Tag: reliance

Reliance AGM 2022 highlights

Reliance AGM 2022 highlights
Monday, August 29, 2022
Reliance Industries Limited (RIL) held its 45th annual general meeting (AGM) on Monday. RIL's chairman Mukesh Ambani made a slew of announcements. He said Reliance Jio 5G will be rolled out by Diwali across multiple key cities including metro cities of Delhi, Mumbai, Chennai, and Kolkata He said that the company will invest Rs 2 lakh crore for a pan-India 5G network. Reliance Retail will launch its FMCG business this year, Reliance Retail Ventures Ltd Director Isha Ambani said on Monday. The objective of this business will be to develop and deliver products and solve every Indian's daily needs, with high-quality products at affordable pricing, Meta and Jio Platforms announced the launch of an end-to-end shopping experience on WhatsApp, where consumers can shop from JioMart right within their WhatsApp chat. Mukesh Ambani announced that the company will be setting up gigafactories for photovoltaic panels, energy storage, green hydrogen, and for fuel cell systems. Read more

Windfall tax cut

Windfall tax cut
Wednesday, July 20, 2022
The government's quicker-than-expected cut in windfall tax on fuel exports should "normalize equity multiples" of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), said market experts today(20 July 2022). Besides, they see ONGC earning a profit per barrel worth $25, which is 20 percent higher than last year's profit. Technically, Reliance Industries shares opened a gap-up over the 200-day moving average (DMA) set at the Rs 2,507 mark. If the stock manages to hold ground above the same, a positive upside can be expected as the stock has held support near the Rs 2,350 level earlier.

Reliance Considering Buying Out Revlon In US

Reliance Considering Buying Out Revlon In US
Friday, June 17, 2022
Indian conglomerate Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy, business channel ET Now reported on Friday, citing sources. Mukesh Ambani-led Indian oil-to-retail conglomerate is now mulling bidding for a cosmetics maker that filed for Chapter 11 bankruptcy protection in the United States. Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in the telecom and retail sectors. Shares of Revlon jumped 20% to $2.36 in premarket trade following the report. Reliance was up 1.9% in the Mumbai market. Read more

RIL becomes 1st Indian company to hit Rs 19-trillion m-cap

RIL becomes 1st Indian company to hit Rs 19-trillion m-cap
Wednesday, April 27, 2022
In the past seven trading days, the stock price of RIL has appreciated by 11 percent from a level of Rs 2,544 on April 18, 2022. In the past three months, the stock has rallied 20 percent, as compared to a 0.42 percent decline in the S&P BSE Sensex. Read more

MARKET UPDATE: Sensex up 401 points at 57,438 levels, while Nifty at 17,242, up 105 points

MARKET UPDATE: Sensex up 401 points at 57,438 levels, while Nifty at 17,242, up 105 points
Thursday, April 21, 2022
The Indian benchmark indices clocked decent gains in early deals today(21 April 2022) as domestic markets looked to stabilise after the recent rout, supported by firm global cues. The benchmark indices on the BSE were up 401 points, or 0.7 percent, at 57,438 levels, while the 50-pack index on the NSE was at 17,242, up 105 points or 0.62 percent. Shares of Reliance Industries hit fresh record high of Rs 2,775, up 2 percent, on the BSE after global brokerage Morgan Stanley said in an April 20 report that heightened awareness of energy security is creating new and bigger markets for solar panels and electrolyzers, which not only inflects RIL's new energy ROCE but will also help fund this growth. The brokerage has set a 1-year target price at Rs 3,253. Read more

Closing bell: BSE Sensex ended 553 points higher at 61,150 and NSE Nifty ended with a gain of 156 points at 18,212

Closing bell: BSE Sensex ended 553 points higher at 61,150 and NSE Nifty ended with a gain of 156 points at 18,212
Wednesday, January 12, 2022
The Indian benchmark indices extended their winning run into the fourth straight trading session backed by solid gains in index heavyweights - Reliance Industries, Infosys, ICICI Bank, and Bharti Airtel. Reliance and Airtel were in the limelight, on reports that the three telecom majors (Jio, Airtel, Voda Idea) have sought 90-95 percent reduction in 5G spectrum auction prices. The IT shares were expected to be in focus owing to results announcements from Infosys, TCS, and Wipro. While IT major Infosys ended with a gain of 1.1 percent, TCS and Wipro, however, were down 1.5 percent and 0.3 percent, respectively, in trades awaiting the Q3 result announcements. Read more

