The world's largest independent telecom masts player GTL Infrastructure on Wednesday said its expects to complete the merger of Reliance Infratel's tower operations with itself by the middle of next month.
He was detained on the intervening night of Thursday and Friday in Ludhiana and was formally arrested on Friday morning after he was brought to New Delhi by a team of the Economic Offences Wing, Additional Commissioner of Police (EOW) O P Mishra said.
Over the three-month period, Airtel's stock price has rallied from Rs 432 to Rs 540, while Vodafone Idea has risen from Rs 9.2 to Rs 11.8 per share.
Relaince Energy received the shareholders approval for raising funds through issue of securities.
The regulator on Thursday asked the Mukesh Ambani-led Reliance Jio to withdraw the three-month 'complimentary' offer of unlimited data usage and free calls on payment of a minimum Rs 303.
Besides seeking vacation of the apex court's interim order, which stayed the electricity tribunal's judgement on May 14, Reliance also sought a direction to Maharashtra Electricity Regulatory Commission to allocate TPC's generating capacity as was done for financial years 2006-07 and 2007-08.
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.
The high court imposed various bail conditions on him, including that he shall not tamper with the evidence or influence witnesses, directly or indirectly.
The court posted the matter for hearing on October 22.
Maharashtra chief minister Vilas Rao Deshmukh announced on Thursday sanctiong of Rs 2,356 crore for the first corridor of Varsova-Andheri-Ghatkopar rail project jointly to Anil Ambani group company Reliance Energy and MMRDA.
The Indian majors had a last minute meeting with civil aviation ministry officials before filing their bids.
Reliance Energy Chairman Anil Ambani apologised to the company's customers on Tuesday for\nnon-supply of power to some parts of the rain hit metropolis.
The company said that the scheme of amalgamation has been approved by the Gujarat High Court and the merger has been effective from October 22.
Reliance Communications, whose board on Tuesday approved the proposal for Reliance Infratel IPO, would also consider fund raising through qualified institutional placement basis at an appropriate time.
The Supreme Court on Wednesday dismissed the plea for interim bail of former Fortis Healthcare promoter Shivinder Mohan Singh who along with others is accused of misappropriating Rs 2,397 crore of Religare Finvest Ltd (RFL) funds. Singh had sought interim bail for a short period on "humanitarian grounds" for helping his ailing mother to take part in the last rituals of his maternal uncle, who died on March 8 in Haryana. "We are of the opinion that the presence of the accused was not a must...," said a bench of Justices M R Shah and B V Nagarathna while dismissing the plea.
The investigating officer of the Delhi police, in the remand application, had sought custodial interrogation of the accused saying it was required to identify the persons to whom the alleged siphoned off money was transferred and to ascertain the purpose of creating the shell companies.
For the financial year 2011, profit after tax of Reliance MF stood at Rs 261 crore (Rs 2.61 billion), while that of HDFC MF was Rs 242 crore (Rs 2.42 billion).
Anil Ambani and other promoters consolidated their stakes in REL to 52%.
Reliance Entertainment, controlled by the Anil Dhirubhai Ambani Group, is divesting a 5 per cent equity stake at an enterprise value of $1.5 billion (about Rs 6,000 crore).
As of March 31, 2010, RCom held a 89.71 per cent stake in Reliance Infratel.
Communist Party of India-Marxist general secretary Sitaram Yechury described it as a "brazen destruction of the foundations of our democracy".
Sasan Power Ltd, the special purpose vehicle floated by Power Finance Corporation for the 4,000 MW project, will on Wednesday issue the Letter of Intent to Reliance Power Ltd.
Formally throwing its hat in the Reliance Communications said it was looking to acquire its rival Hutch-Essar and has received funding support for the proposed deal.
According to reports, the deal, if successful, could fetch Hutchison as much as $14 billion and would be Asia's largest private equity deal.
Reliance had last month struck gas in the fourth successive well on the block KG-DWN-2003/1 that lies close to its prolific D6 area in the Krishna-Godavari Basin in the Bay of Bengal.
Unable to kickstart its maiden transmission project even two years after winning the bid, Reliance Energy Ltd has now sought government intervention to ensure that state-run Power Grid Corporation of India Ltd signs the joint venture agreement.
Ambani-owned Reliance Energy is likely to bid for potential gas bearing blocks on offer under NELP-VI
Anil Ambani-owned Reliance Energy has approached state-owned gas utility GAIL (India) Ltd for transportation of gas to its proposed 4,000 MW power plant at Dadri.
In a major blow to Reliance Energy's plans to expand its business in power sector, the Central Electricity Regulatory Commission has rejected the application of the Anil Ambani-controlled company for a transmission licence.
Reliance Energy Ltd on Thursday launched electricity bills in Braille for its visually impaired customers and announced a project to promote Braille literacy among the blind in Mumbai.
Das will 'mentor the Jio Division of Reliance Retail', the Reliance Industries head said.
The New York Stock Exchange-listed Nova said in a statement that it has signed a letter of intent with RIL for the joint venture, which is expected to be operational by the third quarter of 2008 after finalising the formal agreements. Shares of Nova Chemicals rose 3.8 per cent to $26.17 at the NYSE on Thursday, while that of RIL were trading 1.3 per cent up at Rs 2,649 at the Bombay Stock Exchange on Friday.
Just days after entering into a joint venture with Marks & Spencer, Reliance Retail has joined hands with Office Depot, a leading international office products and services provider with annual sales of $15.5 billion, for another joint venture. Office Depot will hold 51 per cent stake in the venture with Reliance holding the rest.
The government said Anil Ambani-promoted Reliance Power IPO did not appear to be overpriced, if the over-subscription to the public issue is taken into consideration. Reliance Power, which raised close to $ 3 billion through an initial public offer earlier this year, was oversubscribed by about 73 times. However, despite an impressive response to the IPO, the stock made a disastrous debut on bourses and dipped below the issue price on the first day itself.
Reliance Retail has tied up with Microsoft to launch the concept of connected homes.
"It is a reflection of world community in the future of India... Investors seem to be confident in the future of Indian economy," Chidambaram told PTI on IPO that hit the market this morning for mopping upto Rs 11,700 crore (Rs 117 billion). Not only the IPO was fully subscribed within a minute of opening, it generated demand worth over Rs 50,000 crore (Rs 500 billion) in less than two hours.
Indian asset management companies (AMCs) are likely to see a hefty spike in their valuations, after the last week's 5 per cent equity stake sale by Reliance Mutual Fund to US-based hedge fund Eton Park.
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