The Reliance Dhirubhai Ambani Group revealed plans of venturing into the power equipment business.
The government on Saturday filed a petition before the Supreme Court seeking a direction to declare as 'null and void' the private family agreement of the Ambanis that provides for gas supply by Reliance Industries Limited to Reliance Natural Resources Limited. The government petition has named as respondents RIL led by Mukesh Ambani and RNRL headed by Anil Ambani, which have separately filed cross-petitions against the Bombay High Court's June 15 judgment.
Investors were on Monday sceptical on the shares of Ambani sibling companies and their prices remained subdued despite a resurgent stock market.
After subdued earnings in the first half amid global headwinds, India Inc is taking a cautious approach on their capital expenditure (capex) for the second half of the financial year ending March 2025, according to management commentary. Minutes from the October monetary policy meeting show the Reserve Bank of India's (RBI's) optimism about private investments picking up.
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
'Economic benefits of RIL shares held by these four companies have always been for the benefit of RIL's shareholders, and remains so. This fact has been reiterated by RIL a number of times,' the company said.
"It is a rubbish petition. If I find that we you (petitioner) have tried to interfere with the investigation then you may be in bigger trouble," Justice Ajit Bharihoke said.
Well-known as a powerful advocate for contemporary and traditional artists in India, she will be the first international appointment to the museum board.
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).
Anil Ambani group distanced itself from CBI's action on Monday accusing top officials of Reliance Infocomm for illegal call routing (before the split between Ambani brothers).
In a statement issued from New Delhi, Ambani-led Reliance group, however, said that no charges have been levelled against them by the UK regulators in these proceedings.
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
Mukesh Ambani-led RIL and Anil Ambani group firm RNRL on Thursday urged Justice R V Raveendran to ignore news reports on his presence on the Bench despite having shares of the two warring companies.
In his letter dated October 11, written before the last EGoM meeting, Ambani has said the government would incur a loss of at least Rs 35,000 crore if the EGoM had decided to charge for excess spectrum beyond 6.2 MHz only prospectively from 2012, and not from 2008.
The Bombay high court, while pronouncing the verdict on the gas dispute on Monday, advised the Ambani brothers for the second time to settle their row in consultation with their mother.
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
Right after it returned to the telecom sector by acquiring Infotel Broadband, Mukesh Ambani's Reliance Industries (RIL) began discussions with brother Anil Ambani's mobile service provider, Reliance Communications (RCom), for a possible sharing of infrastructure.
In a surprise move, industrialist Anil Ambani on Sunday reached out to estranged elder brother Mukesh saying all disagreements can be sorted out in a cordial and conciliatory manner.
Despite posting a loss, the company has declared a modest dividend.
Blaming RIL for delay in starting its Dadri power project, RNRL said it was RIL's wrongful conduct that delayed its gas-based power plant by four years. However, it had sought a direction to RIL to supply the gas immediatley to it. On July 7, the Supreme Court issued notice to RIL, RNRL and the Centre (as intervener) on cross-appeals by both the companies on their gas supply dispute.
Justice A P Deshpande, who is hearing the petition by Anil Ambani-owned Reliance Transport and Travels Ltd staking claim over a lease of land for hangar, adjourned the hearing after its counsel sought time to inspect the documents on the lease agreement entered between Reliance Industries and Airport Authority of India. "We want to inspect the correspondence by RIL and file a rejoinder," advocate for RTTL Cyrus Bharucha told the court.
RTTL had moved the apex court in March last year, challenging the Bombay High Court judgement that asked it to sort out differences over the title of the property with Mukesh Ambani-run Reliance Industries. A bench headed by Justice A K Mathur dismissed RTTL's plea seeking to restrain AAI from entering into a lease agreement with Reliance Industries in respect of land measuring 2,701 sq mt at Chattrapati Shivaji International Airport in Mumbai.
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.
The Delhi high court on Thursday stayed the summoning of Reliance group chairman Mukesh Ambani and its managing director Anil Ambani in a case in which officials of the company are accused of procuring classified government documents.
Market regulator Securities and Exchange Board of India on Saturday said it has received several letters from Reliance Industries vice-chairman and managing director Anil Ambani
Given the incredibly high stakes involved, the Comptroller and Auditor General and Central Vigilance Commission should examine relevant facts and find out if capex was overstated, Anil said, pointing that budgeted expenditure of RIL for peak production of 40 mmscmd was only Rs 12,000 crore (Rs 120 billion) in 2004.
As the time draws closer to the expiry of exclusivity agreement between Rcom and MTN for negotiations, one newspaper after another in Britain and the US is commenting on the eruption of a battle between the two richest brothers in the world. The controversy over the possible deal started with Mukesh Ambani-led Reliance Industries asserting its Right of First Refusal over the younger brother's company with legal notices to Rcom and MTN.
Bharat Borge, the mechanic whose timely discovery that there were pebbles and mud in the gear box of Anil Ambani's helicopter, was found dead beside railway tracks in suburban Andheri in Mumbai under mysterious circumstances on Tuesday.
Deora is believed to have explained the oil ministry's position on gas pricing and utilisation.
He claimed the NDA government bought the planes at Rs 1,600 crore a piece as against the Rs 526 crore for each aircraft fixed by the UPA.
Anil Ambani promoted Reliance Natural Resources icked off the second round of the battle today by filing a special leave petition in the Supreme Court, which prompted Mukesh Ambani-led Reliance Industries to file a caveat in the apex court.
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
A new round of conflict started on Friday between the Ambani brothers, with the faction led by Mukesh
The Prayagraj airport in India is experiencing a surge in air traffic due to the Maha Kumbh, a major religious festival. The airport is handling an average of 40 non-scheduled charters and private jets daily, with figures reaching 70 on weekends. This is in addition to the average 148 scheduled commercial passenger aircraft operating daily. The airport recently received a contingent of about 180 politicians from Rajasthan and has seen corporate bigwigs like the Ambani brothers, Gautam Adani, and Pawan Munjal pass through. The airport has also hosted four international flights since the beginning of the Maha Kumbh, including a flight carrying Laurene Powell Jobs, the wife of Apple co-founder Steve Jobs. The airport is currently undergoing an upgrade and expansion, and officials are looking forward to the government's plans to integrate Prayagraj with the airports at Kashi and Ayodhya to promote tourism in the region.
According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
RIL said RNRL has maintained that the May 12, 2005 draft agreement between the RIL and NTPC should be the basis for fixing the price of gas from the KG Basin but it has ignored the provision for government approval.
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