RIL gains 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects

RIL gains 2% on JV with Abu Dhabi-based TA’ZIZ for chemical projects
Wednesday, December 8, 2021
Shares of Reliance Industries gained 2 percent in early trade on December 8 after the company announced a partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) for chemical projects worth USD 2 billion in Ruwais. The joint venture, called TA'ZIZ EDC & PVC, will construct and operate a Chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said. This is the first investment by RIL in the region, the statement added. This is in line with RIL’s announcement to invest in West Asia when its oil–to-chemicals stake sale deal with Saudi Aramco was put on the back burner. The JV aims to export the materials to target markets in Southeast Asia and Africa as well as sell them domestically. Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting the growing demand for these chemicals globally. Read more

Reliance Industries down 4% on calling-off Saudi Aramco deal

Reliance Industries down 4% on calling-off Saudi Aramco deal
Monday, November 22, 2021
Reliance Industries (RIL) share price fell 4 percent in early trade on November 22 after the company and Saudi Aramco decided to re-evaluate the proposed investment in the O2C business in light of the former's energy forays. The two companies had signed a non-binding letter of intent in August 2019 for a potential sale of a 20 percent stake in RIL’s O2C business to Saudi Aramco for $15 billion. With today’s intra-day fall, the stock of RIL has declined 14 percent from its record high level of Rs 2,750 touched on October 19, 2021. Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn, RIL said in a statement. Read more

Top Nomura analyst cuts RIL rating for first time in years

Top Nomura analyst cuts RIL rating for first time in years
Tuesday, October 19, 2021
A downgrade of Reliance Industries Ltd by Nomura Holdings Inc. analyst Anil Sharma’s team will pique investor interest for multiple reasons. Apart from the timing, with commodities hitting new records and Reliance’s earnings due on Friday, this move to slash billionaire Mukesh Ambani’s oil-to-tech conglomerate to neutral from buy may carry more weight with investors due to the analyst’s background. It’s also the broker’s first downgrade on the stock in many years, according to data compiled by Bloomberg. While the outlook for Reliance’s key businesses has continued to improve, the company’s valuations look expensive after a recent surge in its shares, Sharma and his associate Aditya Bansal wrote in a note dated Oct. 18. Shares have risen more than 30% from the end of July, compared with an 18% advance in the benchmark S&P BSE Sensex Index. Read more

MARKET UPDATE:BSE Sensex rose 265 points to 58,710 while Nifty added 58 points to trade above 17,450 levels

MARKET UPDATE:BSE Sensex rose 265 points to 58,710 while Nifty added 58 points to trade above 17,450 levels
Tuesday, September 21, 2021
The Indian benchmark indices today(21st Sept.2021) rose, defying the weak global market sentiment, tracking gains in IT majors and Reliance Industries. The BSE Sensex rose 265 points to 58,710 while the NSE Nifty added 58 points to trade above 17,450 levels. HCL Tech, Tech Mahindra, TCS, and Asian Paints were among the top gainers in the Sensex pack of stocks. On the other hand, Nestle, Maruti, and Ultratech Cement were the only losers. The broader indices traded in tandem with the benchmarks. The BSE Midcap index added 0.31 percent and the BSE Smallcap 0.25 percent.

Reliance slips 2 percent over delay in launch of JioPhone Next

Reliance slips 2 percent over delay in launch of JioPhone Next
Monday, September 13, 2021
Shares of Reliance Industries (RIL) slipped 2 per cent at Rs 2,382.85 on the BSE in the intra-day trade on Monday after the company's telecom arm Reliance Jio delayed the launch of its affordable smartphone, JioPhone Next, which was scheduled to take place on Ganesh Chaturthi, 10 September 2021. which was developed in partnership with Google, owing to the ongoing semiconductor shortage globally.Reliance Industries last week in its filing to exchanges informed that Jio Platforms Limited, a subsidiary of the company, said “JioPhone Next in advanced trials, with festive-season rollout to commence before Diwali”. Reliance Industries Ltd stock has hit a day’s high of Rs 2,430 apiece. Analysts say that post a strong rally in RIL stock, there is a small profit booking. Despite today’s decline, the stock has outperformed the market by surging 11 per cent in the past one month, Read more

