The Maharashtra government, Cleveland Clinic (CC), Brookfield Asset Management and Arodhan Health City (AHC) signed a Memorandum of Understanding (MoU) to develop the Navi Mumbai International MediCity (NMIMC).

Under the proposed partnership, Cleveland Clinic will serve as the anchor institution for the project, bringing its globally recognised expertise in quaternary care, medical education, research, innovation and patient-centric healthcare delivery. The project is expected to attract approximately $ 1.2 billion in investment and generate over 10,000 direct jobs, a note on the development said. The Maharashtra government will facilitate the partnership and support the consortium in obtaining the necessary approvals and clearances in accordance with applicable policies and regulations, it added.

NMIMC is planned as a global-scale healthcare, research, medical education and medical tourism platform, and is being developed on approximately 250 acres adjacent to the Navi Mumbai International Airport.

Lakshmi Mittal, Executive Chairman of Arcelor Mittal and Board Member of CC, Dr Saloni Patwardhan from AHC, Kaustubh Dhavse, Chief Advisor to the Maharashtra Chief Minister, and the CC team led by CEO Dr Tomislav Mihaljevic, Dr Sameer Kapadia (Chairman of Cardiovascular Medicine) and Dr Falcone (President of Emerging Markets) – were present at the occasion in Cleveland, the headquarters of the clinic.

The plan is for NMIMC to provide an ecosystem designed to integrate “world-class hospitals, medical and nursing education institutions, clinical research centres, biotechnology and life sciences facilities, AI-driven healthcare innovation, wellness infrastructure and allied healthcare services within a single collaborative campus,” the note said. LNMIIT Jaipur, founded by Lakshmi N Mittal, will collaborate with Cleveland Clinic and NMIMC by contributing research infrastructure, advanced technology capabilities and academic expertise to support cutting-edge healthcare innovation, translational research, artificial intelligence and precision medicine initiatives, the note said.  

Published on June 11, 2026

Some Indian lenders have asked the Reserve Bank of India if they can help individuals access loans from overseas banks to bring in more capital under a new plan, according to people familiar with the matter, potentially amplifying inflows into the country.

The lenders sought clarity from the Reserve Bank of India if they can use a portion of deposits collected from non-resident Indians as collateral, the people said, asking not to be named as discussions are private. Based on that collateral, fresh loans would be given to such depositors from foreign banks, enabling them to park more money under the central bank’s latest incentive plan, they said. 

A clarification from the RBI could potentially open the door for more capital flows into the country after economists estimated that the so-called foreign-currency non-resident (bank) deposits program could draw about $50 billion. A similar process, known as ‘marking lien’, was permitted by the RBI in 2013, and banks are also able to tap overseas leverage using a so-called letter of credit arrangement.

This would allow customers to leverage, or scale up the amount of money they would deposit under the plan, the people said. The lenders asked the central bank to produce a ‘frequently-asked-questions’ section about the program in coming days, they added. 

An RBI spokesperson did not immediately respond to an email seeking comment.

The overseas deposit program is expected to ease strain on India’s external finances as fuel imports turn costlier due to the Middle East war. Banks have started announcing sharp rate increases to lure foreign funds, offering a rate of as high as 7.1% on five-year deposits. 

Any inflows would provide a timely boost, with local shares having already seen outflows of almost $30 billion this year and India projected to post a balance of payments deficit for a record third year. The rupee has weakened 6% this year against the dollar.

The RBI has also allowed other forms of leverage that could augment inflows, details of a circular showed Monday. Other measures rolled out by Indian authorities last week to lure overseas funds include reduced taxes for foreigners buying Indian bonds and higher limits for equity purchases. The rupee gained following the announcement but remains close to a record low.

More stories like this are available on bloomberg.com

Published on June 11, 2026

The selloff in information technology stocks deepened on Thursday, with the Nifty IT index emerging as the worst-performing sectoral index as concerns over rising inflation, elevated interest rates and rich valuations in artificial intelligence-linked companies weighed on sentiment.

The weakness in domestic technology stocks mirrored a sharp overnight decline in global technology shares. US markets ended lower, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite falling 1.9 per cent, 1.6 per cent and 2.0 per cent, respectively, amid continued selling in technology stocks, hotter-than-expected US inflation data for May 2026 and escalating US-Iran tensions.

Nifty IT remains under pressure

The Nifty IT index fell as much as 2.6 per cent to 27,519.15 in early trade, from its previous close of 28,279.90.

Although the broader market recovered some losses during mid-session trade, the IT index continued to underperform and remained down around 1 per cent.

The index has fallen 11.5 per cent since June 2, 2026, (recording a closing value of 31116.55).

Top losers

Infosys, LTIMindtree and HCLTech were among the biggest losers, declining 2-3 per cent at the time of writing. Heavyweights TCS and Wipro also traded lower.

Tech Mahindra, which had fallen nearly 3 per cent in early trade, recovered its losses and was trading flat.

Among midcap IT stocks, Persistent Systems declined as much as 4 per cen,t before paring losses to trade flat at ₹4,906 at 11.59 am. Coforge also shed around 3 per cent in early deals.

AI disruption concerns add to pressure

According to Sumit Pokharna, SVP – Fundamental Research at Kotak Securities, apart from the global risk-off sentiment, concerns around rapid advances in artificial intelligence are adding to pressure on the sector.

“Nifty IT Index is down around 2 per cent today, and in the last six months it has fallen around 27 per cent,” Pokharna said.

He noted that Anthropic’s recently launched Claude Fable 5 and Mythos 5 models have intensified concerns around revenue deflation for Indian IT services companies, particularly those with significant exposure to application development and maintenance (ADM) services.

According to Pokharna, the new AI models deliver significantly stronger software engineering capabilities, with AI-generated code quality approaching human levels and potentially surpassing it within the next year.

“The key concern is that productivity improvements in software engineering are occurring much faster than in non-software domains. This increases the risk of lower effort requirements, reduced billing volumes, and pricing pressure for traditional application development and maintenance contracts,” he said.

Pokharna added that companies with larger exposure to application services could face greater disruption than peers focused on infrastructure, cybersecurity, engineering services or business process outsourcing.

Among large-cap IT companies, Infosys is considered relatively more exposed to application services, while HCLTech has comparatively lower exposure. Persistent Systems has one of the highest exposures to application development, he noted.

“The pace at which enterprises integrate AI models into software delivery workflows will be the key factor determining the magnitude of disruption for the IT services industry over the next three years,” Pokharna said.

Anthropic, meanwhile, is preparing for an initial public offering and submitted a draft Form S-1 registration statement to the US Securities and Exchange Commission on June 1, 2026.

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Published on June 11, 2026