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 its undersea cable unit Global Cloud Xchange Ltd., said Wednesday. The undersea telecommunications cable system, data centers and business-to-business connectivity services will remain after the sale of airwaves, towers, underground fiber and transmission nodes to Reliance Jio Infocomm Ltd., the wireless carrier controlled by Anil’s elder brother Mukesh Ambani. The company was also said to be in talks to sell GCX to China’s Citic Telecom International Holdings Ltd. for $500 million in 2014, though the deal eventually stalled after Citic got a new chief executive.

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History of this topic

Anil Ambani-owned Reliance Power share price extends rally for third straight session
Trending News
2 weeks ago

Anil Ambani-owned Reliance Power share price extends rally for third straight session

Live Mint  

Reliance Power share price gained over 2% on Thursday, extending its rally for the third consecutive session. This repayment will bolster Sasan Power’s debt coverage metrics, improve liquidity, and enhance its credit rating, Reliance Power said in a regulatory filing on January 1. “The loan repayment further strengthens Reliance Power’s balance sheet as the company transitions its focus toward the …

Reliance Power share price: Anil Ambani-owned stock in focus on ₹3760 crore term loan from PFC
2 weeks, 3 days ago

Reliance Power share price: Anil Ambani-owned stock in focus on ₹3760 crore term loan from PFC

Live Mint  

Reliance Power share price: Anil Ambani-owned Reliance Power shares will be in focus when the Indian stock market resumes trading activity on Monday. In its exchange filing on Friday last week, Reliance Power Ltd informed the Indian exchanges that Anil Ambani-owned company's subsidiary, Rosa Power Supply Company Limited, has executed a definitive document for availing of a term loan up …

Anil Ambani-owned Reliance Power share price hits 5% upper circuit after subsidiary wins 930 MW order from SECI
1 month ago

Anil Ambani-owned Reliance Power share price hits 5% upper circuit after subsidiary wins 930 MW order from SECI

Live Mint  

Reliance Power share price was locked in at 5% upper circuit at ₹46.24 apiece on Thursday after the company said its subsidiary bagged an order from Solar Energy Corporation of India. Reliance NU Suntech, a subsidiary of Reliance Power, won a 930 MW solar energy contract with battery energy storage system project from the SECI in an e-reverse auction held …

Anil Ambani-owned Reliance Power share price jumps over 3%. Here’s why
1 month, 1 week ago

Anil Ambani-owned Reliance Power share price jumps over 3%. Here’s why

Live Mint  

Reliance Power share price rallied over 3% on Monday after the Anil Ambani-owned company announced settling of loan default by its subsidiary Samalkot Power. In another development last week, the Solar Energy Corporation of India withdrew its order barring Reliance Power from renewable energy tenders. However, on December 3, Reliance Power informed that the Solar Energy Corporation of India withdrew …

Anil Ambani-owned Reliance Power share price hits 5% upper circuit; here’s why
1 month, 1 week ago

Anil Ambani-owned Reliance Power share price hits 5% upper circuit; here’s why

Live Mint  

Reliance Power share price opened at a 5 per cent upper circuit of ₹41.07 on Wednesday, December 4, on BSE after the Solar Energy Corporation of India withdrew its order barring the company from renewable energy tenders. Reliance Power share price had closed 1.03 per cent higher at ₹39.12 on BSE in the previous session on Tuesday, December 3. As …

Anil Ambani’s Reliance Power in trouble as renewable energy agency initiates criminal action over fake bid
2 months ago

Anil Ambani’s Reliance Power in trouble as renewable energy agency initiates criminal action over fake bid

Live Mint  

Solar Energy Corporation of India Ltd, India's top renewable energy agency, has sent a notice to Reliance Power asking why it should not initiate criminal proceedings after a subsidiary of the Anil Ambani-led power producer submitted fake documents for a bid, reported the news agency Reuters citing a notice issued on Wednesday, November 13. Last week, the SECI banned Reliance …

Anil Ambani’s Reliance Power shares hit 5% lower circuit after SECI notice
2 months, 1 week ago

