Supreme Court on Tuesday dismissed the appeal of Reliance Airport Developers challenging the government's decision to allot modernisation works of Delhi and Mumbai Airports to GMR and GVK led consortia.
In a move that signifies a major leap for India's aerospace manufacturing capabilities, the collaboration will establish a final assembly line for the Falcon 2000 jets in Nagpur, Maharashtra.
'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.
The agency had contended that Anil Ambani, who is the Chairman of Reliance ADA Group, will be able to 'throw light' on the issues of alleged investment by his group companies.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
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.
ADAG group company Reliance Energy Ltd is the second-lowest bidder for the Rs 16,000 crore (Rs 160 billion) project, after Lanco. However, with the Lanco bid becoming invalid, REL could claim to be the lowest bidder.
Reliance Group chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator Sebi order restraining him from associating with any listed company. "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing. In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
The share price of other ADA group firms declined as well, including Reliance Infrastructure (lost Rs 1,660 crore), Reliance Communication (Rs 867.5 crore), Reliance Capital (637 crore) and Reliance MediaWorks (Rs 60 crore).
The CEOs Forum was announced during the visit of Chinese prime minister Wen Jiabao here in December.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
Anil Ambani-group run Reliance Technology Ventures Limited (RTVL), on Tuesday said that it has invested in the Seattle-based, early-stage company, Pelago Inc.RTVL, however, did not disclose the amount invested in the US company. RTVL is the corporate venture capital arm of the Reliance ADA Group and a wholly-owned subsidiary of Reliance Capital.
If the deal is successful, it would be the first such acquisition for the ADA Group.
Anil Dhirubhai Ambani Group stocks plummeted on Wednesday after ADAG chairman Anil Ambani reportedly met Telecom Minister Kapil Sibal.
Reliance Power has complained to Sebi of sabotage threats, ahead of its much-awaited IPO. Mukesh Ambani-led Reliance Industries named amongst the key suspects.
The Reserve Bank of India's action against Reliance Capital comes at a time when the Anil Ambani group was planning to make a comeback with the group company, Reliance Infrastructure, raising funds from the promoter family. As part of the comeback plan, Reliance Infrastructure received Rs 550 crore fund infusion from the Anil Ambani family. A month earlier, Reliance Power, a listed subsidiary of Reliance Infrastructure, also raised funds from its parent by issuing preferential allotment of shares thus increasing the stake of Reliance Infrastructure in the company.
The Anil Ambani Group has acquired additional one per cent stake in media house, TV Today Network to increase its holding to nearly 12 per cent in a transaction worth around Rs 7.8 crore (Rs 78 million).
The Anil Ambani Group has increased its stake in media house TV Today Network to nearly 12 per cent by acquiring an additional one per cent stake in a deal that could be estimated at about Rs 8 crore (Rs 80 million).
Striving to expand its investment in media companies, the Anil Ambani Group has increased its stake in TV Today Network to over 10 per cent by acquiring an additional 0.96 per cent stake for an estimated Rs 6.50 crore.
The Securities Appellate Tribunal has stayed the order of market regulator SEBI suspending Anil Ambani Group's brokerage firm, Reliance Shares and Stock Broking Private Ltd for violation of norms.
Anil Dhirubhai Ambani has picked up 2.16 per cent stake in his group company Reliance Energy Ventures Ltd through open market transactions, taking his total stake in the company to 41.77 per cent.
Anil Ambani, chairman of the Anil Dhirubhai Ambani Group and a former Rajya Sabha Member of Parliament, was made to wait for over an hour by the Murli Manohar Joshi-led Public Accounts Committee before he was called in for intensive questioning on the 2G spectrum issue. He pleaded that since the name of his company and some key officials figure in the chargesheet filed by the Central Bureau of Investigation on the massive scam, he would not like to say anything.
The meeting lasted for about 20 minutes but deliberations of the meeting could not be known immediately.
The 21-year-old woman, who has been doing her chartered accountancy articleship at Manoj Daga & Company in Hyderabad, was booked under relevant sections of Information Technology Act on September 7, after a preliminary investigation and faces arrest in the case.
Anil Ambani group firm RNRL first filed a case against RIL in Bombay high court in November 2006, alleging violation of a family pact about supply of gas from elder brother Mukesh led RIL's Krishna-Godavari gas fields. Since the financial year 2006-07, RNRL's legal and professional fees have surged nearly five-fold from Rs 3.12 crore (Rs 31.2 million) to Rs 15.27 crore (Rs 152.7 million) in the latest fiscal 2008-09.
To make Swachh Bharat a people's movement, Modi had also initiated a chain by inviting nine eminent personalities, including cricket icon Sachin Tendulkar, Congress leader Shashi Tharoor, industrialist Anil Ambani along with several actors to spread awareness on cleanliness.
Official sources indicated on Monday that the government may allocate natural gas to Anil Ambani Group's proposed power plants like the Dadri project in Uttar Pradesh only six months prior to commissioning, as reservation of gas is not allowed under the present policy.
The government and the ruling Bharatiya Janata Party have dismissed the Pegasus Project reports as concocted and evidence-less.
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.
The Supreme Court on Thursday reserved its judgement on an appeal by Anil Ambani firm Reliance Airport Developers challenging the Delhi high court verdict, which upheld the government's decision to allot modernisation of Delhi and Mumbai airports.
Anil Ambani Group firm Reliance Big Entertainment has acquired the digital images business of US-based DTS Inc in an all cash deal for $7.5 million (about Rs 30 crore).The American firm's business DTS Digital Images (DDI), also known as Lowry Digital Images, offers picture quality improvement services to movies, television and video content in Hollywood.This is the first acquisition by Reliance Entertainment overseas in the digital services space.
Anil Ambani group may soon be rubbing shoulders with the likes of HDFC and ICICI Bank in the consumer loan business and the foray could give the group a return of more than 20 per cent in the next 3-4 years.
Anil Ambani group firm Reliance Natural Resources Ltd said on Wednesday it will raise $300 million through issue of Foreign Currency Convertible Bonds in the international market.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
According to insiders, the induction of Jai Anshul would coincide with the birthday of the late patriarch of Reliance group, Dhirubhai Ambani, in the last week of December.
Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
According to a disclosure filed with the bourses, the promoters purchased 56.15 lakh shares in REL between May 14, 2007 to January 22, raising their holding to 8.43 crore shares or 35.66 per cent. The transaction was done through creeping acquisition of shares from the open market.
The Group has decided to withdraw the Rs 5,000-crore civil defamation suits against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.
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