Reliance Jio’s Q1 net profit surges nearly 183% to Rs 2,520 crore
NEW DELHI: Reliance Jio on Thursday posted nearly 183 per cent jump in its net profit to Rs 2,520 crore for the June quarter. The net profit stood at Rs 891 crore in the corresponding quarter previous year. Jio’s operating revenue for the Q1 FY21 grew 33.7 per cent year-on-year to Rs 16,557 crore. Its […]
RIL profit jumps 31% to Rs13,248 crore in June quarter
NEW DELHI: Reliance Industries Ltd (RIL) on Thursday reported record net profit of Rs 13,248 crore in June quarter after one-time gain from stake sale and bumper telecom revenues cushioned Covid-hit earnings from refining, petchem and retail segments. The net profit in April-June was 30.6% higher than it was in the same period a year […]
Mukesh Ambani takes on Amazon, Walmart in e-commerce gamble
Backed by multi-billion-dollar investments from global tech giants, India’s richest man is ready to rumble with Amazon and Walmart for the country’s huge e-commerce market through his conglomerate Reliance. But it is far from certain that Mukesh Ambani’s latest gamble will pay off in a crowded market where many suppliers are not well-versed in digital […]
Google to invest Rs 33,737 crore in Jio Platforms
NEW DELHI: Reliance Industries Limited, Jio Platforms Limited (Jio Platforms) and Google LLC (Google) today announced the signing of binding agreements for an investment of Rs 33,737 crore by Google into Jio Platforms. This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Google’s investment will translate into a […]
Silver Lake to invest Rs 4,546 crore more in Jio Platforms
NEW DELHI: Reliance Industries Limited and Jio Platforms Limited announced that Silver Lake and its co-investors will invest an additional Rs 4,546.80 crore in Jio Platforms, in addition to the Rs 5,655.75 crore of investment by Silver Lake announced on May 4, 2020. This brings the aggregate investment by Silver Lake and its co-investors to […]
Reliance Industries fixes May 14 as record date for rights issue
NEW DELHI: Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has fixed May 14 as the record date for determining shareholders eligible to apply for India’s biggest rights issue of Rs 53,125 crore. Billionaire Mukesh Ambani’s firm had on April 30 announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue, the first […]
Facebook to invest Rs 43,574 crore for 10% in Jio Platforms
NEW DELHI:Reliance Industries Limited, Jio Platforms Limited and Facebook today announced the signing of binding agreements for an investment of Rs 43,574 crore by Facebook into Jio Platforms. This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs 70 to a US […]
Covid-19 impact: Mukesh Ambani’s net worth drops 28% to $48 billion in 2 months
NEW DELHI: The net worth of India’s richest man Mukesh Ambani dropped 28 per cent or $300 million a day for two months to $48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his […]
Market rout costs Mukesh Ambani’s crown as Asia’s richest
NEW DELHI: India’s Mukesh Ambani has lost his crown as Asia’s richest person after the latest rout across global markets wiped almost $6 billion off his fortune, according to the Bloomberg Billionaires Index. All told, the world’s 500 richest people lost $238.5 billion on Monday, according to Bloomberg, the biggest daily plunge since the index […]
Mukesh Ambani’s plan to make Reliance debt-free by 2021 hits multiple snags
By P R Sanjai NEW DELHI: Six months after Mukesh Ambani laid out a road map to make Reliance Industries 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 […]
Mukesh Ambani to set up Alphabet-like $15 billion digital company
NEW DELHI: Reliance Industries Limited (RIL), controlled by Asia’s richest man Mukesh Ambani, will set up a holding company on the lines of Alibaba Group Holdings and Alphabet that will create digital services and allow for a strategic or financial investor. The oil-to-retail conglomerate will infuse Rs 1.08 trillion ($15 billion) in the new company […]
Reliance to sell stakes for Rs 1.15 lakh crore to become zero-debt firm in 18 months
NEW DELHI: Richest Indian Mukesh Ambani on Monday announced plans to sell stakes in his flagship Reliance Industries’ oil and chemical business to Saudi oil giant Aramco and in fuel retail network to BP plc of UK for a combined Rs 1.15 lakh crore as he looked to make his company a zero-net debt […]
Reliance Jio joins hands with Microsoft
NEW DELHI: Reliance Jio Infocomm Limited (Jio), a subsidiary of Reliance Industries Limited, and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society. This 10-year commitment combines the world-class capabilities of both companies to offer a detailed set of solutions comprising […]
Mukesh Ambani caps his annual salary at Rs 15 corer for eleventh year in a row
NEW DELHI: Richest Indian Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries Limited (RIL) capped at Rs 15 crore for the eleventh year on the trot. Ambani has kept salary, perquisites, allowances and commission together at Rs 15 crore since 2008-09, forgoing over Rs 24 crore per annum. This is […]
Reliance entry to digitise 5 million kirana stores by 2023
NEW DELHI: Richest Indian Mukesh Ambani-led Reliance Industries’ entry into online retailing will help expand the current 15,000 digitised retail stores to over 5 million by 2023, a study of Bank of America Merrill Lynch said. As much as 90 per cent of India’s USD 700 billion retail market is unorganised, made up mostly of […]
RIL to acquire British toy-maker Hamleys for Rs 620 crore
NEW DELHI: Mukesh Ambani-led Reliance Industries Thursday announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around Rs 620 crore) in an all-cash deal. Hamleys, a 259-year-old toy-maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.44 million pounds in 2018 after suffering a loss […]