Page 2 - Reliance Group

RIL will give us scale, can negotiate better with suppliers: METRO MD & CEO

The B2B model that METRO Cash and Carry is focussed on has a lot of opportunities in the Indian market, says METRO Cash & Carry MD & CEO Arvind Mediratta

RCap Resolution: NCLAT concludes hearing, reserves order on lenders' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday concluded its hearing and reserved its order over the petition filed by lenders of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, presently going through the insolvency resolution process. Senior advocate Mukul Rohatgi, representing Torrent Investments concluded his arguments and submitted that the Insolvency & Bankruptcy Code (IBC) intends for maximisation of the value, but the focus should be on the revival of the assets. Rohatgi contended that IBC is not a debt recovery platform and the Committee of Creditors should look beyond their individual recovery. "Focus should be on viability and feasibility," he said. On Monday, senior advocate Kapil Sibal representing for lenders had submitted that the intent of IBC is to maximise the value of the assets and the Committee of Creditors are free to negotiate the terms NCLAT was hearing a petition filed by Vistra ITCL (India), one of the .

Reliance group's Tony Jesudasan suffers heart attack, passes away at 71

Tony Jesudasan, a key lieutenant of Anil Ambani's Reliance group and one of the finest corporate communications and corporate affairs professionals, died early on Monday morning. He was 71. Earlier this month, Jesudasan had suffered a heart attack just as he took a flight from Bhopal, sources said. He was rushed to Fortis Hospital on arrival in Delhi, where he underwent angioplasty. He was then shifted to Medanta Hospital in Gurugram. He continued to be in critical care till his passing away at around 5 am on Monday, they said. He is survived by wife Parul Sharma and daughter Preetika. Jesudasan, or TJ as he was referred to by friends, turned 71 while he was at Fortis. He was group president for corporate communications and corporate affairs of R-ADAG. An MBA from FMS, Delhi, he was invited by Dhirubhai Ambani to join the then undivided Reliance in 1990. After the death of Dhirubhai, he chose to join the younger sibling when brothers Mukesh and Anil split. He remained Anil Ambani

GAIL imitates Reliance: Plans to import ethane from United States

India's largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants. "In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water borne transportation to India and transport it further through GAIL's pipeline systems to demand centres," the company said in a tender document. It sought quotes to hire a very large ethane carrier (VLEC) for 20 years starting mid-2026 for importing ethane from the US. The ship with capacity of 80,000 to 99,000 cubic metres is targeted to take deliveries from US ports of Marcus Hook, Nederland, Morgan's Point or Beaumont and deliver ethane at Dahej or Hazira in Gujarat or Dabhol in Maharashtra. GAIL has a petrochemical plant at Pata, near Kanpur in Uttar Pradesh, and is also looking to set up another

Reliance, Aditya Birla Group, Tata to invest more than Rs 1 trillion in UP

India's leading conglomerates Reliance, Aditya Birla Group and Tata on Friday committed to invest more than Rs 1 lakh crore in Uttar Pradesh to expand their businesses in the near future. Reliance Industries will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail network and setting up renewable energy capacity over the next four years, its Chairman Mukesh Ambani announced at the UP Global Investors Summit here. Similarly, Aditya Birla Group Chairman Kumar Mangalam Birla said his group has committed Rs 25,000 crore investment across its various businesses such as cement, metals, chemicals, financial services and renewable energy in the state. Tata Sons Chairman N Chandrasekaran said group firm Air India SATS will set up an integrated multi-modal cargo hub at the upcoming Jewar airport in partnership with Zurich Airport. In his address at the event, Ambani also announced foray of the oil-to-telecom conglomerate into bio-energy business, converting .

BP-Reliance's giant deep-water project offshore nears completion

Billionaire Reliance Industries Ltd and UK supermajor BP are nearing start of production from their giant MJ deep-water project in the KG-D6 block, which will significantly boost gas output from the prized east coast asset, a top official said. The MJ field will come on stream this quarter, said Sashi Mukundan, Regional President and Head of Country, India, BP Group, at India Energy Week here. Reliance and BP are spending about USD 5 billion on further developing KG-D6 through three different projects, aimed at rejuvenating gas production from the offshore asset. While the first two developments -- R-cluster and Satellite Cluster -- have started gas production, MJ is now nearing completion. The two fields are currently producing around 20 million standard cubic meters per day of gas and MJ would help raise the output to 30 mmscmd, meeting up to 15 per cent of India's gas demand. "MJ, the third of three developments, is expected to come on stream this quarter. Together, R-Series, ..

