The much-touted deal between Anil Ambani group company RCOM and South African telecom giant MTN was called off on Friday. "The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM spokesperson said in statement on Friday night.
Lalit Jalan, the younger Ambani's Wharton classmate and CEO of R-Infra, tells Nevin John that the company will put in Rs 2,800 crore (Rs 28 billion) over the next three years as equity in various projects.
The 2G-spectrum trial entered its second day on Monday with Public Prosecutor Advocate A K Singh putting up a myriad of questions to Reliance Group President A N Sethuraman in a bid to establish a link between the Anil Dhirubhai Ambani Group and Swan Telecom.
The Mukesh Ambani-led Reliance group ended 2007 by overtaking the Tata group in market capitalisation stakes and this despite the latter's acquisition of Corus steel. Last year's number one, the Tata group, is now a distant number two with a market capitalisation of Rs 3.20 trillion.
Anil Ambani Group firm Flag Telecom on Monday announced the acquisition of US-based Ethernet services provider Yipes Communications for 300 million dollars (Rs 1,200 crore) in cash.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
Reliance Industries Chairman Mukesh Ambani retains the title of India's richest man with personal assets of $18.9 billion.
Anil Ambani Group's DTH arm Reliance BIG TV is believed to be in discussion with content providers like Max Broadcasting, Warner Home Entertainment Group and CNN to acquire non-film content for its pay per view platform.
Mukesh Ambani, chairman of Reliance Industries, and Subroto Roy, chairman of Sahara Group, are reportedly bidding for a 51 per cent stake in Liverpool football club -- one of the most successful clubs in the history of English football.
Liverpool is presently owned by American duo George Gillett and Tom Hicks, who acquired the club in February 2007.
The agreements between the four new companies transferred to Anil Ambani and his elder brother Mukesh's flagship company Reliance Industries may become the bone of contention.
P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
Riding high on a sharp growth in subscriber base, Anil Ambani group's telecom arm RCOM on Thursday reported a 23.9 per cent jump in its first quarter net profit at Rs 1,512 crore (Rs 15.12 billion) and announced plans to invest over Rs 25,000 crore (Rs 250 billion) in the current fiscal.
The Anil Ambani group has already readied a war chest for the new initiative.
In 2010, R Power acquired 100 per cent economic interest in three coal mining concessions in Indonesia
A Bench headed by Justice S H Kapadia, while setting aside the high court order, directed Reliance Energy to submit its financial bid for the project within three months.
The company will provide loans up to Rs 1 crore (Rs 10 million) under this programme, for which it has entered into an exclusive tie-up with another group firm, Reliance Mutual Fund.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
Reliance Communications could become a much more formidable opponent.
Reliance was the highest bidder at Rs 63 cr for the 5 airports project.
Anil Ambani is eyeing the fast-growing GSM-based service with massive expansion plans in eight circles at an estimated investment of Rs 1,600 crore (Rs 16 billion).
An industry source said Reliance Industries did not have a controlling stake in Yatra.com through its acquisition of Network 18. It was just a financial investment.
Kishore Biyani's Future Group is getting its act together on supplying its private labels outside the group's 1,000-odd outlets, even as Mukesh Ambani's Reliance Retail has already marched ahead by starting to sell some of its private brands to kiranawalas (independent stores).
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
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.
Under the long-term passive infrastructure sharing agreement, Etisalat DB, a joint venture between Etisalat and Dynamix Balwas Group and its subsidiary, would outsource their telecom infrastructure requirements for the 15 telecom circles, the company said in a statement.
The Ambani brothers, Mukesh and Anil, should settle their differences amicably and arrive at a settlement, Finance Minister P Chidamabaram said on Friday.
Anil Ambani, chairman of the Reliance ADA Group, on Monday denied that the Securities and Exchange Board of India (Sebi) had banned his two group companies, Reliance Infra and Reliance Natural Resources, or their directors from participation in the capital market for any period.
This deal will make Music Broadcast, which currently operates 39 channels, the largest private FM Channel operator.
RNRL and Mukesh Ambani's RIL are fighting a legal battle over the terms of gas supply agreement for Anil Ambani Group's gas-based Dadri power project. Two weeks ago, government lawyer Mohan Parasaran had stated in the court that the Empowered Group of Ministers had decided that $4.2 per mmbtu would be the minimum price of KG basin gas.
CBI prosecutor K K Goel opposed the application saying it was "dragging the trial" and noted that Anil Ambani too had filed a similar plea earlier.
Reliance Energy Limited started work at the project site of 7,480 MW gas-fired Dadri power plant in Uttar Pradesh on Thursday.\n
Mukesh Ambani has big plans for his real estate biz and is currently in the process of recruiting large number of professionals for it.
Ambani brothers on Wednesday showered lavish praises on Prime Minister Narendra Modi saying, India has now got a decisive and visionary leader.
