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 Industries to acquire 87.6% stake in Fynd for Rs 295 crore
NEW DELHI: Reliance Industries Ltd (RIL) will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for Rs 295 crore ($42.33 million), it said in a statement. The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs 100 crore by December […]
Reliance Industries Q1 net rises 6.8 per cent; consumer businesses contribute a third of margins
NEW DELHI: Richest Indian Mukesh Ambani-led Reliance Industries Limited (RIL) on Friday posted a 6.8 per cent rise in June quarter net profit as the share of its consumer businesses of retail and telecom saw a steady rise to now account for almost a third of its margin, countering the weakness in traditional petrochemical and […]
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 […]
RIL Q4 profit up 9.8% y-o-y at Rs 10,362 crore, Jio FY19 net at Rs 2,964 crore
NEW DELHI: Reliance Industries on Thursday reported a record net profit of Rs 10,362 crore in the March quarter as robust revenue from retail and telecom businesses offset weaknesses in the core oil refining and petrochemical segment. Its net profit in January-March, at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 per cent […]
Reliance Industries to sell stakes in 6 firms operating ethane ships to Mitsui
NEW DELHI: Reliance Industries will sell stakes in firms that own its fleet of very large ethane carrying ships to Japan’s Mitsui OSK Lines (MOL) for an undisclosed sum of money. In a statement, RIL said its Singapore-incorporated subsidiary Reliance Ethane Holding Pte Ltd (REHPL) has signed “binding definitive agreements for a strategic investment by […]
Saudi Aramco in talks with Reliance Industries for possible investments
NEW DELHI: Saudi Aramco’s Chief Executive Officer Amin Nassar said on Wednesday that the company is in talks with India’s Reliance Industries Ltd for possible investments and is seeking other opportunities in the country. Saudi Aramco signed an agreement in April with a consortium of state-owned Indian refiners to participate in a $44 billion refinery […]
Reliance Industries m-cap falls below Rs 8 lakh crore: 9 of top-10 firms lose Rs 98,863 crore m-cap in 1 week
NEW DELHI: Nine of the top-10 most-valued companies suffered a combined erosion of Rs 98,862.63 crore in market valuation last week, with Reliance Industries Ltd (RIL) and SBI taking the steepest hit. ITC was the only gainer from the top-10 list. RIL, Tata Consultancy Services (TCS), HDFC Bank, HUL, Infosys, HDFC, Kotak Mahindra Bank, State […]
Reliance Industries 1st private firm to post Rs 10, 000 crore quarterly profit
NEW DELHI:Reliance Industries Ltd (RIL) on Thursday became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins. The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to […]
HSBC, Reliance Industries execute blockchain trade finance transaction
NEW DELHI: HSBC India and ING Bank Brussels have successfully executed a blockchain enabled, live trade finance transaction jointly with Reliance Industries and Tricon Energy. This is an industry first as the Blockchain platform integrated with Bolero’s electronic Bill of Lading (eBL) platform to issue and manage an electronic Bill of Lading. This allowed a […]
What Ambani said about Reliance Jio at India Mobile Congress: Full speech
Full text of Reliance Industries Ltd (RIL) chairman Mukesh Ambani’s speech at India Mobile Congress: Honourable Minister Shri Ravi Shankar Prasadji, Shri Manoj Sinhaji, Ladies and Gentlemen, A very warm good morning. Dear Friends, Today, we are living in an India of unprecedented hope and promise… …An India that is poised to embrace an immensely […]
Reliance Industries posts record Rs 9,516 crore profit in Q2
NEW DELHI: Mukesh Ambani- led Reliance Industries Limited (RIL) on Wednesday reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period. The company reported a net profit of Rs 8,109 crore in the corresponding quarter of last fiscal. Its net profit stood at Rs […]
Reliance Industries to buy majority stakes in Den Networks, Hathway Cable for Rs 5,230 crore
NEW DELHI: Mukesh Ambani-helmed Reliance Industries on Wednesday said it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore. The company has announced the following strategic investments: a) Primary investment of Rs. 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs. […]