The battle between the Ambani brothers flared up again today -- this time over the Anil Dhirubhai Ambani Group's (ADAG's) bid to seal a merger deal with South African telecom company, MTN.
Bandhan Financial Services, the first microfinance institution in the country to win a bank licence, is also one of the youngest entities to be allowed to enter the banking space.
Ending days of suspense, the Reserve Bank on Wednesday granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants that included corporate heavyweights ADAG Group, Aditya Birla Group and Bajaj Group.
A sharp rise in Reliance-Anil Dhirubhai Ambani Group (ADAG) stock prices baffled market players on Tuesday.
While making the announcement, Anil Ambani, chairman of ADAG, said, the partnership with Spielberg and Snider is the cornerstone of the company's Hollywood strategy.
Reliance Entertainment, controlled by the Anil Dhirubhai Ambani Group, is divesting a 5 per cent equity stake at an enterprise value of $1.5 billion (about Rs 6,000 crore).
In what could be a prelude to Reliance Anil Dhirubhai Ambani Group claiming damages against Mukesh Ambani-controlled Reliance Industries for allegedly derailing the merger talks with South Africa's MTN group
The meeting lasted for about 20 minutes but deliberations of the meeting could not be known immediately.
The Reliance-Anil Dhirubhai Ambani Group (R-ADAG) has picked up a 15 per cent stake for Rs 225 crore (Rs 2.25 billion) in a new international airport coming up at Aranmula in Pathanamthitta district of central Kerala.
RELIINFRA's withdrawal effectively leaves the field free for the only other bidder -- the consortium of Mukesh Ambani-promoted SeaKing Infrastructure Ltd (SKIL) and IL&FS. The RELINFRA consortium had quoted a concession period of nine years and 11 months against the SKIL consortium's 75 years.
The group is set to become the second largest Indian corporate in terms of market value.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
The board formally approved 10 SEZs, including a 16 hectare IT zone of Tata Consultancy Services in Kolkata, Saloni Business Park Private Ltd's 27.5 hectare biotech zone in Thane and a 4.77 hectare electronic hardware and IT zone in Raigad, proposed by Modern India Property Developer.
Reliance Anil Dhirubhai Ambani Group on Friday unveiled a grand spending plan of over Rs 60,000 crore (Rs 600 billion) in Orissa, which included an investment blueprint for the world's largest pithead thermal power plant.
In the two weeks since the terror attacks in Mumbai, most of the large Indian business groups in the city have been conspicuous by their absence in offering help to terror victims.
Prime Minister Manmohan Singh is likely to discuss the impact of global demand contraction on Indian economy with industry leaders in New Delhi on Saturday, ahead of the G-20 summit in London next week.
ADAG group company Reliance Energy Ltd is the second-lowest bidder for the Rs 16,000 crore (Rs 160 billion) project, after Lanco. However, with the Lanco bid becoming invalid, REL could claim to be the lowest bidder.
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.
Anil Ambani group's Reliance Power on Monday made its debut on the bourses, listing at a premium of over 20 per cent, but slipped below the issue price in early morning trade.
Welcoming Sebi's initiative on establishing and certifying quality of audit, Ambani said: "We are confident that as part of its supervision, Sebi will ensure compliance with the highest standards applicable to the process and will also ensure that the selection of reviewers takes into account their merit, as also issues relating to confidentiality of commercial information.
The Nifty ended with a loss of 52 points at 5,269. BSE market breadth was negative. Out of 2,959 stocks traded, 1,696 declined while 1,148 advanced.
The Anil Dhirubhai Ambani Group, which is raising Rs 11,700 crore through the public offer of Reliance Power, has seen a value erosion of Rs 48,000 crore in the last seven days.
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.
NDTV Imagine, the entertainment wing of Prannoy Roy-promoted NDTV Network, is close to forming a 50:50 joint venture with Manmohan Shetty - the former promoter of Adlabs - to enter film production.
Reliance Power (R-Power), the Reliance-ADAG group company, which plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
Anil Ambani controlled Reliance Power, which received a tremendous response for its initial public offer, has fixed the issue price at Rs 450 per share, but it will be offered at Rs 430 to retail investors, a discount of Rs 20. "The company's board has fixed the issue price at top-end at Rs 450 per share for the Reliance Power issue and for retail investors at Rs 430 per share," Reliance Power chairman Anil Ambani said on Saturday.
Under attack for alleged favours granted to Mukesh Ambani-led Reliance Industries, director general of hydrocarbons, VK Sibal has sought protection from the government fearing a threat to his life from Anil Ambani group - a charge denied by ADAG.
RCom's employee cost declined by 20.7 per cent.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
Despite the recent fall, the Nifty Midcap 100 index has outperformed by gaining 20 per cent till date in this year calendar year.
The ADA Group's recent decision to sell a stake in Reliance Communications and merge its telecom tower business with GTL Infra will help it reduce a mounting debt burden.
Reliance-Anil Dhirubhai Ambani Group is looking for acquisitions to start its cement business much before it completes its 4,000-Mw mega power project at Sasan in eastern Madhya Pradesh, which is to provide the fly ash that is used to make cement.
Anil Ambani group distanced itself from CBI's action on Monday accusing top officials of Reliance Infocomm for illegal call routing (before the split between Ambani brothers).
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
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