Even four years after splitting the Reliance empire, the Ambani brothers still seem to be washing dirty linen in public: the latest battle is over gas pricing.
For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India: Mukesh Ambani.
In the third infrastructure sharing agreement between firms run by brothers Mukesh and Anil Ambani, Reliance Industries' telecom arm has agreed to use Reliance Communication Ltd's intra-city fibre network to roll out 4G services.
Scale and frugal costing help the giant.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
The Adani Group has overtaken Mukesh Ambani Group to become the country's second biggest business group in terms of market cap behind Tatas. Adani Group cos now have a combined m-cap of Rs 19.44 trillion against Ambani Group cos combined m-cap of Rs 17.89 trillion. Tata Group leads the league table with the group market capitalisation of Rs 21.73 trillion on Monday. The Adani Group companies, however, continue to out-perform firms from business groups and the broader market on the bourses by a big margin.
Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy met business tycoons Mukesh Ambani of the Reliance Group, Naveen Jindal of Jindal Steel, G M Rao of the GMR Group, founder-chairman of Cyient B V Mohan Reddy among others at the Global Investors Summit 2023 'Advantage Andhra Pradesh' in Vishakapatnam, March 3, 2023.
Mukesh Ambani-controlled Reliance Industries Ltd will hold its annual general meeting on August 3, in which the company's plans following the settlement of ownership of Reliance empire may come up for discussion.
The younger Ambani sibling, Anil, on Monday sent an emotional farewell message to all the employees of Reliance Industries, from where he stepped down as vice chairman and managing director.
Reliance Industries' programme to buy back its shares, which was decided at the December 27 board meeting in the face of opposition from vice-chairman Anil Ambani
Reliance Industries' annual general meeting on Friday will be unique in many ways. It's the first AGM after the Supreme Court judgment on K-G gas, the first after the truce between Mukesh and Anil Ambani and the first after the company's big-bang return to telecom.
A flare up of sibling rivalry between India 's billionaire Ambani brothers over the proposed takeover of mobile operator Reliance Communications by South Africa's MTN is threatening to spill over into the courts.
Reliance joins a number of large companies, including the Essar and Adani groups, which are raising loans abroad as interest rates in India remain high.
'It is basically a threat letter calling the planted explosives a 'trailer' and a warning to return with more preparations to assassinate the whole family later.'
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced recalibration of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm's new energy forays. The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years. To pivot to green energy, it has already bought a German maker of photovoltaic solar wafers and signed a deal with a Danish company to manufacture hydrogen electrolysers in India.
It bought Rs 410 crore of electoral bonds between financial years 2021-22 and 2023-24, but Reliance said the company is not a subsidiary of any Reliance entity.
Reliance Retail Ventures Limited (RRVL) on Thursday said it has entered into a Master Franchise agreement with 7-Eleven to run convenience stores in India. The first 7-Eleven store is set to open on Saturday, in Andheri East, Mumbai, RRVL, the retail arm of Reliance Industries Ltd, said. "RRVL, through its wholly-owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India," said a joint statement.
He was accompanied by his daughter Isha and son Anant
Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Communications for the roll-out of 4G services.
As part of an ambitious diversification programme, Mukesh Ambani led Reliance Industries is planning to pump in up to Rs 30,000 crore (Rs 300 billion) over the next five years to set up a mega retail chain, covering about 100 cities across the countr
The licensee will have to ensure that at least half the areas under rural telecom exchanges gets the required street level coverage.
The Reliance Anil Dhirubhai Ambani Group on Wednesday threatened to sue three top officials of Mukesh Ambani's Reliance Industries for breach of trust and their inability to protect the interest of shareholders of an ADAG company.
Maharashtra home minister Anil Deshmukh told news channels that the vehicle, a Scorpio van, was found some distance away from the multi-storey residence of Ambani, the chairman of Reliance Industries.
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
Bankers said as part of its debt reduction plan, Canada's Brookfield-sponsored India Infrastructure Trust acquired a pipeline for Rs 13,000 crore from East West Pipeline Ltd, an arm of Reliance Industries Holding Private Ltd, and all the liabilities are now off the subsidiary's books.
A founding member franchise of Indian Premier League, Mumbai Indians is a two-time winner of the T20 League in 2013 and 2015 and an equal number of Champions League T20 titles.
A day before the deadline of exclusive takeover talks between Anil Ambani's Reliance Communications and South African company MTN expires, Reliance Industries has invoked the dispute resolution clause of the non-competition agreement against RCom. However, RCom plans to go ahead with its proposed merger with MTN without taking RIL's claim into account.
Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
Anil Ambani has interests in power, telecom and other infrastructure sectors.
According to a company statement, Ambani said he envisaged a new India in the not too distant future, where almost everything done digitally is transformed to a value-creating and life-enriching new experience cutting across all strata of society.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
RIL, ADAG cancel 2006 non-compete agreements, hope to work in harmony
State-run insurance giant LIC and the government of Singapore have hiked their stakes in Reliance Industries with the purchase of shares worth over Rs 1,550 crore during the last quarter.
Reliance Industries Vice Chairman Anil Ambani would contest the Rajya Sabha elections as an independent candidate from Uttar Pradesh, an associate of Ambani said in New Delhi on Wednesday.
Anil Ambani, vice chairman and managing director of Reliance Industries Ltd, has been adjudged the most admired chief executive in India, while his elder brother Mukesh Ambani occupied the fifth slot.
Infosys had first dethroned Reliance Industries Ltd from the top position on December 12, but could retain this title only for three consecutive days.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
At the start of the auction on Sunday, Punjab Kings had the highest funds at Rs 110.5 crore, which decreased to Rs 10.9 crore before Day 2 on Monday.
A bailable arrest warrant has been issued against Mukesh Ambani, chairman and managing director, Reliance Industries Ltd, by a consumer forum in Thissur for failure to pay Rs 24,000 fine to a person who had purchased a mobile from a Reliance outlet in 2003.
Reliance Industries has said the outcome of the Maharashtra government referendum on Mukesh Ambani-promoted Raigad special economic zone cannot be seen going against the SEZ since the ballot was cast by 'so-called farmers' and not the genuine landowners. About 6,000 land-owners took part in a first of its kind referendum to ascertain whether farmers want to give their land for an SEZ.
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