The Jio-Bharti battle will not just be limited to mobile telephony but will extend to the fibre to home space too.
The Ambani brothers -- Mukesh and Anil -- came together for the inauguration of a memorial for the legendary industrialist and founder of Reliance Group Dhirubhai Ambani in Chorwad town in Junagarh district on Wednesday, in the presence of the entire family.
Ang Lee's Life of Pi and Steven Spileberg's Lincoln, produced by Anil Ambani's Reliance-Dreamworks emerge as frontrunners in Oscar 2013 race.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
In a mega Rs 50,000-crore deal, the Anil Ambani group on Sunday announced merger of RNRL with another group firm Reliance Power, which would now become a direct beneficiary of the gas deal signed with Mukesh Ambani-led Reliance Industries.
Anil Ambani group's Reliance Entertainment and DreamWorks SKG of acclaimed director Steven Spielberg have completed the much-talked about deal for jointly making Hollywood films.
Even as Anil Ambani's proposal for a special economic zone in Noida was turned down by the Uttar Pradesh government on Saturday, Mukesh Ambani's Mumbai SEZ (formerly called the Maha Mumbai SEZ) has also run into problems.
Mukesh Ambani-led RIL said on Friday it would not be possible to supply gas to Anil Ambani group firm RNRL without the government's nod and requested the Supreme Court not to restrain it from selling gas to others.
Reliance Natural Resources Ltd (RNRL) on Monday continued to slide, falling 9.47 per cent to touch a one year-low of Rs 47.75 on the Bombay Stock Exchange, after the Supreme Court ruled against the company in a gas dispute with Reliance Industries.
The only company left in the race for the Rs 2,600-crore (Rs 26 billion) project is Mukesh Ambani-controlled Sea King Infrastructure Ltd as other bidders have withdrawn from the race.
Reliance Industries will not "scale down" production from Krishna Godavari basin to accommodate RNRL's future needs, nor would it renegotiate the government-approved price of the gas, the Bombay High Court was told on Thursday.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
With the Supreme Court likely to announce its judgement on the gas price tussle between Ambani brothers next week, the share price of Reliance Industries Ltd has taken a sharp knock while Reliance Natural Resources Ltd witnessed a spike.
The RBI on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
Quoting an unnamed person familiar with the talks as saying that MTN and RCOM could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, 'there is no indication that extra time alone would be sufficient to resolve the feud' between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world's biggest emerging market telecom firm.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
Indian billionaire industrialist Anil Ambani has joined up with the family of Amitabh Bachchan, the Bollywood actor, to set up a joint venture to make films.
The RBI said the board has been superseded "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively". It has also appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the NBFC.
A possible merger of Reliance Communications of India and South Africa's MTN could see Anil Ambani become the enlarged group's chairman and biggest shareholder with a stake of almost 35 per cent.
The Reliance-Anil Dhirubhai Ambani Group on Friday announced a tentative schedule for merger of two firms transferred from Mukesh Ambani group.
MGM is in a financial crunch right now, and is set to be bailed out by Indian movie giants Reliance Big Pictures, which is owned by tycoon Anil Ambani.
Reliance ADAG Chairman Anil Ambani on Friday expressed hope that the Indian industry and the government will work as partners to seize the opportunity to create largescale infrastructure across all sectors in the country.
According to sources, the government has provided a list of 20 companies to Reliance Industries for sale of gas as per the gas utilisation policy. Some of these companies include Nagarjuna Fertilizer & Chemicals, Chambal Fertilizers & Chemicals, Tata Fertilizers and Oswal Chemicals & Fertilizers among others.
Mukesh Ambani-led RIL has sought to lift the sty as it claims it's ready to produce gas next month. Arguing before the court against vacation of the stay, RNRL senior counsel Mukul Rohatgi said, "There is no immediate supply of gas. Let the directorate general of hydrocarbons make a statement when the company is ready to produce the gas."
Following the patch-up between the Ambani brothers last month, the annual general meeting of elder brother Mukesh-chaired Reliance Industries witnessed heightened excitement among shareholders.
The division bench of Justices J N Patel and K K Tated would continue to hear the case, though Justice Tated was transferred to Aurangabad bench of the High Court last week, high court sources said. The case is likely to come up for hearing on January 12, RIL lawyers said.
Mansukh Hiren, who was in possession of the car that was found with explosives outside industrialist Mukesh Ambani's residence, in a letter to Maharashtra Chief Minister and Home Minister had alleged that he was being harassed by police and media. He had also claimed that in spite of being a victim, he was treated as an accused.
The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007.
A special court in Mumbai on Wednesday allowed dismissed police officer Sachin Waze's plea to turn an approver in a corruption case involving former Maharashtra home minister Anil Deshmukh.
From the time he first rose to prominence during the movement against the then UPA government, Arvind Kejriwal has regularly grabbed headlines for his surprise moves and decisions. Here are 10 such instances.
Within days of revoking a non-compete agreement that his group had with his younger brother Anil, Relianec Industries Ltd chairman Mukesh Ambani is believed to have held a long-drawn-out discussion with telecom czar Sunil Mittal.
Lawyer T S Doabia told the court the government's approval was necessary for the rate at which RIL sells the gas to other private parties. The division bench of Justices J N Patel and K K Tated pointed out that, according to RNRL, the government stated in Parliament it would not be fixing the gas price, except for its own share. When told this was not contrary to what Doabia was saying, the court asked him to file an affidavit, clarifying the government's position.
Samajwadi Party-backed traders had staged demonstrations outside a few Reliance Fresh stores on the inaugural day. Terming the demonstrations as a "law and order problem", the Mayawati administration ordered the prompt closure of all stores.
Anil Ambani's Reliance Natural Resources Ltd is laying claim (through a family agreement prior to the group's split) to gas from estranged brother Mukesh Ambani's Reliance Industries Ltd at a fixed price of $2.34 per mBtu
Mukesh Ambani's Reliance Industries Ltd is taking the Bombay High Court order of June 15 on gas supply to Anil Ambani's Reliance Natural Resources Ltd to the Supreme Court."We have been advised to and are filing appropriate proceedings in the Supreme Court against the judgment delivered by the Bombay High Court," it told RNRL in a mail, in reply to an earlier letter sent in the day by the former, demanding that the HC judgement be implemented without more delay.
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
Alleging that there has been an enormous cost escalation in the Mumbai Metro Rail project, Bharatiya Janata Party (BJP) has demanded that Maharashtra government should conduct a special audit to find out the `real cost'.
