Shares of Reliance Industries plunged on Friday after a court ruling that the Mukesh Ambani-led company can not sell its KG basin gas to any company except NTPC and Anil Ambani group's Reliance Natural Resources.
The Reserve Bank of India's action against Reliance Capital comes at a time when the Anil Ambani group was planning to make a comeback with the group company, Reliance Infrastructure, raising funds from the promoter family. As part of the comeback plan, Reliance Infrastructure received Rs 550 crore fund infusion from the Anil Ambani family. A month earlier, Reliance Power, a listed subsidiary of Reliance Infrastructure, also raised funds from its parent by issuing preferential allotment of shares thus increasing the stake of Reliance Infrastructure in the company.
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.
Rahul has singled out Anil Ambani several times for winning the Rafale defence contract from the Narendra Modi government, alleging favouritism and corruption.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
The RBI is expected to issue only a few bank licences after completing due diligence.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
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.
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.
The company is building floating LNG terminal in joint venture Reliance Power.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
He gave the department time till February 13 to provide a complete record of office notes, orders and correspondence in this regard.
Reliance Group, recently, accused L&T Finance and Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of Anil Ambani group's three listed firms and selling them in open market causing a steep fall in share values.
As of March 31, 2010, RCom held a 89.71 per cent stake in Reliance Infratel.
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.
The Anil Ambani group on Friday said that it has identified the stockbrokers behind the spread of malicious rumours and 'baseless sensational charges' against it and sought immediate action by the Securities and Exchange Board of India against the perpetrators.
If the deal is successful, it would be the first such acquisition for the ADA Group.
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.
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.
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.
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.
Unlike the traditional model of paying commission to insurance agents on the basis of the business generated by them, the rural agents would be recruited under this new programme on a fixed income structure, the company said.
The Reliance Anil Dhirubhai Ambani Group plans to develop Baramati, about 100 km from Pune, as a hub for private jets, with airports in Mumbai and Pune facing acute shortage of parking bays. Baramati is also the home town of Union agriculture minister and Nationalist Congress Party chief Sharad Pawar.
Under the current norms, a prospective agent needs to undergo mandatory 50 hours of training.
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.
Having witnessed a dip of over 4,500 staff from its headcount in last fiscal, Anil Ambani group's financial services arm Reliance Capital will hire over 3,500 managers for its various businesses this year.
Multiple residential units are being developed for housing senior executives of Reliance Anil Dhirubhai Ambani group at a plot in Pali Hill of Bandra.
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 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.
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.
Industrialist Anil Ambani on Tuesday said that his group was looking to unlock value in its life insurance venture through listing of Reliance Life as a separate company on the bourses.
Intensifying 3G tariff war, Reliance Communications (RCom) on Friday announced up to 61 per cent cut in rates, following similar reduction by Airtel and Idea.
Reliance Infra claims the run by the market operator has caused a loss of Rs. 300,000 crore to infrastructure stocks.
The company added 2.8 million wireless subscribers on its GSM and CDMA platforms in the month of June, RCom said in a statement. RCom offers telephony services on both GSM and CDMA platforms.
Anil Ambani group firm Reliance Communications will acquire Digicable, the country's largest cable TV service provider, in an all-stock deal believed to be worth about $1 billion.
The revised GSMA was signed pursuant to the Supreme Court's May 7 judgement, turning down RNRL's demand for cheap gas from RIL based on a family agreement.
In a major development, the two Ambani brothers -- Mukesh and Anil -- on Sunday decided to bury their differences and create an environment of harmony, co-operation and collaboration between their groups. "All existing non-compete agreement between the two groups executed in January 2006 cancelled," the Anil Ambani group said in a statement. The harmony comes within a few days of the Supreme Court declining to give any relief to the younger brother in the gas dispute.
However, no formal confirmation of the meeting and the issues discussed could be obtained from either group.
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