The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
The Reserve Bank of India's action against Reliance Capital comes at a time when the Anil Ambani group was planning to make a comeback with the group company, Reliance Infrastructure, raising funds from the promoter family. As part of the comeback plan, Reliance Infrastructure received Rs 550 crore fund infusion from the Anil Ambani family. A month earlier, Reliance Power, a listed subsidiary of Reliance Infrastructure, also raised funds from its parent by issuing preferential allotment of shares thus increasing the stake of Reliance Infrastructure in the company.
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
At present, Mumbai Metro One Private Ltd (MMOPL) is offering a promotional fare of Rs 10 for all the destinations till July 9.
The Seventh Fleet's area of responsibility includes the Western Pacific and Indian Ocean and at any given time there are roughly 5070 ships and submarines, 140 aircraft and approximately 20,000 sailors under its command.
Reliance Infrastructure is fully geared to deliver the project in 60 months from the appointed date of June 24, 2019, as per the contract, Reliance Infrastructure said in a BSE filing.
Metro projects usually require additional funding by promoters, which RInfra refuses to in this case.
Anil said the company is in the process of signing a contract with the Indian Coast Guard for the first defence order for 14 fast patrol vessels
The junior Ambanis - Anmol and Anshul - were inducted on the board to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board.
As temperatures soar across the country, amid searing heat wave, analysts see power demand hitting fresh record highs this year. The time, therefore, may be opportune to add related stocks on dips as higher demand boosts earnings visibility, they said. On April 18, India's electricity demand touched a new high of 216 gigawatts.
Reliance Infrastructure on Thursday announced the cancellation of Rs 12,000 crore (Rs 120 billion) Mumbai's Metro Line 2 project citing non-fulfillment of certain obligations by Maharashtra government.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
Maharashtra Cabinet undecided over providing subsidy to private utilities.
RCom's employee cost declined by 20.7 per cent.
The Rs 4,300-crore (Rs 43-billion) project -- marred by missed deadlines and cost overruns -- has finally started full scale test run last week between Ghatkopar and Versova and will open to public by mid-January.
Reliance Infrastructure's Delhi Airport Express, the first public-private partnership in Metro rail services, is set to restart operation from 5 am on Tuesday, after remaining shut for six months.
Total operating income of the company stood at Rs 5,296 crore (Rs 52.96 billion) against Rs 6,160 crore (Rs 61.6 billion) in the year-ago period, Reliance Infrastructure said in a statement.Reliance Infrastructure is present in engineering, procurement and construction, energy and infrastructure segments.
This surcharge is to be levied on high-end commercial and industrial consumers of Mumbai's suburbs.
A consortium of six banks led by IDBI will finance the project to the tune of Rs 1,194 crore (Rs 11.94 billion), Rs 512 crore (Rs 5.12 billion) will be raised through equity while Rs 650 crore (Rs 6.5 billion) will come from the MMRDA as capital subsidy. The closure is unique in many ways as nearly Rs 200 crore (Rs 2 billion) have been spent on the project before the financial closure.
This metro line would be a 33.65-km rail link between Bangalore City Centre and Bangalore International Airport.
A Maharashtra government-appointed committee has asked Tata Power not to adopt differential pricing but supply excess power at the regulated price to Reliance Infrastructure.
Mumbai electricity consumers do not have to face powercuts for a while. The Maharashtra Cabinet subcommittee chaired by Chief Minister Ashok Chavan on Thursday intervened to resolve the ongoing dispute between Tata Power and Reliance Infrastructure over power purchase.
Reliance Infrastructure, part of the Anil Dhirubhai Ambani Group, has said the recent Supreme Court order on gas supply to sister firm Reliance Power (45 per cent owned by R-Infra) will not impact its projects.
Wipro's scrip jumped 2.97 per cent to Rs 468.50 on the NSE.
Reliance was the highest bidder at Rs 63 cr for the 5 airports project.
The project is for a concession period of 35 years with an extension clause of another 10 years, the company said in a statement.
The move will help the utility to charge more from its 2.6 million users in Mumbai. Reliance Infrastructure (Rel Infra) had asked asked the Maharashtra Electricity Regulatory Commission for a 4.19 per cent rise in its annual revenue requirement. It was instead granted an increase of 10 per cent. Mumbai and its suburbs are serviced by Tata Power, Brihanmumbai Electricity & Suburban Transport and Reliance Energy.
Shares of Reliance Infrastructure and Reliance Natural Resources Ltd on Tuesday tanked in the range of 4-8 per cent on the bourses after reports surfaced that these two ADA Group firms are involved in fraudulent banking activities overseas.
He said unwarranted rumour-mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks had caused grave damage to all our stakeholders.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
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The Reliance Group employee is among those who have been arrested
M-Cap of top 10 business groups went up by 46% this year.
The marquee names include Hindalco, three Tata group companies and Colgate.
The new discounted fares are Rs 10 (3 km), Rs 15 (8 km) and Rs 20 (20 km).
Reliance Infrastructure said it plans to commission the Mumbai Metro rail project this year.
DMRC, Reliance Infra go for arbitration.
Red signal for Mumbai Metro Phase II.
Your daily ride to work is not going to be that easy. An analysis of the progress of top metro projects across India suggests that apart from the Delhi and Jaipur Metro and Chennai Monorail, the remaining projects are still in the planning stages.
Ajit Mishra answers reader queries on the stock market.
