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Reliance, Surrey join hands as Oval Invincibles rebrands to MI London
MUMBAI/LONDON: Reliance Industries and Surrey County Cricket Club have struck a partnership to run the Oval Invincibles franchise in The Hundred, assuming ownership from the England and Wales Cricket Board. The deal gives Reliance a 49 per cent stake and Surrey 51 per cent. From 2026, both the men’s and women’s sides will play as MI London.
The Invincibles are The Hundred’s standout force, sweeping five titles in five years – with the women taking the first two and the men landing three in a row from 2023 to 2025. Their dominance has been driven by Surrey talent such as Sam Curran, Tom Curran, Will Jacks and Alice Capsey, alongside global stars including Marizanne Kapp, Rashid Khan and Adam Zampa.
Mumbai Indians, owned by Reliance, bring deep experience in franchise cricket, with seven teams across five countries and a haul of 13 titles, including five IPL wins and two Women’s Premier League trophies. Every team in the MI portfolio now holds a championship.
Nita M Ambani said, “We are delighted to welcome MI London into the One Family and take the MI legacy to new frontiers. London holds a special place in the heart of cricket, and we are honoured to be part of its rich heritage.”
Akash Ambani said, “The Invincibles’ winning record and spirit of excellence perfectly embody the MI ethos of passion, resilience, and teamwork. Building on our shared passion for cricket, we look forward to collaborating with our partners at Surrey CCC and building on the legacy of The Hundred’s most successful team.”
Surrey chair Oli Slipper said Reliance’s record in cricket and business made them ideal partners. The MI London identity, he added, would help build a bigger global fanbase and strengthen long-term investment in Surrey cricket.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
