The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Ambani has bank deposits worth Rs 80.63 lakh and cash amounting to Rs 4.13 lakh, according to the declaration made by him at the time of filing his nomination in Lucknow.
In a new twist in the gas row between the Ambani brothers in the Supreme Court, the Anil Ambani-led RNRL on Thursday sought cross-examination of Petroleum Minister Murli Deora, accusing the Government of siding with the Mukesh Ambani's group RIL.
Reliance Anil Dhirubhai Ambani Group on Friday unveiled a grand spending plan of over Rs 60,000 crore (Rs 600 billion) in Orissa, which included an investment blueprint for the world's largest pithead thermal power plant.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
Two days after assuming the charge of the companies demerged from the Reliance conglomerate, Anil Dhirubhai Ambani Friday announced his first project -- Dhirubhai Ambani Institute of Information Technology.
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.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Reliance Infra has sent a letter to Reliance Industries on September 24 informing the of the shutdown of the 220MW power plant in Andhra Pradesh for maintenance to September 28 instead of a day earlier.
In a mega Rs 50,000-crore deal, the Anil Ambani group on Sunday announced merger of RNRL with another group firm Reliance Power, which would now become a direct beneficiary of the gas deal signed with Mukesh Ambani-led Reliance Industries.
Welcoming the truce between the Ambani brothers Mukesh and Anil, Finance Minister Pranab Mukherjee on Monday said it would do a lot of good to the business world.
Anil Ambani Group firm RNRL on Tuesday welcomed the government's move to protect NTPC's interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm's 'malafide attempts to dishonour' its commitment.
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."
Mukesh Ambani-run Reliance Industries on Saturday moved the Supreme Court challenging the Bombay high court judgement that asked it to supply gas to Anil Ambani Group's firm RNRL at a price of $2.34 per mmbtu.
An Anil Ambani group company has asked the oil ministry to stop Reliance Industries Ltd from charging marketing margin on gas, alleging that the Mukesh Ambani-led firm was not sharing the revenue and 'diverting' crores (billion) of rupees of the government's share.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
The RBI is expected to issue only a few bank licences after completing due diligence.
The calculation excludes cross-holding of listed group cos in each other.
According to sources, Reliance Infratel would offer 10 per cent equity to the public valued at Rs 5,000-6,000 crore (Rs 50-60 billion). Reliance Infratel is the telecom infrastructure division of Reliance Communications Ltd.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
Anil Ambani group's Reliance Power on Monday made its debut on the bourses, listing at a premium of over 20 per cent, but slipped below the issue price in early morning trade.
Anil Ambani group's Reliance Entertainment and DreamWorks SKG of acclaimed director Steven Spielberg have completed the much-talked about deal for jointly making Hollywood films.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
Mukesh Ambani-led Reliance Industries on Friday said it may sell gas from its KG-D6 fields to RNRL at $4.20 per mmBtu if the government allocates fuel to the Anil Ambani Group firm.
Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
Mukesh Ambani-led RIL said on Friday it would not be possible to supply gas to Anil Ambani group firm RNRL without the government's nod and requested the Supreme Court not to restrain it from selling gas to others.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
The Anil Ambani Group's financial services arm Reliance Capital on Wednesday said it has received in-principle approval from insurance sector regulator Insurance Regulatory Development Authority for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
Anil Ambani-led Reliance Group on Thursday signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India.
Reliance Natural Resources Ltd (RNRL) on Monday continued to slide, falling 9.47 per cent to touch a one year-low of Rs 47.75 on the Bombay Stock Exchange, after the Supreme Court ruled against the company in a gas dispute with Reliance Industries.
Anil Ambani Group's DTH arm Reliance BIG TV is believed to be in discussion with content providers like Max Broadcasting, Warner Home Entertainment Group and CNN to acquire non-film content for its pay per view platform.
Reliance Group Chairman Mukesh Ambani has admitted to differences with his brother Anil over 'ownership issues,' but said "they are in the private domain."
P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
Tribunal's direction came during the hearing of a petition filed by Anil Ambani group firm Reliance Fuel Resource Ltd, seeking license for laying pipelines from KG Basin to its upcoming power plant at Dadri, Utter Pradesh. The board had directed Reliance Fuel to apply afresh for a license to build a pipeline from Kakinada to Dadri as there were no guidelines at that time. It asked the company to apply in compliance with new regulations.
The much-touted deal between Anil Ambani group company RCOM and South African telecom giant MTN was called off on Friday. "The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM spokesperson said in statement on Friday night.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
Lalit Jalan, the younger Ambani's Wharton classmate and CEO of R-Infra, tells Nevin John that the company will put in Rs 2,800 crore (Rs 28 billion) over the next three years as equity in various projects.
A Bench headed by Justice S H Kapadia, while setting aside the high court order, directed Reliance Energy to submit its financial bid for the project within three months.
