Ambani, who is also the President of the Board of Governors of Gandhinagar-based Pandit Deendayal Upadhyay University (PDPU), said in his convocation address that he foresees an "explosive and exponential growth" in the Indian economy in the post-COVID era. The country will find a place in the top three economies of the world within a couple of decades, he said.
"India has entered a crucial phase in the fight against COVID-19 pandemic. We cannot afford to let our guard down at this juncture," Ambani, who is also the president of the Pandit Deendayal Petroleum University (PDPU), said at the institute's eighth convocation. Ambani further said he sees "explosive and exponential growth" in the post-COVID era and asked the graduating students to venture out with hope and confidence without being anxious. Growth will create unprecedented opportunities and in the next two decades, India will be among the top-three economies of the world, he said.India will be among top 3 economies in the world in coming decades: Mukesh Ambani
While Amazon, Future and Reliance await a verdict, the legal wrangling is threatening to unravel India’s biggest retail acquisition. But why is the world’s largest e-commerce company seeking to derail a deal that’s essentially bailing out a beleaguered retailer, whose market valuation is barely 2% of its own? Here’s what we know so far.
Reliance group’s JioMart – which only started this year and is still in the beta phase – has had delivery snafus and refund delays, and some users haven’t been shy about venting on Twitter. All that means winning big against Walmart and Amazon could take years.
Amazon’s letter to Sebi makes a reference to India’s “ease of doing business,” which has been a sore point with foreign investors from Vodafone Group Plc to Cairn Energy Plc.
If Future is allowed to renege on its contract with Amazon, it may signal to global investors that investments in India are risky, the U.S. company alleges.
India enters crucial phase in fight against Covid; can't let guard down at this juncture: Mukesh Ambani
The remarks come amid growing number of COVID-19 cases in certain pockets of the country, which has led authorities to re-introduce restrictions on movements like in the case of Ahmedabad and also mull restricting travel to cities like the national capital.
Amazon drew the battle lines earlier this month when it accused Future of violating a contract between the two sides by agreeing to a buyout by Reliance. The deal would have been a bailout for Future, which faces another potential cash crunch as competition in the Indian retail space intensifies and the economy slows amid the coronavirus pandemic.
Former Attorney General of Singapore, V.K. Rajah concluded the arbitration hearing on Friday, October 16, and will deliver his ruling on or before Monday, October 26, sources said.
He also went down the memory path and said how a push from his late father, Dhirubhai Ambani, towards new technologies, beyond a textile-led business house, led to the birth of Reliance Jio Infocomm (Jio).
The 4th spot was earned by Kumar Mangalam Birla, Chairman of Aditya Birla Group.
Despite the coronavirus crisis, the 100 richest Indians got richer by 14 per cent at $517.5 billion, according to Forbes.
“We are confident that the government will introduce a sound new data regulation framework to ensure data privacy,” Ambani said at a global Artificial Intelligence (AI) summit, RAISE 2020, on Monday evening.
The RIL Chairman, in his toast, said that he looked forward to celebrating with Salve in-person soon.
Mukesh Ambani’s personal wealth rose by Rs 2,77,700 crore to Rs 6,58,400 crore, according to the IIFL Wealth Hurun India Rich List 2020.
"Krikey will inspire a generation of Indians to embrace Augmented Reality. Our vision is to bring the best experiences from across the world to India and the introduction of Yaatra is a step in that direction," said Akash Ambani, director, Jio. in a statement. "Augmented Reality gaming takes the user into a world of its own, and we invite every Jio and non-Jio user to experience AR through Yaatra," he added.
The pandemic had gutted the global economy and Mumbai-where the family lives in a 27-story skyscraper named Antilia-was in the midst of a surge in infections. But in the preceding weeks Ambani, 63, had struck deals with some of the world's leading tech giants to sell stakes in Reliance's digital unit. The next blizzard of fundraising announcements in his retail arm was just days away.
With over $20 billion dollars worth of investment in his kitty, Reliance head honcho, Mukesh Ambani is taking his Jio plans to the next level and developing the complete package including hardware.
Reliance Chairman Mukesh Ambani is aiming to remake the country’s smartphone industry much like he did in wireless services, where his aggressive prices and simple plans quickly made him the dominant force.
“Jio’s aggressive push toward home broadband may pose only a limited threat to Bharti, given the segment’s single-digit contribution to the latter’s consolidated numbers,” Motilal Oswal said in a note.
