Thursday, December 19

Tag: Mukesh Ambani

Reliance Retail: Reliance Retail to take 51% stake in kid’s clothing brand Ed-a-Mamma
6Sep By adminNo Comments
Business

Reliance Retail: Reliance Retail to take 51% stake in kid’s clothing brand Ed-a-Mamma

BENGALURU: Reliance Retail Ventures, India's biggest retailer, said on Wednesday it would take a 51% stake in domestic kid's clothing brand, Ed-a-Mamma, pursuing its aggressive expansion ahead of a potential stock market listing.Billionaire Mukesh Ambani's Reliance Retail Ventures raised $1 billion from Qatar Investment Authority at a $100 billion valuation last month and is in talks with global investors to raise around $2.5 billion more by the end of September.Reliance Retail has more than 18,000 retail outlets, selling everything from groceries to electronics. In the apparel space, it has tie-ups with both domestic brands, such as fashion labels Ritu Kumar and Manish Malhotra, as well as foreign brands such as Armani and Marks & Spencer.The joint statement by Reliance Retail and Ed...
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Reliance Retail in talks with global investors to raise $2.5 billion
1Sep By adminNo Comments
Business

Reliance Retail in talks with global investors to raise $2.5 billion

Chairman Mukesh Ambani (Photo: PTI) Indian billionaire Mukesh Ambani's Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing, people familiar with the matter told Reuters. Three sources said the target fund raise of $2.5 billion is part of a combined $3.5 billion target the firm has set for itself, a part of which - $1 billion - came from Qatar Investment Authority (QIA) and was announced last month. In an emailed statement, Reliance said "As a policy, we do not comment on media speculation and rumours.", but added "Our company evaluates various opportunities on an ongoing basis." Reliance last month said it raised $1 billion from QIA at a $100 billion v...
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A large family fortune starts a risky transition
29Aug By adminNo Comments
Business

A large family fortune starts a risky transition

By Andy Mukherjee The flagship of Asia’s richest tycoon is looking a tad overburdened with businesses that are mature enough to be cast off on their own. Successful public floats of telecom and retail units will do more than make Mukesh Ambani a centi-billionaire — they may well determine the hold of the family-run conglomerate on India’s broader economy when control passes to the next generation.   That transition could arrive by 2028. At Reliance Industries Ltd.’s annual general meeting Monday, the 66-year-old announced that his three children would be joining the board, even as he continues as chairman and managing director for five more years. Reliance’s sway has grown following a $150 billion investment spree over the past decade. It now controls 15%...
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RIL AGM 2023: Mukesh Ambani Shares 5 Goals That Will Fulfil the Dreams of 1.4 Billion Indians
28Aug By adminNo Comments
Business

RIL AGM 2023: Mukesh Ambani Shares 5 Goals That Will Fulfil the Dreams of 1.4 Billion Indians

Curated By: Business DeskLast Updated: August 28, 2023, 16:38 ISTAt the 46th RIL AGM on Monday, Mukesh Ambani stressed that the company is 'dedicated' to the 'service of India and the humanity'. (Photo: News18) The five goals are -- Digital Tools Everywhere, Green Energy and Green Materials, Financial Empowerment, Entrepreneurship, and Gainful Employment Everywhere, Healthy and Responsible Consumption, Quality Education and Healthcare Reliance Industries’ Chairman and Managing Director Mukesh Ambani elaborated on the five goals in order to fulfil the dreams of all 1.4 billion Indians at the company’s 46th Annual General Meeting on Monday.The five goals are — Digital Tools Everywhere, Green Energy and Green Materials, Financial Empowerment, Entrepreneurship, and Gainful Employment Everywh...
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Reliance Retail: Qatar wealth fund invests $1 billion in Reliance Retail Ventures
23Aug By adminNo Comments
Business

Reliance Retail: Qatar wealth fund invests $1 billion in Reliance Retail Ventures

MUMBAI: Qatar’s sovereign wealth fund invested 82.78 billion rupees ($1 billion) into the rapidly growing retail business owned by Asia’s richest man Mukesh Ambani, as India’s biggest brick-and-mortar retailer looks to expand its operations.The Qatar Investment Authority purchase translates into a stake of 0.99% in Reliance Retail Ventures Ltd “on a fully-diluted basis,” the Mumbai-based firm said in a statement on Wednesday, adding that it values the company at $100 billion.The deal comes as Ambani’s conglomerate is also considering a public listing for Reliance Retail and has started buying back shares in the unit and giving them to their employees as stock options. The subsidiary headed by Ambani’s daughter, Isha, has been undertaken a swath of recent acquisitions as it is taking on gl...
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Jio Financial makes tepid market debut; shares hit 5% lower circuit
21Aug By adminNo Comments
Business

Jio Financial makes tepid market debut; shares hit 5% lower circuit

Shares of Jio Financial Services, carved out of Mukesh Ambani’s Reliance Industries, hit their 5 per cent lower circuit limit after a widely watched trading debut on Monday.     The stock ended the session at Rs 248.9 on the NSE, as against the discovered price of Rs 261.85, amid selling by passive mutual funds. It settled at Rs 251.75 on the BSE, as against the discovered price of Rs 265. About 78 million shares of Jio Financial were traded on the two exchanges.   According to market players, passive schemes tracking the Nifty50 and the Sensex began unloading shares of Jio Financial ahead of the company’s exclusion from the two indices.    These funds hold around 145 million shares of Jio Financial, allotted to them as part of the...
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World entering a highly disruptive green energy era, says Mukesh Ambani
6Aug By adminNo Comments
Business

World entering a highly disruptive green energy era, says Mukesh Ambani

Reliance Industries (RIL’s) annual report released on Sunday highlighted the company’s focus on new energy solutions, with Chairman and Managing Director (MD) Mukesh Ambani stating that the age of fossil fuels will not conti­nue much longer. RIL has sought shareholders’ approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which “will leverage the prowess of digital and retail businesses”, was expected to be listed soon.  Reliance Jio has received a $2.2 billion fund support from Swedish Export Credit Agency (EKN) to finance equipment for the 5G rollout, according to the report. The company has largely procured telecom gears from Swedish firm Ericsson and Finnish company Nokia to deploy its 5G netwo...
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Reliance seeks shareholder nod to appoint Ambani as head for another 5 yrs
6Aug By adminNo Comments
Business

Reliance seeks shareholder nod to appoint Ambani as head for another 5 yrs

Reliance Industries Ltd, India's most valuable company, has sought shareholder's approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 -- a period during which he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar. In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company till April 2029. Ambani has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002. In the special...
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Financial Services: Billionaire Mukesh Ambani expects to list financial services unit soon
6Aug By adminNo Comments
Business

Financial Services: Billionaire Mukesh Ambani expects to list financial services unit soon

Reliance Industries Ltd. said it expects shares of its financial services business to be listed soon as the conglomerate seeks to propel its recently carved out unit into India’s largest non-banking lender, leveraging the prowess of the digital and retail businesses.“The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform,” Reliance’s billionaire chairman Mukesh Ambani in his message to shareholders in the annual report for the financial year that ended Mar. 31.Reliance will hold its annual shareholders’ meeting on Aug. 28.Ambani, following the legacy of his late father Dhirajlal Hirachand Ambani, has used the annual investors’ gathering to announce big-bang projects and future growth plans. In the past, he has offered...
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