Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
Billionaire Mukesh Ambani-run Reliance Industries Limited began gas production from the Krishna-Godavari basin in April, 2009, and its 60 million standard cubic metres per day output led to a 75 per cent jump in natural gas availability in the country to 140 mmscmd.
Billionaire Mukesh Ambani-run firm sold $1 billion of 10-year notes and $500 million of 30-year bonds, the company said.
Ambani is in good company. The likes of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin have chosen Singapore to establish their family offices. So have British inventor James Dyson, famous for his bladeless fans and hair dryers and vacuum cleaners, and Zhang Yong, founder of China's Haidilao hotpot restaurant chain, reports Lee Kah Whye.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously. In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. Last month, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.
Billionaire Mukesh Ambani-led Reliance Industries has made it to the annual list of the world's 100 most respected companies compiled by the Wall Street Journal, topped by US-based healthcare products major Johnson & Johnson.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
Intel Capital is the 12th company to join the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore.
Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
Billionaire Mukesh Ambani's retail venture will soon start selling electronics goods like refrigerators, TVs and computers, even as it prepares to open its 100th fresh food and vegetables outlet in the country.
The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned till February 25, the hearing on the plea of e-commerce major Amazon, seeking an interim stay over the order passed by fair trade regulator CCI, which suspended the over-two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). When the matter was called for hearing, a two-member bench expressed its difficulties to take up the matter on Monday, as one of the members is retiring in the next four days, after completing his tenure. In this matter, NCLAT would also have to hear other parties such as fair trade regulator CCI, before passing an order and it would take some more time and then the retiring member would not be a part of the bench.
Billionaire Mukesh Ambani's Reliance Industries Ltd has bought Britain's iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance's current stake in Oberoi hotels and hotel/managed residences in Mumbai that it's developing. Over the past four years, Reliance has announced $3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday.
The National Company Law Appellate Tribunal (NCLAT) will hear e-commerce major Amazon's interim plea on February 14, seeking a stay over the order passed by fair trade regulator CCI that had suspended the over two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). A three-member bench on Monday directed to list Amazon's plea on February 14 to pass an interim order and stay the operations of the order passed by the Competition Commission of India (CCI) in December last year till it finally decides the matter. "The registry is directed to list on February 14 for hearing," said the NCLAT bench. The appellate tribunal also directed to list the appeals filed by the Confederation of All India Traders (CAIT) and All India Consumer Product Distributors Federation on the same date.
Billionaire Mukesh Ambani's Reliance Retail on Thursday told the government that complex legal structures have been used by some firms to bypass the country's e-commerce rules which from the very beginning do not allow foreign capital in the inventory-based model. At a meeting called by the commerce ministry on allegations that foreign online retailers created complex structures to bypass foreign investment rules and damage small traders, Amazon urged the government not to issue any clarification until investigations into its business practices had been concluded, sources said. At the meeting, Reliance Retail's representatives said the Indian e-commerce policy does not allow foreign capital in the inventory-based model and foreign investment is allowed only in pure technical infrastructure/ platform that facilitates the meeting of buyer with sellers.
India's first auction of 5G spectrum, that powers ultra-high data speeds, is currently underway with a total of 72 GHz (gigahertz) of radiowaves worth at least Rs 4.3 lakh crore up for bidding. Billionaire Mukesh Ambani's Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani's flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G, lag-free connectivity, and can enable billions of connected devices to share data in real-time. In addition to powering ultra-low latency connections, which allow downloading full-length high-quality video or movie to a mobile device in a matter of seconds (even in crowded areas), Fifth Generation or 5G would enable solutions such as e-health, connected vehicles, more-immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming among others.
Days after billionaire Mukesh Ambani-led group took some of the stores of Future Group, whose lease had expired due to the non-payment of rent, Amazon.com Inc on Tuesday accused the two of 'fraud' and said such 'contumacious' transfer will be liable to legal action.
Communist Party of India-Marxist general secretary Sitaram Yechury described it as a "brazen destruction of the foundations of our democracy".
