Budget 2018-19

  ‘Al-Rumayyan joining our Board is also the beginning of internationalisation of Reliance,’ says RIL Chairman at 44th AGM Reliance Industries chairman  Mukesh Ambani  told shareholders at the company’s 44th AGM on Thursday that the country is in midst of humanitarian crisis owing to coronavirus pandemic. “Our business and financial success since last AGM have exceeded expectations despite Covid pandemic. But what has given me far greater happiness than our business performance is RIL’s humanitarian efforts during these exceedingly difficult times,” said Mukesh Ambani. Even in a challenging environment, RIL’s performance continued to be outstanding. Consolidated revenue was Rs 5.4 trillion, consolidated EBITDA was Rs 98,000 cr, and almost 50% of EBITDA was contributed by consumer businesseses, added Ambani. RIL’s contribution to Indian economy remained unmatched in FY21 – 6.8% of India’s merchandise exports, 75,000 new jobs, Rs 21,044 crore of customs plus excise, Rs 85,3...

  The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August Market regulator SEBI gave a go-ahead on Wednesday to Future Group’s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal. The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August. ALSO READ:  Delhi HC rules Amazon’s attempt to control Future violative of FEMA FDI The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter. It has also held that SEBI’s go-ahead on the draft scheme of arrangement would...

  By seeking to stall Ambani’s purchase of Future, Bezos may be signaling that he would rather remain a rival A vanilla commercial dispute is setting the stage for a clash between the world’s No. 1 and No. 6 richest men. But the legal wrangling is a sideshow. What Jeff Bezos and Mukesh Ambani are really fighting over is pole position in the only billion-plus-people consumer market available to both of them: India. The ostensible battleground is a $3.4 billion deal Indian tycoon Ambani’s Reliance Industries Ltd. stitched up in August to acquire assets of debt-laden local retailer Future Group. Bezos’s Amazon.com Inc. is trying to block the transaction. That, in itself, is a bit of a dampener. Expectations were building for the two billionaires to work together. In September, Bloomberg News reported that Ambani had given  Amazon  an option to buy as much as 40% of Reliance Retail Ventures Ltd., seeking to repeat the success he had earlier this year in bringing in Facebook I...

  While Mukesh Ambani added $37.3 bn to his fortune, Gautam Adani retained the second spot on the list by boosting his net worth 61 per cent to $25.2 billion The Covid-19 pandemic which resulted in a major economic contraction did not hamper the gains of India’s richest as half of the nation’s 100 richest on the 2020 Forbes India Rich List saw there wealth grow by 14 per cent to $517.5 billion from a year ago. Reliance Industries Chairman Mukesh Ambani accounts for more than half of those gains and retains the title of India’s richest man for the 13th year. Forbes in a statement said, “Ambani added $37.3 billion, bringing his fortune to $88.7 billion, a rise of 73 per cent. Shares of his Reliance Industries soared when, amid the nation’s lockdown, Ambani raised more than $20 billion from a string of marquee investors for Jio Platforms.” The company is now paving way for the big bucks in its retail subsidiary RRVL. Gautam Adani retains the second spot on the list by boosting his net...

  This is the second such investment by General Atlantic in a Reliance venture following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year General Atlantic, a leading global growth equity firm will invest Rs 3,675 cr in Reliance Retail Ventures Limited, RIL said in a BSE filing on Wednesday. General Atlantic’s investment will translate into a 0.84% equity stake in RRVL. The deal values Reliance Retail at a pre-money equity value of Rs 4.285 trillion, said RIL in a media release. Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited, and holding company of all the retail companies under the RIL Group. It reported a consolidated turnover of Rs 162,936 crore ($ 21.7 billion) and net profit of Rs 5,448 crore ($ 726.4 million) for the year ended March 31, 2020. General Atlantic had also invested Rs 6,598.38 crore in another RIL subsidiary, Jio Platforms earlier this year. ALSO READ: Mubadala in advanced talks to invest up to $1 bn in R...

Earlier, Silver Lake had invested Rs 7,500 cr into Reliance Retail Ventures, valuing the business at about Rs 4.2 trillion Global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for 1.28 per cent equity share, Reliance Industries Limited said in a BSE filing on Wednesday. This marks the second investment by KKR in a Reliance subsidiary, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year. KKR’s investment values Reliance Retail at a pre-money equity value of Rs 4.21 trillion. “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years,” said Mukesh Ambani in a statement issued by RRVL. Reliance Retail runs supermarkets, India’s largest consumer electronics chain store, a cash and carry wholesaler, fast-fashion outlets and an online grocery store JioMart. The ...

Akash, 27, is Mukesh Ambani's elder son and twin of sister Isha, and older brother of Anant, 22 Wedding bells may soon be ringing in the country's premier business family. According to reliable sources, Mukesh Ambani's eldest son Akash may soon be betrothed to Shloka, the youngest daughter of Russell Mehta, Managing Director, Rosy Blue India, one of the country's leading diamond companies. Though both families are keeping the news under wraps for the present, sources in the know indicate a formal engagement ceremony soon, with the probability of a wedding come December. Akash, 27, is Mukesh Ambani's elder son and twin of sister Isha, and older brother of Anant, 22. Shloka is the daughter of Russell Mehta, head of Rosy Blue Diamonds, formerly known as B. Arunkumar & Co., which is now ranked among the top half dozen diamond companies of India. The family lives in south Mumbai. Russel is the son of Arunkumar Ramniklal M., one of th...