Thursday, December 19

Tag: Reliance Industries

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...
Read More
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%...
Read More
Isha, Akash, and Anant Ambani to be on board
28Aug By adminNo Comments
Business

Isha, Akash, and Anant Ambani to be on board

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Monday announced the induction of the third generation of the Ambani family as directors on the company’s board, viewed as the start of a succession.   Speaking at the company’s annual shareholders’ meeting, Mukesh Ambani told shareholders he would remain chairman and managing director (CMD) for five more years, and mentor the three to-be-appointed directors of the board.   Regarding its board, RIL announced two key developments: First, Isha, Akash and Anant Ambani’s appointments were approved by the board of directors in a meeting earlier in the day (this will be effective following the approval from the shareholders). Second, Nita Ambani stepped down as director from the board, but wou...
Read More
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...
Read More
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...
Read More
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...
Read More
Mcap of 6 of top-10 most valued firms jump Rs 1.19 lakh crore; Reliance biggest winner
9Jul By adminNo Comments
Business

Mcap of 6 of top-10 most valued firms jump Rs 1.19 lakh crore; Reliance biggest winner

NEW DELHI: Six of the top-10 most valued firms together added Rs 1,19,763.25 crore in market valuation last week, with Reliance Industries Limited and ITC emerging as the major gainers, driven by an overall positive trend in domestic equities.Last week, the 30-share BSE benchmark jumped 561.89 points or 0.86 per cent. The Sensex hit its all-time high of 65,898.98 on July 7.The valuation of Reliance Industries jumped Rs 57,338.56 crore to Rs 17,83,043.16 crore, the most among the top-10 firms.ITC added Rs 21,291.04 crore taking its market valuation to Rs 5,82,602.46 crore.The market capitalisation (mcap) of State Bank of India rallied Rs 18,697.06 crore to Rs 5,29,898.83 crore and that of Tata Consultancy Services zoomed Rs 9,220.81 crore to Rs 12,16,890.72 crore.ICICI Bank's valuation cli...
Read More