RIL said the Anil Ambani group firm "does not have a single power plant since the demerger (of the Reliance empire) and the ADAG owns just one gas-based plant."
April-June 2023 (Q1FY24) was a mixed quarter for India's top family-owned business groups. Three of the big five in terms of revenue reported a year-on-year (Y-o-Y) decline in combined net sales and two saw a Y-o-Y fall in net profits. Combined net sales of all listed companies in the five groups were up just 2.2 per cent Y-o-Y at Rs 6.6 trillion in the quarter, down sharply from the 10.3 per cent in the March 2023 quarter (Q4FY23) and 42.8 per cent in Q1FY23.
Shares of Reliance Industries plunged on Friday after a court ruling that the Mukesh Ambani-led company can not sell its KG basin gas to any company except NTPC and Anil Ambani group's Reliance Natural Resources.
The Ambanis are the only Indian family on the top 10 richest families list in Asia.
Sets up joint venture with D E Shaw.
The hospitality chain Leela Group chairman C P Krishnan Nair, who is set to retire from active management this June, on Monday said he will consider partnering Mukesh Ambani if there are hostile takeover threats from rival ITC.
Indian billionaires Mukesh Ambani and Anand Mahindra, Apple CEO Tim Cook and corporate leader Indira Nooyi were among the guests. CEOs of Google, Microsoft and Adobe -- Sunder Pichai, Satya Nadella and Shantanu Narayen -- also attended the event.
Reliance Industries (RIL) annual general meeting (AGM) had several stunning announcements. RIL looks to list Jio Platforms (JPL) by June 2026. It targets doubling of FY22 earnings before interest, taxes, depreciation and amortisation (Ebitda) (Rs 1.25 trillion; $14.6 billion) by FY27 implying 14.7 per cent compound annual growth rate (CAGR) over the FY22 levels.
'There is no ambiguity in Dhirubhai's legacy that the chairman and managing director is the final authority on all matters concerning Reliance," he said in an e-mail to RIL employees.
Reliance Industries and IPCL have consolidated their stake in the two Mukesh Ambani group entities over the past quarter.
A designated Delhi court has directed the Chief Metropolitan Magistrate to issue summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani.
The wedding, which is billed as the India Inc's most expensive yet, was held at Antilla.
Delhi Court on Wednesday issued summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani
Ambani's comments have come at a time when various cases of corruptions are coming to light, including those involving some big corporate houses and some politicians.
The Maharashtra government has declared a day of mourning in the state on Thursday to pay tributes to industrialist Ratan Tata, the Chief Minister's Office said.
Nearly four months after Anil Ambani tendered his resignation from the board of Reliance group company IPCL in the midst of his feud with brother Mukesh Ambani, the company's website on Friday showed the list of the Board of Directors without the you
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
The combined wealth of India's dollar billionaires is now equivalent to 33.81 per cent of India's nominal GDP.
The combined market capitalisation of the top 873 family-owned companies was down 26.3 per cent year-on-year (YoY) to Rs 61.8 trillion at the end of trading on Tuesday. It had grown 6 per cent in FY19 and nearly 20 per cent in FY18.
In hot pursuit of elder brother Mukesh Ambani in the wealth race, Anil Ambani has entered the exclusive trillionaire club with personal riches of over Rs 1,00,000 crore
People from different walks of life gathered outside the residence of Ratan Tata in south Mumbai on Thursday morning to pay their respects to the veteran industrialist, who died in a hospital in Mumbai.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
Rejecting the Ambani family agreement on gas, the government on Friday said a private pact cannot be allowed to threaten national interests and asked the Supreme Court to make it a party in the ongoing case between the group firms of Anil and Mukesh Ambani.
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.
Billionaire Mukesh Ambani has set targets for his three kids whom he has identified for takeover of telecom, retail and new energy business. Speaking at his father Dhirubhai's anniversary, celebrated as Reliance Family Day, he said the oil-to-telecom-to-retail conglomerate Reliance industries Ltd has embarked on a journey of comprehensive self-transformation. "The end of 2022 is when Reliance will have crossed the half-way mark of its Golden Decade.
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.
NTPC Ltd on Thursday said it was taking legal opinion on the impact of a court battle between Ambani brothers group firms over gas supply and a related government petition on its ongoing case with Mukesh Ambani-led RIL.
Competition Commission of India on Wednesday said it has approved the merger of the media assets of Reliance Industries and Walt Disney Co to create the country's largest media empire. The deal, announced six months ago, has been cleared by the CCI with certain modifications proposed by the two parties.
Having created businesses ranging from world's largest single-location oil refining complex to nation's largest mobile network operators in just few years, billionaire Mukesh Ambani says his group Reliance Industries Ltd will never be complacent and will grow to be among the top 10 business conglomerates of the world. Addressing employees on Reliance Family Day - the birthday of the group's founder Dhirubhai Ambani, he said Reliance is now aiming to consolidate a place among global leaders in digital data platforms and AI adoption. "Today, the domestic and global environments for business are changing very fast.
'Govt to lose Rs 40,000 crore due to RIL's escalating costs'.
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
What do you think will happen to the Reliance Group now? Will the family split? Or will the brothers unite to emerge stronger than ever? Tell us.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
Mukesh Ambani has raced ahead of Gautam Adani to become the richest Indian on a list of wealthiest people in the country. The 66-year-old chairman of the diversified Reliance Industries saw his wealth growing by a marginal 2 per cent to Rs 8.08 lakh crore, while Adani's fortune plummeted by 57 per cent to Rs 4.74 lakh crore, as per the 360 ONE Wealth Hurun India Rich List 2023. Anas Rahman Junaid, managing director and chief researcher at Hurun, attributed the decline in Adani's wealth to the Hindenburg report published in January. In January,
Tatas, Ambanis, Adanis, Birlas contributed an average of Rs 800 crore to Rs 1,000 crore per family group.
Indeed there is an extraordinarily stark contrast between the mansion in South Mumbai and the reality of Golibar -- with its fragile, tiny one room homes set amid open sewage channels in narrow lanes.