After making major deals during the lockdown - selling a 33% stake in Jio for just over $20 billion - Mukesh Ambani is making big plans for his e-retail business.
The arbitrator had barred FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.
Abu Dhabi CEO Roundtable: Mukesh Ambani, IOC's Vaidya among world leaders to discuss post-COVID-19 economic recovery
World leaders will on November 11 "discuss critical issues facing the industry including how oil and gas companies are building resilience in response to COVID-19 and the role of the industry in the energy transition," Abu Dhabi National Oil Company (ADNOC) - the event organiser - said in a statement.
It seems that nothing can hold back the fifth richest man of the world, Mukesh Ambani and his company Reliance Industries. After investing in startups like Haptik, Asteria Aerospace and NowFloats Technologies, this billionaire wants to invest in more startups. Here's a look at the startups Mukesh Ambani's company plans to invest in.
While the economy grapples with the fallout of Covid-19 and the harshest lockdown in the world, the Ambani raised more than $20 billion of investment for Jio Platforms — signing deals with blockbuster investors, including Facebook, Google, private equity firms like Silver Lake, and Abu Dhabi’s two largest sovereign investment arms, Abu Dhabi Investment Authority and Mubadala.
Ambani's recent $20 billion fund-raising spree has already fulfilled his target of making RIL net-debt-free. This gives the tycoon unrivalled clout at a time when most other companies' balance sheets have been decimated by the pandemic. And if the number of companies seeking to hitch a ride with him is any indication, this clout is only set to rise.
"We hereby inform that, after receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the Company, today received the subscription amount of Rs 33,737 crore from Google International LLC (a wholly owned subsidiary of Google LLC)," RIL informed BSE on Tuesday.
Reportedly, Mukesh Ambani's RIL is planning to sell a 15 per cent stake in Reliance Retail Ventures for Rs 60,000-63,000 cr. As per an ET report, fresh shares will be issued to the investors and the company expects to complete the fundraise by October end.
Earlier, the energy minister was quoted as saying India's oil refining capacity could jump to 450-500 million tonnes in 10 years.
Prime Minister Narendra Modi e-inaugurated 45 MW production plant of Monocrystalline Solar Photo Voltaic Panel at Pandit Deendayal Petroleum University on November 21. “Today, you are entering the industry at a time when due to the pandemic, major changes are taking place in the energy sector of the world. At this time, there are many opportunities for growth of entrepreneurship and employment,” said PM Modi at 8th convocation day of Pandit Deendayal Petroleum University. PM Modi further said, “Today, we are moving forward with the goal of reducing the country's carbon footprint by 30-35%. The efforts are on to increase the use of natural gas for energy needs by four times in this decade. In next five years, we’ll increase oil refinery production by two times.”PM Modi e-inaugurates 45 MW production plant of Monocrystalline Solar Photo Voltaic Panel
Tina Ambani raises a toast to the men in her life on International Men's Day: Blessed to have this support
Mrs Ambani posted pictures of her husband with their two sons.
According to a report by IANS, amid the Covid-19 pandemic which hit India hard and led to a sharp economic contraction, half of the nation's 100 richest on the 2020 Forbes India Rich List saw gains. Their collective net worth rose 14 per cent to $517.5 billion from a year earlier, even as the benchmark BSE Sensex stock index remained flat from a year ago.
Ambani also emphasised the changes Jio brought in connectivity and data consumption. " India’s monthly data consumption went up from 0.2 billion GB to 1.2 billion GB… a growth of 600%... and data consumption has been multiplying ever since. Today, India consumes over 6 exabytes of data every month… more than 30 times pre-Jio levels, just four years ago," he said.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, tweeted that the transaction advisors for the sale of government’s 52.98 per cent stake in Bharat Petroleum Corp Ltd (BPCL) have reported receiving “multiple expressions of interest.”
Nation ready to promote AI for a Strong, Sustainable and Equitable New India: Mukesh Ambani at RAISE 2020 virtual summit
Speaking at RAISE 2020 Virtual Summit, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani said if 1.3 billion Indians are digitally empowered then they will unleash a proliferation of new digital enterprises that will create faster economic growth, greater prosperity, high-quality employment opportunities and better standards of living across all sections of society. Watch!Nation ready to promote AI for a Strong, Sustainable and Equitable New India: Mukesh Ambani at RAISE 2020 virtual summit
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.
