The group had a net profit of Rs 68.58 crore (Rs 685.8 million) for the year ended March 31, 2008, the company said in a filing to the Bombay Stock Exchange. The consolidated income increased to Rs 418.96 crore (Rs 4.18 billion) for the year ended March 31, 2009, up 14.06 per cent from Rs 367.31 crore (Rs 3.67 billion) in the year-ago period.
Vodafone, which is yet to announce the acquisition, has offered to partner Essar, on which the Indian conglomerate said, "We are at the moment evaluating all our options in the best interest of the Group."
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
DoT sources confirmed receipt of the report by auditors Parekh and Co and said that it is yet to examine the findings. DoT would ask for RCom's response later.
The stock market on Friday greeted with enthusiasm the reports of Reliance Communications planning acquisition of rival Hutch-Essar, as the Anil Ambani group firm gained a massive Rs 4,000 crore (Rs 40 billion) in market value.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
The petroleum ministry is mulling filing a defamation suit against an Anil Ambani Group firm for persisting with 'false claims' pertaining to government revenues from Reliance Industries KG-D6 fields.
A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay high court order on gas supply.
The portal - Mobile Financial Portal -- would offer corporate news, announcements, research reports and stock quotes to its customers across all mobile platforms, a company statement said.
"It is a reflection of world community in the future of India... Investors seem to be confident in the future of Indian economy," Chidambaram told PTI on IPO that hit the market this morning for mopping upto Rs 11,700 crore (Rs 117 billion). Not only the IPO was fully subscribed within a minute of opening, it generated demand worth over Rs 50,000 crore (Rs 500 billion) in less than two hours.
The Appellate Tribunal for Electricity has set aside an order of Maharashtra Electricity Regulatory Commission against Reliance Energy Ltd on a dispute related to billing complaints by its customers in Mumbai.
Reliance Industries has inked deals to supply gas from its eastern offshore KG-D6 fields to most power sector consumers, including Essar Power and an Anil Ambani Group firm.
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
Over a dozen private players, including Anil Ambani-promoted Reliance Energy Ltd (REL), real estate giant DLF and infrastructure majors GMR and L&T, are understood to have bid for modernisation of Udaipur airport.Other bidders in race for the project include Soma Constructions, L&T and Gammon India, besides Dubai-based ETA, the sources added.
The Anil Dhirubhai Ambani Group, which is raising Rs 11,700 crore through the public offer of Reliance Power, has seen a value erosion of Rs 48,000 crore in the last seven days.
The 7,480 MW project will be the largest gas-fired power project at a single location in the world and will cost about Rs 20,000-25,000 crore (Rs 200-250 billion). Mukesh Ambani-controlled RIL for the supply of gas from the Krishna Godavari basin, where RIL is developing the largest gas reserves in the world. The matter is currently under litigation in the Bombay HC and a decision is expected soon.
Three Japanese submarine cable construction companies have been short-listed by Flag Telecom, a wholly-owned subsidiary of Reliance Communications
In a New Year bonanza for its nearly three million shareholders, Reliance Industries will offer them shares of four Anil Ambani group companies on January 25.
The Ambani brothers on Saturday reached a settlement to split between themselves, assets of India's largest private sector conglomerate, with over Rs 97,000 crore (Rs 970 billion) in revenues, founded by their late father Dhirubhai.
Uttar Pradesh Chief Minister Mayawati on Friday said all major decisions of the previous Mulayam Singh government, including Reliance Energy's Dadri power project, would be reviewed.
Telephony major Reliance Communications is believed to have short-listed three global IT companies - IBM, EDS and T-Systems - for its $1.5 billion outsourcing contract.
The Anil Ambani group company has tied-up with an online video networking firm, CrickeM.com, to enable customers to upload, view and share their cricket videos with the rest of the world.
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
Reliance Communications is in discussions with American billionaire and financier George Soros to raise funds for the Hutch-Essar acquisition.
Reliance Energy Limited has outbid seven other companies, including Tata Power and GMR, to emerge as the top contender for building India's first fully independent private power transmission lines.
India seeks greater market access for its products including textiles, pharmaceuticals and bovine meat.
Reliance Big Entertainment (RBE), the flagship media and entertainment arm of the Reliance Anil Dhirubhai Ambani Group, has announced a joint venture with Tom Hanks and Gary Goetzman's Playtone.
Unable to kickstart its maiden transmission project even two years after winning the bid, Reliance Energy Ltd has now sought government intervention to ensure that state-run Power Grid Corporation of India Ltd signs the joint venture agreement.
State-run UTI Mutual fund has toppled private sector ICICI Prudential to be the country's second biggest fund house, while Anil Ambani Group's Reliance MF has retained its top position.
Mukesh Ambani, who runs India's most-valued business empire Reliance Industries group, also saw the highest fluctuation of about $35 billion in his net worth over the past year, even as he trailed his estranged brother Anil as the world's second-biggest wealth creator. Mukesh, however, managed to maintain a slender lead of $1 billion over Anil in terms of net worth, as per a Forbes billionaire list released on Thursday. Forbes has ranked Mukesh as world's 5th richest man.
Deal comes within days of Abu Dhabi's TAQA pulling out of agreement.
Total income decreased to Rs 66.16 crore (Rs 661.6 million) during the July-September quarter of the current fiscal, from Rs 80.91 crore (Rs 809.1 million) in the corresponding period a year-ago.
ATM deployment is set to gain scale with the Anil Ambani group's Reliance Capital and a few technology firms joining hands with partner banks to launch co-branded (known as partial white-label) ATMs.
The project is for a concession period of 35 years with an extension clause of another 10 years, the company said in a statement.
In last few years, a number of global players have exited the Indian mutual fund business.
The first-phase of the three-phase project is to set up the trade tower on over 4 million sq. ft area. The second phase is to develop the business district on 30 acres in seven years. In the third phase the remaining 16.28 acres of the business district on would be developed.
Reliance Money has emerged as the top brokerage house in terms of online security and cost effectiveness, while Motilal Oswal leads as the most research driven stock trading platform, a survey says.
The telecom services provider had a net profit of Rs 1,395.14 crore (Rs 13.95 billion) in the third quarter of FY'08, RCom said in a filing to the Bombay Stock Exchange. RCom's total income rose by 18.75 per cent to Rs 5,671.82 crore (Rs 56.71 billion) for the quarter under review from Rs 4,776.26 crore (rs 47.76 billion) in the corresponding period last fiscal.
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