Indian mobile phone firm Reliance Communications (RCom) owned by Anil Ambani will sell a majority stake in a telecom subsidiary to a Bahrain Telecommunications-led group for $1.1 billion, a report said Monday. The funds raised from the sale of the stake in Reliance Globalcom will help RCom reduce its hefty debt estimated at $6.7 billion, the Times of India said, quoting a source the newspaper said was close to the deal.

India's billionaire Ambani brothers, who fought a very public feud for spoils of their father's corporate empire, signed Tuesday a $220-million deal in the first tangible sign of a corporate reconciliation. Reliance Jio Infocomm, the telecom unit of Mukesh Ambani-led Reliance Industries, signed the agreement with Reliance Communications, the flagship firm of the Anil Ambani group, to share their fiber-optic communications networks.

India's second-largest bank by assets, ICICI, said Saturday it has suspended 18 employees in a probe into possible money laundering after a media sting targeting leading private lenders. Online Indian news outlet CobraPost said earlier this week one of its reporters had posed as a customer at three top private banks -- ICICI, HDFC and Axis -- seeking advice on investing up to $2.8 million. The news outlet said the reporter used a hidden camera to record dozens of conversations with bank employees, which it posted on its website.

India's biggest software outsourcer TCS has agreed to pay $30 million to settle a lawsuit filed by two former employees in the US relating to unpaid wages, media reports said Wednesday. The suit, filed in 2006 by former TCS staffers Gopi Vedachalam and Kangana Beri, alleged that the company did not pay them the salaries they were promised before arriving in the US, the Economic Times reported. The workers also claimed TCS violated the rights of its non-US citizen workers in the United States.