Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody's Investors Service said on Monday. The oil-to-retail-to-telecom behemoth on Friday reported a 0.7 per cent Ebitda (earnings before interest, tax and depreciation and amortisation) growth for the quarter ended December 31, 2020, compared with the corresponding quarter in the previous year. "A strong performance in digital services and retail segments underpinned the improvement in consolidated earnings, a credit positive," Moody's said commenting on the earnings. Continued growth in earnings combined with the company's strong balance sheet with zero net debt on a reported basis will keep Reliance's credit metrics strong for its Baa2 rating over the next 12-18 months, it said.
Openly backing the ISL as the country's elite competition for the first time, the Indian FA (AIFF) said its recommendation was based on the Master Rights Agreement it signed in 2010 with its commercial partners Football Sports Development Limited.
"Starting December 4, 2016, every new Jio user will get Jio's data, voice, video and the full bouquet of Jio applications absolutely free till March 31, 2017," Mukesh Ambani said, adding that the 'Jio Happy New Year Offer' will also be extended to existing customers on current SIMs.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation's most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of 100 million and will invest an additional 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
Billionaire Mukesh Ambani's Reliance Industries has started a limited test use of WhatsApp to connect customers to grocery stores, days after Facebook decided to invest USD 5.7 billion in digital assets controlled by the company. JioMart, an e-commerce venture of Reliance Retail, "has already started interacting with customers on WhatsApp for grocery orders" in Navi Mumbai, Thane and Kalyan, Credit Suisse said in a report.
For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India: Mukesh Ambani.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced to raise Rs 7,350 crore from two investors -- Singapore's sovereign wealth fund GIC and Global alternative asset firm TPG -- by selling a stake in group's retail arm.
Home minister heads several groups of ministers, including the one to decide the revival package for Bharat Sanchar Nigam and Mahanagar Telephone Nigam. His ministry also takes decisive calls on national security in relation to telecom operations as well as equipment and technology used in the industry.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Aizawl FC have threatened to 'fast unto death' after finding themselves in the bizarre position of staring at relegation next season despite winning India's top division title on Sunday.
A plunge in fuel demand after the raging pandemic forced people to stay home and stifled the economy dealt a body blow to the firm's traditional cash cow oil refining and petrochemicals, even as consumer-facing businesses, which account for 35 per cent of the oil-to-telecom-to-retail conglomerate's revenues, continued to do well.
Amazon provided mere "lip service" and failed to provide any help to the debt-laden Future Group as the retail major suffered massive setback amid the COVID-induced lockdown and faced possible insolvency or debt restructuring, Future Group's promoters said in a letter to the e-commerce giant. This is the first time Future Group promoters have written to Amazon after the parties were embroiled in a legal battle over the sale of Future's retail assets to Reliance Industries. The letter from the promoters, including Kishore Biyani, was written on December 31. It alleged that Amazon's actions "lacked good faith" during the March to August period, when the group's retail business was severely hit by the lockdown.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
The property was acquired by RIL for around Rs 172 crore
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
Manchester City CEO Ferran Soriano said the group had been looking for years at soccer in India and the Indian Super League (ISL), which is currently in its sixth season.
Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
If Modi rethinks on pro-biz policies, investors will suffer.
Tamil Nadu Election Candidates, TN 2016, Deepika Election Live, Thanjavur Election are some of the apps keeping people hooked to their handsets.
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
In the third infrastructure sharing agreement between firms run by brothers Mukesh and Anil Ambani, Reliance Industries' telecom arm has agreed to use Reliance Communication Ltd's intra-city fibre network to roll out 4G services.
The hotel is equipped with new, clean air technology which promises its guests the cleanest air in the city on par with global standards.
In an apparent bid to offset BJP candidate Pragya Thakur's controversial statement against slain IPS officer Hemant Karkare, Modi heaped praises on Mumbai police.
Tata Steel, others sell assets abroad after taking massive impairments.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
The country of 1.3 billion is finally waking up to the most popular sport on the planet. Kushal Das, secretary general of the All India Football Federation, has said the country is aiming to qualify for the 2026 World Cup.
Hailing Prime Minister Narendra Modi and the Bharatiya Janata Party government, top industry captains pledged mega investments at the Vibrant Gujarat Global Summit
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
The government has made it much harder for tycoons to get special dispensations from Delhi
An ambitious project to awaken a sleeping giant of Asian soccer looks like confirming Nobel laureate Amartya Sen's famous remark that India pricks up its ears only when comparisons with China are made. With China embarked on a multi-billion dollar mission to become a soccer superpower by 2050, India looks set to follow suit with its own plan to raise its status in the game to match its burgeoning economic power. Come October, India, most famously described as soccer's sleeping giant by former FIFA president Sepp Blatter, will launch a programme to engage more than 11 million children in soccer-related activities.
The combined networth of India's 100 wealthiest is $381 billion (nearly Rs 25.5 lakh crore), a rise of 10 per cent from $ 345 billion in 2015
A summary of sports events and sports persons, who made news on Wednesday.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
For some, he is a visionary who grew his one-channel firm into a media giant by the sheer dint of his courage; for others, he is a compulsive risk-taker.
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