The oil-and-petrochemicals tycoon’s digital services startup requires him to dominate the use of mobile devices, while his retail chain, India’s largest, needs maximum grip on customers’ moneybags.
Mukesh Ambani has already surpassed some of the biggest tycoons in recent weeks -- a list that includes Elon Musk and Alphabet Inc. co-founders Sergey Brin and Larry Page, as well as the so-called Oracle of Omaha himself, Warren Buffett.
With a recent surge in his wealth, Asia’s richest man - Mukesh Ambani - has overtaken Warren Buffet in the global money rankings; he’s valued at roughly $75 billion.
“India still has 300 million mobile subscribers trapped in the 2G era, their feature phones keep them excluded even from the basic users of the internet at a time when both India and the rest of the world are standing at the doorsteps of 5G telephony,” Ambani said in a video message at an industry event marking 25 years of the sector. Jio recently entered into a commercial agreement with Google to jointly develop entry-level affordable 4G and possibly 5G smartphones in the future with an aim to make India 2G-mukt or free of 2G technology.2G technology must be scrapped at the earliest: Mukesh Ambani
RIL promoter now world’s 7th richest with $69.9 billion net worth on Forbes real-time billionaires list.
Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 6. He overtook Elon Musk and Google co-founders Sergey Brin and Larry Page days later.
The Vodafone Idea (VIL) MD’s views came less than a fortnight after Ambani had urged telecom minister Ravi Shankar Prasad to speed up policy measures to ensure a quick end of 2G in India. If accepted by the government, the move could hit Vodafone Idea and Bharti Airtel, who together have around 300 million 2G users critical to their revenue streams.
In its 43rd AGM, Chairman Mukesh Ambani outlined his long term vision for RIL’s energy business. WatchRIL aims to become carbon zero by 2035, says Mukesh Ambani
Mukesh Ambani's total wealth climbed to $64.5 billion making him the ninth richest person in the world and the only Asian to get that honour. According to Bloomberg, Ambani overtook Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.
Over the course of the past few months, Mukesh Ambani has raked in close to $15 billion from major investments in Jio Platforms, from the likes of Facebook and Silver Lake.
“India still has 300 million mobile subscribers trapped in the 2G era, their feature phones keep them excluded even from the basic users of the internet at a time when both India and the rest of the world are standing at the doorsteps of 5G telephony,” Ambani said in a video message at an industry event marking 25 years of the sector.
Reliance and partner IMG Worldwide bailed out cash-strapped soccer association a decade ago.
"The way I see is that in the progress that humankind has made (between) industrial revolutions, we have disturbed the carbon cycle and now it is time to use technology... to reset that balance and adopt the carbon cycle right," Mukesh Ambani said speaking at the FII Investment Institute Conference over a video link.
Overnight, his wealth rose by $1.2 billion, thanks to the surge in the share prices of his oil-to-telecom company RIL.
Ambani said RIL’s consumer businesses continue to establish new milestones every year.
With disciplined execution, Mukesh Ambani has turned Reliance Industries from a petrochemicals business into a digital behemoth designed to meet every consumer need. This last decade has changed things so dramatically for RIL that as a consumer you just couldn’t avoid Reliance.
The shares of the conglomerate owned by India's richest man have doubled from a low in March.
A year down the line, a lot of what was going on in Mumbai has come to the fore, when in April, in the thick of the outbreak, Facebook announced its investment of $5.7 billion for 9.99% stake in Reliance Jio Platforms. That was just the start of the rush of capital coming into Jio Platforms, culminating with Google’s $4.5 bn infusion earlier this week.
Reliance is closing in on a deal that would see it acquire stakes in some units of Future Group.
Addressing shareholders in RIL's 43rd annual general meeting held virtually on Wednesday, Ambani said the company has "received strong interest from strategic and financial investors in Reliance Retail." "Today the world recognizes our hyper-growth inclusive model," he said.
"We value our two-decade relationship with Aramco and are committed to a long-term partnership," Ambani said at Reliance Industries' annual general meeting.
"In the next three years, Jio will connect half a billion mobile customers, a billion smart sensors and 50 million home and business establishments:," said Ambani at the 43rd AGM.
Ambani added that it will be ready for trials as soon as the spectrum is available.
Ambani,63, delivered on most other things he had pledged at the last AGM, boosting investor confidence in the stock, and sending the fortunes of both RIL stock and promoter Ambanis soaring through the past 11 months.
In the 5G world, telecom operators need to move beyond connectivity and collaborate with multiple stakeholders across sectors such as finance, transport, retail and healthcare to deliver innovative digital services.
