The company will provide loans up to Rs 1 crore (Rs 10 million) under this programme, for which it has entered into an exclusive tie-up with another group firm, Reliance Mutual Fund.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
As of March 31, 2010, RCom held a 89.71 per cent stake in Reliance Infratel.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
Ghosh, who led the ramping up of German insurer Allianz's Indian insurance ventures, has assumed charge as Reliance Capital CEO from today, the company said. He would report to Reliance Capital Vice Chairman Amitabh Jhunjhunwala. Reliance Capital has also crossed the 14 million customer-mark across all its businesses, according to industry sources.
ICICI Bank, the country's largest private sector lender, and the Anil Ambani Group are looking at CLSA and Cheuvreux, the broking franchises of French financial conglomerate Credit Agricole, according to international media reports. Both franchises put together may be valued at $3.5 billion.
Big Cinemas, is one of the biggest cinema chains in the country and currently has 457 screens spread across India, the US, Malaysia and the Netherlands.
Anil Ambani group company Reliance Communication Ventures Ltd on Friday decided to offer stake worth up to Rs 4500 crore (Rs 45 billion) to international financial and strategic investors.
The company has won the award under the 'Operator Leadership' category for having demonstrated leadership in the wireless community through the expansion of 3G CDMA system deployments and the unique implementation of 3G CDMA technologies in a specific market, a release issued by the company stated.
He gave the department time till February 13 to provide a complete record of office notes, orders and correspondence in this regard.
Reliance Energy Limited started work at the project site of 7,480 MW gas-fired Dadri power plant in Uttar Pradesh on Thursday.\n
Two Anil Ambani group companies, Reliance Power and Reliance Natural Resources, on Monday said their respective shareholders have approved merger between the two entities, estimated to create a Rs 50,000-crore (Rs 500 billion) entity.
Anil Ambani Group's Reliance Money today signed an agreement with Tata group's IT arm CMC Ltd for setting up financial retail kiosks, besides training students of the software solutions provider in finance.
The Telecom Dispute Settlement Appellate Tribunal (TDSAT) upholds government's decision on dual technology for RCom.
"Any Reliance Money customer who has an Internet access through a GPRS or CDMA-enabled mobile phone can log in to the Reliance Money website using his or her existing user ID, security token number and trade in equities and commodities," said Reliance Money Director and CEO, Sudip Bandhopadhyay. With this initiative, the company will now be tapping approximately 347-million telecom users based in India.
Reliance Big Entertainment has agreed to acquire 50 per cent shareholding in Codemasters, the company said in a statement. The company, however, did not disclose amount involved in this deal.
The government on Tuesday invited financial bids from all the nine applicants, including Bharti Airtel, Vodafone, Tata Teleservices and RCom, who had applied for participating in 3G spectrum auction.
According to sources, Idea Cellular has agreed to provide interconnection to RCom thereby not becoming a part of Cellular Operators' Association of India's likely petition against Trai's directive on the same. Besides, other operators to provide interconnectivity to RCom GSM network are Aircel and Spice Communication.
The application of Anil Ambani Group company Reliance Infrastructure (R-Infra) for an extension in its existing power distribution licence to the suburbs of this metropolis has been rejected. It has, instead, been told to join the competitive process for a new one, with four other bidders.
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.
"The new name reflects the branding philosophy followed by the ADA Group, where name signifies the space in which business operates and create a sharper brand presence among the stakeholders. The name change will not affect any of the rights of the company or the shareholders of the company," a senior company official said. The board of directors has decided to change the name of the company, subject to the shareholders approval and compliance with related formalities.
The transaction pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore ($2.6 billion), the statement said, adding that the transaction is subject to necessary regulatory approvals.
The proposed takeover of Cairn Energy's India business could see Non-Resident Indian billionaire Anil Agarwal emerging as the richest promoter of a corporate house in India ahead of Mukesh Ambani, who has ruled the list for long.
The warrants will be converted into an equal number of equity shares at Rs 928.89 a piece, aggregating Rs 3,984.93 crore (Rs 39.84 billion). As in the March quarter 2009, AAA Project Ventures held 83,498,937 shares, representing a 36.88 per cent stake in the company.
Big TV is also in talks with other private equity majors, though these are at preliminary stages, to raise funds. The exact quantum of funding to be raised from Carlyle would depend on the 'promises' by players, he said. The company is also in discussions with major players like The Blackstone Group, Providence and Kohlberg Kravis Roberts for raising funds.
The company is building floating LNG terminal in joint venture Reliance Power.
While some bankers said that responses to the Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are 'routine' clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with Sebi, clarifications are currently awaited from lead managers in relation to 20 IPOs.
Under the current norms, a prospective agent needs to undergo mandatory 50 hours of training.
The acquisition will enable the Anil Ambani group company to foray into the African country. However, financial transactions of the deal were not disclosed.
The company has reorganised the Big Cinemas operations into geographies to adequately support its expansion in regional markets, Reliance MediaWorks said in a filing to the Bombay Stock Exchange. Big Cinemas would focus on the company's operations in North, East and Central India.
The MoU was signed during the India visit of Russian President, Dmitri Medvedev, a press release issued here today stated. Russian World Studios is one of the largest private film companies in the Russian market and has produced several projects, both for TV and the big screen.
Continuing its attack on Petroleum Ministry, Anil Ambani group on Thursday criticised it for its failure to attract top global players for oil and gas exploration and production due to lack of sanctity attached to concluded contracts.
Anil Ambani Group firm Reliance Communications on Friday said its R-World, will be powered by mobile data services and solutions provider, Motricity, which will deliver complete mobile Internet and data services. The mobile data services portal has been developed on Motricitys mCore platform which powers 3G mobile portals of many leading global 3G service providers.
The Aditya Birla group is close to buying the Reddy family's 66.32 per cent stake in Apollo Sindhoori Capital Investments (ASCIL), marking a re-entry of the group into the broking business.
RFRL Group President A N Sethuraman on September 3 filed three separate applications with the Petroleum and Natural Gas Regulatory Board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad etc.
Telecom tribunal TDSAT on Monday rejected a contempt application filed by Anil Ambani group company Reliance Communications against Cellular Operators Association of India, for allegedly taking the legal battle on spectrum for a media trial.
"The Board of the company has approved a proposal to further unlock overall shareholder value by transferring its infrastructure projects to a separate 100 per cent subsidiary, subject to compliance with applicable laws," REL informed the Bombay Stock Exchange.
In the midst of massive layoffs being announced by various corporate houses hit by a global economic slowdown, Anil Ambani group on Friday said it is not planning any job reduction and is rather planning to create up to 90,000 employment opportunities in the next few months.
The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
