For the past few days, Tata had been admitted to the Breach Candy Hospital in south Mumbai.
Reliance Jio has sent a second legal opinion to the Telecom Regulatory Authority of India (Trai) on the subject of the potential allocation of satellite spectrum. The letter is written by retired Supreme Court Justice L Nageshwara Rao and argues in favour of auctions, stating that any other method for allocating spectrum apart from auctions could be constitutionally unsound. Business Standard has reviewed the letter.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation's most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of 100 million and will invest an additional 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
The Reliance group is planning to buy the plastics business of a well-known company in Pakistan for about $300 million, industry sources said on Monday.
Deals between the two could earn RCom Rs 14,000 cr, says Anil Ambani.
April-June 2023 (Q1FY24) was a mixed quarter for India's top family-owned business groups. Three of the big five in terms of revenue reported a year-on-year (Y-o-Y) decline in combined net sales and two saw a Y-o-Y fall in net profits. Combined net sales of all listed companies in the five groups were up just 2.2 per cent Y-o-Y at Rs 6.6 trillion in the quarter, down sharply from the 10.3 per cent in the March 2023 quarter (Q4FY23) and 42.8 per cent in Q1FY23.
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.
Apple and its vendors are aiming to assemble 32 per cent of iPhone's global production volume and 26 per cent of its value in India by 2026-27 -a year after the final year of the five-year production-linked incentive (PLI) scheme for mobile devices. This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels. The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
Bharti Airtel on Monday reported a 168 per cent year-on-year rise in consolidated net profit to Rs 3,593 crore for the September quarter, and the company unveiled top-level changes, including Gopal Vittal moving into the role of executive vice chairman on January 1, 2026. India's second-largest telco - that competes with Reliance Jio and Vodafone Idea in the Indian telecom market - clocked quarterly revenues of Rs 41,473 crore, 12 per cent higher than the year-ago period, aided by strong momentum in India and growth in Africa.
Kishore Biyani's Future Group is getting its act together on supplying its private labels outside the group's 1,000-odd outlets, even as Mukesh Ambani's Reliance Retail has already marched ahead by starting to sell some of its private brands to kiranawalas (independent stores).
'To access our satellite, you don't need any IQ test, you don't need to write an examination.' 'You can be a Class 1 student, an engineering student, a 60-year-old person, anybody can access our satellite.'
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
Much of the discussion is happening at a "family level, not a corporate level". That means it is an Ambani or a Goenka in direct talks with Johar.
Reliance Clinical Research Services has commenced studies for clients in the United States, the United Kingdom and West Asia in areas including infectious diseases, vaccines and oncology to take advantage of India's competitiveness.
The company also expects to benefit in its proposed banking foray through partnership with Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fourth straight year in a row while his children earned a sitting fee and a commission for being on the board of India's most valuable company. Ambani, 67, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
Independent valuers have given a liquidation value of up to Rs 13,000 crore for Reliance Capital, sources said. The Reliance Capital administrator, in the Committee of Creditors (CoC) meeting held on Wednesday, presented the valuation reports of the independent valuers - Duff & Phelps and RBSA, to the lenders. According to sources, independent valuers Dufff & Phelps and RBSA have given a liquidation value of around Rs 13,000 crore for Reliance Capital (RCAP).
It termed reports of the Ambani family looking to make the 300-acre country club in Buckinghamshire, Stoke Park their primary residence, as 'unwarranted and baseless speculation'.
Reliance Capital on Wednesday said it has got approval from the Indian market regulator Sebi and the Monetary Authority of Singapore (MAS) for Rs 1,450-crore (Rs 14.5 billion) stake sale in its mutual fund business unit to Japan's Nippon Life.
Future Retail Ltd has said that SEBI's one-year ban on its chairman Kishore Biyani and some other promoters from the securities market will have "no impact" on the Rs 24,713 crore-deal with Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday. "The order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this order in exercise of their statutory right to appeal," Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.
'What is Balaji without Ekta (Kapoor), what is Dharma without Karan (Johar?)'
The complainant stated that Reliance group has consented to allot a petrol bunk to him at Peddapalli and for this purpose he even accepted to give his land for market price.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
The group said Dassault choose Reliance Defence Ltd to meet its 'offset' or export obligation in the contract and the Ministry of Defence has no role in the selection of Indian partners by the foreign vendors.
From 30 Sensex firms, Adani Ports, NTPC, Power Grid, State Bank of India, Nestle, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the biggest laggards. Axis Bank, Infosys, JSW Steel, Tata Motors, HDFC Bank and Kotak Mahindra Bank were among the gainers from the blue-chip pack.
The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes. The changes made to IBBI - Bankruptcy Process for Personal Guarantors to Corporate Debtors, Regulations, 2019 -- came into effect on January 31. IBBI has also amended the provision regarding the meetings of the Committee of Creditors to make them mandatory in insolvency matters about personal guarantors.
Led by Tata Motors and Tata Consultancy Services (TCS), the combined revenue of the Tata group's listed firms crossed the Rs 10-trillion mark for the first time, in 2022-23. The group's 14 key listed companies in which Tata Sons holds a direct equity stake reported a combined revenue of Rs 10.07 trillion in FY23, up 15.3 per cent from Rs 8.73 trillion in FY22. The combined net profit of these companies was, however, down 10.6 per cent year-on-year (YoY) at Rs 66,670 crore in FY23, from a record high of Rs 74,540 crore in the previous financial year, when the profit had jumped 156 per cent YoY, aided by Tata Steel's strong showing.
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
A top executive of Reliance group deposed on Monday before a Delhi court in the infamous 'helicopter grabbing case' involving Dawood Ibrahim's alleged contact Romesh Sharma.
The newlywed couple, Anant and Radhika, witnessed athletes showcasing their remarkable skills against tough opposition in Paris
Reliance Industries on Friday said that their offer of roaming facility across 673 cities on WLL phones was "well within the licence conditions" and the company has communicated this to Telecom Regulatory Authority of India.
The group's telecom arm, RCom, saw its shares plunge by 8.11 per cent to a low of Rs 71.35 in morning trade, while Reliance Capital tumbled by 9.91 per cent to a 52-week low of Rs 323.55 on the Bombay Stock Exchange.
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