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 creation at the site at Rs 25,000 crore. Anil Ambani also thanked his elder brother Mukesh Ambani, who is credited with conceptualising the undivided group's telecom foray and also bought the assets as part of the beleaguered RCom's monetisation efforts. Anil Ambani on Tuesday said there has been a "creative destruction" of the telecom sector that has resulted in creation of oligopoly which is going towards a duopoly and may be even a monopoly in the future.

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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 …

RIL 46th AGM: Ambani scions to join Reliance board
1 year, 4 months ago

RIL 46th AGM: Ambani scions to join Reliance board

Live Mint  

On the 46th RIL AGM, Reliance Industries Ltd appointed Isha Ambani, Akash Ambani, and Anant Ambani as directors to the board of the oil-to-telecoms conglomerate. In an exchange filing, RIL informed shareholders on Monday, "The Board of Directors of RIL, at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to …

Ambani\'s succession plan: Telecom to Akash, retail to Isha, energy to Anant
2 years, 4 months ago

Ambani\'s succession plan: Telecom to Akash, retail to Isha, energy to Anant

Deccan Chronicle  

NEW DELHI: 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 …

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 steps down as Reliance Jio's director, son Akash appointed chairman
2 years, 6 months ago

Mukesh Ambani steps down as Reliance Jio's director, son Akash appointed chairman

India Today  

Mukesh Ambani has resigned as director of Reliance Jio effective from June 27 and handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said the company's board at a meeting approved the appointment of Akash Ambani, non-executive director, as chairman of the board of directors of the company. The board …

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 …

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 …

Mukesh Ambani talks of leadership transition
3 years ago

Mukesh Ambani talks of leadership transition

The Hindu  

Richest Indian Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation. Mr. Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership …

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 …

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 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 …

’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 …

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events
5 years, 10 months ago

Supreme Court verdict against Anil Ambani in Ericsson-RCom case: Chronology of events

Firstpost  

The Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. New Delhi: The following is the chronology of events in the case in which the Supreme Court on Wednesday held Reliance Communications Ltd chairman Anil Ambani and two others guilty of contempt of court. Observing there was a ‘wilful default’, …

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 …

Anil Ambani reaches standstill agreement with lenders
5 years, 10 months ago

Anil Ambani reaches standstill agreement with lenders

The Hindu  

Anil Ambani led Reliance Group has reached an in-principle standstill understanding with more than 90% of the lenders at the promoter group level, after L&T Finance and Edelweiss Group had dumped Anil Ambani Group shares causing the unprecedented fall in share prices of Reliance Power and other group shares early this month. Reliance Group has nine lenders at the promoters …

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani
5 years, 11 months ago

'Reliance Has Money To Pay Rafale; But Not To Pay Our Debts', Ericsson Submits As SC Reserves Orders On Contempt Plea Against Anil Ambani

Live Law  

The Supreme Court bench of Justices R F Nariman and Vineet Saran today reserved orders on the contempt petitions filed by Ericsson against the Chairman of Reliance Communications Ltd Anil Ambani and other officials.Ambani was present in Court today along with Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani.The contempt petitions have been. The Supreme …

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow
5 years, 11 months ago

Anil Ambani Appears Before SC In Contempt Plea By Ericsson; SC Adjourns Matter For Tomorrow

Live Law  

Anil Ambani, Chairman of Reliance Communications, appeared in the Supreme Court in response to the notices issued by the apex court in the contempt petitions filed Swedish company Ericsson. Three officials of the company were also present.The bench of Justices R F Nariman and Vineet Saran however adjourned the matter for tomorrow. The contempt petitions have been filed alleging that …

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India
5 years, 11 months ago

RCom chairman Anil Ambani reaches Supreme Court in contempt petition filed by Ericsson India

Firstpost  

The Supreme Court of India had issued notice to Anil Ambani and others on a contempt petition filed by Ericsson India over non-payment of its dues. Reliance Communications chairman Anil Ambani has reached the Supreme Court on Tuesday to appear in a contempt petition filed by Ericsson India over not clearing its dues of Rs 550 crore. Contempt proceeedings Ericsson …

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 …

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors
6 years ago

Dues settlement row: Reliance Communications says Ericsson attempting media trial, endangering interest of creditors

Firstpost  

RCom said it remains committed to clear dues of Ericsson from spectrum realisation. However, the approval for the same is pending with the government New Delhi: Debt-laden Reliance Communications Sunday accused Swedish telecom gear maker Ericsson, which is an operational unsecured creditor of the company, of attempting media trial and sensationalising the issue of dues recovery, saying it might put …

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio
6 years, 1 month ago

Anil Ambani clears legal hurdle to sell telecom assets to Reliance Jio

Live Mint  

New Delhi: The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd on the condition that the seller furnishes ₹ 1,400 crore as corporate guarantee to the government within two days. The tribunal had also asked RCom to not sell a land parcel worth ₹ …

Cong Has Resorted to Blatant Lies: Reliance on Rafale Allegations
6 years, 2 months ago

Cong Has Resorted to Blatant Lies: Reliance on Rafale Allegations

The Quint  

Reliance Infrastructure Ltd on Friday, 2 October, hit back at the Congress for resorting to "blatant lies and distorted facts" over the Rafale deal and its partnership with Dassault Aviation. Earlier in the day, Congress President Rahul Gandhi had hit out at PM Modi over the Rafale deal and asked why Dassault Aviation had invested Rs 284 crore in Anil …

The $41 billion wealth gap that divides the Ambani brothers
6 years, 2 months ago

The $41 billion wealth gap that divides the Ambani brothers

Live Mint  

Over the past year, the fortunes of the two brothers at the helm of India’s wealthiest dynasty have grown apart—to more than $40 billion apart. “Reliance’s strategy to diversify beyond the energy sector was the biggest game changer,” said Sanjiv Bhasin, executive vice president at India Infoline Ltd. “Mukesh Ambani had the 10-year vision to foresee that data will be …

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 …

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 …

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 …

‘Golden decade next’, Mukesh Ambani’s 10-year plan for Reliance Industries
6 years, 6 months ago

‘Golden decade next’, Mukesh Ambani’s 10-year plan for Reliance Industries

Live Mint  

Mumbai: Mukesh Ambani, India’s richest man, said on Thursday that Reliance Industries Ltd aims to double sales in about seven years, even as the company explores ways to boost profitability of its mainstay refinery and chemicals businesses. RIL has invested about ₹ 2.5 trillion in telecom unit Reliance Jio Infocomm Ltd, through which Ambani wants to venture into e-commerce, healthcare, …

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