RCom to exit telecom fully to focus on realty: Anil Ambani
6 years, 3 months ago

RCom to exit telecom fully to focus on realty: Anil Ambani

Live Mint  

Mumbai: Reliance Communications Ltd will completely exit the telecom business to concentrate on real estate in future, said Reliance Group chairman Anil Ambani at the company’s annual general meeting today. At the RCom AGM, Ambani also thanked his elder brother and Reliance Industries Ltd chairman Mukesh Ambani, whose telecom venture—Reliance Jio Infocomm Ltd—bought RCom assets. “It would be most appropriate for me to thank and acknowledge the support guidance extended to RCom, and me personally, by my brother Mukeshbhai Ambani,” Ambani told shareholders. Speaking of RCom’s debt, Ambani said he is confident of getting a resolution in the next few months, and added that other monetisation measures, including sale of telecom infrastructure and fibre to Reliance Jio, are at an advanced stage of closure.

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History of this topic

Reliance AGM 2023: Mukesh Ambani To Remain Chairman & MD for Next 5 Years
1 year, 4 months ago

Reliance AGM 2023: Mukesh Ambani To Remain Chairman & MD for Next 5 Years

News 18  

Mukesh Ambani, chairman of Reliance Industries Limited, on Monday addressed the 46th Annual General Meeting. This AGM closely follows the listing of Jio Financial Services and Qatar Investment Authority’s purchase of a stake in Reliance Retail Ventures Limited. While chairman Mukesh Ambani-led conglomerate is set for its 46th AGM, investors have been eagerly waiting for announcements on the timeline of …

Mukesh Ambani details succession plan; retail to Isha, energy to Anant
2 years, 4 months ago

Mukesh Ambani details succession plan; retail to Isha, energy to Anant

The Hindu  

Billionaire Mukesh Ambani on Monday laid bare the succession plan at India’s most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. At the annual shareholders’ meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains “a unit, well-integrated …

Ambani charts succession plan; hands over telecom business reins to son Akash
2 years, 6 months ago

Ambani charts succession plan; hands over telecom business reins to son Akash

The Hindu  

In the first clear signs of a succession plan being charted out at India's most valuable company, billionaire Mukesh Ambani resigned from the board of his $217 billion group's telecom arm, Reliance Jio, and handed over the firm's reins to elder son Akash. In a stock exchange filing, Reliance Jio Infocomm Ltd on Tuesday said the company's board at a …

Mukesh Ambani resigns from Reliance Jio, Akash Ambani named chairman
2 years, 6 months ago

Mukesh Ambani resigns from Reliance Jio, Akash Ambani named chairman

Live Mint  

The digital arm of Reliance Industries, Reliance Jio Infocomm Ltd, on Tuesday announced that Ambani would resign as the director of the company effective from 27 June. In a regulatory filing, Reliance Jio said the company's board at a meeting on 27 June, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of …

Bharti Airtel, two others bid for bankrupt RCom’s assets
5 years, 1 month ago

Bharti Airtel, two others bid for bankrupt RCom’s assets

Live Mint  

Bharti Airtel Ltd, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Ltd have submitted their resolution plans for Reliance Communications Ltd that is undergoing insolvency proceedings. According to information available on the RCom’s website, the company owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year. Reliance Communications’ assets include spectrum, …

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors
5 years, 1 month ago

Reliance Communications lenders reject resignation of Anil Ambani, 4 other directors

India TV News  

Reliance Communications on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process. The filing further said: ".it is being duly communicated to the aforesaid directors of RCom that their resignations have not been accepted and they are advised to continue to …

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process
5 years, 1 month ago

Anil Ambani, 4 directors resign from Reliance Communications; firm going through insolvency process

Firstpost  

Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, New Delhi: Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through insolvency process, according to a regulatory filing. The company, which is going through insolvency process, had made a profit of …

Anil Ambani resigns as director of Reliance Communications
5 years, 2 months ago

Anil Ambani resigns as director of Reliance Communications

India Today  

A day after details of losses incurred by Reliance Communications in the second quarter of 2019-2020 were made public, Reliance Communications on Saturday said Anil Dhirubhai Ambani resigned as the company's director. "Your good office is hereby informed of the resignations tendered by the following directors of Reliance Communications Limited: Anil D Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and …

Reliance Industries to form a digital subsidiary with ₹1 trillion, Jio to be net debt-free
5 years, 2 months ago

Reliance Industries to form a digital subsidiary with ₹1 trillion, Jio to be net debt-free

Live Mint  

The Board of Directors of Reliance Industries today approved the formation of a wholly-owned subsidiary for digital initiatives with the investment of ₹1,08,000 crore in the subsidiary through optionally convertible preference shares, the company said in a press statement. The subsidiary will acquire RIL’s equity investment of ₹65,000 crore in its telecom subsidiary Reliance Jio Infocomm Ltd. Consequent to the …

Anil Ambani inducts sons Anmol, Anshul on Reliance Infra board as directors; retd Lt Gen Syed Alta Hasnain too joins board
5 years, 3 months ago

Anil Ambani inducts sons Anmol, Anshul on Reliance Infra board as directors; retd Lt Gen Syed Alta Hasnain too joins board

