The company will wait for sizeable user base for better valuation.
This marks the second billion-dollar investment by Silver Lake in a Reliance subsidiary after the $1.35 billion investment in Jio Platforms.
Reliance Industries on Friday announced the sale of 2.32 per cent stake in its digital unit to US-based Vista Equity Partners for Rs 11,367 crore, the third deal in a little over two weeks that will inject a combined Rs 60,596.37 crore in the oil-to-telecom conglomerate to help it pare debt. The US-based private equity firm will buy a stake in Jio Platforms, which houses the country's youngest but biggest telecom firm Jio, at an equity value of Rs 4.91 crore and an enterprise value of Rs 5.16 crore.
The unit of Reliance Communications may raise debt, equity
Reliance Infocomm Ltd will notch up a subscriber base of around seven to eight million by the end of the current fiscal, banking on its launch of CDMA pre-paid services, even as the telecom entity is expected to record net profit by March 31, 2004.
The amount from securitisation has been utilised to repay rupee debt, saving significant interest costs for the company.
California-based telecommunications equipment provider UTStarcom Inc is making major inroads into the Indian market with an unannounced sales deal worth more than $100 million with Reliance Infocomm
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.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
Given the escalating cost of doing business, the revenue opportunity is decreasing and consolidation is an inevitable part of the industry.
The CAG has suggested canceling nationwide broadband spectrum allocated to Infotel Broadband Services, now a Reliance Industries company, for allegedly rigging the auction and violating rules.
Kotak Mahindra Bank was the biggest loser from the Sensex pack, skidding 1.83 per cent, followed by Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank and Nestle. In contrast, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, Titan, Infosys, HDFC Bank, HDFC and ITC were the gainers.
Reliance Industries Limited on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price. The market heavyweight stock jumped 1.85 per cent to its record high of Rs 2,827.10 on the BSE. Following the gain in the share price, the company's market valuation jumped to Rs 19,12,814 crore in morning trade on the BSE.
After a two year run-in with controversies, telecom sector now looks stable and seems back on its feet with initial investment proposal of over Rs 11,000 crore (Rs 110 billion) received in 2013.
The Department of Telecom on Tuesday approved applications of telecom companies -- Reliance Jio, Bharti Airtel, Vodafone Idea and MTNL -- for conducting 5G trials but none of them will be using technologies of Chinese entities. The list of telecom gear makers approved for trials include Ericsson, Nokia, Samsung, C-DOT and Reliance Jio's indigenously developed technologies.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
Benchmark indices fell on Monday with the BSE Sensex declining 306 points, mainly dragged down by Reliance Industries. Foreign funds outflow also added to the overall bearish trend in equities on Monday. The 30-share BSE benchmark fell 306.01 points or 0.55 per cent to settle at 55,766.22. During the day, it declined 535.15 points or 0.95 per cent to 55,537.08. The broader NSE Nifty dipped 88.45 points or 0.53 per cent to 16,631.
With Mukesh Ambani taking over Network 18, the space for disseminating a diverse range of views could shrink, feels Paranjoy Guha Thakurta.
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.
Once launched, RJio services will cover over 18,000 towns and over 200,000 villages across all the 22 service areas of the country
Mukesh and Anil will announce two more infrastructure-sharing agreements by mid-June.
Billionaire Mukesh Ambani's Reliance Industries Ltd has bought Britain's iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance's current stake in Oberoi hotels and hotel/managed residences in Mumbai that it's developing. Over the past four years, Reliance has announced $3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday.
The Aam Aadmi Party has demanded the dismissal of Telecom Minister Ravi Shankar Prasad alleging a conflict of interest that has prevented him from issuing a notice to Mukesh Ambani's Reliance Jio on the 4G issue, a charge vehemently denied by Prasad who said he never gave advice or appeared for the company.
India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being bought, mostly by billionaire Mukesh Ambani's Reliance Jio. Over 2,250 MHz of spectrum, that carry telecom signals, in seven bands worth nearly Rs 4 lakh crore at the reserve or start price, was offered for bidding in the auction that began on Monday. Telecom secretary Anshu Prakash said 855.60 MHz of spectrum was bought for Rs 77,814.80 crore in the two-day auction.
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
Reliance ADAG Chairman Anil Ambani will have to appear as a CBI witness in the 2G scam case with the Supreme Court on Wednesday refraining from passing any order and the trial court dismissing a plea for deferring his deposition scheduled tomorrow.
The licensee will have to ensure that at least half the areas under rural telecom exchanges gets the required street level coverage.
It has suggested OTTs be subject to the same security requirements that a traditional TSP has to adhere to.
Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
CBI prosecutor K K Goel opposed the application saying it was "dragging the trial" and noted that Anil Ambani too had filed a similar plea earlier.
Reliance Industries Ltd (RIL) chairman Mukesh D Ambani on Wednesday said the latest reforms and relief measures will enable the telecom sector to achieve goals set under the Digital India mission. The Cabinet has announced several reforms for the telecom sector, including redefining adjusted gross revenue (AGR) that will now include revenues earned only from telecom services. The government calculates various levies on AGR. "The telecom sector is one of the prime movers of the economy and the key enabler for making India a Digital Society, I welcome the Government of India's announcement of reforms and relief measures that will enable the industry to achieve the goals of Digital India. I thank Prime Minister (Narendra Modi) for this bold initiative," Ambani said.
DoT and the company have not done anything that breached the guidelines mentioned in the notice inviting applications for the auction of the BWA spectrum in 2010, it stated in a reply to CAG's draft audit report.
According to sources in the agency, the counsel had been briefed about its stand which includes informing the apex court about 'certain moles' in the probe agency who were providing documents to people outside.
A record over Rs 1.5 lakh crore worth of 5G telecom spectrum was sold in a seven-day auction ending on Monday, which saw billionaire Mukesh Ambani's Jio emerging as the top bidder to consolidate its leadership position. Sources with direct knowledge of the matter said provisional data puts the total bids at Rs 150,173 crore. The mop-up from the 5G spectrum, capable of offering ultra-high speed mobile internet connectivity, is almost double at Rs 77,815 crore worth 4G airwaves sold last year and triple of Rs 50,968.37 crore garnered from a 3G auction in 2010.
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