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 strategic alliance between the two companies would address the rapidly growing demand of Hollywood studios for converting both new films shot in 2D as well as older film released in cinemas and on home platforms into the 3D format, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
The strategic alliance between the two companies would address the rapidly growing demand of Hollywood studios for converting both new films shot in 2D as well as older film released in cinemas and on home platforms into the 3D format, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.
Anil Ambani Group firm Reliance Money on Monday said it is undertaking a performance monitoring exercise for its staff which could result in separation of about 300 employees due to their under-performance.
RIL, SBI and ONGC are among the top 200 companies ranked 121st, 150th and 152nd, respectively by US magazine Forbes. New entrants include Hero Honda Motors, Sun Pharma, Indian Bank and Jindal Steel and Power Ltd. However, five Indian companies -- scam-hit IT firm Satyam Computer, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms Reliance Power and Reliance Capital -- have been dropped.
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.
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
Mukesh Ambani-led RIL and Anil Ambani group firm RNRL on Thursday urged Justice R V Raveendran to ignore news reports on his presence on the Bench despite having shares of the two warring companies.
The industry will be affected if such a campaign creates a wrong perception and results in further creating complicating procedures, or delaying decisions.
Accounting regulator ICAI on Wednesday said it has asked Reliance Communication, which is under attack for alleged overstating of revenues and evasion of licence fee, to provide financial details before it can initiate action against the teleco's auditors.
Anil Ambani Group firm Reliance Capital on Wednesday said it is planning to enter the housing finance and non-banking finance businesses, for which it has already filed applications with the concerned regulatory authorities.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
Under attack for alleged favours granted to Mukesh Ambani-led Reliance Industries, director general of hydrocarbons, VK Sibal has sought protection from the government fearing a threat to his life from Anil Ambani group - a charge denied by ADAG.
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.
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.
Anil Ambani group firm RNRL on Friday asked the Supreme Court to dismiss the government's petition on the Ambani gas dispute, saying it had no locus standi to seek any orders and it at best could only make submissions.
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.
"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.
The two sides had approached Supreme Court challenging a decision by the Bombay high court on June 15, which said RIL should provide 28 million cubic metres of gas per day to RNRL at $2.34 per mmBtu and both the parties should sign a necessary agreement for the same within a month.
Public insurer New India Assurance has accused the troubled NACIL of flouting the tender norms for about Rs 45,000-crore (Rs 450 billion) insurance cover for Air India's fleet to favour a consortium led by an Anil Ambani group firm, which refuted the allegation.
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.
Anil Ambani Group firm Reliance Capital Partners on Tuesday said it along with two other group companies has acquired an additional 4,081 equity shares representing 0.01 per cent stake in Fame India, hiking their stake in the multiplex chain to 13.8 per cent.
Life Insurance Corporation of India has hiked its stake in Anil Ambani Group company Reliance Communications to 7.02 per cent after buying fresh shares worth Rs 1,274.4 crore through an open market transaction.
Anil Ambani group firm RNRL first filed a case against RIL in Bombay high court in November 2006, alleging violation of a family pact about supply of gas from elder brother Mukesh led RIL's Krishna-Godavari gas fields. Since the financial year 2006-07, RNRL's legal and professional fees have surged nearly five-fold from Rs 3.12 crore (Rs 31.2 million) to Rs 15.27 crore (Rs 152.7 million) in the latest fiscal 2008-09.
Anil Ambani group company Reliance Communications on Monday announced entering into an exclusive negotiations with South Africa's telecom giant MTN to discuss potential combination of their businesses.
Government's counsel Mohan Parasaran has said he was left out of the details of a special leave petition filed by petroleum ministry in Supreme Court seeking annulment of a family MoU between Mukesh and Anil Ambani group firms on gas supply.
Aiming to become one of the top five cement companies in the country, Anil Ambani group company Reliance Infrastructure has chalked big plans to set up plants which entail an investment of Rs 10,000 crore.
The Supreme Court on Monday asked Mukesh Ambani-run Reliance Industries Ltd and Anil Ambani group firm Reliance Natural Resources Ltd to reply to the government's prayer for declaring 'null and void' their family agreement on gas supply, and posted the matter for hearing on September 1.
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.
Blaming RIL for delay in starting its Dadri power project, RNRL said it was RIL's wrongful conduct that delayed its gas-based power plant by four years. However, it had sought a direction to RIL to supply the gas immediatley to it. On July 7, the Supreme Court issued notice to RIL, RNRL and the Centre (as intervener) on cross-appeals by both the companies on their gas supply dispute.
The country's two venture capital firms, Anil Ambani Group's Reliance Technology Ventures and Nexus India Capital, have been named in the Red Herring Top 100 Global Venture Capitals.
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.
Tata Communications on Monday said it was considering challenging the Dutch court verdict, which has allowed access to its cable landing station in Mumbai for Anil Ambani Group's Flag Telecom. Reliance Globalcom on its part confirmed receiving a copy of the judgement and said the Hague court had rejected all claims made by VSNL. Flag Telecom, a subsidiary of Anil Ambani-led Reliance Telecom, wanted access to Mumbai landing station of Flag Europe Asia.
In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry on Monday said private family agreements cannot over-ride national priorities.
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.
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 company is in advanced talks with France Telecom for a branding, marketing and franchisee agreement. The company plans to launch the brand by the second quarter of FY09, according to sources close to the development. Initially, the Orange may be launched on RCom's CDMA network -- spanning across 23,000 towns and 5 lakh villages in India -- and later extended to its 8 GSM circles. The Indian company has a total of 44.5 million subscribers in India.
"We remain open to opportunities if appropriate valuations come up," said Reliance MF CEO Sundeep Sikka. Reliance MF, which is India's biggest mutual fund in terms of assets under management, has also become the first fund house to cross an average AUM of Rs 1 lakh crore. "Consolidation has already started in the industry and, going forward, only top 5-7 fund houses would command the major chunk of funds as investors will have confidence in large fund houses," Sikka said.
The Ambani brothers -- Mukesh and Anil -- have emerged among the biggest beneficiaries of the people's mandate in favour of the Congress-led UPA government as their group companies added close to Rs 90,000 crore (Rs 900 billion) of wealth in just five trading sessions after the results were declared.
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