Ambani, 63, may at the company's first online AGM also give a sneak preview of his vision for decarbonization of energy molecules to create value-added products with almost no carbon emissions.
Google has pledged $10 bn in India over the next five to seven years with the aim of consolidating its position in the digital ecosystem of the world’s fifth-largest economy that is emerging as a battleground for global internet giants.
RIL has transformed itself into a consumer company from a materials and energy producer, crossing 12 lakh crore in market capitalisation on Monday — two days ahead of its 43rd annual general body meeting. Its market cap now is more than double that of the country’s all telecom, retail and refinery stocks put together.
Promoters picked up additional shares from unsubscribed portion of Rs 53,124-crore issue.
RIL shares, which rallied 82% from March 23, ended at 1,589, up 3.34% on Friday.
Manoj Modi is viewed by many insiders as the right hand of billionaire Mukesh Ambani.
RIL is in talks with 10-15 foreign lenders to raise funds for its non-digital units.
A strong rally in the shares of RIL has lifted promoter Mukesh Ambani to the fourth spot in the list of world's top billionaires, right behind Zuckerberg.
However, a comparison among billionaires based merely on their existing net worth may not be justifiable, especially considering the extensive philanthropic initiatives by some of the global business icons featuring on the prized leader-board.
While the oil-to-chemical conglomerate has in recent times seen focus on consumer business, RIL's core oil-to-chemical (O2C) business is well placed to generate sustained free cash flow, BofA Securities said in a report. Future of O2C is new energy company and partnerships.
Investors are betting on Jio’s access to India’s huge consumer market.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries has been ranked second biggest brand after Apple on the FutureBrand Index 2020.
The Mukesh Ambani-led RIL is also likely to acquire up to a 10-15% minority stake in the group’s fast-moving consumer goods (FMCG) business Future Consumer, said these sources.
RIL said it is working to complete the contours of a strategic partnership with Saudi Aramco.
Ambani’s strategy has three connected elements: carriage, content and commerce.
Richest Indian Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at Rs 15 crore for 12th year on the trot in the fiscal ended March 31 and has thereafter decided to forego the entire remuneration in view of the COVID-19 pandemic.
The RPG Group boss lauded Ambani for making RIL a net-debt free company.
The company has launched Local Shops on Amazon.in, offering shopkeepers and retailers with physical stores the ability to register to serve more customers from their local areas. Since launch, more than 11,000 sellers have enrolled in the program
Rs 1,900-2,100 is a fair value for Reliance stock based on the current situation.
The numbers were on the expected lines, but a sharp drop in revenue from petchem business, drop in gross refining margin, a major hit on the proven cash generator oil & gas and retail business raises worry for the company.
RIL Q1 results: Profit jumps 31% YoY to Rs 13,233 crore on exceptional gains, beats Street estimates
RIL managed to bring down total expenditure by about 42 per cent YoY to Rs 87,406 crore from Rs 1,50,858 crore in Q1FY20.
Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net-debt free months ahead of its March 2021 target after raising a record Rs 1.69 lakh crore from stake sales and rights issue in less than two months time. RIL turns net debt free well before its own target of March 2021. Here's an explainer video detailing Reliance's zero-debt dream fulfilled.Explainer: How Mukesh Ambani made Reliance Industries a net debt-free company
Oil-to-telecom conglomerate Reliance Industries (RIL) is likely to report a drop in net profit for the quarter ended June as Covid-related disruptions may have impacted refining, petchem and retail businesses while telecom business Jio may be an outlier. Here's what to expect. Watch.RIL Q1 results preview: Jio likely to cushion Reliance Industries' Q1FY21 earnings
The market valuation of Reliance Industries Ltd crossed Rs 11 lakh crore on Friday as shares rallied over 6 per cent after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free. Reliance Industries is also the first Indian company to cross the Rs 11 lakh crore market valuation mark. Mukesh Ambani, the chairman and managing director of India's most-valued company Reliance Industries (RIL), today became the 11th richest person in the world as his real-time net worth crossed the $60 billion mark for the first time.RIL becomes India's first $150 billion company, Mukesh Ambani's net worth surges to $60 bn
RIL said PIF’s investment marks the end of Jio's current phase of induction of financial partners.
Ambani wants to list both Jio Platforms and Reliance Retail within the next five years.
