Reliance Digital, Jio Stores to sell all Motorola devices

India’s largest technology retail chain Reliance Digital said it signed an agreement to sell all Motorola products at its outlets. At present, Motorola is largely an online-focused brand. Motorola, which used to be a big brand in the country in the 1990s and 2000s, lost out to Korean players like Samsung and LG about 10-12 […]

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 […]

RIL says tax tribunal satisfied with Biometrix deal

Reliance Industries said it was not aware of any inquiry into the funds received by entities connected with it or its promoters from Singapore-based Biometrix Marketing. It also said, as far as it was aware, that the Income Tax Appellate Tribunal “was satisfied with the source of funds”. The clarifications came after report by the […]

RIL’s TV18 acquires majority control of Viacom18 for Rs 128 cr

Reliance Industries controlled media group TV18 Broadcast said it has acquired a controlling stake in Viacom 18, which operates channels such as Colors and Comedy Central in India. The joint venture was formed as a 50:50 partnership in 2007. However, because neither party had a controlling stake, TV18 Broadcast was prevented from showing the revenue […]

TV18 posts 8% top line growth, regional news slips

Reliance Industries’ controlled TV18 reported better results than in recent quarters, and said advertising revenue is showing signs of recovery. The company reported a 8% growth in the top line for Oct-Dec quarter to Rs 271 cr, while profit before tax remained flat at Rs 16 cr. Profit from joint ventures jumped to Rs 19 […]

L&T gets Rs 2,100 cr projects from RIL, HPCL

L&T said its Hydrocarbon Engineering unit secured a major construction contract for Crude Distillation and Vacuum Distillation Unit (CDU & VDU) from Hindustan Petroleum Corporation Limited, Visakhapatnam Refinery. It also won an extension to an ongoing contract for Reliance Industries Jamnagar. The combined value of the two contracts is about ₹2,100 Crores, the construction company […]

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 […]

Boosted by Jio’s success, Mukesh Ambani unveils his future plans

Mukesh Ambani, India’s richest man, said telecom was the first of his big bet, and he will now use his resources to solve problems in three other difficult areas — agriculture, education and healthcare. Speaking at the HT Leadership Summit, Ambani said his primary motivation was not to make money. “Money has never meant much […]

Reliance Industries to raise Rs 5,000 cr next week via listed debentures

Reliance Industries said it would raise Rs 5,000 cr from the debt market by issuing debentures on Wednesday, November 8. The debentures issued will not be convertible to equity shares and will be sold privately (private placement) without a public offering, RIL added. Unlike shares, debentures generate a fixed return in the form of interest. […]

Surprisingly, Reliance Jio is already profitable at PAT level

Reliance Jio has reported revenue of Rs 7,213 cr, including GST, and an operating profit of Rs 261 cr for the second quarter of the financial year. However, after deducting costs related to the wear and tear of its machines, Reliance Jio reported a pretax loss of 414 cr. This means that on the bottom […]

Reliance Jio breaks even on opg level, 9.62 GB avg consumption per month

Reliance Jio has reported revenue of Rs 7,213 cr and an operating profit of Rs 261 cr for the second quarter of the financial year. Per capita data consumption was 9.62 GB per user per month. Average voice consumption was 626 minutes per month during the period, it added. This is the first quarter of […]

Reliance, Essar triple petrol outlets in 2 yr, continue to expand fast – India Ratings

Private players such as Reliance Industries and Essar — owned by Russia’s Rosneft — have tripled the number of petrol and diesel outlets in India in the last two years, and could double their market share by implementing their ongoing expansion plans, India Ratings said. From practically nothing in 2014, private players including Shell and […]

Reliance Jio quarterly numbers to be announced today; new tariff plans eyed

Reliance Industries, the parent of telecom operator Jio, will announce its quarterly performance numbers at around 5 pm today. Besides its core oil and gas business, the company will give an update on the operations of its telecom unit. Some in the market even expect it to reveal the new set of tariffs that will […]

Reliance Industries sells Marcellus shale assets for $126 mln

Reliance Industries said it had signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania, known as Marcellus shale. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, […]

Reliance Industries sells Marcellus shale assets for $126 mln

Reliance Industries said it had signed agreements to sell all of its interest in certain upstream assets in north-eastern and central Pennsylvania, known as Marcellus shale. The assets, which are currently operated by Carrizo Oil & Gas, Inc., were sold to BKV Chelsea, LLC, an affiliate of Kalnin Ventures LLC, for consideration of $126 million, […]

Petrol, LPG consumption up 10% in India; diesel, kerosene sees sluggishness

The pace of growth in petroleum consumption slowed this year, but private retailers are getting ready to open more and more outlets, Fitch Ratings said. Consumption of petroleum products, such as diesel, petrol, LPG and kerosene, has been increasing at a rate of about 5% in India over the last three years, Fitch said. However, […]

Reliance Jio offers phone for ‘free’, unlimited voice, data at Rs 153

Reliance Jio chairman Mukesh Ambani announced the JioPhone, which aims to bring smartphone features to the candybar form factor. The phone will be given to anyone if they deposit Rs 1500 with the company. The user will get the Rs 1500 back when the device is returned after 36 months. “Net net, you pay nothing […]

Reliance Industries expands paraxylene capacity, becomes global No.1

Reliance Industries said it commissioned its third and last crystallization train at its paraxylene complex at Jamnagar, making the company the biggest manufacturer of the key ingredient used in plastic production. Paraxylene is used to make intermediate chemicals that are then used to manufacture polyethylene terephthalate or PET. PET bottles are widely used for water […]

Reliance Jio to start trial services for fiber soon across India

Reliance Jio, the biggest carrier of wireless data in the world, said it will expand beta trials of its fiber-to-the-home services in the ‘next few months’ across India. It has already started these trials in “a few locations”, which would be expanded city by city. According to market sources, the company has such trials ongoing […]