Vedanta group firm Hindustan Zinc on Wednesday said it has signed a pact with Sulfozyme Agro India under its Zinc Industrial Park initiative to advance sustainable metal recovery.

Under the collaboration, Sulfozyme Agro will set up its proposed operations at the Zinc Industrial Park, focused on processing zinc-based materials into value-added products for industrial and downstream applications.

Hindustan Zinc will support the venture through assured raw material linkage and long-term ecosystem support, enabling efficient operations, integrated supply chains, and scalable manufacturing within the Park’s industrial network.

The partnership also aligns with Hindustan Zinc’s broader vision of strengthening the MSME ecosystem by creating opportunities for downstream industries, local entrepreneurship, and industrial growth in Rajasthan, the company said in a statement.

Developed in collaboration with RIICO (Rajasthan State Industrial Development and Investment Corporation), Zinc Industrial Park is a dedicated downstream manufacturing hub designed to integrate raw material availability with value-added zinc production.

“Our partnership with Sulfozyme Agro reflects our commitment to strengthening the circular economy while enabling downstream value creation… Through such partnerships, we aim to accelerate industrial growth, support MSME development, and position Rajasthan as a leading destination for zinc-based industries and advanced manufacturing,” Hindustan Zinc CEO Arun Misra said.

Hindustan Zinc Ltd, a Vedanta Group company, is the world’s largest integrated zinc producer and is amongst the top 10 silver producers globally.

Published on June 10, 2026

File picture: Anil Ambani
| Photo Credit:
MITESH BHUVAD

The Bombay High Court has granted interim protection from prosecution and penalty to industrialist Anil Ambani in an alleged tax evasion case, while admitting his petition challenging the constitutional validity of provisions of the Black Money Act.

Ambani, in his plea, said certain provisions of the (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, were “ultra vires” (beyond the powers/ violative) to the Constitution of India.

A bench of Justices B P Colabawalla and Firdosh Pooniwalla on Tuesday noted that there are other petitions filed in HC against the Act and admitted Ambani’s plea, which will be taken up for final hearing in due course.

The court directed the Union Government to file its affidavit in response to the plea.

The HC noted that an assessment order against Ambani has already been passed and that he has filed an appeal before the Commissioner of Income Tax (Appeals).

“The said appeal can proceed and orders can be passed thereon. However, we clarify that no coercive action shall be taken against the petitioner, including that of prosecution and penalty, till the hearing and final disposal of this writ petition,” the HC said.

The Income Tax department issued a notice to Ambani on August 8, 2022, for allegedly evading ₹420 crore in taxes on undisclosed funds of more than ₹814 crore held in two Swiss bank accounts.

According to the department’s notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money Act, which stipulates a maximum punishment of 10 years imprisonment with a fine.

The department has charged Ambani with “wilful” evasion, claiming he “intentionally” did not disclose his foreign bank account details and financial interests to Indian tax authorities.

Ambani, in his petition, claimed that the Black Money Act was enacted in 2015, and the alleged transactions are of assessment years 2006-2007 and 2010-2011.

As per his plea, the provisions of the Act cannot have retrospective effect.

According to the I-T department’s notice, Ambani was an “economic contributor as well as beneficial owner” of a Bahamas-based entity called ‘Diamond Trust’ and another company called Northern Atlantic Trading Unlimited (NATU), which was incorporated in the British Virgin Islands (BVI).

The department alleged that Ambani “failed to disclose” these foreign assets in his income tax return (ITR) filings and hence contravened provisions of the Black Money Act.

The total value of the undisclosed funds in the two accounts has been assessed by tax officials at Rs 8,14,27,95,784, and tax payable on this amount at Rs 4,20,29,04,040.

Published on June 10, 2026

Yes Bank Ltd. has raised interest rates on foreign currency non-resident deposits by as much as 335 basis points, becoming one of the first Indian lenders to offer the program aimed at attracting capital flows and shore up the battered rupee.

The private-sector lender will offer 7 per cent on three-year FCNR(B) deposits, 7.05 per cent on four-year deposits and 7.10 per cent on five-year deposits, a spokesperson for the bank said. Previously, the bank offered rates of as high as 4 per cent on similar deposits.

The revised rates mark a sharp increase from previous levels and come days after the central bank announced regulatory relaxations to encourage banks to mobilize more foreign currency deposits between June and September.

It also introduced a dollar-rupee swap facility for banks raising such deposits, reducing the cost of attracting overseas funds.

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Published on June 10, 2026