RIL has roped in Citigroup Global Markets, Moelis and Co and ICICI Securities Ltd have as investment bankers for the deal, revealed the Mint report. Mukesh Ambani has already raised over $20 billion via stake sales in Jio Platforms. The company is now looking to monetise its fibre assets held under Jio Digital Fibre.
Experts say Reliance Jio will face stiff challenges as it enters the 5G club and offers its product to operators globally, with rivals Huawei, Nokia and Ericsson ahead in developing the technology and in filing patents. ET's Devina Sengupta has more. Watch now. (Text: ET Bureau)Reliance Jio may face stiff challenges as it targets global 5G tech space
Reliance net debt-free: Mukesh Ambani achieves zero-debt dream ahead of time, courtesy Jio deals and rights issue
Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months. Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days. Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.Reliance net debt-free: Mukesh Ambani achieves zero-debt dream ahead of time, courtesy Jio deals and rights issue
Mukesh Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India's huge retail sector with the Future deal.
Various widely-tracked financial ratios show investors have re-rated Reliance shares in line with the technology companies such as Facebook, Apple, NVIDIA, Google, Microsoft, Amazon, and Netflix, which stand for FANGMAN.
On Tuesday, shares of Reliance Industries hit an all-time high of Rs 1,647.85.
ETNow on Thursday reported that RIL was holding preliminary talks to sell about 10 per cent stake in Reliance Retail (RRL) to Amazon.
Mukesh Ambani now holds 80.52 lakh shares or 0.12 per cent of RIL, up from 75 lakh shares held before the rights issue.
The oil-to-telecom conglomerate is ranked 48th in market cap globally, according to stock market data.
The stock closed at a record high of Rs 2,076, up 3.59 per cent on the NSE. Thanks to the rise in prices, the valuation of the company rose to Rs 13.16 lakh crore.
Salaries of those earning less than Rs 15 lakh a year in the hydrocarbons business have been left unchanged.
Besides Ambani, the board of directors, exec committee members and senior staff will also forgo 30-50% pay.
Corporate Chatter: Mukesh Ambani's friend in the desert; billionaire stuck overseas; Anshu Jain-backed InCred eyes new deal
A billionaire has been stuck overseas for months now.
Reliance Industries on Friday announced the sale of 1.85 per cent stake in its digital unit to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt. The latest would take the combined holding to 18.97% and investment amount of up to Rs 87,655.35 crore.6 deals in 6 weeks: Mukesh Ambani gets Rs 87,655 cr in Reliance Jio stake sale
Over the past six weeks, Jio Platforms raised a striking $10 billion from global investors.
Any new investment would add to the $10 billion that Jio Platforms has raised in recent weeks.
Mukesh Ambani’s dealmaking lured about $20 billion of investments from Google to Facebook Inc. into his digital platform in recent months, raising much anticipation over his plans for the money.
The Reliance Jio-Facebook partnership is expected to upend the digital payments sector, crowd out small players and drive consolidation, fintech experts said.
The swap arrangement would result in Kishore Biyani and other shareholders of Future holding shares in RIL, one person aware of the development said. Reliance would directly repay Future’s lenders but would not pay any cash to its shareholders, said these people.
India’s richest man, Mukesh Ambani, is bullish on small businesses and on Wednesday, he took it a step further by inking a deal with social media giant Facebook. Ambani, who wants to wield the power of his telecommunication company Jio, does not want to reinvent the wheel. In some cases he prefers to buy a stake in a startup that can play a part in his larger vision, and at other times collaborating with established companies to reach out to small businesses.
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore. Here’s the video statement by Chairman & Managing Director Sh Mukesh D. Ambani.Watch: Statement by Mukesh Ambani on Facebook-Reliance Jio deal
Shares of Reliance Industries Ltd. traded 5.63 per cent up in trade at 09:39AM on Wednesday.
‘It does not look like any great new deal is about to happen in the refining and petrochemical business’
Reliance has a track record of disrupting rival businesses. On Wednesday, billionaire chairman Mukesh Ambani said Reliance will expand e-commerce platform JioMart - which connects small retailers with consumers - to offer not just groceries but also electronics and fashion goods.
Ambani still has to demonstrate that one firm can be India’s answer to everything, from Zoom and Tencent to Huawei and Xiaomi, while also being a large telco like Verizon.
In Thursday's session as reports suggested the company was up for a long legal battle over its premium plans after Reliance Jio appealed to the telecom tribunal to hear its side before passing an order.
‘We have seen some profit taking on Wednesday and the stock is most likely to stabilise around Rs 2,000 levels and then gradually earnings will be the catalyst.’