MARKET UPDATE:BSE Sensex quoted at 58,120.5 levels, down 189.5 points while NSE Nifty at 17,320,down 50 points

MARKET UPDATE:BSE Sensex quoted at 58,120.5 levels, down 189.5 points while NSE Nifty at 17,320,down 50 points
Monday, September 13, 2021
Indian markets started on a tepid note today(13th September 2021), following a wobbly trade in the global markets. The S&P BSE Sensex quoted at 58,120.5 levels, down 189.5 points or 0.3 percent in early deals while the broader Nifty50 slipped below the 17,350-mark at 17,320, down 50 points. Individually, Reliance Industries slipped 1 percent after the company postponed the launch of JioPhone Next till Diwali amid chip shortage. That apart, ICICI Bank, HCL Tech, Infosys, Nestle India were the other top losers. In the broader market, the BSE MidCap and SmallCap indices traded mixed. Read more

MARKET UPDATE:Bull run extended;Indices at fresh peaks;BSE Sensex clocked 58,480 and Nifty hit a new lifetime high of 17,421

MARKET UPDATE:Bull run extended;Indices at fresh peaks;BSE Sensex clocked 58,480 and Nifty hit a new lifetime high of 17,421
Monday, September 6, 2021
Indian benchmark indices extended their bull-run and hit new peaks today(6th Sept.2021). The NSE Nifty50 surpassed the 17,400-mark and touched a new lifetime high of 17,421 while the S&P BSE Sensex clocked 58,480. Reliance Industries, up 2.7 percent, was the top-performing stock on the 30-share pack. It hit a new peak of Rs 2,454 apiece on the BSE. HUL, L&T, and M&M were the other gainers on the Sensex index. On the flipside, Tata Steel, Power Grid, Nestle India, and Tech M declined. In the broader markets, the BSE MidCap index hit a new record high of 24,562.5. The SmallCap index, meanwhile, claimed a new high of 27,502.

Amazon scores big win as Supreme Court says arbitration restraining Future-Reliance deal enforceable

Amazon scores big win as Supreme Court says arbitration restraining Future-Reliance deal enforceable
Friday, August 6, 2021
India’s apex court on Friday ruled in favor of Amazon, as Reliance cannot go ahead with its 24,713 crore deal to buy Future Groups retail assets. The court backed an arbitrator's decision to pause the deal in the Jeff Bezos Vs Mukesh Ambani legal fight. The verdict comes as a big win for e-commerce giant Amazon in the battle for the large Indian market. The US-based company had filed pleas against the merger of Future Retail Ltd (FRL) with Reliance Retail.The Indian Supreme Court said the order by a Singapore arbitration court last year which had ruled to stall the deal between the two Indian giants is enforceable in India.Reliance Retail said a year ago it had reached an agreement with Future Group to acquire the latter’s retail and wholesaler business, as well as its logistics and warehousing business, for $3.4 billion. Read more

Mukesh Ambani announces big bang into solar new energy,JioPhone Next

Mukesh Ambani announces big bang into solar new energy,JioPhone Next
Thursday, June 24, 2021
Billionaire Mukesh Ambani on Thursday announced a Rs 75,000 crore investment in setting up four 'Giga' factories to make solar photovoltaic cells, green hydrogen, batteries, and fuel cells over the next three years. He also said Reliance will set up 100 GW of solar power generating capacity. India will present to the world a template of a Green Economy Movement. We will build two additional divisions to further strengthen the green energy ecosystem. He also announced the launch of JioPhone Next, a fully-featured smartphone, that is developed in partnership with Google.JioPhone next will be launched first in India on September 10, and later it will be taken to many other countries. Mukesh Ambani said that Jio will use Google Cloud's next-generation technologies to power Jio's 5G solutions. Read more

Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses

Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses
Wednesday, June 2, 2021
Fag-end buying in Reliance Industries, auto, and metal counters helped Indian benchmark indices erase most of the day's losses and helped them end nearly flat for the second straight day. Moreover, a surge in Brent Crude price, which was hovering around $71 per barrel, exerted pressure on the bourses. The frontline S&P BSE Sensex ended at 51,849 levels, down 85 points or 0.16 percent, with ITC (down 3 percent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, which rallied up to 2 percent. On the NSE, the Nifty50 index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day. The BSE MidCap index, which hit a record peak of 22,164 earlier today, closed 1.7 percent higher at 22,141 levels. Read more

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank

Reliance Infra sells HQ in Mumbai's Santacruz to YES Bank
Thursday, April 1, 2021
Reliance Infrastructure Limited of Anil Ambani Group today sold its headquarters in Santa Cruz, Mumbai to YES Bank for Rs 1,200 crore. Yes Bank, which currently operates from Indiabulls Centre in Central Mumbai, will convert the building as its corporate headquarters. The entire proceeds from the sale of Reliance Centre, Santacruz will be utilised to repay the debt of YES Bank. The lender had an exposure of Rs 4,000 crore in the company. With this, Reliance Infra has sold three major assets since January this year, including the sale of Delhi Agra Toll Road to Cube Highways and the electricity transmission asset (Parbati Koldam Transmission Ltd) to Ingrid. With this deal, Yes Bank has reduced its exposure to Reliance Infra. by half to Rs 2,000 crore.

Despite delay in tariff hike Analysts positive on telecom service providers

Despite delay in tariff hike Analysts positive on telecom service providers
Friday, March 26, 2021
A delay in tariff hike by telecom services providers Bharti Airtel, Vodafone Idea (Vi), and Reliance Jio (a subsidiary of Reliance Industries) has not yet turned analysts cautious on the sector. On the contrary, the underperformance of Bharti Airtel and Vi at the bourses, relative to the benchmark S&P BSE Sensex and S&P BSE Telecom indices on a year-to-date (YTD) basis, can be used as an opportunity to enter these stocks from a long-term perspective, analysts say. So far in the calendar year 2021 (CY21), the stock of Bharti Airtel has risen 2.8 percent on the BSE while Vi has declined 8 percent. Peer firm Reliance Industries’ stock that now is seen by analysts as a play both on telecom and oil, on the other hand, has risen 3.2 percent, ACE Equity data show. In comparison, Sensex and BSE Telecom indices are up 2.9 percent and 4 percent, respectively during the period. Read more

Future group stocks fall sharply as deal with Reliance deal on hold

Future group stocks fall sharply as deal with Reliance deal on hold
Friday, March 19, 2021
Shares of Kishore Biyani-led Future group companies, on Friday, were locked in their respective lower circuit, with no buyers seen on the counters, after the Delhi High Court upheld the Emergency Award passed against the $3.4-billion Future-Reliance deal. The company's shares plummeted a day after the Delhi High Court upheld the Emergency Award (EA) order passed by the Singapore International Arbitration Centre (SIAC) against Future Retail's Rs 24,713 crore deal with a subsidiary of Mukesh Ambani’s Reliance Industries Limited (RIL). As part of the deal, Reliance was supposed to acquire Future’s retail, logistics and warehousing businesses. But global e-commerce giant Amazon had opposed the Future-RIL deal soon after it was announced last year and subsequently secured the EA award against the deal from the Singapore arbitrator. Not just Future Retail but shares of several other Future Group companies fell on the stock market.

RIL gets Sebi approval to hive off O2C business into independent subsidiary

RIL gets Sebi approval to hive off O2C business into independent subsidiary
Tuesday, February 23, 2021
Reliance Industries Limited (RIL), which has proposed hiving off its oil to chemicals (O2C) business into an independent subsidiary, today(23rd Feb.2021) said it had received approval from the Securities and Exchange Board of India (Sebi) and stock exchanges to create this subsidiary. The company now requires the approval of equity shareholders and creditors, regulatory authorities, and the income-tax authority, besides the National Company Law Tribunals (CLTs) in Mumbai and Ahmedabad. RIL said the approval process had commenced and was expected to be completed by the second quarter of the 2021-22 financial year. Read more