Digital media and entertainment are now essential pillars of Jio’s business and it has consequently decided to retain a majority stake and management control, according to people familiar with the matter, who said Reliance would invest and grow its digital media business.
Two more global funds Singapore’s GIC and US-based TPG together will invest Rs 7,350 crore into Reliance Retail Ventures Ltd (RRVL) to acquire around 1.6% stake in the company, Reliance Industries Ltd (RIL) said on Saturday. GIC will invest Rs 5,512 crore to purchase 1.22% in the holding company of Reliance Retail while TPG Capital Asia fund will pick 0.41% of stake for Rs 1,837 crore, valuing RRVL before the investment at Rs 4.28 lakh crore.Seven cheques and counting: GIC, TPG to invest about $1 billion in Mukesh Ambani's Reliance Retail
With these investments, Reliance Retail has collected a combined Rs 31,894 crore in the past few weeks from investors including US buyout firm KKR & Co, private equity giant General Atlantic, technology investment firm Silver Lake and sovereign wealth fund Mubadala.
This is General Atlantic's second investment in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
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’s richest man, Mukesh Ambani, has earned Rs 90 crore every hour since the March lockdown, suggests the IIFL Wealth Hurun India Rich List 2020. As per the yearly report, Ambani’s personal wealth rose by Rs 2,77,700 crore to Rs 6,58,400 crore, as he retained the richest Indian title for the ninth year running. Ambani’s wealth is now bigger than the combined wealth of the next five in the list.Mukesh Ambani tops Hurun India Rich list 2020; earned Rs 90 crore every hour since lockdown
Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the Hurun India Rich List 2020, at the seventh position.
Future Group’s lawyers said Amazon’s move to write to Competition Commission of India and SEBI were designed to put a spanner and to derail the purchase of the Indian group’s assets by Reliance Retail.
Future Group in August announced that it would merge five listed entities, including Future Retail, into Future Enterprises Ltd, which currently houses the group’s retail back-end infrastructure. The retail business would then be transferred to Reliance in a slump sale for nearly Rs 25,000 crore.
According to a report by PTI, IT major Wipro's Azim Premji donated Rs 22 crore a day or Rs 7,904 crore in a year to emerge as the most generous Indian in FY20 and top a list of philanthropy.
Jeff Bezos regards India as a key frontier for Amazon, particularly after failing to break into China. Now he faces a homegrown champion backed by some of his fiercest US rivals.
With a donation of Rs 7,904 crore, Wipro founder-chairman Azim Premji and family topped the EdelGive Hurun India Philanthropy List 2020, followed by Shiv Nadar, founder chairman of HCL Technologies, and Mukesh Ambani, chairman, Reliance Industries.
While the Indian economy grapples with the fallout of Covid-19 and the harshest lockdown in the world, the Reliance boss raised more than $20 billion of investment for Jio Platforms — signing deals with blockbuster investors, including Facebook, Google, private equity firms like Silver Lake, and KKR, and Abu Dhabi’s two largest sovereign investment arms, Abu Dhabi Investment Authority and Mubadala.
Mukesh Ambani continues to rule Hurun India Rich List for 9th consecutive year; Smita V Crishna richest woman
The Hinduja Brothers occupied the second spot on the list.
This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the $ 1.35 billion investment in Jio Platforms announced earlier this year.
Ambani’s net worth is valued at $78.3 billion, while Musk was sixth with a marginally high net worth of $78.6 billion.
Telcos are split over when 4G spectrum auctions should be held. While Reliance Jio is pushing hard for the bidding to take place at the earliest, Bharti Airtel and Vodafone Idea (Vi) are in no hurry and would like the sale process to take place in 2021.
Sources told ET NOW that the deal is expected to be at similar valuations and could be adjusted for debt.
While Kishore Biyani and the Jeff Bezos-led Amazon have locked horns in public over this issue, this is also impacting Future Retail’s store networks with many outlets reportedly seeing empty shelve
RIL promoter now world’s 7th richest with $69.9 billion net worth on Forbes real-time billionaires list.
This is the highest any Indian company has been ranked on the Fortune Global 500 list. Reliance had broken into the top 100 in 2012 ranking when it was ranked 99th but slipped in subsequent years to rank 215th in 2016. Since then it has risen steadily, according to the ranking.
This investment values RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion).
