Reliance Entertainment, a unit of the Anil Ambani-led ADA Group, is expected to give $ 200 million to Hollywood director Steven Spielberg's DreamWorks Studios, a deal which will extend a new financial lease of life to the struggling California-based film company.
Reliance Capital on Wednesday said it has got approval from the Indian market regulator Sebi and the Monetary Authority of Singapore (MAS) for Rs 1,450-crore (Rs 14.5 billion) stake sale in its mutual fund business unit to Japan's Nippon Life.
The RBI on Thursday filed an application for initiation of Corporate Insolvency Resolution Process (CIRP) against debt-ridden Reliance Capital at the Mumbai bench of the National Company Law Tribunal. The Reserve Bank had on November 29 superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) in view of payment defaults and serious governance issues. The central bank had also appointed Nageswar Rao Y (former executive director, Bank of Maharashtra) as the administrator of the company.
Taking note of the developments relating to the status of Anil Ambani as director on the board of Reliance Group entity IPCL Ltd, Securities and Exchange Board of India has asked stock exchanges to check the company's adherence to listing agreement.
The RBI said the board has been superseded "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively". It has also appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the NBFC.
Reliance Infratel, the tower business arm of the group's telecom entity Reliance Communications, has allowed the regulatory approval to lapse without coming out with an IPO and is unlikely to revive the process soon. A company spokesperson did not take queries on lapse of the approval period and on whether the company was looking to revive the process by filing a fresh draft IPO prospectus with market regulator Sebi.
Anil Ambani-led Reliance Communications on Monday announced the launch of Braille Bill service for providing postpaid bills to the visually impaired.
In recent months rumours have been doing the rounds that Anil Ambani is planning to takeover Newcastle, while his brother Mukesh and the Sahara group are eyeing Liverpool. On Friday, there were reports of another Indian entrepreneur planning to take over Blackburn Rovers, another English Premier League club. According to Times Online, Mumbai-based businessman Saurin Shah, has the Lancashire club in his sights because of the town's large Asian population.
Amid indications of the government and RBI gearing up to grant new bank licences, Reliance Capital has said it is full-prepared from its side to foray into the banking business.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
Reliance Power (R-Power), which raised over Rs 12,000 crore (Rs 120 billion) in India's biggest initial public offering in January, will consider issuing bonus shares to its shareholders, excluding the promoter group.
The CBI on Wednesday called Loop Telecom, CEO Sandeep Basu, Chairman of Shyam group Rajiv Mehrotra, former telecom minister A Raja's brother A K Perumal and close aide Sadiq Batcha, for questioning in relation with the 2G spectrum scam.
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
Counsels for AgustaWestland VVIP chopper scam accused Christian Michel and fugitive diamantaire Nirav Modi were also the potential targets of Israeli spyware Pegasus.
Consequently, Anil Ambani-promoted Reliance Power will not get any extra gas for its four power plants, including the existing Samalkot power plant in Andhra Pradesh. Senior government officials said the minutes of the meeting of the empowered group of ministers on the New Exploration Licensing Policy had been finalised.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
Rejecting the Ambani family agreement on gas, the government on Friday said a private pact cannot be allowed to threaten national interests and asked the Supreme Court to make it a party in the ongoing case between the group firms of Anil and Mukesh Ambani.
It is a tale of two deals: One completed and the other, announced and later aborted.
India's largest companies are making inroads into one of the country's most ancient businesses - the purchase of gold by the nation's hundreds of millions of women for weddings, festivals and savings.
India's leading businessmen attended the grand banquet organised to honour US President Barack Obama at the Rashtrapati Bhavan.
The loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Ltd, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo Spa, RCom said in a filing to the Bombay Stock Exchange.
Tata group firm Trent Ltd on Friday said Anil Ambani-promoted Reliance Capital has bought 8.68 per cent stake in it for Rs 21.2 crore (Rs 212 million), marking ADA Group's entry into the retail sector.
The Forwards Markets Commission has been working on preventing any possible conflict of interest a promoter of a commodity exchange may have between their roles of running the exchange and other businesses such as broking and trading. "So far, we had two rounds of meeting in this regard. We are resolving the issues and guidelines would be finalised by the end of October," said FMC Chairman B C Khatua.
Mukesh Ambani has left 'all settlement issues' to her. A spokesperson said on Saturday night that Mukesh would abide by whatever decision she takes.
State govt aims to make Hyderabad a 4G WiFi-enabled city by December.
Last month, the Bimal Jalan panel, which scrutinised applications for new bank licences, submitted its report along with shortlisted entities to the RBI.
The complaint was made to the Prime Minister's Office by lawyer Suren Uppal alleging that the Essar Group had ordered its former security chief Albasit Khan to tap into its business rivals' telephone conversations.
With increasing corporatisation of Indian television, creativity is being backed by professional management. The growth potential is huge.
The Ambanis are ranked 31 ahead of the likes of global soft drink giant PepsiCo CEO Indra Nooyi and music-to-airlines conglomerate Virgin Group's founder Richard Branson.
Ambani siblings' war intensified on Saturday with the younger Anil's group warning to retaliate in case Mukesh-led Reliance Industries goes legal with its claim on the potential multi-billion dollar amalgamation deal that the former is pursuing with South African telecom giant MTN.
The Department of Telecommunications has called a meeting of the heads of all leading telecom companies offering GSM technology services on November 21 to resolve contentious issues that have arisen following recent changes in telecom policy.
As the situation was limping back to normalcy in Andhra Pradesh a day after unprecedented violence and attacks on the offices and retail outlets of both the rival Reliance groups, the state government booked a criminal case against a Telugu news channel TV5 for carrying an unverified report linking the names of Mukesh and Anil Ambani to the alleged foul play behind the death of former Chief Minister Y S Rajasekhara Reddy in a helicopter crash in September last year.
Anil Ambani-led Reliance Power's board will on July 4 consider merging another group firm Reliance Natural Resources with itself.
The group has lined up close to a dozen projects, which will take the company's installed capacity to around 18,000 mw.
Azim Premji, the chairman of Bangalore-based software giant Wipro, is the richest Indian with a wealth worth Rs 31,198 crore (Rs 311.98 billion).
Delhi HC has refused to stay the process of spectrum allotment to RCom, giving a major setback to GSM operators.
