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According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
Responding to comments sought by the Prime Minister's Office on a letter from industrialist Anil Ambani, the ministry last week wrote that the family MoU was clearly against the provisions of the Production Sharing Contract.
While the merger will see the share of the promoter group increase by two percentage points, the move has also seen a few analysts raise concerns.
Anil Ambani-controlled Reliance Energy Ventures Ltd will get listed and start trading on the bourses on February 24.
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.
Finance Minister P Chidambaram on Friday took stock of the power ministry's ambitious plans to set up five ultra mega power projects of 4,000 MW each envisaging an investment of Rs 75,000 crore
Reliance Infra has sent a letter to Reliance Industries on September 24 informing the of the shutdown of the 220MW power plant in Andhra Pradesh for maintenance to September 28 instead of a day earlier.
The Delhi high court on Thursday stayed the summoning of Reliance group chairman Mukesh Ambani and its managing director Anil Ambani in a case in which officials of the company are accused of procuring classified government documents.
In a mega Rs 50,000-crore deal, the Anil Ambani group on Sunday announced merger of RNRL with another group firm Reliance Power, which would now become a direct beneficiary of the gas deal signed with Mukesh Ambani-led Reliance Industries.
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.
Siding with Reliance group chairman Mukesh Ambani, the board of the flagship company RIL on Wednesday rejected objections raised by his younger brother and vice chairman Anil
While Mukesh is likely to make a foray into the specialty stores, is choosing the same date to launch the much-awaited Reliance Money.
A possible merger of Reliance Communications of India and South Africa's MTN could see Anil Ambani become the enlarged group's chairman and biggest shareholder with a stake of almost 35 per cent.
The agreements between the four new companies transferred to Anil Ambani and his elder brother Mukesh's flagship company Reliance Industries may become the bone of contention.
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
A designated Delhi court has directed the Chief Metropolitan Magistrate to issue summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani.
Delhi Court on Wednesday issued summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani
Various corporate houses and private banks, including Aditya Birla Group, Hindustan Lever, Sahara Group, Bank of America, ANZ Grindlays, ICICI Bank, ABN Amro and HSBC
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."
Reliance Entertainment, a unit of the Anil Ambani-led ADA Group, is expected to give $ 200 million to Hollywood director Steven Spielberg's DreamWorks Studios, a deal which will extend a new financial lease of life to the struggling California-based film company.
The Anil Dhirubhai Ambani Group is open to have partners for its insurance and mutual fund businesses, its chairman Anil Ambani said on Friday.
Reliance Power announced its IPO plans in Mumbai. It is likely to be listed in Feb and aims at raising close to USD three billion.
On August 21, the division bench had suggested that the two warring sides should seek the help of their mother Kokilaben Ambani to resolve the issue. The billionaire brothers are fighting over supply of natural gas from RIL's eastern offshore KG gas fields.
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.
As of March 31, 2010, RCom held a 89.71 per cent stake in Reliance Infratel.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
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 Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
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.
Anil Dhirubhai Ambani Group's market capitalisation increased to Rs 86,000 crore (Rs 860 billion) following the listing of the group company -- Reliance Communication Ventures Ltd (RCoVL).
An Anil Ambani group company has asked the oil ministry to stop Reliance Industries Ltd from charging marketing margin on gas, alleging that the Mukesh Ambani-led firm was not sharing the revenue and 'diverting' crores (billion) of rupees of the government's share.
In his letter dated October 11, written before the last EGoM meeting, Ambani has said the government would incur a loss of at least Rs 35,000 crore if the EGoM had decided to charge for excess spectrum beyond 6.2 MHz only prospectively from 2012, and not from 2008.
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.
Taking forward the promised consolidation of its telecom businesses, the board of Anil Ambani-controlled Reliance Communications Ventures Ltd would meet in Mumbai on Sunday to consider merger of Reliance Infocomm with itself.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
Market regulator Securities and Exchange Board of India on Saturday said it has received several letters from Reliance Industries vice-chairman and managing director Anil Ambani
Amid indications of the government and RBI gearing up to grant new bank licences, Reliance Capital has said it is full-prepared from its side to foray into the banking business.
The MTN-Reliance Communications merger, if it gets through, will create a telecom behemoth of 115 million subscribers in 25 countries.
The MoU says the gas supply agreement is with Reliance Energy and for the Dadri power project, senior counsel Harish Salve representing RIL said. "Nowhere does it say that the gas will go to RNRL," Salve told the division bench of Justices J N Patel and K K Tated. REL and RNRL are both Anil Ambani group companies.
