Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
The high court is hearing a dispute between Mukesh Ambani-led Reliance Industries and Anil Ambani's Reliance Natural Resources over a gas sale agreement, in which the government has intervened. NTPC has filed a separate suit against RIL, seeking that RIL execute the contract of gas supply.
The move is expected to give high retail exposure to its products in innumerable kirana stores in the country, without having to spend much on advertising and marketing expenses apart from generating business volumes. When contacted, Reliance Retail spokesperson said: "As a policy, we do not comment on speculation." In a recent reshuffle at the company, Reliance Fresh head Gunender Kapur was made head of private labels business in the company.
A day before the deadline of exclusive takeover talks between Anil Ambani's Reliance Communications and South African company MTN expires, Reliance Industries has invoked the dispute resolution clause of the non-competition agreement against RCom. However, RCom plans to go ahead with its proposed merger with MTN without taking RIL's claim into account.
A division bench of Justices J N Patel and K K Tated said that the new agreement should be as per the memorandum of understanding between the Ambani brothers Mukesh and Anil. The MoU stipulates that RIL would supply 28 mmscmd of gas to RNRL for 17 years at the rate of $2.43 per million British Thermal Units.
"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.
Defence Ministry says the report is being verified, maintaining that neither Indian nor French government had any say in the decision.
RIL is aiming to revive its 350-odd outlets in Gujarat and Maharashtra by the end of April, followed by the rest of the country. The company may sell only these two products for some time. The company had closed all its 1,400-odd retail outlets through the country last year, after sales dropped drastically due to its inability to match the subsidised prices offered by state sector oil marketing companies.
At a time the industry is slashing headcount, citing the downturn, direct-to-home (DTH) television service providers are adding employees.
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
After Uttar Pradesh, Mukesh Ambani's Reliance Industries Limited is facing the wrath of local vegetable vendors and wholesalers in Uttarakhand for venturing into retail business.
Betting on higher margins from private labels, Reliance Digital, the consumer durable chain of Mukesh Ambani's Reliance Retail, is planning to introduce its own brands of home theatres, LCD televisions and digital cameras. The brands, according to a source, will be called Rldigi. Reliance Digital is planning tie-ups with domestic and international consumer durable and appliance companies. These private labels are expected to contribute 12-15 per cent of Reliance Digit
Reliance Retail has tied up with Microsoft to launch the concept of connected homes.
Reliance Retail Ltd, an arm of Mukesh Ambani's Reliance Industries Ltd, posted profit for the first time after opening its first store nearly three-and-a-half years ago, mainly aided by a tax provision of Rs 250 million (Rs 25 crore).
The shares of the Mukesh and Anil Ambani group companies were on fire on Monday following the brothers burying their hatchet, with RIL gaining 2.58 per cent and Reliance-Power rallying 7.86 per cent.
The division bench of Justices J N Patel and K K Tated would continue to hear the case, though Justice Tated was transferred to Aurangabad bench of the High Court last week, high court sources said. The case is likely to come up for hearing on January 12, RIL lawyers said.
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.
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.
With oil flowing past $145 a barrel, leading companies in the country have lined up plans to explore opportunities in jatropha cultivation and prospects of biofuel. The companies are flocking to Gujarat, which has earmarked 1,900,000 acres in the Narmada region for the crop cultivation.
Indian billionaire industrialist Anil Ambani has joined up with the family of Amitabh Bachchan, the Bollywood actor, to set up a joint venture to make films.
"Four directors have been shortlisted for projects which will go on the floor begining 2008-end. A few other projects are at the consideration stage and will be announced shortly," Wing commander P Ramesh, CEO of A B Corp told PTI. The four directors shortlisted are Chandraprakash Dwivedi, Rohan Sippy, Sujoy Ghosh and Balki. Ramesh said that Reliance Big Entertainment and A B Corp are equal partners in the film production in terms of creative input and finance.
