The Enforcement Directorate has arrested Sateesh Seth and Gautam Doshi, former directors of Reliance Telecom Ltd, under the Prevention of Money Laundering Act (PMLA) in Mumbai. They are being taken to Delhi for a case registered in the national capital.
Reliance Industries Ltd (RIL) has publicly welcomed competition from Elon Musk's Starlink in the satellite communications sector, asserting that all players, including Jio, must abide by Indian laws and policies.
Elon Musk has escalated his criticism of Indian industrialist Mukesh Ambani, sharing media reports that alleged Reliance-funded firms helped boost BJP campaigns on social media and made large political donations. This comes amidst a persistent delay in the launch of Starlink satellite broadband services in India, with Musk accusing Ambani of protecting a monopoly. The Indian government maintains its telecom framework is fair and non-discriminatory, while Reliance has not publicly responded to Musk's allegations.
Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, is poised to launch India's largest-ever initial public offering (IPO) at Rs 30,213 crore, surpassing Hyundai Motor India's Rs 27,870-crore offering.
The Enforcement Directorate has arrested Sateesh Seth and Gautam Doshi, former executives of the Reliance Anil Ambani Group, under the Prevention of Money Laundering Act (PMLA) in Mumbai. The arrests are linked to a case registered in New Delhi, and the duo will be transported there on transit remand.
The CBI conducted searches at 17 premises in Mumbai related to Reliance ADA Group companies, including Reliance Telecom and Reliance Finance, concerning alleged diversion of bank funds and losses to banks and LIC.
Jio Platforms Ltd's Rs 30,213-crore initial public offering was subscribed 3.01 times, attracting approximately Rs 66,500 crore in public bids, with qualified institutional buyers oversubscribing their portion by 9.02 times, while retail investor demand remained under-subscribed at 0.68 times.
Elon Musk, CEO of SpaceX, stated that Starlink's services in India must be affordable for widespread adoption and that competition would benefit consumers, despite potentially reducing Reliance Jio's profits. He criticised Reliance Jio as a 'de facto monopoly' in India, alleging that certain business conglomerates were blocking Starlink's entry.
Jio Platforms' initial public offering has shattered global records by receiving over one crore applications, underscoring immense investor confidence in the company's ambitious plans for technology, AI, and cloud services, with the IPO subscribed almost seven times overall.
'... but runs with the rigour and discipline of a large enterprise.'
Akash Ambani is leading Jio Platforms' initial public offering (IPO), set to be India's largest, with a strategy that includes appealing to regional investors and drawing parallels to his grandfather Dhirubhai Ambani's historic public listing of Reliance Industries.
The CBI has registered a case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, and others for an alleged Rs 2,684.57-crore fraud. The case stems from a complaint by the Life Insurance Corporation of India (LIC) regarding investments in RCAP's non-convertible debentures, alleging criminal conspiracy, misrepresentation, and fraudulent diversion of funds causing significant loss to LIC.
The CBI has registered a case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, and others for an alleged Rs 2,684.57-crore fraud involving investments made by the Life Insurance Corporation of India (LIC). Anil Ambani has denied any wrongdoing. The LIC alleges criminal conspiracy, misrepresentation, and fraudulent diversion of funds.
The Qualified Institutional Buyers (QIBs) portion of the Jio Platforms IPO was fully subscribed at over 2x demand within minutes of its issue opening on Wednesday, indicating strong institutional interest in India's largest public issue.
Jio Platforms' initial public offering has garnered an overwhelming institutional demand of approximately Rs 2.5 lakh crore, significantly exceeding its Rs 8,110-crore anchor book, with global and domestic investors vying for a stake in the Reliance Industries subsidiary.
Jio Platforms Ltd's initial public offering (IPO), anticipated to be India's largest, is scheduled to open for subscription on October 21 and close on October 23, with reservations for employees and Reliance Industries Ltd shareholders.
Jio Platforms Ltd's Rs 30,213-crore initial public offering (IPO) has garnered bids worth Rs 3.73 lakh crore, achieving a subscription rate of 5.57 times the shares on offer, driven by robust institutional and anchor investor demand.
Elon Musk has renewed his criticism of Mukesh Ambani regarding Starlink's entry into India, accusing Ambani's supporters of hypocrisy for simultaneously claiming Starlink can't compete with low prices and that it poses a strong competitive threat. Musk argues that competition would benefit Indian consumers and that Starlink would adjust pricing if too expensive. He also shared reports alleging Reliance-funded political donations. Communications Minister Jyotiraditya Scindia stated India does not permit monopolies and that multiple players, including Starlink, have received satcom licences.
Eutelsat OneWeb, a satellite communications company, is awaiting approvals from the Indian central government to launch its services, as confirmed by Sunil Mittal, chairman of Bharti Enterprises, the largest shareholder in the Eutelsat group.
Isha Ambani, a director on the board of Jio Platforms, revealed that a failed attempt to upload a college assignment in 2009-10 due to poor internet connectivity in Mumbai sparked the idea and subsequent conversations that led to the creation of Jio.
