More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
Bollywood grieves for Krishna Raj Kapoor.
Azim Premji and his family gave away Rs 7,904 crore (Rs 79.04 billion) in philanthropy, up 1,645 per cent!!! over the previous year.
For the traditionalists, wars on Twitter and Facebook smack of immaturity.
Software giant Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.
Anil dared the oil ministry to cancel the production sharing contract with RIL if it was really aggrieved and not challenge third party agreements.
Gujarat Chief Minister Narendra Modi today came in for fulsome praise from India Inc with RIL chairman Mukesh Ambani hailing him as a leader with "grand vision" and his younger brother Anil Ambani of ADAG putting him in the league of Mahatma Gandhi and Sardar Patel.
Anil Dhirubhai Ambani Group on Wednesday announced the process for listing of the four new companies, which were transferred by Mukesh Ambani group to them on Tuesday, will begin next week.
Even as Sonam Kapoor threw a Diwali party, Amitabh Bachchan hosted a grand celebration too.
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.
Ambani-owned Reliance Energy is likely to bid for potential gas bearing blocks on offer under NELP-VI
Much of this has been made possible by the owners's insistence on building a team, rather than banking on a collection of talented individuals not necessarily suited to play alongside one another.
A sharp rise in Reliance-Anil Dhirubhai Ambani Group (ADAG) stock prices baffled market players on Tuesday.
After announcing his re-entry into telecom a few days ago following a patch-up with younger brother Anil Ambani, Reliance Industries' chairman Mukesh Ambani on Friday said that prospects of the sector were much brighter now than they were at the time when he had spearheaded the undivided group's foray.
Reliance Industries chairman and managing director Mukesh Ambani confirmed the truce pact with Anil Ambani.
Reliance Industries Ltd vice chairman Anil Ambani on Wednesday fired another salvo at his elder brother Mukesh, accusing a key director of one of the group companies of sullying the group's image.
Mukesh Ambani-promoted Reliance Industries will lose around $1 billion (Rs 4,300 crore) a year if it sells gas to the Anil Ambani's Reliance Natural Resources at the agreed price of $2.34 per million British thermal unit
Mukesh Ambani's Reliance Industries Ltd on Wednesday told the Supreme Court that the demerger scheme worked out with his brother Anil Ambani was categorical that the gas supplies from the KG Basin to his group was not for trading and meant for promoting power generation plant.
On August 21, the division bench had suggested that the two warring sides should seek the help of their mother Kokilaben Ambani to resolve the issue. The billionaire brothers are fighting over supply of natural gas from RIL's eastern offshore KG gas fields.
Kaifi's acting credits include "Bazaar", "Umrao Jaan" and Mira Nair's Oscar nominated film "Salaam Bombay!".
No fewer than 276 new billionaires have entered the list this year.
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.
Stepping up the attack on his elder brother Mukesh Ambani, Reliance Industries' vice-chairman and managing director Anil Ambani on Thursday said shares of all group companies were "usually under-valued" because of absence of corporate governance and
Govt depts, banks prone to information leakage.
Reader Ujjwala Patil has sent us a photograph.
Looking to monetise assets not in Reliance Capital's core area of business.
After having settled the ownership issue with his brother Anil Ambani, Mukesh on Monday sent an "emotional" farewell message to the employees of Reliance Infocomm, considered his pet project.
Richest 10 account for 41% of promoter wealth, up from 33% in December 2018, says Krishna Kant.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
Right after it returned to the telecom sector by acquiring Infotel Broadband, Mukesh Ambani's Reliance Industries (RIL) began discussions with brother Anil Ambani's mobile service provider, Reliance Communications (RCom), for a possible sharing of infrastructure.
The group is set to become the second largest Indian corporate in terms of market value.
The revised GSMA was signed pursuant to the Supreme Court's May 7 judgement, turning down RNRL's demand for cheap gas from RIL based on a family agreement.
The valuation of the Reliance empire by ICICI Bank chairman and an Ambani family friend, K V Kamath is complete, setting the stage for a possible settlement of ownership issues between the warring brothers, Mukesh and Anil.
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.
