Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
Will you pick Kriti over fashionista Jacqueline?
Will the warning shots from giants like Unilever and P&G break digital growth?
Mamata launched the 'Jionet' brand Wi-Fi service.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Even as India is mulling legislation to make energy-efficient air conditioners and refrigerators, consumer durable manufacturers are already thinking beyond that.
Social media platform Meta has appointed Vikas Purohit as Director of Global Business Group in India to lead the strategy and delivery of the charter that is focused on the country's leading advertisers and agency partners, the company said on Monday. Purohit will report to Arun Srinivas, director and head of ads business for Meta in India, it said in a statement. "I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country," Srinivas said.
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.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
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.
"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.
Data is the new oil, and intelligent data is the new petrol, said Mukesh Ambani
Billionaire Mukesh Ambani's retail venture will soon start selling electronics goods like refrigerators, TVs and computers, even as it prepares to open its 100th fresh food and vegetables outlet in the country.
Airtel Xstream will allow its subscribers to access live TV, video, music, news and sports on an over-the-top smart stick, interned-enabled set top box, and handheld devices.
'As the world goes digital, we cannot afford to be left behind.'
After a five-day long visit, Apple CEO Tim Cook left India with a note that he can't wait to return to the country. The visit of Cook coincided with 25 years of the iPhone maker's presence in India. Cook arrived in India on Monday. The visit started with the launch of the first official Apple store in Mumbai on April 18 followed by a second in the national capital on April 20.
The defence ministry said 98 per cent of the total procurement worth Rs 2.23 lakh crore will be sourced from the domestic industries.
Reliance Big Entertainment (RBE), the flagship media and entertainment arm of the Reliance Anil Dhirubhai Ambani Group, has announced a joint venture with Tom Hanks and Gary Goetzman's Playtone.
Reliance Infocomm has started its broadband operations with the launch of Digital Electronic News Gathering service that enables TV channels to broadcast quality news video from a remote location to the studio directly.
At Rs 2,999, LYF Flame is one of the most affordable VoLTE smartphone in the market now.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
It will take on Samsung Galaxy Tab models that start at about Rs 24,000.
It will take on Samsung Galaxy Tab models that start at about Rs 24,000.
Reliance Industries (RIL's) annual report released on Sunday highlighted the company's focus on new energy solutions, with chairman and managing director (MD) Mukesh Ambani stating that the age of fossil fuels will not continue much longer. RIL has sought shareholders' approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which "will leverage the prowess of digital and retail businesses", was expected to be listed soon.
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.
Prasad also said India will be a $1 trillion opportunity for digital companies in five years
'India missed the software products revolution (and now is in danger of missing the platform revolution), complacent that we are the software experts of the world based on IT services prowess,' points out Rajeev Srinivasan.
According to documents accessed by Business Standard, RIL increased its direct stake in Jio to 98.9 per cent as on March this year by pumping more capital into the company.
Reliance Jio Infocomm (RJIL) has written to the Telecom Regulatory Authority of India (Trai) stating that a recent complaint against it by Bharti Airtel is a deliberate, malicious attempt at defaming RJIL's consumer-friendly tariff. RJIL has also asked the regulator to warn Airtel against 'making such frivolous complaints in the future'. The move is in response to Airtel recently requesting Trai to bring content aired through broadband under the regulatory fold and keep a check against discriminatory bundling tactics.
Ambani says nation on the cusp of a digital revolution
Company launches claim guarantee scheme for customers.
Beside RIL's Jio Switch and Jio Browser, smaller Indian app companies who have been overwhelmed by TikTok are again seeing a big rush - even though till the second week of June they might not have been even listed in the top 100 apps in the country.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
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