On March 24, 2017, Sebi had barred RIL and 12 other entities from dealing in equity derivatives in the futures and options segment for a period of one year, directly or indirectly, for allegedly indulging in fraudulent trades in Reliance Petroleum Ltd (RPL) in 2007.
Apart from putting the Reliance-Future Group deal on hold, the Singapore International Arbitration Centre (SIAC) in its interim order has also restrained Future Group from transferring or pledging any shares of Future Retail without Amazon’s permission.
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.
"All the major global investors, including sovereign wealth funds and pension funds of the world, would be participating. We have confirmation from such investors who would be participating in this virtual conference," Economic Affairs Secretary Tarun Bajaj said while sharing details of the event.
On an average, Adani group’s six listed entities have surged 76 per cent till date, while BSE benchmark Sensex has retreated 4 per cent.
After Monday's sharp fall, Reliance is off 20.7 per cent from its record high of Rs 2,368 hit on September 16, but up 116 per cent from its March low.
According to a report by Bloomberg, investor demand for Reliance Industries Ltd.’s retail business is so strong that Carlyle Group Inc. and SoftBank Group Corp. are among those that have been put onto a waiting list, according to people familiar with the matter.
Edelweiss Securities and Emkay Global Financial Services retained ‘hold’ ratings on the stock with a price targets of Rs 2,105 and Rs 1,970, respectively.
Revenue from the petrochemicals segment declined 23 per cent to Rs 29,665 crore and pre-tax profit dropped 33 per cent at Rs 5,964 crore.
Amazon has also said the Future-Reliance transaction breaches the right of first refusal and non-compete clauses in its agreement with the Kishore Biyani-owned company.
Reliance Industries Chairman Mukesh Ambani said on Thursday that the Fourth Industrial Revolution presents a unique opportunity to create unprecedented value and prosperity for everyone in all spheres of life. "We built a world-class, all-IP, future-proof digital network that delivers the highest speeds and the best coverage across India. While it took 25 years for the Indian telecom industry to build its 2G network, Jio built its 4G network only in three years."It took 25 years for older telcos to create 2G network, and Jio just 3 years for 4G: Mukesh Ambani
“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
Company cites bounce-back from June quarter, says demand has recovered in oil, retail businesses.
Having seen multiple regulatory roadblocks thrown in their way, a tie-up with a powerful Indian ally has never looked more crucial for the world’s biggest internet companies. And no business person carries more heft in India -- known for its complicated bureaucracy and red tape -- than Ambani.
Petrochemical, refining and oil & gas business performed handsomely, but showed some chinks in the armour as gross refining margin shrank, as did margins for many petrochemical products. These businesses, historically, have been the cash cow for the company.
That $20 billion fund-raising spree has already met the refining and petrochemicals czar’s goal of making his flagship Reliance Industries Ltd. net-debt-free, giving it enviable financial strength just as the coronavirus pandemic is taking a toll on most other balance sheets.
Amazon on Oct. 25 won an injunction from a Singapore arbitrator to halt Future's deal to sell retail assets to Reliance.
Mukesh Ambani's Reliance Industries to offer Amazon $20 bn stake in retail arm, claims Bloomberg report
The news follows a $1 billion investment announced Wednesday by Silver Lake Partners in Reliance Retail, which runs more than 10,000 stores selling apparel, groceries and electronics across India.
Mukesh Ambani-controlled Reliance Industries may report a drop in its performance from a year ago when it unveils its September quarter earnings on Friday. The company may, however, log a sequential improvement even though full-recovery to pre-Covid levels is yet to happen. Analysts will also wait and watch company’s take on the legal tussle between Amazon Inc and Future Group, which has put the RIL-Future Group on hold.RIL Q2 results preview: Here's what to expect
With Tatas set to add to the crowd of deep-pocketed players already vying for the vast Indian market, the ground looks set for a no-holds-barred fight of many big players. Ambani's Reliance has already begun a strong push to capture grocery etail via its JioMart. Then there are Flipkart and Amazon who also have big plans for the grocery segment.
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.
SIAC said FRL chains are unique and are of strategic importance and value to Amazon. Future Group has given no good legal reasons for affecting the sale of FRL’s retail assets behind Amazon's back and therefore ‘gravely compromising its interests’, it added.
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.
Reliance Retail has surpassed listed blue chips like HUL and HDFC Bank in terms of market cap. That’s when Reliance Industry itself is valuing its retail business at less than half the current price.