Anil Ambani’s Reliance Power shares hit 5% lower circuit after SECI notice

Live Mint  

Reliance Power share price: Shares of Anil Ambani's Reliance Power opened at a 5% lower circuit at ₹41.47 on the BSE on Friday, November 8, following a notice from the Solar Energy Corporation of India Limited. The notice stated that Reliance Power and its subsidiary are barred from participating in SECI tenders for the next three years. SECI has barred …

Solar Energy Corp bars Anil Ambani’s Reliance Power for 3 years over fake tender document
2 months, 1 week ago

Solar Energy Corp bars Anil Ambani’s Reliance Power for 3 years over fake tender document

Live Mint  

New Delhi: In a setback for Reliance Power’s green energy plans, Solar Energy Corp. of India has barred the Anil Ambani company, its subsidiaries and Reliance NU BESS Ltd from participating in tenders issued by the state-owned company for three years. This ban comes in response to the submission of alleged fake documents by the Anil Ambani companies in a …

Reliance Power share: Why is Anil Ambani-owned stock rising post-Budget 2024?
5 months, 1 week ago

Reliance Power share: Why is Anil Ambani-owned stock rising post-Budget 2024?

Live Mint  

Stocks to buy: Reliance Power shares have been on an uptrend after the presentation of Budget 2024. On 23rd July 2024, Reliance Power share price finished at ₹26.94 per share on the NSE, and since then, it has been hitting a 52-week high regularly. They said the market expected the budget benefit to trickle down into the company's balance sheet …

Reliance Industries seeks CCI approval for Viacom18-Star India merger
7 months, 3 weeks ago

Reliance Industries seeks CCI approval for Viacom18-Star India merger

The Hindu  

Billionaire Mukesh Ambani-promoted Reliance Industries has sought approval from fair trade regulator Competition Commission of India for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd. "The proposed transaction aims to combine the entertainment businesses of Viacom18, part of Reliance Industries Ltd group and SIPL, wholly-owned by The Walt Disney Company. "As a result of the transaction, SIPL, currently …

Hinduja overhauls corp structure for Reliance Capital deal
8 months, 1 week ago

Hinduja overhauls corp structure for Reliance Capital deal

New Indian Express  

NEW DELHI: The successful bidder for Reliance Capital – IndusIndia International Holding Ltd – has changed the entire corporate structure of the transaction for implementation of the resolution plan 20 days ahead of the deadline for completion of the process. Under the new structure, the transaction will take place through four new companies -- Cyqure India Private Limited, Ecopolis Properties …

Why is Anil Ambani-backed Reliance Power share price is skyrocketing — explained
9 months, 3 weeks ago

Why is Anil Ambani-backed Reliance Power share price is skyrocketing — explained

Live Mint  

Reliance Power shares have been in an uptrend for the last one week. After bottoming out at around ₹20 apiece level on 13th March 2024, Reliance Power share price finished at ₹26.30 per share level on Friday last week. They said that Reliance Power share price today has strong support placed at ₹22 apiece level whereas it is facing a …

Anil Ambani-led Reliance Power share price hits 5% upper circuit, what’s driving the rally?
9 months, 3 weeks ago

Anil Ambani-led Reliance Power share price hits 5% upper circuit, what’s driving the rally?

Live Mint  

Reliance Power's stocks surged by 5% on March 20, hitting a peak of ₹23.83 on the BSE. This uptick follows reports of the Anil Ambani-led company successfully clearing debts owed to three major banks - ICICI Bank, Axis Bank, and DBS Bank - the previous week. According to The Economic Times report, Reliance Power's parent company Reliance Infrastructure is actively …

Anil Ambani-led Reliance Power shares hit 5% upper circuit: What's happening?
9 months, 3 weeks ago

Anil Ambani-led Reliance Power shares hit 5% upper circuit: What's happening?