The Reliance Anil Dhirubhai Ambani Group on Wednesday threatened to sue three top officials of Mukesh Ambani's Reliance Industries for breach of trust and their inability to protect the interest of shareholders of an ADAG company.
Gandhi claimed that if a JPC probe was conducted, names of PM Modi and businessman Anil Ambani will come to the fore.
In line with its plans to set up greenfield projects outside India, Mukesh Ambani's Reliance group is considering setting up a polypropylene unit in Kuwait. The company already has operations in the Gulf states to market polypropylene. If this project fructifies, it will be Reliance's first unit outside India. Reliance Industries (RIL) is also looking to set up a refinery project in Kuwait. It has also signed an MoU with GAIL to explore for petrochemical plants outside India.
The district court of The Hague, Netherlands, has upheld the decision of the arbitration panel that VSNL must allow Flag Telecom an access to Flag Europe Asia cable landing station in Mumbai. Flag Telecom (now known as Reliance Globalcom), a subsidiary of Anil Ambani's Reliance Telecom, wanted access to Mumbai landing staion of Flag Europe Asia cable (FEA), a submarine fiber optic cable that runs from England to Japan, for the purpose of enhancing its capacity.
Reliance Power (R-Power), which raised over Rs 12,000 crore (Rs 120 billion) in India's biggest initial public offering in January, will consider issuing bonus shares to its shareholders, excluding the promoter group.
Reliance Big TV, a subsidiary of Reliance Communications, will offer 202 channels initially and increase the bouque to 330-350 over a period of time, company CEO Arun Kapoor said in Mumbai on Tuesday.
RCom is set to launch a lifetime connection for Rs 199, the lowest from any service provider in the country.
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.
Indian companies led by Anil Ambani's Reliance Power (RPower), Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals (BHEL) plan to invest over Rs 100,000 crore in the next five years to expand their presence in the nuclear energy sector after the country signs the nuclear agreement with the US, paving the way for import of fuel and transfer of technology.
Anil Ambani's Reliance Communication on Sunday launched GSM services in Mumbai and offered free talk-time worth Rs 900 spread over three months. "New subscribers would get Rs 10 talk-time every day for the first 90 days and we have offered tariffs of Re 1 a minute for local calls. STD would cost Rs 1.50 per minute on any network," Dinesh Gulati, the head of Western region, said. After consuming Rs 10 during the day, the subscribers can use top up cards.
At present, Reliance is in exclusive talks with MTN with respect to a potential combination of their businesses. The exclusivity talks period of 45 days started on May 26. The due diligence is currently in the final stages and is likely to be concluded anytime. Industry sources said MTN top brass, including Azmi Mikati, chief executive of the investment unit that is MTN's second-largest shareholder and Phuthuma Nhelko, chief executive of MTN are positively inclined to it.
Revenue soared 6.2 per cent to Rs 20,602.2 crore for the three months ended March 31, 2019.
The Bombay high court on Tuesday imposed a fine of Rs 1 lakh on Anil Ambani's Reliance Energy Limited for constructing a power substation in suburban Chembur without permission from the civic authorities. Division bench of Justices J N Patel and Amjed Sayed also dismissed REL's petition challenging demolition notice issued by Municial Corporation of Greater Mumbai.
'Rafale is an open and shut case and there is only one man who has done corruption'
Anil Ambani's Reliance Communications, which offers GSM and CDMA mobile services, said it added 1.62 million new mobile users in March.A company official said the net additions from January to March this year stood at 4.83 million. RCom, the country's largest CDMA operator, added 1.6 million mobile users each for the first two months.
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.
Small-budget films seem to be raking in the moolah for production houses. Little wonder that filmmakers like Ghai, Mahesh and Mukesh Bhatt and Pritish Nandy have over the years stuck to making small-budget films in the range of Rs 10-15 crore (Rs 100-150 million).
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.
Mukesh Ambani's Reliance Industries is in talks to acquire an equity stake in Haryana-based Modern Dairies, which would strengthen its presence in the high-volume, low-margin liquid milk market.
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