackprogramme of price reductions to compete with Tesco, Sainsbury’s and the fast-growing discount chains Aldi and Lidl. The grocer said its average reduction under the scheme was about 22 per cent.
He also voiced concern about government policy, warning that chancellor Rachel Reeves’s approach could push up prices. “There’s no doubt all of this is hitting the pocket of the consumer. And when that happens, that’s not particularly good for anybody. I think there’s more gloom than we’ve seen for a long time,” he was quoted as saying. He added that Reeves risked driving up food bills by “taxing everything in some way shape or form.”
Sales at Asda fell 0.2 per cent in the three months to June 30, excluding fuel, while turnover edged down to £5.3bn. Earlier in the year, sales had fallen nearly 6 per cent.
Data from research firm Kantar showed the supermarket’s market share dropped further over the summer, with sales down 2.6 per cent. Aldi is now close to overtaking Asda as the UK’s third-largest grocer.
Leighton pointed to other parts of the business as bright spots. George, Asda’s clothing and homeware arm, posted 2.5 per cent like-for-like growth, while its convenience format Asda Express rose 8.6 per cent, outpacing the wider market. “We’re more than just a supermarket,” he said, highlighting its clothing stores, cafés and opticians.
Retail analyst Clive Black of Shore Capital said, “Asda’s Q2 performance is not yet at a stage of putting up the bunting, but we are pleased to see for all those in Leeds the signs of improvement, which we anticipate will now follow through into forthcoming quarters.”
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A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England. (Photo: Getty Images)
UK VEHICLE exports to the United States rose in July after a new trade deal between London and Washington reduced tariffs, industry data showed on Thursday.
According to the Society of Motor Manufacturers and Traders (SMMT), exports increased 6.8 per cent in July to nearly 10,000 units, following three consecutive months of decline.
The SMMT had earlier reported that exports to the US dropped 55.4 per cent in May compared with the same month last year, with smaller falls recorded in April and June.
"The US remains the largest single national market for British built cars, underscoring the importance of the UK-US trade deal, and July's performance illustrates the impact of this deal," the SMMT said.
The agreement, finalised in May and effective from June 30, cut tariffs on UK car exports to 10 per cent on up to 100,000 vehicles a year.
In April, US President Donald Trump had imposed a 27.5 per cent tariff, reducing demand and forcing manufacturers, including Jaguar Land Rover (JLR) and Aston Martin, to scale back or suspend shipments.
Almost 80 per cent of cars made in the UK last year were exported, mainly to the European Union.
The UK auto industry is largely made up of foreign-owned brands such as Japan’s Nissan and India-owned JLR.
The US is also a major market for UK-produced luxury models from Bentley and Rolls-Royce, both owned by German groups.
ASIAN entrepreneurs Mohsin and Zuber Issa are moving the headquarters of their global forecourt company, EG Group, from Blackburn to the US in preparation for a major stock market listing in New York.
The firm confirmed that its main office will relocate to Charlotte, North Carolina, while a new base in Bolton, Greater Manchester, will handle its remaining UK operations, the Telegraph reported. The change brings an end to almost 25 years of the company being run from Blackburn.
According to the BBC, Blackburn will retain about 300 jobs, less than half of the current 700 staff.
The move is seen as a milestone for the Issa brothers, who rose from running a small family shop to building one of the world’s largest petrol station businesses.
Despite the shift overseas, the family has continued to invest in Blackburn, with projects including a mosque, luxury homes near their childhood area of Brookhouse, and plans for one of the country’s biggest cemeteries.
Quesir Mahmood, Lancashire County council’s cabinet member for economic development, said, “While this represents a change for the company, our understanding is Blackburn will remain a key base for EG Group, with around 300 staff continuing to work from the borough. This is a significant and ongoing commitment to our borough and one we greatly value.”
However, Conservative councillor Paul Marrow warned the decision could leave the modern building underused. He said, “This is a massive blow to Blackburn. EG Group has been a flagship business headquartered here for many years, and it is particularly sad to see such a reduction in its presence.”
EG Group is preparing for a $13 billion (£9.7bn) flotation on the New York Stock Exchange. The US has become its most important market, generating most of its income.
The company no longer runs any petrol stations in Britain. Last year, Zuber separated its remaining forecourts into a new venture, EG On The Move, which continues to operate from Blackburn.
At present, the brothers each own 25 per cent of EG Group, while private equity firm TDR Capital controls the remaining half. TDR is also the main backer of supermarket chain Asda, which the Issas bought into with the firm in 2021.
EG said its Bolton office would help the company “maintain roots in the north-west” while reflecting its smaller UK and European presence. It did not confirm if the shift would affect jobs.
Earlier this year, Mohsin stepped down as chief executive, handing over the role to former finance chief Russell Colaco. Both brothers are understood to still live locally and remain connected to the community.
Reports have suggested that Zuber had preferred selling the US arm, valued at around $5bn (£3.7bn), instead of pursuing a public listing.
The company, founded as Euro Garages, grew rapidly after acquiring fuel sites from brands such as Esso. A merger with the European Forecourt Retail Group in 2016, backed by TDR, helped it become a global player and later expand aggressively in the US.
That growth relied heavily on cheap borrowing during the years of low interest rates. Rising costs after the pandemic forced EG to cut back and sell assets to reduce debt.