Hindustan Times  

Shares of Reliance Power rose 5% today and reached day's high of ₹23.83 on the BSE. The reports also claimed that its parent Reliance Infrastructure is working towards settling dues of ₹2,100 crore to JC Flowers Asset Reconstruction Company. Stock market today: Anil Ambani-led Reliance Power's shares hit upper circuit on March 20. Reliance Power financials Reliance Power disclosed earlier …

Mukesh Ambani rejoins $100 billion club as Reliance stock surges record 2.6%
1 year ago

Mukesh Ambani rejoins $100 billion club as Reliance stock surges record 2.6%

Live Mint  

Mukesh Ambani is once again a centibillionaire. The richest person in India — and in Asia — saw his wealth climb $2.8 billion to $101.8 billion Thursday, as shares of his flagship, Reliance Industries Ltd., rose 2.6% to close at a record high. The listing last year of Reliance’s financial services unit, Jio Financial Services Ltd., helped to broaden the …

Ambani Scions Made Reliance Board Members
1 year, 4 months ago

Ambani Scions Made Reliance Board Members

Deccan Chronicle  

The Reliance Industries Limited held its 46th Annual General Meeting for its shareholders on Monday. Changes in Reliance Board Nita Ambani stepped down from the Board of Directors of Reliance Industries Limited, making way for children Isha, Akash and Anant to become the non-executive directors on the RIL Board. Key Takeaways Jio Financial Services was mini bonus for long-term RIL …

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 …

Reliance abandons plans to buy Indian retailer amid challenges
2 years, 8 months ago

Reliance abandons plans to buy Indian retailer amid challenges

Al Jazeera  

Reliance’s decision to back out comes after almost two years of litigation as Amazon contested the takeover. In a filing Saturday, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s biggest retail grocery chain before the pandemic struck — “cannot be implemented” after its flagship firm Future Retail Ltd. failed …

Adani, Tata AIG, ICICI Lombard among 54 prominent bidders for Reliance Capital
2 years, 9 months ago

Adani, Tata AIG, ICICI Lombard among 54 prominent bidders for Reliance Capital

Hindustan Times  

Adani Finserve, ICICI Lombard, Tata AIG, HDFC Ergo, and Nippon Life Insurance are among the 54 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, sources said. The bidders had two options - either they could bid for the entire RCL or any one or more than one of the subsidiaries …

Anil Ambani steps down as director of R-Infra, Reliance Power
2 years, 9 months ago

Anil Ambani steps down as director of R-Infra, Reliance Power

India Today  

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI's order restraining him from associating with any listed company. "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance with SEBI interim order," Reliance Power said in a BSE filing. In a separate filing to …

Sebi bars Reliance Home Finance, Anil Ambani, 3 others from securities market
2 years, 11 months ago

Sebi bars Reliance Home Finance, Anil Ambani, 3 others from securities market

India Today  

Sebi on Friday restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company. The order noted that the company's Key Managerial Persons like Executive Director and CEO Ravindra Sudhalkar and the CFOs -- Amit Bapna and Pinkesh R Shah -- "instead of bringing such misdeeds to …

Anil Ambani's debt-laden Reliance Infrastructure sells Santacruz centre to YES Bank
3 years, 9 months ago

Anil Ambani's debt-laden Reliance Infrastructure sells Santacruz centre to YES Bank

India TV News  

Reliance Infrastructure Limited and YES Bank Limited announced a sale transaction of Reliance Centre, Santacruz, Mumbai to YES Bank. Entire proceeds from the sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank. Rinfra has closed three major transactions in the last 90 days namely sale of road assets -- Delhi Agra Toll Road, Transmission …

Lenders to Reliance Naval seek EoIs for sale of Anil Ambani company
4 years, 7 months ago

Lenders to Reliance Naval seek EoIs for sale of Anil Ambani company

Live Mint  

MUMBAI: Lenders of Reliance Naval and Engineering Ltd have sought expressions of interest from buyers to acquire the bankrupt shipbuilder under the insolvency and bankruptcy code. The second Anil Ambani-controlled Reliance Group firm to go for insolvency after Reliance Communications Ltd, Reliance Naval was admitted for insolvency proceedings on 15 January by the Ahmedabad bench of the National Company Law …

Now General Atlantic invests in Jio, Here is how Mukesh Ambani is charting RIL's zero-debt journey
4 years, 7 months ago

Now General Atlantic invests in Jio, Here is how Mukesh Ambani is charting RIL's zero-debt journey

India Today  

Reliance Industries Limited boss Mukesh Ambani has been a busy man ever since he announced plans to make RIL a “zero-debt” company by March 2021. Besides that, the mega Rs 53,125 crore rights issue is also part of the plan to make RIL a zero-debt company by the deadline. It may be noted that this is India’s first rights issue …

