The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned NTPC, a plea also being used by the Anil Ambani group.
Anil Ambani's radio business, Reliance Media World, which operates radio station BIG FM 92.7, will list on the Bombay Stock Exchange and the National Stock Exchange on Thursday. This makes BIG FM 92.7 the second radio station to be listed on the stock exchanges.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
Stumbling blocks for resolving the gas row between the Ambani brothers can be removed by putting together the family MoU and the demerger scheme, Anil Ambani-led RNRL told the Supreme Court on Wednesday.
The Bombay high court, while pronouncing the verdict on the gas dispute on Monday, advised the Ambani brothers for the second time to settle their row in consultation with their mother.
The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007.
A flare up of sibling rivalry between India 's billionaire Ambani brothers over the proposed takeover of mobile operator Reliance Communications by South Africa's MTN is threatening to spill over into the courts.
Reliance Communications chairman Anil Ambani has proposed that the government should make it mandatory for telecom service providers to surrender additional spectrum that they are not utilising. Putting his proposal into practice, Ambani has also conveyed his willingness to surrender the extra 1.8 MHz spectrum that his group has in the Bihar circle.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
Tata group firm Trent Ltd on Friday said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore (Rs 212 million), marking ADA Group's entry into the retail sector.
"We remain open to opportunities if appropriate valuations come up," said Reliance MF CEO Sundeep Sikka. Reliance MF, which is India's biggest mutual fund in terms of assets under management, has also become the first fund house to cross an average AUM of Rs 1 lakh crore. "Consolidation has already started in the industry and, going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses," Sikka said.
Investigations into the death of Air Works technician Bharat Borge, who found pebbles in Anil Ambani's chopper, is likely to be closed soon in the absence of any evidence to suggest that he committed suicide. Two persons, both Air Works employees, were arrested for planting the pebbles.
Taking on the Congress over the Rafale deal, the defence minister asserted that 'there is something different between defence deal and deal in defence.'
Telecom tribunal TDSAT on Monday rejected a contempt application filed by Anil Ambani group company Reliance Communications against Cellular Operators Association of India, for allegedly taking the legal battle on spectrum for a media trial.
Anil Ambani-promoted Reliance Natural Resources has filed an affidavit in the Bombay High Court in the case involving Reliance Industries, refuting the petroleum ministry's stand that the government-approved price of $4.2/million metric British thermal unit (mmBtu) is the selling price of gas.
The Ambani brothers -- Mukesh and Anil -- have emerged among the biggest beneficiaries of the people's mandate in favour of the Congress-led UPA government as their group companies added close to Rs 90,000 crore (Rs 900 billion) of wealth in just five trading sessions after the results were declared.
Anil Ambani group company Reliance Communications on Monday announced entering into an exclusive negotiations with South Africa's telecom giant MTN to discuss potential combination of their businesses.
Anil Ambani-led Reliance Power will invest over Rs 12,000 crore (Rs 120 billion) for executing 2,520-MW hydro power projects in Arunachal Pradesh, to be commissioned in the next Five Year Plan (2012-17).
"The Board of the company has approved a proposal to further unlock overall shareholder value by transferring its infrastructure projects to a separate 100 per cent subsidiary, subject to compliance with applicable laws," REL informed the Bombay Stock Exchange.
Finance Minister Pranab Mukherjee on Wednesday hoped that Mukesh and Anil Ambani would be able to sort out their differences amicably for the Indian market's sake, but said no one can say what would happen.
The Anil Ambani group asked on Wednesday market regulator Securities and Exchange Board of India to probe a "disinformation campaign" launched by some "vested interests" against the planned Reliance Power IPO, estimated to raise up to Rs 12,000 crore (Rs 120 billion). "A formal complaint has been filed with Sebi to investigate the disinformation campaign launched against Reliance Power IPO," a Reliance ADA group spokesperson said in a statement.
DoT sources confirmed receipt of the report by auditors Parekh and Co and said that it is yet to examine the findings. DoT would ask for RCom's response later.
After dropping "Kolkata" from Indian Premier League team Kolkata Knight Riders, actor Shah Rukh Khan has started discussions with Nokia, Sahara, the Anil Ambani group, and several other companies to sell the team he bought just over a year ago for Rs 300 crore, and exit the business.
An alleged attempt to sabotage the helicopter of India's second richest man, Anil Ambani, is developing into a full-blown murder mystery after the mechanic who discovered the plot was suddenly killed this week.
Family members of Bharat Borge, a key witness in Anil Ambani's chopper sabotage case who was found dead under mysterious circumstances on a railway track in a Mumbai suburb, have sought a CBI enquiry into his death.
Anil Ambani Group firm Reliance Infrastructure has agreed to pay the levy, although under protest, and has asked the Mukesh Ambani firm to resume natural gas supplies to its power plant.
Reliance Communications launched a new 'Simply Reliance Plan' on its CDMA and GSM networks, which offers a single rate of 50 paise per minute across the country with no hidden charges.
China Development Bank takes Reliance Communications to NCLT over loan default
At a time the industry is slashing headcount, citing the downturn, direct-to-home (DTH) television service providers are adding employees.
Further the shareholders have accorded their approval for issue of bonus shares in 3:5 ratio, wherein three new equity shares would be alloted for every five existing equity shares held, the company added. The company had recommended the issue of 13.68 crore (Rs 136.8 million) bonus shares in the ratio of three new equity shares of Rs 10 each for every five existing equity shares of Rs 10 held by the shareholders of the company in the public category.
The Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
Anil Ambani-promoted Reliance Power (R-Power) has signed a supplementary power purchase agreement (PPA) with fourteen buyers from seven states for its upcoming 4,000-MW ultra mega power project (UMPP) in Sasan.
Tata Communications on Monday said it was considering challenging the Dutch court verdict, which has allowed access to its cable landing station in Mumbai for Anil Ambani Group's Flag Telecom. Reliance Globalcom on its part confirmed receiving a copy of the judgement and said the Hague court had rejected all claims made by VSNL. Flag Telecom, a subsidiary of Anil Ambani-led Reliance Telecom, wanted access to Mumbai landing station of Flag Europe Asia.
The move comes within days of RNRL approaching the apex court to become a party to the petition filed by NTPC against RIL that seeks quashing of the Bombay high court, which allowed the Mukesh Ambani group firm to amend its petition.
Ghosh, who led the ramping up of German insurer Allianz's Indian insurance ventures, has assumed charge as Reliance Capital CEO from today, the company said. He would report to Reliance Capital Vice Chairman Amitabh Jhunjhunwala. Reliance Capital has also crossed the 14 million customer-mark across all its businesses, according to industry sources.
RIL is relying upon the pleadings in RIL Vs RNRL case to support its defence against NTPC.
Anil Ambani's $1.5 billion joint venture with celebrated film maker Steven Spielberg to set up a film studio in Hollywood will be operational in January next year.
The Anil Ambani group company has soft-launched the service in Mumbai, Delhi, Gujarat, Punjab Bangalore and Chennai. The company has provided GSM phones to its employees for testing the service, according to sources.
Big Cinemas, is one of the biggest cinema chains in the country and currently has 457 screens spread across India, the US, Malaysia and the Netherlands.
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