The Mukesh Ambani-controlled Reliance Infocomm on Sunday said it had invested over Rs 14,000 crore towards rolling out its information and communication infrastructure, and dismissed allegations of huge bad debt.
A friend of the Ambani family has described the dispute between the two brothers -- Mukesh and Anil -- as a 'Shakespearean tragedy', which had its roots in tensions between Anil's wife Tina and Mukesh's wife Nita. He said after their father's death, Mukesh and Anil had fallen out over whose wife was next in line to the Reliance empire.
Six directors of Reliance Energy Ltd have resigned from the board.
Whether it was the issue of the treasury stock (which came about when Reliance Industries Limited and Reliance Petroleum merged), or the dependent nature of so-called independent directors of RIL, or the opaque structuring of conflict-of-interest deals, Anil Ambani came out with guns blazing, accusing his older brother Mukesh of trying to diddle the shareholders of the company their father had built.
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
Ambani's wife Nita Ambani, a non-executive director on the company's board, earned Rs 600,000 sitting fee.
In hot pursuit of elder brother Mukesh Ambani in the wealth race, Anil Ambani has entered the exclusive trillionaire club with personal riches of over Rs 1,00,000 crore
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
With the listing of Reliance Power, the market cap of Anil Ambani group aggregated to Rs 307,112 crore (Rs 3,071.12 billion), almost Rs 100,000 crore (Rs 1,000 billion) below expectations of Rs 400,000 crore (Rs 4,000 billion) capitalisation.
Security was tightened at the various facilities of Anil Ambani-owned Anil Dhirubhai Ambani Group in Andhra Pradesh after mobs attacked the group's offices in five districts of the state on Thursday.
In a media statement, RIL said that Anil Ambani is carrying out an orchestrated campaign to prejudge a legal dispute. Refuting Anil's allegations, the RIL statement said that Anil's outburst is an attempt to malign RIL and venerable public institutions.
The Harvard alum has known the Yale alum for ages, but hit it off recently.
Total number of billionaires, this year, has increased to a record 1,210 from 1,011 last year. Though America has the 33 per cent of the mega-rich, Asia-Pacific region has surged forward and overtook Europe for the first time.
IT major HCL Technologies' Shiv Nadar has retained his position as the 'most generous Indian' in 2023 as well, with a 76 per cent jump in his donations at Rs 2,042 crore. Wipro's Azim Premji's donations zoomed by 267 per cent to Rs 1,774 crore during the same year, according to the Edelgive Hurun India Philanthropy List 2023 released on Thursday. Richest Indian Mukesh Ambani donated Rs 376 crore in the year, which is an 8 per cent decline.
In its latest issue, the weekly magazine takes a close look at the lifestyle of the two Ambani brothers as part of a survey of the leading business families of Asia.
His daughter Riddhima Kapoor Sahni could not attend the funeral as she is travelling from Delhi.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
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 danger of a corporate capture of government isn't imaginary, and corporations represent narrow profit-seeking interests of businessmen whose forte is not Constitutional values, says Praful Bidwai.
According to one calculation, Reliance Power IPO is likely to gain close to $27 billion for Anil Ambani, which when combined with the existing market capitalisation of his companies will work out to be close to $75 billion!
Watch out for "3Cs -- chamchas, chelas and cronies," Anil mbani said in a subtle message amid battle for control of Reliance empire with his elder brother Mukesh.
Anil Ambani met Cabinet Secretary K M Chandrasekhar, Expenditure Secretary Sanjiv Misra and Fertiliser Secretary J Sreedhara Sarma to drum support against RIL's proposed pricing formula for natural gas from KG-D6 block off the east coast.
Forty Indians entered the billionaires' club in the pandemic-stricken 2020 to take the number of those in the coveted list to 177 people, a report said on Tuesday. Mukesh Ambani continued to be the wealthiest Indian with a networth of $83 billion. The head of Reliance Industries witnessed a 24 per cent jump in fortunes and climbed up one spot to be the eighth richest globally, as per the Hurun Global Rich List. Gautam Adani from Gujarat, who has had a spectacular rise in fortunes in the last few years, saw his wealth almost doubling to $32 billion in 2020 and climbed 20 places to be the 48th richest person globally and the second wealthiest Indian.
The pictures may not be out yet, but Kiara Advani and Sidharth Malhotra's wedding is reportedly in full swing.
The plan is that Mukesh Ambani will get RIL and IPCL, while Anil will get Reliance Infocomm, Reliance Energy and Reliance Capital.
Claiming that the northern state was a safer zone for industries, which did not discriminate in the name of caste or religion, and had, in fact, registered a growth rate of 9.9 per cent during 2009-10, the state chief minister called for greater participation of private players.
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.
In a no-holds-barred attack, Anil Ambani has accused his elder brother, Mukesh, of trading their father Dhirubhai's vision for 'corporate greed'.
Securities and Exchange Board of India has let off Reliance Industries Ltd and its chairman and managing director Mukesh Ambani and his brother Anil, who is vice-chairman and MD, from charges of insider trading
Ambani's $15 bn bet will upend Indian telecom
Reliance Industries (RIL), India's largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country's east coast, "by December" this year, a senior executive said.
Mukesh and Anil Ambani have yet again made it to a list of richest people compiled by Forbes, only this time the recognition has been bestowed on them because of their running feud. "Sometimes fighting has a silver lining, as has been the case for Indian brothers Mukesh and Anil Ambani," the US business magazine wrote about the two siblings in a report on the latest list - 'Billionaire Family Feuds'.
The Ambani brothers are locked in a bitter battle over the supply and price of the gas from KG basin.
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