Anil Ambani-led Reliance Group companies' shares worth over Rs 3.3 cr sold through open market transactions
4 years, 8 months ago

Anil Ambani-led Reliance Group companies' shares worth over Rs 3.3 cr sold through open market transactions

Firstpost  

New Delhi: Anil Ambani-led Reliance Group companies’ shares worth over Rs 3.31 crore were offloaded through open market transactions on Thursday. According to bulk deal data on the National Stock Exchange, YES Bank sold 90.5 lakh shares of Reliance Naval and Engineering Ltd at an average price of Rs 1.25 per scrip, taking the total deal value to Rs 1.13 …

Anil Ambani-led Reliance Group says its entire debt from Yes Bank is secured; committed to repay
4 years, 10 months ago

Anil Ambani-led Reliance Group says its entire debt from Yes Bank is secured; committed to repay

Firstpost  

Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled Yes Bank is fully secured and was availed in the ordinary course of business New Delhi: Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled Yes Bank is fully secured and was availed in the ordinary course of business. In a statement, the group said …

Mukesh Ambani loses Asia’s richest crown to Jack Ma
4 years, 10 months ago

Mukesh Ambani loses Asia’s richest crown to Jack Ma

Live Mint  

Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. Wildcatter Harold Hamm’s fortune was cut almost in half …

Mukesh Ambani’s plans to make Reliance Industries debt-free hit snags
4 years, 10 months ago

Mukesh Ambani’s plans to make Reliance Industries debt-free hit snags

Live Mint  

Six months after Mukesh Ambani laid out a road map to make Reliance Industries Ltd. free of net debt by early 2021, his plan has hit a few bumps thanks to the government. Prime Minister Narendra Modi’s administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Co., threatening a key source …

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, …

Airtel, Jio bid for Reliance Communications telecom assets
5 years, 1 month ago

Airtel, Jio bid for Reliance Communications telecom assets

India TV News  

Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process. RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for …

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 …

Anil Ambani-led Reliance General Insurance scraps IPO plan; withdraw offer documents
5 years, 2 months ago

Anil Ambani-led Reliance General Insurance scraps IPO plan; withdraw offer documents

Firstpost  

New Delhi: Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer. Markets regulator SEBI had received draft red herring prospectus for the proposed IPO on 8 February through lead manager of the issue Motilal Oswal Investment Advisors. However, the draft offer documents for the IPO have been “withdrawn by LM …

Rejig of group structure at RIL paves way for Jio stake sale
5 years, 2 months ago

Rejig of group structure at RIL paves way for Jio stake sale

Live Mint  

Mumbai: A potential stake dilution in Reliance Jio Infocomm Ltd via an IPO or to a strategic investor is among the primary reasons behind the creation of wholly-owned digital subsidiary announced by Reliance Industries on Friday. The subsidiary will acquire RIL’s equity investment of ₹65,000 crore in its telecom subsidiary Reliance Jio Infocomm Ltd. Consequent to the above, RJIL will …

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, …

In a first, Anil Ambani threatened with class action suit at AGM after massive erosion of wealth, frequent rating downgrades irk shareholders
5 years, 3 months ago

In a first, Anil Ambani threatened with class action suit at AGM after massive erosion of wealth, frequent rating downgrades irk shareholders

Firstpost  

“If I do not get satisfactory replies to my questions, in the next two-three months I will file a class action suit against RPower,” a shareholder warned Anil Ambani. Mumbai: Massive erosion of wealth due to poor performance leading to frequent rating downgrades has forced irate shareholders of the Anil Ambani Group companies to complain against the management and threaten …

Why Reliance Industries has stopped bingeing on debt
5 years, 4 months ago

Why Reliance Industries has stopped bingeing on debt

Live Mint  

Mumbai: "Blessed are the young, for they shall inherit the national debt,” former US president Herbert Hoover famously said during the Great Depression, at a time when the US national debt stood at about $35 billion. “We have a very clear road map to becoming a zero-net-debt company within the next 18 months, that is by 31 March 2021,” Ambani …

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon
5 years, 4 months ago

Anil Agarwal's Twin Star Tech not to bid for debt-ridden RCom's assets; to make formal announcement soon