Over the weekend, Amazon won an injunction from a Singapore arbitrator to halt FRL's deal to sell assets to Reliance. Amazon alleged FRL had breached certain contract provisions it entered into last year in a separate deal with the American firm.
Amazon indirectly owns a 5% stake in FRL — which houses all food and grocery stores such as Big Bazaar and Easyday — through a 49% stake in promoter holding firm Future Coupons that it bought for ₹1,500 crore last year.
For the world’s most valuable retailer Amazon, it is important that it drags Future Group to court for breaching an international contract so that it does not set a precedent which could be used against it in other countries, said two persons aware of the developmen
Future-RIL deal: Not abiding by SIAC ruling will hurt India as a FDI destination, say Amazon sources
Future Group in a statement on Monday hinted that it is likely to challenge the order by Singapore-based arbitration forum against the Rs 24,713-crore RRVL-Future deal. Meanwhile, Amazon Sources said,"a fallacy the Singapore arbitration ruling not enforceable in India. It was also the only dispute resolution mechanism in the contract with Future. Not abiding by the Singapore arbitration ruling will hurt India as a FDI destination.” ET NOW's Nayantara Rai with more details! Future-RIL deal: Not abiding by SIAC ruling will hurt India as a FDI destination, say Amazon sources
Axis Trustee Services sold 1.59 crore shares of Reliance Power at Rs 3.38 per share.
Reliance Industries was the biggest drag on bluechip indices as investors dumped shares fearing it may not be able to complete the acquisition of Future Group assets.
Senior advocate HP Ranina said all the three parties - Reliance Industries, Future Group and Amazon - will try to sort out this issue as soon as possible.
Kishore Biyani-led Future Group hints it may challenge arbitration award putting Reliance deal on hold
The Kishore Biyani owned firm said relevant agreements are governed by Indian Law and provisions of Indian Arbitration Act and the matter raises several fundamental jurisdictional issues which go to the root of the matter.
The Singapore International Arbitration Centre (SIAC) passed an interim order asking Future Group to hold its sell-out plans to Reliance Group and wait for the final judgment on the plea filed by Amazon. Amazon had filed an arbitration petition with SIAC claiming that Future Group breached the contract under which the US online giant took an indirect stake in their retail business in 2019.Amazon gets favourable ruling in Singapore; Future Group told not to proceed with Ambani deal
Passing an interim award in favour of Amazon, V K Rajah - the sole arbitrator in the Amazon vs Future vs Reliance arbitration matter - has asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
While the older business saw rough weather, those working in the telecom segment - Reliance Jio - have already received 100% of their variable payouts. However, RIL hasn’t yet decided on the hikes.
'Imagine Mukesh Ambani going to Gorakhpur, meeting youngsters': Goyal urges business leaders to become mentors
Commerce and Industry Minister Piyush Goyal on Thursday called upon the senior business leaders to become mentors, not only to their own family or businesses but also to the new-age and young entrepreneurs. He said, "I would appeal to them to allocate quality time, committed time for this. It will really encourage the youngsters... Imagine Mukesh Ambani going to Gorakhpur and meeting youngsters there, imgaine Uday Kotak going to Tiruchirappalli and meeting youngsters there... it can be inspirational".'Imagine Mukesh Ambani going to Gorakhpur, meeting youngsters': Goyal urges business leaders to become mentors
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
The announcement follows through from the Reliance AGM 2020, where Chairman Mukesh Ambani announced plans for a 100 percent "homegrown 5G" network in India.
A one-man arbitration panel heard the plea of Amazon and Future Group last week and a verdict is expected in a few days, according to sources.
Amazon Vs Future Group: Emergency hearing in Singapore on Friday Oct 16. Arbitration ruling expected on Oct 26; crucial for sale of Kishore Biyani’s Future Retail to Mukesh Ambani’s RIL. Here's Nayantara Rai with the details!Amazon's arbitration ruling expected on or before 26 October in Singapore
But the deal has hit a roadblock with Amazon approaching an arbitration body in Singapore, claiming that Future Group has breached contractual obligations by excluding the e-tailer from discussions.
Mukesh Ambani bags second cheque for Reliance Retail in two weeks. KKR invests Rs 5,500 crore for 1.28% stake
KKR is making its investment from its Asia private equity funds. The transaction is subject to regulatory and other customary approvals.