Billionaire Mukesh Ambani's Reliance Industries is reported to have held talks with Saudi Aramco on a cash and share deal for sale of a 20 per cent stake in its oil refining and petrochemical arm. Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
Billionaire Mukesh Ambani's four-year-old telecom venture Reliance Jio has been ranked the fifth strongest brand globally behind the likes of Ferrari and Coca-Cola. The Brand Finance's Global 500 ranking of the strongest brands globally, which determined the relative strength of brands, is topped by WeChat, according to its annual report on most valuable and strongest global brands.
ONGC was the top loser in the Sensex pack, shedding 4 per cent, followed by Bharti Airtel, SBI, IndusInd Bank, NTPC, Sun Pharma and ITC. On the other hand, Bajaj Finance, Bajaj Auto, Reliance, Bajaj Finserv and Asian Paints were among the gainers.
With a potential for a 10x growth in pre-tax profit from the business over the next decade, retail including e-commerce will be the next growth engine for Reliance Industries Ltd, Goldman Sachs said in a report. After growing 5x over FY16-FY20, RIL's core retail revenue growth has taken a pause in FY21 (April 2020 to March 2021) due to Covid related macro headwinds including lower footfalls. The oil-to-telecom conglomerate run by billionaire Mukesh Ambani used the period to build strong digital capabilities of the retail business while continuing to expand its physical reach.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
The Supreme Court on Wednesday asked Amazon and Future group to request the NCLAT to decide the plea challenging the revocation of sanction to the US e-commerce major for its deal with Future group's firm by the Competition Commission of India. The suggestion was made by a bench headed by Chief Justice N V Ramana while adjourning to March 9 the hearing on Amazon's appeal against the January 5 order of the Delhi high court staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail's Rs 24,500-crore merger deal with Reliance Retail. The bench, also comprising Justices A S Bopanna and Hima Kohli, deferred the hearing after brief arguments on being told that the National Company Law Appellate Tribunal (NCLAT) is hearing another appeal of Amazon related to the merger deal.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
Prime Minister Narendra Modi on Saturday inaugurated the 6th India Mobile Congress at Pragati Maidan in Delhi and launched 5G services. The 5G telecom services seek to provide seamless coverage, high data rate, low latency and highly reliable communications system. The three major telecom operators of the country demonstrated one use case each in front of the prime minister to show the potential of 5G technology in India.
Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders.
Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017
The market valuation of Reliance Industries, the country's most valued firm, is fast nearing the Rs 10 lakh crore mark, surpassing British energy major BP Plc.
US e-commerce major Amazon told the Supreme Court on Tuesday that the talks with the Future Group to resolve the dispute over Future Retail's merger deal with Reliance Retail have failed and sought intervention to ensure that the stores of FRL are not taken over. A bench headed by Chief Justice N V Ramana, on March 3, had acceded to Amazon's request and granted 10 days to it for exploring the possibility of resolving the dispute through dialogue with the Future Group. The bench, also comprising justices A S Bopanna and Hima Kohli, is hearing Amazon's appeal against the January 5 order of the Delhi high court, which stayed the arbitration proceedings before the arbitral tribunal over Future Retail's merger deal with Reliance Retail. "It often happens that sometimes, we hope very positively but in the end, it is not positive at all.
Billionaire Mukesh Ambani's Reliance Industries on Friday reported a 43 per cent jump in its September quarter net profit as its businesses from oil to retail fired on all cylinders, growing both sequentially and on a year-on-year basis. Net profit of Rs 13,680 crore, or Rs 20.88 per share, in July-September compared with Rs 9,567 crore, or Rs 14.84 a share, in the same period a year back, the company said in a statement. While better realisation and a sharp rise in crude oil prices benefited the old-economy business, retail saw footfalls at stores reach pre-Covid levels and per user earning from telecom business rose.
Future group founder Kishore Biyani on Wednesday said the homegrown retail major lost nearly Rs 7,000 crore revenue in first three-four months of the Covid-19 pandemic due to closing of stores, which led him to sell his business to Reliance Industries.
The National Investigation Agency (NIA) on Thursday seized two more luxury cars allegedly used by suspended Mumbai police officer Sachin Waze, sources said.
Reliance Industries has sought environment ministry approval for a $13 billion upgrade to its Jamnagar complex, including a 400,000 barrels per day (bpd) refinery.
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