Firstpost  

RCom lenders have claimed dues of around Rs 49,000 crore on the company till May 2019. New Delhi: Billionaire metal tycoon Anil Agarwal-promoted Twin Star Technologies is learnt to have pulled out as a bidder for telecom assets of debt-ridden Reliance Communications due to unknown reason, a source privy to the development said on Thursday. Twin Star Technologies, a holding …

RIL AGM 2019: Mukesh Ambani’s promise of zero net-debt firm in next 18 months is music to ears of shareholders
5 years, 5 months ago

RIL AGM 2019: Mukesh Ambani’s promise of zero net-debt firm in next 18 months is music to ears of shareholders

Firstpost  

Going by Ambani’s speech at the AGM, RIL already has received strong interests for the stake buy in Reliance Jio and Reliance Retail which will help the firm generate fresh cash flow. This included standalone gross debt of Rs 1,61,720 crore and balance in key subsidiaries, including Reliance Jio, Reliance Holding USA, Reliance Retail Group, Independent Media Trust Group, Hathway …

How Mukesh Ambani plans to make Reliance a zero net-debt company in 2020-21
5 years, 5 months ago

How Mukesh Ambani plans to make Reliance a zero net-debt company in 2020-21

Live Mint  

Having ended the last year with a net debt of ₹154,478 crore, Reliance Industries chairman and managing director Mukesh Ambani has laid out a roadmap to make the conglomerate a zero net-debt company in just 18 months. Mukesh Ambani said RIL is now coming to the end of its largest capital expenditure cycle after having invested ₹5.4 lakh crore in …

RIL AGM 2019: Reliance Industries will become zero-net debt company in 18 months, says chairman Mukesh Ambani
5 years, 5 months ago

RIL AGM 2019: Reliance Industries will become zero-net debt company in 18 months, says chairman Mukesh Ambani

Firstpost  

Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP Mumbai: Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells …

Anil Ambani's Reliance Group to lease out company headquarters in Mumbai to raise funds to pay off debt
5 years, 6 months ago

Anil Ambani's Reliance Group to lease out company headquarters in Mumbai to raise funds to pay off debt

Firstpost  

Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai, the company said in a statement Mumbai: The Reliance Group is looking to lease out its headquarters in one of Mumbai’s prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt. “Reliance infrastructure …

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 …

Mukesh Ambani: India's richest man pays $77m to save brother from jail after helping put him out of business
5 years, 9 months ago

Mukesh Ambani: India's richest man pays $77m to save brother from jail after helping put him out of business

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

’Deeply grateful’: Anil Ambani thanks his brother Mukesh Ambani for paying Ericsson dues
5 years, 9 months ago

’Deeply grateful’: Anil Ambani thanks his brother Mukesh Ambani for paying Ericsson dues

Live Mint  

Asia’s richest man Mukesh Ambani has helped his younger brother avert a stint in jail, stepping in to make an $80 million payment for his sibling Anil whose telecom-to-infrastructure empire is struggling under the weight of debt. The embattled former billionaire, Anil Ambani, thanked his brother Mukesh, and his sister-in-law, after Reliance Communications Ltd. completed the required ₹5.5 billion payment …

In a sinking ship
5 years, 10 months ago

In a sinking ship

The Hindu  

IN a case of how the mighty can fall, one of India’s top businessmen, Anil Ambani, chairman of the Anil Dhirubhai Ambani Group, faces the prospect of spending time in jail and going bankrupt. Jio’s failure to buy Rcom assets At the centre of Anil Ambani’s problems was Reliance Jio’s failure to buy RCom’s assets. Keeping in mind the crisis …

Anil Ambani-led Reliance Capital invites Japan's Nippon Life Insurance to buy its entire 42.88% stake in JV
5 years, 10 months ago

Anil Ambani-led Reliance Capital invites Japan's Nippon Life Insurance to buy its entire 42.88% stake in JV

Firstpost  

Sources said the transaction could help clear around 40% of Reliance Capital’s outstanding debt worth Rs 18,000 crore New Delhi: Anil Ambani-led Reliance Capital on Thursday said it has invited Nippon Life Insurance to acquire its entire 42.88 percent stake in Reliance Nippon Life Asset Management. “Reliance Capital has invited its partner, Nippon Life Insurance, to make an offer to …

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 …

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