Reliance joins a number of large companies, including the Essar and Adani groups, which are raising loans abroad as interest rates in India remain high.
Of the 23 Indian billionaires mentioned in the Bloomberg Billionaires Index, only one saw a reduction in net worth, with the companies owned by most of them outperforming the Nifty 50 index by a big margin.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network.
Reliance reported record pre-tax profit from its retail and telecom businesses. The two now account for nearly 32 per cent of EBITDA, up from close to 25 per cent previously.
Star batsman Rohit Sharma's finger fracture is not only a blow to the Indian team but a big setback for Mumbai Indians as well, who will be playing their Champions League T20 qualifiers starting September 13, in Raipur.
'I sat down and asked them what they would want in their new school. One student said a football field, another one asked for computers. One little girl came and sat next to me and said, "A separate toilet for the girls." I think these small things make a huge difference in the future of education in India,' Nita Ambani tells Aseem Chhabra/Rediff.com
The Tata group is planning to invest $90 billion in new industries such as mobile components plant, semiconductor, electric vehicles, batteries, renewables energy and e-commerce by 2027. The Tata group's investment in India is far higher than the $75-billion investments planned by Mukesh Ambani-owned Reliance Industries and $55-billion investment planned by the Adani group in the next five years in the country, the Economist reported recently. The investment by the Tata group is a shift in its strategy to focus more in the home markets instead of international markets where the group lost money.
Samvat 2070 was a great year for top Indian conglomerates in the stock markets.
Bharti's ratings headroom is likely to improve with an equity infusion, planned asset sales and growing EBITDA from Africa.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
Gautambhai has shown that he has ability to withstand payment delays or vexatious court cases. That is where he is on a more comfortable wicket than many others. A revealing excerpt from R N Bhaskar's Gautam Adani: Reimagining Business in India and the World.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
'If the government starts playing favourites, if the government acts in a manner which is not transparent, then natural resources which belong to not just you and me, but future generations, they fritter away. The anger against corruption, the anger against India's natural resources being looted is a consequence of the fact that within society there is a huge amount of turmoil and discontentment. Why should an Empowered Group Of Ministers or the Cabinet Committee on Economic Affairs decide the administered price of gas?' asks Paranjoy Guha Thakurta in this exclusive interview with Rediff.com's Sheela Bhatt.
Indian telcos have been able to garner over 20 million 5G customers in less than four months after the official launch of the service last October, according to industry estimates. With telecom operators like Reliance Jio and Bharti Airtel aggressively rolling out their 5G services in over 190 cities across the country to date, India is now only behind China and the US in terms of the number of cities in a country where 5G services have been extended. Top executives in telcos say that the number of 5G subscribers in India is a conservative estimate and that it will rise as the roll-out gains momentum.
The West has built a culture of art philanthropy.
Billionaire Mukesh Ambani's Reliance Industries has invested euro 25 million in German solar wafer maker NexWafe GmbH to use the firm's technology to set up giga-scale wafer manufacturing facilities in India. "NexWafe GmbH (NexWafe) today announced the induction of Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (Reliance) as a strategic lead investor in its euro 39 million ($45 million) Series C financing round with an investment of euro 25 million ($29 million) in phase one," the Indian firm said in a late Tuesday evening statement. The investment by Reliance will accelerate product and technology development for NexWafe, including the completion of the commercial development of NexWafe's solar photovoltaic products on prototype lines in Freiburg.
News, as a business, faces its biggest crisis ever, globally. To fight it needs investment in feet-on-the-ground journalism, tech tools like artificial intelligence among other things.
Images from Rohit Sharma's wedding to long time girlfriend Ritika Sajdeh in Mumbai.
Global markets trends, inflation, release of industrial output data and quarterly earnings will dictate movement of the equity benchmarks this week, analysts said, adding that volatility might continue amid slew of announcements of macroeconomic data at the global level too. Moreover, foreign fund movement, crude oil prices and trend in rupee would also act as major drivers for the equity market, they added. "The direction of global equity markets along with movement in dollar index and crude oil prices will continue to dominate while inflation numbers of the USA on May 11 and inflation and IIP numbers of India on May 12 will also cause volatility in the market," said Santosh Meena, head of research, Swastika Investmart Ltd.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
India Inc reacted cautiously to allegations on Swiss a/cs.
Mukesh Ambani-owned TV18 Broadcast was valued at $824 million.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Ten of top 15 companies in 1991 were PSUs; now, there are only six. Their revenue share has also fallen from 86% to 45%
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
Software giant Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.
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.
Prime Minister Narendra Modi is likely to urge Tim Cook to begin manufacturing its prized iPhones in India.
Indian corporate are fast tapping the international bonds market to raise funds for their operational expenses even as they reduce their presence in the rupee bond market. As bonds are costlier for companies and investors are more sceptical than the banks, chief financial officers say they are looking at other avenues for raising funds in the coming months as dollar bond rates are lower in the range of 100 to 250 basis points. "For corporate with reasonable credit quality, the Indian bond market has become less of an option from a cost point of view. "In addition, conditions imposed in the Indian bond market by investors post Franklin episode have also become very onerous," said Prabal Banerjee, president-finance of Bajaj group. "Hence very few corporate are looking at the local bond market for resource mobilisation, since both, bank loans and the overseas bond markets are much more attractive," he said.
We have to move from E-governance to M-governance. M-governance does not mean Modi governance. It means Mobile governance, the PM said.
The acquisitions were made in areas which are closely related to Reliance's key businesses - telecom, internet, retail, digital, media, education, digital, chemicals and energy.
'Interim Budget has ignited the entrepreneurial spirit.'
With Mukesh Ambani taking over Network 18, the space for disseminating a diverse range of views could shrink, feels Paranjoy Guha Thakurta.
The Tata group on Thursday launched its super app, Tata Neu, bringing all its brands in one platform as it seeks to play a major role in the Indian ecommerce space currently dominated by the likes of Amazon and Flipkart.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
The list has been compiled by the Shanghai-based The Hurun Research Institute, the second year it has done this ranking, of an 'India philanthropy list'.
Modi's Atma Nirbhar Bharat Abhiyan or Self-reliant India Mission is about 10 per cent of India's GDP in 2019-20 and would rank behind Japan, the US, Sweden, Australia and Germany. But unlike most of the relief packages announced globally, Rs 20 lakh crore is not entirely in new spending and includes Rs 1.7 lakh crore package the government had announced in March as well as the steps taken by the Reserve Bank of India (RBI) such as liquidity enhancing measures and interest rate cuts.
