The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
In a major development, the two Ambani brothers -- Mukesh and Anil -- on Sunday decided to bury their differences and create an environment of harmony, co-operation and collaboration between their groups. "All existing non-compete agreement between the two groups executed in January 2006 cancelled," the Anil Ambani group said in a statement. The harmony comes within a few days of the Supreme Court declining to give any relief to the younger brother in the gas dispute.
Anil Ambani group counsel Mukul Rohtagi said he had no objection.
Ambani said Reliance ended last year with a net debt of Rs 154,478 crore.
Domestic brokerage Sharekhan's last month's analysis of buy and sell transactions by mutual funds shows that the fund houses purchased stocks from sectors such as infrastructure, IT, telecom and healthcare, while offloading shares from oil and gas and banking sectors. Domestic mutual funds are lapping up the buying opportunity present in the bear gripped stock market and made net purchases worth Rs 3,179 crore (Rs 31.79 billion) in equities in June.
While Mukesh is likely to make a foray into the specialty stores, is choosing the same date to launch the much-awaited Reliance Money.
Reliance Energy Ventures Ltd shares listed on the bourses on Friday and traded at Rs 48.90.
The list of guests included celebrities from across the globe, politicians, the who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country.
RNRL and Mukesh Ambani's RIL are fighting a legal battle over the terms of gas supply agreement for Anil Ambani Group's gas-based Dadri power project. Two weeks ago, government lawyer Mohan Parasaran had stated in the court that the Empowered Group of Ministers had decided that $4.2 per mmbtu would be the minimum price of KG basin gas.
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
Led by a $6.5 billion surge in personal net worth on Tuesday, Gautam Adani, chairman of the Adani Group, is back in the top 20 of the world's richest list and is now ranked 19th globally. Adani is also now India's second richest with a net worth of $66.7 billion as of Tuesday, per the Bloomberg Rich List, while Mukesh Ambani, chair of Reliance Industries, is ranked number one in India and number 13 in the world with a net worth of $89.5 billion.
The Ambani brothers -- Mukesh and Anil -- have emerged among the biggest beneficiaries of the people's mandate in favour of the Congress-led UPA government as their group companies added close to Rs 90,000 crore (Rs 900 billion) of wealth in just five trading sessions after the results were declared.
Riding on a strong stock market rally, Anil Ambani-led diversified business conglomerate Reliance Group has crossed Rs one lakh crore market valuation.
Justice Markandey Katju recused himself from the matter saying his wife held shares of Reliance Industries.
Mukesh Ambani Group-controlled Indian Petrochemicals Corporation Ltd said on Friday there would be no change in its management post amalgamation of its subsidiaries with itself.
Bharti group's Sunil Mittal retained his fourth position, followed by Wipro's Azim Premji at the fifth slot.
The IPO boom in 2023 added four new promoters to the billionaires' list.
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
The board of directors have proposed a dividend of Rs 3.50 per share on the face value of Rs 10 per share to the shareholders.
The Indian economy has the potential to grow by more than 7.5 per cent annually and become the third largest in the world in the coming decades, Reliance Group Chairman Mukesh Ambani said.
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
The options would be convertible into equal number of equity shares and would be vested based on the specified criteria, the Mukesh Ambani group flagship firm informed the Bombay Stock Exchange. The vesting period would range between one to seven years from the date of the grant and the exercise period would extend up to five years from the date of vesting, RIL added.
Tata Group chairman Natarajan Chandrasekaran on Thursday said the group's recently launched super app Neu is on an open architecture and it will host non-group brands as well. The Tatas finally launched its super app Tata Neu on April 7, after piloting it for months, but the group chairman claimed there was no delay in the commercial launch. Stating that the app has received an overwhelming response in the past seven days of going live, Chandrasekaran said the app is on an open architecture and will host products and services from non-Tata group companies.
Mukesh Ambani remains the country's wealthiest promoter as his stake in Reliance is now worth Rs 3.25 trillion!
American chip behemoth Nvidia Corp and India's retail-to-refining giant Reliance Industries on Thursday unveiled their goal to build a formidable AI computing infrastructure in the country. Highlighting the tie-up, Jensen Huang, founder and CEO of Nvidia, made a broader appeal: India should focus on "manufacturing" AI, rather than racing to build semiconductor fabs. As part of this collaboration, Nvidia will reportedly supply its Blackwell AI processors to power Reliance's one-gigawatt data center in Jamnagar, Gujarat.
The group of four ministers or G-4, headed by Finance Minister Pranab Mukherjee, had its final meeting on Tuesday and decided to either withdraw and amend the Special Leave Petition or file separate affidavit or an interlocutory application this week, a top source said.In its present form, the government is seeking annulment of the part of the Ambani family MoU that provides for dividing gas from RIL's KG-D6 fields between companies run by brothers Mukesh and Anil Ambani.
A new round of conflict started on Friday between the Ambani brothers, with the faction led by Mukesh
The combined market-cap of all listed Adani group firms has plunged nearly Rs 7.11 trillion since January 24 when the Hindenburg report was made public.
Billionaire Gautam Adani's group is said to be planning a surprise entry into the race to acquire telecom spectrum, which will pitch it directly against Mukesh Ambani's Reliance Jio and telecom czar Sunil Bharti Mittal's Airtel, sources said. Applications for participating in the July 26 auction of airwaves, including those capable of providing fifth-generation or 5G telecom services such as ultra-high-speed internet connectivity, closed on Friday with at least four applications. Jio, Airtel and Vodafone Idea -- the three private players in the telecom sector -- applied, three sources with knowledge of the matter said.
Sun Pharma's Dilip Shanghvi is India's richest person.
Mukesh Ambani group's flagship company Reliance Industries on Thursday posted a net profit of Rs 2,799 crore (Rs 27.99 billion) in the October-December quarter, up from Rs 1,776 crore (Rs 17.76 billion) in the year-ago period.
Reliance had already invested Rs 3,900 crore in the state.
Mukesh Ambani group company Reliance Petroleum may not have found much favour with investors during its nearly eight-month stay on the bourses, but the company has found mention in a list of the world's 15 biggest IPOs in 2006.
Ambani brothers' split is proving to be a blessing in disguise for the investors as they have seen nearly doubling of their wealth in less than four months since Reliance Industries began trading on a post-demerger split basis.
Reliance Brands is in advance stage of talks to take over the India rights for premium makeup and beauty retail chain Sephora, from Arvind Fashions, according to two persons in the know. The Mukesh Ambani-led retail company is already in talks with developers to lease out stores for Sephora, said one of the above mentioned sources. While Reliance Brands was yet to answer Business Standard's query, an Arvind Fashions spokeperson, in an e-mailed response, said: "As per company policy, we do not comment on market rumours and speculation."
Ambani said, it will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
For the past few days, Tata had been admitted to the Breach Candy Hospital in south Mumbai.
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