Global management consultancy firm McKinsey has moved the Bombay high court against Reliance Industries and Reliance Communications for non-payment of dues of Rs 27 crore
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
Days before US President Barack Obama's high-powered visit here, the US-India CEO Forum has been reconstituted with Cyrus Mistry replacing Ratan Tata as its co-chairman
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
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.
Mukesh's television unit has been aggressively wrapping up deals with hundreds of small players in a street-by-street effort to conquer that final hurdle in its cable TV drive
Shares of RIL rose by over 1 per cent to a multi-year high of Rs 1,410 on BSE
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Billionaire Mukesh Ambani on Tuesday hinted at rolling out 5G telecom services in the second half of 2021 and said policy steps are needed to accelerate the early rollout of ultra-high-speed 5G services that are affordable and available everywhere. Ambani, whose four-year-old telecom venture Jio has captured the No.1 spot offering free voice calling and data at dirt-cheap rates, also pitched for developing hardware manufacturing in India, saying the nation cannot rely on imports in such a critical area. 5G is the 5th generation mobile network that enables connecting virtually everyone and everything together including machines, objects, and devices. India, he said, is today among the best digitally connected nations in the world.
As record stock market rally continues, the value of shares directly owned by next-generation business leaders at 20 major corporate houses has soared over 18 per cent to Rs 17,000 crore.
Clearly, he is in the right place, at the right time.
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.
According to documents accessed by Business Standard, RIL increased its direct stake in Jio to 98.9 per cent as on March this year by pumping more capital into the company.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017
'Allegations of Reliance benefitting by thousands of crores is a figment of imagination, promoted by vested interests'
India will surpass China as the world's fastest growing economy in the next 2-3 years, says RIL chairman Mukesh Ambani.
A fall in crude oil price and Aramco's $75 billion annual dividend commitment may have delayed Saudi company picking a stake in Reliance Industries Ltd's oil-to-chemical unit (O2C), research firm Jefferies said. Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
Asked about his fleet of luxury cars and other references to his lavish lifestyle as the counsel for the banks cross-examined him, the Reliance Communications chief dismissed them as "speculative" media stories.
FutureBrand, which is a global brand transformation company, said part of Reliance's success could be attributed to Mukesh Ambani's recasting of the firm as a one-stop-shop for Indians.
It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, observes T N Ninan.
There is immense pressure on Biyani to go ahead with the RIL offer after FRL defaulted on its interest payments of Rs 100 crore on July 22.
Vipul Ambani, a runner who participated in city marathons, never wore his last name on his sleeve, was easy-going, mild-mannered and always smiling. Yet, the question that begs to be asked is why would he join a luxury jewellery company, says Pavan Lall.
Strategic direction post-COVID-19 and further details on asset monetisation are key expectations from the 43rd AGM of RIL, analysts said.
Reliance group firm employee under the scheme can invite 10 people to buy Jio's 4G sim and LYF Handset.
Ambani now holds 80.52 lakh shares or 0.12 per cent of RIL, up from 75 lakh shares held before the rights issue. His wife Nita and children Isha, Akash, and Anant too got 5.52 lakh shares each after they subscribed to the rights offering. They, too, hold 0.12 per cent each in the firm.
With the strain and anxiety of the longest Lok Sabha polls now behind the leaders, governance, with consensus, is the next step.
Tata Steel, others sell assets abroad after taking massive impairments.
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.
Reliance Retail and Bharti Enterprises are understood to be in talks to buy India assets of the world's second largest retailer Carrefour that has decided to exit the country by closing its five stores.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
Ambani's wife Nita Ambani, a non-executive director on the company's board, earned Rs 600,000 sitting fee.
The groups plan to take on well-entrenched players like Amazon, Flipkart, and Paytm by merging their offline businesses with e-commerce initiatives.
RIL had said at that time the allegations were baseless and devoid of any merit.
The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Gearing up for its pan-India 4G services launch in coming months, Reliance Jio Infocomm has approached the Department of Telecom for a network test conducted along with security agencies.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
According to NIA sources, a person in personal protective equipment was seen near Mukesh Ambani's residence Antilia. "The NIA is probing if Sachin Waze was present on the spot near Antilia where the Scorpio was abandoned. His alibi and CCTV footage is being investigated," sources said.
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