RIL, ADAG cancel 2006 non-compete agreements, hope to work in harmony
The government on Monday refused to review its decision rejecting the price of natural gas proposed to be sold by Reliance Industries Ltd to an Anil Ambani group firm.
Responding to comments sought by the Prime Minister's Office on a letter from industrialist Anil Ambani, the ministry last week wrote that the family MoU was clearly against the provisions of the Production Sharing Contract.
As if rejecting the truce offer made by Anil Ambani to estranged brother Mukesh, Reliance Industries Limited sources on Sunday said this was yet another attempt to present corporate dispute as a family feud.
Even four years after splitting the Reliance empire, the Ambani brothers still seem to be washing dirty linen in public: the latest battle is over gas pricing.
In a statement issued from New Delhi, Ambani-led Reliance group, however, said that no charges have been levelled against them by the UK regulators in these proceedings.
Siding with Reliance group chairman Mukesh Ambani, the board of the flagship company RIL on Wednesday rejected objections raised by his younger brother and vice chairman Anil
A designated Delhi court has directed the Chief Metropolitan Magistrate to issue summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
The Central Bureau of Investigation on Friday informed the Delhi high court that its appeal against the acquittal of former telecom minister A Raja and 16 others in the 2G spectrum allocation case was 'ripe for hearing'.
Delhi Court on Wednesday issued summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani
Reliance Industries chairman and managing director Mukesh Ambani confirmed the truce pact with Anil Ambani.
Various corporate houses and private banks, including Aditya Birla Group, Hindustan Lever, Sahara Group, Bank of America, ANZ Grindlays, ICICI Bank, ABN Amro and HSBC
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
'Economic benefits of RIL shares held by these four companies have always been for the benefit of RIL's shareholders, and remains so. This fact has been reiterated by RIL a number of times,' the company said.
Continuing its attack on the Anil Dhirubhai Ambani Group, the Mukesh Ambani camp on Tuesday alleged that shares of their group worth nearly Rs 535 crore (Rs 5.35 billion) were transferred "fraudulently" -- a charge denied by ADAG stoutly.
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
While the merger will see the share of the promoter group increase by two percentage points, the move has also seen a few analysts raise concerns.
The Anil Dhirubhai Ambani Group is open to have partners for its insurance and mutual fund businesses, its chairman Anil Ambani said on Friday.
The Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
In his letter dated October 11, written before the last EGoM meeting, Ambani has said the government would incur a loss of at least Rs 35,000 crore if the EGoM had decided to charge for excess spectrum beyond 6.2 MHz only prospectively from 2012, and not from 2008.
Anil Dhirubhai Ambani Group's market capitalisation increased to Rs 86,000 crore (Rs 860 billion) following the listing of the group company -- Reliance Communication Ventures Ltd (RCoVL).
Finance Minister P Chidambaram on Friday took stock of the power ministry's ambitious plans to set up five ultra mega power projects of 4,000 MW each envisaging an investment of Rs 75,000 crore
The group is set to become the second largest Indian corporate in terms of market value.
Reliance Power Ltd, part of the Reliance Anil Dhirubhai Ambani group, is in talks with five leading global power companies to sell 15 per cent equity stake in the company. Preliminary talks have started with three Chinese power companies, which include China Light and Power Holdings, and French and Canadian companies.
The Delhi high court on Thursday stayed the summoning of Reliance group chairman Mukesh Ambani and its managing director Anil Ambani in a case in which officials of the company are accused of procuring classified government documents.
The MTN-Reliance Communications merger, if it gets through, will create a telecom behemoth of 115 million subscribers in 25 countries.
Market regulator Securities and Exchange Board of India on Saturday said it has received several letters from Reliance Industries vice-chairman and managing director Anil Ambani
According to Reliance Money officials, the company offers 5 gm and 8 gm coins now but plans are in the offing to launch 0.5 gm, 1 gm and 2 gm coins, said
Anil Ambani-controlled Reliance Energy Ventures Ltd will get listed and start trading on the bourses on February 24.
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
While Mukesh is likely to make a foray into the specialty stores, is choosing the same date to launch the much-awaited Reliance Money.
The agreements between the four new companies transferred to Anil Ambani and his elder brother Mukesh's flagship company Reliance Industries may become the bone of contention.
Reliance Capital, a part of the Anil Dhirubhai Ambani Group, is looking to invest Rs 2,000 crore in insurance businesses in the next three years, which would take the company's cumulative investment in the sector to Rs 4,000 crore.
