Reliance Industries Ltd., India’s second-largest company by market value, plans to raise about 400 billion rupees ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses, according to people familiar with the matter, Bloomberg News reported. The billionaire Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency, the people said asking not to be named as they are not authorized to speak to the media.

Russia's VTB Capital-backed Numetal on Tuesday said Ruia family scion Rewant will never be in management of Essar Steel even though the rules do not bar blood relations of delinquent promoters from bidding for loan defaulter companies being auctioned to recover dues, Firstpost reported. During the proceedings of the National Company Law Appellate Tribunal (NCLAT), senior advocate Mihir Thakore representing Numetal said that the Insolvency & Bankruptcy Code (IBC) does not disqualify anyone based on blood relations. Aurora Enterprises Ltd (AEL) had a 25 percent shareholding in Numetal.

Lenders to the bankrupt Videocon Industries have filed an insolvency petition against 13 subsidiaries of the Venugopal Dhoot-led company to recover their dues, sources close to the development told FE. Most of these subsidiaries are likely to be admitted by the National Company Law Tribunal (NCLT) for insolvency proceeding by next month, Financial Express reported. The insolvency petition against Videocon Industries, which was filed by State Bank of India (SBI) in January, was admitted by the tribunal on June 6.

The Hyderabad Bench of the National Company Law Tribunal (NCLT) has given its nod for Corporate Insolvency Resolution Proceedings (CIRP) to be initiated against Ramky Infrastructure Ltd, Bar & Bench reported. The company is publicly listed and has a paid-up share capital of over Rs. 57 crores. Judicial Member Bikki Raveendra Babu passed orders after hearing a petition filed by one of Ramky’s operational creditors, Todi Minerals Pvt Ltd.

A homegrown Singaporean company that owns one of the financial center’s three seawater desalination plants is struggling to stay afloat, a Bloomberg View reported. Whether Hyflux Ltd. sinks or swims will matter to creditors and shareholders. The strategic stakes, though, are far higher. Now that Singapore’s old foe Mahathir Mohamad is back as Malaysia’s prime minister, and once again threatening to renegotiate a 1962 agreement to supply raw water to the city-state, making sure the Hyflux plant is owned until 2038 by a friendly buyer could become an issue of national security.

Teachers threatening to stop repaying loans from the Government Savings Bank are risking bankruptcy and disqualification from government service, deputy justice permanent secretary Tawatchai Thaikyo warned on Tuesday. He was responding to the announcement by leaders of a network of professional teachers' organisations meeting in Maha Sarakham on Saturday that their 450,000 members would stop paying off debts to the state-owned bank next month in protest at increasing interest rates, the Bangkok Post reported. "Be prepared to become bankrupt if you owe more than 1 million baht...

International investors are too fixated on trade tension between the US and China. Instead, they would do well to take heed as Beijing continues a war against non-bank lenders and fintech companies that is tightening liquidity and spooking investors in mainland China, the Financial Times reported in a commentary. Money remains tight on the mainland even as financial stability has replaced deleveraging as the official order of the day.

Shares of Asiana Airlines shot up more than 20 per cent on Tuesday morning on a media report that SK Group is considering buying the troubled airline - a claim the conglomerate later denied, the Financial Times reported. Asiana shares climbed as much as 23 per cent to Won5,130 ($4.57), their highest since May 21, after local online media News Tomato said SK Group, South Korea’s third-largest conglomerate, is considering a takeover.  But SK Holdings, the holding company of SK Group, denied the media report in a regulatory filing, making Asiana shares give up much of the gains.

One China hedge fund is adding to stocks in the nation even as a rout deepened losses in its portfolio and prompted some peers to duck for cover, Bloomberg News reported. Springs China Opportunities Fund is using the “panic selloff” to increase its holdings of “oversold and undervalued” companies, it told investors in a letter seen by Bloomberg News. The letter was sent after the fund lost an estimated 17 percent this year through July 6. The Shanghai Composite Index has dropped as much as 12 percent since the end of May, as the trade spat with the U.S.

China’s savers are rushing to pull money from peer-to-peer lending platforms, accelerating a contraction of the $195 billion industry and testing the government’s ability to maintain calm as it cracks down on risky shadow-banking activities, Bloomberg News reported. In some cases, savers are turning up at the offices of P2P operators to demand repayment, spooked by reports of defaults, sudden closures and frozen funds. At least 49 platforms have failed in the past two weeks, adding to 80 cases in June, the biggest monthly tally in two years, according to Shanghai-based Yingcan Group.