Future Retail files appeal in Delhi HC against status quo order on RIL deal

Future Retail files appeal in Delhi HC against status quo order on RIL deal
Wednesday, February 3, 2021
Future Retail Ltd (FRL) today(3rd February 2021) said it has filed an appeal in the Delhi High Court against the status quo order on its Rs 24,713-crore deal with Reliance. Yesterday, a Delhi High Court bench of Justice J R Midha had directed FRL to maintain the status quo in relation to its Rs 24,713-crore deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon. Following the Tuesday directive, FRL had said it would explore legal recourse. "Further to our letter dated February 2, 2021, please be informed that the company has filed an appeal before Hon'ble High Court of Delhi against the impugned order dated February 2, 2021," FRL said in a regulatory filing on Wednesday.

Reliance Jio to launch 5G services in India in 2021

Reliance Jio to launch 5G services in India in 2021
Tuesday, December 8, 2020
Shares of Reliance Industries advanced nearly 3 per cent to Rs 2,014 on the BSE in the intra-day deals on Tuesday after the chairman Mukesh Ambani said during his keynote presentation at India Mobile Congress 2020 that the company plans to launch 5G services in the second half of 2021. Jio’s 5G service will be powered by indigenous-developed network, hardware and technology components, Ambani added. At the same time, Ambani urged the government to take policy steps “to accelerate the early rollout of 5G, and to make it affordable and available everywhere.” Ambani, at RIL’s 43rd annual general meeting in July, had said, “Jio has developed a complete 5G solution from scratch. This will enable us to launch a world-class 5G service in India using a 100% homegrown technology and solution".Jio has been working with companies like Samsung and Qualcomm to bring 5G to India. Read more

BSE to consult SEBI on Future-Reliance deal after Amazon objection

BSE to consult SEBI on Future-Reliance deal after Amazon objection
Friday, October 30, 2020
Bombay Stock Exchange (BSE) will consult the market regulator and seek clarifications from Future Retail and Reliance Industries about their $3.4 billion transactions, following Amazon's objection to the deal, an exchange source said. Amazon on Oct. 25 won an injunction from a Singapore arbitrator to halt Future's deal to sell retail assets to Reliance, arguing the Indian retailer group breached certain contract provisions it entered into last year in a separate deal with the U.S. firm. Both Indian firms reacted to the decision by saying they want to complete the deal "without any delay". Amazon has now written to capital markets regulator SEBI, as well as the BSE and the National Stock Exchange, to put the deal on hold in light of the arbitration order, two separate sources said. A BSE source said it will consult SEBI about its stance on the deal and the exchange later on Friday also plans to seek clarification from Future and Reliance Retail. Read more

RRVL likely to divest only 10-15% stake

RRVL likely to divest only 10-15% stake
Wednesday, October 7, 2020
Reliance Retail Ventures (RRVL) is expected to divest only a small stake of 10-15 percent in its retail holding company, the proceeds of which will be used to fund acquisitions such as the retail and wholesale business of Future Group and others. As part of its initial and ongoing fund-raising exercise, RRVL has already divested an 8.48 percent stake to a bevy of private equity funds for Rs 37,710 crore. The 10-15-per cent divestment, say sources, will not include strategic investors but only private equity (PE) and sovereign funds. The strategy, according to these sources, is clearly different from the massive fund-raising exercise it undertook in Jio Platforms, where it sold 32.97 percent stake to a clutch of 13 investors for Rs 152,055 crore.

Bharti Airtel, Vodafone Idea shares plunge up to 9% after Jio launches new post-paid plans

Bharti Airtel, Vodafone Idea shares plunge up to 9% after Jio launches new post-paid plans
Wednesday, September 23, 2020
Shares of telecom service providers, Bharti Airtel and Vodafone Idea (Vi) shares fell up to 9 per cent in Wednesday’s trade after Reliance Jio rolled out postpaid tariff plans, making a concerted bid for the higher paying subscribers of India's older operators. Under the new plans, Jio is offering an extensive content portfolio at a rate which is 6-20 per cent cheaper than Airtel and Voda-Idea. Reliance Jio has introduced new postpaid plans called JioPostpaid Plus that offers a free subscription to OTT platforms Amazon Prime, Disney+ Hotstar, and Netflix and a host of other benefits. It is also offering in-flight connectivity for Indian travellers going overseas, free international roaming in the US and UAE, besides other offers. Jio’s new monthly post-paid tariff plans range from Rs 399 to Rs 1,499, will be available from September 24 in Jio Stores and via home delivery, while Airtel’s postpaid plans start at Rs 499, though Vi’s also begin from Rs 399. Read more

