In 2009, Reliance Communications' net worth exceeded Rs 37,000 crore (Rs 370 billion) making it one of the top three companies in India.
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.
Reliance Communications' tower business Reliance Infratel is likely to enter into an end-to-end telecom infrastructure agreement with Aircel for towers, voice carriage and bulk bandwidth worth about $300 million.
New Delhi is also set to top its target of raising at least $13 billion.
The company had a net profit of Rs 1,636.61 crore (Rs 16.36 billion) in the same quarter previous year, Reliance Communications said in a filing to the Bombay Stock Exchange.
Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
BSNL, Tata Teleservices and Reliance Communications, who also provide GSM technology-based services, are not part of the report.
Reliance also plans to convert the book into an adult audio mobile book.
A bench headed by Justice H S Kapadia, while dismissing Tata Teleservices and Reliance Communication's petitions, has upheld telecom tribunal TDSAT's order of September 2005 that held these services are not fixed lines telephones, but limited mobile. The Supreme Court had earlier reserved its judgement on a petition filed by Tata Teleservices challenging the telecom tribunal's order which classified the company's fixed wireless phone service 'Walky' as limited mobile.
Anil Ambani group firm Reliance Communications on Monday said its consolidated net profit rose by 11.91 per cent to Rs 6,044.93 crore (Rs 60.44 billion) for the year ended March 31, 2009, over the same period last year.
Reliance Globalcom will become the holding company for the global operations of Reliance Communications (which offers voice services like Reliance India Call, Reliance Global Call, Reliance Netcall and Reliance Passport), the submarine cable subsidiary Flag Telecom and the recently acquired US-based Yipes Enterprise Service (an Ethernet technology major).
Reliance Communications brings all its global initiative under a single brand name of Reliance Globalcomm and renames FLAG Telecom as Reliance FLAG.
A flare up of sibling rivalry between India 's billionaire Ambani brothers over the proposed takeover of mobile operator Reliance Communications by South Africa's MTN is threatening to spill over into the courts.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
The 'turbulent situation' at Newcastle United has forced Reliance Communications to shift focus to English Premier League side Everton, media reports said in London on Sunday.
Tata Teleservices on Wednesday became the second major CDMA operator, after Reliance Communications, to get GSM radio frequency under the dual technology along with other new telecom players.Tata Teleservices has been given start up 4.4 MHz GSM spectrum in Tamil Nadu along with five new telecom players, company officials said.
Anil Ambani group firm Reliance Communications on Monday said news reports that it was acquiring the English Premier League club Newcastle United for an estimated 260 million pounds were false and baseless.
Anil Ambani group firm Reliance Communications denied news reports that it was acquiring the EPL club Newcastle United for an estimated 260 million pounds.
Telecom tribunal TDSAT on Monday rejected a contempt application filed by Anil Ambani group company Reliance Communications against Cellular Operators Association of India, for allegedly taking the legal battle on spectrum for a media trial.
Quoting an unnamed person familiar with the talks as saying that MTN and RCOM could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, 'there is no indication that extra time alone would be sufficient to resolve the feud' between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world's biggest emerging market telecom firm.
HDFC bank and Reliance Communications have launched India's first virtual credit card. HDFC credit card users can use their Reliance mobile phones to make payments.
Anil Ambani, whose flagship company Reliance Communications is in talks with South Africa-based MTN, is looking to buy more than 40 per cent stake in the telecom major, a media report said on Tuesday.
The Financial Times reported that Ambani hopes to be a major shareholder in RCom and MTN after the firms combine in a reverse takeover. Ambani would pay an extra $4 to $5 billion in cash to bring his stake in MTN to his target level of 34.9 per cent, the ceiling beyond which he would be forced to make a general offer for MTN, the newspaper said in an article published in its online edition.
Following Reliance Communications' announcement last week accusing Videsh Sanchar Nigam Limited of delaying implementation of an international tribunal order, VSNL said on Wednesday the announcement contained false imputations against it.
Anil Ambani group company Reliance Communications Infrastructure Ltd has moved the Supreme Court seeking to recover more than Rs 58 crore (Rs 580 million) of outstanding loan from a Mukesh Ambani group firm.
Telecom major Reliance Communications plans to monetise its real estate assets as it looks to pare debt.
RCom is set to launch a lifetime connection for Rs 199, the lowest from any service provider in the country.
In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route. Briefing reporters on the decisions taken by the Cabinet, Telecom Minister Ashwini Vaishnav said nine structural reforms for the telecom sector were approved. The definition of AGR, which had been a major reason for the stress in the sector, has been rationalised by excluding non-telecom revenue of telecom companies.
Reliance Jio Infocomm is the only company which had in 2010 won a pan-India spectrum for 4G services but is yet to start commercial services.
Anil Ambani group company Reliance Communication Ventures Ltd on Friday decided to offer stake worth up to Rs 4500 crore (Rs 45 billion) to international financial and strategic investors.
Reliance Communications (RCom) has paid Rs 1,651 crore as licence fee to start pan-India GSM operations.
Indian mobile operators led by Reliance Communications, BSNL and MTNL on Friday announced a bonanza for their users who are frequent travellers by waiving or nearly eliminating roaming charges.
Reliance Communication has launched 'Classic 732' at a price of Rs 999, the lowest in Indian market. Earlier in May, the company had launched the Classic monochrome phones at a price of Rs 777.
High-end mobile device Blackberry, which was till now available only with the GSM operators, will be soon launched on CDMA platform by Reliance Communications.
BSE Midcap and BSE Smallcap indices settled the day 0.7% and 0.9% higher
The move by Reliance Communications to outsource its IT requirements would result in an upfront cost savings of around $200 million (Rs 900 crore), with the company seeking a guarantee to this effect from the vendors.
Anil Ambani on Wednesday announced formation of two new companies, Global Fuel Management Services and Reliance Communication Ventures Ltd, under the Anil Dhirubhai Ambani Enterprises umbrella.
For Rs 39, customers can talk for 300 minutes anywhere in India and worldwide
Anil Ambani Group firm Flag Telecom on Monday announced the acquisition of US-based Ethernet services provider Yipes Communications for 300 million dollars (Rs 1,200 crore) in cash.