Firstpost  

A company spokesman attributed the induction of the junior Ambanis to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board. The company has also appointed retired Army officer Lt Gen Syed Ata Hasnain as an independent director on the board of the company, …

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May
5 years, 8 months ago

Anil Ambani's RCom's bankruptcy begins as NCLT allows firm to exclude 357 days spent in litigation; next hearing on 30 May

Firstpost  

At the last hearing, RCom had sought 357 days exclusion in the insolvency process citing the stays it had on the process by the NCLAT and the Supreme Court. Mumbai: The National Company Law Tribunal on Thursday allowed Reliance Communications to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over Rs …

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order
5 years, 10 months ago

RCom looks to real estate assets, Jio deal to pay Ericsson dues of Rs 453 cr after Supreme Court order

Firstpost  

RCom owes a total Rs 571 crore to the Swedish telecoms equipment maker, including a one-time settlement of Rs 550 crore and interest payments of Rs 21 crore. Business tycoon Anil Ambani is planning to use a payment from his brother’s company and the sale of real estate assets to pay what he owes to Sweden’s Ericsson following a court …

Anil Ambani-led Reliance Group reaches standstill pact with lenders, no sale of pledged shares till September
5 years, 10 months ago

Anil Ambani-led Reliance Group reaches standstill pact with lenders, no sale of pledged shares till September

Firstpost  

Reliance Group will pay the principal and interest amounts to the lenders as per the scheduled due dates New Delhi: Anil Ambani-led Reliance Group has reached a ‘standstill agreement’ with more than 90 percent of its lenders under which they will not sell any of the shares pledged by promoters till September. Under the pact, the group will pay the …

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt
5 years, 11 months ago

Reliance Communications stock sinks by more than half to a record low as firm asks NCLT to resolve debt

Firstpost  

Reliance Communications said its lenders had not received any proceeds from asset monetisation plans, and that its overall debt resolution process had not made any progress Reliance Communications Ltd shares plunged by more than half to a record low on Monday, after the Indian telco said it will seek a fast-track resolution to its indebtedness through bankruptcy court. In one …

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle
5 years, 11 months ago

RCom heads to Indian bankruptcy court after Ambani brothers’ mobile battle

CNN  

New Delhi CNN Business — One of India’s richest men has turned to a bankruptcy court for help as he battles to save his company after losing a brutal price war with his older brother. Anil Ambani’s wireless telecom business, Reliance Communications, announced Sunday it was asking India’s National Companies Law Tribunal to help sell its assets and settle billions …

RCom files for insolvency after govt refuses nod for asset sale to Jio
5 years, 11 months ago

RCom files for insolvency after govt refuses nod for asset sale to Jio

Live Mint  

Anil Ambani promoted telecom company Reliance Communications on Friday said that it has decided to file for insolvency as its lenders have received zero proceeds from its proposed asset monetization plans even after a period of 18 months. This comes one month after its planned asset sale to brother Mukesh Ambani’s Reliance Jio failed to get approval from the Department …

Anil Ambani seeks to sell control of Reliance Communications
6 years, 3 months ago

Anil Ambani seeks to sell control of Reliance Communications

Live Mint  

Reliance Communications Ltd., the telecommunications company that’s offloading most of its assets to a rival, is in talks to sell a controlling stake in what will remain after it exits India’s consumer wireless business. The company helmed by billionaire Anil Ambani is negotiating with two investors who are conducting due diligence, Bill Barney, chief executive officer of the company and …

RCom caps borrowing limit to ₹50,000 crore
6 years, 3 months ago

RCom caps borrowing limit to ₹50,000 crore

Live Mint  

New Delhi: Debt-ridden Reliance Communications said on Wednesday its shareholders have approved a cap of ₹ 50,000 crore on its borrowing limit. The resolution to revise borrowing limit was passed as special resolution by around 90% of shareholders at the annual general meeting of the company held on 18 September 2018, RCom said in a BSE filing. It was proposed …

Reliance Communications to exit telecom business fully, to focus on realty in future: Anil Ambani
6 years, 3 months ago

Reliance Communications to exit telecom business fully, to focus on realty in future: Anil Ambani

Firstpost  

Anil Ambani said there has been a “creative destruction” of the telecom sector that has resulted in the creation of oligopoly which is going towards a duopoly and may be even a monopoly in the future Mumbai: Billionaire Anil Ambani Tuesday announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in …

Reliance Communications to exit telecom business fully to concentrate on real estate: Anil Ambani
6 years, 3 months ago

Reliance Communications to exit telecom business fully to concentrate on real estate: Anil Ambani

India TV News  

Billionaire Anil Ambani on Tuesday announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future. Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value …

RCom sells assets worth ₹ 2,000 crore to Reliance Jio
6 years, 4 months ago

RCom sells assets worth ₹ 2,000 crore to Reliance Jio

Live Mint  

Mumbai: Reliance Communications Ltd today said it has completed the sale of its media convergence nodes and related infrastructure assets worth ₹ 2,000 crore to Reliance Jio Infocomm Ltd. “Reliance Communications Ltd today announced the completion of the sale of its MCNs and related infrastructure assets, worth ₹ 2,000 crore, to Reliance Jio Infocomm,” the RCom statement said. RCom had …

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