KKR to invest Rs 5,550 crore in Reliance Retail Ventures

KKR to invest Rs 5,550 crore in Reliance Retail Ventures
Wednesday, September 23, 2020
Global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for 1.28 percent equity share, Reliance Industries Limited said in a BSE filing today(23rd Sept.2020). This is the second investment by KKR in a Reliance subsidiary, following an Rs 11,367 crore investment in Jio Platforms announced earlier this year. “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years," said Mukesh Ambani in a statement issued by RRVL. Read more

Google may invest $4 bn in Reliance digital arm

Google may invest $4 bn in Reliance digital arm
Tuesday, July 14, 2020
Alphabet Inc's Google is in advanced talks to invest $4 billion for a stake in the digital arm of Reliance Industries Ltd, Bloomberg reported today (14th July 2020), according to some sources. Investors, including Facebook and KKR & Co, have already poured in a combined $15.64 billion for just over 25% in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company net-debt free.

Mukesh Ambani's Reliance Group Becomes Net Debt-Free

Mukesh Ambani's Reliance Group Becomes Net Debt-Free
Friday, June 19, 2020
Billionaire Mukesh Ambani said Reliance Industries is now "in its golden decade" as his group became net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Reliance has turned net debt-free by raising Rs 168,818 crore in two months through the country’s largest-ever rights issue of Rs 53,124.20 crore and series of stake sale deals in its arm Jio Platforms of Rs 115,693.95 crore. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," RIL will set even more ambitious growth goals and achieve them, Mukesh Ambani said in a statement released early on Friday. As per Reliance Industries, the company's net debt was Rs 161,035 crore as on March 31, 2020. Read more

Mukesh Ambani's Reliance becomes net debt-free ahead of March 2021 target

Mukesh Ambani's Reliance becomes net debt-free ahead of March 2021 target
Friday, June 19, 2020
Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement today(19th June 2020). The statement came after Reliance said yesterday Saudi Arabia’s Public Investment Fund will buy a 2.32 percent stake in its digital unit Jio Platforms for Rs 11,367 crore. “We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will move towards the listing of both these companies within the next five years,” said Ambani. Read more

RIL share price hits all-time high as Co to sell 1.6% stake in Jio to ADIA

RIL share price hits all-time high as Co to sell 1.6% stake in Jio to ADIA
Monday, June 8, 2020
Reliance Industries share price climbed a new peak on BSE in Monday’s session as it gained 2.7 per cent to Rs 1,624 a day after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, as it accelerates its debt reduction plan. RIL shares have surged 87 per cent from its 52-week low of Rs 867.82 touched on March 23. This is the eighth investment in Jio Platforms in seven weeks and values the company at Rs 4.91 trillion on equity value basis. So far, RIL has raised Rs 97,885.65 crore through 21.06 per cent stake sale to seven marquee investors, including Facebook and private equity firms like KKR, Vista Equity Partners, Mubadala and General Atlantic. Besides, US private equity firm Silver Lake also announced an additional investment of Rs 4,546.80 crore in the telecommunications arm of Reliance Industries Ltd. Read more

Why investors are betting on Jio Platforms' future

Why investors are betting on Jio Platforms' future
Thursday, June 4, 2020
Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc's popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform. Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India's 10-week lockdown has also led to a surge in demand for data, boosting Jio's phone and broadband offerings. Read more

Silver Lake to invest Rs 5,656 cr in Reliance Jio Platforms

Silver Lake to invest Rs 5,656 cr in Reliance Jio Platforms
Monday, May 4, 2020
Silver Lake, a US private equity firm, will invest Rs 5,655.75 crore in Jio Platforms for a 1.15% stake at an equity value of Rs 4.90 lakh crore, a deal which came within 15 days after Facebook announced a $5.7 billion investment into the unit of Reliance Industries. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, said in a statement. The transaction is subject to regulatory and other customary approvals

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