Lenders plan to put Reliance Communications HQ in Navi Mumbai on sale

Indian lenders had sent the company, earlier owned by Anil Ambani, for debt resolution in May 2018

Reliance set to disrupt live streaming market with free IPL broadcast

The company is planning to make available the IPL broadcast in regional languages or bundle free IPL viewing with Jio telecom subscription packages

Lenders approve second round of auction for bankrupt Reliance Capital

In the first round, Torrent group emerged as the highest bidder by offering Rs 8,640 crore

Reliance group firms make open offer to buy 26% stake in Lotus Chocolate

Two Reliance group firms - Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) - have announced an open offer to acquire a 26 per cent additional stake in Lotus Chocolate. The firms will together acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of Rs 115.50 per share, said a notice by DAM Capital, which is managing the offer. The offer will aggregate to a total consideration of Rs 38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday. The open offer starts on February 21 and closes on March 6, said the public notice. Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, had on Thursday closed at Rs 149.35 apiece, which was the highest price in the last three months. RCPL is the FMCG arm and a wholly-owned subsidiary of RRVL. The open offer follows RCPL's announcement last week for the acquisition

SKS Power Generation receives 7 bids, Reliance, Adani, NTPC among bidders

It can set the stage for another clash between the Adani and Reliance groups

Reliance Industries seeks bids for sale of KG-D6 gas at rates linked to JKM

Reliance Industries Ltd and its partner bp plc of the UK have sought bids for the sale of natural gas from the eastern offshore KG-D6 block at a price linked to the rate at which LNG is delivered to Japan and Korea. The two partners invited bids for the sale of 6 million standard cubic meters per day of gas starting February 2023, according to the tender document. Users such as city gas operators that convert gas into CNG for sale to automobiles and pipe it to household kitchens for cooking purposes, or power plants that use it to generate electricity or fertilizer units that use it to make urea, have been asked to quote premium they are willing to pay over the JKM price. JKM is the Northeast Asian spot price index for LNG delivered ex-ship to Japan and Korea. JKM price for February is USD 28.83 per million British thermal unit. Bidders have been asked to quote variable 'V' in the gas price formula 'JKM + V'. The starting bid for 'V' has been set at USD (minus) 0.30 per mmBtu. "Ea

Reliance Consumer Products to acquire majority stake in Lotus Chocolate

It will also make an open offer to acquire up to 26 per cent stake in Lotus

Reliance Industries topped the growth charts in the last 20 years

In the last 20 years, RIL's net profit has grown at a CAGR of 15.7 per cent

20 years at Reliance helm: Mukesh Ambani redefines scale, business growth

From inheriting legacy textile and oil businesses to stepping into retail, telecom and digital, RIL is a company for New India, say experts

Reliance Retail may convert Metro Cash & Carry stores into B2B outlets

They may not be converted into hypermarkets and supermarkets as many are on city outskirts

Mcap of 10 most valued firms erodes by Rs 1.68 trn; Reliance biggest drag

The combined market valuation of the top 10 valued firms eroded by Rs 1,68,552.42 crore last week, with Reliance Industries taking the biggest hit in an overall weak broader market. Last week, the Sensex tumbled 1,492.52 points or 2.43 per cent. Market sentiment remained weak amid surging COVID cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance. Reliance Industries' valuation tanked Rs 42,994.44 crore to Rs 16,92,411.37 crore. State Bank of India's market valuation tumbled Rs 26,193.74 crore to Rs 5,12,228.09 crore. The valuation of HDFC Bank eroded by Rs 22,755.96 crore to Rs 8,90,970.33 crore and that of Life Insurance Corporation of India (LIC) plunged Rs 18,690.03 crore to Rs 4,16,848.97 crore. The market capitalisation (mcap) of ICICI Bank diminished by Rs 16,014.14 crore to Rs 6,13,366.40 crore and that of Hindustan Unilever declined by Rs 11,877.18 crore to Rs 6,15,557.67 ...

Hinduja sweetens offer for RCap to counter Torrent group's winning bid

CoC decide whether Hinduja offer is legally valid or not as e-auction has ended

Reliance Retail to acquire Metro Cash & Carry India for Rs 2,850 crore

The acquisition is expected to strengthen Reliance Retail's physical store footprint across the country

Sebi slaps Rs 10 lakh fine on Reliance Commercial Finance for defying norms

Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 10 lakh on Reliance Commercial Finance Ltd (RCFL) for flouting disclosure norms. Reliance Commercial Finance, whose debt securities are listed on the stock exchanges, has been directed to pay the fine within 45 days. In its order, Sebi found that RCFL did not give prior intimation to the stock exchange (at least 11 working days before the date) with respect to the due date of payment of interest on certain non-convertible debentures (NCDs) and also made a delay in submission of the record date. Also, it did not submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of such obligations in respect of the NCDs. "I note that from the qualified opinion of the statutory auditor in the audited financial result of RCFL for the half year ended March 31, 2020, it appeared that proceeds raised from issue of debt securities/ NCDs may have bee