Anmol Ambani impresses dad with his change mantra; nominated to two more boards

Anil Ambani today praised his son Anmol Ambani for bringing about a “cultural change” in his business group, and said the 26-year-old has been added to the director boards of two more of his group companies. Anmol Ambani will join the director boards of Reliance Nippon Life Asset Management and Reliance Home Finance. It was […]

Supreme Court lifts HC stay on RCom asset sale to Jio, no relief in NCLT case

Anil Ambani Group’s Reliance Communications cleared a major hurdle for the sale of its assets to Reliance Jio with the Supreme Court lifting the stay imposed by the Bombay High Court on the transaction. However, there was no immediate relief for the company on the the NCLT stay. The stay by the High Court was […]

RCom discloses additional details on restructuring and asset sale to Reliance Jio

Reliance Communications said it had received the nod of the majority of its bondholders to its plans for selling most of its mobile network assets to Reliance Jio, and disclosed further details of its restructuring plan. “Noteholders holding in aggregate 44% of the principal amount of outstanding Notes were present or represented at the Adjourned […]

Reliance Digital TV copies Jiophone offer: Promises free DTH for 1 year

Reliance Digital TV, the DTH service that was recently sold by Anil Ambani Group to investors led by Pantel’s Vijender Singh, has taken a leaf out of Reliance Jio’s Jiophone scheme to come back into the market. The company is offering a ‘free DTH connection for 1 year’ in return for a refundable deposit of […]

Reliance Infra gets nod to increase coal mining at Sasan Power Project

Reliance Infrastructure, the construction and infrastructure arm of the Anil Ambani Group, said it got permission from the ministry of coal to increase its coal mining by about 6%. Sasan Power Project “has received permission from the ministry of coal, government of India.. to increase coal mining from 17 mln tonne per annum to 18 […]

Reliance Infrastructure wins Rs 882 cr order from NHAI

Reliance Infrastructure, the construction arm of the Anil Ambani Group, said it received a Rs 882 cr order for six-laning a 70 km stretch on National Highway 2 in Bihar. “The scope of work includes design, engineering, procurement and construction of six-lane highway and associated bridges with paved shoulders,” said the company, which received a […]

Bank of Maharashtra to distribute Reliance Nippon Life products

Reliance Capital, the financial services arm of the Anil Ambani Group, said its insurance unit, Reliance Nippon Life Insurance, signed up state-owned Bank of Maharashtra as a corporate agency to distribute its products. The Anil Ambani Group company said partnership further will increase distribution fee revneue for the bank. “Bank of Maharashtra with its extensive […]

RCom confirms sale of telecom assets to Reliance Jio

Reliance Jio, the firm led by Mukesh Ambani, will walk away with most of the telecom assets of Reliance Communications, led by Mukesh’s brother Anil. Rcom said it has “signed definitive binding agreements with Reliance Jio Infocomm Limited for sale of Wireless Spectrum, Tower, Fiber and Media Convergence Node (MCN) assets.” The Anil Ambani company […]

Anil Ambani announces the end of Reliance Mobile

Anil Ambani, who warned about the possibility of the emergence of a ‘monopoly’ in Indian telecom three months ago, today said he was hanging up on his consumer telecom business. Ambani, younger brother to Mukesh Ambani — the chairman of Reliance Industries — said the mobile telephony business had changed into a new beast, and […]

Reliance Power gets $583 mln backing from ADB for Bangladesh plant

Anil Ambani Group-controlled Reliance Power said Asian Development Bank has approved debt financing and partial risk guarantees totaling $583 million to the company’s Bangladesh LNG and Power Project. “ADB’s financing package includes loans and partial risk guarantees for the power generation facility, as well as for the LNG terminal. The total project cost is approximately […]

Reliance Naval says not worried about IFC’s insolvency petition

Reliance Naval and Engineering, the defence production arm of the Anil Ambani group, said it was not worried about the petition filed by bankruptcy petition filed by IFC. It said the international organization does not have its loan secured against the assets of the company. Unsecured creditors come lower in priority compared to secured creditors, […]

Reliance Capital’s general insurance unit IPO draws nearer

Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]

Pantel Technologies buys Reliance Digital TV DTH

Reliance Communications announced that Pantel Technologies, which sells the Penta brand of tablets in India, has purchased its Big TV DTH service. The agreement was signed with Pantel Technologies Pvt Limited and Veecon Media & Television Limited, the Anil Ambani group company said. The move will reduce RCom’s debt to unsecured creditors as the new […]

Yes Bank signs distribution agreement for Reliance General Insurance products

Reliance Capital said its subsidiary Reliance General Insurance Company signed an agreement with YES BANK to distribute general insurance products to the customers of YES BANK. YES BANK is India’s 5 th largest private sector Bank with a network of 1040 branches across and will act as a corporate agent of the insurance company. The deal will […]

RCom says still talking to Brookfield, others to sell towers

Reliance Communications said it is in talks with several parties, including Brookfield Asset Management, to sell its tower assets. “The Company is renegotiating the tower transactions with all the interested parties including Brookfield Infrastructure Group,” it said. The clarification comes after reports that Brookfield had withdrawn from the tower deal completely sent RCom’s shares plunging […]

Post GSM shutdown, RCom may build own 4G network separate from Jio’s

Reliance Communications today said that it was ‘optimizing’ its 2G and 3G networks in the light of its decision to focus on 4G, but also dropped a hint it may use the towers and infrastructure to later launch its own, fully-owned 4G network. At present, it depends on Reliance Jio for delivering 4G services and […]

RCom likely to shut down Reliance Digital TV next month

Reliance Digital TV, the DTH arm of the Anil Ambani Group, is scheduled to shut down next month, according to the photo of an advertisement that allegedly appeared in a regional newspaper. The DTH service has around 5 mln (50 lakh) subscribers. “This is a notice to all subscribers of Reliance Digital TV,” the advertisement […]

Reliance Infrastructure in talks to sell Mumbai power network to Adani

Reliance Infrastructure said it has entered exclusive negotiations with Adani Transmission Limited for the sale of its power distribution business in Mumbai. The deal involves its integrated business of generation, transmission and distribution of power for Mumbai City, the Anil Ambani company said. Just yesterday, it said its deal to sell its transmission assets under […]