Asia’s richest man and the chairman of RIL told shareholders Wednesday that Reliance Retail Ltd. is getting inquiries from investors and may start bringing some on board in the coming months.
Renewable energy is increasingly attracting interest of prominent business leaders. Gautam Adani recently announced plans to invest heavily in the sector to become the world’s biggest renewable energy company, while Mukesh Ambani told his shareholders on Wednesday that Reliance Industries will invest in solar, wind, hydrogen and other clean technologies, and make the company carbon-neutral in 15 years.
The oil-telecom-to-retail conglomerate, which has pivoted away from energy to the new economy in recent years, will use technology to convert carbon dioxide into valuable chemicals and other material building blocks. The company operates 1.36 million barrels per day refineries at Jamnagar in Gujarat and is one of the leading petrochemical manufacturers in the world.
Jio 5G solution, Jio TV Plus, Jio Glass, affordable smartphones: Top Jio announcements made at 43rd Reliance AGM
Reliance Industries Wednesday said Jio has developed a Made-in-India 5G solution that can be ready for field deployment next year. Addressing RIL's 43rd Annual General Meeting, chairman Mukesh Ambani also announced Rs 33,737 crore investment by Google for a 7.7 per cent stake in Jio Platforms, and said Jio will partnering with the US tech giant to build an Android-based operating system for affordable 4G/5G smartphones. Watch highlights of the key Jio announcements made by the Ambanis at RIL AGM. (Text: PTI)Jio 5G solution, Jio TV Plus, Jio Glass, affordable smartphones: Top Jio announcements made at 43rd Reliance AGM
Family matters: Nita Ambani addresses RIL AGM for the 1st time, promises unconditional support in Covid fight; Isha-Akash share Jio 2.0 roadmap
The RIL AGM went virtual for the first time.
Jio plans puts a lot of pressure on the incumbents at a time when they are busy fighting their AGR and other battles.
Jio Meet since its release a few days ago has already been downloaded by 5 million users and is India’s most secure and cost-effective video conferencing platform.
Pichai, announcing the partnership with Reliance Jio on Wednesday added, more work needs to be done to provide digital access to billions of Indians who still don't own a smartphone. Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store.
Speaking during the 43rd AGM, the RIL chairman said that the duo will find areas to collaborate in the technology ecosystem.
RIL chairman Mukesh Ambani confirmed Google's investment during the 43rd AGM.
Jio asked Trai Chairman to check if Voda Idea’s RedX and Airtel’s Platinum premium tariff plans are in compliance with India’s extant regulatory framework or if they violate consumer interest.
Two senior industry executives said while Reliance Retail stores are currently fulfilling orders in JioMart, it will eventually have a hybrid model whereby its own retail stores and local neighbourhood shops will be roped in for order fulfilment.
The energy-to-telecom behemoth will hold its AGM through video conferencing and other audio-visual means this time due to the Covid-19 pandemic.
'Reliance could now talk about outlining the next phase of big value unlocking.'
'The real encashment will be what the future plan is of the Jio listing and so on.'
The purchase is also among the costliest in the country on a per sq. ft. basis, with Jain having paid almost Rs 1.57 lakh per sq. ft. for the apartments. Each apartment has an area of over 3,185 sq. ft. and Jain gets access to eight car parking slots.
Mukesh Ambani-led Reliance Industries will hold its first virtual annual general meeting (AGM) of shareholders on July 15 as public gatherings are not possible in view of the coronavirus pandemic. ETMarkets.com's Amritesh Malhan brings you a lowdown of what all to expect. (Text: PTI)What shareholders can expect from virtual Reliance AGM on Wednesday
' I would definitely look for his vision from a capex cycle on each vertical.’
This is the largest such fundraising for Flipkart since Walmart acquired it two years ago for $16 billion, valuing it at $21 billion then, making it one of the largest foreign investments in the country’s fledgling internet ecosystem.
Google is in advanced talks to buy a stake in Reliance Industries digital arm Jio Platforms, according to a Bloomberg report. The search giant's boss Sundar Pichai, in an interview to ET earlier, had neither denied nor confirmed reports of Google’s interest in Jio. Google has pledged $10 billion in India over the next five to seven years. Reliance’s digital services business unit, netted almost $16 billion in a fundraising blitz.Another cheque for Ambani? Google in advanced talks to invest $4 billion in Reliance Jio: Reports
The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of our confidence in the future of India and its digital economy.”
Shares of Reliance Industries (RIL) pared most of their day’s losses on reports that US tech giant Google is in advanced talks to invest $4 billion in Jio Platforms.