Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
The Bombay high court on Monday reserved its order till December 9, on a Reliance Industries Ltd petition seeking approval of the demerger scheme worked out as part of a settlement between Ambani siblings, Mukesh and Anil.
The Bombay High Court will hear on November 25 the petition filed by Reliance Industries Ltd seeking the court's approval of a scheme to demerge the company into four new entities as part of a settlement reached between Ambani brothers.
Ordering groceries, vegetables and daily essentials is just a WhatsApp away as billionaire Mukesh Ambani's e-commerce platform JioMart taps into the popular messaging app to scale up online business in its fight for dominance in the giant Indian retail market with Amazon and Walmart-owned Flipkart. Ambani's twin children, Akash and Isha gave a preview of the ordering at Meta's second edition of the Fuel for India event on Wednesday. A new 'tap and chat' option allows users to order groceries through WhatsApp.
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
For the company's latest energy initiative to expand its green energy and storage portfolio, some analysts are beginning to suggest a closer look at some of its segments. In his address to shareholders in the company's FY22 annual report, billionaire Mukesh Ambani, chairman and managing director of the company, said: "The green energy value holds great promise to outshine all our existing growth engines in just 5-7 years." The company has marked an investment of Rs 75,000 crore towards its new energy plans, which include solar energy value chain, green hydrogen, energy storage and other similar businesses.
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.
On the telecom sector, he demanded auctioning of more spectrum.
Saudi Aramco had right from the beginning resisted the price tag Reliance had put for the 20 per cent stake in O2C business, which comprises the company's twin refineries at Jamnagar in Gujarat, petrochemical plants and 51 per cent in fuel retailing venture.
Strategic direction post-COVID-19 and further details on asset monetisation are key expectations from the 43rd AGM of RIL, analysts said.
In the rights issue, the company is offering one share for every 15 shares held at Rs 1,257. The rights shares are expected to be listed on the BSE and NSE on or around June 12.
Prime Minister Narendra Modi on Thursday launched the ambitious 'Make in India' campaign to make India a global manufacturing hub, create jobs and boost economic growth.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
The company is targeting 100 million subscribers in shortest possible time, RIL Chairman Mukesh Ambani said
Reliance Jio, together with partners, has tested its 5G solutions in India, successfully demonstrating speeds of over 1 GBPS, and its 'Made in India' solution is "globally competitive", RIL chairman Mukesh Ambani said on Thursday. Ambani also exuded confidence that the company will be the first to launch full-fledged 5G services in the country. Jio is not just working to make India '2G-mukt' (free from 2G) but also '5G-yukt' (5G empowered), he added. Jio's engineers have developed a 100 per cent home-grown and comprehensive 5G solution that is fully cloud native, software defined, and digitally managed.
Out of the ten prime plots purchased by this joint venture, Delta Corp East Africa Limited (in which RIL holds 58.8 per cent stake) has completed construction of at least one low-cost residential complex
"We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Mukesh Ambani said at the company's annual general meeting.
The company's net profit was Rs 5,972 crore in the same period of 2014-15 fiscal.
With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
The ruling was made by the Securities Appellate Tribunal, an independent quasi-judicial body that rules on appeals against orders passed by the Sebi.
The entry of the deep-pocketed conglomerate is expected to heighten competition.
Consolidated revenue rose to a record Rs 163,854 crore.
It has suggested OTTs be subject to the same security requirements that a traditional TSP has to adhere to.
RIL's Rs 53,124 crore rights issue was India's largest-ever rights issue. It was also the world's largest rights issue by a non-financial institution in the last ten years.
The development of the constitution of the tribunal comes at a time when the Delhi high court in December 2020 refused to restrain Amazon from interfering in Future Retail's deal with Reliance Retail by writing to statutory authorities.
The old guard is still involved in broad corporate decision-making, but quite a few new business heads have started making their mark at the group
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
The company will wait for sizeable user base for better valuation.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
The intra-city cable leasing deal will give RCom Rs 1,200 crore, which will be used to clear some of its debt.
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
Of the two big players, while Bharti Airtel can leverage its existing subscriber base, newcomer Reliance Jio will have to wean away subscribers from the incumbents
The company raised Rs 53,124 crore through a rights issue and sold nearly 33 per cent stake in Jio Platforms Ltd - the firm that houses telecom business and apps - to likes of Facebook and Google for Rs 152,056 crore.
According to the agreement, RIL will transfer its existing textile business under the Vimal brand into a newly incorporated company in which RIL will hold 51 per cent stake. The remaining 49 per cent stake will be sold to Ruyi.
Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans.
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