Anil Ambani Group firm RNRL on Tuesday welcomed the government's move to protect NTPC's interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm's 'malafide attempts to dishonour' its commitment.
It is business and days of big announcements on Sundays for industrialist Anil Ambani, contrary to golf and get-togethers for the rest of the corporate world.
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
Continuing its attack on Petroleum Ministry, Anil Ambani group on Thursday criticised it for its failure to attract top global players for oil and gas exploration and production due to lack of sanctity attached to concluded contracts.
Manoj Tirodkar, chairman of GTL Infra, spoke to Arijit Barman & Katya Naidu bout the different aspects of the transaction.
"Any Reliance Money customer who has an Internet access through a GPRS or CDMA-enabled mobile phone can log in to the Reliance Money website using his or her existing user ID, security token number and trade in equities and commodities," said Reliance Money Director and CEO, Sudip Bandhopadhyay. With this initiative, the company will now be tapping approximately 347-million telecom users based in India.
The BJP MP in her plea alleged that Gandhi has attributed his personal remarks to the top court and tried to create prejudice.
Reliance Industries Limited's chairman Mukesh Ambani last week told company shareholders that his firm will supply gas to ADAG plants as and when they are ready and it is subject to the allocation being made by the government.
Reliance Industries chairman and managing director Mukesh Ambani confirmed the truce pact with Anil Ambani.
Reliance Infratel, the tower business of Anil Ambani-controlled Reliance Communications, is learnt to be in talks with another tower firm GTL to part-sell its stake and also combine the businesses of both entities.
Over 500 farmers on Wednesday approached the district authorities seeking return of land sold to Anil Ambani-controlled Reliance Power, but expressed inability to repay the compensation in one-go, a government official said.
Reliance Industries' annual general meeting on Friday will be unique in many ways. It's the first AGM after the Supreme Court judgment on K-G gas, the first after the truce between Mukesh and Anil Ambani and the first after the company's big-bang return to telecom.
Anil Ambani Group's DTH arm Reliance BIG TV is believed to be in discussion with content providers like Max Broadcasting, Warner Home Entertainment Group and CNN to acquire non-film content for its pay per view platform.
Leading telecom players like RCom, Tatas, Vodafone and Idea Cellular failed to bag a single circle for Broadband services, saying the BWA spectrum price was too high to make a viable business case.
'I don't think Siddhartha has done anything wrong. He has not managed his debt well. In any case, he is not the best example of the system going wrong or the system pushing him hard. I think on that particular day, he was depressed and took an impulsive decision. It will be unfair to blame the system.'
The government on Saturday filed a petition before the Supreme Court seeking a direction to declare as 'null and void' the private family agreement of the Ambanis that provides for gas supply by Reliance Industries Limited to Reliance Natural Resources Limited. The government petition has named as respondents RIL led by Mukesh Ambani and RNRL headed by Anil Ambani, which have separately filed cross-petitions against the Bombay High Court's June 15 judgment.
All the 700-odd employees of RMWL will get new cards and stationary with a new signature logo which will have RMWL as the umbrella brand and the business divisions alongside -- BIG FM, BIG Live, BIG Street, BIG Digital.
Within 24 hours of the brothers Ambani deciding on a ceasefire, the stock market and Reliance pundits are out with their calculators to figure out the financial implication of ending the non-compete terms five years in advance and the loss that Anil Ambani's Reliance Natural Resources Limited would incur post the Supreme Court verdict.
Three weeks after the Supreme Court judgement, the brothers Ambani have formally decided to create an overall environment of harmony, co-operation and collaboration.
The Ambani brothers, Mukesh and Anil, will share dais at Vibrant Gujarat Global Investors' Summit (VGGIS) beginning in Ahmedabad on January 12.
Protests and a ban greeted Hrithik Roshan's latest film in Karnataka.
In February, Wang Jianzhou, China Mobile's chairman and CEO, told Business Standard at the Mobile World Congress in Barcelona that the company was keen to expand to India. China Mobile has over 450 million subscribers. RCom, which offers CDMA mobile telecom services and started GSM services a few months ago, has over 70 million customers. An RCom spokesperson declined to comment and an email query to China Mobile was unanswered.
ADAG Chairman Anil Ambani on Friday said his group had no immediate plans to seek review of the Supreme Court verdict that rejected cheap gas to group firm RNRL from Mukesh Ambani-led RIL.
The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
The apex court had sought the response after Anil Ambani-led RNRL had consented to government being made a party in the dispute. RNRL contended that it was entitled to receive the gas at $2.34 per unit from Mukesh Ambani group RIL which had entered into an arrangement for supplying gas to NTPC at that rate.
Besides seeking vacation of the apex court's interim order, which stayed the electricity tribunal's judgement on May 14, Reliance also sought a direction to Maharashtra Electricity Regulatory Commission to allocate TPC's generating capacity as was done for financial years 2006-07 and 2007-08.
Members of the Shiv Sena on Monday burnt a truck and blocked the Western Express Highway in Mumbai to protest the recent increase in electricity charges by Anil Ambani's Reliance Infrastructure. The protests brought the traffic on the arterial highway to a standstill and caused massive jams. Many people were reportedly injured in the protests.
The country's most valued firm RIL's bid to acquire a majority stake in bankrupt petrochemical group was called off by LyondellBasell after the latter found the price offer was undervaluing the company.
The day-long forum held in Mumbai is being jointly organised by the Securities and Exchange Board of India and Securities Commission of Malaysia. Meanwhile, Sebi chairman C B Bhave in his inaugural address said, "Both Securities Exchange Board of India and Securities Commision, Malaysia, can promote linkage between our financial sectors, capital markets and cross-border investment participation."
For the first time after settling their family dispute, brothers Mukesh and Anil Ambani are again competing face-to-face, in a bid for the Rs 7,500-crore, 1,320-Mw thermal power project at Gulbarga in north Karnataka.
Big Animation has selected the most popular characters and stories from the famous magazine Chandamama, which would be launched as a TV serial spanning over a minimum of 25 episodes to begin with. Speaking to Business Standard, Big Animation CEO Ashish SK said, "The project will be handled over a period of three years.
Uday Warikar and Balraj Phevar, employees of Air Works India Engineering Pvt Ltd that maintained Ambani's helicopter, were arrested on Monday and sent to police custody till May 15. The two were technical helpers at Air Works.
Addressing his maiden poll rally in West Bengal's Malda, the Congress chief said, "Did the youth get employment, did the farmers receive any help? Like Modi, Mamata Banerjee makes only fake promises and lies to the people."
Bharat Borge, the mechanic whose timely discovery that there were pebbles and mud in the gear box of Anil Ambani's helicopter, was found dead beside railway tracks in suburban Andheri in Mumbai under mysterious circumstances on Tuesday.
As if rejecting the truce offer made by Anil Ambani to estranged brother Mukesh, Reliance Industries Limited sources on Sunday said this was yet another attempt to present corporate dispute as a family feud.
In a surprise move, industrialist Anil Ambani on Sunday reached out to estranged elder brother Mukesh saying all disagreements can be sorted out in a cordial and conciliatory manner.
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.
An Anil Ambani group company has asked the oil ministry to stop Reliance Industries Ltd from charging marketing margin on gas, alleging that the Mukesh Ambani-led firm was not sharing the revenue and 'diverting' crores (billion) of rupees of the government's share.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
India's largest companies are making inroads into one of the country's most ancient businesses - the purchase of gold by the nation's hundreds of millions of women for weddings, festivals and savings.
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