From custom-made luxury sedans to fast and furious supercars, India's billionaires rule the roads
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Reliance Industries Holdings will now directly own stakes in Reliance Ports & Terminals, Reliance Gas and Transportation and Reliance Utilities and Power.
Ambani has investment in gas pipeline company Reliance Gas Transportation Infrastru-cture; Jamnagar-based power company Reliance Utilities and Power Ltd and Reliance Ports and Terminal Ltd.
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
Billionaire industrialist Mukesh Ambani has turned a venture capitalist and is backing a new television channel Epic TV due to go on air next month.
The two companies have approached banks to raise up to Rs 8,000 crore as debt to fund their expansion plans.
For the last four days Mumbai has been seized of a whodunnit of another kind. After a speeding Aston Martin owned by Reliance Ports mowed into two cars on the posh Peddar Road on Sunday night the identity of the driver remains unclear, and the police is treading carefully in the matter, reports Prasanna Zore.
But earnings of main private holding firm get a booster dose from RIL dividend