The promoter group companies controlled by Anil Ambani are expected to buy R-Infra shares from the open market. "The promoters want to control the majority stake in the company to ward off any hostile attack, when corporate rivalry heightens in the country. As the share price of R-Infra is cheaper around Rs 400, the promoters feel that the purchase of shares from the open market would be profitable, boosting the confidence of the shareholders in turn," said sources.
Sources said the letter of intent (LoI) for the group's foray into DTH was given on Monday to Blue Sky Magic, a company of the Reliance-ADA group.\n\n
Anil Ambani group may soon be rubbing shoulders with the likes of HDFC and ICICI Bank in the consumer loan business and the foray could give the group a return of more than 20 per cent in the next 3-4 years.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
In his letter dated October 19, Anil Ambani points out that while the top three GSM players -- Bharti, Vodafone-Essar and Idea Cellular -- have acquired an additional 52 million subscribers in the past few years without allocation of any additional spectrum, something they have constantly told the government that they do not have sufficiently.
A sharp erosion in his wealth and a long-running sibling rivalry notwithstanding, Indian billionaire Anil Ambani has retained his position in the list of the world's 100 most powerful people, but is down 30 places since last year, while his brother Mukesh has made a total exit.
The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks. A bench comprising Justices R F Nariman and Vineet Saran said if the 'contemnors' failed to make the payments within the specified period, they will undergo a jail term of three months.
Reliance was the highest bidder at Rs 63 cr for the 5 airports project.
The security cover of Anil Ambani is likely to be beefed up following reports that he was getting threatening calls.
Reliance Communications chairman Anil Ambani on Thursday met Finance Minister P Chidambaram and senior DoT officials, even as his company started examining the books of Hutchison Essar Ltd for a possible bid.
The charge against Sibal is that, in February 2011, he reduced the penalty on RCom for violation of the United Access Service Licences agreement from Rs 50 crore to Rs 5 crore (Rs 50 million) per telecom circle.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Parliament's Public Accounts Committee has called leading industrialists, including Ratan Tata and Anil Ambani, and corporate lobbyist Niira Radia to appear before the panel in connection with the 2G spectrum scam which it is probing.
Anil Dhirubhai Ambani group chairman Anil Ambani on Saturday committed to set up a Special Economic Zone in Chennai and also invest Rs 12,000 crore for a 1,000 MW power plant, IT Park and desalination project.
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
India's World Cup winning captains -- Harmanpreet Kaur, Deepika T C and Rohit Sharma -- were honoured by the Reliance Foundation in Mumbai on Monday.
Swiss bank UBS has been fined Pounds 8 million in the United Kingdom after four of its senior employees were found misusing funds of customers, including two companies of Indian industrialist Anil Ambani-led group.
Anil Ambani said on Wednesday his Reliance Group will invest Rs 50,000 crore (Rs 500 billion) in Gujarat in the next 5-7 years on various projects as the firm looks to tap opportunities in the state.
Litigation, business setbacks, corporate governance issues and a massive funding shortage have left Anil Ambani's companies reeling.
Supreme Court had asked the government to issue RCom a NoC for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 1,400 crore
The company also expects to benefit in its proposed banking foray through partnership with Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance
Days before US President Barack Obama's high-powered visit here, the US-India CEO Forum has been reconstituted with Cyrus Mistry replacing Ratan Tata as its co-chairman
Reliance Communications could become a much more formidable opponent.
Reliance Capital and Reliance Home Finance said that PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the resignation.
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
Ambani said, in the telecom space, the focus will be on debt reduction, and the virtual merger did away with the need for major capex and will help towards this
M-Cap of top 10 business groups went up by 46% this year.
Anil Ambani on Wednesday took over as the Chairman of Reliance Communication Ventures Ltd, a day after the Mukesh Ambani Group handed over management control of the demerged companies to the younger sibling.
Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani has taken a huge cut in his total remuneration from his four main companies in 2011-12 at about Rs 5.5 crore (Rs 55 million), lower by nearly two-third from the previous year.
Anil Ambani, chairman of the Reliance ADA Group, on Monday denied that the Securities and Exchange Board of India (Sebi) had banned his two group companies, Reliance Infra and Reliance Natural Resources, or their directors from participation in the capital market for any period.
As the last part of his name ended in 'ni', which is common for Sindhi, everyone thought he was one.
RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
The company has defaulted on some of the payments to lenders and it has received time till December for strategic restructuring plan
The group's telecom arm, RCom, saw its shares plunge by 8.11 per cent to a low of Rs 71.35 in morning trade, while Reliance Capital tumbled by 9.91 per cent to a 52-week low of Rs 323.55 on the Bombay Stock Exchange.
Modi had last month launched the 'Give-it-Up' campaign.
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