Digital services major Jio Platforms is anticipated to list on the stock exchange by the end of October, with an estimated enterprise valuation of USD 143-146 billion, making it India's largest public offer at around USD 3.8 billion.
Jio Platforms Ltd's Rs 30,213-crore initial public offering (IPO) achieved full subscription within 100 minutes of opening, making it the fastest among India's mega issues, surpassing previous records set by companies like Reliance Power.
Bharti Airtel Chairman Sunil Bharti Mittal stated that his satcom venture, Eutelsat OneWeb, is 'significantly ahead' of Elon Musk's Starlink in the Indian satcom queue, having applied for a licence five years ago, and expressed a desire to receive regulatory approval before Starlink.
Jio Platforms (JPL) is preparing a capex-light strategy to commercially launch 6G services in the early 2030s through software upgrades, rather than fresh infrastructure investments, according to Akash Ambani, managing director of JPL.
Indian benchmark stock indices, Sensex and Nifty, rallied significantly, with Sensex jumping over 1,500 points and Nifty reaching a nearly three-week high, driven by strong buying in banking, IT, and Reliance Industries stocks, alongside easing crude oil prices.
India's fair trade regulator, the Competition Commission of India (CCI), has dismissed a complaint alleging anti-competitive conduct against Reliance Jio Infocom Ltd and over 4,500 other firms across various sectors, citing a lack of specific evidence.
The Supreme Court on Friday issued notice to Reliance Telecom on the recommendation of Environment Pollution Control Authority for imposition of a fine of Rs 1 crore (Rs 10 million) on it for laying optical fibres through Madhav National Park in Madh
Elon Musk questioned if Mukesh Ambani is India's "real boss" amidst Starlink's licensing issues, drawing a cryptic response from Rahul Gandhi. The Indian government clarified that security assessments are pending for all satcom licensees, not just Starlink, and the delay is due to the Ministry of Home Affairs.
Reliance Industries shares rose over 1 per cent after the company reported record quarterly core profit and EBITDA for the June quarter, driven by strong performances in its oil-to-chemicals and telecom businesses.
Prime Minister Narendra Modi has urged for a global framework to combat cross-border cyber frauds and deepfakes, highlighting the need for governments, tech companies, telecom operators, and financial institutions to collaborate. Speaking at the India Mobile Congress 2026, Modi stressed that technology thrives on trust and that India is ready to share its expertise in tackling cyber threats. He also noted the rapid expansion of 5G and the success of digital governance initiatives like Direct Benefit Transfer.
Investors are set to monitor quarterly earnings, crude oil prices, the Jio Platforms initial public offering, and foreign investor activity in the upcoming holiday-shortened week, according to market analysts.
Billionaire Mukesh Ambani announced that the transfer of day-to-day management responsibilities at Reliance Industries to his children, Akash, Isha, and Anant, is "almost complete," marking the final stages of a significant succession process for India's most valuable company.
Jio Platforms Limited (JPL) believes satellite broadband services are unlikely to achieve significant scale or compete effectively on price in India's highly connected and affordable market, despite developing its own satellite constellation solutions and flagging it as a potential disruptor.
Telegram CEO Pavel Durov has accused Reliance Group, which has a partial Meta stake, of lobbying for a ban on Telegram in India and sabotaging its access for users outside India through BGP hijacking. A senior telecom industry source dismissed these claims as 'fake news,' stating Durov confused Reliance Communications with Reliance Industries Ltd. The allegations come as the Indian government has ordered Google and Apple to delist Telegram temporarily and disable its message-editing feature in India due to concerns over paper leaks in the NEET-UG examination.
The portfolio could be split between listed and unlisted investments, or structured along sectoral lines.
A dozen companies, including major players like Jio Platforms and Zetwerk Manufacturing Business, are poised to launch Initial Public Offerings (IPOs) in October, continuing India's strong fundraising momentum in the primary market. These offerings span diverse sectors, reflecting sustained investor interest in businesses with robust growth prospects.
'The large number of tariff lines in the 90-99 per cent band highlights how deeply embedded Chinese sourcing has become in India's electronics imports.'
Reliance Jio's reintroduction of Jio Prime membership with a price lock until September 2027 and the retention of its entry-level daily unlimited data plan at ~299 rupees are seen by industry analysts as strong indicators of imminent tariff hikes across the Indian telecom sector.
India is making a significant push to establish itself as a global semiconductor manufacturing hub, driven by strategic investments and policy support. The upcoming SEMICON India 2026 event will showcase the country's advancements and ambitions in this critical industry, which underpins virtually all modern electronic devices and has faced global supply chain vulnerabilities.
Challenging the trial court's order charging it with criminal conspiracy, cheating and forgery, the Anil Dhirubhai Ambani Group-led company pleaded that it did not indulge in any wrongdoing and charges framed against it were 'wrong'.
